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<br />STA TEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS <br /> <br />Economic and Social Trends - The consultant assumes no responsibility for economic, physical or <br />demographic factors which may affect or alter the opinions in this report if said economic, physical or <br />demographic factors were not present as of the date of the letter of transmittal accompanying this <br />report. The consultant is not obligated to predict future political, economic or social trends. <br /> <br />Information Furnished by Others - In preparing the report, the consultant was required to rely on <br />information furnished by other individuals or found in previously existing records and/or documents. <br />Unless otherwise indicated, such information is presumed to be reliable. However, no warranty, either <br />express or implied, is given by the consultant for the accuracy of such information and the consultant <br />assumes no responsibility for information relied upon later found to have been inaccurate. The <br />consultant reserves the right to make such adjustments to the analyses, opinions and conclusions set <br />forth in this report as may be required by consideration of additional data or more reliable data that <br />may become available. <br /> <br />Hidden Conditions - The consultant assumes no responsibility for hidden or unapparent conditions of <br />the properties, subsoil, ground water or structures. No responsibility is assumed for arranging for <br />engineering, geologic or environmental studies that may be required to discover such hidden or <br />unapparent conditions. <br /> <br />Hazardous Materials - The consultant has not been provided any information regarding the presence <br />of any material or substance on or in any portion of the subject property, which material or substance <br />possesses or may possess toxic, hazardous and/or other harmful and/or dangerous characteristics. <br />Unless otherwise stated in the report, the consultant did not become aware of the presence of any <br />such material or substance during the consultant's. inspection of the subject property. However, the <br />consultant is not qualified to investigate or test for the presence of such materials or substances. The <br />consultant assumes no responsibility for the presence of any such substance or material on or in the <br />subject property, nor for any expertise or engineering knowledge required to discover the presence of <br />such substance or material. Unless otherwise stated, this report assumes the subject property is in <br />compliance with all federal, state and local environmental laws, regulations and rules. <br /> <br />Zoning and Land Use - Unless otherwise stated, the subject property is assumed to be in full <br />compliance with all applicable zoning and land use regulations and restrictions. <br /> <br />Licenses and Permits - Unless otherwise stated, the property is assumed to have all required <br />licenses, permits, certificates, consents or other legislative and/or administrative authority from any <br />local, state or national government or private entity or organization that have been or can be obtained <br />or renewed for any use on which the performance estimates contained in this report are based. <br /> <br />Engineering Survey - No engineering survey has been made by the consultant. Except as <br />specifically stated, data relative to size and area of the subject property was taken from sources <br />considered reliable and no encroachment of the subject property is considered to exist. <br /> <br />Subsurface Rights - No opinion is expressed as to the value of subsurface oil, gas or mineral rights <br />or whether the property is subject to surface entry for the exploration or removal of such materials, <br />except as is expressly stated. <br /> <br />Maps, Plats and Exhibits - Maps, plats and exhibits included in this report are for illustration only to <br />serve as an aid in visualizing matters discussed within the report. They should not be considered as <br />surveys or relied upon for any other purpose, nor should they be removed from, reproduced or used <br />apart from the report. <br /> <br />Legal Matters - No opinion is intended to be expressed for matters which require legal expertise or <br />specialized investigation or knowledge beyond that customarily employed by real estate consultants. <br />