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Agenda 02/23/2010 Item #16B 4 Agenda Item No, 16B4 February 23,2010 Page 1 of 43 EXECUTIVE SUMMARY Recommendation to approve the purchase of improved property which is required for the construction of the Vanderbilt Beach Road Extension aud for the construction of a stormwater reteution and treatment pond. Project No. 60168 (Fiscal Impact: $214,354.00). OBJECTIVE: To ob1ain the approval of the Board of County Commissioners of a Purchase Agreement for property required for the cons1ruction of the Vanderbilt Beach Road Extension project, and which is also required for the construction of a stormwater retention and treatment pond, CONSIDERATIONS: The subject property is described as 1he Sou1h 180 feet of Tract 132, Golden Gate Estates, Unit No. 19, according to the Plat thereof recorded in Plat Book 7, Page 78, of the Public Records of Collier County, Florida. It contains a t01al of 2.81 acres and is located at 1121 Wilson Boulevard. Part of the property is required for the construction of1he roadway itself and the remainder of 1he property is required for the construction of a s10rmwater re1en1ion and treatment pond. Resolution No, 2006-142, along with Resolution No, 2008-387, authorizes the acquisition of right-of-way and pond sites for the Vanderbilt Beach Road Extension project. On July 26, 2006, Collier Coun1y Transportation Division invited the owners, Hildebrand N. Hernandez and Geraldina Gras to discuss the sale of the subject property to the County. On December 21, 2007, an independent real esta1e appraisal firm es1imated the market value of the property to be $335,000. At that time, Hernandez and Gras were not interested in selling their property to the County at its appraised value. Approxima1ely 18 months later, attorney Edgar Lopez reopened neg01iations with 1he County on behalf ofMr. Hernandez, Whereupon, in September 2009, using 1he most recent sales data from the real estate market, the Division of Transportation's Review Appraiser, Harry Henderson, SRA, prepared an appraisal of1he property estimating its market value at $136,000. It is important to note 1hat ALL of the properties being sold at that time (the comparable sales used by 1he appraiser) were owned by banks (through foreclosures) and were sold at less than half of the price for which 1hey were initially listed. Ultimately the parties agreed to a purchase price for the property of$208,238 (which is the Property Appraiser's 2009 assessed value) plus the right to occupy the property for up to I year beyond closing (extended possession) in consideration for a $12 deduction from the proceeds ofthe sale. A fee for 1he services ofMr, Lopez was negotiated in the amount of $3,720,50. S1aff is of1he opinion that the purchase price has been negotiated as low as possible. This purchase would avoid additional costs to 1he County associated with taking 1he property through condemnation (filing fees, service of process on all interested parties, an appraisal update, mediation expenses, and 1he time of the staff of the County Attorney's Office) should condemnation have become necessary at some fu1ure point in time, Agenda Item No, 16B4 February 23, 2010 Page 2 of 43 FISCAL IMPACT: The fiscal impact is $214,354 which includes the $208,238 negotia1ed purchase price, fees and costs in the amoun1 of $3,720.50, plus title insurance, bank fees and recording fees not to exceed $2,395.50, Source of Funds are Gas Taxes and Impac1 Fees. GROWTH MANAGEMENT IMPACT: This project is consistent with the Long Range Transportation Plan and the Collier Coun1y Growth Management Plan. LEGAL CONSIDERATION: This is legally sufficient for Board action - JW RECOMMENDATION: That the Board of County Commissioners of Collier County, Florida: I. Approve the attached Purchase Agreement and authorize the Chairman to execute same on behalf of the Board; 2. Accept the conveyance ofthe property and au1horize 1he County Manager or his designee to: (a) take the necessary measures to ensure the County's performance in accordance with 1he terms and conditions of the Agreement: and (b) to record the warran1y deed in the public records of Collier County, Florida; 3. Authorize the payment of all costs and expenses necessary to close the transaction; and 4. Approve any and all budget amendments, which may be required to carry out the collective will ofthe Board. Prepared by: Margaret Kreynus, Senior Property Acquisi1ion Specialist, TECM Attachments: (I) Purchase Agreement with Exhibit "A"; (2) Aerial Photograph of the Property Showing the VBRX Corridor and the Pond Si1e; (3) Two Appraisal Reports Agenda Item No, 16B4 February 23, 2010 Page 3 of 43 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS Item Number: Item Summary: 16B4 Recommendation to approve the purchase of improved property which is required for the construction of the Vanderbilt Beach Road Extension and for the construction of a stormwa1er retention and treatment pond, Project No, 60168 (Fiscal Impact: $214,354). 2/23/20109:00:00 AM Meeting Date: Prepared By Margaret Kreynus Property Acquisition Specialist, Senior Transportation Engineering & Construction Management Date Transportation Division 1/28/20104:47:10 PM Approved By Lisa Taylor Management/Budget Analyst Date Transportation Division Transportation Administration 1/29/20108:11 AM Approved By Jeff Wright Assistant County Attorney Date County Attorney County Attorney 2/1/201011:12 AM Approved By Jeff Klatzkow County Attorney Date 2/1/201011:57 AM Approved By Kevin Hendricks Manager ~ Right of Way Transportation Engineering & Construction Management Date Transportation Division 2/1120102:31 PM Approved By Najeh Ahmad Director - Transportation Engineering Transportation Engineering & Construction Management Date Transportation Division 2/2/20107:32 AM A pproved By Gary Putaansuu Project Manager, Principal Transportation Engineering & Construction Management Date Transportation Division 2/4/201010:21 AM Approved By Norm E. Feder, AICP Administrator- Transportation Date Transportation Division Transportation Administration 2/9/201010:26 AM Approved By Therese Stanley Manager - Operations Support - Trans Date Agenda Item No, 16B4 February 23, 2010 Page 4 of 43 Transportation Division Transportation Administration 2/9/20104:58 PM Approved By Pat Lehnhard Executive Secretary Date Transportation Division Transportation Administration 2/10/2010 9:25 AM Approved By OMS Coordinator Date County Manager's Office Office of Management & Budget 2/10/20109:38 AM Approved By Susan Usher Office of Management & Budget Management/Budget Analyst, Senior Date Office of Management & Budget 2/10/20103:05 PM Approved By Leo E. Ochs, Jr. County Manager Date County Managers Office County Managers Office 2/12/2010 3:45 PM , Agenda Item No, 1 B4 February 23, 2 10 Page 5 0 43 PROJECT NO,: 60168 PARCEL NO,: POND3H1 FOLIO NO,: 37549440000 PURCHASE AGREEMENT (Extended Possession of Improved Property) . THIS PURCHASE AGREEMENT is made and entered into on this day of , 2009, by and between HILDEBRAND N. HERNANDEZ and GERALDINA GRAS, husband and wife as an estate by the entireties, whose mailing address is 1121 Wilson Boulevard North, Naples, Florida 34120-3301, (hereinafter collectively referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the State of Florida, whose mailing address is 3301 Tamiami Trail East, Naples, Florida 34112 (hereinafter referred to as "Purchaser"), WHEREAS, Seller owns certain improved property located at 1121 Wilson Boulevard North, Naples, Florida 34120-3301, and more particularly described as the South 180 feet of Tract 132, Golden Gate Estates, Unit No, 19, according to the Plat thereof recorded in Plat Book 7, Page 78, of the Public Records of Collier County, Florida, together with all buildings, structures and improvements, fixtures, built-In appliances, refrigerators, stove, dishwasher, washer, dryer, ceiling fans, floor coverings and window treatments (hereinafter collectively referred to as "Property"); and Whereas, Purchaser desires to purchase said Property; and WHEREAS, Seller desires to remain in possession of the residence located on the Property, and has requested the right to occupy the premises until May 31, 2011, to which request Purchaser has agreed; and WHEREAS, Seller has agreed to sell and Purchaser has agreed to purchase the Property subject to the terms and conditions that follow, NOW THEREFORE, in consideration of these premises, the sum of TEN Dollars ($10,00), and other 900d and valuable consideration, the receipt and sufficiency of which Is hereby mutually acknowledged, it is agreed by and between the parties as follows: 1, AGREEMENT In consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property, 2, PURCHASE PRICE A. The purchase price (the "Purchase Price") for the Property shall be TWO HUNDRED AND EIGHT THOUSAND, TWO HUNDRED AND THIRTYEIGHT AND NO/100 dollars ($208,238,00) (U,S, Currency) payable at time of closing, Said Purchase Price was agreed upon by the parties hereto with full consideration having been given to the value of the extended possession and the Seller's moving expenses, (See Section 4, below), None of the Purchase Price is attributed to any personal property, 8, Furthermore, Purchaser shall pay to the firm of Broad and Cassel attorney fees in the amount of $3,720,50, C. Payment of the Purchase Price and other amounts provided for herein shall be made at time of closing and shall be full compensation for the Property conveyed, including all structural and site improvements and all landscaping, trees and shrubs located thereon, and shall be in full and final settlement of all other costs and expenses .6~G Agenda Ilem No, 16B4 February 23, 2 10 Page 6 0 43 incurred by Seller, including but not limited to moving expenses, attorneys' fees, expert witness fees and costs, as provided for in Chapter 73, Florida Statutes, None of this Purchase Price is attributable to any personal property, 3. CLOSING A, The Closing (THE "CLOSING DATE", "DATE OF CLOSING", OR "CLOSING") of the transaction shall be held on or before one hundred twenty (120) days following execution of this Agreement by the Purchaser unless extended by mutual written agreement of the parties hereto, The Closing shall be held at the Collier County Attorney's Office, Administration Building, 3301 Tamiami Trail East, Naples, Florida, Purchaser shall be entitled to possession as of Closing, unless otherwise provided herein, Seller shall deliver the Property in broom-clean condition, and free of all debris upon vacating the premises, B, Seller shall convey a marketable title free of any liens, encumbrances, exceptions, or qualifications, Marketable title shall be determined according to applicable title standards adopted by the Florida Bar and in accordance wnh law, Wrthin FIFTEEN (15) days of the effective date hereof. Seller shall provide Purchaser with a copy of any existing prior title Insurance policies, At or before the Closing, the Seller shall cause to be delivered to the Purchaser the items specified herein and the following documents and instruments duly executed and acknowledged, in recordable form: 1, General Warranty Deed in favor of Purchaser conveying title to the Property, free and clear of all liens and encumbrances other than: (a) The lien for current taxes and assessments, (b) Such other easements, restrictions or conditions of record, 2. Combined Purchaser-Seller closing statement. 3. A "Grantor's Non-Foreign, Taxpayer Identification & "Gap" Affidavit" as required by Section 1445 of the Internal Revenue Code and as required by the title insurance underwriter in order to insure the "gap" and issue the policy contemplated by the title Insurance commitment. 