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HomeMy WebLinkAboutRAP19-003 MW Appraisal Inc ta Valbridge Property Advisors - Mountain West1 RAP Professional Services Final 5/14 AGREEMENT FOR PROFESSIONAL SERVICES BETWEEN RIVERVIEW APARTMENTS PRESERVATION LP AND MW APPRAISAL, INC. t/a VALBRIDGE PROPERTY ADVISORS / MOUNTAIN WEST THIS AGREEMENT (“Agreement”) is effective as of __________________________, by and between MW Appraisal, Inc., a Colorado corporation, t/a Valbridge Property Advisors/Mountain West (hereinafter “Consultant”) and Riverview Apartments Preservation LP, a Colorado limited partnership (hereinafter “RAP”). RECITALS WHEREAS, HUD requires a Rent Comparability Study every five years for all Project Based Section 8 housing projects receiving HAP payments and Riverview Apartments, located at 39169 US Hwy 6 & 24, Avon, CO is required to complete a rent comparability study in 2019 (the "Project"); and WHEREAS, Consultant is a property advisement and valuation company and is authorized to do business in the State of Colorado and has the time, skill, expertise, and experience necessary to provide the Services as defined below in paragraph 1 hereof; and WHEREAS, this Agreement shall govern the relationship between Consultant and RAP in connection with the services. AGREEMENT NOW, THEREFORE, in consideration of the foregoing and the following promises Consultant and RAP agree as follows: 1. Services. Consultant agrees to diligently provide all services, labor, personnel and materials necessary to perform and complete the services described in Exhibit A (“Services”) which is attached hereto and incorporated herein by reference. The Services shall be performed in accordance with the provisions and conditions of this Agreement. a. Consultant agrees to furnish the Services in accordance with the schedule established in Exhibit A and shall provide the HUD Compliant Comparability Study no later than May 31, 2019. Consultant agrees to furnish the Services in a timely and expeditious manner consistent with the applicable standard of care. By signing below Consultant represents that it has the expertise and personnel necessary to properly and timely perform the Services. b. In the event of any conflict or inconsistency between the terms and conditions set forth in Exhibit A and the terms and conditions set forth in this Agreement, the terms and conditions set forth in this Agreement shall prevail. DocuSign Envelope ID: 0D2B084E-F91A-4CE4-B694-E94318D442FE 2/20/2019 2 RAP Professional Services Final 5/14 c. Consultant agrees that it will not enter into any consulting or other arrangements with third parties that will conflict in any manner with the Services. 2. RAP’s Representative. The Portfolio Manager, Daniel Murray, the Housing Department’s designee shall be Consultant’s contact with respect to this Agreement and performance of the Services. 3. Term of the Agreement. This Agreement shall commence upon the date first written above, and subject to the provisions of paragraph 12 hereof, shall continue in full force and effect through the 31st day of August, 2019. 4. Extension or Modification. This Agreement may not be amended or supplemented, nor may any obligations hereunder be waived, except by agreement signed by both parties. No additional services or work performed by Consultant shall be the basis for additional compensation unless and until Consultant has obtained written authorization and acknowledgement by RAP for such additional services in accordance with RAP’s internal policies. Accordingly, no course of conduct or dealings between the parties, nor verbal change orders, express or implied acceptance of alterations or additions to the Services, and no claim that RAP has been unjustly enriched by any additional services, whether or not there is in fact any such unjust enrichment, shall be the basis of any increase in the compensation payable hereunder. In the event that written authorization and acknowledgment by RAP for such additional services is not timely executed and issued in strict accordance with this Agreement, Consultant’s rights with respect to such additional services shall be deemed waived and such failure shall result in non-payment for such additional services or work performed. 