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HomeMy WebLinkAboutR-2003-264 surplus Sun Gardens RESOLUTION NO. 2003-264 A RESOLUTION OF THE CITY OF DANIA BEACH, FLORIDA, DETERMINING THAT THE REAL PROPERTY LEGALLY DESCRIBED AS THE EAST ONE-HALF (E 1/2) OF LOT 6, BLOCK 2 , OF SUN GARDENS, A SUBDIVISION, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 26, AT PAGE 37 , OF THE PUBLIC RECORDS OF BROWARD COUNTY, FLORIDA IS SURPLUS PROPERTY; AUTHORIZING THE CITY MANAGER TO ENTER INTO AN EXCLUSIVE LISTING AGREEMENT WITH A REGISTERED REAL ESTATE BROKER, SELECTED BY LOTTERY FROM AMONG THE QUALIFIED BROKERS; FINDING THAT AN APPRAISAL OF THE REAL PROPERTY HAS DETERMINED THE VALUE OF THE PROPERTY TO BE $12 ,500; AUTHORIZING THE CITY MANAGER TO ENTER INTO A CONTRACT FOR SALE OF THE REAL PROPERTY WITH THE SALE CONTINGENT UPON APPROVAL BY MAJORITY VOTE OF THE CITY COMMISSION; PROVIDING FOR CONFLICTS, FURTHER, PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Part XII, Article 3, Section 5 of the Charter of the City of Dania Beach authorizes the City Commission to exchange, sell or convey real property acquired by the City of Dania Beach through enforcement or foreclosure of city liens and the transfer of lands available for taxes from Broward County and determined by the City Commission to be surplus real property; and WHEREAS, the City of Dania Beach foreclosed on two municipal Unsafe Structures Board liens recorded against property legally described as the East one-half (E 1/2) of Lot 6, Block 2, of SUN GARDENS, a subdivision, according to the Plat thereof, as recorded in Plat Book 26, Page 37, of the Public Records of Broward County, Florida a/k/a 1311 N.W. 2nd Terrace, Dania Beach, Florida . WHEREAS, the aforesaid real property was acquired by the City 1 RESOLUTION NO. 2003-264 of Dania Beach through a municipal lien foreclosure action, with a Certificate of Title issued to the City of Dania Beach, dated the January 2, 2002, and recorded January 18, 2002, in Official Records Book 32652, Page 102, of the Public Records of Broward County, Florida; and WHEREAS, the Dania Beach City Commission finds that it is cost effective, in the best interests of the City of Dania Beach, and promotes the welfare of the residents of the City to declare the aforesaid property as surplus real property and to efficiently dispose of the aforesaid real property by marketing the property with a registered real estate broker. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF DANIA BEACH, FLORIDA; Section 1 . That the real property described herein is determined to be surplus property acquired by the City through enforcement or foreclosure of two municipal Unsafe Structures Board liens . Section 2 . That the City Manager is authorized to enter into an exclusive listing agreement for a period of six (6) months, with a registered real estate broker, licensed to do business in the State of Florida, and with its main office located in the City of Dania Beach and possessing an occupational license to sell real estate issued by the City of Dania Beach. Section 3 . That the real estate broker shall be selected by lottery from among the qualified brokers and shall be paid a reasonable and customary real estate commission by the seller . -2- RESOLUTION NO. 2003-264 Section 4 . That an appraisal of the real property by a state is certified real estate appraiser has determined the value of the property to be $12, 500 . 