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Service Solicited - 2024 - Martin & Park Inc - Engagement Agreement for Property AppraisalsMARTIN PARK= COMMERCIAL REAL ESTATE APPRAISALS Expertise • Integrity • Perspective June 24, 2024 Nichoel Baird Spencer, MCRP, AICP Director of Long -Range Planning & Projects City of Eagle 660 E. Civic Lane Eagle, Idaho 83616 nbaird@citvofeagle.org 208-939-0227 Re: Engagement agreement for 221-265 S. Eagle Road, Idaho (Parcel S0508449746 and a portion of parcels S0508449731 and S0508449769). Dear Nichoel Baird Spencer, Per our conversation, this letter is to confirm our agreement to perform two appraisals for the purposes of determining a market value estimate for the above referenced property. The following conditions will be the basis of a contract agreement between the City of Eagle (Client) and MARTIN & PARK, INC. (M&P, Appraiser). The scope and terms of our agreement are as follows: Report Format: Appraisal Report 2-2(a) Estate Appraised: Fee Simple Values Provided: 'As Is' Effective Date of Value: Current Intended User: City of Eagle Intended Use: Establish market value for decisions related to potential right-of-way Fee: $4,200 Expected Delivery: 2-3 weeks from date of engagement The appraisal will be developed in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP). Unless otherwise set forth in the appraisal report, the market value shall be as defined by the appraisal requirements pursuant to FIRREA. We will perform our services in accordance with sound appraisal practice, USPAP, and the Code of Professional Ethics of the Appraisal Institute. Those standards require us to perform the appraisal with impartiality, objectivity, and independent judgment. P.O. Box 198 Boise, Idaho 83701 208.258.2200 www.martinandpark.com Engagement Letter for the City of Eagle Page 2 of a In accordance with Idaho Code Section 67-2359 Martin & Park Inc. (Company) hereby certifies that it is not owned or operated by the Government of China, as defined in said code section, and that during the Term of this Agreement it will not be owned or operated by the Government of China. Further, in accordance with Idaho Code Section 67-2346 Company hereby certifies that it is not currently engaged in, and during the Term of this Agreement will not engage in, a boycott of goods and services from Israel or territories under its control as defined in said code section. The appraisal report will be prepared for the intended use by the Client. We are not responsible for use of the appraisal report by anyone other than the Client and for any use but the intended use listed above. MARTIN & PARK, INC. does not assure or guarantee any preconceived value to the Client or to any other user of the appraisal. The appraisal will be presented in an Appraisal Report format as defined in Standards Rule 2- 2(a) of USPAP. As such, it presents summary discussions of the data, reasoning, and analysis used in the appraisal process to the appraisers' opinion of value. The depth of discussion contained in the report is specific to the needs of the Client and for the intended use(s) stated within the report. Supporting documentation will be retained in our office file. Client agrees to pay M&P as compensation for the provided professional appraisal services as specified following. Client understands and agrees the obligation to pay the fee is not conditioned on the opinions provided in the appraisal report. Balance is due immediately upon Client's receipt of the appraisal report. M&P agrees to provide Client one electronic copy of the appraisal report. The anticipated date of completion for this project assumes M&P's receipt from Client of all data pertinent to the assignment, including a signed letter of engagement. • The estimated completion period assumes that access to the property is readily available. • If the property being appraised consists of proposed improvements, Client shall provide to M&P plans, specifications, and other documentation sufficient to identify the extent and character of the proposed improvements. • If the property being appraised is currently under contract for sale or is leased, Client shall provide to M&P a copy of the sale contract or all lease contracts including all addenda. The foregoing estimated date of delivery or completion schedule shall not constitute M&P's guarantee that the assignment will be completed within such time periods; provided, however, that the appraiser will use commercially reasonable efforts to complete the assignment on or before the date of delivery or pursuant to the completion schedule. In the event appraiser is unable to complete the assignment within the time set forth herein, appraiser shall provide Client with reasonable notice of any anticipated delays, and appraiser and Client shall in good faith agree upon an alternative completion schedule. The appraiser's obligations pursuant to this agreement are complete when the appraisal report is delivered to Client. M&P agrees to be responsive to Client's legitimate inquiries regarding the contents of the report after delivery. Engagement Letter for the City of Eagle Page 3 of -1 Client may cancel our services prior to issuance of the appraisal report by written notice to M&P. In such event, Client will be billed for all time and expenses incurred up to cancellation at our hourly rate of $200.00, not to exceed the agreed upon fee for the complete appraisal. If Client or anyone requires M&P (or its employees or agents) to prepare for, testify, or be in attendance at any court or administrative law proceeding relating to this appraisal, or attend conferences relating thereto, Client agrees to pay M&P for any such efforts in full in advance at our then current standard hourly rate for such services. Our current hourly rate is $350.00 per hour. All statements of fact in the appraisal report which are used as the basis of the appraisers' analyses, opinions, and conclusions will be true and correct to the best of the appraisers' knowledge and belief. M&P shall have no responsibility for legal matters; questions of survey; opinion of title; soil or subsoil conditions; engineering; technical matters; or hazardous waste substances. M&P does not have expertise to advise in any of the foregoing matters. Appraiser will disclose the existence of any such issues should they become known to us prior to or during the course of our analysis of the subject property. In the event any provision of this agreement shall be determined to be void or unenforceable by any court, then such determination shall not affect any other provision of this agreement and all other provisions shall remain in full force and effect. M&P shall not provide a copy of the appraisal report, or disclose the results of the appraisal prepared in accordance with this agreement, to any party other than Client, unless Client authorizes, except as stipulated in the Confidentiality Section of the Ethics Rule of USPAP. 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 by that party. In no event shall M&P be liable to Client for any amounts that exceed the fees and costs paid by Client to M&P for this agreement. In addition to all other terms and conditions of this agreement, M&P and Client agree that the services provided under this agreement and appraisal report(s), and any use of the report(s), are and will be subject to the statements, limiting conditions, and other terms set forth in the appraisal report(s). The M&P standard appraisal statements, limiting conditions and terms are available upon request. M&P may determine additional conditions and terms affecting the appraisal during performance of the assignment, which may be identified in the report(s). Engagement Letter for the City of Eagle Page 4 of 4 Your signature of this letter confirms our mutual understanding. Upon your acceptance, this letter will serve as our engagement agreement. We will begin our services promptly after we receive your signed acceptance and all data pertinent to the assignment. We look forward to working with you. Sincerely, Ross Park, MAI Idaho CGA #2769 Accepted & Agreed: Client Signature T2a1C1, ke Printed Name & Title (Dat ,?Coldoc19