APPRAISAL OF 1117 MONROE STREET, VICKSBURG, MS 39180 CLIENT/INTENDED USER: GLENN TRIPLETT INTENDED USE/USER: TO ASSIST THE CLIENT IN MAKING A PURCHASING DECISION. THIS REPORT IS NOT INTENDED FOR ANY OTHER USE. THE APPRAISER IS NOT RESPONSIBLE FOR UNAUTHORIZED USE OF THIS REPORT. / THE CLIENT NAMED ABOVE: GLENN TRIPLETT Objective of the Assignment: TO DEVELOP AN OPINION OF MARKET VALUE OF THE STATED INTEREST IN THE SUBJECT PROPERTY. MARKET VALUE IS DEFINED BY THE AGENCIES THAT REGULATE FINANCIAL INSTITUTIONS IN THE UNITED STATES AND IS PUBLISHED BY THE APPRAISAL INSTITUTE IN THE DICTIONARY OF REAL ESTATE APPRAISAL, 4TH EDITION. Effective date of value opinion: NOVEMBER 15, 2007 Real property interest valued: FEE SIMPLE Identification of real estate: 1117 MONROE STREET, VICKSBURG, MS 39180 Current use: MULTI-FAMILY APARTMENT COMPLEX Highest and best use: CURRENT USE Conditions of the Assignment: Extraordinary Assumptions: THIS ANALYSIS IS PREMISED ON THE EXTRAORDINARY ASSUMPTION THAT ALL INFORMATION PROVIDED TO THE APPRAISER BY INDIVIDUALS CITED IN THIS REPORT IS TRUE AND ACCURATE. Hypothetical Conditions: NONE Date of report: JANUARY 31, 2008 Scope of Work: THE FOLLOWING STEPS WERE TAKEN IN ARRIVING AT THE FINAL OPINION OF VALUE INCLUDED IN THE APPRAISAL REPORT OF THE SUBJECT PROPERTY: 1-AN INVESTIGATION WAS MADE TO DETERMINE MARKET TRENDS, INFLUENCES AND OTHER SIGNIFICANT FACTORS PERTINENT TO THE SUBJECT PROPERTY. 2-A PHYSICAL VIEWING OF THE PROPERTY WAS PERFORMED.ALTHOUGH DUE DILIGENCE WAS EXERCISED WHILE AT THE SUBJECT PROPERTY, THE APPRAISER IS NOT AN EXPERT IN SUCH MATTERS AS CONSTRUCTION, PEST CONTROL, STRUCTURAL ENGINEERING, HAZARDOUS WASTES, MOLD, AND ENVIRONMENTAL PROBLEMS ETC. AND NO WARRANTY IS GIVEN OR IMPLIED AS TO THESE OR OTHER ELEMENTS OUTSIDE OF ANALYSIS OF MARKET DATA. INSPECTIONS BY VARIOUS PROFESSIONALS WITHIN THESE FIELDS MAY BE RECOMMENDED WITH THE FINAL OPINION OF MARKET VALUE SUBJECT TO THEIR FINDINGS.THE APPRAISER(S) ARE NOT ENVIRONMENTAL INSPECTORS AND ARE NOT QUALIFIED TO DETERMINE : A) WHETHER MOLD OR ANY OTHER ENVIRONMENTAL PROBLEM IS PRESENT IN THE PROPERTY, B) THE CAUSE OR TYPE OF MOLD,OR C) WHETHER MOLD MAY POSE ANY RISK TO THE PROPERTY OR ITS INHABITANTS. ANY PARTY ACQUIRING AN INTEREST IN THIS PROPERTY SHOULD PERFORM THEIR OWN DUE DILIGENCE RELATING TO THE POSSIBLILTY OF MOLD OR OTHER ENVIRONMENTAL
Page 2 of 18 MATTERS PRIOR TO ACQUIRING ANY INTEREST IN THE PROPERTY. APPRAISERS ARE NOT RESPONSIBLE FOR ANY ECONOMIC LOSS RELATING TO THE DISCOVERY OF MOLD OR OTHER ENVIRONMENTAL PROBLEMS WITHIN THE PROPERTY, REGARDLESS OF WHETHER PRESENT IN THE PROPERTY AT THE TIME OF THE APPRAISAL OR AT A SUBSEQUENT DATE. USERS OF THIS APPRAISAL ARE ADVISED TO UTILIZE THE SERVICES OF A COMPETENT ENVIRONMENTAL PROFESSIONAL IN THEIR DUE DILIGENCE PROCESS. 