00 as of October 23, 2003 . Section 5 . That the City Manager is authorized to enter into a contract for sale of the real property and to close the contract for sale, so long as the purchase price is not less than ninety ( 900) percent of the appraised value. Section 6 . That the contract for sale of the real property executed by the City Manager shall be contingent upon approval by a majority vote of the City Commission at an advertised public hearing held at a regularly scheduled commission meeting. Section 7 . That all resolutions or parts of resolutions in conflict herewith be and the same are hereby repealed to the extent ® of such conflict . Section 8 . That this Resolution shall be in force and take effect immediately upon its passage and adoption. PASSED AND ADOPTED THIS 25TH DAY OF NOVEMBER, 2003 . 0 ANTO MAYOR — COMMISSIONER ATTEST - ROLL CALL: COMMISSIONER CHUNN - YES COMMISSIONER FLURY - YES C'TTARfENE JO COMMISSIONER MIKES - YES CITY CLERK VICE-MAYOR MCELYEA - YES MAYOR ANTON - YES -3- RESOLUTION N0. 2003-264 APPROVED AS TO FOR AND CORRECTNESS : i r BY: THOM' S . FMBli<O CITY ATTORNEY -4- RESOLUTION NO. 2003-264 LAW OFFICES RYAN & RYAN, LLC THIRD FLOOR 700 EAST DANIA BEACH BOULEVARD ® DANIA BEACH, FLORIDA 33004-3090 ARCHIE J. RYAN III TIMOTHY M. RYAN TELEPHONE(954)920-2921 CHRISTOPHER J. RYAN` FACSIMILE(954)921-1247 JOSHUA S. PINSKY "Board Certified City, County and Local Government Lawyer November 6 , 2003 Ms. Charlene Johnson City Clerk City of Dania Beach 100 West Dania Beach Boulevard Dania Beach, Florida 33004 Re : Resolution declaring vacant lot as surplus property Legal Description: East one-half (El/2) of Lot 6, Block 2 of SUN GARDENS Property Address 1311 N.W. 2nd Terrace Dania Beach Our File Number 18847D Dear Ms . Johnson: Enclosed is a resolution declaring the above referenced property as surplus property owned by the City of Dania Beach, authorizing the City Manager to enter into an exclusive listing agreement with a local real estate broker, and authorizing the city manager to execute a contract for sale of the property, subject to approval by the City Commission. I have also enclosed a copy of the appraisal report from Bruce Ownby which appraises this property at $12 , 500 , effective October 23 , 2003 . Please place this Resolution on the Commission agenda for Tuesday, November 25, 2003 . I will attend this City Commission meeting and be available to answer questions regarding this property. V ry ruly urs, TIM THY M. RY TMR/rl Encl . cc : Ivan Pato City Manager . 4 APPRAISAL REPORT OF VACANT LOT 1300 BLOCK OF NW 2ND TERRACE DANIA BEACH, FLORIDA PREPARED FOR Timothy M. Ryan Esq. Ryan & Ryan, P.A. Third Floor 700 East Dania Beach Boulevard Dania Beach, Florida 33004 Date of Value October 23, 2003 PREPARED BY BRUCE OWNBY, ASA STATE CERTIFIED GENERAL REAL ESTATE APPRAISER RZ988 6250 North Andrews Avenue - Suite A-266 Fort Lauderdale, Florida 33309 Phone: 954-771-6428 Fax: 954-771-6429 Borrower THE CITY OF DANIA BEACH C/O RYAN&RYAN P.A. File No.03-7028 Property Address 1300 BLOCK NW 2ND TERRACE City DANIA BEACH County BROWARD State FLORIDA Zip Code 33004 Lender CITY OF DANIA BEACH C/O RYAN&RYAN P.A. OPRAISAL AND REPORT IDENTIFICATION This appraisal conforms to one of the following definitions: Complete Appraisal (The act or process of estimating value,or an opinion of value,performed without invoking the Departure Rule.) Limited Appraisal (The act or process of estimating value,or an opinion of value,performed under and resulting from invoking the Departure Rule.) This report is one of the following types: U Self Contained (A written report prepared under Standards Rule 2-2(a)of a Complete or Limited Appraisal performed under STANDARD 1.) ❑ Summary (A written report prepared under Standards Rule 2-2(b)of a Complete or Limited Appraisal performed under STANDARD 1.) U Restricted (A written report prepared under Standards Rule 2-2(c)of a Complete or Limited Appraisal performed under STANDARD 1 for client use only.) Comments on Standards Rule 2-3 I certify that,to the best of my knowledge and belief: ❑The statements of fact contained in this report are true and correct. n 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. Fj I have no(or the specified)present or prospective interest in the property that is the subject of this report,and no(or the specified)personal interest with respect to the parties involved. 