Loading...
HomeMy WebLinkAboutCity of Tamarac Resolution R-2021-046Temp. Reso. #13595 April 16, 2021 Page 1 of 3 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-2021 - A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, APPROVING AN AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY TO ACQUIRE 4949 N. STATE ROAD 7 FOR A PURCHASE PRICE OF NINE HUNDRED THOUSAND DOLLARS ($900,000.00) AND AUTHORIZING THE CITY MANAGER AND CITY ATTORNEY TO TAKE ALL NECESSARY ACTION TO EFFECTUATE THE PURCHASE; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City of Tamarac wishes to purchase the property currently for sale and owned by Emmanuel Apostolic Ministries Inc., located at 4949 N. State Road 7, Tamarac, Florida ("Subject Property"), as an economic development opportunity for future commercial redevelopment; and WHEREAS, the Subject Property is located within the following key targeted commercial redevelopment areas for the City: the "Four Corners Shopping Redevelopment Area" in the Tamarac Commercial Arterial Redevelopment Study (Adopted by City Commission in 2014); the Federal Opportunity Zone designation targeted for revitalization (2017); and further, this parcel is identified as one of the targeted Focus Area properties for commercial revitalization in the Tamarac Economic Development Strategic Plan (Adopted by City Commission in 2018); and WHEREAS, City staff has reviewed the location, zoning, and potential use of the Subject Property and have determined that purchasing the Subject Property will further the redevelopment of the City's State Road 7 corridor; and (00356763.1 2704-0501640) Temp. Reso. #13595 April 16, 2021 Page 2 of 3 WHEREAS, City staff have commissioned independent valuations of the Subject Property, and those property valuations and appraisals are attached as "Exhibit A" and the Subject Property is appraised for market value purposes at Nine Hundred Thousand Dollars ($900,000.00); and, WHEREAS, City staff recommends to the City Commission that the City purchase the Subject Property for NINE HUNDRED THOUSAND DOLLARS ($900,000.00) as the City's redevelopment objectives can be achieved by purchasing the Subject Property; and WHEREAS, the City Commission of the City of Tamarac, deems it to be in the best interests of the citizens and residents of the City of Tamarac to authorize the City Manager and City Attorney to take any and all action necessary to effectuate the purchase of the property located at 4949 N. State Road 7, Tamarac, Florida, for NINE HUNDRED THOUSAND DOLLARS ($900,000.00). NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA THAT: SECTION 1: The foregoing "WHEREAS" clauses are hereby ratified and confirmed as being true and correct and are hereby made a specific part of this Resolution. All exhibits attached hereto are incorporated herein and made a specific part of this Resolution. SECTION 2: The City Manager and City Attorney are authorized to take any and all action necessary to effectuate the Subject Property acquisition for NINE HUNDRED THOUSAND DOLLARS ($900,000.00). (00356763.1 2704-0501640) Temp. Reso. #13595 April 16, 2021 Page 3 of 3 SECTION 3- This Resolution shall become effective immediately upon adoption. PASSED AND ADOPTED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, THIS 33r'— DAY OF P"PJ2-) L— , 2021. CITY OF TAMARAC FLORIDA 9 A 4 �Tr - MICHELLE J. GOM , MAYOR ATTEST: i' J N IFER jb HNC_ CITY CLERK RECORD OF COMMISSION VOTE - MAYOR GOMEZ DIST 1: COMM. BOLTON ;t DIST 2. COMM. GELIN ye� DIST 3- V/M VILLALOBOS DIST 4: COMM. PLACKO_ I HEREBY CERTIFY THAT I HAVE APPROVED-TH RESOLUTION AS T HM,WOfTIN& CITY ATTORNEY (00356763.1 2704-0501640) ESCROW AGREEMENT THIS ESCROW AGREEMENT("Agreement")is made and entered into on this 1 day of LA, 2021 by and between the City of Tamarac,a Florida municipal corporation, whose address for purposes of this Agreement is 7525 NW 88th Avenue,Tamarac,FL,33321 ("Purchaser") and Emmanuel Apostolic Ministries Inc.,whose business address is 4949 N State Road 7,Tamarac, FL,33319("Seller");and Jennifer Levin,P.A., 19380 Collins Avenue,St. 1120, Sunny Isles Beach, Florida 33160(Escrow Agent). WHEREAS,Purchaser and Seller entered into that certain Agreement for Purchase and Sale of Real Property("PSA"),concerning the real property located at 4949 North State Road 7,Tamarac, Florida 33319, a fully executed copy of which PSA is attached hereto and made a part hereof as Exhibit"A";and WHEREAS,the City Commission of Purchaser approved the PSA on April 28,2021;and WHEREAS,the parties desire to make arrangements to escrow the deposits placed under the PSA;and WHEREAS, Escrow Agent has consented to hold all deposits it receives under the PSA subject to the terms and provisions hereof; NOW,THEREFORE,in consideration of the sum of Ten($10.00)Dollars and other good and valuable consideration,the receipt and sufficiency of which is hereby acknowledged,the parties hereto agree as follows: 1. The foregoing recitals are true and correct and are incorporated herein by reference. 2. The parties hereto acknowledge and agree that the Escrow Agent is holding the Earnest Money/Contract Deposits for their accommodation. The Escrow Agent shall not be liable for any mistake of fact or law or error of judgment or any acts or omissions of any kind unless caused by its willful and knowing misconduct.The Escrow Agent shall be entitled to rely on any instrument or signature(including photostatic,electronic,or facsimile copies)reasonably believed by it to be genuine and may assume that any person purporting to give any writing, notice or instruction in connection with this Agreement is duly authorized to do so by the party on whose behalf such writing, notice or instruction is given. Purchaser and Seller waive any right to assert or claim that this escrow arrangement or any action on the part of the Escrow Agent constitute or give rise to conflict of interest. 3. Upon delivery by the Escrow Agent of the Earnest Money/Contract Deposits as provided in the Agreement,Escrow Agent shall.automatically be released from any and all further duties and obligations under this Agreement. • 4. Escrow Agent hereby covenants that,so long as this Agreement remains in effect, it will not release to any person any the Earnest Money/Contract Deposits except as herein provided,or as may be ordered by a court of competent jurisdiction. 1 5. Seller and Purchaser agree to indemnify and hold harmless Escrow Agent from and against any and all losses, costs damages, expenses (including reasonable attorney's fees) and liabilities arising,resulting, sustained,or incurred, or which can or may arise,result be sustained or incurred by Escrow Agent by reason of its acceptance of the appointment as Escrow Agent under this Agreement, or by reason of the performance of its duties under this Agreement, excepting, however any loss, cost, damage, expense and liability arising out of or in connection with the intentional misconduct of Escrow Agent. 6. Escrow agent shall have no obligation to take any legal action in connection with this Agreement or towards its enforcement,or to appear in,prosecute or defend any action or legal proceeding which would or might involve any cost,or expense to Escrow Agent. 7. In the event of any disputes under this Agreement,Escrow Agent shall be entitled to tender into the registry or custody of the Clerk of Court for the Seventeenth Judicial Circuit Court of Florida all Earnest Money/Contract Deposits and any additional Earnest Money/Contract Deposits, if any, in its possession under the terms of this Agreement, together with such legal proceedings as its deems appropriate, and thereupon will be discharged from all further duties under this Agreement.If Escrow Agent interpleads the subject matter of the escrow,Escrow Agent will pay the filing fees and costs from the Earnest Money/Contract Deposit. Upon written approval of Seller and Purchaser,or upon approval of the aforesaid Court upon notice and opportunity to be heard to Seller and Purchaser, Escrow Agent shall be entitled to recover its reasonable costs and attorneys' fees in bringing any such action. 8. To the extent any capitalized terms used herein are not otherwise defined, same shall have the meanings ascribed to them in the PSA. [BALANCE OF THIS PAGE INTENTIONALLY LEFT BLANK.] IN WITNESS WHEREOF, the parties have executed this Escrow Agreement as of the date indicated above: PURCHASER: Cit oration By: t' -G Title: .rj"- Date: SELLER: Emmanuel ,;.'.s . c Minis ies Inc. siraikw 1 By: Avow 41 . , Title: % Date: ESCROW AGENT: Accepted and A to: JE LEV1N,P.A� • By.. er Lev' ,President Date: SIS"---/ .2cml-/ 3 EXHIBIT"A" FULLY EXECUTED PSA 4 • • • AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY THIS AGREEMENT ("Agreement") is made and entered into on this _ day of 441 , 2021 by and between the City of Tamarac, a Florida municipal corporation, whose address for purposes of this contract is 7525 NW 88th Avenue,Tamarac, FI,, 33321 ("BUYER" or "PURCHASER") and Emmanuel Apostolic Ministries Inc., whose business address is 4949 N State Road 7,Tamarac,FL,33319("SELLER"). WtTNESSETH In consideration of the mutual agreements and upon and subject to the terms and conditions herein contained, the parties hereto agree as follows: 1. DEFINITIONS. The following terms when used in this Agrees for Purchase and Sale shall have the following meanings: 1.1 Property. That certain real property located at 4949 N State Road 7, Tamarac, FL, • 33319 and any appurtenances thereto (collectively the "Property) which Property is more partieuiarly described with the legal description In Exhibit "A," attached hereto and made a part hereof. 1.2 Closing. It is mutually understood that the execution of this Agreement by PURCHASER constitutes conditional acceptance and is subject to final acceptance and approval by the City Commission of the City of Tamarac pursuant to the necessary vote at a duly called City Commission meeting no later than forty-five(45)days from the date of execution of this Agreement by the parties. The delivery of the Deed (as hereinafter defined)to PURCHASER concurrently with the delivery of the purchase price and other cash consideration to SELLER. 1.3 Closing Date. The Closing Date shall occur within sixty(60) days subsequent to the expiration of the Inspection Period as hereinafter defined, subject to the approval of the City Commission. 1.4 Deed. A General Warranty Deed, in its statutory form, which shall convey the Property from SELLER to PURCHASER. 1.5 Earnest Money. The sum of SEVENTY-FIVE THOUSAND and 00/100 Dollars II) ($75,000.00) will be delivered from PURCHASER to Escrow Agent pursuant to Section 2.1 set Page 1 forth herein. 1.6 Effective Date. The Effective Date of this Agreement shall be the date upon its execution by the last of either the SELLER, PURCHASER and Escrow Agent (as hereinafter defined). 1.7 SELLER'S Address. SELLER'S mailing address is 4949 N State Road 7, Tamarac, FL,, 33319. 1.8 PURCHASER'S Address. PURCHASER'S mailing address is 7525 NW 88th Avenue, Tamarac, FL, 33321. 1.9 Other Definitions. The terms defined in any pail of this Agreement shall have the defined meaning wherever capitalized herein. Wherever appropriate in this Agreement, the singular shall be deemed to refer to the plural and the plural to the singular, and pronouns of each gender shall be deemed -to comprehend either or both of the other genders. As used in this Agreement, the terms "herein", "hereof' and the like refer to this Agreement in its entirety and not to any specific section, or subsection. 2. PURCHASE PRIG. Subject to the provisions of this Agreement, SELLER hereby agr6ft to sell to PURCHAS13jt, and PURCHASER hereby agrees to purchase from SELLER, the Property for the total Purchase Price ("Purchase Price') of NINE HUNDRED THOUSAND AND 00/100 DOLLARS ($900,000.00), subject to credits, prorations, and adjustments as provided in this Agreement and upon the terms attd condletos hereinafter set forth. 2.1 Deposit of Earnest Money. Concurrently with the executit, of this Agreement, PURCHASER shall deposit, and cause to be placed in an escrow accottriU4, maintained by the Escrow Agent the amount of SEVENTY-FIVE THOUSAND and 00/100 DOLLARS ($75,000.00) to be paid in the manner dsoiibed below ("Earnest Money"), PURCHASER's obligation to close the transaction in accordance with provisions of this Agreement is contingent upon the SELLER'S ability to deliver good and marketable title for the Property in accordance herewith. Should the SELLER default hereunder, the PURCHASER shall be entitled to an immediate refund of the entire sum of the Earnest Money held by the Escrow Agent. Within two (2) business days of PURCHASER's execution of this Agreement, TWF,N"I'Y- F1VE THOUSAND and 00/100 Dollars ($25,000.00) of the Earnest Money shall be deposited with Page 2 a mutually acceptable Escrow Agent. An additional FIFTY THOUSAND and 00/100 DOLLARS ($50,000.00) of the Earnest Money shall be deposited with Escrow Agent within three (3) business days following the expiration of the Inspection Period. The first ($25,000.00) deposit is referred to as the "Inspection Period Deposit", and the second deposit of ($50,000.00), along with the Inspection Period Deposit, shall be referred to as the "Contract Deposit". If PURCHASER has not terminated the Contract on or before end of the Inspection Period, and then fails to close for any reason, SELLER may seek specific performance against PURCHASER, or SELLER may terminate this Agreement in which case all rights and obligations of the parties hereunder shall terminate except SELLER shall retain the Inspection Period Deposit. PURCHASER and SELLER hereby appoint Jennifer Levin, P.A.., Special Counsel to Ottinot Law, P.A., 5944 Coral Ridge Drive, PM #201, Coral Springs, Florida 33076, to act as the Escrow Agent for the transaction contemplated by this Agreement and to hold the Earnest Money in escrow subject to the terms of this Agreement. PURCHASER'S obligation to close the transaction in accordance with provisions of this Agreement is contingent upon the SELLER'S ability to deliver fee simple title to the Property free and clear of all liens, easements, covenants, rights -of -way, reservations, restrictions, tenancies, mineral interests and any other encumbrances of whatsoever nature (herein collectively called the "Encumbrances"). 2.2 Balance of Purchase Price. PURCHASER shall pay the balance of the Purchase Price (Purchase Price less the Earnest Money Deposits) to SELLER at Closing pursuant to the terms'of this Agreement by wire transfer of readily negotiable hinds to an account identified in writing by SELLER. At the Closing, the Earnest Money shall be applied towards the Purchase Price, that is, the Escrow Agent shall disburse the Earnest Money to SELLER as a part of the Purchase Price. 3. INSPECTIONS. PURCHASER, its agents, employees, and representatives shall have ninety (90) days from the Effective Date to perform inspections of the Property as the PURCHASER deems necessary (the "Inspection Period"). During the Inspection Period, PURCHASER shall, at its sole cost and expense, determine that utility services including, water, wastewater, electric, telephone and all other utilities are available in the proper size and capacity to serve the existing facilities and installed to the property lines. At all times during the Inspection Period, PURCHASER and its Page 3 agents shall be provided with reasonable access during normal business hours to the Property for purposes of on -site inspection, upon reasonable prior Notice to SELLER. Tile scope of the inspection contemplated herein shall be determined by PURCHASER as deemed appropriate under the circumstances. This Agreement is contingent upon PURCHASER, at PURCHASER'S sole cost and expense, obtaining and accepting a satisfactory Phase I Environmental Audit, and if deemed necessary at its discretion, a Phase It Environmental Audit for which it will be granted an additional sixty (60) clays for inspections. In the event that any inspections and any review of documents conducted by the PURCHASER relative to the Property during the Impection Period prove unsatisfactory in any fashion, the PURCHASER, at its sole discretion, shall be entitled to terminate this Agreement. In such event, PURCHASER shall provide written cancellation notice by mail or facsimile to SELLER audlor SELLER'S counsel and receive an immediate refund of all Earnest Money deposits hereto. Upon such termixrati©n, the Escrow A&shall be authorized to deliver the Escrow Deposit, together with -arty, interest earned, as directed by he PUP-E and the parties shall have no firrther rights or obligations pursuant to this Agreement. SELLER shall not be entitled to object to the disbursement of the Escrow Deposit in such event. Within ten (10) days after the Effective Date, SELLER shall provide PURCHASER with any and all relevant information relating to the property which is in the SELLER'S possession, custody or control, including but not limited to all surveys, building plans, topographical maps, soil: bori�.reports, agreements, environmental reports, leases, property tax bills, regulations and/or other governmental or quasi -governmental matters affecting the Property. In addition, SELLETLAall deliver to PURCHASER any additional information with respect to the ,property within five calon&r days i", n request of PURCHASER. PURCHASER shall restore any damage to the Property caused by PURCHASER'S ! inspection of the Property except in the event of any gross negligence or misconduct by SELLER or i its agents. PURCHASER hereby indemnifies and holds SELLER harmless, to the limit of Section 768.28, Florida Statutes from all loss, cost or expense, resulting from PURCHASER'S inspection of the Property. Notwithstanding anything contained herein to the contrary, PURCHASER shall not indemnify or hold SELLER harmless with respect to, and PURCHASER shall not be required to, remove, remediate, dispose or otherwise deal with any `Hazardous Substance", sampling derived from the Property containing Hazardous Substances which it finds in connection with its Due Page 4 Diligence Investigations of the Property. 4. SELLER'S REPRESENTATIONS. PURCHASER acknowledges that the Property shall be sold in its "As Is" condition. SELLER shall not make any representations or warranties as to the condition of the property or its intended Use of the Property. To induce PURCHASER to enter into this Agreement, SELLER makes the following representations, all of which, to the best of its knowledge, in all material respects and except as otherwise provided in this Agreement (i) are now true, and (ii) shall be true as of the date of the Closing unless SELLER receives information to the contrary, and (iii) shall survive the Closing. PURCHASER shall be provided inunediate notice as to the change to the following representations. 4.1 At all times from the Effective Date until the Closing, SELLER shall keep the Property (whether 'before or after the date of Closing) free and clear of any mechanic's or materialmen's liens for work or materials furnished to or contracted for, by or on behalf of SELLER prior to the Closing, and SELLER shall indenumify, defend and hold PURCHASER harmless from and against all expense and liability in connection therewith (including, without limitation, court costs and reasonableattorney's fees). 4.2 SELLER has no actual knowledge nor has SELLER received any notice of any litigation, claim, action or proceeding, actual or threatened, against SELLER or the Property by any organization, person, individual or governmental agency which would affect (as to any threatened litigation, claim, action or proceeding, in a materially adverse fashion) the use or occupancy of the Property or any part thereof. 4.3 SELLER has fill] power and authority to enter into this Agreement and to assume and perform its obligations hereunder in this Agreement. SELLER does not and will not conflict with or result in the breach of any condition or provision, or constitute a default under, or result in the creation or imposition of any lien, charge, or encumbrance upon any of the Property or assets of the SELLER by reason of the terms of any contract, mortgage, lien, lease, agreement, indenture, instrument or judgment to which the SELLER is a party of which is or purports to be binding upon the SELLER or which affects the SELLER; no action by any federal, state or municipal or other governmental department, commission, board, bureau or instrumentality is necessary to make this Agreement a valid instrument binding upon the SELLER in accordance with its terms. This Page 5 Agreement has been duly executed and delivered by SELLER and assuming due authorization, execution and delivery by PURCHASER, this Agreement constitutes (lie valid and binding obligations of SELLER. SELLER is duly created and validly existing pursuant to the laws of the jurisdiction of its organization or formation and is duly qualified to do business in the State of Florida where the Property is located. 4.4 SELLER represents that it will not, between the (late of this Agreement and the Closing Date, without PURCHASER'S prior written consent, which consent shall not be unreasonably withheld or delayed, except in the ordinary course of business, create any encumbrances on tho Property. For purposes of this provision the term "encumbMopes" shall mean encumbrances, encroachM r , rights -of -way, leases, easements, any liens, claims, options, or other covenantsj;*pWitions or restrictions. 4.5 SELLER shall not list or offer the Property for sale or solicit or negotiate offers to purchase the Properly while this Agreement is in effect, SELLER shall use its best efforts to maintain the Property in its present Oo pfion so as to ensure that it shall remain substantially in the same condition from the conclusion of the Inspection Period to the Closing Date. 4.6 SELLER represents that there are no parties other than SELLER in possession of the Properly or any portion of the Property as a lessee. All of the representations; warranties and covenants of SELLER contained in this Agreement delivered to PURCHASER in connection with the transaction contemplated herein shall be true and correct in all material respects and not in default at the time of Closing, just as though they were made at such time. SELLER shall provide immediate notice to PURCHASER as to any changes to the above representations. 5. EVIDENCE Or TITLE. 5Y1, 'Title to the Property. SELLER sliall convey to PURCHASER at Closing, by delivery of a General Warranty Deed, title to the subject Property, subject to the Permitted Encumbrances as determined by PURCHASER. PURCHASER shall, within ten (10) days of the commencement of the Inspection Period, secure a title insurance commitment (the "Title Commitment") issued by a title insurance underwriter approved and selected by PURCHASER for the Property insuring PURCHASER'S title to the Property, subject only to those exceptions set forth Page 6 in the ALTA form B title insurance conunitinent. The costs and expenses relative to the issuance of the Title Commitment and an owner's title policy shall be borne by the PURCHASER. If PURCHASER objects to any exception to title as shown in the Title Commitment or in the survey referenced in Section 5.2 below, PURCHASER shall within fifteen (15) days of title evidence, notify SELLER in writing specifying the specific exception(s) to which it objects. SELLER may, but is not obligated to, cure any such objections. Any objection(s) of which PURCHASER has so notified SELLER, and which SELLER chooses to cure, shall be cured by SELLER so as to enable the removal of said objection(s) from the "Title Commitment within ten (10) days after notice of objections by PURCHASER., If SELLER so chooses to cure any of PURCHASER'S objections, SELLER shall send to PURCHASER a notice in writing stating that the objection has been cured or will be cured within the ten (10) day period and in such case enclosing evidence of such cure (a "cure notice"). If SELLER does not send a cure notice and/or does not cure any such objection within said ten (10) — day period, SELLER shall be deemed to have elected not to cure any of PURCHASER'S objections. If SELLER shall be unable or unwilling to cure all objections within the time period set forth in the preceding sentence or if SELLER is deemed to have elected not to cure any of PURCHASER'S objections, then PURCHASER may (a) te►yninate this Agreement by giving written notice to SELLER on or before the expiration of the Inspection Period, in which event all instruments and Inomes held by the Escrow Agent shall be immediately returned to PURCHASER; or (b) subject to the provisions set forth below, proceed to close the transaction contemplated herein despite the uncured objection(s), in which event, any such uncured objection(s) shall be deemed to be Permitted Encumbrances. In addition, if PURCHASER gives SELLER proper notice of its objections and if SELLER is unable, or chooses not, to cure any such objections or is deemed to have elected not to cure any of PURCHASER'S objections and if PURCHASER fails to give notice of termination pursuant to this Section 5.1 on or before the expiration of the Inspection Period (based on SELLER'S inability or unwillingness to cure any or all of PURCHASER'S objections or based on SELLER'S being deemed to have elected not to cure any of PURCHASER'S objections), PURCHASER shall be deemed to have waived any such uncured objection(s). 5.2 Survey and Legal Description. Within fifteen (IS) days after the Effective Date, PURCHASER at its own expense shall order: (i) a survey prepared by it registered land surveyor or engineer licensed in the State of Florida showing the boundaries of the Property, and the location of Page 7 any easements thereon and certifying the number of acres (to the nearest one thousandth acre) of land contained in the Property, all buildings, improvements and encroachments; and (ii) a correct legal description of the Property which, upon approval thereof by PURCHASER and SF,I,I,FR (not to be unreasonably withheld), shall be the legal description used in the deed of conveyance. The survey and legal description shall be prepared and certified by a surveyor licensed and registered in the State of Florida and shall comply with the requirements of the survey map established in connection with the issuance of an owner's title insurance policy on the Property. The sti vey shall be certified to PURCHASER and the title insurance company issuing the title insurance. 6. PURCHASER'S RR PRESENTATIONS. PURCHASER- hereby represents and warrants to the best of its knowledge that all of the following are true and correct: (a) PURCHASER has full power and authority to enter into this Agreement and to assume and perform all of its obligations hereunder, subject to the approval of the City Commission. (b) The execution and delivery of this Agreement and the consummation of the transaction contemplated hereunder on the part of the PURCHASER do not and will not violate the corporate or organizational documents of PURCHASER and will not conflict with or result in the breach of any condition or provision, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the terms of any contract, mortgage, lien, lease, agreement, indenture, instrument or judgment to which the PURCHASER is a party. (c) Except as otherwise provided for in this Agreement, no action by any federal, state, municipal or other governmental department, con-unission, board, bureau or instrumentality is necessary to make this Agreement a valid instrument binding upon PURCHASER in accordance with its terms and conditions. (d) The SELLER's business may occupy the Property until the date that is six (6) months after the Closing of the sale transaction under a leaseback agreement between the SEI.,LER and PURCHASER. SELLER shall be required to pay for all expenses associated with occupying and operating the property during this period. All of the representations, warranties and covenants of PURCHASER contained in this Agreement or in any other docu vent, delivered to SELLER in connection with the transaction Page 8 contemplated herein shall be true and correct in all material respects and not in default at the time of Closing, just as though they were made at such time. 7. CONDITIONS PRECEAENT TO CLOSING. Each of the following events or occurrences ("Conditions Precedents") shall be a condition precedent to PURCHASER'S obligation to close this transaction: (a) PURCHASER has not timely notified SELLER that it is not satisfied with the Inspection Period investigation conducted on the Property during the Inspection Period. (b) SELLER has performed all covenant, agreements and obligations, and complied with all conditions required by this Agreement to convey fee simple title to the Property to PURCHASER in accordance with this Agreement, subject to the Permitted Encumbrances, prior to Closing. (c) Approval of this Agreement by the City Commission of the City of Tamarac. 