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10-13-08
b SOUTO I� Al ie27 P �� ❑ 2001 Making ,our Neighborhood a Great Place to Live Work and tea}/' SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY CRA Meeting Meeting Date: Monday October 13, 2008 Time: 6:30 PM Next Meeting Date: Monday November 10,2008 Time: 6:30 PM 6130 Sunset Drive, South Miami, FL, Phone:(305) 668 -7236 City of South Miami Ordinance No. 08 -06 -1876 requires all lobbyists before engaging in any lobbying activities to register with the City Clerk and pay an annual fee of $125.00. This applies to all persons who are retained (whether paid or not) to represent a business entity or organization to influence "City" action. "City" action is broadly described to include the ranking and selection of professional consultants, and virtually all - legislative, quasi - judicial and administrative action. It does not apply to not - for - profit organizations, local chamber and merchant groups, homeowner associations, or trade associations and unions. CALL TO ORDER: A. ROLL CALL: B. INVOCATION: C. PLEDGE OF ALLEGIANCE: COMMUNITY REDEVELOPMENT AGENCY 1 AGENDA, OCTOBER 13, 2008 REGULAR MEETING 1. APPROVAL OF MINUTES A) September 8, 2008* 2. DIRECTOR'S REPORT: A) Monthly Expenditure Report* B) Grants Application Update* 3. GENERAL COUNSEL REPORT A) None *Attachments PUBLIC COMMENTS (5- minute limit) CONSENT AGENDA 4. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY (SMCRA) RELATING TO ATTORNEY FEES; APPROVING ATTORNEY'S FEES FOR NAGIN GALLOP FIGUEREDO, P.A., FOR INVOICES DATED SEPTEMBER 30, 2008 IN THE TOTAL AMOUNT OF $1,413.52; AND CHARGING THE AMOUNT TO ACCOUNT NO. 610- 1110 - 564 -31 -20 (GENERAL CORPORATE ACCOUNT) ; AND PROVIDING AN EFFECTIVE DATE. 5. A RESOLUTION OF THE CITY OF SOUTH MIAMI .COMMUNITY REDEVELOPMENT AGENCY (SMCRA) RELATING TO ATTORNEY FEES; APPROVING ATTORNEY'S FEES FOR LOTT & LEVINE, FOR INVOICE DATED APRIL 17, 2008 IN THE TOTAL AMOUNT OF $4,418.25; AND CHARGING THE AMOUNT TO ACCOUNT NO. 610- 1110 - 583 -61 -10 (LAND ACQUISITION. ACCOUNT); AND PROVIDING AN EFFECTIVE DATE COMMUNITY REDEVELOPMENT AGENCY 2 AGENDA, OCTOBER 13, 2008 RESOLUTIONS 6. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) RELATING TO PARK IMPROVEMENTS; AUTHORIZING A FIRST ADDENDUM TO AN EXISTING AGREEMENT WITH BENSON ELECTRIC TO INSTALL SECURITY LIGHTING AT MARSHALL WILLIAMSON PARK AND CHARGING THE ADDITIONAL AMOUNT OF $13,413 TO ACCOUNT NO. 610- 1110 -572- 34 -50 (CONTRACTUAL SERVICES /MARSHALL WILLIAMSON PARK IMPROVEMENTS); AND PROVIDING AN EFFECTIVE DATE. 7. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) RELATING TO LAND ACQUISITION; AUTHORIZING THE SMCRA DIRECTOR TO ENTER INTO CONTRACT WITH FREDERICK AND LAWRENCE KENNEDY TO PURCHASE PROPERTY LOCATED AT 6477 SW 60TH AVENUE (FOLIO NO. 09- 4025 - 010 -0700) FOR A TOTAL PURCHASE PRICE OF $80,000 AND CHARGING THE TOTAL AMOUNT TO ACCOUNT NO. 610- 1110 - 583 -61 -10 (LAND ACQUISITION ACCOUNT); AND PROVIDING AN EFFECTIVE DATE. 8. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) RELATING TO LAND ACQUISITION; AUTHORIZING THE SMCRA DIRECTOR TO ENTER INTO CONTRACT WITH FREDERICK AND LAWRENCE KENNEDY TO PURCHASE PROPERTY LOCATED AT 6487 SW 60TH AVENUE (FOLIO NO. 09- 4025-010 -0800) FOR A TOTAL PURCHASE PRICE OF $80,000 AND CHARGING THE TOTAL AMOUNT TO ACCOUNT NO. 610 -1110- 583 -61 -10 (LAND ACQUISITION ACCOUNT); AND PROVIDING AN EFFECTIVE DATE. 9. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) RELATING TO LAND ACQUISITION; AUTHORIZING THE SMCRA DIRECTOR TO ENTER INTO CONTRACT WITH NAOMI WILLIAMS, ETALS AND FREDERICK AND LAWRENCE KENNEDY TO PURCHASE PROPERTY LOCATED AT 6488 SW 60TH AVENUE (FOLIO NO. 09- 4025 - 000 -0850) FOR A TOTAL PURCHASE PRICE OF $490,000 AND CHARGING THE TOTAL AMOUNT TO ACCOUNT NO. 610- 1110- 583 -61 -10 (LAND ACQUISITION ACCOUNT) ; AND PROVIDING AN EFFECTIVE DATE. 10. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) RELATING TO LAND ACQUISITION; AUTHORIZING THE SMCRA DIRECTOR TO DISBURSE FUNDING IN THE TOTAL AMOUNT OF $18,000.40 TO MIAMI -DADE COUNTY FOR ANNUAL PROPERTY TAXES FOR SMCRA OWNED RENTAL PROPERTIES LOCATED AT 6442 SW 59TH PLACE (FOLIO NO. 09- 4025 -010 - 0180); 6429 SW 60TH AVENUE (FOLIO NO. 09- 4025 - 010 - 0040) ; AND 6415 SW 60TH COMMUNITY REDEVELOPMENT AGENCY 3 AGENDA, OCTOBER 13, 2008 AVENUE (FOLIO NO. 09- 4025 - 010 - 0030).; AND CHARGING ACCOUNT NO. 610 -1110- 583 -31 -25 (PROPERTY MANAGEMENT/ PROPERTY TAX ACCOUNT) AND PROVIDING AN EFFECTIVE DATE. 11. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) RELATING TO AFFORDABLE HOUSING; AUTHORIZING THE SMCRA DIRECTOR TO DISBURSE GRANT FUNDING IN AN AMOUNT NOT TO EXCEED $25,000 TO GLORIA BROWN TO PROVIDE AFFORDABLE HOUSING "GAP" FINANCING FOR THE PURCHASE OF SINGLE- FAMILY HOUSING LOCATED AT 5895 SW 67TH STREET (FOLIO NO. 09- 4025- 028 - 0300); AND CHARGING THE TOTAL AMOUNT TO ACCOUNT NO. 610- 1110 - 553 -99 -30 (HOMEOWNER ASSISTANCE GRANT ACCOUNT); AND PROVIDING AN EFFECTIVE DATE. 12. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) RELATING TO AFFORDABLE HOUSING; AUTHORIZING THE SMCRA DIRECTOR TO DISBURSE GRANT FUNDING IN AN AMOUNT NOT TO EXCEED $25,000 TO DENISE GOODMAN TO PROVIDE AFFORDABLE HOUSING "GAP" FINANCING FOR THE PURCHASE OF SINGLE- FAMILY HOUSING LOCATED AT 6400 SW 57t' COURT (FOLIO NO. 09- 4025 - 015 - 0030); AND CHARGING THE TOTAL AMOUNT TO ACCOUNT NO. 610- 1110 - 553 -99 -30 (HOMEOWNER ASSISTANCE GRANT ACCOUNT); AND PROVIDING AN EFFECTIVE DATE. BOARD COMMENTS ADJOURNMENT PIEnfE rn/fE nOr/oE rHnrfEor/on 1 -1. lWty or rim oom or o/PDinnnovPIPonvo rNnr "nnr PERIOB ORK /nG PIR10nnl IMPERTIAEnr. OR IMO DER091 REnJnRKf OR NNO fNAU 81FOOn1E n0/frfiroul willm nDDRElfin6 rNE oommiff /On fNAU nE foRTNalirN BRRRED rROnl ivirrHER nl/D/Enof offoRE rNE 009011 sr rNE PREf/ID/nG OrrloER. UnlEfl PERolif /On r0 OOnr/nDE RE 6RnnrED SYR RRIOR/rr VOTE Of rMl 00MR10100. " PURSUANT TO FLA STATUTES 286.0105, "THE CITY HEREBY ADVISES THE PUBLIC THAT IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THIS BOARD, AGENCY OR COMMISSION WITH RESPECT TO ANY MATTER CONSIDERED AT ITS MEETING OR HEARING, HE OR SHE WILL NEED A RECORD OF THE PROCEEDINGS, AND THAT FOR SUCH PURPOSE, AFFECTED PERSON MAY NEED TO ENSURE THAT A VERBATIM RECORD OF THE PROCEEDINGS IS MADE WHICH RECORD INCLUDES THE TESTIMONY AND EVIDENCE UPON WHICH THE APPEAL IS TO BE BASED. THIS NOTICE DOES NOT CONSTITUTE CONSENT BY THE CITY FOR THE INTRODUCTION OR ADMISSION OR OTHERWISE INADMISSIBLE OR IRRELEVANT EVIDENCE, NOR DOES IT AUTHORIZE CHALLENGES OR APPEALS NOT OTHERWISE ALLOWED BY LAW. COMMUNITY REDEVELOPMENT AGENCY 4 AGENDA, OCTOBER 13, 2008 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 §9 34 35 36 37 38 39 40 41 42 43 44 45 46 Soury u �n cosvos�rto O R{O 1��V zpac[�� 2001 Making our Neighborhood a Great Place to Live Work and Play' DRAFT CALL TO ORDER: The South Miami Community Redevelopment Agency met in regular session on Monday, September 8, 2008 beginning at 6:39 p.m., in the City Commission Chambers, 6130 Sunset Drive. A. ROLL CALL: The following members of the CRA Board were present: Chair Horace Feliu, Vice Chair Brian Beasley and Members Randy G. Wiscombe, Velma Palmer, Jay Beckman and Rodney Williams. Member Lashawnda Williams arrived at 6:43 p.m. Also in attendance were: City Attorney Luis Figueredo, CPA Director Stephen David, Program Coordinator James McCants and Deputy City Clerk Nkenga Payne. B. INVOCATION: The invocation was delivered by Chair Horace Feliu. C. PLEDGE OF ALLEGIANCE: The Pledge of Allegiance was recited in unison. REGULAR MEETING 1. APPROVAL OF MINUTES A) August 11, 2008 The minutes were deferred to the next meeting. 2. DIRECTOR'S REPORT: A) Monthly Expenditure Report There were no questions on this item. COMMUNITY REDEVELOPMENT AGENCY 1 Minutes - September 8, 2008 DRAFT 1 1 B) FY 06/07 Annual Audit Report 2 3 Member Palmer asked the auditors if we are in compliance 4 with the compensated absences. 5 6 The auditor responded that this issue has been corrected. 7 8 Member Palmer wanted clarification about if the SMCRA is in 9 compliance with Miami -Dade County in regards to the $100,000.00 10 and if we are why is in the audit report. 11 12 The auditor said this was a reporting issue, and the report 13 will be reconciled to state that the SMCRA is in compliance. 14 15 16 Other issues 17 Mr. David stated the house at 6400 SW 60th Avenue was Ademolished today. 21 3. GENERAL COUNSEL REPORT 22 23 A) None 24 25 PUBLIC COMMENTS 26 27 Rene Guim spoke in opposition of item #13,. the RFQ for 28 legal services. 29 30 Levy Kelly spoke in opposition of item #13, the RFQ for 31 legal services. 32 33 Betty Asbury addressed the Board with her concerns 34 regarding the Rehabilitation Grants. She asked if the Board 35 could revise the qualifications. 36 37 38 CONSENT AGENDA 39 40 CRA 28 -08 -340 41 4. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY 42 REDEVELOPMENT AGENCY ( SMCRA) RELATING TO ATTORNEY FEES; 43 APPROVING ATTORNEY'S FEES FOR NAGIN GALLOP FIGUEREDO, 44 P.A., FOR INVOICES DATED AUGUST 29, 2008 IN THE TOTAL 45 AMOUNT OF $1,410.07; AND CHARGING THE AMOUNT TO ACCOUNT 46 NO. 610- 1110 - 564 -31 -20 (GENERAL CORPORATE ACCOUNT); AND 47 PROVIDING AN EFFECTIVE DATE. COMMUNITY REDEVELOPMENT AGENCY 2 Minutes - September 8, 2008 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 DRAFT It was moved by Chair Feliu and seconded by Vice Chair Beasley and Member Wiscombe to approve the consent agenda. The motion passed by a 7 -0 vote. Member L. Williams: yea Member R. Williams: yea Member Beckman: yea Member Palmer: yea Vice Chair Beasley: yea Member Wiscombe: yea Chair Feliu: yea RESOLUTIONS CRA 29 -08 -341 S. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) RELATING TO SMCRA AUDIT SERVICES; AUTHORIZING THE SMCRA DIRECTOR TO DISBURSE FUNDING IN THE AMOUNT OF $6,000 TO RODRIGUEZ, TRUEBA & COMPANY FOR SMCRA AUDIT SERVICES PROVIDED FOR YEAR ENDING SEPTEMBER 30, 2007; AND PROVIDING AN EFFECTIVE DATE. It was moved by Member Palmer and seconded by Member Wiscombe to approve this item. The motion passed by a 7 -0 vote. Member L. Williams: yea Member R. Williams: yea Member Beckman: yea Member Palmer: yea Vice Chair Beasley: yea Member Wiscombe: yea Chair Feliu: yea CRA 30 -08 -342 6. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) RELATING TO PARK IMPROVEMENTS; AUTHORIZING THE - SMCRA DIRECTOR TO ENTER INTO AGREEMENT WITH BENSON ELECTRIC TO INSTALL SECURITY LIGHTING IN MARSHALL WILLIAMSON PARK AND CHARGING THE TOTAL AMOUNT OF $47,220 TO ACCOUNT NO. 610- 1110 - 572 -34- 50 (CONTRACTUAL SERVICES /MARSHALL WILLIAMSON PARK RESTROOMS); AND PROVIDING AN EFFECTIVE DATE. It was moved by Member Wiscombe and seconded by Chair Feliu to approve this item. COMMUNITY REDEVELOPMENT AGENCY 3 Minutes - September 8, 2008 DRAFT 1 After there was no discussion on this item, the motion 2 passed by a.7-0 vote. 3 4 Member L. Williams: yea 5 Member R. Williams: yea 6 Member Beckman: yea 7 Member Palmer: yea 8 Vice Chair Beasley: yea 9 Member Wiscombe: yea 10 Chair Feliu: yea 11 12 CRA 31 -08 -343 13 7. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY 14 REDEVELOPMENT AGENCY ( SMCRA) RELATING TO PARK 15 IMPROVEMENTS; AUTHORIZING THE SMCRA DIRECTOR TO DISBURSE 16 FUNDING IN THE AMOUNT OF $36,200 TO BUDGET CONSTRUCTION 17 INC. TO INSTALL STREET TREES AND DECORATIVE LANDSCAPING 18 ALONG SW 66TH STREET AS PART OF THE 66TH STREETSCAPE 19 IMPROVEMENT PROJECT AND AUTHORIZING BUDGET TRANSFERS IN 20 THE AMOUNTS $12,425 FROM ACCOUNT NO. 610- 1110 - 513 -63 -40 21 (INFRASTRUCTURE IMPROVEMENTS) AND $7,500 FROM ACCOUNT 22 NO. 610 -1110- 541 -31 -20 (PROFESSIONAL SERVICES /STREET 23 BEAUTIFICATION) TO ACCOUNT NO. 610 - 1110 - 541 -34 -50 24 (CONTRACTUAL SERVICES /STREET BEAUTIFICATION) TO 25 FACILITATE THE EXPENDITURE AND CHARGING THE TOTAL AMOUNT 26 TO ACCOUNT NO. 610 - 1110 - 541 -34 -50 (CONTRACTUAL 27 SERVICES /STREET BEAUTIFICATION); AND PROVIDING AN 28 EFFECTIVE DATE. 29 It was moved by Member Wiscombe and seconded by Member R. 30 Williams to approve this item. 31 32 Mr. David stated that during the last budget year it was 33 decided that funds be dedicated to street beautification but no 34 specific project was designated. 35 36 After the discussion, the motion passed by a 6 -1 vote. 37 38 Member L. Williams: nay 39 Member R. Williams: yea 40 Member Beckman: yea 41 Member Palmer: yea 42 Vice Chair Beasley: yea 43 Member Wiscombe: yea 44 Chair Feliu: yea 45 46 CRA 32 -08 -344 47 8. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY 48 REDEVELOPMENT AGENCY ( SMCRA) RELATING TO PARK COMMUNITY REDEVELOPMENT AGENCY 4 Minutes - September 8, 2008 DRAFT 1 IMPROVEMENTS; AUTHORIZING THE SMCRA DIRECTOR TO DISBURSE 2 FUNDING IN THE AMOUNT OF $50,000 TO C3TS TO PROVIDE 3 DESIGN SERVICES FOR THE CONSTRUCTION OF THE MURRAY PARK 4 COMMUNITY POOL AND CHARGING THE TOTAL AMOUNT TO ACCOUNT 5 NO. 610 -1110- 572 -31 -20 (PROFESSIONAL SERVICES /MURRAY 6 PARK POOL DESIGN); AND PROVIDING AN EFFECTIVE DATE. 7 It was moved by Member Wiscombe and seconded by Member R. 8 Williams to approve this item. 9 10 Mr. David said this is specific funding to assist with the 11 help of the structured design of the pool. 12 13 After the discussion, the motion passed by a 7 -0 vote. 14 15 Member L. Williams: yea 16 Member R. Williams: yea 17 Member Beckman: yea 18 Member Palmer: yea 19 Vice Chair Beasley: yea 20 Member Wiscombe: yea 21 Chair Feliu: yea 22 23 24 CRA 33 -08 -345 25 9. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY 26 REDEVELOPMENT AGENCY RELATING TO SPECIAL REDEVELOPMENT 27 AND TECHNICAL SERVICES; AUTHORIZING THE SMCRA DIRECTOR 28 TO DISBURSE 07/08 JAMES BOWMAN SCHOLARSHIP FUNDING TO 29 SHANEQUA SMITH, TIMOTHY WALKER, CARL BALLARD, ASHA 30 JOHNSTON, DONALD JACKSON, DEJA LAWRENCE AND MICHAEL 31 BAPTISTE IN THE TOTAL AMOUNT OF $428.00 EACH AND 32 CHARGING THE TOTAL AMOUNT TO ACCOUNT NO. 610- 1110 -559- 33 99 -31 (JAMES BOWMAN SCHOLARSHIP ACCOUNT) ; AND PROVIDING 34 AN EFFECTIVE DATE. 35 It was moved by Member Palmer and seconded by Member 36 Wiscombe to approve this item. 37 38 Mr. David mentioned that at the Board's request, the 39 scholarship was re- advertised to get applicants to bring in the 40 required documents. After the re- advertisement, there were 41 seven qualified applicants. It is at the Board's discretion how 42 to divide the remaining $3,000.00. 43 44 Board Member R. Williams recused himself from the 45 discussion, because a family member has applied. 46 47 It was moved and passed by a 6 -0 vote to divide the money 48 evenly between the seven applicants. COMMUNITY REDEVELOPMENT AGENCY 5 Minutes,- September 8, 2008 DRAFT 2 After the discussion, the motion to approve the resolution 3 as amended passed by a 6 -0 vote. 4 5 Member L. Williams: yea 6 Member R. Williams: recused 7 Member Beckman: yea 8 Member Palmer: yea 9 Vice Chair Beasley: yea 10 Member Wiscombe: yea 11 Chair Feliu: yea 12 13 CRA 34 -08 -346 14 10. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY 15 REDEVELOPMENT AGENCY ( SMCRA) RELATING TO HOUSING 16 REHABILITATION; AUTHORIZING THE SMCRA DIRECTOR TO 17 DISBURSE MULTI - FAMILY REHABILITATION GRANT FUNDING IN 18 THE AMOUNT OF $2,500 TO ROBERT AND THELMA CLARINGTON TO 19 ASSIST IN THE INSTALLATION OF A HANDICAP ACCESSIBLE 20 BATHROOM AT 6118 SW 68TH STREET, UNIT #50 AND CHARGING 21 THE TOTAL AMOUNT TO ACCOUNT NO. 610- 1110 - 553 -99 -30 22 (RESIDENTIAL REHABILITATION /MULTI - FAMILY GRANT ACCOUNT); 23 AND PROVIDING AND EFFECTIVE DATE. 24 It was moved by Chair Feliu and seconded by Vice Chair 25 Beasley and Member Wiscombe to approve this item. 26 27 Board Member L. Williams recused herself from the 28 discussion because her family member is the applicant. 29 30 After the discussion, the motion passed by a 6 -0 vote. 31 32 Member L. Williams: recused 33 Member R. Williams: yea 34 Member Beckman: yea 35 Member Palmer: yea 36 Vice Chair Beasley: yea 37 Member Wiscombe: yea 38 Chair Feliu: yea 39 40 CRA 35 -08 -347 41 11. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY 42 REDEVELOPMENT AGENCY ( SMCRA) RELATING TO HOUSING 43 REHABILITATION; AUTHORIZING THE SMCRA DIRECTOR TO 44 DISBURSE MULTI - FAMILY REHABILITATION GRANT FUNDING IN 45 THE AMOUNT OF $2,500 TO MS. ELAINE BUTLER TO REPAIR A 46 SUBSTANTIALLY DAMAGED BATHROOM LOCATED AT 5975 SW 69TH 47 STREET, UNIT #92 AND CHARGING THE TOTAL AMOUNT TO 48 ACCOUNT NO. 610 -1110- 553 -99 -30 (RESIDENTIAL COMMUNITY REDEVELOPMENT AGENCY 6 Minutes - September 8, 2008 DRAFT 1 REHABILITATION /MULTI- FAMILY GRANT ACCOUNT);, AND 2 PROVIDING AND EFFECTIVE DATE 3 4 It was moved by Chair Feliu and seconded by Member Wiscombe 5 to approve this item. 6 7 After little discussion, the motion passed by a 7 -0 vote. 8 9 Member L. Williams: yea 10 Member R. Williams: yea 11 Member Beckman: yea 12 Member Palmer: yea 13 Vice Chair Beasley: yea 14 Member Wiscombe: yea 15 Chair Feliu: yea 16 17 CRA 36 -08 -348 18 12. A RESOLUTION OF THE SOUTH MIAMI COMMUNITY REDEVELOPMENT 19 AGENCY ( SMCRA) RELATING TO 07/08 BOARD MEMBER 20 DISCRETIONARY FUNDS; AUTHORIZING THE SMCRA DIRECTOR TO 21 DISBURSE FUNDING IN THE AMOUNT OF $333.33 TO THE CHURCH 22 OF HIGHER PRAISE AND WORSHIP AND CHARGING THE TOTAL 23 AMOUNT OF $333.33 TO ACCOUNT NO. 610 -1110- 554 -99 -25 24 (BOARD MEMBER DISCRETIONARY FUND ACCOUNT - CHAIR FELIU); 25 AND PROVIDING AN EFFECTIVE DATE. 26 It was moved by Member Palmer and seconded by Member R. 27 Williams to approve this item. 28 29 After there was no discussion, the motion passed by a 7 -0 30 vote. 31 32 Member L. Williams: yea 33 Member R. Williams: yea 34 Member Beckman: yea 35 Member Palmer: yea 36 Vice Chair Beasley: yea 37 Member Wiscombe: yea 38 Chair Feliu: yea 39 40 13. A RESOLUTION OF THE SOUTH MIAMI COMMUNITY REDEVELOPMENT 41 AGENCY ( SMCRA) RELATING TO SMCRA CONTRACTUAL SERVICES; 42 AUTHORIZING THE SMCRA DIRECTOR TO ISSUE A REQUEST FOR 43 QUALIFICATIONS (RFQ) FOR GENERAL LEGAL COUNCIL SERVICES 44 FOR THE SMCRA; AND PROVIDING AN EFFECTIVE DATE. 45 (ITEM SPONSORED BY BOARD MEMMER BEASLEY) 46 It was moved by Member Palmer and seconded by Vice Chair 47 Beasley to approve this item. COMMUNITY REDEVELOPMENT AGENCY 7 Minutes - September 8, 2008 DRAFT 1 Vice Chair Beasley stated that he met with the attorneys 2 regarding this item. One of his concerns is to make sure that 3 the SMCRA has the best legal services at the best possible cost. 4 We owe it to our residents to make sure of that. Four years 5 ago, there was an RFQ'out for legal services and our current 6 legal firm did not apply and that concerned him. There are some 7 issues that we need to address. The current legal staff can 8 also apply, but from his understanding they don't want to be the 9 SMCRA legal counsel. 10 11 After the discussion, the motion failed by a 2 -5 vote. 12 13 Member L. Williams: nay 14 Member R. Williams: nay 15 Member Beckman: nay 16 Member Palmer: 'yea 17 Vice Chair Beasley: yea 18 Member Wiscombe: nay 19 Chair Feliu: nay 20 22 ITEM (S) FOR BOARD CONSIDERATION 23 24 BUDGET WORKSHOP 25 26 27 D. 2008 -2009 Proposed Budget Presentation 28 29 Mr. David stated that several things were taken into 30 account in preparing the budget. He explained the revenues 31 coming in this year, which are the following: 32 • TIFF - approximately $1.5 million 33 • Bank account interest - approximately.$11,500 34 • Rent(including Mobley Building) - $100,000 35 36 The revenues for this year are almost $3,000,000.00. In 37 the upcoming year we will be looking to acquire property for 38 affordable housing. 39 40 The following accounts have not been used this year so the 41 money will go to the cash carryover account: 42 • Job Training (Wounded Healers /Apprenticeship) - 43 $50,000 44 • Commercial Rehabilitation Grants - $30,000 45 • Residential Rehabilitation Grants - $45,000 46 • Madison Square Final Design Analysis - $8,000 COMMUNITY REDEVELOPMENT AGENCY 8 Minutes - September 8, 2008 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 DRAFT • Land Acquisition - $901,000 Member Palmer asked that the money not being used for the job training be taken out and focus on using the funds for affordable housing. The Board agreed that all funds not being utilized be used to focus on land acquisition. BOARD COMMENTS ADJOURNMENT There being no further business to come before this Body, the meeting was adjourned at 9:27 p.m. Approved: Attest: Maria M. Menendez CRA Secretary COMMUNITY REDEVELOPMENT AGENCY 9 Minutes - September 8, 2008 Horace G. Feliu CRA Chairperson I IWO' 2001 "Making our Neighborhood a Great Place to live work and Play" To: Honorable Chair and SMCRA Board Members From: Stephen SMCRA Date: October 13, 2008 ITEM No. —0-6 ) MONTHL Y EXPENDITURE REPORT Attached as Exhibit A is the monthly expenditure for the month of July 2008. Attachments: Monthly Expenditure Report - July, 2008 SD /MCGRUFFTLANNING \CRA \Monthly Expediture Report Report.doc A W 00 O N � W m W 04 a 0 0 O N O A O H a w a z H H U U 4 H FC W HE +m 2:aa Hwa �aa O r.0 mWW A�H rr. 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Attached for your review are the following documents: 1. Grants Currently Being Persued (Exhibit A) 2. Grants Recently Awarded to the City (Exhibit B) 3. List of Grant Agency Acronyms (Exhibit C) Attachments: List of Grants Currently Being Pursued List of Grants Awards Received Through the City of South Miami Grant Department List of 2008 Grant Acronyms SD/MCGRUFF \PLANNING \CRA \Grants Update.doc W 0 H U a H EXHIBIT A H z 0 o 000 o o 0 w 000 0 °c ^ 0 w ■/� 0 0 w iii *-+ fo N W �U Cd �� co'� z Q> H bk a° U o U 64 � a, o o ¢, � C/) 0 a ,� o 0 1-. ,� �, o ~ W o o ° C'3 C7 U Q r° � U Q Q W � �� o Q o Q Q w ° a-4 a� 4 Q U o U 0 . z � V1 H Cd � Cd U V 00 0 am Cl) cd U) Q C� vv� Cl) &0 a�i CO ai w w F d ono ' bn o n n �n j a a tb b.0 r a� a a z ., b o o a o a v o o a 0 o o 0 Q) o +� F 000 0 00 00 0 00 00 o 00 O 0 o 00 o 00 o 00 O 00 CY) �p o w F - -+ < X O A ° z a w 0 0 0 N U 0 0 �o 0 ,0. •Ni 10 .O U > .yHj o .ytij Qi i.•i � on ci O -0 U a� rn � tn � U a� O b Q y cd m ;:s a7 a is C0 6b o 6b o is o a a w 0 w �aa `� STS z 0 o ¢ d Q 2s oo�++ U-+ Cd r 0 (j) w 4 Cd _ !� E 41 O Z da O N -4 o N � d ¢ x LO a w xU z z .C8� o � ° cad QL N 3�LO Q a F CO w U Q Q C4 a �� Cd a F z 00 00 LO 0 00 V) H d d ¢ o- o � 0 ° rn A d ~ z z z 0 0 00 -+ o o 6s 6 Ge 6s 6 O o o F;?; 0 ? o 0 O 0 o 0 0 0 o 0 ti 0± o 0 0 0 0 0 0 o v� 00 N O O O O M c O O N O 6 40 4s -ro GOO 000 4& O C� Q 4& w a�i O a G 1 C z o >1 �' n cn W > R ° � °3 ¢ z v1 o w o . b a 0..+ � o s, co o � U � a� o � FU v) .,U v)�, O e~e7 7 r t7 4 ^ M � O r O M N fO b O [D VI aO 6 O t0 t7 O O fD • ' O _O C N O �C�{� � O m N O O ��y tG O lb O pN >' a a CT. L=. 0 10 b 'o b EXHIBIT B 1% a �4 L� a� U O Q c�. rl 0 �o 00 N N N a 0 b C a T a 0 U W 00 0 r. G� 'C Q r. O m eU�W; G a UWj pp bA L=• a o bA U rn O 0 O o N O `i 0 0 0 3 N 0 0,� 0 3 aCS¢ U U 0 aU¢ E. C7 O p 00 O 00 00 O p Uzw 00 NO rL PL u -d 4Z Cd Cd o � pW Q O Q N N c+) co cM cli ch cq N k�i U [� o cl -+ H b � O o w o .0 a� O O O O z � ss 0 cd a co to 0 0 co Lr) 46 w 40). rs a $0 a ;� �. ~°o4 fax U Vi oA U) o �+ y W¢ H O O w U o U u� b OW o a w U) o °o Q N 41 xw � U cd U z -0 W U o Q Q LO N LO i0 �-» z C 0 0 0 0 b U z Cd Cd U 1 � v ) o U z� a > h 86 cd y °' U2 t. O Cyd t1! '� Q U Ri O �" � � � i0• �m Qw o d 3$ m M o Q rn ,b O O O ^ O M S S O O O � U O co x 3 o 0 0 0 Q E'n Q Cl) N U U O N O a r. O m co U .�. 5 v rn O 0 O o N ,y co co N rn U o O � (d N U OU �A U 41 LU+ N O O r. NO rL PL u -d 4Z Cd Cd o a Cd CU H b � O w o a� O O O O LO LO ss co co 0 0 0 co Lr) 46 40). rs m � C) U O �. ~°o4 fax U Vi oA U) o �+ y W¢ 0.0 N O O w U U U u� b o a w U) o > n-� N 00 O LO y 00 rn 0 m M N �o �o m v O 0 H 4 C tl 0", 4j a� U O Q Q a 0 �o m W O O N O '-I C 0 b 'C a a U m 9 EXHIBIT C Funding Agency Acronyms Department of Human Services —DHS Federal Emergency Management Agency —FEMA Florida Division of Emergency Management — FL -DEM Florida Department of Environmental Protection —FDEP Florida Department of Law Enforcement -FDLE Florida Recreation Development Assistance Program -FRDAP Miami -Dade General Obligation Bond -GOB Miami -Dade Cultural Affairs -MDCA Office of Community and Economic Development -OCED Villagers -VLGRS Safe Neighborhood Parks -SNP The Children's Trust -TCT Health Foundation of South Florida- HFSF South Florida Workforce- SFW Wenoc Medical Resources- WENOC ' Q W0, ° 2001 Making our Neighborhood a Great Place to Clve, Work and Play" To: Honorable Chair and SMCRA Board From: Stephen avid, SMC Direct Date: October 13, 2008 Ad ITEM No. PAYMENT OF ORNEY FEES FOR NAGIN GALLOP RESOLUTION A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) RELATING TO ATTORNEY FEES; APPROVING ATTORNEY'S FEES FOR NAGIN GALLOP FIGUEREDO, P.A., FOR INVOICE DATED SEPTEMBER 30, 2008 IN THE TOTAL AMOUNT OF $1,413.52; AND CHARGING THE AMOUNT TO ACCOUNT NO. 610 - 1110 - 564 -31 -20 (GENERAL CORPORATE ACCOUNT); AND PROVIDING AN EFFECTIVE DATE. BACKGROUND The firm of Nagin Gallop Figueredo, P.A. currently serves as general counsel to the SMCRA. The firm has submitted the following invoice dated September 30, 2008 (Exhibit A) for general corporate matters. Invoice Date Amount September 30, 2008 $1413.52 Total amount of all invoices: $1,413.52 Charge Account No. 61.0 -1110- 564 -31 -20 (General Corporate Acct) RECOMMENDATION Staff recommends approval of the attached resolution authorizing the SMCRA Director to: (1) Disburse payment for legal services rendered for general corporate matters in the amount of $1,413.52 to Nagin Gallop Figueredo, P.A., charging the amount to Account No. 610- 1110 -564- 31 -20, General Corporate Account. Following funding disbursement, the remaining balance in Account No. 610 -1110- 564 -31 -20 will be $33,891.72 Attachments: Resolution Nagin Gallop Figueredo Invoices SD: \CRA \Nagin Gallop Payment Report.doc 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 RESOLUTION NO. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY (SMCRA) RELATING TO ATTORNEY FEES; APPROVING ATTORNEY'S FEES FOR NAGIN GALLOP FIGUEREDO, P.A., FOR INVOICE DATED SEPTEMBER 30, 2008 IN THE TOTAL AMOUNT OF $1,413.52; AND CHARGING THE AMOUNT TO ACCOUNT NO. 610- 1110 - 564 -31 -20 (GENERAL CORPORATE ACCOUNT); AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Nagin Gallop Figueredo, P.A., submitted invoices to the CRA for legal services rendered, costs advanced, for 0076 -001, general corporate matters for the periods ending September 30, 2008 in the amount of $1,413.52. NOW THEREFORE BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SOUTH MIAMI, FLORIDA THAT: Section 1. The South Miami Community Redevelopment Agency authorizes payment in the amount of $1,413.52 to Nagin Gallop Figueredo, P.A., for its attorney's fees on 0076 -001, general corporate CRA matter. Following funding disbursement, the remaining balance in Account No. 610- 1110 - 564 -31 -20 will be $925,069.87. Section 2. This resolution shall take effect immediately upon adoption. PASSED AND ADOPTED this day of October, 2008. ATTEST: City of South Miami Community Redevelopment Agency Clerk READ AND APPROVED AS TO FORM: Eve A. Boutsis, General Counsel APPROVED: Chairperson Horace Feliu Board Vote: Chairperson Feliu: Vice Chairperson Beasley: Board Member Wiscombe: Board Member Palmer: Board Member Beckman: Board Member Ellis: Board Member Williams: EXHIBIT A NAGIN GALLOP FIGUEREDORA, Attorneys & Counselors 18001 Old Cutler Road — Suite 556 Telephone: (305) 854 -5353 Miami, Florida 33157 -6416 Facsimile: (305) 854 -5351 October 1, 2008 Stephen David City of South Miami Community Redevelopment Agency 6130 Sunset Drive South Miami, Florida 33143 Re: South Miami Community Redevelopment Agency Statements Matter- ID: 0076 -001 Dear Stephen: I enclose our firm's invoice number 19706 for services and costs incurred through September 30, 2008, in the amount of $1,413.52. I also attach the resolution approving same. If you have any questions, please do not hesitate to contact me. Thank you. Very truly yours, ve A. outsis General Counsel for the South Miami Community Redevelopment Agency EAB/lcm Enclosure CONFIDENTIAL - ATTORNEY /CLIENT PRIVILEGE NAGIN GALLOP FIGUEREDOP". Attorneys & Counselors 18001 Old Cutler Road, Suite 556, Miami, Florida 33157 Telephone: (305) 854 -5353 Facsimile: (305) 854 -5351 Stephen David September 30, 2008 City of South Miami Matter ID: 0076 -001 6130 Sunset Drive CRA - General Corporate City of South Miami, FL 33143 Invoice Number 19742 Hours Amount 9/2/2008 EAB Follow up with L. Williams. 0.10 18.50 9/4/2008 EAB Attention to CRA matters; and communications with L. Williams. 0.30 55.50 9/8/2008 EAB Attention to pending items relating to Destiny property. 0.40 74.00 9/22/2008 EAB Drafted contract for purchase and sale for EDFM sale to Goodman 4.00 740.00 and Brown. 9/26/2008 EAB Reviewed and approved Habitat contracts for execution; attention to 1.00 185.00 Habitat riders to mortgages; communications with Mr. David regarding same. 9/29/2008 EAB Prepared, for and attended special budget meeting. 1.50 277.50 Total Professional Services 1,350.50 Rate Summary Eve A. Boutsis Disbursements 9/8/2008 Recording Fee 7.30 hours at $185.00/hr Total hours: 7.30 9/30/2008 Disbursements incurred - 3.0% Payments and Credits 9/3/2008 Check No. 62743 9/3/2008 Check No. 62743 1,350.50 1,350.50 22.50 40.52 1,072.06 607.18 Payment Is due upon receipt. Please notify us within 10 days of any questions you have regarding this invoice. Interest at a rate of 1.5% per month will be charged if payment is not received within 30 days. Nagin Gallop Figueredo, P.A. Matter ID: 0076 -001 Statement No. 19742 Page: 2 CONFIDENTIAL - ATTORNEY /CLIENT PRIVILEGE 9/30/2008 Check No.: 62981 1,410.07 3,089.31 For Professional Services 1,350.50 For Disbursements Incurred 63.02 Current Balance: 1,413.52 Previous Balance: 3,089.31 Payments - Thank you 3,089.31 Total Due 1,413.52 To be properly credited, please indicate Invoice Number on your remittance check. Payment Is due upon receipt. Please notify us within 10 days of any questions you have regarding this invoice. Interest at a rate of 1.5% per month will be charged if payment is not received within 30 days. e W 2 1 3M , 2001 Making our Neighborhood a Great Place to Live, Work and Play" To: Honorable Chair and SMCRA Board From: Stephen DA SMCRA Di RESOLUTION Date: October 13, 2008 ITEM No. t--f PAYMENT OF A TTORNE Y FEES FOR LOTT & LEVINE A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) RELATING TO ATTORNEY FEES; APPROVING ATTORNEY'S FEES FOR LOTT & LEVINE, FOR INVOICE DATED APRIL 17, 2008 IN THE TOTAL AMOUNT OF $4,418.25; AND CHARGING THE AMOUNT TO ACCOUNT NO. 610 - 1110 - 583 -61 -10 (LAND ACQUISITION ACCOUNT); AND PROVIDING AN EFFECTIVE DATE. BACKGROUND The firm of Lott & Levine currently serves as general counsel to the SMCRA. The firm has submitted the following invoice dated April 17, 2008 (Exhibit A) for general corporate matters. Invoice Date Amount April 17, 2008 $4,418.25 Total amount of all invoices: $4,418.25 Charge Account No. 610 -1110- 583 -61 -10 (Land Acquisition Account) RECOMMENDATION Staff recommends approval of the attached resolution authorizing the SMCRA Director to: (1) Disburse payment for legal services rendered for general corporate matters in the amount of $4,418.25 to Lott & Levine, charging the amount to Account No. 610 - 1110 - 583 -61 -10 (Land Acquisition Account). Following funding disbursement, the remaining balance in Account No. 610 - 1110 - 583- 61 -'10 will be $925,069.87. Attachments: Resolution Lott & Levine Invoices SD: \CRA \Lott & Levine Payment Report.doc 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 RESOLUTION NO. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY (SMCRA) RELATING TO ATTORNEY FEES; APPROVING ATTORNEY'S FEES FOR LOTT & LEVINE, FOR INVOICE DATED APRIL 17, 2008 IN THE TOTAL AMOUNT OF $4,418.25; AND CHARGING THE AMOUNT TO ACCOUNT NO. 610 - 1110 - 583 -61 -10 (LAND ACQUISITION ACCOUNT); AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Lott & Levine, submitted invoices to the CRA for legal services rendered, costs advanced, for 0076 -001, land acquisition matters for the periods ending April 17, 2008 in the amount of $4,418.25. NOW THEREFORE BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SOUTH MIAMI, FLORIDA THAT: Section 1. The South Miami Community Redevelopment Agency authorizes payment in the amount of $4,418.25 to Lott & Levine, for its attorney's fees on 0076 -001, land acquisition matters. Following funding disbursement, the remaining balance in Account No. 610 - 1110 - 583 -61 -10 will be $925,069.87. Section 2. This resolution shall take effect immediately upon adoption. PASSED AND ADOPTED this day of October, 2008. ATTEST: City of South Miami Community Redevelopment Agency Clerk READ AND APPROVED AS TO FORM: Eve A. Boutsis, General Counsel APPROVED: Chairperson Horace Feliu Board Vote: Chairperson Feliu: Vice Chairperson Beasley: Board Member Wiscombe: Board Member Palmer: Board Member Beckman: Board Member R. Williams: Board Member L. Williams: LOTT & LEVINE , DADELAND CENTRE, SUITE 1014 9155 SOUTH DADELAND BOULEVARD MIAMI, FLORIDA 33156 CITY OF SOUTH MIAMI EVE A. BOUTSIS, ESQ. OFFICE OF THE CITY ATTORNEY 18001 OLD CUTLER RD, SUITE 556 PALMETTO BAY, FL 33157 For Professional Services Concerning: Matter Number: CITY4.06062 EXHIBIT A April 17, 2008 Reference No. 8985 Title: CITY VS. HARP-ELL (6082 SW 63 ST) Hours 09/20/07 TELEPHONE CALL FROM/CONFERENCE 0.20 WITH BOUTSIS. 09/25/07 RECEIVED AND REVIEWED FAX FROM ROSENBERG REGARDING OFFER TO PURCHASE. 0'20 09/28/07 REVIEWED E -MAIL AND FOLLOW UP TELEPHONE CONFERENCE WITH ATTORNEY FOR ESTATES OF HARRELL AND BYRON. 0.20 10/04/07 RECEIVED AND REVIEWED E -MAIL FOR ATTORNEY FOR ESTATES; TELEPHONE "CONFERENCE WITH BOUTSIS, S. DAVID AND APPRAISER, SETH POMERANCE. 0.50 10/05/07 TELEPHONE CALL TO ATTORNEY FOR ESTATE - LEFT MESSAGE; FOLLOW UP TELEPHONE CONFERENCE. 0.20 10/15/07 TELEPHONE CALL TO BOUTSIS - LEFT MESSAGE. 0.20 10/16/07 RECEIVED AND REVIEWED E -MAIL FROM ATTORNEY FOR ESTATES; E- MAILED COPY WITH COMMENTS TO BOUTSIS AND S. DAVID. 0.40 10/17/07 TELEPHONE CONFERENCE WITH BOUTSIS - E- MAIL RECEIVED FROM ATTORNEY FOR ESTATES. 0'20 10/23/07 TELEPHONE CONFERENCE WITH ATTORNEY FOR ESTATES; TELEPHONE CALL TO S. DAVID - LEFT MESSAGE. 0.20 10/25/07 TELEPHONE CONFERENCE WITH APPRAISER. 0.20 Page: 2 Reference Number: 8986 10/26/07 RECEIVED AND REVIEWED E -MAIL FROM ATTORNEY FOR ESTATE REGARDING SALE; FOLLOW UP TELEPHONE CONFERENCE WITH S. DAVID. 0.30 10/29/07 TELEPHONE CALL FROM ATTORNEY FOR ESTATE; TELEPHONE CONFERENCE WITH S. DAVID; FOLLOW UP TELEPHONE CONFERENCE WITH ATTORNEY FOR ESTATE. 0.30 10/30/07 TELEPHONE CONFERENCE WITH S. DAVID. o.ia 11/06/07 RECEIVED AND REVIEWED E -MAIL FROM BOUTSIS TO SILVA REGARDING TITLE REPORT FOR UNSAFE STRUCTURES. 0.20 11/08/07 RECEIPT OF FAX FROM BOUTSIS 0.10 REGARDING INSPECTION REPORT. 11/08/07 TELEPHONE CALL FROM /CONFERENCE 0.20 WITH BOUTSIS REGARDING E & O REPORTS. 11/09/07 RECEIVED AND REVIEWED E-MAIL FROM ATTORNEY FOR ESTATES; TELEPHONE CONFERENCE WITH S. DAVID. 0.30 11/15/07 TELEPHONE CONFERENCE WITH S. DAVID; TELEPHONE CALL TO ATTORNEY FOR ESTATE - LEFT MESSAGE. 0.20 11/19/07 RETRIEVED FILES O CI C 1.75 FAX RA. ED COPIES OF TITLE POLICIES TO 11/26/07 RECEIVED AND REVIEWED E-MAIL FROM JOSH ROSENBERG REGARDING SECOND APPRAISAL. 0.20 11/27/07 AT CRA TO PICK UP SECOND APPRAISAL. 0.50 11/28/07 DRAFTED LETTER TO ATTORNEY FOR HARRELL ESTATE; RECEIVED AND REVIEWED E-MAIL FROM S. DAVID. 0 50 11/29/07 MEETING WITH ATTORNEY FOR HARRELL ESTATE TO DELIVER AND DISCUSS SECOND APPRAISAL. 0.50 11 /30/07 TELEPHONE CONFERENCE WITH S. DAVID - 0.20 AMOUNT TO OFFER ABOVE NEW. TELEPHONE CONFERENCE WITH ATTORNEY 01/09/08 FOR ESTATES - STATUS OF HIS CLIENT'S REPLY TO SECOND APPRAISAL AND DISCREPANCY BETWEEN TAXED ASSESSED VALUE AND SECOND APPRAISAL VALUE. 0 30 01/10/08 TELEPHONE CONFERENCE WITH S. DAVID - 0.20 STATUS REPORT. TELEPHONE CONFERENCE WITH LORRAINE, 01/15/08 CRA - REVIEWED FILE TO PROVIDE 0.20 INFORMATION. 02/02/08 RECEIVED AND REVIEWED NOTICE OF 0.20 MOTION TO DISMISS. 02/11/08 REVIEWED FILE; LOGGED HEARING DATE 0.10 ON MOTION TO DISMISS. 02/14/08 MEETING WITH TAX APPRAISER TO 1.50 DETERMINE BASIS OF VALUATION. 02/15/08 TELEPHONE CONFERENCE WITH S. DAVID - VALUATION OF PROPERTY; CALLS TO BOUTSIS AND ROSENBURG - LEFT 0.30 MESSAGES. 02/20/08 CEIVE ESTATE ATTORNEY (ESTATE OF BYRON); CALL TO ATTORNEY - LEFT MESSAGE. 0.30 02/21/08 FOLLOW UP MEETING WITH TAX APPRAISER - STILL TRYING TO LOCATE TAX 0.75 JACKET. 02/22/08. TELEPHONE CALL FROM/CONFERENCE WITH TAX ASSESSOR - NO TAX JACKET BECAUSE LAND IS VACANT; CALL TO 0.20 BOUTSIS - LEFT MESSAGE. 02/25/08 TELEPHONE CONFERENCES WITH ATTORNEY FOR ESTATES AND BOUTSIS - REQUEST FOR INSTRUCTIONS HOW CRA WISHES TO PROCEED. 0.30 02/27/08 RECEIVED AND REVIEWED E-MAIL FROM PROBATE ATTORNEY, ROSENBERG - MOTION FOR AUTHORITY TO LIST PROPERTY; FOLLOW UP CALL TO EVE - LEFT MESSAGE. 0.40 Page: 4 Reference Number. 8985 03/07/08 RECEIVED AND REVIEWED E -MAIL FROM 0.20 ROSENBERG. 03/12/08 RECEIVED AND REVIEWED E -MAIL FROM ATTORNEY FOR ESTATES; CALL TO ROSENBERG - LEFT MESSAGE. 0.30 03/18/08 TELEPHONE CONFERENCES WITH BOUTSIS AND ATTORNEY FOR ESTATES - WHAT AMOUNT SMCRA INTERESTED IN PURCHASING LAND FOR; RECEIVED AND REVIEWED FAXES FROM ESTATE'S ATTORNEY - PETITIONS TO EXTEND TIME TO CLOSE ESTATES. 0.80 03/24/08 TELEPHONE CONFERENCE WITH BOUTSIS; REVIEWED ORDER SETTING HEARING FOR 8/10; TELEPHONE CALL TO ATTORNEY FOR ESTATES - LEFT MESSAGE. d.30 03/25/08 TELEPHONE CONFERENCE WITH ATTORNEY FOR ESTATES - REQUESTED COPIES OF OATH OF PR AND DESIGNATION OF REGISTERED AGENT; RECEIVED AND REVIEWED FAX - COPIES PER REQUEST. 0.40 03/26/08 TELEPHONE CONFERENCE WITH BOUTSIS TO DISCUSS WHO WILL BE SIGNING AFFIDAVIT OF SCRIVENER'S ERROR. 0.20 03/27/08 TELEPHONE CONFERENCE WITH ATTORNEY FOR ESTATES. 0.20 04/01/08 PREPARED AMENDED COMPLAINT AND SHOWING OF GOOD CAUSE; FILED PAPERS WITH CLERK OF COURT. 3.50 04/09/08 TELEPHONE CONFERENCES WITH BOUTSIS' OFFICE AND S. DAVID - OFFER/CONTRACT TO PURCHASE FOR $20,000.00. 0.30 04/10/08 TELEPHONE CALL FROM/CONFERENCE 0.20 WITH BOUTSIS. 04/10/08 PREPARED FOR AND ATTENDED HEARING 2,50 ON COURT'S MOTION TO DISMISS. 04/10/08 RECEIVED AND REVIEWED E -MAIL FROM S. DAVID TO SUSAN SNAVELY REGARDING REAL ESTATE PURCHASE AGREEMENT AND EXHIBITS. 0'20 Page: 5 Reference Number: 8985 04/11/08 OBTAINED TAX REPORT; TELEPHONE CONFERENCE WITH BOUTSIS; FAXED COPY OF REPORT. 0.50 04/14/08 RECEIVED AND REVIEWED E -MAIL FROM BOUTSIS REGARDING TAXES; CALLS TO BOUTSIS AND ROSENBERG - LEFT MESSAGES. 0.30 Total Hours and Fees: 22.60 $4,407.00 COSTS ADVANCED Cost Amount Date Description 02/14/08 Disbursement to: MIAMI PARKING $2.50 02/21/08 Disbursement to: MIAMI PARKING $2.50 04/10/08 Disbursement to: MIAMI PARKING $6.25 Total Costs: $11.25 Matter Summary: Total Fees: $4,407.00 Total Cost: $11.25 Sub -Total Current Fees and Costs: $4,418.25 Amount Due: $4,418.25 PAYMENT IS DUE ON OR BEFORE MAY 5, 2008. PLEASE INCLUDE THE BILL OR REFERENCE NUMBER ON YOUR REMITTANCE. THANK YOU. To: Honorable Chair SMCRA Boa>4il From: Stephen SMCRA ' 1001 Making our Neighborhood a Great Place to Live, Work and Play" Date: October 13, 2008 ITEM No. CONTRACT AMENDMENT FOR MARSHALL WILLJAMSON LIGHTING IMPROVEMENTS A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) RELATING TO PARK IMPROVEMENTS; AUTHORIZING A FIRST ADDENDUM TO AN EXISTING AGREEMENT WITH BENSON ELECTRIC TO INSTALL SECURITY LIGHTING AT MARSHALL WILLIAMSON PARK AND CHARGING THE ADDITIONAL AMOUNT OF $13,413 TO ACCOUNT NO. 610 - 1110 - 572 -34 -50 (CONTRACTUAL SERVICES/MARSHALL WILLIAMSON PARK IMPROVEMENTS); AND PROVIDING AN EFFECTIVE DATE BACKGROUND During the September 8, 2008 Meeting, the Board authorized Benson Electric Inc. to install security lighting at Marshall Williamson Park directly south of the SMCRA funded park pavilion. The approved lighting installation project was part of a park improvement plan prepared by C3TS in September 2005 (Exhibit A). Additional lighting was initially proposed as a means to address the homelessness activity in this area and as a way to facilitate additional recreational programming in the park. Staff recently received an accompanying cost proposal from Benson Electric to repair non- functioning lighting at the existing park tennis courts. The tennis courts are located directly north of the SMCRA constructed pavilion and just west of the South Miami Senior Center. Following the installation of lighting at these targeted locations, the overall safety and functionality of the park will be greatly enhanced and readied for additional park programming. Approval of the attached resolution shall authorize an amendment to the existing agreement with Benson Electric Inc. and addendum attached as Exhibit IB to install additional security lighting at the Marshall Williamson Park Tennis Courts for a cost of $13,413. RECOMMENDATION Staff recommends approval of the attached resolution authorizing an amendment to the existing contract with Benson Electric Inc. for an additional amount of $13,413 to install security lighting at the Marshall Williamson Park Tennis Courts. Attachments: 2005 Marshall Williamson Park Improvement Plans Benson Electric Contract Addendum SD/MCGRUFF \PLANNING \CRA \Contract Amedment for Park Lighting Installation. doc I RESOLUTION NO. 2 3 4 A RESOLUTION OF THE CITY OF SOUTH MIAMI 5 COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) 6 RELATING TO PARK IMPROVEMENTS; AUTHORIZING A 7 FIRST ADDENDUM TO AN EXISTING AGREEMENT WITH 8 BENSON ELECTRIC TO INSTALL SECURITY .LIGHTING 9 AT MARSHALL WILLIAMSON PARK AND CHARGING 10 THE ADDITIONAL AMOUNT OF $13,413 TO ACCOUNT NO. 11 610 - 1110 - 572 -34 -50 (CONTRACTUAL SERVICES/MARSHALL 12 WILLIAMSON PARK IMPROVEMENTS); AND PROVIDING 13 AN EFFECTIVE DATE. 14 15 WHEREAS, in September 2005, engineering plans were developed by CT3S 16 for Marshall Williamson Park which included specific improvements for lighting 17 improvements at Marshall Williamson Park; and, 18 19 WHEREAS, during the September 8, 2008 Meeting, the Board authorized 20 Benson Electric Inc. to install security lighting at Marshall Williamson Park in the 21 area directly south of the SMCRA funded pavilion; and, 22 23 WHEREAS, the addition of security lighting in the park was proposed to 24 address homeless activity in this area and to facilitate additional recreational 25 programming in the park; and, 26 27 WHEREAS, staff recently received an accompanying cost proposal from 28 Benson Electric to repair non - functioning lighting at the existing park tennis courts; 29 and, 30 31 WHEREAS, the existing tennis courts are located directly north of the 32 SMCRA constructed pavilion and just west of the South Miami Senior Center and 33 following the installation of lighting at these targeted locations, the overall safety and 34 functionality of the park will be greatly enhanced and readied for additional park 35 programming; and, 36 37 WHEREAS, the SMCRA Board desires to improve the existing conditions in 38 Marshall Williamson Park and the quality of life for SMCRA residents. 39 40 41 42 NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH MIAMI 43 COMMUNITY REDEVELOPMENT AGENCY: 44 1 2 3 4 5 6 7 8 11 9 10 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Section 1. The SMCRA Board authorizes a first addendum to the existing agreement with Benson Electric, Inc., which first addendum is attached to this resolution as Exhibit 1B, the terms of which provides for the installation of additional security lighting at the Marshall Williamson Park Tennis Courts for an additional cost of $13,413 and charging the total amount to Account No. 610 -1110- 572-34-50 (Marshall Williamson Park Improvements). Following funding disbursement, the remaining balance in Account No. 610 -1110- 572 -34 -50 shall be $96,587. Section 2. This resolution shall take effect immediately upon approval. PASSED AND ADOPTED this day of October, 2008. ATTEST: South Miami Community Redevelopment Agency Clerk READ AND APPROVED AS TO FORM: APPROVED: Chairperson Horace Feliu Eve A. Boutsis, Office General Counsel South Miami Community Redevelopment Agency Board Vote: Chairperson Feliu: Vice Chairperson Wiscombe: Board Member Birts: Board Member Palmer: Board Member Beckman: Board Member R. Williams: Board Member L. Williams: I r® c/ E ■cu cu F U W O n ca E O •' o CO t6 C] E M� V re n W ■ e E 0 ca j ■e in 4— Cis C CD E o .® E � � U F- Z W J U 3�zu0 w m Q o a. w m I X a co h NQ�°o�'W 00 N yAam nl z 0 ng °3$C O to W z /� V //���� ` r o g� C I i 5° a ea W S O W Z F"' u/ yLO O) Q J � �" N <S"�5 a e�' - O C — Q Z N t¢@ 6 p r C ° N J O E °b N° �J i N U - - Z m` nN v v�0 16 _J SF= m � _ °n a w ja i t _ p O p W \ 0 O s BR°a O o _N Q W CL rnJ d< � :2 N u38 01010 ca E O •' o CO t6 C] E M� V re n W ■ e E 0 ca j ■e in 4— Cis C CD E o .® E � � U F- Z W J U V z c a W a m m Q N z W U Ld J (A w F- O Z J a W Z W 0 aa��Za o UW Z U O a ' d ALO C � � 4 d b� $ a S �jy Sd 13 , Shy 3 ly � f .1 1Es pi S� q e p F nC yy i9 j p pp : 5Y k� h zS Sk n� a V �8 d e � @ @x x 8j �Ypg OR 7 ngE: d. d _ _ y _H e• 0 d °i B n v m g � a M O Rr,_L N yAam nl z W �Eotrn �R� Uy J z Z C V z c a W a m m Q N z W U Ld J (A w F- O Z J a W Z W 0 aa��Za o UW Z U O a ' d ALO C � � 4 d b� $ a S �jy Sd 13 , Shy 3 ly � f .1 1Es pi S� q e p F nC yy i9 j p pp : 5Y k� h zS Sk n� a V �8 d e � @ @x x 8j �Ypg OR 7 ngE: d. d _ _ y _H e• 0 d °i B n v m KmR�@ 'RC m z i"_S O Rr,_L N yAam nl 02:i a W �Eotrn �R� U r u U m l p L T m13 ` 4 c �" Au°m3m o E Q V e 2 >U dW V z c a W a m m Q N z W U Ld J (A w F- O Z J a W Z W 0 aa��Za o UW Z U O a ' d ALO C � � 4 d b� $ a S �jy Sd 13 , Shy 3 ly � f .1 1Es pi S� q e p F nC yy i9 j p pp : 5Y k� h zS Sk n� a V �8 d e � @ @x x 8j �Ypg OR 7 ngE: d. d _ _ y _H e• 0 d EXHIBIT A F5, iyii t 1 de �8� l ig;g �Rn Qy1411$r.4 �6�7H EXHIBIT A o ao s S- ut Q m U m oIW L44 noS j� <��� �No � � oj' mc�ivaiaOIJ INVIN H1(lOS 'N° we o °s' �xo�- wz —c mrn' a�E>i= °° "gym ~�0 I =WY �yo ,d UOSUJDIIIIM IIDgSJDW •� w m ��N W W W y s Q W du uo1a >ruyeuo3 Mery m J i5p Z Q 3 �m EXHIBIT 1 CONTRACT FOR LIGHTING INSTALLATION SERVICES THIS CONTRACT is made and entered into as of the day of September, 2008 by and between the South Miami Community Redevelopment Agency ( SMCRA), and Benson Electric, Inc. (contractor). WHEREAS, the SMCRA desires to engage and retain the services of the contractor to perform the work described in this contract and the contractor desires to accept the engagement. NOW THEREFORE, in consideration of the sum of $10.00, the mutual promises and covenants contained in this contract, and for other good and valuable consideration, the receipt and legal sufficiency of which is acknowledged by both parties, the parties agree as follows: I. WHEREAS CLAUSES. The above whereas clauses are incorporated and made a part of this contract. II. PURPOSE. The purpose of this contract is for contractor to provide the SMCRA with licensed electrical and lighting installation work as provided for on attached Exhibit IA. III. WARRANTY. All work performed by the contractor must have a seven (7) year warranty from the date of installation. This warranty is to include all parts and labor for all work and /or installations performed by the contractor for the SMCRA. Any worked performed by the contractor which is not to the satisfaction of the SMCRA, must be addressed and corrected within 48 hours of verbal and /or written notice. IV. GENERAL. Contractor shall at all times enforce strict discipline and good behavior among its employees and shall take all steps necessary to insure that they are familiar with and abide by all safety and other rules. Contractor shall provide competent and adequate installation personnel, and shall assign an experienced supervisor responsible for the property for the duration of the contract. All personnel shall be required to wear clean uniforms while on site, with company emblem for identification. Contractor shall supply all required, Permits, Labor, Materials and equipment necessary for the satisfactory performance of the services listed herein. Contractor shall provide all licenses, permits and insurance necessary to perform the services outlined. Contractor shall take care to avoid damage to Owner's property, and the property of Owner's tenants, vendors and patrons. Contractor is responsible of the disposal of any debris associated with any work performed for the SMCRA. V. CHANGE ORDERS/WORK ORDERS. The SMCRA or Contractor, may at any time, upon mutual Contract and by written order, make changes within the general scope of SMCRA Contractor Page 1 of 6 this Contract in the services to be performed. SMCRA may, from time to time, request changes in the services of the Contractor to be performed hereunder. Such changes, including any increase or decrease in the amount of the Contractor's compensation, which are mutually agreed upon between SMCRA and the Contractor shall be incorporated in written amendments to this Contract. If any such changes causes an increase or decrease in the prices charged, the maximum amount of the Contract, or the time required for performance of any part of the work under this Contract, whether or not changed by the order, or otherwise affects the conditions of this Contract, SMCRA shall make an equitable adjustment in the maximum amount, the price(s), the delivery schedule, or other affected terms, and shall modify the Contract with a mutually negotiated written Change Order. VI. PAYMENT TERMS. Payment shall be the amount listed in, and as provided in Exhibit 1: Payment shall disbursed within 14 days of final inspection and approval of the work by the South Miami Building Department. VII. TERMINATION FOR CONVENIENCE. The SMCRA may terminate this contract for convenience at any time by giving 15 -days notice in writing to the contractor. The contractor will be paid for the value of services performed pursuant to the schedule contained in the statement of work, up to and including the termination date. Contractor will be permitted to complete on -going investigations and shall be paid for all satisfactory work completed. The SMCRA shall not be liable for future profits or losses. In the event that the SMCRA improperly terminates the contract for default under section VIII, below, the termination shall be deemed a termination for convenience under this section. VIII. TERMINATION FOR DEFAULT. Either party may terminate this contract prior to the completion of the work on account of a material breach of this contract by the other party, which has not been cured within three days from the date of receipt of written notice of breach from the party seeking termination. Termination shall be effective as of the end of the notice period in the case of any uncured material breach. Contractor may terminate this contract prior to the expiration of the initial term or any subsequent renewal term upon not less than 60 days prior written notice to the SMCRA in the event that contractor is unable to complete the services identified in section II due to causes beyond contractor's control. The SMCRA shall have no liability to the contractor for future profits or losses in the event of termination for default. The rights and remedies of the SMCRA provided in this provision shall not be exclusive and are in addition to any other rights and remedies provided by law or under this contract. Should contractor provide the SMCRA with written notice of cancellation of contract, contractor will be required to refund a pro -rata share of the compensation identified in section VI. ►yu[4IC�_\ Contractor Page 2 of 6 IX. TRANSFER AND ASSIGNMENT. None of the work or services under this contract shall be subcontracted unless contractor obtains prior written consent from the SMCRA. Approved subcontractors shall be subject to each provision of this contract and contractor shall be responsible and indemnify the SMCRA for all subcontractors' acts, errors or omissions. The contractor shall not assign, transfer or pledge any interest in this contract without the prior written consent of the SMCRA; provided, however, that claims for money by the contractor from the SMCRA under this contract may be assigned, transferred or pledged to a bank, trust company, or other financial institution without the SMCRA's approval. Written notice of any assignment, transfer or pledge of funds shall be furnished within 10 -days by the contractor to the SMCRA. X. RESERVATION OF RIGHTS. The parties agree that this contract may be amended to modify the scope of services and commitment by contractor to SMCRA , so as to better fulfill the service needs of the SMCRA and it's properties. No additional consideration will be necessary to amend this contract. XI. SOVEREIGN IMMUNITY AND ATTORNEY'S FEES. The SMCRA does not waive sovereign immunity for any claim for breach of contract or for an award of prejudgment interest; provided, however, that in any action arising out of or to enforce this contract, the prevailing party shall be entitled to its reasonable attorney's fees and costs. XII. JURISDICTION AND VENUE. For the purposes of this contract, Florida law shall govern the terms of this contract. Venue shall be in Miami -Dade County, Florida. XII. INSURANCE AND INDEMNIFICATION. The SMCRA shall not be held liable or responsible for any claims which may result from acts, errors or omissions of the contractor or its subcontractors, suppliers or laborers. In reviewing, approving or rejecting any submissions or acts of the contractor, the SMCRA in no way assumes responsibility or liability for the acts, errors or omissions of the contractor or subcontractors. The contractor shall not commence work under this contract until it has obtained all insurance required by the SMCRA. The contractor shall defend, indemnify and hold the SMCRA harmless from any and all claims, liability, losses, expenses and causes of action arising solely out of a negligent act, error, or omission or misconduct of the contractor, or the contractor's subcontractors, suppliers and laborers incident to the performance of the contractor's services under this contract. The contractor shall pay all claims, losses, fines, penalties, costs and expenses of any nature whatsoever resulting from its intentional misconduct or negligence. The contractor shall maintain during the term of this contract the following insurance: A. Comprehensive general liability insurance with broad form endorsement, including automobile liability, completed operations and products liability, contractual liability, severability of interest with cross liability provision, and 5 Contractor Page 3 of 6 personal injury and property damage liability with limits of $1,000,000.00 combined single limit per occurrence for bodily injury and property damage. The policy or policies shall name SMCRA as additional insured and shall reflect the hold harmless provision contained herein. B. Workers' Compensation Insurance in compliance with Chapter 440, Florida Statutes, as presently written or hereafter amended. C. The policies shall contain waiver of subrogation against the SMCRA where applicable and shall expressly provide that the policy or policies are primary over any other insurance that the SMCRA may have. The SMCRA reserves the right to request a copy of the required policies for review. All policies shall contain a "severability of interest" or "cross liability" clause without obligation for premium payment of the SMCRA. D. All of the insurance is to be placed with Best rated A -8 or better insurance companies qualified to do business under the laws of the State of Florida. The contractor shall furnish certificates of insurance to the SMCRA prior to the commencement of operations. The certificates shall clearly indicate that the contractor has obtained insurance in the type, amount, and classification as required for strict compliance with this section and that no reduction in limits by endorsement during the policy term, or cancellation of this insurance shall be effective without 30 days prior written notice to the SMCRA. Compliance with the foregoing requirements shall not relieve the contractor of its liability and obligations under this contract. XIII. COMPLIANCE WITH LAWS. The Contractor shall be responsible for full compliance of the design criteria under section III of this contract. Contractor shall additionally comply with all applicable building codes, state and federal law. Additionally, all work completed shall be permitted. Any deficiencies in the scope of services shall be remedied by the Contractor at the Contractor's sole expense. XIV. LIENS. The Contractor, subcontractors, suppliers and laborers are prohibited from placing a lien on SMCRA's property. XV. SEVERABILITY. Should any section or any part of any section of this contract be rendered void, invalid or unenforceable by any court of law, for any reason, the determination shall not render void, invalid or unenforceable any other section or part of any section of this contract. XVI. NOTICES. All notices given or required under this contract shall be deemed sufficient if sent by certified mail, return receipt requested, to the addresses of the contractor and SMCRA Contractor Page 4 of 6 to the SMCRA specified in this contract, unless either party shall specify to the other party a different address for the giving of the notices. XVII. CONTRACTING OFFICER REPRESENTATION. For the purposes of this contract, the contracting officers are as follows: To the SMCRA: Stephen David, Director 6130 Sunset Drive City of South Miami, FL 33143 To Contractor: Benson Electric, Inc. 10475 SW 186 Street Miami, FL 33157 Attention: President An individual or delegated committee will be designated to represent the SMCRA in all matters pertaining to the work as it progresses. Interference by unauthorized individuals must be controlled so as no to impede the smooth progress of the work. Painting contractor shall review all work to be accomplished with project representative to preclude misunderstandings. XVIII. ENTIRE CONTRACT. The contract, when signed by all of the parties, constitutes the full and complete understanding and contract of all parties and may not be in any manner interpreted or fulfilled in contradiction of its express terms. This contract and the incorporated attachments constitute the entire understanding between the parties and integrates by its terms all previous contracts or understandings, oral or written, between the parties. In the event of any conflict, the terms of this contract will govern over the provisions of any incorporated documents XIX. MISCELLANEOUS PROVISION. In the event a court must :interpret any word or provision of this contract, the word or provision shall not be construed against either party by reason of drafting or negotiating this contract. IN WITNESS WHEREOF the parties have executed this contract on the date indicated above. WITNESSED: WITNESSED: ma Page 5 of 6 President, Benson Electric Inc. SMCRA Contractor ATTEST: By: Stephen David, SMCRA Director APPROVED AS TO FORM: By: Eve A. Boutsis, Nagin Gallop, & Figueredo, Office of General Counsel Page 6 of 6 SMCRA Contractor EXHIBIT 1 B FIRST ADDENDUM TO BENSON ELECTRIC, INC. AGREEMENT This First Addendum to the Agreement is entered into as of , 2008, by and between The South Miami Community Redevelopment Agency ( "SMCRA ") and Benson Electric, Inc. ( "Contractor "). WHEREAS, the purpose of this first addendum to the agreement is to supplement and revise the terms of the underlying agreement dated September 8th, 2008, which is attached as Exhibit 1; and, WHEREAS, the parties to this first addendum agree to supplement the scope of work and price associated with the scope of work. NOW THEREFORE, in consideration of the sum of $10.00, the mutual promises and covenants contained in this first. addendum, and for other good and valuable consideration, the receipt and legal sufficiency of which is acknowledged by both parties, the parties agree as follows: 1. Modification: The parties agree that the scope of services approved on September 9, 2008 did not include the scope of services for Phase II of the Electrical Work. Based upon the consideration recited above, and the mutual agreement of the parties, the underlying agreement shall be modified as to the Scope of Work, and the Contract Price terms, and length of contract under existing terms as provided under the attached proposal, which shall be incorporated by reference into this agreement as exhibit 2. All remaining terms and conditions shall be complied with under the underlying agreement, found at Exhibit 1. 