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<br /> LA
<br /> Proposal for Highest and Best Use Study ?
<br /> Mr. Scot Wrighton
<br /> Page 12 -
<br /> Standard Conditions: The following Standard and accurate. Some of this information may
<br /> Conditions apply to real estate consulting engagements have been provided by the owner of the
<br /> and appraisals by Hotel & Leisure Advisors, LLC property. Neither the consultants nor H&LA
<br /> (H&LA). Extraordinary Assumptions are added as shall be responsible for the accuracy or
<br /> required. completeness of such information including
<br /> the correctness of public records or filings,
<br /> 1. The report is to be used in whole and not in estimates, opinions, dimensions, sketches,
<br /> part.The report,engagement letter and these exhibits, and other factual matters.
<br /> standard conditions constitute the entire
<br /> understanding and agreement between the S. The report may contain prospective financial
<br /> parties with respect to the subject matter information, estimates, or opinions that
<br /> hereof and supersedes any and all prior or represent the consultants'or appraisers'view
<br /> current agreements or understandings of reasonable expectations at a particular
<br /> between the parties, whether in writing or point in time.Such information,estimates,or
<br /> orally.The report and engagement letter may opinions are not offered as predictions or as
<br /> not be amended except in writing signed by assurances that a particular level of income or
<br /> the parties hereto.These standard conditions profit will be achieved,that events will occur,
<br /> shall survive the completion of the or that a particular price will be offered or
<br /> assignment. accepted. Actual results achieved during the
<br /> period covered by H&LA's prospective
<br /> 2. Publication of the report or engagement letter financial analyses will vary from those
<br /> without the prior written consent of H&LA is described in the report, and the variations
<br /> prohibited unless otherwise stated in the may be material. The financial projections
<br /> letter of engagement. Neither the report nor stated in the report and any opinions of value
<br /> engagement letter may be used by any are as of the date stated in the report.
<br /> person other than the party to whom they are Changes since that date in external and
<br /> addressed nor may they be used for purposes market factors or in the property itself can
<br /> other than that for which they were prepared. significantly affect property value or
<br /> Neither the engagement letter, nor the performance.
<br /> report, nor their contents, nor any reference
<br /> to the appraisers or H&LA or any reference to 6. H&LA has not considered the presence of
<br /> the Appraisal Institute, International Society potentially hazardous materials and
<br /> of Hospitality Consultants,American Institute contaminants such as asbestos, urea
<br /> of Certified Public Accountants, or the formaldehyde foam insulation, toxic waste,
<br /> American Institute of Architects, (or the MAI, PCBs, pesticides, mold, lead-based paints,or
<br /> ISHC, CPA or AIA designations) may be other materials. The appraisers and
<br /> included or quoted in any offering circular or consultants are not qualified to detect or
<br /> registration statement, prospectus, sales report on hazardous material contamination
<br /> brochure, other appraisal, loan, or other and H&LA urges the client to retain an expert
<br /> agreement or document without H&LA's prior in this field if desired.
<br /> written permission, in its sole discretion.
<br /> Moreover, "H&LA" is a registered trademark 7. Unless noted, H&LA assumes there are no
<br /> of Hotel & Leisure Advisors, LLC. The client encroachments,zoning violations,or building
<br /> agrees that in event of a breach of this violations encumbering the subject property.
<br /> Section 2, in addition to any other rights and It is assumed that the property will not be
<br /> remedies of H&LA, and hereby consents to operated in violation of any applicable
<br /> injunctive relief. government regulations, zoning, codes,
<br /> ordinances, or statutes. No responsibility is
<br /> 3. No responsibility is assumed for the legal assumed for architectural design and building
<br /> description or any matters which are legal in codes. The analysis and concept drawings
<br /> nature.Title to the property is assumed to be included in the report are not intended for
<br /> good and marketable and the property is technical purposes.
<br /> assumed to be free and clear of all liens
<br /> unless otherwise stated. No survey of the 8. All mortgages, liens, encumbrances, leases,
<br /> property was performed. Sketches, maps, and servitudes have been disregarded unless
<br /> photos, or other graphic aids included in the specified otherwise.
<br /> reports are intended to assist the reader in
<br /> ready identification and visualization of the 9. Real estate consulting engagements and
<br /> property and are not intended for technical appraisal assignments are accepted with the
<br /> purposes. understanding that there is no obligation to
<br /> furnish services after completion of the
<br /> 4. The information contained in the assignment original assignment. We are not required to
<br /> is based upon data gathered from sources the give testimony or attendance in court by
<br /> consultant or appraiser assumes to be reliable reason of this analysis without T previous
<br /> HOTrl &LEISIIFf AOVIS016 TLA
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