4, A W-g Form, "Request for Taxpayer Identification and Certification" as required by the Internal Revenue Service, 5, Such evidence of authorny and capacity of Seller and its representatives to execute and deliver this Agreement and all other documents required to consummate this transaction, as reasonably determined by Purchaser's counsel and/or title company, 6, Certificate of insurance pursuant to Section 4L (below), C, At the Closing, the Purchaser, or its assignee, shall cause to be delivered to the Seller the following: 1. A negotiable instrument in an amount equal to Net Cash to Seller on the Closing Statement. No funds shall be disbursed to Seller until the Title Company verifies that the state of the title to the Property has not changed adversely since the date of the last endorsement to the commitment, referenced in "Requirements and Conditions" below, and the Title Company is irrevocably committed to pay the Purchase Price to Seller and to issue the Owner's title policy to Purchaser in accordance with the commitment immediately after the recording of the deed. s~~J_, Page NO.2 Agenda Item No, 1 B4 February 23, 2 10 Page 7 0 43 2, Funds payable to the Seller representing the Purchase Price shall be subject to adjustments and pro-rations as hereinafter set forth, D, Purchaser shall pay all fees to record any curative instruments required to clear title, all Warranty Deed recording fees, and any and all costs and/or fees associated with securing and recording a Satisfaction, Release or Subordination of any mortgage, lien or other encumbrance recorded against the Property; provided, however, that any apportionment and distribution of the Purchase Price in Section 2 which may be required by any mortgagee, lien-holder or other encumbrance- holder for the protection of its security interest, or as consideration due to any diminution in the value of its property right, shall be the responsibiiity of the Seller, and shall be deducted on the Closing Statement from the compensation payable to the Seller per Section 2, E, Seller, at its sole cost and expense, shall pay at Closing all documentary stamp taxes due upon the recording of the Warranty Deed, in accordance with Chapter 201,01, Florida Statutes, unless the Property is acquired under threat of condemnation, F, The cost of a Title Commitment shall be paid by Purchaser along with the cost of an Owner's Form B Title Policy, Issued pursuant to the Commitment provided for in Section 8, "Requirements and Conditions" (below), G, Real Property taxes shall be prorated based on the current yea~s tax and paid by Seller, If Closing occurs at a date which the current year's millage is not fixed, taxes will be prorated based upon such prior year's millage, H, A Security Deposit in the amount of FIVE THOUSAND AND NO/100 dollars ($5,000,00) will be withheld from Seller's closing proceeds 10 be held by Purchaser during the Seller's occupancy in accordance with the provisions of Section 4B (below), 4. OCCUPANCY BY SELLER AFTER CLOSING A, Seller may occupy the Property after Closing until May 31, 2011, (the "Term"), As consideration for Seller's extended occupancy of the Property the Purchase Price in Section 2 was reduced by the sum of TWELVE AND NO/100 dollars ($12,00), In the event Seller and Purchaser agree to extend the Initial Term of extended occupancy by an additional number of months (the "Extended Term'), an additional sum will be required from Seller and shall be calculated by multiplying the number of months of the Extended Term by TWO THOUSAND AND NO/100 ($2,000,00), This Fee must be paid to the Purchaser in a lump sum, no later than THIRTY (30) days before expiration of the Initial Term, whereupon Purchaser and Seller shall execute an addendum to this Agreement memoriaiizing this Extended Term of possession. B, At Closing, the sum of FIVE THOUSAND AND NO/100 ($5,000,00) will be withheld by Purchaser as security for any damages suffered by the Property during the Seller's occupancy ("Security Deposit"), The Security Deposit will be paid to Seller at the end of its Term of occupancy, provided there has been no damage to the Property caused by the negligence or intentional acts of Seller or anyone acting with Seller's knowledge and consent. Upon the vacating of the Property, 1he Purchaser will have TWENTY (20) days to return the Security Deposit or give Seller written notice of Purchaser's intention 10 impose a claim upon the Security Deposit. In the event Purchaser intends to impose a claim upon a part or all of the Security Deposit, it will provide Seller with an explanation of the damage, an estimate of repair and an accounting of the deposit balance. C, When the Property is partly damaged or destroyed by fire or other casualty not due to Seller's willful or negligent act or that of anyone on the Property with the knowledge or consent (actual or implied), of Seller, Purchaser will make repair as soon as reasonably possible, Purchaser shall also be responsible for the repair to S"""S~06. Page No_ 3 Agenda Item No, 16B4 February 23, 2Q10 Page 8 ofl43 fixtures or appliances in excess of the limit set forth in Section 4F (below), provided such repair is not necessitated by Seller's misuse, waste or neglect of the Property, or that of anyone on the Property with Seller's knowledge and consent (actual or implied). If the Property is rendered un-inhabitable due to fire, storm or other casualty, then this Agreement shall automatically terminate, with the sole duty of Purchaser then being to refund to Seller the security deposij, plus accrued interest. Purchaser shall not be liable for any damage or injury to Seller and his or her property by reason of any water damage sustained by Seller and his or her property, or by reason of the breakage, leakage, or obstruction of water and sewer lines or other breakage in or about the Property, D, Seller agrees to pay all utility services as they come due, including electricity, telephone, gas, cable television, water, sewer, and solid waste collection, shall arrange for a final billing and payment of same at the time Seller vacates the Property, and acknowledges that Purchaser will deduct all such unpaid bills from the Security Deposit. Seller shall keep the property free from pests and insure that the air conditioning system is in operation to maintain a reasonable room temperature until the Seller vacates the property. E, Seller will use the Property only as its primary residence, Seller Is prohibited from allowing persons, other than its immediate family members, to reside on the Property, F, Seller shall maintain the Property, including all Systems and Equipment, in clean and working condition at all times, Seller shall use all Systems and Equipment In a reasonable manner, Seller shall immediately make and pay for all required repairs to the plumbing, range, heating apparatus, washer-dryer, air condijionlng, refrigerator, dishwasher and electric and gas fixtures, provided the cost of said repairs does not exceed Ten Thousand Dollars ($10,000,00), Purchaser reserves the right to enter upon the Property and repair, at the Seller's expense, all damage or injury to the fixtures and appliances in the event Seller fails to effect repairs after 10 days' notice, Purchaser's election not to effect repairs shall not relieve Seller of its obligation to repair or subject Purchaser to liability for its election, G, Seller shall comply with all governmental regulations concerning the use of the Property and not permit or suffer any illegal activity or use, or permit to be made any disturbance, noise or nuisance whatsoever, which would be detrimental to the peace, quiet and comfort of other persons in the vicinity of the Property, or affect the insurance risk factor to the Property, H, Seller shall permit Purchaser's agent or employee to enter the Property at any reasonable time, upon TWENTY -FOUR (24) hours notice, during the term of this Agreement to inspect the Property or make any needed repairs, I. Seller will surrender possession of the Property at the expiration of either the Initial Term or the Extended Term of extended occupancy with windows and doors intact and, except for the removal of fixtures and/or appliance provided for herein, in as good a condition as of the Effective Date, reasonable wear and tear and acts of God excepted, Seller shall not be responsible to repair or replace the items or deficiencies set forth in the attached list marked Exhibit "A", which existed prior to the Closing, J, Seller shall not alter or make additions to the Property without the Purchaser's consent. Seller shall not deface, damage or remove any part of the Property or permit any person to do so. Seller has Purchaser's consent to remove appliances and fixtures as listed in Exhibit "A" upon Seller's vacation of the premises. K, Seller will be deemed in default of this Agreement if Seller fails to perform any of the covenants, promises or obligations contained in this Section for a period of ten (10) days after notice of such default. Upon Seller's defauij. County may S''''I~.c;, G / PageNo.4 i Agenda Item No, 1 B4 February 23, 2 10 Page 9 of 43 terminate this Agreement upon twenty (20) days written notice to Seller, re-enter and take possession of the Property, whereupon the term thereby granted and all rights of Seller to occupy the Property and to remove fixtures and appliances shall terminate, The Seller shall remain liable for any damage suffered by the Property because of Seller's breach of any of the covenants of this Agreement, and such termination shall be without prejudice to the Purchaser's right to collect said damages, Purchaser and Seller shall have the right to pursue any and all remedies available under this Agreement or applicable law, L. Seller shall be required to maintain insurance on the Property during the entire Term, and any Extended Term, which policy shall include contents coverage of $100,000, premises liability with limi1s of $300,000, and loss of use coverage, Purchaser will be named as an additional insured and the policy premium for the Term of occupancy will be paid in advance at Closing, Seller will be required to provide a certificate of insurance prior to Closing, M, The terms and conditions contained in this Section shall survive Closing and are not deemed satisfied by conveyance of title, 5, PROPERTY CONDITION DISCLOSURES A. General. Seller represents that Seller knows of no facts or conditions materially affecting 1he value of the Property, except those which are readily observable by Purchaser, or which have been disclosed to Purchaser by Seller in writing and furnished to Purchaser prior to the Effective Date of this Agreement. 8, Radon Gas, Florida law requires the following disclosure: 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 from your county health department. Seller has no knowledge of the existence of radon on the Property or any radon mitigation having been performed on the Property, C, Lead Based Paint/Paint Hazards, If construction of the residence on the Property was commenced prior to 1978, Seller is required to complete, and Seller and Purchaser are required to sign and attach to this Agreement, the addendum entitled "Lead-Based Paint and/or Lead-Based Paint Hazards Attachment to Sales Contract. Disclosure of Information and Acknowledgement." D, Mold, Molds are commonly found both indoors and outdoors, Interior infestation by certain molds may cause property damage and health problems for some persons. Seller has no knowledge of any mold remediation having been performed on the Property, E, Warranty. Except as to any facts or conditions disclosed to Purchaser as required under Section 5,A, above, Seller warrants that all major appliances and equipment; sprinkler, well, septic, heating, cooling, electrical and plumbing and security systems; major mechanical components; roof (including fascia and soffits); ceiling; structural walls; foundation; swimming pool, spa and pool/spa deck; seawalls; docks; boat lifts/davits and related electrical and mechanical components, if any (collectively "Systems and Equipment") are in Working Condition, "Working Condition" shall mean operating in a manner in which the Systems and Equipment were designed to operate, The roof, ceiling, interior and exterior walls, foundation, swimming pool, spa and pool/spa deck, if any, shall be considered in Working Condition if structurally sound and watertight. Seawalls and docks, if any, shall be considered in Working Condition if structurally sound. Seller shall not be required to repair or replace any Cosmetic Condition, "Cosmetic Condition" shall mean an aesthetic imperfection which does not affect the Working Condition of the item, including corrosion; tears; worn spots; discoloration of floor covering or wallpaper or window treatments; missing or torn ~~G.6 S€iller'sl~ . Page No.5 Agenda Item No. 1~B4 February 23, 2Q10 Page 10 of 43 screens; nail holes; scratches; dents; chips; caulking; pitted pool surfaces; minor cracks in windows, driveways, sidewalks, spalpool decks and garage, tile, lanai and patio floors; and cracked roof tiles, curling or worn shingles and limited roof life, so long as there is no evidence of structural damage or leakage. 