General Information 5
include the value of excess profit, where asset values are derived consistently with the going-concern premise.”
(Source: The Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute, Chicago, Illinois, 2010)
Intended Use and User
The intended use of the appraisal is for Commercial credit administration. The client and intended user is Banco Popular de Puerto Rico. The appraisal is not intended for any other use or user. No party or parties other than Banco Popular de Puerto Rico may use or rely on the information, opinions, and conclusions contained in this report.
Applicable Requirements
This appraisal is intended to conform to the requirements of the following:
e Uniform Standards of Professional Appraisal Practice (USPAP);
© Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute;
e The Principles of Appraisal Practice and Code of Ethics of the American Society of Appraisers e The RICS Valuation Professional Standards;
e = The International Valuation Standards of the [VSC;
e Applicable jurisdictional regulations;
e Appraisal requirements of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), revised June 7, 1994;
e Interagency Appraisal and Evaluation Guidelines issued December 10, 2010;
¢ Appraisal guidelines of Banco Popular de Puerto Rico.
Prior Services
USPAP requires appraisers to disclose to the client any other services they have provided in
connection with the subject property in the prior three years, including valuation, consulting, property management, brokerage, or any other services. The RICS Red Book also contains requirements for valuers to disclose previous involvement with the subject property within twelve months. We have
not performed any services, as an appraiser or in any other capacity, regarding the property that is the © subject of this report within the three-year period immediately preceding acceptance of this assignment.
Competency
We hereby confirm that we possess adequate knowledge and skills to perform the assignment competently, including an understanding area/regional market conditions, and factors which pertain to the property type in question.
IGY American Yacht Harbor Marina
HOUSE_OVERSIGHT_018815