8. CONTINGENCIES. PURCHASER's obligations under this Agreement are contingent upon the following: 8.1 That the PURCHASER is fiilly satisfied with its due diligence investigation conducted during the investigation. period. 8.2 The conveyance of clear and marketable title to the Property to PURCHASER. 8.3 That the environmental audit is satisfactory and acceptable to PURCHASER 8.4 Two (2) appraisals of the Property acceptable to the PURCHASER. In the event the appraised value is LESS than the Purchase Price, then in that event the PURCHASER shall be afforded the right to seek a reduction in the Purchase Price by providing written notice to the SELLER. SELLER shall have ten (10) calendar days to accept (Acceptance Period) the reduced Purchase Price. Upon expiration of the ten (10) day Acceptance Period, should SELLER refuse to reduce the Purchase Price to the appraised value of the Property, PURCHASER may elect to close in accordance with the terms set forth in this Agreement or terminate the Agreement and immediately have all earnest monies returned to it and this Agreement shall be deemed null and void. Page 9 9. RISK OF LOSS. Risk of loss or damage from fire, other casualty, or both, is assumed by SELLER until the Closing occurs. In the event the Property, or any part thereof, is destroyed or damaged, or becomes subject to a taking by virtue of eminent domain to any extent whatsoever after the Effective Date and prior to the Closing, either SELLER or PURCHASER may elect to terminate this Agreement by giving written notice thereof to the other party on or before the Closing Date, whereupon Escrow Agent shall return the Earnest Money to PURCHASER, and neither party hereto shall have any further rights or obligations hereunder. If neither party elects to terminate this Agreement on or before the Closing Date, and if the Closing proceeds and occurs in accordance with the terms of this Agreement, there shall be no adjustment in the Purchase Price, and neither party shall have any claims of any kind against the other party by reason of any such damage, destruction or taking prior to the Closing; provided, however, in the event of a taking prior to Closing and provided that the Closing occurs and neither party terminates this Agreement in accordance with the foregoing, SELLER shall assign to PURCHASER all of SELLER'S right, title and interest in and to any condemnation awards attributable to the loss of the land only, and SELLER shall retain any condemnation awards attributable to the loss of any other items or matters other than the loss of the land itself including, without limitation, condemnation awards attributable to the loss of any Improvements. lo. CLOSING DOCUMENTS. At Closing, SELLER shall deliver to PURCHASER the Deed, a Bill of Sale, if applicable, No Lien/Gap Affidavit, Non -Foreign Certification in accordance with Section 1445 of the Internal Revenue Code, 1099 Form and any other documents as listed as title requirements in Schedule B-1 of the Title Commitment to assure the conveyance of fee simple title of the Property to PURCHASER, subject only to the Permitted Encumbrances. SELLER and PURCHASER each agree to provide reasonable affidavits and documentation to enable the deletion of all Schedule B-I requirements, the "gap" exception, and the construction lien and parties in possession exceptions from the Title Commitment at Closing. SELLER and PURCHASER each shall be responsible for satisfying those Schedule B-I requirements applicable to each of them. Page 10 11. CLOSING COSTS, TAXES AND PRORATIONS. At Closing, SELLER shall pay for the cost of state documentary stamps and surtax or other taxes (if any), if any, on the warranty deed or otherwise required to transfer and record the deed, any and all other costs and expenses of obtaining, all title corrective instruments (if any), Each party shall be responsible for their respective attorneys, professional fees and other costs associated with the transaction. In addition, PURCHASER. will pay the cost of all title search fees, or other costs pertaining to the Title Commitment and for the title insurance premium on the Owner's Title Insurance Policy to be issued to PURCHASER pursuant to the Title Commitment in the amount equal to the Purchase Price. 11.1 Ad Valorem Taxes. PURCHASER and SELLER shall comply with Section 196.295, Florida Statutes, with respect to the payment of prorated ad valorem taxes for the year of Closing into escrow with the Broward County Revenue Collector. 11.2 SELLER'S Closing Costs. SELLER shall pay for the following items prior to or at the time of Closing: a) any Documentary Stamps on the Warranty Deed as provided under Chapter 201, Florida Statutes, b) cost of providing marketing title as provided herein. 11.3 PURCHASER'S Closing Costs. PURCHASER shall pay for the following items prior to or at the time of Closing: (a) Costs associated with appraisals, survey, environmental reports (phase I and phase II); (b) Recording fees of the Warranty Deed; (c) The Title insurance premium, issuance of the Title Commitment and the Title Insurance Policy and (d) The balance of the Purchase Price after subtracting the Earnest Money (Deposits). Page I I 12. CLOSING DATE AND PLACE. The Closing shall take place on the Closing Date at the City Hall at the City of Tamarac located at 7525 NW 881h Ave. Tamarac, FL 33321. 13. DEFAULT. Except as otherwise provided in Section 4 above, in the event of a default by SELLER under this Agreement, PURCHASER shall have the right, as its sole and exclusive remedy hereunder, to either (a) terminate this Agreement and receive a refund of the Earnest Money and any accrued interest thereon as liquidated damages, or (b) seek equitable relief to enforce the terms and conditions ofthis Agreement either through a decree for specific performance or injunctive relief. If PURCHASER shall fail or refuse to consummate the transaction in accordance with the terms and provisions of this Agreement and SELLER is not in default hereunder, SELLER may seek specific performance against PURCHASER, or SELLER may terminate this Agreement in which case all rights and obligations of the parties hereunder shall terminate except SELLER shall retain the Inspection Period Deposit. 14. BROKER - PURCHASER and SELLER warrant and represent that no other brokers are involved in this transaction other than Purchaser's broker, Colliers International, which is represented by Bastian Laggerbauer. The SELLER will pay to Colliers International the fees which are due to Colliers, which is a success fee equal to 6% of the gross purchase price upon successful closing. Each of the parties hereby indemnify and liold with harmless the other party for any misrepresentation or failure to act by the representing party in accordance with this paragraph. The parties each represent to the other that they have not dealt with any real estate broker, real estate salesman or finder other than Colliers International South Florida, LLC being collectively referred to herein as "Agents") in conjunction with this transaction who will be entitled to a fee or brokerage commission in accordance with Florida law. If the Closing of the sale of the Property by SELLER to PURCHASER pursuant to this Agreement is consummated and the Purchase Price funded, and not otherwise, SELLER shall pay to Agents a fee for Agents' services in the amount of six percent (6%) of the Purchase Price. SELLER shall indemnify and hold PURCHASER harmless from any and all liability, Page 12 claims, actions, damages or suit brought by or on behalf of Colliers International South Florida, LLC relative to a commission or fee sought as a result of the contemplated transaction. 15. ENFORCEABILITY/T1ME IS OF THE ESSENCE. If any provision in this Agreement shall be held to be excessively broad, it shall be construed, by limiting and reducing it, to be enforceable to the extent compatible with applicable law. if any provision in this Agreement shall, notwithstanding the preceding sentence, be held illegal or unenforceable, such illegality or unenforceability shall not affect any other provision of this Agreement. Time is of the essence of this Agreement; however, if the final (late of any period which is set out in any provision of this Agreement falls on a Saturday, Sunday or legal holiday under the laws of the United States or the State of Florida, then, in such event, the time of such period shall be extended to the next day which is not a Saturday, Sunday or legal holiday. 16, NOTICE. All written notices shall be deemed efTective if sent to the following places: If to Buyer: City of Tamarac Attn: Michael Cernech, City Manager 7525 NW 88"' Ave. Tamarac, FL 33321 Email: Michael.Cernech@tamarac_o_ rg Phone: 954-597-3516 With a copy to: Ottinot Law P.A. Attn: Hans Ottinot, City Attorney 7525 NW 88 rrt Avenue Tamarac, Florida 33321 Email: Hans. Ottinot cr,tamarac.org Phone: 954-597-3527 And with a copy to: Colliers International Attn: Bastian Laggerbauer 901 Northpoint Parkway I Suite 109 West Palm Beach, FL 33407 Email: bastian.lag erbatter cLcolliers.com Phone: 561-281-6656 If to Seller: Emmanuel Apostolic Ministries Inc. Attn: Leary M. Lewis and Cora R. Lewis Page 13 4949 N. State Rd. 7 Tamarac, FL 33319 E-mail: Phone: With a copy to: 17, GOVERNING LAW. This Agreement shall be governed by the laws of the State of Florida. Venue shall be in the Federal or State Courts in Qroward County, Florida. 18. ASSIGNABILITY. PURCHASER may assign this Agreement. 19. ENTIRE AGREEMENT. This Agreement states the entire agreement between the parties and supersedes all prior agreements and negotiations, either oral or written, with respect to the subject matter of this Agreement. All prior understandings and agreements between SELLER and PURCHASER are merged in this Agreement, and neither SELLER nor PURCHASER is or shall be bound by any stipulations, representations, agreements or promises, oral or otherwise, not printed or inserted in this Agreement. 20. AMENDMENT. No modification or amendment of this Agreement shall be of any force or effect unless in writing and executed by both SELLER and PURCHASER. 21. SUCCESSORS. This Agreement shall apply to and bind the executors, administrators, successors and assigns of SELLER and PURCHASER. 22. COUNTERPARTS: This Agreement may be executed in two or more counterparts, each of which shall be taken Page 14 to be an original and all collectively deemed one instrument, The parties hereto agree that a fiacsimile copy hereof and any signatures hereon shall be considered for all purposes as originals, 23. LITIGATION COSTS: In connection with any litigation arising out of this Agreement, the prevailing party shall be entitled to recover from the Lion -prevailing party all costs and expenses incurred, including its reasonable attorney's fees at all trial and appellate levels and post judgment proceedings. 24. RADON GAS, HAZARDOUS SUBSTANCES and TOXIC WASTE: RADON GAS: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained fi•om your county health department. SELLER represents and warrants that to the best knowledge of SELLER no hazardous substance or toxic waste is or has been stored upon the land or used in connection with the land, nor, to its knowledge are any hazardous substances or toxic waste or other pollutants contained upon or under the land or being discharged from the land directly or indirectly into any body of water. SELLER knows of no breach of applicable laws or regulations, nor of any underground tank located on or under the Property. To SELLER's best knowledge, neither SELLER nor any of its affiliates have generated, recycled, reused, sold, stored, handled, transported or disposed of any Hazardous Materials on the Property during any period of time SELLER has had an interest in the Property, To the best of SELLER's laiowledge, without making any independent investigation, the Property complies with all applicable local, state, federal environmental laws, regulations, ordinances, or administrative or judicial orders relating to the generation, recycling, reuse, sale, storage, handling, transport and/or disposal of any Hazardous Materials. In the event that PURCHASER discovers the existence of any Hazardous Materials within the Inspection Period, the PURCHASER shall, within seven (7) days following such discovery, notify the SELLER in writing ("Hazardous Materials Notice") of the existence of any Hazardous Materials. Page 15 Upon receipt of such notice from PURCHASER, the SELLER agrees to remediate the identifiable Hazardous Materials issue, provided however, that SELLER shall have no obligation to spend more than One Percent (1 %) of the Purchase Price to cure any Hazardous Materials defects. In the event that SELLER is unable to satisfactorily remediate the Property to provide PURCHASER with a site that is satisfactory to PURCHASER and to permit PURCHASER to close on the Property, PURCHASER shall have the unilateral right to notify SELLER and to terminate this Agreement, if PURCHASER does not elect to exercise their unilateral right to terminate this Agreement, then any additional costs to remediate the Hazardous Materials shall be the sole responsibility of the PURCHASER. 25. JURY WAIVER. PURCHASER and SELLER do hereby knowingly, voluntarily and intentionally waive their right to a trial by jury :in respect of any litigation based hereon, or arising out of, or under, or in connectionwith this Agreement, the documents delivered by PURCHASER at Closing or seller at Closing, or any course of conduct, course of dealings, statements (whether oral or written) or any actions of either party arising out of or related in any manner with this Agreement or the property (including without limitation, any action to rescind or cancel this Agreement and any claims or defenses; asserting that this Agreement was fraudulently induced or is otherwise void or voidable). This waiver is a material inducement for parties to enter into and accept this Agreement and the documents delivered by PURCHASER at Closing and shall survive the Closing of termination of this Agreement. 26. RECORDATION. Neither this Agreement nor any memorandum nor any other summary of this Agreement sliall be placed in the Official Records of Broward County without the prior written consent of Seller. (REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK) Page 16 IN WITNESS WHEREOF, the parties have executed this Agreement as of the dates indicated above: PURCHASER: City of a tion By: Title: C i �, AA eA y\s c e � Signed on: 2 �Z SELLER: Emmanuel Apostolic Ministries Inc. By: _ Title: Signed on: ESCROW AGENT: Accepted and Agreed to: By: Signed on: APPROVED AS TO FORM: Hans Ottinot, City Atto y Page 17 IN WITNESS WHEREOF, the parties have executed this Agreement as of the dates indicated above: PURCHASER: City gOETmna a ridpluution By; Title: C--i , /L/\ ek to ? c e Signed on: -� SELLER: Emmanuel 4odiice Ministries Inc. C ®m�M�� _ r_ Ili 1 Signed on: ESCROW AGENT: Accepted and Agreed to: By: Signed on: APPROVED kS TQ FORM: ['age 17 IN WITNESS WHEREOF, the parties have executed this Agreement as of the dates indicated above: PURCHASER: City of amarac a rich n w icipal-eor-•porntion By: c -z.l C, . Gt.(vk-c�.�c � Title: C-.4 ^�. AA �✓t e s Signed on: 3/ /242 __-- SELLER: Emmanuel po is M'iistries Inc. By: %v+12 • Title.AvAttr 7 .es ,, '40 Signed on: "2-5 A� ESCROW AGENT: Accepted and Agreed to: .7-En✓ - ice -✓.rv� By. 4 v,Fcire.. teo N Signed on: .6-/5,`')v -/ APPR444OV ►1 ��11 FORM: rev 1 Ottinot,City 'Forney. Page 17 EXHIBIT "A" TO AGREEMENT FOR PURCHASE AND SALE OF REAL PROPERTY (Legal Description) Parcel +-24,997 SF Land wit li +-3,376 SF Property located at 4949 N State Road 7, FL 33319; Folio Number: 4941-13-01-0046 (SUBJECT TO VERIFICATION BY CURRENT SURVEY OF THE PROPERTY) Page 18 SUMMARY APPRAISAL REPORT OF A COMMERCIAL BUILIDNG LOCATED AT 4949 NORTH STATE ROAD 7 TAMARAC, FLORIDA 33319 OWNER: EMMANUEL APOSTOLIC MINISTRIES, INC. AS OF APRIL 1, 2021 PREPARED FOR MS. LORI FUNDERWHITE ECONOMIC DEVELOPMENT MANAGER CITY OF TAMARAC 7525 NW 88th AVENUE TAMARAC, FLORIDA 33321 MILLER APPRAISAL GROUP, INC. April 13, 2021 Ms. Lori Funderwhite Economic Development Manager City of Tamarac 7525 NW 88th Avenue Tamarac, Florida 33321 Re: One -Story CBS Building operated as The Apostolic Deliverance Center Location: 4949 N. State Road 7 Landowner: Emmanuel Apostolic Ministries, Inc. Dear Mr. Funderwhite: Per your re Per your request, we have completed our review and inspection of the above referenced property. The property consists of a 24,997 square foot parcel of land zoned NC Neighborhood Commercial and located in the City of Tamarac, Broward County, Florida. The property is improved with a one-story commercial building that is currently utilized by a religious organization and was previously operated as a fast-food restaurant with ample parking. The building size is 3,376 square feet of adjusted area and 3,150 square feet of useable building area. The subject property is on the west side of State Road 7, south of Commercial Boulevard with a common address of 4949 North State Road 7, Tamarac, Florida, Broward County, Florida The purpose of this assignment is to form an opinion of the market value of the subject property as of a current date. The function of the report is for use in the City of Tamarac attempt to purchase the property. The intended users of the report are our client, the City of Tamarac and their legal and financial representatives. The intended use is for internal use of the City in their negotiation to purchase the property. Based on the client's request, we have summarized our findings in this report. Our valuation is based on an exterior inspection only and assumes that the interior of the property is similar to the overall condition of the exterior. f� Ms. Lori Funderwhite April 13, 2021 Page 2 Market value is defined as "the most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress." Based upon the conclusions contained in the attached appraisal report, in my opinion, the market value of the property as of April 1, 2021 would be as follows: FEE SIMPLE MARKET VALUE NINE HUNDRED THOUSAND DOLLARS ($900,000) Respectfully submitted, r Robert D. Miller, ASA State Certified General Real Estate Appraiser#RZ1270 10411 NW 48t" Manor, Coral Springs, F1. 33076 954-270-2680 rmaginc@aol.com TABLE OF CONTENTS Summary of Salient Facts and Conclusions .........................2 Aerial of the Subject Property...................................4 Historyof Property.............................................5 Property Interest Appraised......................................5 Purpose of Appraisal.............................................5 Function of Appraisal............................................5 Dateof Value...................................................5 Marketing Period................................................5 Definition of Market Value.......................................6 Competency Provision.............................................6 Scope of Services...............................................7 Description of the Property......................................8 Zoning..........................................................9 Real Estate Taxes...............................................9 Neighborhood Map...............................................12 Highest and Best Use...........................................13 Approaches to Value............................................15 Sales Comparison Approach to Value..............................15 Reconciliation.................................................27 Assumptions and Limiting Conditions .............................28 Certification..................................................31 ADDENDUM Photographs of Subject Property Most Recent Deed Qualifications of Appraiser 1 SUMYJARY OF SALIENT FACTS AND CONCLUSIONS PROPERTY TYPE: One-story CBS building previously utilized as restaurant facility now used for religious operation. PROPERTY LOCATION: The subject property is located on the west side of State Road 7, south of Commercial Boulevard in eastern Tamarac. The common address is 4949 North State Road 7, Tamarac, Florida, Broward County, Florida OWNER'S NAME/ADDRESS: DATE OF INSPECTION: FOLIO NUMBER: LAND SIZE: Emmanuel Apostolic Ministries, Inc. 4949 N. State Road 7, Tamarac, FL 33319 April 1, 2021 49-41-13-01-0046 24,997 square foot of land area BUILDING SIZE: The property is improved with a one -story CBS commercial building utilized by a religious organization. The building size is 3,376 square feet of adjusted building area and 3,150 square feet of useable building area. The property was previously used as a fast-food restaurant until converted to the current use after acquisition in 2011. ZONING: NC Neighborhood Commercial, Tamarac PRESENT USE: Religious Facility HIGHEST AND BEST USE: Commercial development IMPROVEMENTS: One-story CBS commercial building (3,150 Square Feet useable) built in 1970 as a fast-food restaurant and converted to religious use in 2011. 2 SUMMARY OF SALIENT FACTS AND CONCLUSIONS (CONTINUED) LEGAL DESCRIPTION: LIMIT a TAINIARAC BUSINE,.� . 'IS C-FNTRR'-5rd1!20 an narceordird alubdivislan of Lot 5,FORT LANDERDALE TRUCK FAMS sL[BDIV1,1�10IN p(Scef-t M, 1-% TowMhIP 49 Saulb, Ringe 41 FAW,, OrnwikEd Ctjq:.q ky, Fkjuidm bdflA MOM zP0r1kuL8r0y,dtnAbed m folijowo; 13�Ta-wmW049FFptrfh, Kpingo4l, FujMAT LAUDERDA'LE TRUCKL F "M!; M'CQrdj&g 10 the fqQ tt'e Mofjrtn ift. P1 the V104-C. Rcc*]Nl of Browar4 Caimty, FtbrjdR, lbaftt Nr W .41 Rok 4, Fiqt 11, of rIeb Weal, along the, xhil ffifle of IfflId Lot 5r; 56740.0 fftttaa polot,, themee Ngrib 8IVIV4311 WM Pfirad wfth the nth HiNe'ror mail Lot 9. 100.01 r4tt to the politt ait Lvai-n-sing or mo dm- ripfiffflp bald paint belm -'ribei P hft- am ap vvmt Rot-owny line of SMte Road Na, 7 (US 44-1); #jtbjjC0 C.Qjt!d0j[jjqg'Ngr�th STIT42" Wmi, 2.5100 Fe-d tO u P-bing, tknee Norfh 011212'p W'Nt . . P'QrMUCM Wilt ght EaISI1111C 'Wf a14 Lai 9'.q. rfivaRed at 1a pttiffli, dwftm -Sanih W 'd2®' Foe, 2$9200 (M I WLd- ;tjo.j-DtWjhy ][ft ftf I -nid StSiO Had No. 7; th0ft Saillib (M-12" PAit. it Pont. on; tho -Ikqlg wilk vvi"t Right - of -WAY lt": 10"a kvl I'D the P01111 vr.mqjauk AWA: 4949.N SimLe Raml 7. Trunurac, FL jjj 19 Ngnab", 494113w0lOW'g Legal Description taken from most recent deed in July of 2014- Copies of the two most recent transfers are included in the addendum. COST APPROACH TO VALUE: N/A SALES COMPARISON APPROACH TO VALUE: $900,000 INCOME APPROACH TO VALUE: N/A MARKET VALUE OF THE WHOLE PROPERTY (RECONCILIATION): $900,000 DATE OF VALUATION: April 1, 2021 3 IA-0 dam. f LAP, L. 1041 LL HISTORY OF PROPERTY: The subject property last transferred in July of 2014 as a warranty deed that resulted in the fulfillment of the sale of the property based on the agreement for deed filed in April of 2011. The 2011 purchase price was $625,000. A copy of the most recent deed and the agreement of deed are included in the addendum. The prior sale was not considered in our current review based on the date of sale. PROPERTY INTEREST APPRAISED: For the whole property, the property rights appraised are fee simple title ownership considering any restrictions of use. PURPOSE OF THE APPRAISAL: The purpose of the appraisal is to provide the City of Tamarac with an opinion of market value of the subject property as of a current date. FUNCTION OF THE APPRAISAL The function of the report is for use in the negotiations to potentially purchase the property by the City of Tamarac. EFFECTIVE DATE (DATE OF VALUE): The date of value is April 1, 2021. MARKETING PERIOD Based upon discussions with various brokers and review of the marketing period for similar properties, we have estimated that the property would need to be exposed to the marketplace for six to nine months, assuming the property is competitively priced in line with our estimate of the market value contained herein. 5 l DEFINITION OF MARKET VALUE Market value is defined in the 2020-2021 Edition of the Uniform Standards of Professional Practice 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 as follows: The most probable price which a property should bring in a competitive and open market under all condition's 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. 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. COMPETENCY PROVISION The appraiser has completed numerous appraisals for commercial improved properties in his 39 years as a real estate appraiser in Broward County. As a result of the appraiser's experience, the competency provision of USPAP has been met. 6 SCOPE OF SERVICES The appraisal problem in this assignment is to estimate a market value for the property as of a current date. We have compiled all the necessary data in order to formulate an opinion of value. We have presented the applicable data in this Appraisal Report format. Any additional supporting data can be found in our working or office files. In preparing our report, we have reviewed and relied upon the following data. 1. Sales and listings of properties with similar utility and highest and best use throughout Broward County over the past five years. 2. Review of public records for all pertinent sales data. Retrieved from LoopNet, CoStar, MLS, and the Property Appraiser's Office. 3. Review and considered the sales history of the subject property and neighborhood. 4. Review of Broward County and neighborhood trends. Neighborhood and area data is in our office files. 5. Inspection of neighborhood and analysis of land use patterns and trends. 6. We conducted an exterior inspection of subject property and comparable sales, listings and completed verification of the data used in this appraisal. 17 DESCRIPTION OF THE PROPERTY PROPERTY LOCATION: The subject property is located just south of the Commercial Boulevard intersection and on the west side of State Road 7. The common address is 4949 North State Road 7, Tamarac, Florida, Broward County, Florida OWNER'S NAME/ADDRESS: Emmanuel Apostolic Ministries, Inc. 4949 N. State Road 7 Tamarac, FL 33319 FOLIO NUMBER: 49-41-13-01-0046 ASSESSED VALUE (2020): $562,730 (including land and building improvements) REAL ESTATE TAXES: $1,851.34(2020) SITE SIZE: 24,997 +/- square feet DIMENSIONS: Basically, rectangular in shape with approximately 100 feet of frontage on State Road 7 and a depth of approximately 250 feet. ZONING: NC Neighborhood Commercial, Tamarac, Florida PRESENT USE: One-story CBS commercial building used by a religious organization. HIGHEST AND BEST USE: The highest and best use of the land is for commercial use and the improvements contribute value and thus as improved is the highest and best use. FLOOD ZONE: Not in flood zone. Flood Zone X, according to Flood Insurance Rate Map Community Panel Number 12011CO362H dated August 18, 2014. 8 IMPROVEMENTS: 4949 North State Road 7 One-story CBS 3,376 Square Foot office building. The building was built in 1970 and has been updated since that time frame. The property is a one-story CBS construction with a flat tar and gravel roof surface with central air conditioning and has an asphalt shingle mansard on two sides. The improvements appear to be in good condition, and we conducted an exterior inspection only and therefore did not inspect the interior of the improvements. Site improvements include exterior lighting, asphalt paved parking with curbing and parking stops as well as some minor landscaping. ZONING: The subject property is zoned NC Neighborhood Commercial in the City of Tamarac. There are multiple commercial, and office uses allowed under this zoning code and a copy of the zoning ordinance is in our office files. REAL ESTATE ASSESSMENT DATA The subject is assessed under one folio number by the Broward County Property Appraiser's Office. FOLIO NUMBER: 49-41-13-01-0046 ASSESSED VALUE (2020) Land $199,980 Building $362,750 Total $562,730 (SOH and Just/Market Value) Real Estate Taxes $1,851.34(2020) Note: The 2020 property taxes were paid in full on November 30, 2020 and there are no past due taxed. The property is exempt from taxation with the only taxes due being the non -ad valorem stormwater assessment in the City of Tamarac. 