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HomeMy WebLinkAbout00353C - FULLER ASSOCIATES PROPERTY APPRAISAL VISTA CHINO INDIAN PA1B14 Fuller & Associates Appraisal Serv. - PA11314 Vista Chino & Indian FULLER & ASSOCIATES AGREEMENT #353C REAL ESTATE APPRAISERS AND COUNSELORS R979, 6-21-95 RICHARD A. FULLER, MAI 567 SAN NICOLAS, SUITE 203 TELEPHONE 7 14-(544-4040 NEWPORT BEACH, CA 92660 FACSIMILE 7 1 4-644-4065 June 8, 1995 Mr. David B. Cosgrove Attorney at Law Rutan and Tucker P.O. Box 1950 611 Anton Boulevard Costa Mesa, CA 92620 RE: Appraisal ofAPN 507-021-001, 002, 003, Palm Springs, California Dear Mr. Based upon your request, I am submitting this proposal for the appraisal of the above-referenced properties. The purpose of this assignment is to estimate the fair market value of said properties, as of current date. This appraisal report will be submitted in summary form. All market data, factual data, reasoning, computations, descriptions, analyses, photographs, and discussions, from which, in part, the valuation conclusion was derived, will be summarized within the report with the supportive data retained in my files. The fee for this assignment will be $5,000. Meetings, conferences and changes as required by the client, will be billed at an hourly rate of $225/hour for Mr. Fuller and $125/hour for senior associates. Testimony, if required will be billed at an hourly rate of $450 for Mr. Fuller's time. A $2,500 retainer is requested. This fee will include 2 copies of the appraisal report. Additional copies will be provided at a cost of $150 per report. This proposal assumes that written authorization to proceed and the required retainer will be received by June 15, 1995. The preparation of this appraisal report will be based upon the following assumptions: 1) That the interest to be appraised is fee simple estate. 2) That the valuation estimate will be exclusive of subsurface rights, if any. Mr. Cosgrove June 8, 1995 Page Three 11) That the liability of Fuller & Associates and the appraisers responsible for this report is limited to the client only and to the fee actually received by the appraiser. Further, there is no accountability, obligation or liability to any third party. If this appraisal report is placed in the hands of anyone other than the client, the client shall make such party and/or parties aware of all limiting conditions and assumptions of the assignment and related discussions. 12) That if the client or any third party brings legal action against Fuller & Associates and/or the appraisers responsible for this repo.t., and if Fuiier & Associates and/or the appraisers prevail, the party initiating such legal action shall reimburse Fuller & Associates and/or the appraisers for any and all costs of any nature, including attorney's fees, incurred in their defense. 13) That the appraisers are not necessary parties in any inquiry of judicial proceedings. They will not be called upon to testify in any litigation or other proceeding arising out of their duties in this matter. If they are compelled to incur court costs, attorney's fees or other out-of-pocket expenses in connection with court proceedings, such costs or expenses together with appraisers' usual hourly per diem applicable for their professional services for study, preparation, testimony or travel will be paid by the party (or parties) who acts to bring any suit requiring a judicial proceeding. If these terms are acceptable, you may authorize me to proceed by returning the signed copy of this proposal and the required retainer. I look forward to being of service to you and The City o Im Springs on this appraisal assignment. Re p fully su mit Richard A. r, MAI RAF:bly 95-P- AP Date: 6 Responsi le Party Enwrdva Uifector APPROVED By J*C,j� r,;,C.�FJuP•llFi.Drri�'1'Y "i F:i3S'C' AGENI SAY BY RES. i4o. 97 `i l li�A/ Mr. Cosgrove June 8, 1995 Page Two 3) That a legal description and a current title report will be available for review. If said title report is not available, the properties will be appraised as if unencumbered by easements or other conditions of title. 4) That engineering, architectural, and title company services, if required, will be the responsibility of the client. 5) That the appraiser, by reason of this appraisal, is not required to give testimony, in any proceeding, or attendance in court, with reference to the properties appraised, unless arrangemel:ts have been previously made. 6) That the submission of this report constitutes completion of the services authorized. It is assumed that customary compensation will be provided for, in advance, any subsequent depositions, conferences, changes, additional preparation, review, travel or testimony. 7) That all payments due the appraiser under this agreement shall bear interest at the maximum rate allowed by law, commencing thirty (30) days after the billing date, at which time the payment is due. In the event that any payment is not paid when due, the client shall pay all expenses of collection, including, but not limited to, court costs and attorneys' fees. 8) That unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, urea formaldehyde, foam insulation, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraisers become aware of such during the appraiser's srspection. The ahl . .. Va�u�. eSs�i�:rttcG i5 ii reui:;aiGU onuie aSSurnp[IGn that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge required to discover them. 9) That, if this assignment is subsequently terminated by the client, the appraiser's compensation will be the greater of the retainer or the time and materials charged to the assignment. 10) That no valuation will be made of furniture or other personal property which existed within the subject property as of the date of value.