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Agenda 05/14/2024 Item #11D (Sale and Purchase agreement - Williams Reserve at Lake Trafford05/14/2024 EXECUTIVE SUMMARY Recommendation to approve an Agreement for Sale and Purchase of 2,247 +/- acres of property at Williams Reserve at Lake Trafford, located in Immokalee, at a purchase price not to exceed $23,000,000 for uses such as conservation, housing, parks and recreation, transportation, stormwater management, economic development, and potential co-location of fire operations with Immokalee Fire and Rescue District; and authorize the necessary Budget Amendments. OBJECTIVE: To purchase 2,247 +/-acres in Immokalee (“Property”) for several uses, including conservation, housing, parks, transportation, stormwater, economic development, and fire operations. CONSIDERATIONS: The owners of the Williams Property initially approached County staff with a listing memorandum. Given its attributes, on August 22, 2023, staff presented an item to the Board of County Commissioners (“Board”) to make an offer. The Board authorized staff to issue a non-binding letter of intent to the Sellers at a purchase price of $20,225,000, or the average of two appraisals, whichever is lower. The Sellers signed the letter and returned it with counter terms. The signed letter modified the purchase price to $23,000,000, or the average of two appraisals, whichever is lower. The terms of the sale have been negotiated. A such, this item is to consider a sales agreement and authorize staff to proceed with all necessary actions to purchase the Property. The Property is owned by James E. Williams, Jr. GST - Exempt Estate Tax Sheltered Trust u/a/d 8/13/1993, James E. Williams Jr. Non-Exempt Estate Tax Sheltered Trust u/a/d 08/13/93, Williams Farms of Immokalee, Inc. a Florida Corporation, and The Williams Farms Land Assets, LLC, (collectively referred to as “Sellers”); it has a wide range of potential uses and is suitable for conservation, affordable and workforce housing, parks and recreation, transportation infrastructure, stormwater management, and economic development. The Chief of the Immokalee Fire Rescue District has expressed interest in co -locating a fire station on the Property. Approximately half of the property is within the Rural Lands Stewardship Area (RLSA) Overlay (Open Area), and the underlying zoning is “Agricultural.” If the property were to be developed with residential, commercial and/or government uses, a Growth Management Plan amendment will be required to remove those lands from the RLSA; additionally, a rezone to a Public Use District zoning category is necessary to use Property for the desired governmental uses. Both parks and safety service facilities are permitted uses in that district. The Purchase Agreement (“Agreement”) for the Property has been signed by the Sellers and contains the following terms: Price One independent appraiser hired by the County has valued the property at $19,940,000, while the other has valued it at $21,600,000, resulting in an average valuation of $20,770,000. The Sellers have added a condition stating that they have the right to rescind the Agreement if the Board approves a purchase price lower than $23,000,000. As such, prior to approving the Agreement, the Board must determine the appropriate purchase price, which, if lower than $23,000,000, will be subject to approval by the Sellers. A supermajority vote is required for the County to approve the purchase price in excess of $20,770,000. Three parcels, consisting of 1107 acres, within the RLSA would have the potential to generate SSA credits that could be sold to entitle development within the RLSA. If the parcels were to be put into a traditional SSA, with active agricultural and conservation uses, there is a potential to generate up to 1,100 credits; an Agricultural Stewardship Easement would generate 2,214 credits. Stewardship Easements are dedicated in favor to Collier County, the Florida Department of Agriculture and a state environmental agency; these easements would remove the ability to site parks, housing, and any uses other than agriculture on the lands unless the easements are terminated by the owner or released by the state. If the upland property was utilized to site housing, 11.D Packet Pg. 157 05/14/2024 parks, or any use other than agriculture activities, no credits would be generated. Environmental Aspects Cattle have been located on the property, and soil and groundwater testing are recommended throughout the property. Testing will be required in areas that are proposed to be converted to residential and commercial uses, including housing and the fire station. Additionally, listed species were found on the property, and it is within both Primary and Secondary Panther Habitats, so consultation with USFWS will be required. There may be contamination from the agricultural uses and the septic tank presently on the property. In order to evaluate any potential environmental issues on the Property, an extended due diligence period will be required in order to conduct such evaluation and testing. The longest inspection period the Sellers would agree to is six months. Staff requested and would prefer an additional six months. Sellers agreed that the inspection period may only be extended by mutual agreement of the parties. The Sellers possess a Phase I Environmental Report and are obtaining a limited Phase II Report. The Sellers have agreed to disclose these reports upon Board approval of the Agreement. Staff attempted to negotiate an escrow to reserve funds for potential environmental remediation identified during its inspection. However, this term was non - negotiable for the Seller and, therefore, has not been included in the contract. If the inspection is incomplete or reveals significant contamination, staff may return to the Board during the Inspection Period with a mutually agreed upon extension or a recommendation that the County exercise its termination rights. Indemnification The County also pursued a comprehensive indemnification clause as is contained in our standard form purchase agreements. The Sellers have agreed to a limited indemnification solely for concerns raised in their Phase 1 and 2 environmental reports. They have also agreed that if the County discovers any additional environmental concerns under reports procured by the County, the County may request an indemnification from the Seller for those environmental concerns. If the request is rejected, the County may terminate this Agreement during the inspection period. This limited indemnification extends for six months following closing. Liquidated Damages The County’s standard form purchase agreement contains a right for the County to seek specific performance of the agreement if the seller fails to perform. Given the size and nature of the transaction, the Seller requested a remedy for itself if the County does not close on the transaction. The Parties have included a provision which states that if the County does not terminate the Agreement pursuant to any of the provisions authorizing such termination, and decides to terminate and cancel the contract, it may do so by providing written notice and paying $70,000 as liquidated damages. No additional sums are required to be paid. This added language has been the standard of practice for other large-scale Conservation Collier purchases. Leases Additionally, several agricultural leases are in place on the Property. The yearly revenue is approximately $300,000. Copies of these leases have been provided to the County. They are all designated for agricultural purposes, primarily for producing fruits and vegetables. One lease pertains to hay fields. The leases for fruits and vegetables expire in June 2024, while the hay field lease expires on January 31, 2026. The contract grants lease renewal rights, allowing the County to review the renewal leases before execution and to object if they are not substantially similar to the existing leases. The 2024 leases will be renewed for only one year to account for closing. At closing, the leases will be assigned to the County. Naming 11.D Packet Pg. 158 05/14/2024 Any conservation park established on the purchased land is requested to be named “JAMES E. WILLIAMS JR. PRESERVE” or similar for a minimum of 20 years, which condition shall be included in the deed to ensure compliance. Summary of Key Terms and Deadlines A Summary of Key Terms and Deadlines is a backup to this item. ADVISORY BOARD RECOMMENDATION: On April 3, 2024, the Conservation Collier Land Acquisition Advisory Committee (“CCLAAC”) considered the potential acquisition of approximately 1410 acres for use in the Conservation Collier Program. The CCLAAC unanimously recommended that the property be designated as the A Category of the Active Acquisition List. Furthermore, the CLLACC recommended that the County obtain Phase I and Phase 2 environmental reports. FISCAL IMPACT: The total cost of the acquisition, based on the average of the two appraisals, is estimated at $20,830,000 ($20,770,000 for the land and $60,000 for a title commitment, title policy, closing costs, and recording of the documents). Environmental testing and remediation costs are currently uncertain pending the review of the Phase I environmental report and results of a subsequent Phase II environmental. The following table outlines the initial financing approach. This approach is subject to adjustment before closing. Budget amendments will be required in FY24 or FY25 to appropriate funding based on this approach as adjusted. Ultimately, acquisition costs will be distributed based on the actual utilization of the land. The table below outlines the conceptual final utilization of the land. Use (Funding Source)Acres Conservation Collier 1410 Parks 250 Affordable Housing Entitled 168.2 Affordable Housing Not Entitled 243.8 Roads 150 Fire Station 5 Stormwater 20 Total 2247 Conceptual Final Utilization In addition to the acquisition price and environmental testing, the lands dedicated to Conservation Collier will require annual maintenance for the restoration of the slough. Maintenance is expected to cost approximately $1 million per year. 11.D Packet Pg. 159 05/14/2024 GROWTH MANAGEMENT IMPACT: None at this time. If the property is acquired, it would be incorporated into the inventory for Conservation Collier, Parks and Recreation, Transportation, and Stormwater. Any inconsistencies with the proposed uses, the Immokalee Area Master Plan (IAMP), and the RLSA overlay will be addressed within a future board-directed Growth Management Plan Amendment. LEGAL CONSIDERATIONS: Pursuant to Florida Statutes, 125.355, a supermajority vote is required for the County to approve the purchase price in excess of the average of the appraisals ($20,770,000), otherwise a majority vote is required. This item is approved as to form and legality. -SAA RECOMMENDATION: That the Board of County Commissioners approve a purchase price of $20,770,000 (average of the two appraisals) and accordingly approve the Agreement for Sale and Purchase of 2,247 +/- acres of property at Williams Reserve along with the necessary budget amendments. Prepared by: Jennifer A. Belpedio, Real Property, Facilities ATTACHMENT(S) 1. Agreement for Sale and Purchase (PDF) 2. Termination and Other Key Terms Summary (PDF) 3. Williams Reserve - Offering Memorandum for 153 Acres (PDF) 4. Williams Reserve - Offering Memorandum for 2,247 Acres (PDF) 5. Williams Reserve - Published Executive Summary for LOI (PDF) 6. Williams Reserve - Signed Letter of Intent (PDF) 7. [Linked] Williams Reserve - Lease Abstracts (PDF) 8. [Linked] Williams Reserve - Appraisal 1(PDF) 9. [Linked] Williams Reserve - Appraisal 2(PDF) 10. Immokalee Water & Sewer District (PDF) 11. Williams Reserve - Conservation Collier Map (PDF) 12. ICSR Williams Farm_Conservation Collier (PDF) 11.D Packet Pg. 160 05/14/2024 COLLIER COUNTY Board of County Commissioners Item Number: 11.D Doc ID: 28546 Item Summary: Recommendation to approve an Agreement for Sale and Purchase of 2,247 +/- acres of property at Williams Reserve at Lake Trafford, located in Immokalee, at a purchase price not to exceed $23,000,000 for uses such as conservation, parks and recreation, transportation, stormwater management, economic development, and potential co-location of fire operations with Immokalee Fire and Rescue District; and authorize the necessary Budget Amendments. (James French, Department Head, Growth Management & Community Development Department; Jaime Cook, Director, Development Review) Meeting Date: 05/14/2024 Prepared by: Title: – Facilities Management Name: Jeremiah Westerfield 04/22/2024 1:24 PM Submitted by: Title: Department Head - GMD – Growth Management Community Development Department Name: James C French 04/22/2024 1:24 PM Approved By: Review: Growth Management Community Development Department Diane Lynch GMD Approver Completed 05/01/2024 12:41 PM Facilities Management Jennifer Belpedio Other Reviewer Completed 05/01/2024 4:01 PM Unknown Jaime Cook GMCDD Reviewer Completed 05/01/2024 4:56 PM Operations & Regulatory Management Michael Stark GMCDD Reviewer Completed 05/03/2024 9:15 AM County Attorney's Office Sally Ashkar Level 2 Attorney Review Completed 05/06/2024 10:56 AM Growth Management Community Development Department James C French Growth Management Completed 05/07/2024 3:32 PM Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 05/07/2024 3:43 PM County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 05/08/2024 9:53 AM Office of Management and Budget Laura Zautcke OMB Reviewer Completed 05/08/2024 11:56 AM County Manager's Office Amy Patterson Level 4 County Manager Review Completed 05/08/2024 3:58 PM Board of County Commissioners Geoffrey Willig Meeting Pending 05/14/2024 9:00 AM 11.D Packet Pg. 161 11.D.aPacket Pg. 162Attachment: Agreement for Sale and Purchase (28546 : Williams Reserve Property - Purchase Agreement) 11.D.aPacket Pg. 163Attachment: Agreement for Sale and Purchase (28546 : Williams Reserve Property - Purchase Agreement) 11.D.aPacket Pg. 164Attachment: Agreement for Sale and Purchase (28546 : Williams Reserve Property - Purchase Agreement) 11.D.aPacket Pg. 165Attachment: Agreement for Sale and Purchase (28546 : Williams Reserve Property - Purchase Agreement) 11.D.aPacket Pg. 166Attachment: Agreement for Sale and Purchase (28546 : Williams Reserve Property - Purchase Agreement) 11.D.aPacket Pg. 167Attachment: Agreement for Sale and Purchase (28546 : Williams Reserve Property - Purchase Agreement) 11.D.aPacket Pg. 168Attachment: Agreement for Sale and Purchase (28546 : Williams Reserve Property - Purchase Agreement) 11.D.aPacket Pg. 169Attachment: Agreement for Sale and Purchase (28546 : Williams Reserve Property - Purchase Agreement) 11.D.aPacket Pg. 170Attachment: Agreement for Sale and Purchase (28546 : Williams Reserve Property - Purchase Agreement) 11.D.aPacket Pg. 171Attachment: Agreement for Sale and Purchase (28546 : Williams Reserve Property - Purchase Agreement) 11.D.aPacket Pg. 172Attachment: Agreement for Sale and Purchase (28546 : Williams Reserve Property - Purchase Agreement) 11.D.aPacket Pg. 173Attachment: Agreement for Sale and Purchase (28546 : Williams Reserve Property - Purchase Agreement) 11.D.aPacket Pg. 174Attachment: Agreement for Sale and Purchase (28546 : Williams Reserve Property - Purchase Agreement) 11.D.aPacket Pg. 175Attachment: Agreement for Sale and Purchase (28546 : Williams Reserve Property - Purchase Agreement) 11.D.aPacket Pg. 176Attachment: Agreement for Sale and Purchase (28546 : Williams Reserve Property - Purchase Agreement) 11.D.aPacket Pg. 177Attachment: Agreement for Sale and Purchase (28546 : Williams Reserve Property - Purchase Agreement) 11.D.aPacket Pg. 178Attachment: Agreement for Sale and Purchase (28546 : Williams Reserve Property - Purchase Agreement) 11.D.aPacket Pg. 179Attachment: Agreement for Sale and Purchase (28546 : Williams Reserve Property - Purchase Agreement) Williams Reserve at Lake Trafford TERMINATION AND OTHER KEY TERMS IN THE AGREEMENT FOR SALE AND PURCHASE Termination: There are several instances where the County may terminate the contract: • Due diligence Period (first 6 months of the contract) - If the County is not satisfied with the inspection results for any reason whatsoever, it may terminate the contract. During this period, staff will evaluate environmental contamination and lease arrangements and determine whether to request an extension of the due diligence period or terminate it. • Title Review Period (First 90 days of the contract) - If the title contains exceptions that render it unmarketable and the Seller is timely notified and fails to cure within 30 days, the County may terminate. The County has the option to waive title defects. • Seller default at any time - If Seller fails to perform any of the covenants and agreements required to be performed and fails to cure it within 10 days' written notice, the County may terminate. Other Key Terms: Section Subject Key Terms -- Purchase and Sale Agreement 2.01 Purchase Price The Sellers have signed the Agreement for $23,000,000. The average of the two appraisals engaged by the County is $20,770,000. However, if the Board does not approve a Purchase Price of $23,000,000, the Seller may rescind the contract. 3.01 Closing Date Within six months from Board approval of the Agreement, but no sooner than August 30, 2024. 3.02 Allocation of Costs between parties • Seller to pay all documentary stamp taxes; and • County to pay recording, title commitment, and title policy costs. 3.011 Requirements for clear title The title must be marketable and free of any liens, encumbrances, exceptions, or qualifications, except those listed on the title commitment. 5.01 The County’s right to inspect the property 6 months from Board approval of the Agreement. The due diligence period may be mutually extended by the parties. 5.01 County’s Right to Terminate During Inspection Period County may terminate for any reason whatsoever if not satisfied with the inspection results. 9.02 Default Provision County may terminate for default and seek specific performance if Seller fails to meet any agreement requirement. The Seller may terminate for default if County fails to meet any agreement requirement, and County must pay $70,000 in liquidated damages as the exclusive remedy. 10.01 Warranties and Representations (General) Seller will convey property to County via Warranty Deed. 11.D.b Packet Pg. 180 Attachment: Termination and Other Key Terms Summary (28546 : Williams Reserve Property - Purchase Agreement) 10.15 - 10.20 Representations and Warranties (Environmental) • Seller represents that there are no incinerators, septic tanks, or cesspools on the Property (except for the septic tank located at 2109 Immokalee Drive. • Standard warranties included. 10.23 Indemnification (limited, not full) • Seller represents, warrants, and agrees to indemnify, reimburse, defend, and hold County harmless from any and all costs (including attorney's fees) asserted against, imposed on, or incurred by County, directly or indirectly, pursuant to or in connection with concerns raised in Seller’s Phase 1 and Phase 2 environmental reports. • If County discovers any additional environmental concerns County may provide to Seller and request that Seller provide the same limited indemnification. Seller shall not be obligated to provide such additional indemnity, and if Seller rejects such request, County may terminate during the inspection period. Limited indemnification survives six months after closing. 12.01 Broker’s Fees Seller is responsible for paying broker’s fees 13.12 Removal of a portion of the property from closing During due diligence, the parties may negotiate an amendment to revise the legal description of the property intended for sale. Adjustments to the purchase price shall be made based upon any change to the total acreage. 13.13 Preserve Naming Provision Any preserve or conservation park established on the purchased land shall bear the name “JAMES E. WILLIAMS JR. PRESERVE” or similar for a minimum of 20 years, which condition shall be included in the Deed to ensure compliance. 14.04 Equipment and Machinery Seller shall remove all equipment and machinery, including semi- trailers, storage sheds/buildings, and fuel and other tanks from the Property, but is not required to remove concrete pads or other site improvements in connection with the equipment/machinery. 14.01- 14.05 Lease Provisions The county may terminate during the due diligence period if not satisfied with the terms of the leases. Sellers may renew the leases expiring in 2024 for one (1) additional year. The County may object if the leases are not substantially similar to the existing leases. At closing, the sellers will assign the Leases to the County, and lease rents will be prorated. 11.D.b Packet Pg. 181 Attachment: Termination and Other Key Terms Summary (28546 : Williams Reserve Property - Purchase Agreement) 1www.lsicompanies.comOFFERING MEMORANDUM WILLIAMS FARMS 153 IMMOKALEE, FL Lake Trafford R d . W o l f L n . 11.D.c Packet Pg. 182 Attachment: Williams Reserve - Offering Memorandum for 153 Acres (28546 : Williams Reserve Property - WILLIAMS FARMS 153 OFFERING PROCESS Offers should be sent via Contract or Letter of Intent to include, but not limited to, basic terms such as purchase price, earnest money deposit, feasibility period and closing period. PLEASE DIRECT ALL OFFERS TO: Hunter Ward - hward@lsicompanies.com William Rollins Jr. ALC, CCIM Senior Broker Hunter Ward Sales Associate Lake Trafford Road Immokalee, FL 34142 Collier 153± acres A-MHO (Agricultural Mobile Home Overlay District ) allowing 1 unit per 5 acres LR (Low Residential) allowing up to 4 units/acre Water, sewer, electric in close proximity to property 00072520000; 00057320005 $3,000,000 | $19,600 per acre Location: County: Size: Zoning: Future Land Use: Utilities: Parcel ID: Price: OFFERING SUMMARY EXECUTIVE TEAM MARKETED AND EXCLUSIVELY LISTED BY: WWW.LSICOMPANIES.COM 11.D.c Packet Pg. 183 Attachment: Williams Reserve - Offering Memorandum for 153 Acres (28546 : Williams Reserve Property - 3www.lsicompanies.com EXECUTIVE SUMMARY Williams Farms 153 is a gorgeous old Florida property located adja- cent to Lake Trafford in Immokalee, FL. This site is filled with mature landscape and offers all the privacy of owning your own secluded ranch while offering the convenience of being minutes from town. The property has many unique features that make it a viable investment opportunity for near-term future residential development. The property is currently zoned Agricultural with a Mobile Home Over- lay district in place (A-MHO). Under this zoning, the property primarily functions as an agricultural operation but also has the ability to build mobile homes on the site. The density entitlements under this zoning allow for 1 mobile home on each 5 acre tract of land (1DU/5 acres). This equates to 30 homes permitted on the site under current zoning regulations. The property’s Future Land Use designation is much more favorable and is classified as LR (Low Residential). Under the LR guidelines of the land development code, density entitlements allow for up to 4 dwell- ing units per acre (4 DU/acre). Under this classification, a land owner could be permitted up to 612 homesites with a rezone of the property. The surrounding area has experienced continued success of residential development as evidenced by the adjacent Arrowhead development, a value-oriented community with homes priced $180,000-$200,000 on 60’ lots. This community had previously encountered slow absorp- tion rates in the past, but sales have increased over the past few selling seasons. With such a large supply of existing developed lots in the Arrowhead community, a developer might experience greater suc- cess with a product differentiation such as agricultural estates. Utilities are in close proximity to the site and are believed to have additional capacity for future connection. Williams Farms 153 is a premium transitional property with strong upside for future development. Lake Trafford Rd.Wolf Ln.11.D.c Packet Pg. 184 Attachment: Williams Reserve - Offering Memorandum for 153 Acres (28546 : Williams Reserve Property - 4www.lsicompanies.com SITE AERIAL Lake Trafford Rd . Taylor T e r r a c e 11.D.c Packet Pg. 185 Attachment: Williams Reserve - Offering Memorandum for 153 Acres (28546 : Williams Reserve Property - 5www.lsicompanies.com SITE AERIAL Lake Trafford Rd. Little Leagu e R d . 11.D.c Packet Pg. 186 Attachment: Williams Reserve - Offering Memorandum for 153 Acres (28546 : Williams Reserve Property - 6www.lsicompanies.com SITE AERIAL Lake Trafford Taylor Terrace Miraham T e r r a c e 11.D.c Packet Pg. 187 Attachment: Williams Reserve - Offering Memorandum for 153 Acres (28546 : Williams Reserve Property - 7www.lsicompanies.com RETAIL MAP Lake Trafford Rd. SITELake Trafford Main St. N. 15th St.Immokalee Rd.Immokalee Sports Complex and Community Park Pepper Ranch Preserve 11.D.c Packet Pg. 188 Attachment: Williams Reserve - Offering Memorandum for 153 Acres (28546 : Williams Reserve Property - WILLIAMS FARMS 153 LIMITATIONS AND DISCLAIMERS The content and condition of the property provided herein is to the best knowledge of the Seller. This disclosure is not a warranty of any kind; any information contained within this proposal is limited to information to which the Seller has knowledge. Information in this presentation is gathered from reliable sources, and is deemed accurate, however any information, drawings, photos, site plans, maps or other exhibits where they are in conflict or confusion with the exhibits attached to an forthcoming purchase and sale agreement, that agreement shall prevail. It is not intended to be a substitute for any inspections or professional advice the Buyer may wish to obtain. An independent, professional inspection is encouraged and may be helpful to verify the condition of the property. The Seller and Land Solutions, Inc. disclaim any responsibility for any liability, loss or risk that may be claimed or incurred as a consequence of using this information. Buyer to hold any and all person’s involved in the proposal of the property to be held harmless and keep them exonerated from all loss, damage, liability or expense occasioned or claimed. Potential Buyer acknowledges that all property information, terms and conditions of this proposal are to be kept confidential, and concur that either the Potential Buyers, nor their agents, affiliates or attorneys will reveal this information to, or discuss with, any third parties. Buyer will be a qualified Buyer with significant experience in entitlement and development process in Collier County with finesse and wherewithal and be willing to be interviewed by the Land Solutions team. 11.D.c Packet Pg. 189 Attachment: Williams Reserve - Offering Memorandum for 153 Acres (28546 : Williams Reserve Property - 9www.lsicompanies.com Lake Trafford R d . W o l f L n . WILLIAMS FARMS 153 IMMOKALEE, FL Land Solutions, a branch of LSI Companies, was founded in 2000 by Randy Thibaut to serve land owners, developers and home builders in acquiring land suitable for the development of residential and commercial properties. Today, LSI Companies is a recognized leader in Southwest Florida real estate brokerage, offering full land services, market research, asset management, and residential/commercial land marketing specialties. The LSI Companies team consists of highly skilled professionals with expertise in every aspect of the development process. The team specializes in current market and valuation issues, acquisition and disposition services, due diligence evaluation, per- mitting status and compliance, work-out projects, asset management, and land zoning and planning. 6810 International Center Blvd. • Fort Myers, FL 33912 • 239.489.4066 11.D.c Packet Pg. 190 Attachment: Williams Reserve - Offering Memorandum for 153 Acres (28546 : Williams Reserve Property - 1WILLIAMS RESERVE AT LAKE TRAFFORD | WILLIAMS FARMS 153WILLIAMS FARMS 153 IMMOKALEE, FL LAKE TRAFFORD ROADLAKE TRAFFORD ROAD WILLIAMS RESERVE AT LAKE TRAFFORDWILLIAMS RESERVE AT LAKE TRAFFORD IMMOKALEE, COLLIER COUNTY OFFERING MEMORANDUM | EXCLUSIVELY LISTED BY LSI COMPANIES, INC. IMMOKALEE RD.IMMOKALEE RD.CARSON RD.CARSON RD.Lake Lake TraffordTrafford 11.D.d Packet Pg. 191 Attachment: Williams Reserve - Offering Memorandum for 2,247 Acres (28546 : Williams Reserve www.lsicompanies.com SALES TEAM OFFERING PROCESS Offers should be sent via Contract or Letter of Intent to include, but not limited to, basic terms such as purchase price, earnest money deposit, feasibility period and closing period. Hunter Ward - hward@lsicompanies.com | 239.489.4066 Lake Trafford RoadImmokalee, FL 34142 Collier 2,247± Acres Agricultural/Transitional A-MHO (Agricultural Mobile Home Overlay District ) 1 unit per 5 acres Urban Residential and Rural Mixed Use Water sewer and electricity in close proximity to the property Refer to page 4 Property Address: County: Property Size (Acres): Property Type: Zoning: Future Land Use: Utilities Available: STRAP Numbers: OFFERING SUMMARY LIST PRICE $23,000,000 | $10,200 Per Acre William Rollins Jr. ALC, CCIM Senior Broker Hunter Ward, CCIM Sales Associate 11.D.d Packet Pg. 192 Attachment: Williams Reserve - Offering Memorandum for 2,247 Acres (28546 : Williams Reserve 3WILLIAMS RESERVE AT LAKE TRAFFORD | LSI Companies is pleased to present Williams Reserve at Lake Trafford, a premium property with great potential for large- scale, future residential, and commercial development. The Williams Reserve property is a gorgeous old Florida property located adjacent to Lake Trafford in Immokalee, FL. The property has two access points on Lake Trafford Road and Immokalee Drive. The property currently operates as a diversified agricultural operation with active farming, cattle, and 115 acres of Valencia Grove. The Williams Reserve property has many unique features that make it a viable investment opportunity for near-term future residential development. The property features approximately 2,247 gross acres with approximately 50% or 1,100 acres are considered wetlands and headwaters to lake Trafford. Partially situated within the City of Immokalee and within unincorporated Collier County, the property is within the Rural Lands Stewardship Overlay with a base agricultural zoning designation. This area of Collier County has been the subject of numerous studies determining the long-term development of the area. The property has long- term development potential as a master-planned residential community but must clear a number of permitting and development approvals. The property is currently zoned Agricultural with a Mobile Home Overlay district in place(A-MHO). Under this zoning, the property primarily functions as an agricultural operation. However, this property’s Future Land Use is much more favorable and is classified as Urban Residential and Rural Mixed Use. Subject to development designs from the Rural Land guidelines, a master-planned development known as a town is likely permissible. Discussions with engineers suggest that 2 units to the acre is feasible, indicating well over 4,000 units can be developed. However, the base density of the property is 1 unit per 5 acres and will need density allocated to the property from other land areas designated as sending lands. The ultimate density of the project will be in flux until numerous studies are performed, along with an analysis of needed credits from a stewardship matrix. Currently, there are roughly 153 acres entitled for 336 residential units. (See page 9 for exact location. The surrounding area has experienced continued residential growth as evidenced by the adjacent Arrowhead Community, a value-oriented community building $200,000- $400,000 homes on 60-foot lots. Reviewing development patterns and trends in the vicinity makes it easy to recognize that future development is moving toward Eastern Collier County, where it has been the subject of numerous studies determining the area’s long-term growth. The property has long-term development potential as a master- planned community, which can be shifted from agricultural to a development opportunity allowing for a master-planned community. Immokalee utilities are located on Lake Trafford Road and Immokalee Drive. In addition, the Immokalee Water and Sewer District is located directly east of the property. The Williams Reserve at Lake Trafford is a premium transitional property with a strong upside for future development. This property has all the ingredients to become the next large-scale master planned development such as Babcock Ranch. EXECUTIVE SUMMARY 11.D.d Packet Pg. 193 Attachment: Williams Reserve - Offering Memorandum for 2,247 Acres (28546 : Williams Reserve 4WILLIAMS RESERVE AT LAKE TRAFFORD | WILLIAMS FARM OVERVIEW PARCEL NUMBER OWNERSHIP ENTITY LAND AREA (ACRES) ASSESSED VALUE TAXABLE VALUE 2021 TAXES 00113600106 JAMES E WILLIAMS JR TRUST 106.4 $207,290 $7,092 $103 00057320005 JAMES E WILLIAMS JR TRUST 97.35 $378,505 $9,023 $134 00132680107 JAMES E WILLIAMS JR TRUST 136.31 $239,571 $8,676 $127 00072520000 JAMES E WILLIAMS JR TRUST 70.91 $345,316 $7,373 $108 00132720009 WILLIAMS FARMS 600.36 $4,984,911 $1,228,599 $16,793 00132640008 WILLIAMS FARMS 349.72 $1,477,279 $174,548 $2,560 00114160001 WILLIAMS FARMS 339.57 $1,977,720 $320,158 $4,325 00113600009 WILLIAMS FARMS 50.04 $96,710 $3,309 $48 00113560000 WILLIAMS FARMS 167.24 $410,279 $17,386 $235 00131760002 WILLIAMS FARMS LAND ASSETS LLC 39.55 $646,025 $51,007 $795 00131720000 WILLIAMS FARMS LAND ASSETS LLC 246.04 $898,079 $263,367 $3,863 00132680000 WILLIAMS FARMS OF IMMOKALEE 43.79 $169,275 $5,025 $74 2,247.28 $11,830,960 $2,095,563 $29,164 LAKE TRAFFORD ROADLAKE TRAFFORD ROAD PROPERTY OVERVIEW CARSON RD.CARSON RD.IMMOKALEE RD.IMMOKALEE RD. 11.D.d Packet Pg. 194 Attachment: Williams Reserve - Offering Memorandum for 2,247 Acres (28546 : Williams Reserve 5WILLIAMS RESERVE AT LAKE TRAFFORD | 153 ± Acres entitled for 336 residential units. RLAKE(10.82 AC) LAKE(1.20 AC) LAKE(1.40 AC)FLU: URBAN RESIDENTIALSUBDISTRICTZONING: MPUDEXISTING USE:SINGLE