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11 . The writer is not required to give testimony or <br /> attendance in court by reason of this appraisal , <br /> unless prior arrangements have been made in writing. <br /> 12. The Appraiser assumes that there are no -hidden or <br /> unapparent conditions of the property , subsoil , or <br /> structure , which would render it more or less <br /> valuable. The Appraiser assumes no responsibility <br /> for such conditions , or for engineering which might <br /> be required to discover such factors. <br /> 13. This valuation has been based , in part , on projection <br /> of cost and operation furnished the Appraiser by the <br /> owner . A reasonable effort has been made to <br /> substantiate, verify and document these projections . <br /> However , if subsequent experience proves to be <br /> substantially different from these projections , the <br /> value conclusions reached will obviously be affected <br /> accordingly. <br /> 14. Any distribution of the valuation in the report <br /> between land and improvements applies only under the <br /> existing program of utilization . The separate <br /> valuations for land and improvements must not be used <br /> in conjunction with any other appraisal and are <br /> invalid if so used. <br /> 15. The value estimated in this appraisal is for a <br /> portion of a larger tract and relates only to the <br /> portion appraised and should not be construed as <br /> applying with equal validity to other portions of the <br /> tract. The value estimated plus the value of another <br /> portion or portions may or may not equal the value of <br /> the entire parcel considered as an entity. <br /> DATE OF VALUATION <br /> The date to which this estimate of market value applies is <br /> December 18 , 1984 . Property inspections were made and <br /> comparable sales data were assembled during the months of <br /> October and November , 1984. The date of writing of this report <br /> is the week of December 18, 1984. <br /> TOWN OF CARBONDALE AREA DESCRIPTION <br /> The Town of Carbondale is located near the southeast corner of <br /> Garfield County. It is at the junction of State Highway 82 , <br /> connecting Glenwood Springs and Aspen , and State Highway 133 <br /> leading soutward to Redstone , McClure Pass and Paonia . The <br /> Town is near the junction of the Roaring Fork and Crystal <br /> Rivers. <br /> -6- <br />