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3. No responsibility is assumed for legal or title considerations. Title to the property is assumed to be <br /> good and marketable unless otherwise stated in this report. The property is appraised "as if free and <br /> clear" of liens and encumbrances, but subject to existing easements, covenants, deed restrictions, and <br /> rights—of—way of record, and excepting therefrom all rights to oil, natural gas, or other mineral <br /> resources beneath such real property. This mineral interest exception is an assignment condition. <br /> 4. Opinions, estimates, data, statistics, exhibits, drawings, sketches and similar materials furnished by <br /> others in the course of studies relating to this report are considered reliable unless otherwise noted. <br /> 5. Responsible ownership and competent management of the subject property are assumed. <br /> 6. This report is as of the date set out and is not intended to reflect subsequent fluctuations in market <br /> conditions, up or down. As an assignment condition, no specific exposure time is linked to the value <br /> and compensation conclusions in this appraisal report, however, reasonable exposure time is <br /> presumed. This is in accordance with the Uniform Appraisal Standards for Federal Land Acquisitions, <br /> which is a guiding document in eminent domain appraisal procedures and policies followed by CDOT <br /> and by other agencies,organizations and appraisal professionals. <br /> 7. It is assumed there are no hidden or unapparent conditions of the property, subsoil, or structures that <br /> render it more or less valuable. No responsibility is assumed for such conditions or arranging for <br /> engineering studies that may be required to discover them. <br /> 8. It is assumed the subject property complies with all applicable zoning and use regulations and <br /> restrictions, unless non—conformity has been stated,defined,and considered in this appraisal report. <br /> 9. It is assumed the use of land and improvements is within the boundaries or property lines of the <br /> property described and there is no encroachment or trespass unless otherwise stated in this report. <br /> 10. Unless otherwise stated in this report, the existence of hazardous substances, including without <br /> limitation asbestos, polychlorinated biphenyl, petroleum leakage,or agricultural chemicals, which may <br /> or may not be present on the property, was not called to the attention of nor did the appraiser <br /> become aware of such during the appraiser's inspection of the subject property. The appraiser has no <br /> knowledge of the existence of such materials on or in the property unless otherwise stated. The <br /> appraiser, however, is not qualified to test for such substances. The presence of such hazardous <br /> substances may affect the value of the subject property. The value opinion developed herein is <br /> predicated on the assumption that no such hazardous substances exist on or in the property or in such <br /> proximity thereto, which would cause a loss in value. No responsibility is assumed for any such <br /> hazardous substances, or for any expertise or knowledge required to discover them. <br /> 11. Certain tabulations in this report include embedded Microsoft® Excel spreadsheet objects. The <br /> numbers displayed in these objects are computed by the program with unrounded numbers except <br /> where they are labeled as "Rounded to." This spreadsheet cannot be checked by use of a calculator <br /> unless it is a financial calculator which also uses internally unrounded numbers. The tabulation displays <br /> to zero or two decimal places, as appropriate. <br /> 5 <br /> Bonnie Roerig &.Associates, LLC Real-Estate .Analysts - Valuation Consultants <br />