2. Entire Agreement: This first addendum to the agreement when signed by all of the parties constitutes the full and complete understanding by and between the parties and integrates by its terms and all previous contracts or understandings, oral or written, between the parties. In the event of any conflict, the terms of this first addendum will govern over the provisions of any incorporated documents. Listed below are the sections of the agreement which are being revised, and/or supplemented by this first addendum: a. Exhibit 1B 3. Severability: Should any section or any part of any section of this first addendum be rendered void, invalid or unenforceable by any court of law, for any reason, the determination shall not render void, invalid or unenforceable any other section or part of any section of this first addendum. 4. Notices: All notices given or required under this first addendum shall be deemed sufficient if sent by certified mail, return receipt requested, to the addresses of the Tenant and to the SMCRA specified in this first addendum, unless either party shall specify to the other party a different address for the giving of the notices, as identified in section 5 below. First Addendum to Lease Agreement Page 2 of 2 5. Contracting Officer Representation: addendum, the contracting officers are as follows: To the SMCRA: 6130 Sunset Drive For the purposes of this first South Miami, Florida 33143 Attention: Stephen David, SMCRA Director To Contractor: Benson Electric, Inc. 10475 SW 186th Street Miami, Florida 33157 6. Miscellaneous Provision: In the event a court must interpret any word or provision of this first addendum, the word or provision shall not be construed against either party by reason of drafting or negotiating this first addendum. IN WITNESS WHEREOF, the parties to this first addendum, acting through their duly authorized officers, have executed this first addendum to the agreement as of the date first written above. Signed and Acknowledged by Signed and acknowledged by SMCRA: Contractor Benson Electric, Inc. BY: South Miami Community Redevelopment Agency By: Stephen David, Director by/By/2008 ©9:43 305- 235 -4690 BENSON ELECTRIC rHUt CI l.I PROPOSAL Benson Electric, Inc. 10475 SW 1860 Street Miami, V'.olriida 33157 (305) 235 -6741 Fax (305) 235 -4690 ECO000025 CC0360 Proposal subnainatte to: : project Narrlt . Tennis courts @ SW 62 Ct. City of So Miami P14: 305. 796 -25361 AT TN: Jartres McCants FAX: 305 -668 -7356 6130 Sunset Dr. So..Mia.. PL 33143 September 9,:2008 We belreby submit an estimate for f miishing electrical materials and labor necessary for the following electrical work: I . Run new conduit between existing concrete poles underiTouad on south side of tennis court. 2. Run new conduit on surface from existing junction box ti) junction box at top of concrete pole for power to light fixtures. 3. New service on rack system which includes one 125 a Ii single phase meter can, one 60 amp 12 circuit capacity panel and all necessary circuits. Two time clocks 240 volt (lighting contractor) 4, New service conduit from rack to concrete pale with FPL transformer. (owner to repair sidewalk). 5. includes electrical permit. Does not include any engineer drawings or fees if required by the permit departrnent. NO'T'ES: Not responsible for patebuing or painting. Not responsible for violations or fees the insp!ctor may find. All work to be done during normal working hours. Not responsible for any unforeseen hidden oh tractions. If job is cancelled there will be $150.00 fee and 20% restocking on all materials if already ordered.. WE propose to furnish materials and labor in accordance with the specification above for the sum of $13,413.00. This proposal may by withdrawn by us if not accepted within 30 days. Payment terms: 50% down payment, and balance due upon job completion. All materials =guaranteed to be as specified. All worst to be completcd in a "krnaulike i canner Recording to stRndard practices. Any alteration or deviation from the above specificaion involving extra costs will be executed on y upon the issuance of wrjtten change orders, and will become an extra charge over and above the estimate. AN agreements are contingent ttpo a strikes, accidents or delays beyond our control. Owner to carry fire, tomado and other necessary insurance. Qur workers are fully covered b� Workman's compensation insurance Authorized Signature Acceptance Signature Ever•ton A. Williams - Benson Electric. Inc. The above prices, spccifications and conditions are satisfactory and ere hereby accepted, You are bemcby authoritad to proceed with the work as described. Paymont shall be as specified. irk 2001 "Making our Neighborhood a Great Place to Live, Work and Play" To: Honorable Chair and SMCRA Board rs From: Stephen vid, SMCRA Directo Date: October 13, 2008 ITEM No.'_. PROPERTY OFFER TO PURCHASE 6477 SW 60TH AVENUE A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) RELATING TO LAND ACQUISITION; AUTHORIZING THE SMCRA DIRECTOR TO ENTER INTO CONTRACT WITH FREDERICK AND LAWRENCE KENNEDY TO PURCHASE PROPERTY LOCATED AT 6477 SW 60TH AVENUE (FOLIO NO. 09- 4025- 010 -0700) FOR A TOTAL PURCHASE PRICE OF $80,000 AND CHARGING THE TOTAL AMOUNT TO ACCOUNT NO. 610 - 1110 - 583 -61 -10 (LAND ACQUISITION ACCOUNT); AND PROVIDING AN EFFECTIVE DATE. BACKGROUND During the June 9, 2008 Meeting, the Board directed staff to obtain property appraisals for five properties located along 601h Avenue between SW 64th Street and SW 66t Street. The properties are currently located within a depressed area of the SMCRA and located within one block of the proposed Madison Square development site (Exhibit A). The Board subsequently reviewed the property appraisals for the following properties: 1. 6488 SW 601h Avenue (Folio # 09- 4025- 000 -0850) 2. 6457 SW 60th Avenue (Folio # 09- 4025- 010 -0060) 3. 6477 SW 60th Avenue (Folio # 09- 4025 -010 -0070) 4. 6487 SW 60th Avenue (Folio # 09- 4025- 010 -0080) 5. 6501 SW 601h Avenue (Folio 09- 4025 -010 -0090) Staff was recently contacted and provided with a purchase offer in the amount of $80,000 from Coldwell Banker to purchase 6477 SW 601h Avenue (Exhibit B). Based on the recent appraisals obtained by the SMCRA, the following appraised values have been obtained for 6477 SW 60th Avenue: Appraisal 41 Appraisal #2 Appraisal #3 $48,000 (Exhibit C) $68,500 (Exhibit D) $250,000 (Exhibit E) Approval of the attached resolution shall authorize the SMCRA Director to enter into a purchase and sale agreement with Frederick and Lawrence Kennedy to purchase property located at 6477 SW 60th Avenue (Folio No. 09- 4025- 010 -0700) for a total contract amount of $80,000. RECOMMENDATION Staff recommends approval of the attached resolution authorizing the SMCRA Director enter into contract with Frederick and Lawrence Kennedy to purchase property located at 6477 SW 601h Avenue (Folio No. 09- 4025 -010 -0700) for a total contract amount of $80,000. Attachments: Property Location Map Property Appraisal #1 Property Appraisal #2 Property Appraisal #3 SD /MCGRUFF\PLANNING \CRA \Property Purchase Offer for 6477 SW 60t" Avenue.doc I RESOLUTION NO. 2 3 4 A RESOLUTION OF THE CITY OF SOUTH MIAMI 5 COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) 6 RELATING TO LAND ACQUISITION; AUTHORIZING THE' 7 SMCRA DIRECTOR TO ENTER INTO CONTRACT WITH 8 FREDERICK AND LAWRENCE KENNEDY TO PURCHASE 9 PROPERTY LOCATED AT 6477 SW 60TH AVENUE (FOLIO 10 NO. 09- 4025- 010 -0700) FOR A TOTAL PURCHASE PRICE OF 11 $80,000; CHARGING THE TOTAL AMOUNT TO ACCOUNT 12 NO. � 610 - 1110 - 583 -61 -10 (LAND ACQUISITION ACCOUNT); 13 AND PROVIDING AN EFFECTIVE DATE. 14 15 WHEREAS, During the June 9, 2008 Meeting, the Board directed staff to 16 obtain property appraisals for five properties located along 601h Avenue between SW 17 64th Street and SW 66th Street; and, 18 19 WHEREAS, The properties are all located within a depressed area of the 20 SMCRA and are located within one block of the proposed Madison Square 21 development site; and, 22 23 WHEREAS, the Board subsequently reviewed the property appraisals for the 25 following properties: 1. 6488 SW 60th Avenue (Folio # 09- 4025- 000 -0850) 2. 6457 SW 601h Avenue (Folio # 09- 4025 -010 -0060) Q 3. 6477 SW 60th Avenue (Folio # 09- 4025- 010 -0070) 4. 6487 SW 60th Avenue (Folio # 09- 4025- 010 -0080) 34 6501 SW 601h Avenue (Folio 09- 4025- 010 - 0090); and, 35 36 WHEREAS, staff was recently contacted and provided with a purchase offer 37 in the amount of $80,000 from Coldwell Banker to purchase 6477 SW 60th Avenue 38 39 WHEREAS, based on the recent appraisals obtained by the SMCRA, the following jQ appraised values have been obtained for 6477 SW 60th Avenue: 43 Appraisal #I Appraisal #2 Appraisal #3 44 $48,000 $68,500 $250,000; and, 45 46 WHEREAS, the SMCRA Board desires to improve the existing conditions in 47 the SMCRA District through the purchase and improvement of slum and blighted 48 property. 49 1 2 3 4 5 6 7 8 9 10 11 12 13 14 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY: Section 1. The above whereas clauses are incorporated by reference into this resolution. Section 2. The SMCRA Board authorizes the SMCRA Director enter into contract, in substantial form as the agreement attached hereto, with Frederick and Lawrence Kennedy to purchase property located at 6477 SW 60th Avenue (Folio No. 09- 4025 -010 -0700) for a total contract amount of $80,000 and charging the total amount to Account No. 610- 1110 - 5583 -61 -10 (Land Acquisition Account). Following funding disbursement, the remaining balance in Account No. 610 -1110- 5583-61-10 shall be $1,006,059. Section 3. This resolution shall take effect immediately upon approval. PASSED AND ADOPTED this day of October, 2008. ATTEST: South Miami Community Redevelopment Agency Clerk READ AND APPROVED AS TO FORM: APPROVED: Chairperson Horace Feliu Eve A. Boutsis, Office General Counsel South Miami Community Redevelopment Agency Board Vote: Chairperson Feliu: Vice Chairperson Wiscombe: Board Member Birts: Board Member Palmer: Board Member Beckman: Board Member R. Williams: Board Member L. Williams: EXHIBIT A Madison Square Land Acquisition Map - July 28, 2008 South Miami Community Redevelopment Agency Area Iitu SMCRA S Ins 11 11 an a ......................................................... L j CdVs Bomdw °aom°o°m ■vv °a � �■ BOB 0 IN man vv ©� o°0 0 ►� �� alo ©o v �© SUM= NUF ry _SCI .. ............................... ----------- -- - -- -------- ------- -- ----- - ---- ---- - - ------- SMCRA Acquired and Owned Land Parcels Including Madison Square EXHIBIT B Vacant Land Contract 11111,01 _ FLORIDA ASSOCIATION OF REALTORS® RESIDENTIAL REAL ESTATE 1 PARTIES AND DESCRIPTION OF PROPERTY 2* 1. SALE AND PURCHASE: Frederick & Lawrence Kennedy Jr ( "Seller ") 3* and South Miami Community Redevelopment Agency ( "Buyer ") 4 agree to sell and buy on the terms and conditions specified below the property ( "Property ") described as: 5* Address: vacant land South Miami. FL 33143 6* Legal Description: Franklin Sub PB 5 -34 Lot 6 less W2.5ft Blk 1 Lot Size 5875 sqft or 20148-3693 -3700 11/20014 (3) 7* 8* 9* 10* 11* 12* including all improvements and the following additional property: 13* 14* 15 PRICE AND FINANCING 16* 2. PURCHASE PRICE: $ 80.000.00 payable by Buyer in U.S. funds as follows: 17* (a) $ 3,000.00 Deposit received (checks are subject to clearance) on , by 18* for delivery to Coldwell Banker ( "Escrow Agent") 19 Signature Name of Company 20* 21* 22* 23* 24* 25* (b) $ (c) (Address of Escrow Agent) 1501 Sunset Drive Coral Gables FL 33143 (Phone # of Escrow Agent) (305)666 -5922 Additional deposit to be delivered to Escrow Agent by , or days from Effective Date. (10 days if left blank). Total financing (see Paragraph 3 below) (express as a dollar amount or percentage) (d) $ Other: 26* (e) $. 77,000.00 Balance to close (not including Buyer's closing costs, prepaid items and prorations). All funds 27 paid at closing must be paid by locally drawn cashier's check, official check, or wired funds. 28* ❑ (f) (complete only if purchase price will be determined based on a per unit cost instead of a fixed price) The unit used to 29* determine the purchase price is ❑ lot ❑ acre ❑ square foot ❑ other (specify: ) prorating 30* areas of less than a full unit. The purchase price will be $ per unit based on a calculation of total area of 31 the Property as certified to Buyer and Seller by a Florida - licensed surveyor in accordance with Paragraph 8(c) of this 32* Contract. The following rights of way and other areas will be excluded from the calculation: 33* 34* 3. CASH/FINANCING: (Check as applicable) ® (a) Buyer will pay cash for the Property with no financing contingency. 35* ❑ (b) This Contract is contingent on Buyer qualifying and obtaining the commitment(s) or approval(s) specified below (the 36* "Financing ") within days from Effective Date (if left blank then Closing Date or 30 days from Effective Date, whichever 37* occurs first) (the "Financing Period "). Buyer will apply for Financing within days from Effective Date (5 days if left 38 blank) and will timely provide any and all credit, employment, financial and other information required by the lender. If Buyer, 39 after using diligence and good faith, cannot obtain the Financing within the Financing Period, either party may cancel this 40 Contract and Buyer's deposit(s) will be returned after Escrow Agent receives proper authorization from all interested parties. 41* El (1) New Financing: Buyer will secure a commitment for new third party financing for $ or 42* % of the purchase price at the prevailing interest rate and loan costs based on Buyer's creditworthiness. Buyer 43 will keep Seller and Broker fully informed of the loan application status and progress and authorizes the lender or 44 mortgage broker to disclose all such information to Seller and Broker. 45* ❑ (2) Seller Financing: Buyer will execute a ❑ first ❑ second purchase money note and mortgage to Seller in the 46* amount of $ bearing annual interest at % and payable as follows: 47* 48 The mortgage, note, and any security agreement will be in a form acceptable to Seller and will follow forms generally 49 accepted in the county where the Property is located; will provide fora late payment fee and acceleration at the mortgagee's 50 Buyer ( and Seller L_) ( j acknowledge receipt of a copy of this page, which is Page 1 of 7 Pages. VAC -9 Rev. 4107 0 2007 Florida Association of REALTORS& All Rights Reserved Form generated by: Ti *worms'" www.TrueForms.com 800-499 -9612 ® �,:�.„; 51 option if Buyer defaults; will give Buyer the right to prepay without penalty all or part of the principal at any time(s) with 52 interest only to date of payment; will be due on conveyance or sale; will provide for release of contiguous parcels, if 53 applicable; and will require Buyer to keep liability insurance on the Property, with Seller as additional named insured. 54 Buyer authorizes Seller to obtain credit, employment and other necessary information to determine creditworthiness for the 55 financing. Sellerwill, within 10 daysfrom Effective Date, give Buyerwritten notice ofwhetheror notSellerwill make the loan. 56* ❑ (3) Mortgage Assumption: Buyer will take title subject to and assume and pay existing first mortgage to 57* 58* LN# in the approximate amount of $ currently payable at $ 59* per month including principal, interest, ❑ taxes and insurance and having a ❑ fixed ❑ other (describe) 60* 61 * interest rate of % which ❑ will ❑ will not escalate upon assumption. Any variance in the mortgage will be 62 adjusted in the balance due at closing with no adjustment to purchase price. Buyer will purchase Seller's escrow 63* account dollar for dollar. If the lender disapproves Buyer, or the interest rate upon transfer exceeds % or the 64* assumption/transfer fee exceeds $ , either party may elect to pay the excess, failing which this 65 agreement will terminate and Buyer's deposit(s) w'sll be returned. 66 CLOSING 67* 4. CLOSING DATE; OCCUPANCY': This Contract will be closed and the deed and possession delivered on 15 days from 68* effective date ( "Closing Date'). Unless the Closing Date is specifically extended by the Buyer and Seller or by any other 69 provision in this Contract, the Closing Date shall prevail over all other time periods including, but not limited to, financing and 70 feasibility study periods. If on Closing Date insurance underwriting is suspended, Buyer may postpone closing up to 5 days after 71 the insurance suspension is lifted. If this transaction does not close for any reason, Buyer will immediately return all Seller - 72 provided title evidence, surveys, association documents and other items. 73 5. CLOSING PROCEDURE; COSTS: Closing will take place in the county where the Property is located and may be conducted 74 by mail or electronic means. If title insurance insures Buyer for title defects arising between the title binder effective date and 75 recording of Buyers deed, closing agent will disburse at closing the net sale proceeds to Seller (in local cashier's checks if 76 Seller requests in writing at least 5 days prior to closing) and brokerage fees to Broker as per Paragraph 17. In addition to other 77 expenses provided in this Contract, Seller and Buyer will pay the costs indicated below. 78 (a) Seller Costs: 79 Taxes on the deed 80 Recording fees for documents needed to cure title 81 Title evidence (if applicable under Paragraph 8) 82* Other: 83 (b) Buyer Costs: 84 Taxes and recording fees on notes and mortgages 85 Recording fees on the deed and financing statements 86 Loan expenses 87 Lender's title policy at the simultaneous issue rate 88 Inspections 89 Survey and sketch 90 Insurance 91* Other: 92 (c) Title Evidence and Insurance: Check (1) or (2): 93* ❑ (1) The title evidence will be a Paragraph 8(a)(1) owner's title insurance commitment. ❑ Seller will select the title 94* agent and will pay for the owner's title policy, search, examination and related charges or ❑ Buyer will select the title 95* agent and pay for the owner's title policy, search, examination and related charges or ❑ Buyer will select the title agent 96* and Seller will pay for the owner's title policy, search, examination and related charges. 97* ® (2) Seller will provide an abstract as specked in Paragraph 8(a)(2) as title evidence. ❑ Seller ® Buyer will pay for the 98 owner's title policy and select the title agent. Seller will pay fees for title searches prior to closing, including tax search 99 and lien search fees, and Buyer will pay fees for title searches after closing (if any), title examination fees and closing fees. 100 (d) Prorations: The following items will be made current and prorated as of the day before Closing Date: real estate taxes, 101 interest, bonds, assessments, leases and other Property expenses and revenues. If taxes and assessments for the current 102 year cannot be determined, the previous year's rates will be used with adjustment for any exemptions. PROPERTY TAX 103 DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT PROPERTY TAXES AS THE 104 AMOUNT OF PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO 105 PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE 106 PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING 107 VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER'S OFFICE FOR FURTHER INFORMATION. 108 (e) Special Assessment by Public Body: Regarding special assessments imposed by a public body, Seller will pay (i) the 109 full amount of liens that are certified, confirmed and ratified before closing and (ii) the amount of the last estimate of the 110 Buyer and Seller �) {_} acknowledge receipt of a copy of this page, which is Page 2 of 7 Pages. VAC -9 Rev- 4107 (D 2007 Florida Association of REALTORS& All Rights Reserved Form generated by_ TrueForms" www.TrueForms,00m 840-499 -9$12 111 assessment if an improvement is substantially completed as of Effective Date but has not resulted in a lien before closing, 112* and Buyer will pay all other amounts. If special assessments may be paid in installments ❑ Buyer ❑ Seller (if left blank, 113. Buyer) shall pay installments due after closing. If Seller is checked, Seller will pay the assessment in full prior to or at the 114 time of closing. Public body does not include a Homeowner Association or Condominium Association. 115 (f) Tax Withholding: If Seller is a "foreign person" as defined by FIRPTA, Section 1445 of the Internal Revenue Code 116 requires Buyer to withhold 10% of the amount realized by the Seller on the transfer and remit the withheld amount to the 117 Internal Revenue Service (IRS) unless an exemption applies. The primary exemptions are (1) Seller provides Buyer with an 118 affidavit that Seller is not a "foreign person ", (2) Seller provides Buyer with a Withholding Certificate providing for reduced or 119 eliminated withholding, or (3) the gross sales price is $300,000 or less, Buyer is an individual who purchases the Property to 120 use as a residence, and Buyer or a member of Buyer's family has definite plans to reside at the Property for at least 50% of 121 the number of days the Property is in use during each of the first two 12 month periods after transfer. The IRS requires Buyer 122 and Seller to have a U.S. federal taxpayer identification number ("TIN "). Buyer and Seller agree to execute and deliver as 123 directed any instrument, affidavit or statement reasonably necessary to comply with FIRPTA requirements including applying 124 for a TIN within 3 days from Effective Date and delivering their respective TIN or Social Security numbers to the Closing Agent. 125 If Seller applies for a withholding certificate but the application is still pending as of closing, Buyer will place the 10% tax in 126 escrow at Seller's expense to be disbursed in accordance with the final determination of the IRS, provided Seller so requests 127 and gives Buyer notice of the pending application in accordance with Section 1445. If Buyer does not pay sufficient cash at 128 closing to meet the withholding requirement, Seller will deliver to Buyer at closing the additional cash necessary to satisfy 129 the requirement. Buyer will timely disburse the funds to the IRS and provide Seiler with copies of the tax forms and receipts. 130 (g) 1031 Exchange: If either Seller or Buyer wishes to enter into a like -kind exchange (either simultaneously with closing or 131 after) under Section 1031 of the Internal Revenue Code ( "Exchange "), the other party will cooperate in all reasonable respects 132 to effectuate the Exchange including executing documents; provided, however, that the cooperating party will incur no liability 133 or cost related to the Exchange and that the closing shall not be contingent upon, extended or delayed by the Exchange. 134 PROPERTY CONDITION 135 6. LAND USE: Seller will deliver the Property to Buyer at the time agreed in its present "as is" condition, with conditions 136 resulting from Buyer's Inspections and casualty damage, if any, excepted. Seller will maintain the landscaping and grounds in a 137 comparable condition and will not engage in or permit any activity that would materially alter the Property's condition without the 138 Buyer's prior written consent. 139 (a) Flood Zone: Buyer is advised to verify by survey, with the lender and with appropriate government agencies which flood 140 zone the Property is in, whether flood insurance is required and what restrictions apply to improving the Property and 141 rebuilding in the event of casualty. 142 (b) Government Regulation: Buyer is advised that changes in government regulations and levels of service which affect 143 Buyers intended use of the Property will not be grounds for canceling this Contract if the Feasibility Study Period has 144 expired or if Buyer has checked choice (c)(2) below. 145 (c) Inspections: (check (1) or (2) below) 146 ❑ (1) Feasibility Study: Buyer will, at Buyer's expense and within days from Effective Date ( "Feasibility Study 147 Period "), determine whether the Property is suitable, in Buyer's sole and absolute discretion, for 148 use. During the Feasibility Study Period, Buyer may conduct a Phase 1 149 environmental assessment and any other tests, analyses, surveys and investigations ( "Inspections ") that Buyer deems 150 necessary to determine to Buyer's satisfaction the Property's engineering, architectural and environmental properties; 151 zoning and zoning restrictions; subdivision statutes; soil and grade; availability of access to public roads, water, and other 152 utilities; consistency with local, state and regional growth management plans; availability of permits, government approvals, 153 and licenses; and other Inspections that Buyer deems appropriate to determine the Property's suitability for the Buyer's 154 intended use. If the Property must be rezoned, Buyer will obtain the rezoning from the appropriate government agencies. 155 Seller will sign all documents Buyer is required to file in connection with development or rezoning approvals. 156 Seller gives Buyer, its agents, contractors and assigns, the right to enter the Property at any time during the Feasibility 157 Study Period for the purpose of conducting Inspections; provided, however, that Buyer, its agents, contractors and 158 assigns enter the Property and conduct Inspections at their own risk. Buyer will indemnify and hold Seller harmless from 159 losses, damages, costs, claims and expenses of any nature, including attorneys' fees, expenses and liability incurred in 160 application for rezoning or related proceedings, and from liability to any person, arising from the conduct of any and all 161 Inspections or any work authorized by Buyer. Buyer will not engage in any activity that could result in a construction lien 162 being filed against the Property without Seller's prior written consent. If this transaction does not close, Buyer will, at 163 Buyer's expense, (1) repair all damages to the Property resulting from the Inspections and return the Property to the 164 condition it was in prior to conduct of the Inspections, and (2) release to Seller all reports and other work generated as a 165 result of the Inspections. 166 Buyer will deliver written notice to Seller prior to the expiration of the Feasibility Study Period of Buyer's determination of 167 whether or not the Property is acceptable. Buyer's failure to comply with this notice requirement will constitute 168 acceptance of the Property as suitable for Buyer's intended use in its "as is" condition. If the Property is unacceptable to 169 Buyer and written notice of this fact is timely delivered to Seller, this Contract will be deemed terminated as of the day 170 after the Feasibility Study period ends and Buyer's deposit(s) will be returned after Escrow Agent receives proper 171 authorization from all interested parties. 172 X (2) No Feasibility Study: Buyer is satisfied that the Property is suitable for Buyer's purposes, including being 173 satisfied that either public sewerage and water are available to the Property or the Property will be approved for the 174 Buyer ( } ( and Seller ( ) ( } acknowledge receipt of a copy of this page, which is Page 3 of 7 Pages. VAC-9 Rev. 4107 0 2007 Florida Association of REALTORSO Ali Rights Reserved Form generated by; True Forms' www.TrueForms.com 800 -499 -9612 975 installation of a well and/or private sewerage disposal system and that existing zoning and other pertinent regulations and 176 restrictions, such as subdivision or deed restrictions, concurrency, growth management and environmental conditions, 177 are acceptable to Buyer. This Contract is not contingent on Buyer conducting any further investigations. 178 (d) Subdivided Lands: If this Contract is for the purchase of subdivided lands, defined by Florida Law as "(a) Any 179 contiguous land which is divided or is proposed to be divided for the purpose of disposition into 50 or more lots, parcels, 180 units, or interests; or (b) Any land, whether contiguous or not, which is divided or proposed to be divided into 50 or more lots, 181 parcels, units, or interests which are offered as a part of a common promotional plan. ", Buyer may cancel this Contract for 182 any reason whatsoever for a period of 7 business days from the date on which Buyer executes this Contract. If Buyer elects 183 to cancel within the period provided, all funds or other property paid by Buyer will be refunded without penalty or obligation 184 within 20 days of the receipt of the notice of cancellation by the developer. 185 7. RISK OF LOSS; EMINENT DOMAIN: If any portion of the Property is materially damaged by casualty before closing, or 186 Seller negotiates with a governmental authority to transfer all or part of the Property in lieu of eminent domain proceedings, 187 or if an eminent domain proceeding is initiated, Seller will promptly inform Buyer. Either party may cancel this Contract by 188 written notice to the other within 10 days from Buyer's receipt of Seller's notification, failing which Buyer will close in 189 accordance with this Contract and receive all payments made by the government authority or insurance company, if any. 190 TITLE 191 8. TITLE: Seller will convey marketable title to the Property by statutory warranty deed or trustee, personal representative or 192 guardian deed as appropriate to Seller's status. 193 (a) Title Evidence: Title evidence will show legal access to the Property and marketable title of record in Seller in 194 accordance with current title standards adopted by the Florida Bar, subject only to the following title exceptions, none of 195 which prevent Buyer's intended use of the Property as redevelopment : covenants, easements 196 and restrictions of record; matters of plat; existing zoning and government regulations; oil, gas and mineral rights of record if 197 there is no right of entry; current taxes; mortgages that Buyer will assume; and encumbrances that Seller will discharge at or 198 before closing. Seller will deliver to Buyer Seller's choice of one of the following types of title evidence, which must be 199 generally accepted in the county where the Property is located (specify in Paragraph 5(c) the selected type). Seller will use 200 option (1) in Palm Beach County and option (2) in Miami -Dade County. 201 (1) A title insurance commitment issued by a Florida- licensed title insurer in the amount of the purchase price and 202 subject only to title exceptions set forth in this Contract and delivered no later than 2 days before Closing Date. 203 (2) An existing abstract of title from a reputable and existing abstract firm (if firm is not existing, then abstract must be 204 certified as correct by an existing firm) purporting to be an accurate synopsis of the instruments affecting title to the 205 Property recorded in the public records of the county where the Property is located and certified to Effective Date. 206 However if such an abstract is not available to Seller, then a prior owner's title policy acceptable to the proposed 207 insurer as a base for reissuance of coverage. Seller will pay for copies of all policy exceptions and an update in a format 208 acceptable to Buyer's closing agent from the policy effective date and certified to Buyer or Buyer's closing agent, 209 together with copies of all documents recited in the prior policy and in the update. If a prior policy is not available to Seller 210 then (1) above will be the title evidence. Title evidence will be delivered no later than 10 days before Closing Date. 211 (b) Title Examination: Buyer will examine the title evidence and deliver written notice to Seller, within 5 days from receipt of 212 title evidence but no later than closing, of any defects that make the title unmarketable. Seller will have 30 days from receipt 213 of Buyer's notice of defects ( "Curative Period ") to cure the defects at Seller's expense. If Seller cures the defects within the 214 Curative Period, Seller will deliver written notice to Buyer and the parties will close the transaction on Closing Date or within 215 10 days from Buyer's receipt of Seller's notice if Closing Date has passed. If Seller is unable to cure the defects within the 216 Curative Period, Seller will deliver written notice to Buyer and Buyer will, within 10 days from receipt of Seller's notice, 217 either cancel this Contract or accept title with existing defects and close the transaction. 218 (c) Survey: Buyer may, prior to Closing Date and at Buyer's expense, have the Property surveyed and deliver written notice 219 to Seller, within 5 days from receipt of survey but no later than 5 days prior to closing, of any encroachments on the 220 Property, encroachments by the Property's improvements on other lands or deed restriction or zoning violations. Any such 221 encroachment or violation will be treated in the same manner as a title defect and Buyer's and Seller's obligations will be 222 determined in accordance with subparagraph (b) above. 223 (d) Coastal Construction Control Line: If any part of the Property lies seaward of the coastal construction control line as 224 defined in Section 161.053 of the Florida Statutes, Seller shall provide Buyer with an affidavit or survey as required by law 225 delineating the line's location on the Property, unless Buyer waives this requirement in writing. The Property being 226 purchased may be subject to coastal erosion and to federal, state, or local regulations that govern coastal property, including 227 delineation of the coastal construction control line, rigid coastal protection structures, beach nourishment, and the protection 228 of marine turtles. Additional information can be obtained from the Florida Department of Environmental Protection, including 229 whether there are significant erosion conditions associated with the shoreline of the Property being purchased. 230* ❑ Buyer waives the right to receive a CCCL affidavit or survey. 231 MISCELLANEOUS 232 9. EFFECTIVE DATE; TIME; FORCE MAJEURE: 233 (a) Effective Date: The "Effective Date" of this Contract is the date on which the last of the parties initials or signs and 234 delivers final offer or counteroffer. Time is of the essence for all provisions of this Contract. 235 (b) Time: All time periods expressed as days will be computed in business days (a "business day" is every calendar day 236 except Saturday, Sunday and national legal holidays). If any deadline falls on a Saturday, Sunday or national legal 237 Buyer ( (___) and Seller ( (_) acknowledge receipt of a copy of this page, which is Page 4 of 7 Pages. VAC -9 Rev. 4637 0 2007 Florida Association of REALTORS@ All Rights Reserved Form genet by; True Forms" www.TrueForms.com 800- 499 -9612 238 holiday, performance will be due the next business day. All time periods will end at 5:00 p.m. local time (meaning in the 239 county where the Property is located) of the appropriate day. 240 (c) Force Majeure: Buyer or Seller shall not be required to perform any obligation under this Contract or be liable 241 to each other for damages so long as the performance or non - performance of the obligation is delayed, caused or 242 prevented by an act of God or force majeure. An "act of God' or "force majeure" is defined as hurricanes, earthquakes, 243 floods, fire, unusual transportation delays, wars, insurrections and any other cause not reasonably within the control of 244 the Buyer or Seller and which by the exercise of due diligence the non - performing party is unable in whole or in part 245 to prevent or overcome. All time periods, including Closing Date, will be extended (not to exceed 30 days) for the period that 246 the force majeure or act of God is in place. In the event that such "act of God" or "force majeure" event continues beyond 247 the 30 days in this sub - paragraph, either party may cancel the Contract by delivering written notice to the other and Buyer's 248 deposit shall be refunded. 249 10. NOTICES: All notices shall be. in writing and will be delivered to the parties and Broker by mail, personal delivery or 250 electronic media. Buyer's failure to deliver timely written notice to Seller, when such notice is required by this Contract, 251 regarding any contingencies will render that contingency null and void and the Contract will be construed as if the 252 contingency did not exist. Any notice, document or item delivered to or received by an attorney or licensee (including a 253 transaction broker) representing a party will be as effective as if delivered to or by that party. 254 11. COMPLETE AGREEMENT: This Contract is the entire agreement between Buyer and Seller. Except for brokerage 255 agreements, no prior or present agreements will bind Buyer, Seller or Broker unless incorporated into this Contract. 256 Modifications of this Contract will not be binding unless in writing, signed or initialed and delivered by the party to be bound. This 257 Contract, signatures, initials, documents referenced in this Contract, counterparts and written modifications communicated 258 electronically or on paper will be acceptable for all purposes, including delivery, and will be binding. Handwritten or typewritten 259 terms inserted in or attached to this Contract prevail over preprinted terms. If any provision of this Contract is or becomes invalid 260 or unenforceable, all remaining provisions will continue to be fully effective. Buyer and Seller will use diligence and good faith in 261 performing all obligations under this Contract. This Contract will not be recorded in any public records. 262 12. ASSIGNABILITY; PERSONS BOUND: Buyer may not assign this Contract without Seller's written consent. The terms 263 "Buyer," "Seller," and "Broker" may be singular or plural. This Contract is binding on the heirs, administrators, executors, 264 personal representatives and assigns (if permitted) of Buyer, Seller and Broker. 265 DEFAULT AND DISPUTE RESOLUTION 266 13. DEFAULT: (a) Seller Default: If for any reason other than failure of Seller to make Seller's title marketable after diligent 267 effort, Seller fails, refuses or neglects to perform this Contract, Buyer may choose to receive a return of Buyer's deposit without 268 waiving the right to seek damages or to seek specific performance as per Paragraph 14. Seller will also be liable to Broker for 269 the full amount of the brokerage fee. (b) Buyer Default: If Buyer fails to perform this Contract within the time specified, 270 including timely payment of all deposits, Seller may choose to retain and collect all deposits paid and agreed to be paid as 271 liquidated damages or to seek specific performance as per Paragraph 14; and Broker will, upon demand, receive 50% of all 272 deposits paid and agreed to be paid (to be split equally among Brokers) up to the full amount of the brokerage fee. 273 14. DISPUTE RESOLUTION: This Contract will be construed under Florida law. All controversies, claims, and other matters in 274 question arising out of or relating to this transaction or this Contract or its breach will be settled as follows: 275 (a) Disputes concerning entitlement to deposits made and agreed to be made: Buyer and Seller will have 30 days from 276 the date conflicting demands are made to attempt to resolve the dispute through mediation. If that fails, Escrow Agent will 277 submit the dispute, if so required by Florida law, to Escrow Agent's choice of arbitration, a Florida court or the Florida Real 278 Estate Commission. ( "FREC "). Buyer and Seller will be bound by any resulting award, judgment or order. A broker's 279 obligation under Chapter 475, FS and the FREC rules to timely notify the FREC of an escrow dispute and timely resolve the 280 escrow dispute through mediation, arbitration, interpleader, or an escrow disbursement order, if the broker so chooses, 281 applies only to brokers and does not apply to title companies, attorneys or other escrow companies. 282 (b) All other disputes: Buyer and Seller will have 30 days from the date a dispute arises between them to attempt to 283 resolve the matter through mediation, failing which the parties will resolve the dispute through neutral binding arbitration in 284 the county where the Property is located. The arbitrator may not alter the Contract terms or award any remedy not provided 285 for in this Contract. The award will be based on the greater weight of the evidence and will state findings of fact and the 286 contractual authority on which it is based. If the parties agree to use discovery, it will be in accordance with the Florida Rules 287 of Civil Procedure and the arbitrator will resolve all discovery- related disputes. Any disputes with a real estate licensee 288 named in Paragraph 17 will be submitted to arbitration only if the licensee's broker consents in writing to become a party to 289 the proceeding. This clause will survive closing. 290 (c) Mediation and Arbitration; Expenses: "Mediation" is a process in which parties attempt to resolve a dispute by 291 submitting it to an impartial mediator who facilitates the resolution of the dispute but who is not empowered to impose a 292 settlement on the parties. Mediation will be in accordance with the rules of the American Arbitration Association ('AAA") or 293 other mediator agreed on by the parties. The parties will equally divide the mediation fee, if any. "Arbitration" is a process in 294 which the parties resolve a dispute by a hearing before a neutral person who decides the matter and whose decision is 295 binding on the parties. Arbitration will be in accordance with the rules of the AAA or other arbitrator agreed on by the parties. 296 Each party to any arbitration will pay its own fees, costs and expenses, including attorneys' fees, and will equally split the 297 arbitrators' fees and administrative fees of arbitration. In a civil action to enforce an arbitration award, the prevailing party to 298 the arbitration shall be entitled to recover from the nonprevailing party reasonable attomeys' fees, costs and expenses. 299 Buyer ( ( } and Seller ( acknowledge receipt of a copy of this page, which is Page 5 of 7 Pages. VAC -9 Rev. 4107• 0 2007 Florida Association of REALTORSO All Rights Reserved Form generated bT TrueForms' www.TrueForms.com 800.499 -9612 300 ESCROW AGENT AND BROKER 301 15. ESCROW AGENT: Buyer and Seller authorize Escrow Agent to receive, deposit and hold funds and other items in escrow 302 and, subject to clearance, disburse them upon proper authorization and in accordance with Florida law and the terms of this 303 Contract, including disbursing brokerage fees. The parties agree that Escrow Agent will not be liable to any person for 304 misdelivery of escrowed items to Buyer or Seller, unless the misdelivery is due to Escrow Agent's willful breach of this Contract 305 or gross negligence. If Escrow Agent interpleads the subject matter of the escrow, Escrow Agent will pay the filing fees and 306 costs from the deposit and will recover reasonable attomeys' fees and costs to be paid from the escrowed funds or equivalent 307 and charged and awarded as court costs in favor of the prevailing party. All claims against Escrow Agent will be arbitrated, so 308 long as Escrow Agent consents to arbitrate. 309 16. PROFESSIONAL ADVICE; BROKER LIABILITY: Broker advises Buyer and Seller to verify all facts and representations 310 that are important to them and to consult an appropriate professional for legal advice (for example, interpreting contracts, 311 determining the effect of laws on the Property and transaction, status of title, foreign investor reporting requirements, 312 the effect of property lying partially or totally seaward of the Coastal Construction Control Line, etc.) and for tax, property 313 condition, environmental and other specialized advice. Buyer acknowledges that Broker does not reside in the 314 Property and that all representations (oral, written or otherwise) by Broker are based on Seller representations or 315 public records. Buyer agrees to rely solely on Seller, professional inspectors and governmental agencies for 316 verification of the Property condition and facts that materially affect Property value. Buyer and Seller respectively will 317 pay all costs and expenses, including reasonable attorneys' fees at all levels, incurred by Broker and Broker's 318 officers, directors, agents and employees in connection with or arising from Buyer's or Seller's misstatement or failure 319 to perform contractual obligations. Buyer and Seller hold harmless and release Broker and Broker's officers, directors, 320 agents and employees from all liability for loss or damage based on (1) Buyer's or Seller's misstatement or failure to perform 321 contractual obligations; (2) Broker's performance, at Buyer's and/or Seller's request, of any task beyond the scope of services 322 regulated by Chapter 475, F.S., as amended, including Broker's referral, recommendation or retention of any vendor; (3) 323 products or services provided by any vendor; and (4) expenses incurred by any vendor. Buyer and Seller each assume full 324 responsibility for selecting and compensating their respective vendors. This paragraph will not relieve Broker of statutory 325 obligations. For purposes of this paragraph, Broker will be treated as a party to this Contract. This paragraph will survive closing. 326 17. BROKERS: The licensee(s) and brokerage(s) named below are collectively referred to as "Broker." Instruction to Closing 327 Agent:: Seller and Buyer direct closing agent to disburse at dosing the full amount of the brokerage fees as specified in 328 separate brokerage agreements with the parties and cooperative agreements between the brokers, except to the extent Broker 329 has retained such fees from the escrowed funds. In the absence of such brokerage agreements, closing agent will disburse 330 brokerage fees as indicated below. This paragraph will not be used to modify any MLS or other offer of compensation made by 331 Seller or listing broker to cooperating brokers. 332 * Oliver von Gundlach 3058563 Caldwell Banker 333 * Setting Sales Associate/License No. Selling Firm/Brokerage Fee.- ($ or % of Purchase Price) 3% 334 * Oliver von Gundlach 3058563 Caldwell Banker 335 * Listing Sales AssocialeJLicense No. Listing Firm/Brokerage Fee: ($ or % of Purchase Price) 3% 336 ADDITIONAL TERMS: 337 18. ADDITIONAL TERMS: 338 Pursuant to Section 475.42(1)(1), Fla. Stat., Seller and Buyer hereby grant Broker the right to place a lien on the Property to 339 ensure payment of services rendered. For purposes of this paragraph, Broker will be treated as a party to this Contract. 340 341 In addition to any brokerage fee noted in paragraph 17, Coldwell Banker Residential Heal Estate LLC will collect a $295 342 brokerage fee from its Buyer(s) and /or Seller(s) as agreed to in the Buyer's Disclosure and Information Form and /or Seller's 343 Listing Agreement. 344 345 Buyer and Seller agree that Coldwell Banker, if acting as escrow agent, will deposit the escrowed funds in a non- interest- 346 bearing account with a financial institution chosen by Coldwell Banker and that the financial institution, Coldwell Banker or any 347 of its related companies may obtain a direct or indirect benefit in connection with such deposit. 348 349 Buyer should not execute this contract until buyer has received and read the disclosure summary if required by section 720.401, 350 Florida Statutes which, if required, is incorporated into this contract. IF THE DISCLOSURE SUMMARY REQUIRED BY SECTION 351 720.401, FLORIDA STATUTES, HAS NOT BEEN PROVIDED TO THE PROSPECTIVE PURCHASER BEFORE EXECUTING THIS 352 CONTRACT FOR SALE, THIS CONTRACT IS VOIDABLE BY BUYER BY DELIVERING TO SELLER OR SELLER'S AGENT OR 353 REPRESENTATIVE WRITTEN NOTICE OF THE BUYER'S INTENTION TO CANCEL WITHIN 3 DAYS AFTER RECEIPT OF THE 354 DISCLOSURE SUMMARY OR PRIOR TO CLOSING, WHICHEVER OCCURS FIRST. ANY PURPORTED WAIVER OF THIS 355 VOIDABILITY RIGHT HAS NO EFFECT. BUYER'S RIGHT TO VOID THIS CONTRACT SHALL TERMINATE AT CLOSING. 356, 357 358 Buyer U (} and Seller (j ( ) acknowledge receipt of a copy of this page, which is Page 6 of 7 Pages. VAC-9 Rev. 4107 6 2007 Florida Associabon of REALTORSO All Rights Reserved Fpm generated by: True Forms" www.TrueForms.com 840-498 -9612 359* 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 This is intended to be a legally binding contract. If not fully understood, seek the advice of an attorney prior to signing. 377 OFFER AND ACCEPTANCE 378 (Check if applicable: ❑ Buyer received a written real property disclosure statement from Seller before making: this Offer.) 379 Bayer offers to purchase the Property on the above terms and conditions. Unless this Contract is signed by Seller and a copy 380* delivered to Buyer no later than ❑ a.m. ❑ p.m. on , this offer will be 381 revoked and Buyer's deposit refunded subject to clearance of funds. 382 COUNTER OFFER/REJECTION 383* []Seller counters Buyer's offer (to accept the counteroffer, Buyer must sign or initial the counter offered terms and deliver a 384 copy of the acceptance to Seller. Unless otherwise stated, the time for acceptance of any counteroffers shall be 2 days from the 385* date the counter is delivered. El Seller rejects Buyer's offer. 386* Date: 387* 388* Date: 389* Phone- 390* Fax: 391 * E -mail: 392* Date: 393* 394* Date: 395* Phone: 396* Fax: 397* E -mail: 398* Buyer. _ Print name: Buyer: — Print name: Address: South Miami Seller: Print name: Frederick Kennedy Seller: Print name: Lawrence Kennedy Address: 1641 NW 26th Ter Ft. Lauderdale, FL 33311 Effective Date: (The date on which the last party signed or initialed acceptance of the final offer.) 399 Buyer ( and Seller (_) U acknowledge receipt of a copy of this page, which is Page 7 of 7 Pages. The Florida Association of REALTORS and local Board /Association of REALTORS wake no representation as to the legal validity or adequacy of any provision of this form in any specific transaction. This standardized form should not be used in complex transactions or with extensive riders or additions. This form is available for use by the entire real estate industry and is not intended to identify the user as a REALTOR. REALTOR is a registered collective membership mark that may be used only by real estate licensees who are members of the National Association of REALTORS and who subscribe to its Code of Ethics. The copyright laws of the United States (17 U.S. Code) forbid the unauthorized reproduction of blank forms by any means including facsimile or computerized forms. VAC -9 Rev. 4107 0 2007 Florida Association of REALTORSO All Rights Reserved Farm gsnerated by True Fors" www.TrueForms.com 800 -499 -9612 EXHIBIT C' 1-i"M lillilliliq I (Fernandez Inc.) Fite No. 070856 Paae T 1 LAND APPRAISAL REPORT c�ie m„ n7nR5fi Borrower N/A - Private Census Tract 0076.03 Map Reference 54 -40 -25 Property Address 09- 4025 - 010 -0070 City South Miami County Miami -Dade State FL Zip Code 33143 _ Legal Description Franklin Sub PEl 5 -34 Lot 6 Less W2.5Ft BLK 1 Sale N/A Loan Term N/A yrs. Property Rights Appraised Fee ❑Leasehold [I De Minimis PUD Sale Price $ N/A Date of Actual Real Estate Taxes $ 3.156.28 Nr) Loan charges to be paid by seller $ N/A Other sales concessions N/A - Lender/Client SMCRA (S Miami Community Redev. Agency) Address 6130 Sunset Drive South Miami FL 33 Occupant Unknown Appraiser Gerardo Fernandez Instructions to Appraiser Deter mine Market Value Location ❑ Urban ® Suburban Rural Goo ® Over 75% ❑ 25% to 75% ❑ Under 25% Employment Stability ❑ Built Up Growth Rate ❑ Fully Dev. ❑ Rapid ® Steady ❑ Slow Convenience to Employment ❑ ® ❑ ❑ ❑ ® ❑ ❑ Property Values ❑ Increasing ❑ Stable ® Declining Convenience to Shopping Demand/Supply ❑ Shortage ❑ In Balance ® Oversupply Convenience to Schools 0 ® 0 0 ❑ Under 3 Mos. ® 4 -6 Mos. El Over 6 Mos. Adequacy of Public Transportation Marketing Time _ Present Land Use 90% 1 Family 3% 2 -4 Family _ %Apts. _b Condo 5* %Commercial Recreational Facilities ❑ ® ❑ ❑ ❑ ® ❑ ❑ — %Industrial_ %Vacant 2% Vacant Adequacy of Utilities Use ❑ Not Likely ® Likely ( *) ❑Taking Place ( *) Property Compatibility ®� ❑❑ Change in Present Land ( *) from Vacant To Residential Protection from Detrimental Conditions El ❑ ® ❑ ❑ Predominant Occupancy ® Owner ❑ Tenant % Vacant Police and Fire Protection El ® El ❑ Single Family Price Range $ 70.000 to $ 200.000 Predominant Value $ 115.000 General Appearance of Properties ❑ ®❑ ❑ Single Family Age New yrs. to 80+ yrs. Predominant Age 50 yrs. Appeal to Market Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, nokse):There were no unfavorable conditions the observed that would affect marketabili and/or market value. Adequate closeness to main arteries of transport tion gives subject access to a wide variety of amenities. Dimensions 47' x 125 as per Plat Mao = 5.875 Sq. Ft or Acres ❑ Comer Lot Present Improvements ® do ❑ do not conform to zoning regulations Zoning classification RS -4 Highest and best use ® Present use ❑ Other s ec Public Other (Describe) OFF SITE IMPROVEMENTS Topo Level Street Grade Elec. ® Street Access ® Public ❑ Private Size Typical of the Area Gas ❑ Surface Paved Asphalt Shape Rectangular Water ® Maintenance ® Public ❑ Private View Residential San. Sewer ® ® Storm Sewer ® Curb /Gutter Drainage Appears Ade uate ® ❑ No Yes El Underground Elect & Tel. Sidewalk ® Street Lights Is the property located in a HUD Identified special Flood Hazard Area? At the time of the inspection no adverse Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions): is recommended for verb cation of the property boundaries and flood zone. No easements were noted. Nonetheless a current survey factors that would negatively impact property value were apparent. Fema Special Flood Hazard Area: No- Fema Zone: X; Map Date: 03/0211994; MaD No.: 120658 C 0276 J The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar is adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant hem in the comparable property superior the indicated value of subject: R a significant Rem in the comparable is inferior to or less to or more favorable than the subject property, a minus ( -) adjustment is made thus reducing favorable than the subject property, a plus ( +) adjustment is made thus Increasing the Indicated value of the subject ITEM I SUBJECT PROPERTY Address 09- 4025 - 010 -0070 COMPARABLE NO.1 6000 SW 64th Street COMPARABLE NO.2 6133 SW 63rd Terrace COMPARABLE NO.3 6350 SW 60th Avenue am South Mii FL South Miami FL South Miami FL South Miami FL Proximity to Subject s_ „ ` 0.05 mtles $ 48 000 0 11 miles 70 000�� 0.08 miles $ 115 000 Sales Price $ N /A�� Price $ a' $� F.A.R.E.S Public Records $ $ F.A.R.E.SJPublic Records Data Source F.A.R.E.S Public Records Date of Sale and DESCRIPTION DESCRIPTION + - $ Adjust DESCRIPTION + - Adjust 11/2007 -4,667 DESCRIPTION + - $ Adjust. 