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HomeMy WebLinkAboutAdvisio/CRC/1,950 Appraisal Party Time AD V I S IO REAL � CONFIRMATION FOR APPRAISAL SERVICES CLIENT: Mr. Matthew D. Worthley Carmel Redevelopment Commission PROPERTY: Former Party & Event Rental 1212 South Rangeline Road Carmel, IN REPORT TYPE:: Restricted Appraisal Report • FEE: $1,950 COPIES: 1 pdf copy will be provided TIMING: April 24, 2013 VALUE REPORTED: As-is Market Value PURPOSE: To develop an opinion of the market value to be used for internal purposes SCOPE: Sales Comparison Approach Land Valuation NOTES: None ATTACHMENTS TO AGREEMENT: Assumptions & Limiting Conditions FURTHER CONDITIONS OF EMPLOYMENT Completion and delivery of the written appraisal completes this agreement. The fee is subject to revision by ADVISIO® upon change in the basic client request. The fee agreed upon is for the written report only and does not include pre-trial preparation, court testimony, or post appraisal consultation. The appraisal wil be prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The report is subject to the Limiting Conditions and Assumptions attached hereto or others that may appear in the appraisal report. The client, by execution of this agreement, acknowledges that he has read these Limiting Conditions and Assumptions, that they are an inherent part of the assignment and that the client agrees to these conditions. 9616 DAY DRIVE • INDIANAPOLIS.IN 46280 •TEL 317.569.8500 • FAX 317.569.6501 • WWW.ADVISIOINC.COM PAGE 1 OF 4 PAGES ADVISIO° S Ili REAL ESTATE ADVISORS&APPRAISERS The client agrees that any market data gathered by ADVISIO®, relative to the completion of the assignment, may be utilized by ADVISIO® in working on other assignments, may be included in a market data base and may be shared with other clients, appraisers or real estate consultants, without the consent of the undersigned. Value conclusions will remain confidential, with the client, unless the client gives written permission for the release of confidential, value conclusions or unless ADVISIO® is ordered by a court of law to divulge the confidential, value conclusions. It is agreed that any liability of ADVISIO® is limited to the amount of the fee paid for the appraisal. Further that ADVISIO®responsibility is limited to the client and the use of the appraisal, or any part thereof, by third parties shall be at the risk of the client and or the third parties. We also request that you seek our written authorization before releasing the report to any other party. It is further agreed by the parties hereto, that, if the client cancels this agreement, the client agrees to pay unto ADVISIO®, upon notice of cancellation, for any time or costs incurred prior to receipt of said notice. Attorneys fees, court costs or other collection charges required to collect the appraisal fee shall be paid by the client. ADVISIO® have the right to charge interest on accounts that are not paid when due. Maximum interest charges will be based on 1 1/2% per month and interest charged on late payments will be calculated on a 30 day calendar month. The client acknowledges awareness of this late penalty provision and concurs with this arrangement when signing the confirmation. Neither the appraisal fee nor the employment to make the appraisal is contingent upon the final value conclusion to be reported. That acceptance of this assignment by _ Advisio® implies no guarantee about the final value conclusions or any loan amount that can be obtained from any mortgagee. Les OLDS CLIENT: Advisio® Carmel Redevelopment i / Commission BY: 7 .K----- B Leo E. Lichtenberg DATE: i//r13 DATE: April 11, 2013 9616 DAY DRIVE • INDIANAPOLIS,IN 46280 •TEL 917.569.8500 • FAX 317.569.8501 • Www.ADVISIOINC.COM PAGE 2 OF 4 PAGES A D I O� ®r REAL;S ADVISORS&APPRAISERS LIMITING CONDITIONS AND GENERAL ASSUMPTIONS This appraisal report has been made with the following general assumptions: e No responsibility is assumed for the legal description provided or for matters pertaining to legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated. ♦ The property is appraised free and dear of any or all liens or encumbrances unless otherwise stated. e Responsible ownership and competent property management are assumed. e The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. e All engineering studies are assumed to be correct. The plot plans and illustrative material in this report are included only to help the reader visualize the property. e It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for obtaining the engineering studies that may be required to discover them. ♦ It is assumed that the property is in full compliance with all applicable federal, state, and local environmental regulations and laws unless the lack of compliance is stated, described, and considered in the appraisal report. ♦ It is assumed that the property conforms to all applicable zoning and use regulations and restrictions unless a non-conformity has been identified, described, and considered in the appraisal. e It is assumed that all required licenses, certificates of occupancy, consents, and other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be • obtained or renewed for any use an which the opinion of value contained in this report is based. e It is assumed that the use of the land and improvements is confined within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report. 9616 DAY DRIVE • INDIANAPOIJS,IN 46280 •TEL 317.569.8500 • FAX 317.569.8501 • WWW.ADVISIOINC.COM PAGE 3 OF 4 PAGES . ADAVISSI e Unless otherwise stated in this report, the existence of hazardous materials, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of• the existence of such materials on or in the property. The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea-formaldehyde foam insulation, and other potentially hazardous materials may affect the value of the property. The value estimated is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for such conditions or for any expertise or engineering knowledge required to discover them. The intended user is urged to retain an expert in this field, if desired. This appraisal report has been made with the following general limiting conditions: o Any allocation of the total value estimated in this report between the land and the improvements applies only under the stated program of utilization. The separate values allocated to the land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. o Possession of this report, or a copy thereof, does not carry with it the right of publication. o The appraiser, by reason of this appraisal, is not required to give further consultation or testimony or to be in attendance in court with reference to the property in question unless arrangements have been previously made. o Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. 9616 DAY DR',VE • INDIANAPOLIS,IN 46280 •TEL 317.569.8500 • FAX 317.569.8501 • www.AovisiolNc.com PAGE 4 OF 4 PAGES