01 Building Sketch BCPA Sketch: 494113010046 Building lof 1 Details : Page: 1 File: 9113-01-0046.xm1 Subject information: Area Summary: Code Description Long Descrption C(1.0) First Floor First Floor OH I/3 Overhang t/3 Overhang 113 Code Description Area Perimeter Adj. Area Ad'. Perim Facto Stories Level W-0) First Floor 3,150.00 234.00 3,150.001 234.00 1.00 1.00 1.00 OH 1/3 Overhang 1/3 684.00 240.00 225.72 240.00 0.33 1 1.00 1.00 10 �: �r�r �•I �� :t, 4 P1W 52nd Ct� ��-'I gj � -�y �1 �Al _ w r 7�'�,r ; s•�' � r-^ -t - A f.: l rarr i NEIGHBORHOOD MAP a la mode InC. ,`- - - 0 8341 1:� Ht _. __ -. - N{ Sal — VJ S?mple 12tl I,ASEY CENTER lie aaxe��eev nuteumnewn MAfiGATE P' LYONS TRADEWINDS PARK t'. c FOREST HILLS n' Z p W CuEia ."Rd COPANS W CUP— Rd R� 7 tAKEVIEW �Blvtl CENTER - p MAPLEWOOD s} Carver i Village' % ORIOLE Broward County Jail Inrormati MARGA7EGOLF M.uBate E6,d COURSE I yr a r t I YI `$, p. GOLDEN FARMS �� � eI4 - --W Adantic Blvd - - �° _ SHADOW WOOD;;.Co111er Park W Adandc Rlvd W Atlantic Blvd —. ;quth9atc itbiA Southgate Bfvd Fair Gate'e� (' r r+k�ao 155w Sth st SS ARVIDA 4 POMPANO PARK SIN 7th i1 S a A h G 'y K;mbery ffGd North Lauderdale PALM AIRE It CYPRESS BEND POWERGArE-PLAZA ' W 10, Net, Rd SW 1511, St PALM AIRE WOODVILLE VILLAGE EAST •e Broadvi W Cyr— beet: Rd yCollier 1tv61 t t � E SUBIECT ` - - 4949 N State Road 7 Z Port Lauderdale Executive � Estates Airport MIDWAYPLAZA (l7CI COMROCK VIlIajafK 4 o 9tJ 'n�pacl.Rff h orth Andrews NW SBth Sl w Commercial Blvd Gardens Mj h W ' TtldF1• LAKE Twin Lakes NF 4401 st NW "it, ST G ,gip NW 4411i S P sPEGT Lake - G NW 415% St 'I 1Ubllee ROENS '�' cd z — NW 37th'sf FIV+3N11 `ii Royal Palm Isles Oak � Lauderdal Lakes UAK[A11D FURES-r B161 �- a,.SUNRISE 1a16j v -._... _16j 'f ( EOvklt OAKLAND 'c 44 0 >P1W 2Sth st JATnada Isles Wilton ' Nw26m st o ( Estates a Manor: `Flamingo STONEBRIDGE - .q - EMATESI z Village Lary Lake t�Sumel Strip SUNRISE GOLF d VILLAGE EAST ilauderhill NW 1911, St ddle River Vista Wsunlise Blvd _ l _GOLDEN @ (�� HEIGHTS $ Sunrise a �3 a Heights idl NORWOOD pUTH N'r4 13di Y. i s,N�P Roosevelt n wSumtso:Blvd I shoP Gardens Franrk rBJ E Washington Park �I Breezeswept PROGRESSO' NW 61h St VILLAGE N, Plantation Park Estates Boulevard; µ 9 Gardens Fort Lauderd h C&rz) C WerowerdBlvrl �L DROWARD MALL : SW Gil, St COUNTRY CLUB ESTATES - DOWNTO MELROSE RI RSIDE PARK "1 i MANORS TARPON RIVER Me rose Park Plantation Park -- - .... 't ; ._.. Pr,er, Rd 14411 736 S DY BANKS CHULA VISTA CROISSANT PARK 1" SInQ DAVIETOWNE Broadview Park c 1 I' ry AU �. n"Td: A~�,7.a rAlF�161RE cVTN1COLEEC�ii _. II L 02a21 T:_ a�1, a;618NR.l iasofl CoryarsnaR TErms 12 DEFINITION OF HIGHEST AND BEST USE That reasonable and probable use that will support the highest and present value, as defined, as of the effective date of the appraisal. Alternatively, that use, from among reasonable, probable, and legal alternative uses, found to be physically possible, appropriately supported, financially feasible and which results in the highest land value. Implied within this definition is recognition of the contribution of that specific use to community environment or to community development goals in addition to wealth maximization of individual owners. Also implied is that the determination of the highest and best use results from the appraiser's judgment and analytical skill, i.e., that the use determined from the analysis represents an opinion, not a fact to be found. In appraisal practice, the concept of highest and best use represents the premise upon which value is based. In the context of probable selling price (Market Value), another appropriate term to reflect highest and best use would be "most probable use". In the context of investment value, an alternative term would be "most profitable use". HIGHEST AND BEST USE The size and dimensions of the subject whole property are suitable for many types of development including residential, commercial, and industrial. The NC Neighborhood Commercial zoning district is established and intended to promote development of commercial uses for the residents and travelers to the city. Therefore, the zoning would limit the legally permissible uses to those uses allowed under the NC Neighborhood Commercial zoning district. We did review the surrounding uses as part of the highest and best use. Some other commercial uses were noted along State Road 7 corridor with both office and commercial uses. The next step in the highest and best use analysis involves the feasibility of the physically and legally permitted use. The demand for commercial lands is generally strong along major roadways and historically the property has been used with retail or office uses. Based on the zoning and surrounding uses, some type of commercial or office uses would be the most financially feasible use of the site considering the physical size and legally allowed uses. 13 HIGHEST AND BEST USE (CONTINUED) The first 3 tests have been analyzed. The maximally productive use is that which has met the first 3 tests of the HBU, and which will result in the highest land value, or the highest net return to the site. In summary, the highest and best use of the subject site, in our opinion is for some type of future office or commercial development or possibly as an assemblage for a larger mixed -use development allowed under the zoning classification. AS IMPROVED The property consists of a one-story CBS building that was a commercial structure and renovated to the current use by a religious organization. The property could easily be converted back to a commercial use and has sufficient parking to allow most uses in this zoning district. The location on State Road 7, the age and condition of the improvements and the adjoining uses are all favorable factors in the successful operation of the subject property with some type of commercial or office use. In consideration of the four factors of Highest and Best Use, it is our opinion that the current improvements are the highest and best use as the land value does not exceed the value of the property as currently improved, although the land values are increasing at a faster rate than improved properties, due to the shortage of available lands for development. �`'J' 14 APPROACHES TO VALUE (XX) MARKET ( ) COST ( ) INCOME The Market or Sales Comparison Approach to Value has been considered most applicable in this assignment in the value of the subject property. The Sales Comparison Approach to Value was the only approach required for this assignment as the property at its highest and best use will require some renovation for a commercial type of use. As a result, the Income and Cost Approaches to Value were not considered. ESTIMATE OF VALUE -MARKET APPROACH TO VALUE The value is estimated by the Sales Comparison Approach. This approach is often referred to as the Direct Comparison Approach because the comparison procedure is its basic technique. The Sales Comparison Approach requires careful selection of sale properties to ensure that they are relatively similar to the subject. No two properties are exactly alike. Therefore, a comparison between the subject and the sales must be considered in arriving at an indication of value for the subject. In this instance, we have reviewed sales of improved properties to arrive at a market value { of the property, as improved. The sales data is included herein, followed by a brief review of the sales data and an analysis and value conclusion. We have utilized a sale price per square foot of useable building area in this analysis. 15 Q. ) COMPARABLE SALES DATA SALE DATE OF SALE LOCATION LOT BLDG UNIT/SF NO. SALE PRICE SIZE SIZE BLDG L-B Ratio 6700 Pembroke 1 8/14/2019 $512,000 Road, Pembroke 38,850 1,720 $297.67 22.59 Pines 1350 NW 31st 2 7/18/2019 $730,000 Avenue, Pompano 43,378 3,400 $214.71 12.76 Beach 3 3/8/2019 $1,420,000 1220-1230 N State Road 7, Lauderhill 20,952 5,925 $239.66 3.54 1123 NW 39th 4 1 1/27/2019 $500,000 Avenue, Coconut 12,600 2,262 $221.04 5.57 Creek 5 9/4/2018 $1,400,000 4701 S State Road 7, Davie 49,331 3,891 $359.80 12.68 6 1/8/2020 $750,000 7910 N. University Drive, Tamarac 29,185 1,871 $400.86 15.60 Subject 4949 N. State Road 7, Tamarac 24,997 3,150 7.94 16 COMPARABLE IMPROVED SALE NUMBER 1 DATE OF SALE: August 14, 2019 101200to]0 GRANTEE: CONSIDERATION: PHYSICAL CHARACTERISTICS: LOCATION: LAND SIZE: BLDG SIZE: LAND TO BUILDING RATIO: APPRAISAL INDICATORS: UNIT SALE PRICE: Jersey Pembroke, Inc. Sage Peak Investments, Inc. $512,000 6700 Pembroke Road Pembroke Pines, Florida 38,850 Sq. Ft. 1,720 square feet 22.59:1 $297.67 per square foot of building area COMMENTS: The property is improved with a one-story retail building, built in 1967 and operated as a bakery. 17 COMPARABLE IMPROVED SALE NUMBER 2 DATE OF SALE: GRANTOR: GRANTEE: CONSIDERATION: PHYSICAL CHARACTERISTICS: LOCATION: LAND SIZE: BLDG SIZE: LAND TO BUILDING RATIO: APPRAISAL INDICATORS: UNIT SALE PRICE: July 18, 2019 Skecc Realty, Inc. Aviara Corporate Park, LLC $730,000 1350 NW 315t Avenue, Pompano Beach, Florida 43,378 square feet 3,400 square feet 12.76:1 $214.71 per square foot of building area COMMENTS: The property is improved with an old fast-food(McDonalds) restaurant purchased for alternate commercial use. The building was built in 1982. M COMPARABLE IMPROVED SALE NUMBER 3 DATE OF SALE: GRANTOR: GRANTEE: CONSIDERATION: PHYSICAL CHARACTERISTICS: LOCATION: LAND SIZE: BLDG SIZE: LAND TO BUILDING RATIO: APPRAISAL INDICATORS: UNIT SALE PRICE: COMMENTS: March 8, 2019 Hurwit Investments Limited, LLC 20/20 Fashion, Inc. $1,420,000 1220-1230 N. State Road 7, Lauderhill, Florida 20,952 square feet 5,925 square feet 3.54:1 $239.66 per square foot of building area The property is improved with a one-story retail building built in 1968 with two tenants. Was used as shoe store, now dress store. 19 COMPARABLE IMPROVED SALE NUMBER 4 DATE OF SALE: GRANTOR: GRANTEE: CONSIDERATION: PHYSICAL CHARACTERISTICS: LOCATION: LAND SIZE: BLDG SIZE: LAND TO BUILDING RATIO: APPRAISAL INDICATORS: UNIT SALE PRICE: COMMENTS: November 21, 2019 Monona Properties, Inc. OMAC Real Estate, LLC $500,000 1123 NW 391-h Avenue, Coconut Creek, Florida 12,600 square feet 2,262 square feet 5.57:1 $221.04 per square foot of building area The property is improved with one- story convenience store building built in 1964 in poor condition. 20 COMPARABLE IMPROVED SALE NUMBER 5 DATE OF SALE: September 4, 2018 GRANTOR: 4701 South State Road 7, LLC GRANTEE: CONSIDERATION: PHYSICAL CHARACTERISTICS: LOCATION: LAND SIZE: BLDG SIZE: LAND TO BUILDING RATIO: APPRAISAL INDICATORS: UNIT SALE PRICE: Jet Auto Parts, Inc. $1,400,000 4701 South State Road 7, Davie, Florida 49,331 square feet 3,891 square feet 12.68:1 $359.80 per square foot of building area COMMENTS: The property is improved with an old fast-food restaurant (McDonalds) built in 1986 and being converted to new use. Site has driveway access to State Road 7 and Griffin Road 21 COMPARABLE IMPROVED SALE NUMBER 6 DATE OF SALE: January 8, 2020 GRANTOR: GRANTEE: CONSIDERATION: PHYSICAL CHARACTERISTICS: LOCATION: LAND SIZE: BLDG SIZE: LAND TO BUILDING RATIO: APPRAISAL INDICATORS: UNIT SALE PRICE: The Tropical Plants, Inc. Bene Facere VI, LLC $750,000 7910 N. University Drive, Tamarac, Florida 29,185 square feet 1,871 square feet 15.60:1 $400.86 per square foot of building area COMMENTS: The property is improved with a one-story commercial building used as a retail garden and plant store built in 1974. 22 COMPARABLE SALES MAP P, VeL',I j Ci 14PARABLE No. A � Boc,sl Hill t CL 1123 NW 39th Ave 4,47 #611 5 NE uee'cfleld aa'h M,, 1,70*1PARARIF Mo, J 350 NW a i sr, Nve car 1 tact CC r# Creek Be ' 4.78 dnttes 01E li r all Gie,,q EV92 BLE No. 6 Margate iversIty Or I s! ,l Porn ano Be3cth fW ealllf,ir N40it a bfudoi dale COMPARABLE No. 3 1229-1230 N ' kote Road 7 I�fa'rdale U,"s �I1B�]ECT �I � t,1l�lti�#r� 4049 N SUteFtoid 7,_ i Roo welt. Gdena f'larlta.r.i otl " Foil Lauderfidli ri �e�1 nth �rq� R� GROWS a .l U Ct�hiPAftdlilEE.No. Ct� JRARAIBLE No. L 4701 S State :koa�d 7 67i7iRi P�mlff�r i8ce Rd 8.3.6 rrtilc4s S ;" - - F al nc a> a beact} I�t r'4'iffalY ax Avenlura ��xll a.�rrl7Rcy:;Clrieb _ �,�, Alrx91i um-uv1i F!nni h 23 DISCUSSION OF IMPROVED COMPARABLE SALES We have reviewed numerous sales of similar small commercial buildings located on similar highways in suburban areas of Broward County. We have included the 6 sales that were considered to be most applicable in our analysis and valuation of the subject property. These comparables have been analyzed and the basis of this approach is founded upon conclusions drawn from further analysis and study of these particular sales. The actual sales considered are typical of many found during the initial search. In addition to the sales included, we also reviewed and considered additional sales and current listings of similar type properties. The highest and best use of the property being appraised is for some type of commercial use with the current improvements considered to be the highest and best use as improved. The following summarizes our analysis of the sales data. All of the sales consisted of the conveyance of the fee simple interest and were considered arm's-length transactions. We have reviewed the financing terms and the comparable sales sold for cash or cash equivalent terms. In our analysis we have considered changes in market conditions between the date of value and the date of each individual sale. The sales occurred within the past 30 months, so no major adjustments were required, although some upward adjustments were considered for the 2018 sale. Due in part to the COVID-19 Pandemic, the number of sales for commercial properties was lower than normal in the past 12 months. We have reviewed the physical differences between the sales and the subject property. We have considered adjustments for such differences as location, size, shape/topography, zoning, functional utility, land to building ratios, condition, etc. The transactions occurred between September of 2018 and January of 2020. The date of value is April 1, 2021. The sales ranged in unit sale price from $214.71 to $400.86 per square foot of useable building area. The subject property is located along the west side of N. State Road 7, south of Commercial Boulevard in Tamarac, Florida. The sales are located mainly in the western areas of Broward County with Sale 2 located the furthest east near the entrance to the Florida Turnpike at Hammondville Road. Sales 3 and 5 are both located on State Road 7 and Sale 6 is located on University Drive 24 DISCUSSION OF IMPROVED COMPARABLE SALES (CONTINUED) in Tamarac. Sale 1 is located the farthest away in the City of Pembroke Pines. 1 the only sale located east of I-95. Sales 1 and 4 were not located on similar heavily travelled highways. The subject property is improved with 3, 150 square feet of useable building area. The subject's land size is 24,997 square feet of land area. The land to building ratio is 7.94 to 1, which is higher than typical commercial sites. This allows for more parking, which relates to the prior use with a fast-food restaurant. Sales 2 and 5 were both previously used as fast-food restaurants and had higher land to building ratios. Sale 2 was considered to be an inferior location from a commercial standpoint and Sale 5 was considered to be superior overall. Sales 3 and 4 had lower land to building ratios and were considered inferior overall for that variance. Sale 1 was considered superior with a much larger land to building ratio, although the location was deemed to be inferior. The comparable sales range in building size from 1,871 square feet to 5,925 square feet of building area with the largest building selling for the lowest unit sale price and the smallest building selling for the highest unit sale price. The sales did reflect a difference in the sizes and that was considered in our final review. The subject property is zoned with a NC -Neighborhood Commercial zoning district by the City of Tamarac. All of the sales are zoned for some type of commercial uses. No adjustments are warranted, although the variances are considered in our final analysis. The overall functional utility of the comparable sales is comparable to the subject property. 25 DISCUSSION OF IMPROVED COMPARABLE SALES (CONTINUED) CONCLUSION In conclusion, the unit sale prices of the comparable sales ranged from $214.71 per square foot to $400.86 per square foot of building area with Salesl, 5 and 6 considered to be superior overall and Sales 2, 3 and 4 considered to be inferior overall. Thus, a value in the range of $239.66 and $297.67 was considered applicable. Based on the overall review of all of the sales, it was our opinion that a market value of $285.00 per square foot of useable building area was applicable to the subject property. Therefore, the following is our conclusion for the market value as of the current date: 3,376 SF BLDG X $285.00/SF = $897,750 say $900,000 26 RECONCILIATION In this appraisal assignment, we considered the sales data included in this report, the potential for demand, the current condition, the highest and best use, and all other factors that affect market value. Considering the review of the property, the following approaches and value conclusions were considered in our estimate of the market value. Cost Approach N/A Sales Comparison Approach $900,000 Income Approach N/A The Market Approach is based on the fee simple value estimate of the property considering the highest and best use of the property. The sales indicated a wide range in unit sale prices, but the overall review of this approach indicated a market value conclusion of $285.00 per square foot of building area or $900,000. Based upon review of the market data and our analysis, it is our opinion that the market value of the fee simple interest of the subject property as of April 1, 2021 is: NINE HUNDRED THOUSAND DOLLARS ($900,000) 27 ASSUMPTIONS AND LIMITING CONDITIONS The legal description furnished to the appraiser is assumed to be correct. All existing liens and encumbrances have been considered; however, the property is appraised as though free and clear, under responsible ownership and competent management. The information identified in this report as being furnished to the appraiser by others is believed to be reliable; however, the appraiser assumes no responsibility for its accuracy. The plot plans and illustrative material in this report are included only to assist the reader in visualizing the property. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. It is assumed that the utilization of the land and any improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report. The distribution, if any, of the total valuation in this report between land and any improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. Possession of this report, or copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the -- 28 ASSUMPTIONS AND LIMITING CONDITIONS (Continued) written consent of the appraiser, and in any event, only with proper written qualifications and only in its entirety. Disclosure of the contents of this appraisal is governed by the Bylaws and Regulations of the American Society of Appraisers. The appraiser herein by reason of the appraisal is not required to give further consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made. Neither all, nor part of the contents of this report, especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected, shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. I have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since I have no direct evidence relating to this issue, I did not consider possible non-compliance with the requirements of ADA in estimating the value of the property. Unless otherwise stated in this report, the existence of hazardous materials, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on, or in the property. The appraiser is not qualified to detect such substances. The presence of substances such as asbestos, urea -formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. 29 ASSUMPTIONS AND LIMITING CONDITIONS (Continued) In light of the COVID-19 pandemic impacting the country as of the date of this valuation, we are qualifying this appraisal to state that there is insufficient empirical market data as of yet to definitively measure what impact, if any, this pandemic has on the subject property's value and marketability. As financial markets struggle to quantify the events that are still unfolding, we believe it is premature to draw strong inferences about the economy and its impact on real estate values at this time due to lack of supporting data. Many market participants understandably report that they are unable to assess risk at this early stage of the pandemic. While as of the effective date of this report the industry's most directly impacted are the tourism and retail sectors, a prolonged outbreak could have a significant (and yet unknown or quantifiable) impact on other market sectors as well. Given the heightened uncertainty, a degree of caution should be exercised when relying upon our valuation. Real estate appraisals rely on historic and current market data. Based on unemployment rates on other economic metrics, economic conditions declined relative to the pre -pandemic time period. Based on economic conditions as of the date of the appraisal, it appears some sectors of the real estate market will be more impacted than others. The State of Florida has been very proactive in limiting the shutdowns and the economy has rebounded in Florida faster than many other areas of the country. The retail and office sectors are the most impacted while it appears industrial has seen the least impact. We believe there will always be a demand for housing in Florida with a daily influx of new residents from northern states. Value, marketing times, vacancy rates, cap rates and income streams may change more rapidly and significantly than during standard market conditions, however based on the type of property, we do not foresee any negative impacts on the property currently. 30 CERTIFICATION The undersigned does hereby certify that except as otherwise noted in this appraisal report: 1. To the best of our knowledge and belief, the statements of fact contained in this appraisal report, upon which the analysis, opinions, and conclusions expressed herein are based, are true and correct. 2. The reported analysis, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analysis, opinions, and conclusions. 3. We have no present or prospective interest in the property that is the subject of this report, and I (we) have no personal interest or bias with respect to the parties involved. Robert Miller has not completed any prior appraisals on this property within the past three years. 4. Our compensation is not contingent on an action or event resulting from the analysis, opinions, or conclusions in, or the use of, this report. 5. Our analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice. 6. No one has provided significant professional assistance in the market research and data collection in this report. 7. Robert D. Miller has met or exceeded the minimum prescribed educational requirements for Re -certification as an Accredited Senior Appraiser (ASA) or the American Society of Appraisers. 8. Robert D. Miller did inspect the property that is the subject of this report. The inspection included an exterior inspection of the building only. Robert D. Miller, ASA State Certified General R.E. Appraiser No. RZ1270 31 ADDENDUM Photographs of Subject Property Most Recent Deed Qualifications of Appraiser VIEW OF NORTHERN ELEVATION STREET VIEW LOOKING NORTHERLY ON STATE ROAD 7 VIEW OF FRONT PARKING VIEW LOOKING SOUTH ON STATE ROAD 7 CE CENTER =FIIY_ E l-i!m 6 U4 qq __."_.----- NEW VIEW LOOKING EASTERLY FROM REAR OF COVERED DRIVEWAY MOST RECENT DEED INSTR # 112416209, OR BK 50944 PG 757, Page 1 of 2, Recorded 07/18/2014 at 09:54 AM, Broward County Commission, Doc. D: $0.70 Deputy Clerk ERECORD Prepared -by anQretum to: David R. Roy Attorney at Law David R. Roy, P.A. 4209 N. Federal Highway Pompano Beach, FL 33064 954-784-2961 File Number: 13-DR-1093 _. (Space Above'fhis Line For Recording Special Warranty Deed This Special Warranty Deed made this 15th day of July, 2014 between Gaddis Capital Corporation, a Florida corporation, whose post office address is P.O. Box 950, Fort Lauderdale, FL 33302-0950, grantor, and Emmanuel Apostolic Ministries, Inc., a Florida not for profit corporation whose post office address is 4949 N. State Road 1, Tamarac, FL 33319, grantee: (Whenever used herein flit terms grantor and grantee include all the parties to this instrument gilt the hells, [ego[ rcprcscatativcs, and assigns of individuals, grid tite successors and assigns of corporations, trusts and Irusiees) Witnesseth, that said grantor, for and in consideration of tlic sum TEN AND NO/100 DOLLARS ($10.00) and other good and valuable considerations to said grantor in hand paid by said grantee, the receipt whereof is hereby acknowledged, has granted, bargained, and sold to the said grantee, and grantee's heirs and assigns forever, the following described land, situate, lying and being in Broward County, Florida, to -wit: Lot 7 of TAMARAC BUSINESS CENTER Section 4 of an unrecorded subdivision of Lot 9, FORT LAUDERDALE TRUCK FARMS SUBDIVISION of Section 13, Township 49 South, Range 41 East; Broward County, Florida being more particularly described as follows: Commenting at the Southeast corner of Lot 9, Section 13, Township 49 South, Range 41 East, FORT LAUDERDALE TRUCK FARMS, according to the Plat thereof, recorded in Plat Book 4, Page 31, of the Public Record of Broward County, Florida; thence North 0*12112" West, along the East line of said Lot 9; 567.00 feet to a point; thence North 89°15'42" West, parallel with the South line of said Lot 9, 100.01 feet to the point of beginning of this description; said point being further described as being on the West Right -of -Way line of State Road No. 7 (US 441); thence continuing North 891542" West, 250.00 Feet to a point; thence North 0°12112" West, parallel with the East line of said Lot 9, a distance of 100.00 to a point; thence South 89'15'4211 East, 250,00 feet to a point on the West Right -of -Way, line of said State Road No. 7; thence South 042112" East, along with West Right- ef-Way line, 100.00 feet to the Point of Beginning. AtK/A: 4949 N State Road 71 Tamarac, FL 33319 Parcel Identification Number: 494113-01-0046 This Special Warranty Deed is executed in Satisfaction of that Agreement for Deed dated April 11, 2011 and recorded April 21, 2011 in O.R. Book 47865, Page 433, of the Public Records of Broward County, Florida. The indebtedness secured by the Agreement for Deed has been consolidated, amended and restated by that Consolidation, Amendment and Restatement of Mortgage executed in favor of Grantor and recorded simultaneously herewith in the principal amount of $552,612,58. Documentary stamps have aheudy been paid with the recording of the Agreement for Dccd. DoubleTimea INSTR # 112416209, OR BK 50944 PG 758, Page 2 of 2 Together with all the tenements, hereditaments and appuntenanccs thereto belonging or hr anywise appertaining. To Have and to Hold, the some in fee simple forever. And the grantor hereby covenants with said grantee that the grantor is lawfully seized of said land in fee simple; that tho grantor has good right and lawful authority to sell and convey said land; that the grantor hereby fidly warrants the title to said land and will defend the same against the lawful claims of all persons claiming by, through or under grantors. In Witness WhOTO,, granter has hereunto set grantor's hand and seal the day and year first above written, Signed, scaled and delivered In our presence: Oaddis Capital Corporation, a Florida corporation Wihiess Name; _ Witness a e:�l� a['a_hF.f � / State of Florida County of Droward The foregoing Instrument was acknowledged before me this Z�day of July, 2014 by Jesse P. Gaddis; President of Oaddis Capital Corporation, a Florida corporation, on behalf of the corporation, He 1Xj is personally known to me or U has produced a driver's license as identification. [Notary Seat] NMI . BLACKn rY EE 877915ill14,2017NbNry #lO X-poir Printed Name: My Commission Expires: Special 'Par, muy Deed - pogo 2 Oaubla7bneo CFN N 109997804, OR BK 47865 Page 433, Page 1 of 11, Recorded 04/21/2011 at 10:31 AM, Broward County Commission, Doc. D $4375.00 Doc M: $2078.30 Int. Tax $1187.50 Deputy Clerk 3405 11m butt— Prcpued Br. DAVID R. ROY. P.A. Davd R Roy. P q. 4209 N. Fedual hwy. WmpooB L. FL33064 He Ne. I I-DR-W AGRHEMEn FOR1111DKED '!ills AGRFFlam made and emceed mm tbu,_D_ day or AML _ 2011. by sal ber e— CADDIS CAPITAL CORPORATION. a Florida corpondorr, who offm addrta is P.O. Box 950, Fort Lauderdale. FL 33302-OM (haemafler'ScOn') aid Bt.4NANUEL APOSTOLIC M[NMWES, INC., a Florida not for profit mrpondm, above adeteu It 971 SW 71- Aveaue, North Imderdak, FL 33D68, Ottemef.'Buyet'): WIINESSEII WIMEAS, In ecn i a or the uwd Peoeiaa ad carenann Qcaae d lu m i, ABre®eut, ad other raL bk woddaatloa. the Seem r&= to ere l ad Buyer agrees to purd_ the real property loved a 4949 N. State Road 7, Tamarac, FL 33319 and mom parti-dairy dexrlbed M MOM: SEE ATTACKED EDIT "A' FOR COMPLETE LEGAL DESCREMON opoa me following term; And con ititai r 1. PURCHASE PRICK AND TFBMS: A.'r- Prulb c plies;hall be Sa!5,00101 The PWr haft price shall be paid by We Buyer u follow;. wend "upon "Acatim of met Agree em. Buyer shall pay to Seller me ooul sot of $31.230.00 n m earurt mouy depomt, whicb rhaB be applied toward the Pmehase price ad eh.11 — ad deliver m d» SU)er a P`=ha"Y Now (—Jr d herein) . the aura of $593.750 OD mgedler with "nrkrel at U% perao®ID. pay" ht rmn&ly lewilmenn of 31.2WU Pat month, with Om fiat PaYeterd cormworitut; m Au" 1. 