1212007 -6,708 Time Adjustment Location N/A Average 04/2008 Average Average 4,500 S Ft i +11 000 Average 5,000 S Ft +7.000 • Sitenrew Im rovement 5,875 S . Ft None 5,750 S . R. None . Improved -20 000 . Im rovd. /Su edor ; -73,0K Road Access Paved Asphalt Paved Asphalt Paved As halt Paved Asphalt Sales or Financing N/A None known None known None known Concessions Net Ad'. (Total) Indicated Value_ + ; $ -13 667 d•�rm + �i'VOINf + t $ -72708 fl 42,292 of Subject) Metz• =.6.,$ 48000 ,,.Net DN4' u<$ 56,333 �RdetJ?32<$ Comments on Market Data: in amving at the final opinion of value most weight is given on comparable 1 as the most recent vacant land sale within the subject's neighborhood. See Addendum for additional Comments on Market Data * ** Comments and Conditions of Appraisal: This is a Summary Appraisal Report, not intended to be used for lending purposes; it is only rovide the Client an o inion of the subject's current market value. Anal Reconclliation: Only the market approach to value was used when arriving at the subject's opinion of market value. These sales are - considered the most similar available and the best indicators of value. 1 MARKET VALUE, A DEFINED, OF SUBJECT PROPERTY AS OF 07/21/2008 to be $ 48.00 0 Gerardo Fernandez ® Did El Did Not Physically Inspect Property Appraiser(s) Review Appraiser rd applicable (Y2K) Fernandez Residential Appraisers, inc. Form LND — VinTOTAL° appraisal software by a la mode, inc. —1- 800- ALAMODE LAND APPPAISAL REPORT File No. 070856 Paoe�2 MARKET DATA ANALYSIS Fila Nn n7n856 ITEM I SUBJECT PROPERTY COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6 Address 09- 4025 - 010 -0070 South Miami FL 6487 SW 60th Avenue South Miami FL 6461 SW 59th Court South Miami FL Proximi to Subject Sales Price Price z $ N/A $ 0 01 miles $ 97,000 0 10 miles 99,900 $.. Data Source Date of sale and DESCRIPTION F A R E.S./Public Records DESCRIPTION + - $ Ad ust. F A.R -E.S /Public Records DESCRIPTION T+(-)$ Adjust. DESCRIPTION 1+(-)$ Adiust. Time Adjustment N/A I Active listing Active listin Location Average Average Avera e Sit iew 5,875 S . Ft. 6.180 S . Ft. 5,500 S . Ft. Improvement None Improved improved = Road Access Paved Asphalt Paved As halt Paved Asphalt Sales or Financing Concessions N/A None known None known Net Ad'. otal I Indicated Values i� '7 " �� lmu �� *fin '�rl'' �t t� kYF s�°°L3 - 'S Of Subject t �F, . .: $ 97 000 a." " "', , 99,900 $ Commends: Listen s 4 and 5 are presented as additional reference of properties currently for sale within the subjects subdivision. In the determination of value no weight is given on these com arables as the final sale prices are unknown. A reliable list to sale ratio could not be attained due to the market's volatility: list to sale price ratios vary reatl from less than 80% to more than 90% due to current market conditions including stagnant sales oversupply of inventory, foreclosures /short sales and increasing financial strains on current owners. Fernandez Residential Appraisers, Inc. Form tNDJAC) — "WinTOTAL" appraisal sothvare by a Ia mode, inc. —1- 800- ALAMODE Sunnlemental Addendum File NanTIASR Borrower /Client N/A - Private Properly Address 09- 4025 - 010 -0070 city South Miami County Miami -Dade State FL Tip Code 33143 Lender SMCRA S. Miami Community Redev. Agency) This is a Summary Appraisal Report which is intended to comply with the reporting requirements set forth under Standards Rule 2 -2 (b) of the Uniform Standard of Professional Appraisal Practice for a Summary Appraisal Report. As such, it presents only summary discussions of the data, reasoning, and analysis that were used in the appraisal process to develop the Appraiser's opinion of value. The Appraiser is not responsible for unauthorized use of this report. To develop the opinion of value, the appraiser performed a complete appraisal process, as defined by the Uniform Standards of Professional Appraisal Practice. ** *Comments on Market Data: The subject properly has not been assigned on street address yet and the folio number had to be used in lieu thereof. The approximate location was determined by aerial maps from MiamiDade.gov. There is a limited amount of vacant lots sold recently within the subject's neighborhood and immediate market area. Furthermore, a low sales activity was generally observed, including improved sites. Comparable 2 has a structure of 807 Sf.Ft.; the improvements appeared to be at the end of their economic life. Comparable 3 has a structure of 1,222 Sq.Ft. built in the year 2007; an appropriate adjustment is being made for its improvements; which are being considered in good condition of average quality of construction. The adjustments employed were market extracted and considered to replicate the thought process of a typical buyer of similar homes. An appropriate market derived, time of sale adjustment is being applied on comparables sold more than 6 months prior to the effective date of this report, to create an adequate unit of comparison and to reflect the declines in market experienced within the subject's neighborhood and immediate market area. See below for further market condition analysis. Market Conditlons/Trends: In depth analysis of the subject's neighborhood /market area has revealed a decline in property values during the past year, as a direct result of an increasing inventory (supply) and a limited number of prospective buyers (demand). With supply exceeding demand, current owners are aggressively pricing their residences in order to attract potential suitors. The excess supply of available listings, the growing number of days on the market for said listings, and the continuous lowering of asking pricing have had a direct impact on current values. This information has been compiled and confirmed via the use of available resources, including Local Media Outlets; Government websites; the Multiple Listing Service; Realtors; and Public Records. However, in the subject specific neighborhood /market area, price changes are not dramatic and clearly evident over the short term, then time adjustments is only warranted for sales exceeding 6 months. The Florida real estate market is in a state of oversupply in most areas, which have resulted in declining values. These declines are not homogeneous.and they vary by location and type of property as well as other more specific factors such as condition, design, property type, sub market, etc. The decline percentage is not the same for all market segments. Statistical data is tainted by seller concessions and subsidies, which do not appear in the final recorded prices. This creates the impression of a less dramatic decline slope. Conversely, properties, which did not have concessions, are included in the statistical models and are unjustly penalized also skewing the accuracy of the results. The actual decline or increase (as it may be) is still an estimate until hard data is released and analyzed. The appraiser analyzes current sales and listing data on a case -by -case basis, in order to determine if market condition adjustments are warranted. Form TADD — 'WinTOTAU appraisal softvrare by a la mode, inc. —1- 800- ALAMODE Location Map Borrot':er /Client N/A - Private Property Address 09- 4025 -010 -0070 city South Miami Counly Miami -Dade State Fl- Zi Code 33143 Lender SMCRA S. Miami Community Redev. Agency) a.i_•__;., -_1 SCW;1 a la mode inn - . I m v ' : !ti '� -� _ .sva t7d st A rY konY.r�.er,+car <c�ax�bStr !.;o .' ^.y„ ._.._.. t .. a c:: S1Q 19th S1•�. 'yr t9e, st -., �-' ,� :� -a i`ra �,' ;.�£i 5w t5n� st M �. � � �' 'tom` -i '�'GN'LOth S ' i. .. x . $ti_t°N 7errem . ` I .. V• t Z ...- T (t 9 X 8261 3 e . r ' Q I . }`..,, 1 1 F [ • I . m I , � v y¢ }„ ' �. '} } ��_ — .".sw?3mcSt S c � � j'•SW 231d 97 3_�4_•. .._2- 'L'urel We '��- ..�•..' n- -`: ;"c— -�m7 sw 2itlim St''� SW 21Vh St +- __•m._�.. -tg Y'T �; ^'may -:`_R,1 j xo st i:5rl..' 1'.srinm:�+.�' ;swzrin:s� -a k f' {�' -:.Sevn 3, �: l,.,�7 •.'V. SW 3411,,.f3�ffl�x— 'StM1 34fi StVn L .I 25!i Soyve five �axy�3c , ... A ! t�3 - lrtd�d �' -' SW 48m St mot• �t fiN341h Sefrxee tN ap "� 97 n �--^- S7N4Sl 77 --,. k.1 p a t $wR2M2$!'- - �AV�•y.• _ Geid ?Ave t>� an F� t! . M1'; +4 4791 S€:,�• 97. T:^^.S ..._..'N:� 'r::;t;�;:i1'yF; :lE- ' • � FS�[ _�D:: ; � r0 1.Park ._p7r.a. ,5 ^k.'"1_ . ;x �t `dD �' :.� . • � SW 4S1h 51,• k:J ((ma�y * -Xq ' � 6YP 4.00��8th Ss �; t=SW 413Rf 51 ';'•°��" -�.. � �� lam'' . ._ - _ .. __... ..::::.' -7IOMMIN � R s: ' a "✓ - _ > : � tr' .:�r� SW 7" S1'_'`.�..9 I`Stl1 SI ', Y x $Weatn Sl ''�� —'''{ $�� 7.r �m�.r�-• 8 - 876`"rpp '(;("' �kj`r- -n- 3'SMJ81�st-'jSay,4:'82+C St J {j It sVf i i b �-SWE3 dSt' I l 'F: 51 =S$CQt Si. SW 8781a: -`; �. _. t0�elMkk�ar 4 ��-,� . t<. _ ', ::.: -� _:° _ '�- ea � mss?.. _ _ :. e �� •� `t. :'ti0•aa', 5' i�j..- _i;gyp 97M 6t• m ""T- ; "—j '1111" SW 5481 Si' �.: ! I~ �3194d�"a '' I'- .sw Ssth St . ' F -'. L � 7 ;>S a A :- _° ___:: .r.1• ""`:c• `..' .: • J (` ^� t �—•.�; yrp:`'t?rx?yL' fv 5ah $ ; �c.. Z :t � � . � I ica . ? .* i.�f • -`T- -- j l�' -: -_ . :��� 1 �tsw9ati sei - 1,,...e A fit L.::: s D A. nN93 ot�tsi� -tea $W 10 n ;'. ,1 f ',.stNtotnsti 1 �'svrat¢asr- -�,!i., y F $r'aTS 15Gih'51 INIh S1 --I r _ -- �j fir•' ,' /'� t�svaf,osm xe'�e. !c .t ; -sw roam 7L1 y s~„ .�__,_F_'� i i i C gj. D 1! t., .0..SW toBN S!%. ,Y SW PInecfesti 6 � t ti . V 1 R i-a• --`- �' , _ � %�--- ! - i 1 W tttth 5<t ! c � � � �'� �,.,. 5 _ Al, i -Voual t3rtft � .J � � -- ;' ! 1f E c'= -.SW 1341h St t Form MAP.LOC - "WinTOTAL' appraisal software by a la mode, inc. - 1 -800-ALAMODE DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terns of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. * Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to ft. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted In the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and Improvements must not be used in conjunction with any other appraisal and are Invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved In performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unappareat conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in ft field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the Information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed In a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender /client specified In the appraisal report can distribute the appraisal report (including conclusions . about the property value, the appraiser's Identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower, the mortgagee or its successors and assigns; the mortgage insurer, consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender /client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 6 -93 Page 1 of 2 Fannie Mae Form 10048 6-93 Fernandez Residential Appraisers, Inc. Form ACR — °WinTOTAL° appraisal software by a la mode, Inc. —1- 800 - ALAMODE APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. 1 have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proimate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. h a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, h a significant hem in a comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. 1 have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report I have not knowingly withheld any significant Information from the appraisal report and I believe, to the best of my knowledge, that all statements, and information in the appraisal report are true and correct. 3. 1 stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form 4. 1 have no present or prospective Interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis, and /or the estimate of market value in the appraisal report on the race, color, religion, seat, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. 1 have no present or contemplated future Interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. 1 was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and /or employment for pertorming the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. 1 performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated In the reconciliation section. 8. 1 have personally Inspected the interior and exterior areas of the subject property and the adedor of all properties listed as comparables in the appraisal report I further certify that I have noted any apparent or (mown adverse conditions in the subject improvements, on the subject site, or on any site within the Immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. 1 .personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report If I relied an significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report I certify that any individual so named Is qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report therefore, if an unauthorized change is made to the appraisal report I will take no responsibility for it SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report have reviewed the appraisal report agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 09- 4025 - 010 -0070 South Miami, FL 33143 APPRAI Signature: Name: Gerardo Fernan ei Date Signed: 07/25/2008 State Certification #: RD5869 or State License # State: FL Expiration Date of Certification or License: 11/30/2008 . SUPERVISORY APPRAISER (only if required): Signature: Name: Date Signed: _ State Certification #: or State License State: Expiration Date of Certification or ® Did ❑ Did Not Inspect Property Freddie Mac Form 439 6 -93 Page 2 of 2 Fannie Mae Forth 1004B 6 -93 Form ACR — 'WlnTOTAL" appraisal software by a la mode, Inc. — 1 -80D- ALAMODE Subject Photo Page Borrower /Crient N/A - Private Property Address 09- 4025 - 010 -0070 C' South Miami County Miami -Dade State FL Z Code 33143 Lender SMCRA S. Miami Community Redev. Agency) Form PIC4x8.SR — VinTOTAL° appraisal software by a la mode, inc. —1- 800- ALAMODE Subject Front 09- 4025 - 010 -0070 Sates Price N/A GLA Total Rooms Total Bedrrns Total Bathrms Location Average View 5,875 Sq. R. Site Quality Age Subject Front Subject Street FiTNo Oi0856 PacerB Comparable Photo Page Borrov,er /Client N!A - Private Pro ert Address 09- 4025- 010 -0070 city South Miami County Miami -Dade State FL Ti Code 33143 Lender SMCRA S. Miami Community Redev. A enc Comparable ' 6000 SW 64th Street Probmity 0.05 miles Sale Price 48,000 GLA Total Rooms Total Bedrms Total Bathrms Location View Site Quality Age Form PIC4x6.CR — °WmTOTAL° appraisal software by a la mode, inc. —1- 800 - ALAMODE Comparable 2 6133 SW 63rd Terrace ProArruly 0.11 miles Sale Price 70,000 GLA Total Rooms Total Bednns Total Bathrms Location View Site Quality Age Comparable 3 6350 SW 60th Avenue Propmity 0.08 miles Sale Pdce 115,000 GLA Total Rooms Total Bednns Total Bathrms Location View Site Quality Age Fle No. 070656 Paae ,"9 Comparable Photo Page Borrower/Client N/A - Private Property Address 09- 4025 - 010 -0070 city South Miami County Miami -Dade State FL 7jp Code 33143 Lender SMCRA S. Miami Community Redev. A enc Comparable 4 6487 SW 60th Avenue Prox to Subj. 0.01 miles Sales Price 97,000 G.L.A Tot. Rooms Tot. Bedrms. Tot. Bathrms. Location View Site Quality Age Comparable ! 6461 SW 59th Court Prox to Subj. 0.10 miles Sales Price 99,900 G.L.A. Tot Rooms Tot. Bedrms. Tot. Bathrms. Location View Site Quality Age Comparable 6 Prot to Subj. Sales Price G.LA Tot. Rooms Tot. Bedrms. Tot Bathrms. Location View Site Quality Age Form PIC4x6.CR — 'WinTOTAL° appraisal software by a la mode, inc. — 1- 800 - ALAMODE Fle No. 070856 Paoe X10 Borrower /Client N A - Private Property Address 09- 4025 - 010 -0070 city South Miami County Miami -Dade State FL Lp Code 33143 Lender SMCRA S. Miami Community Redev. Agency) QU.k*LIFICAT ION S OF GERARDO F. F MIN- N'DEZ A.RRr ,jisal Experience: - Fernandez Residential Appraisers, Inc. August. 2006 to Present - Owner- - C B: C Appraisers, Inc. Aua st 200 -Associate-Appraiser- - 4 to July 2006 Residential Appraisers, Inc. July ^003 to July 2004 - Associate Appraiser - Licenses ,Memberships, emberships and Others - Volunteer Firefighter at City of Plantation - :Member of the Realtor Association of Miami Dade. - Member of the Foundation of Real Estate appraisers (FREA) - State Certified Real restate Appraiser #RD5$69 Specialized Education; -FREC Residential Appraiser -A!3-1 -2003 Florida .A . pi`aisal I acv Course —2004 - National USPAP Course —2004 -FHA Handbook Cotitse —20(4 - Interior Fi►specLion Course — 2004 -FREC Residentiai,Appkaiser AB- 2%P,i3 2B —2005 National. USPAP Course --2005 SIMONE^oMAR3.'%XLLER ; Form SCNLGH — "WinTOTAL, appraisal software by a la mode, inc. — 1- 800-ALAMODE EXFIIBIT D P #1 APPRAISAL OF REAL PROPERTY LOCATED AT: SW 60th Ave Franklin Sub PB 5 -34 Lot 6 Less W 2.5ft Blk 1 Lot Size 5875 Sq Ft South Miami, FI 33143 FOR: South Miami Community Redevelopment Agency 6130 Sunset Drive South Miami, FI 33143 AS OF: July 19, 2008 BY: Miller Appraisal Group, Inc Form GA1— 'WinTOTAL' appraisal software by a la mode, Inc. —1- 800- ALAMODE LAND APPRAISAL REPORT File No. 8169 Paoe # Borrower Owner -' Frederick and Lawrence Kennedy Census Tract 76.03 Map Reference 5440 -25 Property Address SW 60th Ave City South Miami County Miami -Dade State Fl Zip Code 33143 - Legal Description Franklin Sub PB 5 -34 Lot 6 Less W 2.5ft Blk 1 Lot Size 5875 S Ft Sale Price $ n/a Date of Sale Loan Term yrs. Properly Rights Appraised ® Fee ❑ Leasehold ❑ De Minimis PU Actual Real Estate Taxes $ 3,134.95 (yr) Loan charges to be paid by seller $ Other sales concessions _ Lender /Client South Miami Community Redevelopment Agency _ Address 6130 Sunset Drive South Miami Fl 33143 Occupant Vacant Land Appraiser Miller Appraisal Group, Inc Instructions to Appraiser Estimate Market Value Location Urban ® Suburban Rural Good Built Up ❑ Over 75% ® 25% to 75% , ❑ Under 25% Employment Stability ® Growth Rate ❑ Fully Dev. ❑ Rapid ® Steady ❑ Slow Convenience to Employment ® Property Values • ❑ Increasing ® Stable ❑ Declining Convenience to Shopping ®❑ Demand /Supply ❑ Shortage ® In Balance ❑ Oversupply Convenience to Schools ® Marketing Time ❑ Under 3 Mos. ❑ 4 -6 Mos. ® Over 6 Mos. Adequacy of Public Transportation ® Present Land Use 60% 1 Family 15% 2 -4 Family 5% Apts. _% Condo 15% Commercial Recreational Facilities ® % Industrial 5% Vacant _% Adequacy of Utilities ® Change in Present Land Use ® Not Likely ❑ Likely ( *) ❑ Taking Place ( *) Property Compatibility ® ( *) From To Protection from Detrimental Conditions ® Predominant Occupancy ® Owner ❑ Tenant 5 % Vacant Police and Fire Protection ® Single Family Price Range $ 90,000 to $ 995,000 Predominant Value $ 250,000 General Appearance of Properties ® Single Family Age 1 yrs. to 78 yrs. Predominant Age 55 yrs. Appeal to Market ® Avg. ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ Fair Poor ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ ❑ and the Comments Including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise):The property is over assessed Droperty owner is paying taxes at a level above comparable properties. Dimensions 119 X 48 Zoning classification RS-4 Single Family = 5.712 Sq. Ft or Acres Ll Comer Lot Residential Present Improvements ® do ❑ do not conform to zoning regulations Highest and best use ❑ Present use M Other (specify) Future Single Famil I Residential Use or Assemblage OFF SITE IMPROVEMENTS Topo Basically level Public Other (Describe) sec. ® Street Access ® Public ❑ Private Size Typical for area Gas ❑ Surface Asphalt Shape rectangular Water ® Maintenance ® Public ❑ Private View Residential/Vacant Land San. Sewer ® ❑ Storm Sewer ❑ Curb /Gutter Drainage Appears Good-Typical for area ❑ Underground Elect 6 TeL n Sidewalk Street Lights Is the property located Ina HUD Identifted Special flood Hazard Area? ® No El Yes Comments (favorable or unfavorable includng any apparent adverse easements, encroachments, or other adverse conditions): No unfavorable or adverse easements encroachments or conditions exist. The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar adjustment reflecting market reaction to those items of significant vadation between the subject and comparable properties. If a significant item in the comparable property is superior to or more favorable than the subject property, a minus ( -) adjustment is made thus reducing the indicated value of subject; if a significard item in the comparable is inferior to or less favorable than the subject property, a plus (+) adjustment is made thus increasing the Indicated value of the subject. ITEM I SUBJECT PROPERTY COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Address SW 60th Ave 6740 SW 64th Ct 5791 SW 58th Ct 6096 SW 64th St South Miami South Miami South Miami South Miami Proximity to Subject d' 0.62 miles 1.39 miles 0.88 miles Sales Price n!a 17 22 w -. 19.55'° $ 9.37 Price n/a 560,000 288,750 ".' 31.400 Data Source MLS IRIS Fares MLS IRIS Fares MLS IRIS Fares MLS IRIS Fares - Date of Sale and DESCRIPTION DESCRIPTION + - Adjust. DESCRIPTION + - A Adjust DESCRIPTION + - Adjust. - Time Adjustment n/a 8 -15-06 -4.31 1 -19 -06 -4.89 7 -19 -07 Location SW 60th Ave SW 64th Ct SW 58th Ct SW 64th St •_ Sit few 5,712 31,363 -1.72 10,232 3,350 +.94 Zonin RS-4 RS -3 RS-4 RS-4 Conditions of Sale None None None Tax Deed +.94 Sales or Financing Concessions None Net Ad'. ota R' r ?' + -6.03 + ; $ -4.89 + 1.88 Indicated Value of Subject a �� ��� ,.. .. � - < z i $ 11.19 RIM vd?.� I tn., .. .; $ 14.66 '� �..�mr3�,,...,.. � $ 11.25 Comments on Market Data: The sales are all located in the subject neighborhood and are the most recent sales that have occurred in the area. We also reviewed some additional sales that turned out to be foreclosure sales and these were considered in our analysis on a general basis. The sales indicate a range in unit sale prices from $11.19 to $14.66 per square foot of land area. We estimated the market value at $12.00 Comments and Conditions of Appraisal: No special assumptions were considered in this assignment. The subject site contains 5,712 square feet and with a unit sale price of $12.00, this indicates a market value of $68,544 say $68,500. (5,712 SF x 12.= $68,544 _ The subject property is currently listed for sale with an asking rice of $92,500 MILS # M1203144 Final Reconciliation: Primary, reliance was given to the Market Approach to Value as this is the approach considered most often in the - marketplace. The Income Approach was not considered applicable for vacant residential land and the Cost Approach was also not applicable • for vacant land. 1 ESTIMATE THE MARKET VALUE, AS DEFINED, OF SUBJECT PROPERTY AS OF July 19, 2006 19 ZOOS to De $ ei'r'd. h4r� Miller Appraisal Group, Inc ® Did ❑ Did Not Physically Inspect Property [Y2N Miller Appraisal Group Form LND — VinTOTAL° appraisal software by a la mode, Inc. — 1- 800- ALAMODE ae Assumptions, Limiting Conditions & Scope of Work File No.: 8169 ' Prnnerty Address: SW 60th Ave City: South Miami State: Fl Zip Code: 33143 Address: 3665 — The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. — The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unless otherwise indicated, a Land Survey was not performed. — If so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. — The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. — If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and best use, and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such. — The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. — The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. — The appraiser will not disclose the contents of the appraisal report except as provided for in the Unrform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. — If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal report and valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner. — An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does not become a party to the appraiser- client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment. — The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. — An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiser performs a non - invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage the appropriate type of expert to investigate. The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and /or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions. Additional Comments (Scope of Work, Extraordinary Assumptions, Hypothetical Conditions, etc.): Copyright® 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. RESIDENTIAL Form GPRES2AD — WinTOTW appraisal software by a la mode, inc. —1- 800- ALAMODE 3/2007 a # Certifications- HeNo.: 8169 Property Address: SW 60th Ave City: South Miami State: Fl Zip Code: 33143 Client: South Miami Community Redevelopment A en Address: 6130 Sunset Drive South Miami Fl 33143 Appraiser. Miller Appraisal Group, Inc Address: 3665 NW 124th Avenue, Coral Springs, FI 33065 APPRAISER'S CERTIFICATION I certify that, to the best of my knowledge and belief: — The statements of fact contained in this report are true and correct. — The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. — I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties x= involved. — I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. — My engagement in this assignment was not contingent upon developing or reporting predetermined results. — My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. y — My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Appraisal Practice that in at the time this report was Professional were effect prepared. — I did not base, either partially or completely, my analysis and /or the opinion of value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present 4 owners or occupants of the properties in the vicinity of the subject property. — Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. =4 — Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification. fF° Additional Certifications: i DEFINITION OF MARKET VALUE *: Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; fi 2. Both parties are well informed or well advised and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. * This definition is from regulations published by federal regulatory agencies pursuant to Title A of the Financial Institutions Reform, Recovery, and Enforcement Act (RRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994. Client Contact Steven A David Client Name: South Miami Community Redevelopment Agency KU E -Mail: sclaviclacityofsouthmiami. net Address: 6130 Sunset Drive, South Miami, Fl 33143 f APPRAISER SUPERVISORY APPRAISER (if required) or CO- APPRAISER (if applicable) lul 4"o. o. Supervisory Appraiser Name: Miller Appraisal Group, Inc or Co- Appraiser Name: Company: Miller Appraisal Group Inc. Company: u Phone: 954 - 575 -2399 Fax 954 - 252-4504 Phone: Fax: E -Mall: rmaginc(@aol.com E -Mail: Date Report Signed: cx Date Report Signed: August 11 2008 : License or Certification #: RZ1270 State: Fl License or Certification # State: Designation: ASA Designation: Expiration Date of License or Certification: Expiration Date of License or Certification: 11 -30 -2008. Inspecti on of Subject ❑ Interior & Exterior ® Exterior Only ❑ None Inspection of Subject: ❑ Interior & Exterior ❑ Exterior Only ❑ None Date of Inspection: July 19, 2008 1 Date of Inspection: Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be aclmowledged and credited. R X51 EIVTI�L Form GPRESZAD — °WmTOTAL° appraisal software by a la mode, inc. — 1 -800-ALAMODE 3/2007 Subject Photo Page Owner Owner- Frederick and Lawrence Kennedy Property, Address SW 60th Ave city South Miami County Miami -Dade State Fl Zip Code 33143 Client South Miami Communi ty Redevelopment Agency Subject Front SW 60th Ave Sales Price n/a Gross Living Area Total Roams Total Bedrooms Total Bathrooms Location SW 60th Ave View 5,712 Site Quality Age Form PIC3x5.SR — VInTOTAC appraisal software by a la mode, inc. —1- 800- ALAMODE• Subject Rear Subject Street Pa #6 Land Sketch Owner Owner- Frederick and Lawrence Kennedy Property Address SW 60th Ave city South Miami County Miami -Dade State FI Zip Code 33143 Crient South Miami Community Redevelopment Agency Form SKUldSk1— "WinTOTAL° appraisal software by a la mode, inc. —1- 800- ALAMODE Comparable Sales Map Owner Owner- Frederick and Lawrence Kennedy Property Address SW 60th Ave city South Miami County Miami -Dade State Fl Zip Code 33143 Client South Miami Community Redevelopment Agency �A • a to mode inc. 5' t Tyroernra0ewmeanroagv }i {j 4 of 4, E Y ,t �i s� i$w 657s 5t1 Lj sws9mst —-- SWJ'J~U T #s i t — t I rd r a jjj �'. Till" SN..6'7m'Si,e� � SVi'S7thTen6o ` L.:�,i 8 rf �. [ - & 2 ' .� r t 7afe#e fwo K : ?2�iF 5• : ; sw son sY e r SW eut St C }a tdcho Aw �, f i x?'j: i bW BZtd Sf A^elrarnitUnlvd� sra es.Y st i -- We ��sm .,I , 1 Xrw'M"rM l - 5 I!1 ! streams# il,efr>ab t r; �; swaAC s# it ? . r •..1�' swe sib #� s �..svcrac test•:. .1 SW G't9tg� a >� __.+ 67-10 SW 64th C a::e: ,Y; .>!r_959 ��- • €�N•. .'y:78:�i s::- "' � t 8;ti Hwro A+ia i J t ..p r tt ,t J.' ` t � tt'� i,i 5taamt i ala =•'s„rC t �s'vltr J SW a�2nd 9.:-1 s L� K b a 72#td St gw, 72nd st.� 9e6''31 't:��. -mac i ' t I i I E t ',,ware a `a SC 44 I 'fir tt4 1 a } SW 7AR 9t "> � . 1 � +� .-.- � a Hffipital �>' +l r i' 15 . s � y. f ° t -_ D�: 2 ig. � •pi c r-'"- , � f y, w t 8Vd kith Sl X11 � g �'� swT6mi 1� stn}ie4sY� � �[ � � 'j, t1. [:j ) 'P" j� swismIa#reW — c i .✓ - M t 1i � a ii 1 � t7lj 1 I T' +t I ag 01N 7ffi FrrrHOe 'a { i I , ., ', # SW ..xstv7mhierr�eceS' �su —�tNa6 Fuchs t- r " ' i "_ # `f bYd.>92nd gt .'"e b, t @ — :..sWxa+dsY t! ' < < a3 i #I x� ,i t • sudaarasY swas�st � � °:. i - 9i . 'x -'Sw 83♦tt Sl :Sr! '� 85m Sl 6 s lind 47'711 gnje ' ' � �i a 16dntl` B s w. eland �Aatl aseel (' s �,e, t_ . d....+..�- ,.a- ,_...R +r�N88ttI5Y ,SW86#hSt �-ul �...�::- �1•.�- -qtr -- .;,SWBBth `+�.Ni �. —• r-'" (( q " 2svd9ansi a` S f E McL'anlC- Dadefane Swth j.. '. :4 �t . �' - `'5w 9fY St . _;19W1 {92nd i;1_.. '., _- C -•e' t� V g �.:::'.ly.r'.2i.:_tl...:.•ti .. Sw.9ath ST -2: ...._.- •- .___.__ .2` .ci � sit..:_. :.:. N........_. ->'�. ,. ....; is �Ii�' ; St ..:.SWB1#h, 4. r•',.. ..Sty 4 r 6y �( • i ttv .tT_:]- _:...- . r, :• -' ! 5 5 �� t - 9: .:,SW 964e St t 7. • "" i� 2_i �.._: �.. ,ti c J,•. �51N ,OJte'$t, .--,_ :R '_... :il Sw 1Wm51 t ' -Sd th St= ; ... t jj �'iJ1+2roioftr.�: :'ary � An' - 't i; � -� }• i• :.._._._ :..A T < _. !�37 Pone MAP.LOC — 'WInTOTAL' appraisal software by a la made, inc. —1- 1300- ALAMODE Flood Map Owner Owner- Frederick and Lawrence Kennedy Property Address SW 60th Ave CI ty South Miami Courfly Miami -Dade State F1 Zip Code 33143 Client South Miami Community Redevelopment Agency InterFlo qqw�' - --- www.inbertlood.com • 1-800-252-6633 Prepared for: Miller Appraisal Group SW 60th Ave South Miami, I'l 33143 SV itni S . .......... .... .. -------------- --- - - - - - - - - --- - --------------------------- ------------- - -------------- — --- --- ------------------ ---------------- ---- ------ ---------------- --- --- - - - - - - - - - - - - --- - - --- - - - - - - - ------------ FLOODSCAPE ------------ FKW H=rds Map Map Number -- 12025CO276J .... .. Effectlue Date ------ . ...... March 2,1994 ------ -- -- -- - ----- . . ....... . . ------- - ------------ - -------- ------------ ------ ---- ----------- ..... - ----- . ...... .......... . . ........... . . . . . . . . . . . . . . . . Powered by FloodSource . . . ..... .. 877.77.FLOOD © 1999-2008 Source Prose and/or FloodSwroe Corporations. An rigtds reserved. Patents 6,831.370 and 6,678.615. Other patents pending. For Info: intoWoodsotirce.com. Form MAPROOD — VInTOTAL' appraisal software by a la mode, Inc. — 1-80D-ALAMODE APPRAISAL OF REAL PROPERTY LOCATED AT: 6477 SW 60 AVE FRANKLIN SUB LOT 6 LESS W2.5FT BLK 1 SOUTH MIAMI, FL 33143 FOR: CITY OF SOUTH MIAMI REDEVELOPMENT AGENCY 6130 SUNSET DRIVE SOUTH MIAMI, FL 33143 AS OF: 09/04/2008 BY: LORENA HAYOT .ST.CERT.RES.REA. #RD6348 Form GA1— °WinTOTAU appraisal software by a la mode, Inc. —1- 800- ALAMODE File No. 0808006 Pa a #3 GP Land Addendum HeNo.: 0808006L Prooertv Address: 6477 SW 60 AVE CitY: SOUTH `MIAMI State: FL Zip Code: 33143 _ r , Clierd: CffY OF SOUTH MIAMI REDEVELOPMENT E Address: 6130 SUNSET DRIVE SOUTH MIAMI FL 33143 Annraiser. I ORFNA HAYOT Address: 1193 SW GLASTONBERRY AVE. PORT ST LUCIE. FL 34953 —The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of A being under responsible ownership. — The appraiser may have provided a plat and /or parcel map in the appraisal report to assist the reader in visualizing the lot size, shape, and /or orientation. The appraiser has not made a survey of the subject property. — If so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. — The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. — The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. — The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. — The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. — An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does not become a party to the appraiser - client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment. — The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. Possession of this report or any copy thereof does not carry with it the right of publication.' — Forecasts of effective demand for the highest and best use or the best fitting and most appropriate use were based on the best available_ data concerning the market and are subject to conditions of economic uncertainty about the future. The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and /or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions. Additional Comments (Scope of Work, Extraordinary Assumptions, Hypothetical Conditions, etc.): /� Copyright® 2007 by a la mode, inc. This form may be reproduced unmodified without written permission, however, a la made, mc. must be acknowledged and credited. LAND Form GPLNDAD — "WhTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE 3/2007 rprtifi - stions & Definitions Rte Ne.: 08080061 �� Uupyngyru ZUU/ oy a la move, me. IM roan may OU reprouuou umnum wu wm,uu, mumu pcmoamuu, nu,"", a w ""U" ,,,,.. Form GPLNDAD — "WinTOTAL° appraisal software by a la mode, Inc. —1- 800- ALAMODE 3/2007 Property Address: 6477 SW 60 AVE City-. SOUTH MIAMI State: FL Zip Code: 33143 Client CITY OF SOUTH MIAMI REDEVELOPMENT E Address: 6130 SUNSET DRIVE SOUTH MIAMI FL 33143 Appraiser LORE NA HAYOT Address: 1193 SW GLASTONBERRY AVE, PORT ST LUCIE, FL 34953 ff; APPRAISER'S CERTIFICATION I certify that, to the best of my knowledge and belief: — The statements of fact contained in this report are true and correct. — The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only by 1 the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. — I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. — I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. " — My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. — My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. — I did not base, either partially or completely, my analysis and /or the opinion of value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present owners or occupants of the properties in the vicinity of the subject property. — Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. — Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification. Additional Certifications: DEFINITION OF MARKET VALUE *: Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions E whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. * This definition is from regulations published by federal regulatory agencies pursuant to Title A of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994. Client Contact Client Name: CITY OF SOUTH MIAMI REDEVELOPMENT AGENCY .- E -Mail: Address: 6130 SUNSET DRIVE, SOUTH MIAMI, FL 33143 APPRAISER SUPERVISORY APPRAISER (if required) or CO- APPRAISER (if applicable) co a Supervisory or 3, Name: LOR Co- Appraiser Name: z Company: Company: 2, Phone: (954) 687 -2735 Fax: (772) 807 -4743 Phone: Fax: E -Mail: COAST2COASTREA(aBELLSOUTH.NET E -Mail: Date Report Signed: 09/08/2008 Date Report Signed: License or Certification #: ST.CERT.RES.REA. #RD6348 State: FL License or Certification #: State: =z° Designation: Designation: Expiration Date of License or Certification: Expiration Date of License or Certification: 11/30/2008 Inspection of Subject ® Did Inspect ❑ Did Not Inspect (Desktop) Inspection of Subject ❑ Did Inspect . ❑ Did Not Inspect Date of Inspection: 09/04/2008 Date of Inspection: �� Uupyngyru ZUU/ oy a la move, me. IM roan may OU reprouuou umnum wu wm,uu, mumu pcmoamuu, nu,"", a w ""U" ,,,,.. Form GPLNDAD — "WinTOTAL° appraisal software by a la mode, Inc. —1- 800- ALAMODE 3/2007 LAND APPRAISAL REPORT [ii. Nn nFtnRnnRl Borrower N/A Census Tract 76.030 Map Reference 54 -40 -25 Property Address 6477 SW 60 AVE _ City SOUTH MIAMI County MIAMI -DADE State FL Zip Code 33143 - Legal Description FRANKLIN SUB LOT 6 LESS W2.5FT BLK 1 Sale Price $ 0 Date of Sale N/A Loan Term N/A yrs. Property Rights Appraised ® Fee ❑ Leasehold ❑ De Minimis PUD Actual Real Estate Taxes $ 3.134.95 Ur) Loan charges to be paid by seger $ _0 _Other sales concessions N/A Lender /Client CITY OF SOUTH MIAMI REDEVELOPMENT AGEN Address 6130 SUNSET DRIVE Occupant VACANT LAND Appraiser LORENA HAYOT Instructions to AppraiserN /A Location Urban ® Suburban 0 Rural Good Avg. Fair Poor Built Up ® Over 75% ❑ 25% to 75% ❑ Under 25% Employment Stability ❑ ® ❑ ❑ Growth Rate ❑ Fully Dev. ❑ Rapid ® Steady ❑ Slow Convenience to Employment ❑ ® ❑ ❑ Property Values ❑ Increasing ❑ Stable ® Declining Convenience to Shopping ❑ ® ❑ ❑ Demand/Supply ❑ Shortage El in Balance ® Oversupply Convenience to Schools ❑ ® ❑ ❑ Marketing Time ❑ Under 3 Mos. ❑ 4-6 Mos. ® Over 6 Mos. Adequacy of Public Transportation ❑ ® ❑ ❑ _ Present Land Use 85 °61 Family 5% 2 -4 Family _% Apts. _% Condo 5% Commercial Recreational Facilities ❑ ® ❑ ❑ ❑ ® ❑ ❑ % Industrial 5% Vacant . Adequacy of Utilities _% Change in Present Land Use 0 Not Likely ® Likely ( *) ❑ Taking Place ( *) Property Compatibility ❑ [K 1:1 ❑ ( *) From VACANT To RESIDENTIAL Protection from Detrimental Conditions [I ® El El . Predominant Occupancy ® Owner El Tenant % Vacant Police and Fire Protection ❑ ® ❑ ❑ Single Family Price Range $ 70,000 to $ 750,000 Predominant Value $ 350,000 General Appearance of Properties ❑ ® ❑ ❑ Single Family Age NEW yrs. to 80 yrs. Predominant Age 50 yrs. I Appeal to Market ❑ ® ❑ ❑ Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, nofse):THE SUBJECT IS LOCATED IN A NEIGHBORHOOD CLOSE TO SCHOOLS SHOPPING MAIN ARTERIES OF TRANSPORTATION AND WITHIN A REASONABLE DISTANCE FROM ALL OTHER AMENITIES. THERE ARE NO NEGATIVE INFLUENCES NOTED IN THE AREA. Dimensions 47'X 125' AS PER PLAT MAP = 5.875 Sq. Ft. or Acres ❑ Corner Lot Zoning classification RS-4 Present Improvements ® do ❑ do not conform to zoning regulations Highest and best use ® Present use Fj Other (specify Public Other (Describe) DFF SITE IMPROVEMENTS Topo BASICALLY LEVEL Elec. ® Street Access ® Public ❑ Private Size TYPICAL FOR THE AREA Gas ❑ NONE Surface ASPHALT Shape RECTANGULAR Water ® Maintenance ® Public ❑ Private View RESIDENTIAL San. Sewer ® ® Storm Sewer ® Curb /Gutter Drainage APPEARS ADEQUATE ❑ Underground Elect. & Tel. N Sideway Street Lights Is the property located in a HUD Identified Special Flood Hazard Area? ® No ❑ Yes Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions): NO ADVERSE EASEMENTS OR ENCROACHMENTS WERE NOTED OR REPORTED TO THE APPRAISER. NO SURVEY WAS PROVIDED TO THE APPRAISER FOR REVIEW. The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar adjustment reflecting market reaction to those hems of significant variation between the subject and comparable properties. H a significant item in the comparable property is superior to or more favorable than the subject property, a minus ( -) adjustment is made thus reducing the indicated value of subject If a significant item in the comparable is inferior to or less favorable than the subject property, a plus ( +) adjustment Is made thus Increasing the Indicated value of the subject. ITEM I SUBJECT PROPERTY COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Address 6477 SW 60 AVE 6790 SW 72 ST 8236 SW 36 ST 8240 SW 36 ST SOUTH MIAMI FL 33143 SOUTH MIAMI FL 33143 MIAMI FL 33155 MIAMI FL 33155 P. mity to Subject - 0.87 miles SW 2.92 miles NW 2.92 miles NW Sales Price 0 $450,000 $ 250 000 $250,000 Price ; ; ?�:; '- Data Source REALQUEST /P REC PUB REC/REALQUEST /MLS PUB.REC /REALQUEST /MLS PUB.REC /REALQUEST /MLS Date of Sale and DESCRIPTION DESCRIPTION 1+(-)$ Adiust. DESCRIPTION 1+(-)$ Ad'ust DESCRIPTION + - Adjust. Time Adjustment N/A 03/19/2008 02/01/2008 02/01/2008 Location AVERAGE AVG/TRAFFIC NO ADJ AVERAGE AVERAGE Site/View RESIDENTIAL RESIDENTIAL RESIDENTIAL RESIDENTIAL SITE SIZE 5,875 S.F. 36,067 S.F. I -181,152 8,750 S.F. -17,250 8,750 S.F. -17,250 GRADING LEVEL LEVEL LEVEL LEVEL SUBDIVISION TYPICAL TYPICAL TYPICAL TYPICAL SITE PREP AVERAGE AVERAGE AVERAGE IMPROVED NO ADJ Sales or Financing NONE NONE NONE NONE . Concessions NONE NONE NONE NONE Net Ad'. ata h + 181 152 + 17 250 + -17,25 0 Indicated Valuef zlvi AM ° h e%6. $ 232,750 Of Subject.w;,, „,, , �elrm, ",% $ 268,848 > r�i9, $ 232,750.,,, Data: ALL COMPARABLE SALES HAVE SIMILAR ZONING AND LAND USE AND THEREFORE CONSIDERED Comments on Market ACCEPTABLE AND GOOD INDICATORS OF THE SUBJECTS CURRENT MARKET VALUE ESTIMATE. Comments and Conditions of Appraisal: THIS APPRAISAL REPORT IS A SUMMARY REPORT AND COMPLIES WITH USPAP. NO PERSONAL PROPERTY IS INCLUDED IN THIS APPRAISAL. THE SUBJECT PROPERTY WAS APPRAISED AT THE LOW END OF THE MARKET DUE TO THE DECLINING CONDITIONS IN THE AREA. _ Final Reconciliation: THE SALES COMPARISON APPROACH BEST REFLECTS THE CURRENT MARKET CONDITIONS IN THE SUBJECTS NEIGHBORHOOD DERIVED FROM BUYERS BEHAVIOR AND WHAT THEY ARE WILLING TO PAY FOR SIMILAR PROPERTIES IN THE AREA 1 ESTIMATE THE MAR E FINED, OF SUBJECT PROPERTY As OF 09/04/2008 to be $ 250,000 250,000 LORENA HAYOT ❑ Did ❑ Did Not Physically Inspect Property Appraisers Review Appraiser If applicable [YZK) COAST TO COAST REAL ESTATE APPRAISERS, INC. Form WD — °WinTOTAV appraisal software by a la mode, Inc. —1- 800 - ALAMODE LAND APPRAISAL REPORT MARKET DATA ANALYSIS File No. 08080061 ITEM SUBJECT PROPERTY COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6 Address 6477 SW 60 AVE SOUTH MIAMI, FL 33143 6725 POINCIANA CT SOUTH MIAMI FL 33143 6735 POINCIANA CT SOUTH MIAMI FL 33143 Pro)dm to Sub'ect � ti ' 0.57 miles SW 0.57 miles SW Sales Price $0 ,. $312,500 . �. ••a. 312,500 .».:.t $ Price `''"r` i� ¢• '� ,v ;'� ca $ $ Data Source REALQUEST /P.REC PUB. REC /REALQUEST /MLS PUB.REC /REALQUEST /MLS Date of sale and DESCRIPTION DESCRIPTION 1+(–)$ Ad ust. DESCRIPTION + – $ Adjust. DESCRIPTION TimeAd'ustment N/A LISTING LISTING Location AVERAGE AVG /GATED NO ADJ AVG /GATED NO ADJ = Sit lew RESIDENTIAL CANAL NO ADJ CANAL NO ADJ SITE SIZE 5,875 S.F. 5,700 S.F. NO ADJ 5,250 S.F. NO ADJ " GRADING LEVEL LEVEL LEVEL SUBDIVISION TYPICAL TYPICAL TYPICAL SITE PREP AVERAGE AVERAGE AVERAGE Sales or Financing Concessions NONE NONE NONE NONE NONE NONE Net Ad'. (Total) � F 7 1 + + – 3 + – Indicated Value of Sub'ect _ ,:.., ,.,,Z z- def s �E,`_ $ 312,500 �Net.�% -- $ 312,500 �." � file $ Comments: THE APPRAISER FOUND 4 RECENT SALES WITH SIMILAR CHARACTERISTIC'S AS THE SUBJECT RANGING IN PRICE FROM $6,500 TO $48,000 BUT WERE NOT USED BECAUSE ALL 4 LOTS WERE TAX DEED SALES. THEREFORE THE APPRAISER HAD TO USE THE ONLY AVAILABLE ARM'S LENGTH TRANSACTIONS THAT WERE RECENTLY SOLD. ALL COMPARABLES WERE ADJUSTED ACCORDINGLY FOR THEIR DIFFERENCE IN SIZE AND LOCATION. DUE TO THE LACK OF LAND SALES WITH SIMILAR CHARACTERISTIC'S AS THE SUBJECT THE APPRAISER EXPANDED THE SEARCH TO A SIMILAR NEIGHBORHOOD FOR COMPARABLES #2 AND #3 AND HAS ADJUSTED THEIR DIFFERENCE IN SIZE ACCORDINGLY. COMPARABLE #3 WHEN IT SOLD IN FEBRUARY OF 2008 FOR $250,000 WAS FOR THE LAND ONLY. CURRENTLY THIS COMPARABLE HAS A HOUSE BEING BUILT ON IT AND THE NEW IMPROVEMENT HAS NOT BEEN GIVEN ANY VALUE. AVAILABLE MARKET DATA SHOWS NO MARKET RECOGNIZED DIFFERENCE BETWEEN AN AVG/TRAFFIC LOCATION AVG /GATED AND AN AVERAGE LOCATION. THEREFORE NO ADJUSTMENT FOR THIS CONCEPT IS MADE. COMPARABLE #1 SOLD AT THE HIGH END OF THE MARKET WHICH CONTAINS AN EXTERNAL OBSOLESCENCE. BASED ON THIS INFORMATION IT IS THE OPINION OF THE APPRAISER. THAT THE EXTERNAL OBSOLESCENCE DOES NOT REPRESENT A DETERMENT TO THE MARKETABILITY OF THE SUBJECT PROPERTY. COMPARABLE SALES # 4 AND #5 ARE LOCATED ON LOTS THAT ABUTS TO A DRAINAGE CANAL NOT INTENDED FOR RECREATIONAL USE . AVAILABLE MARKET SHOWS NO MARKET RECOGNITION FOR THIS LOCATION. THEREFORE NO _ ADJUSTMENT IS BEING MADE. COMPARABLES #4 AND # 5 ARE AVAILABLE LISTINGS IN THE SUBJECTS AREA.THESE COMPARABLES LIST PRICE WERE RECORDED AS THEIR SALES PRICE AND THEY HAVE BEEN ADDED TO ILLUSTRATE THE ACTIVITY OF SIMILAR LAND SALES IN THE SUBJECT MARKET AREA AND HAS RECEIVED LIMITED WEIGHT IN THE ANALYSIS AS THEY ARE NOT A CLOSED SALES. ALTHOUGH THEY ARE LOCATED IN A GATED COMMUNITY THEY OFFER A GOOD IDEA OF WHAT THE SUBJECT'S MARKET VALUE SHOULD BE SINCE THEY ARE LOCATED WITHIN 1 MILE AND ARE OF SIMILAR SIZE. A PARCEL HIGHEST VALUE IS THE AREA WHERE THE IMPROVEMENT IS BUILT PLUS SET BACKS. ANY LAND BEYOND THOSE BOUNDARIES IS CONSIDERED EXCESS LAND UNLESS ZONING REGULATIONS PERMIT ITS USE WITH IMPROVEMENTS THAT WOULD RENDER SOME TYPE OF ECONOMIC RETURN. THEREFORE IN COMPUTING LAND VALUES EXCESS LAND IS PLACED AT THE LOWER END OF THE VALUE RANGE THEREBY MAKING ANY ADJUSTMENT:OF VALUE DETERMINATION MORE SUBJECTED TO THE LAND'S CONTRIBUTORY VALUE THAN TO THE ACTUAL DOLLAR AMOUNT BASED ON SIZE. THE LEVEL OF ADJUSTMENTS CAUSED THE NET GUIDELINES TO BE EXCEEDED. NOTWITHSTANDING THE COMPARABLES USED WERE AMONG THE BEST IN SUPPORT OF THE SUBJECTS CURRENT MARKET VALUE. COAST TO COAST REAL ESTATE APPRAISERS, INC. Form W D.(AC) — °WinTOTAP appraisal software by a la mode, Inc. —1- 800- ALAMODE Subject Photos Borrower /Client N/A Property Address 6477 SW 60 AVE city SOUTH MIAMI County MIAMI -DADE State FL Zip Code 33143 Lender CITY OF SOUTH MIAMI REDEVELOPMENT AGENCY Subject Front 6477 SW 60 AVE Sales Price 0 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location AVERAGE View RESIDENTIAL Site Quality Age• Form PIC3x5.SR — °WinTOTAL° appraisal software by a la mode, Inc. —1- 800- ALAMODE Subject Rear Subject Street Comparable Photos 4 -6 Borrower /Client N/A Property Address 6477 SW 60 AVE city SOUTH MIAMI County MIAMI -DADE State FL 21p Code 33143 Lender CITY OF SOUTH MIAMI REDEVELOPMENT AGENCY Comparable 4 6725 POINCIANA CT Prox, to Subject 0.57 miles SW Sales Price 312,500 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location AVG /GATED View CANAL Site Quality Age Comparable 5 6735 POINCIANA CT Prox to Subject 0.57 miles SW Sales Price 312,500 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location AVG /GATED View CANAL Site Quality Age Comparable 6 Prox to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Form PIC3x5.CR — °WinTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE I t F Location Map Borrower /Ciient N/A Property Address 6477 SW 60 AVE city SOUTH MIAMI Courfly MIAMI -DADE State FL Zip Code 33143 Lender CITY OF SOUTH MIAMI REDEVELOPMENT AGENCY Form MAP.LOC — VmTOTAL' appraisal sothvare by a la mode, inc:.- 1.800•ALAMODE 8}EPA'�'"i'titi Form SC — "WinTOTAL" appraisal software by a la mode, inc. — 1 -800-ALAMODE File No. 0808006E Pa a #11 25C145SO Sunnlemental Addendum File No. 0808006LI Pa a #12 File No. nRnRnm Borrower /Client N/A Property Address 6477 SW 60 AVE city SOUTH MIAMI Coilnty MIAMI -DADE State FL Zip Code 33143 Lender CITY OF SOUTH MIAMI REDEVELOPMENT AGENCY !� GENERAL STAR NATIONAL INSURANCE COMPANY e eralSt r- P.O. Box 10354 Stamford, Connecticut. 06904 REAL ESTATE APPRAISERS ERRORS & OMISSIONS LIABILITY INSURANCE POLICY DECLARATIONS PAGE This is a claims made and reported policy_ Please read this policy and all endorsements and attachments carefully. Policy Number. NJA403739A Renewal of plumber: 1. NAMED INSURED: Lamna Haygt MAILING ADDRESS: 1193 SW Glastonbcrry Ave Part St Lucia 171.. 34953 NJ A.90 -739 2. POLICY PERIOD: Inception Date: 112!!11 /20(lti Expiration Date: 112/01/21109 Effective 12:01 a.m. Standard Time at the mailing address of the Named Insured. 3. LIMIT OF LIABILITY: Each Claim: s I,1/0t1;Orit! Aggregate: 21TI01000 Lock Box Liability: N/A 4. CLAIM EXPENSES: tr. "live a sel air"atr Iimtt orliability. S. STATUS OF INSURED: Corporation 6. DEDUCTIBLE: ggtja /1,1►lltt Each Claim: b. Tile ded.0i.ble amount spt-tuh¢d abovo applies to bath .Damagtss and Claims Expensm 7. PRIOR ACTS DATE: 02/0,1124)07 If a date is ind�ted, this insurance Wit not apply to any regular act, error, omission or personal injury .which occurred before such date. 8. PREMIUM: $ 590.00 Additim,al 1.0% 111, Hurricane paid Sruchargc 6.00 9. ENDORSEMENTS:, This policy is made and accepted such to the printed conditions in this policy together with the provisions. stipulations and agreements contained . in the folf w4ing form(s) or endorsemord(s). (:SN- 06- 9P:, -tZ2 (07r2004S USN-06-W-91 TFL (07/20031 t%- 111 -201 017/20031 GSN -07 -PI -375 402P -00(,) 10. MANAGING AGENT Herbert H. L.andy insurance Agency,, Inc. �r 75 Second Avenue, Suite 410 Needham, Massachusetts 02494 -2876 'Authorsieii Representative Produccr Codc: 0")1126230 Class Code: 73128 Date- 01/29/21108 SI.ASEe GSN -06 -RE -720 (03/2005) File No. 0808006E Pa a #13 Suvalementtal Addendum File No. nRnRnnri Borrower /Client N/A Property Address 6477 SW 60 AVE city SOUTH MIAMI County MIAMI -DADE State FL Zip Code 33143 Lender CITY OF SOUTH MIAMI REDEVELOPMENT AGENCY COAST TO COAST REAL ESTATE APPRAISERS, INC. WHY GO ANYWHERE ELSE? "YOUR BEST CHOICE FOR APPRAISALS" • KNOWLEDGEABLE AND RESPONSIVE STAFF WHEN YOU CALL • LANGUAGE PROBLEM? WE SPEAK 5 (SPANISH, FRENCH, CREOLE, PORTUGUESE, AND ENGLISH) • APPOINTMENTS SET WITHIN 24 HOURS • WE GIVE YOU YOUR APPRAISAL STATUS AT ANY TIME • IF WE SEE A SIGN OF TROUBLE YOU WILL BE CALLED IMMEDIATELY • NO BLACK LISTS • FHA APPROVED • COMPETITIVE AND ACCOMMODATIVE PRICING • WE WILL TELL YOU THE TRUTH, INTEGRITY AND HONESTY IS PARAMOUNT • WE TREAT YOUR CLIENTS WITH RESPECT AND COURTESY • WE WILL ANSWER ALL UNDERWRITER'S QUESTIONS • GET TO KNOW US, WE'RE HERE TO HELP • WE ARE LOOKING FOR A RELATIONSHIP NOT JUST A JOB • SPECIAL RUSH REQUESTS - NO PROBLEM, ADDITIONAL CHARGE WILL APPLY "TRY US ONCE, YOU WILL WANT TO DO IT AGAIN" MAKE US PART OF YOUR TEAM YOU WILL NOT REGRET IT. OUR CONTACT INFORMATION AND COVERAGE AREA: PHONE: (954) 687 -2735 FAX: (954) 973 -2574 EMAIL: COAST2COASTREA @BELLSOUTH,NET MAIN CONTACT: LORENA HAYOT APPRAISERS: LORENA HAYOT, JEAN -LOUIS HAYOT AND ALEX PIMENTEL. COUNTIES COVERED: MIAMI-DADE, BROWARD, PALM BEACH, MARTIN, & ST LUCIE. E &O INSURANCE $1,000,000 TAX ID # 20- 0278118 1001 Making our Neighborhood a Great Place to We, Work and Play" To: Honorable Chair and SMCRA Board M From: Stephen D id, SMCRA irect Date: October 13, 2008 ITEM No. PROPERTY OFFER TO PURCHASE 6487 SW 60TH AVENUE A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) RELATING TO LAND ACQUISITION; AUTHORIZING THE SMCRA DIRECTOR TO ENTER INTO CONTRACT WITH FREDERICK AND. LAWRENCE KENNEDY TO PURCHASE PROPERTY LOCATED AT 6487 SW 60TH AVENUE (FOLIO NO. 09- 4025- 010 -0800) FOR A TOTAL PURCHASE PRICE OF $80,000 AND CHARGING THE TOTAL AMOUNT TO ACCOUNT NO. 610 - 1110 - 583 -61 -10 (LAND ACQUISITION ACCOUNT); AND PROVIDING AN EFFECTIVE DATE. BACKGROUND During the June 9, 2008 Meeting, the Board directed staff to obtain property appraisals for five properties located along 601h Avenue between SW 641h Street and SW 66t Street. The properties are currently located within a depressed area of the SMCRA and located within one block of the proposed Madison Square development site (Exhibit A). The Board subsequently reviewed the property appraisals for the following properties: 1. 6488 SW 60th Avenue 2. 6457 SW 60th Avenue 3. 6477 SW 601h Avenue 4. 6487 SW 601h Avenue 5. 6501 SW 60th Avenue (Folio # 09- 4025- 000 -0850) (Folio # 09- 4025- 010 -0060) (Folio # 09- 4025- 010 -0070) (Folio # 09- 4025- 010 -0080) (Folio 09- 4025- 010 -0090) Staff was recently contacted and provided with a purchase offer in the amount of $80,000 from Coldwell Banker to purchase 6487 SW 60th Avenue (Exhibit B). Based on the recent appraisals obtained by the SMCRA, the following appraised values have been obtained for 6487 SW 60th Avenue: Appraisal #1 Appraisal #2 Appraisal #3 $70,000 (Exhibit C) $100,000 (Exhibit D) $250,000 (Exhibit E) Approval of the attached resolution shall authorize the SMCRA Director to enter into a purchase and sale agreement with Frederick and Lawrence Kennedy to purchase property located at 6487 SW 60th Avenue (Folio No. 09- 4025 - 01070800) for a total contract amount of $80,000. RECOMMENDATION Staff recommends approval of the attached resolution authorizing the SMCRA Director enter into contract with Frederick and Lawrence Kennedy to purchase property located at 6487 SW 60th Avenue (Folio No. 09- 4025 -010 -0800) for a total contract amount of $80,000. Attachments: Property Location Map Property Appraisal 41 Property Appraisal #2 Property Appraisal #3 SD/MCGRUFF \PLANNING \CRA\Property Purchase Offer for 6487 SW 60" Avenue.doc I RESOLUTION NO. 2 3 4 A RESOLUTION OF THE CITY OF SOUTH MIAMI 5 COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) 6 RELATING TO LAND ACQUISITION; AUTHORIZING THE 7 SMCRA DIRECTOR TO ENTER INTO CONTRACT WITH 8 FREDERICK AND LAWRENCE KENNEDY TO PURCHASE 9 PROPERTY LOCATED AT 6487 SW 60TH AVENUE (FOLIO 10 NO. 09- 4025- 010 -0800) FOR A TOTAL PURCHASE PRICE OF 11 $80,000; CHARGING THE TOTAL AMOUNT TO ACCOUNT 12 NO. 610 - 1110 - 583 -61 -10 (LAND ACQUISITION ACCOUNT); 13 AND PROVIDING AN EFFECTIVE DATE. 14 15 WHEREAS, During the June 9, 2008 Meeting, the Board directed staff to 16 obtain property appraisals for five properties located along 60th Avenue between SW 17 64th Street and SW 66th Street; and, 18 19 WHEREAS, The properties are all located within a depressed area of the 20 SMCRA and are located within one block of the proposed Madison Square 21 development site; and, 22 23 WHEREAS, the Board subsequently reviewed the property appraisals for the 25 following properties: 25 1. 6488 SW 60th Avenue (Folio # 09 -4025- 000 -0850) 39 2. 