10-08-1990 Council Packet - Laserfiche WebLink

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OEmmON OF MARKET N ALL'E; The mo»i probeble price which • propenjr iheuM hnnp in ■ competitive ind open wiet Mttfer afl comthiom lepnikiie to a (air tate. ihe buyer and Kltef. each acnn| prudently, knowtedpeabiy and anummp «e prtee n not affected by undue uimuiua. Impiicii in ihia dcluMion ii the consummation of a sale as of a specified date •wf the passtnp ^ mic from lefler to buyer under conditions whereby (I) buver and teller arc lypicalty motivaied; (2| btuh paniei are well informed or well advised, and each acnn| in what he considers hit own best inierm: 13) a reasonable lime IS allowed (or etpoaure in the open market; |4) payment it nude m lemn of cash in U.S. dollars or in terms of hnancial arronpementt comparable Iheieia; and iS» the price represents the normal considersuon for the property sold unaffected by special or creative financing or sales cencetsioni* granted by anyone sttocisied with the sale. •Adjostme ms to the comparablet must be wade for special or creative financin| or sales enneessums. No adjustments ate narcssary for these costs which arc normally paid by sellers as a result of triidition or law m a market area; thew costs are readily idemniabic since the seller pays these costs m virtually alt sales transactions. Special nr creat vc linancinp adjustmems fee to the comparable property by comparisons to hnancing terms olfcrcd by a third party Mtsi.tuuonal lender that is not already involved in the property or transaction. Any adjustment shouM nut be calculated tm a mechanical dollar lie doflar COM of the hnaoeinf or concession hut the dollar ameont of any ad.iusimem should appmsimaie the irwrsci s rcaciion M the Anancinf or concessions based on the appraiser's judgment. CERTIFICATION AND STATEMENT OF UMITINC CONDITIONS CERTIFICATION: The Appraiiei ccrurici snd sgreei that; I. The Appraiser has no ptemm or contemplated future interest in the property apprsiied: snd ntUher the employment to tMht the spprsissE nor the compensation for It. is contin|cni upon the spprsiMd vsloe of the propeny. 2* The Apprstser hat no personal mteresi in or bias with respect to the luhjcci mttier of Ihe spprsttal report or the partlch pants to the sale.The “Estunsic of Msiket Value” in ihc spprsttal report it not bat t whole or in psn upon the race, eolot, or natiortal origin of the prospective owners or occupants of the propeny spprtiis , or upon Ihe race, color or nsuonsi ertgin of Ihi present owners or occupants of the properties in Ihe vicinity of ilie properly appraised. 3. The Appraiser hei personally mtpecitd the property, both inside snd out. and hsi made sn taicrior inipceiion of all comparable tales listed m Ihc report. To the best of the Appraiur'i hnowltd|e snd belief, all stsiemenii and inlormsiion m li*** report are true and concci, and the Appraiser hei not knowingly wiihiield any ii|niricani uiformtiion. ■ 4. ^il contingent snd limiting conduioni are contained herein (imposed by the terms of the assignment or by the under* signed afTccting the snelyMi, opuiiont, snd eonclusioni contained in Ihe report). 3. This apprsiisl report has been made in conformity with snd u subicct to the requitementt of the Code of Frofeuions) Ethics and Standards of Frofcnionsi Conduct of the spprsiui or|tnizaiioni with wruch the Appraiser is ifTihaitd. A. All eoncliuioai and opinions concerning the real ttiitc that are set forth m the apprsiul report were picpvcd by the Appraiser whoee signature cppceri on the eppreiwi report, unless indicated as “Review Appraiser.” No chengt of any iiem in the apprsiul report thtll be made by snyene other then the Appratset, snd the Apprtiur mail have no reiponubiliiy for any ivch uiMuthorued change. CONTTNCENT AND LIMITINC CONDITIONS- The ecrtirictiion of the Appraiser ippeirmi m the apprsiul report is tubieei to the following condiiioni and to such other ipccific and limiting conduioni at sic ui forth by the Apprsiur m the report. 1. The Appraiwt auumci no rcip«ntibiiii> tot miiieri of s tcgel nature i(feciin| the property tpprsiwd or the iiiie ineie- to, nor does the Apprsiur render any opinion si lo the title, which u assumed to be good snd maikttabic. The property is appraiwd at though under tctpeniibic ownership 2. Any sketch in the lepori may mow ippioximait dimenstons snd is included to tsiisi the reader in vtiuiiixing Ihe prop^ erty. The Appraiut has made no survey of the property. 3. The Apprsiur it not requited to give testimony or eppcsi in court bcksuu of having made me appraiu! with le'eien't to the property m quctiion. unitts arrangemcnii have been previoutly made therefoi. 4. Any distribution of the valuation In the report between land and tmprovcmcnit applies only under the eiiiuni program of utiUzition. The aeparate valuations foi land and building mutt not be uud in conjunction with any other appraiui and art mvtlid if so uud. 5. The Appraiut istumcs that there ire no hidden or unsppsicnt conduioni of the property, subsoil, oi mueiurei. wruch would tender it rreort or lets vslusbie. The Apprsiur issumts no responsibiiuy for luch conditions, oi for tnginttiing which might be required to discover such fictott. 6. Information, titunsics. and opuuoni fumimed to the Appisiur. snd comemed in the report, were obtained ftom sources considered reliable and believed to oa iiut snd coiicct. Howcvei. no lespontibiliiy (or accuracy of such iitms furnished i^c Appriiut can be aitumed by the Appisiui. 7. Discloiurt of Ihc contents of the apprsiul report is governed by Ihc Bylaws and Rtgulsiioni of the professional ipprsiul organiuiions with which the Appraiser is sfniiaitd. I. Neither all, nor any pan of the content of the report, or copy thritof (including conclusions is to the property value, the Identity of the Appraiut, piofesstonai designations, itfctcncc :o any professional appraiui orgaruistiont, or the Turn with which Uu Apprsiur is connected), mall be used for any purposes by anyone but the client ipecincd in Ihc report, the borrower If appraisal fee paid by umc. the motigigec or its successors and suignt, mortgage insurers, consuiianii. ptofestionsl apprsiul otgtniuitont. sny siaic or federally approved rmanctsl insiiiuiion. any depeiinicni. ageacy, or miitumentaliiy of Ihe United Sieics or any itaic or the Oiiiricl of Columbia, without the picvious wniicn conuni of the Appraiui: not shell it be conveyed by anyone to the public through advertising, public rcisiions. news, ules, or other media, without the wiiiien conuni and approval of the Appraiui. . 9. On all apprsiuls, subject to uilsfsciory completion, rrpaiii. oi elieiaiions. Ihe eppteiul icpori and value conclusion tic contingent upon completion of the impiovememt in i woikmsniike minnei. 0- ... •wool awi ee