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. 12. PROPOSED IMPROVEMENTS, CONDITIONED VALUE: Improvements proposed, if any, on or off-site, as well as any repairs required are considered, for purposes of this appraisal to be completed in good and workmanlike manner according to information submitted and/or considered by the appraiser. In cases of proposed construction, the appraisal is subject to change upon inspection of property after construction is completed. This estimate of market value is as of the date shown, as proposed, as if completed and operating at levels shown and projected. 13, VALUE CHANGE & ALTERATION OF ESTIMATE BY APPRAISER(S): The estimated market value, which is defined in the report, is subject to change with market movement over time; value is highly related to exposure, time, promotional effort, terms, motivation, and conditions surrounding the offering. The value estimate considers the productivity and relative attractiveness of the property physically and economically in the marketplace as it contributes to an economic or social need. In cases of appraisals involving capitalization of income benefits, the estimate of market value or investment value or value in use is a reflection of such benefits and the appraiser's interpretation of income, yields and other factors derived from general and specific client and market information, Such estimates are reported as of a specific date; they are thus subject to change since the market and value are naturally dynamic, . The "Estimate of Market Value" in the appraisal report is not based in whole or in part upon the race, color, or national origin of the present owners or occupant of the properties in the vicinity of the property appraised. 14. CHANGE: Appraisal report and value estimates are subject to change if physical, legal entity, or financing different than envisioned at the time of writing this report becomes apparent at a later date. 15, MANAGEMENT OF THE PROPERTY: It is assumed that the property which is the subject of this report will be under prudent and competent ownership and management; neither inefficient nor superefficient. 16. CONTINUING EDUCATION: The American Society of Farm Managers and Rural Appraisers conducts a voluntary program of continuing education for its designated members, The State of Colorado Board of Real Estate Appraisers and the State of Nebraska Real Estate Appraiser Board, also requires continuing education in order to maintain an active license, I am a candidate member of the American Society of Farm Managers and Rural Appraisers and licensed as a Certified General Appraiser in the State of Colorado and the State of Nebraska. I have not been charged with violating any ethical rules of these organizations, . 17. FEE: The fee for this appraisal or study is for the service rendered and not for the time spent on the physical report or the physical report itself. The compensation (fee) for the preparation of this appraisal report has no relation to the final values reported. NIENHUSER APPRAISAL - 6 -