20I I ad the fmal prymept bciog due m lo2r than Ally CJ,J0j4_. SaW paymear dm not tubule the roomy real mtfe tava, m Instuaxe coverages ngaired to be paid by tbt Bryn. B. Buyer shall pay the ma of the title inmate eoraminnmt ad —title hrsuanm polity and l.etden actin bemuo, porky, ohm ismd. AO onc�r clotiog cnpcmes shall be spat tapmr f e s zaleti the Partin Mfur d- Pregg bin not IImlM tr docrmaW al camps, is rrarere tasea, /ecoN.g fees and atmmry'a fee fur the pmpamdm oCthi; Agmemem ant cell other docameat tequhed to maertymute IDia bartir;00a. C. Buyer b obtigmd m make two additional pr[ncipai rdocdoa paymcma orS15.625.00 earl. ahirb are to be ordered by die Bayer to me Seller ou April 1, 2012 and April 1, 2013. If at any time daring me lean of thb Agrtemem any aum payebie by Buyer to Selkt hewuda dull be aver d. ad u�aW m If Buyv abW have fluid m Yap or perfo[m any of rbe wren m —r% of thb ABmemeot, dtea Seller, eery, u Ra c dm (tut sNkr"om be rwiuhed to), record rite Quit Claim Deed escrowed Purmam to the remat of Puaagib 4 hereto m 6oid the Buyer lu &-ftft pmmaot m Pm9r2ph 7 hetsio, lama "cue taro rite Buyer ahooW breach my of the time of thb Agr—eat, Buyer bereby forfeln all "'orlim PaW to the Seiler n part of mhb Agrmmnt. D. On July I. 2Or4 ad a 1m9 a Buyer is oot In defaalt, Sella d.0 hotrod the escrow agem b record the Warnnry Deed puft do Byer. tide 10 the Property trod du Partin aWl ",W. a No,. and Mortgage Mod g_dm Agreement evldetdng tbat the unduly.& Idebtatoeaa, n mBectW by this Agtaarm fro read ad the amrbrd Pranduory Now, ue to be extended %— the time tome and wodlriom for an aMidueal r (2) year taro n modWW by the prhropae red—io. paymmut mferenced hernia I /M/ . q� U, I CFN # 109997804, OR BK 47865 PG 434, Page 2 of 11 2. WARRAiiiIF IMMIPS OF THIS BUYER: A. The Buyer dull kap the teal property ropy loured awing t& &Ier as scididonal loss payees. See PanMh 17 herein for courplde favuence co,mile requir,,umb. 8. Buyer Audi b "Poonble for any rgnus MWo" ge¢ral mainteaaoce of aid faoaea and sppltantea. All It mtv ns, addi&— or WWroreaenes to the premixa, eacgx moveable office bz'= e a d egnipmd mmilcd ■rue -pond Of Bayer, ehep, coda Seger dap otherwise m trdting, berxtme the property Of the Seller spa the muaBatif, thereof, and shall be st rre deted with Abe P—isea upon a default by me Buyer and wbsegaeol wWWdm by the Salter. Any and all maOcariOus, aftendana, addit , or ®prm==U to the prembe, aba6 be done with all nocessary or requited penNp and Buyer dull be obligated to mtane that may and all permits are fauBycd ad ebsd out by the City of Tamarac or Broward County, Florida. C. Buyer agrees the Buyer will Pay ell charges of m uram", wbm tatmri, mtthadiq, iaboms, ocamtb b , ad other teems of Wre Character b...d by Buyer wind u pea to the mias, adill w'M—ity Sellfrom Stiller ad aga{mt any rod all aim q, con, and charges. pralocludtag bond premNw for memo Of gem ad attorney's ( =a m" incurred in =maim wind du defense Of any auto in discharging the mid prernbm m any pan thereof Bum my iiensjudgemoap, m mcmobrauxs mooed m aufkred by Buyer. N do even my inch Ban rhW be trade or filed, Bu r dull bond agalm m diachatga the noon whbn tweory W days alter me — has boon made m fil d. t& It Is understood and agreed d bpntki beret met do congeries, mnd ars, acharges above (erred to dull be =ddered a addbiOml rem and dull be Included in any lea Im rent. D. The Buy- hcrzm dull ant bve say summery to create any pans for labor m mate w on tied SeUer'a introit in me lad, building or the prmvbes ad ell person emmatsg whb the Buyer for die desmtcdw or remora of any fw vide, mod- togmvcouma or for the cricdc , tomltadoa, dterar6v, m miter of any WUitea m other hWmvm=b on m abmt the pmmfin. ad all mtcretmea. Cmabacmn, meehao{es, and Labs-s, are brrtb' charged with nonce that they marl loot only at ma Buyer and the Buyer's ""'m W die prwbea b same doe Paymem of any big for wort doue. labor periormod or material furnished at the sequeal or bnbuChoo of me Bayer. E. The Boyer asra to mUotsm the pmperry in good repair and repiam all Wvm,o,u,m, cquiponot ad q-w imated fv m - die F vWW at Buy- sole esperue at arch lime a they reed —I---*—I--m mpiac— Buyer abau moat any viOUWw of pplkebk br W.X tales v. govwmend vbbudOra width the time Provided by she appiicabe be Ming mda or g,,esrtmeoul egeoty. Any fa'h ro to coact a sue old veladons ahell troddimte a defidt In rob Agrmmcm. F. Buyer shall nm transfer, convey Or encumber Buyer's intned in acid property or in Ws AgraaAear, artd my attempt m so h- r, mnvry m encumber suaB be ttuB and void ad without effect. I WARRANTIEWDUTIES OF SBIJ.PRA A. Seller warrants and tepreaanp that Soler had good and marketable tide to die Property me m�r mbJ- m aa dlacroeed is thle Ail e m ran Dad ad bon the absolute dgbt to convey rim to du Bayer. Ion accord— with Kmamph 4 betels, tons doe un I.Iyin m.Vaae te rise Sdiar bon been aWaaed. Abe &Uar dtall inward du Farrow AS= so nmrd me Waaamy toed (held la escrow) maveytng dear tide to said real propmy into it. rune of Abe Buyer. Seger dull also mcuol a Sadafacdon m Raeae of this Ag-cuem ad pave me same retarded in the Public lk mcds of Bmward County m remove the 11. hem Abe property- R. &per tbvenann that they will nor anther enc®ba tine property by rnoapgea or say orb" Ilea and if soy Um or ercumbm rae"be fled or recorded ant the Arblk Records of the Cmcey, miuding a Iudgrmm lien, Sell- shag promPOy aerie any emu emmbaaece to be removed ad me drle to the property cleared. 4. ESCROWING OF DBEDb: A. At Me time of execution of ibis Agremtcur, &Uer WW d*o$h With Buyen auomoy, David R. RaY. P.A.. as escrow aact, a Wemamy Dud with Buyer a Omoec, PIOPeriy exaured In raordable ! with Wwucti0m to doe escrow agem m bold die W-mV Deed ad m rated We W-=1Y Deed in the Public Records of Brow»d Cormty, nodde, ocoveyiog title m me Boyer at such CFN # 109997804, OR BK 47865 PG 435, Page 3 of 11 time as me Boyer bra made me fiml Payment provided for berem anti performed all scree of this AFe moot for Dad. Seger Shea else Cwww and record a Smddwdm of Mortgage r kmh?g ttre hear of thin Agreement for Deed. B. m Wdidoo to the Warranty Deed MwhW from the Sellers. de Boyer maa piam a Quit Cain Deed wuh.crow agent wish Sdka an Gnatee, pmp.iy eze OW m _&hie form with imwcuou+ m the eS.w agent to hold me Quit Claim Dead mail sorb dme as Bayer def uirribe -- this Agreemcot n rlefined in ParaBrRb 7 below. Upon the omutenz of me of thm items amd dw Seller provides me Boyer with 60 days wdum notke to One the defoaulUbreach, and the failon of the Buyer m core do drWUbeach described in the Seiler, demand letsr, within dent mry (60) day period, -hall -d-rim the acrovr egcot m —Ord the Quit Claim Dud ®edbWy thaeafkr with— fund- .&a or delay. C. The ea -wing of d e Quit Claim Deed is Out given ea a prole a apme, soy other crcditaa of the Buyer and 4 glum as then are w Omer porno m petsms, firm or cmpm mme, other dso me Shc c maned m me Quit Ciim Deed hcread. -Ober dbwly m endue dy, m me Property and the Buy- a aolvcm and her no Omer cr ft. wbme d*a Would he P¢judl d by the oanater back b the Seller. The Bayer wlm-kdM and A.,,rar a dun m agmelog m ecmw du Quit Chian Deal (win bsftuc tom that Won a defuB and a 60 dry dgm to ion), me aarow Mem man be authorized to record the Quit Claim Dad ilwm me Bu)w all m dmely ma the defmtt w larsch M dent fro Buyer don ON have to he Sod by the Seller m rod- to I=d me Quit Clams Deed. 7ba Buyer Wimwidgp mat the Buy. — mot a tg wrier, my dnreas, emdae Intent-, mWyprebemmm, mareprneondm by the Seder and the smr wan Bay -a Gee -ad vWumory deeLmon ba.d upon du favorable terms of cola Agnomen. S. ASSIGNABILITY: A. The Ba"M righta ender this Age -men for Dud shell be Ooo, s goable wiaom the prim wrtttra consent of the Sdkn, wbith —.W tthta Our be am MWItty-Wlbeld. 6. CONDITION OF THE PROPERTY: A. Buyer Is aware dun me Seller wVk d the Pmpm y whkb a tit mbj u of min tmr actin by way of foredoatrc or dad In lieu of finedmom and that the Sea. a aeBmg ad Diner is (uruharmg the Properry m m'AS 13' CONDITION WITHOUT REPRESFMATIONS OR WARRANTIES OF ANY KIND OR NATURE. Buyer aclmowkdges for Buyer, for Buy -'a aooaron. balm ad eaaipses, men the Bayer has been given a rwonabie oppormany to mWea and hweaggam lire Property and as m@twearab 6—ar. eim- mdep-adrmy m mrwgh agm'e of BOyei s chaoamg, and tlut m parduamg me property. Dyer a ram relyaig w Seller m hall.cmaa, o the value m madakn of the hWemy "Wor avy improvements dt-ems, mchtdmg, but tot I®itd m, roof, tmtrain— aoia, ate-itai, ph®biog, air moo w-wAg. beating, end. av)Wwa, muLaakai eyseme. water or aepd. ey m-, geniogyes , bouWay Imes, emroacbmenu. jut Sim m the euveace of rmnika m other wood aemnyiog orgattaan, Wonm w hauard- cabala—, Whether m am me Property is Imatad to a flood zone or whether the pmpedy conform, m local ordhnnoe m regulaeom, including romg or eoh"ry of do Property ad/m m MWj.me with my dty. eomty. Seale aW. do" Federal amoum, cad- m oMmmc.. Buyer Is tea relying ou Seller m b's Mean u m the _E luo of fro p"P`rcy aod/m avy improremeaar &"On. hnmdog bar Our tended m moK row, Zmmdadom. are. Seller her m obligadoo m mocha soy repma m rcplre my Irani requiring aepiocmnu. teems wP—Mal PAY ate I-l- m ma pale only if ten io-ms ere iu m upon ma pmpe ty ar me time of closing. Seller make- no rMmsm ndou m wa my m w the wn&iim wmy peramd Popsy. tme d-- or wbe— nay M..W F.F.V a MM-b"W by lima. THE PR[2. M WEM ACCEPTM WITHOUT RRPRESEWATION OR WARRANTY OF ANy KIND OR NATURE AND IN AN 'AS IS, CONDITION BASED SOLELY UPON BUYER'S OWN 0 w zc nONS. 7. DEFAULT: A. Upan me happenbtg of any of me fobowmg evew, each of which ahW cumtmne a detanit he reaafer (•Error of DefaWr'), all cam, doe ber_Sm shall merropou tberadter, al Sellerb opdan, whhoat wtim or demand, become hen Umey do and payable: (a) "M Of the Buyer ar ofer Pmry Ilabie Jim pyrmat of All Now to Pay oo or bete. ez h dos of auy awn bl. grace period, my sum due here ader, (b) ocmrrma ofau Eaem of Defaah a defend to the Note m rite lx-ll ':.'• -kl- ed barb)'• (c) Pomg of my peddon ooder the Banboi,, y Code m nay similar federal or sere aeu me by or aping me Buyer or me mmlvmcy of tM Buyer whkh is not diemamd or CFN H 109997804, OR BK 47865 PG 436, Page 4 of 11 discharged widen ably (60) daYa; (d) ratio& of a geaOnl ea!9omeor by tW Buyer for the benefu of crediron, appolomem of or taking paasslou by a receiver, muae W nmodian a a®jar OMCW for Bayer Or for soy asses of the Buyer Or hstWtiou by or ngaimt the Buyer of "ry kind of W olya y proceedings or any ptncadb* for dimtadm or tiquldattxi of the Boyer which is cot di"dssN widd. ray procadm¢ for dLuotrdon or ligiddadoe of do Buyer which is oot dismasnl within Wxty (60) days of the hl"g thereof; (a) emry of a Beal Jodgme" m cups of Fifty Ithouaand sod M100 (560,000.00) Dogma again+ the BuM which b our Wished Or tramfcrod to boW within thirty (30) drys of the dam of may; (f)lssoarca of eey writ or amcLmem or writ a sambh.ot or Ill'ing Of my Ika aphz any Collamral Or the Property of the Bayer which is as dismissed wWd. arty (60) days of the dam of basses or firing, whidevcr b appltabk; (9) hiciug of pOxaiw of say -,,W CoOamnl or of soy mbsrradal Part of the property of de Buyer at me ire of arty go aw coal anthuril, (h) die,ohrdoa, awl;a, nomedkadu4 or of the Bayer, n aesigcocnt or nk by the Buyer of my eyuiry W say collatr d anwity wimam me prior wdmrt comma of Sella which opeecut will not be omwoably withheld or d) if ae m say part of ft prope0y Or an kteaes thnem b sOW or vaoskumd by Boyer in MY mamer whaW"" withom SeBa's prior wriaa ccmx Seller shall "' all of the tigEm and —.1im of a creditor, matgagce and seared patty miler W applicable aw, wi"wt t®airrg me geovalhy or the tasgoarg, rgam the orsmrersa many default h"anl", seller my, u hs oprt*`, red whhoat Haim a devud (7 sec We the emirs unpaid pri-WW red ammed'mterat """and and din avd PaYahle u Dore, logeter wbb MY and W other IiRbW*$ Of Buyer Or any Of inch liabilities wkmd by Seger red W the SeSm shall have tW right to record the Quit CWm Deed reta <d in Bnstnph 4 shore n a Deed In Lkm of Peaedmore, Rod the Buyer shall be bell rapommit f" the payment of the Stews smorm" fees end costs tacared n a resuh. Seller moat provide me Boyer wftb dsty (60) days wrkft ooflro spwwybag the deranla/brearh by the B-7- and the Beyer meet -be deERak4h whhhr 9u dat7 (60) day Parted or the Sena shag ban the bmedate r%bt" true the prow +treat "record the Qob Calm Deed. C. fn We " m the See" aboold bring ,mir for the f0rec10aare of the preraiwo, for the recov"y of say PRymmr here" pmvWed fin, fa a breach of say Pmvivon or tbu Agraeu eel, or for my other relief agaioet Buyer br—kv, or W do evert mu Buy" sue bring arty wdm for soy relief agalna SeOav "long Om of this AP""cot, then all aaa and expe+an dr¢eof, kcbtding reaxoable thmmry's fees, ir'red by the prevalenttty Pashall be Paid by do air" P.M. which obligativa onPar the t of inch Od- party -ball be deemed "have award on the dam of de commmoement of,.b Wit aOd ahalf be eafmwble whed er me actin b W mad 1.judgroeat. TIus right a fo addict. "the right given Seller to record the Qad Claim Deed ewruwod poaaunt"the W,,,omt of the Padiee as described "paragraph 4. g. BMll4G "VECT: Tbb Agramem aa0 bin am hate m dre be ru of the beta, exccuron, a lmrmriramn. maomi repmeoadvq, aao coon, and. eacepia n otherwi. Prm'Wed herem, the *angers of the Pilo here". if any Pmvldmr ofaey Seedoe of this Agrctu et or rise appikation thereof eo my pas*` a eimem "mom shall. "my taknt, be invalid w o eofoweable. the reoumder of that Saiba, or the appikadoo of areb pwAgoo 1. persons or cbcumda_ W_ than Wine as " which It is held'mvalid or trOenfosorabk, shelf as be aM and tbcreby, and n,b proyWoa of earl Sectba aed of thb Agre d Ahab be valid and W enferced "the rueat "Wet perodred by law. 9. SEVERABB1TVr If soy main of rhb Ap m6 or the application d.—f ro my pemoo er chmmetsncm, shall"ury "teol be iavaid oa ®eaforteable, the tmuioder of this Agree&enl, or the applkadon of each lean to pemom a cl,a ,M_ odwr thin those as"which g a Ima,W or uneufaxabk, ahan not be Wecred thereby, sad ma Agre%menr aban be valid and mfonmebm "the fullest evWul permhred by aw, 10. GOVEBND/G LAW: This agreement chalk be governed by the bws Of Use Sum of Florida. 11. SOIC(3) TAX EXMWMON, Boy", d io _11a,, pmcae y wirb she et Bmw.d County Property Ap9ml- to sthe to °�a�' will apply emby exempting de property ham lead coma tsxaeYIBuy, Providedya cannot ob tala me reegiau o-�empdriore rgo rioathe County. Buyer ubdeawma tlut It b rerpmable fin the payment of the annual real ham area dud came due far 2011 sad t6"eatrer. Seller an regwr , "its option, tbm Buyer pabii�b m avow aOcalet"r ease paymem of dw mmal red amen mxa. 12. MY WAIVEBr To the emmt p..Md by Law, Sneer and Buyer hereby waive hW by Jury a My acdoo, proceeding or em im io lviog soy roalmr wbarmev" arhirrg out of or k my wry CFN ti 109997804, OR BK 47865 PG 437, Page 5 of 11 comrcvA vim dLU Agrxmeny the of Seller ad Buyer, Buyer's ax t oompaocy of the pnemvea (cusp[ fot pertain injury or property d®Rge) w frivolling the right to any stamnry relief or remedy. made( w ehcvmeaKa shall Bayer fmapos any wumaclaim of any kiod w mare in any ---Y Paxedigg commenced by Sella sgeinat Buyer. 13. NOT(CBS: Any bill, notice, w demand from Seller m Bayer, my be delivered personally at the, Mathes or Not by tegi acred or madfkd mail to the premiss. Salt bill, write or demand shall be deemed m love been d the rime of delivery OR nailing. Any notice from Boyer in Seller ®m W sot by leesered or anCbd mail to the fast address deaiputtd to aamg by Seller. IS. CAPTIONS, ETC.: The captious bcteln are Weerlad only for wnveaknec. and are in no wry to W comaued to a pan of this Apurnem or as a lirmadw of de scope of my provision of rots Agreement. M IAODIP1CATTON: Ibis Agroemem my rot be d-gei, wRhv d, disWmgd or atmimwd -ARY, bu only by an mauommr w temumem m vrhing d&sd by ibe Pen,' agamrt vbleb enforcarar tut of the chaago, waiver, dishatge w wrouln d. is averted. 17. MUBANCE COVERAGES: Buyer (mall mafmsio during the emhe tam, the follnving: A. Casualty insurance, imaring Seller and Goya a row mteten my appear, sgabw lnae w damage by fire and octet riaty from W ne to time WWLKW under 'cxwded coverage,' and "all rlak' policies, in rho amouer of the full meplacena at non of all leasbold improvemew rims wneome a pan Of the PrOpeny u of me dam this Agreenmm b o—Acd sand all euixapeor Wte wtiom, edit—, (Immad W. and irVMcmwb to the Property and 40 f=lam, trade fimtes, egoipmeat, merrhaodke, Rod all oma items of Bayer's property; B. Cart ,b...lve graeral BabBfty inwaxe, haidmg p— list bty Rod property damage. but"mg against calms for bodily lx)wy. deem or property damage nmrtigg on, m t about non Ihmperry. Surd fnnrraace mall here ■ minl®m combiwd aingk limit of tiabBhy of st least Om 1NBfion IbBm /51,000,000) (sub}oa m rraaombk mcteasa frtn [hoe m time tpon written request from Seiler) and dull Mode broad form contractual liability icmaore coveage tarring Buyer's halt-11Y obl*-d m under dra Avvemem. Such lowaoce atoll deo cover Buyer as me named meoed and Seller (Rd soy &ffWMn ofSelkr as my be dMiSutod by Seller from time to nine hc7u6s9 Wt nor limited to any mmagmg Um of d. Butidh ) u Mdoow meuah C. to a agar" iea or dame to plue glace to a m dw fafope ty; Rod O. Such saes imutaaa on me Property to nrd amamb Rod agamu au h oma lgwabk hmrdr m Seller any from t me W thne require which ar me time aro eomonniy obtained tea the reee of property rimda to me pro". dull be & General lasrtf� "romeub. Each policy of rawrntce required m be carried by Buyer by —Vmia of to pined fimrcial eaMmg s rd-iced W t— sth mutraom in thn Sate of Plerida. Each policy of mamRore mall wnaln an ngreemw by the hunter mu it wBl nor canorl or fad m ter aw or amend a ch Pa=Y or re&M the coverage thereunder euept after thirty days' Prior written moa to Seller and that Rey Ion omerwao payable meander shall be payable notv.'imRuendirg say aim odmlar t negligence ofBuyer which might, absent such agreement radt N a forfeh:ue of all w a pan of sucb inmraoro pYmem. Any dedochbk smonms order arty (oeunae;e Policies shall M sob)ea to Seller's prior written approval, On or Prior m de euwtion of time Agtecuem, Buyer shall &&a m Seller certificate, of the buuren, a Wcn-mg all of the boa— which Is reapmed to be maintained by Buyer he—W, together wino evidence of We Paymem of all pm b-- Wctefte, and Hryer d adl, wimm m'uty day. prior k me e V iratioo of any Ruch It—. dell— other c-ifcat" of the hearers evidat4W de removal t replacement of sucb in— togabit whh event of me payment of all premlrmr Waft. ShoWd Boyar fall b -dander or Terse' MY bb— provided fun fo this Secdoo, or to pay me F--i— theaefee, or m deliver to Scher Ray of ath trtlfiaes, Wen Seller, at in option, Wt without obl Pdm to do an. my. upon fro day's notice to Boys, procom ath'vasuraoce, Rd any cams so expended by Seller (mguber with a 20% admmt+tradve experve, for prwmM nth insurance) .W be addtouoal wen hereunder and mall be paid by Boyer a Seiler wbhm ten (10) days after demand metefor. Bays shall bold Sel er barmkm frm and sgam t my and all danoaodr, realm, preardinga, actions w acne, or soon, Iona, damages, liabilities, fmm, pemltka, costs, expemea MEN CFN N 109997804, OR BK 47865 PG 438, Page 6 of 11 (mela&4 utorneys lees) uWq from or br co WdOa with, or oaaaiooed wholly or m Psn M W Bayer's tue or OOMPOcy of the Progeny; (8) my act, omesico, or a 4llglmre of Bayer or its agema• O"'a ", emplo)=, "UM BCC, Or mYUM; and (ill) my TWitim of the Agreement Or failure to comply with any of its Omm or covmmu by Bayer. Seller aW not be reapom3k for the aco or omMona of my odb Boyer a ftd paty that may iomffm wbb Buyu•a me and c*ytam of the Property. Scuff shag as be babde to Boyer for Irma to Soya's property or peraooal injury caved by criminal acts or entry by m udar'=d pomna bur the Property. This Sadon sban auvive pro tamirLWon of this Agreement and the expiration of me terai of ft AgreemeaL IN Wff1ESS VnMtEOF, the putt bave bereaoro tot Thew hands wad aeela the day and year Um above wrfnea Sigoed, soled sod delivered Oaddis Capital Corpma6m to We pteseoa of a Florida corporadoa Prim:��s�jr � 2 R • w P. dta / 9 Preslaeu Prtm: sa.vJaAJv OLF}Ci STATE OF FLORMA COUNTY OF BROWARD n The ftaegoisg mmoaarat was "OoWledged beforo me the 4 day of q r'R I L 2011, by Jesse P. Gedd* as Praddene of Gaddi, Capital C.Tm tim, a Florida , oa behalf of no corporation and wbo 11 persoodlY mown to = or wbo bas pro&md be iluur __ as iden6 fi"6;:14 A4ACK i •f"'i6 SANDI7AJ. BLACK 9�A.ACK Cdtrar ISA" N DO8728W Expires Apri 14, 2013 Etsuninual p a e.r,,,r�r.nrsa.otao-wnro a Markle P It rr If mI FriacrBy: I.ewe r Ia, Prim: 4-1--, dlE OFR.266 •••�%���%'"d %3—�. COUNTY OP BROWARD The foregolag hmtroraar was acknowledged 4fate me rhla� day of n 691 b . 201I. by D. Levy 1e 6. 0 Presldcat and Dfrecta and Core LaWe, as Yk:O-Paddem sod DisMor. Myra Trylos, n Treasurer, S--Wy am M—t", A4-dlb Barham and James A.&mm as Diroctom, sad on behalf of Frommuel Apaatolb bfinraniea, Im, s FTodda ems for rfit cor,,do0. a qiq arf Peraomily mmYn to ma a wbo bave produced weir %eo sp r A R.t t, e?.r vu arlfi _ ?+ 15; NUTARYPUBLIC 1 1) 111110 `x��� \\ 6 LrC'e'sc= CFN k 109997804, OR BK 47965 PG 439, Page 7 of 11 PR030MRY NOTE CD6PL I $593,750.00 Efecdve m of$ixlL fit .2011 (tbe'EReaive D.m') FOR VALVE RECEIVED, V—sod Apoetolic Miobonee, Im., aFlodda out for profit cmporariw (the •Horrower7. Promhea to pay to the order of OMdb Capital Cmpr 6.N a Florida wtpm fim and it, smccaon w Uor es4w, (the'LeodeM, rite pdsripd = of RO, Hudred Ninety Throe Thane ud Seven Hundred Fifty and OU1100 DWm (5593.750.90.00) Dam. together with )merest 1. Defmitimrs. As used m this Norte, the following wrens dull have the reepective rrt—W iedicawd: a 'Agsmm r[ Fm Dmd' shall rrethd ao crrtam Agtee�nt Far Deed exeaatrd by Harrower, u D.Yer, to the leader. u S Uer. a -.Wfng —1, real property iocued 1.Broaud Cwnry, I4mid. di s ibed d—le. The Agreemem for Deed abril secure thh Neer. I` 'Other L.oen D—ne abdl Asa au dornmmo execmof by Barrows in favor of lender in cnaoectms with the Iron e7Ncnced by this Note, other dun dr Agreement for Deed. c. 'Property' dull mean der PrePMY ear®6ered by and subject m the Gen of the Agmemmt for Deed. 2, Payats. rote set wly paymb eaof f1.96e.75 shall co®m hram ARMA 1. 2011 rod on me tmla day and .mtmiog m da Ire day of each trod amy cdcodu mouth tlrrealler, ugh and Including rbe MamdLy Met (era def ted herein) to lawftd mo-7 of the uafted Sme. of Am d. ere the Prhripal oBw of rise Leader, being P.O. Box 950, Fort L =dnd4e. FL 333024)950, m u each other place Or Pixers as they or the holden hereof may from dine to time bmeaf u dmigoue in wddn, as fouows: e. Interw Ram* leer sba0 eOc oe coder this Non u the sae ofSm (6%) of the acbW uubcpd balaoee per a�tm: lntavx ehau be ealadawd en the bash of • 3C0 day qar for the acbral member of days elapsed. b. Maouity Dam. NoMiftnuWmg anything to me conlruy hem rein, du t rc outaasdieg Dri 4W belmce of this Nora, together with any wMed lommst, andl be date and payable on Iels 1. 2014, (,be'M u"7 Dm7. c. Principal Reduction Payments. Borrower is obligated to nuke M. prior p j reduction payamts of $15.625.00 each which are to be tendeted by the Booster to tb be I. r on, AWD 1, 2012 ud April 1, 2013. The ptioc04 of the Pr mlumy Now shell be refired _mdingiy VA the MOad4 IWatcat mly Meteor andl be modified to reflect the prima e) redect)om BoOoat•a "',lure to remit out of date- Prta¢ul reduction P+Y-0 abau wsatmte a defeWr a d—nbcd In Puagreph 7 below. d. AOmaa. AH PsYmmMade upon Maupon this Now duo be applied w follows: (1) m reduce Uurto gp owed by the ltoeower mat ire wldwprimipa nor mmrear, (2) dw rec gate, of sac meh paymear will be appled Ora m earned but torpid mraex and then ro u *.to pr'meipo. and (3) say PW W PRP+Ym u of P,IwW will be applied or 1-11 eWs due bo dse le,,e order of their maturity sad no ach Par1W PreP+Ymrst ofpd.-ip l will h.. be erfxr of Postponing. adsfyiq, saho or omerwim affecting arty abcduted irwil enr before the Noe is paid in W. 3. Lew Cbuge. All in><dloests of lament m peymeou a[primpa provided fro m this Nam s6a0 be t� prortgtty when due rod. uaa Nit widdu ova (Iq days air rise sue taw dherto", "I be subject m a tam chugo Inn mount egnd m Five (5%) of the paymeut due sad andl be peld to Leader 1. xWidon to and at the min of paymem of dK delinquent hhmllme0r m payment 4. Prepayment. Harrower .lull have der right m ppy me pd..ipj balance of this Note, m whole or m pazt, aithwt penalty t my dine, npoe peyrrre[ of ail inwresr aed abet sum thee din end Payable Pmmam to do provisoes of this Note, 5. m L Ell ftnintiw, it the caiculad n of latest or the imposidoa of a cbsoge in the me of i.mrea eRar.melaaio. upon d,&ult m the payrmm ofaoy lees m Other rbatgea ti h ire IlW6 CFN N 109997804, OR BK 47865 PG 440, Page 8 of 11 mabmd to be intern( tmdm applicable law, tole, or reps don in effect from time m tinot, tc n, iv as affection tare of m;;r=t higher than that pm Wtkd to be paid under applicable law, rok, or rgulatiao in "Beet firm dine to time, then SKIT cttarga shall be educed by a sum sufficient to result in m of a foe tare of wriest no mmr duo the maximum effective tan: of fnkrem permitted to be paid under applicable law. wk or regulation k effect from drta: to time. lbe Linder racy, In determining the muarmm rare permitted order Applicable law, rule. ur reguladoo to effect from time to dux. rake advmage of (1) the rase of honest permitted by Florida Staturea Chapter 665 (Florida Savings Anodedoo Act), by reason of both Section 687.12 Florida Stab, ('mtenat rate; parity —% licensed lenders or aednon') and 12 UnhW Stereo Code, Sections 85 and 86, and Nj say other I--, risk m regoladm in dr= from time b tom, av-liable to Lender which exentpm Lender from my limit upon rim rare Of imtrest it my Charliegenre to or geto leader the right tocharge a higher me of n farea than dw pecadam by Florida Stan, , Cb par 687, NotwilhHonding the foregoing, tte rmxhmrm kterea tare which may W charged beieurder sha0 wt acted eighteen (18.00R) peranr. Upon numriry of thk Note, whether by acceicni4ca or In due routae, inRaeat aW be re alwlaad wcr we -coin lira of the lane base mpon one, —war ooW..dwg, and if we WW antrum of baerea rberemfom paid emeeda the amomt peroubted to be paid under applicable law. rule, or reguUdon In effect Gum time to dma, the tams $hill be credited to Principal, or if such excen exmds the Prioctpal mom be bercmder, mfunded to the Boaower. 