FAMILYRESIDENTIAL FLU: URBAN RESIDENTIALSUBDISTRICTZONING:VREXISTING USE: 1- SINGLE-FAMILY RESIDENTIAL 99 - ACREAGE NOT ZONED AGRICULTURALHALL ROADFLU: URBAN RESIDENTIALSUBDISTRICTZONING:VR EXISTING USE: 1-SINGLE FAMILY RESIDENTIAL 2-MOBILE HOMES FLU:URBAN RESIDENTIALSUBDISTRICTZONING:A-MHOEXISTING USE:2-MOBILE HOMES99 - ACREAGE NOTZONED AGRICULTURAL FLU: URBAN RESIDENTIAL SUBDISTRICTZONING:A-MHO EXISTING USE: 60 - GRAZING LAND SOIL CAPABILITY CLASS ITAYLOR TRACEMIRAHAM TERRACEMERIHAM DR.R R R R R FUTURE DEVELOPMENTAREA FUTURE DEVELOPMENTAREA R R R R AA R LAKE TRAFFORD ROAD 80' ROW (PUBLIC) OPENSPACE / PRESERVE30.92 AC) OPENSPACE / PRESERVE (31.03 AC)ACCESS TOFUTUREDEVELOPMENT PUD ACCESSGATED ENTRY 15' TYPE "B"BUFFER 10' TYPE "D"BUFFER NO BUFFER REQUIRED 15' TYPE "B"BUFFER 15' TYPE "B"BUFFER 15' TYPE "B"BUFFER EX. LCECTRANSMISSIONSTATION PROPOSED50' ROW PRESERVE TO ACTAS BUFFER PRESERVE TO ACTAS BUFFER FLU:URBAN RESIDENTIAL SUBDISTRICT ZONING:RSF-5EXISTING USE:1- SINGLE FAMILY RESIDENTIAL FLU: URBAN RESIDENTIALSUBDISTRICT ZONING:A-MHOEXISTING USE: 1-SINGLE FAMILY RESIDENTIAL PROPOSED: WILLIAMS FARM RESIDENTIAL PUD 168.023 ACFLU:URBAN RESIDENTIAL SUBDISTRICTZONING: A-MHOEXISTING USE: 60 - GRAZING LAND SOILCAPABILITY CLASS I LAKE (0.24 AC) (4.05 AC) FLU:URBAN RESIDENTIAL SUBDISTRICTZONE:A-CU EXISTING USE:1.SINGLE FAMILY RESIDENTIAL 99 - ACREAGE NOT ZONEDAGRICULTURAL LAKE(0.81 AC) LAKE(0.74 AC) REV DATE: MASTER CONCEPT PLAN - EXHIBIT C-1 SHEET: J.R. EVANS ENGINEERING, P.A. 9351 CORKSCREW ROAD, SUITE 102ESTERO, FLORIDA 33928PHONE: (239) 405-9148FAX: (239) 288-2537WWW.JREVANSENGINEERING.COM 1 OF 2 00 600'300' SCALE: 1" = 600' REV DATE: WILLIAMS FARMS MASTER CONCEPT PLAN - EXHIBIT C-1 SHEET: J.R. EVANS ENGINEERING, P.A. 9351 CORKSCREW ROAD, SUITE 102ESTERO, FLORIDA 33928PHONE: (239) 405-9148FAX: (239) 288-2537WWW.JREVANSENGINEERING.COM 10/25/21 ENTITLEMENT IN PLACE Lake Lake TraffordTrafford LAKE TRAFFORD ROADLAKE TRAFFORD ROAD CARSON RD.CARSON RD.IMMOKALEE RD.IMMOKALEE RD. 11.D.d Packet Pg. 195 Attachment: Williams Reserve - Offering Memorandum for 2,247 Acres (28546 : Williams Reserve 6WILLIAMS RESERVE AT LAKE TRAFFORD | CONCEPTUAL SITE PLAN RLAKE (10.82 AC) LAKE(1.20 AC) LAKE(1.40 AC)FLU: URBAN RESIDENTIAL SUBDISTRICT ZONING: MPUD EXISTING USE: SINGLE FAMILY RESIDENTIAL FLU: URBAN RESIDENTIAL SUBDISTRICT ZONING:VR EXISTING USE: 1- SINGLE-FAMILY RESIDENTIAL 99 - ACREAGE NOT ZONED AGRICULTURALHALL ROADFLU: URBAN RESIDENTIAL SUBDISTRICT ZONING:VR EXISTING USE: 1-SINGLE FAMILY RESIDENTIAL 2-MOBILE HOMES FLU: URBAN RESIDENTIAL SUBDISTRICT ZONING:A-MHO EXISTING USE: 2-MOBILE HOMES 99 - ACREAGE NOT ZONED AGRICULTURAL FLU: URBAN RESIDENTIAL SUBDISTRICT ZONING:A-MHO EXISTING USE: 60 - GRAZING LAND SOIL CAPABILITY CLASS ITAYLOR TRACEMIRAHAM TERRACEMERIHAM DR.R R R R R FUTURE DEVELOPMENT AREA FUTURE DEVELOPMENT AREA R R R R AA R LAKE TRAFFORD ROAD 80' ROW (PUBLIC) OPENSPACE / PRESERVE 30.92 AC) OPENSPACE / PRESERVE (31.03 AC)ACCESS TO FUTURE DEVELOPMENT PUD ACCESS GATED ENTRY 15' TYPE "B" BUFFER 10' TYPE "D" BUFFER NO BUFFER REQUIRED 15' TYPE "B" BUFFER 15' TYPE "B" BUFFER 15' TYPE "B" BUFFER EX. LCEC TRANSMISSION STATION PROPOSED 50' ROW PRESERVE TO ACT AS BUFFER PRESERVE TO ACT AS BUFFER FLU: URBAN RESIDENTIAL SUBDISTRICT ZONING: RSF-5 EXISTING USE: 1- SINGLE FAMILY RESIDENTIAL FLU: URBAN RESIDENTIAL SUBDISTRICT ZONING:A-MHO EXISTING USE: 1-SINGLE FAMILY RESIDENTIAL PROPOSED: WILLIAMS FARM RESIDENTIAL PUD 168.023 AC FLU:URBAN RESIDENTIAL SUBDISTRICT ZONING: A-MHO EXISTING USE: 60 - GRAZING LAND SOIL CAPABILITY CLASS I LAKE (0.24 AC) (4.05 AC) FLU:URBAN RESIDENTIAL SUBDISTRICT ZONE:A-CU EXISTING USE: 1.SINGLE FAMILY RESIDENTIAL 99 - ACREAGE NOT ZONED AGRICULTURAL LAKE (0.81 AC) LAKE (0.74 AC) REV DATE: MASTER CONCEPT PLAN - EXHIBIT C-1 SHEET: J.R. EVANS ENGINEERING, P.A. 9351 CORKSCREW ROAD, SUITE 102 ESTERO, FLORIDA 33928 PHONE: (239) 405-9148 FAX: (239) 288-2537 WWW.JREVANSENGINEERING.COM 1 OF 2 00 600'300' SCALE: 1" = 600' REV DATE: WILLIAMS FARMS MASTER CONCEPT PLAN - EXHIBIT C-1 SHEET: J.R. EVANS ENGINEERING, P.A. 9351 CORKSCREW ROAD, SUITE 102 ESTERO, FLORIDA 33928 PHONE: (239) 405-9148 FAX: (239) 288-2537 WWW.JREVANSENGINEERING.COM 10/25/21 11.D.d Packet Pg. 196 Attachment: Williams Reserve - Offering Memorandum for 2,247 Acres (28546 : Williams Reserve 7WILLIAMS RESERVE AT LAKE TRAFFORD | RURAL LAND COMMUNITIES IMMOKALEE ROADIMMOKALEE ROAD BRIGHTSHORE RURAL VILLAGE TOWN OF BIG CYPRESS LONGWATER VILLAGE TOWN OF BIG CYPRESS BELLMAR VILLAGE RIVERGRASS VILLAGE PROJECT ACRES UNITS RURAL VILLAGE 2,787 4,042 BELLMAR 999 2,750 LONGWATER 999 2,650 RIVERGRASS 998 2,500 BRIGHTSHORE 681 2,000 TOWN OF BIG CYPRESS 515 1,400 KINGSTON 6,676 10,000 GL HOMES 4,652 5,200 TOTAL 18,307 31,507 11.D.d Packet Pg. 197 Attachment: Williams Reserve - Offering Memorandum for 2,247 Acres (28546 : Williams Reserve 8WILLIAMS RESERVE AT LAKE TRAFFORD | Lake Trafford Rd.Lake Trafford Rd. Lake Lake TraffordTrafford Immokalee Rd.Immokalee Rd.Pepper Ranch Pepper Ranch PreservePreserve SITE IMMOKALEE SPORTS COMPLEX Arrowhead Arrowhead CommunityCommunity RETAIL MAP N. 15th St.N. 15th St.Main St. Main St. 11.D.d Packet Pg. 198 Attachment: Williams Reserve - Offering Memorandum for 2,247 Acres (28546 : Williams Reserve 9WILLIAMS RESERVE AT LAKE TRAFFORD | GOLDEN GATE BLVD I-75 SR 29OIL WELL RD CR 846 SR 82 EVERGLADES BLVDSR 29 NCORKSCREW RDIMMOKALEE RD DESOTO BLVD S1ST ST SLAKE TRAFFORD RD MAIN ST W N E W M A R K E T R D I-75 4 0 2 41Miles GIS Mapping: Beth Yang, AICPGrowth Management Department File: Official Rural Lands Stewardship Area Overlay Map.mxdDate: 01/2022 Okaloacoochee Slough Flowway Stewardship Area (FSA) HSA HSA HSA ACSC Okaloacoochee Habitat Stewardship Area (HSA)ACSC Camp Keais Strand Flowway Stewardship Area(FSA) HSA WRA AVE MARIA SRAOILWELLGRADERD CAMPKEAISRDSSA 11 SSA 16 SSA 5 SSA 3 SSA 4 SSA 12 SSA 6 SSA 15 SSA 9 SSA 1 SSA 2 SSA 15 SSA 14 SSA 13 SSA 7 WRA WRA WRA FSA WRA WRA WRA WRA WRA ACSC ACSC Lake Trafford CR858WRA NORTH CORRIDOR GENERAL LOCATION SOUTH CORRIDOR GENERAL LOCATION R U R A L L A N D S S T E W A R D S H I P A R E A O V E R L A Y M A PRURAL L A N D S S T E W A R D S H I P A R E A O V E R L A Y M A P Note: The official designated titles of SSAs can be found within SSA Credit Agreements. SSA 5A SSA 3A RIVERGRASS VILLAGE SRA (Disclaimer: The information provided is to be used for general mapping purposes only. Ground surveying and records search must be used for absolute boundaries/acreages) FSA FSA FSA FSA FSA FSA Florida Panther National Wildlife Refuge Okaloacoochee SloughState Forest HYDE PARK VILLAGE SRA Legend Stewardship Areas RLSA Program Area Major Roads Area of Critical State Concern 500 Foot Restoration Area Flowway Stewardship Area (FSA) Habtitat Stewardship Area (HSA) Water Retention Area (WRA) Open Panther Corridor Stewardship Sending Area (SSA) Public Lands Stewardship Receiving Area (SRA) BigCypressNational Forest SSA 17 SSA 17 BELLMAR VILLAGE SRA LONGWATER VILLAGE SRA AMEN DED - J ANUARY 2 5, 20 07 (Ord . N o. 2007 -18) AMEND ED - SEPTEMBER 1 3, 2011 (O rd. No. 2 0 11-26 ) AMEN D ED - JU NE 1 3, 201 7 (O rd. No. 2 0 17-2 2 ) AMEN D ED - JU LY 13, 20 21 (O rd. No. 2 0 21-2 8 ) AMENDED - OC TO BER 14, 2008 (Ord . No. 2 008 -59) RURAL LANDS STEWARDSHIP MAP The Rural Lands Stewardship Map highlights all areas classified as sending or receiving lands. Density can be bought, traded, and assigned between these areas to help further the development of new projects. 11.D.d Packet Pg. 199 Attachment: Williams Reserve - Offering Memorandum for 2,247 Acres (28546 : Williams Reserve 10WILLIAMS RESERVE AT LAKE TRAFFORD | LAKE TRAFFORD ROADLAKE TRAFFORD ROAD IMMOKALEE FUTURE LAND USE 11.D.d Packet Pg. 200 Attachment: Williams Reserve - Offering Memorandum for 2,247 Acres (28546 : Williams Reserve 11WILLIAMS RESERVE AT LAKE TRAFFORD | LAKE TRAFFORD ROADLAKE TRAFFORD ROAD WETLANDS MAP 11.D.d Packet Pg. 201 Attachment: Williams Reserve - Offering Memorandum for 2,247 Acres (28546 : Williams Reserve 12WILLIAMS RESERVE AT LAKE TRAFFORD | 9 Custom Soil Resource ReportSoil Map (Williams Farm)2919000291980029206002921400292220029230002923800292460029190002919800292060029214002922200292300029238002924600452800 453600 454400 455200 456000 456800 452800 453600 454400 455200 456000 456800 26° 26' 39'' N 81° 28' 37'' W26° 26' 39'' N81° 25' 44'' W26° 23' 12'' N 81° 28' 37'' W26° 23' 12'' N 81° 25' 44'' WN Map projection: Web Mercator Corner coordinates: WGS84 Edge tics: UTM Zone 17N WGS84 0 1500 3000 6000 9000Feet 0 450 900 1800 2700Meters Map Scale: 1:31,100 if printed on A portrait (8.5" x 11") sheet. MAP UNIT SYMBOL MAP UNIT NAME ACRES IN AOI PERCENT OF AOI 6 Riviera, limestone substratum- Copeland fine sand association, 0 to 2 percent slopes 31.1 1.4% 7 Immokalee fine sand, 0 to 2 percent slopes 432.6 19.2% 8 Myakka fine sand, 0 to 2 percent slopes 18.5 0.8% 15 Pomello fine sand, 0 to 2 percent slopes 11. 2 0.5% 16 Oldsmar fine sand, 0 to 2 percent slopes 155.4 6.9% 17 Basinger fine sand, 0 to 2 percent slopes 23.0 1.0% 18 Riviera fine sand, limestone substratum, 0 to 2 percent slopes 39.3 1.7% 21 Cypress Lake fine sand, 0 to 2 percent slopes 4.0 0.2% 22 Chobee, Winder, Gator soils, frequently ponded, 0 to 1 percent slopes 32.2 1.4% 25 Cypress Lake-Riviera-Copeland fine sands, frequently ponded, association, 0 to 1 parent slopes 221.4 9.8% 27 Holopaw fine sand, 0 to 2 percent slopes 93.6 4.2% 28 Pineda-Riviera fine sands association, 0 to 2 percent slopes 54.6 2.4% 29 Wabasso fine sand, 0 to 2 percent slopes 622.9 27.7% 31 Hilolo, Jupiter, Jenada fine sands, 0 to 2 percent slopes 2.7 0.1% 37 Tuscawilla fine sand, 0 to 2 percent slopes 143.9 6.4% 43 Winder, Riviera, limestone substratum, and Chobee soils, frequently ponded, 0 to 1 percent slopes 324.1 14.4% 113 Holopaw fine sand-Urban land complex, 0 to 2 percent slopes 2.7 0.1% 117 IMMOKALEE FINE SAND-URbAN LAND COMpLEx, 0 TO 2 pERCENT SLOpES 30.6 1.4% 118 IMMOKALEE-OLDSMAR, LIMESTONE SUbSTRATUM-URbAN LAND COMpLEx, 0 TO 2 pERCENT SLOpES 0.9 0.0% 122 MyAKKA FINE SAND-URbAN LAND COMpLEx, 0 TO 2 pERCENT SLOpES 2.3 0.1% 130 pOMELLO FINE SAND-URbAN LAND COMpLEx, 0 TO 2 pERCENT SLOpES 0.2 0.0% 131 RIvIERA FINE SAND, LIMESTONE SUbSTRATUM-URbAN LAND COMpLEx, 0 TO 2 pERCENT SLOpES 0.3 0.0% 134 TUSCAWILLA FINE SAND-URbAN LAND COMpLEx, 0 TO 2 pERCENT SLOpES 0.6 0.0% TOTALS FOR AREA OF INTEREST 2,248.2 100.0% SOIL REPORT 11.D.d Packet Pg. 202 Attachment: Williams Reserve - Offering Memorandum for 2,247 Acres (28546 : Williams Reserve 13WILLIAMS RESERVE AT LAKE TRAFFORD | GF GF GF GF GF GF GF GF GF GF GF GF GF GF GF GF GF GFGFGF GF !? !? !?!? !? !? !? !? I@29 I@82 I@29 4567846 4567846 4567858 4567850 4567890 456729A 4567830 4567830A 4567858 CR 846 Everglades Blvd Randall Blvd Oil Well RdSR 29Grove Rd Co rkscrew Rd Golden G a t e B l v d CitrusWestSR 8 2 Immokalee R d CampKeaisCounty Line Rd Serenoa C r H o r s e T r i a lGopherRidgeImmokalee ExtNewMarket R an dallE xtLittleLeagueAveMariaBlvdImmokalee Cr Anthem ParkwayCit rus E a s tSerenoaEImmokaleeLoop R d Business 8 46 W est C l o x St Lake Trafford Stockade Pop e J o hn P a ulCarson RdImmokalee RdLittleLeagueR a nd a llEx t SR82 Oil Well Rd I mmokal eeLoopRdLittleLeagueSerenoa C r SR82 Immokalee Rd Ave M a r ia B l vd Oil Well Rd Citrus EastLittleLeagueSerenoa CrGopherRidgeImmokalee C r Oil W ell R d Stockade Oil Well RdLittleLeague Immokalee Rd C R 8 4 6 SR29Oil W e l l R dCarsonRd Immokalee LoopRdCampKeaisStockadeSR 29SR 29 ImmokaleeLoop RdCitrusWestSR 29SR 29CR 8 4 6 Everglades BlvdCitrus WestOil W e l l R d SR29Oil Well Rd County Line Rd SR29S R 29 SR82 Immokalee Rd Immokalee ExtSerenoaCrSR 29SR29Immokalee Ext SR 8 2 Immokalee Cr §¨¦7559.764 36.8 5.45.32 4.73.83.6 3.53.43.33.24.63.12.62.51 2.32.2 2.42.11.9 2.8 1.81.7 1.6 1.5 1.4 1.31.2 1.1 0. 9 0.8 0. 7 0.60. 5 0.4 0.3 0.2 0 .1 0.9 1.4 11.20.50.41.81.1 1.1 0.5 22.3 1.8 21 3.1 2.62.21 2.1 1.23.8 0.8 0.5 11.9 5.4 1.82.421.7 1.81.713.2 1.9 1.6 1.71 11.6 2.31.9 1 0.90.5 012 Miles EASTERN COLLIER COUNTY CONCEPTUAL BUILD-OUT ROADWAY NETWORK GENERAL NOTES © Prepared By: GIS@WilsonMiller.com The Geographic Information System Business Unit of: WilsonMiller, Inc. Planners, Engineers, Ecologists, Surveyors, GIS Consultants,Landscape Architects, Transportation Consultants 3200 Bailey Lane Suite 200Naples, Florida 34105TEL: (239) 649-4040 FAX: (239) 643-5716www.wilsonmiller.comOffices strategically located to serve our clients Ave Maria Immokalee Hendry Collier Lee Collier T 46 S R29ER28E R30E T 47 S T 48 S T 50 S kj New Interchange This exhibit was prepared using GIS data provided by various sources that may includebut are not limited to federal, state, district and local agencies. WilsonMiller, Inc. does notwarrant data provided by other sources for accuracy or for any particular use that mayrequire accurate information. This map is for informational purposes only and should notbe substituted for a true title search, property appraisal, survey, or for zoning verification. Copyright 2008 WilsonMiller, Inc. Unauthorized Reproduction is Prohibited.T:\Projects\00075-ECPO\00075-CollierRLS5YReview\MXD\00075_EasternCollierLongRangeTransportationNoCentroid_20081212_v02_2208.mxd LEGEND Proposed Panther Corridors Corridor Options !?Potential Panther Crossing GF Existing Panther Crossing GF Pending Panther Crossing Rural Land Stewardship Area Boundary Sending Areas Receiving Areas County Boundary Area of Critical State Concern Future Corridors Number of Lanes Future 2 Lanes (New Roadway) Future 2 Lanes (Existing Roadway) Future 4 Lanes (New Roadway) Future 4 Lanes (Existing Roadway) Future 6 Lanes (New Roadway) Future 6 Lanes (Existing Roadway) Runway Extension The illustrated road network which supports 45,000 acres of potential development in the RLSA is for modeling purposes only.Actual road segments and alignments may differ than as shown on the map. FUTURE ROAD INFRASTRUCTURE The map depicts the long-range transportation plan of Collier County, illustrating the future roadway needs of the area. However, the plans do not guarantee that future infrastructure will be extended. Collier County has also identified the potential need for a connection road extending through the property connecting Lake Trafford Road to Immokalee Road. 11.D.d Packet Pg. 203 Attachment: Williams Reserve - Offering Memorandum for 2,247 Acres (28546 : Williams Reserve 14WILLIAMS RESERVE AT LAKE TRAFFORD | FPL TRANSMISSION MAP FPL TRANSMISSION MAP 11.D.d Packet Pg. 204 Attachment: Williams Reserve - Offering Memorandum for 2,247 Acres (28546 : Williams Reserve 15WILLIAMS RESERVE AT LAKE TRAFFORD | RLSA 2050 TOWN LOCATION MAPRLSA 2050 TOWN LOCATION MAP 11.D.d Packet Pg. 205 Attachment: Williams Reserve - Offering Memorandum for 2,247 Acres (28546 : Williams Reserve 16WILLIAMS RESERVE AT LAKE TRAFFORD | SR 29 from North of New Market Road North to SR 82 417540-6 Project Details Work Type ConstructionWork Phase Design Limits from NewMarketRoad/WestcloxRoad to SR 82 Length 3 miles City Immokalee County Collier Road SR 29SR 82 ConstructionCost $30 million Letting 05/16/2022 Contact Information Design Project ManagerChristopher Speese239-225-1973 Communications TeamCommunications Office About This project consists of widening an approximately 3-mile-longsegment of SR 29 from North of New Market Road North to SR 82. SR 29 from North of New Market Road North to SR 82 417540-6 Project Details Work Type ConstructionWork Phase Design Limits from NewMarketRoad/WestcloxRoad to SR 82 Length 3 miles City Immokalee County Collier Road SR 29SR 82 ConstructionCost $30 million Letting 05/16/2022 Contact Information Design Project ManagerChristopher Speese239-225-1973 Communications TeamCommunications Office About This project consists of widening an approximately 3-mile-longsegment of SR 29 from North of New Market Road North to SR 82. This project consists of widening an approximately 3-mile-long segment of SR 29 from North of New Market Road North to SR 82. SR 29 from North of New Market Road North to SR 82 417540-6 SR 29 WIDENING 11.D.d Packet Pg. 206 Attachment: Williams Reserve - Offering Memorandum for 2,247 Acres (28546 : Williams Reserve 17WILLIAMS RESERVE AT LAKE TRAFFORD | CONCEPTUAL SITE LAYOUT 11.D.d Packet Pg. 207 Attachment: Williams Reserve - Offering Memorandum for 2,247 Acres (28546 : Williams Reserve LOCATION MAP Big Cypress National PreserveBig Cypress National Preserve SITE PINE PINE ISLANDISLAND FORT MYERS FORT MYERS BEACHBEACH SANIBELSANIBEL CAPTIVACAPTIVA PUNTA GORDAPUNTA GORDA NAPLESNAPLES ESTEROESTERO FORT MYERSFORT MYERS LOCATION HIGHLIGHTS • 0.3± miles to Lake Trafford • 1± mile to the Seminole Casino • 4.2± miles to Immokalee Airport • 4.6± miles to Ave Maria • 23± miles to SW Florida Intl. Airport (RSW) BONITA SPRINGSBONITA SPRINGS River HallRiver HallCommunityCommunity Ave MariaAve Maria Babcock RanchBabcock Ranch 18WILLIAMS RESERVE AT LAKE TRAFFORD | 11.D.d Packet Pg. 208 Attachment: Williams Reserve - Offering Memorandum for 2,247 Acres (28546 : Williams Reserve 19WILLIAMS RESERVE AT LAKE TRAFFORD | 6810 International Center Blvd. • Fort Myers, FL 33912 • 239.489.4066 LIMITATIONS AND DISCLAIMERS The content and condition of the property provided herein is to the best knowledge of the Seller. This disclosure is not a warranty of any kind; any information contained within this proposal is limited to information to which the Seller has knowledge. Information in this presentation is gathered from reliable sources, and is deemed accurate, however any information, drawings, photos, site plans, maps or other exhibits where they are in conflict or confusion with the exhibits attached to an forthcoming purchase and sale agreement, that agreement shall prevail. It is not intended to be a substitute for any inspections or professional advice the Buyer may wish to obtain. An independent, professional inspection is encouraged and may be helpful to verify the condition of the property. The Seller and LSI Companies disclaim any responsibility for any liability, loss or risk that may be claimed or incurred as a consequence of using this information. Buyer to hold any and all person’s involved in the proposal of the property to be held harmless and keep them exonerated from all loss, damage, liability or expense occasioned or claimed. Potential Buyer acknowledges that all property information, terms and conditions of this proposal are to be kept confidential, and concur that either the Potential Buyers, nor their agents, affiliates or attorneys will reveal this information to, or discuss with, any third parties. Buyer will be a qualified Buyer with significant experience in entitlement and development process in Lee County with finesse and wherewithal and be willing to be interviewed by the LSI Companies team. WILLIAMS FARMS 153WILLIAMS FARMS 153 IMMOKALEE, FL LAKE TRAFFORD ROADLAKE TRAFFORD ROAD 11.D.d Packet Pg. 209 Attachment: Williams Reserve - Offering Memorandum for 2,247 Acres (28546 : Williams Reserve 08/22/2023 EXECUTIVE SUMMARY Recommendation to approve spending up to $50,000 for appraisal and pre-contract expenses for due diligence and authorize staff to transmit a non-binding Letter of Intent to commence negotiations for the purchase of 2,247 +/- acres of property at Williams Reserve at Lake Trafford located in Immokalee for conservation, parks and recreation, transportation, stormwater management, economic development, and co-location of fire operations with a potential partnership with Immokalee Fire and Rescue District, and authorize necessary budget amendment. OBJECTIVE: To conduct pre-contract due diligence and transmit a Letter of Intent and authorize commencement of negotiations for the purchase of 2,247 +/- acres for several local governmental uses to include co-location of fire district operations with a potential partnership with Immokalee Fire District. CONSIDERATIONS: 2,247 areas at Williams Reserve at Lake Trafford are available for sale. Staff has reviewed the Offering Memorandum and identified 2,247 +/- acres (“Property”) suitable for conservation, parks, and stormwater management uses. The Chief of the Immokalee Fire Rescue District has expressed interest in co - locating a fire station on the Property. To use Property for the desired governmental uses a rezone to Public Use District zoning category is necessary. Both parks and safety service facility are permitted uses in that District. Conservation Collier Program and Stormwater Management may be able to take advantage of the slough contained within the 2,247 areas. Any portion to be considered for Conservation Collier will be evaluated using program criteria. Notable information from the Offering Memorandum: Page 1 and 4: 2,247 +/- acre parcel boundaries are shown along with folio numbers. Property is comprised of twelve parcels identified by separate folio numbers. There are four owners of the Property. Page 5-6: The Property is comprised of a 153 +/- acres area (56.86 +/- acre parcel and a 96.97 +/- acre parcel. That area is zoned Williams Farm Residential Farm Residential PUD and entitled for 336 residential units. Page 7: Nearby Rural Land Communities in relation to Property. Page 9: Rural Stewardship Area (RLSA) Map: Property is within RLSA. Page 11: Wetlands Map: Northern portion of Property is uplands and southern portion is wetlands Page 13: Future Road Infrastructure: Possibility of a connection road needed though the property connecting Lake Trafford Road and Immokalee Road. During a site visit environment staff learned that there have been cattle on the property at times; therefore soil / groundwater testing is recommended on upland portions. Additionally, listed species were found on the property and it is within both Primary and Secondary Panther Habitat, so consultation with USFWS would be needed. These actions will occur during the pre-contract due diligence phase. A non-binding Letter of Intent is attached for consideration. Staff is recommending that the purchase price be negotiated based on Real Property Management’s in house appraiser’s estimated of value in the amount of 20,225,000 It is noted in the letter of intent that the price is legally required to be supported by the average of two appraisals procured by the County. If authorized, staff would transmit the Letter of Intent and commence negotiations. If acceptable to the property owners, a purchase and sale agreement would be presented to the Board at a future meeting. FISCAL IMPACT: The Williams Reserve at Lake Trafford Offering Memorandum establishes a $23 million list price for the 2,247+/- acre property. As part of pre-contract due diligence, a plan of finance will be developed that considers future planned uses. A plan of finance will be presented to the Board with the purchase and sale agreement. Expenditures for appraisals and pre-contract due diligence will be provided in County Wide Capital 16.F.8 Packet Pg. 956 11.D.e Packet Pg. 210 Attachment: Williams Reserve - Published Executive Summary for LOI (28546 : Williams Reserve Property - Purchase Agreement) 08/22/2023 Project Fund (3001). A budget amendment will be required to allocate funds in the amount of $50,000 from project 50205) HHH Ranch to a newly established Williams Reserve due diligence budget. GROWTH MANAGEMENT IMPACT: None at this time. If acquired Property would be included in inventory for Conservation Collier, Parks and Recreation, Transportation and Stormwater. LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, raises no legal issues at this time and requires a majority vote for Board action. - JAK RECOMMENDATION: That the Board of County Commissioners approve spending up to $50,000 for appraisal and pre-contract expenses for due diligence and authorize staff to transmit a non -binding Letter of Intent to commence negotiations for the purchase of 2,247 +/- acres of property at Williams Reserve at Lake Trafford located in Immokalee for conservation, parks and recreation, transportation, stormwater management, economic development, and co-location of fire operations with a potential partnership with Immokalee Fire and Rescue District, and authorize necessary budget amendment. Prepared By: Jennifer A. Belpedio, Real Property Manager, Facilities Management Division ATTACHMENT(S) 1. Williams Reserve 153 - Offering Memorandum (PDF) 2. Williams Farms 2247 - Offering Memorandum (PDF) 3. Letter of Intent Williams Reserve with letterhead (DOCX) 16.F.8 Packet Pg. 957 11.D.e Packet Pg. 211 Attachment: Williams Reserve - Published Executive Summary for LOI (28546 : Williams Reserve Property - Purchase Agreement) 08/22/2023 COLLIER COUNTY Board of County Commissioners Item Number: 16.F.8 Doc ID: 26403 Item Summary: Recommendation to approve spending up to $50,000 for appraisal and pre-contract expenses for due diligence and authorize staff to transmit a non-binding Letter of Intent to commence negotiations for the purchase of 2,247 +/- acres of property at Williams Reserve at Lake Trafford located in Immokalee for conservation, parks and recreation, transportation, stormwater management, economic development, and co - location of fire operations with a potential partnership with Immokalee Fire and Rescue District, and authorize necessary budget amendment. Meeting Date: 08/22/2023 Prepared by: Title: Management Analyst II – County Manager's Office Name: Geoffrey Willig 08/16/2023 9:54 AM Submitted by: Title: Director - Facilities Maangement – County Manager's Office Name: Ed Finn 08/16/2023 9:54 AM Approved By: Review: Growth Management Community Development Department Geoffrey Willig Additional Reviewer Skipped 08/16/2023 1:46 PM Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 08/16/2023 1:48 PM County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 08/16/2023 2:00 PM Community & Human Services Maggie Lopez Additional Reviewer Completed 08/16/2023 2:44 PM County Manager's Office Amy Patterson Level 4 County Manager Review Completed 08/16/2023 2:51 PM Board of County Commissioners Geoffrey Willig Meeting Pending 08/22/2023 9:00 AM 16.F.8 Packet Pg. 958 11.D.e Packet Pg. 212 Attachment: Williams Reserve - Published Executive Summary for LOI (28546 : Williams Reserve Property - Purchase Agreement) 11.D.f Packet Pg. 213 Attachment: Williams Reserve - Signed Letter of Intent (28546 : Williams Reserve Property - Purchase Agreement) 11.D.f Packet Pg. 214 Attachment: Williams Reserve - Signed Letter of Intent (28546 : Williams Reserve Property - Purchase Agreement) 11.D.f Packet Pg. 215 Attachment: Williams Reserve - Signed Letter of Intent (28546 : Williams Reserve Property - Purchase Agreement) COMMUNICATION FROM IMMOKALEE WATER & SEWER DISTRICT 11.D.j Packet Pg. 216 Attachment: Immokalee Water & Sewer District (28546 : Williams Reserve Property - Purchase Agreement) 11.D.k Packet Pg. 217 Attachment: Williams Reserve - Conservation Collier Map (28546 : Williams Conservation Collier Initial Criteria Screening Report Williams Farms Owner Name: James E Williams Jr. Trust, Williams Farms, Williams Farms Land Assets LLC, Williams Farms of Immokalee Size: Approximately 1,167 acres Folio Number(s): 00113560000, 00113600009, 00113600106, 00131760002, 00132680000, & 00132680107 and portions of 00114160001, 00131720000, 00132640008, & 00132720009 Staff Report Date: April 3, 2024 133 66 37 56 160 80 80 80 0 50 100 150 200 1 - Ecological Value 2 - Human Value 3 - Restoration and Management 4 - Vulnerability Total Score: 291/400 Awarded Points Possible Points 11.D.l Packet Pg. 218 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 2 Table of Contents Table of Contents ......................................................................................................................................... 2 1. Introduction ........................................................................................................................................... 4 2. Summary of Property ............................................................................................................................ 5 Figure 1 - Parcels Location Overview .......................................................................................................5 Figure 2 – Complete Williams Farms property .........................................................................................6 Figure 3 – Parcels Close-up – Williams Farms Proposed for Conservation Collier ...................................7 2.1 Summary of Property Information ....................................................................................................8 Table 1 – Summary of Property Information .....................................................................................8 Figure 4 - Secondary Criteria Score ................................................................................................. 10 Table 2 - Secondary Criteria Score Summary .................................................................................. 10 2.2 Summary of Assessed Value and Property Cost Estimates ........................................................... 11 Table 3. Assessed & Estimated Value ............................................................................................. 11 2.2.1 Zoning, Growth Management and Conservation Overlays ................................................. 12 2.3 Initial Screening Criteria Satisfaction (Ord. 2002-63, Sec. 12) ...................................................... 12 3. Initial Screening Criteria ...................................................................................................................... 14 3.1 Ecological Values ............................................................................................................................. 14 3.1.1 Vegetative Communities ....................................................................................................... 14 Table 4. Listed Plant Species.................................................................................................... 15 Figure 5 - CLIP4 Priority Natural Communities ........................................................................ 16 Figure 6 - Florida Cooperative Land Cover Classification System ............................................ 17 Figure 7 - Cypress .................................................................................................................... 18 Figure 8 – Mixed Wetland Hardwoods .................................................................................... 18 3.1.2 Wildlife Communities ............................................................................................................ 19 Table 5 – Listed Wildlife Detected ........................................................................................... 19 Table 6 – Potential Listed Wildlife Species .............................................................................. 19 Figure 9 - Wildlife Spatial Data (i.e., telemetry, roosts, etc) .................................................... 20 Figure 10 - CLIP4 Potential Habitat Richness ........................................................................... 21 3.1.3 Water Resources ................................................................................................................... 22 Figure 11 - CLIP Aquifer Recharge Priority and Wellfield Protection Zones ............................ 23 Figure 12 - Collier County Soil Survey ...................................................................................... 24 Figure 13 LIDAR Elevation Map ............................................................................................... 25 3.1.4 Ecosystem Connectivity ........................................................................................................ 26 11.D.l Packet Pg. 219 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 3 Figure 14 – FL Wildlife Corridor and Williams Farms ............................................................... 26 Figure 15 - Conservation Lands ............................................................................................... 27 3.2 Human Values ................................................................................................................................. 28 3.2.1 Recreation ............................................................................................................................. 28 3.2.2 Accessibility ........................................................................................................................... 28 3.2.3 Aesthetic/Cultural Enhancement ......................................................................................... 28 3.3 Restoration and Management ....................................................................................................... 28 3.3.1 Vegetation Management ...................................................................................................... 28 3.3.1.1 Invasive Vegetation ..................................................................................................... 28 3.3.1.2 Prescribed Fire ............................................................................................................ 28 3.3.2 Remediation and Site Security .............................................................................................. 28 3.3.3 Assistance .............................................................................................................................. 29 3.4 Vulnerability .................................................................................................................................... 29 3.4.1 Zoning and Land Use ............................................................................................................. 29 Figure 16 – Zoning ................................................................................................................... 30 Figure 17 – RLSA Overlay ......................................................................................................... 31 Figure 18 –Future Land Use .................................................................................................... 32 3.4.2 Development Plans ............................................................................................................... 