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-1- <br />UNDERLYING ASSUMPTIONS AND CONTINGENT <br />CONDITIONS UPON WHICH THIS APPRAISAL. <br />IS BASED <br />1. That we have not now, nor ever had, any interest in the <br />property herein appraised. <br />2. That the title to the property is good and merchantable. <br />3. That the property under appraisal is free and clear of <br />any encumbrance. <br />4. That no guarantee is made as to the correctness of in- <br />formation or opinions of others which may have been used <br />in this report, but that said sources have been carefully <br />checked and are believed to be correct. <br />5. That no liability is assumed on account of matters of a <br />legal nature affecting the property, such as overlapping <br />boundaries, encroachments, undisclosed liens and the like. <br />6. That no liability is assumed on account of inaccuracies <br />or errors in such estimates or opinions. <br />7. That our fee for the investigation and preparation of this <br />report is not in any way contingent upon the valuations <br />reported herein, or contingent upon anything other than <br />the delivery of this report. <br />8. That the project receives sound, competent management in <br />accordance with the best standards of practice currently <br />available. <br />9. The contents of this appraisal report shall not be conveyed <br />to the public in whole or in part through advertising, public <br />relations, news, sales, or any medium without written <br />consent and approval first being obtained from the authors. <br />10. The opinions, analysis, and conclusions concerning the real <br />property set forth in this report are those of the authors <br />and no others. <br />