6. INSPECTIONS A. Insoection Period. Purchaser shall have 60 days from the Effective Date (Inspection Period) to have the Property and improvements thereon inspected at Purchaser's expense as follows; (a) Systems and Equipment, by an appropriately Florida licensed inspection company or licensed contractor, andlor (b) radon gas, by a Florida certified radon measurement technician or specialist, andlor (c) lead- based paint and hazards, by an EPA-certified lead exposure risk assessor, andlor (d) termites or other wood-destroying organisms, by a certified pest control operator (coilectively the "Inspection Items"). Upon reasonable notice, Seiler shail provide access and utilities service to the Property to facilitate inspections. B. Election and Response. if any inspection conducted during the Inspection Period reveals: (1) that any Systems and Equipment are not in Working Condition, andlor (2) the presence of radon gas at a level in excess of EPA action levels, andlor (3) the presence of lead-based paint or paint hazards required abatement under HUD/EPA protocols, andlor (4) the existence of active infestation by termites or other wood-destroying organisms andlor visible damage caused by active or past infestation (collectively the "Defective Inspection Items"), Purchaser shall, within 15 days after expiration of the Inspection Period: (a) notify Seiler of any Defective Inspection Items, and (b) fumish to Seiler a copy of the inspection report(s) documenting the Defective Inspection Items, and (c) notify Seller of Purchaser's eiection either to: (i) receive a credit from Seiler at closing in lieu of any repairs, replacements, treatment, mitigation or other remedial action necessary to bring the Defective Inspection Items into compliance with the relevant standards set forth above (the "Remedial Action"), or (i1) have Seiler take Remedial Action at Seller's expense prior to closing. If Purchaser elects to receive a credit, the amount of the credit shall be equivalent to the estimated costs of any Remedial Action and shail be determined not later than the earlier of Seiler's Response Deadline, or 10 days prior to the Closing. If Purchaser elects (i), Seiler shail not be required to take any Remedial Action. If Purchaser makes no election, Purchaser shail be deemed to have elected to receive a credit at Closing. C. Not later than 15 days from receipt of the written notice and inspection reporl(s) from Purchaser ("Seller's Response Deadline"), Seiler shail notify Purchaser whether Seller will give Purchaser credit equal to the cost of repairs or take remedial action, whichever is requested by Purchaser. If Seiler refuses Purchaser's election by Seiler's Response Deadline, then Purchaser may terminate this Agreement within 10 days of Seiler's Response Deadline. If Purchaser does not elect to so terminate this Agreement, Purchaser is deemed to have accepted the Property in the condition it existed on the Effective Date, except that Purchaser retains the rights set forlh in Section 6.G. (Walk Through Inspection) below. If Seiler fails to respond by the Seller's Response deadline, Seller shail be deemed to have accepted Purchaser's eiection and Purchaser may receive credit at Closing as set forth above. D. If Purchaser does not have the Inspection Items inspected, or fails to do so within the Inspection Period, or fails to timely report any Defective Inspection Items to Seller, Purchaser shail be deemed to have accepted the Property in the condition it existed on the Effective Date, except that Purchaser retains the rights set forth in Section 6.G. (Walk Through Inspection) below. E. Remedial Action shail be deemed to have been properly performed if (1) the Systems and Equipment are placed in Working condition (as defined above), (2) radon gas within the residence on the Property is reduced to below EPA action levels, (3) iead-based paint and paint hazards on the Property are removed or contained in accordance with HUD/EPA guidelines, and (4) any active infestation ~G.c", Seller's /'. Page No.6 Agenda Item NO.1 84 February 23, 2 10 Page 11 0 43 of termites or other wood-destroying organisms is exterminated or treated, and ail visible damage caused by active or past infestation is repaired or replaced. Seller shall make a diligent effort to perform and complete ail Remedial Action prior to the Closing Date, failing which a sum equivalent to 150% of the estimated costs of completing the Remedial Action shail be paid by Seiler into escrow at Closing pending completion. F, No cost to repair or replace any Systems and Equipment shail exceed the fair market value of that item if it were in Working Condition. If the costs do exceed fair market value, than either Seiler or Purchaser may elect to pay such excess, failing which, either party may terminate this Agreement upon written notice. G. Walk-Throuoh Inspection. Purchaser (or a designated representative) may conduct a walk-through inspection of the Property prior to Closing and prior to possession, to confirm: (1) completion of any Remedial Action agreed to by Seiler in Section 6.8 "Election and Response" above, (2) that the personal property items which are being conveyed as part of this Agreement remain on the Property, (3) that the personal property items which are not being conveyed as part of this Agreement have been removed from the Property, and (4) that Seiler has maintained the Property as required in Sections 3 and 7. Upon reasonable notice, Seiler shall provide access and utilities service to the Property to facilitate the walk-through inspection. H. Inspections durinG Occupancv. Purchaser may enter upon the Property with at least 24-hour notice to Seiler for purposes of inspecting the Property for compliance with the terms of Section 4 of this Agreement or effecting repairs. 7. RISK OF LOSS Seiler shall maintain the Property (including without limitation the lawn, shrubbery, and landscaping) in the condition existing on the Effective Date until Closing or date of Purchaser's possession, whichever is later, except for ordinary wear and tear and any Remedial Action agreed to by Seiler under Section 58 above. Any future loss andlor damage to the Property between the Effective Date and the Closing or date of Purchaser's possession, whichever is earlier, shall be at Seller's sole risk and expense, except as provided in Section 4. 8. REOUIREMENTS AND CONDITIONS FOR CLOSING Upon execution of this Agreement by both parties or at such other time as specified within this Section, Purchaser andlor Seller, as the case may be, shall perform the following within the times stated, which shall be conditions precedent to the Closing: A. Within fifteen (15) days after the date hereof, Purchaser shail obtain as evidence of title an AL TA Commitment for an Owner's Title Insurance Policy (AL T A Form 8-1 970) covering the Property, together with hard copies of ail exceptions shown thereon. Purchaser shail have thirty (30) days, foilowing receipt of the title insurance commitment, to notify Selier in writing of any objection to title other than liens evidencing monetary obligations, if any, which obligations shail be paid at closing. If the title commitment contains exceptions that make the title unmarketable, Purchaser shall deliver to the Seller written notice of its intention to waive the applicable contingencies or to terminate this Agreement. B. If Purchaser shail fail to advise the Seiler in writing of any such objections in Seller's title in the manner herein required by this Agreement, the title shall be deemed acceptable. Upon notification of Purchaser's objection to title, Seiler shail have thirty (30) days to remedy any defects in order to convey good and marketable title, except for liens or monetary obligations which wiil be satisfied at Closing. Seiler, at its sole expense, shall use its best efforts to make such title good and marketable. In the event Seller is unable to cure said objections within said time period, Purchaser, by providing written notice to Seller within seven (7) b.:j" Page No, 7 Selle Il1itials Agenda Item No. 1684 February 23, 2010 Page 12 of 43 , I i days after expiration of said thirty (30) day period, may accept title as it then is, waiving any objection, or may terminate the Agreement. C. Seller agrees to furnish any existing surveys of the Property in Seller's possession to Purchaser within 10 (ten) days of the Effective Date of this Agreement. Purchaser shall have the option, at its own expense, to obtain a current survey of the Property prepared by a surveyor licensed by the State of Florida. If the survey provided by Seller or obtained by Purchaser, as certified by a registered Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an improvement located on the Property projects onto lands of others, or (c) lack of legal access to a public roadway, the Purchaser shall notify the Seller in writing, within sixty (60) days from the Effective Date of this Agreement, of such encroachment, projection, or lack of legal access, and Seller shall have the option of curing said encroachment or projection, or obtaining legal access to the Property from a public roadway. Should Seller elect not to or be unable to remove the encroachment, projection, or provide legal access to the property within sixty (60) days, Purchaser may accept the Property as it then is, waiving any objection to the encroachment, or projection, or lack of legal access, or Purchaser may terminate the Agreement, by providing written notice to Seller within seven (7) days after expiration of said sixty (60) day period. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the Property with the encroachment, or projection, or iack of legal access. 9. TERMINATION AND REMEDIES A. If Seller shall have failed to perform any of the covenants and promises contained herein, which are to be performed by Seller, except for those provisions in Section 4, within FIFTEEN (15) days of written notification of such failure, Purchaser may, at its option, terminate this Agreement by giving written notice of termination to Seller. Purchaser shail have the right to seek and enforce all rights and remedies available at law or in equity to a contract vendee, including the right to seek specific performance of this Agreement. 8. If the Purchaser has not terminated this Agreement pursuant to any of the provisions authorizing such termination, and Purchaser fails to close the transaction contemplated hereby or otherwise fails to perform any of the terms, covenants and conditions of this Agreement as required on the part of Purchaser to be performed, except for the terms and conditions in Section 4, provided Seller is not in default, then Seller shall have the right to seek and enforce all rights and remedies available at law or in equity to a contract vendor. including the right to seek specific performance of this Agreement. C. The parties acknowledge that the remedies described herein and in the other provisions of this Agreement provide mutually satisfactory and sufficient remedies to each of the parties, and take into account the peculiar risks and expenses of each of the parties. D. This Section does not apply to any defaults by Seller of the obligations contained in Section 4 of this Agreement. 