33 4. Acquisition Considerations .................................................................................................................. 33 5. Management Needs and Costs .............................................................................................................. 34 Table 7 - Estimated Costs of Site Remediation, Improvements, and Management ................ 34 6. Potential for Matching Funds ............................................................................................................... 35 7. Secondary Criteria Scoring Form ......................................................................................................... 36 8. Additional Site Photos ......................................................................................................................... 42 APPENDIX 1 – Critical Lands and Water Identification Maps (CLIP) Definitions ...................................... 46 11.D.l Packet Pg. 220 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 4 1. Introduction The Conservation Collier Program (Program) is an environmentally sensitive land acquisition and management program approved by the Collier County Board of County Commissioners (Board) in 2002 and by Collier County Voters in 2002 and 2006. The Program was active in acquisition between 2003 and 2011, under the terms of the referendum. Between 2011 and 2016, the Program was in management mode. In 2017, the Collier County Board reauthorized Conservation Collier to seek additional lands (2/14/17, Agenda Item 11B). On November 3, 2020, the Collier County electors approved the Conservation Collier Re-establishment referendum with a 76.5% majority. This Initial Criteria Screening Report (ICSR) has been prepared for the Conservation Collier to meet requirements specified in the Conservation Collier Implementation Ordinance, 2002-63, as amended, and for purposes of the Conservation Collier Program. The sole purpose of this report is to provide objective data to demonstrate how properties meet the criteria defined by the ordinance. The following sections characterize the property location and assessed value, elaborate on the initial and secondary screening criteria scoring, and describe potential funding sources, appropriate use, site improvements, and estimated management costs. 11.D.l Packet Pg. 221 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 5 2. Summary of Property Figure 1 - Parcels Location Overview 11.D.l Packet Pg. 222 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 6 Figure 2 – Complete Williams Farms property 11.D.l Packet Pg. 223 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 7 Figure 3 – Parcels Close-up – Williams Farms Proposed for Conservation Collier 11.D.l Packet Pg. 224 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 8 2.1 Summary of Property Information Table 1 – Summary of Property Information Characteristic Value Comments Name Williams Farms James E Williams Jr. Trust, Williams Farms, Williams Farms Land Assets LLC, Williams Farms of Immokalee Folio Number Multiple 00113560000, 00113600009, 00113600106, 00131760002, 00132680000, & 00132680107 and portions of 00114160001, 00131720000, 00132640008, & 00132720009 Target Protection Area (Ord. 2002-63, Section 10.3) RLSA – FSA, HSA Although the property is not within a Target Protection Mailing Area, it does contain some areas designated as Rural Land Stewardship Area (RLSA) Flowway Stewardship Area (FSA) and Habitat Stewardship Area (HSA) Size Approx. 1,167 acres Entire 2,247-acre Williams Farms property is being offered to the Collier County Board of County Commissioners; Conservation Collier would acquire approximately 1,167 acres Section, Township, and Range S19, T46S, R28E Zoning Category/TDRs/ Overlays A-MHO and RLSA - FSA, HSA, Open lands, and 500ft Buffer designations 834.9 ac. zoned Agricultural with Mobile Home Overlay (1 unit / 5 ac.) - Urban Residential Subdistrict FLU; 332.1 ac zoned RLSA with 176.1 ac FSA, 78.6 ac. HSA, 63.9 Open lands, and 13.5 ac. 500ft Buffer – Agricultural/Rural Mixed Use District/RLSA FLU FEMA Flood Map Category Primarily AH and AE with some small areas of X and X500 AH - Area close to water hazard that has a 1% chance of experiencing shallow flooding between 1 and 3 feet each year; AE – Area presenting a 1% annual chance of flooding and a 26% chance over the life of a 30-year mortgage; X - Area determined to be outside the 500-year flood; X500 - Area inundated by 1% annual flooding with average depths of less than 1 foot Existing structures Pole barn, cattle pens, power lines A large pole barn exists within the area of the property of interest to Conservation Collier. Cattle pens and cattle infrastructure also exist on the property. Electrical lines run along the internal roads to the farming operation. Adjoining properties and their Uses Conservation, row crops and orange groves; Residential single family, PUD, and Utility (Immokalee Water and Sewer District settling ponds and spray fields); roadway SSA 13 and undeveloped natural land adjacent along the shoreline of Lake Trafford to the west; Row crops and orange groves along the western side of the south boundary; Immokalee Water and Sewer District offices, wells, and spray fields along the eastern side of 11.D.l Packet Pg. 225 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 9 the southern boundary; undeveloped and developed PUD, single family homes and Lake Trafford Rd. to the north; single family homes and undeveloped land to the east Development Plans Submitted None None on portions of property of interest to Conservation Collier Known Property Irregularities Ditching Historic ditching within slough and wetlands leading to Lake Trafford Other County Dept Interest Multiple Acquisition of the entire property would be of interest to multiple Collier County Divisions. Some of the property of interest to Conservation Collier could ultimately be acquired by different County Divisions 11.D.l Packet Pg. 226 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 10 Figure 4 - Secondary Criteria Score Table 2 - Secondary Criteria Score Summary Criteria Awarded Weighted Points Possible Weighted Points Awarded/Possible Points 1 - Ecological Value 133 160 83% 1.1 - Vegetative Communities 32 53 60% 1.2 - Wildlife Communities 27 27 100% 1.3 - Water Resources 21 27 80% 1.4 - Ecosystem Connectivity 53 53 100% 2 - Human Values 66 80 82% 2.1 - Recreation 29 34 83% 2.2 - Accessibility 31 34 92% 2.3 - Aesthetics/Cultural Enhancement 6 11 50% 3 - Restoration and Management 37 80 46% 3.1 - Vegetation Management 34 55 63% 3.2 - Remediation and Site Security 2 23 10% 3.3 - Assistance 0 2 0% 4 - Vulnerability 56 80 69% 4.1 - Zoning and Land Use 47 58 81% 4.2 - Development Plans 9 22 40% Total 291 400 73% 133 66 37 56 160 80 80 80 0 20 40 60 80 100 120 140 160 180 1 - Ecological Value 2 - Human Value 3 - Restoration and Management 4 - Vulnerability Total Score: 291/400 Awarded Points Possible Points 11.D.l Packet Pg. 227 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 11 2.2 Summary of Assessed Value and Property Cost Estimates The interest being appraised is fee simple “as is” for the purchase of the site. A value of the parcel will estimated using only one of the three traditional approaches to value, the sales comparison approach. It is based on the principal of substitution that an informed purchaser would pay no more for the rights in acquiring a particular real property than the cost of acquiring, without undue delay, an equally desirable one. Three properties were selected for comparison, each with similar site characteristics, utility availability, zoning classification and road access. No inspection was made of the property or comparables used in this report and the Real Estate Services Department staff relies upon information solely provided by program staff. The valuation conclusion is limited only by the reported assumptions and conditions that no other known or unknown adverse conditions exist. If the Board of County Commissioners choose to acquire this property, appraisals by two independent Real Estate Appraisers will be obtained at that time. Pursuant to the Conservation Collier Purchase Policy, two appraisals are required for the Williams Farms property, which has an initial valuation over $500,000; 2 independent Real Estate Appraiser will value the subject property and the average of those 2 appraisal reports will determine the actual value of the subject property and will be used to determine the offer made on the subject property. Table 3. Assessed & Estimated Value Property owner Folio Number Approx. Acreage Assessed Value* Estimated Value** Williams Farms 00113560000 160.0 $437,538 $1,141,760.00 Williams Farms 00113600009 50.9 $101,800 $363,222.40 James E Williams Jr. Trust 00113600106 109.1 $218,200 $778,537.60 Williams Farms Land Assets LLC 00131760002 39.0 $643,505 $278,304.00 Williams Farms of Immokalee 00132680000 39.0 $196,350 $278,304.00 James E Williams Jr. Trust 00132680107 126.1 $252,180 $899,849.60 Williams Farms Portion of 00114160001 127.8 $836,198 $911,980.80 Williams Farms Land Assets LLC Portion of 00131720000 216.1 $893,144 $1,542,089.60 Williams Farms Portion of 00132640008 259.9 $1,128,954 $1,854,646.40 Williams Farms Portion of 00132720009 39.1 $325,141 $279,017.60 TOTAL 1,167.0 $5,033,010 $8,327,712.00 * Assessed Value is obtained from the Property Appraiser’s Website. The Assessed Value is based off the current use of the property. **The Estimated Market Value for the Williams Farms property was obtained from the Collier County Real Estate Services Department in March 2024. 11.D.l Packet Pg. 228 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 12 2.2.1 Zoning, Growth Management and Conservation Overlays Zoning, growth management and conservation overlays will affect the value of a parcel. The parcel is zoned A-MHO (Agricultural – Mobile Home Overlay), which allows for 1 unit per 5 acres. It is designated as Conservation on the Future Land Use map. Approximately 332.1 ac are within the RLSA with 176.1 ac. FSA, 78.6 ac. HSA, 63.9 ac. Open lands, and 13.5 ac. 500ft Buffer. 2.3 Initial Screening Criteria Satisfaction (Ord. 2002-63, Sec. 12) Criteria 1: CLIP Priority 1 Natural Communities Are Upland Hardwood Forest, Scrub, Coastal Upland, Dry Prairie, or Upland Pine present on the property? YES Statement for Satisfaction of Criteria 1: Property contains Cabbage Palm Hammock, which is a Coastal Upland plant community. Criteria 2: CLIP Priority 2-4 Natural Communities If CLIP 1 Natural Communities are not present on the property, are Pine Flatwoods or Coastal Wetlands present on the property? N/A Statement for Satisfaction of Criteria 2: Property already contains a CLIP Priority 1 plant community, but also contains Mesic Pine Flatwoods. Criteria 3: Other Native, Natural Communities If CLIP 1-4 Natural Communities are not present on the property, are other native, natural communities present on the property? N/A Statement for Satisfaction of Criteria 3: Property also contains Cypress, Mixed Wetland Hardwoods, Freshwater Marsh, Mixed Scrub-Shrub Wetland, and Mixed Hardwoods - Coniferous, but already contains CLIP Priority 1-4 Natural Communities. Criteria 4: Human Social Values Does land offer cultural values, appropriate access for natural resource-based recreation, and the enhancement of the aesthetic setting of Collier County? YES Statement for Satisfaction of Criteria 4: This property is accessible from Carson Rd. and Immokalee Dr. Limerock roads and trails currently exist for access to many areas of the property. Criteria 5: Water Resources Does the property offer opportunities for protection of water resource values, including aquifer recharge, water quality enhancement, protection of wetland dependent species habitat, wildfire risk reduction, storm surge protection, and flood control? YES 11.D.l Packet Pg. 229 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 13 Statement for Satisfaction of Criteria 5: The parcel contains hydric soils and wetland vegetation communities. It holds water during the wet season. Acquisition of the parcel would buffer wetlands adjacent to Lake Trafford. Criteria 6: Biological and Ecological Value Does the property offer significant biological values, including biodiversity and listed species habitat? YES Statement for Satisfaction of Criteria 6: A telemetry point from the endangered Florida Panther has been documented on the property. The property is utilized by listed wading birds, deer, and FL black bear. Criteria 7: Enhancement of Current Conservation Lands Does the property enhance and/or protect the environmental value of current conservation lands through function as a buffer, ecological link or habitat corridor? YES Statement for Satisfaction of Criteria 7: The property is adjacent to SSA 13 and the conservation area associated with the Arrowhead Reserve development. Criteria 8: Target Protection Mailing Area Is the property within a Board-approved target protection mailing area? NO Statement for Satisfaction of Criteria 8: The property is not within a Board approved TPMA. 11.D.l Packet Pg. 230 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 14 3. Initial Screening Criteria 3.1 Ecological Values 3.1.1 Vegetative Communities The property consists of Improved Pasture, Cabbage Palm Hammock, Mixed Wetland Hardwoods, Cypress, Mixed Hardwood-Coniferous, Freshwater Marsh, Mesic Flatwoods, and Mixed Scrub-Shrub Wetland. Characterization of Plant Communities Present Improved pastures: This community is the most common on the portion of the property proposed for acquisition by Conservation Collier found on about 20% of the property in areas where canopy and midstory were removed historically and dominant grasses maintained through cattle grazing. This community, while not native, is crucial to protect in order to continue to provide habitat for animals requiring open areas for grazing and young rearing including turkey, deer, sandhill crane, and crested caracara. Groundcover consists of primarily Bahiagrass (Paspalum notatum), native forbs, and species like broomsedge (Andropogon sp.), smutgrass (Sporobolus indicus), caesarweed (Urena lobata), tall elephantsfoot (Elephantopus elatus), muscadine (Vitis rotundifolia), frostweed (Verbesina virginica), Beggarticks (Bidens alba). Scattered cabbage palm (Sabal palmetto), live oak (Quercus virginiana), laurel oak (Quercus laurifolia), and slash pine (Pinus elliottii) are present throughout the pastures. Cabbage Palm Hammock: This community is found along the pasture edges. Density of invasive, exotic woody species (predominantly Brazilian pepper (Schinus terebinthifolia)) is high throughout. Groundcover consists of Beggarticks, cabbage palm, dogfennel (Eupatorium capillifolium), and Southern shield fern (Thelypteris kunthii). Midstory consists of Brazilian pepper, myrsine (Myrsine cubana), wild coffee (Psychotria nervosa), American beautyberry (Callicarpa americana), greenbriar (smilax spp.), shoestring fern (Vittaria lineata), and resurrection fern (Pleopeltis michauxiana). Canopy consists of primarily cabbage palm with some scattered live oak, Laurel oak, and strangler fig (Ficus aurea). Mixed Wetland Hardwoods: This plant community is found primarily between the pasture and Cypress/Mixed Hardwood-Coniferous plant communities. Fire suppression over the years has played a role in this community having an abundance of Brazilian pepper, cabbage palm, woody growth, vines, and dense midstory fuels. Climbing fern (Lygodium sp.) is also present in varying densities throughout this community. Groundcover consists of swamp fern, sawgrass (Cladium jamaicense), and sand cordgrass (Spartina bakeri). Midstory consists cabbage palm, myrsine, wild coffee, Carolina willow (Salix caroliniana), and wax myrtle (Morella cerifera). Canopy consists of Cabbage palm, slash pine, red maple (Acer rubrum), and pop ash (Fraxinus caroliniana). Cypress: This community runs through the middle of the property. Canopy consists almost entirely of cypress (Taxodium sp.) with a sparse mid-story of Carolina willow, wax myrtle, and buttonbush (Cephalanthus occidentalis). Ground cover includes sawgrass, alligator flag (Thalia geniculata), pickerelweed (Pontederia cordata), and arrowhead (Sagittaria sp.) 11.D.l Packet Pg. 231 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 15 Mixed Hardwood-Coniferous: This community is similar to the Cypress; however, it contains a mixture of Cypress, red maple, and pop ash in the canopy. Freshwater Marsh: This community is primarily on the western side of the property and groundcover consists of pickerelweed, sawgrass, arrowhead, sand cordgrass, maidencane (Hymenachne hemitomon), cattail (Typha domingensis), gulf coast spikerush (Eleocharis cellulosa), water lily (Nymphaea odorata). Scattered Carolina willow, buttonbush (Cephalanthus occidentalis), saltbush (Baccharis halimifolia), Peruvian primrose willow (Ludwigia peruviana), and pond apple (Annona glabra) exist within the midstory. No canopy is present. Mesic Flatwoods: A small 9-acre pocket of this community exists within the southwestern portion of the property. Ground cover includes shiny blueberry (Vaccinium myrsinites) and predominantly grasses, including wiregrass (Aristida stricta), dropseeds (Sporobolus sp), panicgrass (Dichanthelium spp.), and broomsedge (Andropogon spp.). Midstory includes saw palmetto (Serenoa repens), gallberry (Ilex glabra), coastalplain staggerbush (Lyonia fruticosa), and scattered cabbage palm. Canopy consists of slash pine. Mixed Scrub-Shrub Wetland: This community is highly disturbed, with historic ditching and possibly logging in the past. It is also heavily infested with climbing fern and Brazilian pepper. Current condition is best described as Mixed Scrub-Shrub Wetland as it is dominated by a midstory of Carolina willow and saltbush. Small red maple and cypress are also scattered throughout and groundcover is consistent with what is found in the freshwater marsh. The overall condition of the plant communities within the property is poor with an estimated exotic plant coverage of 75%. The dominant exotics noted are climbing fern and Brazilian pepper. Extensive treatment will be required to restore the natural communities on site and access will be difficult due to the deep-water levels and density of the vegetation. Table 4. Listed Plant Species Common Name Scientific Name State Status Federal Status Northern needleleaf Tillandsia balbisiana State Threatened n/a Cardinal airplant Tillandsia fasciculata State Endangered n/a Butterfly orchid Encyclia tampensis Comm. Exploited n/a 11.D.l Packet Pg. 232 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 16 Figure 5 - CLIP4 Priority Natural Communities 11.D.l Packet Pg. 233 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 17 Figure 6 - Florida Cooperative Land Cover Classification System 11.D.l Packet Pg. 234 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 18 Figure 7 - Cypress Figure 8 – Mixed Wetland Hardwoods 11.D.l Packet Pg. 235 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 19 3.1.2 Wildlife Communities This parcel provides habitat to a variety of wildlife. It is crucial to protect the upland pasture and cabbage palm hammock adjacent to the wetlands on site to continue to provide habitat for animals requiring open areas for grazing and young rearing including turkey, deer, sandhill crane, and crested caracara. It can be assumed that the same important wildlife species documented on the nearby Pepper Ranch also utilize this property including the Everglades snail kite, wood stork, black bear and multiple bird species. Additionally, a collared Florida panther (Puma concolor coryi) was tracked on the property in 2001. Table 5 – Listed Wildlife Detected Common Name Scientific Name State Status Federal Status Mode of Detection Florida Panther Puma concolor coryi Endangered Telemetry point Table 6 – Potential Listed Wildlife Species Common Name Scientific Name State Status Federal Status Little blue heron Egretta caerulea Threatened Not listed Everglade snail kite Rostrhamus sociabilis plumbeus Endangered Endangered Tricolored heron Egretta tricolor Threatened Not listed Wood stork Mycteria americana Threatened Threatened Roseate spoonbill Platalea ajaja Threatened Not listed Sandhill crane Antigone canadensis Threatened Not listed Crested caracara Caracara cheriway Threatened Threatened 11.D.l Packet Pg. 236 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 20 Figure 9 - Wildlife Spatial Data (i.e., telemetry, roosts, etc) 11.D.l Packet Pg. 237 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 21 Figure 10 - CLIP4 Potential Habitat Richness 11.D.l Packet Pg. 238 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 22 3.1.3 Water Resources Acquisition of this property would offer protection of water resource values, including protection of wetland dependent species habitat and some recharge of the aquifer. Over half of the property consists of wetlands and is mapped as containing hydric soils. The property provides habitat for wetland dependent species year-round. A primary benefit to preserving the parcel in an undeveloped state would be for protection of the wetlands associated with Lake Trafford. The property also provides natural flood protection. Soils data is based on the Soil Survey of Collier County Area, Florida (USDA/NRCS, 1990). Mapped hydric soils include those that are nearly level, poorly drained and found in sloughs and poorly defined drainageways ( “BASINGER FINE SAND”, “RIVIERA FINE SAND, LIMESTONE SUBSTRATUM”, “HOLOPAW FINE SAND”, and “PINEDA AND RIVIERA FINE SANDS”); those that are nearly level, poorly drained and found in sloughs and cypress swamps (“RIVIERA, LIMESTONE SUBSTRATUM - COPELAND FINE SAND” and “WINDER, RIVIERA, LIMESTONE SUBSTRATUM, AND CHOBEE SOILS DEPRESSIONAL”); – those that are level, very poorly drained soils found in depressions, cypress swamps, and marshes (“CHOBEE, WINDER AND GATOR SOILS, DEPRESSIONAL” and “BOCA, RIVIERA, LIMESTONE SUBSTRATUM AND COPELAND FS, DEPRESSIONAL”); and those that are nearly level, poorly drained and found in hammocks and flatwoods (“HILOLO LIMESTONE SUBSTRATUM, JUPITER AND MARGATE SOILS”). 11.D.l Packet Pg. 239 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 23 Figure 11 - CLIP Aquifer Recharge Priority and Wellfield Protection Zones 11.D.l Packet Pg. 240 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 24 Figure 12 - Collier County Soil Survey 11.D.l Packet Pg. 241 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 25 Figure 13 LIDAR Elevation Map 11.D.l Packet Pg. 242 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 26 3.1.4 Ecosystem Connectivity This parcel is adjacent to SSA 13 and undeveloped land to the west and to the Arrowhead Reserve developments preserve area to the north. These lands buffer Lake Trafford. The Florida Wildlife Corridor Foundation (a non-profit organization seeking landscape-scale conservation) identifies Williams Farms as an Opportunity Area - high priority land that connects and supports parks, preserves, and refuges. Figure 14 – FL Wildlife Corridor and Williams Farms 11.D.l Packet Pg. 243 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 27 Figure 15 - Conservation Lands 11.D.l Packet Pg. 244 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 28 3.2 Human Values 3.2.1 Recreation This parcel could potentially offer a variety of recreational opportunities such as hiking, mountain biking, horseback riding, and camping. Depending on the amount of uplands acquired by Conservation Collier, restoration activities, and adjacent lands uses, there could be potential opportunities for fishing and hunting. 3.2.2 Accessibility The parcel can be accessed via Carson Rd. and Immokalee Dr., public paved roads. Limerock roads and raised trails throughout the property make year-round access possible. 3.2.3 Aesthetic/Cultural Enhancement The provides vista views of pastures with mature oak and cypress. There is the potential for archaeological sites within the property due to its proximity to Lake Trafford. 3.3 Restoration and Management Extensive staff time, equipment, and funds will be required to restore and maintain this property through exotic plant control, fuel reduction, mowing, and potentially hydrologic restoration. Additionally, Environmental Site Assessments must be conducted to determine whether remediation is necessary prior to large scale public access amenity development. 3.3.1 Vegetation Management 3.3.1.1 Invasive Vegetation The natural communities within the property appear to be heavily infested with invasive, exotic vegetation (75% density) – primarily climbing fern and Brazilian pepper. The pastures contain non- native grass species and scattered Brazilian pepper and Caesarweed. Because of inability to access all parts of the property, reliable exotic plant treatment cost estimates cannot be determined at this time. In the event of acquisition, staff will seek partnership opportunities for exotic plant control with South Florida Water Management District’s (SFWMD) Big Cypress Basin Service Center and FWC, both of which have a vested interest in the health of Lake Trafford and the surrounding wetlands. 3.3.1.2 Prescribed Fire Cabbage palms and other fuels would need to be reduced and fire breaks installed prior to any prescribed fire within the Mesic Pine Flatwoods or drier portions of the Cabbage Palm Hammock and Mixed Wetland Hardwoods that could carry fire. Prescribed fire would also be recommended as a management tool for the pasturelands. The use of prescribed fire anywhere on the property will depend upon its compatibility with adjacent land uses. 3.3.2 Remediation and Site Security No site security issues appear to exist within the property. Entrance gates exist at all access points. Environmental Site Assessments will need to be conducted to determine whether contamination exists within the property that will require environmental remediation. 11.D.l Packet Pg. 245 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 29 3.3.3 Assistance Staff will seek partnership opportunities for hydrological restoration and exotic plant control with SFWMD’s Big Cypress Basin Service Center and FWC, both of which have a vested interest in the health of Lake Trafford and the surrounding wetlands. 3.4 Vulnerability 3.4.1 Zoning and Land Use The entire property has a baseline zoning of A-MHO (Agricultural – Mobile Home Overlay), which allows for 1 unit per 5 acres. Approximately 332.1 acres are also within the Collier County RLSA with 176.1 acres designated as FSA, 78.6 acres designated as HSA, 63.9 acres designated as Open lands, and 13.5 acres designated as 500ft Buffer. The approximately 332.1 acres within the RLSA have a Future Land Use designation of Agricultural/Rural Mixed-Use District/RLSA FLU. The remaining 834.9 acres have an Urban Residential Subdistrict Future Land Use designation. 11.D.l Packet Pg. 246 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 30 Figure 16 – Zoning 11.D.l Packet Pg. 247 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 31 Figure 17 – RLSA Overlay 11.D.l Packet Pg. 248 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 32 Figure 18 –Future Land Use 11.D.l Packet Pg. 249 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 33 3.4.2 Development Plans The portion of the property under consideration by Conservation Collier is not currently planned for development. 4. Acquisition Considerations Staff would like to bring the following items to the attention of the Advisory Committee during the review of this property. The following items may not have significantly affected the scoring but are worth noting. Extensive staff time, equipment, and funds will be required to restore and maintain this property through exotic plant control, fuel reduction, mowing, and potential hydrologic restoration. It is recommended that at least one additional FTE Environmental Specialist II, one Equipment Operator II, a swamp buggy, a compact track loader, a 120-horsepower tractor, 2 trailers, and a truck be authorized for the Conservation Collier Program should this property be acquired. Phase 1 and Phase 2 Environmental Site Assessments are recommended due to historic uses on the property and surrounding lands. 11.D.l Packet Pg. 250 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 34 5. Management Needs and Costs Table 7 - Estimated Costs of Site Remediation, Improvements, and Management Management Element Initial Cost Annual Recurring Cost Comments Invasive Vegetation Removal TBD TBD Cost to be determined upon closer inspection of the property Fuel reduction $168,000 N/A Estimate 140 ac. @ $1,200/ac. initial; Assumes no annual recurring once in burn rotation Firebreak installation N/A N/A Assumes firebreak creation within pastures created by staff with Program equipment FTE Environmental Specialist II $87,500 $87,500 Includes base salary and benefits FTE Equipment Operator II $73,600 $73,600 Includes base salary and benefits for employee able to operate heavy equipment Truck $100,000 Includes Ford F-550 truck with ability to haul heavy equipment Compact track loader $190,000 Can be used at other preserves with ability to trailer Swamp buggy $100,000 Can be used at other preserves with ability to trailer 120 hp Tractor $150,000 Can be used at other preserves with ability to trailer Trailers $45,000 Includes flatbed trailer for compact track loader and trailer for swamp buggy Vehicle and machinery maintenance and fuel $10,000 $10,000 Signage $10,000 $200 Interpretive and directional signage TOTAL $934,100 $171,300 11.D.l Packet Pg. 251 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 35 6. Potential for Matching Funds The primary partnering agencies for conservation acquisitions, and those identified in the ordinance are the Florida Communities Trust (FCT) and The Florida Forever Program. The following highlights potential for partnering funds, as communicated by agency staff. Florida Communities Trust - Parks and Open Space Florida Forever grant program: The FCT Parks and Open Space Florida Forever grant program provides grant funds to local governments and nonprofit organizations to acquire conservation lands, urban open spaces, parks and greenways. Application for this program is typically made for pre-acquired sites up to two years from the time of acquisition. The Parks and Open Space Florida Forever grant program assists the Department of Environmental Protection in helping communities meet the challenges of growth, supporting viable community development and protecting natural resources and open space. The program receives 21 percent Florida Forever appropriation. This property would not be a good candidate for FCT funding. Florida Forever Program: Although this parcel is within a Florida Forever Program boundary, because of its size, the State will not pursue its acquisition. Additional Funding Sources: No additional funding sources have been identified. 