5. Compensation. RAP shall compensate Consultant for the performance of the Services in a sum computed and payable as set forth in Exhibit A. The performance of the Services under this Agreement shall not exceed $5,500.00. Consultant shall not be entitled to bill at overtime and/or double time rates for work done outside of normal business hours unless specifically authorized in writing by RAP. a. Payment will be made for Services satisfactorily performed within thirty (30) days of receipt of a proper and accurate invoice from Consultant. All invoices shall include detail regarding the hours spent, tasks performed, who performed each task and such other detail as RAP may request. b. Any out-of-pocket expenses to be incurred by Consultant and reimbursed by RAP shall be identified on Exhibit A. Out-of-pocket expenses will be reimbursed without any additional mark-up thereon and are included in the not to exceed contract amount set forth above. Out-of-pocket expenses shall not include any payment of salaries, bonuses or other compensation to personnel of Consultant. Consultant shall not be reimbursed for expenses that are not set forth on Exhibit A unless specifically approved in writing by RAP. c. If, at any time during the term or after termination or expiration of this Agreement, RAP reasonably determines that any payment made by RAP to Consultant was improper because the Services for which payment was made were not performed as set forth in this Agreement, then upon written notice of such determination and request for reimbursement from RAP, Consultant shall forthwith return such DocuSign Envelope ID: 0D2B084E-F91A-4CE4-B694-E94318D442FE 3 RAP Professional Services Final 5/14 payment(s) to RAP. Upon termination or expiration of this Agreement, unexpended funds advanced by RAP, if any, shall forthwith be returned to RAP. d. RAP will not withhold any taxes from monies paid to the Consultant hereunder and Consultant agrees to be solely responsible for the accurate reporting and payment of any taxes related to payments made pursuant to the terms of this Agreement. 6. Sub-consultants. Consultant acknowledges that RAP has entered into this Agreement in reliance upon the particular reputation and expertise of Consultant. Consultant shall not enter into any sub- consultant agreements for the performance of any of the Services or additional services without RAP’s prior written consent, which may be withheld in RAP’s sole discretion. RAP shall have the right in its reasonable discretion to approve all personnel assigned to the subject Project during the performance of this Agreement and no personnel to whom RAP has an objection, in its reasonable discretion, shall be assigned to the Project. Consultant shall require each sub-consultant, as approved by RAP and to the extent of the Services to be performed by the sub-consultant, to be bound to Consultant by the terms of this Agreement, and to assume toward Consultant all the obligations and responsibilities which Consultant, by this Agreement, assumes toward RAP. RAP shall have the right (but not the obligation) to enforce the provisions of this Agreement against any sub-consultant hired by Consultant and Consultant shall cooperate in such process. The Consultant shall be responsible for the acts and omissions of its agents, employees and sub-consultants or sub-contractors. 7. Insurance. Consultant agrees to provide and maintain at Consultant’s sole cost and expense, the following insurance coverage with limits of liability not less than those stated below: a. Types of Insurance. i. Workers’ Compensation insurance as required by law. ii. Intentionally omitted. iii. Intentionally omitted. iv. Professional liability insurance with prior acts coverage for all Services required hereunder, in a form and with an insurer or insurers satisfactory to RAP, with limits of liability of not less than $1,000,000 per claim and $2,000,000 in the aggregate. In the event the professional liability insurance is on a claims-made basis, Consultant warrants that any retroactive date under the policy shall precede the effective date of this Agreement. Continuous coverage will be maintained during any applicable statute of limitations for the Services and Project. b. Other Requirements. i. Intentionally omitted. DocuSign Envelope ID: 0D2B084E-F91A-4CE4-B694-E94318D442FE 4 RAP Professional Services Final 5/14 ii. All coverage(s) for sub-consultants shall be subject to the same minimum requirements identified above. Consultant and sub-consultants, if any, shall maintain the foregoing coverage in effect until the Services are completed. In addition, all such policies shall be kept in force by Consultant and its sub-consultants until the applicable statute of limitations for the Project and the Services has expired. iii. Insurance shall be placed with insurers duly licensed or authorized to do business in the State of Colorado and with an “A.M. Best” rating of not less than A-VII. iv. Consultant’s insurance coverage shall be primary and non-contributory with respect to all other available sources. Consultant’s policy shall contain a waiver of subrogation against RAP. v. All policies must contain an endorsement affording an unqualified thirty (30) days' notice of cancellation to RAP in the event of cancellation of coverage. vi. All insurers must be licensed or approved to do business within the State of Colorado and all policies must be written on a per occurrence basis unless otherwise provided herein. vii. Consultant’s certificate of insurance evidencing all required coverage(s) is attached hereto as Exhibit B. Upon request, Consultant shall provide a copy of the actual insurance policy and/or required endorsements required under this Agreement within five (5) business days of a written request from RAP, and hereby authorizes Consultant’s broker, without further notice or authorization by Consultant, to immediately comply with any written request of RAP for a complete copy of the policy. viii. Consultant shall advise RAP in the event the general aggregate or other aggregate limits are reduced below the required per occurrence limit. Consultant, at its own expense, will reinstate the aggregate limits to comply with the minimum limits and shall furnish RAP a new certificate of insurance showing such coverage. ix. If Consultant fails to secure and maintain the insurance required by this Agreement and provide satisfactory evidence thereof to RAP, RAP shall be entitled to immediately terminate this Agreement. x. The insurance provisions of this Agreement shall survive expiration or termination hereof. xi. The parties hereto understand and agree that RAP is relying on, and does not waive or intend to waive by any provision of this Agreement, the monetary limitations or rights, immunities and protections provided by the Colorado Governmental Immunity Act, as from time to time amended, or otherwise available to RAP, its affiliated entities, successors or assigns, its elected officials, employees, agents and volunteers. DocuSign Envelope ID: 0D2B084E-F91A-4CE4-B694-E94318D442FE 5 RAP Professional Services Final 5/14 xii. Consultant is not entitled to workers’ compensation benefits except as provided by the Consultant, nor to unemployment insurance benefits unless unemployment compensation coverage is provided by Consultant or some other entity. The Consultant is obligated to pay all federal and state income tax on any moneys paid pursuant to this Agreement. 8. Indemnification. The Consultant shall indemnify and hold harmless RAP, and any of its officers, agents and employees against any losses, claims, damages or liabilities for which RAP may become subject to insofar as any such losses, claims, damages or liabilities arise out of, directly or indirectly, this Agreement, or are based upon any performance or nonperformance by Consultant or any of its sub- consultants hereunder; and Consultant shall reimburse RAP for reasonable attorney fees and costs, legal and other expenses incurred by RAP in connection with investigating or defending any such loss, claim, damage, liability or action. This indemnification shall not apply to claims by third parties against the RAP to the extent that RAP is liable to such third party for such claims without regard to the involvement of the Consultant. This paragraph shall survive expiration or termination hereof. 9. Ownership of Documents. All documents prepared by Consultant in connection with the Services shall become property of RAP. Consultant shall execute written assignments to RAP of all rights (including common law, statutory, and other rights, including copyrights) to the same as RAP shall from time to time request. For purposes of this paragraph, the term “documents” shall mean and include all reports, plans, studies, tape or other electronic recordings, drawings, sketches, estimates, data sheets, maps and work sheets produced, or prepared by or for Consultant (including any employee or subcontractor in connection with the performance of the Services and additional services under this Agreement). If you require documents in a particular format insert that information here. 10. Notice. Any notice required by this Agreement shall be deemed properly delivered when (i) personally delivered, or (ii) when mailed in the United States mail, first class postage prepaid, or (iii) when delivered by FedEx or other comparable courier service, charges prepaid, to the parties at their respective addresses listed below, or (iv) when sent via facsimile so long as the sending party can provide facsimile machine or other confirmation showing the date, time and receiving facsimile number for the transmission, or (v) when transmitted via e-mail with confirmation of receipt. Either party may change its address for purposes of this paragraph by giving five (5) days prior written notice of such change to the other party. RIVERVIEW APARTMENTS PRESERVATION LP: Attention: Kim Williams 500 Broadway Post Office Box 