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Executive Summary <br />v <br /> <br />as comply with brand standards. Based upon the appraiser’s review of market PIP costs, <br />deferred maintenance has been estimated. It is an extraordinary assumption this estimate is <br />correct; the reader is advised any adjustment to this figure would result in an adjustment to <br />the conclusions rendered. <br /> No historical P&L were provided. Therefore, the appraiser has benchmarked all assumptions <br />against the market. The reader is advised that if actual historical operations were provided, <br />the pro forma conclusions could be subject to revision. <br /> The use of extraordinary assumptions might have affected assignment results. <br />HYPOTHETICAL CONDITIONS <br />A hypothetical condition is defined as “a condition, directly related to a specific assignment, <br />which is contrary to what is known by the appraiser to exist on the effective date of the <br />assignment results, but is used for the purposes of analysis.” 2 <br /> None noted <br /> <br /> <br />2 The Appraisal Foundation, USPAP, 2018-2019