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Proposal for Highest and Best Use Study <br /> Mr. Scot Wrighton <br /> Page 13 <br /> arrangements,and the client will be obligated 15. The consulting engagement or appraisal <br /> to pay in advance for the standard per diem report has been prepared in accordance with <br /> fees and travel costs. the Uniform Standards of Professional <br /> Appraisal Practice and the Code of Ethics of <br /> 10. No significant change is assumed in the the Appraisal Institute. No other code, <br /> supply and demand patterns indicated in the ordinance, rule or regulation of any kind or <br /> report. The appraisal or consulting nature whatsoever shall apply. <br /> engagement assumes market conditions as <br /> observed as of the current date of the market 16. It is agreed that the maximum damages <br /> research stated in the letter of transmittal. recoverable from H&LA or its affiliates or their <br /> These market conditions are believed to be respective employees relative to this <br /> correct; however, H&LA or the consultants engagement shall be the amount of the <br /> assume no liability should market conditions money actually collected by H&LA or its <br /> materially change because of unusual or affiliates for work performed pursuant to the <br /> unforeseen circumstances. engagement letter. The client acknowledges <br /> that H&LA cannot and does not guarantee <br /> 11. The quality of a lodging facility or other and makes no representations as to the <br /> leisure property's management has a direct success of the project. H&LA shall not be <br /> effect on the property's economic viability. It liable for any incidental, breach of warranty, <br /> should be specifically noted by any consequential or punitive damages,expenses, <br /> prospective reader that the engagement costs or losses whatsoever directly or <br /> assumes that the property will be indirectly arising out of the services <br /> competently managed, leased, and performed hereunder (including negligence <br /> maintained by financially sound owners over and/or gross negligence).In addition,there is <br /> the expected period of ownership.H&LA is not no accountability or liability to any third <br /> responsible for future marketing efforts and party. <br /> other management or ownership actions upon <br /> which actual results will depend. 17. The client hereby releases and discharges <br /> H&LA, its directors, officers, and employees, <br /> 12. The forecast of income and expenses are not from and against any and all claims and <br /> predictions of the future. Rather,they are the demands of any nature or kind whatsoever <br /> consultants'best estimates of current market arising as a result of the design, <br /> thinking on future income and expenses. We development,operations,and performance of <br /> do not warrant that the estimates will be the proposed or existing project. The client <br /> obtained,but that they have been prepared in furthermore agrees to indemnify,defend and <br /> a conscientious manner on the basis of hold harmless H&LA and its directors,officers <br /> information obtained during the course of this and employees, from any and all claims of <br /> study. any nature whatsoever, including attorney <br /> fees, expenses and costs. <br /> 13. The subject property is valued assuming all <br /> items of furniture, fixtures, equipment, 18. The report does not address the project's <br /> working capital, and inventory are in place. compliance with the federal statute commonly <br /> Should items essential in the operation of the known as the Americans with Disabilities Act <br /> hotel prove to be missing, we reserve the as well as regulations and accessibility <br /> right to amend the opinion of value expressed guidelines promulgated thereunder. <br /> in an appraisal report. <br /> 19. The provisions of the report,the engagement <br /> 14. H&LA does not, as part of this consulting letter and these standard conditions shall be <br /> report or appraisal,perform an audit,review, severable, and if a court of competent <br /> or examination (as defined by the American jurisdiction holds any provisions of the report, <br /> Institute of Certified Public Accountants) of engagement letter and these standard <br /> any of the historical or prospective financial conditions invalid, illegal or unenforceable, <br /> information used and therefore, does not the remaining provisions shall nevertheless <br /> express any opinion with regard to it. remain in full force and effect as written. <br /> HOTFI &I_FI.SURi t\DVISOIZS l &LA <br /> �►r�r�r�..v <br />