850 Eagle, CO 81631 Telephone: 970-328-8773 Facsimile: 970-328-8787 E-mail: kim.williams@eaglecounty.us With a copy to: Eagle County Attorney DocuSign Envelope ID: 0D2B084E-F91A-4CE4-B694-E94318D442FE 6 RAP Professional Services Final 5/14 500 Broadway Post Office Box 850 Eagle, Co 81631 Telephone: 970-328-8685 Facsimile: 970-328-8699 E-mail: atty@eaglecounty.us CONSULTANT: Valbridge Property Advisors, Inc. Attn: Gabe Molnar 23272 Two Rivers Road, Unit 101 Basalt, CO 81621 Telephone: 970-340-1016 Facsimile: 970-797-9124 E-mail: gmolnar@valbridge.com 11. Coordination. Consultant acknowledges that the development and processing of the Services for the Project may require close coordination between various consultants and contractors. Consultant shall coordinate the Services required hereunder with the other consultants and contractors that are identified by RAP to Consultant from time to time, and Consultant shall immediately notify such other consultants or contractors, in writing, of any changes or revisions to Consultant’s work product that might affect the work of others providing services for the Project and concurrently provide RAP with a copy of such notification. Consultant shall not knowingly cause other consultants or contractors extra work without obtaining prior written approval from RAP. If such prior approval is not obtained, Consultant shall be subject to any offset for the costs of such extra work. 12. Termination. RAP may terminate this Agreement, in whole or in part, at any time and for any reason, with or without cause, and without penalty therefor with seven (7) calendar days’ prior written notice to the Consultant. Upon termination of this Agreement, Consultant shall immediately provide RAP with all documents as defined in paragraph 9 hereof, in such format as RAP shall direct and shall return all RAP owned materials and documents. RAP shall pay Consultant for Services satisfactorily performed to the date of termination. 13. Venue, Jurisdiction and Applicable Law. Any and all claims, disputes or controversies related to this Agreement, or breach thereof, shall be litigated in the District Court for Eagle County, Colorado, which shall be the sole and exclusive forum for such litigation. This Agreement shall be construed and interpreted under and shall be governed by the laws of the State of Colorado. 14. Execution by Counterparts; Electronic Signatures. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. The parties approve the use of electronic signatures for execution of this Agreement. Only the following two forms of electronic signatures shall be permitted to bind the parties to this Agreement: (i) Electronic or facsimile delivery of a fully executed copy of the signature page; (ii) the DocuSign Envelope ID: 0D2B084E-F91A-4CE4-B694-E94318D442FE 7 RAP Professional Services Final 5/14 image of the signature of an authorized signer inserted onto PDF format documents. All documents must be properly notarized, if applicable. All use of electronic signatures shall be governed by the Uniform Electronic Transactions Act, C.R.S. 24-71.3-101 to 121. 15. Other Contract Requirements. a. Consultant shall be responsible for the completeness and accuracy of the Services, including all supporting data or other documents prepared or compiled in performance of the Services, and shall correct, at its sole expense, all significant errors and omissions therein. The fact that RAP has accepted or approved the Services shall not relieve Consultant of any of its responsibilities. Consultant shall perform the Services in a skillful, professional and competent manner and in accordance with the standard of care, skill and diligence applicable to Consultants performing similar services. Consultant represents and warrants that it has the expertise and personnel necessary to properly perform the Services and covenants that its professional personnel are duly licensed to perform the Services within Colorado. This paragraph shall survive termination of this Agreement. b. Consultant agrees to work in an expeditious manner, within the sound exercise of its judgment and professional standards, in the performance of this Agreement. Time is of the essence with respect to this Agreement. c. This agreement constitutes an agreement for performance of the Services by Consultant as an independent contractor and not as an employee of RAP. Nothing contained in this Agreement shall be deemed to create a relationship of employer-employee, master-servant, partnership, joint venture or any other relationship between RAP and Consultant except that of independent contractor. Consultant shall have no authority to bind RAP. d. Consultant represents and warrants that at all times in the performance of the Services, Consultant shall comply with any and all applicable laws, codes, rules and regulations. e. