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100 Acres,Penrose,CO <br /> ASSUMPTIONS AND LIMITING CONDITIONS <br /> 1. No responsibility is assumed for matters legal in character nor is any opinion rendered as to title <br /> which is assumed to be marketable. <br /> 2. That the ownership of the property will be competent and management will be both adequate and <br /> efficient. <br /> 3. That the information and dates reported in connection with the appraisal have been obtained from <br /> sources which are assumed to be reliable; however,no guarantee is made as to its accuracy. <br /> 4. I am not required to give testimony or appear in court because of having made this appraisal,with <br /> reference to the property in question,unless arrangements have been previously made therefore. <br /> 5. The distribution of the total valuation in this report between land and improvements applied only <br /> under the existing program of utilization. The separate valuations for land and building must not be <br /> used in conjunction with any other appraisal and are invalid if so used. <br /> 6. The drawings, sketches, photos, and maps in this report are included to assist the reader in <br /> visualizing and locating the property. They are assumed to be correct, but are not intended to <br /> represent the precise outline of the properties. <br /> 7. The property is appraised as though free and clear of all debts, liens, and encumbrances, and is <br /> assumed to have all taxes and assessments paid in full. <br /> 8. No soils report concerning any portion of the subject property or information relating to geologic <br /> conditions and hazardous or toxic wastes has been provided other than that noted in this appraisal <br /> report. This valuation is based upon the premise that soil and underlying geologic conditions are <br /> adequate to support standard construction consistent with highest and best use and that no <br /> hazardous or toxic wastes exist within the site. Further,the appraiser has no knowledge of any other <br /> circumstances, including hazardous or toxic wastes, substances or residues that may exist within or <br /> adjacent to the subject property that would prevent or impair development to highest and best use or <br /> otherwise affect this valuation, and assume no responsibility for such conditions should any exist. <br /> In regard to environmental issues, including potential contamination by hazardous substances, a <br /> limited scope analysis of the subject property was made. In the course of the inspection of the <br /> property, only a routine visual observation has been performed. <br /> The appraiser did not search title, interview the current or prior owners, or do any research beyond <br /> that normally associated with the appraisal process unless otherwise stated. The user of this <br /> appraisal is reminded that the appraiser is not trained or qualified to identify potential <br /> environmental problems;therefore,users should make their own determination of whether an <br /> environmental professional is required for further study. Since the appraiser is not an environmental <br /> professional, he cannot be held liable for the lack of detection or identification of possible <br /> environmental problems. The appraisal report and/or any environmental comments must not be <br /> considered an environmental assessment of the property, as would be performed by an <br /> environmental professional. Any comment by the appraiser that might suggest the possibility of the <br /> presence of such substances should not be taken as confirmation of the presence of hazardous waste <br /> and/or toxic materials. Such determination would require the investigation by a qualified expert in <br /> the field of environmental assessment. <br /> Further,the presence of substances such as asbestos,urea-formaldehyde foam insulation or other <br /> potentially hazardous materials may affect the value of the property. The appraiser's value estimate <br /> 4 <br /> ©2012 Grantham Appraisal Service <br /> All Rights Reserved <br />