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SAMPLE OF CERTIFIED APPRAISAL REPORT - page 8 / 28

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This certificate of appraisal is given subject to the terms and conditions hereinafter set forth, all of which are a part hereof unless expressly set aside in writing either on the pages of this certificate or by writing attached to the certificate signed by all parties concerned.

Unless otherwise stated herein, this certificate is based only on the readily apparent identity of the item(s) appraised, and no further opinion nor guarantee of authenticity, genuineness, attribution or authorship is made.

Unless otherwise stated herein, the appraised value(s) is based on the whole ownership and possessory interest undiminished by any liens, fractional interests or any other form of encumbrance or alienation.

This certificate is made at the request of the party names for his/her/its use. It is not an indication or certificate of title ownership. The identification of the interest of the requesting party is simply that represented to the appraiser by such party and no inquiry or investigation has been made nor is any opinion given as to the truth of such representation.

The value(s) expressed herein is based on the appraiser’s best judgment and opinion and is not a representation or warranty that the item(s) will realize that value if offered for sale at auction or otherwise. The value(s) expressed is based on current information on the date made and no opinion is hereby expressed as to any future value, nor, unless otherwise expressly stated, as to any past value.

Information furnished by others is assumed to be reliable, but is not guaranteed by this appraisal firm.

The appraiser is not required to give testimony, be present in any court of law, or appear before any commission or board by reason of this appraisal, unless prior arrangements have been made with the appraiser.

Possession of this report, or copy thereof, does not include the right of publication without the written consent of the appraiser. This report in its entirety or any part thereof, including the identity of the appraiser or his/her firm, shall not be made public through advertising, public relations, news release, sales or other distributive or information media without the written consent of the appraiser.

Assumptions and Limiting Conditions

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