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all other agreements or understanding between the parties with respect thereto. f. Consultant shall not assign any portion of this Agreement without the prior written consent of the RAP. Any attempt to assign this Agreement without such consent shall be void. g. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted assigns and successors in interest. Enforcement of this Agreement and all rights and obligations hereunder are reserved solely for the parties, and not to any third party. h. No failure or delay by either party in the exercise of any right hereunder shall constitute a waiver thereof. No waiver of any breach shall be deemed a waiver of any preceding or succeeding breach. DocuSign Envelope ID: 0D2B084E-F91A-4CE4-B694-E94318D442FE 8 RAP Professional Services Final 5/14 i. The invalidity, illegality or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision hereof. j. Consultant shall maintain for a minimum of three years, adequate financial and other records for reporting to RAP. Consultant shall be subject to financial audit by federal, state or RAP auditors or their designees. Consultant authorizes such audits and inspections of records during normal business hours, upon 48 hours’ notice to Consultant. Consultant shall fully cooperate during such audit or inspections. k. The signatories to this Agreement aver to their knowledge, no employee of RAP has any personal or beneficial interest whatsoever in the Services or Property described in this Agreement. The Consultant has no beneficial interest, direct or indirect, that would conflict in any manner or degree with the performance of the Services and Consultant shall not employ any person having such known interests. l. The Consultant, if a natural person eighteen (18) years of age or older, hereby swears and affirms under penalty of perjury that he or she (i) is a citizen or otherwise lawfully present in the United States pursuant to federal law, (ii) to the extent applicable shall comply with C.R.S. 24-76.5-103 prior to the effective date of this Agreement. 16. Prohibitions on Contracts. a. As used in this Section 14, the term undocumented individual will refer to those individuals from foreign countries not legally in the United States as set forth in C.R.S. 8-17.5-101, et. seq. If Consultant has any employees or subcontractors, Consultant shall not: i. Knowingly employ or contract with an undocumented individual to perform Services under this Agreement; or ii. Enter into a subcontract that fails to certify to Consultant that the subcontractor shall not knowingly employ or contract with an undocumented individual to perform work under the contract for services. b. If Consultant obtains actual knowledge that a subcontractor performing work under the contract for services knowingly employs or contracts with an undocumented individual, Consultant shall be required to: i. Notify the subcontractor and RAP within three (3) days that Consultant has actual knowledge that the subcontractor is employing or contracting with an undocumented individual; and ii. Terminate the subcontract with the subcontractor if within three (3) days of receiving the notice required pursuant to subparagraph (i) of the paragraph 14(b) the subcontractor does not stop employing or contracting with the undocumented individual; except that Consultant shall not terminate the contract with the subcontractor if during such three (3) days the subcontractor provides DocuSign Envelope ID: 0D2B084E-F91A-4CE4-B694-E94318D442FE 9 RAP Professional Services Final 5/14 information to establish that the subcontractor has not knowingly employed or contracted with an undocumented individual. c. If Consultant violates these prohibitions, RAP may terminate the Agreement for breach of contract. If the Agreement is so terminated specifically for breach of this provision of this Agreement, Consultant shall be liable for actual and consequential damages to RAP. d. RAP may notify the Colorado Secretary of State if Consultant violates this provision of this Agreement and RAP terminates the Agreement for such breach. [Rest of page intentionally left blank] DocuSign Envelope ID: 0D2B084E-F91A-4CE4-B694-E94318D442FE 10 RAP Professional Services Final 5/14 IN WITNESS WHEREOF, the parties have executed this Agreement the day and year first set forth above. Riverview Apartments Preservation LP By and through Riverview Apartments Preservation LLC, its general partner By and through Eagle County Housing and Development Authority, its sole member By: _______________________ Kimberly Bell Williams, Executive Director CONSULTANT: