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HomeMy WebLinkAboutC23-207 Colorado Valuation ConsultantsColorado Valuation Consultants © 2006, Appraisal Institute Page 1 AGREEMENT FOR PROFESSIONAL VALUATION SERVICES APPRAISAL REPORT Assignment Valuation of: 936 Chambers Court – Units B2B, B3 & B4 Brush Creek Industrial Center Eagle, CO. Date of Agreement: June 20, 2023 PARTIES TO AGREEMENT: Client: Eagle County • Attn: Bryan Treu 500 Broadway • P.O. Box 850 Eagle, CO. 81631 Ph: 970-328-8685 Email: bryan.treu@eaglecounty.us Appraiser: Gary Tucker, MAI, GRI Colorado Valuation Consultants 1153 Bergen Parkway, Suite I #139 Evergreen, Colorado 80439 Ph: 303-238-8626 Email: gary@cvccolorado.com Client hereby engages Appraiser to complete an appraisal assignment as follows: Property Identification 936 Chambers Ct. • Units B2B, B3 and B4 • Brush Creek Industrial Center • Eagle, CO. Property Type Commercial condominiums • finished and used as light industrial space Purpose of Assignment To provide the client with an opinion of the market value of the property Interest Valued - Fee Simple Estate Intended Users – Eagle County and associated entities Note: No other users are intended by Appraiser. Appraiser shall consider the intended users when determining the level of detail to be provided in the Report. This appraisal is not intended for financing purposes or for users other than those identified. Intended use - To provide Client with an opinion of the market value of the above referenced property as of the date of the appraisal for their internal use. Note: No other use is intended by Appraiser. The intended use as stated shall be used by Appraiser in determining the appropriate Scope of Work for the assignment. Type of Value - Market value as defined in The Dictionary of Real Estate Appraisal published by the Appraisal Institute Date of Value – June 15, 2023 – date of property inspection by the appraiser Additional Property to be Valued - None DocuSign Envelope ID: 75302A6A-8700-428A-AC8D-3B8A2BB1CAD8 Colorado Valuation Consultants © 2006, Appraisal Institute Page 2 Hypothetical conditions, extraordinary assumptions - No Hypothetical Conditions Anticipated. Extraordinary Assumptions include the following: • The subject of this appraisal consists of approximately 14,655 square feet of commercial space contained in three contiguous commercial condominiums in the Brush Creek Industrial Center. The size of the subject property is assumed to be accurate for purposes of this appraisal. This appraisal is not intended to act as a survey of the property. The client is advised to obtain the services of a licensed surveyor should any concerns exist. • The subject property is assumed to be in average serviceable condition relative to the age of the property. This appraisal is not intended to act as a physical inspection of the property other than to provide a general overview. The client is advised to obtain the services of a licensed property inspector should any concerns exist. • The subject property has reasonable access and utility and there are no physical or legal conditions or restrictions that would preclude the space being sold on the open market based on the current definition of market value. • The subject property is not impacted by any type of environmental contaminants or require any type of remediation, physical repair(s) or upgrades in order to be marketable for sale. Standard Extraordinary Assumptions relative to property size and usable area, zoning, utilities, property, and environmental conditions. Property owner and/or client will not provide current survey or Phase I Environmental Report. Applicable requirements other than the Uniform Standards of Professional Appraisal Practice (USPAP) - The Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute Anticipated Scope of Work Site Visit • See Comments • The appraiser inspected the interior and exterior of the property on June 15, 2023. Valuation Approaches – As deemed appropriate by the appraiser. Report Option - Appraisal report which includes a summary description of the subject property and the comparables as well as the reasoning used to establish the value concluded for the subject property. Form or Format - Narrative Contact for Property Access – Not required • See Above Comments Proposed Improvements - If the property appraised consists of proposed improvements, Client shall provide to Appraiser plans, specifications, or other documentation sufficient to identify the extent and character of the proposed improvements. (Not Applicable to this Assignment) Properties Under Contract for Sale – The subject property is currently under contract. The client has