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100 Acres,Penrose,CO <br /> is predicated on the assumption that there is no such material on or in the property that would cause <br /> a loss in value unless otherwise stated in this report. <br /> No responsibility is assumed for any environmental conditions or for any expertise or engineering <br /> knowledge required to discover them. The appraiser's descriptions and resulting comments are the <br /> result of the routine observations made during the appraisal process. <br /> 9. It is assumed that all applicable zoning and use regulations and restrictions have been and will be <br /> complied with, unless nonconformity has been stated, defined, and considered in this appraisal <br /> report. <br /> 10. It is assumed that all required permits, licenses, certificates of occupancy consents, or other <br /> legislative or administrative authority from any local, state, or national governmental or private <br /> entity or organization have been or can be obtained or renewed for any use on which the value <br /> estimates contained in this report are based. <br /> 11. It is assumed that the utilization of the land and improvements is within the boundaries or property <br /> lines of the property described and that there is no encroachment or trespass unless otherwise stated <br /> in this report. <br /> 12. Unless otherwise stated in this report,the subject property is appraised without a specific <br /> compliance survey having been conducted to determine if the property will or will not be in <br /> conformance with the requirements of the Americans with Disabilities Act. The presence of <br /> architectural and communications barriers that are structural in nature that would restrict access by <br /> disabled individuals may adversely affect the property's value, marketability, or utility. <br /> 13. The loss or removal of any part of this appraisal invalidates the entire appraisal. <br /> 5 <br /> ©2012 Grantham Appraisal Service <br /> All Rights Reserved <br />