3-A MORE DETAILED REVIEW OF THE COLLECTED DATA WAS THEN PERFORMED WITH THE MOST RELEVANT FACTORS EXTRACTED AND CONSIDERED. SALES WERE EXAMINED AND CONFIRMED FROM MATERIALS PROVIDED BY ONE OR MORE SERVICES THAT OBTAIN INFORMATION FROM PUBLIC RECORDS OR SOURCES THAT ARE DEEMED RELIABLE. AT THE REQUEST OF THE CLIENT THE COST AND SALES COMPARISON APPROACHES TO VALUE WERE OMITTED.GIVEN THE INTENDED USE OF THE REPORT BY THE CLIENT, IT IS THE APPRAISERS OPINION THAT THEIR INCLUSION IS NOT REQUIRED TO PRODUCE A CREDIBLE REPORT.MARKET FACTORS WERE WEIGHTED AND THEIR INFLUENCE ON THE SUBJECT PROPERTY WAS DETERMINED. A HIGHEST AND BEST USE ANALYSIS WAS DONE ON THE PROPERTY BASED ON THE INFORMATION OBTAINED. 4-THE APPRAISAL REPORT WAS THEN COMPLETED IN ACCORDANCE WITH STANDARDS DICTATED BY THE APPRAISAL FOUNDATION IN THE UNIFORM STANDARDS OF PROFESSIONAL PRACTICES (USPAP). THE REPORT INCLUDED SUFFICIENT DATA AND INFORMATION NEEDED TO LEAD A READER TO A SIMILAR CONCLUSION OF MARKET VALUE. 5-THE APPRAISAL REPORT WAS THEN DELIVERED TO THE CLIENT, WHICH CONSTITUTED THE COMPLETION OF THE ASSIGNMENT Report Option: THIS REPORT IS A SUMMARY APPRAISAL REPORT IN ACCORDANCE WITH STANDARDS RULE 2-2(B) OF THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE. AS SUCH, IT PRESENTS SUFFICIENT INFORMATION TO ENABLE THE CLIENT AND OTHER INTENDED USERS, AS IDENTIFIED, TO UNDERSTAND IT PROPERLY CONCLUSION OF ANALYSIS Based on the above cited scope of work, as of the effective date noted, and subject to the extraordinary assumptions and hypothetical conditions listed. Opinion of Value: $223,500
Page 3 of 18 Property History: THE SUBJECT PROPERTY IS CURRENTLY NOT LISTED FOR SALE. ACCORDING TO THE JACKSON (MS) MULTIPLE LISTING SERVICE DATABASE MLS# 179994 THE SUBJECT WAS LISTED ON 8/10/07 FOR $899,900,WAS SUBSEQUENTLY REDUCED TO $$549,900 AND WAS PLACED IN WITHDRAWN STATUS AFTER 168 DAYS ON THE MARKET. PER MLS# 186902 IT WAS RE-LISTED ON 1/17/08 FOR $549,000 AND WAS WITHDRAWN AFTER 8 DAYS. THIS ASKING PRICE IS WELL ABOVE THE APPRAISER S OPINION OF MARKET VALUE. A DEED OF TRUST RECORDED IN BOOK 1511 AT PAGE 339 IN THE AMOUNT OF $160,000 DATED 1/6/05 IS LOCATED IN THE WARREN COUNTY CHANCERY CLERKS OFFICE. A WARRANTY DEED RECORDED IN BOOK 1336 AT PAGE 21 FROM W. HIBBETT NEEL, JR AND J. GORMAN SCHAFFER, JR DBA N/S PROPERTIES TO ATWJ GROUP, LLC DATED 11/29/04 IS LOCATED IN THE WARREN COUNTY CHANCERY CLERKS OFFICE
Page 4 of 18 Market Area Analysis: Vicksburg and Warren County are located in the western part of Mississippi, only 44 miles west of Jackson, the state capitol. Residents enjoy their close proximity to metropolitan and vacation spots - approximately halfway between Memphis, Tennessee (220 miles to the north) and New Orleans, Louisiana (210 miles to the south). Vicksburg and Warren County are adjacent to Issaquena, Yazoo, Hinds and Claiborne Counties. The "Mighty Mississippi" forms the entire picturesque western boundary of Vicksburg. The Moderate southern climate offers residents year round sports and recreational activities, with monthly averages of 82 degrees in July and 48 degrees in January. The area receives approximately 52 inches of precipitation each year. Vicksburg has a population of 26,407 and the surrounding Warren County area has a total of 49,644. Demographics TRANSPORTATION: Highways in Vicksburg: Ms 27 US 80 US 61 Interstate 20 Air Travel in Vicksburg: Vicksburg Municipal Airport (8 miles) Jackson International (55 miles) Monroe Regional Airport (80 miles) Railroads in Vicksburg: Kansas City Southern RETAIL SALES : (gross retail sales in millions): 1990 1995 2001 Vicksburg $300 $439 $548 Warren County $367 $536 $651 MARKET AREA:
Page 5 of 18 Due to its strategic location and transportation network, Warren County has excellent access to the Middle South Market. Within 500 miles of Warren County are all or portions of 1,142 counties in surrounding states which include the major United States growth markets of the southern Sunbelt region and traditional markets of the industrial Midwest. The middle South Market encompasses over 51 million people and 76 metropolitan areas. INCOME:( Per Capita Personal Income) 1990 1995 2000 Warren County $15,541 $21,323 $25,382 Earnings by place of work (2000) Manufacturing Services Wholesale Trade Retail Trade Government Construction Finance, Insurance, Real Estate Transportation, Public Utilities 19.2% 31.6% 2.7% 9.4% 26.1% 3.9% 2.2% 4.3% COUNTY FEATURES: County Seat - Vicksburg Land Area - 597 miles County land area in commercial forests: 56% National Parks / Historic Landmarks: Vicksburg National Military Park Pemberton's Headquarters Old Court House Museum
Page 6 of 18 Houses: 11,581 (10,365 occupied: 5,824 owner occupied, 4,541 renter occupied) % of renters here: 44% State: 28% Housing density: 352 houses/condos per square mile Median price asked for vacant for-sale houses and condos in 2000: $57,600 Median rent asked for vacant for-rent units in 2000: $341 Median gross rent in Vicksburg, MS in 2000: $445 Housing units in Vicksburg with a mortgage: 2,876 (243 second mortgage, 264 home equity loan, 17 both second mortgage and home equity loan) Houses without a mortgage: 2,239 SUBJECT NEIGHBORHOOD THE SUBJECT'S NEIGHBORHOOD IS DEVELOPED PREDOMINANTLY WITH OLDER BUILDINGS LOCATED IN THE DOWNTOWN AREA OF THE CITY. THE SUBJECT COMPLEX CONFORMS WELL TO SURROUNDING LAND USES, WHICH INCLUDE RESIDENTIAL, COMMERCIAL, LIGHT INDUSTRIAL, RETAIL AND OFFICE, IN PRIVATE AND PUBLIC USES. ITS LOCATION PROVIDES ADEQUATE VISIBILITY. TRAFFIC VOLUME IS TYPICAL AND DOES NOT NEGATIVELY IMPACT THE SUBJECT'S LOCATIONAL APPEAL OR ABILITY TO COMPETE WITH OTHER MULTI-FAMILY RESIDENTIAL UNITS IN THIS AREA. SCHOOLS, SHOPPING, ENTERTAINMENT AND RECREATIONAL FACILITIES ARE CONVENIENT TO THE SUBJECT DESCRIPTION OF THE REAL ESTATE: THE SUBJECT SITE IS LOCATED AT THE CORNER OF CHINA STREET AND MONROE STREET. GROSS (AND USABLE) AREA IS 98 FEET 4 INCHES FRONTING MONROE STREET BY 147.5 FEET FRONTING CHINA STREET OR 14,500 SQUARE FEET, MORE OR LESS. THE SITE IS ESSENTIALLY ABOVE STREET GRADE, AND APPEARS