6457 SW 60th Avenue (Folio # 09- 4025 -010 -0060) Q 3. 6477 SW 60th Avenue (Folio # 09- 4025- 010 -0070) 4. 6487 SW 60th Avenue (Folio # 09- 4025- 010 -0080) 34 6501 SW 60th Avenue (Folio 09- 4025- 010 - 0090); and, 35 36 WHEREAS, staff was recently contacted and provided with a purchase offer 37 in the amount of $80,000 from Coldwell Banker to purchase 6487 SW 60th Avenue; 38 and, 39 40 WHEREAS, based on the recent appraisals obtained by the SMCRA, the following appraised values have been obtained for 6487 SW 60th Avenue: Appraisal #I Appraisal #2 Appraisal #3 45 $70,000 $100,000 $250,000; and, 46 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 18 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 WHERUAS, the SMCRA Board desires to improve the existing conditions in the SMCRA District through the purchase and improvement of slum and blighted property. NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY: Section 1. The above whereas clauses are incorporated by reference into this resolution. Section 2. The SMCRA Board authorizes the SMCRA Director enter into contract, in substantial form with the agreement' attached hereto, with Frederick and Lawrence Kennedy to purchase property located at 6487 SW 60th Avenue (Folio No. 09- 4025- 010 -0800) for a total contract amount of $80,000 and charging the total amount to Account No. 610 - 1110 - 5583 -61 -10 (Land Acquisition Account). Following funding disbursement, the remaining balance in Account No. 610 -1110- 5583-61-10 shall be $926,059. Section 3. This resolution shall take effect immediately upon approval. PASSED AND ADOPTED this day of October, 2008. ATTEST: South Miami Community Redevelopment Agency Clerk READ AND APPROVED AS TO FORM: APPROVED: Chairperson Horace Feliu Eve A. Boutsis, Office General Counsel South Miami Community Redevelopment Agency Board Vote: Chairperson Feliu: Vice Chairperson Wiscombe: Board Member Birts: Board Member Palmer: Board Member Beckman: Board Member R. Williams: Board Member L. Williams: EXHIBIT A Madison Square Land Acquisition Map - July 28, 2008 South Miami Community Redevelopment Agency Area &N W N ,E ltt SMCRA S fun no ©v 0000000© aoo ®v© 0. Mm ©v aoo�oo© 0000 ©000 a -.� Melillo 00000000 0 El is ....................................... In L N ............................................................ FJ- I i� ---- - ---- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - SMCRA Acquired and Owned Land Parcels Including Madison Square EXHIBIT B Residential Sale and Purchase Contract -M - 46 FLORIDA ASSOCIATION OF REALTORSO 1 * 1. SALE AND PURCHASE: Frederick & Lawrence Kennedy ( "Seller ") 2 * and South Miami Community Redevelopment Agency ("Buyer) 3 agree to sell and buy on the terms and conditions specified below the property described as: 4 * Address: 6487 SW 60th Ave 5 * South Miami, FL 33143 County: Miami Dade 6 * Legal Description: Franklin Sub PB 5-34 Lot 7 less W2.5ft Blk1 & 4ft Alley Lyg S & Adj Closed per R -92 -1517 7 * Lot Size 6180sft or 20148- 3693 -3700 11/20014 (3) Tax ID No: 09- 4025 -0100 -0080 8 together with all existing improvements and attached items, including , 9 , , ( #) ceiling fans (if left blank, all ceiling fans), 10 tight fixtures, attached wall -to -wall carpeting, rods, draperies and other window treatments as of Effective Date. The only other 11 * items included in the purchase are: PROPERTY SOLD FOR LAND VALUE 12* 13* 14 * The following attached items are excluded from the purchase: 15* 16 The real and personal property described above as included in the purchase is referred to as the "Property." Personal property 17 listed in this Contract is included in the purchase price, has no contributory value and is being left for Seller's convenience. 18 PRICE AND FINANCING 19 * 2. PURCHASE PRICE: $ 80,000.00 payable by Buyer in U.S. currency as follows: 20 * (a) $ 3,000.00 Deposit received (checks are subject to clearance) on by 21 * for delivery to Coldwell Banker ( "Escrow Agent ") 22 Signature Name of Company 23 * (Address of Escrow Agent) 1501 Sunset Drive Coral Gables FL 33143 24 * (Phone # of Escrow Agent) (305)666 -5922 25- (b) $ Additional deposit to be delivered to Escrow Agent by 26 * or days from Effective Date. (10 days if left blank) 27 * (c) Total financing (see Paragraph 3 below) (express as a dollar amount or percentage) 28* (d) $ Other: 29 * (e) $ 77,000.00 Balance to close (not including Buyer's closing costs, prepaid items and prorations). All funds 30 paid at closing must be paid by locally drawn cashier's check, official bank check, or wired funds. 31 * 3, FINANCING: (Check as ap licable) 9 (a) Buyer will pay cash for the Property with no financing contingency. 32 * El (b) Buyer will apply for new conventional ❑ FHA ❑ VA financing specified in paragraph 2(c) at the prevailing Interest rate and 33 * loan costs based on Buyer's creditworthiness (the 'Financing ") within days from Effective Date (5 days if left blank) and 34 provide Seller with either a written Financing commitment or approval letter ( "Commitment") or written notice that Buyer is unable to 35 * obtain a Commitment within days from Effective Date (the earlier of 30 days after the Effective Date or 5 days prior to Closing 36 Date if left blank) ( "Commitment Period "). Buyer will keep Seller and Broker fully informed about loan application status, progress 37 and Commitment issues and authorizes the mortgage broker and lender to disclose all such information to Seller and Broker. If, 38 after using diligence and good faith, Buyer is unable to provide the Commitment and provides Seller with written notice that Buyer is 39 unable to obtain a Commitment within the Commitment Period, either party may cancel this Contract and Buyer's deposit will be 40 refunded. Buyer`s failure to provide Seller with written notice that Buyer is unable to obtain a Commitment within the Commitment 41 Period will result in forfeiture of Buyer's deposit(s). Once Buyer provides the Commitment to Seller, the financing contingency is 42 waived and Seller will be entitled to retain the deposits if the transaction does not close by the Closing Date unless (1) the Property 43 appraises below the purchase price and either the parties cannot agree on a new purchase price or Buyer elects not to proceed, (2) 44 the property related conditions of the Commitment have not been met (except when such conditions are waived by other provisions 45 of this Contract), or (3) another provision of this Contract provides for cancellation. 46 CLOSING 47 4, CLOSING DATE; OCCUPANCY: Unless the Closing Date is specifically extended by the Buyer and Seller or by any other provision 48 in this Contract, the Closing Date shall prevail over all other time periods including, but not limited to, inspection and financing periods. 49 * This Contract will be closed on 15 days from effective date ('Closing Date ") at the time established by the closing agent, by which 50 time Seller will (a) have removed all personal items and trash from the Property and swept the Property clean and (b) deliver the deed, 51 occupancy and possession, along with all keys, garage door openers and access codes, to Buyer. If on Closing Date insurance 52 underwriting is suspended, Buyer may postpone closing up to 5 days after the insurance suspension is lifted; If this transaction does not 53 close for any reason, Buyer will immediately return all Seller - provided title evidence, surveys, association documents and other items. 54 Buyer and Seller (_j ( ) acknowledge receipt of a copy of this page, which is Page 1 of 8 Pages. FAR -9 4107 02007 Florida Association of REALTORSO All Rights Reserved Form generated by: True Forms'" www.TrueForms.com 80(} -499 -9612 55 5. CLOSING PROCEDURE; COSTS: Closing will take place in the county where the Property is located and may be conducted 56 by mail or electronic means. If title insurance insures Buyer for title defects arising between the title binder effective date and 57 recording of Buyer's deed, closing agent will disburse at closing the net sale proceeds to Seller and brokerage fees to Broker as 58 per Paragraph 19. In addition to other expenses provided in this Contract, Seller and Buyer will pay the costs indicated below. 59 (a) Seller Costs: 60 Taxes and surtaxes on the deed 61 Recording fees for documents needed to cure title 62 x Other 63 * Seller will pay up to $ -0- or -0- % (1.5% if left blank) of the purchase price for repairs to warranted items ( "Repair 64 * Limit ',); and up to $ -0- or -0- % (1.5% if left blank) of the purchase price for wood - destroying organism treatment 65 * and repairs ("WDO Repair Limit "); and up to $ -0- or -0- % (1.5% if left blank) of the purchase price for costs 66 associated with closing out open permits and obtaining required permits for unpermitted existing improvements ( "Permit Limit "). 67 (b) Buyer Costs: 68 Taxes and recording fees on notes and mortgages 69 Recording fees on the deed and financing statements 70 Loan expenses 71 Lender's title policy 72 Inspections 73 Survey 74 Flood insurance, homeowner insurance, hazard insurance 75 * Other: 76 (c) Title Evidence and Insurance: Check (1) or (2): 77 A ❑ (1) The title evidence will be a Paragraph 10(a)(1) owner's title insurance commitment. ❑ Seller will select the title 78 x agent and will pay for the owner's title policy, search, examination and related charges or ❑ Buyer will select the title 79 * . agent and pay for the owner's title policy, search, examination and related charges or ❑ Buyer will select the title agent 80 and Seller will pay for the owner's We policy, search, examination and related charges. 81 z ]� (2) Seller will provide an abstract as specified in Paragraph 10(a)(2) as title evidence. ❑ Seller X Buyer will pay for the 82 owner's title policy and select the title agent. Seller will pay fees for title searches prior to closing, including tax search and 83 lien search fees, and Buyer will pay fees for title searches after closing (if any), title examination fees and closing fees. 84 (d) Prorations: The following items will be made current (if applicable) and prorated as of the day before Closing Date: real 85 estate taxes, interest, bonds, assessments, association fees, insurance, rents and other current expenses and revenues of 86 the Property. If taxes and assessments for the current year cannot be determined, taxes shall be prorated on the basis of 87 taxes for the preceding year as of the day before Closing Date and shall be computed and readjusted when the current taxes 88 are determined with adjustment for exemptions and improvements. If there are completed improvements on the Property by 89 January 1 of the year of the Closing Date, which improvements were not in existence on January 1 of the prior year, taxes 90 shall be prorated based on the prior year's millage and at an equitable assessment to be agreed upon by the parties prior to 91 Closing Date, failing which, request will be made to the County Property Appraiser for an informal assessment taking into 92 consideration available exemptions. If the County Property Appraiser is unable or unwilling to perform an informal 93 assessment prior to Closing Date, Buyer and Seller will split the cost of a private appraiser to perform an assessment prior 94 to Closing Date. Nothing in this paragraph shall act to extend the Closing Date. This provision shall survive closing. 95 (e) Special Assessment by Public Body: Regarding special assessments imposed by a public body, Seller will pay (i) the 96 full amount of liens that are certified, confirmed and ratified before closing and (ii) the amount of the last estimate of the 97 assessment if an improvement is substantially completed as of Effective Date but has not resulted in a lien .before closing, 98 * and Buyer will pay all other amounts. If special assessments may be paid in installments ❑ Buyer ❑ Seller (if left blank, 99 Buyer) shall pay installments due after closing. If Seller is checked, Seller will pay the assessment in full prior to or at the 100 time of closing. Public body does not include a Homeowner Association or Condominium Association. 101 (f) Tax Withholding: Buyer and Seller will comply with the Foreign Investment in Real Property Tax Act, which may require 102 Seller to provide additional cash at closing if Seller is a "foreign person" as defined by federal law. 103 * g) Home Warranty: ❑ Buyer ❑ Seiler X NIA will pay for a home warranty plan issued by at a cost 104 * not to exceed $ . A home warranty plan provides for repair or replacement of many of a home's mechanical 105 systems and major built -in appliances in the event of breakdown due to normal wear and tear during the agreement period. 106 PROPERTY CONDITION 107 * 6. INSPECTION PERIODS: Buyer will complete the inspections referenced in Paragraphs 7 and 8(a)(2) by 5 days from , 108 * eff. date (the earlier of 10 days after the Effective Date or 5 days prior to Closing Date if left blank) ('Inspection Period "); 109 * the wood - destroying organism inspection by (at least 5 days prior to closing, if left blank); and the 110 walk- through inspection on the day before Closing Date or any other time agreeable to the parties; and the survey referenced in 111 * Paragraph 10(c) by , (at least 5 days prior to closing if left blank). 112 Buyer (____j ( and Seller ( acknowledge receipt of a copy of this page, which is Page 2 of 8 Pages. FAR -9 4107 02007 Florida Association of REALTORS@ All Rights Reserved Form generated by: True Forms- www.TrueFofms.com 800- 499 -9612 113 7. REAL PROPERTY DISCLOSURES: Seller represents that Seller does not know of any facts that materially affect the value 114 of the Property, including but not limited to violations of governmental laws, rules and regulations, other than those that Buyer 115 can readily observe or that are known by or have been disclosed to Buyer. 116 (a) Energy Efficiency: Buyer acknowledges receipt of the energy - efficiency information brochure required by Section 117 553.996, Floddia Statutes. 118 (b) Radon Gas: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient 119 quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state 120 guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained 121 from your county public health unit. Buyer may, within the Inspection Period, have an appropriately licensed person test the 122 Property for radon. If the radon level exceeds acceptable EPA standards, Seller may choose to reduce the radon level to an 123 acceptable EPA level, failing which either party may cancel this Contract. 124 (c) Flood Zone: Buyer is advised to verify by survey, with the lender and with appropriate government agencies which flood 125 zone the Property is in, whether flood insurance is required and what restrictions apply to improving the Property and rebuilding 126 in the event of casualty. If the Property is in a Special Flood Hazard Area or Coastal High Hazard Area and the buildings are 127 built below the minimum flood elevation, Buyer may cancel this Contract by delivering written notice to Seller within 20 days 128 from Effective Date, failing which Buyer accepts the existing elevation of the buildings and zone designation of the Property. 129 (d) Homeowners' Association: If membership in a homeowners' association is mandatory, an association disclosure 130 summary is attached and incorporated into this Contract. BUYER SHOULD NOT SIGN THIS CONTRACT UNTIL BUYER HAS 131 RECEIVED AND READ THE DISCLOSURE SUMMARY. 132 (e) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT PROPERTY 133 TAXES AS THE AMOUNT OF PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT 134 TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE 135 PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING 136 VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER'S OFFICE FOR FURTHER INFORMATION. 137 (f) Mold: Mold is part of the natural environment that, when accumulated in sufficient quantities, may present health risks to 138 susceptible persons. For more information, contact the county indoor air quality specialist or other appropriate professional. 139 (g) Coastal Construction Control Line: If any part of the Property lies seaward of the coastal construction control line as 140 defined in Section 161.053 of the Florida Statutes, Seller shall provide Buyer with an affidavit or survey as required by law 141 delineating the line's location on the Property, unless Buyer waives this requirement in writing. The Property being purchased 142 may be subject to coastal erosion and to federal, state, or local regulations that govern coastal property, including delineation 143 of the coastal construction control line, rigid coastal protection structures, beach nourishment, and the protection of marine 144 turtles. Additional information can be obtained from the Florida Department of Environmental Protection, including whether 145 there are significant erosion conditions associated with the shoreline of the Property being purchased. 146 * ❑ Buyer waives the right to receive a CCCL affidavit or survey. 147 8. MAINTENANCE, INSPECTIONS AND REPAIR: Seller will keep the Property in the same condition from Effective Date until 148 closing, except for normal wear and tear ( "Maintenance Requirement ") and repairs required by this Contract. Seller will provide 149 access and utilities for Buyer's inspections. Buyer will repair all damages to the Property resulting from the inspections, 150 return the Property to its pre - inspection condition and provide Seller with paid receipts for all work done on Property upon its 151 completion. If Seller is unable to complete required repairs or treatments or meet the Maintenance Requirement prior to 152 closing, Seller will give Buyer a credit at closing for the cost of the repairs and maintenance Seller was obligated to perform. At 153 closing, Seller will assign all assignable repair and treatment contracts to Buyer and provide Buyer with paid receipts for all 154 work done on the Property pursuant to the terms of this Contract. At closing, Seller will provide Buyer with any 155 written documentation that all open permits have been closed out and that Seller has obtained required permits for 156 improvements to the Property. 157 (a) Warranty, Inspections and Repair: 158 (1) Warranty: Seller warrants that non - leased major appliances and heating, cooling, mechanical, electrical, security, 159 sprinkler, septic and plumbing systems, seawall, dock and pool equipment, if any, are and will be maintained in 160 working condition until closing; that the structures (including roofs, doors and windows) and pool, if any, are structurally 161 sound and watertight; and that tom or missing screens and missing roof tiles will be repaired or replaced. Seller 162 warrants that all open permits will be closed out and that Seller will obtain any required permits for improvements to 163 the Property prior to Closing Date. Seller does not warrant and is not required to repair cosmetic conditions, unless the 164 cosmetic condition resulted from a defect in a warranted item. Seller is not obligated to bring any item into compliance 165 with existing building code regulations unless necessary to repair a warranted item. "Working condition" means operating 166 in the manner in which the item was designed to operate and "cosmetic conditions" means aesthetic imperfections 167 that do not affect the working condition of the item, including pitted marcite; tears, worn spots and discoloration of floor 168 coverings /wallpapers /window treatments; nail holes, scratches, dents, scrapes, chips and caulking in bathroom 169 ceiling /walls /flooring /tile /fixturest mirrors; cracked roof tiles; curling or worn shingles; and minor cracks in floor 170 tiles/ windows /driveways /sidewalkslpool decks /garage and patio floors. 171 (2) Professional Inspection: Buyer may, at Buyer's expense, have warranted items inspected by a person who 172 specializes in and holds an occupational license (if required by law) to conduct home inspections or who holds a Florida 173 license to repair and maintain the items inspected ( "professional inspector "). Buyer must, within 5 days from the end of 174 Buyer (} and Seller (} {_j acknowledge receipt of a copy of this page, which is Page 3 of 8 Pages. FAR -9 4/07 02007 Florida Association of REALTORSO All Rights Reserved Farm generated bye True Forms` www.TrueForms.com 800. 499.9612 175 the Inspection Period, deliver written notice of any items that are not in the condition warranted and a copy of the portion 176 of inspector's written report dealing with such items to Seller. If Buyer fails to deliver timely written notice, Buyer waives 177 Seller's warranty and accepts the items listed in subparagraph (a) in their "as is" conditions, except that Seller must meet 178 the maintenance requirement. 179 (3) Repair: Seller will obtain repair estimates and is obligated only to make repairs necessary to bring warranted items 180 into the condition warranted, up to the Repair Limit. Seller may, within 5 days from receipt of Buyers notice of items 181 that are not in the condition warranted, have a second inspection made by a professional inspector and will report 182 repair estimates to Buyer. If the first and second inspection reports differ and the parties cannot resolve the differences, 183 Buyer and Seller together will choose, and equally split the cost of, a third inspector, whose written report will be binding 184 on the parties. If the cost to repair warranted items equals or is less than the Repair Limit, Seller will have the repairs 185 made in a workmanlike manner by an appropriately licensed person. If the cost to repair warranted items exceeds 186 the Repair Limit, either party may cancel this Contract unless either party pays the excess or Buyer designates which 187 repairs to make at a total cost to Seller not exceeding the Repair Limit and accepts the balance of the Property in its "as 188 is" condition. 189 (4) Permits: Seller shall close out any open permits and remedy any violation of any governmental entity, including 190 but not limited to, obtaining any required permits for improvements to the Property, up to the Permit Limit, and with final 191 inspections completed no later than 5 days prior to Closing Date. If final inspections cannot be performed due to delays 192 by the governmental entity, Closing Date shall be extended for up to 10 days to complete such final inspections, failing 193 which, either party may cancel this Contract and Buyer's deposit shall be refunded. If the cost to close out open 194 permits or to remedy any violation of any governmental entity exceeds the Permit Limit, either party may cancel the 195 Contract unless either party pays the excess or Buyer accepts the Property in its "as is" condition and Seller credits 196 Buyer at closing the amount of the Permit Limit. 197 (b) Wood - Destroying Organisms: "Wood- destroying organism" means arthropod or plant life, including termites, powder - 198 post beetles, oldhouse borers and wood - decaying fungi, that damages or infests seasoned wood in a structure, excluding 199 fences. Buyer may, at Buyer's expense, have the Property inspected by a Florida- licensed pest control business to 200 determine the existence of past or present wood - destroying organism infestation and damage caused by infestation. If the 201 inspector finds evidence of infestation or damage, Buyer will deliver a copy of the inspector's written report to Seller within 5 days 202 from the date of the inspection. If Seller previously treated the Property for the type of wood - destroying organisms found, 203 Seller does not have to treat the Property again if (i) there is no visible live infestation, and (ii) Seller transfers to Buyer at 204 closing a current full treatment warranty for the type of wood- destroying organisms found. Otherwise, Seller will have 5 days 205 from receipt of the inspector's report to have reported damage estimated by a licensed building or general contractor and corrective 206 treatment estimated by a licensed pest control business. Seller will have treatments and repairs made by an appropriately licensed 207 person at Seller's expense up to the WDO Repair Limit. If the cost to treat and repair the Property exceeds the WDO Repair Limit, 208 either party may pay the excess, failing which either party may cancel this Contract by written notice to the other. If Buyer fails to 209 timely deliver the inspector's written report, Buyer accepts the Property "as is" with regard to wood - destroying organism infestation 210 and damage, subject to the maintenance requirement. 211 (c) Walk- through Inspection /Reinspection: Buyer, and/or Buyer's representative, may walk through the Property solely 212 to verify that Seller has made repairs required by this Contract, has met the Maintenance Requirement and has met 213 contractual obligations. If Buyer, and /or Buyer's representative, fails to conduct this inspection, Seller's repair obligations 214 and Maintenance Requirement will be deemed fulfilled. 215 9. RISK OF LOSS: If any portion of the Property is damaged by fire or other casualty before closing and can be restored by the 216 Closing Date or within 45 days after the Closing Date to substantially the same condition as it was on Effective Date, Seller, 217 will, at Seller's expense, restore the Property and deliver written notice to Buyer that Seller has completed the restoration, and 218 the parties will close the transaction on the later of: (1) Closing Date; or, (2) 10 days after Buyer's receipt of Seller's notice. 219 Seller will not be obligated to replace trees. If the restoration cannot be completed in time, Buyer may cancel this Contract 220 and Buyer's deposit shall be refunded, or Buyer may accept the Property "as is", and Seller will credit the deductible and 221 assign the insurance proceeds, if any, to Buyer at closing in such amounts as are (i) attributable to the Property and (ii) not yet 222 expended in restoring the Property to the same condition as it was on Effective Date. 223 TITLE 224 10. TITLE: Seller will convey marketable title to the Property by statutory warranty deed or trustee, personal representative or 225 guardian deed as appropriate to Seller's status. 226 (a) Title Evidence: Title evidence will show legal access to the Properly and marketable title of record in Seller in accordance with 227 current title standards adopted by the Florida Bar, subject only to the following title exceptions, none of which prevent residential use 228 of the Property: covenants, easements and restrictions of record; matters of plat, existing zoning and government regulations; oil, 229 gas and mineral rights of record if there is no right of entry; current taxes; mortgages that Buyer will assume; and encumbrances 230 that Seller will discharge at or before closing. Seller will, at least 2 days prior to closing, deliver to Buyer, Seller's choice of one of 231 the following types of title evidence, which must be generally accepted in the county where the Property is located (specify in 232 Paragraph 5(c) the selected type). Seller will use option (1) in Palm Beach County and option (2) in Miami -Dade County. 233 (1) A title insurance commitment issued by a Florida - licensed title insurer in the amount of the purchase price and 234 subject only to title exceptions set forth in this Contract. 235 (2) An existing abstract of title from a reputable and existing abstract firm (if firm is not existing, then abstract must be 236 certified as correct by an existing firm) purporting to be an accurate synopsis of the instruments affecting title to the 237 Buyer( j (_} and Seller ( ( ) acknowledge receipt of a copy of this page, which is Page 4 of 8 Pages. FAR-9 4107 02007 Florida Association of REALTORSO All Rights Reserved Form generated by: True Forms' www.TrueForms.com 800.499 -9612 238 Property recorded in the public records of the county where the Property is located and certified to Effective Date. 239 However, if such an abstract is not available to Seller, then a prior owner's title policy acceptable to the proposed 240 insurer as a base for reissuance of coverage. Seller will pay for copies of all policy exceptions and an update in a format 241 acceptable to Buyer's closing agent from the policy effective date and certified to Buyer or Buyer's closing agent, 242 together with copies of all documents recited in the prior policy and in the update. If a prior policy is not available to Seller 243 then (1) above will be the title evidence. Title evidence will be delivered no later than 10 days before Closing Date. 244 (b) Title Examination: Buyer will examine the title evidence and deliver written notice to Seller, within 5 days from receipt of 245 title evidence but no later than Closing Date, of any defects that make the title unmarketable. Seller will have 30 days from 246 receipt of Buyer's notice of defects ( "Curative Period ") to cure the defects at Seller's expense. If Seller cures the defects 247 within the Curative Period, Seller will deliver written notice to Buyer and the parties will close the transaction on Closing 248 Date or within 10 days from Buyer's receipt of Seller's notice if Closing Date has passed. If Seller is unable to cure the 249 defects within the Curative Period, Seller will deliver written notice to Buyer and Buyer will, within 10 days from receipt of 250 Seller's notice, either cancel this Contract or accept title with existing defects and close the transaction. 251 (c) Survey: Buyer may, at Buyer's expense, have the Property surveyed and deliver written notice to Seller, within 5 days from 252 receipt of survey but no later than closing, of any encroachments on the Property, encroachments by the Property's improvements 253 on other lands or deed restriction or zoning violations. Any such encroachment or violation will be treated in the same manner as a 254 title defect and Buyer's and Sellers obligations will be determined in accordance with subparagraph (b) above. 255 MISCELLANEOUS 256 11. EFFECTIVE DATE; TIME; FORCE MA,JEURE: 257 (a) Effective Date: The "Effective Date" of this Contract is the date on which the last of the parties initials or signs and 258 delivers the final offer or counteroffer. Time is of the essence for all provisions of this Contract. 259 (b) Time: All time periods will be computed in business days (a "business day' is every calendar day except Saturday, Sunday 260 and national legal holidays). If any deadline falls on a Saturday, Sunday or national legal holiday, performance will be due the 261 next business day. All time periods will end at 5:00 p.m. local time (meaning in the county where the Property is 262 located) of the appropriate day. 263 (c) Force Majeure: Buyer or Seller shall not be required to perform any obligation under this Contract or be liable to 264 each other for damages so long as the performance or non - performance of the obligation is delayed, caused or prevented 265 by an act of God or force majeure. An "act of God" or 'force majeure" is defined as hurricanes, earthquakes, floods, fire, 266 unusual transportation delays, wars, insurrections and any other cause not reasonably within the control of the Buyer or 267 Seller and which by the exercise of due diligence the non - performing party is unable in whole or in part to prevent or 268 overcome. All time periods, including Closing Date, will be extended (not to exceed 30 days) for the period that the force 269 majeure or act of God is in place. In the event that such "act of God" or "force majeure" event continues beyond the 30 270 days in this sub - paragraph, either party may cancel the Contract by delivering written notice to the other and Buyer's 271 deposit shall be refunded. 272 12. NOTICES: All notices shall be in writing and will be delivered to the parties and Broker by mail, personal delivery or 273 electronic media. Except for the notices required by Paragraph 3 of this Contract, Buyer's failure to deliver timely written 274 notice to Seller, when such notice is required by this Contract, regarding any contingencies will render that 275 contingency null and void and the Contract will be construed as if the contingency did not exist. Any notice, document 276 or item delivered to or received by an attorney or licensee (including a transaction broker) representing a party will be 277 as effective as if delivered to or by that party. 278 13. COMPLETE AGREEMENT: This Contract is the entire agreement between Buyer and Seller. Except for brokerage 279 agreements, no prior or present agreements will bind Buyer, Seller or Broker unless incorporated into this Contract. 280 Modifications of this Contract will not be binding unless in writing, signed or initialed and delivered by the party to be bound. 281 Signatures, initials, documents referenced in this Contract, counterparts and written modifications communicated electronically 282 or on paper will be acceptable for all purposes, including delivery, and will be binding. Handwritten or typewritten terms inserted 283 in or attached to this Contract prevail over preprinted terms. If any provision of this Contract is or becomes invalid or 284 unenforceable, all remaining provisions will continue to be fully effective. Buyer and Seller will use diligence and good faith in 285 performing all obligations under this Contract. This Contract will not be recorded in any public records. 286 14. ASSIGNABILITY; PERSONS BOUND: Buyer may not assign this Contract without Seller's written consent. The 287 terms "Buyer,' "Seller,' and 'Broker" may be singular or plural. This Contract is binding on the heirs, administrators, executors, 288 personal representatives and assigns (if permitted) of Buyer, Seller and Broker. 289 DEFAULT AND DISPUTE RESOLUTION 290 15. DEFAULT: (a) Seller Default: if for any reason other than failure of Seller to make Seller's title marketable after diligent effort, 291 Seller fails, refuses or neglects to perform this Contract, Buyer may choose to receive a return of Buyer's deposit without waiving the 292 right to seek damages or to seek specific performance as per Paragraph 16. Seller will also be liable to Broker for the full amount of the 293 brokerage fee. (b) Buyer Default: If Buyer falls to perform this Contract within the time specified, including timely payment of all deposits, 294 Seller may choose to retain and collect all deposits paid and agreed to be paid as liquidated damages or to seek specific performance as 295 Buyer( (} and Seller () (_} acknowledge receipt of a copy of this page, which is Page 5 of 8 Pages. FAR -3 4/07 02007 Florida Ass(xiabon of REALTORS® All Rights Reserved Form generaW by: Trite Forms' www.TrueForms.com 80D- 498-9612 296 per Paragraph 16; and Broker will, upon demand, receive 50 % of all deposits paid and agreed to be paid (to be split equally among 297 Broker) up to the full amount of the brokerage fee. 298 16. DISPUTE RESOLUTION: This Contract will be construed under Florida law. All controversies, claims and other matters in 299 question arising out of or relating to this transaction or this Contract or its breach will be settled as follows: 300 (a) Disputes concerning entitlement to deposits made and agreed to be made: Buyer and Seller will have 30 days from 301 the date conflicting demands are made to attempt to resolve the dispute through mediation. if that fails, Escrow Agent will 302 submit the dispute, if so required by Florida law, to Escrow Agents choice of arbitration, a Florida court or the Florida Real 303 Estate Commission ( "FREC "). Buyer and Seller will be bound by any resulting award, judgment or order. A broker's 304 obligation under Chapter 475, FS and the FREC rules to timely notify the FREC of an escrow dispute and timely resolve the 305 escrow dispute through mediation, arbitration, interpleader or an escrow disbursement order, if the broker so chooses, 306 applies to brokers only and does not apply to title companies, attorneys or other escrow companies. 307 (b) All other disputes: Buyer and Seller will have 30 days from the date a dispute arises between them to attempt to 308 resolve the matter through mediation, failing which the parties will resolve the dispute through neutral binding arbitration in 309 the county where the Property is located. The arbitrator may not alter the Contract terms or award any remedy not provided 310 for in this Contract. The award will be based on the greater weight of the evidence and will state findings of fact and the 311 contractual authority on which it is based. If the parties agree to use discovery, it will be in accordance with the Florida Rules 312 of Civil Procedure and the arbitrator will resolve all discovery - related disputes. Any disputes with a real estate licensee or 313 firm named in Paragraph 19 will be submitted to arbitration only if the licensee's broker consents in writing to become a party 314 to the proceeding. This clause will survive closing. 315 (c) Mediation and Arbitration; Expenses: "Mediation" is a process in which parties attempt to resolve a dispute by 316 submitting it to an impartial mediator who facilitates the resolution of the dispute but who is not empowered to impose a 317 settlement on the parties. Mediation will be in accordance with the rules of the American Arbitration Association ('AAA") or 318 other mediator agreed on by the parties. The parties will equally divide the mediation fee, if any. "Arbitration" is a process in 319 which the parties resolve a dispute by a hearing before a neutral person who decides the matter and whose decision is 320 binding on the parties. Arbitration will be in accordance with the rules of the AAA or other arbitrator agreed on by the parties. 321 Each party to any arbitration will pay its own fees, costs and expenses, including attorneys' fees, and will equally split the 322 arbitrators' fees and administrative fees of arbitration. 323 ESCROW AGENT AND BROKER 324 17. ESCROW AGENT: Buyer and Seller authorize Escrow Agent to receive, deposit and hold funds and other items in escrow 325 and, subject to clearance, disburse them upon proper authorization and in accordance with Florida law and the terms of this 326 Contract, including disbursing brokerage fees. The parties agree that Escrow Agent will not be liable to any person for misdelivery of 327 escrowed items to Buyer or Seller, unless the misdelivery is due to Escrow Agent's willful breach of this Contract or gross negligence. 328 If Escrow Agent interpleads the subject matter of the escrow, Escrow Agent will pay the filing fees and costs from the deposit and will 329 recover reasonable attorneys' fees and costs to be paid from the escrowed funds or equivalent and charged and awarded as court 330 costs in favor of the prevailing party. All claims against Escrow Agent will be arbitrated, so long as Escrow Agent consents to arbitrate. 331 18. PROFESSIONAL ADVICE; BROKER LIABILITY: Broker advises Buyer and Seller to verify all facts and representations that 332 are important to them and to consult an appropriate professional for legal advice (for example, interpreting contracts, determining the 333 effect of laws on the Property and transaction, status of title, foreign investor reporting requirements, the effect of property lying 334 partially or totally seaward of the coastal construction control line, etc.) and for tax, property condition, environmental and other 335 specialized advice. Buyer acknowledges that Broker does not reside in the Property and that all representations (oral, written or 336 otherwise) by Broker are based on Seller representations or public records. Buyer agrees to rely solely on Seller, professional 337 inspectors and governmental agencies for verification of the Property condition, square footage and facts that materially 338 affect Property value. Buyer and Seller respectively will pay all costs and expenses, including reasonable attorneys' fees at all levels, 339 incurred by Broker and Broker's officers, directors, agents and employees in connection with or arising from Buyer's or Seller's 340 misstatement or failure to perform contractual obligations. Buyer and Seller hold harmless and release Broker and Broker's officers, 341 directors, agents and employees from all liability for loss or damage based on (1) Buyer's or Seller's misstatement or failure to perform 342 contractual obligations; (2) Broker's performance, at Buyer's and/or Seller's request, of any task beyond the scope of services 343 regulated by Chapter 475, F.S., as amended, including Broker's referral, recommendation or retention of any vendor; (3) products or 344 services provided by any vendor; and (4) expenses incurred by any vendor. Buyer and Seller each assume full responsibility for 345 selecting and compensating their respective vendors. This paragraph will not relieve Broker of statutory obligations. For purposes of this 346 paragraph, Broker will be treated as a party to this Contract. This paragraph will survive closing. 347 19. BROKERS: The licensee(s) and brokerage(s) named below are collectively referred to as "Broker." Instruction to Closing 348 Agent: Seller and Buyer direct closing agent to disburse at closing the full amount of the brokerage fees as specified in 349 separate brokerage agreements with the parties and cooperative agreements between the brokers, except to the extent Broker 350 has retained such fees from the escrowed funds. In the absence of such brokerage agreements, closing agent will disburse 351 brokerage fees as indicated below. This paragraph will not be used to modify any MLS or other offer of compensation made by 352 Seller or listing broker to cooperating brokers. 353 Buyer and Seller (} {_} acknowledge receipt of a copy of this page, which is Page 8 of 8 Pages. FAR -9 4107 02007 Florida Association of REALTORS® All Rights Reserved Form generated by: True Forms" www.TrueForms.com 800-499 -9812 354 * Oliver von Gundlach 3068563 Coldwell Banker 355 * Selling Sales AssociatelLicense No. Selling FirmlBrokerage Fee: ($ or % of Purchase Pnce) 3% 356* Oliver von Gundlach 3068563 Caldwell Banker 357 * Listing Sales Associate/License No. Listing FirmBrokerage Fee: ($ or % of Purchase Price) 3% 358 ADDENDA AND ADDITIONAL TERMS 359 20. ADDENDA: The following additional terms are included in the attached addenda and incorporated into this Contract (check 360 if applicable): 361 * A. Condo. Assn. ® H. As Is w /Right to Inspect ❑ O. Interest- Bearing Account V. Prop. Disclosure Stmt. 362 * ❑ B. Homeowners' Assn. ❑ I. inspections ❑ P. Back -up Contract ❑ W. FIRPTA 363 * ❑ C. Seller Financing Eli. Insulation Disclosure ❑ Q. Broker - Pers. Int. in Prop. ❑ X. 1031 Exchange 364 * ❑ D. Mort. Assumption ® K. Pre -1978 Housing Stmt. (LBP) ❑ R. Rentals ❑ Y. Additional Clauses 365 * ❑ E. FHA Financing ❑ L. insurance ❑ S. Sale /Lease of Buyer's Property ❑ Other 366 * ❑ F. VA Financing ❑ M. Housing Older Persons [:IT. Rezoning ❑ Other 367 * ❑ G. New Mort. Rates ❑ N. Lease purchase /Lease option ❑ U. Assignment ❑ Other 368 21. ADDITIONAL TERMS: 369 Pursuant to Section 475.42(1)0), Fla. Stat., Seller and Buyer hereby grant Broker the right to place a lien on the Property to 370 ensure payment of services rendered. For purposes of this paragraph, Broker will be treated as a party to this Contract. 371 372 In addition to any brokerage fee noted in paragraph 19, Caldwell Banker Residential Real Estate LLC will collect a $295 373 brokerage fee from its Buyer(s) and/or Seller(s) as agreed to in the Buyer's Disclosure and Acknowledgment and /or Seller's 374 Listing Agreement. 375 376 Buyer and Seller agree that Coldwell Banker, if acting as escrow agent, will deposit the escrowed funds in a non- interest- 377 bearing account with a financial institution chosen by Coldwell Banker and that the financial institution, Caldwell Banker or any 378 of its related companies may obtain a direct or indirect benefit in connection with such deposit. 379 380 Buyer should not execute this contract until buyer has received and read the disclosure summary if required by section 720A01, 381 Florida Statutes which, if required, is incorporated into this contract. IF THE DISCLOSURE SUMMARY REQUIRED BY SECTION 382 720.401, FLORIDA STATUTES, HAS NOT BEEN PROVIDED TO THE PROSPECTIVE PURCHASER BEFORE EXECUTING THIS 383 CONTRACT FOR SALE, THIS CONTRACT IS VOIDABLE BY BUYER BY DELIVERING TO SELLER OR SELLER'S AGENT OR 384 REPRESENTATIVE WRITTEN NOTICE OF THE BUYER'S INTENTION TO CANCEL WITHIN 3 DAYS AFTER RECEIPT OF THE 385 DISCLOSURE SUMMARY OR PRIOR TO CLOSING, WHICHEVER OCCURS FIRST. ANY PURPORTED WAIVER OF THIS 386 VOIDABILITY RIGHT HAS NO EFFECT. BUYER'S RIGHT TO VOID THIS CONTRACT SHALT_ TERMINATE AT CLOSING. 387. PROPERTY SOLD FOR LAND VALUE 388 389 390 391 392 393 394 395 396 397 398 399 400 401 402 403 404 405 406 407 408 409 410 Buyer(____) (____j and Seller( ) ( } acknowledge receipt of a copy of this page, which is Page 7 of 8 Pages. FAR -9 4/07 02007 Florida Association of REALTORSO All Rights Reserved Form generated ray: True Forms" www.TrueForms.com $00-499-9612 411 This is intended to be a legally binding contract. If not fully understood, seek the advice of an attorney prior to signing. 412 OFFER AND ACCEPTANCE 413 * (Check if applicable: ❑ Buyer received a written real property disclosure statement from Seller before making this Offer.) 414 Buyer offers to purchase the Property on the above terms and conditions. Unless this Contract is signed by Seller and a copy 415 * delivered to Buyer no later than ❑ a.m. ❑ p.m. on this offer will be 416 revoked and Buyer's deposit refunded subject to clearance of funds. 417 COUNTER OFFERIREJECTION 418 * ❑ Seller counters Buyer's offer (to accept the counter offer, Buyer must sign or initial the counter offered terms and deliver a 419 copy of the acceptance to Seller. Unless otherwise stated, the time for acceptance of any counteroffers shall be 2 days from the 420 * date the counter is delivered. ❑ Seller rejects Buyer's offer. 421 * Date: 422 * 423 * Date: 424* Phone: 425 * Fax: * 426 * E -mail: 427 * Date: 428* 429 * Date: 430* Phone: 431 * Fax: 432 * E -mail: 433 * Buyer: Print name: South Miami CRA Buyer. _ Print name: Address: Seller: Print name: Frederick Kennedy Seller: Print name: Address: Lawrence Kennec 1641 NW 26th Ter Ft. Lauderdale, FL 33311 Effective Date: (The date on which the last party signed or initialed and delivered the final offer or counteroffer.) 434 Buyer( (} and Seller () ( ) acknowledge receipt of a copy of this page, which is Page 8 of 8 Pages. The Florida Association or REALTORS and local Board/Association of REALTORS make no representation as to the legal validity or adequacy of any provision of this form in any specific transaction. This standardized form should not be used in complex transactions or with extensive riders or additions. This form is available for use by the entire real estate industry and Is not intended to identify the user as a REALTOR. REALTOR is a registered collective membership mark that may be used only by real estate licensees who are members of the National Association of REALTORS and who subscribe to its Code of Ethics. The copyright laws of the United States (17 U.S. Code) forbid the unauthorized reproduction of blank forms by any means including facsimile or computerized forms. FAR -9 4107 02007 Florida Association of REALTORSO All Rights Reserved Form generated by: True Forms" www.TrueForms.com 960 - 499 -9612 1: d, Residential Sale and Purchase Contract: Comprehensive Addendum FLORIDA ASSOCIATION OF REALTORSO 1 The clause below will be incorporated into the Contract between Frederick & Lawrence Kennedy (Seller) 2 and South Miami Community Redevelopment Agency ( Buyer) concerning the Property described as 3 6487 SW 60th Ave South Miami, FL 33143 only if initialed by all parties: 4 PROPERTY 5 H. As Is With Right to inspect: This clause replaces Paragraphs 6 and 8 of the Contract but 6 does not modify or replace Paragraph 9. Paragraph 5(a) Repair, WDO and Permit Limits are 0 %. Seller makes no warranties 7 other than marketability of title. Seller will keep the Property in the same condition from Effective Date until closing, except for 8 normal wear and tear ( "Maintenance Requirement'), and will convey the Property in Its "as is" condition with no obligation to 9 make any repairs. Buyer may, at Buyer's expense, by 5 days from effective date ("Inspection Period") (within Iii days 10 from Effective Date if left blank) make any and all inspections of the Property. The inspection(s) will be by a person who 11 specializes in and holds an occupational license (if required by law) to conduct home inspections or who holds a Florida license 12 to repair and maintain the items inspected. Buyer may cancel this Contract by delivering written notice to Seller within 2 days 13 (within 5 days if left blank) from the end of the Inspection Period if the cost of treatment and repairs estimated by Buyer's 14 inspector(s) is greater than $ ($250.1)0 if left blank) or if Buyer's inspection(s) reveal open permits or that 15 improvements have been made to the Property without required permits. For the cancellation to be effective, Buyer must include 16 in the written notice a copy of the portions of the inspector's written report dealing with the items to be repaired, and treatment 17 and repair estimates from the inspector or person(s) holding an appropriate Florida license to repair the items inspected or any 18 written documentation of open permit(s) or permit(s) that have not been obtained if a permit is required. Any conditions not 19 reported in a timely manner will be deemed acceptable to Buyer. If Buyer fails to timely conduct any inspection which Buyer is . 20 entitled to make under this paragraph, Buyer waives the right to the inspection and accepts the Property "as is. "Seller will 21 provide access and utilities for Buyer`s inspections. Buyer will repair all damages to the Property resulting from the inspections 22 and return the Property to its pre - inspection condition. Buyer and/or Buyer's representative may, on the day before Closing Date 23 or any other time agreeable to the parties, walk through the Property solely to verify that Seller has fulfilled the Maintenance 24 Requirement and the contractual obligations. 25 Buyer E }( ) and Seller E }( ) acknowledge receipt of a copy of this page. 26 FARA -9h 4107 02007 Florida Association of REALTORS@ All Rights Reserved Page of Addendum No Form generAed by: True Forms"' www.TrueForms.com SM 499 -9612 Residential Sale and Purchase Contract: Comprehensive Addendum FLORIDA ASSOCIATION OF REALTORSO RESIDENTIAL REAI. ESTATE 1 The clause below will be incorporated Into the Contract between Frederick & Lawrence Kennedy (Seller) 2 and South Miami Community Redevelopment Agency ( Buyer) concerning the Property described as 3 6487 SW 60th Ave South Miami, FL 33143 only if initialed by all parties: 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 K. Pre -1978 Housing Lead -Based Paint Warning Statement: "Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead -based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of any interest in residential real property is required to provide the buyer with any information on lead -based paint hazards from risk assessments or inspections in the seller's possession and notify the buyer of any known lead -based paint hazards. A risk assessment or inspection for possible lead -based paint hazards is recommended prior to purchase." For purposes of this addendum, lead -based paint will be referred to as "LBP' and lead -based paint hazards will be referred to as "LBPH." (1) LBP /LBPH in Housing: Seller has no knowledge of LBPILBPH in the housing and no available LBPILBPH records or reports, except as indicated: (describe all known LBPILBPH information, list all available documents pertaining to LBPILBPH and provide documents to Buyer before accepting Buyer's offer) 19 (2) Lead -Based Paint Hazards Inspection: Buyer waives the opportunity to conduct a risk assessment or Inspection for the 20 presence of LBP /LBPH unless this box is checked ❑ Buyer may, within the Inspection Period, conduct a risk assessment or 21 inspection for the presence of LBP /LBPH in accordance with the provisions of paragraph 8(a) or H. LBPILBPH conditions that are 22 unsatisfactory to Buyer will be treated as "warranted items' for purposes of paragraphs 8(a)(2) and (3) only). 23 (3) Certification of Accuracy: Buyer has received the pamphlet entitled "Protect Your Family From Lead in Your Home' 24 and all of the information specified in paragraph (1) above. Licensee has notified Seller of Seller's obligations to provide 25 and disclose information regarding lead -based paint and lead -based paint hazards in the property as required by federal 26 law (42 U.S.C. 4852d) and is aware of his or her obligation to ensure compliance with federal lead -based paint law. 27 Buyer, Seller and each licensee has reviewed the information above and certifies, to the best of his or her knowledge, 28 that the information he or she has provided is true and accurate. 29 30 31 32 33 34 Buyer South Miami CRA Buyer Selling Licensee signature Oliver von Gundlach Date Seller Frederick Kennedy Date Date Seller Lawrence Kennedy Date Date Listing Licensee signature Date Oliver von Gundlach 35 Buyer ( }t ) and Seller ( }t ) acknowledge receipt of a copy of this page. 36 FARA -9k 4147 92007 Florida Association of REALTORS® All Rights Reserved Page of Addendum No Fin generated by: True Forms" www.TrueForms.com 8004W9612 EXHIBIT B • u . ' y� iT g f, (Fernandez Inc.) le o.0i0B42 Paoe 1 LAND APPRAISAL REPORT n" hi. n7nR49 Borrower N/A - Private Census Tract 0076.03 Map Reference 54 -40 -25 Property Address 6487 SW 60th Avenue . County Miami -Dade State FL Zp Code 33143 City South Miami Legal Description Franklin Sub PB 5 -34 Lot 7 Less W2.5Ft BLK 1 & 4Ft Alley LYG S & an Closed Per R -92 -1517 ' Sale Price $ N/A Date of Sale N/A Loan Term N/A yrs. Property Rights Appraised ® Fee ❑ Leasehold El De Minimis PUD Actual Real Estate Taxes $ 4.329.92 (yr) Loan charges to be paid by seller $ N/A Other sales concessions N/A 6130 Sunset Drive South Miami FL 33143 ' Lender /Client SMCRA (S Miami Community Redev. Agency) Address Unknown Appraiser Gerardo Femandez Instructions to Appraiser Determine Market Value Occupant Location ❑ Urban ® Suburban ❑ Rural Good Avg. Fair Poor ® Over 75% ❑ 25% to 75% ❑ Under 25% Employment Stability ❑ ® ❑ ❑ Built Up Growth Rate ❑ Fully Dev. ❑ Rapid ® Steady ❑ Slow Convenience to Employment ❑ ® ❑ ❑ ❑ ® ❑ ❑ Property Values ❑ Increasing ❑ Stable ® Declining Convenience to Shopping ❑ Shortage ❑ In Balance ® Oversupply Convenience to Schools ❑ ® ❑ ❑ Demand/Supply Marketing Time ❑ Under 3 Mos. ® 4 -6 Mos. ❑ Over 6 Mos. Adequacy of Public Transportation ❑ ® ❑ ❑ ❑❑ Present Land Use 90% 1 Family. 3% 2 -4 Family _% Apts. _'A Condo 5* %Commercial Recreational Facilities ® Q Adequacy of Utilities El %Industrial_ %Vacant 2% Vacant Change in Present Land Use ❑ Not Likely ® Likely ( *) ❑ Taking Place ( *) Property Compatibility ❑ ® ❑ ❑ Conditions ❑ ® ❑ ❑ ( *) From Vacant To Residential Protection from Detrimental ❑❑ Predominant Occupancy ® Owner ❑ Tenant % Vacard Police and Fire Protection El ® O $ 70.000 to $ 200.000 Predominant Value $ 115.000 General Appearance of Properties Single Family Price Range Single Family Age New yrs. fo 80+ yrs. Predominant Age 50 yrs. Appeal to Market ❑ ® ❑ ❑ Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise):There were no unfavorable conditions observed that would affect marketability and /or market value. Adequate closeness to main arteries of trans ortation gives the subject access to a wide variety of amenities. Dimensions 49.5'x 125 approximately as per Plat Mao = 6.180 Sq. Ft or Acres Comer Lot Present Improvements ❑ do ® do not conform to zoning regulations Zoning classification RS -4 Highest and best use ® Present use F1 Other s ecl Public Other (Describe) OFF SITE IMPROVEMENTS Topo Level Street Grade Bec. ® Street Access ® Public ❑ Private Size Typical of the Area Gas ❑ Surface Paved Asphalt Shape Rectangular Water ® Maintenance ® Public ❑ Private View Residential San. Sewer ® ® Storm Sewer ® Curb/Gutter Drainage Appears Ade uate ® No Dyes ❑ Underground Elect & Tel. N Sidewalk R Street Lights Is the property located in a HUD Identified Special Flood Hazard Area? At the time of the inspection no adverse comments favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions): Nonetheless a current survey is recommended for verification of the property boundaries and flood zone. No easements were noted. factors that would negatively impact property value were apparent Flood Hazard Area: No; Fema Zone: X: Ma Date: 03/02/1994; Ma No :120658 C 0276 J Fema S ecial The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar If a significant item in the comparable property is superior adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. favorable than the subject a minus ( -) adjustment is made thus reducing the indicated value of subject if a significant Rem in the comparable is interior to or less to or more properly, favorable than the subject property, a plus (+) adjustment is made thus increasing the Indicated value of the subject ITEM I SUBJECT PROPERN COMPARABLE — COMPARABLE NO.2 COMPARABLE NO.3 6000 SW 64th Street 6133 SW 63rd Terrace 6350 SW 60th Avenue Address 6487 SW 60th Avenue South Miami FL South Miami FL South Miami, FL South Miami Fl- Proximity to Sub ect 0.06 miles 0.12 miles 0.10 miles �� 48,000 ." $ 70 000 $ 115-000 Sales Price N/A $ Price FAR E.S. Public Records F.A.R.E.SJPublic Records F A.R.E.S. /Public Records _ Data Source Date of Sale and DESCRIPTION DESCRIPTION . - S Adjust DESCRIPTION 1+(-)$ Ad ust DESCRIPTION + - $ Adjust. 