0ave no bias with respect to the property that is the subject of this report or the parties involved with this assignment. engagement in this assignment was not contingent upon developing or reporting predetermined results. ❑ y compensation for completing tlils 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. u I have(or have not)made a personal inspection of the property that is the subject of this report. Comments on Appraisal and Report Identification Note any departures from Standards Rules 1-2, 1-3, 1-4, plus any USPAP-related issues requiring disclosure: THE SUBJECT PROPERTY IS AN INTERIOR LOT,ZONED FOR RESIDENTIAL USES LOCATED WITHIN THE CITY OF DANIA BEACH. IT APPEARS THAT THE SUBJECT WAS ONCE DEVELOPED WITH A RESIDENTIAL DWELLING BUT THESE IMPROVEMENTS HAVE BEEN REMOVED. APPRAISER: SUPERVISORY APPRAISER (only if required):, Signature: Signature: Name: BRUCE OWNBY,ASA,ST.CERT GEN RE APP 88 Name: Date Signed: OCTOBER 3,2002 Date Signed: State Certification#: RZ988 State Certification#: or State License#: or State license#: State: FLORIDA State: Expiration Date of Certification or License: 11/30/2004 Expiration Date of Certification or License: ® Did ❑ Did Not Inspect Property BRUCE OWNBY,ASA 964-771-6428 Form ID2—"TOTAL 2000 for Windows"appraisal software-by a la mode,Inc.—1-800-ALAMODE LAND APPRAISAL REPORT SUMMARY REP. FO No.03-7028 Borrower THE CITY OF DANIA BEACH C/O RYAN&RYAN P.A. Census Tract 805.00 Map Reference 50-42-034 Property Address 1300 BLOCK NW 2ND TERRACE City DANIA BEACH County BROWARD State FLORIDA Zip Code 33004 egal Description E 112 OF LOT 6 BLOCK 2 SUN GARDENS PB 26 PG 37 ale Price$ N/A Date of Sale N/A Loan Term N/A yrs. Property Rights Appraised ❑ Fee ❑ Leasehold ❑Be Minimis PUB Actual Real Estate Taxes$ 000.000 (yr) Loan charges to be paid by seller$ N/A Other sales concessions N/A Lender/Client CITY OF DANIA BEACH C/O RYAN&RYAN P.A. Address 700 E.DANIA BEACH BLVD,DANIA BEACH,FL 33004,3RD FL Occupant Appraiser BRUCE OWNBY,ASA Instructions to Appraiser MARKET VALUE OF VACANT LOT. n 5 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 50%1 Family 15%2-4 Family 10%Apts. _%Condo 5%Commercial Recreational Facilities ❑ ❑ ❑ ❑ %Industrial 20%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 10 %Vacant Police and Fire Protection ❑ ® ❑ ❑ z Single Family Price Range $ 35,000 to$ 125,000 Predominant Value$ 75,000 General Appearance of Properties ❑ ® ❑ ❑ Single Family Age yrs.to yrs. Predominant Age_ yrs. Appeal to Market ❑ ® ❑ ❑ k' Comments including those factors,favorable or unfavorable,affecting marketability(e.g.public parks,schools,view,noise):THE SUBJECT LOT IS LOCATED NEAR A PUBLIC PARK AND IS ALSO NEAR A SCHOOL. THIS IS AN INTERIOR LOT IN A NEIGHBORHOOD THAT IS STABLE WITH MOST OF THE HOMES IN `'. EXCELLENT CONDITION. Dimensions 47.5 X 86 = 4,085 Sq.Ft.or Acres ❑ Corner Lot Zoning classification R-2 Present Improvements Z do ❑ do not conform to zoning regulations Highest and best use ❑ Present use ©Other(spy)TO BE DEVELOPED WITH A RESIDENTIAL PROPERTY Public Other(Describe) OFF SITE IMPROVEMENTS Topo GENERALLY LEVEL BELOW ROAD GRADE ec. ❑ Street Access ❑ Public ❑ Private Size TYPICAL FOR AREA Gas © Surface ASPHALT Shape RECTANGULAR Water ❑ Maintenance ❑ Public ❑ Private View RESIDENTIAL San.Sewer ® ❑ Storm Sewer ❑ Curb/Gutter Drainage APPEARS TO BE ADEQUATE ❑ Underground Elect.