10. SELLER'S AND PURCHASER'S REPRESENTATIONS AND WARRANTIES Seller intends for Purchaser to rely on the representations contained in this Section in entering into this Agreement and warrants the following: A. Seller has full right and authority to enter into and to execute this Agreement and to undertake all actions and to perform all tasks required of each hereunder. Seller is not presently the subject of a pending, threatened or contemplated bankruptcy proceeding. ~C~ Seller'111i .. . Page No.8 / I I Agenda Item No. 1 84 February 23, 2 10 Page 130 43 B. Seller has full right, power, and authority to own and operate the Property, and to execute, deliver, and perform its obligations under this Agreement and the instruments executed in connection herewith, and to consummate the transaction contemplated hereby. All necessary authorizations and approvals have been obtained authorizing Seller and Purchaser to execute and consummate the transaction contemplated hereby. At Closing, certified copies of such approvals shall be delivered to Purchaser andlor Seller, if necessary. C. The warranties set forth in this Section are true on the Effective Date of this Agreement and as of the date of Closing. Purchaser's acceptance of a deed to the said Property shall not be deemed to be full performance and discharge of every agreement and obligation on the part of the Seller to be performed pursuant to the provisions of this Agreement. D. Seller and Purchaser agree to do all things which may be required to give effect to this Agreement immediately as such requirement is made known to them or they are requested to do so, whichever is the earlier. E. Seller represents that it has no knowledge of any actions, suits, claims, proceedings, litigation or investigations pending or threatened against Seller, at law, equity or in arbitration before or by any federal, state, municipal or other governmental instrumentality that relate to this agreement or any other property that could, if continued, adversely affect Seller's ability to sell the Property to Purchaser according to the terms of this Agreement. F. No party or person other than Purchaser has any right or option to acquire the Property or any portion thereof. G. Until the date fixed for Closing or as long as this Agreement remains in force and effect, Seller shall not encumber or convey any portion of the Property or any rights therein, nor enter into any agreements granting any person or entity any rights with respect to the Property or any part thereof, without first obtaining the written consent of Purchaser to such conveyance, encumbrance, or agreement which consent may be withheld by Purchaser for any reason whatsoever. H. Seller represents that they have no knowiedge that any pollutants are or have been discharged from the Property, directly or indirectly into any body of water. Seller represents the Property has not been used for the production, handling, storage, transportation, manufacture or disposal of hazardous or toxic substances or wastes, as such terms are defined in applicable laws and regulations, or any other activity that would have toxic results, and no such hazardous or toxic substances are currently used in connection with the operation of the Property, and there is no proceeding or inquiry by any authority with respect thereto. Seller represents that they have (it has) no knowledge that there is ground water contamination on the Property or potential of ground water contamination from neighboring properties. Seller represents no storage tanks for gasoline or any other hazardous substances are or were located on the Property at any time during or prior to Seller's ownership thereof. Seller represents none of the Property has been used as a sanitary landfill. I. Seller has no knowledge that the Property, andlor that Seller's operations concerning the Property, are in violation of any applicable Federal, State or local statute, law or regulation, or of any notice from any governmental body has been served upon Seller claiming any violation of any law, ordinance, code or regulation or requiring or calling attention to the need for any work, repairs, construction, alterations or installation on or in connection with the Property in order to comply with any laws, ordinances, codes or regulation with which Seller has not complied. J. There are no unrecorded restrictions, easements or rights of way (other than existing zoning regulations) that restrict or affect the use of the Property, and there S,"",~'G' / Page No.9 Agenda Item No. 1684 February 23,2910 Page 14 01'43 are no maintenance, construction, advertising, management, leasing, employment, service or other contracts affecting the Property. K. Seller has no knowledge that there are any suits, actions or arbitration, bond issuances or proposals therefore, proposals for public improvement assessments, pay-back agreements, paving agreements, road expansion or improvement agreements, utility moratoriums, use moratoriums, improvement moratoriums, administrative or other proceedings or governmental investigations or requirements, formal or informal, existing or pending or threatened which affects the Property or which adversely affects Seller's ability to perform hereunder; nor is there any other charge or expense upon or related to the Property which has not been disclosed to Purchaser in writing prior to the Effective Date of this Ag reement. L. Seller acknowledges and agrees that Purchaser is entering into this Agreement based upon Seller's representations stated above and on the understanding that Seller will not cause the zoning or physical condition of the Property to change from its existing state on the effective date of this Agreement up to and including the date of Closing. Therefore, Seller agrees not to enter into any contracts or agreements pertaining to or affecting the Property and not to do any act or omit to perform any act which would adversely affect the zoning or physical condition of the Property or its intended use by Purchaser. Seller also agrees to notify Purchaser promptly of any change in the facts contained in the foregoing representations and of any notice or proposed change in the zoning, or any other action or notice, that may be proposed or promulgated by any third parties or any governmental authorities having jurisdiction of the development of the property which may restrict or change any other condition of the Property. M. Seller represents, warrants and agrees to indemnify, reimburse, defend and hold Purchaser harmless from any and all costs (including attorney's fees) asserted against, imposed on or incurred by Purchaser, directly or indirectly, pursuant to or in connection with the application of any federal, state, local or common law relating to pollution or protection of the environment which shall be in accordance with, but not limited to, the Comprehensive Environmental Response, Compensation, and Liability Act of 19S0, 42 U.S.C. Section 9601, et seq., ("CERCLA" or "Superfund"), which was amended and upgraded by the Superfund Amendment and Reauthorization Act of 1986 ("SARA"), including any amendments or successor in function to these acts. This provision and the rights of Purchaser, hereunder, shall survive Closing and are not deemed satisfied by conveyance of title. 11. NOTICES Any notice, request, demand, instruction or other communication to be given to either party hereunder shall be in writing sent by facsimile with automated confirmation of receipt, or registered or certified mail, return receipt requested, postage prepaid or personal delivery addressed as follows: If to Purchaser: Transportation Engineering & Construction Management Attn: Kevin Hendricks Right-of-Way AcqUisition Manager 2885 South Horseshoe Drive Naples, Florida 34104 Telephone 239-252-8192 Fax 239-252-6643 With a copy to: Jeffery A. Klatzkow County Attorney Office of the County Attorney Harmon Turner Building 3301 Tamiami Traii East Naples, Florida 34112 ~G./-,. Sellers .. i ~ Page No.1 0 Agenda Item No. 16B4 February 23, 2 10 Page 15 0 43 Telephone 239-252-8400 Fax 239-252-0225 If to Seller; Hildebrand N. Hernandez and Geraldina Gras 1121 Wilson Boulevard N Naples, FL 34120-3301 Telephone: 239-354-0677 Edgar Lopez, Esq. Broad and Cassel 390 North Orange Avenue, Suite 1400 Oriando, FL 32801-4961 Direct telephone 407-839-4290 Telephone; 407-839-4200 Fax: 407-425-8377 Email: elopez@broadandcassel.com With a copy to: The addressees, addresses and numbers for the purpose of this Section may be changed by either party by giving written notice of such change to the other party in the manner provided herein. For the purpose of changing such addressees, addresses and numbers only, unless and until such written notice is received, the last addressee and respective address stated herein shall be deemed to continue in effect for all purposes. Notice shall be deemed given in compliance with this Section upon receipt of automated fax confirmation or upon on the fifth day after the certified or registered mail has been postmarked, or receipt of personal delivery. 12. REAL ESTATE BROKERS Any and ail brokerage commissions or fees shall be the sole responsibility of the Seller and shall be paid at Closing. Seller shall indemnify Purchaser from and against any claim or liability for commission or fees to any broker or any other person or party claiming to have been a procuring clause or engaged by Seller as a real estate broker, salesman or representative, in connection with this Agreement. 13. MISCELLANEOUS A. This Agreement may be executed in any manner of counterparts which together shall constitute the agreement of the parties. B. This Agreement and the terms and provisions hereof shall be effective as of the Effective Date and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustee, and assignees whenever the context so requires or admits. C. Any amendment to this Agreement shall not bind any of the parties hereof unless such amendment is in writing and executed and dated by Purchaser and Seller. Any amendment to this Agreement shall be binding upon Purchaser and Seller as soon as it has been executed by both parties. D. Captions and section headings contained in this Agreement are for convenience and reference only; in no way do they define, describe, exlend or limit the scope or intent of this Agreement or any provisions hereof. E. All terms and words used in this Agreement, regardless of the number and gender in which used, shall be deemed to include any other gender or number as the context or the use thereof may require. F. No waiver of any provision of this Agreement shall be effective unless it is in writing signed by the party against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to which it is related and shall not be deemed to be a continuing or future waiver as G.C". Page No. 11 Agenda Item No. 16 4 February 23, 2 10 Page 16 of 43 to such provision or a waiver as to any other provision. G. If any date specified in this Agreement falls on a Saturday, Sunday or legal holiday, then the date to which such reference is made shall be extended to the next succeeding business day. H. If the Seller holds the Property in the form of a partnership, limited partnership, corporation, trust or any form of representative capacity whatsoever for others, Seller shall make a written public disclosure, according to s. 286.23, Fla. Stat., under oath, of the name and address of every person having a beneficial interest in the Property before Property held in such capacity is conveyed to Collier County. (If the corporation is registered with the Federal Secur~ies Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes.) I. This Agreement is governed and construed in accordance with the laws of the State of Florida. J. The Effective Date of this Agreement will be the date of execution of this Agreement by the last signing party. K. This Agreement and the exhibits attached hereto contain the entire agreement between the parties, and there are no promises, representations, warranties or covenants by or between the parties not included in this Agreement. No modification or amendment of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Purchaser and Seller. L, TIME IS OF THE ESSENCE to this Agreement. M. Seller may not assign, sublease, or license any rights arising under this Agreement without the written consent of the Purchaser. N. The parties hereto agree and acknowledge that this Agreement is not a lease but rather a contract for occupancy (extended possession) of the Property as a condition of sale which is not subject to Chapter 83, Florida Statutes. The parties do not intend to invoke any of the obligations or remedies contained in Chapter 83, and the terms and conditions contained herein shall be construed in accordance with the parties intent and shall be given their plain meaning without reference or application of s. 83.43, Fla. Stat., or any other portion of Chapter 83. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written. AS TO PURCHASER: DATED; ATTEST: DWIGHT E. BROCK, Clerk BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA BY: FRED W. COYLE, Chairman Deputy Clerk ~~. Selle In' /' Page No, 12 AS TO SELLERS: DATED: I h /2-010 , 'I HIL&'rlERNANDEZ 4A.e:.M4T ~~~ ~rint or Type) 7u~ Witness (Signature) fllJA rveJJ+e<:; Name (Print or Type) ~,~ fERALDINA~ r--tA-l2.t...u<...-T ~..:JU.<; N~ (Print or Type) (..uur ~ Witness (Signature) 7f,uA- h)e,,) t-~S Name (Print or Type) Approved as to form and I~ J~ff F. Wright A9slstant County Attorney c:f:r-.-c.(, . Selie' .. Agenda Item No. 1 84 February 23, 2 10 Page 17 of 43 Page No. 13 EXHIBIT A All items listed below must be removed before date of Sellers' vacation. Refrigerator Stove Sink Cabinets Microwave Counters Interior doors, frames, and baseboards Window treatments Water treatment and pump Central air and heat unit, ducts, and air-handler 2 bath tubs Shower 2 sinks 2 toilets Hot water heater Fire Place Light fixtures - interior and exterior Ceiling fans Mirrors Electric panel Box All electric light switches All electric plug sockets Washer Dryer Wood ceiling Smoke detectors Floor and bathroom tile Sheet rock from non-weight bearing walls ONLY Removal of addition attached to rear of house Shed Chain link fence and gate Gutters and spouts Spot lights Fruit trees Shade tree 2 Palm trees (front garden) Pavers 2 lions and pedestals Post from mail box ~ G,b. Sei Initials ~)0'G. Sellersln-. Agenda Item NO.1 B4 February 23, 2 10 Page 18 of 43 Page No; 14 ....OM ro~.... 0_ "10 -0) ~M~ ZN" ECcOl ","'''' _::lQ.. -;.0 -0'" eLL " Ol <: ~ ~ o ....I ....I W C. .... :c C") o z o c...~ ..-::0 WW 1-0:: :c~ ~o:: O::w Oc... 00 -0:: O::c... 0:: OCl) U~ zC!) 0, (1)N Zw Wo I-Z X<( Wz 0::0:: COw >:c C!)O Zz ~<( o :c CI) o I- o :c c... ....I <( 0:: W <( Summary Appraisal Report Uniform Residential A ~U@,lYJi'llr~r!~o. 1684 450009031 February 23,2010 ""'2413 Pa e 20 of 43 'Ilion of the market value of the sub'ect 0 e State FL Ii Code 34120 Co Collier IntegraRealtyResourcesSouthwest~rilla The u ose of this summa a raisal re ort is to rovide the lender/client with an accurate. and ade uately s rted.o Pro Address 1121 Wilson Blvd. North C Na les Borrower CoUler Coo TE & CM Hernandez! Owner of Poolic Record Hernandez & Gras Le I Degcri tion Golden Gate Estates Unit 19 S 180' of Tract 132 Assessor's Parcel # 37549440000 N . hborhood Name Golden Gate Estates Cccu Owner Tenant Vacalt S eclalAssessments$ " Pro Ri htsA raised FeeSi Ie Leasehold Other descrll>e Assl nment T Purctmse Transaction Refinance Transaction OtI1er descrlbe Estimate Market Value LemlerlCliert Collier Cou TE/CM Address 2685 South Horseshoe Drive #212 Na les FL 34104-6113 /stlllsu eel e clJTent offeredforsaieorhasnbeenofferedforsaleinthetwelvemonths riorto Ihe effective date of this a ralsal? Yes R data SOIIte s used.offerln rice s , and date s . Owner Tax Year 2007 Ma Reference 33-48-27 Unknown PlJD R.E. Taxes $ 1 673.04 Census Tract 104.12 HOA $ N/A er ear erroonth No I 0 did [gI did not analyze the contract for sale for the subject purchase transaction. Explain the resLits of the analysis of lt1e contract for sale Dr why the analysis was not erfonned. Not a sale Contract Price $ N/A Date of Contract N/A Is 1he ro sener the owner of ublic record? Yes No Data SOl1ce s Public records Is tI'ere any financial assistance (kJan charges, sale concessions. gift or downpaymmt assistance, etc.) to be paid by any party on behaft of the borrower? D Yes rgJ No . KYes.re rt the total dollar amollll and descl1be the items to be Id. N/A N/A ,'~." liiJllIij Rural Pro Values Declini PRICE AGE One-Unit 65 % Under 25% Demal'ldlS I Over Su $ 00 rs 24 Unit % Stable Slow Markell TIme Over 6 mths 300 low New Multl-Faml % 13 miles E of the Gulf of Mexico and W~son 1 200 Hi h 25 Commercial 2 % .. Blvd. N.' N off of Golden Gate Blvd.' 6+ mHes NE of Golden Gate CI 500 Pred. 10 Other 33% borhood Descri tion Golden Gate Estates encom sses alar e s rawlin area of estate size lots from 1 to 5 acres in eastern Collier Coun Avera e access to sho In and su ortin services. Seconda schools and arks are nearb . There is no central sewer or water stem in this area but the use of wells and se tic stems does not have an adverse affect on marketabll' Market Conditions includi su ortfor the aoove conclusions There are no sales or financtn concessions revalent In the sub'ect's nel hborhood. T leal conventional flnanci Is available at com etltlve rates. Current there is an over su of homes for sale in the area and demand has been weak. Marketln time for well riced ro erties Is a roximatel 6 months. Prices in the area have been stable to decJinin over the ast ear. Dimensioos 180 x 680 Area 2.81 acres Sha Rectan ular View Avera e S lc loti CtassWlcation E Zonln Oescri tion Estates 2.25 acres minimun Zo lance L aJ Le alNonconformi GrandfatheredUse NoZonin IlIe al describe IsllEh hestandbes1useofsub'ect ro asim roved oras ro osed er lansands cWica~ons the resent use? Yes No KNO,descrilHl UUIlltl Public OIher(delcrlle) Public OIher(delcrlle) Off-olllelm rovements-T Electri . Water Private well Street As halt Gas Sanita Sewer Se tic s stem All None FEMAS iaJFIoodHazardArea Yes No FEMAAoodZone X FEMAMa # 12021C450G Are the utIll1ies and off-site im rovements . al tor the market area? Yes No It No, describe Are there a adverse site conditions or external factors easements, encroachments, environmental coooltions, land uses, etc. ? Yes There is a 30' Roadwa RIW Easement alon the eastern 180' of the site. The RIW easement Is ieal for the area. marketabl' noted. 'ubi. Prlvalt o FEMA Ma Date 1111712005 No IIYes,describe No adverse affect on ~_ " _(_eeM Coildl!lolfl Units One One with Accesso Concrete Slab Crawl S ce Foundation Walls Footers&slab/a Floors Tile/avera e # of StorIes 1 Full Basement Partial Basement Exterior Walls CBS/avera e Wals D II/avera e T Del Att. S.Oet.lEnd Unit Basement Area N/A s .ft. Roof Surface Fibe IS.shin le/av TrimlAnish Wd.colonialla Existi Pro osed UOOlJ Const. Basemem: Anish N/A % Gutters & Downs outs A1uminum/avere e Bath Roar Tile/avera e Des' Ie Rambler OutsideE /EXIt Sum Pu WindowT A1um-sn I.hn ./a BathWalnscotTIIe/avera e Year Blit 2001 Evidence of Infestation Storm SasMnsu~ted N/A Car Stora e None Effective A rs 6 Dam ness Settlement Screens Screensfav . Drivewa # of Cars 4 Attic None Heati FWA HWBB Radiant Amenities Woodstove s # Drivewa Surtace Rock D Stair Stairs Other Central Fuel Electric Are lace s # Fence Gara e # of Cars Aoor Scuttle Coolin Central Air Conditlonln PatiO/Deck Porch 0 en Car ort #ofCars Anislled Heated Individual D Other Pool 0 Other 0 At!. D Del 0 Buin.in A 'ances Refri eratar Ran e!Oven 0 Dishwasher Dis sal [g1 Microwave WasherlD lr 0 Other descrilHl Anlshed area above rade contains: 7 Rooms 3 Bedrooms 2 Bath s 1 577 S uare Feet of Gross livin Area Above Grade . Addlllonal features s ecial ener efficient items, etc. . T ieal Describe the condition of the ro e Includln needed re airs deterioration renovations. remodelin etc.. The home is in avera e condition. In the surroundin rd area there are old tires and truck arts. There are areas of the round that a ear to have fuel stains I.e. 011 as or diesel. Features: vaulted & 8' ceilin S' Ian! shelves' avera e ual' wood-front cabinet with mica counlerto S' breakfast bar' recessed Ii htin in kitchen' ceUln fans' avera e uafi vanities with marble to S' se arate roman-s e whirl 001 tub and shower in master bathroom. The site has extra fill and rock drivewa to the rear. Are there a sicaldeficienciesoradversecondilionsttataffectthelivablr ,soundness, or structural inte ri of the ro e ? Yes No IIYes,describe Doesthe ro e enerar conformtothenei hborhood functionalutil". le,condttion. use. construction, etc. ? Yes No nNo,describe Freddie Mac Form 70 March 2005 Page 1 of6 Fannie Mae Form 1004 March 2005 Form 1004 - "TOTAL for Windows" appraisalsottware by a ~ mode, inc. -1-800-ALAMODE ~~,ltfJi'llt~\fI~o. 16B4 450009031February 23, 2010 Unifonn Residential A FO.112413 Pa e 21 of 43 38 com arable ro erties cur offered lor sale in the sub"eel nei hborhood ra i in rice from $ 200 000 to $ 657 900 12 com arable sales in the sub'act n . hborhood within \he asl twelve months ra i in sale rice fTOm $ 250 000 10 $ 428000 fEATURE SUBJECT COMPARABLE SAlE I 2 COMPARABLE SAlE I 3 Address 1121 Wilson Blvd. North 970 18th Avenue NE 680 4th Street SE Na les FL 34120 Na as Fl34120 Na les FL 34117 Proxim' 10 Sub" 2 m.NE1W150 T-28 U-24 G.G.E. 2 m.S/S112 T-77 U-13 G.G.E. ~~ *~ $ 310000 Sale PricelGross liv. Area $ 214.68 s .ft. Data SOllee s MLS/OR 4257-445 VerfficatiooSources VAlUE ADJUSTMENTS Sales or Anancing COOOlSsions Date of Sale{lime Location LeasehokllFeeSim Ie SIlB VI.. Des" n Ie Qual otConstruction _IA Coooition Above Grade RoomCounl GrossUvi Area Basement & Anished RoontlBelowGrade Ftn:tiooalutir Heati ooli . E Efficienlflems : Gara a ort . Po"M'aliolDeck . Pool Porch etc. : _ole. There are There are Avera e Fee 81m Ie 2.81 acres A .Ibus road Rambler Avera e 6 ars Avera e Total Bdrms,Balhs 7 3 2 1577 s ,ft, DESCRIPTION Cash/equivalent NIA 7-07 CD -2,5% Avera e Fee 8im Ie 2,50 acres Avera e Rambler Avera e 9 ars Avera e Tenl Bdrms Baths 7 3 2 1 B83 s ,ft, +8600 +. $Ad'ustment DESCRIPTION CaSh/equivalent NIA -8200 10-07CO -1% Avera elinferior Fee 8im Ie 11 000 2.27 acres -5 000 Avera a Ramblar Av .tsu erior +30004 ars Avera a Total Bdrms, BatI1s 7 3 2 1956 s .ft. +. $Ad'ustrrent DESCRIPTION Cash/equivalent NIA -3900 7-07 CD -2.5% 5 000 Avera a/inferior Fee 8im la 18900 2,50 acres -5 000 Avera a Rambler -20 000 Avera e -2 000 3 ars Avera e Total Bdrms, Balhs 7 3 2 1444 s ,ft, +- $AQ'ustment -7700 5000 11000 -5000 -3000 -19900 NIA NIA -24 600 NIA NIA Avera e Central T ieal -100002 ear ara e Screen orch None +8 000 N/A NIA NIA Avera e Central T leal Nona o an orch None F t. & shed NIA NIA Avera a Central T icel 2 ear ara e Screen orch Hot tub F Avera e Central T icel -10000 2 car ara e -3 000 0 en orch -2 000 None 3 000 N/A -10000 -3000 . NetAd' stment otal Adjusted Sale Price did +8000 31100 + $ NmAdi. 8.5% 298 BOO Gross Ad', 24.7 % $ alldco arablesales,nnot,exlain I 1.3% 19.8% I 33 600 + 'Net Adj, 360400 Gross Ad', 3900 313900 research did did not reveal an riorsalesortransfersofthesub'ect ro Dalll SOllCe s Public records research did didnotrevealan riorsaJes or transfers of the com arable sales for the ar rior to the date at sale of the com arable sale. Data SOIrce s Public records R rt~resu/lsoftheresearchandanal sisofthe riorsaleortrallsferhisto of the sub' ct ro e and com arable sales re rtadd~ional ITEM SUBJECT COMPARABLE SALE #1 COMPARABLE SALE #2 Date of Prior SalelTransfer N/A N/A N/A Price of PriorSalelTraflSfer DalllSOIrces Effective Date at Data Sources Ana 'sot riorsaleortransferhisto ofthesoo'ect ro e and com arable sales the ast 12 months, for the three ears riorto the effective date of this a raisal. No sales of the sub'ect in the ast 36 months, No sales of the com sin Su at Sales Com risonA roach Com s #1-#3 are closed sales in the sub' eel's area. Com s #4 & #5 are active listin s in the sub'eel's area. A Date of Salemme ad'ustment of -.5% er month is considered warranted due 10 declinin rices in the area. A-l0% ad'ustment is a Hed to com #4-#6 to account for list rice vs, antici ated sale rice. The ad'ustment for sile size is based on 35000+/- er acre of the ross acrea e. The ad'ustment for GLA is based on $65.00 er s uare foot. Com s #2-#6 are in sli ht inferior locations but with su erior road-fronta e. The ad'ustment for a e is a nominal 1 000 er ear as the sub'ect and the com s have a reduced effective a 9. Com #2 is of su erior ual' and com #6 is of inferior ual' . Alr the com s have attached 2-car ara es. All the com s are considered in the final estimate of market value, Indicated Value Sales Com arison A roach $ 335 000 Indicated Value b : Sales Comparison Approach S 335 000 Cost A roach (If develo ) S 341 600 Income Approach (If develo ed) S N/A Most of the wei ht is laced on the Direct Sales Com arison roach as it is considered the best indicator of current market trends. The Cost roach is su ortive. There is insufficient annual rental data available in order to utilize an