By:________________________________ Print Name:_________________________ Title: ______________________________ DocuSign Envelope ID: 0D2B084E-F91A-4CE4-B694-E94318D442FE Senior Managing Director Gabriel Molnar 11 RAP Professional Services Final 5/14 EXHIBIT A SCOPE OF SERVICES, SCHEDULE, FEES DocuSign Envelope ID: 0D2B084E-F91A-4CE4-B694-E94318D442FE Appraisal Engagement Letter, January 23, 2019 Client and Property Information Client Eagle County Housing & Development Authority Daniel Murray, Portfolio Manager, CPO, FHC, SHCM, HDFP P.O. Box 850 500 Broadway Eagle, Colorado 81631 daniel.murray@eaglecounty.us, (970) 328-8779 Intended User(s) Eagle County Housing & Development Authority Address Riverview Apartments 39169 U.S. Highway 6 & 24 Avon, CO Description 72-Unit apartment property operating through the HUD Section 8 program Scope of Work Report Format HUD Compliant Rent Comparability Study (e.g. Appraisal Consulting) Value Premise N/A – A rent comparability study does not include an estimate of value Property Rights N/A Purpose To satisfy Section 8 contract renewal requirements Approaches to Value N/A Inspection Onsite inspection Documentation Requested Rent roll Utility Allowance Schedule Fee and Delivery Information Professional Fee $5,500 Payment Terms 100% upon delivery Delivery Timing 4 weeks from receipt of signed engagement. Delivery Method PDF Early Cancellation Fee $250 per hour Hard Copies $50 per printed copy. General Information All reports will be prepared in accordance with the Code of Ethics of the Appraisal Institute, and the Uniform Standards of Professional Practice of the Appraisal Standards Board. Reasonable requests for revisions (such as correction s of factual information) will be honored with no increase in the fee. Valbridge Property Advisors | Mountain West reserves the right to charge an additional fee for any revisions that fall outside of the scope of work outlined in this letter. Revision requests deemed reasonable based on analysis of supp lemental information will be honored with no increase in fee. Analysis of supplemental information deemed inconsequential will be billed at $200.00 per hour. Signed Acceptance Name Signature Title Date No research or other report preparation will take place prior to receipt of this signed engagement letter. Please email to gmolnar@valbridge.com, fax to 970.797.9124, or mail to: Valbridge Property Advisors, 23272 Two Rivers Road, Unit 101, Basalt, CO 81621 DocuSign Envelope ID: 0D2B084E-F91A-4CE4-B694-E94318D442FE 12 RAP Professional Services Final 5/14 EXHIBIT B INSURANCE CERTIFICATE DocuSign Envelope ID: 0D2B084E-F91A-4CE4-B694-E94318D442FE ANY PROPRIETOR/PARTNER/EXECUTIVE OFFICER/MEMBER EXCLUDED? INSR ADDL SUBR LTR INSD WVD DATE (MM/DD/YYYY) PRODUCER CONTACTNAME: FAXPHONE(A/C, No):(A/C, No, Ext): E-MAILADDRESS: INSURER A : INSURED INSURER B : INSURER C : INSURER D : INSURER E : INSURER F : POLICY NUMBER POLICY EFF POLICY EXPTYPE OF INSURANCE LIMITS(MM/DD/YYYY) (MM/DD/YYYY) AUTOMOBILE LIABILITY UMBRELLA LIAB EXCESS LIAB WORKERS COMPENSATION AND EMPLOYERS' LIABILITY DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required) AUTHORIZED REPRESENTATIVE EACH OCCURRENCE $ DAMAGE TO RENTEDCLAIMS-MADE OCCUR $PREMISES (Ea occurrence) MED EXP (Any one person) $ PERSONAL & ADV INJURY $ GEN'L AGGREGATE LIMIT APPLIES PER:GENERAL AGGREGATE $ PRO-POLICY LOC PRODUCTS - COMP/OP AGG $JECT OTHER:$ COMBINED SINGLE LIMIT $(Ea accident) ANY AUTO BODILY INJURY (Per person) $ OWNED SCHEDULED BODILY INJURY (Per accident) $AUTOS ONLY AUTOS HIRED NON-OWNED PROPERTY DAMAGE $AUTOS ONLY AUTOS ONLY (Per accident) $ OCCUR EACH OCCURRENCE $ CLAIMS-MADE AGGREGATE $ DED RETENTION $ $ PER OTH-STATUTE ER E.L. EACH ACCIDENT $ E.L. DISEASE - EA EMPLOYEE $ If yes, describe under E.L. DISEASE - POLICY LIMIT $DESCRIPTION OF OPERATIONS below INSURER(S) AFFORDING COVERAGE NAIC # COMMERCIAL GENERAL LIABILITY Y / N N / A (Mandatory in NH) SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). COVERAGES CERTIFICATE NUMBER: REVISION NUMBER: CERTIFICATE HOLDER CANCELLATION © 1988-2015 ACORD CORPORATION. All rights reserved. The ACORD name and logo are registered marks of ACORDACORD 25 (2016/03) CERTIFICATE OF LIABILITY INSURANCE AMC000086-0318 4/22/2018 4/22/2019 $5,000,000 EACH CLAIM $5,000,000 AGGREGATE PROFESSIONAL LIABILITYA 04/11/2018 REAL ESTATE APPRAISAL SERVICES PROFESSIONAL LIABILITY INSURANCE. TO PROVIDE PROOF OF COVERAGE MW APPRAISAL, INC. DBA: VALBRIDGE PROPERTY ADVISORS 23272 TWO RIVERS ROAD, SUITE 101 BASALT CO 81621 ASPEN SPECIALTY INSURANCE LIA ADMINISTRATORS & INSURANCE SERVICES 1600 ANACAPA ST SANTA BARBARA, CA 93101 10717 PATRICK CORAY 805-963-6624 805-962-0652 PATRICK@LIABILITY.COM DocuSign Envelope ID: 0D2B084E-F91A-4CE4-B694-E94318D442FE