11.D.l Packet Pg. 252 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 36 7. Secondary Criteria Scoring Form Property Name: Williams Farms Target Protection Mailing Area: RLSA - FSA and HAS Folio(s): multiple Secondary Criteria Scoring Possible Points Awarded Points Percentage 1 - Ecological Value 160 133 83 2 - Human Value 80 66 82 3 - Restoration and Management 80 37 46 4 - Vulnerability 80 56 69 TOTAL SCORE 400 291 73 1 - ECOLOGICAL VALUES (40% of total) Possible Points Awarded Points Comments 1.1 VEGETATIVE COMMUNITIES 200 120 1.1.1 - Priority natural communities (Select highest score) a. Parcel contains CLIP4 Priority 1 communities (1130 - Rockland Hammock, 1210 - Scrub, 1213 - Sand Pine Scrub, 1214 - Coastal Scrub, 1312 - Scrubby Flatwoods, 1610 - Beach Dune, 1620 - Coastal Berm, 1630 - Coastal Grasslands, 1640 - Coastal Strand, or 1650 - Maritime Hammock) 100 b. Parcel contains CLIP4 Priority 2 communities (22211 - Hydric Pine Flatwoods, 2221 - Wet Flatwoods, or 1311 - Mesic Flatwoods) 60 60 Mesic Flatwoods c. Parcel contains CLIP4 Priority 3 communities (5250 - Mangrove Swamp, or 5240 - Salt Marsh) 50 d. Parcel contains CLIP4 Priority 4 communities (5250 - Mangrove Swamp) 25 1.1.2 - Plant community diversity (Select the highest score) a. Parcel has ≥ 3 CLC native plant communities (Florida Cooperative Land Cover Classification System native plant communities) 20 20 b. Parcel has ≤ 2 CLC native plant communities 10 c. Parcel has 0 CLC native plant communities 0 1.1.3 - Listed plant species (excluding commercially exploited species) (Select the highest score) a. Parcel has ≥5 CLC listed plant species 30 b. Parcel has 3-4 CLC listed plant species 20 20 3 Tillandsia species c. Parcel has ≤ 2 CLC listed plant species 10 d. Parcel has 0 CLC listed plant species 0 1.1.4 - Invasive Plant Infestation (Select highest score) a. 0 - 10% infestation 50 11.D.l Packet Pg. 253 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 37 b. 10 - 25% infestation 40 c. 25 - 50% infestation 30 d. 50 - 75% infestation 20 20 Very heavy lygodium in disturbed marsh. Brazilian pepper along pasture edges e. ≥75% infestation 10 1.2 - WILDLIFE COMMUNITIES 100 100 1.2.1 - Listed wildlife species (Select the highest score) a. Listed wildlife species documented on the parcel 80 80 b. Listed wildlife species documented on adjacent property 60 c CLIP Potential Habitat Richness ≥5 species 40 d. No listed wildlife documented near parcel 0 1.2.2 - Significant wildlife habitat (Rookeries, roosts, denning sites, nesting grounds, high population densities, etc) (Select highest score) a. Parcel protects significant wildlife habitat (Please describe) 20 20 large size; adjacent to conservation land that is adjacent to Lake Trafford b. Parcel enhances adjacent to significant wildlife habitat (Please describe) 10 c. Parcel does not enhance significant wildlife habitat 0 1.3 - WATER RESOURCES 100 80 1.3.1 - Aquifer recharge (Select the highest score) a. Parcel is located within a wellfield protection zone or within a CLIP4 Aquifer Recharge Priority 1 area 40 40 8.5 acres in the SE corner are in a wellfield protection zone b. Parcel is located within a CLIP4 Aquifer Recharge Priority 2 or 3 area 30 c. Parcel is located within a CLIP4 Aquifer Recharge Priority 4 or 5 area 20 d. Parcel is located within a CLIP4 Aquifer Recharge Priority 6 area 0 1.3.2 - Surface Water Protection (Select the highest score) a. Parcel is contiguous with and provides buffering for an Outstanding Florida Waterbody 30 b. Parcel is contiguous with and provides buffering for a creek, river, lake, canal or other surface water body 20 20 contiguous to wetlands along Lake Trafford 11.D.l Packet Pg. 254 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 38 c. Parcel is contiguous with and provides buffering for an identified flowway 15 d. Wetlands exist on site 10 e. Parcel does not provide opportunities for surface water quality enhancement 0 1.3.3 - Floodplain Management (Select all that apply) a. Parcel has depressional or slough soils 10 10 b. Parcel has known history of flooding and is likely to provide onsite water attenuation 10 10 c. Parcel provides storm surge buffering 10 d. Parcel does not provide floodplain management benefits 0 1.4 - ECOSYSTEM CONNECTIVITY 200 200 1.4.1 - Acreage (Select Highest Score) a. Parcel is ≥ 300 acres 150 150 b. Parcel is ≥ 100 acres 100 b. Parcel is ≥ 50 acres 75 c. Parcel is ≥ 25 acres 25 d. Parcel is ≥ 10 acres 15 e. Parcel is < 10 acres 0 1.4.2 - Connectivity (Select highest score) a. Parcel is immediately contiguous with conservation lands 50 50 b. Parcel is not immediately contiguous, but parcels between it and nearby conservation lands are undeveloped 25 c. Parcel is isolated from conservation land 0 ECOLOGICAL VALUES TOTAL POINTS 600 500 ECOLOGICAL VALUES WEIGHTED SCORE (Awarded Points/Possible Points*160) 160 133 2 - HUMAN VALUES (20%) Possible Points Awarded Points Comments 2.1 - RECREATION 120 100 2.1.1 - Compatible recreation activities (Select all that apply) a. Hunting 20 20 b. Fishing 20 20 c. Water-based recreation (paddling, swimming, etc) 20 d. Biking 20 20 e. Equestrian 20 20 f. Passive natural-resource based recreation (Hiking, photography, wildlife watching, environmental education, etc) 20 20 g. Parcel is incompatible with nature-based recreation 0 2.2 - ACCESSIBILITY 120 110 2.2.1 - Seasonality (Select the highest score) 11.D.l Packet Pg. 255 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 39 a. Parcel accessible for land-based recreation year round 20 20 b. Parcel accessible for land-based recreation seasonally 10 c. Parcel is inaccessible for land-based recreation 0 2.2.2 - Vehicle access (Select the highest score) a. Public access via paved road 50 50 b. Public access via unpaved road 30 c. Public access via private road 20 d. No public access 0 2.2.3 - Parking Availability (Select the highest score) a. Minor improvements necessary to provide on-site parking 40 40 b. Major improvements necessary to provide on-site parking (Requires site development plan) 25 b. Public parking available nearby or on adjacent preserve 20 c. Street parking available 10 d. No public parking available 0 2.2.4 - Pedestrian access (Select the highest score) a. Parcel is easily accessible to pedestrians (within walking distance of housing development) 10 b. Parcel is not easily accessible to pedestrians 0 2.3 - AESTHETICS/CULTURAL ENHANCEMENT 40 20 2.3.1 - Aesthetic/cultural value (Choose all that apply) a. Mature/outstanding native vegetation 5 5 b. Scenic vistas 5 5 c. Frontage enhances aesthetics of public thoroughfare 10 10 d. Archaeological/historical structures present 15 e. Other (Please describe) 5 f. None 0 HUMAN VALUES TOTAL SCORE 280 230 HUMAN VALUES WEIGHTED SCORE (Awarded Points/Possible Points*80) 80 66 3 - RESTORATION AND MANAGEMENT (20%) Possible Points Awarded Points Comments 3.1 - VEGETATION MANAGEMENT 120 75 3.1.1 - Invasive plant management needs (Select the highest score) a. Minimal invasive/nuisance plant management necessary to restore and maintain native plant communities (<30%) 100 b. Moderate invasive/nuisance plant management necessary to restore and maintain native plant communities (30-65%) 75 75 c. Major invasive/nuisance plant management necessary to restore and maintain native plant communities (>65%) 50 11.D.l Packet Pg. 256 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 40 d. Major invasive/nuisance plant management and replanting necessary to restore and maintain native plant communities (>65%) 25 e. Restoration of native plant community not feasible 0 3.1.2 - Prescribed fire necessity and compatibility (Select the highest score) a. Parcel contains fire dependent plant communities and is compatible with prescribed fire or parcel does not contain fire dependent plant communities 20 b. Parcel contains fire dependent plant communities and is incompatible with prescribed fire 0 3.2 - REMEDIATION AND SITE SECURITY 50 5 3.2.1 - Site remediation and human conflict potential (Dumping, contamination, trespassing, vandalism, other) (Select the highest score) a. Minimal site remediation or human conflict issues predicted 50 b. Moderate site remediation or human conflict issues predicted (Please describe) 20 c. Major site remediation or human conflict issues predicted (Please describe) 5 5 Potential soil/water pollution; Phase 1 and 2 recommended d. Resolving site remediation or human conflict issues not feasible 0 3.3 - ASSISTANCE 5 0 3.3.1 - Management assistance by other entity a. Management assistance by other entity likely 5 b. Management assistance by other entity unlikely 0 0 RESTORATION AND MANAGEMENT TOTAL SCORE 175 80 RESTORATION AND MANAGEMENT WEIGHTED SCORE (Awarded Points/Possible Points*80) 80 37 4 - VULNERABILITY (20%) Possible Points Awarded Points Comments 4.1 - ZONING AND LAND USE 130 105 4.1.1 - Zoning and land use designation (Select the highest score) a. Zoning allows for Single Family, Multifamily, industrial or commercial 100 b. Zoning allows for density of no greater than 1 unit per 5 acres 75 75 11.D.l Packet Pg. 257 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 41 c. Zoning allows for agricultural use /density of no greater than 1 unit per 40 acres 50 d. Zoning favors stewardship or conservation 0 4.1.2 - Future Land Use Type (Select the highest score) a. Parcel designated Urban 30 30 b. Parcel designated Estates, Rural Fringe Receiving and Neutral, Agriculture 25 c. Parcel designated Rural Fringe Sending, Rural Lands Stewardship Area 5 d. Parcel is designated Conservation 0 4.2 - DEVELOPMENT PLANS 50 20 4.2.1 - Development plans (Select the highest score) a. Parcel has been approved for development 20 b. SFWMD and/or USACOE permit has been applied for or SDP application has been submitted 15 c. Parcel has no current development plans 0 0 4.2.2 - Site characteristics amenable to development (Select all that apply) a. Parcel is primarily upland 10 b. Parcel is along a major roadway 10 10 c. Parcel is >10 acres 5 5 d. Parcel is within 1 mile of a current or planned commercial or multi-unit residential development 5 5 VULNERABILITY TOTAL SCORE 180 125 VULNERABILITY WEIGHTED SCORE (Awarded Points/Possible Points*80) 80 56 11.D.l Packet Pg. 258 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 42 8. Additional Site Photos Mixed Hardwood-Coniferous Mixed Wetland Hardwoods – Brazilian pepper midstory Cypress Cypress 11.D.l Packet Pg. 259 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 43 Limerock road through property Pasture with oaks and cabbage palm Large storage building Pasture with Cabbage Palm Hammock and Mixed Wetland Hardwoods in background 11.D.l Packet Pg. 260 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 44 Looking south from northwest side Looking southeast from northwest side Looking west from middle of north side Looking east from middle of north side 11.D.l Packet Pg. 261 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 45 Looking north from east side Looking south from east side Overhead view showing density of cabbage palms 11.D.l Packet Pg. 262 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 46 APPENDIX 1 – Critical Lands and Water Identification Maps (CLIP) Definitions This report makes use of data layers from the Florida Natural Areas Inventory and University of Florida Critical Lands and Waters Identification Project (CLIP4). CLIP4 is a collection of spatial data that identify statewide priorities for a broad range of natural resources in Florida. It was developed through a collaborative effort between the Florida Areas Natural Inventory (FNAI), the University of Florida GeoPlan Center and Center for Landscape Conservation Planning, and the Florida Fish and Wildlife Conservation Commission (FWC). It is used in the Florida Forever Program to evaluate properties for acquisition. CLIP4 is organized into a set of core natural resource data layers which are representative of 5 resource categories: biodiversity, landscapes, surface water, groundwater and marine. The first 3 categories have also been combined into the Aggregated layer, which identifies 5 priority levels for natural resource conservation. Below is a description of each of the three CLIP4 data layers used in this report. Figure 5 - CLIP4 Priority Natural Communities Consists of 12 priority natural community types: upland glades, pine rocklands, seepage slopes, scrub, sandhill, sandhill upland lakes, rockland hammock, coastal uplands, imperiled coastal lakes, dry prairie, upland pine, pine flatwoods, upland hardwood forest, or coastal wetlands. These natural communities are prioritized by a combination of their heritage global status rank (G-rank) and landscape context, based on the Land Use Intensity Index (subset of CLIP Landscape Integrity Index) and FNAI Potential Natural Areas. Priority 1 includes G1-G3 communities with Very High or High landscape context. Priority 2 includes G1-G3 Medium and G4 Very High/High. Priority 3 includes G4 Medium and G5 Very High/High. Priority 5 is G5 Medium. This data layer was created by FNAI originally to inform the Florida Forever environmental land acquisition program. The natural communities were mapped primarily based on the FNAI/FWC Cooperative Land Cover (CLC) data layer, which is a compilation of best-available land cover data for the entire state. The CLC is based on both remote-sensed (from aerial photography, primarily from water management district FLUCCS data) and ground-truthed (from field surveys on many conservation lands) data. Figure 10 - Potential Habitat Richness CLIP4 Map This CLIP version 4.0 data layer is unchanged from CLIP v3.0. FWC Potential Habitat Richness. Because SHCAs do not address species richness, FWC also developed the potential habitat richness layer to identify areas of overlapping vertebrate species habitat. FWC created a statewide potential habitat model for each species included in their analysis. In some cases, only a portion of the potential habitat was ultimately designated as SHCA for each species. The Potential Habitat Richness layer includes the entire potential habitat model for each species and provides a count of the number of species habitat models occurring at each location. The highest number of focal species co-occurring at any location in the model is 13. 11.D.l Packet Pg. 263 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Initial Criteria Screening Report Folio Numbers: multiple Project Name: Williams Farms Date: April 3, 2024 47 Figure 11 - CLIP4 Aquifer Recharge Priority and Wellfield Protection Zones High priorities indicate high potential for recharge to an underlying aquifer system (typically the Floridan aquifer but could be intermediate or surficial aquifers in some portions of the state). The highest priorities indicate high potential for recharge to springs or public water supplies. This figure also includes Wellfield Protection Zones. Collier County Wellfield Protection Zones are referenced in the Land Development Code and updated in 2010 by Pollution Control and Prevention Department Staff. The public water supply wellfields, identified in section 3.06.06 and permitted by the SFWMD for potable water to withdraw a minimum of 100,000 average gallons per day (GPD), are identified as protected wellfields, around which specific land use and activity (regulated development) shall be regulated under this section. 11.D.l Packet Pg. 264 Attachment: ICSR Williams Farm_Conservation Collier (28546 : Williams Reserve Property - Purchase Agreement) Qovmty Lessor: Lessee: Property Address: Lease Term: Commencement Date: Termination: Options to Extend Term: N/A Rent: Allowable Use: Assignment/Sublet: LEASE ABSTRACT Williams Reserve Farm Lease #1 Williams Farms of Immokalee,Inc. not listed - names removed per owner request Land in Collier County, Florida referred to as Fields #2#8 for a total of 135.66 Acres I year July 1,2023 Expiration Date: 」une 30,2024 May be terminated by abandonment, default, insolvency, or breach by Lessee. $65,795.10 Annually (paid in full at lease execution) (135.66 acres at $485.00 per acre) Lessee shall use the Land only for the production of fruits and vegetables. Lessee shall not assign, encumber, or dispose of the Lease or sublet the whole or any part of the Land without the prior written consent of the Lessor. Miscellaneous Provisions: Included in this Lease is the equipment described in Exhibit "B", located at the respective pump stations. All such equipment will be maintained and repaired by Lessee at Lessee's expense. If any of the described equipment becomes non-functional, Lessee will provide a replacement, if required, or overhauled, both at Lessee's expense. Facilities Management Building ' 3335 Tamiami Trail E Suite 102 ' Naples, Flortda34112 239-252-8380 Cottttty Environmental: Insurance: Leases and Amendment(s): Please see Section 14 in detail. la(fl Payment of Environmental Costs. Lessee agrees to pay the cost of any inspection, investigation, audit, clean-up, site remediation or detoxification. Lessee shall procure and maintain insurance for the duration of the Lease. Lessee shall fumish Lessor with evidence of coverage. Liability insurance coverage will be no less than One Million Dollars ($1,000,000). See other insurance provisions in Section 9. Lease Agreement, dated May 9, 2023 - No Amendments were provided by Lessor. Prepared by: Jeremiah Westerfield, Sr. Property Acquisition Specialist II Facilities Management Building ' 3335 Tamiami Trail E Suite 102 . Naples, Florida 34112 ' 239-252-8380 -1."1R,lI t.t:.4.tl._. L“"崚 h2023・ 204 COMR慨ヽv■.I.IAMS FARMS o「IMMOKAlLE INC 螺 FF COUNTY: ('()t.r_tHt ACRES:13566 DATE EI.FECTIVE. Jub r, gOgS DATE E)(PIRES:Juc 30, 9024 FARM LEASE rnarlc as ri Ma1. t). 20211 bcr*,ccn \Vlt,l,IAMS F.ARMS ( )Irll,lM()K\Ll.;t), INC.,lll(X) Nonh l.5th Strcct. Suirc l. Imnrokalcc. Iiorirla:.lll 12fl.cssor") and lrrrrr.kalcr. l.l.r.irla ;] l.l lll (,lrsscc"). .l' Icssor lcascs kr ksscc, an<l (Irc l.csscc rcots liorn [.cssor, otr atr<l subiccl to lhcIrllorring tcnns. prorniscs, and coorlitious, tlrc lirlkrwirrg dcscribcrl lanrl 0anrl) inCollier Counry llorida: FI I.]I,DSf 2#8 'l'()-l-A1..,\CRES: llt.5.(iri (● ′Πlc tcr:〕1()i ti:is itasc cO111lllcnccs On J:llド 1 2023a11(l cn(1ド Jt:!lc 30.202■.unic、、、(ゅ :lcr tc口 1lillatc(l tl:1(lcr 011lcr:)【)●ヽi()n、。1 1lli、lκ .■sc TERM Laご ∥1ズ ∥響Ыtthttn中山(a) alxl'c citlrcr pirlv Inav lcnDinalc lhis lx'girirrg thc rlthcr pri<>rrvliIcn rroti(col(llcit illcnl t() tcnnitratc lllc lcas(. .c) -r'ris rrasc r'ay lrc rcrnri'irtcd bv rrss'r rr;xrn trrc rx.cttrrcncc,r ant or-rIe lirllowing: (l) Al)at(krnDcnl [)!, [,cssec. rly ll;1rn <lcfault try [.sscc in thc Jrerlonnancc ol.any ol.tlrc tcnus.((,\.cl|ants, l)r()t rscsor conrlitiorrs ol rhc lcast..l-t) llrsolvcncl, ()l Lcsscc. t4r llrcach by [.sscc ()l.anr. otlrcr lcasc or Agrccntenl witlt l.ss(rr. - (,t) Notwithstanding tcrrninariorr undcr l(c), [,(sscc shall rcrrrail lial)lc li]rlllc rctrl duc li)r thc rrncxpirc<l portiorr ol sairlLlast._ 2 RENT AND LESSEES D(PET{SES: I,i)r drc rcnt; rrl drc ltui<|, L,s:rc shall ;n1, ro lrssor tlrc irjdal :urrrturl rcnl ol.$65.795.10 which conrrirutcs rcnr li)r a k)lal ol.185.66 utr ar $4g5.m *,, ^"". n,,nIN F[ il,l, widxnrr scr( 1. dc<lucri<rr or urrrnlcrclaim. uFrr crcculi." "fif,i i""* _.fnray lx pairl ar lrsxrr,.s adrlrrss: lllff) NonI l.rrlr Srrccr. hnnxrlcrlt". ",rrii" iir, ".A-Financc Clm4gc r>[ l-5fii 1xr nrorrth will 1," .l,rrg"d "r;AiI.,^"',i,"1*O"."r,( 18,.s Annui ). 'l'iIuc is ol thc csscntr: (a) l.iveryrlring rcr;uir.ctl bv this lcasc (() lrc rlrrnc lrr. lrsscc slrall bc at Ir:sscc's cxpcrrsc; il l,csscc lails krrLr arrr rut.lr tlrirrgi. Irsxrr nlit!,(l() lhc,ll al lr'sscc's cx;x.rrsr.. (b) I)istlairr. I rssrc, l'(rr ilsell. ils slc(css()N an(l assiBrrs, Ircrc51. agrcc tlat all tlrc lrcrsorr;rl pro;rc ,r,()n rhc lcase{l prr:ruiscs shall lrc lial)lr to (listrcss; that all l)cr$(n)al prll)(rt\', il- rcnxrvcrl tlrcrcliorn, shall lirr thinv (-|0) rlats;rlicr suclr rcttxrval lrc liablc kr dislrcss, and rrn-r.bc rlistrairrc<l anrl solrl lirr rclrl ir) ar.rc;us:tlr l,csscc, lirr itscll, hcirs, an<l assigrrs, hcrcLl.rairing all riglrt to rlrc l>cnclir ol tnl larvs now rrradc or ltctcalicr k) lrc rrn<lc, cxcrn;Iiog lx.rsoual l)ft)l)crtl liun lcr.\. irrld \alc li,r'arrcars (r'r(llt. (c) Renl Ar<.clcrnliorr. Il r-;rsc l,crscc varatcs (n.allcnrllls k) r,i(.alc tltc lcascrl prcrnises at arrl tirrrc (hlriug ttrc sni<l lcnrr or anv continualcc lltcru)I, ()r in .asc :u.,slrtrillls lcr'slrall lrc nudc at arry li.lc ()n lllc lx,rs(nral lnot)crt\, {)l-tlrc sai(l Lcssct, or io cir-sc llrc sai(l lasscc slmll nrirlic an ;Nsiglrl)clt ol-his yrcrsorral pnrlrcrrv (c\ccpl as lrcrcinalicr provitrcrr rrgxrrr thc rrcatlr .r'sairr r,cssccl 'r sharl altclllpl k) nxrvc lirrrtr tllc l)rctniscs al ;ur). tinrc <lurirrg lhc ctrrrcr{ )cer rvitltorrt Itavi.g satislicrl thc lirll anxutnt .l'rctrtal l.r lltc sai(l rcnt 'car. or shall l.:ril t. pay thc rcnl rvltcn duc itr lirll. tlrcrr tlrc wlxrlc ol tltc rcntal li)r tlrc thcn curTcrrt t.c l l,car shall at orrcc lrconrc duc arxl palzrblc, anvtlting hcrcin (ontainc(I, ()r atrv usc, (ltslrnrr, ()r larv to 1l|q.,rr,U.^,-r' Do[vithstandilg, anrl thc sairl l,r:ssor nll.at ont.r: <lislrairr thc said grxxls an(l clu(cls ol tlrr sairl I ,r:ssce tlrcrclirrc, aml ttrc,airl g<xxls anrl chancls on thc sairl Inctniscs shall lbr thinv (l]0) <lals al-lcr srrch rcrrxrval h liablc lirr <listrcss Iirr thc lirll rcnt lbr lhc tltrD cuEcnl [cDl ycilr. 3. USE OF IAND. I rsscc slrall rrsc rhc l,:rrrrl onlr lirr-tlrc prtxhr<ti<lt oll. lirrits anrl rcgctal cs, arrrl slt;rll not usc, (,r lrcrnlil any cDln,rnr, lhc l,arr<l lirr arrl.otlrcr lrurlx)sr. lrssce's lrsc sh;rll, lxr*c,r.cr, lrc sul{ctt to all thc lrror isiorrs ol.tlis lcasc. I. NO REPNESENTAT'IONOR WARRANTY CONCERNING @NDffiON OR SUITAEIIXTY OF I ND. lr:sscc acccpts thc liur(l in its plcscnt conrlitiorr fAS ISl tvilhout aD!. rcJ)rcscnlati(xt ()t. trrrl:ultt, bv hss<r as to s.ch crlrrl irxr. Irssor slrall not lrc rcsponsiblc lirr:rrr1. risiblc .r hirltlcn rlclicr or arv Irrrrrrc clmrt1;-- in thc rrrrxlirir>rr .r'tlrc I;ru(1. l.ss()r rDalcs rx) rcr)rcscDtari(nr ()r' $arranh,. cxprcsscd or irnplicd, as to lllc suitalrilit!. or litncss ol tlrc l-rnrl or irs alrl)urlcnances lilr arlr. rrsc ol lrsscc. 5. MAINTENANCE AND IMPROVEITENTS, ()cncral. [,csscc shallrnainl:rio lltc I;rn(l with calc,luxl in gtxxl, clcarr conditiorr, atrrl sltall D()l ( (nlttltil or lrcnlrit t(, l)c c()Dtntiuc(l ant waslc ol tlrc land lrr anlonc. hsscc ararccs irn(l (.()\.ctraots to kccp arrrl nreirrtain itl glxxl rcpair- ;rll lruillinpi an(l ( lrcr imln.(n,c rents oD lllc larr<lrluring thc tcnrr ol this l,r:asc. Fcn<cs. lrssr:c rlrallcxcrcisc t arc kr avoirl rlauragc to li,ntcs an<l<{lrcr slnrltlrcs ( )n ()t- ir(lia(.cnt l(] tllc l;lDd aD(l shalt cxcn.isc c;fc to rnininrizc thc risk ol citlt lc cs(.;lpiDg tllrollglt ,ialcs or cattlc rFrps. [,csscc shall kccp all gatcs prolrcrll cbscrl and il [,r.:ssor.is notilicrl b1, (;rtu itu lasscc tllal l.hnrr l-csscc. lris rcplcsctrtalivrs. ctul)lolccs, (n- ittvilccs arc nol prr4rcrlv r'losirrl;gatcs, Farrn [.sscc shall, on [,cssor,s rcqtrcst, install a c;dde Blar(l (acccl){ablc to lr:ssor) rvitlrirr tetr rlar,s ol' lrch rcqrrcsl. I rsscc lirn hcr agrccs tlrirt hc rvill inslrtrct lris crrqrlor.ccs. irgerls, ( (nrtr:(1(rrs! an(l illvitclrs lltal (x.clrlranls ol caclt l.chicl(, passillg llnrrttgll &tlcs k, I:rtl shall lr rcrlrrircrl to ckrsc slx.lt ,i(cr. atxl tllat such lchiclc rxcrrparrts ;u.e n({ k, lca\'c ,ittcs opcD rclr.ilg(n) otlrers to ckrsc llrrsc grtr.s. l.csscc lirrlhcr agr.ccs that lrc Nill tatc allinrratisc acli()lr l() itDplclllcn( arl(l clllorcc lllcsc inslnlcti(nls aotl rc(luircnlcn(s uilh lespc<t to all his cDtpkrlccr, ;rg(:tls, c()ntra({()rs, atr(l iurilccs. 'l'rcsp:rsscrs. Irsscc shall lxrlit.c thc l;uxl to ctict lrcspasscrs (an<l [-l-ssor shall n< lravc anl rcsgxrrrsibilily k) (l() s(r. I rx'ks orr (iatcs. l;r(.lt ,ialc (nt Ircfiurctcr lcnccs arljaccrrt to roa<ls sLall lrt lrrkcrl lrt lrsscc, and Lr:sscc shall lirrnish Irssor.a kcv tlrcrclo. Roarls. f)it<tcs. Dikcs, l.ltc. Irsscc slrall nrainl;rio ir:rs B(xxl or l)cttcr cotvlitiorr as tlrcl' uow crist all crisring roarls. <litchcs. <likcs, punrpill; stali(nrs, :ul(l ()tllcr appr()l)rinlc iutlr.()vclnctrts aD{l slnl(.turcs ()ll tltc lanrl. l'lilitics. No ulilily lincs tl(,r cascrrrcnts slnll h placcrl olr rlrc l.an<l rvitlrorrt l css(rr'.s priorwri cn c()n$cl|t. Slrrtctrrrcs altl 'l'reilcrs. N() slntctur.cs or lrailcrs sltall lx, placc on thc l,iuxl rrillxnlt Irssor's Irrior *rillcn corrstrrt. 'l'ittrbcr, lrsscc slrall avr:irl irrjrrr.r.to. or. (lcstnrclirrr ()1, gr(r$ina tirnhr (inclrr<linq wilhout linritation. ir{tr11.or rlcstruction b1. lirc). lr'sscc shall n(rl (.ut ()r rctu()\.c anl stanrling, g.ccn. <lcad or lirllcrr lirnlrcr li(rn lllc land, nor.scll or rcnxl.c ant. hnll)cr, lnsls ()r rv(xxl. Irsscc shall oot drivc rrails, spikcs, or staplc$ int(), ()r olhct.rvisc (lc[ac(: r)r ll?u, al] trcc, gnjcl or dcad, on lhc [;rn<|. Lcsscc shall rrot scll or rcrnor'c liorn tLc l;uxl any soil, fiD(l. grarcl. nxk. oilor rlher rnirrcral. nor:rrtt luttll)cr. lx)str ()r ri(xxl. Iltrnting. No lrrrnring shall lr donc orr tltc [,nll(l c\ccpt alicr prior Nr-illcn noti(-e t() I.ss()r aD(l altcr a joirrt irrsllcrlion h1. lrsscc anrl lr:sson anrlthc rtrcthtxlol lrunrirrgsh;rll lt sulljcct t(rrlrc l)ri()rappr(x,alol'tlrc Florirla lrorr:st Senicc. Irssec slrall prrrvirlc sullicicnt nrcn arrrl c(lripnlcnt li)r c(nltr>llirrg all litcs. Wirrdrowirrg. Nowirrdrorvirrgol r<xrts. pahucltos, Lnrshorothcrrclirsc shall lx, <lonc; t hcsc rrust l)c lrunrc(l ()r otltcr.wisc (lisp()s l bt.Irssct., irr a<coldancc n,itlr ,I()\'cnnlrcutal rc(luircntcnls. rvhcn (hc l;trrl is tlcarcrl lirr lhrruing. tkrgi. ()pcn raogc (rl lx)si ()l thc [,arrrl it pr.olibircrl. Any lro15 ktpr on tlrc l;rD(l urusl lxj kclll ill lx)g lrr(x)l cD(l()srrrcs. Plastics anrl Polrcthllcnc Marcrials. plastics arrd poll.cthrlcnc lilrrrs trscrl in lltc gt-()wi[g ol crops urrrlcr lltis lrase nnlst lr rcrrxntrl by lrsst,c rrlrr.rr llt(.cri)l) i\ (.(,ltpletc(1. I n(lcr tx, cir.ltntstatr(1.\ sltall plastics <>r' Jxrllcthl'leuc rnatcrials and lill bc <liskcrl inrr> llrc grrlrrrd. 'l'lrcsc nratcrials rnust lx, rcnxrrc<l lnrrrr thc [,aurl srrbjc<t lo lhis Lcasc.'l-hcl rrrav nol lrc buricd or<lis;xrsc<l ol on tlte.se l;ulds or an\.(rlrcr r,l- Irss,rr's Larrls rtitlrrltt {.{,rrv.ll .)l L(.ss.)r. Lcssr'c rhtrll luilizc g.xxl lnrslrarxln. lrrar tir.t.s to pret.r.rrt err,.iorr atrrl soil bss. (q) {;. COMPUANCE WTru COVERNMENTAL REGUr_a-TIONS. t.cssrc st ratl ln()lnrxl\'((rrl)l) lvirlr all Incs.rlt ;rr..i lirtur-c larrs. rctnrlati,rrs, .rlcs. nrrl rli,.:r.rirr.r r,larr' rrurrrir'ilxrl. c,rntr.. sratc, I'rrlcral .r rlircr g^.cnrn.rrtal iurd r,ritr. a1r1iir.a.lc t. tlrcl;rrrrl or-to Ias(c's i(1s {r.activilics {nr tlr I:uxl. inclu<lirrg l.irlrrxrt lirrriratiorr. att cnvir(rrncntel larvs arxl rtgrrlatilrrrs (.()n(.cnring drc slrnrgr,, usc ;uxl rlislxrsal rll. l)clr'()lcrul, pclrolcunt pr(xlucts, pcslici(lcs.;uxl li,nilizcr.s. Irs*c,s a clrli(,n is inrilc(I, irnxrtg odtcr thiru+i, to tlr rrccrl ro n<lili Courty, lxriklirg an<l zoning (lcpanlucnls ()1. ;tny stnxtllr(.s, ()lhcr dfi[ tct)tlxrt:rn l:rnrr lrrriklirrp, to lr liaccd ou tLc Ianrl. iur(l thc Crx*rtt. Hcalth l)cpar'ncnl lbr irnJ. scptic s'stcnts, an(l slHll co,stnlcl sanrc I),rsrhntro all applicablc lxrillirrg anrl hcaltlr t.rxlcs. I_c$sor lus llrc rrptiorr rt> rcqtrirc lr:srcc, his cnqrlol,ces or a6,cDts. t() lr ( )Sfl.{ [r\'cl lll tninc<I. 7. TAXES ON IMPROVEMENTS By LESSEE. hsscc slull I,a]_ alt til\cs rcsul(inf lio[l itnpro\cnrcnts (irrtlrrrlirrg, rvitlrorrt linritali(nt, slnt(.lrrr(.s) lrlacc(l l)]. l,cssec on tlrc larxl. ll. NO IIENS FROM ACIS OF r r-sSEE lrsscc slr;rll not havc anr r.iglrl or lx)rvcr to lakc anv acli( l r>r rrrakc anr. (onlra(l whi(lr nlir!,crcilc ()r lrc lltc l<rtrrrrlation Ior arn. licn orr lhc l,iurrl. lrsscc shall, $,illlir ten rla\s ol.arry liling ;lslinst tllc Iarrd o[ an1. licls rvhatcrcr. (inr lrrrlirrrg . rvitlr,rrt lirniratr,rn, nrcrtanir.s. rrr rnalerialnrcn's licns) arising liorn anv acls or oruissiorrs ol-l,tsscc krr.ant.ol. l,l:sscc's rcprr.sclttrtivcs, c!rlrl()\.ccs, or illvilccs), cilhcr pa1,or rlisclnrxc such licns (irrrlurling, r tlrorrr lirrriradrn, lilirrq anr rcrluirc<l lx,rrrl). l.lrr Irl,sor rvill r.ccorrl rrtlicc < 'tlris prorisiru irr tlrc Prrblic Rccrrrrlsol Collicr (irrrnt1.. l.lorirla. 9. INSIRANCE RE(!t IREil{EI{TS Wirlxrur liruiriru [csxr,.s irxlcuuritit:rtiorr. Irss:c shall lmrurc arrrl r.ainrairr lirr thc rlur;rlixr .l thc lras. irrsurancc iqi,sl (_[Jlrs lin_ i,lirics l{) l).'y)'s.r (riurnr,!'s l() p..}rr,1} tlu( r':.,;uis. tirrrr,r irr (.(nr^('cri(nl $irll thc ux'olllr ltcnrists lrcrr:rurdcr bv lcsstc. his:r.r,trrts. rtlrrcsutlatitts ()r cnllr(\r(.s. I:urrllord slrrllrt'tain tlrc rid[ at rur!.tiluc k, rr:vicrv thc rtl,cmgr,, lin]1.;ur(l ank)unl ( dtc irsrrancc rc(l(dr(l lnn:bv. Ilit thc olinirrr ol l;orllxl drc irrsunurc prrxisi<lrs irr tlrc,.( tcquiNlllcDls <lo rrot pn^i<lc adcqualc p<tccli<rn lif l,;uxlkrnl. l;urtlk}l.rl nrav rcquirc I rsscc to olnin irrsrrarr,c srrflicir:nt il cortr:q,t,, linl :uxl ;urrorurt to lnrrirlea(l(rluiltc pnr(.cti()n. [;uxlkrd's rupircnruls shalllr niuxrudrk,lrrt slrrlllr irnlrrsrrl k) nssuft' p(rl('cti(rl lixrr ;uxr agri,st thc kiad arrrr crtcrrt < risks tlfl rxi:it at llxi tir)rc ir t{uor1tr. irr irrsruarx.r: is rtqrrircrl. Vtrificarim of C,reec I rss<.c slurll liu:ri.h tlrc Iarrlkrd with t.crtilicatcs c\i(lct[.ing (o{cr4+ rcrluircrllrlrrv. Colics ol.lt\ruir:d cn(l(mnrrrs nrusr l,c ,,lhclrc(l k) prorirlcrl ccrilicrtcs. ,\ll ccrrili<rrtcr,,rr."r,L,x.cs,rl. .stlllitrsur;ut<r:;uc lo lr R.(.citcd atxl irplr(^,c(l hy ttrc t.:urd&rtl lrlbrc 1rr1.ontr;rn.r. c,rlrrnrcn<r,s.-lhc Ial<lL,rrl trrr.r(.\ tlrc.rigl[ t.] ..<1uirt,tlrat lrsxt pn ni,l" ,., r,,1r1"t". ,a,,riti",l cr rpics ol.;ul lxrh(1 .)l utsllr:uxr.(,lli:nrlirtr'rl lliiuxrrrittrtlrtx.s;xr.iliretrorrr..\s:utdtcnldirr.krrrrrrr:ut.c(urili(:rtcs, rl* h:i.\ac's irrsrm'r r,av *irurt;'iry lrr^itic <'ourplerc, ccrriricrl tr4rias or':rrr nrlrirctr insuram e lxrlicics, irrc lurlirrgcrukrrerncnts. cllir:tingrlr rrlr:irgt, rcqrrirtrl 14.rircs slrcrlimtions. Minimum Scor of Iruurancc A. 'l hc l -uxll.rd ;6nct s trrat it slu[, rrurirua rlrc lirl'rtrr. o[ lhis I rax' anrr ils,*rr c:r;rnsc,kccp tlrc lraxrl Pr.cnrists arxl ;ul! stnnltrJ inll)Rrcnlculs ol tlrc I a,as(.(l [t(rnis(.s irrsrrrrd il sullir.icr rt ;urx nults artriD l( )ss ( )r (l:urr;rq[ l)v lirc urrlr{hcr (ilsrriJtv c(}rnrl(}nh.cortrc'tl Lv sliurlaRl lirc arxl ull isk cotcra!(, irsllnux.e inclulirrg l)rxxl cotr.ra;,t.l'aluatirlr shall ln orr a rcl)laccnrcnl c(xj l)iisis. -l}c I;uxlftrrrlrltrs lrtrclrt n,lcax.arulrr':rilc orr lrk l < itsclf arul its irrsrrr.cr. by srrlrr<43ti<lr or rllrtn+isr,. , f ,i^iu,* fri;r.ll^^sst'c.rr a.trru <,l-:url lirc' rr orhcr csu;rhr.r'herlcr rrr nr{ su(lr lirc .r.rlhcr casrurltv slurll lurr.c n:sultcd irr rvlrrlc or irr pan liout thc ncqiigrmr: ol Icsscc. l!. Ir.rscc iqryccs tlu it s'all, rhrrirrg thc lirll .l.cnn,l.t.is lrax,anrl at irs,*rr cn1rcust,kcc!) its c(}ntcllts, non-stnrcluml irt|ltr,r.crrrcnts iurrl tar.,rrrt trr,,t*ni, t,aatcrl orr thc I r;r"st'rl_Pn:ruists lidlv inurrt'rl agai_nsi loss or rtrr,,rr", trl fi." , r.,,it,.,i-,:,-.*,r1,1,, .,rnu.rnlycotcnrl by sral<Lurl lirc anrl all risk c()r,(.rltt ins;riurcc irr.hrdirrl llont .,,r,.",1,o,.\':rlr:rtion sball lx orr rclrlaccrncnl (r,$ lraris. l(sscc (kx,. t,"...i,y Li.:*,. u,,,t *ui,."rnIlr;Jl< irsdl arrd irs irrsurcr l4 srrlrrr 4ari r,,, .rt,"rr.ir.,Ji. tJ,i*,,;.J,r.r t.,rutt,,.A ()n ac(otult ol ,ury litr ()r {)tlrr caslHhv $,lrcthcr rr rrt srrch lin, or ollrr casrultv slrrll lravc rcsultcrl irr rvlxrlc or.in p;u.l h-{)rD thc ncsli$n(( (,1 I;ur(lk)r(|. C. Irssct shall .nuinlain l,r<)lrcn!. tlatDlgc alxl puLlic liabilirl. inllrrdr(r (rx.cring tlrclr':*crl l'n'uriv's. lial)irirr i.srrancc co\'('r'irt,r: srurll rx n<l rcsirrra' ( )nc M lirrr DriLus(SI,(XD.(XX) r.orulirrrl siu6{c lirrril;xr rxrrrntucc lir ujrrry- or 1,,..r;"n" arrrrra,. [ -csscc slurll rranr thc I;lrlkrrd. ir'r oltir crs. rlirt r,,n. ;qt rrts. cr iq .r1c,:. ;url r.ohurtot rsas arklitirnirl insrrrcrls,rr lrsvr:.s habilitl.irrsrrr:ur<c ;xrli.,arrrl srrch ;xii., slull lxcnrL,ncrl to slrr* th:rt Ir.sscc's liahilin irr.rrnnx.c lr,lici i* l,iirrnn. t). Lcsscc is rquinrl by this lrasc Agrctrncut to irrrrucrliatcll. notili. t;uxlL>xl il.tlrcyrc<ciYc a co|lurnrrrir.trtion lirrrrr thcir. irrsrrraftr cmi,r or alir.llt dHl iur1. nrlrrirtrlirrstmuxr: is Io l^-. r-arx.ckrl, D()D-lcnc!i.!(1, n<hrccrl irr v.,r1i',n. lirlir.* ()r. .)tlrcnr,isr. rnatcriallr' < lung'd. lrs*c srrrrr pr.ridc crirrcncc trur srrcrr curcclcrr .r n<rn-nn.r,crlor rrllrcmiv. nulcrialll. cluurgcrl insrrr:urcc lms lxcn nlrlacctl or ils can(lluiln n({i(.c$'illxlralur wilhoul ;lot intcrnllr(i(nl irr rrl.cr4;.*, vr4r: ,rr litrritr. F;ihlrc k) null[riurtqrrin'rl irrsru:urtc irr rirr.c srrir.ll trc c,rsi<rcrr:rl a r.atcriar rrrcarrr o[ tl,: rrast,,\6rcrnrcrtt. E. Notilicati,rr .l cl;tir.. I[iur1 r'lairrr krr rranugt.s is rilcrl rrirrr Irsst'c .r-i[ar.. Iarvsuil isirrstitrrtcrl agrirrst lrss(c. (ltat iuisc ()ul ol or arc irr;ut_v rvay corrrrcclcrl witlr Irsx.c,s lxt{nrnan(c rru(lcr lltis laasc llrccDrcut aD(l th:{ in all1.wa1., dircctly ru irulircrth. c(mti.L( nllr' ()r olhcN'isr'. arli'cl ,r' nriglrt rc:rvrrrar v aflr.ci L;urrlkrrrr, r "*.. -r,,,rigrrl lrronrpt iuxl tirrrcly m)dcc thcrc()l l() l a[(llord. \o(i<.c sLi l nor lx crrrsi<lcr.crl prorrrpt arrd titrrclv il nor givcrr withiu thinr' (jJ0) rlal.\ l()ll(nrilg tlrr (lll( (rl.rcr cipt r a clainr rrrl(1t (lO) rlirri li'lL)iving thc (lrlc (,l d.nicc ol Drrrt,ss ol.a lassrrir. Otlrcr Inrurere plovirioor 'llrc i'srmn<r: ;x icics rulrircrl i^ tlis I ra*' .\pgccrncnr arc l() (.orttaia, ()r bc crrhnxrl t.rrrruin. :rs appli<ablc, tlr li lrring ;rorisi<lrs: a. ADDITIONAL INSURD STATUS: 'llrc L;uxll<,nl. its ofl.iccs. rlirttron, r> iclrls,onl)l()ycrs. iuxl rrrhrnlccni;ut l. lr cnd<rx,rl as arl<liti<nal ittsrrrcrls as rcslccts: liabilitr.;'isirrg out r actiritics lrrlinncrl h1.<>r.rr hlnll r'tlrcl.r*.1 pr,rl,,.t-.,rul .,r,rfl..t..,l<4rrrlions oltlrc I rssrc; lrcnrisc.s orrrcrl, <rurlticrl or rrx,d lrl thc Ir:s*,cl or arrtorrrriilcs<xrrcrl, lcirst<1, lirc<l or lxrmrw.crl lrr. llrc lrsstr:. '[1r covtrrS,c slnll corrtain no cntlrrsr.rlIirritad.us or thc x-r4* r 'lrotcrri.. allirr<lcrl r, tlrr: l;uxikxl. ir* ,rit.]".., air..,.r,,o,.llici;rls, cnr|l'rccs, r)r \rrhr.lccn. Al4 icablc t. Ot,cr,rl liahility ;urrl 'rlrcr liatilit' Policicr. Rc<luircrl' SUPPLEMEI.ITALINSIJRANCB Il rlrc rcniurr cng4ts irr llnrringolrcntirrr(s) dral rtrrks u,itl ol rrscs a nntcriitl, prrxht.rs a pr<xhtt or i*,"u". ..r,,.i,1.,.",1 u, l*"h:u:urkus' unrlcr :urrl lrx.:rl, rtrtc,r li.rlcr:J larr, ,' i1grrl.1;rr, {rvlrich irrr.lurlcs but n rrrxlirnitcd -to: lircls. lx'tl.(icltn pr(xfu(ls,t.r()l) lrr)lc(.li()rt chcrrricals, krxnur r.arrnoltlric r:::1cials, :r]Llti!:^ clruricrls :urrl biokryic;rl cr riunirullls) llr].\vill l^.' rcquircrl kr cun.P.llutir^ .tiahilitr. irrsur:urc c.r.curgr.. 'l'hc lxrlicv ur,,r,l ..n.". thc lc;iscrl l,rcrrrix:*, li rcl/chcrrri< ;rl sttrrgt',:,xl rcDturl's r)rrc'rri(nls. tn,i* i,,.u"rr." n*rsl ir,.ru(rc stukrcrr:urrr 4irhral rrltragt lir tlirr|1)xrt. liabilit) irx.hrrling (lcli.ruc (r)sls arrrl tornplcrc<l olxnrriorrs.'l_hc ctn'cra5't rrr.sl lrc nuinurincrl rlurirrg tlrt rcr1, ()r'tlrc coDui(vlcax' ;uxl at lcast thrt- (3) |can li hrwing its coml)k1i(,u / lciriruli(nl. PRIMARY INST RANCE: !'rrr ant.clainrs rclatr(l k) this [rax. ,\,l:cnrcnr. thc lrssr:c,s itrsura,r'c ..r'cr:q'c' shall hc cn<hrstd kr lrc prirrr;u'irrsrrran... u.."si*.t, trrc I;uxrrrr<r. its.llitcrs, < licials, cnrrrk4ccs lu(l r',,hnrtccrs. -{nl irrsur:urtc or. x.lr'-irrsrrr.urcc rrr;irrtancrr rrvtllc l;Dr(ll()fi1' is ()lli(rrs' rlirect.n. olli.iars, crr4rr.r'ccs, ru v.rur,ccrs slrar lt cs< rss .r tlreLr:ss<'rJsirrsurancc:,ulslrallmrcrrrrtrilrurcrvitlrit.;\pplicablct.oerrralliabilitliuxrrrrrcr I j;rlrility lx,lir ir.s. FAILITRETO COMPLY: .\rr liihrrt ro corrrpll rvirh rclxrrring or-orhcr. prxisiorrs r .drc lxiiticsi,<hxlirrglrc;rhcsr'rr,;u.nurriesslurlln(,1i li.(t (.{r*cDrtr ptr'irlt<li. tlrc t;urrllxl. ils oliiccrs, rlirr:ckr-s, ollk.i;rls, crnyrhrrt'es. aqtnts or rolurlcen. .\pplics to lxrlir.ics irr rthir.lr lhc Ian<llorrl is rr;urrcrl as an arklitiorr;rl irrsrrrcrl. hSEVERABILITY OF INTEREST: 'llc lr:sx,c.s irrsru:trrc shlll apply stpru.:rtc\,ro cach irrsrrrcrl :4irirrsr rvlxrn clairrr is rrnrrc or srril is r,().drt. cvcr{ *,irh icsjrcl t, trrc rirnits,l tlrc iusrrrcr''s liabilit'. .\pplicablc to (icncral l,iabilirr.:mrl <xhcr. tjalilitr; grlicics. MAINTENANCE OF INS{JRANCE COVERAGE" .llrc lr:sscc slnll nrairrairr ;rllinsrrar:c trntra,{..s il l)lxcc at all litnes iurrl pnni<lc tlrc lanrllonl with crirlcrrce ol ca<{rlx iqrs rcncrval tcn (10) da1.s itr ad\ancc r 'ils annir,crs;uv rlatc, l.ach irrsur.ux.c lxrlicrreqrrintl bt'tlir rlarrst slullstatc (lHt cor.ctiltr slxrllnr>l h tux.clcrl ln,cilhcr p;utv, nthrccrl irr corrnqrc, ru rulrrc<l in liruits, cr<.c;l ir.licr lrillcn nrxir.c ar.<rrnlirrg t,, thc lxrli<.i. Las lxcngivcu.to Ilrc l;uxllrrl. l-or nolllnylrcnt r 'prt,rniturr l0 rlays'prior writtcrr n,rti<c,rl ciurccllation bl rlail is rcquirtrl. .