&Tel. ❑ Sidewalk ® Street Lights Is the property located in a HUD Identified Special Flood Hazard DMON Yes Comments(favorable or unfavorable including any apparent adverse easements,encroachments,or other adverse conditions): FLOOD ZONE"AE"12011 CO308 F- THERE DO NOT APPEAR TO BE ANY ADVERSE EASEMENT OR ENCROACHMENTS AFFECTING THE SUBJECT PROPERTY. 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 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 N0.3 Address 1300 BLOCK NW 2ND TERRACE 300 BILK OF NW 14TH WAY 100 BILK OF NW 14TH AVENUE 225 NW 7TH AVENUE DANIA BEACH DANIA BEACH DANIA BEACH DANIA BEACH Proximity to Subject 1 BLOCK WEST 2 BLOCKS SOUTH 7 BLOCKS EAST N Sales Price $ N/A Is 15,000 $ 15,800 $ 18,000 Price $ N/A Is 15,000 $ 15 800 $ 18,000 Data Source MLS/PUBLIC RECORDS MLS/PUBLIC RECORDS Date of Sale and DESCRIPTION DESCRIPTION + — $Ad'ust. DESCRIPTION + — $Ad'ust DESCRIPTION + — $Adjust. Time Adjustment N/A AUGUST 2,2002 MARCH 11,2003 APRIL 29,2003 Location RESIDENTIAUAVG RESIDENTIAUAVG RESIDENTIAUAVG RESIDENTIAUAVG ; Site/View INTERIOR INTERIOR INTERIOR INTERIOR SITE SIZE 4,085 5,600 2,500 7,500 -4,000 5,342 -2,500 GRADE/FILL LEVEL ZONING R-2 R-2 R-2 RD-8000 gales or Financing N/A Concessions Net AdL(Total + — :$ 2,500 + — i$ 4,000 + — ;$ 2,500 Indicated Value of Subject $ 12,500 $ 11,800 $ 15,500 Comments on Market Data: SALES 1 &2 ARE THE MOST SIMILAR TO THE SUBJECT PROPERTY IN TERMS OF LOCATION.SALE 3 IS LOCATED NORTH OF THE SUBJECTS AREA. THE GREATEST WEIGHT IS PLACED ON SALE 1 BECAUSE IT IS LOCATED WITHIN THE SAME SUBDIVISION AS THE SUBJECT. Commends and Conditions of Appraisal: THE SUBJECT IS A VACANT LOT WHICH IS BEING VALUED FOR DISPOSITION BY THE CITY OF DANIA BEACH. Final Reconciliation: THE GREATEST RELIANCE IS PLACED ON SALE 1 WHICH IS LOCATED IN THE SAME SUBDIVISION AS THE SUBJECT PROPERTY. THIS LOT RECENTLY SOLD. I ESTIMATE THE MARKET VALUE,AS DEFINED,OF SUBJECT PROPERTY AS OF OCTOBER 23 19 2003 to be$ 12,500 BRUCE OWNBY,ASA STATE CERTIF GENERA AL ESTATE APPRAISER RZ988 ®-Did ❑ Did Not Physically Inspect Property Appraisers Review Appraiser(if applicable) [Y2K] BRUCE OWNSY,ASA 954-771-6428 Form LND—"TOTAL 2000 for Windows'appraisal software by a la mode,Inc.—1-800-ALAMODE Subject Photo Page Borrower/Client THE CITY OF DANIA BEACH C/O RYAN&RYAN P.A. PropertV Address 1300 BLOCK NW 2ND TERRACE City DANIA BEACH Counly BROWARD State FLORIDA Zip Code 33004 Lender CITY OF DANIA BEACH C/O RYAN&RYAN P.A. s4 Subject Front g x 1300 BLOCK NW 2ND TERRACE r ;# Sales Price N/A Gross Living Area Total Rooms k Total Bedrooms Total Bathrooms Location RESIDENTIAL/AVG View INTERIOR Site �a Quality Age �-i�'''�.•a.- ;��,'�,��'�r'"`-:. .�3 �i.., ate.' - Subject FRONT I v5 - Subject Street ry 4 v { `5 d Z'kZ 4. aFals 'A t`� ia-1 x ?A�icam'�.�>� A"�"�' at ."yr9n"v3'L+. 4ia} w�i"" t• ` c� si �„ '`�,...Y✓' g 3-� Form PICPIX.SR—"TOTAL 2000 for Windows,appraisal software by a la mode,inc.—1-800-ALAMODE MAP OF LAND SALES J xl y Nw lam sr !oo ---------- --------- 7­1 F7- F 'W DqMMCa sT ­4 Ft— NW 11— ST7 g. 7 lk St BJECT SITE SA THREE/ 1E 11 IT 7 -SALE I UIT E III i -7 t EE­I­ IE CCAi—ST— L Street Type Highway ------- SW2NDPL��--. Highway(Divided) Primary ST 6W—IT Secondary LOC21 -Vehicle Trail -----Other 7" Railroad N'.6 —Commuter Rapid Transit coDy s=9 Abandoned ------- 0 1 .2 .3 I ITH Miles PLAT .67 MAP EI= 07 CT Aj QRC t Nb P 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 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 unapparent 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 1004E 6-93 BRUCE OWNBY,ASA 954-771-6428 Fnrm Aran—"TnTAl 7nnn fnr Winrinurc"annmical cnffinwo hu 2 la mnrlo inr —1-Ann-AI AAAnnr 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. R 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 item 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 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 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 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. 