Basic assumptions and limiting conditions. 1. Appraiser has relied on Owner's representation that the title to the property is good and marketable, free and clear of all monetary liens and encumbrances, except those set forth herein. 2. The information furnished to Appraiser by the Client and others—including historical financial data, and other data concerning the property—is believed to be true and accurate. However, Appraiser assumes no liability for the accuracy of such information. 3. Appraiser has reviewed the lease abstracts provided by Owner and has relied on the lease abstracts. Appraiser also has relied upon _________'s review of the mathematical accuracy of the computer model provided by Owner. 4. Responsible ownership and competent property management are assumed. 5. Appraiser has not made an independent survey of the property and assumes no responsibility in connection with such matters. 6. Disclosure of the contents of this report is governed by the By-Laws and Regulations of the American Institute of Real Estate Appraisers of the National Association of Realtors. 7. (Name of person performing appraisal) is currently certified under the A.I.R.E.A. voluntary continuing education program. 8. The contents of this report may be disseminated to the public by the Registration Statement on Form S-11 of Owner, including the Prospectus contained herein. 9. Appraiser has relied on engineering information supplied by (name of engineering and testing company). It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures which would render it more or less valuable. No responsibility is assumed for such conditions or for engineering inspections which may be required to discover them. 10. It is assumed that there is full compliance with all applicable zoning and use regulations and restrictions unless a nonconformity has been stated, defined and considered in this report. 11. It is assumed that all required licenses, certificates of occupancy, consents or other legislative or administrative authorizations 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 estimates contained in this report are based. 12. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property and that there is no encroachment or trespass unless noted within this report.