\pplicablc to lll p<Jir.ics. PROPERTY WAwER OF ST BROGATION: (ilrrsc ()1. colslnrri()r ;x icics slull c<rrrl;rin thc lbll<lwirq provisiorrs: i) -l'hc l:uxlkrrrl sh.all lr rraurrl as krss oavcc.ii) 'lln irrsrrnr slurll *irirt irll ridrts ol sulnlatiorr;rgirirrst thc l;uxllnrl. SLTBCONTRACIOIS: lrsscc slu l rcquirr idl sulxuttr ckn-s k) lnaintaiit a(lcqua(c ittsrttintcc. IO. QUALIFICATIONS AND RESERVATIONS CONCERNING IAND AND TTS USE AND SUBORDINATION OFI.E,ASE. 'l1ris l,casc is subjcct ar!(l sulx)rdil;ltc k): (n)Anl slalc ()l llcls lllal irn accuriilc sut1.ct. rrrar.slrorr; Ircsr:rrt alrrl l.rrttrrc larls. 'trlirur*-cs. ,rdcrs, rrrlcs and rcgrrl;rtiorrs .r'anv g.r'cnrr.cnlar r)r plrl)li(. i.rrrx)rir.r., inclrrding, witlxrut lilnitali(rt. llt()sc rclatitrg l() r(nring au(l usc: an(l al!, rcslri(ti(nts, (rr\ clanls, aD(l cilsclllcnts (,1' [c(.(r-(l. (hlArr! prcscrrt or lrrrurc disg>silirrrrs (itrclu<litrg. ryitlxrut lirnilalion, salcs or lcascs) ol ( l ) ant srrl)surlicc ilttct-csls il llrc l -rn<l (int.hrrlirrg, rvitlt<xrr linritatiorr, oil, txrs, anrl rlitcral intcrcsls). (2) lirlc ro<.k or (il) lirrcst ,r rirrrlrcr rrrrxlrrcts; a.rl tLis riglrt .r'rrislxrsititu slur , rvillx)ul ri'litati(xr, inclrr<lc all rclatc(l irr(.i(lcnlal riglrts (inchrrling, r,itlxnr( Iirnilali(n, riglrts ol.ingr.css alxl cgrr:ss). ['irr anl, lx>rtiorrs ol thc srrrlicc rrl tlrc [;rrxl uscrl bt. lr-ssor urxlcr this sttlHraragraPlr '([r)', atxlcorrcslx]rxlingl]' (lcnicrl to Irssrc, I rssrc slnll be crcrlitcrl. on a prrrrata baris (tirrrc anrl spatc). against thc rclt pal.ablc lrl lrsscc un(lcr.2', arxl l,cssot sltall c(ntrpcnsatc Irsscc lirr.arrv danraqc carrscrl br, Ir:ssor to I,Ijsscc,s grrxvi,g cr.ps, *hich rlarragc slr:rll lr lir,ilc(l k) Irsscc,s ^clui crlr,scs antl slull crclurlc irrci<lcntal rlrrnagcs antl arrticipalcrl prolits. (clAnv iurrl all prcscnt ;uxl Irrtrrrc ltx)rtg:lgc,i (nn(l tlrcir rcrrcrvals. rrtodilicali(nrs. colrsolitlatiurs, anrl cxtcnsi.rts) oD tltc I au(|, kl)'l'hc figlx ol lass(l.lo rsilh(F.rw snbsurli(.c rvalcrs. II. NEQUIREMENTS ON CESSATION OF LEASE (a) l,csscc egrccs tllal (nt tllc crpir{ti(nt {r.tcnrrirration (,l-thc lcnrr ol tltis lrasc ('ccssatiorr ol l,casc') lrsscc rvill vacalc lllc lnt(l (nl lltc (lt!,ol ccssali(nl au(l tltat Irsscc rvill lrc a trcspasscr (witlrrrut :mv lx)ldi)l,cr riglrr) if Irsscc rcrnairrs txr lhc Ianrl. (l)) -l'illc t(, stntclurcs rn(l c(luipnrctl placcd b1. lrsscc or llrc Iarxl slmll. durirrg thc tcnrr ol tlris Ir:rx.. rcrrmirr irr Irssce. ()n ltrc ccssalirxr ol'lrasc lrs*..c sltall 1>ut anrl lcavc tlrc l,;trxl irr <.lcan. rreat, antl cr.c- plcasirrgconrlilion satislactorl. kr lrsson arxl. witlrout linriratiorr, Irsscc slrall rcll(x.c all c(Ftilnnctrl placc(l l)t [,<'sscc on Ihc l-exl (irx.lrrdirrg. u,irlxrut lirritaliorr, scrap irotr. shc<ls, lxrrrcls, lx rx cs, l)la{i( c(nttaincrs. atxl anvlhitrg clsc lxrtaining l() Icscc.s trsc or operatiorr). .\t kssor's option, titlc to anl,such slr.rrrlures atxl c(lllillnlcDl lxrt so rcnrovc<l rlitr.Lc(lcct!rcd aut(rDaticallr' trausli.rrcrl to I,(rssor. (<)llclirrc thc ccssation ol (lre tcasr,. lAscc slull lctcl thc lanrl ru so rDuch ol_llrc latrds as irct.c lnde unlcvcl l)),l.sscc. IlivcalllcrcoDrliti(rls prcvcltt lc\clir)g lrclbrc ccssati()n, lxssor D)ny dcsiguarc a slll)sc(lucnt per.i<xl tltrrinl{ which L.ssr.c slrall lcvel. 'l'hc lcvcliog shall lrc rkrrrc h1. lrrcaking <l<xvn lxds arrrl nrws anrl <lisLilg lhcnr rrrrtil thc l,:urrl is so lcvclcrl tltat i( nra\. lr !uo\vc(l willl a nlowing trracltirrc arr<l rrsctl lirlgrazing live stu.k. T2, ENVIRONMENTAI- (alDrrlirrg lhis lcasc, l,csscc shall lt()l (.(rDtanlirralc, ()r alkxv (\)nlatr)irra(i(nr ol, lhc 1,.,<1, air, or rvatcr .l tlris l,arrd rvitlr a,1 h;u*rrlorrs.r toric surrs(a,cc. rvlicrr incltxlcs pctnrlcrrru pro(hkls and I)cslici(lcs. [.pon anv rurlau.lirl rrsc or rlisclnrgc,ol suclr substar<t, tlrc lrsscc shall irrrr,crli;rtclr. ( I ) c.nrain atr(l [c't()\c s'ch sul)stnucc ac(r)r(litlg to I;uv, arrrl (2) rclx)rl slk.h usc, ([ (lischargc, to I rssor. (b) lk'lirrc thc ccssatiorr ol'lhc L.iusc, [,csscc willrlislxrsc oll.sitc aI lnNlt, torrc or lul.:trd(,us stl)suurccs. ltslici(lcs. linilircr Dr;rlcrials, ((nrlatDil;rtc(l soil. ;ur<l all c(,IlaiDcrs, anrl in strict c(ntlilrrnitt- willt anv instl.u(li(nts on thc lalrcls arxl irr accordancc *itlll0 Corlc ol Fcdcral llcgulati<rrs (2(i2..51). ( ) \l'ithin (i0 days lrclin.c tcnrilati(rr ()[this lr:asc, lhc Lcssor slnll con<hrcr arl crrvironttcnlal inslrcli(nr ol thc Lanrl, itrclrrrling tcsting ol artr Ltrilrlirrp, s<>il. air, an(l walcr. 'l'ltc lass()r will girc Ir:sscc rx>lit^rr ol'thc rlatc, placc. anrl tirrrc ol.thc in$pccli(,n. Il-contaruirratiorr is lirurrrl, tlrc I_csscc agrccs k) pay l4ss<rr lirrall costs ol. thc etrvirotrntcntal inspccli( rt,lcsls, (lan ugcJi.lircti, intcrcst, alk)rncy lccs, lrcnaltics.atxlclcan-up. llrc L:sscc is nor cutitlc<r t. rirt.rc lrascs r'rorrr rlrc r,.ss.r.rrrrtir [rrl c()orpliancc is aclrie'cd. .{licr lhc instrc(ti.,r iuul rrnrir tcnrri,ari,rr o[ trris Ir;rsc. I rcsscc shall contirurc to cornplr.rrith all lcrrDs (,l lltis l,casc rc,far<lirr{ storagt,, rrsc. dislxr*rl. and rcnxrval ol torir- rrr luv;urkrus srrhJarrcc\. (l) 'l'hc tcnn 'ltaz;urk>trs ()t. t()ric rrasles ol srrlxralrr.cs, slnll lrc rlccnrcrl kr irrchr<lc all h:v-iurlous, t(,ii(-, :rrxl rarlioactivr rrrl)statr(cs, rvi$lcs ()r trratcritls, all p(rhllnrrts or (,rtitrrrirmrrls, slrcsl()s, lresli(.i(lcr. hcrbici<lcs. gasolinc, rlicscl litcl, alxl othcr lrclr()lcutn prrxlrr<,1s. lxrlvchkr n;rtc(l l)il)ltcrr)1s(P('l]'s) anrl othcr siurilar substarrccs anrl all rarv nratcrials r.orrtairritrg such sul)stan(cs lllat arc irrclrr<lcd unrlcror r.cgulatc(l ull(lcr aD].I(x.al, statc or.lirlcr.al larv, cidrcr' by rlclirrition. dctcnirinn(ion or. i<lcntilicatiorr in suclr laws, or lrr, .itrrlicial ot a<lruirristralirc iltcqn.ctati()ns ol strclr la*s, t()gcthcr witlt iul!,()llrcr chcrlir'al, rrratcrial ()[ subslaltcc. crlx,srlrc to rvlri<.lr is prrrhibitcrl. li,r,it.,l ,r. rcgrrlatctl b1, an1, govcrnrrrental arr(loritr.()r lltal lrray ot.c(,ul<l posc a hazar<l lo ihc hcalth :ur<l xrlttl.()l lhc ()ccuDnnls ()l thc l;uxl or thc <xvncrs an(l (x.(\llranls (rr IrI-()Jlctll a(liaccnt t() tlrc larxl. (c) [rsscc lirr.thcr rcln.csclls aD(l rvarrat$ l() hss(l lltal lr:ssr:c lt;rs lolrcccirr:rl an1. sutlul()Ds, <.ilatiorr. rlircctirc. lcllct.or otltcr (rrtulunicaliott, rvhclhcr rvr-it(crt or. r'crlrrl. liolr anv agcn(-].or (lcpartllcnl t)1. an). g()\.ct.nrDclt((x)cc.'i.g llrc l)rcscn(c o, lltc IiD(l .l-arrr. lrazarrkrus (rr l(;xi(. wastcs (n. suhstanccs anrl llrat slrt>uLI;urI suclr srrrnrn()lls. ci(^ti(rtr, (lil cclivc, lclt(:r (n.()tlt(r r'ourrrrrrnir.atiorr lrc r.cccivcri in tlrc lirtru.c. lr:sscc sltall inrrrrc<liatclr nolili. I rissr,l ()l'tllc l'a(l :tD(l crntl(.Dt tl(.r.c(]1. (l)lrr tltc crcol it is <lctcr.rrrincd tllal anv acli(nt lnlsl l^_ takcn ivillt licgar(lk) lhc prcsct)(.c <>l ant,srrch lvrzarrkrrts ()r.t()\i(.rlirstcs (r. :rul)starr(.cs (nl lltcland, l-,r"sscc c()vcnat)ls ;urtl a16r.ccs t. takc ell su({t actions l)(:ccssan. l() 7 r''()Drr)tl) l)riDg rlc l;lrxr inr. rornpriancc rritrr aI apPricaLrc rarvs .r.g()r'crrrltcotal tcgrtla{i(rts. all at l_r:sscc's solt: cosl arxl r.rpcnsc, lrsscc ackrrorvlc<lgcs tltat I.ss()r is rcll.inq orr th(. tv;lrlanlics. l.cprcscntation. anrl c(rl'crattls coDtairrctl in tlris ;>arag'r:q>h in nraking this lcasr:. antl lrsscc agrccs to <lclcnd, iu<lcrnnil! ;uxl lxrlrl lrssor arr<l its srrc<.cssom anrl assigrrs hannlcss ol-arxl liorrr any arxl all acliotrs, rrrilr, clairns, rcnrcdial or.(lcm.iu(lgDrcnts. (lccr!(s. an(l (larrrng(.s (rl aDv uatlu.c(iochrrlirrg lrrrt not litDitc(l r(), alk)nrcls' lccs nnd c()sls, c()rrsult:mls, lccs. clean tqr, rcttror.al aD(l lcsl(nirli(nr c()sls. an(l cllt irrrlrtrcrrlirl larvs) arising liorrr or in rclalion to lllc I)tcscrrcc.gclrcrali(nr. tnanul;r(lurc, rcliniDg. (ra[slx[lnti()tl, lrearDtcnt. storaqe. harrrlling, <lis;xrs:rl, rlisr.hargc, rclcasc t>r, spill, .l'ar^. hazarrl.us (n- kr\ic w;lslcs (x. sul)slanccs ()rr ttrc l^trd.'l'lrc lirrcgoirrg iurlcrruril.icatir>n antl lrokl lramrlcss <lbligatirxts slrall bc itr a(l(liti()n to;urr.anrl all l.cnle(lics ollrcntisc ar:rilablc trr lr:ssor lrclcttu<lct. (g) I rsscc agrccs to irrrlcrrrrril!., tlclcu<l arr<l lrrl<t l-r-ssor. arxl ils srrcr.cssors arxl assig.s har'rnlcss li.r' and aSzrinst ao1'clainrs, rlcnranrrs. acli.rrs. ca*scs ()r ;t( li()n, ()r_ (lnnugcs sullir c<l b1. I rssrrr ru its :,ur.<.rssols ol assigns. rcsltlt ing li()t) a brca<Jr ol-lhe lcprcsrrt;rti(nrsor ryan.anlics c(xrtliuc(l llcrcirr or liorrr pcrsorral irliur'1 (n lrr()lx:rl\' rlanragc rclatirrg lo lllc l)rcsclcc ()l. or rliv.tran;c ol hirzarrk)lrs (,r toric rva-\lcs (n. st l)stat lc(,s iD(hr(liDg lnlt n()t litItilc(l k) acli()trs br tlrirrl paltit.s. (h)Pcsti<.i<lcs :urtl !tr.tilizcrs. L_sscc slrall sror.c pcstit.irles, hcrbicirlcs ;ur<l l_cr-tiliz.cl rrralerial *itltin cnclosllrcs lotcc(l in lc(orrliutcc rvith paragraplr .i(b) aud wilhiD encloscrl slnrcttrrcs cr>rrsistilg al thc rr)iuirlrturr ol.a t.rxrl.anrl scalctl ll<xrr. Pestir.i<lcs. hcrbi<.irlcs. anrl fcrtilizr:rs slnll lrc trsc<l anrl <lisposcrl ol.srrictll in accord;ur.c rvith insu ucli()ns oD llrc lalrcls anrl in accor<lancc rvith .1O Cqlc ()l l"c<lcral llcgrrlatiols (2(i2.51). Pcsricirlcs sltall lrc st(rr.c(l in a krkc<1. *,cathcr. lcsislant. illl)cr-vi()rs ll(xr.c(l slnrclurc. lilxnr ((nr)plcti(nt ol. lrcslit.irlcapplicatioD. llrc pcslici(lc nrusl lrc l-(:lurncrl k) llre prolx.r.skn-agc lacilitv,.l}c sl()ragc lircilil!'shall lrc :rllirrrlc<l goorl lxrrrsckrclin,{ so:rs lr, ll.clt.ur arrrilnril<l_ rup ot rclcasc ol spillcrl agr.icultrrral clrernir.als. (i) Pctrrlcrrrl Sl()rage 'l'alks. No rrndcr.qrorrrxl st()ra,Ic tatrks ()r lillcs ll.c ;rllorvcrl. 'l'lrc Lsscc slrall notil-1, l,css()r ()l tltc kxatiorr ol.all slali()rra!.r. litd sl()ragc tar)k\ rUx)rr inslall;rtiorr anrl slrall rrrairrlairr arrrl rrse ;rll lircl sl(r.agc tatrks k) lnc\,clll disclrargcs lo llrc cn\.ir(r)ulurt. lrsscc is tlrc orvncr nlt(l (>lr(.rak)r ()1. su( ll sl()r-ag( tanks an<l is sr>lclv rcsponsiblc ;uxl lilli(.tly liablc l.rrr corngrliancctvillt ; l g(xcrntncntll rcgrrlatiols c(nr(crning llrcir installati<>rr. opcration, anrln)aillcnan(c. I.ss(:c slrall strrrc srr<.h nntcrials as urat.lx. rcrlrrirc<l kr allsorb antl coutain aul. spills. Alxlc-5nrrruul lircl uurks ol.a capacitv ol..ifl) &rllons or lcss nutst bc l(x.:llcd s() lhiu D() I)ru1 ol ttlc lank is irr contacl rvith tlt<, soil aurl tlx, tarrk can l>c r carlilr. ilspcclcr I l<rr lcaks. All lircl lincs. corrrrccli<)ns, al(l ()lltcr apl)alatus rD,st lrc rvcll nrairrlairrrrl lo In.c\.cnt lircl lcakagc. All rlctc<tc<l lcaksslnll lr rcpairc<l irunrc<liatcl1,. (i) llcpor.tirrs liclcasc ol'Sonrr. Chcrnicals. Il.le.sscc is strLicct k) rrlxnliDg thc lrrcserrcc ot rclcasc ol <.ltcnri<,als or.l)lhcr hazar.<lous subslatrccs ott or lirrrntltc l-rnd pursrranr k) Sccli(ns:102. to,t.:|().5, illl, lJl2, or. llll.|, ol lhcl)nrcrgcnct' Planning artrl (irrrrrrrunitr.lliSlrrjl.(FKl(xv A(t ('l.itlc lll ol.tlrc Sttpcrlirrrd Anrcrr<lrlcnls an(l Rcautlxr.iu;rti(xl Act ol. l!)ll(i. 42 ll.S.C. Scr_tion I I {X) l. ct se(|.), tllcll Lc,sscc slr;rll Jrr.()virlc I ,(svrr rvitlr c<4rics ol.all str<.h rxrlrcs(n rerxnling. I r:ssor slrall lravc tlrc rigllr t() r-c(l.irc I xsscc ro (lis((nrr irrrc rlrc lrsc an<l kr rcrrr.r-c lirrrn thc Laxr arr srr<'rr t rrcnli( ars (n' rLvanl()us srrlsranccs rvrriclrir l,r:ssor-'s sole opilriotr grlcrcnt al rrnr-casolaLk: risk t{) lnr,,lan lr(.alth r)r tlrc 8 cll\11-()DIncll1. (k) Soli<l \l,lrstc. l.hrcrxlctl accrrnrrrladorr ol. solid rvasrc is pk)hil,ilc(1. l.sscc rvill prolrrl,v dislxrsc ol int soli(l wastc ivitl)irr 30 <lavs ol its crcation.'lir airl in tlre rlislxrsal ol larrrllillahle rvastc. ll*,... ,..ill |lr,r.i,l"anrl rnaintain a solirl rvastc dultllslcr (ln lhc lcascrl grrcutiscs. llrrri;rl ol.atrr rtastcs is strirrlr prohihittrl. (l)()tLcr ll'astcs. R)lcntiall!. lr;uankrtrs *,astc srrch as uscrl oil. itrrlilicczc. soh,cuts, battcrics, oil liltcrs. unusc(l agrir-trllural clt(!lticals. ctc.. slxrrrll ln rtorcrl irr a lrrolc(.lc(l ut:ltxtcr \. r tltal enr.lin.csc(.al)lc (.\.elts ti.ill rot causc conlaDlituli()D k) lltc sutt.(nnxliDX cnvir.orrrrrcnl. As a lxJst rraDagctDcnl In-:t(.ti(c. l.sscc slxrulrl acqtrirc aD(l rclaitr a rc<.cipt li)r;rJl rr?stcs lltal nrc rccJrlc<l rrr. dis;nstd ol l !Jxnr rc(lucsl, I.sscc sh)trkl l)c ablc lo lr! ()vi(lc lo Lcs*n. rcdlicaliou tlral wastcs arc hcing rlislxrscrl ol.tlrrouglr a liccrrsed lundlcr so as tr) \'crih. thal rvaslcs arc n()( l)cing (lislx)sctl ol.ou_sitc, llcsl oranagcDlcnt l)ra.ticcs rlx,ttkl also inclrr<lc l]nt n(I lxj lirrritcrl trr tlrc sl(n{ie (}lall containcrs ()ll itnDcnncal)lc slrccts lo prc\.cnt lllc nt crialsli(]nr cllcriDgtlrr soil. Dv rc(luirc(l ()ll:silc (lislxrsal ol.ant.such trrarcrials (s) rhalllrc tlrc rcslxrnsibilitr' ol thc Irsscc. lihcrvisc, irrrplcurcrrt anrl vr:hiclc rrraintcnarrcc slrorrld l)c (.(nnht(1c(l ill a rl;ulDcr lllnl lrrc\,ctlls atl!. li<lrirls lnrrrr cntcfing thc soil or crrvirounrcrrr. All liltcrs and lluirls shall bc prolxrl1. storcrI and dislxrscrl ol'as sr't rx( alxxt. Lr:sscc shall srx.c on-silc srrch rnal(xinls iN ;uc rrcccssan lo absorb anrl corrtairr ;rll1. hazar.drxrs rvastc spillagc or-lcak;rgc. Lcsscc slull itrrnrcdiatclt. rcruovc any ((nltanrirralc(l soil kr a rvastc rlisposal Iirilitl approrc<l b1' L:ssor and provirlc ;)fix)l ()l sanc l(, l.ss(n.. (rrr) S;rccial Warnirrg li>r .storagc arrrl Disposal. l-hc Lr:sscc warmn|i. c(\rlants arxl rcprcscnls llul it is lintiliar rtilh rcquircrrrcnts appli(ablc lo prolrr s,astc rlisPrxal. lr:sscc rrntlcrstarrrls tlut it is solclt,irr riargc ol all lirrrliog atxl rttatc(l nctiritics (nFiitc ar(l is tlrc gr.treretrrr.,rl lrll rvaslc lllilcrirJ lctrillg tlrc sitc and sh;rll trt)l hc actirrgas a*c l ororr bchall.ol I rssor in anv rnarrncr wilh rcrard kr;urv (lrcrnical or yrlirl rvasle stl)riuac, usc or tlislxrsal ;uTangcDrclls. lrsscc r.ot.rtrrartls, nirllanls;ur(l rcprcscflts, lltat lrsscc is lhrrriliar. rvith 1{) CFR I'arr l(i.5 'Rc<rrnurrcnrlcrl pkx.c(lurcs li)r llrc rlislxrsal anrl slorirgc ()l- lrcslicirlcs an<l l)cslici(lc c()lt;liD(,rs.. lrsscc also undctstalds, dtal ll() (.()llteitlcr-or ollrcr solirl or lirlrrirl wastc dislxrsal ol.all1. l)'l)c is pcnDittcd ()n lhc lcascd lanrls. I lorvcvct-,;tt lllc I.sscds()pli(nl. Ixsscc ntav rlislxrsc ol rcsitlrral grcsri<irlc lrl propcr applicati<xr ol.triplc r.inscatc as llart ()l lllc :rpplicatiofl l]r(x.css. As a l)csl nlatlagctDrtrt praclicc, tlrc Iasscc shorrld pnlrcrll' disposc ol all cont{incrs as prrx.irlcrl iu l0 ('1..R I'arrs 2(i2 arrrl l{i.5 atrd as rcquircd lrr all olltcr applir.ablc lrxal. statc or.()llrcr li(lcral rc(lltir'ctrrcnt. (n) Prohitrittxl 'l'anks. l.ixt.cpt li)r l)ctrrcutn $t()ragc talks, li(lui(l lirtilizr.r tanks. or.rlltcr tanks rvilll Ir:ssol's $rillcu cr)rrscnl, illDvc gr-()rrD(l taoks ol'iuy sizc, lbr;u)v tnlrp()sc (,tllcr lhan usc as scplic lanks, arc slricllv prrrlrilritcrl. No trralerial r,llr(.r tlIatr (k,ntcsti(.rvestc wetct., irs (l(.lilc(l an(l :rlkrwcrl b1 ('hallcr 17.1.'.A.('. and arrr, othcr applicablc ltrlcral. shlr ()r l(x.al rcquirrrncrrl. slrall lrc placc<l into anv scptic st.slcnt..l.ltc prolrr lrcrrnitting.opqilti(nl and ckrstrrc ol anr.su(lt t:[tk (n.scpti(.slslcrn shall |)c flrc solc rcslxnrsil)ililr (rr lhc l{sscc. (,r) llclcasc Proccdrrrc. Alllircl spilsrx.cr. 25grlkrtts r)rust l)c rclxlrlc(l lo lr:ss<>r inrnrctlialclv ulxrrr <liscorrrr.. Irss()r, ;tt ils ()l)lion atxl in ils:i()lc rliscrclit)rr, nral.ovcrscc ()t-(.{)ntr()l anr ncc<lc<l nsscsslrcll antl rcnrc(liali(rl nclivili(,s. (tr) Mixing arr<l [rra<ling l,rrxr:<hrrcs. Nlixirrg,4oarling ol. agriorltural chcnricals shall not lrc per.lirnrrcd rvirhin 100, t>l anv rvrll, or at a sitc N,hcrc an accirlcrrtal rclcasc $()ul(l drain itrto;r surllcc n,alcr lxxll.or wetlanrl slstctl. -r\gricultrrral cltcrrricels rnav uol nt an!.tiutc. lirr;uty rhrralion, bc storc<l rvirhirr I )' r 'an1. *.cll. Misirrgloarling sitcs slxrulrl bc altcrnarcrl l<rprcrcnt ant. grssiblc lrcsticirlc cotttnrlrittant at.crrrrlrlatiorr. liluiprrrtntraslinli:uxl an! lril)lc rinsirrg slrrulrl alvr lx ptrlirnlcrl at muhipLjsitcs. (<q) l'arlrcrrt ol l.inrir()lut)cntal C()sts. [.$scc a,{rccs k) pav lltc (os( ()1. nrD' illspccti(nl. iDYcsligali()D, atxlit. clcatr-lrl), silc rcnrcrliatitxr or.(lcbxilicnli(nr. and lllc l)rcparali(nt ()l arrr rlosurc or rlthcr r.cqrrircrl plans. c(rtrscrrl ()r(lct s, (rltcr ordcrs, liccnsc applirirtiorrs, arrl thc likc. $ hctlrcr sr<.tradi(rl is rc(1lirc(l <lrrdnS or. lirllorving thc rcrranct. ol.tlris lcasc to thc lirllc\lcllt lhal sucL acti(rr is attrilxrtahlc, rlirct.ll\' or intlirccrlr.. to lrsscc,s.)l)Lri{i(nrs. irr(lrrlirrr; Irrrt tn}l li||litc(l trr tlrt rr.c, ,icl|Cratir)n, \k)rag(.. (,r rlisposal ol iuD. llctrolcutlt prxlucts. ;rcstir.irlcs, linilizcrs. chcttticals. hazalkrrrs srrbstarrccs. or inatcrials' as rlclinc<l hcrcin, orr ()r lul{lcr lhc Propcr't), durirq thc tcoatlcv ol'lllis lcasc. 'l'lre obligatiotrs crcatc<l alx^.c shall srrr1'irc tlris lcasc antl shall bc irr arlrlifiorr l() (lre rcrnctlics ilr.iilal)lc t() tl)c l r'rsor rrrrrleranr otlrcr aPlrlit.alrlc lag- (r) lltrrrcdi;rl -\ctiorrs and f)clault. [-pon mrtiliratior hv lhc Irssor or rrlxrrr llrr Irsscc otlrcNisc lx.((nnin(arc?ue ol a violatiorr ol ;ul rrrrtrliriorr ol llns lcasc. l.sst.e rvill lx.qirr rcrntrlial a(li(nrs iDurcrlinlt:l). .,,1"1..*r it ,rrnn crpusc, irr ;r(-c(r.(lal(.r rvitlr all al4rlicablc lt(lcta|. slatc or k)cal larvs ol l-ctfltlali(nrs an(l irr accorlancc with an\. (lircct i(nrs trr inslnlclions llral Lcssot. rrlav al ilsopti(nl, givc l,(jssec. or tlxrsc gir.cu bt- an!. rcg1rlak)rr arior<-r.. Non- eorrplian<'c rvitlr anr'lxrnol tlris paragraph l2shalllrca<lcliultol.thislcasc. .qx)lcl) nl lltc (lis(rdi()n ol rhc l,cssor. il apln.()lrriatc rcnlc(liale(ti(nrs arc n()l lrroSrriisirrg ()r ha\c tx)l pr()grcsscd lo lxssol.'$ satisl;rcti(nt tvitlrio l0rlatsol llrt'alxrrr. nrxili<.ation or ol l rsscc othcr*.ist lx.corlirr* attere rrl flrc riolarnr. cr>rrrlitiorr. Irssor rnav r<x1tir.c thc lr:sscc, al lass()is s(rc {lisocti(nr, lr) Ix)sl;llr cnvirnnncntal liahilit\' lxrrrrl ulxxr tlrc <lcnrantl ol-lhc l,r:ssor in all iurxturll lo l)r tlclcnrrincd b,t,llrc I r:ssor.rk:l)cn(linA ou llrc lx)lential scYcritY ol lltr: cnvir(nnncrrtal c()nliutrirrati(nr. Lr:sror.rrill spct.ili.thc lxrrxl arrxrrrrrr lxrscd orr tonsult:rnt rc( ()nlucn(l;rli()ls. ll tlrc l,r:ssor. ;rlkrxs lhc Jrsscc l{) Inrrsuc tltc lxrnlirrg rcqrrircrrrcllt, thc l'aihrrc bt thc lrsscc k) pr-(xlucc cvidcncc r>l seid lxlrrl rvitlrin 1.5 a<klitjorral dals will bc <rrnsirlc..,l ,r,lcl;,ult ol lhc icasc. li-othing iu this lxrragraph shall prcvcnr nor rcqltirc lhc l.ssor lior lt rxcrlakirrS rcnr< (liala({i.nl at ntrr till|c t() prcr cIl rvil\t(.(n.(k.tcri., atirrt ol thc dcruiscrl prcruiscs. N{xwithstanrlirrg arrr. prrl.isiorr rr.tltis p^ra*raDll. lhc lr:ssor ltat tcnuinatc tlis lcasc in tlrt r.asc ol thc l:rilurc ol.thc l,csscc t<r c(nlll)lr rvillr:tnv c(lnditiorr olthis lcasc or this piu-agral)lr (s) Surrcn<lcrand Rcst()r:{i(nl lo ( )riSirral Corxlitiorr. Ar rhe rcrruin;rli(nr olllris lcasc. or u;xrn lrsscc's l.ac;rli()u ol thc leasrlrold. lrsscc slrall lrc rcslxrnsil c lirr lhc prr4rcr rctrrrr'al .l all renraitring rrratcrials. incltr<ling l)ul lr(,1 lir,ilc(l l()irll (oDlaiircrs. latrks. Dcrv or spcllt rrratcdals. l'rrcl, arl:q;ricrrltrrri chcrrricals. ballcrrcs. (ltuDl)slcrs. solid rvastc. ck.'l'he lrsscc slrall lrc solcll,r.cslxrnsiblc lirr rclrrlrurr4 thc lcascl*rll k) tlrc c't,ir(nlDtcDl,l c.rxliti.rr cxisli,g;tl tltc tirrrc.1.;xrss.ssi.rr. N(,lwitllstandi.g aD\.<>tlrcr pr.visi.,.l tltis tc:lsc. lhc Ir:sscc shall r.cntairr liablc ttr llrc Irssor lirr arry cnvironnrcnlal danragc an(l/or rcsl(n.ali(nt cost;r sillg un(lcr ntrl,. l<ral. statc or lt<lcr: larv, nrlc. orlcr- or. r cgulatiorr. or. anv Crxr( ()r a(lrninistritt i1.c ordcr (lhc lcgal 'Requircllrctrls). (rr thc l,csscc or its olliccrs. rlireckrrs. ;rgtrrrs, crUrlol.ccs. ()r (\).lr.cl()rs. itrrluding tlreir. hcirs anrl assigrrs ..l.lris liabilitv shall sun'ilc tlrc lcasc lrcrirxl arrdtltcl: lrrrctotlrcLcrsoltrrrliscrx.trnu1 *u.1,.,r,,liti,r, dttring llrc lcasc lr.rrr) r)r lhc pt.c-surlcDdcr irrslrctiotr shall not al'lit.t l,cssrrrrs r.iglrt to cnlirr'< c tlris pro'isi,. arr<l srxrr ri4rrt is irr ;rrrrriti" to any r*hcr riglrts or.r'crrrcrries llrar [rsso*la)' lnvc k) or)tairr rclicr'r'<rr srrrr c.rrrrid.rr rrnrrcr rrris lcasc ,r :rrn. a;4rlicaLlc larv. (t) llcsporrsihilitr. lirr Conrpliarrcc. Crxrrpliancc s.itlr thc tcnns ol. this paragntpL is thc solc rcsJxrnsibilitl ol thc l,osscc.,l.hc figlrt ol.rlrc l,.rss()r t o irslrc(t tlrc prcnriscs shall Dor crcalc e (h(y t() i.sr)c(l. n(,r srn lrsscc h cnrilrc<l lo rch,()n tlrc satrrc, lt()r sltall it lx conslrrrcrl t)r illrrpt.clc(l as a rvailcr ol r.r csto14rcl to[.rss.rs riglrt t() rc(luirc la\\ce( slrict conrpliancc tvillt tlrc lcrDls .l.tlris ,r, ,,r..()(lrcr pa (,l tllc lcasc. ()r k) aol cnli)rcctnent actir.rrr brorrghl b1, lhc l,cssor. (r) l.lnrirourrrcnurl Irrlcnlritl,. Irsscc *ill lt in clnrgc :uxl contr< ol.all nratcrial lultllirg anrl sk)retc arcas ulxrl tltc k:rsr.rl prttnix,s, iurd Ir:sr,r:c irlrccs trr irrrlcrurrilj. lurld lurnrrlcss and rlelcnd Irsvr li.orn all clairns rlcnran,lli. Suir., <l:uu:rgcs (irr<lurlirrg;rlt lirrcsc.cablc and ru irrctcablc eorrsc<lrcrrtial rlanri\r&s). prrnitirc darruq4.s. irsscssnl(rnls, tirtcs. I)cruldcs. (t)sls xl otlrcr cr|,Cnscs (iuchrrlirrg alk)nrcyi lccs iuxl otlrcf (nrrt cosl-\) l)rouglrt on lrch: l ol an1, l)eni(nl ()r cDtil]. arisirrg liont thc rrsc, sto!-at( ()r (lislxlsid ol an1. chcrnir.als. lxrllultnts. lxsli(.i(lcs. l)clr()lcuDl l,r(xlllc{s. Ilatcrics (inchr<ling wastr. nntcriirl) hn(l ()ltrcr sul)sh (cs (cunrrrlativr:\' thc 'rrntcrials') ustd. ficncratcrl. slorctl o11y111g11 ,nrto tllc k,i${(l pn rnist's by kssr'c, rvhiclr rnatrri:rls. or tlrcir rrsr:, rkrragr. or rlislxlsal, arc rcallatc(l urxl(r'rrry l(xal. ttirtr or li.rk.r:rl law. llis irxk.rnrritt.slurllr.,rrcrrrl to ar rr. oll.-sitr.. llcatrncnl, st()rir8( ()r (lislxrsal ol lill rnatrritl tlut lcatcs lhc rlcrlisc<l prcnriscs lirr rvhich t[c Irsvx lrurrucs rcslxrnsiblc cilhcr volurrl;uilt.or ilrrrrlrrntadlr.. .llrc s<r4r r'lhcIrssec'siulr,rnrrilitirliorrlrcrcrrnrlcrshallcxlcn<l to iur1.acl <r ontissiorr ol.drc lrss<.c, or its ollitr:s, (lirc(k)rs. agrnts. cDtl)l()\,ccs. (rr (.{)D[:rcl(,rs. inchxlirrg thcir Ircin ald assigrs. Clairns irrchxlc Lul uc not lirnirc<l tll tlxrsc. clairrrs. rithcr tlrrcatr:lcd or.rcalizcrl. lirr ir{urics to thc conianrinaliorr ol.<rr tlrc rlcath ol.lxr*rrrs, or dungcs (o or tLc rlc{nrctiorr ol-pn1xrtr,. tlrr: ;dr.. xril. s:rtcrs. goun<lwatcnr. thc crwinrnntcnl. livcsl<rk. pliurts. auirnals, anrl aquatir. lilc arisiug l.r-rlIn c\Jx)srlrc k) or tlrc cs(al)c ()l'drc alxnc dcscriltd nutcrials rlnc kr srrclr nralt rial s Drcr.mt cillrcr (,n rr oll.sitc. Clairrrs sh;rll ;rlvr inclurlc <.lairns li)r rcsk)r"li(xr rrrsls. rlarrmgrs or .onrpli;,r.c witl any adnri,istrarirc ri.lari,. rx)tirc. ntlc or orrlct.. .l.lis irr<lcrnnitt. shall sunirc this agrccnrcnt. I{urics irrclurlc tlx}s(. k) lrsvn.()r lr\s(,c. thcir olliccrs. rlirtctors. alr:Dts, cnrl)k)!ccs, ()r.(rrnlr&tr)ni. irrchrlirrg thcir lreirr arrrl assigrs. or an1, <rhtr lrcrrion ()r r:ntit\.:rrisittg orrt ol'tlrc alxx,c <ltv.ril,c(l ads ot. ollissi(nrs ol l.sscc, (v)CarD<ncr. Icsscc shall also lr rcslxrrrsiblc unrlcr lhis p:u:qg:qrh l2 lir :urv It;yarrkrus or torir.rraslcs or substanccs rlislx)sc(l ()l lrr l,csscc (luring ;ur1, prior lcasc Irlrvcerr lrssor and Lcsscc. anrl shall lrrrnnplll, rcntc(l!. nnt irrr1r.,4rr,lisl^r.;,I ".;rolirlcrl hcrr.irr . (rv) -l-hc pror.isiorrs ol this paragraph 12 shall h rlccrncd t,r sunil,o. alxl c(nrtirurc in l'ull lbrrc alrd r:llcct alicr cxpirarion ol tlris lcasc or alicr aoy cviclion()r rcJx)sscssi(nr. lll. St PPLTT'-q A.IYD IJTILfIIES. lrssor rvill mr tirnrish anl.srrpplics or.rrtilirics rllu(crtr.l.sscc shall Itnnrpdy l)iv li)r illl sr44rlics arxl utilitics (irx.lurling. nitlrout lir,ilati.rr. grs, clcrrricir-v. Iiglrl. hcal, txrwcr. Arrrl tclcprr.'c anrl crnrr,luri( nri(, sclvicc). I {. ASSIGNMEN'IS, E[1C. lrsscc sLall nor assig), cncunrl)cr or rlis;xrsc ol.llis Ir;asc or stblct rhc wlx)lc or atr.r.I)a ol lhc l,an<l rvillxnlt thc pri([ wriltcu (r)Dscnl ol lrssot.. 'l'ltc l ass()r has thc nl,s()lulc t-irirt t() rvilltlx)l(l conscDl, Il.l,csscc isa coryxrmtion or-a par-trrcr-ship, ant translcr (rx)l in (onscrlrcrrcc ol rlcath) ol thc corlxnalc slnrrs r)r l)artncl.sltip illtl]rcsts tvhicL (r.rurrrrlatilcll. arxl ill llt( ;{S,rcgatc) changcs lhc original otvncr ol'a llr;ri(n.itr or llrc ()ulstanrling sharcs,rr par.trrcr-shi1r ll intcrcsts shall bc dccDlc(l ar assi8rntcllt ol lltis lr:asc. l,csyrr rrral assig this [,casc. l.r. CONDEMNATION, E'fC. Il anl. parr or a ol. rhc l;rrxl lrc lirkco li)r:urlpublic.r' <ltrasi_ prrbli( rrsc llD(tcr an) sr.(ulc .r.rr;., riglrt .l cnrircnl (l(rnai, ()r rl' anr' parclrasc in licrr ,l srrch lakirrB, rlrr tenrr 'r'this lcasc shall lcnrrirralc ryhcrr po$scssitrl is so lakclr an(l lllc rcnl rrrrrlcr par:rgraph ,2, shall lrc alrponioncrl pn> mrc (lirrrc aod spacc). Ilr sa(h cvcnr, r,css.r srrafl rr crrtitrcrr l. trrc c'tirc arv;*rr ,rrpricc: lrsscc slull n<{ l>e cntillc(l l() :urv (nrlxnsatir)n lirr ksscc,s lciuscltokl intcrcst irr thc l.:urrl.l}trt l,osscc oray. t() such cxtcnt as rrrar. l)c penrrittcd by.larv, r:lairDc(n,lrctrsnli()lr li.()rlr thc lakior{ ,*tllDrity lirr tt,ov{hlc slnlclurcs, lixturcs an(lclntlcls wlticlr arc lhc propcrtl,ol tlrc lrsscc. l(;. BANKRUPTCY, ETC. ll rhcrc bc lilc<l by ()r a&rinsl l.csscc irr arl.coun prrrsrun( t(, a[\. F'c(lcml or Sl: c statulc a lxjtitiorr in harrkruptcr. <rr itrvrlr cncY or lirr ar(urgen)ollt ()r rcormni/-:rti(nl or l'()rll lc al)lx )irrtl|lctlt ( )l'a rc((ir,cr (,r tr u\trr: ()l an\,ol l,csscc's J)roJxl-rv .r ir' I-csscc rnakcs a. iLssignn)cnt r(n. rrrc l)coclit or'crc(rik)rs. lhis lxasc, ar rlrc (rrrti.' .r' lrssor', rrml rrc rcrnlirnlc(l ;u.l rr:ss.r shalr l,. crrtilrcrr t() (lanliqcs lirr l,csscc's lncl(t ()l this laasc: provirlctl lrrlvcvcr, tLat il.an1, sur.lr Ircliri(rl or l)ftxcc(li,g is ir.rrl.ulan an<l is rrisrnissc<r or r llrrrrarvn rvithin trrirt* rlals altcr Iiling. this Ir:asc shall not lrc vr tcnlinatc(I, l7. REMEDTP.S. r,rr ll (l) lrsscc dctlults in tltc 1xrulott ol atti. rclt ot. srrrrr payable unrlcrthis lrasc<rr' (2) ksscc dclauhs, lirr lcu (lah alicr ,*ritt.,r r,,rri..c. i,r tlr" lrcrlirrrnarrcc ()l-aD)'lcrrus, prrrrniscs .r *rnrliti.as .l tlris I,.asc..thcr tha. trrcparrnctrt ol surh rcnt (rr srnls, lllc lcnn ()l t[is [,r-asc slnll al lrsvrr,s opliorr. crcrciscd b1.tcn da1-s pdr)r rvri[cD noticc to lxsscc. tcnnitralc, nn(l lxss(n. nra], rc- cnlcr lllc lrln(l by lirrcc or othcnvisc and l,r:ssor slrall har.c thc riglrr to <lislxrsscss anrl cvicl l.cssec lrr'strnrrnan, prrx-ccding or olhcnr.isc. ln casc ol ;rnl such <lclarrlt lr:ssor slrall llc cntitlcd to tlauragcs lir lrsstc,s brcach ol.llris hasc Jrhrs l_r:ssor,s rcsulting cxpensts (in<.lurling, witlrorrt liruitatiorr. attonrcl,s, lccs). rhr All riglns irnd rtnlcdics ol lrsror arc crrrrrrrlirtir,c, an<l lhc cxcrcisc ol-anvslull rtol plcclurlc thc cxcr.<.isc ol-othcrs citlrcr rrnrlcr this lrasc or bv latv, ll'1. WAMR OF JURY. [,cssor and l,r:sstc rvailc rrial by jrrn.in any;ulrol, prrrccrlirqg, ,r c.rrrrlcrclainr lrn,.rglrt bl cithcr :yprirrst llrc othcr oD aD), nralrcrs whalcvcr arisir4 olll of rr corrrrcrlctl u,ith (his Lcasc. thc r.clatiorrslrip ol. Iarulhrrtl arrl 'ltnarrt lrctwccn Lcssor and [,r:ssrc, Irsstcs usc or (x.(upancl r>l.tltc l:rml arr<l alry clairrr ol irritu1,. dcatlt, or(latn;rgc. 19. QUIE-I ENIOYMENL lT:ssor agrccs llrt. sul)icct ro lr:sscc,s lirll c(nnl)liancc s'irL tlis l.r:asc, lrsscc ruav pcaccably anrl <luictly cljov tltc lnn(l otr an(l sulrjccl k, (hc tctilrs and con(litions ()l this Irasc. 20. LESSORS RIGHT OF ENTRy. Ir:ssor (an(l ils rcpr.cscnt;rtivcs, crDpl()! ccs, ,ur(l ilvitccs) nlay cnter tlrc l,arr(l at all rcas()tralrlc tirnc cithcr lirr itrslrcti(nl or in l)ursnancc ol'an\. ;urd nll ol'its riglrts trnrler this l,r:asc. 21. REIATIONSHIP OF PARTIES.'l'|rc rclalionship r>l. l rssor :uxl Lr:sscc issolcl) lltal ()l lal(ll()t.(l ;rlrd lcuant rrntlcr this basc: lrssor lns n() intcrcsl iD Irsscc's cntcrlrrisc; I.csscc is n()( ;rn agrnl ()r rcprcscnlatit.c ol.lrssor::nrl Ihis lr:asc sltall unrlcr no circullslaDccs l)c c()rrslruc(l :ls aioiul t.ctrtll.c ()r parlncrshil). 22. INVTIEES. Irs*c is lr:slxrrrsiLlc lirr tlrt s;rli.t1, ncgligrcrrc, nD(l i(.li(lls ol lrsscc's gucst(s), irlitcc(s), lhuily, anrl liccusr.c(s). lrsx-c lxrars irlc nslxrnsibilitl, lir anv rlarrr;u,cs causctl l)y hwilccs k) llrc lrr cnrist,s. An1,r.ir atiorr ol-this lcar Cotruarr lrt llrc lrsscc's Invilccs slull llc c.rrsirrcrcd a ri.rati'* l^ trrc lrssrc. rrsxrr rras trrc liglrt to cvlrrrL: and lcgelll. lrcsl)ass ;urv irryitccs or r hcrs rvln. in ()wncr,s s(rc jtrrlgrncnt, havc lxcn irr violation r>l'tlrc larv, tlrc I rasc C(nrtracl or iuly nllcs cstablisllcrl b_r' I rsvrr', or dist,rLitrg othcr rr:sirlcrrts, rrciglrlxxi, visikrrs.r. Irss'rrs tcpR.x:.lntilcs. 23. APruCATION BY I F-SSEE F1OR WATER. lir rtrc lirnircrl pu4xrsc ol. oblaining lrcrrrrits k> rlrill lirr ncct:ssar!, watcr on llrc la*(1. l,cssc.c is aullxrriz.crl l. acl l()r lrss()r ill nr;rking:ur applit ati,, t. thc g.r,crning lloarrl .f tltr: S.utlt Flori<la\\'atcr Maoagcnrcn{ Distfict, lltc (irunty l.iuginccr aurl anl.rlLcr publir;rgcnr-r rq{.laliDg watcr *,clls arrd watcr trsr,. ()n arrr. such applicati.rr, Ir:sscc shall simultatrcotrs\. lirmish hsror.rvirh copics ol thc applir.ation aml all rclclanr do(rtnrenls (irclurlirrg, willx)ut litDitatior, corrcrgxrn<lcncc). lrsscc shall ullairr hssor's u>nsrnt prior l() appl!.ilg lor an\ lxnnil, rr.hiclr conscnt rrrav in lrssor s solc rliscrcti()n bc q,itlrhcld. I.ss()r rclai s lhc right lo slxr.il_v tlr sizc, !x.alion, rlcpth ;rtttl ( o,s(.r(.li(rl r,atcr.ials lirr any. rvcll. ()n tltc ctpitirti(nl ()r lctnrirrati.rr ol-this l,easc, lcssccagrccs. at l,r:ss(nrs ol}tir)u. lo lcavc wcllc:rsirrgs irr placc anrl kr lrlug()r cap sucll $cll casin,+i. 24. NO .WAIIIER- NollriDg lrilh rcspc(l k) tLis lrasc slrall lrc rlecnrc<l to Itatc bccn rvailcrl bv hssor rrnlcss slclr uair cr is irr rvr.itilrB aurl si4rc<l b1. lrssor.. No orrrission ol l,cssor lo insist ol stri(l l)cl lbnlran(c bv lxsscc shall lrc tlccrlc<l a rvair'cr ol- anr. subscqucnt lrr.cach by,Lcsscc. 25- BENElff - BURDEN. 'l'lris t,r:asc slull ir)urc t() rlre l)c!)cli( ol. appl1. ro. atxl l)itxl tllc su(ccssors anrl assiqns ol l r:ssor. It slrall a14rl1, to arxl bin<l thc hcir.s alr(l lx.rsooal rclrrcscDtativcs ol lrsscc an<I, il l,css()rrs rvriltcD (.()Dsclrl lr, assiglnlcnt has lrcu ob{:rincd, thc slt(.ccss()rs an(l lssigns ol lr:sscc. 26. NO RECORDATION. 'llis trasc is ncirhcr wirncssc<l nor ackrrorvlcrlgcrl anrl shall nol lrc rccordc<l, 26. GRAMII,I/ITICALUSAGE ,,r \lIlrcrc tlrc col)lcril rc(luircs, gcl(lcr iur<l urrrnlx.r slrall bc <lccrrrcrl intcr-clralgcablc. ,r,r Il-ltssce is cornlxrscrl ol scvclal pcrsons. llrcy shall lrc joitrtly arrrl scvcralll, liablc lirr tlrc obligations ol'[,tsscc. ll lrsscc is a 1rarlDcrslril), tltc partrrcrs :Ls wcll ,L\ thc l)^rlncrship shall lrc.joiorl5. anrl scvcralll, liablc lirr tlrc (rl)liri,rtions ()l this l,r:asc. 27, LEASE - ENTIRE AGREEMENT. 'l his l-casc consrirutcs tlrc crlrrc lgrccntcDl l)ct\vccu {ltc l}nrlics. No l.cl)rcscllalions, w;ura[li(.s ru pro[riscs pct'tainilg t() this L.:asc ()r an!. In.(rl)ct.1), allcctcrl bt, tlris Irasc hatc lrccn nrarlc lrr, rrrrr sh;tll lx- bindirrg orr, citltcr.ol thc parlics, cxccpl as c\prcssh. slalcrl in this Irasc.'l'lris l,(jasc canrxrl lrc changc<l omll1., but rrnlv ll. arr agrccrncrrt irr rvritiDrl si8nc(l lrv tlle part)- a}iairlst rvlxrrrr crrlirrr:cnrcnt ()l anv strch clnrrgc is sorrglrt. 2{1. CREDff APPROVAIS. 'l'his l,casc ir (.ur(ingclt uJxru crctlir apprrlnl and, il (lectuc(l ncccssan. br lrssor. approvc<l lettcr. (it'ARANl.r (pcrsorral) b) pcnorr(s) (lcsignnlc(l b1' l ,r:ssor. 29. SEVERE II\UURY OR DEATH. lrsscc rurrsl rxrtilr.Irss()r in llrc elcn( ()1. scr.crc irrir14 (anl inirrry rvhich nrust hr rcIx)rlc(l to ()SllA) or rleirrlr. i3 擬i澪爾鮮1難 ∬、雌質lilttJ驚i ltド、cc(10cs 11()t Coll11)1,、vit11 11lc tcnl〕、:l:](l(()I〕(litio:l、()1 lllc lra、c樵nttILA11)111)鳳 1:∥Itご iよ h露ギ(1ll=1出 !#rTt∥ lc:t、c(11)rcilliscs、lla∥lだ l)R)t:R卜 101]l,in Collicr(()ι l:11ド 1lori(l.l 33 NOTICL Anyno6ccrc(1“hc(Hlcrch、1)a∥lた nIKlc hぃ vr晨 h〕g alx1 1〕〕ailc(1 (citinc(1:ll:ι i1 lo lllc a(l(llで、、:)r()｀1(lc(I llcltili ll)riん、、Or:t:1(11だ s、cc〔t:〕(l shall til翼驚 (1∥ 1,… 翻じ価Ш dЧ x対 ltKl.四 a、cぃてぃd油 hc r前 “ 34. MISCELAEOUS PROVISIONS. l.csscc slrall corrrpll rvitll antl shall cnsurc that dl irr<k:1rcn<lcnt ( ()Dlractol's on lltc lan(l widr lltc (onscDl ()l lr:sscc <.onrply rvitlt all las,:i, rules or lcgrlati(rrs rcgar(ling lhc usc ()l nligtlurl lalxrr on thc larrd antl tlrc Flori<la Wolkcrs C<)rr)l)cnsali()n l;rvas it rrr:ry tppl1,. No litcst<xk shall lrc pcrnrittcd (nr llrc l;ur(I. {-wlrcclcrs, n-lVs or oll.r.oa<l vchir.lcs ;uc ()n,ft.pcnnincd ()n thc l.esscc's rlcsipralcd licl<ls arrrl r.zrlr,<luriug <lal,liglrt hours. l,csst'c is rcquircd to rlt;*.c srrrr';rll gatcs to thc pr<4xrtv arc ckrst<l by sllrdott.lt, lnclurlctl in rhis lrasc is thc c(luiplrcot (lcs<.rilrcrl irr l.xhibit'l].. kratcd at thc rcspclilc purnp sraiorrs. All such cquipnrcnt rvil hc nrairrtaincd and rcpairctl by lrsscc at Lcsscc,s cxFnsc. Il ;rn1,ol.thc desc lrcd c<1rd;rrrrcnl lxconrcs nou-litnctiorml, l.l:sscc rvill pnx,idc a rcplatctrrcnl,il'rcquircd, orovcrlnulcrl, lx)lh at Lcsscc,s exl)cllsc. 'l'lrr arcas arornxl lhc crluiprlcnt rvilllrc kclrt clcan ()l lraslt;urd (lcl)ris aD(l kcl)t ntowcd an(l spratcd bv l,csscc. lcsscc rvill kccp thc picnic arca nxlrctl arr<l ctcau ol traslr arul<lchris. Morrtlrl5, visrral inspcctiort rclx>rts lirr lucl coDtainrrrelt arcas arc rLrrrc at llrc cud ol ca(.h rrxrnth and anv is$ucs will lrc adrln:sstrl irr rl,ritirrg;uxl corrutcrl ir r rrrrcdiirlcly.. !'rluipnrcnl anrl spral nralcrial skrragc irca will lt nxlvcd antl nraintairrcrl bv (hc lr:sscc. Mairr nl+d rrrainlcnancc (.