Income A roach. This apprnisal is made [2J "as is", 0 subject tD completion per plans and specifications on the basis at a hypothetical condition that '!he improvements have been COfT1lIeted, 0 subject to the followinll repairs or alterations on the basis of a hypothetical condition that the repairs or aRerations have been conwleted, or 0 subject to the . followi liredlns ctionbasedontheextraordina assu lion thaf the condftionor deficienc does notr uirealleralionorre air: Based on 8 complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting conditions, and appraiser's certification, my (our) opinion of the market value, as defined, of fhe real property that Is the subject of this report Is S 335,000 8S of December 21, 2007 which is the date of ins .on and the effective date of this a ralsal. Freddie Mac Form 70 March 2005 Page 2 of 6 Fannie Mae Form 1004 March 2005 Form 1004 - "TOTAL for Windows" appraisal sottware by a la mode, inc. -1-800-AlAMOOE Uniform Residential A 1,iij~,l(1.1i"lr~rlvo. 1684 450009031february 23,2010 Fl.. 12413 Pa e 22 of 43 ;AI!ffllDA!:Il;1J)'VAtuEnof ulnli1F,nn1eU Provide ade uate information for Il'Illender/clienllo re cate the bebw cost Ii ures and calculations. Su fartlle 0 Inion ol site vallll surrrna 01 com rable land sales or other meth:lds lor estimalin site vallll Site values Golden Gate Estates: E180' Tr-101 U-2510-07 118000 2.738c. $43223/ac. inferiortocalion su riorroad-fronta e"W150 Tr-83 U-23 10-07 $117000 2.27ac. $51542/ac. inferiorlocalion su eriorroad-fronta e' N180' Tr-12 U-23 B-07 Active Listin 138800 last sold 4/25/2005 for 165000 2.81ac. 49395/ac. slm~ar location & road-fronts e' E165' Tr-S U-19 12-07 Active listln $95000 2.50ac. $38000/ae. similar location su erior road-fronta e. ESTIMAlHl REPROIlUCTION OR REPlACEMENT COST NEW O~NION OF SITE VAlUE ... mm ....mm..m..... ..... mmm m.m -$ 112000 Sourte of cost datil Marshall & Swift and local builders cosl data DWELUNG 1 577 S.fl. $ 110.00 .. -$ 173470 fm ratin from cost sllf'Vice Avera e Effective date 01 cost data 01/2007 NfA S JI. $ _$ Comzrents on Cost A ch ross Jiyln area calcula1ions, d reciation, etc. Porchlfire lace $ Site 1m rovements: f1ll&clear 30000 drive 5000 Isc 4000 s&w 12000 Gara alCa ort S .Ft. _$ = $51 000. Total Estimate of Cost.New _$ See sketch for dimensions. Less Ph sical Func1ional External De reciation is based on the a e-life method. De reciation 19847 Land ricas have been declinin over the ast 12+ months. De reciated Cost 01 I rovements "As-is" Value of Silelm rovements 25 000 198470 $ $ $ 19847 178623 51000 UD and VA on NfA Years INDICATED VALUE 8Y COST APPROACH '-$~IllUlll:WYA1:U$jjj . .ulili! j;jhOleU' X Gross Rent M~ liar - $ N/A su ort for market rent and GRM N/A 341,600 tncomeA roach UlJ'DRMAllOIt Is the develo r/builder in control 01 the Homeowners' Association HQA? Yes No Urit s Detached Attached Provide the folbwin information for PUOs ONlY n the develo r/blilder is in control of the HOA and the sub'eet ro e is an attached dwellin unit. al Name 01 Pro' N/A ToIallllmberof hases Total number of units Total number of units sold Total number of units rented Total number of units for sala Data source s Was1he ro'ectcreatedb the conversion of existin buildin s into a PUD? Yes No If Yes, date of conversion. Does the ro'ect contain mult).dweDin units? Yes No Data Source Arell1eunits, corrrnon elements, and recreation lacililies co lete? Yes No IfNO,describe1l1e status of co lelion. ""~~~:H:!iW Are 1he common elements leased to or b !he Homeowners' Association? Yes No If Yes, describe tile rental terms and 0 tions. Oescribe common elements and recreational facilities. Freddie Mac Form 70 March 2005 Page 3 016 Fannie Mae Form 1004 March 2005 Form 1004 - 'TOTAl for Windows' appraisal software by a la mode, inc. -1.S00..ALAMODE Uniform Residential Appraisal ReDort ~W!, 11!~11 rlll', rI~o. 1684 450009031february 23,2010 FUe"24'3 Paoe 23 of 43 This report form is designed to report an appraisal of a oneMunit property or a oneMunit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home or a unit in a condominium or cooperative project. This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value, statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to Include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those requIred by law or those related to the appraiser's continuing education or membership In an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal Is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) Inspect each of the comparable sales from at least the street, (4) research, verify, and analyze data from reliable pubUc and/or private sources, and (5) report his or her analysis, opinions, and conclusions In this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/cllent to evaluate the property that is the subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. OEANITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open mar1<et under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting In what he or she considers his or her own best interest; (3) a reasonable time Is allowed for exposure In the open mar1<et; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. *Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the mar1<et's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's cert~ication in this report is subject to the following assumptions and limiting conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to It, except for information that he or she became aware of during the research Involved in performing this appraisal. The appraiser assumes that the title is good and marketable and wiff not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property. 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that Is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac Form 70 March 2005 Page4of6 Fannie Mae Form 1004 March 2005 Form 1004 - "TOTAL for Windows" appraisal software by a Ia mode, inc. -1-600-ALAMQOE Uniform Residential Aooraisal Reoort ~W!,l1Jl,J{llr~rlijo. 1684 45ooo9031february 23,2010 '11."24'3 Paae 24 of 43 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated In this appraisal report. 2. I pertormed a complete visual Inspection of the interior and exterior areas of the subject property. I reported the condition of the improvements In factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal In accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4. I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise Indicated in this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for sale of the subject property in the twelve months prior to the effective date of this appraisal. and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report. 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior to the date of sale of the comparable sale, unless otherwise indicated In this report. 7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property. 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be built on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 1 Q. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest In the sale or financing of the subject property. 11. 1 have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate publiC and private data sources, such as multiple listing services, tax assessment records, pUblic land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from rellable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that I became aware of during the research involved in performing this appraisal. I have considered these adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16. I stated In this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this appraisal report. 17. I have no present or prospective interest in the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law. 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum value, a range or direction In value, a value that favors the cause of any party, or the attainment of a specifIc result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I relied on significant real property appraisal assistance from any individual or Individuals in the performance of this appraisal or the preparation of this appraisal report, I have named such Individual(s) and disclosed the specific tasks performed in this appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that ordered and will receive this appraisal report Freddie Mac Fonn 70 March 2005 Page5of6 Fannie Mae Fonn 1004 March 2005 Form 1004 - "TOTAl for Windows' appraisal software hy a la mode, inc. -1-BOo..ALAMODE marm eSI entia ~DDralsa epa FIIe# 12413 Paoe 2 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or Its successors and assigns; mortgage insurers; government sponsored enterprises; other secondary market participants: data collection or reporting servIces; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to obtain the appraiser's or supervisory appraiser's (If applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertIsing, pUblic relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the proviSions of the UnifonTl Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me. 23. The borrower, another lender at the request of the borrower, the mortgagee or Its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that Involves anyone or more of these parties. 24. If this appraisal report was transmitted as an Uelectronlc recordn containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s} contained in this appraisal report may result In civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Section 1001, et seq., or similar state laws. SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub~contractor or an employee of the supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shalt be as effective, enforceable and valid as If a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER SUPERVISORY APPRAISER (ONLY IF REQUIRED) Signatur~ tt. ~~" Signature Name J es B. Kerr. Jr. . . ',' Name Company Name Inteora Realty Resources of Naples Company Name Company Address 4795 Enterprise Avenue Company Address Naples FL 34104 Telephone Number 239.643~6888 x 205 Telephone Number Email Address ikerr@irr.com Emait Address Date of Signature and Report Januarv 07. 2008 Date of Signature Effective Date of Appraisal December 21 2007 State Certification # State Certification # SI.Cert.Res.REA #0000820 or State License # or State License # State or Other (describe) State # Expiration Date of Certification or License State FL Expiration Date of Certification or License 11/30/2008 SUBJECT PROPERTY ADDRESS OF PRDPERTY APPRAISED D Did not inspect subject property 1121 Wilson Blvd. North o Did inspect exterior of subject property from street Naoles FL 34120 Date of Inspection APPRAISED VALUE OF SUBJECT PROPERTY $ 335 000 o Did inspect interior and exterior of subject property LENDER/CLIENT Date of Inspection Name Harrv Henderson CDMPARABLE SALES Company Name Conier County TE/CM Company Address 2685 South Horseshoe Drive #212 Naples. Fl 0 Did not inspect exterior of comparable sales from street 34104~6113 0 Did inspect exterior of comparable sales from street Email Address harrvhenderson@coJlieroov.net Date of inspection Freddie Mac Form 70 March 2005 U 'f I,li(W,l~J(llr~\rI~o. 16B4 45ll009o3,February 23, 2010 5 of 43 R "d " IA IR rt Page6of6 Fannie Mae Form 1004 March 2005 Fonn 1004 - "TOTAL for WindowS" appraisal software by a la mode, inc. -1-8QO.AlAMOOE :Iil~,I1P.1i'II~mo 1684 Uniform Residential Appraisal Report Fl.. ~~~~~9031febr~~;re 2lci ~m COMPARABLE SAlE'4 COMPARABLE SAlE'5 COMPARABLE SAlE'6 241 16th Street SE 660 4th Street BE 380 4th Street NE Nanles FL 34117 Na leg FL 34117 Nanles FL 34120 2 m.SE/S150 T-131 U-48 G.G.E. 2 m.S/N112 T-77 U-13 G.G.E. 1 m.S/N180 T-8D U-14 G.G.E. .ss ,N/.