Page 7 of 18 TO BE TYPICAL OF THE AREA. THE PROPERTY IS NOT LOCATED IN A FEMA-IDENTIFIED SPECIAL FLOOD HAZARD AREA. THE SITE IS ZONED C-4, WHICH ALLOWS MULTIFAMILY RESIDENTIAL DEVELOPMENT. THE SUBJECT IMPROVEMENTS CONSIST OF A TWO-STORY WOOD FRAMED BUILDING, WITH FOURTEEN APARTMENT UNITS. GROSS BUILDING AREA IS 10,925 SQUARE FEET. THE BUILDINGS ARE BRICK VENEERED AND HAVE COMPOSITION SHINGLE ROOFS. EIGHT OF THE UNITS HAVE TWO BEDROOMS AND ONE BATH AND SIX OF THE UNITS HAVE ONE BEDROOM AND ONE BATH. THE IMPROVEMENTS ARE OF AVERAGE QUALITY CONSTRUCTION AND MAINTENANCE IS GENERALLY GOOD. ACTUAL AGE IS 88 YEARS AND EFFECTIVE AGE IS ESTIMATED AT 20 YEARS. THE IMPROVEMENTS ARE CURRENTLY UNDERGOING A PARTIAL RENOVATION. THREE OF THE UNITS ARE CURRENTLY NOT HABITABLE WITH THE BALANCE REPORTED BY THE OWNER AS BEING RENTED AT $520 /MONTH FOR A TWO BEDROOM UNIT AND $430/MO FOR A ONE BEDROOM UNIT. UNIT AND PROJECT AMENITIES ARE TYPICAL FOR THIS AREA. THERE ARE UNDESIGNATED OPEN PARKING SPACES. PERSONAL PROPERTY IS NOT CONSIDERED IN THE OVERALL VALUE OF THE PROPERTY. THE PROPERTY IS LEGALLY DESCRIBED AS PART OF LOT 235 IN SQUARE 37 OF VICKSBURG PROPER AND MORE PARTICULARLY DESCRIBED IN METES AND BOUNDS INCLUDED IN THIS REPORT BY ATTACHMENT.MBRANCES. ACCORDING TO PUBLIC RECORDS, TITLE TO THE SUBJECT PROPERTY HAS BEEN IN THE NAME OF ATWJ GROUP,LLC SINCE NOVEMBER 29,2004. HIGHEST AND BEST USE ANALYSIS: HIGHEST AND BEST USE AS THOUGH VACANT: AMONG THE LEGALLY PERMISSIBLE USES OF THE SUBJECT SITE IS MULTIFAMILY RESIDENTIAL. THE LIKELIHOOD OF A ZONING CHANGE IS REMOTE. AMONG THE LEGALLY POSSIBLE USES THAT IS ALSO PHYSICALLY POSSIBLE WOULD BE A TWO-STORY APARTMENT COMPLEX. SUCH A COMPLEX WOULD BE FINANCIALLY FEASIBLE IF IT WERE OPERATED AS A RENTAL COMPLEX. THUS AMONG THE MAXIMALLY PRODUCTIVE AND HIGHEST AND BEST USES OF THE SUBJECT SITE AS THOUGH VACANT WOULD BE A TWO-STORY RENTAL APARTMENT COMPLEX. HIGHEST AND BEST USE AS IMPROVED: NEITHER DEMOLITION OF THE EXISTING IMPROVEMENTS AND REDEVELOPMENT OF THE SUBJECT SITE NOR MODIFICATION OF THE EXISTING IMPROVEMENTS WOULD RESULT IN A HIGHER RETURN TO THE LAND THAN IS CURRENTLY BEING ACHIEVED. THE EXISTING APARTMENT COMPLEX IS THEREFORE CONCLUDED TO BE THE HIGHEST AND BEST USE AS IMPROVED. SALES COMPARISON APPROACH: OMITTED AT THE REQUEST OF THE CLIENT COST APPROACH: OMITTED AT THE REQUEST OF THE CLIENT VALUATION ANALYSIS INCOME APPROACH: A VERBAL INTERVIEW WITH GREG THOMAS, APPRAISER FROM VICKSBURG REGARDING SIMILAR APARTMENT COMPLEXES IN THE SUBJECT'S NEIGHBORHOOD AND SIMILAR NEIGHBORHOODS IN THE VICKSBURG AREA INDICATED THAT TWO-BEDROOM APARTMENT
Page 8 of 18 UNITS RENT FROM ABOUT $400 TO $750 PER MONTH AND ONE-BEDROOM APARTMENT UNITS RENT FROM ABOUT $300 TO $600 PER MONTH. RENTAL COMPARABLES, WHEN ADJUSTED FOR CONDITION AND UNIT AMENITIES, INDICATE A MARKET RENTAL FOR THE SUBJECT'S TWO-BEDROOM UNITS OF $460 PER MONTH, WHICH APPROXIMATES THE ACTUAL RENTS UNDER THE CURRENT LEASES. VACANCY AND EXPENSE INFORMATION IS BASED ON DATA GATHERED IN A VERBAL INTERVIEW WITH GREG THOMAS, APPRAISER ON COMPARABLE PROPERTIES IN THE AREA. COMPARABLE SALES INDICATE OVERALL CAPITALIZATION RATES OF 10.75% TO 14%. SURVEYS OF INVESTORS IN THIS TYPE OF PROPERTY INDICATE THAT THE DESIRED PROPERTY YIELD RATE IS ABOUT 13%. THE INCOME APPROACH