()sts rvill lrc sl)lit lrr. lhc Ioscc antl I r:ssor. f)rrnrpstcr rcntal rvill bc split crlrr;rlll,ll tlrc [,csscc al<lIrssor. ill llc r.erlrrired to irtrplcltrc [ l]csl MaruqcDrcnlI)ntcticcs, as sct lirntr l)), lltc l;l(r.i(la Statc C.r,rln.i.rl,rr.. ,rt. ,fq,.i.rlf,u ",(lurinS tl)e tcnn ol lltc l,r:asc. ,\ll rccor(ls arxl inlirmuri,r,, a"g.,.,li,rg_-'adhcrcncc k) sucll l)rncticcs r{ill lrc rDaint;.inc(l bv arrrl rrra<lc availahh. trr Lcssor arul tIr St;rtc ol l..lorirla atrrlxrritics lrarrrrgsul)crvisi(rl ol-farnr pracli(.cs. INヽ VIFNESSヽ vHLR●()F,tlic l)arliCS I:a、c cxccutc(l al、(1(lcli、cl c(l tlttslκ:tsc()ll tllc(1:ltc iir、t.llx〕vc wihtcn ・Inヽ sOr Mn…SFARMS oF IMMOKALL INC. an()Hdaで (.lx】■●|■lLESSw an。●d.tc。.Ю rati。:1 11y:_ _ _lll″れ DIANE R- WILLIAMS, I)rcsirlerrt _l)atc Pcrlornrancc by tlrc lrsscc o[ a.ll rrratter.s rcqrrircrl .r't]rc lassrc a.(rcr thc rcnas ()r.llris L:asc is pcrsorrally grrararrtccd by -......-.- Individuatly G″暉 Fadl面 es Management Divisi Real Properサ Management Lessor: Lessee: Property Address: Lease Term: Commencement Date: Termination: Options to Extend Term: N/A Rent: Allowable Use: Assignment/Sublet: LEASE ABSTRACT Williams Reserve Farm Lcase#2 Williams Farms of Immokalee,Inc. not listed - names removed per owner request Land in Collier County, Florida referred to as Fields #1 for a total of28.61 Acres 1 year Iuly 1,2023 Expiration Date: June 30,2024 May be terminated by abandonment, default, insolvency, or breach by Lessee. $13,875.85 Annually (paid in full at lease execution) (28.61acres at $485.00 per acre) Lessee shall use the Land only for the production of fruits and vegetables. Lessee shall not assign, encumber, or dispose of the Lease or sublet the whole or any part of the Land without the prior written consent of the Lessor. Miscellaneous Provisions: Included in this Lease is the equipment described in Exhibit "8", located at the respective pump stations. All such equipment will be maintained and repaired by Lessee at Lessee's expense. If any of the described equipment becomes non-functional, Lessee will provide a replacement, if required, or overhauled, both at Lessee's expense. Facil1les Management Bu∥dlng 3335 Tamiaml TraH E Suite 102 Naples,Florida 341 12・ 239-252-8380 CoИ 響 Fadtte3糀躙翼on Environmental: Insurance: Leases and Amendment(s): Please see Section 14 in detail. 1a(fl Payment of Environmental Costs. Lessee agrees to pay the cost of any inspection, investigation, audit, clean-up, site remediation or detoxification. Lessee shall procure and maintain insurance for the duration of the Lease. Lessee shall fumish Lessor with evidence of coverage. Liability insurance coverage will be no less than One Million Dollars ($1,000,000). See other insurance provisions in Section 9. Lease Agreement, dated May 9, 2023 - No Amendments were provided by Lessor. Prepared by: Jeremiah Westerfield, Sr. Property Acquisition Specialist II Facililes Management Building.3335 Tamiami Tra∥E Suite 102 Naples,Florida 34112・ 239-252-8380 I t'.Ilt,v LL,l.\'t.: Lcerc numbcr.: Si&i0 COMPANY: WIr,t,IAtlrS FARI|S ()F IMM()KAt,!t!:. tNC. LLSSEE: COUNTY: (\)l.r. .tR ACRES:2861 DATI EFI|ECTM Jub l, rOgS DATE EXPIRES: Jurc AO, 2094 FARM LEASE nmrlc as ol Ma1,g. 2023 hrwecn Wll.l.lAMS tnRMS ()F IMM( )KALU.:. IN*C.,I iJ(X) Nonh l.!rh Srrccr. Srrirc l, lnrruolcrlce. Florida ll t I 12fl,r'ssor') arrrl I I I , , r i r I r r : I I I r r r ('tr.rscc'). "t 'rrrr"L;'k' l,cssrr lcax's to Irsscc. anrl lhc I.csscc rcnls lionr lassor, ()n an(l sltl)jcd t(] tlrclirllonirrg tcnns, prorrriscs, anrl con<liti<lrs. tlrc l.<rllowing dcxrilrcd lanrl fl,anrl) il(irllicr CounLl, l.1rrrirla: flut.Ds#l 'l'O'lnl, ACRt)S: 28.(i I TERM, (s) 'l-Irc tcrrrr ol llris Irasc co 2024, unrcss sooncr r",,;;;i;;;;l','lilJ;ill,.]i* l;?li.ixl1":rrrrs.r,,nc i,0. , rbr Notwitlrstarrrling paragrirph (a) alx)vc citlrcr par.lt rna], {cr.ntiralc lhisLcasc on or lrlirrc ----__-________-, bygiring rhc othcr prir,. "rii"rr-,,,ri. ",thcir intct|t Lo tcnDirHtc thc lcnsc. rc) 'l'lis lta-rc rnav lrc tcnnirratc(l hv lrssor rrlxrrr llrc <rcurrcncc ol.an,v ol.rhe lbllowing rrr Abandonrnent by hsscc. (l) l lrxnr de*rrlt rr,,_ rrsscc in trre pc irnnancc .r' anv o[ rrrc tcrrus,c()vcrtaDls, lrroltriscs or condi(iorrs ol.thc lcasc.Itr Insolvcncy ol_l.csscc. {4) l}rcaclt by Ixsscc ol-anvothcr lc;sc or Agrccnlcnt witll l.ss(,r. (d) NolwitlNlafi(lin8 (cnrrinalion urrrlcr l(rJ. [,csscc shall rcnrain liablc l<>rllrc rcDl (luc lilr tltc rrncxpircd Jxrrlirlt ol.sairl l,casc. X RE}IT AND LESSEES D(PENSES: Ior thc rcrrtal ol rlrc lanrl. lrssr.c slurll lrrv to Irsvrr tlr ilritial annuirl rcnt ol.513.E75.85 rvhirlr corrstitutcs rcnr li)r rlrc lourl ol eQlaccs ar $fAl,m j*, o.r".Dt ll.: IN FI ILL rr,ithout srtofl, dcdrrtion r)r (ountcrlaitr, ulrrD cxccution ol-dris lcascand ntay lr pai<l at l-csyris arldrcss: IilX) Norrh tSfl, Sfr""t, hrrrr,rk"l"", t-l.r.i t"3,11 12. A Firrance Clargc ol l.50.X,1rr rrrrnth rvill lx clra6,r:rf ,r,,ti,i,,r*u'au"balanccs ( lll{, Annual). 'llrrrc is ol thc csscncc. (d l,llcrrthing rc<luircrl lrl l[is leasc kr lrc rkrnc hl lr:sscc shall bc ar l,lJsscc's crpcnsc: il lrsscc l:rils l(, (l() iurv slrclr tLings, Irssor rnav (l(, llrcDr allrsscc's cx;x.nsc. (b) l)istrairr. [,r:ssec. lil.itscll, its sur-<.cssors al<l assigns, hc(b].agrcc thar nll thc lrcmonal llrol)cr-ly (nr lhc lij:rsc(l grrcrniscs shall lr lialrlc t,r rlistrr.ss: thar ;r.ll lrcrsorral proltrt, il rcrhrlcrl lhcrclionr, sl*ll !.()r llirr!. (30) (lavs alicr such rcnr(rr'al lrc liahlc t() (lislrtss. en(l ntal l)c llistraiuc(l an<l solrl lirr. rcnl il arrciu:r;tlr lrlsscc, lor itsclf, Iteirs. an(l lssigns. hcrcbr wairirrg all ri,{lrt tr} lhc bcnclit tll anv larvs nr>rt rrriulc or lrcrcal'k:r.to ltc nrarlc. crcrtrptitg l)err(n)al p..,pcrr1 ti.rrrr 1.":r arxl salc lirr arrcat.s ol'rcrrl. ((J Rcnl .r'\ccclcralirxr. lD c;rsc l,r:sscc t.a(.iltcs ()r :tllcrtrllts t() l,a(.alc tllc lcascrl prenriscs ar au rirnc (lurirrJ tr)c sai(r l",.r. .r anr. c{)rlirrrrancc lbcrr,.r. .r irr case anl,shcrilli lcrl.slnll lrc nradc at arrr,tinrq oo thc pcrsonal 1n.()lltrtl (rl.lhc siii(lIrsscc, rr irr casc thc said ksstc slmll rnakr, an asrigrrr,r.:rrt ,rl. l,i. 1*r,r,rr"l rrr.rrcnr' (cx.crrl as lrcrcirratcr pr.rirlcrl rrlxrrr tlrc tlc;rth .r'sairl L.sscc) .r srrall attcnrl)l ft) nr()\'c li(nn Ihc l,rcn)iscs at an!. ti,tc (htdng tllc (\lrrcrrl l.ca[ ryith()ul Itarin4 satislicd thc lirllllroull {)[rcntal li,r llrc siu(l ]cnt vrar. r,r slrall llil rr, pa1, thcrcol rrLcn (htc ir! litll. tltcn thc tvlxrlc r)l lltc rcDlal lirr.tLc tlrcrr .u.r",u ,.ru \..".slnll at (ntlc l>ccorrrc rluc trxl pa;-ablc, anvtlling lrrrcin coutainc(I, ()a an). trsc! cuslor). ()r law k) lllc (rnttrarJ n()lwilltstarxlilg, arrrl thc sai<l l,(rssor n . al orr<_cdislrdl tlrc sairl grxxls anrl tlatrclr r 'tlrc rairl lr:sscr.rlrcrclirrc. arr,l rlr. s;,i,lg,xr,ls and chattcls on thc s;rirl prcoriscs shall lirr tlrin).(i.i0) <lavs alirr such rcnxrval lx: Iiablc lirr rlistrtss lirr thc lrrll rcnt lirr tlrc thcn clrrrcnt I cnt \,.ar. 3. USE OF IAND. Irsscc slrall usc rhc l;ur<l orrlt li,r.rhc prrxluriorr oll.lhrils arrrl rc6rlabl<.s, arxl shall rxrt rrse, or lrrrrnit anr.cntn.on, thc l;!n(l li)r an\.(rllrct. Ptlrlx)sc. Ir:sscc's lts(. slrall,lxrrvcr,r:r, lx.rulrjcct to;rll thc lror,isi,rrrs r,l tlri,lcasc. 1. NO REPRESEIYIATIONOR WARNANTY CONCENNING CONDITION OR SUITABIUTY OF ILND. lrsscc a(.(.cl)ts rhc lan(l in its prcscnt corxlitiorr fAS IS) witlxrut atl1, r.cprcscnl;rli(rIt (,r rr'anirrlll llr. l.Js()r as l() suclt coorlitiorr. llssor slurll rx{ bc rcsporrsil cli,ranvr,isiblc,rrlrirl,lcrrrlclleror. anv lirtttlc ch:urgc irr llrc corr<litiorr ol thc I:nrl. lrssor rrrakcs rro rr.prcsctltali(nr ()rrl rrrrllJ cxrlrcssc(l .,r irrrplicrl, ns r() thc slriral)ilih,.,r lilrrcss ol thc l,axl or its appuncnanccs li)ratr\' usc o[ Ixsscc. 5. MAINTENANCE AND IMPROVEMENTS. (lcrrcral. lrsscc slrall nraintairr thc l,arrrlrvillt (.;uc, an(l in go(xl, clc;u condition, and sltall oot c(ntrnril tlr lrcrnrit tr lrc <rrrnrnillc(l altr, w;rslc r'l tlrr' Iarxl lrv arlvorrc. Irssr.e;qrr.cs; t(l c()r.ctrarrts t,, kcep arxl tttainurirr in trlxxl r.cpair all buikling; anrl othcr irrrDrorclrcnts on llrc larrl drrring tlrc tcrrrr ol this Irasc. Itcrrccs. I rsscc slull cxcrcisc carc to avoi(l rlanraqc kr li,nccs arrtlrllrr:r slrllcturcs rnr ortuliacelll t() lhc Liu(liuxl shallcrcrcisc c;ur: trr luirrirrrizc tlrr: risk olc;llllc cscal)itrg lllrougll L"ntcr (lr calllc gaps. l.sscc slmll kccp allprrcs prol)crh.ckrscrl nrxl il l,r:ssor is n<lilicrl lrr (ir';ving I rsvr. tlrat Fart|l I.({s(.(.. ltis r(.1)r(.scr|tatit(,s. (. tl,l.,\(.(.i. (n. irrritccs :ut rrlrt propcrll. r'losiug gatcs. I.'arrrr l,r:sscc shall, rrn I rssor,s lcrlucsl, illstall a (.al(lc 5'uard (acccptablc lo Irssor] rvitlirr tcn rla].s ol srl( h l.cq csl. Irsscc lirrthcr agrccs lhat hc rtill irrstrrr<.t Itis crIpkl.ccs, ;rgcllls. c(,t|lracklrr. anrl itrt,itccs tltat rx.crrl)al|ls ol-cach Ichi(.lc l]assing llurrttglr,aatcs to I;rltl shall M rc<qrrircrl tr) ck)sc such l&rtcs. nrr.l lltal strch vchiclc rrcupaut:i n!.e n()r lr) lcnvc r4(cs ()l)cn rcllirrgon olllcrs to ck)sc dtcsc galcs. I rsscc liutlcr agrccs that ltc rvill tal.c allinrralivc li(li(rr k) ilulrlct c l anrl cnlirrcc tltcsc inslructi(nls alr(l rc(luircllrcnls rvih rcsl)c( l t(, all ltis cnrplolccs, aricnls, (.oItmck)rs. and invilccs. 'l'rcspasscrs. lrsscc shidl lxrlicc thc lantl lo r:r,irt lr.csgrasscrs (an<l Lssor shall rtrt havc arrv rcslxrrsibilily t() d() s(r. l.rrcks on (latcs. lacll,falc oD trcrinlclcr l(:Dccs n(liacc[t l() roa(lsslrall hc kx'kc<l bv Irsscc, and lrssec r,hall Iurnisll I,r:ss(rla kcr tllcrck). Il<ndr. I)itchcs, Dikcs. tltc. hsscc shall rrrailtain in as g{xxl ()r lrcltcr coudititrt as thcv nllw t,nisr allcxisting roads, rlirchcs, <likcs. prrnrping sl;rlions. arrrl othcr aDlrrop atc illl)r()rc||lcnts ;lD(l slnt(1llrcs otr tllc L:urrl. I'lililics. No utilitv lincs n<lr. cascrncnls slull l)c l)lace(l ()n lttc Inn(l \'itl()ut [.svris pri()rrvrittclr collscnt. Stnt(tru'cs and l'rail('rs. Nrr stntclrrrcs or trailcr.s slrall l^- placc rxr thc lanrl sitltout L:ssor.'s prior rrr-i cn crlrx.trt. 'l'hrrlxr. lrsscc sLall avoirl iIju4, r{). or. (lcs[ucli(nr ol, grorvirrg tirrrllcr (itrchtllirrg rvillx)ul liltrilati()n. irrjrrry.or rlcstnrction b1. lirc). lrsscc shall n()l (.ttt ()r rc||x,t,c allt.rlaD(li[g, LTccn, rlcatl or lirllcn lirnl,cr li(nt tltc Ian(I, nor scll or rcnxrvc ;lltr. hunllr r, Ixrsls ()r s.(xxl. lrsscc slull not drivc nails, spikcs, rr stagrlcs int(), (,r olltcnyisc (lclhc(. ()rrlrarr: rv lrcc! grccn ()r(lca(|. oD lllc Innd. lrsscc shall n(rt \cll rrr rcrrrtx c liout tlrc Lar(l iln\. soil, siur(1, grarcl, nrk, oilor otlrcr nrincnrl. nor arrt ltnrtber, lxrsls ()r lv(xxl. llunirrg, No lrurnirrg slall [x. rlonc orr tllc l;uxl c\ccpt alicr prior rvrillcn rxrticc l() I.ssor aDd alicr a joint inslrttiorr b1. lrsscc anrl lrssor;and thc orctho<lol brrrrrirgslnll lrc srrbicct tothc prit>rapproral rrl thc f.[rrirla F'orcst Scnicc. [,r:sscc shall prrrvirlc srrllicicn{ rlcrr atrrl cr;uipnrcrrl lirr contrilinra all lir cs. Wirrrlnrwirrg. No *irrrlrowing ol'r<xts, pahnc[()s. bntsh ()r ({llcr rclitsc shall lrc doncl thcsc lrrrsl lrc btrrncrl or <llr:rrvisc rlislxr*-rl b1. lrsscc. in accorrlaltc rvillt g()\crnrncntal rcquircrncnts. whcn thc l,:uxl is t lcarcd lirr lirrniug. ILrgs. ()1rcn ran6'c ol hogi on ttrc l,arrd is prohibiterl. Arry lroBi kcll orr tlr Liur<l nrrrsl h kcpt in lug grr<xrl'cnt.k>srrl.(,s. Ilasti<s anrl Polycthllcrrr Matcrials. I'tastics arrrl l,olyctlrllcnc l.ihn< uscrl irr thcgrorvingol crops urrrlcr tlis l,casc ntfisl Ir rcrnolc<l bt, Ir:ssct.rvlrerr lllc (rr)l) ii c(nul,lclcrl. I nrlcr n,, circrrrr.larrccs sl,rll plaslics or' lxrll,ttlrl,lcrrc nratcrials anrl lilnr llc <liskeil inro thc qrotrnd.-l'lrcsc rrratcrials uttrst lxj rcnx)\.c(l li.(nn lhr: Ian<l sulljcct to this lr:rsc.-l'ltcy rrral, tr<x bc buricd or rlis;xrserl ol on llrcsc lnn(ls ()r anv ({hcr ol. lrssor's l,;rrxls rvillxrul c(ntscllt ()l- I-cssor. l,csscc shall trtilizc 1'r>od lrrrslmn<I1. pr-acliccs lo Jrrcvcnl crosiorr arrrl soil Lrsr. (;. COMPIJANCEWTII{ GOVERNMENTALRXCULATIONS. Irsscc stral pronqllY trrrnpll'rvith all prcscrrt anrl lirrtrrc larvs, rcl,rrlatiorrs. nrlcs.:url <lircctir.cs ol xDr Uruni(.ilnl. (.{ntrrt\'. stalc. li'(lcD (n.()tlrcr gorrnrrrrcnlal atrllrrritl,applir.ablc t{) thcl:llrrl or to lrssr.c's atls rlr.actititics rl the I;rrxl, itrrlrrrlitrg rvitlrrrrt lirnitatirlrr. all 0) ijntir(nrntcntal leir,s:trt(l lrBrlnli(rls c(nrccnlitrra tlrc sk)ra!r,. ust, ;rnrl rlisgrvrl ol. 1^-trr cunr. lrrrolcrrrrr prrxll(ls, rxslici(rcs, irrxl Ilrtirizcrs. r rssce,s :llrcnti)n is irri(r(r. :utx,llg olhet. lhirlai, kr tlc occ<l to rr()till. (.<]uot]. buil(ling iuxl zoIin,I (lclnrtnlctrts ol. any $nl(1urcs, othcr tll;rn lcliux)nrr!, limn l)lril<lirrgs, lo lx placcrl ()rr tht, l;uxl. an<l llrc Cinntly Hcalth Dcpantltcnt li)r aI). scl,tic svstctns. iuxl sllall (r)Dslllt(l siulrc pursu;rnl to all apl icablc llrildirrg arrrl hcaltlr crxlcs. Irssrr has thc optiorr l() rcqtirc l.ss{,e. his crrrplol.ccs rrr agcnrs. l() lrc ( )SI I l.l.cl III lliliDc(|. 7. TAXES ON IMPROVEMEhITS By LBSSEE trsscc r,tra p;r). ;,I llxcsrrsullirB lioDl irDl)r(x,cnrctts (inclrrrling willloul lirnitatiou. strrrrrrrrc.s) lrlac.^rl bl [,r.sscc ol lhc I;uxl. tl. NO LIENS FROM ACTS OF LESSEE" l,r:sscc shal no( lrave anl dstrr (rr lx)lvcr to takc aDv a(li()t| or tnakc arrl, c()rrlra(l rvlticlt Ina],(.rc;rlc (,r l)c llrc lirunrlaliorr lirr arl. lierr rn rhc l.;urrl. ts,tc rlr:rll. l,irlrin rcn rla!s ()l iur\. liliDga,$i[ tltc larrrl ol atr1. licns r,lratcr,cr (irrrlrxli|lg, rrith,rrrt lirrritatit,rr. tr)cchini.s,()r nralcrialnrcn's lictrs) arisitrg liont ;tD\. acts (lr ()rnissi()!rs r l{sscc (or aDt. l)l Ir:sscc's r cprcscnt alir cs, crrl)lotccs, or invitccs). cithcr Pal or. rlischargc srrclr licns(intlurlirrg, rvitlx)ul litlitali()n, liling all.rcrluirc<l lxrrrd). -l.lrc hssor wrll rcr.onl Ir(ni(c ol lhis llr()l'ision irr rlrc l,ublic Rccorrls rll Collicr Cotrrrtr.. FLrri<la. 9. INSURANCE REQT IREI\{EIITS \t,ithtlrrl lirDirirs lrsscc.s irrrlcrrurilir.atiol, l.es:icc slull pxnrn arxl nrairrlairr lir tlrt rhrralitlr <{ tlr lr';rsc irrsrrrux.c agdusl clrins lirr ir{uri's to Frrons r)r (lallalrs lo l)roJ)crl}, lll:ll Dri!. ;u.isc li(ll ()r in (nntc,ctiut lvidttlr ru'ol tk Pn'nix.s hcr.cundcr br, [rsxr:, lis :qtrrLr, rcpns..nt;[i\rs ()r cnrpkxrct. l;urtlkn<l slull nrain tlrc riglrt at arrl.tirrc to n\icn.drc (r^rra,{!-, lirrrrr, ;uxl arnorrrrt ol tlrc irrsrrnurc nquircd lnrr:lx. Il in tlr rpirrirn ol l;uxllonl thc irrsrmun(,pn)visi(nrs ir llrcsc r(lircDrcnls do rx1 1r.,r*iL a(ltxllulc pn*(rliur lix t;uxlkxl, Lurllxl nrav r\'(lltin lr:s\cc kr r tain insurantr: sulli.itrrt irr c)rt.rir1t, I.rnu;urrl ;unrxurt t,, ll.rxirltarlcqrurtc lxrtc<1int. l;uxl[rrl's nrlrircrrlcrrts slull lr rc;r.rlublc llrt slurlll)c irrrlxxr.<l k) nssurc prxccti(nr li(rn ;,rl aginst tlr kintl ;ur<l crtc^t .r'risks trx{ c\isl xt lhc lirlrc il chugc irr iusrrrarrcc is n<;uirttl. Vcrificatioo of Covcrarc Irsx,c slull lirnrish thc I;ulllrnl sirh ccrriliclcs cvirlcrring tr x.cmAc rtqrrircrl lxkrrr.. (i1ics r . '"q.ir!:dc,doni(n)colsDrustl,.a a(l&.dr()lrni(lc(lccnili(:rlcs.,\llccniliarcs'r.*i<lcrxcs.l scll-irtsrrram--;rt to lr rcrcirtd :url approvcxl h,thc l.;uxlk>nl bclirrc lrdirnruuxt rrrnrrrrncr,s. I Irc l:urlft,I(l tcs(.n(..\ llrc ridrl t., 11(luift. dHt lAxr- pnxirlc <rln1)lctr. ccrtilic(l copics ()l.an!. ;x ir1' ol insru-runr: olli.rc'rl in rurrpliarxr. Mrlr tlrcr., sp.cilicrtions. ,ts ;ur dlcnrati\t ro rrrsunuxr:(ulili(:llcs. d. [.ss(('s irrsrrrrr nurt * urruuil! r)n^i(ri.. (rnnrrrrlc. cc ric(r (upi(s r )r' a[ l((rlirc(rittsur;rrxt Jxrli< ics. irr< lurlirqcnrlorrr.rncnts. r0i.ctrruttlr cortiiur rc(luin,l ll.jrcr . sl[\.ilicui()ns. Minimuor Scooc of Insur-ancc ,\. 'l'hc L:uxlhrnl :q,rccs tlrat il slnll, (htrinSlhc lirll'l'cnn (,tll s I e.as. ar'l irs,rrn crlrnsc. kccp tlrr'[rascrl Prcnriscs arxl iur].slnl(lul.i inlln.()t.cn)r'Lt .rr tlr l,lj;*r<l Irnntix.s irrsrurrlin sullicicrrt anr()u tsa$dnst loss or (Liu[agc bv lirc iuxl olhcr (-.t-\uirlt,t,(()nln(nrh. rrrcrcd ln sarrrlanl lirt' a.rrrl ;rll risk c(}lrriq( irrsuriur(r irrt.lu<lir4l ll(xxl c,,r1ra!$. Yahraliorr slrall lx rn a rrl)lacctncnt (.()st lusis. -ltc I;uxlkrnl docs hcrcbl. n,l.,irs<, arxlwiri'c rln lrhall .l itncll'anrl its irrsunr. h' srl)([nli(rr ()r. ()llrcnrisc. all clairns 4Srinsrlrsscc orr act.rrnr .l arrt' rirc ()r (rhcr ( asrt,rh' N,l lclller rn.ll({ slrh lirc rr r{ hcr- t.;rsr rartr. shall lulc lr:srrltc<l irt rtlurlc rr irr lxut lir>rn tlrc rrrfli;tncc ol lrsx.c. l], lrsscc ;+rccs tlr:t il slr;rll, rlurirrg tlc lirll ltnn ol this I e.ax, ;urrl at its rrur cxlrnsc,kccp its co,lcnls. ,()tr-stnrluc irnlxr'crncr,s iuxl ;rrvrrral px)lrrtt. kx;(c(l rnr lltc I cis<rl Prcnriscs lirlll insunrlagrilst kxs rr <larrrart lrl lir rj ,rr (,i|rc; ctsrnll)., cinDnxnlr(()r'crr.(l lry st;ur(lar(l lirc anrl a]l risk cortr:rg: insrrnurt.c inchuling lhxxl trncra1,,c.Ialurti.rr shall lr.,:r [(l,la(cr,clt c()st hasis. lrs*c rlxrs llcnLy rc.lcas<. anrl rurirr orr l^''lralI ol'itst ll ;uxl ils insrtrcr l)! sul,rr),lllitrn or rnl[.nyisc, all clirls :uairrst [;uu l[rrrl ()n il(.trnnrt ol ;ult lirc i)r-(rdrcr caslnll). $ lrllrtr- rr nrrt such lirc or othcr casu;rltv slnllluNr: rcsrtltcrl irr tvLolc or irr llut lirrru thc r:cl,ligrmc ol l;urllt)r(l. C. Irsst' shirll nhitrlidll pr()lxj(\. rl;urra6n: iurtl publir. liabilitl.irrstrr:urcc cotcritg thcI":rxrl Pnruists. Iiabiliq instrrancc t.otr:r1t slvrll lr nrl lcss tLur ( )n.ji{illi r, D,rlla,.($1,(XX).(XX) conrhiucd sirr{c tirlit lxjr ,x.(.lha1rc Ior irrirrn rl 1r.,rpn, A"r,*g...Ir:ssccslurllrnrrcrlrl;urrlkrd,ir\,rlli.crr.rlir.rt,,r,,,;ut.rrts,crirt,,ti"rirulu,rlrrt.".. as arklitiorr:d irurtrls <rn L:sx.c.s liabilrty irrsrrrarrcc lxrlirf alrl srrclr txrlicl slrrll lx:crxltnicrlt,rslrorrllratlrss<.r:'slialrilit)irrsrrnurcelx,lir-rli*pr.ir,,an. D. lrssec is rcrNircrl lrr tlris lrax. .\,r.ccnrcnl to irlrrrrlialclv n({iti. l;ul(lk,tl il llrvrr.r.circ a c,rnnrrurir:rti., lirrrr drcir irrsrrnurtc riuricr ()r agcnt tlnt ;,, il;;;;,iirrsrrnul(ri is hr llc omclcrl. n(nt-rcrr*t(1. rctlrrccrl irr .,.,4r"',r. lilrir. or otlrcnvistnratcrialll cluur6trl. Irsstc slurll proridc cri<lcncc tlurt rr.lr r:urccllcrl or non-nnorc<lol ollrcr$.iy: tD;(crially ckurLncd itrstrnurc Il;rr lrcD tcpla$(l ()r its curccllatiorr n<rliccwillklm$rl $ilk).t ant. itr(cmtl)ti(nt irr c,r,cra!t, s<r,l)r: (rr li,lils. Failrrrc t,r,ranrtairrrcrpircrl irrsuruxc irr ri>r'cc srr;rlr llc conrirlcntr a rrratcriar lrrtach ()r tlrc raasrA;l'ccrtttrtl. li Nr ilicati.rr .l clainr. II ;ur'crair. riu rrarnagrs is l crr r'irh r.sscc ()r ir'..\. hr'snit isinslitrtc(l a&riDst lrsscc, rlnl arix. out r -or arc in iul. rra1. corrncc{cJ *ii, i;J.:_grrlirnruurtr: rrnrlcr this Ir'av, Agrttrrrclt :lrrl tlrat irr;utl rv;ry. rlirrcth rr itxlircrrlr..c(nlti,lartrll! (r.ollrnrist, allcct .r.nriglrt rc;rvrrrably alli.ci I:urrlkrrrl. lrss.c slnllgir:rpxrrrrpl anrl tirncll noticc lhcrcol k) l,au(ll()rrl. Nrli<t slrrll rr{ lr consirlcrcrl prorrrptuvl tirncll. il'nrl givcn *itlriu thirty (iJO) rlal.s lirlkrwrng rlrc rlarc ol reccitl ol a clairrr or tcrr ( l0) rl;rr s l,lhrrviug thc rlale ol v.nire ol'prrx.crs ol.a larvsuil. Othcr Inrurulc. provisionr 'lhc irrsrrramc lx irics rcrpirr:tl i. this r.rx'ArfccD)cnl arc r() (r)rrair, ()r lr cftr().*.(lr() (nrrain. rs applicalJt. thc lilkrrving pnlisi<usl a. ADDITIONAL INSURED STATUS: 'l}c lan<llonl. irs ollircrs. rlinrron, r tit.ials. crulrlo\ecs' aDd 1{)lllnrccrs;lr(' k) l)c crrkrrwrl ;* arftliti.rral irrrructls rs rrsDrcts: liahilitr.:risirrg r l o[ artiritics lxrlinrrrrl 14 or orr lrhall ol rlrc I..r*.":1r.,rhr.r.,,rrl .,rr,lrl..r..,lopcnrliorrs,l dr Ir:src; prcrrrix's .*rrcrl, .<rupicrl rr us<rl lr thc I.:ir..ci ()r arrkrrx)rrilrs ormc<I, lcaxrl, Itinrl <r lxrrrrruc<l 14. lLc [assr.c. 'llc (.(rvctiqi.- sLall cotrtain rro cntkl*rllirrrilari.rrs .rr rl* xr4r ol pnxccii()n nlli,(lc(l t. tlrc l;urllrnl, irs .lliccrs, (lireck)rs, olli.iirls. cr,pkrlccs. rrr vohurtccrs. AJrpli<rblc t. (icncr:rl lial>ilit1. a'tl r rcr. Iiabilitrlliitics. h. Rcquirul' SUPPLEI{EI{IAL INSUMNCE: Il rlc rcnarr cnga6ts irr l.;urnin,{ol{E i(n(s)lllal $,(nks wilh <r usts a lllalctiiJ, grnxlrrcs a pnxlrrcl or wrstc. crnsxlcl1,<l to lr"luv;url,rrs" rrmlcr ;url l<x-,I. statc o' ri.dcrar law./ rcliulari(nr. (rrhi<.rr irrchr<lcs lrut is n.tlituitcd_k): Il(ls, lrlrolcunr pnxhrcLr. crop pr-{ ccti(rr t.hcrrrit:rls, knosrr cucirx4r.nit.Dulcrials, r.()lalilc clrcrnicals;uxl biolryic.;rl <rlrtarnirriurts) thcl uill lrc rcquirc(l k) ;iur).Rrllrrtiorr tjalilitv irrsur:urc <rn.ct:r6,c. -l'lrc lxrli<.1. ,ur.t .,r"". t|rc lcas<,.I prcnrisci, lircvchcnrital st(,',Ig.. arxl telriurr's ()rr. i(nrs.'flis irrsrra,cc rnusl i'ch(rc surkrcn rurrrgr-arlul tu'craq'r' Iir rhinl-lnrry riarririt' irx hrrrirrg dcrlnst,c.sts arrrr crluprctc<r olrrati,rrs.'llc <rn'cr:'!t' nrrrst l:c nrairrtainc<l drrring tlrc tcrrn ,l drc .'rrrl*cr,4cas: a,(l ar lcasi llrrcc (i) r c;rni lirll,rvirua it' tr)tllldi(,rr / l(.tluililti rrr, c. PRIMARY INSIJRANCE; l.irr anr.claitrrs r--l;rrcrl hr rlris lrasc .,\,r,nccnrcnr. lhc lcsx.c,si,sltramr c()rtra!r. sltall lrc curlor*rl t. lrc prirrran, irrsrrrarrcc a,s rcsl)ccls tlrc latxll(n.(1. itst li<cn. olli< iids. r:rrrphrlccs arxl rrrlrrntccn. Arrt irrsunurc or stlltirrsur:ox.c nrarrtainctllx llrc Ian(lk)r(|, ils ()lli(.cni. dircctors, olli<.ials, crrrploltcs. or.r,ohrnlccrs slrall lr crcr:sr 0l tlrtlrssctJsirrsruurc;urrlslrallnolco.tilnrtrNitlrit,,,\pplical c t. Oc.crd lialili.. irnrl.tlrcr Iiabiliq;x,licicr. (1. FAILIJRETO COMPLY: Arrl lirilurt to courply wilh rclxrr.ring or r lrcr prorisiorrs r!.tIrcp i< ics i.< ludirrg hrcac Lcs.l rrin-a,tics slu.lr n({ ari.cl (.(nrr:u+ pr<xirlcrlio thc tanr .rrr. itr ( liccni. (lirtrk)ni. .llicials, crrqrirl.ccs. ;rgtrrts or r.rluotccn, Airplics t<r Jx>licics i, rrhir.lr drc [:urrllord is rr;ulcrl ;r,s ;ur arllitirrr:d irrsrrn(1. h. SEVERABILITY OF INTEREST: 'llr lrr.stc ,s rrsurax.c slrall a14 1 st lxu:rrclr. ro uclri,urrcd ;r,,rirrst rvlr.rn cl^irrr is.rarlc.r srrir is lr,rrrgl1,..1..";1 urrt,,"q*ai'r,r'Jn, fi,r,irr rrt.thcirrsrrrer'sliabilirr...\lrplicablcroOcrrcralliabilirviuxl<xtrr.rliaUf,rli;r,ii.i"r." MAINTEhIANCE OF INST RANCE COVERAGE .l.hc lrssrc slull nr:unrairr allinsnnurtc rrrvcnqcs i^ pla(ri r xll rirrcs nDrr pn*itrc trrc tanalrra r"rrt, "r1t",,..c ,,t "r.t,;xrli<1rs rcrrcrral tcn (10) rlays irr arharxr.ol ils arrrrivcniary ,lut". lr.l, im,urux" ;rrti ,r,re(Fin'(l l\'tlis (lau*- sh;rll statc that rrrtcr:1,r: rh;rll rrrx lr c:utttlcrl lrr..irl,". 1rrrr.. ..'<1,,.",1 m c, rrrrr;t. r rr rerhr cr I irr lirrrirs, crt r.,r :rlicr. \rrlk., r r x )ri(.( ",.,, r.,ti,r,1r, Jo'rllli..,, t,,r, t*...,,qrelt.k) llIc.lrxxlkfil. !irr rrorrlrlrrrrrcrrt (!l l)n.IIunt l{, rlil}s. pri(n ,nitt,ri,u,tu." ,,1canccllatiorr ln' rrrail is rtpin:rl. Al4 icrblc to ;rll Jxrlicics, PROPERII WAIVER OF SUBROGATION: Coursc ot. corrsrnr.lion Jxiit.ics slnlltrrrtdn thc lirlkrwirrg Jl.orisions:i) 'llr l;urrikrr<l slnll bc wuucd as hxis ruvcc. ii)'llrinsurc'rslurll*iivcallrirdrtsolsulnxariolruairrstrlrc[iurdlnl. SUBCONTRACIORS: lrssce slull rtrluirr irll sulroutr-ark)rs k, rleintain a(lc(llatcnNurrurc. IO. QUAIJFICATIONS AND RESERVATTONS CONCERMNG IAND AND ITS USE AND SUBORDINATTON OF LEASE. 'l'his Irasc is sulrjco antl srrlxrrrlinatc to: (a)Anl statc ol lhcts tlur( an a(cura(c sunct.Dlay slx^r'; l)rcrcnt and ltrlrue larvs. or<linan(cs, ordcrs, ntlcs eD(l rcgltlali(nrs ()l-any g(\cnuncnlal (>r ylrblit. irrrtlxrritl, including, withorrt lirtrit;ttiorr, tlrrsc r.r:latirrg l() znrilg arxl ulci eu(l anv rcslticltuts. (r)rcttants. aud cascnlcDls ()l_rc(.rn.(1, (b)Arr! plcscnt or lirtrrrc rlis;xrsitiorrs (itrclurlitrB, rvithout liruit iorr, salcs or lcascs) r ' ( I ) an) subsurl:(c inlcrcsts il tlrc l,an<l (irrclu<lirr$, uithout lirrrirafiorr. oil, gas, an(l nrilcral intcrcs(s). (2) lirrc rrx.kor (ll) lirrcst or tiurlrr Prorlrrcrs: and lhis liglrt ol dislxrsition shall, $.itlton( lirniurti(),. irr<ludc all rclatcd iru.irlcrrtal riglrts (irrht(litq, wirhout liuritatiorr, riglrts ol.iugrcss aml cgrcss). li)r arrri porri(nrs or'trre surrl(c.l (he Iarxr usctl lrr' lrss.r rrvlcr rrris strl>paraSraDh '(r)', and corrcspondinglr. rlcnicrl kr I r:ss-\.. l,osscc slurll lrc crcrlitcrl. ()n a pr()-rata l>usis (lirrrc an<l spacc), against llrc rcDl pa!.al)lc ht lrsscc urt<lcr .2,. aD(l Irssor sllall c(nnDcrrsalc la:sscc lirr arrr rlarrragr. rarrscrl bi lr..rrr.t,r l,csscc,s A'r()*ing cx)rls, rvli(-[ rlanr;6'c slnll [r lirrritcrl t, Ltsscc's acrrrai ctFtrrsts arrl shall cxclutlc irr< irlcrrtal rlrura4cs anrl anticipatcd prolits. (c)An!' anrl all grrcscnl and lirrure nt()rt|Irgcs (alr(l tlrcir rcrrcrvals. ttt<xlilicaliorrs. consolidaliorrs, anrl crtcnsiorrs) orr lLc Inrrd. (<l)'l'hc riqlrt ol lrssr)r lo willxlrarv subsurlircc rratcrs. I I. REQUREMENTS ON CESSATION OF L&ISE (a) l,csscc agrecs llut.rr lhc crpirati,rr .r.lc!-Dtinal i(rl ol lllc lcnlr.l.lhis L,:asc(icssali,rr ,l lrasc') Ir:sscc rvill y:lcalc lltc Inn(l ()D lllc (lat, ol.(.cssat i( r l a,(l tltal l,r:sscc will bc a lrcsp;rsst.r (vitlrou{ an1, lxrkkx.cr riglrt) il. lr:sscc rctrrains (Il lltcl.axl. - (b)'lltk: t() sttlrclurcs an(l cquiprircnt plarr:rl b1. Irsscc orr thc l;ur<l shall, drrling tlrc tcnrr oltLis lr;rsc, rcrnairr in Irsscc. ()n lrrc rcssa{iorr or'[,casc rcssccslnll put anrl lcavc tlrc L:rxl in (lca . trc;rt, anrl c1c- pleasirrgc(nxlili{nr satisl:rct()4,lo [r.svrr': and. willxnn linrilali(rl. lrsscc slrall rcrrrrrvc all cquil)rncDt placc(l l]\.lrsscc orr tlrc l,anrl (inch(ling, rvitltorrr linrirari,rrr. sr..rap iron. sI,..1.. t,o,.jlr, l*r*"*. 6 撫∥∥wi榊薄郡上∥織牌1漱 ∥1灘ぼ驚紺∥勲静∥鮮淋淵鸞|、1:1)stancc::ccOr(lin“101メ tw,all(:(2)rciЮ rl stl(1:tisc.Or(li、cll:lIメド,1()lκ Sヽ。■ ∝h」ll熙 ∥111書 ∥∥∥Hや思l↓1ぶ :認せ1織 11:ギ ∥拙 ∥∥ Colll:tilici、. ail(l iti 、trld c()::it)nllit,'M(h .lllド i1lStl■:ctio11、0:l tllc l:l:К :、∥l(l i11 at cOr(lallcc、vit11 10 CO(lc OI「c(lcral Rc,11.tliO11、(2(,251) (c)ヽ Vithil1 60(la,stだ 11):c tcrllli1latiol1 01 tllis Iだ :ι 、c.嗜 lc Iだ、s01、!lall(()1〕(luct 滞拙il∥榊∬榊 |∥ド1器ば`1躙 ↓ (`l) 11lc tctlll ・::・ t/・ tr(1()1ls Ol t()、ic 、v.t、lc、(): 、1:1)ヽ〔:ulccs・、ll:11l lЮ (lcc:llc(11()illclt:`!ca∥lla/.l“l()11、.t()xic, `tll(l ra〔!i(η ctivc t・ 1:l)st・ t:lccs. ヽVaStcs()l l∥∥∥『II∥ttふ (|∥111lltilnШ で'L∬CC Jttl hnl“面dy n“● 社∥|1鮒 lt鰊椰椰椰 1贄 ∥｀椰さ選Л7 pl.()r'trlll l) 'B tlrc l;uxl iukr c.rnpli*cc with all a!r1>licablc larvs .rq()rcrnltrcntr rcgrtlali(nrs. all at Irsscc,s s(rlc cosl iuxl cx1>crrse. lrsscc ackuorvlcdgcs (lrat L.:ss(l.is rclr.itrg on thc rv:urantics. rcl)t.cscntati(nrs atxl c()\cnatrts corrlaincrl in tlris paragraplr iu nraking tlris lcasc. atrrl lrssec;rgrccs to rlclirrrl. irxlclrnil_r. alrl lrr>kl lr:syrr rnrl ils srrcr.cssors arrrl assigns hat.nllcssol arxl liortr anr arxl all ar.tiorrr. srrits, clairns. rcnrcxlial orrlcrs.jrrrlgnrcnts. <lccrccs. irrlrl (latrlirScs ()1.;ul!. tratrtrc(irx lurling but I()t liDritc(l t(). altorne,t's' li'cs aD(l c()s{s, consllll:ulls, lccs, ck:an tr1r, rcntr)r.at ;u}(l rcst()ralx)o (\tsts, arl(l clll ir-()ilrrcnlal larvs) arising lirrru or. irt r-clalion to tlrc prcscrrcc, ,i(:ncl:lti(nl. ltralntl;tctrrrc, rcliuillg, lranslx)rlali()tr. lr!alrDcDt, st.rr;rgc, lran,llilrg. <lisp.sal. <lischa'gc, rclcasc .r spill, ol trnl l*zar<hrrrs ()r losic waslcs (n. substan(.cs orr rlrc lanrl.'l'hc lirrcgoiug irrrlcntnili<.ation arr<l lrokl lrarnrlcss.blig:rti..s slrall lrc in a<r<riti.rr t() an)' an(l all rc.rc(rics ('rhcnrisc ar.ailal,rc t()ltssor hcrcrrrttlcr. (g)lrsscc agccs t. irr<lcrrr'ir!, <lcr'crrd.rxr lr'rrl hssor anrr ils slrc(c\s()rs an<l irssigrrs lranrrlcss ri.rrr an<l ag:tirrst anv crairrrs. rrcnranrrs, acli.rrs. r.arrscs .r acli(),, (,r (la,t.gcs sulli'rcrl b' lrss.r,r. ils s r rt.r.css.r.s .r. assi{rrs, r.csrrltirrg li.rrr a lr'cach.l thc rcpr cscnlali(x)s()r-rtarrantics (.ontairrcd Ilcrcirr.rr lirrrrr gr.:rs,rrralirrjrtn or propcrtr' <larnagc rclatitrg to lltc l)t.ccclrcc ol. <>r. rlis<.hargc ol. llazitr(l()us (,r t('xi(. waslcr ()r srrllstat)(.cs itrclu<ling llrt rxrt linrilc(l lo acti(nr\ l)r tlrirrlpartir.r. (h)[)cstit.irlcs arxl Ftrtilizcrs. I_csscc slrall skrr-c pcstici<lcs. hcrbir.itlcs arxlli'llilizcr rrratc al rridrirr cn<krsrrrr:s lcrrr.c<l in at<rrr<l:urcc rvith lramglal>lr .i 0r) anrl witlrirr cncl<rscrl slntctut.cs c()nsisting at tllc nrinitDUnr ol.a rool.arrtl scalc<llloor. Itcsti<.irlcs. lrcr$ici<lcs, anrl li,rtiliurrs shall bc uscrlanrlrlislr()sc(l()l.stncrlr irr accorrlancc witlt iltstrlr(1iu)s orr tllc lalrcls an<l irr accoltlarrcc rvith ,ll) (ixlc ol. Fcrlcral RcArlatious (2(i2.51). Pcsti<.irlcs strall lx storcrl irr a krkc<I. wcathcr- rc$istant. inrl)ctri()rrs llxrrcd stnlclu!.c. I.lx)n conrplctiorr ol. lx.stici<lcapplicatiolr. thc pcslici(lc n)rtst l)c rctur-nc(l k) tllc l)t1)l)cr. sk)ra(c lacilitr...l.lrc storagc lircilitl sLall bc allbrrlctlg<xxl lxrrrsckecping vr as r.,l)rlj!crrt xlyl)uil(l- up or rclcast ol spillc<l ag.ictrltrrral cLcuricals. (i) Itctrolcurrr Stor.agc 'l-alks. No rrrr<lcrgrouutl storagc larrks or- lincs arc alkrrvcrl. -l'lrc lrsscr: slrall n(rili. Lcsso.()l'th(: krati.rr .l all slati(rlan. lilcl skrr':rgr tanks trlxxr ilrstallaliorr arr<l slrall trrairrtairr arll rrsr. all lrrel st(r.:tl{.- talks l(r prclclrl diM.ltargcs l() tltc cn\ir()ulrcut. l,csscr: is lhc orvncr an(l ()l)clat(n.t)l- such sloragc t;urks nn(l is solclr' rcslxrrrsiblc an<l str.ictll. liablc lirr <.ornpliancc rvilh all grrcrnrrrcnlal rcgrtlati<xrs cur(.crning tlrcir installatiorr. r4rcrariorr, anrl rnaintcnancc. l-cssccsltallskn.csu(lt nratclials as rnat.bc rcqrrircrl ro abso r antl conlain attv sgrills. Alxxc-grrrurrrl Iucl lanks ol'a capacitl, ol .iflls-allons or lcsr urrrst lrc lratcrl s() tllal n() l)at.t ()l- lltc tarrk ir irr corrtar t witlr tlrt sorl tur<l rLc lank can lrc rcatlily inspcctc<l lix. lcalis. All lircl lirrcs. corrncctirrls, arxl {)tltcr al)pa,,(lts !trus( l)c rvcll l,;ri,laincd t() l)rctcot lircl lcaka6.-. All rlctertcrl lcaks shall lr rcpaircrl irrrrncdialcll. (i) Rcporting Ilclcasc ()l sonrc Chctni(:rls_ Il l.r:sscc is subjcct k) relxn.ling ll rc lrrr:scrrcc rrr' r cl<:ast ol clrcrrtir.als or olhcr h;rzat.rlous strbslatccs (),, { rr li(nnlhc liD(l prrNua[t k) Sccti(nrs il02, J0,1. l]0.5. 31 1, 312, or-i]lll. ol rhc l)trergcnct' Plarrrrilg and C(ntrrnrurit!.lliglit-'li>Krrorv r\cl fl.itlc lll ol thc Sul)cilirrrrl Arncn<Lrrcllts anrl llcautlxrr.izali()n Act ()1.1l)ll(i. .12 ti.S.C. Su.trorr I I (X) I . ct sc(1.), lhcn l,<sscc sball pnrli<lc l,r:ssor. rvilh copics ol.allsrr<.lr noriccs or' r'cp(r'li,g. l,css()t.slrall lratc thc riglrt t() !.c(luire l4ssc(. k, (lisc.rrlirrrrc lhe use atxl l. rr.rrr<>r'c li'rn llrt: l;rn<ldl srr<.h <.hcrrrit.als,r. lrazarrkrtrs srrbst:rrrccs rvlri<.h irr Irss.r's solc r4ritri<xr Prcserrt arr 'rrrcas.rurblc t.isk l() lntnta. ltcalth .r. tlrc ctlvtr()ItIIlclll. (k) Solirl Wasrc. l.\rcrrrlcrl accurrrtrtation ol solitl l,asrc isprohibilcrl. l,r:sst:c will pro;xrh. rlis;xrsc ol anr solirl riirslc witllilr i|0 (lays ()l its <-rcatiou. 'lir airl in tlrc <lisgxrsal ot lanrllillable rv;r"slc, t r.:sscc rvill prori<tc arrrl nraitrtairr a si)li(l rtastc (hlltrpslc!.on lhc lcasc(l pr.crrriscs. llrrrial ol.arrv rrastr.s ir strirrlr Irrolribitcrl. 0)()tlrcr \1'astcs. P()lcnlialh. lmzank>rrs rvastc such as uu,rl oil. arrtilrcczc. solvrnts, battcrics, oil liltcrs. rrlrrrscrl agri.ultulal ,1,.,,,iri., .,;.: slxrulrl lx'st<>rcd irr a l)r()tc(Ic(l !Inlrtrcr s(r thal anylirrcsccablc cvct)ts will not(attsc c(rllatl)iDali()n k) tllc srtr.rotttxlittg cDi.ir(rIncnl. .\s a lx,st rDanagrntcnl prr(1i(c, l.sscc slxxrlel acqrrirr: antl rclairr a rcccipt lirr.all rvastcs ll arc rcclcled or dislx>sc<l ol t.lxnl rc(lucsL Lcsscc slxrulrl lrc ablc k) pr)\i(lc k) ltssor-rcrilicati<xr tllat rvastcs arc l)cing rlisgxrscrl ol.tlrr()ugh :r lir'cnscd harr<llcr so as lo \tdlv that waslcs arc n()t Ixring (lisposctl ol.orr-sitr. llcsl nraoagcrncnl lrrncti(.cs slxntkl also iuchxlc brrt rot lrc lirnitc(l t() thc storlgc ol-all corrtairrcrs on in16rlncablc slrccts k) pt.cvcnl tllc nlatcrials liorn crttcrirgtlrc soil. Anl.rcquircd ()ll-sitc (lislxrsrl ol'an1, su<.h nratcr.ials (s) shalllrc tlrc rtslxrnsiLility ol lhc l,rsscc. Iikolisc. inrplcrlcnl an(l l,ctriclc Irrairrlcnarrcc slrtxrkl l)c (\nt(hrclcd in a [iarrocr tltal pr.cvcnts aDt lirltri<ls l.rrrrn cnlcrinlg thc soil rrr.cnlironlrcnr. .\ll liltcrsan<lIh rls slrall lrc pr.rlrcrlv slorerl au(ldislx)sc(l ()l'^s sct rrrrl alxx.c. Ilsscc slnll storc on_silc srrch tnatcr.ials as arc ncccssar!.1() al)sor-b anrl contail arl.luva(lous s.astc spill,lgc or lcakagc. Lr:sscc slnll irunrc<lia(cll r-cnrrx.x anl. c()nlanritlatc(l soil to a rvastc tlislxrsel lircilitl apptrrvcrl lrv l,r:ssor anrl proviric prrx)l ol sanrc to Lcss(,r. (nr) Spccial \\';urrirrg lbr Stolagc an<l Dislxrsal. .l.hc [r:sscc *an-iulls, (-()\-cnanls arxl rclrrcscnls llrat it is lililiar. ryillt re{luiturrcnl$ aplrli(ablc trr prr4rcr rv;rstc disposal. lr:sscc ullrlcrstaxls that it is solclv in clralqcol all larnrirrqatrrl ft.lalc(l a(1irili(.s r)n-sitc;urrl is tlrr.gr.rx.ratrrr.ol.all $'aslc latc al lcaUng lltc sitc ntxl slull n()t lrc ilctirrgas agcDl (>r tl bchall ol. f-cssor in anv rnanrrcr n.itlr rcg.ar.rl kr anr r.lrcrrrical ol soli<l rvaslc st()!irg., usc or rlislxrsal :ur rgttDcnls. lls$cc r'<xcnitnls, tralrarrts:ul(l rcprcsolts, llral lrsscc is liuniliar rvi(L i0 CI.R l,arr l(ili "Recorrrrncnrlcrl pnx.crlurcs lirr. rhc rlisposal arrrl st()rarlc ()l lx-slici(lcs and lrcsticirlc rrrrrlairrcrs'. lrsscc alsrr rIxlcNtiuxls. tllal D() corrtailcr or ollrcr xrtirl or li<Irirl rvastc rlisposal ol ru tvpc is ptnl)ittc<l r>n thc leasc<l lallrls. Howc\cr, nl tllc I.csscc,s ()pliotr. lrsscc rural dislxrsc ol rcsirlual lrsti<.irlc by pr<4rcr application ol.liplc dDscatc ls l)ari ()l tltc al)lllicatit)rr prrl(css..\s a l)cst lllatliulcnrrnl I)racticc. lhc lasscc slroul<l pro1rcrl1' dislx)sc ol-: l (rnrtaino-s ;rs provirlcd in l0 CFll parts 2{i2 and I(i.5 antl as rcquircrl b1 an1. rrthcr apJrlir.aLlc kx.al. statc or.ollrcr l.ctlcrrl lcquitcrllclll. (D) Prollibit('(l 'l'anks. lrxccpt li)r l)clrolcunr storxL(. lanks. Ii(Iti(l l'crlili/-cr tanks, ()r ()thcr tanks ryitlr Lcssor's rrrillcn rrrrrscrrl, alxl.c grorrrrrl lanks ()l-:uv sizc, lbr allt pul-p()sc r,lllcr tllan usc :t|i scl)tic tatrks. tu.c sttidl). prohibitcrl. No trratcrlrl o(lrcr lllan {krncsli(. rv;tstc rvatcr. as <lt.lirrcrl anrl allorvcd bl Clraptcr 17, Ii.,\.