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It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a non -conformity has been stated, defined and considered in the appraisal report. It is assumed that all required licenses, consents or other legislative or administrative authority from any local, state or national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted within the report. The appraiser will not be required to give testimony or appear in court because of having made this appraisal, with reference to the property in question, unless arrangements have been previously made therefor. A valuation relating to an estate in land that is less than the whole fee simple estate related to a fractional interest only in the real estate involved in the value for this fractional interest plus value of all other fractional interests may or may not equal the value of the entire fee simple considered as a whole. The distribution of the total valuation in this report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. One or more of the signatories of this appraisal report is a Member or Candidate of the Appraisal Institute. The Bylaws and Regulations of the Institute require each member and Candidate to control the use of distribution of each appraisal report signed by such Member or Candidate. Therefore, except as hereinafter provided, the parry for whom this appraisal report was prepared may distribute copies of this appraisal report, in its entirety, to such third parties as may be selected by the party for whom this appraisal report was prepared; however, selected portions of this appraisal report shall not be given to third parties without the prior written consent of the signatories of this appraisal report. Further, neither all nor any part of this appraisal report shall be disseminated to the general public by the use of advertising media, public relations media, sales media or other media for public communications without the prior written consent of the signatories of this appraisal report. PAT MURPHY & ASSOCIATES