~. S ~"' 268.6'9' . .::IJ. $ 399000 >"1$ 379000 $ 339900 Il ~n!!:..E $ 236.73 sn.f1.Ie~~j $ 235.06 SQ.ft. MLSfListin MlS/Listina MLS/Listino DESCRIPTION" DESCRIPTION +(-) $ Ad"ustmerll DESCRIPTION + - $ Ad'ustment DESCRIPTION +(- $ Adiustment Active Listing Active Listing Active Listing N/A N/A N/A 10-07LD-10% -39900 11-07LD-10% -37900 11-07LD-10% -34000 Averane Averane/inferior +5 000 Avera elinferior 5 000 Averane/inferior +5 000 Fee Simnle Fee Simnle Fee Simple Fee 81m Ie 2.81 acres 2.34 acres 164002.50 acres 11 000 2.73 acres A .Ibus road Averane -5 000 Averaoe -5 000 Avera e Rambler Rambler Rambler Rambler Averane Avera e Averaoe A Jinferior 6 ars 6 years 2 years -4 000 7 years Avera e Averaoe Averaoe Averaoe Total Bdrms Baths TotallBdrms.IBaths Tatal Bdrms,IBaths Talal Bdrms. Baths 73271312 842 732 1 577 sn.ft. 1 485 sn.ft. 0 1 601 s .ft. 0 1 446 SO.ft. N/A N/A N/A N/A N/A N/A Averane Averaqe Averane Central Central Central T ieal Typieal Tvnieal 2car arae .10000 2 car Qaraoe -100002earnarae Encl. ch.w/AC -8000 Screen Dorch -3000 Screen orch None None None Lar e shed -0- Fo!' & shed F . & shed fEATURE I SUBJECT Address 1121 Wilson Blvd. North Naples FL 34120 ProximilVtoSubj9Ct Sale Price Sale PricelGrossL1v.Area Data Solfce(S' VerfficationSourcefs VAlUE ADJUSTMENTS Sales or Rnancing Concessions Date of SaleITime Locallon LeasehoIdIfeeSimp!e "Site : View . Deslonrstvle\ . QualitvofConstruction ~ Actual Ane . Condition . Above Grade RoomCour. Gross UvirQArea Basemenl&Rnished Roorm Below Grade FUIl:tionalUtility HeatinatCoolno ~Efficlentltems Garaae/Camol1 PorcM'alallleck Pool Porch etc. OIOOretc. NetAd'ustmentfTotali _"~!1-;wtR;0::i"' I + f5<1- $ 41500 11+ fXI- $ 43900 + I>< Adjusted Sale PJice Net 104 % Net 11.6 % Net 5.1 % of ComMrables Gross 211 % $ 357 500 Gross 20.0 % $ 335 100 Gross 25.4 % $ Report lIE resttts of till research and analvsls at the nrior sale or transfer hlsto ofthesub'ect ro e and com arable sales reoortadditional orsaleson a e3. ITEM SUBJECT COMPARABLE SALE # 4 COMPARABLE SALE # 5 COMPARABLE SALE # 6 Date of Prior SalelTransfer N/A 3/23/2005 N/A 4/27/2006 Price of Prior Sale/Transfer 295 000 408 500 ~ Dam SOlfcersl Public records Public records Effective Date of Data Sourcefsl Current Current AnalYsis of Drier sale or transfer histlll'\l of the subiect nro and co arable sales No other sales of the comns in the nast 12 months. Current listln dates LDl are noted above. Com #4 was on insl listed for 424 900 on 2/2312007 and reduced to the above Itst nrice on the above indicated date. Como #5 was orlolnallv listed for $389 000 on 10/4/2007 and reduced to the above list orice on the above Indicated date. Com #6 was 0 . inallv listed for .M37 000 on 10/2013007 and reduced to the above list once on the above indicated date. N/A N/A Averane Central T ieal None o en "arch None F I. & shed -0. -5000 +20 000 +1000 +8500 ~10 000 -3000 I 17500 322 400 Analvsis,IConments See comments on na"e two. Freddie Mac Form 70 March 2005 Fannie Mae Form 1 004 March 2005 Form 1004.(AC) - 'TOTAL for Windows" appraisal software by a la mode, inc. -1-800-ALAMODE Subject Photo Page Borrower: Clienl: Collier Cou TE & eM Hernandez! Pro Address 1121 Wilson Blvd, North C Na les Cou lender CoOier Coun TE/CM Collier State FL 1,iil~,lttJ;"lf'i11\r140. 16B4 February 23, 2010 27 of 43 Zi Code 34120 Subject Front 1121 Wilson Blvd. North Sales Price N/A Gross living Area 1,577 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2 locatilll1 Average View Avg./busy road Site 2.81 acres Quality Average Age 6 years Subject Rear Subject Street Form PICPIX.SR - ''TOTAl for Windows" appraisal software by a la mode, inc. -1-8DO-ALAMOII PHOTOGRAPH ADDENDUM Borrower liem Pro e A 55 CI Na le8 lender CoOier Cou TE/CM Collier Coun TE & eM Hernandez! 1121 WIlson Blvd. North Co CoOier Stale FL SHED PLAYGROUND Form GPlCPIX - "TOTAL for Windows' appraisal software by a la mode, inc. - 1-800-ALAMODE If~"Ilm' f['l!f,f,'lijo. 1684 February 23, 2010 28 of 43 Zi Cl:lde 34120 - Subject Interior Photo Page Borrower Cienl Collier Cou TE & eM Hernandez! Pro Address 1121 Wilson Blvd. North C Na as Co Collier lender Collier Cou TE/CM Slate FL 'Fl!.(\"",llm' ff&.mlJo. 16B4 February 23, 2010 29 of 43 Zi Code 34120 Subject Interior 1121 Wilson Blvd. North Sales Price N/A Gross LivirrJ Area 1,577 TatalRooms 7 Total8edrooms 3 TotalBathrooms 2 Location Average View Avg./busy road Site 2.81 acres OtJality Average Age 6 years SubJect Interior Subject Interior Form PICPIX.SI- "TOTAL tor Windows. appraisal software by a la mode, Inc. -1-800-ALAMOOE Subject Interior Photo Page Borrower: Hent Collier COUll TE & eM HernandeZ! Pro Address 1121 Wilson Blvd. North C Na s Cou Collier Lender Colier COUll TE/CM 'F:!.~"l~ ~f\'1ijo. 1684 February 23, 2010 30 of 43 State FL Zi Code 34120 SUbject Interior 1121 Wilson Blvd. North Sales Price N/A Gross livi~ Area 1,577 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2 location Average View Avg.lbusy road Site 2.81 acres Quality Average Age 6 years Subject Interior SUbject Interior - Rmn PICPIKSI- "TOTAL for Windows" appraisal software hy a la mode, inc. -1-800.AlAMODE SUbject Interior Photo Page Borrower Client Collier Coun TE & eM Hernandez! Pro Address 1121 Wilson Blvd. North C. Na lea Cou Collier lender Conier Coun TE/CM State FL IF~(tcH8~ l'f&,mJ,o. 1684 February 23,2010 310143 Zi Code 34120 Subject Interior 1121 Wilson Blvd. North SalBsPrite N/A GrossLivilllArea 1,577 Total RoolRl 7 TotaJBedrooms 3 Total Bathrooms 2 location Average View Avg./busy mad Site 2.81 acres Quality Average Age 6 years Subject Interior Subject Interior Form PICPIX.SI- "TOTAL for Windows. appraisal software by a la mode, inc. -1-800..ALAMODE Comparable Photo Page Borrower: Hem Collier Coun TE & eM Hernandez! Pro Address 1121 Wilson Blvd. North ~ ~ 8 ~ Lender CoRier Coo TE/CM CoRier 1~~lltlrl rt@\~'t~O. 1684 February 23, 2010 32 of 43 State FL Zi Code 34120 Comparable 1 270 2200 Avenue NW Prox. to SUbject 1+ m.N/E1/2,T-97,U-20,G.G.E. Sale Price 329,900 GrosslivilllArea 1,883 TotaJRooms 7 Total Bedrooms 3 Total Bathrooms 2 location Average View Average Site 2.50 acres Quality Average Age 9 years Comparable 2 970 18th Avenue NE Prox. toSubjecl 2 m.NEIW150,T-28,U-24,G.G.E Sale Price 394,000 Grosslivl[YJArea 1,956 Total Rooms 7 Total Bedrooms 3 Total Bathrooms 2 Location Averagelinferior View Average SIIB 2.27 acres Quality Avg.lsuperior Age 4 years Comparable 3 680 4th Street BE Prox.loSubjec1 2 m.S/S1/2,T-77,U-13,G.G.E. Sale Price 310,000 GrossLivilYJArea 1.444 Total RoolTlS 7 Total Bedrooms 3 TotafBathrooms 2 location Average/inferior View Average Site 2.50 acres Quality Average Age 3 years Form PICPIX.CR - "TOTAl for Windows' appraisal software by a la mode, inc. - 1-8l)J-AlAMOOE Comparable Photo Page Borrower lent Collier Cou TE & eM Hernandez! Pro Address 1121 Wilson Blvd. North C Naes Co Lender Collier Cou TE/eM Collier 'F)I!,tl'"lW~ r&,f\'14o. 1684 February 23,2010 33 of 43 S1ate FL Zi Code 34120 Comparable 4 24116th Street SE Prox.1o Subject 2 m.SE/S150,T-131,U.48,G.G.1 Sale Price 399,000 Gross Uving Area 1,485 Total RoorT$ 7 Total Bedrooms 3 Total Bathrooms 2 location Averagelinferior View Average Site 2.34 acres QlIality Average Age 6 years Comparable 5 660 4th Street SE Prox.lo$ubjec1 2 m.S/N1/2,T-77,U.13,G.G.E. Sale Price 379,000 Gross Living Area 1,601 Total Rooms 8 Total Bedrooms 4 Total Bathrooms 2 Location Average/inferior VJew Average Site 2.50 acres Quality Average Age 2 years Comparable 6 380 4th Street NE Prox.loSubject 1 m.SIN1BQ,T-80,U-14,G.G.E. Sale Price 339,900 GrosslivingArea 1,446 Total Rooms 7 TotalBedrooms 3 Total Ball1rooms 2 Location Averagelinferior View Average Site 2.73 acres Quality Avg./inferior Age 7 years Form PICPIX.CR - ''TOTAL for Windows. appraisal software by a Ia rrode, inc. -1-8OQ.ALAMQDE Building Sketch (Page - 1) IFJ!.1f"IW~ ff&,m~o. 1684 February 23, 2010 34 of 43 Borrower Cliem Collier Cou TE & eM Hernandez! Pro Adores 1121 Wilson Blvd. North C Na les Cou Collier Lemler Collier Coun TE/CM Slate FL Zi Code 34120 50.1' .-----.---.---------.------------ .------------.-~------------.l i I. I !~ 10 I '- ~I Porch 12.9' I I F- ! a; i 37.2' Bedroom 12.2' Dining Kitchen Family b 0> Shed Bath ~ " Fpl. Living b a; ,. Bedroom '" Bedroom ~ , j Foyer i 34.6' I I I ... L____.._._J Bath ~ 15.5' -,,_IV'" Comments: AREA CALCUlATIONS SUMMARY LIVING AREA BREAKDOWN Codo OIIlIcrlptlon Net Sin Net Total. Breakdown ,....... GLA! First Floor 1576.6 1516.6 Fi.rst Floor PI' Porch 839.1 15.5 x 38.0 589.0 "'''<>, 45.0 884.7 12.9 x 34.0 438.6 0..8 Shed. 197.6 197.6 21.7 x 25.3 549.0 Net LIVABLE Area (Rounded) 1577 3 Items (Rounded) 1577 Form SKT.Bld$k1- "TOTAL for Windows" appraisal software by a la mode, inc. -1-800-ALAMODE GIS Map If\'!,~lW~Il'&,~1IYo.16B4 February 23,2010 ~'" 35 of 43 BorrowerK:lient Collier Countv TE & eM Hernandez)) f1nfll'lll Address 1121 Wilson Blvd. North C' Names Cou Collier Lender Collier Coo TE/CM S1ate FL ZinCode 34120 Print Map Page toft ....__I..am 'OlioIrtl.o_'.'~!l4<lOOOO _:HE!UIA.ND<:ZHILDH!ll:olNO" --... NI_, "2' WILSON BLVD , Loog.1 0.-"""GOLD!;" OATE ES~ lIIIln 19 S '$(1FT OF TR,:/< ~".~ CoI_~_""""""'_"'.__c_r_"'-"v_,.._.,""'''''""O...__........_,....__M...._._,......_....'''''..... 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VBR hof~bruary 23, 2010 THIS SUMMARY APPRAISAL REPORT IS INTENDED FOR USE BY THE LENDERlCLlENT FOR A MORTGAGE FINANCE TRANSACTION ON. 8 of 43 Address 1121 Wilson Blvd N. C' Na les State Fl. Zi e 34120 le IDescri 'on Golden Gate Estates Unit 19 S 180ft of Tract 132 Co CoRier Assessor's Parcel No. 37549440000 Tax Year R.E.Taxes 1509.13 S ialA ssments 0 Borrower N/A Current OWner Hernandez/Gras Occu ant Owner Tenant N . hborhood or Pm'act Name Golden Gate Estates Pro'ecl T e PUD Condominium HOA Sales Price $ NfA Date of Sale N/A Descri lion amount of loan char as concessions 10 be aid b seller N/A Pm Ii tJtsa raised FeeSim Ie Leasehold Ma Reference S33-T48-R27 CensusTracl104.12 t 'J If Location DUrban SuburbanDRural Property values Dlncreasing Buittup DOver 75% [3JZ5-75% DUnder25% Demand/supp~ DShortage Growth rate Ra id SIa!)Je Slow Marke1in time Under 3 mos. 306 mos. Over 6 mos. Neighborhood boundarres Immokalee Road to the north Eve lades Boulevard to the east the Golden Gate Main Canal to the south and 13th Street NW to the west. Vacart N/A o. Sln9"f1Inilyhousl~ Condomlnlumhousl~i PRICE AGE PRICE !If awlic.) AGE $(000) &rs) $(000) &rs) 100 low New N/A Low N/A 450 HI h 35 N/A Hi h N/A "-; Predominant -Predominant 160 10 N/A N/A Shape Mostlv RectanQular Site area 2.81 acres Private o No IfYesattachdescrition. Previous appraisal files No SALE 3 75 22nd Street NE Na les FL 34120 3.11 miles SE 126000 ~ :f\llIi' 127900 + -SAdust 75.28r/:J MLS#208028398 DESCRIPTION Conv.Assumed + - $ Ad'ust 1/09 GGE GGE 2.81 acres 2.50 acres Natural Similar Ranch Ranch 8 Effec6 11 Effec6 Av Similar Total :Bdrms: Baths Total :Bdrms: Baths 7:32 7:3 2 1577S.Ft 1867S.Ft. comments +4500 1/09 GGE 2,27 acres Similar Ral1Ch 11 Effec6 Similar Tolal:Bdrms: Baths 6 3 2 1630 S .Ft. comments +8000 6/09 GGE 2.73 acres Similar Ranch 11 Effec 10 Inferior TotI! :Bdrms: Baths 6 3 2 1699 S .Ft. comments +1000 +6 000 A eAd' if'-t!~1)M~'~w:-< -11500 Nominal 5000 Slab Slab Slab Slab +3.000 +3,000 0' 001 NetAd'. otal 11000 Adjusted Sales Price olCOfl1l3,rables $ 137000 o eofPri rSal Prlte 01 Prior Sale $ NIA $ $ Analysis of any current agreement of sale. option, or listing of the subject properly and analysis 01 the prior sa~s oj subject and comparables:None 5000 132900 SIIIlTnaI)' oj sales comparison and value conclusion: S1 n!ficant riee declines have occurred in the sub' ect area since earl 2006' durin 2009 rlees a ear to have bottomed and have eneral remained stable at these low levels. The current ricin environment is antici ated to remain for the foreseeable future. Lot size ad'ustments reflect 15000/acre rounded' a a/condition ad'ustments are combined and reflect differences in effective a e as er MLS data and observation. GLA ad'ustments reflect $40/sf rounded for differences in GLA above 100sf onl . All other ad'ustments are self-ex lanato . E ual we; hi iven to all sales. This appraisal is made [3J 'as-is', D subject to completion per plans and specffications an the basis 01 a hypothetical condition lhatthe improvements have been compieted, or o sUbject to the following repairs, aRerationsor conditlons BASEDONAH [ZJ EXTERIORINSPECT10N FROM THE STREET OR AN PROPERTYTliATISTHESUBJECTOfTHISREPORTTOBE$ 136000 DINTERiORANDEXTERIORINSPECTlON,IESTlMATETHEMARKETVALUE,ASDEFlNED,OFTHEREAL ,ASOF September 24, 2009 PAGE 1 OF3 Form 205 - "WinTOTAl" appraisal software by a la mode,inc. -1-800-ALAMOOE Fannie Mae Form 2055 9-96 Desktop Underwriter Quantitative Analysis Appraisal Report IM'I"Fn'~gM~il"llr.1!l'ir1vo. 1684 FII. N. VBR hof.