6. Coer and Waiver. 'M Borrower mcl any madortera, redq, gumamn and all co."oaxwho arc. or MY became habk for the payment hereof jo W and _,idly: (II waive pmmatmem for P`YMM demand, notice of dema tic notice Of mopaymeot Or dhhouor, prWc4 and notice of Protest 0 this Note. and an other mtios in Icowc din wino the delivery. acceptance, pa(ormatte, &L-de, m enfrreeasnt of the paymrat of this Note: (n) -a to all emlosiona of doe, --I" PO"I"'"mrab of ewe of Payment of this Noce or Other modl0otions hereof from dma to tiro, prior to m mfrer the mattuity -biotin notice, eweml, or cooalderadoa In any of 16e foregokg; (ill) agree to my subednttion, exchange, addition m relax Of any of the aaurity or the ddldm ne relea a of my party or Pea" Primartiy Or' aewndarity Babk 11=01% ON) agree that the Lankier shall not be rogwird 5n1 W m Idnm any wit. orw exhmst is remeln against the ®denignod or any orber person or party go become liabk befewder Or Wroat we swority, In order to =Iota the paymeat of this wee; (v) agree dut, aotwithaandbtg the of con of any of the foregoing (acept by the express written mkax by l.=der Of my arch Mann). the tmdenlgoW shall be and remain. Jointly and sn'a lly directly and pAM* liable for all anow due under this Note, and (v) waive the right to trial by Jury If any sun be brwgk m =face or chats age the validity or eoformbility of this Note. 7, Event Of DC We Upoo rLe luppenmg of my of the follOtvimg evmp, ach of =then shall mrstilwa a dtfadc beremtder ('Evrot of W"It'), W aunts dua bneupder shall wtmupon or thereafter, at Lender's option without notice or demand, bemme ®oed;m:ly due ad payable; (a) More Of the Honower or other patty liable for Paytnrnt of thin Note to pry or m before capbab_ of any applicable gram period, any sum tine kereuwkr; (b) o Ora of an Bvmt of Default under any of de Iron Doeammb m any, other loan agceemem o, Rarity Imaummt now or bercaer to effect wh id by in rams oamm this Nina m die Iodeytcicass er kh_l hereby; (c) p{pg of my petition under the Bankruptcy Code or, any simtlar federal or xtak Marc, by or g ten the Bortower m the imolv=ey of the BmtOwer wh'kh is not dWuisad or dixlurged within aidy (60) days; (d) making of a general aut8nmenr by the Borrower for the baa)ft of aedhm, appoiutm=r of or taking pcnm lmh by a rseiver, Irtraee a euasdiao or similar oflidal fin Borrower or for nvy aesw of ire Soaoxr or tmdtudo t by m When the Bomowec of aay kind of Woisealey proceedings m any proceeding per dismNtiom or lignidadw or the Basroart which is not dismtud within sixty (60) days of tie fling thereof; (e) etmy of a fhml Jud"nant fa tarsi of F'* 7Lmsmd and No1100 (M,000.00) Ddlan ageka de Soamwer, which u not.darted or Uanderred to bond within wwY (30) days of the date of ashy: (0 i8comOt of any writ Of awachavent or writ of garniahmot or filing of any Iko against an C'Uaeml Or the pnyerty of ds Borrower whi h is ma di -diced within aMty (60) days of the dam of lsarancn oc filing, Wbkbever is applicable. (g) nldag ofpoaemkn of aay m wLd Couwrw m of my sulgtamial part of tbt property of the Iorrower az tM bawara of aay govemme W uthoritY; (h) di—loWrger, w, ve, eoaod olou, m morgm(udon of the Borower. () aeig—t or wIe by the Bortowar of any equity I' any collateral aeamttY which ateWea payrn=r of this Note wl@mt the prim W I= <oment of Lender which cameo win not be uw a o bey wirlthdd. tastier -W bore a0 Of the tights and rtmeka of a creditor, mortgagee and aecurd party miler all MlIcablelaw. Whdtant himhing to generality of the foregoing. upon the oeeurmrta of my de6mlt bernmder. Leader may. -tits option, and without notice at demand () d=I= wa sodas tmpaid principal and seemed imereat w0denmd and doe and payable at once, together with my and ill when, liabilities of Borrower w any of aoch Iiabiiit'sr salft-W by Lemks; and (d) the Lmdv aha0 have the CFN # 109997804, OR BK 47865 PG 441, Page 9 of 11 right to record the Qtdt rll m Dud referenced in P2rA&mph 4 of the Agreemcrt for Dead u a Dad in L eu of Poreckwvre, and the Borrower AaH be held respomfle for the paymaat of the Lwadm's.UornM fees and costa bmrmd u m remB. (wader mutt pmd& tba Borrower with drty (60 days wrWm aotke spec[Mog the dehmWbrndr hip the Borrower and the Borrower ..a tone the ddaoWbreech within that Axty (60) day Period are the Leader shall hue the tmmediace right to imuruct the esmaw agent to record the Quit C1elm Deed. From and Aber the oca rmm of au Bvrat of Def&uh, u such term is deemed herein, ender this Not or the mamrRy thereof, wW&r nomil mamrhy or weelemad tmmlity, both the uopsid principal hereof and a crud inters[ &hail bear hIDerest at Agut (ISR) or the htgbeat hwftd rate. S. Anwneys Pas. All mctls Ilable for the payment of this Note agree to pay the !,ender —%.bie ntmmeys' fees eta coau, wbed- mr not an sedan la bcanght, for the maim of coo ttei employed aft manaity a defmR to coR m thla Note or any principal are hnerea duo hereunder or to preen the eavrity, if a". or enforce the performanee of any other mpecu m contained Fa this None ot in nay lawttameat of aeuthy au v W in comadoo with inb Mae, including coeu and moseys' fll on any 1ppsl or in nay prmecdiogs wan he Federal Deoi quay Code a b soy Ice. J wgarnl pracad'mgs. 9. Florida few. Thin Note cousiinma a cederdewn no. the laof me Stall of Florida and sha11 be eafomeabk In a court of competent Jurisdiction W that smm, m9todku of wbkh &corn this Note ie being executed. Time is of the eusnce in this Nam. 10. Headings. The h®dlegs of the paragraph, coumhwd in this Note am for the -.a- of mfernce only sod do lax form a part hereof, end on way modify, imerpmt or, comet, dte taan(ng of the pu W beteto, It. Smwity, Thu Note is second by inter alia, the Agreement for Dud and me Other faun DocumaM- D b mWmsdy agmed that Al of the covc=M, roodihom end ag ernew of the 11— coder the Ageeurm for Deed and Odrer lmn Doalmems ere on& a part of cola Note and shall be ioehi W rha W-prebdou of cola Nar. I2. Advancement of Rinds. The funds evidenced bmeby am to be edvateed by the Under to the Borrower p wr w to the ageentent between the I, and the Botr wee. era the tender shall have no oNigu= to advance the (nods in the event that the Born w hu fened to cmrply with the corms -for it ath—iP in defauh under this How, the Agremem for Dad, a my Oder Icon Doratrmom. l3. Complimoe Agreement. Fnr am in coosideraba of the fund}ng a «aawal of this town by Linder, the Borrotm hereby egos b cooperam a eeexacuM Nay and all Loan dacurren,doo deemed raentsy a desirable in Leoder'a dbcredon, in order m corner a to adj- for my cieriW mats or omieAbm combined in my doconcent cxwlwd in comecdon with this Icon. 14. Non-AppUtMary of T.W In Leading IA, yt fet, e h taade to the F,&,4 Tenth lo leading Au and ReguMm 2 of the Reserve Bond. Mote pudooMy, reference is nmde to Sat. 226.3 of nW Regulation Z Borrower does herby Advix Lendet the& the ban m and hereby Is not for Puaoaai, fam0y hood bald, a agrladmrel use. More, epecldnily, the loco shall be used aokly for bui or co>mrtclal patpmea or busmw m OrnmrcscbUy related putpcvea. The net proceeds of the 9 m wee urea Mr rtm cede patens of bmlmsa invest urd hmoot Ihdmdon an arty of the foregoing. due ism den One requite a ditcimue t®ornrnt order de federal Trum in Leading Act and Regutulon 2 of the Frderai Reserve Board. 15. Esrcm6om/Modl5.dantlltaoew b- Each Baroaer herby e:ptmly moamm on eny sad ab extensi m, modificadma and morale. in whole or in part, Wctudfng but not Bmitad m ch"ea in PaYltenl aelxduka and interest taus, end all doiays in sloe of MtOen& a omen pe.fammce which Lmdu may great m permit at my fmle and from LIEN to dine wimoul limibtion 10 wW=t any notice m a furher con— of any Borrower. Each Borer shall also ha bound by each of the forgoing acme, and mow crammed in me guanmy pwdum bneof, deemet m be a par of mix None, without the mgoireazut that Lender first to again any -fry iammn omer d e held by Leader. CFN # 109997804, OR BK 47865 PG 442, Page 10 of 11 BORROWFR: Bc�ntuel � F- printti _ copy CPN 8 109997804, OR BK 47865 PG 443, Page 11 of it Exhibit A Lot 7 of TAMARC BUSINESS CENTER Section 4 of an unrecorded subdivision of Lot 9, of FORT LAUDERDALE TRUCK FARMS SUBDIVISION of Section 13, Township 49 South, Range 41 East; Broward County, Florida being more particularly described as follows: Commencing at the Southeast comer of Lot 9, Section 13, Township 49 South, Range 41 East, FORT LAUDERDALE TRUCK FARMS, according to the Plat thereof, recorded in Plat Boot 4, Page 31, of the Public Records of Broward County, Florida; thence North 01 12'12" West, along the East line of said Lot 9; 567.00 feet to a point; thence North 891 15'42" Weal, parallel with the South line or mid Lot 9, 100.01 feet to the point of beginning of this description; said Point being further dmcribed as being on the West Right -of -Way line of State Road No. 7 (US 441); thence continuing North 891 15142" West, 250.00 feet to a point; thence North 0112'12" Wmt, parallel with the East line of said Lot 9, a distance of 100.00 fat to a point; thence South 8911542" East, 250.00 feet to a point on the West Right - of -Way line of said State Road No. 7; thence South 0. 12'12" East, along with West Right -or -Way line, 100.00 feet to the Point of Beginning. a!k/a 4949 N. State Road 7, Tamarac, FL 33319 Parcel Identification Number: 494113-01-0046 Fllc Number 11-DR-0" QUALIFICATIONS ROBERT D. MILLER, ASA EDUCATION: Appraisal Institute Courses SSP Standards of Professional Practice I -A Fundamentals of Real Estate Appraisal I-B Capitalization Theory and Techniques 8 Appraising a Single -Family Residence 2-1 Case Studies in Real Estate Valuation 2-2 Report Writing Business Valuation Seminar Litigation Valuation Other Appraisal Courses Mass Appraisal of Residential Properties Florida State Law and USPAP Factory Built Housing Automated Valuation Models PROFESSIONAL Senior Member of American Society of Appraisers - AFFILIATION: South Florida Chapter No. 82 — Accredited Senior Appraiser (ASA) Real Property Urban LICENSED: Certified General Real Estate Appraiser #RZ1270- State of Florida(1992-2020) EXPERIENCE: 1995-Present Real Estate Appraiser- Owner Appraisal Firm 1993-Present Vice President -The Urban Group, Inc. 1978-1993 Real Property Analysts, Inc., Fort Lauderdale, Florida, Executive Vice President 1987 Involved in United States Senate Study Right -of -Way Acquisition Procedures QUALIFIED AS EXPERT WITNESS FOR: Litigation in Broward, Dade, Monroe, Palm Beach, Collier and Duval Counties, Florida and Lake, Kankakee, Cook and DuPage Counties, Illinois. Testified in Federal Court in Ft. Lauderdale and Miami, Florida, and Texas HAS COMPLETED: Appraisal Assignments Commercial, vacant, and improved Condemnation projects Industrial, vacant, and improved Multi -family residential, Mobile Home Parks Office, vacant and improved Special purpose properties Counseling Acquisition projects Income tax analysis Investment analysis Tax assessments ROW Cost Analysis Special assessments Review Services PRIVATE ATTORNEY MORTGAGE NSP PROGRAMS PREVIOUS CLIENTS REGENCY CENTERS, INC. CLEAR CHANNEL OUTDOOR LENNAR HOMES SBA TOWERS INC. UNITED HOMES ACKERMAN SENTERFITT BECKER & POLIAKOPF BILLINGS COCHRAN HEATH LYLES MAURO ANDERSON COKER AND FEINER BRIAN PATCHEN, PA DALE BRUSCHI, PA HOLLAND & KNIGHT TEW CARDENAS WEI S S-SEROTA-HELFMAN AMERICAN HOME LOANS BANK UNITED CELTIC MORTGAGE CHARTER MORTGAGE COMMUNITY BANK OF BROWARD-CORAL SPRINGS FIRST RESIDENTIAL MORTGAGE HOME ACCESS MORTGAGE INEEDA MORTGAGE CORP KEMPER MORTGAGE KEY FINANCIAL LIBERTY FINANCIAL MONEY CORPORATION OCEANSIDE LENDING CORPORATION PEAK MORTGAGE SOUTH FLORIDA MORTGAGE CONSULTANTS WELLS FARGO CITY OF MARGATE CITY OF CORAL SPRINGS CITY OF FORT LAUDERDALE CITY OF HOLLYWOOD CITY OF TAMARAC CITY OF LAKE WORTH CITY OF NIIRAMAR CITY OF NORTH LAUDERDALE CITY OF SUNRISE TOWN OF DAVIE GOVERNMENT CRA BROWARD COUNTY BROWARD COUNTY SCHOOL BOARD CITY OF BOYNTON BEACH CITY OF CORAL SPRINGS CITY OF DELRAY BEACH CITY OF FORT LAUDERDALE CITY OF FORT MYERS CITY OF HALLANDALE BEACH CITY OF HOLLYWOOD CITY OF LAUDERDALE LAKES CITY OF KEY WEST CITY OF MARGATE CITY OF MIAMI CITY OF MIAMI SPRINGS CITY OF MIRAMAR CITY OF SUNRISE CITY OF TAMARAC CITY OF SUNRISE FLORIDA DEPARTMENT OF TRANSPORTATION FLORIDA DEPT OF ENVIRONMENTAL PROTECTION MIAMI DADE COUNTY PALM BEACH COUNTY PALM BEACH COUNTY SCHOOL BOARD SOUTH FLORIDA WATER MANAGEMENT TOWN OF DAVIE TOWN OF LAUDERDALE BY THE SEA CITY OF FT. LAUDERDALE CITY OF CORAL SPRINGS CITY OF MIAMI-OMNI CRA CITY OF DELRAY BEACH CITY OF HALLANDALE BEACH CITY OF TAMARAC CITY OF MARGATE CITY OF SUNRISE CITY OF LAKE WORTH TOWN OF DAVIE 6'ti - c: APPRAISAL REPORT OF A COMMERCIAL SITE LOCATED AT 4949 N STATE ROAD 7 TAMARAC, FLORIDA BY G. ADRIAN GONZALEZ, JR., ASA, MRICS State -Certified General Real Estate Appraiser No. RZ1555 PREPARED FOR CITY OF TAMARAC TAMARA The City For Your Life Ms. Lori Fundenvhite, EDFP Economic Development Manager - City Manager's Office 7525 NW 88th Avenue Tamarac, FL 33321 ADRIAN GONZALEZ & ASSOCIATES, P.A. 2040 POLIO .STREET, HOLLYWOOD, FL 33020 Phone: 954-916-3400 Fax: 954-239-5724 E-mail: ago nzalezandassociatesC gmarl.coin �, XX PART ONE - INTRODUCTION ADRIAN GONZALEZ & ASSOCIATES, P.A. REAL ESTATE APPRAISERS • CONSULTANTS • LICENSED BROKER April 16, 2021 Ms. Lori Funderwhite, EDFP Economic Development Manager - City Manager's Office City of Tamarac 7525 NW 881h Avenue Tamarac, FL 33321 RE: 4949 North State Road 7 Tamarac, Florida 33319 Folio No. 4941 13 010046 Dear Ms. Funderwhite: I have completed an appraisal of the above captioned parcel in accordance with your Appraisal Request dated March 20, 2021. The purpose of the appraisal is to arrive at an opinion of the Market Value for the subject parcel. The subject parcel is located along the western side of North State Road 7, which in this area is the boundary between the city of Tamarac and Lauderdale Lakes. The common street address is 4949 N. State Road 7, Tamarac, Florida. The property is currently used as a church but was previously occupied by a diner for many years. The purpose of this appraisal report is to provide an opinion of market value of this property. The intended use is to establish market value. The subject site is appraised as clean of any contaminants. If extensive contamination were found, it could change the value conclusions in this report. The definition of market value may be found within this appraisal report, which is attached. As a result of my inspection of the property and my analysis of the factual data, which you will find in the following report, upon which my conclusions are partially predicated, and with my further assurances to you that the statements contained in this report are to the best of my knowledge correct, I respectfully submit that in my opinion the market value for this property as of April 14, 2021, is as follows: Nine Hundred Thousand Dollars $900,000 Submitted with this letter is an appraisal report containing information and exhibits pertinent to the subject property. Thank you for the opportunity of serving you. Should you have any questions, please call. Respectfully submitted, ADRIAN GONZALEZ & ASSOCIATES, P.A. <A -4 G. Adrian Gonzalez, Jr., ASA, MRICS President State -certified general real estate appraiser RZ1555 2040 Polk Street ♦ Hollywood, Florida 33020 Phone: (954) 916-3400 ♦ Facsimile: (954) 239-5724 ♦ E-mail: agonzalezandassociates@gmail.com A& X3 CERTIFICATION I certify to the best of my knowledge and belief, that: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and is my personal, unbiased, professional analyses, opinions, and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the parties involved. 4. I have not performed services, as an appraiser or otherwise, regarding the property that is the subject of this report within the three-year period immediately preceding the agreement to perform this assignment. 5. My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. 6. My analyses, opinions, or conclusions were developed, and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice, and the provisions of Chapter 475, Part II, Florida Statutes. 7. The use of this report is subject to the requirements of the State of Florida relating to review by the Florida Real Estate Appraisal Board. 8. My analyses, opinions, and conclusions were developed, and this report has been prepared in conformity with the requirements of the State of Florida for state -certified appraisals. 9. The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Principles of Appraisal Practice and Code of Ethics of the American Society of Appraisers, Standard of Practice and Codes of Ethics of the Royal Institution of Chartered Surveyors, which include International Valuation Standards (IVS), as well as in conformity with USPAP as prepared by the Appraisal Standards Board and published by the Appraisal Foundation. 10. The use of this report is subject to the requirements of the American Society of Appraisers and the Royal Institution of Chartered Surveyors, relating to review by their duly authorized representatives. 11. I have made a personal inspection of the property that is the subject of this report. I have also made a personal field inspection of the comparable sales relied upon in making this appraisal. The subject and the comparable sales relied upon in making this appraisal were as represented by the photographs contained in this appraisal. CERTIFICATION (continued) 12. Significant professional assistance in the preparation of this report was rendered by Bruce Ownby, State Certified General Real Estate Appraiser No. RZ988 in the preparation of this report. 13. As of the date of this report G. Adrian Gonzalez, Jr. has completed the requirements of the continuing education program of the American Society of Appraisers. The undersigned appraiser currently holds the appropriate state certification (State -Certified General Real Estate Appraiser No. RZ1555, expiration date November 30, 2022) allowing the performance of real estate appraisals in connection with federally related transactions in the state in which the subject property is located. April 16, 2021 Date (i 4 G. Adrian Gonzalez, Jr., ASA, MRICS State -Certified General Real Estate Appraiser RZ1555 TABLE OF CONTENTS INTRODUCTION AND PREMISE OF THE APPRAISAL LETTER OF TRANSMITTAL CERTIFICATE OF VALUE TABLEOF CONTENTS........................................................................................................ QUALIFYING AND LIMITING CONDITIONS.................................................................. SUMMARY OF SALIENT FACTS AND CONCLUSIONS ................................................ TYPE OF APPRAISAL AND REPORT FORMAT.............................................................. PURPOSE, INTENDED USE, AND INTENDED USER OF THE APPRAISAL ............... DEFINITIONOF MARKET VALUE................................................................................... PROPERTY RIGHTS (INTEREST) APPRAISED............................................................... SCOPE (EXTENT OF PROCESS OF COLLECTING, CONFIRMING, A ANDREPORTING DAT ).................................................................................................... APPRAISALPROBLEM................................................................................................................ ..9 10 PRESENTATION OF DATA IDENTIFICATION OF PROPERTY AND LEGAL DESCRIPTION.....................................................12 DESCRIPTION OF AREA AND NEIGHBORHOOD............................................................................ 13 DESCRIPTION OF PROPERTY, PHOTOGRAPHS, AND SKETCHES...............................................16 ZONING, LAND USE PLANNING, AND CONCURRENCY.............................................................. 23 ASSESSED VALUE, TAXES, SPECIAL ASSESSMENTS................................................................... 25 HISTORYOF PROPERTY.......................................................................................................................25 EXPOSURETIME................................................................................................................................... 25 PUBLICAND PRIVATE RESTRICTIONS.............................................................................................25 ANALYSIS OF DATA AND CONCLUSION HIGHEST AND BEST USE ANALYSIS.......................................................................... APPROACHES TO VALUE USED AND EXCLUDED .................................................. LANDVALUATION......................................................................................................... RECONCILIATION OF VALUE INDICATIONS AND FINAL VALUE ESTIMATE.. ADDENDA AREA DATA AND ANALYSIS LAND SALES MAP LAND SALES DATA SHEETS QUALIFICATIONS OF THE APPRAISER ....................27 ....................29 ....................3 0 ................... 34 7 QUALIFYING ASSUMPTIONS AND LIMITING CONDITIONS 1. The appraisers assume no responsibility for matters of a legal nature affecting the property appraised or the title thereto, nor do the appraisers render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership. The legal description and property description used in this report is assumed to be correct. 2. Market value as estimated under the definition established in the Uniform Standards of Professional Appraisal Practice (USPAP). 3. This appraisal is an estimate of the total value for purposes of condemnation and is prohibited for any other use. 4. The building plans and/or property sketches in this report are included to assist the reader to visualize the subject property and we assume no responsibility for their accuracy. Unless otherwise stated in this report, we have assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass. The appraiser has relied upon the maps prepared by the Public Records of Broward County. 5. Information furnished by others is assumed to be true, correct and reliable. A reasonable effort has been made to verify such information; however, the appraiser assumes no responsibility for its accuracy. 6. The appraiser, by reasons of this report, is not required to give testimony in court with reference to the property herein appraised, nor is he obligated to appear before any governmental body, board or agent except those previously made. 7. Disclosure of the contents of this appraisal report is governed by the By -Laws and Regulations of the Professional Appraisal Organizations with which the appraisers are affiliated. 8. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraiser become aware of such during the appraiser's inspection. The appraiser does not have knowledge of the existence of such materials on or in the property unless otherwise stated. The appraiser, however, is not qualified to test such substances or conditions. If present, such substances including asbestos, urea -formaldehyde foam insulation, or other potentially hazardous substances or environmental conditions may affect the value of the property. The value estimate is predicated on the assumption no such condition exists on or in the property or in such proximity thereto to cause a loss in value. Responsibility is not assumed for any such conditions and not for any expertise or engineering knowledge required to discover them. 4 9. Sub -surface rights (minerals, oil, or water) were not considered in this report. 10. The value estimate herein is predicated upon the assumption the improvements comply with or are exempt from compliance with Title III of the Americans with Disabilities Act. We have not been provided with information, which would identify compliance with or exemption from the public accommodations requirement of the Act. Should an analysis of the property reveal compliance with the Act is required, and should the property require modification for compliance, the value estimate herein may be invalid. 11. Employment in and compensation for making the appraisal are in no manner contingent upon the value reported. 12. All mortgages, liens, encumbrances, leases and servitudes have been disregarded unless so specified within the report. 13. We have not inspected or tested the soil or subsoil. We are therefore unable to report that any such part of the subject property is free of defects or in such condition as to render the subject property less valuable. For this report, we have assumed that no inadequacies, insufficiencies, or faults in the subject property that is not easily detectable. We assume no responsibility for such conditions or any inspection, which might be required to discover such conditions. 14. The appraiser shall not be held liable for errors, omissions, breach of contract or warranty, unfair trade practice, gross or ordinary negligence, and non -malicious torts in acquiring, compiling, assessing, analyzing, adjusting and/or evaluating any of the information included or excluded in this appraisal report and/or resulting in the opinion included herein. 15. Neither all, nor any part of the content of this report or copy thereof (including conclusions as to the property value, the identity of the appraisers, professional designations, reference to any professional organizations, or the firm with which the appraisers are connected), shall be used for any purposes by anyone but the client specified in the report, the mortgagee or its successors and assignees, mortgage insurers, consultants, professional appraisal organizations, any provincial or federally approved financial institution, any department, agency or instrumentality of the federal government or any state without the previous written consent of the appraisers; nor shall it be conveyed by anyone to the public through advertising, public relations, news, sales, or other media, without written consent and approval of the appraisers. 16. The appraiser enforcing the herein set forth contingent conditions against any entity, person or persons claiming damages because of reliance upon or use of this appraisal report or opinion, shall be entitled to all reasonable attorney's fees, costs and expenses incurred by the appraiser enforcing the contingent conditions set forth in this appraisal report, defending this contract, or collecting the fees and expenses due for this report and testimony in support thereof, including that incurred without suit, with suit, during all trials and appeals thereof. 17. The appraiser reserves the right to consider and evaluate additional data that becomes available between the date of this report and the date of trial, if applicable, and to make any adjustments to the value opinions that may be required. 18. This report is prepared for the sole use of the client, city of Tamarac. 19. This Appraisal Report is prepared in accordance with USPAP Standards Rule 2-2. Hypothetical Conditions According to the Uniform Standards of Professional Appraisal Practice, a Hypothetical Condition is defined as follows: "a condition directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results but is used for the purpose of analysis". Hypothetical conditions relied upon in this appraisal is for purposes of reasonable analysis and is listed as follows: The subject property is currently improved with a commercial building. Per client's instruction, the building improvements are not being valued. The site is appraised "as if' vacant. 20. The global outbreak of a "novel coronavirus" known as COVID-19 was officially declared a pandemic by the World Health Organization (WHO). The reader is cautioned and reminded that the conclusions presented in this appraisal report apply only as of the effective date of value indicated. The appraiser makes no representation as to the effect on the subject property of any unforeseen event, subsequent to the effective date of the appraisal. 