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, 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 APPRAISE®: 1300 BLOCK NW 2ND TERRACE,DANIA BEACH,FLORIDA 33004 APPRAISER: SUPERVISORY APPRAISER (only if required): Signatur Signature: Name: BRUCE OWNBY,ASA,ST.CERT GEN RE APP.RZ9 Name: Date Signed: OCTOBER 27,2003 Date Signed: State Certification#: RZ988 State Certification#: or State License#: or State License#: State: FLORIDA State: Expiration Date of Certification or License: 11/30/2004 Expiration Date of Certification or License: ® Did ❑ Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 1004B 6-93 Form ACR—"TOTAL 2000 for Windows"appraisal software by a la mode,inc.—1-800-ALAMODE QUALIFICATIONS OF BRUCE OWNBY,ASA PROFESSIONAL QUALIFICATIONS ► State-Certified General Real Estate Appraiser 0000988 ► Licensed Real Estate Broker State of Florida ► Member, American Society of Appraisers, Accredited Senior Appraiser(ASA) ► I have completed the Society's mandatory Reaccredition Program and am reaccredited through December 4, 2007. ► Associated Member of the Urban Land Institute EDUCATION Florida Atlantic University, Boca Raton, Florida Bachelor of Arts, 1984, Major: Political Science PROFESSIONAL COURSES COMPLETED ► Course 101; Introduction to Appraising Real Property ► Course 102; Applied Residential Property Valuation ► Course 201; Income Property Valuation ► Course 202; Applied Income Property Valuation ► Course 530; Advanced Sales Comparison & Cost Approaches ► Case Studies in Real Estate Valuation(Exam 2-1) ► Valuation Analysis& Report Writing (Exam 2-2) ► Standards of Professional Practice (Exam 2-3) ► Litigation Valuation Course (Exam 4-0) ► Standards of Professional Practice-Part A ► Standards of Professional Practice-Part B Many seminars presented by the Society of Real Estate Appraisers, American Institute of Real Estate Appraisers, the Appraisal Institute and the International Association of Assessing officers. ► Marshall Valuation Service Seminar on using the Marshall Valuation Service PROFESSIONAL EXPERIENCE 11/92 to Present Bruce Ownby Realty &Appraisals, Appraiser and Analyst 05/90 to 11/92 R/E Analysts, Inc., Commercial Appraiser 05/89 to 05/90 Cecil L. Neff&Associates, Commercial Appraiser 11/88 to 05/89 AppraisalFirst, Inc., Commercial Appraiser 04/85 to 11/88 Harmon Garrin Associates Inc., Commercial Appraiser 05/83 to 04/85 Consultants Limited, Inc., Researcher PARTIAL LIST OF APPRAISAL ASSIGNMENTS Apartments Buildings Office Buildings Car Washes Single Family Residences ® Condominium Offices Shopping Centers Feasibility Studies Retail Showrooms Gas Stations Store Buildings Subdivisions Leaseholds Townhouse Projects Manufacturing Facilities Trailer Parks Marinas Vacant Acreage Medical Offices Vacant Land Warehouses Avigation Easements Environmentally Sensitive Sites Highest and Best Use Studies Wholesale Plant Nurseries Citrus Groves Hotels&Motels Restaurants Outdoor Advertising Signs SPECIAL APPOINTMENTS Special Master- Broward Circuit Court Broward County Environmental Quality Control Board 1986 - 1990 Broward County Natural Resource Protection Advisory Board 1990- 1995