12/2007 -6,708 Time Adjustment N/A 04/2008 11/2007 -4,667 Avera a Average ; Location Average Average 6,188 S Ft 5,750 S . Ft. 4 500 S . Ft I +1 3,500 5 000 S . Ft. +9500 _ sitpMew . Improvement Improved None +20,00U Im roved/Similar No ad'. Im rovd. /Su erior f 53 000 Road Access Paved Asphalt Paved As halt Paved As halt Paved Asphalt Sales or Financing None known one known None known None known concessions a 20 000 + I $ 8,833 + -50 208 Net Ad . ofa� + $ Indicated Value � �g ri � x aV .019 � 78 833 4 §.7,°m 7 ": $ 64 792 of Subject.. 68,000 s .Net�� %X: $ i, Comments an Market Data The mean method is bein a lied in the determination of value. Is is bein considered the most ro nate market value. Final results arrived to $70 542 rounded down techni ue in order to rovide a reliable indication of the subject's current to 70 000 - See Addendum for additional Comments on Market Data * ** Comments and Conditions of Appraisal: This is a Summary Appraisal Report not intended to be used for lending purposes it is only provide the Client an opinion of the subject's current market value. market activity; derived from buyers behavior and what they are The final opinion on the subject's market value is based on current _ willino to pay for similar properties in the subject's market area on current market conditions. at the subject's opinion of market value. These sales are Final Reconciliation: Only the market approach to value was used when arriving - considered the most similar available and the best indicators of value. • 1 MARKET VALUE, A DEFINED, OF SUBJECT PROPERTY AS OF 07/21/2008 to be $ 70,000 ® Did ❑ Did Not Physically Inspect Property Gerardo Fernandez Appraisers Review Appraiser if applicable (Y2K) Fernandez Residential Appraisers, Inc. Form LNO — "WinTOTAL" appraisal so%vare by a la mode, Inc. — 1 -800-ALAMODE LAND APPRAISAL REPORT FIeNn.070842 Paoe 2 MARKET DATA ANALYSIS Flp Nn n7n842 ITEM I SUBJECT PROPERTY COMPARABLE N0. 4 COMPARABLE NO. 5 COMPARABLE NO. 6 Address 6487 SW 60th Avenue South Miami FL 6461 SW 59th Court South Miami FL Pro>um' to Sub'eclrM Sales Price Price ,a R� r S N/A $ 0.10 miles k `rye $ 99,900 Data Source Date of sale and DESCRIPTION F.A.R.E.S Public Records DESCRIPTION + – S Adjust. DESCRIPTION + – S Ad ust. DESCRIPTION + – S Adjust. " TiimeAd'ustment N/A Active listin - Location Average Averacie = Sit iew 6.188 S . Ft. 5,500 S . Ft. Improvement Improved improved/Similar i = Road Access Paved Asphalt Paved Asphalt Sales or Financing None known None known Concessions Net Ad'. ota S + ; S + ; a Indicated Value c ���ef� �r ��, of5ub'ect ���� n � 1�1-1114 S 99,900 eta : $ �ffilot,..x �q. $ Comments: Listing 4 is resented as additional reference of a property currentIV for sale within the subject's subdivision. In the determination of value no eiclht is Qiven on this comparable as the final sale price is unknown. A reliable list to sale ratio could not be attained due to the market's volatili ; list to sale price ratios vary reatl from less than 80% to more than 90% due to current market conditions including stagnant sales oversupply of inventory, foreclosures /short sales and increasing financial strains on current owners. Fernandez Residential Appraisers, inc. Form W D.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1- 800-ALAMODE FIe No. 0708421 Page3 4Zeinn1PmPnfn1 Aridendiini RIP. Nn n7nR49 Borrower /Client N/A - Private Pro ert Address 6487 SW 60th Avenue city South Miami County Miami -Dade State FL Zi Cade 33143 Lender SMCRA S. Miami Community Redev. Agency) This is a Summary Appraisal Report which is intended to comply with the reporting requirements set forth under Standards Rule 2 -2 (b) of the Uniform Standard of Professional Appraisal Practice for a Summary Appraisal Report. As such, it presents only summary discussions of the data, reasoning, and analysis that were used in the appraisal process to develop the Appraiser's opinion of value. The Appraiser is not responsible for unauthorized use of this report. To develop the opinion of value, the appraiser performed a complete appraisal process, as defined by the Uniform Standards of Professional Appraisal Practice. ** *Comments on Market Data: There is a limited amount of vacant lots sold recently within the subject's neighborhood and immediate market area. Furthermore, a low sales activity was generally observed, including improved sites. Subject and comparable 2 have similar structures, of 980 Sq.Ft. and 807 Sq.Ft. respectively, and as per exterior observation, their improvements appeared to be at the end of their economic life; therefore, no adjustment on the slight difference on gross living area is considered appropriate. Comparable 3 has a structure built in the year 2007; an according adjustment is being made for its improvements when compared to the subject's. It is being considered in good condition of average quality of construction; and the subject is being considered in average condition with a low remaining economic life, according to exterior observation. The adjustments employed were market extracted and considered to replicate the thought process of a typical buyer of similar homes. An appropriate market derived, time of sale adjustment is being applied on comparables sold more than 6 months prior to the effective date of this report, to create an adequate unit of comparison and to reflect the declines in market experienced within the subject's neighborhood and immediate market area. See below for further market condition analysis. Market Conditions/Trends: In depth analysis of the subject's neighborhood /market area has revealed a decline in property values during the past year, as a direct result of an increasing inventory (supply) and a limited number of prospective buyers (demand). With supply exceeding demand, current owners are aggressively pricing their residences in orderto attract potential suitors. The excess supply of available listings, the growing number of days on the marketfor said listings, and the continuous lowering of asking pricing have had a direct impact on current values. This information has been compiled and confirmed via the use of available resources, including Local Media Outlets; Government websites; the Multiple Listing Service; Realtors; and Public Records. However, in the subject specific neighborhood /market area, price changes are not dramatic and clearly evident over the short term, then time adjustments is only warranted for sales exceeding 6 months. The Florida real estate market is in a state of oversupply in most areas, which have resulted in declining values. These declines are not homogeneous and they vary by location, and type of property as well as other more specific factors such as condition, design, property type, sub market, etc. The decline percentage is not the same for all market segments. Statistical data is tainted by seller concessions and subsidies, which do not appear in the final recorded prices. This creates the impression of a less dramatic decline slope. Conversely, properties, which did not have concessions, are included in the statistical models and are unjustly penalized also skewing the accuracy of the results. The actual decline or increase (as it may be) is still an estimate until hard data is released and analyzed. The appraiser analyzes current sales and listing data on a case -by -case basis, in order to determine if market condition adjustments are warranted. Form TADD — "WinTOTAL' appraisal software by a la mode, inc. —1- 800- ALAMODE File Plo. 0798,121 Paoe r4 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report Is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property Is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch In the appraisal report to show approximate dimensions of the improvements and the sketch Is Included only to assist the reader of the report in visuaIWng the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser Is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the Improvements at their contributory value. These separate valuations of the land and improvements must not be used In conjunction with any other appraisal and are Invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated In the appraisal report, the appraiser has no knowledge of any hidden or unapparmt conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warantles, express or Implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert In the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed In the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the Improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender /client specified in the appraisal report can distribute the appraisal report (including conclusions about the properly value, the appraiser's Identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower, the mortgagee or its successors and assigns; the mortgage insurer, consultants; professional appraisal organizations; any state or federally approyed financial Institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender /client may distribute the property description section of the report only to data collection or reportIng service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 6 -93 Page 1 of 2 Fannie Mae Form IWO b -9S Fernandez Residential Appraisers, Inc. Form ACR — 'WinTOTAL° appraisal software by a la mode, inc. —1- 800- ALAMODE APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. 1 have researched the subject market area and have selected a minimum of throe recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant hem in a comparable property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. 1 have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct 3. 1 stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. 1 have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal Interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and /or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either time prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. 1 have no present or contemplated future interest In the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the properly. 6. 1 was not required to report a predetermined value or direction In value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. 1 performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure In the open market is a condition in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section. B. I have personally Inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report I further certify that I have noted any apparent or (mown adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions an the marketability of the subject property. 9. 1 personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report If I relied on significant professional assistance from any Individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this, appraisal report I certify that any Individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report; therefore, d an unauthorized change is made to the appraisal report, I will take no responsibility for it SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appralsees certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY .APPRAISED: 6487 SW 60th Avenue South Miami, FL 33143 APPRAI Signature: Name: Gerardo Ferrian ez Date Signed: 07/25/2008 State Certification #: RD5869 or State License State: FL SUPERVISORY APPRAISER (only if required): Signature: Name: Date Signed: State Certification #: or State License #:_ State: Expiration Date of Certification or License: 11/30/2008 Expiration Date of Certification or License: ® Did ❑ Did Not Inspect Property Freddie Mac Form 439 6 -93 Page 2 of 2 Fannie Mae Form m 1.1114b b -9J Form ACR — 'WinTOTAL' appraisal software by a la mode, Inc. —1- 800- ALAMODE Location Map Bonner /Client N/A - Private Properly Address 6487 SW 60th Avenue City South Miami County Miami-Dade State FL ZipCode 33143 Lender SM6 ; S. Miami Communi ty Redev. Aclency) A-. a is mbde, inC A Z:D 'i EA :Lj, 1*6 4-1 TTF t4 Gir� DI 3t - . ;e .>., --- q w A Coral Gabl SA, 7—IM r.—T WRq fig _I VE*,,da AT 4 W2. I M2ft St ft .Pw Mt J. way �S J. SVd31 jA Y I � =M73 'mom; 7 4 V i I -Ic Z, gist. E � .im 77-n— % th _,;- St std j ,I- g F;;.�r pg SW 401h 0�;A_ - . F-31 .61R.". 021".. g - H. < I F�l A41 g,=- ?c . LI Ag. 1� 1 i; u T= 2 '7sw 4ft !_gF �Uju;u �_-_._ . .ig rt q % 0 r.4 R 2. 4 �V A. • ;AL, 1Z 55th $S st—. AVV 19 11 Y i 4,pc.T1.. 4 -5. 17 jerA a] -N 9 1 N W91 st! C 74M F X .4� r Swn,., V:ivnmt n VO. SW iw L, j— j- ;SWG3,dStjj C.P9 �W'844h !-4 41 `[ ��, - V- 95M 51 S57h S171 5W Sb'IN S i St Z_ LISW 94 , , vg.. v f°r e_:. � Sw 941h St SO MAN: AFT �,.;O 'R fj L P jK4, J:: 9 'A 'NZ at Sw IOZ,4 st :r .1 Hi i Mr�' 99m a woo, ST J T . . . .. .... U,:s, F!, A ,86Th Et. A j% -2 Sw 10alh at .. 1 C5 7' 1--sw law, SI-1 v 7-1 N-1 -?, T .. ........ .. ..... N _:L!OMI 0 i'�, f e 1411, S!, - g. swi Form MAPIOC —"WinTOTAL" appraisal soltvaie by a la mode, inc.—I-80D-ALAMODE le PJo 0708 -2 Pace #'7 Subject Photo Page Borrower /Client N/A - Private Property Address 6487 SW 60th Avenue city South Miami county Miami -Dade State FL Zip Code 33143 Lender SMCRA S. Miami Community Redev. Agency) Form PIC4x6.SR — °WinTOTAL' appraisal software by a la mode, inc. — 1 -800-ALAMODE Subject Front 6487 SW 60th Avenue Sales Price N/A GLA Total Rooms Total Bedrms Total Bathrms Location View Site Quality Age Subject Front Subject Street File No 070842 Noe #8 Comparable Photo Page Borrower /Client N/A - Private Property Address 6487 SW 60th Avenue city South Miami Countv Miami -Dade State FL Zip Code 33143 Lender SMCRA S. Miami Community Redev. Agency) Comparable 6000 SW 64th Street Pro>mity 0.06 miles Sale Price 48,000 GLA Total Rooms Total Bedmrs Total Bathrms Location View Site Quality Age Form PIC4x6.CR — 'WinTOTAL' appraisal software by a la mode, inc. —1- 800- ALAMODE Comparable 2 6133 SW 63rd Terrace Proximity 0.12 miles Sale Pdce 70,000 GLA Total Rooms Total Bedrns Total Bathrms Location View Site Quality Age Comparable 3 6350 SW 60th Avenue Probmity 0.10 miles Sale price 115,000 GLA Total Rooms Total Bedrms Total Bathrms Location View Site Quality Age file 1-4 o7:F, 0842 Pane 9 Comparable Photo Page Borrower /Client N/A - Private Property Address 6487 SW 60th Avenue city South Miami County Miami -Dade State FL Zip Code 33143 Lender SMCRA S. Miami CommunitV Redev. Agency) Safi' s r w�; Comparable 4 r z s* Y p3 6461 SW 59th Court Prot to Subj. 0.10 miles Sales Pace 99,900 s �Yt G.L.A. Tot. Rooms .� s � '�':'�'� s d• ' r `� _vifc'�..� �,��'a""y� � x ,: �*` '°w�,7�.�w�''a, '+ ��*` �'�s , �" r .a?�.k <; Tot. BCdnT15. Tot. Bathrnts. ,�3 ,� '.�•�� � �"� � �� �a 2 ' Location view Yx Fgg� Yz1 Site Quality N p„ Age Comparable 5 Prot to Sub]. Sales Pace G.LA ToL Rooms Tot. Bednns, Tot Bathmu. Location View Site Quality Age Comparable 6 Prot to Subj. Sales Pace G.LA Tot Rooms Tot. Bedrms. Tot Bathrms. Location View Site Quality Age Form PIC4x6.CR - -°WmTOTAL° appraisal sofrivare by a la mode, inc. —1- 800- ALAMODE Borrower /Client N/A - Private Properly Address 6487 SW 60th Avenue city South Miami Courdy Miami -Dade State FL Zip Code 33143 Lender SMCRA S. Miami Community Redev. Agency) QUALIFICATION'S OF GI:RARDO F. FFRIN ANFDEZ A Rpraisal .Experience: - Fernandez Residential.Appraisers, Inc. August 2006 to Frersenf Owner- - C & C Appraisers, Inc. August 2004 to July 2006 - Associate Appraiser - - Residential Appraisers,1m. july 2003 to July 2004 - Associate Appraiser - Lirense 14?ergbershipe, and tethers Volunteer -Firefighter at City of Plantation - Mt einber of the Realtor Association of Miami Dade. - Mernber of the Foundation of Real Estate Appraisers (FRE.A) - state certified i2eal EsWe Appraiser #RDa969 Specialized Education: -FIiEC Residential Appraiser AS -1 --2003 Florida. Appraisal Law Course —2004 - National. USPAP Course —2004 -FHA, Hlandtioak Course -=2004 - Interior inspectioi> Course -- 2004 -FREC Residential. Appraiser. AB- 2/AE -2B —2005 - ivational L7S.PAP Course --2005 insurance National Fire Insurance Company of.Pittsburgh, PA Cov eragge amount: $1,000,000.00. A 3.71 STATE Of FLORIDA I)EPARTIB,'E -N`! SSION&L 1MGt7IATIO BD DER #L- 06R9�3o203E 'RLO?tlDrl,; t2EL, 1STATEPAZSATx: ; "W 5 1,01/21/2 00G.0680fi1S12 : RDS864 .. The CitTIFl�ta: RESIPTTIAL.APPRASSR Named 64 IS . CERTIEIEB II der khe irav3szpn5: o€ CIiap.E r 47 FS : E3ip lea tior date:. c _ FEI?Nl��IDEZ, GERARDO FAVIO 4 PO: BOX 126491, H=ALEr1Fi .. FL 330121 3 BUSS SIMONE YARSTXLLER; "; Form SCNLGH — °WinTOTW appraisal sofhvare by a la mode, inc. —1- 800 - ALAMODE j_EXHIBIT D Pa # APPRAISAL OF REAL PROPERTY LOCATED AT: 6487 SW 60th Ave B 5 -34 Lot 7 Less W 2.5ft Blk 1 & 4ft Alley Lvg S & Adj closed Per R -92 -1517 South Miami, FI 33143 FOR: South Miami Community Redevelopment Agency 6130 Sunset Drive South Miami, FI 33143 AS OF: July 19, 2008 BY: Miller Appraisal Group, Inc Form GAt — "WinTOTAU appraisal software by a la mode, inc. — 1- 80D- ALAMODE LAND APPRA6SAL REPORT Ab Nn R170 Pa Borrower Owner- Frederick and Lawrence Kennedy Census Tract 76.03 Map Reference 54 -40 -25 Property Address 6487 SW 60th Ave _ City South Miami County Miam Dade State FI Lp Code 33143 - Legal Description Franklin Sub PB 5 -34 Lot 7 Less W 2.5ft Blk 1 & 4ft Alley Lvq S & Ad' closed Per R -92 -1517 Lot Size 6180 Sale Price $ n/a Date of Sale Loan Term yrs. Property Rights Appraised ® Fee ❑ Leasehold ❑ De Minimis PU Actual Real Estate Taxes $ 4.330.00 (yr) Loan charges to be paid by seller $ Otter sales concessions _ Lender /Client South Miami Community Redevelopment Agency Address 6130 Sunset Drive South Miami FI 33143 Occupant Vacant Land Appraiser Miller Appraisal Group, Inc Instructions to Appraiser Estimate Market Value Location Urban Suburban Rural Good Avg. Fair Poor Built Up ❑ Over 75% ® 25% to 75% ❑ Under 25% Employment Stability ® ❑ ❑ ❑ Growth Rate ❑ Fully Dev. ❑ Rapid ® Steady ❑ Slow Convenience to Employment ® ❑ ❑ ❑ Property Values ❑ Increasing ® Stable ❑ Declining Convenience to Shopping ® ❑ ❑ ❑ Demand/Supply ❑ Shortage ® In Balance ❑ Oversupply Convenience to Schools ® ❑ ❑ ❑ Marketing Time ❑ Under 3 Mos. ❑ 4 -6 Mos. ® Over 6 Mos. Adequacy of Public Transportation ® ❑ ❑ ❑ . Present Land Use 60% 1 Family 15% 2 -4 Family 5% Apts. _% Condo 10% Commercial Recreational Facilities ® El El 11 - % Industrial 5% Vacant Adequacy of Utilities ® ❑ ❑ ❑ _% Change in Present Land Use ® Not Likely E3 Likely ( *) ❑Taking Place ( *) Property Compatibility ® El ❑ El • ( *) From To Protection from Detrimental Conditions ® ❑ ❑ ❑ Predominant Occupancy ® Owner ❑ Tenant 5 % Vacant Police and Fire Protection ®❑ ❑ ❑ Single Family Price Range $ 90,000 to $ 995,000 Predominant Value $ 250.000 General Appearance of Properties ® ❑ ❑ ❑ Single Family Age 1 yrs. to 78 yrs. Predominant Age 55 yrs. I Appeal to Market ®❑ ❑ ❑ and the Comments Including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise):The property is over assessed Drooerty owner is paying taxes at a level above comparable properties. The subject property is currently listed for sale with an askin price of $97,000 MLS # M1203124. We have valued the property at 100 000 •which indicates that the asking rice is in the range of market value for the subject property. We would suggest offering $90,000 as a purchase price for this property. Dimensions 49 X 119 X 48 X 118 = 6,180 Sq. Ft or Acres Corner Lot Zoning classification RS -4, Single Family Residential Present Improvements ® do ❑ do not conform to zoning regulations Highest and best use ❑ Present use Other (Specify) Future Single Famil i Use or Assemblage OFF SITE IMPROVEMENTS Topo Basically level Public Other (Describe) Elec. ® Street Access ® Public ❑ Private Size Typical for area Gas ❑ Surface Asphalt Shape Slightly irre ular Water ® Maintenance ® Public ❑ Private View ResidentfaWacant Land San. Sewer ® ❑ Storm Sewer ❑ Curb /Gutter Drainage Appears Good-Typical for area ❑ Underground Elect & Tel. F1 Sidewalk 0 Street Lights Is the property located in a HUD Identified Special Flood Hazard Area? ❑ No ® Yes Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions): No unfavorable or adverse easements encroachments or conditions exist. The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The descdpfion includes a dollar adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to or more favorable than the subject property, a minus ( -) adjustment is made thus reducing the indicated value of subject; if a significant item in the comparable is inferior to or less favorable than the subject property, a plus ( +) adjustment is made thus increasing the indicated value of the subject. ITEM I SUBJECT PROPERTY COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Address 6487 SW 60th Ave 6740 SW 64th Ct 5791 SW 58th Ct 6096 SW 64th St South Miami FI 33143 South Miami FI 33143 South Miami FI 33143 South Miami FI 33143 Proxini to Subject_- F 0.45 mfles 0.45 miles 0.13 miles Sales Price n/a ° ' ° •: 17.22 19.55 $ 9.37 Price n!av .. 560,000 ., f 268 750•> '. $ 31,400 Data Source MLS IRIS Fares - Date of Sale and DESCRIPTION DESCRIPTION 1+(-)$ Adjust. DESCRIPTION + - Adjust DESCRIPTION + - Adjust. - Time Adjustment n/a 8 -15-06 -4.31 1 -19-06 -4.89 7 -19-07 Location SW 60th Ave SW 64th Ct SW 58th Ct SW 64th St •_ Sit ew 6,180 31,363 -1.72 10,232 3,350 +.94 Zonin RS-4 RS -3 RS-4 RS-4 Conditions of Sale None None None Tax Deed +.94 rovemerds Two Old Homes None None None Sales or Financing None Concessions None Net Ad'. ota + 6 03 + - -4.89 + 1.88 Indicated Value A 5k ��.. of Subject ,m�y . �, i $ 11.19 6 $ 14.66x, �._to ., $ 11.25 Comments on Market Data: The sales are all located in the subject neighborhood and are the most recent sales that have occurred in the area. We also reviewed some additional sales that turned out to be foreclosure sales and these were considered in our analysis on a general basis. The sales indicate a range in unit safe rites from $11.19 to 14.66 per square foot of land area. We estimated the market value at $12.00 Comments and Conditions of Appraisal: Nospecial assumptions were considered in this assignment. The subject site contains 6,180 square feet and with a unit sale rice of 12.00 this indicates a market value of $74,160 say $75,000. (6,180 SF x 12.= $74,160). The subject roe has two older homes on the site that have been used as rentals. We considered these improvements to have an interim value of $25,0 0 as these units do r ovide some income durin the lannin rocess for redevelo ment. This indicates a market value of 100 000 for the subject. Final Reconciliation: Prima reliance was iven to the Market roach to Value as this is the a roach considered most often In the lApprafselrs) market lace. The Income A roach was not considered a licable for vacant residential land and the Cost roach was also not a licable for vacant land. 1 ESTIMATE THE MARK ET VALUE, AS DEFINED, OF SUBJECT PROPERTY AS OF July 19 2008 to be $ 100 000 W uld gg b ing negotiations at $90,000 considering the current asking price of $97,000. Miller Appraisal Group, Inc ® Did ❑ Did Not Physically Inspect Property Review Appraiser if applicable) jY2Kj Miller Appraisal Group Form WD — "WinTOTAL" appraisal software by a la mode, Inc. —1- 800- ALAMODE P e #3 Assumptions, Limitinq Conditions & Scope of Work Address: — The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. — The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unless otherwise indicated, a Land Survey was not performed. — If so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. — The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. — If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and best use, and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such. — The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. — The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. — The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. — If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal report and valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner. — An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does not become a party to the appraiser - client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment. — The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. — An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiser performs a non - invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage the appropriate type of expert to investigate. The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report, Reliance upon this report, regardless of how acquired, by any parry or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and /or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions. Additional Comments (Scope of Work, Extraordinary Assumptions, Hypothetical Conditions, etc.): ®e p � �� Copyright@ 2007 by a la mode, me. This form may be reproduced unmoaaiea without written permission, however, a to mode, Inc. must be acenowieageo and creonea. LEN Form GPRES2AD — "WinTOTAL° appraisal software by a la mode, inc. —1- 800 - ALAMODE 3/2007 Certifications File Na.: 8170 i Pro a Address: 6487 SW 60th Ave City: South Miami State: Fl Zip Code: 33143 L Client: South Miami Community Redevelopment A en Address: 6130 Sunset Drive South Miami Fl 33143 Appra iser. Miller Appraisal Group, Inc Address: 3665 NW 124th Avenue, Coral Springs, FI 33065 APPRAISER'S CERTIFICATION I certify that, to the best of my knowledge and belief: — The statements of fact contained in this report are true and correct. — The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. — I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. — I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. — My engagement in this assignment was not contingent upon developing or reporting predetermined results. js — My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction . �.. in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. — My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of w, Professional Appraisal Practice that were in effect at the time this report was prepared. — I did not base, either partially or completely, my analysis and /or the opinion of value in the appraisal report on the race, color, religion, FS sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present owners or occupants of the properties in the vicinity of the subject property. — Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. _ "p — Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification. Additional Certifications: None DEFINITION OF MARKET VALUE *: Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. F Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. * This definition is from regulations published by federal regulatory agencies pursuant to Title A of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System t ' (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, a' FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994, Client Contact: Stephen A David Client Name: South Miami Community Redevelopment Agency 6130 Sunset Drive, South Miami, Fl 33143 E -Mail: sdaAd@cityofsouthmiam!.net Address: APPRAISER SUPERVISORY APPRAISER (if required) a.- or CO- APPRAISER (If applicable) N� W' Supervisory or Appraiser Name: Miller Appraisal Group, Inc Co- Appraiser Name: Company: Miller Appraisal Group, Inc. Company: X, Phone: 954- 575 -2399 Fax 954 - 252 -4504 Phone: Fax E -Mail: rmaginc(cbaol.com E -Mail: Date Report Signed: August 11, 2008 Date Report Signed: License or Certification #: RZ1270 State: Fl License or Certification #: State: Designation: ASA Designation: Expiration Date of License or Certification: Expiration Date of License or Certification: 11 -30 -2008 Inspection of Subject: ❑ Interior & Exterior ® Exterior Only ❑ None inspection of Subject: ❑ Interior & Exterior ❑ Exterior Only. ❑ None Date of inspection: July 19, 2008 Date of Inspection: ® Copyright@ 2007 by a la mode, inc. This tone may be reproduced unmddilied without emnen permission, ndWeVer, a u mode, Inc. must be aWomeageo ano creonea. RESIDENTIAL Form GPRES2AD — "WinTOTAL' appraisal software by a la mode, inc. — 1 -800-ALAMODE 3/2007 Subject Photo Page Owner Owner- Frederick and Lawrence Kennedy Property Address 6487 SW 60th Ave city South Miami County Miami -Dade State FI 21p Code 33143 Client South Miami Community Redevelopment A en Subject East 6487 SW 60th Ave Sales Price n/a Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location SW 60th Ave View 6,180 Site Quality Age Farm PIC3x5.SR — 'WinTOTAL' appraisal software by a la mode, inc. —1- 800 - ALAMODE Subject Middle Subject West Pao # Comparable Sales Map Owner Owner - Frederick and Lawrence Kennedy Property Address 6487 SW 60th Ave city South Miami Counly Miami -Dade State FI Zip Code 33143 Client South Miami Community Redevelopment Agency Form MARLOC — °WinTOTAL" appraisal software by a la mode, Inc. — 1- 800•ALAMODE P e Flood Map Owner Owner- Frederick and Lawrence Kennedy Property Address 6487 SW 60th Ave city South Miami CoUnty Miami -Dade State Fl Ti Code 33143 Client South Miami Community Redevelopment Agency Form MAP.ROOD — VinTOTAL' appraisal software by a la mode, inc. —1- 800- ALAMODE EXHIBIT E� We No. 0808005LI Pa a #2 APPRAISAL OF REAL PROPERTY LOCATED AT: 6487 SW 60 AVE iB PB 5-34 LOT 7 LESS W2.5FT BLK 1 & 4FT ALLEY LYG S $ADJ CLOSED SOUTH MIAMI, FL 33143 FOR: CITY OF SOUTH MIAMI REDEVELOPMENT AGENCY 6130 SUNSET DRIVE SOUTH MIAMI, FL 33143 AS OF: 09/04/2008 BY: LORENA HAYOT .ST.CERT.RES.REA. #RD6348 Form GA1— "WinTOTAL" appraisal software by a la mode, Inc. —1- 800 - ALAMODE GP Land Addendum [ %- Aooraise� r I ORE A HAYOT Address: 2592 CARAMBOLA CIR N, COCONUT CREEK, FL 33066 1 — The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to ft. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. — The appraiser may have provided a plat and /or parcel map in the appraisal report to assist the reader in visualizing the lot size, shape, and /or orientation. The appraiser has not made a survey of the subject property. — If so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. — The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. — The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. — The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. — The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. — An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does not become a party to the appraiser - client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment. — The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. Possession of this report or any copy thereof does not carry with it the right of publication. — Forecasts of effective demand for the highest and best use or the best fitting and most appropriate use were based on the best available data concerning the market and are subject to conditions of economic uncertainty about the future. The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and /or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions. Additional Comments (Scope of Work, Extraordinary Assumptions, Hypothetical Conditions, etc.): �A� Copyright© 2007 by a la mode, inc. This form may be reproduced unmodified without vrrihen permission, however, a la mode, inc. most be acknowledged and credded. Form GPLNDAD —' WinTOTAL° appraisal software by a la mode, inc. — 1- 800-ALAMODE 3/2007 Certifications & Definitions CIR N. COCONUT Fie No. 0808005LI Pa e # I certify that, to the best of my knowledge and belief: — The statements of fact contained in this report are true and correct. — The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. — I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. — I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. — My engagement in this assignment was not contingent upon developing or reporting predetermined results. — My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction _ in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. — My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. — I did not base, either partially or completely, my analysis and /or the opinion of value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present owners or occupants of the properties in the vicinity of the subject property. — Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. — Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification. Additional Certifications: DEFINITION OF MARKET VALUE *: Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specked date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. * This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994. Address: Appraiser Name: LOR Company: COAST TO COAST REAL ESTATE APPRAISERS, INC Phone: (954) 687 -2735 Fax: (954) 973 -2574 E -Mali: COAST2COASTREA(cDBELLSOUTH.NET Date Report Signed: 09/08/2008 License or Certification #: ST.CERT.RES.REA. #RD6348 State: FL Designation: Expiration Date of License or Certification: 11/30/2008 Inspection of Subject ® Did Inspect ❑ Did Not Inspect (Desldop) Date of Inspection: 09/04/2008 3130 SUNSET DRIVE, SOUTH MIAMI, FL 3: SUPERVISORY APPRAISER (if requlrecl) or CO- APPRAISER (if applicable) Supervisory or Co- Appraiser Name: Company: Phone: Fax E -Mail: Date Report Signed: License or Certification #: State: Designation: Expiration Date of License or Certification: Inspection of Subject ❑ Did Inspect ❑ Did Not Inspect ® Copyright@ 2007 by a la mode, inc. This lorm may be reproduced unmodified wdhout written permission, nowever, a is mode, inc. must oe acxnowieogeo ano creonea. Farm GPLNDAD — °WinTOTAL° appraisal software by a la mode, Inc. —1- 800- ALAMODE 3/2007 LAND APPRAISAL REPORT File No. 0808005LI Pa a #5 File Nn. 08080051 Borrower N/A Census Tract 76.030 Map Reference 54 -40 -25 Property Address 6487 SW 60 AVE City SOUTH MIAMI County MIAMI -DADE State FL Zp Code 33143 Legal Description FRANKLIN SUB PEI 5 -34 LOT 7 LESS W2.5FT BILK 1 & 4FT ALLEY LYG S ADJ CLOSED PER -92 -1517 Sale Price $ 0 Date of Sale N/A Loan Term N/A yrs. Property Rights Appraised ® Fee ❑ Leasehold ❑ De Minimis PUD Actual Real Estate Taxes $ 4,329.92 (yr) Loan charges to be paid by seller $ 0 Other sales concessions N/A _ Lender /Client CITY OF SOUTH MIAMI REDEVELOPMENT AGEN Address 6130 SUNSET DRIVE SOUTH MIAMI FL 33143 Occupant TENANT Appraiser LORENA HAYOT Instructions to Appraiser N/A Location El Urban ® Suburban ❑ Rural Good Avg. Fair Poor Built Up ® Over 75% ❑ 25% to 75% ❑ Under 25% Employment Stability ❑ ® ❑ ❑ Growth Rate ❑ Fully Dev. ❑ Rapid ® Steady ❑ Slow Convenience to Employment ❑ ® ❑ ❑ Property Values ❑ Increasing ❑ Stable ® Declining Convenience to Shopping ❑ ® ❑ ❑ Demand/Supply ❑ Shortage ❑ In Balance ® Oversupply Convenience to Schools ❑ M ❑ ❑ Marketing Time El Under 3 Mos. ❑ 4 -6 Mos. ® Over 6 Mos. Adequacy of Public Transportation ❑ ® ❑ ❑ Present Land Use 85% 1 Family 5% 2 -4 Family _% Apts. % Condo 5% Commercial Recreational Facilities ❑ ® ❑ ❑ % Industrial 5% Vacant °� Adequacy of Utilities ❑ ® ❑ ❑ _ _ Change in Present Land Use 0 Not Likely ® Likely ( *) ❑ Taking Place ( *) Properly Compatibility ❑ ® ❑ ❑ . ( *) From DUPLEX To LAND Protection from Detrimental Conditions El ❑ ❑ Predominant Occupancy ® Owner ❑ Tenant % Vacant Police and Fire Protection ❑ ® ❑ ❑ Single Family Price Range $ 70.000 to $ 750,000 Predominant Value $ 350,000 General Appearance of Properties ❑ ® ❑ ❑ Single Family Age NEW yrs. to 80 yrs. Predominant Age 50 yrs. Appeal to Market ❑ ®❑ ❑ IN A Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise):THE SUBJECT IS LOCATED NEIGHBORHOOD CLOSE TO SCHOOLS SHOPPING MAIN ARTERIES OF TRANSPORTATION AND WITHIN A REASONABLE DISTANCE FROM ALL OTHER AMENITIES. THERE ARE NO NEGATIVE INFLUENCES NOTED IN THE AREA. Dimensions 49.5'X 125' APPROXIMATELY = 6.188 Sq. Ft or Acres ❑ Comer Lot Zoning classification RS- Present Improvements ® do ❑ do not conform to zoning regulations Highest and best use ® Present use Other (specify Public Other (Describe) OFF SITE IMPROVEMENTS Topo BASICALLY LEVEL Elec. ® Street Access ® Public ❑ Private Size TYPICAL FOR THE AREA Gas ❑ NONE Surface ASPHALT Shape RECTANGULAR Water ® Maintenance ® Public ❑ Private View RESIDENTIAL San. Sewer ® ® Storm Sewer ® Curb /Gutter Drainage APPEARS ADEQUATE ❑ Underground Elect & Tel. M Sidewalk ® Street Lights Is the property located in a HUD Identified Special Flood Harard'Area? ® No ❑ Yes Comments (Favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions): NO ADVERSE EASEMENTS OR ENCROACHMENTS WERE NOTED OR REPORTED TO THE APPRAISER. NO SURVEY WAS PROVIDED TO THE APPRAISER FOR REVIEW. The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar adjustment reflecting market reaction to those items of significart variation between the subject and comparable properties. If a significant item in the comparable property is superior to or more favorable than the subject property, a minus ( -) adjustment is made thus reducing the indicated value of subject If a significant item in the comparable is inferior to or less favorable than the subject property, a plus (+) adjustment is made thus increasing the indicated value of the subject ITEM I SUBJECT PROPERTY COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Address 6487 SW 60 AVE 6790 SW 72 ST 8236 SW 36 ST 8240 SW 36 ST SOUTH MIAMI FL 33143 SOUTH MIAMI FL 33143 MIAMI FL 33155 MIAMI FL 33155 Proximity to Subject 0.87 miles SW 2.92 miles NW 2.93 miles NW Sales Price 0 ,: .. ;'. 450,000 ' _250000 250,000 Price $ ,, j'N" $ Data Source REALQUEST/P.REC PUB.REC /REALQUEST /MLS PUB.REC /REALQUEST /MLS PUB.REC /REALQUEST /MLS Date of Sale and DESCRIPTION DESCRIPTION + - Adjust DESCRIPTION + - Adjust DESCRIPTION + - Adjust. Time Adjustment N/A 03/19/2008 02/01/2008 02/01/2008 Location AVERAGE AVGrrRAFFIC l NO ADJ AVERAGE AVERAGE Sit lew RESIDENTIAL RESIDENTIAL RESIDENTIAL RESIDENTIAL SITE SIZE 6,188 S.F. 36,067 S.F. l -179,274 8,750 S.F. -15,372 8,750 S.F. -15,372 GRADING LEVEL LEVEL LEVEL LEVEL SUBDIVISION TYPICAL TYPICAL TYPICAL TYPICAL SITE PREP IMPROVED AVERAGE NO ADJ AVERAGE NO ADJ IMPROVED NO ADJ Sales or Financing NONE NONE NONE NONE Concessions NONE NONE NONE NONE _ Net Ad'. ota ., r + - I 179 274 + - I -15 372 + - ; -15,372 Indicated Value of SubjectM. " ., " ",• • etc 39:&Y $ 270,726,�et fi y% $ 234,628 fV6i "k•' _ $ 234,626 Comments on Market Data: ALL COMPARABLE SALES HAVE SIMILAR ZONING AND LAND USE AND THEREFORE CONSIDERED ACCEPTABLE AND GOOD INDICATORS OF THE SUBJECTS CURRENT MARKET VALUE ESTIMATE. Comments and Conditions of Appraisal: THIS APPRAISAL REPORT IS A SUMMARY REPORT AND COMPLIES WITH USPAP. NO PERSONAL PROPERTY IS INCLUDED IN THIS APPRAISAL. THE SUBJECT PROPERTY WAS APPRAISED AT THE LOW END OF THE MARKET DUE TO THE DECLINING CONDITIONS IN THE AREA. Final Reconciliation: THE SALES COMPARISON APPROACH BEST REFLECTS THE CURRENT MARKET CONDITIONS IN THE SUBJECTS a NEIGHBORHOOD DERIVED FROM BUYERS BEHAVIOR AND WHAT THEY ARE WILLING TO PAY FOR SIMILAR PROPERTIES IN THE AREA 1 ESTIMATE THE MAR E FINED, OF SUBJECT PROPERTY AS OF 09/04/2008 lone 5 250,000 ❑ Did ❑ Did Not Physically Inspect Property COAST TO COAST REAL ESTATE APPRAISERS, INC. Form WD — °WinTOTAL" appraisal software by a la mode, inc. — 1 -800-ALAMODE LAND APPRAISAL REPORT MARKET DATA ANALYSIS File No. 08080051 ITEM I SUBJECT PROPERTY COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6 Address 6487 SW 60 AVE SOUTH MIAMI FL 33143 6725 POINCIANA CT SOUTH MIAMI FL 33143 6735 POINCIANA CT SOUTH MIAMI FL 33143 Pm)dmftv to Subiect a � ' §. 0.57 miles SW 0.56 miles SW Sales Price $ 0 > aE $ 312 500 T ._ ,. s 312,500 Is Price VA S . $ g�� $ W "WOU ", Data Source REALQUEST /P.REC PUB.REC /REALQUEST /MLS PUB.REC /REALQUEST /MLS Date of sale and DESCRIPTION DESCRIPTION + – $ Adjust. DESCRIPTION + – $ Adjust. DESCRIPTION Time Adjustment N/A LISTING LISTING Location AVERAGE AVG /GATED ; NO ADJ AVG /GATED NO ADJ Site/View RESIDENTIAL CANAL NO ADJ CANAL NO ADJ SITE SIZE 6,188 S.F. 5.700 S.F. NO ADJ 5,250 S.F. NO ADJ = GRADING LEVEL LEVEL LEVEL SUBDIVISION TYPICAL TYPICAL TYPICAL SITE PREP IMPROVED AVERAGE i NO ADJ AVERAGE NO ADJ Sales or Financing Concessions NONE NONE NONE NONE NONE NONE Net Adi. ota + + – ; $ + Indicated Value! of Sub'ec[ �,.. ," _ �.. E _ 01m, $ 312,500 N��' ei_ $ 312,500 $ " NINE— Comments: DUE TO THE BELOW AVERAGE CONDITION OF THE SUBJECT PROPERTY THE APPRAISER IS NOT INCLUDING THE IMPROVEMENTS AND IS ONLY CONSIDERING THE MARKET VALUE OF THE LAND. DUE TO THE LACK OF LAND SALES WITH SIMILAR CHARACTERISTIC'S AS THE SUBJECT THE APPRAISER EXPANDED THE SEARCH TO A SIMILAR NEIGHBORHOOD FOR COMPARABLES #2 AND #3 AND HAS ADJUSTED THEIR DIFFERENCE IN SIZE ACCORDINGLY. COMPARABLE #3 WHEN IT SOLD IN FEBRUARY OF 2008 FOR $250,000 WAS FOR THE LAND ONLY. CURRENTLY THIS COMPARABLE HAS A HOUSE BEING BUILT ON IT AND THE NEW IMPROVEMENT HAS NOT BEEN GIVEN ANY VALUE. AVAILABLE MARKET DATA SHOWS NO MARKET RECOGNIZED DIFFERENCE BETWEEN AN AVG/TRAFFIC LOCATION AVG /GATED AND AN AVERAGE LOCATION. THEREFORE NO ADJUSTMENT FOR THIS CONCEPT IS MADE. COMPARABLE #1 SOLD AT THE HIGH END OF THE MARKET WHICH CONTAINS AN EXTERNAL OBSOLESCENCE. BASED ON THIS INFORMATION IT IS THE OPINION OF THE APPRAISER THAT THE EXTERNAL OBSOLESCENCE DOES NOT REPRESENT A DETERMENT TO THE MARKETABILITY OF THE SUBJECT PROPERTY. COMPARABLE SALES # 4 AND #5 ARE LOCATED ON LOTS THAT ABUTS TO A DRAINAGE CANAL NOT INTENDED FOR RECREATIONAL USE. AVAILABLE MARKET SHOWS NO MARKET RECOGNITION FOR THIS LOCATION. THEREFORE NO ADJUSTMENT IS BEING MADE. COMPARABLES #4 AND # 5 ARE AVAILABLE LISTINGS IN THE SUBJECTS AREA.THESE COMPARABLES LIST PRICE WERE RECORDED AS THEIR SALES PRICE AND THEY HAVE BEEN ADDED TO ILLUSTRATE THE ACTIVITY OF SIMILAR LAND SALES IN THE SUBJECT MARKET AREA AND HAS RECEIVED LIMITED WEIGHT IN THE ANALYSIS AS THEY ARE NOT A CLOSED SALES. ALTHOUGH THEY ARE LOCATED IN A GATED COMMUNITY THEY OFFER A GOOD IDEA OF WHAT THE SUBJECT"S MARKET VALUE SHOULD BE SINCE THEY ARE LOCATED WITHIN 1 MILE AND ARE OF SIMILAR SIZE. A PARCEL HIGHEST VALUE IS THE AREA WHERE THE IMPROVEMENT IS BUILT PLUS SET BACKS. ANY LAND BEYOND THOSE BOUNDARIES IS CONSIDERED EXCESS LAND UNLESS ZONING REGULATIONS PERMIT ITS USE WITH IMPROVEMENTS THAT WOULD RENDER SOME TYPE OF ECONOMIC RETURN. THEREFORE IN COMPUTING LAND VALUES EXCESS LAND IS PLACED AT THE LOWER END OF THE VALUE RANGE THEREBY MAKING ANY ADJUSTMENT OF VALUE DETERMINATION MORE SUBJECTED TO THE LAND'S CONTRIBUTORY VALUE THAN TO THE ACTUAL DOLLAR AMOUNT BASED ON SIZE. THE LEVEL OF ADJUSTMENTS FOR COMPARABLE #1 CAUSED THE NET GUIDELINES TO BE EXCEEDED. NOTWITHSTANDING THIS COMPARABLE USED WAS AMONG THE BEST IN SUPPORT OF THE SUBJECTS CURRENT MARKET VALUE. a COAST TO COAST REAL ESTATE APPRAISERS, INC. Form LND.(AC) — "WinTOTAL" appraisal software by a la mode, inc. — 1- 80D- ALAMODE Subject Photos Borrower /Client N/A Property Address 6487 SW 60 AVE city SOUTH MIAMI County MIAMI -DADE State FL ZIP Code 33143 Lender CITY OF SOUTH MIAMI REDEVELOPMENT AGENCY Subject Front 6487 SW 60 AVE Sales Price 0 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location AVERAGE View RESIDENTIAL Site Quality Age Form PIC3x5.SR — "WinTOTAL° appraisal software by a la mode, Inc. —1- 800 - ALAMODE Subject Rear Subject Street Comparable Photos 1 -3 Borrower Client N/A Property Address 6487 SW 60 AVE CRY SOUTH MIAMI County MIAMI -DADE State FL Tip Code 33143 Lender CITY OF SOUTH MIAMI REDEVELOPMENT AGENCY Comparable 1 6790 SW 72 ST Prot to Subject 0.87 miles SW Sales Price 450,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location AVG/TRAFFIC View RESIDENTIAL Site Quality Age Comparable 2 8236 SW 36 ST Prox to Subject 2.92 miles NW Sales Price 250,000 Gross living Area Total Rooms Total Bedrooms Total Bathrooms Location AVERAGE View RESIDENTIAL Site Quality Age Comparable 3 8240 SW 36 ST Prox to Subject 2.93 miles NW Sales Price 250,000 Gross LMng Area Total Rooms Total Bedrooms Total Bathrooms Location AVERAGE View RESIDENTIAL Site Quality Age Form PIC3x5.CR — 'WinTOTAL' appraisal software by a la mode, inc. — 1 -80D- ALAMODE File No. 08080051-1 Pane #91 Comparable photos 4 -6 Borrower /Client N/A Property Address 6487 SW 60 AVE city SOUTH MIAMI GOUnty MIAMI -DADE State FL Zip Code 33143 Lender CITY OF SOUTH MIAMI REDEVELOPMENT AGENCY Comparable 4 6725 POINCIANA CT Prox to Subject 0.57 miles SW Sales Price 312,500 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location AVG /GATED View CANAL Site Quality Age Comparable 5 6735 POINCIANA CT Prox to Subject 0.56 miles SW Sales Price 1 312,500 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location AVG /GATED View CANAL Site Quality Age Comparable 6 Prox to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Form PIC3x5.CR — "WinTOTAL° appraisal software by a la mode, inc. —1- 800 - ALAMODE Location trap Borrower /Client NIA Property Address 6487 SW 60 AVE city SOUTH MIAMI County MIAMI -DADE State FL Zip Code 33143 Lender CFIY OF SOUTH MIAMI REDEVELOPMENT AGENCY l �®20081AICioSOIt COlp �1U07 NeVYEp �nE/afitk AtlltLrc=- J-J7'r �tF' T' S''-:" �S' �:."-' ��—{%\ �AS--.- �- f.: i' ��= RaPman�ne�o 'Yarxm,+«Yr:zs- ;.�cr..,aw - . Fenn MAP.LOC — ViinTOTAL' appraisal software by a la mode, inc. — 1.800- ALAMODE File No. 08080057 Pa a #11 PSEPA or sssiYE AND PROOESS161 AL •R�GUL& '3CbN „. IDA Wig. �STA:E..�P��tA ��4Yi fit S�E3�x.li7a�.�s�n5�4 L� EiiS A7s . Form SC1 — "WinTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE File No. 0808005E Pa a #12 SunnPementa9 Addendum FiIP Nn nAnRnnrl Borrower /Client N/A Property Address 6487 SW 60 AVE city SOUTH MIAMI County MIAMI -DADE State FL Zip Code 33143 Lender CITY OF SOUTH MIAMI REDEVELOPMENT AGENCY arm t GENERAL STAR NATIONAL INSURANCE COMPANY ®. e l •,� P.O. Box 10354 ----° °° Stamford, Connecticut 06904 REAL ESTATE APPRAISERS ERRORS &, OMISSIONS LIABILITY INSURANCE POLICY DECLARATIONS PAGE This is a claims made and reported policy. Please read this policy and all endorsements and attachments carefully. Policy Number: ::YJA,903739A Renewal of Number:- NJA903730 1. NARKED INSURED- I omrka 1iilyot MAILING ADDRESS: 1.193 SW Glastonbcrry Ave Part St T,ucie, 1711 3,4953 2. POLICY PERIOD: Inception ©ate: 1)2701/2005 Expiration Date.: 02101hoog Effective. 12-01 a.m. Standard Time at the walling address o the Named Insured. 3. LIMIT" OF LIABILITY: Each Claim: 1,0((1).000 Aggregate: s'2,000,0(ki Locic.Box Liability: N/A 4. CLAIM EXPENSES: h. "Tlavv io wparate litnit ar liability_ 5. STATUS OF INSURED: Corporation 6. DEDUCTIBLE: $501)f1,1)00 Each Claim: b. "The de.dwctible amount cpee.if ted above applies to both t)amages and Claims F..xpen'sw�. 7. PRIOR /SETS DATE: 02101! W7 if a slate Is. indicated, this insurance will not apply to any regular act, errdr, omission or personal injury which occurred before such date. 8. PREMIUM: - $ 590.1)11 AAdirional L0 17 , Y[. HurHcane t;, 1),d Sluvhsrge G:o9 9. ENDORSEMENTS; This policy is made and accepted such to the "printed conditions In this policy together with the provisions, stipulations and agreements contained in the following torm(s) or endorsement(s). 4437/2004) Gti'Bi- 41(1'- F(., -!rt iFL (07/2063) 06-M -2M (071240)4) C.",N.67- 1`1..- 375102121006) 10: MANAGING AGENT Herbert H. tantly Insurance Agency, Inc. 75 Second Avenue', Suits 410 Needham, Massachusetts 024942876 _ ,... rr..:..._.....:..- . Aufholtzed Represerdattve I1,gd ,ctr Cade, 004126230 Class Code: 73125 "Tabu: 411129121"18 SLAii: GSN -06 =171E -720 (03/2005) File No. 0808005E Pa e #13 .9unimAemental Addendum File Nn nRnRnnrl Borrower /Client N/A Property Address 6487 SW 60 AVE City SOUTH MIAMI County MIAMI -DADE State FL Zip Code 33143 Lender CITY OF SOUTH MIAMI REDEVELOPMENT AGENCY COAST TO COAST REAL, ESTATE APPRAISERS, INC. WHY GO ANYWHERE ELSE? "YOUR BEST CHOICE FOR APPRAISALS" • KNOWLEDGEABLE AND RESPONSIVE STAFF WHEN YOU CALL • LANGUAGE PROBLEM? WE SPEAK 5 (SPANISH, FRENCH, CREOLE, PORTUGUESE, AND ENGLISH) • APPOINTMENTS SET WITHIN 24 HOURS • WE GIVE YOU YOUR APPRAISAL STATUS AT ANY TIME • IF WE SEE A SIGN OF TROUBLE YOU WILL BE CALLED IMMEDIATELY • NO BLACK LISTS • FHA APPROVED • COMPETITIVE AND ACCOMMODATIVE PRICING • WE WILL TELL YOU THE TRUTH, INTEGRITY AND HONESTY IS PARAMOUNT • WE TREAT YOUR CLIENTS WITH RESPECT AND COURTESY • WE WILL ANSWER ALL UNDERWRITER'S QUESTIONS • GET TO KNOW US, WE'RE HERE TO HELP • WE ARE LOOKING FOR A RELATIONSHIP NOT JUST A JOB • SPECIAL RUSH REQUESTS — NO PROBLEM, ADDITIONAL CHARGE WILL APPLY "TRY US ONCE, YOU WILL WANT TO DO IT AGAIN" MAKE US PART OF YOUR TEAM YOU WILL NOT REGRET IT. OUR CONTACT INFORMATION AND COVERAGE AREA: PHONE: (954) 687 -2735 FAX: (954) 973 -2574 EMAIL: COAST2COASTREA @BELLSOUTH,NET MAIN CONTACT: LORENA HAYOT APPRAISERS: LORENA HAYOT, JEAN -LOUIS HAYOT AND ALEX PIMENTEL. COUNTIES COVERED: MIAMI -DADE, BROWARD, PALM BEACH, MARTIN, & ST LUCIE. E &O INSURANCE $1,000,000 TAX ID # 20-0278118 7001 Malting our Neighborhood a Great Place to Lille, Work and Ploy" To: Honorable Chair and SMCRA Boar m e From: Stephen avid, SMC Directo Date: October 13, 2008 ITEM No. 9 PROPERTY OFFER TO PURCHASE 6488 SW 60' AVENUE A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) RELATING TO LAND ACQUISITION; AUTHORIZING THE SMCRA DIRECTOR TO ENTER INTO CONTRACT WITH NAOMI WILLIAMS, ETALS AND FREDERICK AND LAWRENCE KENNEDY TO PURCHASE PROPERTY LOCATED AT 6488 SW 60TH AVENUE (FOLIO NO. 09- 4025- 000 -0850) FOR A TOTAL PURCHASE PRICE OF $490,000 AND CHARGING THE TOTAL AMOUNT TO ACCOUNT NO. 610 - 1110 - 583 -61 -10 (LAND ACQUISITION ACCOUNT); AND PROVIDING AN EFFECTIVE DATE. BACKGROUND During the June 9, 2008 Meeting, the Board directed staff to obtain property appraisals for five properties located along 60th Avenue between SW 64th Street and SW 66t Street. The properties are currently located within a depressed area of the SMCRA and located within one block of the proposed Madison Square development site (Exhibit A). The Board subsequently reviewed the property appraisals for the following properties: 1. 6488 SW 601h Avenue (Folio # 09- 4025- 000 -0850) 2. 6457 SW 601h Avenue (Folio # 09- 4025- 010 -0060) 3. 6477 SW 60th Avenue (Folio # 09- 4025- 010 -0070) 4. 6487 SW 60th Avenue (Folio # 09- 4025- 010 -0080) 5. 6501 SW 601h Avenue (Folio 09- 4025 -010 -0090) Staff was recently contacted and provided with a purchase offer in the amount of $490,000 from Coldwell Banker to purchase 6488 SW 60th Avenue (Exhibit B). Based on the recent appraisals obtained by the SMCRA, the following appraised values have been obtained for 6488 SW 60th Avenue: Appraisal #1 Appraisal #2 Appraisal #3 $460,000 (Exhibit C) $500,000 (Exhibit D) $410,000 (Exhibit E) Approval of the attached resolution shall authorize the SMCRA Director to enter into a purchase and sale agreement with Naomi Williams Etals and Frederick and Lawrence Kennedy to purchase property located at 6488 SW 60th Avenue (Folio No. 09- 4025 -000- 0850) for a total contract amount of $490,000. RECOMMENDATION Staff recommends approval of the attached resolution authorizing the SMCRA Director enter into contract with Naomi Williams Etals and Frederick and Lawrence Kennedy to purchase property located at 6488 SW 60th Avenue (Folio No. 09- 4025- 000 - 0850). Attachments: Property Location Map Property Appraisal 41 Property Appraisal 92 Property Appraisal #3 SD/MCGRUFF\PLANNING \CRA \Property Purchase Offer for 6487 SW 60"' Avenue.doc 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 26 H 35 36 37 38 39 40 41 4443 45 46 47 RESOLUTION NO. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) RELATING TO LAND ACQUISITION; AUTHORIZING THE SMCRA DIRECTOR TO ENTER INTO CONTRACT WITH NAOMI WILLIAMS, ETALS AND FREDERICK AND LAWRENCE KENNEDY TO PURCHASE PROPERTY LOCATED AT 6488 SW 60TH AVENUE (FOLIO NO. 09 -4025- 000 -0850) FOR A TOTAL PURCHASE PRICE OF $490,000 AND CHARGING THE TOTAL AMOUNT TO ACCOUNT NO. 610- 1110 - 583 -61 -10 (LAND ACQUISITION ACCOUNT); AND PROVIDING AN EFFECTIVE DATE. WHEREAS, During the June 9, 2008 Meeting, the Board directed staff to obtain property appraisals for five properties located along 60th Avenue between SW 64th Street and SW 66th Street; and, WHEREAS, The properties are all located within a depressed area of the SMCRA and are located within one block of the proposed Madison Square development site; and, WHEREAS, the Board subsequently reviewed the property appraisals for the following properties: 1. 6488 SW 60th Avenue (Folio # 09- 4025- 000 -0850) 2. 6457 SW 60th Avenue (Folio # 09- 4025- 010 -0060) 3. '6477 SW 60th Avenue (Folio # 09- 4025- 010 -0070) 4. 6487 SW 60th Avenue (Folio # 09- 4025- 010 -0080) 6501 SW 60th Avenue (Folio 09- 4025- 010 - 0090); and, WHEREAS, staff was recently contacted and provided with a purchase offer in the amount of $490,000 from Coldwell Banker to purchase 6488 SW 601h Avenue; and, WHEREAS, based on the recent appraisals obtained by the SMCRA, the following appraised values have been obtained for 6488 SW 60th Avenue: Appraisal #I Appraisal #2 Appraisal #3 $460,000 $500,000 $410,000; and, 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 116 17 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 WHEREAS, the SMCRA Board desires to improve the existing conditions in the SMCRA District through the purchase and improvement of slum and blighted property. NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY: Section 1. The above whereas clauses are incorporated by reference into this resolution. Section 2. The SMCRA Board authorizes the SMCRA Director enter into contract, in substantial form with the agreement attached hereto, with Naomi Williams, Etals and Frederick and Lawrence Kennedy to purchase property located at 6488 SW 60th Avenue (Folio No. 09- 4025- 000 -0850) for a total contract amount of $490,000 and charging the total amount to Account No. 610 - 1110 - 5583 -61 -10 (Land Acquisition Account). Following funding disbursement, the remaining balance in Account No. 610 -1110- 5583 -61 -10 shall be $436,059. Section 3. This resolution shall take effect immediately upon approval. PASSED AND ADOPTED this day of October, 2008. ATTEST: South Miami Community Redevelopment Agency Clerk READ AND APPROVED AS TO FORM: APPROVED: Chairperson Horace Feliu Eve A. Boutsis, Office General Counsel South Miami Community Redevelopment Agency Board Vote: Chairperson Feliu: Vice Chairperson Wiscombe: Board Member Birts: Board Member Palmer: Board Member Beckman: Board Member R. Williams: Board Member L. Williams: EXHIBIT A Madison Square Land Acquisition Map — July 28, 2008 South Miami Community Redevelopment Agency Area N Hti '�I�U �SMCRA W S �r01 �a °v �i �e � i © ®v BONBON Ron ffiffin �- . p m -8 ......................................................... F- I A O IBM name a ©© a®®. a ©. A - - - -1 ....................... .................................... � 1 ErNME ------------------------------------------ -- ---- -------- -- ---- - -------- --- SMCRA Acquired and owned Land Parcels Including Madison Square EXHIBIT B Vacant Land Contract � _ FLORIDA ASSOCIATION OF REALTORSO RESIDENTIAL Kral. LsTArr 1 PARTIES AND DESCRIPTION OF PROPERTY 2* 1. SALE AND PURCHASE: Naomi Williams, Etals & Frederick & Kennedy Lawrence ( "Seller") 3* and South Miami Community Redevelopment Agency ( "Buyer ") 4 agree to sell and buy on the terms and conditions specified below the property ( "Property ") described as: 5* Address: 6488 SW 60th Ave South Miami, FL 33143 6* Legal Description: 25 54 40.815 ac MIL S444ft of E112 of NW 114 of NW 114 of SE114 less W 100ft & less S80ft of N296ft of 7* E50ft of W 150ft of E1 /2 of NW1 /4 of NW1 /4 of SETA & less bed 100ft of SW cor of E1/2 ofNW1 /4 of NW114 of SE1 /4 TH 8* N184ft E127.59ft N55ft E105ft S235ft W232.59ft TO POB & less E137.10ft of N911ft 9* 10* 11* 12* including all improvements and the following additional property: 13* 14* 15 PRICE AND FINANCING 16* 2. PURCHASE PRICE: $ 490,000.00 payable by Buyer in U.S. funds as follows: 17* (a) $ 3,000.04 Deposit received (checks are subject to clearance) on , by 18* for delivery to Coldwell Banker - ( "Escrow Agent") 19 Signature Name of Company 20* 21* 22* (b) $ 23* 24* 25* (c) (Address of Escrow Agent) 1501 Sunset Drive Coral Gables FL 33143 (Phone # of Escrow Agent) (05)666 -5922 Additional deposit to be delivered to Escrow Agent by , or days from Effective Date. (10 days if left blank). Total financing (see Paragraph 3 below) (express as a dollar amount or percentage) (d) $ Other: 26* (e) $ 487,000.00 Balance to close (not including Buyer's closing costs, prepaid items and prorations). All funds 27 paid at closing must be paid by locally drawn cashier's check, official check, or wired funds. 