6 SUMMARY OF SALIENT FACTS AND CONCLUSIONS Property Owner's Name & Address: Emmanuel Apostolic Ministries, Inc. 4949 N State Road 7 Tamarac, FL 33319 Client: City of Tamarac — Office of Economic Development Purpose & Function of Report: The purpose of the appraisal is to estimate the market value of the fee simple interest for the subject parcel "as if' vacant. The function and intended use are to establish Market Value of the site. Property Location: The subject is located along the West side of North State Road 7 with a street address of 4949 N State Road 7, Tamarac, Florida 33319. Building Size: 3,150 SFf Living Area; 3,376 SF± Adjusted Area (Not Included in the value) Site Size: 24,997f square feet or 0.57± acres. Based on the Broward County Public Records. Date of Value: April 14, 2021 Dates of Inspection: The appraiser performed a complete inspection of the subject property and took photographs of the property on April 14, 2021. Present Use: This building is currently used as a church. Names of Persons Who Accompanied the Appraiser: No one. Sales Comparison Approach: $900,000 Cost Approach: N/A Income Approach: N/A Market Value Opinion: S900,000(R) 7 TYPE OF APPRAISAL AND REPORT FORMAT In accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) 2020-2021, there are two types of appraisal formats: Appraisal Report and Restricted Appraisal Report. The appraisal of the subject was done in conformance with USPAP. This is an Appraisal Report format. PURPOSE, INTENDED USE, AND INTENDED USER OF THE APPRAISAL The purpose of the appraisal is to estimate market value of the subject property. The fiinction of the appraisal is to establish Market Value for negotiation purposes. The client and intended user are the City Tamarac. DEFINITION OF MARKET VALUE For the purposes of this analysis, market value is defined as follows: The most probable price, as of a specified date, in cash or in terms equivalent to cash or other precisely revealed terms, for which the specifiedproperty rights should sell after reasonable exposure in a competitive market under conditions requisite to a fair sale with the buyer and seller each actingprudently, knowledgeably and for self-interest and assuming that neither is under duress. [Appraisal Institute's Dictionary of Real Estate, Appraisal Sixth Edition, 2015, page 141 PROPERTY RIGHTS (INTEREST) APPRAISED Property Interest Appraised: Fee Simple, subject to easements of record, if any. The property rights appraised involve the "Fee Simple" interest of the subject property. "Fee Simple Estate" is defined in The Dictionary of Real Estate Appraisal, Sixth Edition, Appraisal Institute, as: "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat." Real Property Interest Previously Conveyed: I am aware of no property interests which may have been previously conveyed and which negatively affects value. Encumbrances: The individual encumbrances or easements, if any, are detailed later in this report. Non -Realty Items Appraised: None. SCOPE (EXTENT OF PROCESSING, CONFIRMING, AND REPORTING OF DATA) SCOPE OF WORK The appraisal process is an orderly program in which the data used in estimating the value of the subject property is gathered, analyzed and presented in report form. The scope of the appraisal is the extent of the process of collecting, confirming and reporting data. The extent to which the market is researched is contingent upon the type of property included in the appraisal assignment. The appraiser will undertake this appraisal assignment under the following scope of work: ♦ The purpose of the appraisal was to estimate the market value of the subject for internal decision making/purchase negotiation purposes; ♦ The subject property was inspected and photographed on April 14, 2021; ♦ All comparables were inspected and photographed; ♦ The physical characteristics of the subject property was considered; ♦ The various laws and governmental policies regulating the use of the subject property were considered; ♦ Review any information provided by the owner; maps were provided to the appraiser; ♦ An opinion of the subject property's Highest and Best Use was formulated; ♦ A search for vacant land sales and improved sales in the general market area was conducted; ♦ The terms and conditions of market data discovered was verified; ♦ Market data was analyzed with respect to market trends and market values. All comparable sales used were confirmed with a principal in the transaction, either grantor or grantee or their representatives. Public records were utilized to check the recording of deeds and easements; ♦ The appropriate appraisal approaches to value were developed, since the subject is appraised "as if" vacant, only the Sales Comparison Approach to Value was developed; ♦ The current market value of the subject property was estimated. 0 APPRAISAL PROBLEM The subject parcel is located along the westerly right-of-way line of N. State Road 7 which is the boundary between the city of Tamarac and Lauderdale Lakes in this area. The site is zoned NC — Neighborhood Commercial. This frontage along N, State Road 7, which is a four -lane north/south arterial traffic route in this area. The purpose of this appraisal report is to provide an opinion of market value of this property. The intended use is to establish market value of this site based on the Highest and Best Use of the site. The market value estimation process involves selecting and analyzing the most relevant market data and correlating the conclusions into a single value estimation of the subject property. In estimating the market value of the whole subject property, the appraiser will rely on sales information provided in the addenda of this report. In appraising the subject property, the Sales Comparison Approach and Income approaches to Value will be developed. 10 PRESENTATION OF DATA IDENTIFICATION OF PROPERTY AND LEGAL DESCRIPTION IDENTIFICATION OF PROPERTY The subject is located along the west side of North State Road 7 with a street address of 4949 N State Road 7, Tamarac, Florida 33319. The subject parcel is located along the western right-of-way line of N. State Road 7 which is the boundary between the cities of Tamarac and Lauderdale Lakes in this area. The site is zoned NC — Neighborhood Commercial. This frontage along N, State Road 7, which is a four - lane north/south arterial traffic route in this area. LEGAL DESCRIPTION The following two legal descriptions were taken from a deed dated April 11, 2001 from GADDIS CAPITAL CORPORATION (Seller) and recorded in the Public Records of Broward County Records at O.R. Book 47865 at Page 433 and is as follows. Lot 7 of TAMARAC BUSINESS CENTER Section 4 of an unrecorded subdivision of Lot 9, of FORT LAUDERDALE TRUCK FARMS SUBDIVISION of Section 13, Township 49 South, Range 41 East; Broward County, Florida being more particularly described as follows: Commencing at the Southeast corner of Lot 9, Section 13, Township 49 South, Range 41 East, FORT LAUDERDALE TRUCK FARMS, according to the Plat thereof, recorded in Plat Book 4, Page 31, of the Public Records of Broward County, Florida; thence North 0° 12'12" West, along the East line of said Lot 9; 567.00 feet to a point; thence North 89' 15'42" West, parallel with the South line of said Lot 9, 100.01 feet to the point of beginning of this description; said point being ficrther described as being on the West Right -of -Way line of State Road No. 7 (US 441); thence continuing North 89' 15'42" West, 250.00 feet to a point; thence North 0'12'12" West, parallel with the East line of said Lot 9, a distance of 100. 00 feet to a point; thence South 89' 15'42" East, 250.00 feet to a point on the West Right -of -Way line of said State Road No. 7; thence South 0° 12'12" East, along with West Right -of -Way line, 100.00 feet to the Point of Beginning. 12 DESCRIPTION OF AREA AND NEIGHBORHOOD Please refer to the Addenda for the Broward County Area data. Neighborhood A neighborhood is defined as a "group of complementary land uses; a congruous grouping of inhabitants, building or business enterprises." Source: The Dictionary of Real Estate Appraisal, 6 h Edition. The boundaries of the neighborhood can be distinguished by different types of characteristics; some can be man-made, such as canals or roadways, and others can be natural, such as rivers or mountain ranges. Typically, as noted earlier, the inhabitants of a neighborhood will usually have a commonality income level, education level, business type, etc. The subject property is in the southeast section of the city of Tamarac, Florida. The neighborhood has the following approximate boundaries: North Boundary: Sample Road South Boundary: Oakland Park Boulevard East Boundary: I-95 West Boundary: University Drive These boundaries describe an area that was developed with a mixture of older detached single-family t . homes and multi -family dwellings in the residential area and a mixture of commercial uses along State Road 7 and the other main east/west and north/south traffic routes. The subject's location is in the eastern section of the city of Tamarac. In this area State Road 7 is also the boundary with the city of Lauderdale Lakes. Portions of the cities of Margate and North Lauderdale are just north of this area and just east of this area is the Fort Lauderdale Executive Airport which is within an area known as the "Cypress Creek area which feature of number of major corporate users. The "Cypress Creek Area" which is an area defined by Interstate 95 as the eastern boundary, NW 31 st Avenue (Wingate Road) as the western boundary, Prospect Field Road as the southern boundary and McNab Road as the northern boundary. This area is centrally located within Broward County and served with a number of transportation linkages. The main reason many of these roads were built, is the Fort Lauderdale Executive Airport (FXE). The airport is a large general aviation facility which handles approximately 250,000 flights per year. Of these 250,000 flights about 125,000 originate from some other airport. Many of these are corporate aircraft which use FXE as a service/fueling point before leaving the U.S. for business trips to the Caribbean and South America. Fort Lauderdale Executive Airport is owned and operated by the City of Fort Lauderdale which obtained it from the Federal Government at the end of WWII as part of a program dealing with surplus facilities. During WWII, the airport, then known as Prospect Field, was used as a training site for Naval Aviators. 13 The main access road to this area is I-95, a north/south interstate highway which has local interchanges with Cypress Creek Road and Commercial Boulevard. Commercial Boulevard is a six -lane median divided arterial traffic route that begins in the east at State Road A-1-A and traverses Broward County. To the west of this area, Commercial Boulevard provides access to the Florida State Turnpike and the subject area. Cypress Creek Road begins in the east at Federal Highway as a two-lane neighborhood street, then runs west to I-95 where it widens into an eight -lane median divided traffic route. In the early 1970's the City created the Fort Lauderdale Executive Airpark which encompasses some 800 acres. With the support of the City, this area began to develop with large industrial/manufacturing facilities, which in some cases include corporate headquarters or offices. In the early 1980's a large number of Class "A" and "B" office buildings were constructed in the area. In addition to the office workers, there are approximately 7,700 people employed by manufacturing firms in the area. This count is based on a county wide survey of companies involved in value-added manufacturing with Standard Industrial Classification (SIC), codes 2000 through 3999, and employing more than 20 people. The employment figure for the subject's area was based on our count of firms within the geographic limits previously described. There are 71 firms which employ approximately 7,700 people, of which 19 firms employ about 5,400, or 70%. Further, four of the 15 largest manufacturing firms in Broward County are located in this area, and they employ about 2,300, or 30%. With the estimate of 14,000 workers employed in the service section of the economy and about 7,700 in manufacturing along with a number in retail and food/beverage sales, it is safe to assume that the employment base within the subject's neighborhood ranges from 22,000 to 24,000 workers. The subject market area is just to the west of the Cypress Creek area along North State Road & which is also U.S. 441 through Broward County. The subject site is also located in an opportunity zone and in what is known as the "Four Corners Shopping District Redevelopment Area': The city's web site describes this area as: A portion of Tamarac's Opportunity Zone is within the Four Corners Shopping District Redevelopment Area. An important retail shopping destination and gateway to Tamarac, the marketing analysis in the 2014 Commercial Arterial Redevelopment Study identified demand at Four Corners that would support additional commercial development. Since the study was published, hundreds of new additional residential units have been built in this area; creating more demand and an untapped opportunity for commercial investment. On the following page is a map of the Opportunity Zone and the Four Corners Shopping District Redevelopment Area. 14 1. u ` e y Y P • Pimp Pult , t.. l �(� i -t f, Legend Rd I tAr Four Comers Snopping a e+e opmen ea nt Y' Tamarac Opportunity Zone y City Limits k `[ i Irrr 31, tr r ��t11MtMN!�e}� Y �'r*'��iiit�l• NW a5M tb., r 's With the large amount of employment in this area along with the new housing being the subject area is undergoing a period of revitalization. This will lead to new retailors and locating into the area and driving up the demand for new buildings. Overall, this area is in a stage of redevelopment and renewal which shows demand for new commercial development such retail uses. In conclusion, the subject neighborhood is characterized by a mixture of land uses such as retail uses which includes automotive sales and service along the main traffic corridors supported by the residential uses in the interior areas. This location provides the subject parcel with ready access to two major traffic routes, one north/south and one, east/west which in turn connect to major limited access road providing access to the South Florida region. The subject's location within a stable growth area in the City of Tamarac gives the subject site great potential for its continued use for retail developments. States of a Neighborhood (1) Growth - a period during which the neighborhood gains public favor and acceptance. (2) Stability - a period of equilibrium without marked gains or losses. (3) Decline - a period of diminishing demand. (4) Revitalization - a period of renewal, modernization, and increasing demand. The subject neighborhood is considered to be in a period of revitalization. 15 DESCRIPTION OF PROPERTY, PHOTOGRAPHS, AND SKETCHES Property Type: The is developed improved with a 3,150 square foot building classified in the public records as a church but has the appearance of a former restaurant or retail building. Existing Use: See above, owner -user church building. Land: The parcel comprising the entire subject property has unity of ownership (later owners), unity of use and contiguity. A. Area: The subject's land area has the following area based on an estimate by the appraiser. The stated size for appraisal purposes is 24,997f square feet or 0.61 acres. B. Shape: The subject property is generally rectangular in shape and is an interior lot. C. Dimensions: A survey was not provided. Utilizing the BCPA measuring tool, the subject property's dimensions are approximately 100 feet of frontage with a depth of 250 feet. D. Ingress/Egress: The site has frontage along North State Road 7's westerly right-of-way line. E. Topography: Generally flat and at or slightly above road. F. Flood Plain Data: According to the FIRM Flood Insurance Rate Map, Community Panel No. 12011 C0362H with an effective date of August 18, 2014, the subject is located in Zone "AE". G. Drainage: Based on inspection, the drainage appears adequate. No problems were identified. H. Soil Characteristics: Being beyond the scope of the appraiser's duties, no soil samples were taken or analyzed by the appraiser. The underlying soil type appears to be UR - Urban Land (Immokalee). This is the map unit delineation according to the Soil Survey of Broward County Area prepared by the U.S. Department of Agriculture, Natural Resources Conservation Service. This is land that is 60% to more than 75% covered with streets, buildings, parking lots, shopping centers, lawns, playgrounds etc. to such an extent that the former soils cannot be easily recognized. I. Utilities on Site: There are building improvements on site requiring utilities. J. Utilities Available: Utilities are readily available to the subject property include water and sewage disposal, telephone and electricity. K. Site Improvements: The site appears to be almost totally paved and has 45 striped and bumpered spaces delineated. 16 L. Easements, Encroachments or Restrictions, and their Effect or Limitations: There are no known easements or encroachments which have a negative effect on or limit the use of this site. M. Environmental: An Environmental Site Assessment Report on the subject parcel was not provided. During the appraiser's inspection there were no readily apparent items such as containers, hazardous chemical usage or spillage that would give an indication of environmental considerations that might possibly adversely affect the property's marketability, its value or its highest and best use. Thus, this report is prepared, as if, the property is clean. The appraiser is not a hazardous waste expert and thus is not qualified to detect such substances. The client is urged to retain an expert in this field if desired. Only a reasonable visual inspection of the property was made by the appraiser for these potential pollutants or contaminants. Description of the Improvements The improvements are 3,150 SF of gross building area and an asphalt parking area. The interior was not inspected since it is not part of this valuation. 17 6. Exhibits Subject Photographs Above: View south along the front of the subject. Below: View north along the front of the subject. Lq M is Subject Photographs (Continued) Above: View southwest from the northeast corner of site. Below: View west along the east portion of the site. 19 t r z S> {�.7�F���a,���5�i�s t vs�G�ty1�,„'` �'i'.tS 'tr�'- �3'-'I, 9 G Fx�����. LOCATION MAP + �l 11� �!� ��'�` fi■ ram �^ �• � s' � ,%, ` •,' i� ��Q o /,a • � i I it41' � � r plilk �. � .!F- ���■� F,�I �,�,��L., �`i � Lek � ll.�.� L 1 M y all ■ Z 21a AERIAL VIEW 22 ZONING/LAND USE The subject site is zoned NC — Neighborhood Commercial which defined by the City of Tamarac code as: NC: Neighborhood Commercial. This district is intended to provide primarily small- scale retail and personal service and low -intensity office and institutional uses to meet the neighborhood shopping and service needs of surrounding residential areas. Limited residential uses are permitted. The basic dimensional criteria area as follows: Lot Size: 20,000 Square Feet Minimum Width: 100 Feet Lot Cover Max Roofed Area: 40% Total Impervious: 70% Landscaped Pervious Area (Min.) 30% Setbacks Front: 25 Feet Side: 10 — 15 Feet Rear: 10 Feet Building Standards: Maximum Height: 40 feet Net Floor Area: 35% r' CONCURRENCY — PLATTING — IMPACT FEES The undefined parent tract is assumed to be a platted vacant site. For development with a commercial use, the subject property would need to meet concurrency requirements. Concurrency, generally, means that public services and facilities needed to meet the impact of development must be in place at the time the development is constructed. 23 ZONING MAP a ' CD' B- CD City of North Lauderdale BAILEY RD - -. - WON City of Lauderdale Lakes P O A O D pC F T ._ W MCNAS ND City of Fort Lauderdale -.. W PROSPECT AD _W C 19MEKIAL BLYD i 24 ASSESSED VALUE, TAXES & SPECIAL ASSESSMENTS The taxing authority in the subject area is Broward County. Building / Year Land Just /Market Assessed Tax Improvements Value /SOH Value 2020 $199,980 $362,750 $562,730 $562,730 $1,851.34 2019 $199,980 $362,750 $562,730 $562,730 $1,797.66 HISTORY OF PROPERTY No title information was provided by the client. The property has been under the same ownership since July 2014. Presently, the City of Tamarac has a Letter of Intent to purchase the property from the owner for $900,000. EXPOSURE TIME Exposure time may be defined as follows: The estimated length of time the property interest being appraised tivould have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based upon an analysis of past events assuming a competitive and open market. Source: The Uniform Standards of Professional Appraisal Practice, 2020-2021 Edition, the Appraisal Foundation. Marketing time required for comparable properties have ranged from twelve (12) months to twenty-four (24) months. It is estimated that up to eighteen (18) months is a reasonable estimate of exposure time for the subject parcel, as of the date of valuation. PUBLIC AND PRIVATE RESTRICTIONS There are no known public or private restrictions which have a negative effect on or limit the use of this site. 25 ANALYSIS OF DATA AND CONCLUSIONS 26 HIGHEST AND BEST USE ANALYSIS Definition The Dictionary of Real Estate Appraisal, Six Edition, Appraisal Institute, defines highest and best use as: "The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity." As previously outlined under Property Description, the subject property was estimated to contain a net area of 24,997± square feet or 0.57f acres of site area zone NC -Neighborhood Commercial. Highest and Best Use - As Vacant Legally Permissible - The subject property is a 3,150square foot warehouse building on a 24,997square foot site. As described in a prior section of this report the subject is NC -Neighborhood Commercial by the City of Tamarac. The city of Tamarac Future Land -Use Plan has the parcel designated Commercial which allows for commercial use development. Thus, the Future Land Use Plan is consistent with the zoning. Physically Possible - The subject is located along the west side of State Road 7. The street address is 4949 N State Road 7, Tamarac, Florida. The subject's locational qualities are similar to sites that have been or are to be developed with commercial uses. Commercial uses are considered physically possible on the site. Purchasers/developers are generally aware of what is required for development, when sites like the subject are purchased. It is assumed that soil conditions are typical for the area, since a site -specific soil survey was not available to us. There are no known physical characteristics that would hinder the site's use for typical small mixed -use residential subdivision type development. Considering the shape, size, accessibility, road frontage, location and similarity to the surrounding land use, the most probable, physically possible use would be for a commercial use of the site. 27 Financially Feasible - The determination of financial feasibility involves analyzing the supply and demand and the cost of development with the potential benefit. After eliminating the possible uses of the site, which are not physically possible, or legally permissible, it is necessary to analyze the remaining possibilities to determine which are likely to produce a positive return. The demand for land similar to the adjoining subject site is indicated in the Sales Comparison Approach section of this report and the final estimate of value supported by the surrounding land sales activity, and recent sales of similarly zoned and located sites. All of the sales support a reasonably active market for this type of property at price levels consistent with a residential use neighborhood. Due to the limitation of the Future Land Use Plan and zoning, the only financially feasible use for the subject property is for some type of commercial development. Maximally Productive — The maximally productive use is the one use out of the legally permissible, physically possible and financially feasible uses that result in the highest value to the site. The maximally productive use of the subject site is considered to be for some type of development similar to the subject. Highest and Best Use Conclusion -As Vacant Considering the shape, size, accessibility, road frontage, location and similarity to the surrounding land use, the highest and best use for the subject would be for a commercial redevelopment. 28 APPROACHES TO VALUE USED AND EXCLUDED There are three generally recognized approaches that provide indications of market value in the appraisal process, which are summarized below. Cost Approach - This approach is premised upon the concept that a purchaser will pay no more for a property than would be spent to produce a comparable substitute property. This theory is based on the cost of production. A value indication via the Cost Approach is derived by estimating the cost new of the improvements, minus any loss of accrued (physical, functional and/or external or economic) depreciation. Using sales comparison approach techniques, the appraiser develops a value opinion of the site and adds it to the depreciated value of the improvements. The addition of entrepreneurial profit, if any, completes this process. The Cost Approach will not be utilized in estimating the market value of the subject property. The Cost Approach is most applicable when used in estimating the value of new improvements, or in situations where depreciation is low and can be estimated with a reliable degree of accuracy. This approach starts losing its validity as a property gets older and its condition deteriorates. This is due to the lack of available market evidence from which to derive reliable estimates of physical, functional and locational obsolescence. Also, buyers and sellers do not typically make decisions based on the cost new less depreciation when the improvements are old. Sales Comparison Approach - This approach is based on a theory that a typical purchaser is only willing to pay for a substitute property of equal utility. This approach compares the subject property to similar properties and adjusts for such factors as date of sale, conditions of sale, age, physical characteristics, and market conditions. Adjustments are applied to the comparable sales to reflect the subject features. Income Approach - The Income Approach converts the anticipated income to be derived from the ownership of property into a value estimate. Under this approach, the relationship of income is compared to the sale's price. The subject site is considered vacant land, that is presently improved with a CBS commercial structure which not considered in this appraisal. The Cost and Income Approaches to Value will not be utilized in this appraisal. The Sales Comparison Approach will be relied upon solely in providing an estimation of the subject's market value. 