Proof.
Let T be an affine scheme over S. Let I be a directed set, and let T_ i be an inverse system of affine schemes over S such that T = \mathop{\mathrm{lim}}\nolimits T_ i. We have to show that the canonical map \mathop{\mathrm{colim}}\nolimits F(T_ i) \to F(T) is bijective.
Choose some 0 \in I and choose a standard fppf covering \{ V_{0, k} \to T_{0}\} _{k = 1, \ldots , m} which refines the pullback \{ U_ j \times _ S T_0 \to T_0\} of the given fppf covering of S. For each i \geq 0 we set V_{i, k} = T_ i \times _{T_0} V_{0, k}, and we set V_ k = T \times _{T_0} V_{0, k}. Note that V_ k = \mathop{\mathrm{lim}}\nolimits _{i \geq 0} V_{i, k}, see Limits, Lemma 32.2.3.
Suppose that x, x' \in \mathop{\mathrm{colim}}\nolimits F(T_ i) map to the same element of F(T). Say x, x' are given by elements x_ i, x'_ i \in F(T_ i) for some i \in I (we may choose the same i for both as I is directed). By assumption (2) and the fact that x_ i, x'_ i map to the same element of F(T) this implies that
x_ i|_{V_{i', k}} = x'_ i|_{V_{i', k}}
for some suitably large i' \in I. We can choose the same i' for each k as k \in \{ 1, \ldots , m\} ranges over a finite set. Since \{ V_{i', k} \to T_{i'}\} is an fppf covering and F is a sheaf this implies that x_ i|_{T_{i'}} = x'_ i|_{T_{i'}} as desired. This proves that the map \mathop{\mathrm{colim}}\nolimits F(T_ i) \to F(T) is injective.
To show surjectivity we argue in a similar fashion. Let x \in F(T). By assumption (2) for each k we can choose a i such that x|_{V_ k} comes from an element x_{i, k} \in F(V_{i, k}). As before we may choose a single i which works for all k. By the injectivity proved above we see that
x_{i, k}|_{V_{i', k} \times _{T_{i'}} V_{i', l}} = x_{i, l}|_{V_{i', k} \times _{T_{i'}} V_{i', l}}
for some large enough i'. Hence by the sheaf condition of F the elements x_{i, k}|_{V_{i', k}} glue to an element x_{i'} \in F(T_{i'}) as desired.
\square
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