28* ❑ (f) (complete only if purchase price will be determined based on a per unit cost instead of a fixed price) The unit used to 29* determine the purchase price is ❑ lot ❑ acre ❑ square foot ❑ other (specify: ) prorating 30* areas of less than a full unit. The purchase price will be $ per unit based on a calculation of total area of 31 the Property as certified to Buyer and Seiler by a Florida - licensed surveyor in accordance with Paragraph 8(c) of this 32* Contract. The following rights of way and other areas will be excluded from the calculation: 33* 34* 3. CASHIFINANCING: (Check as applicable) X (a) Buyer will pay cash for the Property with no financing contingency. 35* ❑ (b) This Contract is contingent on Buyer qualifying and obtaining the commitment(s) or approval(s) specified below (the 36* "Financing ") within days from Effective Date (if left blank then Closing Date or 30 days from Effective Date, whichever 37* occurs first) (the "Financing Period "). Buyer will apply for Financing within days from Effective Date (5 days if left 38 blank) and will timely provide any and all credit, employment, financial and other information required by the lender. If Buyer, 39 after using diligence and good faith, cannot obtain the Financing within the Financing Period, either party may cancel this 40 Contract and Buyer's deposit(s) will be returned after Escrow Agent receives proper authorization from all interested parties. 41 * ❑ (1) New Financing: Buyer will secure a commitment for new third party financing for $ or 42* % of the purchase price at the prevailing interest rate and loan costs based on Buyer`s creditworthiness. Buyer 43 will keep Seller and Broker fully informed of the loan application status and progress and authorizes the lender or 44 mortgage broker to disclose all such information to Seller and Broker. 45* ❑ (2) Seller Financing: Buyer will execute a ❑ first ❑ second purchase money note and mortgage to Seller in the 46* amount of $ , bearing annual interest at % and payable as follows: 47* 48 The mortgage, note, and any security agreement will be in a form acceptable to Seller and will follow forms generally 49 accepted in the county where the Property is located; will provide fora late payment fee and acceleration at the mortgagee's 50 Buyer (___) and Seller ( ( j acknowledge receipt of a copy of this page, which is Page 1 of 7 Pages. VAC -9 Rev. 4/07 �9 2047 Florida Association of REALTORS& All Rights Reserved Q Farm generated by: Timomme www.TrueForms.com 800- 499 -9812 ®�- 51 option if Buyer defaults; will give Buyer the right to prepay without penalty all or part of the principal at any time(s) with 52 interest only to date of payment; will be due on conveyance or sale; will provide for release of contiguous parcels, if 53 applicable; and will require Buyer to keep liability insurance on the Property, with Seller as additional named insured. 54 Buyer authorizes Seller to obtain credit, employment and other necessary information to determine creditworthiness for the 55 financing. Seller will, within 14 days from Effective Date, give Buyerwritten notice ofwhetheror not Seller will make the loan. 56* ❑ (3) Mortgage Assumption: Buyer will take title subject to and assume and pay existing first mortgage to 57* 58* LN# in the approximate amount of $ currently payable at $ 59* per month including principal, interest, ❑ taxes and insurance and having a ❑ fixed ❑ other (describe) 60* 61 * interest rate of % which ❑ will ❑ will not escalate upon assumption. Any variance in the mortgage will be 62 adjusted in the balance due at closing with no adjustment to purchase price. Buyer will purchase Seller's escrow 63* account dollar for dollar. If the lender disapproves Buyer, or the interest rate upon transfer exceeds % or the 64* assumption/transfer fee exceeds $ * either party may elect to pay the excess, failing which this 65 agreement will terminate and Buyer's deposit(s) will be returned. 66 CLOSING 67* 4. CLOSING DATE; OCCUPANCY: This Contract will be closed and the deed and possession delivered on 15 days from 68* effective date ( "Closing Date'). Unless the Closing Date is specifically extended by the Buyer and Seller or by any other 69 provision in this Contract, the Closing Date shall prevail over all other time periods including, but not limited to, financing and 70 feasibility study periods. If on Closing Date insurance underwriting is suspended, Buyer may postpone closing up to 5 days after 71 the insurance suspension is lifted. If this transaction does not close for any reason, Buyer will immediately return all Seller - 72 provided title evidence, surveys, association documents and other items. 73 5. CLOSING PROCEDURE; COSTS: Closing will take place in the county where the Property is located and may be conducted 74 by mail or electronic means. If title insurance insures Buyer for title defects arising between the title binder effective date and 75 recording of Buyer's deed, closing agent will disburse at closing the net sale proceeds to Seller (in local cashier's checks if 76 Seller requests in writing at least 5 days prior to closing) and brokerage fees to Broker as per Paragraph 17. In addition to other 77 expenses provided in this Contract, Seller and Buyer will pay the costs indicated below. 78 (a) Seller Costs: 79 Taxes on the deed 80 Recording fees for documents needed to cure title 81 Title evidence (if applicable under Paragraph 8) 82* Other: 83 (b) Buyer Costs: 84 Taxes and recording fees on notes and mortgages 85 Recording fees on the deed and financing statements 86 Loan expenses 87 Lender's title policy at the simultaneous issue rate 88 Inspections 89 Survey and sketch 90 Insurance 91* Other: 92 (c) Title Evidence and Insurance: Check (1) or (2): 93* ❑ (1) The title evidence will be a Paragraph 8(a)(1) owner's title insurance commitment. ❑ Seller will select the title 94* agent and will pay for the owner's title policy, search, examination and related charges or ❑ Buyer will select the title 95* agent and pay for the owner's title policy, search, examination and related charges or ❑ Buyer will select the title agent 96* and Seller will pay for the owner`s title policy, search, examination and related charges. 97* ® (2) Seller will provide an abstract as specified in Paragraph 8(a)(2) as title evidence. ❑ Seller X Buyer will pay for the 98 owner`s title policy and select the title agent. Seller will pay fees for title searches prior to closing, including tax search 99 and lien search fees, and Buyer will payfees fortitle searches after closing (if any), title examination fees and closing fees. 100 (d) Prorations: The following items will be made current and prorated as of the day before Closing Date: real estate taxes, 101 interest, bonds, assessments, leases and other Property expenses and revenues. If taxes and assessments for the current 102 year cannot be determined, the previous year's rates will be used with adjustment for any exemptions. PROPERTY TAX 103 DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT PROPERTY TAXES AS THE 104 AMOUNT OF PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO 105 PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE 106 PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING 107 VALUATION, CONTACT THE COUNTY PROPERTY APPRAISER'S OFFICE FOR FURTHER INFORMATION. 108 (e) Special Assessment by Public Body: Regarding special assessments imposed by a public body, Seller will pay (i) the 109 full amount of liens that are certified, confirmed and ratified before closing and (ii) the amount of the last estimate of the 110 Buyer ( } ( and Seller ( H U acknowledge receipt of a copy of this page, which is Page 2 of 7 Pages. VAC -9 Rev. 4107 0 2007 Florida Association of REALTORS& All Rights Reserved Form generated by: TrtreForms" www.TrueForms.com 840 -499 -9612 911 assessment if an improvement is substantially completed as of Effective Date but has not resulted in a lien before closing, 112* and Buyer will pay all other amounts. If special assessments may be paid in installments ❑ Buyer ❑ Seiler (if left blank, 113 Buyer) shall pay installments due after closing. If Seller is checked, Seller will pay the assessment in full prior to or at the 114 time of closing. Public body does not include a Homeowner Association or Condominium Association. 115 (f) Tax Withholding: If Seller is a "foreign person" as defined by FIRPTA, Section 1445 of the Internal Revenue Code 116 requires Buyer to withhold 10% of the amount realized by the Seller on the transfer and remit the withheld amount to the 117 Internal Revenue Service (IRS) unless an exemption applies. The primary exemptions are (1) Seller provides Buyer with an 118 affidavit that Seller is not a "foreign person ", (2) Seller provides Buyer with a Withholding Certificate providing for reduced or 119 eliminated withholding, or (3) the gross sales price is $300,000 or less, Buyer is an individual who purchases the Property to 120 use as a residence, and Buyer or a member of Buyer's family has definite plans to reside at the Property for at least 50% of 121 the number of days the Property is in use during each of the first two 12 month periods after transfer. The IRS requires Buyer 122 and Seller to have a U.S. federal taxpayer identification number ( "TIN "). Buyer and Seller agree to execute and deliver as 123 directed any instrument, affidavit or statement reasonably necessary to comply with FIRPTA requirements including applying 124 for a TIN within 3 days from Effective Date and delivering their respective TIN or Social Security numbers to the Closing Agent. 125 If Seller applies for a withholding certificate but the application is still pending as of closing, Buyer will place the 10% tax in 126 escrow at Seller's expense to be disbursed in accordance with the final determination of the IRS, provided Seller so requests 127 and gives Buyer notice of the pending application in accordance with Section 1445. If Buyer does not pay sufficient cash at 128 closing to meet the withholding requirement, Seller will deliver to Buyer at closing the additional cash necessary to satisfy 129 the requirement. Buyer will timely disburse the funds to the IRS and provide Seller with copies of the tax forms and receipts. 130 (g) 1031 Exchange: If either Seller or Buyer wishes to enter into a like -kind exchange (either simultaneously with closing or 131 after) under Section 1031 of the Internal Revenue Code ( "Exchange "), the other party will cooperate in all reasonable respects 132 to effectuate the Exchange including executing documents; provided, however, that the cooperating party will incur no liability 133 or cost related to the Exchange and that the closing shall not be contingent upon, extended or delayed by the Exchange. 134 PROPERTY CONDITION 135 6. LAND USE: Seller will deliver the Property to Buyer at the time agreed in its present "as is" condition, with conditions 136 resulting from Buyer's Inspections and casualty damage, if any, excepted. Seller will maintain the landscaping and grounds in a 137 comparable condition and will not engage in or permit any activity that would materially alter the Property's condition without the 138 Buyer's prior written consent. 139 (a) Flood Zone: Buyer is advised to verify by survey, with the lender and with appropriate government agencies which flood 140 zone the Property is in, whether flood insurance is required and what restrictions apply to improving the Property and 141 rebuilding in the event of casualty. 142 (b) Government Regulation: Buyer is advised that changes in government regulations and levels of service which affect 143 Buyer's intended use of the Property will not be grounds for canceling this Contract if the Feasibility Study Period has 144 expired or if Buyer has checked choice (c)(2) below. 145 (c) Inspections: (check (1) or (2) below) 146 ❑ (1) Feasibility Study: Buyer will, at Buyer's expense and within days from Effective Date ( "Feasibility Study 147 Period "), determine whether the Property is suitable, in Buyer's sole and absolute discretion, for 148 use. During the Feasibility Study Period, Buyer may'conduct a Phase 1 149 environmental assessment and any other tests, analyses, surveys and investigations ( "Inspections ") that Buyer deems 150 necessary to determine to Buyer's satisfaction the Property's engineering, architectural and environmental properties; 151 zoning and zoning restrictions; subdivision statutes; soil and grade; availability of access to public roads, water, and other 152 utilities; consistency with local, state and regional growth management plans; availability of permits, government approvals, 153 and licenses; and other Inspections that Buyer deems appropriate to determine the Property's suitability for the Buyer's 154 intended use. If the Property must be rezoned, Buyer will obtain the rezoning from the appropriate government agencies. 155 Seller will sign all documents Buyer is required to file in connection with development or rezoning approvals. 156 Seller gives Buyer, its agents, contractors and assigns, the right to enter the Property at any time during the Feasibility 157 Study Period for the purpose of conducting Inspections; provided, however, that Buyer, its agents, contractors and 158 assigns enter the Property and conduct Inspections at their own risk. Buyer will indemnify and hold Seller harmless from 159 losses, damages, costs, claims and expenses of any nature, including attorneys' fees, expenses and liability incurred in 160 application for rezoning or related proceedings, and from liability to any person, arising from the conduct of any and all 161 Inspections or any work authorized by Buyer. Buyer will not engage in any activity that could result in a construction lien 162 being filed against the Property without Seller's prior written consent. If this transaction does not close, Buyer will, at 163 Buyer's expense, (1) repair all damages to the Property resulting from the Inspections and return the Property to the 164 condition it was in prior to conduct of the Inspections, and (2) release to Seller all reports and other work generated as a 165 result of the Inspections. 166 Buyer will deliver written notice to Seller prior to the expiration of the Feasibility Study Period of Buyer's determination of 167 whether or not the Property is acceptable. Buyer's failure to comply with this notice requirement will constitute 168 acceptance of the Property as suitable for Buyer's intended use in its "as is' condition. If the Property is unacceptable to 169 Buyer and written notice of this fact is timely delivered to Seller, this Contract will be deemed terminated as of the day 170 after the Feasibility Study period ends and Buyer's deposit(s) will be returned after Escrow Agent receives proper 171 authorization from all interested parties. 172 ® (2) No Feasibility Study: Buyer is satisfied that the Property is suitable for Buyer's purposes, including being 173 satisfied that either public sewerage and water are available to the Property or the Property will be approved for the 174 Buyer ( and Seller ( ( j acknowledge receipt of a copy of this page, which is Page 3 of 7 Pages. VAC -9 Rev. 4107 © 2007 Florida Association of REALTORSO All Rights Reserved Form generated by; True Forms" www.TrueForms.com 800 - 499.9612 175 installation of a well and /or private sewerage disposal system and that existing zoning and other pertinent regulations and 176 restrictions, such as subdivision or deed restrictions, concurrency, growth management and environmental conditions, 177 are acceptable to Buyer. This Contract is not contingent on Buyer conducting any further investigations. 178 (d) Subdivided' Lands: If this Contract is for the purchase of subdivided lands, defined by Florida Law as "(a) Any 179 contiguous land which is divided or is proposed to be divided for the purpose of disposition into 50 or more lots, parcels, 180 units, or interests; or (b) Any land, whether contiguous or not, which is divided or proposed to be divided into 50 or more lots, 181 parcels, units, or interests which are offered as a part of a common promotional plan. ", Buyer may cancel this Contract for 182 any reason whatsoever for a period of 7 business days from the date on which Buyer executes this Contract. If Buyer elects 183 to cancel within the period provided, all funds or other property paid by Buyer will be refunded without penalty or obligation 184 within 20 days of the receipt of the notice of cancellation by the developer. 185 7. RISK OF LOSS; EMINENT DOMAIN: If any portion of the Property is materially damaged by casualty before closing, or 186 Seller negotiates with a governmental authority to transfer all or part of the Property in lieu of eminent domain proceedings, 187 or if an eminent domain proceeding is initiated, Seller will promptly inform Buyer. Either party may cancel this Contract by 188 written notice to the other within 10 days from Buyer's receipt of Seller's notification, failing which Buyer will close in 189 accordance with this Contract and receive all payments made by the government authority or insurance company, if any. 190 TITLE 191 8. TITLE: Seller will convey marketable title to the Property by statutory warranty deed or trustee, personal representative or 192 guardian deed as appropriate to Seller's status. 193 (a) Title Evidence: Title evidence will.show legal access to the Property and marketable title of record in Seller in 194 accordance with current title standards adopted by the Florida Bar, subject only to the following title exceptions, none of 195 which prevent Buyer's intended use of the Property as residential use : covenants, easements 196 and restrictions of record; matters of plat; existing zoning and government regulations; oil, gas and mineral rights of record if 197 there is no right of entry; current taxes; mortgages that Buyer will assume; and encumbrances that Seller will discharge at or 198 before closing. Seller will deliver to Buyer Seller's choice of one of the following types of title evidence, which must be 199 generally accepted in the county where the Property is located (specify in Paragraph 5(c) the selected type). Seller will use 200 option (1) in Palm Beach County and option (2) in Miami -Dade County. 201 (1) A title insurance commitment issued by a Florida- licensed title insurer in the amount of the purchase price and 202 subject only to title exceptions set forth in this Contract and delivered no later than 2 days before Closing Date. 203 (2) An existing abstract of title from a reputable and existing abstract firm (if firm is not existing, then abstract must be 204 certified as correct by an existing firm) purporting to be an accurate synopsis of the instruments affecting title to the 205 Property recorded in the public records of the county where the Property is located and certified to Effective Date. 206 However if such an abstract is not available to Seller, then a prior owner's title policy acceptable to the proposed 207 insurer as a base for reissuance of coverage. Seller will pay for copies of all policy exceptions and an update in a format 208 acceptable to Buyer's closing agent from the policy effective date and certified to Buyer or Buyer's closing agent, 209 together with copies of all documents recited in the prior policy and in the update. If a prior policy is not available to Seller 210 then (1) above will be the title evidence. Title evidence will be delivered no later than 10 days before Closing Date. 211 (b) Title Examination: Buyer will examine the title evidence and deliver written notice to Seller, within 5 days from receipt of 212 title evidence but no later than closing, of any defects that make the title unmarketable. Seller will have 30 days from receipt 213 of Buyer's notice of defects ('Curative Period ") to cure the defects at Seller's expense. If Seller cures the defects within the 214 Curative Period, Seller will deliver written notice to Buyer and the parties will close the transaction on Closing Date or within 215 10 days from Buyer's receipt of Seller's notice if Closing Date has passed. If Seller is unable to cure the defects within the 216 Curative Period, Seller will deliver written notice to Buyer and Buyer will, within 10 days from receipt of Seller's notice, 217 either cancel this Contract or accept title with existing defects and close the transaction. 218 (c) Survey: Buyer may, prior to Closing Date and at Buyer's expense, have the Property surveyed and deliver written notice 219 to Seller, within 5 days from receipt of survey but no later than 5 days prior to closing, of any encroachments on the 220 Property, encroachments by the Property's improvements on other lands or deed restriction or zoning violations. Any such 221 encroachment or violation will be treated in the same manner as a title defect and Buyer's and Seller's obligations will be 222 determined in accordance with subparagraph (b) above. 223 (d) Coastal Construction Control Line: If any part of the Property lies seaward of the coastal construction control line as 224 defined in Section 161.053 of the Florida Statutes, Seller shall provide Buyer with an affidavit or survey as required by law 225 delineating the line's location on the Property, unless Buyer waives this requirement in writing. The Property being 226 purchased may be subject to coastal erosion and to federal, state, or local regulations that govern coastal property, including 227 delineation of the coastal construction control line, rigid coastal protection structures, beach nourishment, and the protection 228 of marine turtles. Additional information can be obtained from the Florida Department of Environmental Protection, including 229 whether there are significant erosion conditions associated with the shoreline of the Property being purchased. 230* ❑ Buyer waives the right to receive a CCCL affidavit or survey. 231 MISCELLANEOUS 232 9. EFFECTIVE DATE; TIME; FORCE MAJEURE: 233 (a) Effective Date: The "Effective Date" of this Contract is the date on which the last of the parties initials or signs and 234 delivers final offer or counteroffer. Time is of the essence for all provisions of this Contract. 235 (b) Time: All time periods expressed as days will be computed in business days (a "business day" is every calendar day 236 except Saturday, Sunday and national legal holidays). If any deadline falls on a Saturday, Sunday or national legal 237 Buyer ( and Seller ( ( ) acknowledge receipt of a copy of this page, which is Page 4 of 7 Pages. VAC -9 Rev. 4/07 0 2007 Florida Association of REALTORS0 All Rights Reserved Form gen"ed by: True Forms" www,TrueForms.com 800 - 499-9612 238 holiday, performance will be due the next business day. All time periods will end at 5:00 p.m. local time (meaning in the 239 county where the Properly is located) of the appropriate day. 240 (c) Force Majeure: Buyer or Seller shall not be required to perform any obligation ender this Contract or be liable 241 to each other for damages so long as the performance or non - performance of the obligation is delayed, caused or 242 prevented by an act of God or force majeure. An "act of God" or "force majeure" is defined as hurricanes, earthquakes, 243 floods, fire, unusual transportation delays, wars, insurrections and any other cause not reasonably within the control of 244 the Buyer or Seller and which by the exercise of due diligence the non - performing party is unable in whole or in part 245 to prevent or overcome. All time periods, including Closing Date, will be extended (not to exceed 30 days) for the period that 246 the force majeure or act of God is in place. In the event that such "act of God" or "force majeure" event continues beyond 247 the 30 days in this sub- paragraph, either party may cancel the Contract by delivering written notice to the other and Buyer's 248 deposit shall be refunded. 249 10. NOTICES: All notices shall be in writing and will be delivered to the parties and Broker by mail, personal delivery or 250 electronic media. Buyer's failure to deliver timely written notice to Seller, when such notice is required by this Contract, 251 regarding any contingencies will render that contingency null and void and the Contract will be construed as if the 252 contingency did not exist. Any notice, document or item delivered to or received by an attorney or licensee (including a 253 transaction broker) representing a party will be as effective as if delivered to or by that party. 254 11. COMPLETE AGREEMENT: This Contract is the entire agreement between Buyer and Seller. Except for brokerage 255 agreements, no prior or present agreements will bind Buyer, Seller or Broker unless incorporated into this Contract. 256 Modifications of this Contract will not be binding unless in writing, signed or initialed and delivered by the party to be bound. This 257 Contract, signatures, initials, documents referenced in this Contract, counterparts and written modifications communicated 258 electronically or on paper will be acceptable for all purposes, including delivery, and will be binding. Handwritten or typewritten 259 terms inserted in or attached to this Contract prevail over preprinted terms. If any provision of this Contract is or becomes invalid 260 or unenforceable, all remaining provisions will continue to be fully effective. Buyer and Seller will use diligence and good faith in 261 performing all obligations under this Contract. This Contract will not be recorded in any public records. 262 12. ASSIGNABILITY; PERSONS BOUND: Buyer may not assign this Contract without Seller's written consent. The terms 263 "Buyer," "Seller," and "Broker" may be singular or plural. This Contract is binding on the heirs, administrators, executors, 264 personal representatives and assigns (if permitted) of Buyer, Seller and Broker. 265 DEFAULT AND DISPUTE RESOLUTION 266 13. DEFAULT: (a) Seller Default: If for any reason other than failure of Seller to make Seller's title marketable after diligent 267 effort, Seller fails, refuses or neglects to perform this Contract, Buyer may choose to receive a return of Buyer's deposit without 268 waiving the right to seek damages or to seek specific performance as per Paragraph 14. Seller will also be liable to Broker for 269 the full amount of the brokerage fee. (b) Buyer Default: If Buyer fails to perform this Contract within the time specified, 270 including timely payment of all deposits, Seller may choose to retain and collect all deposits paid and agreed to be paid as 271 liquidated damages or to seek specific performance as per Paragraph 14; and Broker will, upon demand, receive 50 % of all 272 deposits paid and agreed to be paid (to be split equally among Brokers) up to the full amount of the brokerage fee. 273 14. DISPUTE RESOLUTION: This Contract will be construed under Florida law. All controversies, claims, and other matters in 274 question arising out of or relating to this transaction or this Contract or its breach will be settled as follows: 275 (a) Disputes concerning entitlement to deposits made and agreed to be made: Buyer and Seller will have 30 days from 276 the date conflicting demands are made to attempt to resolve the dispute through mediation. If that fails, Escrow Agent will 277 submit the dispute, if so required by Florida law, to Escrow Agent's choice of arbitration, a Florida court or the Florida Real 278 Estate Commission. ( "FREC"). Buyer and Seller will be bound by any resulting award, judgment or order. A broker's 279 obligation under Chapter 475, FS and the FREC rules to timely notify the FREC of an escrow dispute and timely resolve the 280 escrow dispute through mediation, arbitration, interpleader, or an escrow disbursement order, if the broker so chooses, 281 applies only to brokers and does not apply to title companies, attorneys or other escrow companies. 282 (b) All other disputes: Buyer and Seller will have 30 days from the date a dispute arises between them to attempt to 283 resolve the matter through mediation, failing which the parties will resolve the dispute through neutral binding arbitration in 284 the county where the Property is located. The arbitrator may not alter the Contract terms or award any remedy not provided 285 for in this Contract. The award will be based on the greater weight of the evidence and will state findings of fact and the 286 contractual authority on which it is based. If the parties agree to use discovery, it will be in accordance with the Florida Rules 287 of Civil Procedure and the arbitrator will resolve all discovery- related disputes. Any disputes with a real estate licensee 288 named in Paragraph 17 will be submitted to arbitration only if the licensee's broker consents in writing to become a party to 289 the proceeding. This clause will survive closing. 290 (c) Mediation and Arbitration; Expenses: "Mediation" is a process in which parties attempt to resolve a dispute by 291 submitting it to an impartial mediator who facilitates the resolution of the dispute but who is not empowered to impose a 292 settlement on the parties. Mediation will be in accordance with the rules of the American Arbitration Association ('AAA") or 293 other mediator agreed on by the parties. The parties will equally divide the mediation fee, if any. "Arbitration' is a process in 294 which the parties resolve a dispute by a hearing before a neutral person who decides the matter and whose decision is 295 binding on the parties. Arbitration will be in accordance with the rules of the AAA or other arbitrator agreed on by the parties. 296 Each party to any arbitration will pay its own fees, costs and expenses, including attorneys' fees, and will equally split the 297 arbitrators' fees and administrative fees of arbitration. In a civil action to enforce an arbitration award, the prevailing party to 298 the arbitration shall be entitled to recover from the nonprevailing party reasonable attomeys' fees, costs and expenses. 299 Buyer ( and Seller( (} acknowledge receipt of a copy of this page, which is Page 5 of 7 Pages. VAC -9 Rev. 4107 ® 2007 Florida Association of REALTORSO All Rights Reserved Form generated by: Ti ueForme www.TrueForms.com 800 - 4994)512 300 ESCROW AGENT AND BROKER 301 15. ESCROW AGENT: Buyer and Seller authorize Escrow Agent to receive, deposit and hold funds and other items in escrow 302 and, subject to clearance, disburse them upon proper authorization and in accordance with Florida law and the terms of this 303 Contract, including disbursing brokerage fees. The parties agree that Escrow Agent will not be liable to any person for 304 misdelivery of escrowed items to Buyer or Seller, unless the misdelivery is due to Escrow Agent's willful breach of this Contract 305 or gross negligence. If Escrow Agent interpleads the subject matter of the escrow, Escrow Agent will pay the filing fees and 306 costs from the deposit and will recover reasonable attomeys' fees and costs to be paid from the escrowed funds or equivalent 307 and charged and awarded as court costs in favor of the prevailing party. All claims against Escrow Agent will be arbitrated, so 308 long as Escrow Agent consents to arbitrate. 309 16. PROFESSIONAL ADVICE; BROKER LIABILITY: Broker advises Buyer and Seller to verify all facts and representations 310 that are important to them and to consult an appropriate professional for legal advice (for example, interpreting contracts, 311 determining the effect of laws on the Property and transaction, status of title, foreign investor reporting requirements, 312 the effect of property lying partially or totally seaward of the Coastal Construction Control Line, etc.) and for tax, property 313 condition, environmental and other specialized advice. Buyer acknowledges that Broker does not reside in the 314 Property and that all representations (oral, written or otherwise) by Broker are based on Seller representations or 315 public records. Buyer agrees to rely solely on Seller, professional inspectors and governmental agencies for 316 verification of the Property condition and facts that materially affect Property value. Buyer and Seller respectively will 317 pay all costs and expenses, including reasonable attorneys' fees at all levels, incurred by Broker and Broker's 318 officers, directors, agents and employees in connection with or arising from Buyer's or Seller's misstatement or failure 319 to perform contractual obligations. Buyer and Seller hold harmless and release Broker and Broker's officers, directors, 320 agents and employees from all liability for loss or damage based on (1) Buyer's or Seller's misstatement or failure to perform 321 contractual obligations; (2) Broker's performance, at Buyer's and/or Seller's request, of any task beyond the scope of services 322 regulated by Chapter 475, F.S., as amended, including Broker's referral, recommendation or retention of any vendor; (3) 323 products or services provided by any vendor; and (4) expenses incurred by any vendor. Buyer and Seller each assume full 324 responsibility for selecting and compensating their respective vendors. This paragraph will not relieve Broker of statutory 325 obligations. For purposes of this paragraph, Broker will be treated as a party to this Contract. This paragraph will survive closing. 326 17. BROKERS: The licensee(s) and brokerage(s) named below are collectively referred to as "Broker." Instruction to Closing 327 Agent: Seller and Buyer direct closing agent to disburse at closing the full amount of the brokerage fees as specified in 328 separate brokerage agreements with the parties and cooperative agreements between the brokers, except to the extent Broker 329 has retained such fees from the escrowed funds. In the absence of such brokerage agreements, closing agent will disburse 330 brokerage fees as indicated below. This paragraph will not be used to modify any MLS or other offer of compensation made by 331 Seller or listing broker to cooperating brokers. 332 * Oliver von Gundlach Caldwell Banker 333 * Selling Sales Assoctata4 icense No_ Selling Firm/Brokerage Fee. ($ or % of Purchase Price) 3% 334 * Oliver von Gundlach Caldwell Banker 335 * Listing Sales AssocialaUcense No. Listing FirmBrokerage Fee: ($ or % of Purchase Price) 3% 336 ADDITIONAL TERMS: 337 18. ADDITIONAL TERMS: 338 Pursuant to Section 475.42(1)(j), Fla. Stat., Seller and Buyer hereby grant Broker the right to place a lien on the Property to 339 ensure payment of services rendered. For purposes of this paragraph, Broker will be treated as a party to this Contract. 340 341 In addition to any brokerage fee noted in paragraph 17, Caldwell Banker Residential Real Estate LLC will collect a $295 342 brokerage fee from its Buyer(s) and /or Seller(s) as agreed to in the Buyer's Disclosure and Information Form and /or Seller's 343 Listing Agreement. 344 345 Buyer and Seller agree that Coldwell Banker, if acting as escrow agent, will deposit the escrowed funds in a non- interest- 346 bearing account with a financial institution chosen by Coldwell Banker and that the financial institution, Coldwell Banker or any 347 of its related companies may obtain a direct or indirect benefit in connection with such deposit. 348 349 Buyer should not execute this contract until buyer has received and read the disclosure summary if required by section 720.401, 350 Florida Statutes which, if required, is incorporated into this contract. IF THE DISCLOSURE SUMMARY REQUIRED BY SECTION 351 720.401, FLORIDA STATUTES, HAS NOT BEEN PROVIDED TO THE PROSPECTIVE PURCHASER BEFORE EXECUTING THIS 352 CONTRACT FOR SALE, THIS CONTRACT IS VOIDABLE BY BUYER BY DELIVERING TO SELLER OR SELLER'S AGENT OR 353 REPRESENTATIVE WRITTEN NOTICE OF THE BUYER'S INTENTION TO CANCEL WITHIN 3 DAYS AFTER RECEIPT OF THE 354 DISCLOSURE SUMMARY OR PRIOR TO CLOSING, WHICHEVER OCCURS FIRST. ANY PURPORTED WAIVER OF THIS 355 VOIDABILITY RIGHT HAS NO EFFECT. BUYER'S RIGHT TO VOID THIS CONTRACT SHALL TERMINATE AT CLOSING. 356* 357 358 Buyer( and Seller ( ( ) acknowledge receipt of a copy of this page, which is Page S of 7 Pages. VAC -9 Rev. 4107 6 2007 Florida Association of REALTORSO All Rights Reserved Form generated by: Tille Forms` www.TrueForms.com 800 - 488 -9512 359* 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 This is intended to be a legally binding contract. If not fully understood, seek the advice of an attorney prior to signing. 377 OFFER AND ACCEPTANCE 378 (Check if applicable: ❑ Buyer received a written real property disclosure statement from Seller before making this Offer.) 379 Buyer offers to purchase the Property on the above terms and conditions. Unless this Contract is signed by Seller and a copy 380* delivered to Buyer no later than ❑ a.m. ❑ p.. on , this offer will be 381 revoked and Buyer's deposit refunded subject to clearance of funds. 382 COUNTER OFFER/REJECTION 383* ❑ Seller counters Buyer's offer (to accept the counter offer, Buyer must sign or initial the counter offered terms and deliver a 384 copy of the acceptance to Seller. Unless otherwise stated, the time for acceptance of any counteroffers shall be 2 days from the 385* date the counter is delivered. El Seller rejects Buyer's offer. 386* Date: Buyer: 387* Print name: South Miami CRA 388* Date: Buyer, 389* Phone: Print name: 390* Fax: Address: 391 * E -mail: 392* Date: 393* 394* Date: 395* Phone: 396* Fax: 397* E -mail: 398* Seller: Print name: N. Williamson i Etals Lawrence Seller: Print name: Frederick & Kennedy Lawrence Address: Effective Date: (The date on which the last party signed or Initialed acceptance of the final offer.) 399 Buyer ( and Seller ( U acknowledge receipt of a copy of this page, which is Page 7 of 7 Pages. The Florida Association of REALTORS and focal Board /Association of REALTORS make no representation as to the legal validity or adequacy of any provision of this form in any specific transaction. This standardized form should not be used in complex transactions or with extensive riders or additions. This form is available for use by the entire real estate industry and is not intended to identify the user as a REALTOR. REALTOR is a registered collective membership mark that may be used only by real estate licensees who are members of the National Association of REALTORS and who subscribe to its Code of Ethics. The copyright laws of the United States (17 U.S. Code) forbid the unauthorized reproduction of blank forms by any means including facsimile or computerized forms. VAC -9 Rev_ 4/07 0 2007 Florida Association of REALTORS® All Rights Reserved Form generated bye True Forms` www.TrueForms.com 800 -499 -8812 Affiliated Business Arrangement Disclosure Statement W '� Ri-sIDENT11f. W. -AL ESTATE To: Consumer From: Coldwell Banker Residential Real Estate LLC Thank you for contacting us, your local Coldwell Banker Residential Real Estate LLC office (hereinafter "Broker"), in connection with the purchase or sale of a home or other property. This is to give you notice that Broker has a business relationship with the • companies listed in this Statement, in that each of the companies is wholly or partially owned either directly or indirectly by NRT LLC or by Realogy Corporation. Realogy Corporation indirectly wholly owns NRT LLC, a parent company of your local Broker and other brokerage offices throughout the nation. Realogy Corporation also owns the franchisor of the Coldwell Banker®, Coldwell Banker Commercial®, Century 210, ERA &, and Sotheby's International Realty@ systems. Because of these relationships, the referral of business to these companies may provide us, our employees or other related parties noted herein a financial or other benefit. In connection with providing real estate brokerage services, Broker may receive a commission or a cooperative brokerage referral fee for a referral to another real estate brokerage company (which is typical in the real estate brokerage industry); however, this will not affect the amount you pay to purchase or sell a property. We have set forth below the full range of services that these companies provide, along with an estimate of the range of charges generally made for these services. You are NOT required to use the listed companies as a condition of the purchase or sale of your property. THERE ARE FREQUENTLY OTHER SETTLEMENT SERVICE PROVIDERS AVAILABLE WITH SIMILAR SERVICES- YOU ARE FREE TO SHOP AROUND TO DETERMINE THAT YOU ARE RECEIVING THE BEST SERVICES AND THE BEST RATE FOR THESE SERVICES. Companies HUD -1 Description /Line Designation Estimate Of Range Of Charges Generally Made By Provider (1) PHH Home Loans LLC d/b /a Coldwell Banker Home Loans: Loan origination fee (801) 0 - 2% of loan amount Provides a full range of residential first mortgage loan products and Loan discount feelpoints (802) (2) 0 - 5% of loan amount services. Application fee (800 Series) (3) $04350 PHH Home Loans LLC d /b/a Sunbelt Lendina Services: Loan origination fee (801) 0 -4 %of loan amount Provides a full range of residential first mortgage loan products and Loan discount feelpoints (802) (2,3) 0 - 4% of loan amount services. U.S. National 1031 Exchange: Acts as a qualified intermediary for Additional settlement charges (1300 Series) $500.00 - $3,00€3.00 IRC 1031Tax Deferred Exchanges. Sunbelt Title Agency: Provides searches of public records that 0.5% - 1.25% of the property bring to your attention any known problems with the propertys title Purchase of fine policies (1108 - 1110) purchase price before closing, and insures against loss due to certain title defects. NRT Insurance Agency. Inc.: Provides insurance agency Hazard Insurance Premium (903) $7.50 - $12.00 per thousand dollars services for homeowners and other types of insurance. of replacement cost of dwelling 1. Actual charges may vary according to the particular circumstances underlying the transaction, including the home value, coverage and limits, other requested terms and services, unusual market conditions, government regulations, property location and features, and other similar factors. Rates may not be the lowest available and are subject to change. For a free, no obligation quote, please contact the company directly. Where required by state law, current rates for insurance are filed with the applicable state agency, and depending upon the circumstances, may vary from the rates shown above. 2. The loan discount feelpoints are affected by the note rate. Depending upon market conditions, the loan discount feelpoints may be higher to adjust for below- market rates. 3. There are other charges imposed in connection with mortgage loans. In addition, a lender may require the use of other service providers, including but not limited to an attorney, credit reporting agency or real estate appraiser chosen to represent the lender's interest. If you apply to any of these companies for a loan, you will receive additional information regarding anticipated charges. Although not affiliated business arrangements, please also note the following: certain Brokers market the Coldwell Banker Home Protection Plan (provided by American Home Shield of Florida, Inc.) as well as other products and services. Broker, its employees or its affiliates) may receive a financial or other benefit in connection with the products or services described herein. Acknowledgement of Receipt of disclosure I /We have received the Affiliated Business Arrangement Disclosure Statement from Broker and understand that Broker may refer me /us to the settlement service providers listed in this Statement. Broker, its employees or its affillate(s) may receive a financial or other benefit as the result of that referral. Name South Miami CRA Date Name Date COLDWELL BANKERS and COLDWELL BANKER COMMERCIALS are registered trademarks licensed to Coldwell Banker Real Estate LLC. ERAS is a registered trademark licensed to ERA Franchise Systems LLC CENTURY 219 is a registered trademark licensed to Century 21 Real Estate LLC. SOTHEBY'S INTERNATIONAL REALTY S is a registered trademark licensed to Sotheby's Intemational Realty Affiliates LLC. An Equal Opportunity Company_ 14ir Equal Housing Opportunity - Owned and Operated by NRT LLC Form generated by: TrUeForms- from REYEAL>Z' SYSTEMS, Inc. 800-499 -9812 0 2007 NRT LLC. Revised July 2007 Buyer's Disclosure and Acknowledgment RI;S3T1Fa"rlAt. Hr•.Ai. EsrNu 1. EQUAL HOUSING OPPORTUNITY. Coldwell Banker, its sales associates and employees {collectively, "Broker") are committed to providing equal and fair housing opportunities to all persons regardless of race, color, religion, national origin, ancestry, gender, age, familial status, disability or any other protected status_ Broker's policy is to comply with the letter and spirit of all fair housing and anti - discrimination laws and regulations - 2. LEGAL REQUIREMENT. All contracts for the sale of real property are required to be in writing and signed by all parties to be enforceable. Broker recommends that you consult with an attorney prior to entering into this or any other contract. 3. BROKERAGE RELATIONSHIP. You acknowledge that Broker and its representatives are representing you in a statutory Transaction Brokerage relationship as set forth in §§ 475.01(1)(1) and 475.278(2)(b), Florida Statutes. 4. ESCROW. Monies placed in escrow with Coldwell Banker will be held in compliance with Chapter 475, Florida Statutes. You agree that Caldwell Banker, if acting as escrow agent, may deposit the escrowed funds in a non - interest bearing account with a financial institution chosen by Coldwell Banker and that the financial institution, Coldwell Banker or any of its related companies may obtain a direct or indirect benefit in connection with such deposit. S. SURVEYS AND INSPECTIONS. Broker recommends that you (a) exercise any right you have to obtain a survey of the property and any professional inspections, including comprehensive home inspections which may include, but not be limited to, roof, termite, permits, unpermitted prior improvements or repairs, plumbing and septiciwaterlsewage hookups, service, and condition, appliances, pout, electrical, HVAC, and structural components (collectively "Property Condition '); (b) retain your chosen inspector to reinspect the property to ensure that all required repairs have been made by an appropriately licensed person in a workmanlike manner; and (c) exercise any contractual right to personally perform a walk - through inspection of the property prior to closing- You agree not to rely on Broker for matters related to Property Condition, boundaries, square footage, nature or extent of any easements or encroachments, or to inspect, reinspect or perform your walk- through inspection of the property. 6. THIRD PARTY VENDORS. As a courtesy, Broker may provide you with one or more names of service providers including, but not limited to, home inspectors, engineers, contractors, repairpersons, or attorneys that other consumers have used or of whom we are aware. Our doing so shall not in any way be construed to be a recommendation or endorsement of, nor is Broker warranting the work of, any such providers. The final choice of any service provider rests solely with you , whether the name appears on any list or not. You agree to release,hold harmless and indemnify Broker from all claims or losses that in any way arise out of, or relate to, the selection or use of any such service provider. 7. SHOWINGS AND OFFERS ON PROPERTY. Even though you have entered into an authorized brokerage relationship with Broker, you understand that multiple offers may be presented on the property on which you make an offer, including offers through Coldwell Banker sales associates who have entered into brokerage relationships with other prospective buyers. A seller or seller's representative may not treat the existence, terms, or conditions of offers as confidential unless confidentiality is required by law, regulation or any confidentiality agreement between the parties. Broker is not obligated to show you any particular property unless compensation acceptable to Broker is offered_ A seller is under no obligation to negotiate offers in the order received and it is the seller's discretion as to which offer to accept, reject or negotiate. You should not assume that your offer has been accepted until a fully executed contract has been delivered to you. 8. CONDOMINIUMS AND HOMEOWNERS' ASSOCIATION. Properties governed by a Condominium or Homeowners' Association are subject to restrictions, rules and regulations and owners of such properties are typically required to pay various fees and expenses associated with this form of ownership. Broker recommends that you contact the Association directly prior to entering into a contract to determine any matters that are important to you, including, but not limited to, the Association's financial condition, whether there are rental restrictions, any pending or threatened litigation or whether current or anticipated repairs or improvements to the property or common elements could result in a fee or assessment and you agree to hold Broker harmless in connection therewith. 9. DEED RESTRICTIONS. Certain neighborhoods and communities have deed restrictions that may affect your use of the property. If the property is affected by deed restrictions, you should consult with an attorney to determine the nature of the restrictions prior to entering into a contract. 10. SCHOOL DISTRICTS. At some point in the transaction, you may be provided with information regarding the school boundaries for a particular property. School boundaries are subject to change. As a result, the information available to the Seller or the Realtor may not be accurate or current, even though it appears to be from a reliable source. If this information is important to you, contact the local school board directly to verity the correct school boundaries for the particular property prior to entering into a contract. 11. PROPERTY TAXES. You should not rely on the setter's current properly taxes as the amount of properly taxes that you may be obligated to pay. A change of ownership or property improvements triggers reassessments of the property that could result in higher property taxes_ If you are the current owner of a Florida homesteaded property, you may be able to transfer a portion of the Save our Homes benefit to another qualifying Florida property. If you have any questions concerning valuation, taxation, or tax portability, contact the county property appraiser's office. 12. SEXUAL OFFENDERS. The Florida Department of Law Enforcement (FDLE) maintains a list of sexual predators /offenders to enable the public to request information about these individuals who may be living in their communities. If this is important to you, contact FDLE directly prior to entering into a contract at 1 -888- 357 -7332 (toll free), via e-mail at sexpred @fdle.state.fl.us, or log on to www_fdle.state.fl_us. 13. MOLD DISCLOSURE. Conditions in Florida can be conducive for mold growth. As a prospective buyer, you should pay attention to visual signs of the presence of mold or mildew odors. If this is important to you, you should add a provision to your contract offer that gives you the right to conduct a mold inspection to determine whether mold is present_ For more information, visit the EPA website at www.epa.goviiaq and click on Mold Resources. 14. GOVERNING LAW, VENUE, LIMITATION OF LIABILITY, AND WAIVER. In the event of any dispute arising out of or in any way relating to your purchase of property or the relationship between you and Broker, it is agreed that (i) Florida law shall govern, (ii) venue shall be exclusively in the state courts of Broward County, Florida, (iii) any claim by you for damages of any nature (including claims for negligence) shall not exceed the amount of the commission that Broker was paid, or would have been paid, in connection with the transaction, and (iv) BROKER AND YOU KNOWINGLY AND VOLUNTARILY WAIVE ANY CLAIM FOR PUNITIVE DAMAGES AND ANY RIGHT TO JURY TRIAL IN ANY LITIGATION. 15. PROFESSIONAL SERVICES FEE. You agree to pay Coldwell Banker a professional services fee of $295 -00 at closing. 16. AFFILIATED BUSINESS DISCLOSURE. You acknowledge receipt of Coldwell Banker's Affiliated Business Arrangement Disclosure Statement. 17. SAVINGS CLAUSE. If any provision herein is deemed invalid or unenforceable, the remaining provisions shall remain valid and enforceable. 18. HOME WARRANTY. Broker recommends that you obtain a home warranty on any property you purchase to protect against unanticipated repairs. Ask your sales associate for additional information. The undersigned agree to the foregoing as a condition of Broker's representation. Buyer South Miami CRA Date Buyer: Date Copyright 2008 Coldwell Banker Resklential Real Estate LLC An Equal Opportunity Company. An Equal Housing Opportunity. Owned and Operated by NRT LLC. (Rev. 06108) Form generated by: True Forms' from REVEAL %SYSTEMS, Irm. 80D- 499-9612 Brokerage Relationship Disclosure FLORIDA ASSOCIATION OF REALTORS® � RrsiDENTIALRFAL ESTATE TRANSACTION BROKER NOTICE As a transaction broker, Coldwell Banker Residential Real Estate LLC and its associates, provides to you a limited form of representation that includes the following duties: 1. Dealing honestly and fairly; 2. Accounting for all funds; 3. Using skill, care, and diligence in the transaction; 4. Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer; S. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee . otherwise in writing; 6. Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and 7. Any additional duties that are entered into by this or by separate written agreement. Limited representation means that a buyer or seller is not responsible for the acts of the licensee. Additionally, parties are giving up their rights to the undivided loyalty of the licensee. This aspect of limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of the other party when acting as a transaction broker to both parties. Date Copy returned to Customer on the Signature South Miami CRA day of Signature by: ❑ personal delivery ❑ mail ❑ facsimile. Copyright 2007 Coldwell Banker Residential Real Estate LLC An Equal Opportunity Company - An Equal Housing Opportunity. Owned and Operated by NRT LLC (rev. 07107) Form generated by: True Forms'" www.TrueFofms.corn 8W499 -9812 41 EXHIBIT C . L - _ Ti (Fernandez Inc.) LAND APPRAISAL REPORT (File No 070651 Paae #1 Filp Nn 070851 Borrower N/A - Private Census Tract 0076.03 Map Reference 54 -40 -25 Property Address 6488 SW 60th Avenue City South Miami County Miami -Dade State FL Zip Code 33143 _ AC M/L S444FT OF E1 /2 OF NW-1/4 OF NW-1/4 OF SE1 /4 LESS W10OFT & LESS S80FT OF N296FT OF E50FT -DF- Legal Description .815 Sale Price S N/A Date of Sale N/A Loan Term N/A yrs. Property Rights Appraised El Fee ❑ Leasehold ❑ De Minimis PUD Actual Real Estate Taxes S 17,343.99 (yr) Loan charges to be paid by seller $ N/A Other sales concessions N/A - Lender /Ciient SMCRA (S Miami Community Redev. Agency) Address 6130 Sunset Drive South Miami FL 33143 Occupant Unknown Appraiser Gerardo Fernandez Instructions to Appraiser Determine Market Value Location ❑ Urban 0 Suburban ❑ Rural Good Avg. Fair Poor ❑ ® ❑ ❑ Built Up 0 Over 75% ❑ 25% to 75% ❑ Under 25% Employment Stability ❑ BI ❑ ❑ Growth Rate ❑ Fully Dev. ❑ Rapid ® Steady ❑ Slow Convenience to Employment ❑ ® ❑ ❑ Property Values ❑ Increasing ❑ Stable ® Declining Convenience to Shopping ❑ ® ❑ ❑ Demand /Supply ❑ Shortage ❑ In Balance BI Oversupply Convenience to Schools Transportation ❑ ® ❑ ❑ Marketing Time ❑ Under 3 Mos. ZI 4 -6 Mos. ❑ Over 6 Mos. Adequacy of Public ❑ ® ❑ ❑ _ Present Land Use 90% 1 Family 3% 2 -4 Family _% Apts. _% Cando 5"% Commercial Recreational Facilities ❑ ®❑ ❑ _ % Industrial _ %Vacant 2% Vacant Adequacy of Utilities Change in Present Land Use ❑ Not Likely ®Likely (') ❑Taking Place (') Property Compatibility ❑ Z ❑ _ (') From Vacant To Residential Protection from Detrimental Conditions ❑ ® ❑ ❑ Predominant Occupancy ® Owner ❑Tenant % Vacant Police and Fire Protection ❑ ®❑ ❑ Properties ❑ ®❑ ❑ Single Family Price Range S 70,000 to $ 200.000 Predominant Value $ 115,000 General Appearance of Market ❑ ® ❑ ❑ Single Family Age New yrs. to 80+ yrs. Predominant Age 50 yrs. Appeal to Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise):There were no unfavorable conditions observed that would affect marketability and /or market value. Adequate closeness to main arteries of transportation gives the subject access to a wide variety of amenities. Dimensions Irregular = 35.512 Sq.Ft.crAcres ❑Comer Lot Present Improvements ® do ❑ do not conform to zoning regulations Zoning classificafion RS -4 Highest and best use 0 Present use Other (specify Public Other (Describe) OFF SITE IMPROVEMENTS Topo Level Street Grade Elec. ® Street Access ® Public ❑ Private Size Typical of the Area Gas ❑ Surface Paved Asphalt Shape Rectangular Water ® Maintenance ® Public ❑ Private view Residential San. Sewer ® ® Storm Sewer ® Curb /cutler Drainage Appears Ade uate ❑ Underground Elect. & Tel. M Sidewalk 9 Street Lights Is the property located In a HUD Identified Special Flood Hazard Area? ® No ❑ Yes Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions): At the time of the inspection no adverse easements were noted. Nonetheless a current survey is recommended for verification of the property boundaries and flood zone. No factors that would neoatively impact property value were apparent Fema Special Flood Hazard Area: No; Fema Zone: X; Map Date: 03/02/1994; Map No.: 120658 C 0276 J The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dour adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to or more favorable than the subject property, a minus ( -) adjustment is made thus reducing the indicated value of subject if a significant Rem in the comparable is inferior to or less favorable than the subject property, a plus ( +) adjustment is made thus increasing the indicated value of the subject. ITEM I SUBJECT PROPERTY COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Address 6488 SW 60th Avenue 6212 SW 65th Avenue 6790 SW 72nd Street 6800 SW 68th Street South Miami FL South Miami FL South Miami FL South Miami FL Proximit to Subject 0.55 miles 407 800 0.87 miles - s 450 000 0.84 miles Is 600,000 Sales Price S N/A s Price Data Source F.A.R.E.SJPublic Records F.A.R.E.S. /Public Records F.A.R.E.S. /Public Records - Date of Sale and DESCRIPTION DESCRIPTION + - s Adjust DESCRIPTION + - $ Adjust -15.000 DESCRIPTION + - s Adjust. 03/2008 -20,000 Time Adjustment N/A 12/2007 -27187 03/2008 Location Avera a Avera a Average/Traffic 25,000 Avera e Sit iew 35,51 . 2 S .Ft. 24,698 S .Ft. 129.000 36,067 S .Ft. 21,472 Sq. Ft. 168 000 _ Improvement None Improved -65,900 None Im roved -250.000 Road Access Paved As halt Paved As halt Paved Asphalt Paved Asphalt Sales or Financing N/A None known None known None known Concessions I Net Ad". otal + - : s 35 913 + - :s 10.000 + - ; s -102,000 Indicated Value of Subject Net 8.8 % s 443 713 Net 2.2 % S 460,000 Net 17.0 % s 498,000 Comments on Market Data: Subject is a vacant land larger than the typical in the area. Search was had to be expanded. Although improved, sales #1 and #3 share a similarzoning and are considered Qood indicators of the subject's current market value once their improvements have been extracted to obtain their land value. Comments and Conditions of Appraisal: This is a Summary Appraisal Report not intended to be used for lending purposes; it is only provide the Client an opinion of the subject's current market value. The final opinion on the subject's market value is based on current market activity; derived from buyers behavior and what they are _ willing to pay for similar properties in the subject's market area on current market conditions. Final Reconciliation: Only the market approach to value was used when arriving at the subject's opinion of market value. These sales are - considered the most similar available and the best indicators of value. • I E5TNATE-TRE MARKET VALUE, A$ DEFINED, OF SUBJECT PROPERTY AS OF 07/21/2006 to be S 460,000 . Gerardo Fernandezr Did ❑ Did Not Physically Inspect Property Appraiser(s) Review Appraiser (if applicable) (Y2K) Fernandez Residential Appraisers, inc. Form LND — 'WinTOTAL' appraisal software by a la mode, inc. — 1- 800- ALAMODE UtNE) APPRAISAL REPDRT lFile No 0708511 Page #2 MARKET DATA ANALYSIS File Nn- 070851 ITEM SUBJECT PROPERTY COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6 Address 6488 SW 60th Avenue South Miami FL 6944 SW 63rd Avenue South Miami FL Proximi to Subject 0.39 miles Sales Price S N/A S 318,500 S S Price Is is Is Data Source F.A.R.E.S. /Public Records MLS Date of sale and DESCRIPTION DESCRIPTION 1+ HS S Adjust. DESCRIPTION 1+[-)S Adjust. DESCRIPTION + (-)S Adjust. " TimeAd'ustment N/A Active listing - Location Average Avera e = Sit iew 35.512 S .Ft. 22,488 S .Ft. 156,000 Improvement None None Road Access Paved Asphalt Paved Asphalt Sales or Financing Concessions N/A None known Net Ad'. otal FM + - :S 156,000 r + - S + - ; $ Indicated Value Of Subiect Net 49.0% S 474,500 Net °% $ Net % S comments: Listing 4 is presented has an improvement; however it is currently listed for its land value only as the improvements are at the end of their remaining economic life. It is being resented as additional reference of a property currently for sale within the subject's immediate market area. In the determination of value no weight is given on this comparable as the final sale price is unknown. Adjustment made is for reference only. A reliable list to sale ratio could not be attained due to the market's volatilit : list to sale price ratios vary reatl from less than 80% to more than 90% due to current market conditions including stagnant sales oversupply of inventory, foreclosures /short sales, and increasing financial strains on current owners. Fernandez Residential Appraisers, inc. Form LND.(AC) — "WinTOTAL' appraisal software by a la mode, inc. —1- 800 - ALAMODE File Ro 0708511 Pau 431 �e�rerrAar- aarr.fiaiA ArNP_Rnrlitim RpNn n7nR51 Borrower /Client N/A - Private Property Address 6488 SW 60th Avenue City South Miami Counly Miami -Dade State FL Zip Code 33143 Lender SMCRA S. Miami Community Redev. A enc This is a Summary Appraisal Report which is intended to comply with the reporting requirements set forth under Standards Rule 2 -2 (b) of the Uniform Standard of Professional Appraisal Practice for a Summary Appraisal Report. As such, it presents only summary discussions of the data, reasoning, and analysis that were used in the appraisal process to develop the Appraiser's opinion of value. The Appraiser is not responsible for unauthorized use of this report. To develop the opinion of value, the appraiser performed a complete appraisal process, as defined by the Uniform Standards of Professional Appraisal Practice. ** *Comments on Market Data: As indicated on previous page, the subject is a vacant land larger than the typical in the area; furthermore, a low sales activity was generally observed, including improved sites. The most similar available comparables are being presented. Comparable 2 is located on a street with a higher traffic than the typical residential street; this is considered a slight • external obsolescence due the higher noise level generated by traffic, which required an appropriate adjustment. A market derived, time of sale adjustment is being applied on comparables to create an adequate unit of comparison and to reflect the declines in market experienced within the subject's neighborhood and immediate market area. See below for further market condition analysis. Market Conditions/Trends: In depth analysis of the subject's neighborhood /market area has revealed a decline in property values during the past year, as a direct result of an increasing inventory (supply) and a limited number of prospective buyers (demand). With supply exceeding demand, current owners are aggressively pricing their residences in order to attract potential suitors. The excess supply of available listings, the growing number of days on the marketfor said listings, and the continuous lowering of asking pricing have had a direct impact on current values. This information has been compiled and confirmed via the use of available resources, including Local Media Outlets; Government websites; the Multiple Listing Service; Realtors; and Public Records. However, in the subject specific neighborhood /market area, price changes are not dramatic and clearly evident over the short term, then time adjustments is only warranted for sales exceeding 6 months. The Florida real estate market is in a state of oversupply in most areas, which have resulted in declining Values. These declines are not homogeneous and they vary by location and type of property as well as other more specific factors such as condition, design, property type, sub market, etc. The decline percentage is not the same for all market segments. Statistical data is tainted by seller concessions and subsidies, which do not appear in the final recorded prices. This creates the impression of a less dramatic decline slope. Conversely, properties, which did not have concessions, are included in the statistical models and are unjustly penalized also skewing the accuracy of the results. The actual decline or increase (as R may be) is still an estimate until hard data is released and analyzed. The appraiser analyzes current sales and listing data on a case -by -case basis, in order to determine if market condition adjustments are warranted. *LEGAL DESCRIPTION: .815 AC M/L S444FT OF E1/2 OF NW-1/4 OF NW1 /4 OF SE1 /4 LESS W100FT & LESS S80FT OF N296FT OF E50FT OF* W150FT OF E1/2 OF NW1 /4 OF NW1 /4 Form TADD — "WinTOTAL° appraisal software by a la mode, inc. — 1.800- ALAMODE iie ieo. 07 7ES1 1 Puce ' Location Map Borrower /Client N/A - Private Propeny Address 6488 SW 601h Avenue city South Miami County Miami -Dade Stale FL Zip Code 33143 Lender SMCRA S. Miami L;ommuniry Redev. A enc NW 28 � I a la mode, InC t L( It G �� �Y h1Vi7Atns1 _ N•: / 23rd St 2sm st 1 Nw 25th st 712: MiamiInternationalAirport' < N:7 teenSI vvn st '1' 17th 51 i. j9691: _ x> "- a•'`2�:M::I::;r ?i," u a N':f 15th ^t S _ - _ c?=: ` -': -- Vii:•::= x:r•�:+i- >.�i "�� - `.i =�'�- ? _ fv 14th St < ? s „-.>,_ - a s'•^st -:Dol hiri Elipq. ^63fi�. �n- `_-. -�.. _ r,nv 12th n •- eJw 12tH st tN N1,• tt torsi ��ke'.��. _ _ y rJVr 1 tu, sr J Oo /rihin Eip' n X836:..,."" m.ii•— .- =-n..- _::-s -.. .. >_ - .: . ?Ya` < � >_ NVJ 711,51 o 14s 6th Z NW 1112, 51 r.'W Tm SI 13 ua ° i1 Gn N:17t1, S! - 14W Alh St N':l GIh SI i hnv l !9731 ! ( N:1 5th st � � a _ .v Nl•: am st 1 m r•; 1.1 St MV 3rd St � �_ n R cr Fountainbieau w ;969;; - NtV 2nd v vol tJro• ts� S+ I ' Vl Flac_h o i —' " - ? W- Flaglcr 51, - Vd Flaglcr 51 S'w 2r.= S m m c SVJ Z d St . 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Charles .. - Deering 1.5 mites 1•trrosnft' r: vsart(t Earth _. � utter ° i, 3 Historio y y___ ;;_•p;y_ 0 ::: _ _:J 1-19 T_' __ . > Form MAP.LOC — "WinTOTAL" appraisal software by a la mode. inc. — 1.800- ALAMODE fife No. 07C851l Page E51 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified dale and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions` granted by anyone associated with the sale. ' Adjustments to the comp arables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgement. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the imprbvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid it they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Untess otherwise stated in the appraisal report, the appraiser has no knowledge of any Ridden or unapparenl conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender /client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer, consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender /client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media. Freddie Mac Form 439 6 -93 Page 1 of 2 Fannie Mae Form 10048 6 -93 Fernandez Residential Appraisers, inc. Form ACR — "WinTOTAL" appraisal software by a la mode, inc. —1- 800 - ALAMODE File 140 0708511 Pace vV 10 Borrower /Client N/A - Private Properly Address 6488 SW 60th Avenue City South Miami County Miami -Dade State FL Zip Code 33143 Lender SMCRA QUALIFICATIONS OF GERARDO F. FERNANDEZ Aaisal L'xt- eriencc: - Fernandez Residential Appraisers, Inc. August 2006 to Present -Owner- C & C Appraisers, Inc. August 2004 to July 2006 - Associate Appraiser - Residential Appraisers, Inc. July 2003 to July 2004 As sociate Appraiser - Licenses, Memberships, and Others Volunteer Firefighter at City of Plantation N- lember of tine Realtor Association of Miami Dade. Member of the Foundation of Real Estate Appraisers (FREA) 5tate Certified Real Estate Appraiser ,=RD,869 Specialized Lducation: -I,REC Residential Appraiser AB -1 —2003 - Florida Appraisal Latin Course - 2004 - National USPAP Course --2004 -FHA Handbook Course —2004 - Interior Inspection Course -- 2004 -FREC Residential Appraiser AB- JA13 -2B - -2005 - National USPAP Course --2005 Insurance- - \ationaI Fire Insurance Company of Pittsburgh, PA Covera --e amount: $1,000,000.00 r g, 113 ! E, STATE OF FLORIDA DEPARTMENT BUSINESS PROFESSIONAL REGULATION APPRAISAL BD SECL L0609230209! The CERTIFIED RESIDENTIAL APPRAISER Named below IS CERTIFIED Under the provisions of Chapter 475 FS. Expiration date: NOV 30, 2008 FERNAINDEZ, GEPARDO FAV_O PO BOX 126491 HIALEAH FL 33012 SIMONE MARSTILLER Form SCNLGH — 'WinTOTW appraisal software by a la mode, inc. —1- 800- ALAMODE File P!o. 0708511 Paoe 15 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. 1 have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce the adjusted sales price of the comparable and, lt a significant item in a comparable property is interior to, or less favorable'than the subject property, I have made a positive adjustment to increase the adjusted sales price of the comparable. 2. 1 have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. 1 stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. 1 have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and /or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. 1 have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on The appraised value of the property. 6. 1 was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and /or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. 1 performed this appraisal 'in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condifion in the definition of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the reconciliation section. B. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. 1 personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report 4 1 relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report, therefore, if an unauthorized change is'made to the appraisal report, I will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications. numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 6488 SW 60th Avenue South Miami, FL 33143 - APPRAIS 1,; ` Signature: r. Name: Gerardo Fernandez Date Signed: 07/25/2008 State Certification #: RD5869 SUPERVISORY APPRAISER (only if required): Signature: Name: Date Signed: State Certification #: or State License #: or State License #: State: FL State: Expiration Date of Certification or License: 11/30/2008 Expiration Date of Certification or License: ® Did ❑ Did Not Inspect Property Freddie Mac Form 439 6 -93 Page 2 of 2 Form ACR — "WinTOTAL" appraisal software by a la mode, inc. — 1- 800•ALAMODE Fannie Mae Form 10048 6 -93 FIa No 0708511 Paae #71 Subject Photo Page , „' „ • .1 - P".• 'ia -r - <�: : °; •�,, Ali 4 M � Form PIC4x6.SR — VinTOTAL' appraisal software by a la mode, inc. —1. 600- ALAMODE Subject Front Subject Street Comparable Photo Page Borrower/Client N A - Private Property Address 6488 SW 60th Avenue City South Miami County Miami -Dade State FL. Zip Code 33143 Lender SM -nunity Redev. A enc Comparable 1 6212 SW 65th Avenue Proximity 0.55 miles Sale Price 407,800 GLA Total Rooms Total Bednns Total Bathrms Location Yew Site Quality Age Form PIC4x6.CR — 'VVmTOTAL' appraisal software by a la mode, inc. — 1- BOD- ALAMODE Comparable 2 6790 SW 72nd Street Proximity 0.87 miles Sale Price 450,000 GLA Total Rooms Total Bednns Total Bahms Location View Site Quality Age Comparable 3 6800 SW 68th Street Proximity 0.84 miles Sale Price 600,000 GLA Total Rooms Total Bedms Total Bathrms Location View Site Quality Age Comparable Photo Page Comparable 4 6944 SW 63rd Avenue Prox to Subj. 0.39 miles Sales Price 318,500 G.L.A. ToL Rooms Tot, Bedrms. Tot. Bathrms. Location View Site Quality Age Comparable 5 Prox to Subj. Sales Price G.L.A. Tot. Rooms Tot. Bedrms. Tot. Bathrms. Location View Site Quality Age Comparable 6 Prox to Subj. Sales Price G.L.A. Tot. Rooms Tot. Bedrms. Tot. Bathrms. Location View Site Quality Age Form PIC4x6.CR — VinTOTAL° appraisal software by a la mode, inc. —1- 800- ALAMODE EXHIBIT Gk S/- 'K � k ''Y V' .a ��� k!��, r>.; Y: 47� r _ _� ;� #1 APPRAISAL OF REAL PROPERTY LOCATED AT: 6488 SW 60th Ave S44ft of E 1/2 of NW 1/4 of SE 1/4 less W 1 00f & Less S80ft of N 296ft of E South Miami, FI 33143 FOR: South Miami Community Redevelopment Agency 6130 Sunset Drive South Miami, FI 33143 AS OF: Jury 19, 2008 BY: Miller Appraisal Group, Inc Form GAt — %nTGTAL' appraisal software by a la mode, inc. — 1- 80D•ALAMODE LAND APPRAISAL REPORT File Nn 8167 P # Borrower Owner- Naomi Williamson & Frederick and Lawrence Kennedy Census Tract 76.03 Map Reference 54 -40-24 Property Address 6488 SW 60th Ave City South Miami County Miami -Dade State FI Zip Code 33143 Legal Description 25 54 40 .815 AC M/L S44ft of E 1/2 of NW 1/4 of SE 1/4 less W 100ft & Less S80ft of N 296ft of E 50ftt of W 150ft of E1 /2 Sale Price $ n/a Date of Sale Loan Term yrs. Property Rights Appraised ® Fee ❑ Leasehold ❑ De Minimis PU Actual Real Estate Taxes $ 14,385 (yr) Loan charges to be paid by seller $ Other sales concessions _ Lender /Client South Miami Community Redevelopment Agency Address 6130 Sunset Drive South Miami FI 33143 Occupant Vacant Land Appraiser Miller Appraisal Group, Inc Instructions to Appraiser Estimate Market Value Location Urban Suburban Rural Good Avg. Fair Poor Built Up ❑ Over 75% ® 25% to 75% ❑ Under 25% Employment Stability ® ❑ ❑ ❑ Growth Rate ❑ Fully Dev. ❑ Rapid ® Steady ❑ Slow Convenience to Employment ® ❑ ❑ ❑ Property Values ❑ Increasing ® Stable ❑ Declining Convenience to Shopping ® ❑ ❑ ❑ Demand/Suppy ❑ Shortage ® In Balance ❑ Oversupply Convenience to Schools ® ❑ ❑ ❑ Marketing Time ❑ Under 3 Mos. ❑ 4 -6 Mos. ® Over 6 Mos. Adequacy of Public Transportation ® ❑ ❑ ❑ Present Land Use 60% 1 Family 15% 2 -4 Family 5% Apts. _% Condo 15% Commercial Recreational Facilities ® ❑ ❑ ❑ _ % Industrial 5% Vacant Adequacy of Utilities ® ❑ ❑ ❑ _% _ Change in Present Land Use ® Not Likely ❑ Likely ( *) ❑ Taking Place ( *) Property Compatibility ® ❑ ❑ ❑ ( *) From To Protection from Detrimental Conditions ® ❑ ❑ ❑ Predominant Occupancy ® Owner ❑ Tenant % Vacant Police and fire Protection ® ❑ ❑ ❑ Single Family Price Range $ 90,000 to $ 995,000 Predominant Value $ 250,000 General Appearance of Properties ® ❑ ❑ ❑ Single Family Age 1 yrs. to 78 yrs. Predominant Age 55 yrs. Appeal to Market ® ❑ ❑ ❑ the Comments Including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise):The property is over assessed and property owner is paying taxes at a level above comparable properties. Dimensions Irregular = 35,512 Sq.FtorAcres ❑Comer Lot Zoning classification RS4, Single Family Residential Present Improvements ® do ❑ do not contprm to zoning regulations Highest and best use ❑ Present use Other S ec Future Single Famk Use or Assembler e Public Other (Describe) OFF SITE IMPROVEMENTS Topo Basically level Bee. ® Street Access ® Public ❑ Private Size Typical for area Gas ❑ Surface Asphalt Shape Irregular Water ® Maintenance ® Public ❑ Private View ResidentialtVacant Land San. Sewer ® ❑ Storm Sewer ❑ Curb /Gutter Drainage Appears Good-Typical for area ❑ Underground Elect & Tel. Sidewalk Street Lights Is the property located Ina HUD Identified Special Flood Hazard Area? ❑ No ®Yes Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions): No unfavorable or adverse easements encroachments or conditions exist. The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar adjustment reflecting market reaction to those items of significant variation between be subject and comparable properties. If a significant item in the comparable property is superior to or more favorable than the subject property, a minus ( -) adjustment is made thus reducing the indicated value of subject; If a significant Rem in the comparable is inferior to or less favorable than the subject property, a plus (+) adjustment is made thus increasing the indicated value of the subject ITEM SUBJECT PROPERTY COMPARABLE NO.1 COMPARABLE NO. 2 COMPARABLE NO.3 Address 6488 SW 60th Ave 6740 SW 64th Ct 5791 SW 58th Ct 6096 Sw 64th St South Miami FI 33143 South Miami FI 33143 South Miami FI 33143 South Miami FI 33143 Proximity to Subject K dry. 0.45 miles 0.53 miles 0.14 miles Sales Price n/a 17.22 19.55 9.37 Price $ n/a 560 000 288,750 ; PlIffffl, $ 31,400 Data Source MLS IRIS Fares MLS IRIS Fares MLS IRIS Fares MLS IRIS Fares - Date of Sale and DESCRIPTION DESCRIPTION I+(-)$ Adjust DESCRIPTION + - Adjust DESCRIPTION + - Adjust. -_ Time Adjustment n/a 8 -15 -06 -4.31 1 -19 -06 -4.89 7 -19 -07 Location SW 60th Ave SW 64th Ct SW 58th Ct SW 64th St •_ Sit Lew 35,512 31,363 10,232 +.98 3,350 +2.34 Zonin RS 4 RS 3 RS-4 RSA Conditions of Sale None None None Tax Deed +.94 Improvements None None None None Sales or Financing None Concessions None Net Ad'. otal r". + X1.31 + -3.91 + 3.28 Indicated Value at Subject , s. _ ,__... $ 12.91 $ 15.64 ,,... .� $ 12.65 Comments on Market Data: The sales are all located in the subject net hborhood and are the most recent sales that have occurred in the area. We also reviewed some additional sales that turned out to be foreclosure sales and these were considered in our anatysison a general basis. The sales indicate a ran a in unit sale prices from $12.65 to $15.64 per square foot of land area. We estimated the market value at $14.00 Comments and Conditions of Appraisal: No special assumptions were considered in this assignment. The subject site contains 35,512 square feet and with a unit sale prige of $14.00, this indicates a market value of $497,168 say $500,000. (35,512 SF x $14.= $497,168) The tar er size of the sube'ct property makes this site more attractive to developers as compared to the small individual lot sales. Final Reconciliation: Primary reliance was given to the Market Approach to Value as this is the approach considered most often in the - marketplace. The Income Approach was not considered applicable for vacant residential land and the Cost Approach was also not a plicable for vacant land. ESTIMATE THE MARKET VALUE, AS DEFINED, OF SUBJECT PROPERTY AS OF July 19, 2008 19 2008 to be $ 500,000 Tl�pperty is fisted for sale at $559,000 MLS # M1203304. We would suggest an offer to purchase at $450,000. Miller Appraisal Group, Inc ❑ Did ❑ Did Not Physically Inspect Property Appraiser(s) Review Appraiser f applicable) jY2Kj Miller Appraisal Group Form LND — •LMnTOTAL° appraisal software by a la mode, inc. —1- 800 - ALAMODE Subject Photo Page Owner Owner- Naomi Williamson & Frederick and Lawrence Kennedy Property Address 6488 SW 60th Ave city South Miami Cou nty Miami -Dade State Fl Zip Code 33143 Client South Miami Community Redevelopment Agency Subject East 6488 SW 60th Ave Sales Price nia Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location SW 60th Ave View 35,512 Site Quality Age Form PIC3x5.SR — 'WinTOTAL' appraisal software by a la mode, inc. —1- 800 - ALAMODE Subject Middle Subject West #4 Land Sketch Owner Owner- Naomi Williamson & Frederick and Lawrence Kennedy Property Address 6488 SW 60th Ave City South Miami County Miami -Dade State Fl Zip Code 33143 Clierd South Miami Community Redevelopment Agency Form SKT.BldSkl — VinTOTAL' appraisal software by a la mode, inc. —1- 800 - ALAMODE R R Q R Form SKT.BldSkl — VinTOTAL' appraisal software by a la mode, inc. —1- 800 - ALAMODE R P e #5 Assumptions, Limitinq Conditions & Scope of Work Client: South Miami Community Redevelopment A en Address: 6130 Sunset Drive South Miami FI 33143 Annraiser Miller Anpraisal Gratin. Inc Address: 3665 NW 124th Avenue. Coral Sorinos. FI 33065 — The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. — The appraiser may have provided a sketch in the appraisal report to show approximate dimensions of the improvements, and any such sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. Unless otherwise indicated, a Land Survey was not performed. — If so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. — The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. — If the cost approach is included in this appraisal, the appraiser has estimated the value of the land in the cost approach at its highest and best use, and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. Unless otherwise specifically indicated, the cost approach value is not an insurance value, and should not be used as such. — The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. — The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. —The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. — If this appraisal is indicated as subject to satisfactory completion, repairs, or alterations, the appraiser has based his or her appraisal report and valuation conclusion on the assumption that completion of the improvements will be performed in a workmanlike manner. — An appraiser's client is the party (or parties) who engage an appraiser in a specific assignment. Any other party acquiring this report from the client does not become a party to the appraiser- client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment. — The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. — An appraisal of real property is not a 'home inspection' and should not be construed as such. As part of the valuation process, the appraiser performs a non - invasive visual inventory that is not intended to reveal defects or detrimental conditions that are not readily apparent. The presence of such conditions or defects could adversely affect the appraiser's opinion of value. Clients with concerns about such potential negative factors are encouraged to engage the appropriate type of expert to investigate. The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and /or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not be responsible for any unauthorized use of this report or its conclusions. Additional Comments (Scope of Work, Extraordinary Assumptions, Hypothetical Conditions, etc.): None RES�y pi Copyright® 2007 by a la made, Inc. This form may be reproduced unmod�ed without written permission, however, a la mode, inc. must be acmowleagen and credited. I ®ENTiAL Form GPRES2AD — "WinTOTW appraisal software by a la mode, Inc. —1- 800- ALAMODE 3/2007 Certifications Fla No.: 8167 ON RESIDENTIAL copyngnt@ Zuut by a la mae, plc. I(W TOTM MZY oe feproaucea unmaaniea wHnuut woun pernssmn, num.r, a id niuda, inc. inUbL M aeumwmugeu um uemu:u. Form GPRES2AD — ViinTOTAL' appraisal software by a la made, inc. —1- 800- ALAMODE 3/2007 Pro a Address: 6488 SW 60th Ave City: South Miami State: Fl Zip Code: 33143 Client: South Miami Community Redevelopment en Address: 6130 Sunset Drive South Miami Fl 33143 Appraiser. Miller Appraisal Group, Inc Address: 3665 NW 124th Avenue, Coral Springs, Fl 33065 APPRAISER'S CERTIFICATION I certify that, to the best of my knowledge and belief: — The statements of fact contained in this report are true and correct. " — The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only by N the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. ` — I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. $ — I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. — My engagement in this assignment was not contingent upon developing or reporting predetermined results. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. — I did not base, either partially or completely, my analysis and /or the opinion of value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present owners or occupants of the properties in the vicinity of the subject property. aR — Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. — Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification. Additional Certifications: None A j5= ONyE, " DEFINITION OF MARKET VALUE *: f Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite A ' to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and•the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. * This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (ARREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), `= and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994. i• Client Contact Stephen A David Client Name: South Miami Community Redevelopment Agency e, E -Mail: sdaAcl(4)cityofsouthnn iami.net Address: 6130 Sunset Drive, South Miami, Fl 33143 I'll APPRAISER SUPERVISORY APPRAISER (if required) T = or CO- APPRAISER (if applicable) ?gar Supervisory Appraiser Name: Miller Appraisal Group Inc or Co- Appraiser Name: ' Company: Miller Appraisal Group, Inc. Company: rn` Phone: 954- 575 -2399 Fax 954- 2524504 Phone: Fax. E -Mail: rmaginc(apaol.com E -Mail: Date Report Signed: August 11, 2008 Date Report Signed: License or Certification #: RZ1270 State: FI License or Certification #: State: Designation' ASA Designation: Expiration Date of License or Certification: Expiration Date of License or Certification: 11 -30 -2008 '\ inspection of Subject: ❑ Interior & Exterior ® Exterior Only ❑ None Inspection of Subject ❑ Interior & Exterior ❑ Exterior Only ❑ None Date of Inspection: July 19, 2008 Date of Inspection: ON RESIDENTIAL copyngnt@ Zuut by a la mae, plc. I(W TOTM MZY oe feproaucea unmaaniea wHnuut woun pernssmn, num.r, a id niuda, inc. inUbL M aeumwmugeu um uemu:u. Form GPRES2AD — ViinTOTAL' appraisal software by a la made, inc. —1- 800- ALAMODE 3/2007 aO #7 Comparable Sales Map Owner Owner- Naomi Williamson 8 Frederick and Lawrence Kennedy Property Address 6488 SW 60th Ave city South Miami GOUnty Miami -Dade State Fl 7jp Code 33143 Client South Miami Community Redevelopment Agency Form MARLOC — "WinTOTAL' appraisal software by a la mode, inc. — 1 -80D- ALAMODE P # Flood Map Owner Owner- Naomi Williamson 8 Frederick and Lawrence Kennedy Property Address 6488 SW 60th Ave city South Miami County Miami -Dade State FI 2jp Code 33143 Client South Miami Community Redevelopment Agency c Prepared for: InterFFood Miller Appraisal Group araianaame 6488 SW 60th Ave www.lntert1oocLcom • 1- 800 -252 -6633 South Miami, A 33143 �M N . de Coa _ = nitac rporated Are .�� 120635 - - - - -¢ _.�-- _-- --- s 1 e EATM TE _ S n S - H F sp 667H St 1 L 5W EST ;{ City of b :tH :t South Miami 25 i 120 FLOODSCAPE IT FbW Hazards Map T5i 4S Map Number n 12025CO276J ,w @4TH sT .ftiP� Effective Date C ` March 2,1994 _w T6;r $T - g,W 7t6T �fqt ST Q OOr 800' 1200' A 600' - " -- I - Powered by FloodSoutae 877.77.FLOOD _ _ _ '' _- unuw.floodsource.com Ci m - ---- - r -- - © 1999 -2D08 SouroeProse andlor Flood Souroe Corporations. A rights reserved. Patents 8,831,328 and 8,678,615. other patents pending. For Info: info@floodsouroe.00m. Farm MAP.FLOOD — VinTOTAP appraisal software by a la mode, inc.— 1-800-ALAMODE n n APPRAISAL OF REAL PROPERTY LOCATED AT: 6488 SW 60 AVE 44FT OF E1/2 OF NW1 /4 OF NW1/4 OF SE1 /4 LESS W 100FT & LESS S801 SOUTH MIAMI, FL 33143 FOR: CITY OF SOUTH MIAMI REDEVELOPMENT AGENCY 6130 SUNSET DRIVE SOUTH MIAMI, FL 33143 AS OF: 09/04/2008 BY: LORENA HAYOT .ST.CERT.RES.REA. #RD6348 Form GA1— I inTOTAL° appraisal software by a la mode, Inc. — 1- 800•ALAMODE GP Land Addendum 43 File No. 0808008— Le #31 IMA ADDraiser: LORENA HAYOT Address: 2592 CARAMBOLA CIR N. COCONUT CREEK. FL 33066 1 — The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. — The appraiser may have provided a plat and/or parcel map in the appraisal report to assist the reader in visualizing the lot size, shape, and /or orientation. The appraiser has not made a survey of the subject property. — If so indicated, the appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. — The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. — The appraiser has noted in the appraisal report any adverse conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property, or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property, or adverse environmental conditions (including, but not limited to, the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. — The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. — The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice, and any applicable federal, state or local laws. — An appraiser's client is the party (or parties) who engage an appraiser in a speck assignment. Any other party acquiring this report from the client does not become a party to the appraiser - client relationship. Any persons receiving this appraisal report because of disclosure requirements applicable to the appraiser's client do not become intended users of this report unless specifically identified by the client at the time of the assignment. — The appraiser's written consent and approval must be obtained before this appraisal report can be conveyed by anyone to the public, through advertising, public relations, news, sales, or by means of any other media, or by its inclusion in a private or public database. Possession of this report or any copy thereof does not carry with it the right of publication. — Forecasts of effective demand for the highest and best use or the best fitting and most appropriate use were based on the best available data concerning the market and are subject to conditions of economic uncertainty about the future. The Scope of Work is the type and extent of research and analyses performed in an appraisal assignment that is required to produce credible assignment results, given the nature of the appraisal problem, the specific requirements of the intended user(s) and the intended use of the appraisal report. Reliance upon this report, regardless of how acquired, by any party or for any use, other than those specified in this report by the Appraiser, is prohibited. The Opinion of Value that is the conclusion of this report is credible only within the context of the Scope of Work, Effective Date, the Date of Report, the Intended User(s), the Intended Use, the stated Assumptions and Limiting Conditions, any Hypothetical Conditions and /or Extraordinary Assumptions, and the Type of Value, as defined herein. The appraiser, appraisal firm, and related parties assume no obligation, liability, or accountability, and will not responsible for any unauthorized use of this report or its conclusions. Additional Comments (Scope of Work, Extraordinary Assumptions, Hypothetical Conditions, etc.): At� A ® Copyright© 2007 by a la mode, inc. This tone may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. B� Form GPLNDAD — °WinTOTAL° appraisal software by a la mode, inc. —1- 800- ALAMODE 3/2007 Certifications & Definitions File No: n8ngoosi Property Address: 6488 SW 60 AVE CO: SOUTH MIAMI State: FL Zip Code: 33143 Orient: CITY OF SOUTH MIAMI REDEVELOPMENT F Address: 6130 SUNSET DRIVE SOUTH MIAMI FL 33143 Appraiser LORENA HAYOT Address: 2592 CARAMBOLA CIR N COCONUT CREEK, FL 33066 APPRAISER'S CERTIFICATION G I certify that, to the best of my knowledge and belief: — The statements of fact contained in this report are true and correct. — The credibility of this report, for the stated use by the stated user(s), of the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions. — I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. — I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. — My engagement in this assignment was not contingent upon developing or reporting predetermined results. — My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction =' in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. ' My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice that were in effect at the time this report was prepared. —1 did not base, either partially or completely, my analysis and /or the opinion of value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property, or of the present owners or occupants of the properties in the vicinity of the subject property. ` — Unless otherwise indicated, I have made a personal inspection of the property that is the subject of this report. — Unless otherwise indicated, no one provided significant real property appraisal assistance to the person(s) signing this certification. Additional Certifications: Y` rR' r'^ DEFINITION OF MARKET VALUE *: . - Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting - prudently and knowledgeably, and assuming the price is not affected by undue stimulus. . Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 3 1. Buyer and seller are typically motivated; 2. Both parties are well informed or well advised and acting in what they consider their own best interests; 3. A reasonable time is allowed for exposure in the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. = * This definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions. s`- Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System ". (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), N and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994. I Client Contact Client Name: CITY OF SOUTH MIAMI REDEVELOPMENT AGENCY x E -Mail: Address: 6130 SUNSET DRIVE SOUTH MIAMI FL 33143 APPRAISER SUPERVISORY APPRAISER (if required) or CO- APPRAISER (if applicable) ru r Appraiser Name: LOR Supervisory or Co- Appraiser Name: Company: COAST TO COAST REAL ESTATE APPRAISERS, INC Company: 2 Phone: (954) 687 -2735 Fax: (954) 973 -2574 Phone: Fax: E -Mall: COAST2COASTREA(cDBELLSOUTH.NET E -Mail: Date Report Signed: 09/08/2008 Date Report Signed: License or Certification #: ST.CERT.RES.REA. #RD6348 State: FL License or Certification #: State: ' Designation: Designation: Expiration Date of License or Certification: - Expiration Date of License or Certification: 11/30/2008 Inspection of Subject ® Did Inspect ❑ Did Not Inspect (Desktop) Inspection of Subject ❑ Did Inspect ❑ Did Not Inspect Date of Inspection: 09/04/2008 1 Date of Inspection: Copyright@ 2007 by a la mode, mc. This form may be reproduced unmodified without written permission, however, a la mode, inc. must be acknowledged and credited. LAN D Form GPLNDAD — °WinTOTAL° appraisal software by a la mode, inc. —1. 800 - ALAMODE 3/2007. LAND APPRAISAL REPORT File Nn 08080081 Borrower N/A Census Tract 76.030 Map Reference 54 -40 -25 Property Address 6488 SW 60 AVE _ City SOUTH MIAMI County MIAMI -DADE State FL Zip Code 33143 Legal Description .815 AC MA- S444FT OF E1/2 OF NW 1/4 OF NW 1/4 OF SE1 /4 LESS W 10OFT & LESS S80FT OF N296FTT Sale Price $ N/A Date of Sale N/A Loan Term N/A yrs. Property Rights Appraised ® Fee ❑ Leasehold ❑ De Minimis PUD Actual Real Estate Taxes $ 17,343.99 (yr) Loan charges to be paid by seller $ 0 Other sales concessions N/A _ Lender /Client CITY OF SOUTH MIAMI REDEVELOPMENT AGEN Address 6130 SUNSET DRIVE SOUTH MIAMI FL 33143 Occupant VACANT LAND Appraiser LORENA HAYOT Instructions to Appraiser N/A Location ❑ Urban ® Suburban EJ Rural Good Avg. Fair Poor Built Up ® Over 75% ❑ 25% to 75% ❑ Under 25% Employment Stability ❑ ® ❑ Growth Rate ❑ Fully Dev. ❑ Rapid ® Steady ❑ Slow Convenience to Employment ❑ ® ❑ ❑ ❑ Property Values ❑ increasing ,❑ Stable ® Declining Convenience to Shopping ❑ ® ❑ ❑ Demand/Supply ❑ Shortage ❑ In Balance ® Oversupply Convenience to Schools ❑ ®❑ ❑ Marketing Time ❑ Under 3 Mos. ❑ 4 -6 Mos. ® Over 6 Mos. Adequacy of Public Transportation ❑ ® ❑ ❑ _ Present Land Use 85% 1 Family 5% 2 -4 Family _% Apts. _% Condo 5% Commercial Recreational Facilities ❑ ® ❑ _ %Industrial 5% Vacant _% Adequacy of Utilities 1:1 ® El ❑ E] in Present Land Use 0 Not Likely ® Likely ' ( *) ❑ Taking Place ( *) Property Compatibility ❑ ® ❑ ❑ ( *) From VACANT To RESIDENTIAL Protection from Detrimental Conditions ❑ ® ❑ ❑ Predominant Occupancy ® Owner ❑ Tenant % Vacant Police and Fire Protection ❑ ®❑ Single Family Price Range $ 70,000 to $, 750,000 Predominant Value $ 350,000 General Appearance of Properties ❑ ® ❑ ❑ ❑ Single Family Age NEW yrs. to 80 yrs. Predominant Age 50 yrs. Appeal to Market ❑ ® ❑ ❑ Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise):THE SUBJECT IS LOCATED IN A NEIGHBORHOOD CLOSE TO SCHOOLS SHOPPING MAIN ARTERIES OF TRANSPORTATION AND WITHIN A REASONABLE DISTANCE FROM ALL OTHER AMENITIES, THERE ARE NO NEGATIVE INFLUENCES NOTED IN THE AREA, Dimensions IRREGULAR = 35,512.. Sq. Ft or Acres ® Corner Lot Zoning classification RS-4 Present Improvements ® do [] do not conform to Zoning regulations Highest and best use ® Present use Other s eci Public Other (Describe) OFF SITE IMPROVEMENTS Topo BASICALLY LEVEL Elec. ® Street Access ® Public ❑ Private Size TYPICAL FOR THE AREA Gas ❑ NONE Surface ASPHALT Shape IRREGULAR Water ® Maintenance ® Public ❑ Private View RESIDENTIAL San. Sewer ® ® Storm Sewer ® Curb /Gutter Drainage APPEARS ADEQUATE ❑ Underground Elect & Tel. M Sidewalk Z Street Lights I Is the property located in a HUD Identified Special Flood Hazard Area? ® No ❑ Yes Comments (favorable or unfavorable including any apparent adverse easements, encroachments, or other adverse conditions): NO ADVERSE EASEMENTS OR ENCROACHMENTS WERE NOTED OR REPORTED TO THE APPRAISER. NO SURVEY WAS PROVIDED TO THE APPRAISER FOR REVIEW. The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar adjustment reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant gem in the comparable property is superior to or more favorable than the subject property, a minus ( -) adjustment is made thus reducing the indicated value of subject; if a significant item in the comparable is inferior to or less favorable than the subject property, a plus (+) adjustment is made thus Increasing the indicated value of the subject. ITEM SUBJECT PROPERTY COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3 Address 6488 SW 60 AVE 6790 SW 72 ST 8236 SW 36 ST 8240 SW 36 ST SOUTH MIAMI FL 33143 SOUTH MIAMI FL 33143 MIAMI FL 33155 MIAMI FL 33155 Proximity to Subject ft "' 0.87 miles SW 2.93 miles NW 2.93 miles NW Sales Price N/A __, . f Z. ;„ 450,000 .;,. .. 250,000 ,, 250,000 Price.,, as Data Source REALCUEST /P.REC PUB.REC /REALQUEST /MLS PUB.REC /REALQUEST /MLS PUB.REC /REALQUEST /MLS Date of Sale and DESCRIPTION DESCRIPTION 1+(-)$ Adjust DESCRIPTION + - Ad&ust DESCRIPTION + - Ad ust. _ Time Adjustment N/A 03/19/2008 02/01/2008 02/01/2008 Location AVERAGE AVG/TRAFFIC I NO ADJ AVERAGE AVERAGE _ Sit ew RESIDENTIAL RESIDENTIAL RESIDENTIAL RESIDENTIAL SITE SIZE 35,512 S.F. 36,068 S.F. I NO ADJ 8,750 S.F. I +160,572 8,750 S.F. I +160,572 GRADING LEVEL LEVEL LEVEL LEVEL SUBDIVISION TYPICAL TYPICAL TYPICAL TYPICAL SITE PREP AVERAGE AVERAGE AVERAGE AVERAGE Sales or Financing N/A N/A N!A N/A Concessions Net Ad l. ota r xfs >g ,:. =. t � t 160,572 + 160.572 Indicated Value of Subject �F� „g„ , rr'' 1 s $ 450,000 , eta Art z $ 410,572, x' . 410,572 Comments on Market Data: ALL COMPARABLE SALES HAVE SIMILAR ZONING AND LAND USE AND THEREFORE CONSIDERED ACCEPTABLE AND GOOD INDICATORS OF THE SUBJECTS CURRENT MARKET VALUE ESTIMATE. Comments and Conditions of Appraisal: THIS APPRAISAL REPORT IS A SUMMARY REPORT AND COMPLIES WITH USPAP. NO PERSONAL PROPERTY IS INCLUDED IN THIS APPRAISAL. Rnal Reconciliation: THE SALE$ COMPARISON APPROACH BEST REFLECTS THE CURRENT MARKET CONDITIONS IN THE SUBJECTS - NEIGHBORHOOD DERIVED FROM BUYERS BEHAVIOR AND WHAT THEY ARE WILLING TO PAY FOR SIMILAR PROPERTIES IN THE AREA. 1 ESTIMATE THE MAR E FINED, OF SUBJECT PROPERTY AS OF 09/0412008 to be $ 410,000 LORENA HAYOT ❑ Did ❑ Did Not Physically Inspect Property Appraiser(s) Review Appraiser if applicable) [Y2K] COAST TO COAST REAL ESTATE APPRAISERS, INC. Form LND — "WKOTAL" appraisal software by a la mode, Inc. —1- 800 - ALAMODE LAND APPRAISAL REPORT MARKET DATA ANALYSIS File No. 08080081 ITEM I SUBJECT PROPERTY COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6 Address 6488 SW 60 AVE SOUTH MIAMI FL 33143 6944 SW 63 AVE SOUTH MIAMI FL 33143 Prc)dmftv to Subect "h rr'� 0.39 miles SW Sales Price N/A Wr 'W i` $318,500 Price $r $ Data Source REALQUEST /P.REC PUB.REC /REALQUEST /MLS. Date of sale and DESCRIPTION DESCRIPTION 1+(–)$ Adiust. DESCRIPTION + – $ Ad-ust. DESCRIPTION Time Adiustment N/A LISTING Location AVERAGE AVERAGE Slt iew RESIDENTIAL RESIDENTIAL SITE SIZE 35,512 S.F. 22,488 S.F. +78.144 GRADING LEVEL LEVEL SUBDIVISION TYPICAL TYPICAL SITE PREP AVERAGE AVERAGE Sales or Financing Concessions N/A N/A Net Ad'. (Total) r , + 78 144 + – + is Value Of Sub'ect�" . ,, r. �n .. #; y �. et1.5�°b` $ 396,644 . ,et';,� % , $ I�ei.. ,nf -� -�� $ Comments: DUE TO THE LACK OF LAND SALES WITH SIMILAR CHARACTERISTIC'S AS THE SUBJECT THE APPRAISER EXPANDED THE SEARCH TO A SIMILAR NEIGHBORHOOD FOR COMPARABLES #2 AND #3 AND HAS ADJUSTED THEIR DIFFERENCE IN SIZE ACCORDINGLY. COMPARABLE #3 WHEN IT SOLD IN FEBRUARY OF 2008 FOR $250,000 WAS FOR THE LAND ONLY. CURRENTLY THIS COMPARABLE HAS A HOUSE BEING BUILT ON IT AND THE NEW IMPROVEMENT HAS NOT BEEN GIVEN ANY VALUE. COMPARABLE #4 IS CURRENTLY LISTED AS A LAND SALE DUE TO THE FACT THAT THE IMPROVEMENT IS IN NEED OF MAJOR REPAIR AS PER MLS LISTING D1285491 . THEREFORE NO ADJUSTMENT IS BEING MADE FOR THE IMPROVEMENT. THIS COMPARABLES' LIST PRICE WAS RECORDED AS THE SALE PRICE AND IT HAS BEEN ADDED TO ILLUSTRATE THE ACTIVITY OF SIMILAR LAND SALES IN THE SUBJECT MARKET AREA AND HAS RECEIVED LIMITED WEIGHT IN THE ANALYSIS AS IT IS NOT A CLOSED SALE. A PARCEL HIGHEST VALUE IS THE AREA WHERE THE IMPROVEMENT IS BUILT PLUS SET BACKS. ANY LAND BEYOND THOSE BOUNDARIES IS CONSIDERED EXCESS LAND UNLESS ZONING REGULATIONS PERMIT ITS USE WITH IMPROVEMENTS THAT WOULD RENDER SOME TYPE OF ECONOMIC RETURN. THEREFORE IN COMPUTING LAND VALUES EXCESS LAND IS PLACED AT THE LOWER END OF THE VALUE RANGE THEREBY MAKING ANY ADJUSTMENT OF VALUE DETERMINATION MORE SUBJECTED TO THE LAND'S CONTRIBUTORY VALUE THAN TO THE ACTUAL DOLLAR AMOUNT BASED ON SIZE. _ AVAILABLE MARKET DATA SHOWS NO MARKET RECOGNIZED DIFFERENCE BETWEEN AN AVG/TRAFFIC LOCATION AND AN AVERAGE LOCATION. THEREFORE NO ADJUSTMENT FOR THIS CONCEPT IS MADE. COMPARABLE #1 SOLD AT THE HIGH END OF THE MARKET WHICH CONTAINS AN EXTERNAL OBSOLESCENCE. BASED ON THIS INFORMATION IT IS THE OPINION OF THE APPRAISER THAT THE EXTERNAL OBSOLESCENCE DOES NOT REPRESENT A DETERMENT TO THE MARKETABILITY OF THE SUBJECT PROPERTY. THE LEVEL OF ADJUSTMENTS CAUSED THE NET GUIDELINES TO BE EXCEEDED. NOTHWITHSTANDING THE COMPARABLES USED WERE AMONG THE BEST IN SUPPORT OF THE SUBJECTS CURRENT MARKET VALUE. COAST TO COAST REAL ESTATE APPRAISERS, INC. Form LND.(AC) — "WinTOTAL° appraisal software by a la mode, Inc. —1- 800 - ALAMODE # A S tb.1 1 a i 4 •�' T r F jil IIL^:. Comparable Photos 1 -3 Borrower /Client N/A Property Address 6488 SW 60 AVE city SOUTH MIAMI County MIAMI -DADE State FL Zip Code 33143 Lender CITY OF SOUTH MIAMI REDEVELOPMENT AGENCY Comparable 1 6790 SW 72 ST Prox to Subject 0.87 miles SW Sales Price 450,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location AVG/TRAFFIC View RESIDENTIAL Site Quality Age Comparable 2 8236 SW 36 ST Prox to Subject 2.93 miles NW Sales Price 250,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location AVERAGE View RESIDENTIAL Site Quality Age Comparable 3 8240 SW 36 ST Prox to Subject 2.93 miles NW Sales Price 250,000 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location AVERAGE View . RESIDENTIAL Site Quality Age Form PIC3x5.CR — 'WinTOTAL' appraisal software by a la mode, Inc. —1- 800- ALAMODE Rile No. 080800BLI PaFLe #9 Comparable Photos 4 -6 Borrower /Client N/A Property Address 6488 SW 60 AVE city SOUTH MIAMI COUnty MIAMI -DADE State FL Op Code 33143 Lender CITY OF SOUTH MIAMI REDEVELOPMENT AGENCY Comparable 4 6944 SW 63 AVE Prox to Subject 0.39 miles SW Sales Price 318,500 Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location AVERAGE View RESIDENTIAL Site Quality Age Comparable 5 Prox to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Comparable 6 Prox to Subject Sales Price Gross Living Area Total Rooms Total Bedrooms Total Bathrooms Location View Site Quality Age Form PIC3x5.CR — "WinTOTAL° appraisal software by a la mode, Inc. —1- 800- ALAMODE STATE OF. OLORIDA fl—OAT :ST LUCTS 0OV14RNOR p. W&L R91 Form SC1— "WinTOTAL" appraisal software by a la made, inc. =1- 800- ALAMODE Vile No. 0808008L Pa a #11 S LO701750tF"i M Sunnlernental Addendum Fle No. 0808008L Pa a #12 FiIP Nn nanRnnRi Borrower /Client N/A Property Address 6488 SW 60 AVE C ity SOUTH MIAMI County MIAMI -DADE State FL Zip Code 33143 Lender CITY OF SOUTH MIAMI REDEVELOPMENT AGENCY ( GENERAL STAR NATIONAL INSURANCE COMPANY Ue f eral M P.O. Sox 10354 Stamford, Connecticut 06904 REAL ESTATE APPRAISERS ERRORS & OMISSIONS LIABILITY INSURANCE POLICY DECLARATIONS PAGE This is a claims made and reported policy. Please read this policy and all endorsements and attachments carefully. Policy Number. Ik:1A903739A Rel -wal of Number. 1. NAMED INSURED: Lorena Elayot MAILING ADDRESS. 11434 \1 Glastonberry Ave Port St Lucie, FL 33953 NJA903739 2. POLICY PERIOD: Inception Date: fl2/flll300.S Expiration Date: 02/11172(it)9 Effective 12:01 a.m. Standard Time at the mailing address of the Named insured. 3. LIMIT OF LIABILITY: . Each Claim: S 1,000,000 Aggregate: $ 2,(100,000 Look Box Liability: N/A 4. CLAIM EXPENSES: h. Have a separate limit or liability. 5. STATUS OF INSURED; Corporation S. DEDUCTIBLE. $5t10/1,Iwo Each Claim:. 7t. 'Che deductible amount specirted above applies to halt Damages and Claims F..:xpenses- 7- PRIOR ACTS DATE: 0210.1 /2007 If a date is indicated, this insurance vAll riot apply to any regular act, error; omission or personal Injury -which occurred before such date. S. PREMIUM: $ 590.00 Additional 1.0% M lturrirune Farad Surcharge 6 -00 9. ENDORSEMENTS. This policy is made and accepted such to the printed conditions in this policy together'vaith the provisions, stipulations and agreements contained in the-following torm(;s) or endorsement(s). (:tiN•tiR- 1(I:- 122f07l2(104' GS7`- Ofi- Yl.