29 LAND VALUATION In land valuation, the following elements in value are equated between the individual properties under comparison and the subject property: Sales data, including price, terms, time of sale, lot size, shape, frontage, depth, contour, other topographical features, land cover, soil, composition; Location appeal relating to land pattern, corner influence, proximity to favorable or unfavorable features, accessibility; Availability of utilities, street surfacing, municipal services; Zoning and deed restriction, probability of rezoning or the intrusion of inharmonious land uses; Neighborhood influences and trends; Any other pertinent comparison factors. The objective of the Sales Comparison Approach to land valuation is to deduce, from data of actual sales and current offerings to buy or to sell, the amount at which the subject property would sell if it were put on the market. In valuation theory, the intent is by comparing data, an exact duplicate of the subject is found, and thus the price that the subject would bring in the market can be correctly estimated. Of course, in actual practice it is rare, indeed, to find another property exactly like the subject. The subject property contains a net area of 24,997± square feet or 0.57 acres of land. My analysis shows that the most likely use would be for some type of commercial development. The appraiser searched the subject and adjacent neighborhoods for the most recent sales of vacant properties to have occurred. The vacant lands sales on the following grid and included in the report's Addenda were selected as having the greatest overall degree of similarity to the subject from among the sales considered. They are analyzed on the following pages and form the basis of an estimate of the subject's land value by the Sales Comparison Approach. The unit of comparison derived from the following comparable sites was a price per square foot of land area. I M 04 0 0 0 0 In o 0 0 0 0 0 0l o 0 0 0 o a o 0 0 0 0 0 0 0 0 0 0 o -In CD 0 0 0 0 0 0 0 69 6H (IS 69 N 69 69 69 64 69 69 69 69 69 0 7 O O d U O 00 O N N 0. o 0 0 o e o o e o 0 0 0 0 kn O p > N O O o O O O O O O O O O O y U >" vi O O O O O O O O O O O O O N O W Z �-.J N N O O O O O O O O O O O O O Fn z rq , u A z 0 o a C) o o� o 0 0 0 CD oo �v)�I00 � ��64��fAZs M p V ^ O O c'xi No M o U y ti o 0 0 0 l o o o 0 0 0 0 0 0 0 0 0 0 0 0 E oe o 0 0 0 0 0 0 Cl6 0 0CN z M O N > O O CDO O O O O O N 6% b d o 0 0 C Ol o 0 0 0 0 0 0 0 O O O O N O O O O O O O O O O O O .ti O O O O O O O O 69 69 69 69 69 69 69 69 69 69 69 69 O V1 N N 0 20 O a\ § U > U N O O O O O O CD O O O O O O N N U '�.. •.1 O O O O O O O O O O O O O M F N N O y M O CD O O O O O O O O O CD O U, z O Q 69 U W k U d a, z A O O O O r O O co N CD CD O 0 0 0 0 0 o co M o o O c; O O O O 00 O O N 4 O O O h a 69 69 69 64 6N9 69 6%i 65 64 69 69 69 (A x x � tGp C ONr�' y o 0 0 0 l o 0 0 o 0 o O G1 o o_ 6 °J o0 0 0 0 0 0 6 0 o 6 0 6Cvi O Q N U ��-' , O O O O CcO O O O N fA 3 M M � t� N 'D N. V O U ^' N ❑O. � � z� zUS Q U z � A R d m � V c Q m V N g� a 4p+ pOp CZ 'tm cl a m d A rig in v, t� O F U w a d w W U" d U .7° F d Vi v1 l� O z d Discussion of Adjustments The previously presented land sales are reasonably similar to the subject, although they are not identical and thus require direct comparison to the subject to account for various differences. Those comparison categories for this property type include property rights, financing, conditions of sale, expenditures after purchase, date of sale (market conditions), location, size, corner versus interior, topography, configuration, zoning/land use, all of which are discussed as follows. Property Rights - The property is appraised in fee simple interest. The property rights conveyed for all of the sales are also fee simple and an adjustment for property rights is not warranted. Financing — All the sales involved cash or conventional financing at market rates. Financing adjustments are not necessary to these sales, since there was no unusual favorable financing. Conditions of Sale - Adjustments for conditions of sale usually reflect the motivations of the buyer and the seller. Depending on the conditions of sale, the sales price can be significantly affected. Each of the sales included in this analysis were verified to be arm's length transactions. They were all available for sale on the open market and there were no known unusual conditions. Adjustments for conditions of sale are not necessary. Market Conditions - The date of sale identifies market conditions prevailing when the particular transaction occurred. Market conditions may change between the date of sale of a comparable and the effective date of the appraisal. Changing market conditions often result from various causes such as inflation, economic recession, changing demand, changing supply, and the cost or availability of mortgage funding. The cause of the adjustment is not time itself but a change in market conditions. The four sales occurred over an 8-month time span from July 2020 to March 2021. Based on the observed sale prices and market condition it does not appear that an adjustment for market conditions is warranted. Location - The subject is located along the west side of North State Road 7 in the city of Tamarac. Two of the four sales presented are located near the subject along N State Road 7. No adjustments have been made for this factor due to its proximity to the subject. Physical Characteristics - The primary physical differences between the subject property and comparable sales were site size, configuration, clearing and fill, platting, utilities and zoning. Topography/Site Clearing — All four of the sales are assumed to require typical clearing. No adjustment has been made for this factor. Access/Exposure — The subject has access along N State Road 7. Sales # 2 and #4 are located near the subject and have similar access and exposures. Sale # 1 lies off of Oakland Park Boulevard and has limited exposure compared to the subject. This sale was adjusted upward 10% for this feature. Sale #3 has a corner location with access along two roads which is superior to the subject. This sale was adjusted downward 15% for this feature. 32 Size - The subject parcel contains 24,997 square feet while sale #1 is larger sizes so it wase adjusted upward 15% for its size. Sale #1 also is located off the main road so it was adjusted upward 10% for access. Shape/Configuration -The subject parcel has a rectangular shape while all of the sales have a generally rectangular shape. Thus, no adjustment was warranted. Platting - The subject parcel may not or may not require platting. Therefore, no adjustments have been made for this feature. Utilities - The subject and all the comparable sales utilized in this analysis have electric, telephone, public water and sewer. Therefore, all the sales are rated similar to the subject, requiring no adjustment. Zoning/Land Use —The four sales area all zoned for commercial use. Therefore, all the sales are rated similar to the subject, requiring no adjustment. Economic Characteristics - Like the subject, the comparable sales are all located within Broward County and within close proximity to the subject. In the appraiser's opinion, adjustments for economic conditions are not necessary. Conclusion of Value The indicated value range of the sales is from $25.95 to $58.69 per square foot. After adjustments, the range is from $25.95 to $49.89 per square foot. The indicated average price per square foot is $35.77, while the median price per square foot is $33.63. Giving more weight to the most recent sale, the appraiser concludes to $36 per square foot. Based on this price per square foot, the market value of the subject property is estimated as follows: 24,997@ $36.00/SF = 899,892 rounded to: $900,000 33 RECONCILIATION OF APPROACHES Cost Approach N/A Sales Comparison Approach $900,000 Income Approach N/A Of the three commonly utilized approaches to value, only the Sales Comparison Approach has been employed. As previously described, the subject property is appraised as a vacant, commercial site. For this reason, the Cost and Income Approaches to value were not appropriate techniques to utilize. The Sales Comparison Approach is the most appropriate technique to utilize in estimating the value of vacant land and included an analysis of sales of vacant parcels with characteristics similar to the subject site. The Sales Comparison Approach provides the best indication of the market value of the subject property and is relied upon solely. With sole reliance on the Sales Comparison Approach, the market value of the subject property as of April 14, 2021, is estimated to be $900,000. 34 ADDENDA lr -.., _..._...... _...... _..._..,...._..._ _..._....... - Y' _-41, - _ 4 -- ... ;% _ _ ,.. �•�••.u......,.,..,�,W.,�.:.....,.....,.�..._.....-.... John H Quigley ParE 4- �COral834 f869iC814: F"C -.GA I D 4qEvl _ .... . _ ,.._.. _.. 4 _ ...—.4-- .. _ _ _ ..l R W D de I 2- _ .., ..i,. _ _ ..dc. _ .• _ _ S. _ I 8 8' Cal 1pe I h0Fltlant r'.s etlbro, e • azo,' 823 _ ! —_ ... .... 68" _ 821 r. BROWARD COUNTY MAP a 'a Raton -er ield Beach I 'Hillsboro Beach Liglhthouse Point O J m ano Beach rp rk i 0 r+ Lauderdale -by -the -Sea Atlantic )kla Park y d %Al ors Ocean ) fderdale rt LauderdaletHollywood International is uv+ood late Beach :aura Sunny Isles AREA DATA AND ANALYSIS General A general geographic, economic and a demographic overview of the county is helpful in gaining a proper perspective of those factors that influence real estate values. Broward County is located in the center of the tri county area that comprises the "Gold Coast" of Florida. These three counties have extensive Atlantic Ocean shorelines with excellent beaches. The waters are warmed and the climate is greatly affected by the proximity of the Gulf Stream. The Gold Coast enjoys a semitropical climate because of the warming effect of this ocean river, which is approximately one mile from shore. Dade County, whose principal city is Miami, borders Broward on the south and Palm Beach County the principal city being West Palm Beach, lies to the north. Broward County, whose principal city and county seat is Fort Lauderdale, contains 1,197 square miles. The county is roughly rectangular in configuration, measuring about 25 miles from north to south and 50 miles from east to west. The western two thirds, encompassing 787 square miles, consists of both a water conservation area and an Indian Reservation, leaving approximately 410 square miles or 263,144 acres of developable land. Broward County was formed in 1915, from portions of Dade and Palm Beach Counties. Fort Lauderdale, the county seat, although established many years before, was not incorporated until 1915. Population Over the past several decades, South Florida has been one of the fastest growing urban regions in the United States. The Gold Coast counties of Miami -Dade, Broward, and Palm Beach increased almost one million persons during the decade of the 1970's, which is approximately four times the national growth rate. Approximately 10% of the state's population currently resides in Broward County, Florida, the state's second largest county. Broward County, according to the 2000 United States Census, has a population of approximately 1,623,018, an increase of 29.3% over the 1990 Census population estimate. Density of population for Broward County is approximately 1,356 persons per square mile. The current population estimates for 2013 is 1,771,099, projected population for Broward County for the year 2015 is 1,797,981, 1,850,809 for the year 2020, and 1,948,762 for the year 2030. While the great rates of growth were experienced in the 1920's through the 1950's, the greatest volume of growth was during the 1960's and 1970's. While the rate of growth in the 1970's was only two thirds the growth rate of the 1960's, nevertheless, the county added nearly 400,000 new residents. The 1980's marked a large increase in the Latin American population. The population of Broward County (as of 2011) is racially and ethnically diverse with 66.7% of the population being White, 33.3% being Non -White (includes Black, American Indian, Asian, and persons of more than one race). Also, of the overall population, 25.8% are considered to be Hispanic or Latino origin. Many different languages are spoken throughout the county. From 2007- 2011, 37.2% of the population aged 5 and over spoke a language other than English. The 2011 population of Broward County by age is 5.9%, age under 5, 22% age under 18, 57.8% ages 19 to 64 and 14.3% age 65 or older. As of the April 2011, there are 665,037 households within Broward County. Topography, Soil and Sub -soil Broward County has an elevation ranging from sea level along the eastern coastline to a maximum of approximately 25 feet above mean sea level. In the developed eastern portion, the elevation average is less than 5 feet. The soil is all fine grain sand with no natural topsoil. Depth varies from one to fifteen feet and is supported by coral formations along the coast with limerock ridges in the western portions of the county. Black muck is also found in the western portions of Broward County. Over the centuries, these muck deposits have been formed by the decomposition of the tropical foliage. Broward County has numerous manmade lakes, freshwater rivers and approximately 126 miles of navigable canals. Climate Broward County, with its subtropical climate and prevailing southeasterly breezes, has one of the best climates in the continental United States. The average annual temperature is 75.4 degrees Fahrenheit with a winter mean temperature of 66.5 degrees Fahrenheit and a summer mean temperature of 82.8 degrees Fahrenheit. Average rainfall is about 62 inches per year. The period of June through November is known as "hurricane season." Though few storms ever hit Broward County, precautions are taken to keep the area residents informed and aware of any factors affecting the weather conditions. Employment and Economic Base The economic base is defined as "The economic activity of a community that enables it to attract income from outside its borders." (SOURCE: The Dictionary of Real Estate Appraisal, Appraisal Institute) At one time, tourism was the most important business activity in Broward County. Today the size of industry has grown to the point where the two -stand side -by -side in importance. Some of the reasons for the growth of industry are: 1. No state income tax on personal earnings. 2. No inheritance tax. 3. Minimum taxes on corporate earnings. 4. A state law allowing a means of financing and provision of capital projects through revenue bonds. 5. A good business climate in the county with available labor. Florida also allows a homestead exemption of $50,000 for legal residents. The first $50,000 of the assessed value of a personal residence is exempt from taxation, if it has a homestead exemption. Principal employment, in Broward County, is in the wholesale and retail trades, with personal services a close second. The total civilian labor force has increased from 771,811 in 1998 to an estimated over 1,000,000 employable in 2014, an increase of nearly 30%. Of those employed in the non-agricultural industries, 57% were employed in the service sector, 12% were employed in the retail sector, and the government employed 12%. The largest opportunities in current job market are in financial services, medical technologies and construction. This is due to the rapid increase in population over the past decade. Growth is expected to continue in South Florida, thereby necessitating increased demand for services, construction, and industry. Hurricane Andrew has increased the demand for construction and related service workers. Because of this need, opportunities for employment are good and unemployment is expected to remain below the national average. Foreign funds in Broward County, until recently, have been invested in banking, real estate, manufacturing, building materials, etc. Though difficult to determine the extent of these enterprises, conservative estimates place the value of foreign ownership in excess of one billion dollars. Motives prompting this have been financial security, tax advantages, high inflation abroad, rising labor costs and a declining U.S. dollar. Drug smuggling activities comprise a large segment of the underground economy. Though the economic impact cannot be measured or estimated with accuracy, it is important to consider this enterprise because it affects the base industries of Broward County, i.e., retail trade, service, and real estate. Industrial Growth Since the establishment of the Broward County Land Use Plan in 1977, industrial growth has become a prime concern in Broward County's economic development. With the goal of a diverse economic base in mind, the Broward Economic Development Board continues to attract a number of industries to the area. Through these efforts, there has been a steady increase of industrial firms in the area since 1977. More than 137 industrial parks and office complexes have been built in Broward County to accommodate this growth. During the period of 1984 1986, the county's 78 industrial parks offered more than 3,000 acres of planned industrial land and buildings, which were available for immediate occupancy. These industrial parks and office complexes are prime locations for the high technology and computer -oriented firms that Broward County wishes to attract to the area. According to various industrial surveys, the fixture outlook of Broward County's industrial growth is number one in the nation. Broward County was named the number one business climate in the country a few years back. This is attributed to a rapidly growing labor force and a strong and friendly business climate. Since the development of the Land Use Plan in 1977, hundreds of companies have expanded, relocated or started new ventures in Broward County. With this expansion and relocation came new jobs and retention of jobs, all utilizing over 1.6 million square feet of industrial and office space. The motion picture and television industries have also become a prime target of the Broward Economic Development Board. Broward County is being promoted as an excellent location for filming feature films and television commercials. During the period of 1984 1994, eight major motion pictures, totaling nearly 27.5 million dollars in revenues, were shot in Broward County. Canada Dry, Toyota, Pampers, Revlon Flex, Lipton Tea, Eastman Kodak, Yellow Pages and Burroughs are examples of television commercials that were made in Broward County during this same time period. Broward County is also focusing on international trade and is seeking to take advantage of its prime location to Central and South American markets. With a rapidly growing labor force and strong, friendly business climate, Broward County will continue to attract industry to the area and grow. This growth will be shown through the expansion of industrial growth and development with the help of a professional approach to land planning and financial incentives at every level. Government The government processes for Broward County are fairly efficient with a few services overlapping due to city boundaries. The general administration of the county government is under the supervision of a nine -member Board of County Commissioners and a full time County Administrator. Departments under their direct supervision include the Sheriff, Property Appraiser, Supervisor of Elections and members of the judiciary who hold elected offices. As of 2015, the judiciary (17th Judicial Circuit) includes 90 circuit and county court judges, 11 general magistrates and hearing officers, a State Attorney, the Clerk of the Circuit Court and a Public Defender. Education Public education is provided by the Broward County School Board. Presently, with 310 schools, centers and charter schools and over 258,000 students, Broward County Public Schools is the sixth largest school district in the nation and remains the largest fully accredited district in the country. The county provides bus transportation to any student who lives in excess of two miles from his designated school boundary. Some of the high schools have been designated as community schools and offer a wide variety of courses to the general public. These courses are provided at a nominal charge generally ranging from $2.00 to $60.00 per course, and any optional equipment or books. Broward County's vocational centers offer certificates of completion in adult education courses, including, but not limited to, business, secretarial, medical, fashion, automotive, industrial and technical courses. Broward College, with its main campus in the west -central area of Broward County, has three branches located strategically throughout the county. Other colleges offering four-year degrees include a branch of Florida Atlantic University, Nova University and Fort Lauderdale College. Numerous parochial and private schools that offer a full spectrum of educational opportunities supplement these educational facilities. Recreation Recreation activities, in Broward County, are many and varied. Having more than thirty miles of public oceanfront beaches and approximately three hundred miles of waterway has given Fort Lauderdale the title, "The Venice of America." Numerous county and state parks provide active, passive and waterfront activities. The thirty golf courses within the county offer both executive and championship play. There are tracks that offer pari-mutuel betting on dog races, horse races, and Jai Alai. In addition, the nightclubs and theaters in the area provide other forms of entertainment. There are more than 2,300 restaurants offering foods to satisfy most palates. The availability of many forms of entertainment and recreational facilities has attracted many tourists, as well as permanent residents, to Broward County. Medical Facilities Broward County is broken up into two separate districts, the North Hospital District and the South Hospital District. Each district has a Board of Governors that regulates policy and administers the hospitals. There are approximately 30 major hospitals and approximately 52 nursing homes that provide good medical protection to the County. Numerous private health centers and a mobile health unit to service residents in the outlying areas supplement these facilities. In 2015, there were 7,161 licensed physicians and 1,950 licensed dentists practicing in the county, providing adequate medical and dental care. Utilities Broward County receives its electrical service from Florida Power and Light. Florida Power and Light is one of the largest utilities in the nation, with service to over 3 million customers. Electric service is generally available to all sections of Broward County. BellSouth provides telephone service. Broward County has available the most sophisticated services in telecommunications. Peoples Gas System supplies natural gas to Broward County. Any area not serviced by natural gas mains can be supplied liquefied petroleum gas for residential and commercial use. Water can be obtained from 49 municipal and private utility companies throughout the county. Transportation All forms of transportation service Broward County. Fort Lauderdale/Hollywood International Airport, one of the busiest in the nation, is a United States Port of Entry and is serviced by most major airlines. Several other small airports are located throughout the county. Port Everglades, also a United States Port of Entry and one of the largest deep -water ports in Florida, is approximately one mile east of Fort Lauderdale/ Hollywood International Airport. Many cruise ships, as well as tankers; cargo ships, both foreign and domestic and the United States Navy visit the port regularly. Interstate bus and rail service, as well as local bus and taxi service, complete the available public transportation service. Broward County is served by a number of major highways. Interstate 95 and the Florida Turnpike bisect the county north and south with numerous other north/south highways in the area. The Sawgrass Expressway is a 23-mile toll road that reaches through the western area of Broward County from the I-75/S.R. 84/I 595 interchange northward to Coral Springs and eastward into Deerfield Beach. I-75 currently provides a link between Broward County and Miami -Dade County and reaches north all the way to Michigan. I-75 also links up with the Sawgrass Expressway and I-595, creating a transportation "loop" for commuters in the tri-county region. I-595 provides any east/west connection from I-75 and the Sawgrass Expressway in the west to the Fort Lauderdale/Hollywood International Airport and Port Everglades in the east. Conclusion Broward County has historically been one of the fastest growing counties in the United States due to its excellent climate, living conditions and employment opportunities. A March 20, 2008 Sun - Sentinel Newspaper article indicates that Broward County lost approximately 13,154 residents in 2007, the first such decline. This is largely attributable to increasing property taxes and insurance costs, and a general rise in the cost of living. The increasing demands on all levels of construction and on all manufacturing and industrial operations give the area a diversified economy. This region is the most populated area in the State of Florida, and it continues to grow. In many respects, Broward County is quickly running out of land, as development has encroached upon the Everglades. At this point, many of the "infill" locations that were previously overlooked are now being developed. The housing market was strong during the years leading up to Hurricane Wilma in October 2005, primarily due to a very long period of historically low interest rates but has since slowed down. Various construction starts have also contributed to a great deal of revitalization and renovation of older structures (especially in the eastern/coastal areas). A substantial amount of price appreciation occurred from the year 2005 until 2007-8, when the real estate market and national economic downturn occurred. The real estate market in 2015 bounced back in the last few of years but is not at the levels of late 2007. Generally speaking, most of the commercial price levels have also increased. Broward County is well diversified and in a good position for the future. There is still a skilled and large employment base, substantial tourism dollars' flow into the region, and the transportation/shipping network is also good. All of these factors contribute to a more stable economy, even when other parts of the United States experience minor economic fluctuations. The unsold inventories of condominiums and homes in South Florida have declined and construction is up over the past two years. At the present time, vacancies are down, rental rates have increased, particularly in apartment buildings, and price levels have increased since the last recession. The unemployment rates in the region, State of Florida, and entire United States during the past two years have declined. The unemployment rates in the region, State of Florida, and entire United States during the prior two years had declined. However, the recent health pandemic over the last year has slowed the economy and unemployment has increased to an unprecedented level. The unemployment numbers have recently decreased and things appear to be getting back to as they were prior to pre -pandemic levels. Sources: US Census Bureau LAND SALES MAP LAND SALES DATA SHEETS VACANT SALE NO.: 1 (117166029) RECORDING DATA: Instrument No. 117166029, of the Broward County Public Records. GRANTOR: Oakland Lakes Boulevard, LLC. GRANTEE: TSO Oakland Park, LP DATE OF TRANSACTION: March 25, 2021 DATE INSPECTED: April 14, 2021 SITE SIZE/SHAPE: 110,182f square feet; 2.53f acres, generally rectangular in shape. CONSIDERATION: $3,170,454 UNIT PRICE: $28.77 per square foot TYPE OF INSTRUMENT Special Warranty Deed FOLIO NUMBER: 4942 20 04 008 & 4942 20 04 0071 LOCATION: This site is north of West Oakland Park Boulevard behind` some one-story retail buildings. The street address is 2299 West Oakland Park Boulevard in Oakland Park. ZONING CODE/LAND USE PLAN: B-1, Community Business — City of Oakland Park. The future land use map shows this area as commercial. PRESENT USE: This site is generally rectangular in shape. HIGHEST AND BEST USE: Commercial development CONDITION OF SALE: Arm's length transaction FINANCING: No financing was recorded with this sale. No effect on the price paid. VACANT SALE NO.: 1 (117166029) Continued TYPE OF IMPROVEMENTS: Vacant UTILITIES: Electric, telephone, water and sewer are all available to the site. VERIFICATION: This sale was verified with, Josh Koerner, 904-733-0039, Selling Broker by Bruce Ownby 04/15/2021 MOTIVATION OF PARTIES: Grantor was disposing of an asset. Grantee purchased for development. ANALYSIS OF PERTINENT None INFORMATION INCLUDING CASH EQUIVALENCY CONSIDERATION: EXPOSURE TIME: Over one year NUMBER OF DAYS ON THE MARKET: 385 REMARKS: The property was vacant, level and at road grade at the time of sale. The site has access off of W Oakland Park Boulevard, but its exposure is somewhat limited since most of the developable portion lies to the rear of the site. Proposed for the site is a self -storage facility. PHOTOGRAPH TAKEN BY ADRIAN GONZALEZ ON APRIL 14, 2021 Ul Instr# 117166029 , Page 1 of 3, Recorded 04/01/2021 at 02:16 PM Broward County Commission Deed Doc Stamps: $22193.50 This instrument prepared by and