('. arrrl anl,rllrcr al4rlicrblc lctlcr.;rl, slnlc ()r l{xal rcrprircrrrcrrt. slrall lx- pla(c(l iDl() an\.sclrtic s\.ritcll). -l.llc pr(rlx.r lrnrrittirr& opcrali(nr allrl ckrsrrr.c ol'alry sll(-lt l;tDk or scplic s!.stcNhall lx. thc solc r:sJxxrsibilitl or tlrc lrsscc. (>) Rclcasc Prrrcc<lurc. All lrrcl spillsorcr 2.5 gallrrrs tlr$t lxr rcpo c(l k, I{sso! iDlulcdialcll, ulxrrr tliscor-crr.. l_css.)r. al its (rlr(i{nr and irr ils solc rliscrctiorr, utal olcrscc ()r (-()trtftrl ant uccdc<l asscssltcnt an(l rrntc(lixd(nt a(livilics. (r) Mirinr{ ald loarling ltrxr:drrres. Mirirrg,4oarlirrg ()l agricultrrrtl chcnricals shall nrl lrc lrcrlirrrrrtrl n,ithin t00,ofan1,wcll, oral a sitc wlrcrcan acci<lcllal rclcasc woul(l <|rain itrkr a srtrlh<.c rvalcr lxxly or wctlanrl\r'slc|ll. .\gri( ultUml (,lrrDrir.:rlr rrrar' ()t I ;l|t\.tiItc. lirr rrnr tltrratirrrr, beslr)rc(l $ilhir I(X)'ol arrl. rvcll. Mixiruy'ltnrling sitcs slroulrl lx altcnralcd kr Inc\'ent ant, gxrsriblc ;rstici<lc (\)ntet[iD;rDt il(.(.u!truleli(nr. lrluiprrrcrrtrvasling aurl arrl rriplc dnsirrg shorrkl also lrc lrrlirrrnc<l at nrulliplr:sitr.s. (t1) l'alrrrort ol lirtilonnrcnlal C()sts. lrsscc aqrcts t() pav lltc crlsl ol.nn\' illsl)c(liul. in\.csliFtti(nt, itu(lil, dceD-ltl), sitc rc tcrliatitrrr <rrrlctorilication, arrd lhc t)rcl)i[ati()n (]l'atrv (l()srtrc (1. ( hcr rcrltrircrl plans. torrscnl orrlcrs. otlrcr <xlcrs, liccnsc applicati(nrs, an(l llrc likc. rvhctlrcr sut.lr a(li(nr is rc(Ilirc(l <lrrring or lirlinvirrg ttrc lcoan$ (r.tltis lcasc to the lirllc\lcnt {llal st|cll ilcliorr is alldl)utll)le, rlircctlr. or intlirccllr.. to Irsx,c,s(,lxmtirnts. rrrclrrrling lllrt tx,t lirnitc(l to tlrc rr:,c. qc (r:llt(;t. rt.n.ilg(.. r)rdislxrsal ol an\. l)etr()lcuDr pnxllt(1s, l)cstici(lcs, l.c.nilizcrs. clrtnrir.als. hal-aftl()us rulrstanccs. or .rrratcr.ials. as rlclinc<l lrcrcirr, on ()r un(ler llrrpror('r1\'{hrrirg (hc rcnancr o|trris lcasc.'l'hc ()r)rigilti(xai crcarc(r ab.rt srr;rlsrrnilc this lcasc arxl slmll lrc in arlrlition k) lhc rcn)c(lics availablc ro thc I lssol rrrrrlcr arrv ollrer a;4rlictrhlc la*. (r) Rcnrcrlial Aoitxrs an<l Dcliurlt. I jtxrrr norilicaliru bt. thc lrssor or ulxnt tlrc [,csscc ()tllcrllisc l)c(oni|lgaualc ol a r.iolalion ol.ar .rrrrrrlitiorr ()l. this lt.asc. Lr.rscc nill lrcgirr rcnrtlial a(ions itrlrr.(liat(.1!. *,rl,lr. ^r ir ,,*..,, crJrclsc. iu l(.cr)nlan(c rlith all applicablc li.(lcml. statc or l<r:rl laws or_ rcgulnli(nrs ;tn(l in accordancc rvilh allv (lircdi(nrs (]r illstntdions lllat lrss()r rn:ll' at ils r)l)li(nl, ,{irc lrsscc, or. tlrrsc givcrr br anr re4rrlattrr. :y3:r(r.. \on- rrrrnplian<t rtil h alr' 1)arl i,l lhis lxlragraph l2 shall bc a <lclault ol.rhis 1", ."- So[:11.at thc discrctioo ol-llrc h:isor. il appropriatc rcnrcrlial adi(rls arc D()l pr'({ar-cssitrg or ltal.c n()t pn)grcssc(l k) l r:ss(rrs satislicti()n vithin l0 rlaYs ol. tlrt'alxrr t. rtotilir'atiort or.ol'lrsscr.rllrerrvtsc l,cc(nIiIg arvarc .,1 flr,. ..r,,lafir ccondidol, Lr:ssor rtra], rc(luirc lltc llsscc. al I rssorrs solc rliscrtiioo, t() lr()slat| cn(it(rtrncutal liabilit! lxrrrrl tryxrrr tk: dcrrrarrrl ol thc lrssor. irr ;ur ;urxxtnt l() llc (lctcnlirrcrl bv lhc l,cssor tlcpcn<lirrg orr tltc lx)tcnlial rcvcril\. rtl tlr crtr'irorrnrr.rrtal corrtalrirration. Irssor qill slxr.ih.tlrr. lx,rxl ,rrr,,r,,,t L;ustrl orr crxrsrrltanl nic()lnnrctxla(i()ns. Il rlrc l,l:ssor alknvs lltc Lcsscc l{,pllrsuc tltc lnnding rctluircrrrcDt, tltc lhiklrc bt tlrc lcsscr k) pr(llucc cti(lrncc ol'sai(l lxntd rvithin 1.5 adrlitirual <lays rrill llc c,rrrsirlc..,l ^,lcl^ult()l lllc lcasc. .r_otltirrg irr llris pirrrg,raplt sltall prcrrnt not rc(luirc tlrc Ixss(n. lirrrrt orr.rlafurrg [crrr.(li l al,ti(,n at an\, titD. t,, pler.r.rn ,ur.tr. i,r <lctcriolat|(xr <>l lhc dcruiscrl l)rcrlises. N()l$illlslal(lilg an\,pt.()visi(xl ol.this paragraph.tlc I.ssor rnav lcnuirratc this lcasc in the r.asc ol tlrc Iaihrrc ri.th.i I.,r*.,., ,,, c( rllph, rl.ilh an}.c()D(lition <>l lltis lcasc t>r this p;u:rgraplr (s) Surrcndcr-arrrl Rcstoration ro()rigioal Corxliti(nt. Al ltrc lc ninatiorr r>lthis lcasc. or rrlxrrr l.csscr's tacatirlr ol thc lc;r-sclroll. Lsscc slrall lr rcsponsiblc lirrthc pr.,lrcr renr(xal ()l dl rcrnai,irrg ,,ratc als. irclutling l,.rt ,,o lirrritcrl to allrontailrcls. lalrks, l|cryr)rslrcnl tDatc als, lrrcl, arl;6,r-ictrllrrral t.hcnricals. Laltcrics.(hrrnl)slcN. soli(l rvaslc. ck..'l'ltr. l.r:sscc shall lrt srrlch.rcslxrlsiblc lirr.rctrrrnrrrg lLc lcasclxrld l(, thc cDvironnlcrrt:tl corxliti<>n cristirug at tlrt: lintc ()l.lx)s\csrii(nr. \otwilh*n.rlirg a,l olrrcr pr(rvisi()tr ()r'tlis lcasc. rrrc [,r:sst c srull rcnrairr li;rrrrc trrlhc [,cssor lirr ant cnvin)rullcnlid (liulilgc en(|,/or rcst(]rati(rt c(rsl arising un<k.r alrvkxal. statc or lirlclal larv. 111lq, ,rr,1"r,r, a"Btl;rti(D. or ;itrr.C(ntrt ,rrarhtrirristratitt: r>rrlcr (tLc lcgal 'RcrFrircr,cnls'). .r- rlrc l,csscc .r. its .lri<.crs, rlircrlor.s. agt,ts. crr)pl()tccs, ()r c(nrtract()rs, irrlu<lirrg Ihcir hcirs anrl assigrrs ..1-lris liabilittl shall srrrr'ivc lhc lcasc ;rcrirxl arrrl thc lhilurc t. thc l,,ssor. r'rlisc.r t,r ;ua,suJr trrrrrliti.n(lurinB llrc lca sc lcnll or tlrc I)r,c-sut.t ctxlcr irrsptction shall rrot allcltt 1,,:ss,rr,s rigltt kr cnlirrcc this pl1r.isiorr atxl su<.h riglrt is i a(l(lili(nl to any ()tlrcr rights (n. rcrnc(lics lLal lxss(n tnal ltatc Io ()l)l;ril rrjlicl lin. suclt con(liti(nt luxk.r lhis lcasr: or- ant. al4rlir abk las. (t) llcsponsilrilitr li:rr. ('rxrrlrliarrcc. Corrrgrliancc rvillr tltc tcnls r)l thispa'agaph is thc s.lc rcslx)nsil)ilit),()l-lhc lxssoc. .l.ltc d,{h( ol lllc I rss.r t. irrspccl thc Drcrniscs slrall rx)r (rcatc a (r*rr lo i,srrcl. rr)r shnl Lcsscc rx! cnrilr".i l{) t-crv r>n lhc s;urrc. nor shall it lrc corrstrrrcrl or inlcl.l)rr:rrl(l :$ a rr:livcr ol or (,stol)l)cl t;, l.tssor's riglrt to rcrprirc lr:ssctis sticl r(rlplian(.c lvillt tltc lcrDr$ ,rl.tlris_<rr ant.()lltcr pa ()l-lhc lcasc. ()r t() :rDt. e li)rccDrcnl acliur ln-(nlgltl l.}\. thc l,cssor. (rt) lil'ironrrrcntal lrxlcrrrnitl. Ir:sscc rr.ill h irt cha4,,t, ;uxl controlol.all nratcri;rl Landlirrg iuxl 5t()Iiqc iu-cas ulxnt llrc lcasc<l prcrrrix.s , arrd l.rj$(c agrccs t{) irxlcrrrrrilr,. lrold harrrrlcss antl dr:li.rxl lrssor liorrr all clairus rlcnranrls. Srrirs. rliurraL'r.s (irrcludirrgall lircscurblc anrl urrli)rc.{cablc corrsc(lucrtial rlanra,rcs). pturitir'c rliunlgts. asscssrrrcnls, Iirrcs. lrrr;rllics. (r,sts:rn(l (II\,r c\I^.D:,(.{ (irxlu(lirg alkr-nrys' liijs itnd ()thcr (on c()sls) l)rouglrt orr lrclull.ol.any lrrs(rl {)r cn(it\ arisitrg liorn lhe rrsc, rtor.agc rrr. rlislxr:i.rl ol an1. clrcrni<-als. ;xrllutarrts, pcsticirlcs. lrtrolerrrrr pr<xhrds. llattcries (irrchulirg rlaslc nutcrial) atr(l ()lltcr slll,slatx_crt (cunrrrlalilcll thc'rrratcrials") usc<|. gcutr:rtcrl. stor.crl or bnruglrt tntto llrc lcasc(l prcrrriscs bv 11ss131.. rvhiclr rrra(crials, or tLcir-rrv:, sloraqr ol rlislx)vrl. ilrc tcttlalc(l trn(lcr iuty kx: , surlc or. lldcral larv. 'l'tis inrlcnrnitt slnll cxtcrxl tr) ar)v oll--silc lrca[,cnl, $k,r-agc (,r (lislxrsal .l lill trratcdal dral lcarts ttrc rlcnrisc<l prcrrriscs lirr rvhich lLc Irssor lxcrxltcs rt.slxnrsible citltcr lohu)tarilv or inttruntalily.. .l.lrc scr,1r ol tlrc Irsscr's irxlcnrlilicati(nt lrcrcun(lcr shnll cxlcn(l k) arrv act (x orlissirxr ol tlrc lrsscc, or ils olliccrs. (lirc(k)rs. agcl{s. cullr()}tcs. {)r c(nllra(l()ni. irrlrulirrr; fhcir. hcils anrl assigns. Clainrs irrtlrrrlc but arr: not liruitc(l k) lh()sc claills. cillrcr tlucalcncd <r rcalizcrl. li)r irrilrrics k) lhe (ontauilatioll ()l.r)r lltc rlcallr ol.lxrsorrs, (,1 (liuna4s k) or tltc (lcslnrction ol proNnl., tlrc air. s{,i|. rtalcl-5. g,rtrrxhvatcrs, thc cnlironnlcnt. lilcst()ck. pl;urls. ;uriruals, arrl arprari<. lilc arisitrg lionr cx;xrsrrrc trr or. l[c cscalr ol-thc abor.c dcscrilul rnalcrials <hrc to srrch nralcrial s 1,n:v.rrrc cilhcr,lr <r l)ll-sitc. ( lidrrrs shall alvr inehrrlc clairrrs li)r rcsldirtiut costs. rlarrralcs or c.rrrpliance *ilh anf .rlminist':li'c rirlation n()licc. ntlc (n.(,(lcr.'llis irtrlt,rrrnitv shall srrn,ivc this ;rtrcclrcnt. Ilirlrics itr(lt(lc tlx)sc lo lrssot or. lrsscc, tlrcir. olliccrs. dircctor':i irgulls. cDll)l()\.ccs, or (()nltircl()rs. irl(lrulin4 tlcirhcinaDrl assilIls, ()r aDv l)(llcr l)crs(r) ()r cnlill.arising out ol tlc alxrvc tlcscilx(l a(.ts ot_ orrrissi(rls ol I -cssrc. (r)(lar-nrn'cr. l,csv'c shall also Irc r cslxrrrsiblc rr <lcl this l,;Uaq.raph l2 lix arN huar<Llrs or k)\ir rl.astcs (,r- sul)slurccs rlisgxr*-rl ol.lrr [,r:,,r." ,ludtg ul1 p.i,r. lc^."lxtrtccrr lrssor xn(l lasscc. anrl slrall pronrpt\, n.rrrc<lv alv i,rrp,.,4r., ,li.1rr*,| ",provirlc<l hcr'cirr . (ry)'llrc pr.risi.rrs ol this parqraph 12 slall lr dccrncrl t. run,i.,c.;r,(l c{)lrtinrrc i lirll Iirr<.c anrl cllict al'tcr. crpiration ol.tlris lcasc ,r. ^|i.. auy ",]i<ti,r,or rclxrsscssiorr. l1l. SUP?LIES AND UTILITIES, Irsvrrnill rtrr lrrrrrislr arr1.Srrpplics or uriliricswlIatcrlr'. Irsscc shall pIrnulltl]. t)a]. l;r;rll srrpplics anrl utilitics (irr.l;i;;, ;,ir;_ lir r ritation, ;lrs. clcctri.irr'. li,irrl. rlcnr. rxnrrr..\n<l tclcplr,,c anrr c.rrrrrr.nit.ati.'scnicc). I'1. ASSIGNMENTS, EIC. I_tsscr: shall not ;rssi4r. cn<.urrrbcr or rlislxrsc ol.this l,r:ase or slll)lcl lllc \rlx)lc (n.an!, l,nt.l ol.tlre l.arxl rl_itlrorrt tlrc pr.ir>r rvr.ilcnrrrnscrrt ol l,cssor. -l'hc I r:ssor tras llrc absolrrtc riglrt to rrithlrol,i .,r,,r.i,,t. Il 1,..,,".,is a (-(n lx)rali()n { }r a lrarlncr slrip, arry lransler 0rol irr c6rrsc<lrrcr*" ,rf ,i.,",f,i,rf ,1,"c()rp(rralc sharcs or IrartDcrsli;r irrtcr.csls rvlridr (crrrrrrrlatir'clr. ;rrxl irr thc aqHr.ctratc)clrarrycs lhc o ginal orvncr,rl a rrui(r.ih. or lltc ottsl_rlrn, *f ,",..-,; ,rr'i^J,..f ,i1, lt irrtt'rcstsslrallbcrlcctrrc<larrassigrrnrcnlr'lltislrnsc.ItssorotalassigrrthisIa:asc. 1.5. CONDEMNATION, E'IC. Il arrr,parr orall ol thc l;nrd bc rakcn lirr an1.publit or <1uasi-;xrbli(. ,sc .rxlcr a.l, stal.tc ()r l)!. righl ol.crrinent rl.rrrairr ,r bvaly prrrchasc in licrr ol srrch takirrg, thc tcntr ol.this lcasr sh: l tcrnrirralc rvLcrr lxrsscssion is so takcn and lhc rcnt unrlcr paragr:qrtr '2, sLall lrc aplxrrtioncrl pro ralc (tinrc and spacc), Irr rrr< h crcnl. Lcssor shall lrc cntitlcd lo thc crrlirc awarl orprir'c: [.r:ssce sltall lot bc cn(illcd l() arr\, (.()rnlrcnsali(nt lirr Irsscc.s lcasclxrltl intcrcst in thc l,arrd,lnll lr:sscc rrra\., t() su(.lt crlcnt as nrar' bc ylcrrnittc<l lrr. larr. claitrrc()rrpcrsnri()a li()rr tll. l:rki.8 autl*rrit1. lirr rrr.raLlc srrrrcrrrres. li$urcs arxl ch.rttcls rvlrich arc thc propcrl!, (,1-lltc lrsscc. l(i. BANKRUFICY, ETC. Il rLcr.t lrc lilcrl br. ()r ngairsl Ljsscc iu anv courlprlrsratrl k) aD!. Fc(lcralor Slalc slatulc a l)cliti(nl in hankruplc).or insolt.cocr <>r loranarrgctne',l (rr rc()rganizatiorr orlirrtlrc aPlx)inltncnl ol.a !I.cci\.cr (n. lr.,tslcc ()l.anv ol hsscc's pr(,r^-r'lv or l,csscc rnakes an :rssignulcnt ftrr trre rx.rrcrit or-crc(rikn.s,ll)isl.arc,atllrc()l)li.rr.r'Irss.r,rrrarIrcrc,innrc(lan(r r-r:ss.r shalt bc cntitrc<r t() danrngcs lirr Irsscc's lrrcaclt ol tlris lrasc; pro\.i(lc(l lxntcvcr,. llul il.an).slrclr lxtiti(xr ()r l)nx.cc(litrg is involrrrrlan. arlrl is rlisrDisscrl or [illxlrawn Nitltin (llirlY da1's: icrlilirrg, rhis l,casc slrall nol lrc so lenrrirratc<I. 17. REMEDrr.s. i.r ll (l) lasscc dcl;rrrlts in llrc pal.nlcnt ()l arr]. rcnl or surrr ;n},:rblc rrn<lcrlhis L:;usc<rr (2) l,csscc dclaults. lirr' tcrr <lays ;rlicr- .ur.itt"n ,,,rri,.". i,, tlr" 1rrf<rnrrurcc ()l xnv tcn,s, Dxnniscs ot- con<liti.rrs ()1.lhis l,ri;..c. otlrcr llra. tLcparrrrcnt ol srrclr tcnl ()r sulls. tlrc lcrrtr ()l lltis lrtsc shall al [ass()r,s (,|)tl(nt, crcrLiscrl l)t' tcrr dar,s prior rriflcn l()ti(c lo lasscc. lcn[innlc. alt(l Ir'ssrrr rtrar, rc_ cntcr llrc [an(l by Iirrcc or otlrcnvisc and l,cssor slrrll lrat.c tlrc riglrt to rlisposscss anrl cvict Irsscc br.sunrrrran, prrxccrlirrg or- orhenrisc. ln ca-sc.rt. anl srrch rlclault l,cssor shall lrt cntitlc<l to <lanugcs [rrr I r..sscc.s lrr.cach ol.rlrrs Irasr:1,lrr. Irssor,s r-csrrllirrg cx;x nscs (incltr<lilg, rvithout linritali(nl, irtk)rncvs, l.ccs). rhr All ri,ahls a'(l rcrrrcdics ol lr:ssr>r arc c.rirrrlati'c, arnl llrc crcrr.isc .l anr.slnll rrot pre<.hxlc thc cxcrtisc ol otlrcrs cithcr. unrlcr tlris I rasc {n. l)1. larv. 18. WAMR OFJURY. lrssor and l,r:sscc rr,;rivc rri:rl lr..irrn irr anr.adion, 1rr<xcc<ling, <r c.antcrcleir' lrrrugrrt lr'r:ilrrcr against tlr otrrcr o, anr. rrnltcrsrvlntc{cr arisingoul ol ()r connccrc(l *'illl rlris Irasc. rhc rclari,rrrrlrigr 'I I antll,rrrl an<l 'l'cnanl lrctwccn Icssor iulrl lr:ss(c, I r:sscc,s usc ,r, ,*.,.,4r"u..i. ol.thc l;urrl and atrv claitrr ol injtn.r., (lcath, ordalrag.j. l!1. gglrt ENIOYMENT. Lr:ssor a;nccs tlnr, sul)ic(l t() Lcssrc,li hrll corrqrliancc witlr this lrasc, l,csscc trrar. pcaccablr. :ur<l rlrictll. chi(\. thc Irn(l on xrrrl sulriccl to llt(.tcrrrrr arrrl corxlitions ol this lr.asc. 20. r rsSORrS RIGHT OF El{fRy. Ir:ssor (an(l ils rcprcscnlativcs, (:tttl)lo\ccs. an(l ini,itccs) nra!.cnlcr th l,iuul ;ll all rcas()nal)lc lirDc cithcr Iirr ilrslx.(1io) or in pursrrarre ol anr.:uxl ;rll ol its riglrts urrrlcr tlris lrllsc. 21. RELATIONSHIP OF PARTIES. 'l'hc rdarirnslrip ol.[.css,,r antl Irssrc rs solcll'that ol lanrll)ad a[(l lclant unrlcr llris lra*: Irssor has no intcrcst irr Lr.sscc's cnlcrDrix; Lr:sscc is n<{ an xgcDt (rr rcprcsr.Dtati\.(: ol. l.(.ssr>n anrl this lrasc sLall undcr no (ircuulslar(.cs l)c (onstt.uc(l as a.i()inl vcntrrrc or panncrship. 29. INVTIEES. hsscc is rcslxrnsiblc li,r tllc salit]., ucgligncc. ,uxl acli(nrs {)l lrs*-c's !,ucst(s), inr.itcc(s), lanrill. anrl li<.crs(.c(s). I.css{i: lxars solc rcsponsibilitv lir an'rlarn:rl,r.s muscrl l^ hrvitcts t. tlc lrrclrisc$. Al*.ti{)lali'rr < .this I ras. C.rrtra<t by llrc lrsscc's lnr.ilccs shall lx.corsi(lcrc(l a violation Ly drc [rss<.t. lrssr>r has IIc riglrt t,r crchrtlc aod lcgally lrcspess r),inlit(\cs or ollrtrs wlro. irr ()*rtcr,s vrlcjurlgncnl,luvc hcn in t,iolatiorr ol tlr law.lhc lrlrc Cotrtr::ut or arrr nrlcs csablishctl l)r' Lcs\or. (,r (listltrl,iuri oll['r rt.si(lc[ts, rreidrlxrrr. r.iritrrrr or I r<w,r,s rr. ;x.*.rrtati.r.s. 2:J. APPLICATION BY LESSEE FOR WATER Folrhc lirnirc(t purlx,rc ()t. .lrtainirrg 1rcr'rrrits t. <lrill rirr ncccssary rvarcr (rr lh r,iuxr, I rsscc is atrtl*rrizcrr t, act Iirr l,cssor irr nuking iur a;4rlicatiorr ro thc 4orcrrrirrg lloarrl t)l.tltc Sr,uth l..lori(la Watcr- Maurgcurcnl I)isl (1, tlrc Courr\. l.)rginecr arxl altv ollrcr prrblic agcncr. rcl.trl;(ing rvalcr rvclls and walcr us(. ()n anl. such a14rli<irrion, Lcsstc shall siurultancouslv litnrislt I,r:ssor r th <rrpics ol rltc appli<.atitrr arrrl all rclcvant docunrcnts (in<lu<ling, reillxrut lilniteti(nr, cona,slxnxlcn(c). Irsscc shall oll;rirr I cssor'sconscrrt Jrrior t<>appll.ing lirr itrrr. 1rcrrrrit, rvlrich conscnl nlay in l.sr()r,s s()lc rliscrction lx' rvitlrhcl(1. l.ss()r rclaitrs I lrc riglrt to r1rccil!. rlrt .ize, krarrrrrr. rlcplh an(l c()nsurtcli()D nlatcrials lirr.anr. rvcll. ()n llrc crpiration <u tcrtnination ()l llis h;rsc, I.essec agrccs, al l..rssor's oplirxl, to lcavc tvcllcasirr$i ilr placc iurrl to phrg or cap suclr u,cllcasings. 2l- NO WAfVER" Not[ing with rcspcct l() tlris lrasc shall bc rlccru<rl to havc lrcn n'aivcd br. lr:ssor rtnlcss su<.h rvaiucr is irr rvriting atxl sigrcrl ll. I,cssor. No orni55i1y11,r1 1aa.trr. b irrsisl (,n st cl lrcrlin.lllucc l)y L.:ssec slrallbc<lccnrcrl a wtir'cr ol arll subsc(luclrt brca(ll l)1.lrsscc. 'L5. BENEFIT - Bt RDEI-{. 'l'lris l,casc slnll inurc ro rlrc lrnclir r)1, at)trl!. l(), anrl birxl tlrc strcccssors arrrl assigrrs ol lrssor. It sh:dl appll- to an<l binrl thc hcirs and pcrs()tral rellr(:scr)tativcs ol lrsscc arxl, il lrssors ririflcn (tll]scDt k, xssigrulcn( has lrcctr olrtairrcd, drc su(.ccss()l.s aI(l &rsigls ()l.l.sscc. 2(;. NO RECORDATION. 'l'lds l.r.a.sc is ncilher rvitncsscrl nor ackn()ulcrlgcrl anrl slull not h rccoldc<|. 2(;. GRAMMATICAL USAGE" r.,r Wlrcrc thc (.(nllcxt tc(luircs. gcnrlcr. aorl nrrnrlxr shall lrc <lccrncrl intcrchangcablc. (b) ll-l^sscc is con4xrx.rl ()l'sct,cml pcrsons. tltc].slrall llc .joirrtll. antl scvctally liablc lirr thc oLliprLiorrs ol L:sst,e. Il l_r_sscc is a pertllcniltil). lltcpit.tlcrs iL\ rvcll ,Ls thc pa[rcrshil, shall lrc.j<>irrrl1. an<l scr,cr:rlll liablc lbr. thc obligarions rrl tlis lr:asc. 27. LEASE - ENTIRE ACREEMENT. .l.Lis lrasc colstiturcs rhc srlrrc n$rccDlc[t l)c(ryccn tltc partics. \() rcprcscrrlaliors, rvarraDlics (]f IrroDtiscs l)ctlaioing t() (ltis l.asc ()r enr.ptt)llc ].alltctc<l b1 this ll:asc halc bccn nrarlc br', oor slr:rll bc Lirxling orr. cithcr ol tltc paflics. cxccl)l as cxpt.csslv slt c(l itr lltis l,<-asc.'l'his lrasc r.arnrot lrc clrrrrgc<l or:rll1.. lnrt orrl1. br. arr agrccrrrcnl rrr writing signc<l l)]. lllc lr t!.against wlrorn errlox.crnctrt ol an1. such ch;urqe rs s()ugllt. 2tl. CREDIT APPROVAI^S. 'l'his lr:asc is c(rnljngcnl rrlxrrr <.r.crlil approval an(|. il dccnlc(l Dcccssary. bt lrssor, ap1rft)\.c(l lcltcr. (;l'ARAN'lr- (pt:m<xral) by pcrsorr(s) dcsigoatcrl b1. Irssor.. 29. SEVEREINruRY OR DEATI{, I rssec nrrrst norili I rss(}r in llrc cvcnl ()[ scrcrc irrjrr4 (an1 itrlrrn rrhich nrust lr re;xllc<l to ()SllA) or.<lcat|. ll IN). COMPLY WT'[H THE TERMS AND CONDITIONS OF THE LEASE lr:ssor will ntrt in(crli.rc rvith rhc llar-r,csrirrg arrrl crrltilarion ol-cr<4rs pt.cscirth lrcit)B tcn(kxl. kssor n)at sk,l, rv()t.k {nl otltcr laD(ls uD(lc[ l,casc il Ir:sscc tlocs rrtll colttlll),rvillt tl!(, t(,nlts :rrxl conrlilirrrrs ol tlrc lrlasc. :ll. TERMINATION OF LEASE lrssec nurit hc in c(nnt)lirn(.rj wirlr I,idcral. Statc, ,lnd C(nuttv laws arrrl l.lrrlirorrrncrrurl rcgulations (i0 rlals pr.ior k) lct-urilrati(rt ol-1.(.asc. lrsscc slrall nraintaitr corrrJrliancc tlrrr ing tLc linal (io dals ol thc l,r:asc anrl at all tinrcs <lrrring tlris l.asc iul(l slrall <lislxrsc oll..sitc ri. all lraz-arrlous srrbsl;rrrces. arrrl lcar.c Ihc lanrl irr a ntat. clcarr, irrr<l ctcllcasrrrg con(lili(nr lo tlrc satisliction ol'tlrc l,cssor. .112. VENUE" Anl actiorr lirr. lrrcaclr ol lhis lrasc (n-li)r.aD\-<.lairrrs or. danta4cs adsirrg out ol lhc orvncrslrigr. us(. lx)rscssi(n ,,r rrrairrtcrrarrtc ,,1-thc Icascrl pr-crniscs shall lrc lrrotrglrt orrlv irr Collicr Corrnt\. F.l()ritla. It3. NOTICE. Anl,noticc lcquirc<l lrcrcirr slrall lx. ua<lc in rvr.iting arxl rrrailetl ccrtilic(l lrtail kr lllc ad<lrcss pr.otirlcd hcrcirr lirr. lrssor arrtl lrsscc antl slrall bc rlccnrc<l lo Iralc lx'cn rrra<lc rr{rcn tle;xrsi(c(1, p()stxgc l}l-cp;tirl, irr thc I nitcrl Statcs l'ostal S!.stctr). 34. MIS€ELI.ANEOUS PROVISIONS. L-sscc shall rrrrnply rvitlr aD(l sltall elsur.c rhat all irrrlcpcrxlcrrt c(rrrlraclo!'s ()n tltc lanrl with llrc (.()nsc[t ol lr:sscc cortrpll. willr all larvs, rulcsol rrcgrrlaliolrs tcgrrlirrg thc usc ol ruigrant latxrron lhc lau<larrtl thc l.lodrla llirrkcrs Cornlrcnsati(m lawas il nra1.appl1,. ,.r*o livcstrx.k slull lrc pcrnrittc(l (rr lllc l_aD(I. .Lwlrcclcm, A'11/s or.oll-tu<l vchiclcs ar-c .rrrl,r pcrni{c(l on thc lrsscc's dcsignalcrl licl<ls arrrl rzri.rlur.ir)g (lil!.liglrt h()lll.s. lrsscr is rtxlrrircd to rtr.,rkc surc all tg cs l() tltc prr)lrrt!.arc ck)sc(l lry stlnd(xrL (c) luclu<lcrl in this Irasc is thc cqtipnrcnr <lcs<.rilrcrl in l._rtriLit 'l].. Lratcd al tlrc rcslrcctivc plunp stali(nrs. All srr.h crluiprucrrt will ltt nmiDtainc(l and rclraircd bt, I.sscc at lrsscc.s cxgrcnsc. ll arrl.ol.thc rlcscrilrcrl cquiprrrcul l^-corrrcs nonJrntclirrral. l,csx.c will pr.orirlc a replaccDrcll, il rcquircd, or ovcrhaulc(I, lx lr aI lrsscc,s crl)(:nst. 'l'he arcas arourrl lhc cquipnrclt will lx kr:pl clcan o[trastr an<l rlclrris ;uxl kcl{ tDorvc(l alxl spralcrl L,v l*sscc. lrsscc will kccp thc pioric arca nrorvcd arul clcan ol trash anrl<lcbris. M<>olhl1, r'isrral irrspccli(nt r.clx)rts li)r lilcl (ollidtrrtrcll ar-cas mc d(ntc attllccn(l(rlc:tcltnr(nrtltaDdant.iisucsrvillbeatldrcssc<lirrs,drrg:uul (t)rrod(\l itrmrc(lii ch., tigrripnrcnt anrl spra,t, nratr:rial skrr4qc;ura will lrc rrrrrtcrl antl trraittlainc<l bl lhc lr,sscc. Main roarl rrraintcnaocc costs rvill h splil by thc lrsscc ;urtl kssor. Drrupstcr rcnlal will lt split crlrralll,b1, rhc Lcsscc arxllrssor, 1):∥〕1:バ tで r rtl11コ 1,コ l,た、1』it.nt,1,!Ⅲ口lc it、、ct∥:(11ぇ、ま片湘牌螂ドヽ “ :ヽ :al(■ "nて ,rKI.,.Ok,■ “ 、 :で、二ヽ∥蝋禅〔■t鵠 llⅢⅢoLrcで、蜘嘲Щ "く ■、同体 ■eSOR・崎 OF a nor11.(..lx,脇 .:(メ:避魚 i庶咆町え 11`"i`1.`,,rlxイ ■|`,11 1,,1_ H';:IT;x[l,ifff,:]:;;(.* !ti,"id,{,,,c r*,"( nn.,,r,,*,cnni (,r ― "X〕 hili:・ト ** Note: The lease term listing agent the correct Lessor: Lessee: Propertv Address: Lease Term: Commencement Date: Termination: Options to Extend Term: Rent: Allowable Use: Assisnment/Sublet: July 1,2022 May be terminated by Lessee. N/A c套嘉_coИ 4り Faciltties DiN/islon LEASE ABSTRACT Williams Reserve Farm Lease#3 dates do not coincide with the creation date - per the dates are supposed to read 0710112023 - 06/3012024. Williams Farms of Immokalee, Inc. not listed - names removed per owner request Land in Collier County, Florida referred to as Fields #3,4,5,6A,7,9 and Equipment Area for a total of 3 8 I .54 Acres I year Expiration Date: June30,2023 by abandonment, default, insolvency, or breach $185,046.90 Annually (paid in full at lease execution) (381.54 acres at $485.00 per acre) $2103.30 is % of the dumpster fee (paid in full by Lessee at lease execution) ANNUAL LEASE TOTAL = $187,150.20 Lessee shall use the Land only for the production of fruits and vegetables. Lessee shall not assign, encumber, or dispose of the Lease or sublet the whole or any part of the Land without the prior written consent of the Lessor. FacillJes Management Bundlng.3335 Tamlami Tra∥E Sulte 102.Naples,Florlda 341 12.239-252-8380 Miscellaneous Provisions: Environmental: Insurance: Leases and Amendment(s): c,m, cotttrty Facilrties Management Division Rml Property Management Included in this Lease is the equipment described in Exhibit "B", located at the respective pump stations. All such equipment will be maintained and repaired by Lessee at Lessee's expense. If any of the described equipment becomes non-functional, Lessee will provide a replacement, if required, or overhauled, both at Lessee's expense. Please see Section 14 in detail. 14(q) Payment of Environmental Costs. Lessee agrees to pay the cost of any inspection, investigation, audit, clean-up, site remediation or detoxification. Lessee shall procure and maintain insurance for the duration of the Lease. Lessee shall furnish Lessor with evidence of coverage. Liability insurance coverage will be no less than One Million Dollars ($1,000,000). See other insurance provisions in Section 9. Lease Agreement, dated May 11,2023 - No Amendments were provided by Lessor. Prepared by: Jeremiah Westerfield, Sr. Properly Acquisition Specialist II Facl Jes Management Building 3335 Tamiami Tra∥E Suite 102・ Naples,Flo「lda 34112.239-252-8380 rYrxx! wllJ,lAM,s x..\ric t, hrurxrk{cc. ll`●nth 3∥:3r[■m喘・). IIttLll“・I～,."劇哺К:崚・ ::∥摯,P18Ⅲ11lIII「:編瓶W l'nlu ltr*rr. on arrt liilftn{1B llss(r||1,; 1l H■L AcR“f聴 I黒。!囃 :i Aitltヘ ir t r{rlunr;etr:r [ct, 〕.… COMPANy: WITL|AM.S T ARMS ()t., I-ESSEE. @IlNTy: C()tJJr.:R DATBEITIfEGTI1 EJub t, !0r2 DATEEJ(pnE&ruDc a0, $9g lltcar.fi lr I a3aq q1 島.=11.輝猟:I泄 1柑 11∥11 概ハ1計譜.胤為∥1出:1輩椰:!ぽ尋111ぶ ::よ *,.';:, n..'l:x::.{lii:kT 柑i:I澪 1器 F_ヽ Ⅲ l)1北競ど'ヽたmin“d柵蹴Wlヤ 1撚・ ∥謂邊撫讐出職ド ACRES:38154 。::」t綱ド1.a)2:〕a:,`! Irruisiorr ol lhir Issc. ch:●・r inrl).3in, th dltcr prior Ir:',r.rrlrxr tlrr: ∥織∴∥枇.J枷"ic・ .l“.=,rへ Fcul.■:ぃ ,i:11 rl kr 4r( (l errti) irr l{tl. I oscc rlult :ル吋.l」む Imヽ恥出置樹RFI豊 IIぶ「:鳳 11踊高T tlr furiri:rl lrlnnll譜響彙1手 =:葛 ∬ビI襴T驚i記〔露Ⅲ彎Ⅲl詰 .置 lttI品!驚盟.聖 l士翠Ⅲ=葛 :虚 iM、1… 詢Ll:卜 “ l。ぃtl“it,11:ll F甲 .h詢 “)lJCc,rFPl智 ∥凛l■五L麒 |∥I温鷺が事軋W will L.clnrnrl .n Ar.i同a職ぃ(:誦、m“J、価“ド・ :騰 !キ |¨!(・ 1鮮ご||Scanned with Camscanner (a) l.ivorrhiug rcr;uircrl lrv tlris lcasc ro hc donc b1. [,csscc slull be ar l,r:sscc's crpcrrsc; il lrsscc lirils krdo;rrrv suclt ll lgs, l.rs()r trrat.rkr thcnr al Irsscc's crlxttsc. (b) f)istrain. I rsscc, lil. itscll, its srrr.tcssr)rs al(l assigrr s, l tcl.cbt. agrcc tltet alllhc pcrsoual pr<4)ct.lt oD lhc lcascd prcnriscs slull lrc liabtc ro rlistrcss; tlrat ;rll l)c^onal l)r()lrcrtr.. il' rcrrvrvcrl lltcrcli(n., slrall lirr thirtl. (il0) rla's.l.tcr srrclr rcnrrl'al lx: liaLlc to (listrcss. an(l rna5,bc distrairrc<l anrl sokl lirr r.cnt irr arrcars: thc llsscc. lirr itscll, hcirs, and ;rssigns. hcrc b5. rvailir rg all rigtrr ro thc bcnclit ol ;rnr laws mlr rrra<lc or hcrcalicr lo hc nra<lc, crcnrptinq l)crsonal proDcrt! li(nn lcr-r. atxlsalc lirl arncars ol-rcnt. (, RcDl Accclcrali)n. ll casc llsscr: lacatcs (lr attcnrllts l() r,acalc {lrr lcrscd prcrniscs at arrr.lirrrc dudng thc said lcnn (rr atr\. c(nttinlrance thcrc()|, {)r In casc alr] sltcrill:s lc\1.slrall lx nradc at anl tintc (m tltc l)ct.soltal ln(]lrcrtv ol lltc sai(l l,r:ssec, or in tasc tlrc said l,csscc slmll rnakc ,u] assilJrrrnent ol his ltrsorral pr'()l)u-l]' (c\ccllt rs ltcrr:irralicr pr.oridcd ulxrrr tlrc rlcath ol'sai<l l_esscc) or slmll allcllll)l lo ttl()\c li(nn tllc prctuiscs at ilrD. li[)c drrriDg lltc cllrTenl ],car rr,ilt(nlt havirrg satislicd thc lirlla.rorrnt r[rcntar [>r rrrc sai(r rcrl 1c;u. {)r slral liril t, par. trrc rcnl wlrcn (htc in lrrll, thcn thc wlxrlc ol tlrc rcntal ltrr thc rlrcn cttt.tcnt rcnt ].car slrall at orrr.c bccoruc drrt artrl parablc. tntthirrg hcr.ci[ (ultninc(I. ()r an!. trsc, (-lrsl(nrr, or larv trr thc corrlran.n(rtrvitltstaD(ling. arrrl tlrc sai<l 1"..,,a ,,,, u, ,r,,.. rlistrain tlrc sairl grxxls an<l chattcls ol tlrc sair l I rssr:r t hcreli rrc, arul thc sairl g<xr<ls arrrl chelcls (rn thc sai(l prcoriscs sLell lirr thirt!, (ii0) rlat.s alicr suc[ rcnxx,al llc liablc lirr disrrtss lirr tlrc lirll rcrrt lirr the rlrcl clrrrcnl rcul l,car. 3. USE OF I-{ND, [,r:sscc shall trsc thc I and only lirr thc pr<xht(lion oll. linits anrl lcgctablcs, ald slrall rrt rrsc, or llcrnrit ant ctttn,(nt, tlrc lantl l.<rr anr.otlrcr ptuposc. Irsscc's rrst $ltall. lxnvcvcr, l)e subi(.t to:rll rhc prorisiurs ol this lcasc. 1. NO REPNESENTATIONOR WARXANTT CONCERNING CONDflON OR SUIIABIUTY OF IAND. l.$scc a(.(.cpls rlrc lanrl in irs l)rcscnt c(nxliti(nl fAS ISl rvitlxrut arry rclrrescnlali(nt ()r ri.arTafltt. lrr, lrssor as lo such trlr<litirn. hssor.slnll n()t l)c rcslxnsil)lc li,r anv visiblr t,r Irirklcrr rlcli:r.r or.alt litturc (lralgc ilr tl rc <.orr<litiorr ol thc I;urrl. l rssor nrakcs rro !.cpt.cscotali()n ()r \varrant\., cxl)rcssc(l or.irrrplicrl, as to tlrc suitabilitl or litncss r>l.thc l.antl or irs appurlcttanccs Iirr.attr. rtsc < -I.r:sstc. 5 MAい町口ヽ嶺 cE AND IMPROVEMENrS (lencral. Irsscc slrall rrraintain tlrc lanrl with carc. anrl ir gtxxl, clcnn conditiorr, and slnll rx)l (ottrlil or lrrrrril lo lr <.orrtrr ltcrl anr. rvasteol tlrt. I;url lrl arrv,rrrr.. Ie,ssr.c agrccs aud (r,i.(.ranls t,, kcep arr<l trlaintairr in grxxl rcpair:rll hrrikliryg; ;utrl otltcr irrrprovcnrcnts on thc larrrl rlrrrirrg ilrc tcrur ol tLis lr:asc. Fcrx es. I rssec slnll cncrciic (?rc l() ar,r)i(l (lallagc to lanccs an(l ( llcr sl rlrcttr-cs () {)r a(liaccnt t() tllc Liul(l ;tn(l shall crcr cisc car c kr rrritlirnizc thc dsk oli nt I lc cs{.al)it l,{ lltlr)ugh Arirlcs or (alllcErps. l,rjssccshall kccp all ,a,ltcs 1rnr1rcrlr closcrl and il.lcssor. is nrlilic<l br.(irazirry lrsser.. tlrat ljarrl Lr..st.c. Iris relr(s(.nlati\cs. ctll,L)tr.(.r, ()r invitccs lrc rrot prrrpcrh. ckrsilg grtcs, Farnr Irssrc shall, ol hss,rr,s & (l(lcsl, ilrstiJl n ( nlllc,{rlar(l (ac(.cplal)lc (o trssor} witlin tcn da|s ol.su('lr rc(lucst. Lt.ssu. lirfllx.r a4rcr.s llurl lr(. rvill irslru(1 hi_.;;;,i^..:_. agc[l s, c()lltrack)rs. aD(l inritccs tlfl (x.ctlDarrts ol.cach tchicL: passingllrr(nuih B:rtc:, t() L;rnrl shall lr nrlrrirrrl tr, .l,r*" *,,.1, rr,r.,,. ",i,1 rl,"istl( tr r,r.lltcl(. rx.(1ll).1|lts ar(. txrl l() k.ar.(. $rtcs ()lttr rclt.ir rg r rrr ollr(r.r k) cl()\c tllcsc lialcs. I rsscc liulhcr agrccs lhat llc s,ill takc allirnalivc ncli(rl l(, inrl,lcDlctrt arxl cnli)xc thcsc inrtr.lt(liolts arxl rc(lllirctncDts rvilL lcspcct to all his erlpkrl.ccs. agcDls, c()lrtra(.tors. ln<l invilccs. 'li-cspasscrs. [-csscc slrall lxrlir.c tlre l;uxt to cl,ict lt.rsl[sscrs (ao(l l,cssor shall n()l ha\.c arl. rcslxxrsibilitl to rlo so). l,rx'ks orr (latcs. l;rchg:rtc orr lrcrirrrr.tcr lctx.cs n(liaccnl t() r()e(ls sllall lrc kx ksl ll [,csrcc. atr<l l,r:sscc shall lin-nislr l r:ssor a kcr rhcrcto. R()a(ls. Dil(lrcs, I)ikcs, l.lt('. l{sscc shall rrrainrain in as grxr(l <rr l)etlcr con(lili(n as lhcy norv crist all cxisting roarls, rlitchcs, rlikcs, lnrrrrpirrg st;rli()Is, atnl {)tllcr al)lrrop atc ituln.()\.cnrcllts ;uxl stru(lurcs on lhc l,arvl. t llilitics. Nrr utilitt lines tror cascrlcnts slrall lx placcrl on tlre l;rn<l rvitlx)lrt I r:svris prior wri[cn (-(nrscDt. Stntctutcs arxl'llailcrs. No slr.lt(llt!.cs r)t.lrailcrs slurll bc l,lncc on lltc l;uxl rvitlxrrrt l,cssrx's prior. rriltr.n crxrscnt. 'l'ittrbcr. Irsscc shall arrrirl ililt_1. t(). (n. dcstnrction ol, gr.rxr.ing tinrbcr (irrt'lrrrling with<xrl linritation, irlurl,or. rlcstr.uctiou br lirc). Lcsscc slrall n()t (ul ()r- rcnl(rvc anr-slat(ling. Bccn. rlcarl or lallcn liurlrcr lionr tirc l;uxl. nor.scll or r.ctrxrvc al] llnirl)cr. lx)sts ()r lt()o(I, [,c:;scc shall not <lrirc trails. spikcs, <>r sttplcs itto, ot-olllcnvise (lcllrcc ()r rllal', Allt lt-c(., ,{rccl or dca(I. on llt(: l;rrrrl. Irsscc slrall not scll rrr rcrrrolc li'orrr tlrc [,and anv soil, sand, sravcl. rrx.k, ril or rlhcr.nrilrcr;rl. n(n anv htrtrl)cr, lxlsls ()t.$.(xxl. llrrnring. No lxrrnirrg slrirll bc donc on rhc l,anrl cxccpl alicr p or rv ltcl| rxri(_c to lrssor and alicr a.joillt irrspc<tiorr bt. l,csscc arrrl lrsson and thc rnctlrrxl ol burnilgshall lrc $lrl)iccl to thc l)riorapl)roval ol tlrc fftrrirla forcst Scnir.c, l.csscc slnll lrrotirlc sullicicnt nrcn arrrl c(lltipnrco( lin c()rtrollirr* all lircr. \\/inrl(rrvirr,{. N() rvirrdro$irrg ol r<x{s, p:rlurc os. ln.uslr or oltrcr [clirsc slrall bc dorrc; lhcsc rrnrst l,c l)rtntc(l ()r ()thcnvisc rlisposctl bv [,csscc, irr actr>L<larrr.c $'illl ,a()\'crDnlcnlal rcquircntenls. rvhcD tllc lnr(l is clcarcd lirr liutrring. I Lrgs. ( )1x.rr rarrgc ol-lxrgs orr thc tan<l is lrrrrhiLitcrl. An1. lrogs kcpt( lhc []n(l rnnsl lx.k(:pt in lx)g lrr<xrl.crrr.lostrrcs. Plastics aml Pohctlrvlcrrc Malcrials. plastics arxl polrcthllctc Iihrrs ttscd in lhe prnving ol'cr.ops rrrxlcr- tltis lxasc nrust lr rcrrrorcd lrll,r'rrcr.rtlren tlrr.clrlr ir c(,ntl,lctc(1. I rr,lcl rr,, cir.crrrrr.larrc,.. *lrall lrlastics or lxrllctlrr'lenc rrratcrials arrrl lilnr lx <liske<l irrto thcgrout<|.'l'hcsc nralrdals rrrrrst lrt rcnr<rvctl lirrnr thc I.:rnrl srrhjcct to tlris I rasc.'llrel rnar not lrc lrrrrirrl or.<lirgxrsc<l ol.on thcsc l,ards or an\.olhcr ()l- Ir.s.or'r I;rrrrlsrrrtlrorrt (.nrrerlt,]l lr'.ss.,r. Lt 'st.c rlrall rrtilizt. qrx,rl lurslratrrln. plactit.t.r tr, In(.\cnt (.rr,:,rnt alr.lsoil k>ss. {i. COMPLtrANCE WITI{ GOVERNMENIAL REGUIATIONS. I rsstx. shaIn(nrrpll! conrl)lr tvitlr all pr.cscrrt anri Iitturc larls, (.titrlati(n)s. ",f"., *rA ,ii,l...,.,"r,rfau' rrlrrririlxrl, trlrrrtr., statc, lirltral or othc, ,,on.",.rrr,",,trl uutl,,r;,; :;;;t,.Ji'a ,,r"L;uxl <>r kr lrsst c,s acts .r activitics (nr lltc larxl, ir,l*li,r,j ."i,I;r,; 'i;,;i;;r. ,, 3 c.\ilr)ru'cntal larvs arxl rcgrrliuirlrs ({rr(.ct.,i.q tltc sltrtitgri, rrsc an<l dislxrs.l .1. lrlrrrlcrrnr' ;rctnrleu.r pr_(xhrts. t xi$rici(lrs, .rxl lirtilizcrs. Ilsscr:'s atlcrrli(nr ,s ir*.ilc(1, anxnrg otllcr lltitrgs, t() lllc llccd t() ni)til!. C(,u,lv buikli.g an(l z()nirg (lcp,n,rcDts ol. anv stnl(luls, ()tlrcr ll|:llr lcn)lx)l:n-r. l;rnt hrriklirrp, to h placc<l <n) tlrc l:rn(I. an(l lllc C.urrly I lcaltL [)cparlr,cnt lirr au'scpti(-s).stcnts, xn{l slt?Jl corrslnt(1 snnrc I)llN*irnl to all aplrlit.ablc lrrriklirrg and hcalh corlcs. Irsvrr- hirs rlc r)l)ti(n l() rc(tuirc I.sscc. lris cnrplorccs or' :rn.nts, tr) lr ( )Sl IA Ir:rel Ill rrailctl. 7. TAXES ON IMPROI'EMENTS By LESSEL. [,r:ssr:c slrall pal tll rarcs rcsrrhillg liorn inrlxx.cnrents (irrt.lrrding, rvitlrrrrrt lintil{ti(xl, slrl|(1lrrcs) placc(l l)r l,t'ssrc on tlrc l,iuvl. tl. NO UENS FROM ACTS OF I I-SSEF- [,r.sscc shall rr<>r Iar.c any r.ighl or tx)wcr t() t^ke a,t. n(1i()n rrr lllake ao! c().tract wlli(.ll tDal.(.rcntc (, l)c Ilte lirrurdatirr. lirrart'licrr (nt (lrc l,:rr(1. l,csrcc shall, rvirlrirr rcrr rlals.l arrr lili,g agidusr ll*r I.and or'arrr' licrrs rvlratc'cr (inclrr<lirrg . *.itlrtx( linritati.rr. nrcclrarrics.()r'l|nlcriallltcn's licus) ar.ising lirn|l ; [,acls or..rrrrissi<rtrs ol.[,csscc krr.anr.ol. I.s$cc's rcprcscntalilcs, cntpl()\.ccs, ()r ilr,itccs). citltcr pa1 or.<lisclrarxc srrclr Iicrrs(irrdrrrling. rvitlx>ut lirrritatiorr, liling:urr rcrlrrircrl lxrurl). 1-lrc lrssor rvill re<.orrl rx)licc ol'this llro\isiorr iD thc publir. Rc(rrls ol Collicr C<>trnrr., !.iorirla. 9. INST RANCE REOUIREMEI.IIIS \\ritlxlur linrilins ksx,c,s irxlcurrriticatiorr. I tsx'c shall pnrut iuvl rrnin[rir lirr trrt rrurariorr or-thc I r;tsc irrsur-alcc agrins cririrrs li>r irrjrlics to pcnrls rn. dirnla$s k) pl.r)lx:ny rllrt rnal,arix, lirlrr or irr connccliorr with (hc ttst'ol llr Prcnri*-s lrrtruxlcr bt, las,icc. ltis agrnts. !.(:Drcr.^1lati\.cs ()r cml)ftttcs. l;uxllorrl sL lrctain tlc ri$rl at;urv titnc to rr.rioy lhc c()vcragr, limD, iur(l ;u)x)rull ()1. tlrc i^srr.urc.c rrr.rircd lrrchr. I i. tlrc rlinion r .l;,xlkrnl tlrr irrsurarxr: prrrrisi.ns i' llrcst rr:qt rcrntrls rlo rrl pnri<lc a(lc(llHk, pKtccli(rr lir I;uxllonl. I.lxlLrrrl uir. rcqtrirc lr:sscc to ollain irrsurarrcc sullicicnt in crri'enqt., lbnl) atxl ;utx)turl k) pft)ti(lc atlcrlralc pr<xcrli<lr. l.;urrlkrr<l's nrluircnrcnrs slurll h rc;r"sorublc hrt slurll lrc irrqxrx,rl kr :rsstrc pn cr{iur ri<n, iurriurirsr rrrc kirxr tui(r (xlcr.. o[ risks rr* cxisr al tr*ri*ca ch;ur1t irr irrstrnurtc is n-quirctl. Vcrification of Coverarc lrsx,c slurll ftmrisl thc larrllxlrritlr ccnilir:rtcs clidcrkiru c(rrjr.irgt nrluirc<lhlnv. Copirs olrr:rlrircd crxlr:;<'rrrculs nl.st l)c il,i..lrctl k) Irr.olitlcrl ccrtilii:rtcs, ,lul a",fiti .r,f". ,r, "rot"n,,". ,rI*ll-irrsrrr:rrrcc;rrt t. lr nccir.,l ,uxl .l,l)..)v(t trr rtr. t,ntfr.,t'i*fir..i;i;;;;;;;;.".r,r"r,"". ,:if "1::]::llilll*""1\ llrc.'lshr k,r--quirr drar.trsv.c prorirtc cornptcrc. ccrliliul(,Iics r .irn1. Ixrtt('r r, Il\tliurcc.)l|t.nrl irr corrrpli:urtr. rrirlr rlrt,.t.slrrilirati rrr.. .