provided a copy of the purchase contract which was reviewed for purposes of this appraisal assignment. DocuSign Envelope ID: 75302A6A-8700-428A-AC8D-3B8A2BB1CAD8 Colorado Valuation Consultants © 2006, Appraisal Institute Page 3 Additional Documentation - Client agrees to provide Appraiser with the necessary documentation to provide a credible appraisal. Such documentation shall include but not be limited to copies of floor or building plans identifying and specifying the size and location of the subject property, all existing leases, current and past operating statements for a period of five years, documentation regarding existing as well as potential HOA dues, CAM dues and special assessments (if any). Delay in receiving this information from the client may delay the anticipated delivery date of the appraisal report. Anticipated Delivery Date • June 20, 2023. Note: delays in receiving requested information or documentation could delay completion of the appraisal. Delivery Method - Appraisal to be delivered in an electronic pdf format via email to the client at bryan.treu@eaglecounty.us Hard copies of the appraisal to be provided at an additional cost. Payment to Appraiser $4,000.00 - the entire balance is due and payable no later than 15 days following receipt of the electronic copy of the appraisal by the client. Please make check payable to Gary Tucker and send to the following address: Colorado Valuation Consultants Attn: Gary Tucker, MAI 1153 Bergen Parkway, Ste I #139 Evergreen, Colorado 80439 When Appraiser's Obligations Are Complete - Appraiser’s obligations pursuant to this Agreement are complete when the Appraisal Report in the form specified in this Agreement is delivered to Client pursuant to this Agreement. Appraiser agrees to be responsive to Client’s legitimate inquiries regarding the contents of the report after delivery. Confidentiality - Appraiser shall not provide a copy of the written Appraisal Report to or disclose the results of the appraisal prepared in accordance with this Agreement with, any party other than Client, unless Client authorizes, except as stipulated in the Confidentiality Section of the ETHICS RULE of the Uniform Standards of Professional Appraisal Practice (USPAP). Client acknowledges that it may be necessary for the appraiser to disclose that he is appraising the subject property to members of the local real estate community as well as members of the local planning authority. Given the nature of the subject property, the appraiser may find it necessary to solicit information and opinions from local Realtors, brokers and property managers. Changes to Agreement - Any changes to the assignment as outlined in this Agreement shall necessitate a new Agreement. No Third Party Beneficiaries - Nothing in this Agreement shall create a contractual relationship between the Appraiser or the Client and any third party, or any cause of action in favor of any third DocuSign Envelope ID: 75302A6A-8700-428A-AC8D-3B8A2BB1CAD8 Colorado Valuation Consultants © 2006, Appraisal Institute Page 4 party. This Agreement shall not be construed to render any person or entity a third-party beneficiary of this Agreement, including, but not limited to, any third parties identified herein. Use of Employees or Independent Contractors - Appraiser may use employees or independent contractors at Appraiser’s discretion to complete the assignment, unless otherwise agreed by the parties. Notwithstanding, Appraiser shall sign the written report and take full responsibility for the services provided as a result of this Agreement. Testimony at Court or Other Proceedings - Unless otherwise stated in this Agreement, Client agrees that Appraiser’s assignment pursuant to this Agreement shall not include the Appraiser’s participation in or preparation for, whether voluntarily or pursuant to subpoena, any oral or written discovery, sworn testimony in a judicial, arbitration or administrative proceeding, or attendance at any judicial, arbitration, or administrative proceeding relating to this assignment. Appraiser Independence - Appraiser cannot agree to provide a value opinion that is contingent on a predetermined amount. Appraiser cannot guarantee the outcome of the assignment in advance. Appraiser cannot ensure that the opinion of value developed as a result of this Assignment will serve to facilitate any specific objective by Client or others or advance any particular cause. Appraiser’s opinion of value will be developed competently and with independence, impartiality, and objectivity. Governing Law & Jurisdiction - The interpretation and enforcement of this Agreement shall be governed by the laws of the state in which