should be returned to: Alston & Bird LLP 1201 W. Peachtree Street Atlanta, Georgia 30309 Attn: Jason W. Howard, Esq. Parcel Identification Nos. 494220-04-0071 and 494220-04-0080 SPECIAL WARRANTY DEED OAKLAND LAKES BOULEVARD, LLC, a Florida limited liability company (the "Grantor"), whose street address is 101 Pugliese's Way, 2"1 Floor, Delray Beach, Florida 33444, for and in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt of which is hereby acknowledged by the Grantor, grants, bargains, sells, and conveys to TSO OAKLAND PARK, LP, a Georgia limited partnership (the "Grantee"), whose street address is do The Simpson Organization, Inc., 1170 Peachtree Street NE, Suite 2000, Atlanta, Georgia 30309, and the Grantee's heirs and assigns, in fee simple, the real property (the "Pro a ") located in Broward County, Florida described in Exhibit "A" attached hereto and by this reference made a part hereof. This conveyance is made subject to all laws and restrictions, covenants, conditions, limitations, agreements, reservations, and easements recorded in the public records, or otherwise established with respect to the aforesaid property, none of which are hereby reimposed; pending governmental liens for public improvements and as of the date hereof; and real property taxes and assessments affecting the property for the year 2021 and thereafter, which are not yet due and payable. Grantor hereby covenants with the Grantee that it is lawfully seized of the Property in fee simple; that it has good right and lawful authority to sell and convey the Property. The Grantor warrants the title to the Property and will defend the same against the lawful claims of all persons whomsoever, claiming by, through, or under the Grantor. [Signatrmes on Following Page] LEGAL02/397443480 Instr# 117166029 , Page 2 of 3 4'K EXECUTED this day of 1VVR2x . lr4 .2021. Signed, sealed and delivered in the presence of. Signature of Witness #1 f - lJf al ) �'1 a" L Printed Na a of Witness 41 ig ature of Witness a.pc'—(- t4&fe, Printed Name of Witne s #2 STATE OF COUNTYOF GRANTOR: OAKLAND LAKES BOULEVARD, LLC, a Florida limited liability company By. V P Nam e:1)av . Cloran, II Title: Vice President The foregoing instrument was sworn to, subscribed and acknowledged before me by means of';Ii< physical presence or ❑ online notarization, thisofi021, by David H. Cloran, II, who is the Vice President, of Oakland Lakes Boulevard, LLC, a Florida limited liability company, on behalf of the company, who is personally known to me, or ❑ has produced as identification. (NOTARY SEAL) ry public Stale at Fbrida o Nole apw Doug Marek MY Comma 512022 2a2921 or Expires eBn 5r2 LEGAL020974434M Notary Public Printed Name of Notary Public Notary Public, State of Notarial Serial Numbcr C Instr# 117166029 , Page 3 of 3, End of Document Exhibit "A" (Legal Description) A portion of Tracts G and H, OAKLAND LAKES, according to the Plat thereof as recorded in Plat Book 111, Page 7, of the Public Records of Broward County, Florida; being more particularly described as follows: Commencing at the Southeast corner of said Tract H; thence South 89°05'55" West, along a line parallel with and 72.00 feet North of as measured at right angles to the South line of the Southeast One -Quarter (SE 1/4) of Section 20, Township 49 South, Range 42 East, a distance of 53.40 feet; thence North along a line parallel with and 53.39 feet West of the East line of said Tract H, a distance of 131.02 feet to the POINT OF BEGINNING of this description; said point also being on the South line of that certain ingress and egress easement described in Official Records Book 13439, Pages 730 through 787 of the Public Records of Broward County, Florida; thence South 89°05'40" West, a distance of 425.63 feet to the point of curvature of a circular curve to the left; thence Southwesterly and Southerly along the arc of said curve, having a radius of 26.00 feet, a central angle of 89*02'10" and an are distance of 40.40 feet to the point of tangency; thence South 00°03'30" West, a distance of 31.22 feet to the point of curvature of a circular curve to the right; thence Southwesterly and Westerly along the arc of said curve having a radius of 50.00 feet, a central angle of 82°39'45" and an are distance of 72.14 feet, the last four described courses being coincident with the South line of said certain ingress and egress easement described in Official Records Book 13439, Pages 730 through 787; thence South 00°00'02" East, a distance of 33.34 feet; thence South 89°05'55" West, along a line parallel with and 64.00 feet North of as measured at right angles to the South line of the Southeast One -Quarter (SE 1/4) of Section 20 a distance of 24.68 feet; thence North 00000'002" West, along a line parallel with and 113.18 feet West of as measured at right angles to the West line of said Tract H, a distance of 336.00 feet; thence North 89'05'44" East, along the North line of said Tracts G and H, a distance of 519:76 feet; thence South 00°02'40" West, along a line parallel with and 53.39 feet West of as measured at right angles to the East line of said Tract H, a distance of 197.01 feet to the POINT 01' BEGINNING. LEGAL02/39744348v2 VACANT SALE NO.: 2 (117033513) RECORDING DATA: Instrument No. 117033513, of the Broward County Public Records. GRANTOR: In Touch Church of God, Inc. GRANTEE: The Church of God of Prophecy Oakland Park. DATE OF TRANSACTION: February 1, 2021 DATE INSPECTED: April 14, 2021 SITE SIZE: 24,997± square feet; 0.57f acres, Rectangular (Size taken from Public Records). CONSIDERATION: Actual-$850,000 ($782,108 Abstraction) UNIT PRICE: $31.29 per square foot (abstracted site value) TYPE OF INSTRUMENT Warranty Deed FOLIO NUMBER: 4941-13-01-0042 ff LOCATION: This property is located on the north side of the subject,l property. The street or mailing address is 4959 North State Road, Tamarac. ZONING CODE/LAND USE PLAN: NC — Neighborhood Commercial - Tamarac PRESENT USE: This site was improved with a one-story office building in 1971, The building is in poor condition but was purchased by a church from a church. HIGHEST AND BEST USE: Commercial development CONDITION OF SALE: Ann's length transaction FINANCING: The buyer obtained a $700,000 first mortgage from Truist Bank at typical market rates. No effect on the price paid. VACANT SALE NO.: 2 (117033513) Continued ENCUMBRANCES: No unusual encumbrances are known to exist that would affect value. VERIFICATION: Marsha Dixon -Rojas, 954-298-8424-Selling Broker by Bruce Ownby on 4/15/2021. MOTIVATION OF PARTIES: Grantors were disposing of an asset. Grantee purchased for development. ANALYSIS OF PERTINENT None INFORMATION INCLUDING CASH EQUIVALENCY CONSIDERATION: EXPOSURE TIME: Two Months NUMBER OF DAYS ON THE MARKET: Unknown REMARKS: The property was in poor condition at the time of sale. Earlier in 2020 it had been in foreclosure but the seller was able to avoid the foreclosure and sell the property through a Realtor ®. The appraiser has abstracted the value of the improvements in order to arrive at the site value since the site is still improved. When the value of the improvements is abstracted from the total sale price of $850,000 to resulting price was $782,108 or $31.29/SF of site area. PHOTOGRAPH TAKEN BY ADRIAN GONZALEZ ON APRIL 14, 2021 RAT Instr# 117033513 , Page 1 of 3, Recorded 02/03/2021 at 04:06 PM Broward County Commission Deed Doc Stamps: $5950.00 This Instrument Prepared By: Michael H. Mcrino, P.A. Michael Mcrino 6741 Orange Drive Davie, Florida 33314 Tel.: (954) 321-7701 Return To: Eric 3 Braunstein. P.A. 2 South University Dr Suite 200 Plantation, FL 33324 ParcellTax Identification Number: 494113 010042 ABOVE THIS LINE FOR RECORDING WARRANTYDEED THIS INDENTURE, made this 1 day of February, 2021, between In Touch Ministries Church of God, Inc., a Florida Not for Profit Corporation whose address is4959 N. STATE RD 7 TAMARAC FL 33319 GRANTOR, and The Church of God of Prophecy Oakland Park, Inc whose address is 4959 N. STATE RD 7 TA14fARAC FL 33319 GRANTEE; (Wherever used herein the terms "Grantor" and "Granted" shall include all the parties to this instrument and heirs, legal representatives, and assigns of individuals. and the successors and assigns of corporations.) WITNESSETH, That said Grantor, for and in consideration of the sum of TEN AND 00/100 ($10.00) DOLLARS and other good and valuable consideration, to said Grantor in hand paid by said Grantee, the receipt whereof is hereby acknowledged, hereby grants, bargains, sells, aliens, remises, releases, conveys and confirms unto the Grantee and Grantee's heirs, successors and assigns forever the following described land located in the County of Broward, State of Florida, to -writ: See Exhibit A A/KIA: 4959 North State Road 7, Tamarac, FL 33319 SUBJECT TO all restrictions, reservations and easements of record, if any; zoning restrictions and prohibitions imposed by governmental authority withoutthe intent to reimpose same and taxes for the year 2021 not yet due and payable. TOGE77IER WITH all the tenements, bereditaments and appurtenances thereto belonging or in anywise appertaining. TO IIAVEAND TO HOLD, the same in fee simple forever. Instr# 117033513 , Page 2 of 3 AND THE SAID GRANTOR do hereby covenant with the said Grantee that the Grantor are lawfully seized of said land in fee simple; that the Grantor has good right and lawful authority to sell and convey said land, and hereby fully warrant the title to said land and will defend the same against the lawful claims of all persons whomsoever. ICY WITiNE'SS WHEREOF, Grantors have hereunto set Grantors' hand and seal this day and year first above written. Signed, sealed and delivered in the presence of: In Touch 14linistries Church of God, Inc., a Florida not for profit Corporation witness signature By: Roger Jordan, Vice President ,f Pnnred`Si atur i Witn s3Mi a`ture Printed Sigbature STATE OF x)•ss COUNTY OF f J Y\) i&J .'. _) i. The foregoing instrument was acknowledged before me bymeansof �r physical presence or online notarization on this day of February, 2021 by Roger Jordan, Vice President of in Touch Ministries Church of God, Inc., a Florida ngt.f6,r profit Cor oration who is ] personally known to me or [ '] produced as identification. SAr1DRpMEFUNO s"� aq� Gnn,mi�ian#GG30`�32 } F�'i=eNarchte, �� rySigttature ges ITsortti° ., £i9Z'OL4a1BWsaiidx3 Zge802 9i) #uoIesiMOD Printed Notary Signature o1Qt8214vda' s My Commission Expires: Instr# 117033513 , Page 3 of 3, End of Document Legal Description Lot 6, of an unrecorded Plat of TAMARAC BUSINESS CENTER SECTION 4, being more particularly described as follows; Commencing at the Southeast corner of Lot 9, Section 13, Township 49 South, Range 41 East, FORT LAUDERDALE TRUCK FARMS, according to the Plat thereof, recorded in Flat Book 4, Page 31, of the Public Records of Broward County, Florida; thence North 00112'12" West, along the East line of said Lot 9,667.0 feet to a point; thence North 89' 15'42" West, parallel with the South line of said Lot 9, 100.01 feet to the POINT OF BEGINNING of this description; said point being further described as being on the West Right -of -Way line of State Road No.7 (U.S. 441); thence continuing North 89'1542" West, 250 feet to a point; thence North 00°12'12" West, parallel with East line of said Lot 9, a distance of 100 feet to a point; thence South 89°15'42" East, 250 feet to a point on the West Right -of -Way line of said State Road No.7; thence South 00° 12' 12" East, along said West Right -of -Way line, 100 feet to the POINT OF BEGINNING. All lying and being in Broward County, Florida Parcel ID #: 49-41-1 3-01-0042 Exhibit "A" VACANT SALE NO.: 3 (116978841) RECORDING DATA: Instrument No. 116978841, of the Public Records of Broward County, Florida GRANTOR: City of Tamarac & Prestige Homes GRANTEE: CH Realty IX-Taylor/Theus I Miami Tamarac L.P. DATE OF TRANSACTION: January 8, 2021 DATE INSPECTED: April 14, 2021 SITE SIZE: 76,634f square feet; 1.76f acres, gross area, with a net developable of 36,634 square feet(size taken from Public Records). The site is flag shaped. CONSIDERATION: $2,150,000 UNIT PRICE: $28.06 per gross square feet or $58.69 per square foot of net developable area TYPE OF INSTRUMENT Warranty Deed FOLIO NUMBER: 4941-13-27-2380 LOCATION: This site is located at the northeast corner of Rock Island Road and West Commercial Boulevard. ZONING CODE/LAND USE PLAN: RC — Restricted Commercial -City of Tamarac CONDITION OF SALE: Arm's length transaction FINANCING: All cash seller. Not considered to have had a significant effect on the purchase price. ENCUMBRANCES: The site is partially encumbered with an FP & L overhead powerline easement. UTILITIES: Electric, telephone, water and sewer are all available to the site. VACANT SALE NO.: 3 (116978841) MOTIVATION OF PARTIES: ANALYSIS OF PERTINENT INFORMATION INCLUDING CASH EQUIVALENCY CONSIDERATION: EXPOSURE TIME: NUMBER OF DAYS ON THE MARKET: Grantors were disposing of an asset. Grantee purchased for development. None Unknown Unknown VERIFICATION: This sale was verified with Lori Funderwhite, (954) 597- 3513 with Grantor -City of Tamarac by Adrian Gonzalez on 04/15/2021. REMARKS: This site was originally platted to be the site of a fire station for the city of Tamarac. Prestige Homes sued the City so they could sell the site; however, the suit was resolved by the City and Prestige splitting the sale price. According to the recording documents, the property was under a purchase agreement in June of 2018 and did not close until January 2021. The buyer is in the process of developing the site with a self -storage facility. PHOTOGRAPH TAKEN BY ADRIAN GONZALEZ ON APRIL 14, 2021 �- Instr# 116978841 , Page 1 of 25, Recorded 01/11/2021 at 09:55 AM Broward County Commission Deed Doc Stamps: $15050.00 This htstrmacni Prcparcd By and Rcnmt to: Samuel S. Goren, Esq. GOREN. CHEROF, DOODY & EZROL, P.A. 3099 Past Commercial Boulevard, Suite 200 Fort Laudadalc, Florida 33308 Property Appraisers ID #: 4941 13 27 2380 This Warranty Deed is executed this 891 day of January, 2021, by the City of Tamarac, a Florida municipal corporation, and having its principal place of business at 7525 NW 88a' Avenue, Tamarac, Florida 33321, hereinafter called the Grantor, to CH Realty IX- Taylor/Thens i Miami Tamarac, L.P., a Delaware limited partnership, whose post office address is 4408 Forest Drive, Suite 350, Columbia, South Carolina 29206, hereinafter called the Grantee. (Wherever used herein the terms "Grantor" and "Grantee" shall include singular and plural, heirs, legal representatives, and assigns of individuals, and the successors and assigns of corporations, wherever the context so admits or requires.) WITNESSETH: That the Grantor, for and in consideration of the sum of $10.00, in hand paid by Grantee, the receipt whereof is hereby acknowledged, hereby grants, bargains, sells, aliens, remises, releases, conveys and confirms unto the Grantee, all that certain land situate in County of BROWARD, State of Florida, to -wit: Tract `H" of SABAL PALM BY PRESTIGE, according to the plat thereof, as recorded in Plat Book 178, Pages 71 through 87, of the Public Records of Broivard County, Florida. Subject to easements, restrictions, reservations, and limitations of record, if any. Grantor has vacated the rights of the public in and to the dedication of Tract H for a fire station. Grantor is not reserving any rights or interest in phosphate, minerals, metals or petroleum in accordance with Florida Statute Section 270.11. Together with all the tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining. To Have and to Hold the same in fee simple forever. And the said Grantor hereby covenants with said Grantee that the Grantor is lawfully seized of said land in fee simple; that the Grantor has good right and lawful authority to sell and convey Instr# 116978841 , Page 2 of 25 said land; that the Grantor hereby warrants the title to said land and will defend the same against the lawful claims of all persons claiming by, through or under Grantor, but against none other. [SIGNATURES ARE ON FOLLOWING PAGE] 100422544.1 2704-9499427) Instr# 116978841 , Page 3 of 25 In Witness Whereof, the said grantor has signed and sealed these presents the day and year first above written. WITNESSES: Wi ess . Print Name: IA L I L K tL fitness D Print Name: STATE OF FLORIDA COUNTY OF BROWARD CITY OF TAMARAC, a Florida municipal corpora on yhele G�ez Title: Mayor 1 By: Michael C. Cemecb, City Manager f r and on behalf of the City Clerk under the City Charter The fore om instrument was acknowledged before me this `eday o 12021, by means of physical presence or _ online notarization, by Michelle J. omez a Mayor of the City of amarac, on behalf of the City, who is P personally known to me or ( )has produced a Florida driver's license as identification. o¢YPUar MONICA6ARROS commission# GG 14K66 Expires October 5, 2021 Np�FOF,�OQ 9mWt�B41]A Naary SttYItEL 107422Se4.1 270444M271 j.P, NY P L� �jC�, State of Florida (IJC11 6&WYA Print Name My Commission expires: 10' 5p2'oa') Serial No.: 0 6;' 14 R S 6 G (SEAL) Instr# 116978841 , Page 4 of 25 Temp. Reso. #13119 May 31, 2018 Page 1 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-2018 - 6 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, AUTHORIZING THE APPROPRIATE CITY OFFICIALS TO EXECUTE THAT CERTAIN SETTLEMENT AGREEMENT BETWEEN PRESTIGE HOMES OF TAMARAC, LLC AND THE CITY OF TAMARAC IN THE MATTERS OF PRESTIGE HOMES OF TAMARAC, INC., A FLORIDA CORPORATION V. CITY OF TAMARAC, CASE NO: 10-45101(03), APPELLATE CASE NO. 4D 17-3281, PENDING -IN THE FOURTH DISTRICT COURT OF APPEAL FOR THE STATE OF FLORIDA, AND PRESTIGE HOMES OF TAMRAC, INC. V. CITY OF TAMRAC, CASE NO. 11-12611(14), PENDING IN THE CIRCUIT COURT OF THE SEVENTEENTH JUDICIAL CIRCUIT IN AND FOR BROWARD COUNTY, FLORIDA, WHICH IS ATTACHED HERETO AS EXHIBIT "A"; AND TO AUTHORIZE THE APPROPRIATE CITY OFFICIALS TO EXECUTE THE PURCHASE AND SALE AGREEMENT, ADDENDA, A COPY OF WHICH IS ATTACHED HERETO AS EXHIBIT "B", AND ALL RELATED DOCUMENTS TO FACILITATE THE CLOSING OF THE TRANSACTION BETWEEN THE CITY OF TAMARAC AND PRESTIGE HOMES OF TAMARAC, LLC, AS SELLERS, AND ROCK ISLAND STORAGE PARTNERS, LLC, AS PURCHASER, FOR THE SALE OF REAL PROPERTY LOCATED AT THE NORTHEAST CORNER OF ROCK ISLAND ROAD AND COMMERCIAL BOULEVARD, KNOWN AS TRACT H, SABAL PALM BY PRESTIGE, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 178, PAGE 71 OF THE PUBLIC RECORDS OF BROWARD COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED IN EXHIBIT "B", ATTACHED HERETO AND INCORPORATED HEREIN; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE w! a x � F ~ � U w z w w U) V y LL Q Z U N LL r O LL = o F CL p LL 0 LL Z C U Q z g Uj K 0 O LL w o w r WHEREAS, the City of Tamarac, a Florida municipal corporation ("City") and Prestige Homes of Tamarac, Inc. ("Prestige") are currently involved in litigation related I 100232"2.2 2704-0501640) VACANT SALE NO.: 4 (116590134) RECORDING DATA: Instrument No.116590134, of the Broward County Public Records. GRANTOR: Carriage Florida Holdings, Inc. GRANTEE: A. Gonzalez Management Services, Inc. DATE OF TRANSACTION: July 2, 2020 DATE INSPECTED: April 14, 2021 SITE SIZE/SHAPE: 31,064± square feet; 0.71+ acres, generally rectangular in shape. CONSIDERATION: Actual-$824,000 ($806,000 Abstraction) UNIT PRICE: $25.95 per square foot (abstracted site value) TYPE OF INSTRUMENT Warranty Deed FOLIO NUMBER: 4941-13-01-0044 LOCATION: 4701 N State Road 7, Tamarac. This property is located south of the subject on the same side of N state Road 7. ZONING CODE/LAND USE PLAN: NC — Neighborhood Commercial PRESENT USE: Funeral Home HIGHEST AND BEST USE: Commercial development CONDITION OF SALE: Ann's length transaction VACANT SALE NO.: 4 (116590134) VERIFICATION: Fritz Duvigneaud, with Grantee (305) 956-5566 by Bruce Ownby MOTIVATION OF PARTIES: Grantor was disposing of an asset. Grantee purchased for development. ANALYSIS OF PERTINENT None INFORMATION INCLUDING CASH EQUIVALENCY CONSIDERATION: EXPOSURE TIME: Unknown NUMBER OF DAYS ON THE MARKET: Unknown REMARKS: This site was developed with a funeral home in 1971 and was tenant occupied. Verification indicated the buyer was going operate another funeral home (Funeria Latina Emanuel). The appraiser has abstracted the value of the improvements in order to arrive at the site value since the site is still improved. When the value of the improvements is abstracted from the total sale price of $824,000 to resulting price was $806,000 or $25.95/SF of site area. PHOTOGRAPH TAKEN BY ADRIAN GONZALEZ ON APRIL 14, 2021 ./V Instr# 116590134 , Page 1 of 2, Recorded 07/06/2020 at 09:24 AM Broward County Commission Deed Doc Stamps: $5768.00 Prepared by and return to: Joanne Speake Operations Manager Lawyers Land Title Co. 312 SE 17th Street 2nd Floor Fort Lauderdale, FL 33316 954-767-0826 File Number: 7690.960 Will Call No.: 163 Above This Line For Recording Warranty Deed This Warranty Deed made this 2nd day of Judy, 2020 between Carriage Florida Holdings, Inc., a Delaware corporation authorized to do business in Florida whose post office address is 3040 Post Oak Blvd Suite 300, Houston, TX 77056, grantor, and A. Gonzalez Management Services, Inc., a Florida Corporation whose post office address is 110 S. Dixie Highway, Lake Worth, FL 33460, grantee: (Whenever used herein the terms "grantor" and 'grantee" include all the parties to this insimment and the heirs, legal representatives, and assigns of individuals, and the successors and assigns of corporations, trusts and trustees) Witnesseth, that said grantor, for and in consideration of the sum of TEN AND NO1100 DOLLARS ($10.00) and other good and valuable considerations to said grantor in hand paid by said grantee, the receipt whereof is hereby acknowledged, has granted, bargained, and sold to the said grantee, and grantee's heirs and assigns forever, the following described land, situate, lying and being in Broward County, Florida to -wit: Lot 11 and the South 25.00 feet of Lot 10, of an Unrecorded Plat of TAMARAC BUSINESS CENTER, SECTION 4, being more particularly described as follows: Commencing at the Southeast corner of Lot 9, Section 13, Township 49 South, Range 41 East, FORT LAUDERDALE TRUCK FARMS, according to the Plat thereof, as recorded in Plat Book 4, Page 31, of the Public Records of Broward County, Florida; thence North 00'12'12" West along the East line of said Lot 9, a distance of 292.00 feet to a point; thence North 89'15'42" West, parallel to the North line and the South line of said Lot 9, a distance of 100.01 feet to a point on the West right-ofway line of State Road N o.7 (U.S.441) and the Point of Beginning of this description; thence continue North 89'15'42" West, 250.00 feet to a point; thence South 00'12'12" East, parallel to the East line of said Lot 9,125.00 feet to a point; thence South 89'15'42" East, parallel to the North and South line of said Lot 9, 250.00 feet to a point on the West right-of-way line or State Road 7 (U.S. 441); thence North 00'12'12" West along said right-of-way line, 125.00 feet to the Point of Beginning. Parcel Identification Number: 494113-01-0044 Subject to taxes for 2020 and subsequent years; covenants, conditions, restrictions, easements, reservations and limitations of record, if any. Together with all the tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining. To Have and t0 Hold, the same in fee simple forever. And the grantor hereby covenants with said grantee that the grantor is lawfully seized of said land in fee simple; that the grantor has good right and lawhd authority to sell and convey said land; that the grantor hereby fully warrants Ore title to said land and will defend the same against the lawful claims of all persons whomsoever; and that said land is free of all encumbrances, except taxes accruing subsequent to December 31, 2019. DoubleTime' Instr# 116590134 , Page 2 of 2, End of Document Signed, sealed and delivered in our presence: Carriage Florida Holdings, Inc., a Delaware corporation tom— authorized-W do business in Florida Br. W' em Name: t ki K' blddenuan, V49 President Witness Name: (Corporate Seal) • f~ `K State ofTe County of Mr'r'1 S The foregoing instrument was acknowledged before me by means of physical presence or online notarization, this day of June, 2020 by Viki King Blinderman, Vice President of Carriage Flop Holdings, Inc., a Delaware corporation authorized to do business in Florida, on behalf of the corporation. He s e s personally known to me or [X] has produced a driver's license as identification. [Notary Seal] Notary Public Printed Name,��� My Commission Expires: Q`q'oZDcZr� REBECCA B. REYES J ot�•... bBt��. Notary Public, State of Texas y'�y iq Comm. Expires 09.09.2022 Notary 10 129950631 Wvrrunry Deed - Page 2 DoubleTime® QUALIFICATIONS OF THE APPRAISER APPRAISAL QUALIFICATIONS OF 2040 Polk Street, Hollywood, Florida 33020 G. ADRIAN GONZALEZ, JR., ASA, MRICS (954)916-3400 FAX (954)-239-5724 1031 Ives Dairy Road, #228, Miami Florida 33179 (786)664-8510 FAX (954)-239-5724 Email: agonzalezandassociatesOgmail.com Education: B.S. Degree - 1980 - University of Florida, Gainesville, Florida; Business Administration with major in Real Estate and Urban Analysis Continuing Education: Sample of additional Courses and Seminars provided by the Appraisal Institute and/or Others: Eminent Domain Super Conference Seminar — 2003 Appraisal Project Management — 2012 Methodology and Applications of the Sales Comparison Approach — 2014 FHA Property Analysis — 2016 The Cost Approach: Unnecessary or Vital to a Healthy Practice? - 2020 Uniform Standards of Professional Appraisal Practice (USPAP) Update & Law — 2020 Licenses and Certifications: 1981 to 1984: Licensed Florida Real Estate Salesperson 1984 to Present: Licensed Florida Broker, License No. BK 353263 & CQ1022847 1992 to Present: State -certified general real estate appraiser, License No. RZ1555 (FL) Professional Affiliations: Senior Member, American Society of Appraisers (ASA) Chartered Valuation Surveyor, Royal Institution of Chartered Surveyors (MRICS) International Right of Way Association National and Florida Associations of Realtors Rho Epsilon Real Estate Fraternity Professional Other: Qualified as an Expert Witness in Broward, Glades, Hendry, Miami Dade, Palm Beach & Sarasota Counties Circuit Courts Qualified as an Expert Witness in Wilkinson County (MS) Circuit Court Special Magistrate for Broward County Value Adjustment Board from 1994 to 2015 & 2017 to Present, for Miami -Dade County Value Adjustment Board from 2004 to Present & for Palm Beach County Value Adjustment Board from 2009 to 2012 State of Florida Notary Public- Commission Number CC675135 Certified DBE -Florida Department of Transportation Certified MBE -State of Florida Certified SBE/MBE-Broward County Professional Offices Held: Director - American Society of Appraisers South Florida -Atlantic Chapter 1993-1994 Secretary - American Society of Appraisers South Florida -Atlantic Chapter 1994-1995 V P - American Society of Appraisers South Florida -Atlantic Chapter 1995-1996, 2013 President - American Society of Appraisers -Atlantic Chapter-#82, 1996-1997/2013-2016 Region Governor - American Society of Appraisers — Region 2- 2017-2021 Appraisal Experience: Adrian Gonzalez has over forty years of real estate experience with an emphasis in preparing and reviewing appraisal reports for governmental/condemning authorities and private property owners. Currently, he is a Fee Appraiser and for the past 22 years President of Adrian Gonzalez & Associates, P.A. based in South Florida. His responsibilities revolve around all aspects of the appraisal function including the preparation of individual real estate appraisal reports which conform to the stringent Federal Uniform Act, State of Florida requirements, Uniform Standards of Professional Appraisal Practice, the Uniform Appraisal Standards for Federal Land Acquisition requirements and the International Valuation Standards. Also, he is involved in the management and administration of appraisal assignments, appraisal/review functions and litigation support for the firm. Additional duties include appraisal review of contract and staff appraisers. Adrian is experienced in providing f`l real estate appraisal and consulting services throughout the State of Florida and other states.