- li:I1BL (07/2003) 06- P1,-2111 (11712041 GNN- 07 -111. -375 (03/2016) 40 MANArbert .AGENT Herbert H. Landy Insurance Agency Inc. 75 Second Avenue, Suite 410 Needham, Massachusetts 02494 -2876 iReiifhortieii Rep'+eserxtative Producer codce (1002023fl Class Code: 731213 Date: ii U24f.2008 SE..A #: GSN -06 -RE -720 (0312005) File No. 0808008E Pa a #13 Sunnlemental Addendum File No. nRnRnnsi Borrower /Client N/A Propert y Address 6488 SW 60 AVE city SOUTH MIAMI County MIAMI -DADE State FL Zip Code 33143 Lender CITY OF SOUTH MIAMI REDEVELOPMENT AGENCY COAST TO COAST REAL ESTATE APPRAISERS, INC. WHY GO ANYWHERE ELSE? "YOUR BEST CHOICE FOR APPRAISALS" • KNOWLEDGEABLE AND RESPONSIVE STAFF WHEN YOU CALL • LANGUAGE PROBLEM? WE SPEAK 5 (SPANISH, FRENCH; CREOLE, PORTUGUESE, AND ENGLISH) • APPOINTMENTS SET WITHIN 24 HOURS • WE GIVE YOU YOUR APPRAISAL STATUS AT ANY TIME • IF WE SEE A SIGN OF TROUBLE YOU WILL BE, CALLED IMMEDIATELY • NO BLACK LISTS • FHA APPROVED • COMPETITIVE AND ACCOMMODATIVE PRICING • WE WILL TELL YOU THE TRUTH, INTEGRITY AND HONESTY IS PARAMOUNT • WE TREAT YOUR CLIENTS WITH RESPECT AND COURTESY • WE WILL ANSWER ALL UNDERWRITER'S QUESTIONS • GET TO KNOW US, WE'RE HERE TO HELP • WE ARE LOOKING FOR A RELATIONSHIP NOT JUST A JOB • SPECIAL RUSH REQUESTS — NO PROBLEM, ADDITIONAL CHARGE WILL APPLY "TRY US ONCE, YOU WILL WANT TO DO IT AGAIN" MAKE US PART OF YOUR TEAM YOU WILL NOT REGRET IT. OUR CONTACT INFORMATION AND COVERAGE AREA: PHONE: (954) 687 -2735 FAX: (954) 973 -2574 EMAIL: COAST2COASTREA @BELLSOUTH,NET MAIN CONTACT: LORENA HAYOT APPRAISERS: LORENA HAYOT, JEAN -LOUIS HAYOT AND ALEX PIMENTEL. COUNTIES COVERED: MIAMI -DADE, BROWARD, PALM BEACH, MARTIN, & ST LUCIE. E &O INSURANCE $1,000,000 TAX ID # 20- 0278118 D V d LJ 1.][ rte] 1 2001 Making our Neighhorhood a Great Place to Live, Work and Play" To: Honorable Chair and SMCRA Board Mean] From: Stephen Ddvi, SMCRA Dire Date: October 13, 2008 ITEM No. PROPERTY TAX PAYMENT A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) RELATING TO LAND ACQUISITION; AUTHORIZING THE SMCRA DIRECTOR TO DISBURSE FUNDING IN THE TOTAL AMOUNT OF $18,000.40 TO MIAMI -DADE COUNTY FOR ANNUAL PROPERTY TAXES FOR SMCRA OWNED RENTAL PROPERTIES LOCATED AT 6442 SW 59TH PLACE (FOLIO NO. 09- 4025 -010- 0180); 6429 SW 60TH AVENUE (FOLIO NO. 09- 4025- 010 - 0040); AND 6415 SW 60TH AVENUE (FOLIO NO. 09 -4025- 010- 0030); AND CHARGING ACCOUNT NO. 610 - 1110 - 583 -31 -25 (PROPERTY MANAGEMENT/ PROPERTY TAX ACCOUNT) AND PROVIDING AN EFFECTIVE DATE BACKGROUND After obtaining a 2.73 Million Dollar bond to purchase properties required to develop the Madison Square mixed -use project, the SMCRA has acquired approximately 67,000 square feet of property required to develop the project. Of the total land purchased, five properties contained existing residential tenants. Two of the five existing buildings have now been demolished after being declared unsafe structures. In an effort to maintain housing for as long as possible prior to project construction, the SMCRA has agreed to manage each of the remaining rental properties. Due to the fact that the units are income generating, the SMCRA is required to pay annual taxes on the properties. Current tax amounts assessed against the properties include the following: Property Address 6442 SW 59th Place 6429 SW 601h Avenue 6415 SW 601h Avenue Folio No. 09- 4025- 010 -0180 09- 4025 -010 -0040 09- 4025- 010 -0030 Amount Due $7,117.70 (Exhibit A) $5,537.13 (Exhibit B) $5,245.57 (Exhibit C) Approval of the attached resolution shall authorize the SMCRA Director to disburse funding to Miami -Dade County in the amount of $18,000.40 for outstanding property taxes on the above referenced parcels. RECOMMENDATION Staff recommends approval of the attached resolution authorizing the SMCRA,Director to disburse funding to Miami -Dade County for annual property taxes on SMCRA owned rental properties. Attachments: Miami -Dade County Property Tax Statements SD /MCGRUFF \PLANNING \CRA \Property Tax Payment.doc 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 3299 31 33 34 35 36 37 38 48 41 42 43 44 45 46 RESOLUTION NO. A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY. REDEVELOPMENT AGENCY ( SMCRA) RELATING TO LAND ACQUISITION; AUTHORIZING THE SMCRA DIRECTOR TO DISBURSE FUNDING IN THE TOTAL AMOUNT OF $18,000.40 TO MIAMI -DADE COUNTY FOR ANNUAL PROPERTY TAXES FOR SMCRA OWNED RENTAL PROPERTIES LOCATED AT 6442 SW 59TH PLACE (FOLIO NO. 09- 4025- 010 - 0180); 6429 SW 60TH AVENUE (FOLIO NO. 09- 4025- 010 - 0040); AND 6415 SW 60TH AVENUE (FOLIO NO. 09- 4025- 010 - 0030); CHARGING ACCOUNT NO. 610- 1110 - 583 -31 -25 (PROPERTY MANAGEMENT/ PROPERTY TAX ACCOUNT); AND PROVIDING AN EFFECTIVE DATE. WHEREAS, after obtaining a 2.73 Million Dollar bond to purchase properties required to develop the Madison Square mixed -use project, the SMCRA has acquired approximately 67,000 square feet of property required to develop the project; and, WHEREAS, In an effort to maintain housing for as long as possible prior to project construction, the SMCRA has agreed to manage each of the remaining rental properties; and, WHEREAS, due to the fact that the units are income generating, the SMCRA is required to pay annual taxes on the properties; and, WHEREAS, the current property tax assessments include the following: Property Address 6442 SW 59th Place 6429 SW 60th Avenue 6415 SW 60th Avenue Folio No. 09- 4025- 010 -0180 09- 4025- 010 -0040 09- 4025 -010 -0030 WHEREAS, payment should issue to the tax assessor. Amount Due $7,117.70 $5,537.13 $5,245.57; and, NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY: Section 1. The SMCRA Board authorizes SMCRA Director to disburse funding to Miami -Dade County in the total amount of $18,000.40 for outstanding property taxes on the following SMCRA owned properties: 6442 SW 59th Place, 09 -4025- 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 33 34 35 010 -0180 ($7,117.70); 6429 SW 60th Avenue, 09- 4025- 010 -0040 ($5,537.13); and 6415 SW 601h Avenue, 09- 4025- 010 -0030 ($5,245.57) and charging the total amount to Account No. 610- 1110 - 583 -31 -25 (Property Management/Property Tax Account). Section 2. This resolution shall take effect immediately upon approval. PASSED AND ADOPTED this day of October, 2008. ATTEST: South Miami Community Redevelopment Agency Clerk READ AND APPROVED AS TO FORM: APPROVED: Chairperson Horace Feliu Eve A. Boutsis, Office General Counsel South Miami Community Redevelopment Agency Board Vote: Chairperson Feliu: .Vice Chairperson Wiscombe: Board Member Birts: Board Member Palmer: Board Member Beckman: Board Member R. Williams: Board Member L. Williams: Miami -Dade County. Real Estate Tax Information EXHIBI Real Estate Tax Information PM lt'1rc"IEI'1!!1!dc'1![fe. OV s Show Me: Prior Years Property Taxes J The 2008 TAX Roll will be available on November 1, 2008. Today's Date: 10/07/2008 Last Update: 10/03/2008 Search By: Folio Number: 09 40250100180 SOUTH MIAMI Select Item _ * * ** Prior Years Taxes Due * * ** Owner's Name: SOUTH MIAMI COMMUNITY Detail Tax Information: Real Estate Tax Info Property Address: 6442 SW 59 PL Prior Years Taxes Due Mailing Information : Legal Description SOUTH MIAMI COMMUNITY FRANKLIN SUB PB 5 -34 REDEVELOPMENT AGENCY .LOT 17 LESS E27.50FT BLK 3 6130 SUNSET DR LOT SIZE 4625 SQ FT SOUTH MIAMI FL 331435040 OR 13839 -2048 0988 4 Amounts due: Prior years taxes must be paid by cashier's check, money order or certified check in U.S. funds. Amount due Type Tax Year Number as of 10/07/2008 TOTAL AMOUNT 7117.70 For historical Below is a list of redeemed certificates and the redemption payment details. TAX YEAR 2005 NUMBER 13773 CERTIFICATE: Date: 12/21/2006 Reg ister/Recei pt: 0222 /0049003 Amount: 6462.00 TAX YEAR 2004 NUMBER 11494 CERTIFICATE: Date:12/21/2006 Register /Receipt:0222 /0049004 Amount: 4825.35 Amounts due are subject to change without notice. Property Tax Home I Real Estate Tax Info I Prior Years I ntact Information E -Mail: ro tax miamidade.gov (305) 270 -4916 Downtown Office: 140 W Flagler St., Room 101 Miami, FL 33130 South Miami -Dade Office: 10710 SW 211 St, Room 104 Miami, FL 33189 Office Hours: Mon - Fri 8:00 am -5:001 Related Links: Tax Collector Property Appraiser Florida State Dept of Revenue 0 Miami -Dade Home I Using Our Site I About I Phone Directory I Privagy I Disclaimer © 2002 Miami -Dade County. All rights reserved. E -mail your comments, questions and suggestions to Webmaster http: / /egvsys.mian-iidade.gov :1608 /w�vwsery /ggvt/txcaw03.dia ?folio = 0940250100180 10/7/2008 Miami -Dade County. Real Estate Tax Information EXHIBIT B _7 F Show Me: Prior Years Property Taxes t_ The'2008 TAX Roll will be available on November 1, 2008. Today's Date: 10/07/2008 Last Update: 10103/2008 Search By: Folio Number: 09 40250100040 SOUTH MIAMI Select Item * * ** Prior Years Taxes Due * * ** Detail Tax Information: Real Estate Tax Info Prior Years Taxes Due © 2002 Miami -Dade County. All rights reserved. Owner's Name: CITY OF SOUTH MIAMI Property Address: 6429 SW 60 AVE Mailing Information : Legal Description CITY OF SOUTH MIAMI FRANKLIN SUB PB 5 -34 COMMUNITY REDEVELOPMENT AGENCY LOT 3 LESS W2.5FT FOR RNV BLK 1 6130 SUNSET DR LOT SIZE 5875 SQ FT MIAMI FL 331435040 OR 25233 -1114 1206 3 Amounts due: Prior years taxes must be paid by cashier's check, money order or certified check in U.S. funds. Amount due Type Tax Year Number as of 10/07/2008 TOTAL AMOUNT 5637.13 Amounts due are subject to change without notice. Contact Information E -Mail: ro tax miamidade.00v t' 05) 270 -4916 Downtown Office: 140 W Flagler St., Room 101 Miami, FL 33130 South Miami -Dade Office: 10710 SW 211 St, Room 104 Miami, FL 33189 Office Hours: Mon - Fri 8:00 am - 5:001 Related Links: Tax Collector Property Appraiser Florida State Dept of Revenue 0 Property Tax Home I Real Estate Tax Info I Prior Years I Miami -Dade Home I Using Our Site I About I Phone Directory I Privacy I Disclaimer E -mail your comments, questions and suggestions to Webmaster 4>ttp: / /eaysys.miamidade.gov :1608 /wwwsery /ggvt /txcaw03.dia ?folio = 0940250100040 10/7/2008 Miami -Dade County. Real Estate Tax Information EXHIBIT C Show Me: Prior Years - Property Taxes The 2008 TAX Roll will be available on November 1, 2008. Today's Date: 10/07/2008 Last Update: 10/03/2008 Search By: Folio Number: 09 40250100030 SOUTH MIAMI Select Item * * ** Prior Years Taxes Due * * ** Detail Tax Information: Real Estate Tax Info Prior Years Taxes Due © 2002 Miami -Dade County. All rights reserved. Owner's Name: SOUTH MIA COMMUNITY REDEV AGENCY Property Address: 6415 SW 60 AVE Mailing Information : Legal Description SOUTH MIA COMMUNITY REDEV FRANKLIN SUB PB 5 -34 AGENCY 6130 SUNSET DR LOT 2 LESS W2.50FT BLK 1 SOUTH MIAMI FL LOT SIZE 5875 SQ FT COC 25196 -0578 12 2006 6 Amounts due: Prior years taxes must be paid by cashier's check, money order or certified check in U.S. funds. Amount due Type Tax Year Number as of 10/07/2008 TOTAL AMOUNT 5245.57 Amounts due are subject to change without notice. Property Tax Home I Real Estate Tax Info I Prior Years Contact Information E -Mail: ro tax miamidade.gov (305) 270 -4916 Downtown Office: 140 W Flagler St., Room 101 Miami, FL 33130 South Miami -Dade Office: 10710 SW 211 St, Room 104 Miami, FL 33189 Office Hours: Mon - Fri 8:00 am - 5:001 Related Links: Tax Collector Property Appraiser Florida State Dept of Revenue 0 Miami -Dade Home I Using Our Site I About I Phone Directory I Privacy I Disclaimer E -mail your comments, questions and suggestions to Webmaster http: / /egvsys.miamidade.gov: 1608/ ww -wsery /ggvt /txcaw03.dia?folio= 0940250100030 10/7/2008 LUl L l �� 2001 Making our Neighborhood a Great Place to Live, Work and Play- To: Honorable Chair and SMCRA Board Members From: Stephen D SMCRA I Date: October 13, 2008 ITEM No. I f HOMEOWNER ASSISTANCE GRANT APPLICATION (BROWN) A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT -AGENCY ( SMCRA) RELATING TO AFFORDABLE HOUSING; AUTHORIZING THE SMCRA DIRECTOR TO DISBURSE GRANT FUNDING IN AN AMOUNT NOT TO EXCEED $25,000 TO GLORIA BROWN TO PROVIDE AFFORDABLE HOUSING "GAP" FINANCING FOR THE PURCHASE OF SINGLE - FAMILY HOUSING LOCATED AT 5895 SW 67TH STREET (FOLIO NO. 09- 4025- 028 - 0300); AND CHARGING THE TOTAL AMOUNT TO ACCOUNT NO. 610 - 1110 - 553 -99 -30 (HOMEOWNER ASSISTANCE GRANT ACCOUNT); AND PROVIDING AN EFFECTIVE DATE BACKGROUND The above referenced homeowner assistance applicant, Gloria Brown initially applied for funding assistance through the SMCRA several years ago to purchase 5895 SW 67th Street. Since that time the original affordable housing developer, Greater Miami Neighborhoods has filed for bankruptcy and has abandoned the construction leaving several liens against the property. A replacement developer was subsequently selected and the outstanding property liens have now all been released. The home is scheduled for completion by the end of October 2008. In the interim, the original applicant, Gloria Brown has remained committed to the program and has maintained outstanding credit over time. The applicant has recently re- applied and has provided a $1,000 deposit for the revised homeowner assistance program which provides up to $25,000 in "gap" financing as determined by a recognized ' affordable housing lender (Exhibit A). Approval of the attached resolution shall authorize the- SMCRA Director to disburse homeowner assistance funding to Gloria Brown in an amount not to exceed $25,000 as determined by the lending institution of record, Northern Trust Bank. RECOMMENDATION Staff recommends approval of the attached resolution authorizing the SMCRA Director to disburse homeowner assistance funding in an amount not to exceed $25,000 to Gloria Brown for the purchase of 5895 SW 67th Street. Attachments: Homeowner Assistance Application SD/MCGRUFF \PLANNING \CRA \Homeowner Assistance Grant Application (Brown).doc I RESOLUTION NO. 2 3 4 A RESOLUTION OF THE CITY OF SOUTH MIAMI 5 COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) 6 RELATING TO AFFORDABLE HOUSING; AUTHORIZING 7 THE SMCRA DIRECTOR TO DISBURSE GRANT FUNDING 8 IN AN AMOUNT NOT TO EXCEED $25,000 TO GLORIA 9 BROWN TO PROVIDE AFFORDABLE HOUSING "GAP" 10 FINANCING FOR THE PURCHASE OF SINGLE - FAMILY 11 HOUSING LOCATED AT 5895 SW 67TH STREET (FOLIO NO. 12 09- 4025- 028 - 0300); CHARGING THE TOTAL AMOUNT TO 13 ACCOUNT NO. 610 - 1110 - 553 -99 -30 (HOMEOWNER 14 ASSISTANCE GRANT ACCOUNT); AND PROVIDING AN 15 EFFECTIVE DATE 16 17 WHEREAS, the above referenced homeowner assistance applicant, Gloria 18 Brown initially applied for funding assistance through the SMCRA several years ago 19 to purchase 5895 SW 67th Street; and, 20 21 WHEREAS, since that time the original affordable housing developer, 22 Greater Miami Neighborhoods has filed for bankruptcy and has abandoned the 23 construction leaving several liens against the property; and, 24 25 WHEREAS, since that time the original affordable housing developer, 26 Greater Miami Neighborhoods has filed for bankruptcy and has abandoned the 27 construction leaving several liens against the property; and, 28 29 WHEREAS, in the interim, the original applicant, Gloria Brown has 30 remained committed to the program and has maintained outstanding credit over time. 31 The applicant has recently ,re- applied and has provided a $1,000 deposit for the 32 revised homeowner assistance program which provides up to $25,000 in "gap" 33 financing as determined by a recognized affordable housing lender; and, 34 35 WHEREAS, the SMCRA Board desires to facilitate additional affordable 36 housing opportunities through the SMCRA Homeowner Assistance Program and to 37 provide stability in the community through home ownership. 40 NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH MIAMI 41 COMMUNITY REDEVELOPMENT AGENCY: 42 43 Section 1. The above whereas clauses are incorporated by reference into 44 this resolution. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 30 31 32 Section 2. The SMCRA Board authorizes the SMCRA Director to disburse homeowner assistance funding to Gloria .Brown in an amount not to exceed $25,000 as determined by the lending institution of record, Northern Trust Bank and charging the total amount to Account No. 610 - 1110 - 553 -99 -30 (Homeowner Assistance Grant Funding Account). Section 3. This resolution shall take effect immediately upon approval. PASSED AND ADOPTED this day of October, 2008. ATTEST: South Miami Community Redevelopment Agency Clerk READ AND APPROVED AS TO FORM APPROVED: Chairperson Horace Feliu Eve A. Boutsis, Office General Counsel South Miami Community Redevelopment Agency Board Vote: Chairperson Feliu: Vice Chairperson Wiscombe: Board Member Birts: Board Member Palmer: Board Member Beckman: Board Member R. Williams: Board Member L. Williams: South Miami Community Redevelopment Agency. Homeowner Assistance Program ene�o w :ems 1� oil INN EXHIBIT A Prepared by SDI, In South Miami Community Redevelopment Agency Homeowner Assistance Program , Goals and Program Description The purpose of the Homeowner Assistance Program is to provide the financial resources to assist the SMCRA in implementing its housing program, mortgage assist program and role model recruitment program. This document will provide the program procedures, goals, strategies, definitions, funding levels and application process as it relates comprehensively to housing assistance activities in the redevelopment area. A. Urban Infill Housing Mortgage Assistance Program By utilizing a coalition of private banking institutions, the SMCRA will leverage TIF funds capped at $25,000 per unit to assist qualified interested homebuyers to purchase homes developed under the Agency's currently operating urban infill housing program. B. Role Model Recruitment Program The SMCRA will actively recruit employees working as educators, law enforcement officers, firefighters, and the medical care providers to z become homeowners for any home within the SMCRA redevelopment borders. This program also has a cap of $25,000 per applicant. SMCRA L For purposes of this program, the following definitions apply. Educators: An individual employed full time by a public school, private school, or federal, state, county or municipal educational Agency as a classroom teacher, guidance counselor or administrator in grades K through 12. Police Officers: A law enforcement officer, including a Community Service Aide, who is employed full -time by a federal, state, county or municipal government and is sworn to uphold, and make arrests for violations of federal, state, county or municipal laws. Firefighters: Certified firefighters employed full -time by state, county or municipal government. Medical Care Providers: Includes all employees working full -time in medical facilities, and doctors' offices except those whose responsibilities are solely administrative, clerical or non - medical support. C. General Mortgage Assistance Program This program does not require that an applicant purchase a home built under the SMCRA Urban infill- housing program nor does it require that the applicant be eligible for the role model recruitment program. Its primary emphasis is to assist interested citizens in obtaining private home ownership in the redevelopment area. This program is capped at $2,500 per applicant. 3 It is the Agency's philosophy that homeownership as opposed to renter - occupied properties will expand the number of stakeholders for the betterment of the community.redevelopment area. Therefore, the Agency has created a multi- faceted approach to assist qualified homebuyers in making the redevelopment area their "neighborhood." Who is eligible? A. Urban Infill Housing Mortgage Assistance Program Any applicant who wishes to purchase a home developed under the SMCRA Urban Infill Housing program is eligible to apply under this program for mortgage assistance. In the event that there are more applicants than housing product available, the Agency shall adopt a priority listing as follows. 1. SMCRA Area Resident; 2. South Miami Resident; 3. Role -Model Recruitment Applicant; 4. Non- Resident Working in South Miami; 5. Non - resident 0 B. Role Model Recruitment Program Any applicant who is a non - probationary employee in an eligible field under this program shall be qualified to apply for financial assistance with the priorities being as follows. 1. Role Model applying for an infill home. 2. Role model applicant applying for any home in the redevelopment area. C. General Mortgage Assistance Program Any applicant wishing to purchase a home in the redevelopment area shall be eligible. What homes are eligible Every single - family residence in the redevelopment area shall be eligible for mortgage assistance under the Agency's programs. The top priority for mortgage assistance shall be those homes being constructed under the Urban Infill Housing Program. All other single - family homes shall be second priority. How will SMCRA participate? A. Financially — The Agency may contribute a maximum of $5,000 towards the purchase of or any closing costs related to securing a home mortgage. It is the expressly stated intent of this program that maximum flexibility shall be allowed regarding the expenditure of the $25,000 provided by the Agency. This policy is to ensure that Agency funding can be "fitted" to match any 5 mortgage assistance program utilized by a participating bank or to provide gap funding for any deficiency that a qualified buyer would face while participating in an existing bank program. B. Assistance with Mortgage Application — The SMCRA shall provide professional one -on -one assistance to all qualified and interested potential homebuyers. It is the intent of this Agency to provide all applicants with a full opportunity to become homeowners in the City of South Miami redevelopment area by ensuring that an application is not denied due to the complexity of the mortgage application process. C. Assist with locating a bank — The Agency will actively recruit interested banking institutions to participate in one or several of the housing assistance programs. A contact person will be established at each bank that will be receptive and accountable to the applicants in the city's redevelopment area. How, will Banks participate? The SMCRA will actively recruit and secure letters of participation from qualified financial institutions. Each bank that participates will assign a contact person who has been trained regarding the guidelines of the SMCRA Housing Assistance Programs. The Banks which are accepted as participants in this program will be assigned a.position on a rotating roster which will determine which applicant they X are matched with regarding the mortgage loan process. If an applicant chooses, they may work with any bank that has been approved by the SMCRA to participate under this program regardless of the roster position. Is this program restricted to first -time homebuyers? NO. Must a home purchased under these programs be a primary residence for the applicant? YES. Are there any income restrictions? YES. Is there a purchase price restriction? YES. Homes eligible under this program for financial assistance shall not have a purchase price in excess of 110% of appraised value. No purchase price restriction shall apply to homes purchased under the SMCRA Urban Infill Housing Program. Is there a minimum financial level of participation required of the homebuyer? YES. Each applicant shall provide a $25 application fee and shall be required to provide 1 % of the purchase price up to $1,000 towards either the down payment or closing cost associated with the purchase of the home. Is there any "up front" application fee required? NO, a $25 fee is required once your application is approved. The check shall be made payable to the South Miami CRA. Explanation of application process, forms, procedures. After an applicant has provided the $25 application fee they will begin completion of the program application forms with the assistance of an SMCRA professional. Application Forms are included as Appendix A Once the application is completed, a financial institution shall be assigned or selected and the SMCRA professional will present the application to the bank's assigned contact person. At this point, the bank will assume primary responsibility for the further review, processing and decision regarding the approval of a mortgage. The bank will be responsible for all due diligence efforts normally undertaken for the consideration for approval or denial. Will CRA assist with Mortgage Application process? YES, After any interested applicant has provided the $25 application fee, the Agency will assign a qualified professional to assist the applicant throughout the mortgage application process. This shall include assistance with preparing all financial applications required by the lending institutions and other necessary activities related to securing a mortgage. The Agency shall not be responsible for the outcome of the decision by a participating bank regarding the approval or denial of a mortgage application. All applicants will be required to attest to a statement of this effect. Must a home purchased under this program serve as a primary residence? YES. How many years will a successful homeowner who secures a mortgage under one of the SMCRA housing assistance programs be required to reside in that home as a primary residence home without any responsibility to repay the Agency? Three years. Applicant will be required to sign a statement that they will repay a prorated share of funds granted by the Agency in the event they reside in the residence for less than three years. There may be cases where this condition cannot be met. In such hardship cases the homeowner may request an appeal. The SMCRA Board of Commissioners shall make the final decision on an appeal Are multi -unit residences eligible under this program? Rej Does the SMCRA warranty the home purchased under this program? NO. Does the SMCRA require any inspections above and beyond the financial institutions providing the mortgage or applicable state and federal laws? NO. Is there any training required in order for the applicant to receive mortgage assistance? YES. Who will provide the training? Each bank participating in the Homeowner Assistance Program is responsible for providing Homeowner Training to qualified applicants. A training schedule will be provided during the application process What is the SMCRA's authority to conduct this program? The Agency's authority to implement the multiple redevelopment initiatives that comprise this program are granted under Section 7 of the Redevelopment Plan. Specifically, Section I N (page 33); Section II -B, C, and D, (pages 34 -35). Additional authority for these redevelopment initiatives are under Florida Statute Section 163 part III and the Interlocal Agreement with Miami Dade County Board of Commissioners. 10 Questions Commonly Asked What types of homes can be purchased? Single- family detached homes. Are there any restrictions to the homes purchased? Yes, homes must be within the SMCRA redevelopment area. Properties must be designated for residential housing; be occupied by the mortgagee(s) as his /her principal residence; have an expected economic life of not less than 30 years; and not provide a source of income to the mortgagor(s). How do I find my house? You may either use a participating SMCRA re- developer or select the home which you wish to purchase and approach an approved lender. Can I buy a home which is not yet constructed? Yes. What is the current interest rate? The interest rate for a first mortgage will vary with each participating lender in the loan program. Rates are currently in the range of 8% to 8.5% for a fixed 30 -year mortgage. (Rates quoted are from the Wall Street Journal as of 8/25/00 and are subject to change.) What must I bring to the application process? • Signed copies of your past two Federal Income Tax returns; o Account numbers, balances, names and addresses for loans, credit cards, checking and savings accounts; o Explanations of any credit problems; 11 • Copy of recorded divorce decree and property settlement; names and addresses of employers (current and former for the past two years); any other information or documents as required to obtain credit and /or property approval; Last two pay stubs from employer (if self - employed, a profit and loss statement as of the date of application); Any other source of income that can be readily verified (i.e. Social Security, SSI, pension, retirement, child support); Proof of availability of a minimum of 1% of the purchase price up to $1,000 to be applied towards the down payment or total acquisition cost; Original evidence of U.S. citizenship or legal immigration status on borrower or co- borrower; • $25 application fee payable to SMCRA. What are my obligations? • Furnish all employment and credit information necessary; • Provide a minimum of 1% of purchase price up to $1,000 towards the down payment or acquisition cost; • Occupy the property being purchased as a permanent residence immediately after loan closing. • Provide an application fee of $25 payable to the SMCRA. What can I afford? Your monthly house payment, including principal, interest, taxes and insurance, should be in the range of 25% to 33% of your gross monthly income. The maximum monthly payments on all of your outstanding debts (including installment loans, revolving credit cards, and child care expenses), plus your monthly house payment, should not exceed 36% of your gross monthly income. These guidelines may be exceeded where other funding sources permit and when strong compensating factors exist. 12 When applying for a mortgage, here are some of the key questions you should ask the lender: • What will my monthly payments be, including taxes and mortgage insurance? • Can I "buy down" the rate to a lower figure by paying more points? • What will all my closing costs total, and which items do I have a choice of waiving? • Is this mortgage assumable, and under what conditions? • At what date will the rate be locked in? • Is private mortgage insurance necessary? If so, at what point will I no longer be required to carry it? • Is there a prepayment penalty on this mortgage? If you are applying for an adjustable -rate mortgage, you should also ask these questions: • In a worst -case scenario, what would be the maximum payment on this loan? • Can the mortgage rate be converted for a fixed one at some point in time? If so, what would be the cost and rate? • Does this adjustable -rate mortgage have negative amortization, that is, could the outstanding balance rise even as I am making regular payments? Where do I apply? City of South Miami Community Redevelopment Agency 6130 Sunset Drive South Miami, Florida 33143 13 Payment Calculator When shopping 30 -year mortgages, you can estimate your monthly payment using the following figures. They show what your principal and interest payments would be on each $1,000 borrowed. For example, the payment on an 8% rate is $7.338 per month per $1,000 borrowed. If you borrowed $100,000, your monthly payment would be 100 times that, or $733.80. Escrow payments on taxes and mortgage and hazard insurance would be additional. Here are other loan payment factors based on rates currently being charged: 8'/2 %/7.689; 8 % %/7.513; 7% %/7.164; 7 '/2 %/6.992; 7 '/a %/$6.822; 7 %/6.653; 6% %/6.486; 6 '/2 %/6.321; 6 '/a %/$6.157; 6 %/ %5.996. Source:bankrate.com, North Palm Beach FL 33408 Internet: www.bankrate.com Wall Street Journal week of 8/21 -28 The table presented below provides examples of the principal and interest payments that would be required for mortgage amounts between $50,000 and $100,000. South Miami Community Redevelopment Agency (SMCRA) 6130 Sunset Drive, South Miami, FL 33143 Appendix Documents Appendix A Application Form Appendix B Basic street map of redevelopment area 14 Appendix C Sample floor plans and elevations of infill homes (eg ) Appendix D Sample Promissory Note & Purchase Money Mortgage 15 APPLICANT AND CO- APPLICANT INFORMATION APPLICANT'S NAME SOCIAL DATE OF BIRTH ' I C c: SECURITY # _ MARRIED MARITALSTATUS -- - ---- - - - - -- -- ----------- - -- --- - - -- - - -- ---- -- - - - - - -- ---- ...... _...... - SEPARATED (check one) UNMARRIED (includes single, divorced & widowed) ( 3c� s " ") f� �. 7 -7 HOME (� ° C- ) S"� -7 - c WORK PHONE you be reached: when can y PHONE when can you be reached: / CO- APPLICANT'S NAME (Spouse) __jSECURITY# SOCIAL DATE OF BIRTH MARRIED MARITAL STATUS SEPARATED (check one) ------------- ---- - - - - -- ---------------- - - - - -- ----- - - - - -- - -- .- .-------- - - - - -- ---------- - - - - -- - - - - - -- ------------- ..- _--- - -- - -- ------------------- - - - - -- - ----- - - - - -- UNMARRIED (includes single, divorced & widowed) ( ) HOME ( ) WORK PHONE when can you be reached: PHONE when can you be reached: CURRENT ADDRESS ----------------------------------------------------------------------------------------------------------- How long at this address? YEARS j MONTHS LANDLORD'S NAME PHONE Z r r (if applicable) �f t /� �.14_ /1 �) % 1 �i� /CAL i NUMBER LANDLORD'S ADDRESS --------------------------------------------------------------------------------- Prepared by SDI, Inc. page 1 of 3 INCOME INFORMATION (ANNUAL) (List all sources of income earned yearly from the sources listed below. Include all amounts which can be verified such as Social Security benefits, interest income, part -time employment, child support/alimony, or other income declared on federal tax return.) APPLICANT CO- APPLICANT Primary Job $ 3 5 C Primary Job $ Second Job $ Second Job $ Pension $ Pension $ Social Security $ A Social Security $ AFDC/Welfare $ AFDC/Welfare $ Alimony /Child Support $ Alimony /Child Support $ Workers' Compensation $ A Workers' Compensation $ Interest from Savings $ /A Interest from Savings $ Other income (explain) $� _ Other income (explain) $ TOTAL $ TOTAL $ ASSET INFORMATION (List all assets, including automobile, real estate, checking and savings accounts, retirement accounts, Certificates of Deposit and any other assets.) Type of Asset Name of Financial Institution & full address (if applicable) Account Number (if applicable) Monthly payment Balance Due Value of Asset Net Value of Asset Prepared by SDI, Inc. page 2 of 3 CREDIT HISTORY (Both the applicant and co- applicant must answer the following questions. You may attach additional sheets if explanations are needed.) Please circle yes or no for the following questions. APPLICANT CO- APPLICANT Have you ever owned any residential property? YES N7 YES NO If yes, list dates of ownership. Dates: Dates: ti, Do you have any outstanding unpaid collections or judgements? YES NO YES NO If yes, list amounts owed. $ $ Have you declared bankruptcy in the last 7 years? YES NO ' YES NO Are you a party in a lawsuit? YES NO ' YES NO Have you ever had property foreclosed on or given back title to YES O YES NO avoid foreclosure? Have you cosigned or co- endorsed a loan, debt or other liability YES NOS YES NO not listed in this application? nr j. )?,.'• / -*�j,. t e* rrz- -.4 ✓ +� y;.r4 e Y; l - .. R �f }X�_ PROPERTY AND MORTGAGE INFORMATION NAME OF LENDER PROVIDING � YOUR FIRST MORTGAGE ;) jl�C�'6� L S v ADDRESSOF LENDER ------------ --------------- - ------------------ ----------------- --------------------- .......... .............. ---------- ........... ...... PHONE NUMBER OF LENDER ( ) ADDRESS OF PROPERTY TO ... ....... ...... . --------------- - - ......... BE PURCHASED ------ - - - - -- ------- - - - - -- - -..------------ HOUSE NUMBER OF NUMBER OF HOUSE SIZE SF INFORMATION BEDROOMS BATHROOMS (SQUARE FEET) PURCHASE PRICE OF PROPERTY $ (attach signed real estate sales contract) Prepared by SDI, Inc. page 3 of 3 IWO, 2001 "Making our Neighborhood a Great Place to Liter War* and Play" To: Honorable Chair and SMCRA Boar s From: Stephen avid, 'SMCRA Directo Date: October 13, 2008 ITEM No. RvIx HOMEOWNER ASSISTANCE GRANT APPLICATION (GOODMAN A RESOLUTION OF THE CITY OF SOUTH MIAMI COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) RELATING TO AFFORDABLE HOUSING; AUTHORIZING THE SMCRA DIRECTOR TO DISBURSE GRANT FUNDING IN AN AMOUNT NOT TO EXCEED $25,000 TO DENISE GOODMAN TO PROVIDE AFFORDABLE HOUSING "GAP" FINANCING FOR THE PURCHASE OF SINGLE - FAMILY HOUSING LOCATED AT 6400 SW 57th COURT (FOLIO NO. 09- 4025- 015- 0030); AND CHARGING THE TOTAL AMOUNT TO ACCOUNT NO. 610 - 1110 - 553 -99 -30 (HOMEOWNER ASSISTANCE GRANT ACCOUNT); AND PROVIDING AN EFFECTIVE DATE BACKGROUND The above referenced homeowner assistance applicant, Denise Goodman initially applied for funding assistance through the SMCRA several years ago to purchase 5895 SW 67th Street. Since that time the original affordable housing developer, Greater Miami Neighborhoods has filed for bankruptcy and has abandoned the construction leaving several liens against the property. A replacement developer was subsequently selected and the outstanding property liens have now all been released. The home is scheduled for completion by the end of October 2008. In the interim, the original applicant, Denise Goodman has remained committed to the program and has maintained outstanding credit over time. The applicant has recently re- applied and has provided a $1,000 deposit for the revised homeowner assistance program which provides up to $25,000 in "gap" financing as determined by a recognized affordable housing lender (Exhibit A). Approval of the attached resolution shall authorize the SMCRA Director to disburse homeowner assistance funding to Denise Goodman in an amount not to exceed $25,000 as determined by the lending institution of record, Northern Trust Bank. RECOMMENDATION Staff recommends approval of the attached resolution authorizing the SMCRA Director to disburse homeowner assistance funding in an amount not to exceed $25,000 to Denise Goodman for the purchase of 6400 SW 57" Court. Attachments: Homeowner Assistance Application SD /MCGRUFF \PLANNING \CRA \Homeowner Assistance Grant Application (Goodman).doc 1 RESOLUTION NO. 2 3 4 A RESOLUTION OF THE CITY OF SOUTH MIAMI 5 COMMUNITY REDEVELOPMENT AGENCY ( SMCRA) 6 RELATING TO AFFORDABLE HOUSING; AUTHORIZING 7 THE SMCRA DIRECTOR TO DISBURSE GRANT FUNDING 8 IN AN AMOUNT NOT TO EXCEED $25,000 TO DENISE 9 GOODMAN TO PROVIDE AFFORDABLE HOUSING "GAP" 10 FINANCING FOR THE PURCHASE OF SINGLE - FAMILY 11 HOUSING LOCATED AT 6400 SW 57TH COURT (FOLIO NO. 12 09- 4025- 015 -030); CHARGING THE TOTAL AMOUNT TO 13 ACCOUNT NO. 610 -1110- 553 -99 -30 (HOMEOWNER 14 ASSISTANCE GRANT ACCOUNT); AND PROVIDING AN 15 EFFECTIVE DATE 16 17 WHEREAS, the above referenced homeowner assistance applicant, Denise 18 Goodman initially applied for funding assistance through the SMCRA several years 19 ago to purchase 6400 SW 57th Court; and, 20 21 WHEREAS, since that time the original affordable housing developer, 22 Greater Miami Neighborhoods has filed for bankruptcy and has abandoned the 23 construction leaving several liens against the property; and, 24 25 WHEREAS, since that time the original affordable housing developer, 26 Greater Miami Neighborhoods has filed for bankruptcy and has abandoned the 27 construction leaving several liens against the property; and, 28 29 WHEREAS, in the interim, the original applicant, Denise Goodman has 30 remained committed to the program and has maintained outstanding credit over 31 time. The applicant has recently re- applied and has provided a $1,000 deposit for the 32 revised homeowner assistance program which provides up to $25,000 in "gap" 33 financing as determined by a recognized affordable housing lender; and, 34 35 WHEREAS, the SMCRA Board desires to facilitate additional affordable 36 housing opportunities through the SMCRA Homeowner Assistance Program and to 37 provide stability in the community through home ownership. io 40 NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH MIAMI 41 COMMUNITY REDEVELOPMENT AGENCY: 42 43 Section 1. The above whereas clauses are incorporated by reference into 44 this resolution. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 30 31 32 Section 2. The SMCRA Board authorizes the SMCRA Director to disburse homeowner assistance funding to Denise Brown in an amount not to exceed $25,000 as determined by the lending institution of record, Northern Trust Bank to purchase 6400 SW 57th Court and charging the total amount to Account No. 610 - 1110 - 553 -99 -30 (Homeowner Assistance Grant Funding Account). Section 3. This resolution shall take effect immediately upon approval. PASSED AND ADOPTED this day of October, 2008. ATTEST: South Miami Community Redevelopment Agency Clerk READ AND APPROVED AS TO FORM APPROVED: Chairperson Horace Feliu Eve A. Boutsis, Office General Counsel South Miami Community Redevelopment Agency Board Vote: Chairperson Feliu: Vice Chairperson Wiscombe: Board Member Birts: Board Member Palmer: Board Member Beckman: Board Member R. Williams: Board Member L. Williams: South,Miami .Community Redevelopment Agency Homeowner Assistance Pro gram C 611 P` M A EXHIBIT A Mill . oil Prepared by SDI, Inc. South Miami Community Redevelopment Agency Homeowner Assistance Program Goals and Program Description The purpose of the Homeowner Assistance Program is to provide the financial resources to assist the SMCRA in implementing its housing program, mortgage assist program and role model recruitment program. This document will provide the program procedures, goals, strategies, definitions, funding levels and application process as it relates comprehensively to housing assistance activities in the redevelopment area. A. Urban Infill Housing Mortgage Assistance Program By utilizing a coalition of private banking institutions, the SMCRA will leverage TIF funds capped at $25,000 per unit to assist qualified interested' homebuyers to purchase homes developed under the Agency's currently operating urban infill housing program. B. Role Model Recruitment Program The SMCRA will actively recruit employees working as educators, law enforcement officers, firefighters, and the medical care providers to become homeowners for any home within the SMCRA redevelopment borders. This program also has a cap of $25,000 per applicant. SMCRA For purposes of this program, the following definitions apply. Educators: An individual employed full time by a public school, private school, or federal, state, county or municipal educational Agency as a classroom, teacher, guidance counselor or administrator in grades K through 12. Police Officers: A law enforcement officer, including a Community Service Aide, who is employed full -time by a federal, state, county or municipal government and is sworn to uphold, and make arrests for violations of federal, state, county or municipal laws. Firefighters: Certified firefighters employed full -time by state, county or municipal government. Medical Care Providers: Includes all employees working full -time in medical facilities, and doctors' offices except those whose responsibilities are solely administrative, clerical or non - medical support. C. General Mortgage Assistance Program This program does not require that an applicant purchase a home built under the SMCRA Urban infill- housing program nor does it require that the applicant be eligible for the role model recruitment program. Its primary emphasis is to assist interested citizens in obtaining private home ownership in the redevelopment area. This. program is capped at $2,500 per applicant. 3 It is the Agency's philosophy that homeownership as opposed to renter- occupied properties will expand the number of stakeholders for the betterment of the community redevelopment area. Therefore, the Agency has created a multi- faceted approach to assist qualified homebuyers in making the redevelopment area their "neighborhood." Who is eligible? A. Urban Infill Housing Mortgage Assistance Program Any applicant who wishes to purchase a home developed under the SMCRA Urban Infill Housing program is eligible to apply under this program for mortgage assistance. In the event that there are more applicants than housing product available, the Agency shall adopt a priority listing as follows. 1. SMCRA Area Resident; 2. South Miami Resident; 3. Role -Model Recruitment Applicant; 4. Non - Resident Working in South Miami; 5. Non - resident El B. Role Model Recruitment Program Any applicant who is a non - probationary employee in an eligible field under this program shall be qualified to apply for financial assistance with the priorities being as follows. 1. Role Model applying for an infill home. 2. Role model applicant applying for any home in the redevelopment area. C. General Mortgage Assistance Program Any applicant wishing to purchase a home in the redevelopment area shall be eligible. What homes are eligible Every single - family residence in the redevelopment area shall be eligible for mortgage assistance under the Agency's programs. The top priority for mortgage assistance shall be those homes being constructed under the Urban Infill Housing Program. All other single - family homes shall be second priority. How will SMCRA participate? A. Financially — The Agency may contribute a maximum of $5,000 towards the purchase of or any closing costs related to securing a home mortgage. It is the expressly stated intent of this program that maximum flexibility shall be allowed regarding the expenditure of the $25,000 provided by the Agency. This policy is to ensure that Agency funding can be "fitted" to match any 5 mortgage assistance program utilized by a participating bank or to provide gap funding for any deficiency that a qualified buyer would face while participating in an existing bank program. B. Assistance with Mortgage Application — The SMCRA shall provide professional one -on -one assistance to all qualified and interested potential homebuyers. It is the intent of this Agency to provide all applicants with a full opportunity to become homeowners in the City of South Miami redevelopment area by ensuring that an application is not denied due to the complexity of the mortgage application process. C. Assist with locating a bank — The Agency will actively recruit interested banking institutions to participate in one or several of the housing assistance programs. A. contact person will be established at each bank that will be receptive and accountable to the applicants in the city's redevelopment area: How will Banks participate? The SMCRA will actively recruit and secure letters of participation from qualified financial institutions. Each bank that participates will assign a contact person who has been trained regarding the guidelines of the SMCRA Housing Assistance Programs. The Banks which are accepted as participants in this program will be assigned a position on a rotating roster which will determine which applicant they 6 are matched with regarding the mortgage loan process. If an applicant chooses, they may work with any bank that has been approved by the SMCRA to participate under this program regardless of the roster position. Is this program restricted to first -time homebuyers? ,►Le] Must a home purchased under these programs be a primary residence for the applicant? YES. Are there any income restrictions? YES. Is there a purchase price restriction? YES. Homes eligible under this program for financial assistance shall not have a purchase price in excess of 110% of appraised value. No purchase price restriction shall apply to homes purchased under the SMCRA Urban Infill Housing Program. Is there a minimum financial level of participation required of the homebuyer? YES. 7 Each applicant shall provide a $25 application fee and shall be required to provide 1% of the purchase price up to $1,000 towards either the down payment or closing cost associated with the purchase of the home Is there any "up front" application fee required? NO, a $25 fee is required once your application is approved. The check shall be made payable to the South Miami CRA. Explanation of application process, forms, procedures. After an applicant has provided the $25 application fee they will begin completion of the program application forms with the assistance of an SMCRA professional. Application Forms are included as Appendix A Once the application is completed, a financial institution shall be assigned or selected and the SMCRA professional will present the application to the bank's assigned contact person. At this point, the bank will assume primary responsibility for the further review, processing and decision regarding the approval of a mortgage. The bank will be responsible for all due diligence efforts normally undertaken for the consideration for approval or denial. Will CRA assist with Mortgage Application process? YES, After any interested applicant has provided the $25 application fee, the Agency will assign a qualified professional to assist the applicant throughout the mortgage application process. This shall include assistance with preparing all financial applications required by the lending institutions and other necessary activities related to securing a mortgage. The Agency shall not be responsible for the outcome of the decision by a participating bank regarding the approval or denial of a mortgage application. All applicants will be required to attest to a statement of this effect. Must a home purchased under this program serve as a primary residence? YES. How many years will a successful homeowner who secures a mortgage under one of the SMCRA housing assistance programs be required to reside in that home as a primary residence home without any responsibility to repay the Agency? Three years. Applicant will be required to sign a statement that they will repay a prorated share of funds granted by the Agency in the event they reside in the residence for less than three years. There may be cases where this condition cannot be met. In such hardship cases the homeowner may request an appeal. The SMCRA Board of Commissioners shall make the final decision on an appeal. Are multi -unit residences eligible under this program? NO. Does the SMCRA warranty the home purchased under this program? NO. Does the SMCRA require any inspections above and beyond the financial institutions providing the mortgage or applicable state and federal laws? NO. Is there any training required in order for the applicant to receive mortgage assistance? YES. Who will provide the training? Each bank participating in the Homeowner Assistance Program is responsible for providing Homeowner Training to qualified applicants. A training schedule will be provided during the application process What is the SMCRA's authority to conduct this program? The Agency's authority to implement the multiple redevelopment initiatives that comprise this program are granted under Section 7 of the Redevelopment Plan. Specifically, Section I N (page 33); Section II -B, C, and D, (pages 34 -35). Additional authority for these redevelopment initiatives are under Florida Statute Section 163 part III and the Interlocal Agreement with Miami Dade County Board of Commissioners. 10 Questions Commonly Asked What types of homes can be purchased? Single- family detached homes. Are there any restrictions to the homes purchased? Yes, homes must be within the SMCRA redevelopment area. Properties must be designated for residential housing; be occupied by the mortgagee(s) as his /her principal residence; have an expected economic life of not less than 30 years; and not provide a source of income to the mortgagor(s). How do I find my house? You may either use a participating SMCRA re- developer or select the home which you wish to purchase and approach an approved lender. Can I buy a home which is not yet constructed? Yes. What is the current interest rate? The interest rate for a first mortgage will vary with each participating lender in the loan program. Rates are currently in the range of 8% to 8.5% for a fixed 30 -year mortgage. (Rates quoted are from the Wall Street Journal as of 8/25/00 and are subject to change.) What must I bring to the application process? • Signed copies of your past two Federal Income Tax returns; • Account numbers, balances, names and addresses for loans, credit cards, checking and savings accounts; Explanations of any credit problems; 11 • Copy of recorded divorce decree and property settlement; names and addresses of employers (current and former for the past two years); any other information or documents as required to obtain credit and /or property approval; • Last two pay stubs from employer (if self - employed, a profit and loss statement as of the date of application); • Any other source of income that can be readily verified (i.e. Social Security, SSI, pension, retirement, child support); • Proof of availability of a minimum of 1% of the purchase price up to $1,000 to be applied towards the down payment or total acquisition cost; • Original evidence of U.S. citizenship or legal immigration status on borrower or co- borrower; $25 application fee payable to SMCRA. What are my obligations? • Furnish all employment and credit information necessary; • Provide a minimum of 1% of purchase price up to $1,000 towards the down payment or acquisition cost; • Occupy the property being purchased as a permanent residence immediately after loan closing. • Provide an application fee of $25 payable to the SMCRA. What can I afford? Your monthly house payment, including principal, interest, taxes and insurance, should be in the range of 25% to 33% of your gross monthly income. The maximum monthly payments on all of your outstanding debts (including installment loans, revolving credit cards, and child care expenses), plus your monthly house payment, should not exceed 36% of your gross monthly income. These guidelines may be exceeded where other funding sources permit and when strong compensating factors exist. 12 When applying for a mortgage, here are some of the key questions you should ask the lender: • What will my monthly payments be, including taxes and mortgage insurance? • Can I "buy down" the rate to a lower figure by paying more points? • What will all my closing costs total, and which items do I have a choice of waiving? • Is this mortgage assumable, and under what conditions? • At what date will the rate be locked in? • Is private mortgage insurance necessary? If so, at what point will I no longer be required to carry it? • Is there a prepayment penalty on this mortgage? If you are applying for an adjustable -rate mortgage, you should also ask these questions: • In a worst -case scenario, what would be the maximum payment on this loan? • Can the mortgage rate be converted for a fixed one at some point in time? If so, what would be the cost and rate? • Does this adjustable -rate mortgage have negative amortization, that is, could the outstanding balance rise even as I am making regular payments? Where do I apply? City of South Miami Community Redevelopment Agency 6130 Sunset Drive South Miami, Florida 33143 13 Payment Calculator When shopping 30 -year mortgages, you can estimate your monthly payment using the following figures. They show what your principal and interest payments would be'on each $1,000 borrowed. For example, the payment on an 8% rate is $7.338 per month per $1,000 borrowed. If you borrowed $100,000, your monthly payment would be 100 times that, or $733.80. Escrow payments on taxes and mortgage and hazard insurance would be additional. Here are other loan payment factors based on rates currently being charged: 8'h %/7.689; 8 % %/7.513; 7% %/7.164.;7 Y2 %/6.992; 7% %/$6.822; 7 %/6.653; 6% %/6.486; 6 Y2 %/6.321; 6 % %/$6.157; 6 %/ %5.996. Source: bankrate. com, North Palm Beach FL 33408 Internet: www.bankrate.com Wall Street Journal week of 8/21 -28 The table presented below provides examples of the principal and interest payments that would be required for mortgage amounts between $50,000 and $100,000. interest ;Rates ' 3r iL7 %, � X1/4 $699.20 $716.40 $733.80 $751.30 $768.90 $629.28 $644.76 $660.42 $676.17 $692.01 $559.36 $573.12 $587.04 $601.04 $615.12 $489.44 $501.48 $513.66 $525.91 $538.23 $419.52 $429.84 $440.28 $450.78 $461.34 $344.60 $358.20 $366.40 $375.65 $384.45 South Miami Community Redevelopment Agency (SMCRA) 6130 Sunset Drive, South Miami, FL 33143 Appendix Documents Appendix A Application Form Appendix B Basic street map of redevelopment area 14 Appendix C Sample floor plans and elevations of infill homes (eg ) Appendix D Sample Promissory Note & Purchase Money Mortgage 15 Certification and Signature (we) hereby certify that all of the foregoing information is true and complete to the best of my (our) knowledge, and hereby give my (our) permission to the City of South Miami Redevelopment Agency (SMCRA) (or any lender acting on the Agency's behalf) to conduct further credit and financial investigation, as deemed necessary to determine eligibility. Furthermore, I (we) agree to abide by the eligibility and program requirements set forth in connection with any opportunities which may be offered to me (us) by the SMCRA pursuant to this application. I (we) understand that false, inaccurate, or incomplete information in the foregoing application shall be considered cause for me (us) to be disqualified from participation in the Housing Assistance Program of the SMCRA, and I (we) must immediately notify the agency of any change in my (our) income, status of employment prior to closing for reverification. I (we) further understand that an "Affidavit of No Income Change" must be signed prior to receiving any program benefits. I (we) hereby authorize the SMCRA or any lender acting on the Agency's behalf to verify my past and present employment, past and present landlord information, past and present mortgage loans, and any other credit information as needed. I (we) understand a copy of this form will also serve as authorization. WARNING: Florida Statute 817 provides that willful false statements or misrepresentation concerning income and assets or liabilities relating to financial condition is a misdemeanor of the first degree and is punishable by fines and imprisonment provided under statute 775.082 or 775.83. Signature of Applicant to Date Signature of Co- Applicant Date MARRIED MARITALSTATUS - - - - -- -------------------------- - - - - -- ----------------------------------------------------------------------------------------------------------------------------------------------------------------- SEPARATED (check one) ..... .............................. .................................. --- ............. ............................................................................................. :..................... UNMARRIED (includes in 1 divorced & widowed) Q)05) 319 clq (10 HOME —r*3Z WORK PHONE (P "1'5T ►��U+� when can you be reached: PHONE when can you be reached CO- APPLICANT'S NAME (Spouse) IDATE OF BIRTH I I SECURITY # MARRIED MARITAL STATUS SEPARATED (check one) ................................................. .. .............. ........... . . . . .. ...... . . . . .. ... .. ........ . . .... ...... ............................... ........... ....... ..... ...... .. .. UNMARRIED (includes single, divorced & widowed) WORK PHONE ( ) HOME ( ) when can you be reached: I PHONE I when can you be reached: CURRENT ADDRESS ----------------------------------------------------------------------------------------------------------- How long at this address? YEARS MONTHS LANDLORD'S NAME 00-n Di _ Uac PHONE (if applicable) '� �Ot" NUMBER LANDLORD'S V\J C - ------------------------------------------------------- ADDRESS sDutk 4.,bz)l Prepared by SDI, Inc. page 1 of 3 F INCOME INFORMATION (ANNUAL) (List all sources of income eamed yearly from the sources listed below... Include all amounts which'can be verified such as. Social Security, benefits, interest income, part -time employment, child support/alimony, or other income' declared on federal tax return.) APPLICANT , CO- APPLICANT '. Primary Job $C(n Primary Job $ Second Job $ Second Job $ Pension $ Pension $ Social Security $ Social Security $ AFDC/Welfare $ N) (k AFDC/Welfare $ Alimony /Child Support $ P3/-k Alimony /Child Support $ Workers' Compensation $ Workers' Compensation $ _ Interest from Savings $ �� Interest from Savings $ Other income (explain) $ Other income (explain) $ TOTAL $ TOTAL $ ' ASSET, INFORMATION (List a// assets, �ncludrng automobile, real estate, ch_ c Ong and.savin \s s, retirement accounts, Certificates of Deposit and any other assets) Type of Name of Financial Institution & Account Number Monthly Balance Value of Net Value Asset full address (if applicable) (if applicable) payment Due Asset of Asset J C Six C tdlf Gtnim fir'equ -/t $ $ $ $9CWO �v i pu r K e Q ur` c n (C) 5t 89 $ $ $ f $ , � V041 53 $ /Ab 1I. $ ,?ffo ��1 Zoq.ca $ $ $ $ �eWcjar-q 657139 $ $ $ $ ( $ Is $ $ Prepared by SDI, Inc. page 2 of 3 CREDIT HISTORY (Both the applicant and co- applicant must answer the following questions. You may attach additional sheets if explanations are _needed.) Please circle yes or no for the following questions. APPLICANT CO- APPLICANT. Have you ever owned any residential property? YES NO YES NO If yes, list dates of ownership. Dates: Dates: Do you have any outstanding unpaid collections or judgements? YES NO YES NO If yes, list amounts owed. $ $ Have you declared bankruptcy in the last 7 years? YES NO YES NO Are you a party in a lawsuit? YES CN 0) YES NO Have you ever had property foreclosed on or given back title to YES NO YES NO avoid foreclosure? Have you cosigned or co- endorsed a loan, debt or other liability YES NO YES NO not listed in this application ?. PRO .. PERTY AND MORTGAGE INFORMATION NAME OF LENDER PROVIDING YOUR FIRST MORTGAGE ADDRESS OF LENDER PHONE NUMBER OF LENDER I ( ADDRESS OF PROPERTY TO BE PURCHASED NUMBER OF INOFORMATION I BEDROOMS PURCHASE PRICE OF PROPERTY (attach signed real estate sales contract) NUMBER OF BATHROOMS i 01 OCO 2— I SQUARE FEET) I SF I Prepared by SDI, Inc. page 3 of 3