~bruary 239 ;~lg ProJect.-.rorm.tlon for PUDs ~l applicable) .. Is the developerlbLRlder in control 01 the Home Owners' Association (HOAl? Dyes ONe -,,- Provide the following informatiOl1 for PUDs only n the developerlbullder is in control of the HDA and the sUbject property is an attached dwelling lIlit Tatal runber of phases N/A Tolalnumberofunlts Total number ot units sold Total mmberof 1fI1ts rented Total number of ufllls forsala DataSOlfce(s) Was the project created by the cOllVersion of existing buildings illla a PUD? 0 Yes 0 No n yes, date ofcorwersion: Does the project torTlain any mlili-lIwemng units? 0 Yes D No Data Source: Are the comrron elements completed? 0 Yes 0 No n No, describe status of completion: NfA Are any colTlTlOn elements leased 10 or by the Home Owners' Association? Dyes DNa Kyes,attachaooendumdescribingrenlaltermsandopliollS. Describe common elements and recreationaltaciJities: NfA ProJect nfonnatlon for Condamlnluml Of applicable) - - Is the developer/buJlder in control of the Home Owoors' Association (HOA)? Dyes DNo Providelhefollowinginforma~onforaIlCondomjniumProjects: Totalllll'l1berofpllases N/A Total number of unils Total number of unfts sold Total IlJ/l1berof units rented Total number of unils for sale DataSource(s) Was the pmjectcreated by the conversion of ellisting buildings into a condominium? 0 Yes 0 No If yes, date of conversion: ProjectType: o Primary Residence o Second Home or Recrealional o Row or Townhouse o Garden o Midrise o Highrise 0 Condilion of the project, quality of construction, unftmix,etc.: NfA Are the common elements completed? Dyes ONe If No, describe statllS of completion: NfA Are any corrrnon e1errents leased to or by the Home Owners' Association? Dyes DNa Ifyes,allach addendum describing rental terms and options. Describe common elements and retrealionalfacllfties: NfA PURPOSE OF APPRAISAL: The purpose of this appraisal is to estimate the market value of the real property that Is the subject of this report based on a quanlilative sales comparison analysis for use in a mortgage finance transaction. OERNTTlON OF MARKET VALUE: The most probable price which a property should bring In a competitive and open market under an conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price Is not affected by undue stimulus. ImpMclt in this definition is the consummation of a sale as of a speCified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated: (2) both parties are well informed or well advised, and each acting in what he considers his own bllst interest: (3) a reasonable timll is allowed for exposure in the open mal1<et; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions. granted by anyone associated with the sale. . Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs In virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved In the property or transaction. Any adjustment should not be calculated on a mechanical donar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment STATEMENT Of UMmNG CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITlONS: The appraiser's certification that appears in the appraisal report is SUbject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the tiUe to It. The appraiser assumes that the litIe is good and marketable and, thllrefore, will not render any opinions about the title. The property is appraised on the basis ofil being under responsible ownership. 2. The appraiser has provided any reqUired sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 4. The appraiser has noted In the appraisal report any adverse conditions (such as, but not limited to. needed repairs, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the SUbject property or that h, or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions Qncluding the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, expressed or implied, regarding the condition of the property. Th, appraiser will nof be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether sucn condftions exist Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 5. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be reliable and beUeves them to be tme and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 6. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 7. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the "nn with which the appraiser is associated) to anyone other than the borrower, th, mortgagee or Its successors and assigns; th, mortgage insurer, consultants; professional appraisal organizations; any '''Ie or federally approved financial institution: or any department agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender/Client may distribute the report to data collection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the pUblic through advertising, public relations, news, sales, or other media. 8. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion per plans and specifications on on the basis of a hypothetical condition that the improvements have been completed. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. PAGE20F3 Form 205 - "WinTOTAl" appraisal software by a la mode, inc. -1-800-ALAMODE Farl1le Mae Form 2055 9-96 DesktoD Underwriter Quantitative Analysis Appraisal ReDort IMa;"RI'~\Wllair'lr.w,rr~o. 1684 February 23, 2010 FII. ... VBR ho"", Page 40 of 43 APPRAISER'S CERTlACATlON: The Appraiser certifies and agrees that 1. I performed this appraisal by (1) personally inspecting from the street the subject property and neighborhood and each of the comparable sales (unless J have otherwise indicated in this report that I also Inspected the interior of the subject property); (2) collecting, confirming, and analyzing data from reliable public and/or private sources; and (3) reporting the results of my inspection and analysis in this summary appraisal report. f further certify that I have adequate information about the physical characteristics of the subject property and the comparable sales to develop thisappraisaJ. 2. r have researched and analyzed the comparable sales and offeringS/listings in the subject market area and have reported the comparable sales in this report that are the best available for the subject property. I further certify that adequate comparable market data exists in the general market area to develop a reliable sales comparison analysis for the subject property. 3. I have taken into consideration the factors that have an impact on value in my development of the estimate of market value In the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which I am aware, have considered these adverse conditions in my analysis of the property value to the extent that I had market evidence to support them, and have commented about the effect of the adverse conditions on the marketability of the subject property. I have not knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct 4. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 5. I have no present or prospective interest In the property that is the subject of this report, and I have no present or prospective personal interest or bias with respect to the participants In the transaction. I did not base, either partially or completely, my analysis and/or the estimate of market value In the appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property oron any other basis prohibited by I aw. 6. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the apprafsed value of the property. 1. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific resu~, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not base the appraisal report on a requested minimum valuation, aspecificvaluation,orlhe need to approve a specific moltgageloan. 8. I estimated the market value of the real property that is the subject of this report based on the sales comparison approach to value. I further certify that I considered the cost and income approaches to value, but, through mutual agreement with the client, did not develop them, unless I have noted otherwise in this report. 9. I performed this appraisal as a limited appraisal, SUbject to the Departure Provision of the Uniform Standards of Professional Appraisal Plactice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were In place as of the effective date of the appraisal (unless I have otherwise Indicated in this report that the appraisal Is a complete appraisal, in which case, the Departure Provision does not apply). 10. I acknowledge that an estimate of a reasonable time for exposure In the open market Is a condition in the definition of market value. The exposure time associated with the estimate of market value for the subject property Is consistent wtth the marketing time noted in the Neighborhood section of this report. The marketing period concluded for the subject property at the estimated market value Is also consistent with the marketing time noted in the Neighborhood section. 11. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. I further certify that noone provided significant professional assistance to me inthedevelopmentofthisappraJsal. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have examined the appraisal report for compliance with the Uniform Standards of Professional Appraisal Practice, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 5 through labove, and am taking full responsibility for the appraisal and the appralsal repo rt APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIREO): Signature: Name: Harrv Henderson SRA Company Name: Collier County Gov. TEfCM Company Address: 2885 South Horseshoe Drive Naples FL 34104 Date of Report/Signature: September 24 2009 State Certification #: RD3475 orStateUcense#: State: FL Expiration Date of Certification or License: 11f30f2010 Signature: Name: Company Name: Company Address: Date of Report/Signature: State Certification #: or State License #: State: Expiration Date of Certification or License~ AOORESS OF PROPERTY APPRAISED: 1121 Wnson Blvd N. Naples, FL 34120 SUPERVISORY APPRAISER: SUBJECT PROPERTY o Did not inspect subject property D Did inspect exterior of subject property from street D Did inspect interior and exterior of subject property COMPARABLE SALES D Did not inspect exterior of comparable sales from street D Did inspect exterior of comparable sales from street ,".......... APPRAISED VALUE OF SUBJECT PROPERTY $ 136 000 EFFECTIVE DATE OF APPRAISAL/INSPECTION September 24 2009 LENOER/CUENT: Name: Company Name: ROW Department Company Address: PAGE30F3 Fann 205 - "WinTOTAL' appraisal software by a la mode, inc. - 1-800-AlAMODE Fannie Mae Form 2055 9-96 Subject Photo Page BorrlMlf/CUent N/A Pro Address 1121 Wilson Blvd N. C Na les lendEr ROW De rtment Cou Collier Form PIC3x5.SR - 'WinTOTAL" appraisal software by a la mode, inc. - 1-80Q..AlAMODE 1M." R" ~JM 1l'lll"1 ~rl~o. 1684 February 23, 2010 410f43 Slate Fl Zi Code 34120 Su bject Front 1121 Wilson Blvd N. Sales Price N/A Gross Living Area 1,577 Tatal Rooms 7 Total Bedrooms 3 Total Bathrooms 2 location GGE View Natural Site 2.81 acres Quality Age 8 (Effec 6) Subject Street Comparable Photo Page BorrowerlCient Pro Add l.o1da' NfA 1121 Wilson Blvd N. Na lea ROW De artment COli CoOier IM';"FiI"~gMIa~llrlil'\fI~o. 1684 February 23, 2010 42 of 43 Slale FL Zi Code 34120 Comparable 1 460 Jung Blvd W. Pro>:. tIJ Subject 0.87 miles NW Sales Price 138,000 Gross Living Area 1.867 Total Rooms 7 TotafBedrooms 3 Total Bathrooms 2 location GGE View Similar Site 2.50 acres Quality Age 11 (Effec 6) Comparable 2 340 20th Street NE Prox. 10 Subject 2.78 miles E Sales Price 126,000 Gross Livlng Area 1,630 Total Rooms 6 TotalBlKlrooms 3 Total Bathrooms 2 Location GGE View Similar Site 2.27 acres Quality Age 11 (Effec6) Comparable 3 75 22nd Street NE Prox.10 Subjecl 3.11 milesSE Sales Price 127,900 Gross Living Area 1,699 Total Rooms 6 TotalBedrooms 3 Total Bathrooms 2 location GGE View Similar Site 2.73 acres Quality Age 11 (Effec 10) Form PICPIX.CR - 'WinTOTAL" appraisal software by a la mode, inc. -1-80D-ALAMODE -, Location Map IM',"FiI''j!,JMI\'l~liftW,flijo. 1684 February 23, 2010 ,~ 43 of 43 BorrowerlClient N/A Pr~Address 1121 Wilson Blvd N. Citv Nanles lender ROW Den"'rtment cOlJr1iY Collier State FL ZinCode 34120 ~ ~ -;>fo-. ""'-. 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