USING DIRECT CAPITALIZATION IS SUMMARIZED AS FOLLOWS: GROSS INCOME FROM 11 UNITS $5360/MO 12 $64,320 LESS 20% VACANCY & COLLECTION $12,864 EFFECTIVE GROSS INCOME $51,456 LESS MANAGEMENT FEE $6,400 LESS TAXES AND INSURANCE $10,000 LESS OPERATING EXPENSES $6,000 NET OPERATING INCOME $29,056 OAR 13% INDICATED VALUE: $29,056 divided by 0.13 OAR = $223,506 ROUNDED TO $223,500 RECONCILIATION AND VALUE CONCLUSION: THE INCOME APPROACH USING DIRECT CAPITALIZATION IS UTILIZED SOLEY TO ESTIMATE THE VALUE OF THE SUBJECT. MARKET VALUE OF THE FEE SIMPLE ESTATE IN THE PROPERTY APPRAISED IS DEFINED IN THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE (THE APPRAISAL FOUNDATION, 1989) AS FOLLOWS: "The most probable price in terms of money that the property should bring in a competitive market under all conditions requisite to a fair sale, which would result from negotiations between a buyer and seller, each acting prudently, knowledgeably, and without undue stimulus." DESPITE THE EXACT WORDING OF THE DEFINITION, MARKET VALUE CONTEMPLATES THE CONSUMMATION OF A SALE AND THE PASSING OF THE FEE SIMPLE TITLE FROM SELLER TO BUYER BY DEED, UNDER CONDITIONS WHEREBY: 1. BUYER AND SELLER ARE FREE FROM UNDUE STIMULUS AND ARE MOTIVATED BY NO MORE THAN THE REACTIONS OF THE TYPICAL OWNER, 2. BOTH PARTIES ARE WELL INFORMED OR WELL ADVISED AND ACT PRUDENTLY, EACH FOR WHAT HE CONSIDERS HIS BEST INTEREST. 3. A REASONABLE TIME IS ALLOWED TO TEST THE MARKET, AND, 4. PAYMENT IS MADE IN CASH OR IN ACCORDANCE WITH FINANCING TERMS READILY AVAILABLE IN THE COMMUNITY FOR THE PROPERTY TYPE IN ITS LOCALE. 5. FINANCING, IF ANY, IS ON TERMS GENERALLY AVAILABLE IN THE COMMUNITY AT THE SPECIFIED DATE AND TYPICAL FOR THE PROPERTY TYPE IN ITS LOCALE.
Page 9 of 18 THE PRICE REPRESENTS A NORMAL CONSIDERATION FOR THE PROPERTY SOLD, UNAFFECTED BY SPECIAL FINANCING AMOUNTS OR TERMS, SERVICES, FEES, COSTS, OR CREDITS INCURRED IN THE TRANSACTION. THE MARKET VALUE OF THE SUBJECT PROPERTY, AS OF THE EFFECTIVE DATE, IS THEREFORE ESTIMATED TO BE $223,500. THE ESTIMATED MARKETING TIME (I.E., THE AMOUNT OF TIME IT WOULD PROBABLY TAKE TO SELL THE SUBJECT PROPERTY IF EXPOSED IN THE MARKET BEGINNING ON THE DATE OF THIS VALUATION) IS ESTIMATED TO BE 12 TO 18 MONTHS. PROPERTY HISTORY: THE SUBJECT PROPERTY IS CURRENTLY NOT LISTED FOR SALE. ACCORDING TO THE JACKSON (MS) MULTIPLE LISTING SERVICE DATABASE MLS# 179994 THE SUBJECT WAS LISTED ON 8/10/07 FOR $899,900,WAS SUBSEQUENTLY REDUCED TO $$549,900 AND WAS PLACED IN WITHDRAWN STATUS AFTER 168 DAYS ON THE MARKET. PER MLS# 186902 IT WAS RE-LISTED ON 1/17/08 FOR $549,000 AND WAS WITHDRAWN AFTER 8 DAYS. THIS ASKING PRICE IS WELL ABOVE THE APPRAISER S OPINION OF MARKET VALUE. A DEED OF TRUST RECORDED IN BOOK 1511 AT PAGE 339 IN THE AMOUNT OF $160,000 DATED 1/6/05 IS LOCATED IN THE WARREN COUNTY CHANCERY CLERKS OFFICE. A WARRANTY DEED RECORDED IN BOOK 1336 AT PAGE 21 FROM W. HIBBETT NEEL, JR AND J. GORMAN SCHAFFER, JR DBA N/S PROPERTIES TO ATWJ GROUP, LLC DATED 11/29/04 IS LOCATED IN THE WARREN COUNTY CHANCERY CLERKS OFFICE.
