Page 50 - Guardian Broker Questionnaire Summary Complete Package 2 2 22_Neat

Guardian Place I & II

Disclaimer

CBRE © 2022 All Rights Reserved. All information included in this Important Warning - Material Uncertainty from Novel Coronavirus
letter/proposal pertaining to CBRE—including but not limited to its The outbreak of the Novel Coronavirus (COVID-19), declared by the
operations, employees, technology and clients—are proprietary and World Health Organization as a “Global Pandemic” on March 11, 2020,
confidential, and are supplied with the understanding that they will is causing heightened uncertainty in both local and global market
be held in confidence and not disclosed to third parties without the conditions. Global financial markets have seen steep declines since
prior written consent of CBRE. This letter/proposal is intended solely late February largely on the back of the pandemic over concerns of
as a preliminary expression of general intentions and is to be used trade disruptions and falling demand. Many countries globally have
for discussion purposes only. The parties intend that neither shall implemented strict travel restrictions and a range of quarantine and
have any contractual obligations to the other with respect to the “social distancing” measures.
matters referred herein unless and until a definitive agreement has
been fully executed and delivered by the parties. The parties agree Market activity is being impacted in most sectors, and the current
that this letter/proposal is not intended to create any agreement or response to COVID-19 means that we are faced with an unprecedented
obligation by either party to negotiate a definitive lease/purchase and set of circumstances on which to base a judgment. As of the date of
sale agreement and imposes no duty whatsoever on either party to the broker’s price opinion, we believe that comparable transactions
continue negotiations, including without limitation any obligation to occurring before this time are likely to be less reliable for purposes of
negotiate in good faith or in any way other than at arm’s length. Prior determining the price of this property.
to delivery of a definitive executed agreement, and without any liability The uncertainty around COVID-19 is having a direct impact on the
to the other party, either party may (1) propose different terms from multifamily real estate market, particularly the affordable housing
those summarized herein, (2) enter into negotiations with other parties sector, and its full impact is unknown and will largely depend on
and/or (3) unilaterally terminate all negotiations with the other party both the scale and longevity of the pandemic. While we have taken
hereto. reasonable steps to estimate the effect of COVID-19 on the property,
This valuation analysis or broker opinion of value is not an appraisal due to the significant uncertainty in the economy, capital markets and
and has not been performed in accordance with the Uniform Standards the rapid unfolding of these events, it is difficult to quantify and assess
of Professional Appraisal Practice. This analysis is not to be construed the impact that the pandemic has had and will have on the value of the
as an appraisal and may not be used as such for any such purpose. property. Consequently, the broker’s price opinion is subject to much
Neither you, nor any third parties, may rely on this analysis for any tax more uncertainty, and a higher degree of caution should be exercised
purposes, estate work, litigation, lending or any other matter other than than would normally be the case. Values may change more rapidly
your direct use in connection with a contemplated transaction. and significantly than during standard market conditions. Given the
unknown future impact that COVID-19 might have on the real estate
market, we recommend that you frequently re-assess the value of this
property.

©2022 CBRE, Inc. All Rights Reserved.