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File No.140030S <br /> This appraisal report is subject to the scope of work, intended use, intended user, definition of market value, statement of <br /> assumptions and limiting conditions, and certifications. The appraiser may expand the scope of work to include any additional <br /> research or analysis necessary based on the complexity of this appraisal assignment. <br /> SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the <br /> reporting requirements of this appraisal report form, including the following definition of market value, statement of <br /> assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual <br /> inspection of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, <br /> (4) research, verify, and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and <br /> conclusions in this appraisal report. <br /> DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open <br /> market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming <br /> the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and <br /> the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both <br /> parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a <br /> reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms <br /> of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold <br /> unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. <br /> *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are <br /> necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are <br /> readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing <br /> adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional <br /> lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical <br /> dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's <br /> reaction to the financing or concessions based on the appraiser's judgment. <br /> STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is <br /> subject to the following assumptions and limiting conditions: <br /> 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title <br /> to it, except for information that he or she became aware of during the research involved in performing this appraisal. The <br /> appraiser assumes that the title is good and marketable and will not render any opinions about the title. <br /> 2. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency <br /> (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an <br /> identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or <br /> implied, regarding this determination. <br /> 3. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, <br /> unless specific arrangements to do so have been made beforehand, or as otherwise required by law. <br /> 4. The appraiser has noted in this appraisal report any adverse conditions (such as the presence of hazardous wastes, toxic <br /> substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research <br /> involved in performing this appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden <br /> or unapparent deficiencies or adverse conditions of the property (such as, but not limited to, the presence of hazardous wastes, <br /> toxic substances, adverse environmental conditions, etc) that would make the property less valuable, and has assumed that there <br /> are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any <br /> such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. <br /> Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as <br /> an environmental assessment of the property. <br /> Page 2 of 4 <br /> Appraisal Consultants,Inc. <br />