the Appraiser's principal place of business is located, exclusive of any choice of law rules. Mediation & Arbitration - In the event of a dispute concerning the subject matter of this Agreement, the parties shall in good faith attempt to resolve such dispute by negotiation between the parties’ principals, or, if such negotiation is unsuccessful, by mediation conducted by a third- party mediator. If such mediation results in an impasse, the parties shall submit their dispute to binding arbitration. Such mediation or, if necessary, binding arbitration shall be conducted pursuant to the mediation procedures or the commercial arbitration r ules of the American Arbitration Association. Any arbitration shall be conducted in the city in which Appraiser’s office as specified herein is located. The parties shall share equally the costs of any mediation. In the event of binding arbitration, the arbitrators shall, in addition to any relief appropriate to be awarded to the prevailing party, enter an award in favor of the prevailing party for that party’s costs of the arbitration, including the party’s reasonable attorneys’ fees and arbitration expenses incurred in prosecuting or defending the arbitration proceeding. Subject to the right of the prevailing party to recover its share of the costs of the arbitration services pursuant to the arbitrator’s award, the costs of the arbitration services shall be borne equally by the parties. If the prevailing party seeks judicial confirmation of any arbitration award entered pursuant to this Agreement, the court shall, in addition to any other appropriate relief, enter an award to the prevailing party in s uch confirmation proceeding for its reasonable attorneys’ fees and litigation expenses incurred in confirming or successfully opposing the confirmation of such an award. Special or Consequential Damages - Neither party shall under any circumstances be liable to the other party for special, exemplary, punitive or consequential damages, including, without limitation, loss of profits or damages proximately caused by loss of use of any property, whether arising from either party’s negligence, breach of the Agreement or otherwise, whether or not a party was advised, or knew, of the possibility of such damages, or such possibility was foreseeable DocuSign Envelope ID: 75302A6A-8700-428A-AC8D-3B8A2BB1CAD8 Colorado Valuation Consultants © 2006, Appraisal Institute Page 5 by that party. In no event shall Appraiser be liable to Client for any amounts that exceed the fees and costs paid by Client to Appraiser pursuant to this Agreement. Assignment - Neither party may assign this Agreement to a third party without the express written consent of the other party, which the non-assigning party may withhold in its sole discretion. In the event this Agreement is assigned by mutual consent of the parties, it shall become binding on the assigning party’s permitted assigns. Severability - In the event any provision of this Agreement shall be det ermined to be void or unenforceable by any court of competent jurisdiction, then such determination shall not affect any other provision of this Agreement and all such other provisions shall remain in full force and effect. Client's Representations and Warranties - Client represents and warrants to Appraiser that (1) Client has all right, power and authority to enter into this Agreement; (2) Client’s duties and obligations under this Agreement do not conflict with any other duties or obligations assumed by Client under any agreement between Client and any other party; and (3) Client has not engaged Appraiser, nor will Client use Appraiser’s Appraisal Report, for any purposes that violate any federal, state or local law, regulation or ordinance or common law. Extent of Agreement - This Agreement represents the entire and integrated agreement between the Client and Appraiser and supersedes all prior negotiations, representations, or agreements, either written or oral. This Agreement may be amended only by a written in strument signed by both Client and Appraiser. DocuSign Envelope ID: 75302A6A-8700-428A-AC8D-3B8A2BB1CAD8 Colorado Valuation Consultants © 2006, Appraisal Institute Page 6 By Appraiser: By Client: ________________________________ _______________________ (Signature) (Signature) Gary Tucker, MAI, GRI ________________________________ _______________________ (Printed name) (Printed name) June 20, 2023 ________________________________ _______________________ (date) (date) _______________________ (Signature) _______________________ (Printed name) _______________________ (date) DocuSign Envelope ID: 75302A6A-8700-428A-AC8D-3B8A2BB1CAD8 JILL KLOSTERMAN 6/21/2023