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VIEW OF SUBJECT FROM MONROE STREET GLENN TRIPLETT Page 11 of 18
REAR VIEW OF SUBJECT GLENN TRIPLETT Page 12 of 18
STREET SCENE GLENN TRIPLETT Page 13 of 18
VIEW OF SUBJECT FROM CHINA STREET GLENN TRIPLETT Page 14 of 18
STREET SCENE FROM CHINA STREET GLENN TRIPLETT Page 15 of 18
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Page 17 of 18 Certification: I certify that, to the best of my knowledge and belief: the statements of fact contained in this report are true and correct. the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. my engagement in this assignment was not contingent upon developing or reporting predetermined results. my compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. my analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. I have made a personal inspection of the property that is the subject of this report. Ben J. Boteler, RA-737 (MS) provided significant real property appraisal assistance to the person signing this certification. I certify that, to the best of my knowledge and belief, the reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the National Association of Independent Appraisers. I certify that the use of this report is subject to the requirements of the National Association of Independent Appraisers relating to review by its duly authorized representatives. As of the date of this report, I have completed the continuing education program of the National Association of Independent Appraisers. ------------------------------------------------ Michael W. Boteler, IFAS, GA-78(MS) Date: LIMITING CONDITIONS The certification of the appraiser appearing in the appraisal report is subject to the following conditions and such other specific and limiting conditions as set forth by the appraiser in the report: The appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or the title thereto, nor does the appraiser render any opinion about the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership.
Page 18 of 18 Any sketch in the report may show approximate dimensions and is included to help the reader in visualizing the property. The appraiser has made no survey of the property. The appraiser is not required to give testimony or appear in court because of having made the appraisal report concerning the property in question, unless arrangements have previously been made therefore. Any subsequent agreed court testimony or consultation shall be billable on an hourly basis in addition to and exclusive of the fee charged for this original appraisal report. The appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The appraiser assumes no responsibility for such conditions, or for engineering that might be required to discover such factors. Information, estimates, and opinions furnished to the appraiser, and contained in the report, were obtained from sources considered to be reliable and believed to be true and correct. However, the appraiser can assume no responsibility for accuracy of items furnished the appraiser. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws, unless non-compliance is stated, defined and considered in the appraisal report. No environmental impact studies were requested or made with this appraisal, and the appraiser hereby reserves the right to alter, amend, revise, or rescind any of the value opinions, based upon any subsequent environmental impact studies, research or investigation. Disclosure of the contents of the appraisal report is governed by the bylaws and regulations of the professional appraisal organization with which the appraiser is affiliated, and by the Uniform Standards of Professional Appraisal Practice. Neither all, nor any part of the content of the report, or copy of it (including conclusions about the property value, the identity of the appraiser, professional designations, reference to any professional appraisal organizations, or the firm with which the appraiser is connected), shall be used for any purposes by anyone but the client specified in the report, the borrower if the appraisal fee is paid for by same, the mortgagee or its successors and assigns, mortgage insurers, consultants, professional appraisal organizations, any state or federally approved financial institution., any department, agency, or instrumentality of the united states or any state or the District of Columbia, without the previous written consent of the appraiser, nor shall it be conveyed by anyone to the public through advertising, public relations, news, sales, or other media, without the previous written consent of the appraiser.