\;ul altcnrattr(.k, ihsuriul(.r(crtilic:(cs, tc I rs--r's insur.cr. rrrar rrrlr,r,tarilt. prrlirl c,,rrr1,f",". ..rit".i.,r|"" ,i ;rll rrluircdirrsur:urcc lxrlicics. irdrrlirrycnrlrxr:nrc,l., t.rf l.,lr,,,,; i,"..,,r.'..,,;.- ..lri"ii^',i".*'"*,r,.ui ,.r. MiqiEuE Sco!,c of Irxurance A. 'llc l.:urdknrl atryccs tlut il slurll, {hnin a tllc I.t l-l.t.rlr(,1tlis Ir:ax irnrlitsr*rrr cr1rcnsc,kccp thc Irasul pnrnists iuul all stnr<lur-.ll i,,,1",".r,"ut,, ,r,, ti,; irn"rl llturi."*insurcd.irr sullir.ient ;u r ror nrls agrirrst krss or.rl",,^*._ fry fi," ,,,"f ,r,fr"a a"*i"i y a,r,,rr.r,,t1corcrcrl lry stiurdard lin, iuxl all ri.k.,u...4.,r: i,,*,rr^n.. i,,..1,,,ti,,g fl,**t ,.*narr,l,...Yalrrari<m.slralrlrc on a rc; atcrrrc.r crsr rxsis. 'tt,. t,rxtt,,r,i ,-r-,x, ii."i,, ,"r""." -arr,:rirc rn lrlrrlt ,t irsclt.arrtl irs irrsrrrr:r l^ ',|*lail, ;;;;ii;";;*:iii,Ltr,. ,*,i,,.,Irssccorra<rr,nrr,t;rr*rirc,rr,11;cr1.;1,iu,,."fiil;.;;.;;;;,;;;'ii"'1,.,rr,",.,..,,^t,,,. sL; l turc rcstrkcrl irr slx c or in pun h.,rrrr thc ncSir4n<r ol.lrsx.c ll. Irsscc aqrrrs llm it slr;rll. tlurirrg rlrc lirll ,li.nn ol.this llisc ;urrl its,,,,l cxlxnsc.k(.(.J' itj, (r,Dl(, ls. rrorr-stntclrrral . r""*,r.n",,,i*''ii,ri,il;;l,,'il1::ll:,'ji,j#l,ll.ill;li,iill::Liil,:[I]i,lli; rrrcrcrl hy suulliwl lirc arrrl all risk.*.,r*1r.,;,r1."";,..i"uro,iii_, ._...*,\';rhr'rlx)n \rH[ h.rra rt pract rrr,.rrr r,,sr rr;r.is. I r sx.t. <1x.. i,,.*i,,rl.i"r*, ,,-r -*,..rr tn tra, r{ ir*-tt ar*t ir. irrrrrcr trr snt)rosrri(,,,,,;,;ilil,,i;,i:ii',.,JJJ,,* ,^.r"*, on a(()lnlt ()l :utr lin, ()r r)thcr crL.tualtt. n,ltctlrcr (n- D()l sn(.h lirc, (r. otlx:r casrralty slull har'c rcsultcrl irr rrlrolc or iu lxut lirrrn thc nq;ligtncc < l;uxlkxl. C. Irsx.c slrrll nuirrurirr prr1rc'tt1. rlunagc arrrl public llrbilitl. irrsrrrarr.c cor.crirrg tlrclrir"xrl Prcnrist's. Ijalrilily insur.urc (.r)vcratc shall l,, rror lcsitlar ( )nr: Nlillirn DolIu.s($|.UX).(XX) courlirrcrl sirrsr lirnil lrcr rn.urrr.rrrc lirr ir{ury or prol*n1. rliunagc.IrssccsLallrrunclhcr;uxrronr.it'sofliccrs.rrirco,r.s,;rgtnts.crnr,lccs;,lrr.., un(ccr.. ;r,s a<lditiorral irrsurcrls on ltsx.c's habiliry ilsrrurcc ;xrlitl ;urrl suct txrli<r.slrall lx: r.rrrhrrvrl trr rlxxr th:rr Isx.c's liahilirr irr*rrn,rrcc lxrli rl is prinran. D. Irssrt is rcrluir.cd lrr.rlris lrast Agrt(ntcnl to irrurrtliarcll. n({ili. lai(lknrl il.tlrc\rr.<r.irr.a rrrrr,rrrr,ir.alirlr h,rr, llrcir i.srtrarx.r,r-,rnicr (n.ag(,nt drlt ,r,, ,a,1,ri,..rtirrsur;lxc is to lx t:urrclctl, mrrr-rcrrcwc<1, ntlurc<l ir vr4r',r lirnits ()r_(,tlrcnvis( rrilrcrirll! rl..urar(l. lrsstc slrall proridc crirlcncc that ruch r.anccllctl.r non-rcncrvcrl ()r {)tlrcnvi$ nlatcdall! cl;ut4(l insufi cc lrrs ltcn rtl accrl or its can<cllation urliccrvilh(haut tvillk{tt iuly i.tc'1ll)ti(nl ir covct:r5t, srr4r,r lirrrits. F;dlurc t.) tDidntai. rc(ruircd irNurirrm irr rirrrc srrarl rr corrsi<lcrcrr :r rrrarcrial brcach < thc I r::Nc ,{gccDtcr rt . ll N.tilitari<u .l Clairn. lr';ur1'cl;rinr rirr rranuq*s is rircrr witl rrsscc or ilan'ra*suir isi,stitul((l arfli's( Ir:sx.c, tl arisc (,.1 ol'(,. arc irr arrv r'al.urn,cctcrl *ii, I..*":,,pcdirnrramt unrlcr tlris kasr .,\A,rc{ncnt lrxl rhat ir any ira1., rlircctll or irrrlirrctlr, corrtinl,'cnrly <r olhcnvis(. itlll(1 ()r ltiglrr I casonably. alli,ci l;tirlLrrrl, I i,sx,c shall ,{iycpr(,rnpl iuxl linrch Doticc tl|crcol k) I;rxlk,nl. Nr>ticc rlnllll<l ln trrrrsitlcrtrl pr_rlnpl andriurcll il nrrrg c, *itrri, rrirtt'o0) <rats li>lkxvirrg trrc rrarc.r'rcccipl o[a trairn,r tcn ( l{)) rlavs lblkxving dlc datc ol's{.n,i(c ()l prrcrs ol il la$.suit. Othcr Isrnzncc pr,ovirimr 'llt insur.ur.'lx idcs rcr1dr crI irr tlris I r:asr. .r\1g.cc,cor arc l() c(rrrair,.r lr cnrl.rscrl t,. rnl;rirr, ru epplirablc, rhc li krring prx.iskns: a. ADDITIONAL INSURf,D STATUS: 'llrc landlonl. irs olliccn, rlirccrors, ofiic.ials.cr,phlccs. arrd r-,lrtnlcc.s i.c k, lr emlorrul irs arlditi'rvd irrsrrrcrl* as rr\rccts: liabilitr.iuisi.g rut < - actiritics ,crlirnncd lr' .r. .rr bch;rll. ol. tlrc f ".*", ,r"rf,,.i. ^1r,i ,.r,.lri"i..,irqnatious ollhc l,tjsrr:; prcDrix,s r>*rrc<l, rxrr{icrl or usrvlbl.tlc lrssci; rrr arrtrlnr ilcsostcd, k:ast'd. hircd,u lxrrrorrcrl lrr drc [r:sx.c. .I1rc <rx.cra6,t shallc,xrrairr no oxl rrscrllirrrirarirrrs .rr ll* vr)t,( ot pr.tccii', ;rll.rrrrlc<l k, d,. l;;l ;;.i,'lir-,riiil"o, di....t,r.,.lli<i:rls' cnr1rl.1ccs, ,r'*rrrnrccrs. Ap; i<nl c r. (;c.c',r ti ;iii; ;o;;i .trrcr li.rlirirvn,li(icl. b. Rcquir crl' SIIPPLEIIFNTAL INSUMNCE llihc tcn;urr cngryt r irr lirrning ()pcmli(rn(s)tlr:rr nrrks wirh rr trsr.s a nr;rlcri;rl. pnxhx.cs a p"rl"" ,;;;,;;;i(lcrc(l k) bc"lriy.;u<l<rs' rrrrrlcr;urrl l<x:rl. stalc {)r li(lcri lo* /;"g,rlnii",r, ("i;;ir irr..tu,tcs tlrr is u,rrlirlittrl. to: lircls, ttdrolcult Drxllrcls. cr)l) I)(rcclirnl chcrrli<els. kn<xnr cartrn<6,t,rricnraledals, v ilc clrcnricals :uxl birJogrt:rl-corrtarrrirr.uu*t ,l,"rl ntii t*-...,p,i."A r., .r..1.P< lutiorr Iialiliry irurranrc c,,r..r:rgc. llre lxiit1 ,,u,rL.r,r.r-'ri..i.,r'*A 1r"n,i,.,r.lircvchcnrir':rl sl.nqr. i,u(r rcuurt's oJrmli.rrs. ;r'rris irsure'tc ,;,,u ;;,.i,;i" suddcu anrr flj:ld.::l1f-*" t,,r rtd(lJn,nr tirl,ilirr. ilchrrlirr4 rtcti.,,". ,.,"4;l;,;,;;i;*.,t .lcrari.rrs. r .c ( rr\rt:tl,r t,'{ ,e r,:urrtairrcrl rlrring tl,. k,tr, r)l.tlrc (\ntlm(lt.ax. tuxl at lc:rsi tlrrcc (il)rr'atr ftrlLrsing its corrtl)lcli(nr . k.n itmtiirt. c. PRIMARY INSTIRANCL For anr rlirirus rcli(trl ro rhis L:ax. ,\g.ccrucnr, rhc l.rss(\c,snrsrrr:urr.c trn<ra13.slrall lx cnd,rw:rl t'l^_ ,r'irr;.y irrsurar." ". ,,:,,,-..rs iir. t.ur,lkrr,l, its.llitt n' .lli< i;rls, cr,,r,r'ccs an<r v.rurrrtcn. Anr irrsur;ur*' or r'r-irsurarrcc nninraincrr lr'tlc l.;uxlkrrrl, irs olli<.crs. rlincl<rs. .llicials, r,,,lrl.r.r;;, ;;;;r;;; ffiii; ;;;i ,i"Irssc'c'sirrsur-.ur<turrlshallrrrrc,nrriburcrri,f,ii..fpl,fi.,,i,f..'i.,ii..,*T:_i,]ifi,r",.f.uf,.. l.ialilitl.lx icics. (1. FAILURETO COMpLy: .\1. l;rilrt ro congrlr rnrh rclxnirr,a or r{lrcr pk)tisi{n$ ol.tlrlxrli<ics irrchr<lirrg lrrcix.trcs .t-rrirn:rrrrres s';rll "* ",.; ;;"";;;,.^i ul f ,l.i,'I,," f "ruf,r.f,ils ()lli(.ca. rliror.r.x\. ollir.ialr. crrrrrll the L;uxll'rrl i* ruurrcrl ,.. ",, ,,l,liii ,,,,;;;*1ilttt* ''r '"lttrrt'r'n' Alrl it r rrI lxrlir it: irr rvlli.lr SEVERABIUTY OF INTEREST: 'l-lrc lr:sst.c,s irrsrrrelct slurll apJrh. :r,lxrarclr ro cat.h irrsurcd;uainsl wlxrru cl;ir. is nrarlc or srrit is lrr,$1, crcclx rvith't:sirct t,, rllc lirnits ol. thc insurcr''s liaLilitr'. Al4rli.nhlc ro Ocncnl li;rbiliq.anrlorlnr Iiabilirr:;xJicics. MAINTENIANCE OF INSURANCE @VRAGE 'llc lrsscc slnll rrudnrain all irtsuran<t ror,cragt's in pla(c el iJl tiucs,ulrl proridc thc l;urrllrrl with cri<lcncc ol ca<.h lx)li('!rs r(Dcrrd {rn (10) (la!s irr arlr.;ur('c ol'ils aruilcrsan. dalc. l.jrclt irrsrurrcr lxrlitlrcquirc<l by this clarr*- sl,,ll statc tl.^I (o\rnu{..- rlull ntr lr c;urtclcrl lr'citlrcr Jranv, rcrlrr.crl irr t-rxcmg:. or rcrlucc<l irr lirnits, cxclx;dicr urittcn noli<t a((filirlgk) thc lx)li(.!.lti$ lrcrrgircr to thc l;uxlkrnl. Iror trntl)a]rncnt ol prcrrirrru l0 rlays' prirr. rGttcn' rr,xir.c ,rl <iur<cllatiorr ll'rtrail is rgluirtrl. .\l4 ital c trr nll lx itics. PROPERTY WAWER OF SUBROGATION: (i)ur.v: ()l (.(nshrri{rr lxrlir.ics shall (()rtl.riD llrc l()ll(,rvingprxisi(rns: i)'l'1rc l;uxllrnl sludl llc nalrcd as Lrrs mvcc. ii)'llrc irsrrrtt slurll Nhivc ;rll ridrts ol'$rlrrrgrtir)tr ;unirrst llrc I;uxlkfil. SUBCONTRACIORS: lr:sxe slurll rc(luirc all sulx.(ntra(-tors kr rnairrtain arlcqrntc itrstriutcc. IO. QUALIFICATIONS AND RF.9ERVATIONS CONCERNING I,AND AND ITS USE AND SUBORDINATION OF LEASE. -l'his l,r:asc is subjccr an(l sulx,r(liratc t(): (a).{nt slatc ()l la(ts llHl an a(.(rtrntc srtncy Dr;lv sln)rv; Dtrscnt;rnrl lirrurc larrs. .r'dinanccs, ,nlcrs, nllcs an(l rcgutali(nls ol :urv g(xcnu*cntil ()r lllll)li(. a.tll()ril\.. irr< lrrdirrg. rvitlxrut lirnitali!nl. tlk)sc rclatiug t(, 7oflill$ itn(l usc; an(l an\. rcslri(li(nrs. trr'rnauts, aurl ca.sr:rrcnls ()l rcc(n.(1. (lr,\nl l)rcscnt or lirtur.t rlislx>sitioos (inchldir& rvith(ntt Iinritaliorr. salcs or lcascs)r'(l)anlsubsurlacciltcrlstsin(1rcIan<r(irrcru(riu,r,(virlr(n(rirniration.()il. ,ras, iln(l !ltitlcml itrlcrcsts), (2) lirrrc r.tx k or lil) liucsl (n tinrl)(r prrxlu<tsl and this glrt ol disgxrsitit>n sh;rll, u,itlx)ut lin)itali(nr. ioclurlc all rcl;rtcd incidcntal riglrts (irtlrrrlin4, witlx)ul liltilatidr. riglrts ol.irrgrcss arrrl carss). r'or an\' lx)rri(nls ()r'lhc srurjr< c or thc larr<l rrscrl br' Ir ssor rrntrcr this strl>parallaDlr'(b)', an<lcorrcslxrrrrlingly <lcrricrl lr> I rsscc. lrsscc slul hc <.rc<litcrl, {)rl a pr()-rata basis (tirrrc artrl sl}acc), al3insl tlrc rclrt palablc bt. I rsscc urulcr .2,. an<l I rssrx slmll rrlul)cnsatc [.sscc lirr arrt rl;urr:tgc r.arrscd b1.. l,cssor to lrsscq,s g..u'ing crops. rvhit h <larrragc sharr rr lirrrirc(l k' l^sscc's actual cxpcnscs anrr srralr cxc[t<lc irrci<lcrrtal rlanragcs and anticipatc<l yrrolits. (r)An1' and all ln-cscnr an<l lirturc rnorttagcs (an<l lhcir- rcncrvals, ntrxlili<:rtious, consoli(lati(nts, iu(l crtcnsions) on tlrc I an<1. ltl)'l'lrc rigltt ol l,cssor- kr rvitlxlrarv subsrul'acc warcrs. II. REQUIREMENTS ON CESSATION OF LE^SE. .- (a) l.csscc ap'ccs llrilt ()a trrc c\r)irari()a or rcn,inilri(nr o|lrl., lcrn! ol-rltis r xasc(i.cssatiotl ol lrasc") Irsscc rvill r,a<.atc lltc larrtl on tlrc rlar. trl.tr:ssalion aurl lllatlrsscc rvill l)c a lrcsl)assct. (rvitlroul anl lrol<lot.cr riglrt) il l,r.sscc rctuainr on tllc I.an<1. . (tr)'l'itlc t() slrlrclur-cs aD(l c(lnipntcot placcrl by. lrsscc ({t lhc Iatxl sllall.(ltn-irr,j llle lcrnl ol tltis Irast'. rcrrrairl in lrsscc. ( ]n rtn, ."1;.ofi,r, ,rt. t..r,r.l t..*."shall prrt arrrl lcalc rhc l.al(l irr clcan. ncat. antl cr.c_ plcasirrg<.<nt(lilion salisll(.I()rr.t. l.css.r; and. rritlxrrrl lirnitati.., lrsscc slrall ,",,r,,r" ull ",1,,ip,rr.,;_ ,il:i;;l.csscc .rr tlrc l:nd (inr.lutlirrg, rvitlr.rrt lirrritati.'. scrap ir,r,. sl;i::;,il:l;l_:: 6h plaslic a(nrl:incN, an(l anr.thiltg clsc pcrt: tilri lr) Irsscc,s usc rx.olrcraliorr). At kss()r's o;rlirxr, tillc t() an!-suclt slt.u(llltes an(l cquilnuclt not so rcn!rr,ctl nrar.lx: dccnrc<l arrkrrlatir.alh trlulsltmcd k) I _(sr,or. (<Jllclirrc thc rcssatiorr ol tlr lcasc. I.esscc shall lcr.cl tlc [;rrul r>r so rrrrrth ol'thc [-rrrds as ucrc rrradc unlcvcl b\' I r.sscc. Il rvcathcrrrrrrlitirnrs Ir.cvcnt lc(diru{ bclixc ccssaliorr. l,r:ss()r rrral dcsigtlatc a sul)scqucnl pcri(xl <lur.irrg rrlriclt Lrsscr. slrall lcvcl. 'l'Lc lcrclinq shall lrc rlorrc lrv brcakioq rlorvn lrc<ls arrrl rorys an<l <lisking tltcrrr rrntil thc Iarrrl is so lcvclcrl lhat il rn:l\ lxr rn(xrctl willt a nro\!illli ruacllilc an(l trscd l'<rr grazirrg livcstrrk. 12. ENVIRONMENTAL (a)l)rrrirrgtlrislcasc. l,cssccsltall n< conla linatc, ()r alkx c{nttanrinatiorr ol, thc lrnd, air'. or watcr. rrl this Larrrl willt anv llwar(lous ()r l()xic sltlxit;urcc. rvlli(.ll inclrr<lcs pctlolcurtr pr.rxlrr<ts and pcsricirlcs. I \xrtr anl rrularvlirl rrsc or.<lisclrargc,()l such sullslancc, tlrc l{'sscr slall ilrrrrrc<liatcl1.(l) cot|tairr all(l rcnr()\.c su(.lr sul)sl;ul(c ;rc(rrlling lo l.arv. arxl (2) rclxrrl sltclt usc, or (lischat.gc, k) [xss()I.. (b) llclirrc tlrc t.cssation ol tLc l.asc, Irsscc rvilldislxrsc ollisitc all tr:rsh, tr>ric ()r lra/.aRl()us sul,sltu)r.cs. pcsticirlcs, lirtilizct. lltatctials, (.r)n(at[inatcrl soil. arr<l all (tnllaincr$, an(l iD slticl conlirnrrill'' \villl anl instructi(rts orr tlrc lalxls anrl in accordancc rvith l0 Corle ol Fcdcr.; ltcgrl:uirns (2(i2.51). kJ \\/itlrirr liO rlavs lx li)!c lcrninaliur ol rhis l.asc. tlrc [,css()r slrall crrrrhrcret cnvir()rrructlal insl)crti(nr r)l llrr [,arrrl, inclrrding tcsliD,I (]l aD]. lntiklirr$,, r()il, air, arrrl rvatcr. 'l'lrc I.ss(n.tiill givc l{sscc notir.c ol'thc rlrte, placc, an<l tirrrc ol.lhc insl)cctio,. [l (.(n)tn,lirrati., is li,trxl. tlre [,csscc agrccs t, pa' l ,r:ss.r lirr;rll c<>sts'l lltc crrr'ironrrrcntal illsl)ccli(nl, lcsts, (liunages. lincs, inlrlcst. irlt{)r[cv lccs,lrcnallics. anrlck:arr-tqr. llrc kssrc is not crrtitr".l to lirlarc lrascs rr.rrr trre rrss'r until rir conrl)linncc is achicrcrl. AIicr tlrc inspcctir>rr atxl u'til lrmrin;[i(nr ol.lhis l,c,;usc. Lcssec slull cotrtirrrrc to <.orrrlrlv rvitlr all tcr.lns ol tbis I_casc rcgaxlilg sk)[;r,{c, usc, dislxrsal. anrl rcrrxlal ol toric or h:rzarrlous srrbslantts. tl) 'l lrc tcrrrr 'hazarrk>trs ()r. t()xi(. $?slcs (n- sltl)starccs. $llall l)c(lccDrc(l to ilr.lll(lc all lrazurkxts. rrxi<., arr<l rit(li()aclivc srrbstanccs, wastes or rrralcli;rls, all lxrllttants or (.()nlarninatrls, asbcstos. pcsti(.i(lcs, hcrbicirlcs. gasr>linc, rlicscl lirel.:rn(l othcr t)cur)lcrur ;rr<xlur1s, 1xrl1.<.ltlor.inatc<l lriphcuy.'ls(l'('lt's) alrl ()tllcr. sirnilar sul)stiulccs antl all rarv rrratcrials containittg srrclr suhslan(cs thal arc irrr.lrrrlc<l uDrlcr or. rcgrrlatctl urr<lcr. anr, local, sl:rlc ()r lcrlcral larv, citlrcr' bv rlclinitiorr, tk:lcrrtrirrati()rr or i<lcntilicafi(}rr ir such larvs, or b1. .jrrrlici;rl or ;r<lurinistrirlivc itllctlnctali(nls ol-su(h ll$,!i, togcthcr. with anr. otlrcr(hcrnical, oratcrial (n. sulrstan(.c, c\lnrsl[c l() rvlriclr is plolrihitcrl, li,rrirc<l ,rr.rjgulalsl l)\. atr\. ta(x.crnltrcntal aullxn.it].()r that Dr:lt.()r ()ul(l pose a hazaftl lotlrc hcaltlr arr<l sali't1 ()l thc (x.(-uplnts ()l llrc I;rrr<i or thc orsnci.s anrl occrrparrtsor pi)[)cltl a(l.iaccDt 1() lllc Ian(|. (c) [rsscc lirrtlrcr rcprcscrrls antl rvarra,rs r() [xss()r rrla( I r:sscc rns n.trccci'erl arry sllt,lll().st cilali.,. tli^,ctir.c. lc.lct.()r olltcr c(,,,*trri(.alir)tr,rt,Ilclltct.. ririltcn (n. \'crlral. linll aD\.agcn(\ (r.(lcpartnlcDl ()1. aD\. g(x,ctnlltcol(()n(crDitrg tlllj l)lcsrjtlcc rxr tlrt. lart<l ()l-anr. ltazarrlotts ,r, ,,raia ,",,a,.",r,srrbslan<.cs an<l llrnl slx rl<l anl strclr srrnrrrrorrs. citali()rr, <lircctivc. lc cl.ot.{ }tl tcrrtxtttrtuni< alion bc lcccircrl in rlrc lirtrrlc. Irsscc slrall irrrrtrtrliar..lrl rroriti.lrsror rrl tlrc llrr.t arr(lc(,trk.nt tl(.tc()1. (l)ln thc cvcrrt it is rlc(crrrrincrl lltal an\.actirnl trrust lrc lakc. ir.itlt lcga[(ll() tll(. In(.s(.ncc ol'arrr srtr.lr lrazarrI tarr<t. t.<.sscc *^.,,*,,.'",,,"*..l:',;i'::';,-::J:[]]i:tll:.::ll,ti: 1 l)r(,mlnh bfin,{ rhc I;rrxl into c()rnpliaocc witlr ;rll appli<.able larvs or B()vcnrnrcll^l rcgrrlatious, all at lr'sscc,s rolc (ost an(l crJrcnsc. l_cssr:c ackn()rvlc{lgcs llral lrssol is rcllirrg orr llc uan.antics. rcl}rcsortati(rrs atxl c()\cn?lnlti corrtairrcrl irr this paraB.;qrlr in rrr;rliirr8 fhis lcasc, an(l l.sscc agrccs to<lclirxl. inrlcrrrnill.arxl lxrlrl l,e.ssor arxl i{s suc<.cssors arr<l assigns harrrrlcss ol-arxl liorn arrr.arrrl all atliorr.. srrirs, <laitrs, rcnrc<lial orrlrrs.irtrlgnlcnls, dc(.rt:cs. anrl rlarnagcs ol-anl naltrrc (inclu<lilg lrut nol lirrritcrl to. ;rll(rrlc\'s' li'cs and c()sls, (.()nsuhalts' lccs. clcan u1l, rcrrtoval atxl rcsl()Ettr()D c()sts, nrr(l crrvironrrrcn(al latrs) ar.isirrg liorrr or irr rcladon k) llte Dlescncc,gcncmti()n, Dlirllrrlacttrrc, rclirritrg. lranslx) ati()ir, UcaltDcDl, st()ragc, ltatl(lling, dislx>sal, <lisclrargc, l(:lcasc ()t- sDill. ol'an!. h;rzardous (n- t()\ic traslcs (r. sul)slan(cs (nl tlrc lan(1.'l'lrc lirtr.goin6 intlcrrnilication ;ur<l Lotrl harnrlcss r>bligrti.,s slr.ll lx'i, arkliti.n r() a,v nr(r arr rcrnc<lics orrrcrwisc ar,irirabrc t. 1r:ssor hcrcun<lcr. (g) [r:sscc agrccs to il<lcrrrnil1., dclcntl autl lxrkl l,r:ssor arr<l ils strccesstx s atrd assigns harrrrlcss lionr antl agairrst anr.clairrrs. <lcrnarr<ls. a<tions, carrscs ol a(1i(nt. ()r (latn;rgcs srrl'lcrtxl b}. I rssor (,r its srrcr.cssr)l1\ r>r. assiglts, rcs llitrg l.r(nD a luctcL ol thc rcprescntati(,os()rwarraltics c(rttailc(l llcrcirr or lionr pcrs<xral ililrr-\- ()l l)r()l)cl.t]. <lanrage r.ctalirrg k) lltc l)rcscn(.c ol or. <lischargc ol. Itazarrlous or lrlric uirslcs ()r srrl)slanccs itrcluding brrl not lilDitc(l r() a(li()n\ llr lhirrll)arlics. (h)Pcstir.i<lcs lrrrl l.ir.tilizcm. Irsscc shall skrrc lrcsticidcs, hcrbicirles arrrl li:rtilizcr rnatcrial u,ithirr cnckrsur.cs linr.ql irr accrrr.<lancc ryith paragralrh.f(b) altl rrithirr cnclrsc<l s(ructut.cs c(ltsisting at ll)c tniniturlrn ol-a rool.an<l scalcrl ll<xrr. ['csti<.i<lcs, hcrbicirlcs, arrrl lirtilizcrs shall lrc rrsc<l antl rlisgroscrl ol.srrictly. in accor<lancc rvith ils{r.u(1i(nrs tll ltrc lalrcls an<l irr accorrlalcc witlr 40 Crxlc r>l I"e<lcr;rl llr:gtrlati<xrs (2(i2.r'il). Pcstici<lcs shlll lx,sl()rc(l in a kxkcrl. wcatlrer- Icsisl;lnt, irnpclai(rrrs llxrrcd stntctutc. l.p()D ((nllpleli(nl ol. grcslir-irlc ;rplrlicatiorr. tlrc Ircsti(i(lc rrrusl l)c r(:tur.[c(l t(, tllc In.()lrcr stomgc laci]irr.. -l.hc storagc l'acilitl.shall lrc al'lirrlcrl g<>orl llrrs(kc(ping s() a\ lo l)re\crt arrr btil(l- rrp ot rclcasc r>l-spillcrl agI.ir.rrltural chcrnicals. (i) Pctxrlcrrnr Storagc'l'anks. No rrn<lcrgrorurrl storagc tanks (n. lincs irrc allowcrl. 'l'lrc l,csscc slnll notili lrssor.o[ thc kx.atiol ol.all slatiorran. lircl stolagc l;uks trporr installatiorr anrl slrtll rrrairrtairr anrl rrsc all litcl slr)ti{gc tanks kr prcr'cnt disclaucs b tltc cDYiftnrtDenr. L:sscc is thc owrrcr at|(l ()l)crat()t.(rl su( lr skr:qc lanks arxl is solcll rcs;xrrrsiblc arr(l stficll!. liablc lirr r.<>rrrplianccrvillt all goi,cl.Dn)rnlal rcgulations concerning thcir installatiorr. olxlralirrn, anrl nreitterrancc. I r:sscc slrallstorc suclr rnatc als as llay lxj rc(lLrirc<l to alrsorb an<l(\rllair an\. spills. Alxrrc-grounrl lucl tanks ol.a capacitl. ol. .f,ir? tgallons or k:ssrn.st lxr l()calcd so lrrirl !r(, part .l thc tank is ia c(nrril(l with rhc s.il an<r tLctatrk can lr r.carlill. irrslxclcrl lor lcaks. All lirel lincs. <rrrrrrc<rions, ani ollrcr.alrl)aralus rtrus( bc rrell 111;1lDhl11s1l l() ptc\.cnt I.rrcl lcakagc. All <lcfcctc<l lcaksshall lrc rcpair.crl irrrrrrc<liatclr.. ( l) Rcportirrg llclcasc ol'Sotnc Chcnri<.als, Il.lrsscc is subjccl k) rr portinglhc prcscncc or- r'clcasc ol-chcnrir.als or. <>lhcr hazarrkrrrs strbr,",r... ,r, ,rr lr.ru,tlrc l;uxl prrr.sunnr to Sccrions iO2.:t()4,805, lll,312, ,,.- iir,'.ri ,,,"l'irtcrgcnct l,lalning an<l Cornrlrrrrirr.lliglrr-.li>Klorv Acr fli,l.,'iii ,,i ,f,.Sulrcrliuxl A.rcnrln)c,ls arxl Rc:urtl.-.i/a(i()n ,{(t ()1. ll)ll(i, 42 li.S.(.. Scctt.rrl l {xl l . ct. se(r). lrlcn r,c'sscc srrafl plovi<lc r ,r"ssor rilrr copics < ^ r.ri.,,.i'.,ri..,,.(r' rclxnlitr{. l.!is()l- shall lur.c thc riglrt t,, ..qui." I.r."" t,r,lf_a,"r,i,,r* ,f,., ,,,,"arrtl to rcrnovc lirrnr tlrc l_iuxl all srrclr clrcrnir.als,rr. lrazar.<krus r;,,irr,",r-,.rrr,.f,in l-cssor,s solc ()lrini(nr prtscnt an urtrcas(rtal)lc r_isk k> lrurrran health or tlt. E cnfir()olllctIt. (k) Solirl Wastc. L\tcn(lc(l a(..unul^tiorr ol. soli<l wastc i; lrloltibitcrl. l.r:sscc rvill pnrlr rly. rlisposc ol arrr.:iolirI wastc within :l{l (lar.s ol itscreatiorr.'lir;Jrl irr rlrr.rlirlxrsal ol larxllillablc rr:rsrc. lt,,cc.vill pr,,ri,le arr<l nmiutairr a solitl rraslc (tunUrstcr on llrc lcascrl prcnrix.s. llurial <>l anr wastcs is strirtll prolribircrl. 1l)()thcr \l astcs. Irrlcrrtialll llrvnr(l()us rviLslc suclr as rrsctl oil_ aDlilicczc. sohcnts. battcrics, oil likcrs, unuse<l a4 crrllural clrctrrit.als, ctc.. slrorrld lx storcrl in a 1rr()lc(1c(l tnanucr s(, ilrat arrr lirrcsccablc cvcnts will not causc (-()nl;rnriltali()D l() tltc surrou ding ctrvir()tItrcnt. .{s a lrcsr lrraDagctncnl practicc, lrsscc slxntl(l a(.(luirc and rctairr a rcccipt lirr all tr':L\lcs lltat arc rcc\clcd or rlislnscrl ol l Jxnt rc(lucsl, la:tsceshouLl lrc ablc lo Ilro|i(lc lo lxssor lr:rilicatiorr tlrat wastcs itrc l)cing rlislxrscrl ol tlrrorrrh a lit'crrscrl lrlrullcr so as t(, \.crih. tlr;rl wastcs arr. not lx.ing rlislxrstrl ol on-sitc.llc nratHscrncnt lrracticcs shrxrld also irx.lu<lc brt not lx, linlilc(l k) thc storagcolall crlrtaincrson inlpcnrcal)lc shccls l() prc\.cnl lhc rrntcri:rls liorn crlcrirrgtllc soil. A[\'rcrluirccl oll-sitc rlisJxrsal ol anl.srrclr trralcrials (s] slralllr tlrc rcsprlrsibilitt ol thc Irsscc. l,ikcrvisc. irrryrlcrrrcrrt anrl r.chiclc tnainlcnalt c sltrxrll hr (rnrdu(lc(l il n nMrnrcr lltal prcvcnts anl lirlrrirls lirrrrr cnlcring tlrc soilor crl.irourncll. All liltcrs and lhrids shall lrc pr(rlrcrlv sk)rc(l iuxl dislxrscd ol as x'l ()ut alx)vc. hsscc slull skrrc on_silc srrch rrutcrials aslrc lrr(cssa4 k) al)s{)rl) arnl contain aDl. ll:un!.(l()us wastc spilLufc or lcakqc. I.essec slnll irrrrtrc<liillrh.rctrx)tc:ulr.c(lttarninatcrl soil t() a rvi$tc (lislx)$al lircilitv applrxcrl lrl l,r:ssor.anrl prrl,itlc prrxrl'ol'sanrc lo l,cssor. (rrr) Spccial \\'anring lit Storagc iuxl f)isposal. ,l.hc l.csscc wanan{s. c()tcllatlls an(l rcl)t.csclrts that if is lirrriliar. rvitll rc(luircnlrtlls alrl)licalrlc l() pft)l)cr.tv,rsh disl)osal. l,r:sscc trnrlcrstanrls rhat if is solclr.in clrargr.,rl all litrlrrirrg atrrl lclatcrl actititics on-ritc arrl is tlrc gcrrr.ator,rl all waslc trratcrial lcar'ing thc sitc anrlslrall ru)t lrc a({ingas rwcnt oron lrclull.ol.Irssor il arrl rnanncr witlt rc6rrrl to any chcrtri<.al or solirl r;uslc ltk)ragc, uscor rlisposal atranK:nrcDls. Irsscc corcnanls. rvarrall:i an(l rcprcscnts, llHl lr:ssr:c is larrriliar rvith l0 C!'R pan 165 'llcrrrrrrrucrrrle<l pt)(.c(lurcs lbr ttrc dislxrxrl anrl skrmgc ol lrcstici(lcs an(l lxslici(lc c(rrrtaincrs.- lcssce also rnr(lcrflan(ls, tlnl n() c()ntaincr or.()lllcr vrlirl or lirltril x,astc <lisposat ol.ant. Ivpc is l)cnrriltcd on llrc lcasc<llan<ls. l{orvcvcr,al lllc Ixs$cc,s()pii,rr.I"rr"" tttal <lislxrsc r>l rcskhral pcsti<.irlc b1.propcr al4rlicatiorr ol triplc rirrscatc aspan ol thc appli<atiorr pr-tx.css. .\s a l,cst llttutagclllcllt l)raclicc, llrc lxsscc slrorrkl pr<4rcrlr <lisposc ol all rrrrrlairers as proritlcrl in l0 CFR l,arts 2(;2 arr<l 16.5 an<l as rcquircrl lrl eu1. othcr aJrplir.ablc l<xal, statc r>r rllrcr. li,rlcral Ie(lltircDrcnt. . .- (r) Plohibitc<l 'l:utks. l.)rccpt lin. l)clr()lcutr storagc tanks, li<;uirllcrtilizcr tanks. rrr olltcr lankr rtitlr hssor's wriflcn ctlrs.nt. ^h,)rc gr)lrn,l larrks ol art\' sizc, lirr.alr. lntrp{)sc otltcr tltan use as scplic tanks, ^,. ,rr,art.rlIlolriLircrl. :l". r11111,r1.,; ollrer rlrarr rl,rrrrtstir.rrasrc ,r"... * ,i"fi,,,,,i ,,u,iallowcrl bv Clragrtcr 17, I..,\.C. :ur<l arr1. otlrcr.applicalic lirlcr.al, u",",r. f.Jtr.qllir('tncnt, slt;rll lrc placc<l into arrr scpti<. sr:stcrrr..lItr ,-r*, ,"_rri iir*,()l)clati(n al(l ck)sltrc ()l ant.suclt lalk ()r scptic slstcrrnf"ff f*-fi," _,rilrcslxrnsibilitl. or tlrc [,crscc. ,_, {o) Rck.asc.l,r occrlrrn.. AJllircl spillrr)r.cr 2.iFalknrs nrrst lx.reU,rtcrll(, l,(\strr trlttc(liatclr rr;xrrr rliscorr.r.r. lr.svx.:rt ils option a,,rt 1,, 1,.*,i.(lis( rcli()n. nut!. ()\ct.scc ()r c(,Dlr.()l any tretlc<l ass<tssttu,,r, ,r,,1 ,";r";;ii;;aclivitics. (r) Mixing and Loarling l,rrx-crlurts. Mixirrr,/oa(ling r)l agr.icultural chcrrricals shall n<l lx Pcrli>nrrcrl rvithio | 00' ol at|1. rvcll, or at a sitc wltcrc an accirlcntal rclcasc r.orrld drain irrto a srrrlir.c rvalcr lxxl1. or rvctlanrl s,'slclll. Agricl tural ck:rnicals nrav rx)l et an\. litrrc, lirr any.rluratiorr, bc storcrl rvilhirr l(X)'()l ^u1 wcll. Minirrg/Lrarling silcs slroul<l lrc allcrnatcd to lrtc\'cul artl possiblc' lx:sti<.irlc (r)trtantirrant a<.trruulalion. lituilnncnt washirrgand arrt trillc rilsingshotrl<l also lxr lxrlirrrnc<l ar rrrrrltiJrlc sitcs. (q) I'alrrrcnt ol l.)rrvinnnrcnlal C()$ls, l,csscc iqrccs l{) IM}.tlrc cosl ol. alrv insl^-cti(nt, itrr.cstigatiorr. audit. clcan-up. sitc rcnrc<liation oI rlckrrilicaliorr, and thc prcparali(nl ol tlrr ckrsurc or otlrcr rcrluircrl plans. ('()nsctrl ()r{lcrs, ()lltcr ordcrs. liccnsc applic{ti()ns. antl tlrc likc, tyhcllrcr sllcll acli(rr is rc(luirc(l <lurirrg or. lirlknvirrg thc lcnancl ol this lcirsc kr thc lirll crtcrrl lllat lilklt acti(rt is attrilnttal c, (lircctl!.()r irrrlircctlt., kr lrssc<,,s (rl)crali()rrs, irrclrrlirrg brrt n(rt linritc(l l() thc usc, ,ir-[cmtir)n! slora{c, ()r <lislxxal rrl anr. pctrolcurn prxltrcls. ;xslit.idcs, li. ilizcx, chcnricals, Ituarrkxrs srrbstaDccs, or inatcrials'as dclinc<l hcrcin. on or rrrrrlcr lhc pr()l)rnv (luriDg lllc tcnancv ol-lhis lcasc. 'l'hc obligrtir>rrs crcatcrl alx^c shall sttn,il'c lhis lcasc arxl shall lx in a<l<lition to lhc rtrlc<lics availablc to thc l,r:ssor unrlcranl r lrcrapplicablc larv. (r)Rcrrrcrlial ,\ctiorrs aorl t)cliul. I llxrn mtili<.atiorr b1.thc lr.sn)r (n. upo[ tl]c lrstcc r)lhcrwis(. l)ec(n)tin,{a$,arc ol a violaliorr ol anv conrlitiorr ol. tlis lcasc, lrsscc rvill lrgin rcnrcdial lc(i(rns innncdialch. s(rlel]. at it orvo cx1rcnsc, itr attrrrlancc *ith all applicahlc lc(lcral. statc or kx.al la$s or rcnrlntions nlrd ilr a(c(n.(lancc tvitlt anvdir.ccti(nls or inslntcli()ns lltal Iass(n. nlar'al its()l{i()tl, gi\,e lr:sscc, or tll(rsc givcn b} ;utr. rcglllal(n-I. aqerr(.v. N(nr- corrq i;rmc rvitlr all l)ifl ()l lhis l)aragftlrlr l I sha l* a rlclault ol rhis lca se. Solclvat lhc disr.rction ol thc Ir:ssor.. il appropriatc rcrrrxlial acli()ns iuc n()t I)roLrrcssiD,{ ()r hat,c not proqrcsscd k) l_ess(}r,s salislicti()rr tvitltirr l0rlavsol. tlrc alxrrc rrorilit atiotr or ol'l rrscr. r llx.nvisc lrctrrrrrirrg arvarc ol tlrc riolativc <orrrlition. lr:ssor rn;$.rc(luirc lltc Irsscc, al [,r:ssor,s solc rliscrction. to lxrslal cDvir()tuncnlnl liabilitv lxrxl rrpon thc <lcnunrl ol tlrc l,cssor. in an arrt(runl t() l)c (lclcr.lnilrc<l lx.llrc I,l:ssol dcpcn<ling on thc lxrtcrrtial scr.critr ol lhc cnvirorrrrrcntal trrnlarrrirulir>n. Irssor rill sgrct.ilr. rlrc l,<lrxl arn()rrrt bascd orr uxrsuhant rcc(rnlllclt(lali(nrs. Il thcr lrssor. allows thc l,csscc trr l)ursuc tllc borrrling rc<1rrircnrcrrt, thc laihtrc lrt. tltc lr:sscc k) prxlucc cri<lcrrcc ol vtirl honrl withirr l.,i adrlitional rlavs rvill bc consirlcrc<l a rlclirrlt ol tlrc lcasc. rr-rrtlrirrg in this panqgraph sLall prcvcnt nor.rcquirc tlrc [.ss(rr lr(nI rn'(.flalin( rc[lcrlial act ion at arr,, tirrrr.to prct.crrt $.astc rrl rlctrrioratiorr ol tlrc rlcnriscd prcntiscs. \()r*ithslanrling anl.prorision ol.this paragraph. thc Irss()r .r,t! lcrnli.atc t]ris lcasc irr tlrt casc.l.tlrc lailurc.l.ttr.l t..r".,,, c(nnl)h witllanv con(lition ol tiris lcasc or tllis panr{-aph. (s)Surrcnrlcranrl Rcstomtiorr ro ( )riginal Ctltxliti(nl. Al tlrc lcnuinatirrn olthislciu.ic. or up,rrr Irsscc's recation (r'tllc lcasclrold. lrsscc .t*n U" a..1*r,raifrt" fi,tlrc pr)Dcr rcrnor.al ol ;rll rcrnairring rrratcrials. irr<.lurlirrg btrt nrl lirnitcrl toall( (nrlaincrs. ranks, ucw (,r srrcn[ r'atcriars, hrcr, arlagri.utruaa .tr"n,i,.^L. ir"rr"ai"r.dtrrrtpslcrs. s<llirl wasrc, clr..'l'hc lr.scc shall lrc solcll,rcsJxllrsiblc I;rr a",ur,ir,rltlrc lcasclrolrl k) lltr cn\.ir)ntncutal <rrrrrlition cristing at lhc ,irrr...r, OLi.rir,.N(,nvitlrslirn(litg anr ()rlrcr l)ro!.isi(nr ()l.tlris lcasc, tlrc f^._.. ,f,^fir.,rr^i,,-i"i," ,,,llrc lasxrr l'or an!. cnr,ironrtrcnlal (lanr;Uit andft)r rcJ()ra(ion cost :uising rrndcr an1.kx al. statc .r r'cdcrar larv. rurc, (r{ca or ,.:8,rrali.rr. or an1. c.ar.t ()r adtrirristrari'co.dcr'(tlrc lcgal 'llcquinrncnrsl. ()r thc lrjr\ec ,r. ir..rlli."r.. ,li,:;r;;:.';r,,.,curt)l()r'ecs. rr (.(,ntra(1(ns! inclrr<ling rlrcir t,.i,* ",ut u.rigro' . ltii,.. l,"iii,,IU",,sur1il.c tltc lcasc D(li(xl and tlrc laihrrc l() tt," t ".*,r.r,rti.,i.",_"1,,,,,i;;;;;;,rUr,dndrri rhc lca sc tcnn rx thc pr-c-surcrrrrrr ilslrccti<rn srrafl n,rt .iiu,.i'i^"r"r:, .,r,*to crrlirtc this provisiol anrl suclr riglrt is i" "aairi,r, u, ^,,r,r,ir";;;;;;"r,,._ t0 lllat l,css(r- l,;r\' lta\.c l() r)l)lnin rclicl lir. strcll c<lrrtlili(rl .rxlct.this lcasr:.r ;urr al4tlit ahlc ltrv. (t) Ilcsporrsibilitl lirr Corrrlrliarr<:. (irnqrliarx.c u.irh rhc rerrrrs ol this pariui,l)lr is thc sr)lc rcslx),sil)ilit!.()l tlrc [,r:ssct,'l'lrc .iglrt.l tlrc [,css()r t() i,sDc(1 tlrc prcrrriscs slrall D()t crcntc ;i (hrl) k) inslx:ct. ror shall Ia sst c hc cnritlc<l to r-ch. (nr thc s;rllc, nor slrall it l)c ('ollslrllc(l (n-itrtcrlrrctrrl as a \ait,er ol ()r csloppcl t() lr'ssor's liglrt kr r'cqrrirc lrsscc's strirt corrrpliancc rlitlr tlrt lcutrs ol llris or anv ()thcr l)hlt (,1-tllc lc:lsc. ()t.t() nn\.('!tlin-( cllrcDt acliot| hl1)tlglrt l)\. lltc [_cs\or. (tr) l)rrirrrrrrrrctrtal ln<lcrnnit1.. Irsscc trilllrc itr clrurc an{l(.(nllrolol.all uratcrial Lamllirrg;rnd stonrg!- :ua'as lllx)n tlrc leastrl prcrrriv.s , axl L:sstc:rgrccs to irrrlcrruril\. holrl harrnlcss and rlcltnrl lrssor lirrrrr all cl:ritrrs <lcuranrls. Suits. rlaruagcs (irrchrling all lirrcx.cablc arr<l rrrrli)rcsccablc consc(lucndal <lalugts), prulili\,c (lanlitgcs, asscssrrrcnts. lirrcs, 1xn;rltics. costs en(l ()thcr c\pxrrscs (irrclrr<lirrg alkrrrc$' Ilcs aD(l (rl(r colllt cosls) h({rdrt on lrh: l ol arrl pct\on (n-crrtit\. a sing lionr lhc usc, skniq,r (r'dislxls ol alv clrcrrricals. prlluuulh, pcsli(.i(lcs. pct|olcunr prrxlu<1s. Ilattcrics (irrchrdirrg wastc tDalcri:d) :uxl otllcr sul)sLnl(.es (<lrnulativclv thc irratcrialsJ rrsc<1. ,.fcncmtctl. st<>rcrl or.brrrught rnrt(, lltc lcasc(l ;rnurirs ln lrsscc. rvhich nralcdals, or. lhcir.trx,. st<>r.ag"r. or <lisp()sd. atc rcgulat((l turrrlcr arn'ircal, stalc or li.rlcr:rl larv.'l'lis il(lctnril!, slrall crtcn(l Io anl.oll-silc lri('xtrncnl, st(na,ir ()r.(lislxrs;rlol lill nratcrial that lcaycs lhc rltrtriscrl prcnriscs lir rvlrich thc Lr ssor bccorlcs tcslxrrrsiblc cidrcr volunlarill or irrrrrlrrntarill.. ,l.hc scr4x:r 'llrr: lrsscc's irxlcrrrnilication Lcrcrrrxlcr slrall cxlcD(l k) nny acl ()r oDlissirnl ()ftllc Ir:rscc, or its ollir.cr.s. (lirc((()rs. a,lcnts. cnlJ)l(I.ccs. ()t.conli{cl(n.s. indrrrlin4 tlrcir Lcirs and assi1grs. Clairrrs irrclrr<lc brrl :u.c not linritctl to tlxrsr clainrs. cithcr lln catcucrl or rcalizcrl. lirt irlurirs k) tltc c(r)tan)inirli{nl trl'( n. tllc rlcalh ol. 1rcrsorrs,()r darnagcs k) (n' lltc (lcslnt( tiul ol'pfi)Ircrl1.. drc air. roil. tratcrs. gr(nnxhrirlcrs. lltc cnvirollnrtltt. livcslrtk. pl;urts. anirl)als, arr<l aqrratit. lili adsing lftnlt e\lx)srtrc k) (n_ llrc cxaJr ol-thc alx^.c rlcxr.ilrcrl nratcrials rhrc kr srr<.L tnatcrial s Ircr<.n<.c cillrtr on ot olllsitc. Claitrrs sh:rllalso inclurlc clainr. lil.rcskrmliorr (.()sls. rlaltagcs ol- c()nrlrliancc rvillt ?nty adrnirrisrrativc violati<xr trrrti(.c. nllc ()r orrlcr.,l]tis inrlcorrrih, slrall surlirc tlris a4.ccrncnt. Irrirrrics irx.lrrtlc llx)sc k) I4sv)r (n Irsscc. thcir ollicc|s. rlircckxs. ;{,(.nts, cntpk)l.ccs. ()r contractot}. ir|(.lrrlitrg rhcir |cir.s ;uxl iissiglts. ()r tv ()lltcr l)crs(nl or (llilt. ;rrisitui orrt ol thc alxrvc rlcscril)c(l acts (n. r)nrissi(nls ol'[.ssrc. (,)Carrrortr.. I r.sscc shall also lrc rcsporrsiblc rrnrlcr thir pam;,,raph l2 lirr arrl h;vax k xrs or. lor i<. rrzrstcs { )r slllrsliu x.cs ( lislx.rst,r I ol. by Lcsscc rlrrri,rg a,;} p,i.[ 1.a.., lrctrlccrr lrssor arxl lasscc. an<l shall prornptll.rcrrrc<lv iurv i,,rpr,1*,: ,1i.1*,*r,l u.prrxirlcd hcrcirr . (rv)'l-hc lrrovisiorrs ol tlris paragraph 12 shall lx.rlccnrcrl ro srrn,ivc. arrtlconliurrt in lirll lirrr'c aud cllcct ;rltcr crpir.ariorr ol.this lc;rsc or alicr alll c\,irlxnr l;1. SUPPLIES AND IIIILIflFS. Irssor rill url lirnrislr an1. Supg ics or. rrriliricsl'lurtcvcr.l rsscc sLall prrrrrrllll.pat. li rr. all srq4rlics an<l rrtilitics (irr.l,,,t;,rg, ,UItnr,,r lirrritati.rr, g,rs, clcctr-icitr'. liglrt. lrcat, ;xrrvcr. Anrl lclcplxrrrc anrl rrr,rurr,,,,i.nti.r,, sq'\-i( c). l,[. ASSICNMENTS, EIC. [,tsl.c shall rxrr assilpr, cuflurl](r or rlispost ol.tlris l,casc ()t- sul)lct (llc wltl)lc oralt,r.pa (}l rhc [;rrxl rrilll(ntl tllc pti()r wriltcl<rrrrscrrt ol l,cssor..'l'hc I r:ssol lras tLc abs()httc rigltl t(] rvilltlx)fa .rr..i,r,. if.i..r"" is a corlxrr atiorr ()r a l)a,1net slrip, itII tr:utslir (rxrl in r.orrs*|r"r.., ,,f.,i"ort,i"f ,f,"c(r'lxnalc sharcs or lrar.trrcrslrip inrcrcsrr rr.lrir L ( rrrrrularircl! a,ut i,, rt," aq;."*ri"tclrurgcs tlrc oligirral <xrncr ol-a naj(,ritl i)r tlrr ( n rl\1,", iU"'ri,^,". ,rr'r_,T*, r,,,r, II irtlcr csls shall Lc <lccrrrcd an assigrrrrcnt ol tlris hasc. [,<.ssor rrral.assigrr lhis kasc. t5. CONDEMNATION, E-fC. ll nnr parr <>r.all ol rhc [;rnrl llc lirkcn lin.nrv prrblir' .r' r;u:rsi- prrblir. rrsc rrrrrlcr arrr slillutc ot. l)]. ght ol crni,cnt rlorrrairr .r bv anr' puxlrasc in licrr ol ruch takitu, tltc l('nll ol tlris lcnse sllall rcl.ntin:rlc wltcn posstssiol is so lakcl an(l tltc rcll unrler. paragr.;qrh ,2'shall h apporriorrcd lrr.o- ratc (tirlc and spacc). ln srrch evcnt, lrssor sha l]c cntillc(l lo lllc cntir.r arvaxl ol pr-i<c; Ir:sscc slrall rr.t lrc c,tillr(l l(] irn' c(nrrlrc,sali()' Iirr.Lr:ssce.s lcasch.lrl iulc'csl itr tllc Lan(l,l,ut l.sscc tnil,r.,ll) srr(.lt c\tcnl as Dt;l'l^- ltcrrniltcrl lrr. larr., clairrr((rrprlrs^ti(rr li'rrr thc takin,t i.tllu.ir!. l;n. ,xx,al,lc slnx1.r.cs. lixttrrcs atrrl chattcls rvhi<i;ur'thc pr(,pct.ll ol tltc k\scc. l(,. BANKRUPTCY, ETC, Il rhcrc lr lilcrl lrl or.ag:tinsl lr:sscc irr iurv <rlrfl l\rrsllanl I() an\' Fc(lcral {,r Statc stiltulc a pctiti()n iI| bankrru)tc}.or irrsoh.cncr or.lirr ar.filtUlc tclllorrc()r,itrrizalionorlix.thcapp()inltncol()l'rc(:ci\,rr.()rlntstccol aDv ol l.risscc's pr()pcrl\..r.il l_r:sscc nrakcs a, asrigrnrcnl Iin. thc l)c'clit ()1. (rc( lit()rs. lhis I,,i$c' ;ll rlrc {)rniorr .l l,css.r'. nra' l^ rc'rli,atr(l antr rrssor shal bc crrtitrcrl t() (larrngcs lirr' Irssce's br.cach ol this Lcasc; provi<lcrl lrrxrcvcr., tlrat i['arrv srrclr pcliti()lI or l)rrx cc{liltg is irrv.lrrnlar' arxl is rlisnrisscrl or *,illrdrarvn ryitllin (lrin\ rlal s alicl I'iling, Ihis lrasc shall nol lrc so tcrntin;rl(1. I7. REIi,IEDIPS. r.,r Il (l) Lr:sscc dclaults iD lltc pi tncot ol aul.rcrrl ()t.sut[ l)ar-al)lc utl(lrrllris [,r:asc<rr-(2) l,rsscc rlcllrrlts, lirr tcn tla1.s alicr ryritlcn D()ticc, i|| thcprrlirn.a,cc ()l i.u' lc,,s, pr'rrriscs or con(liti(nts rrl'this l.casc. ollrr:r tlran tlrc l)lr't,cnt {)l sl(.lt rc,t ()r slt.tli, tltc tcnrr .l this lrasc slrall at I!ssor,s ()l)li(nt, c\crcisc(l l))'tc. (l;rr's pri.r.rui*cn o()ticc k) l,cssce, t(:nninate. anrl Irss<>r nrar.rc- clrlcrlllc land hv lin.c or.othcnrisc an(l lrss()t. slrall harc tLc r.i4lrt torlispxrrscss a!rtl c\'icl Ixsscc bv srrnulan. ;rr.rrccrlinq or ()tllcnli\c. In casc ol. an1. sru.h rlcliurlllrssol slrall llc cltitlcd to <lanrages lirr l,csstr:,s lrrtach ol-llris Irasi phrs [,cssor.,s rc! rlting cxt)cllscs (irr<.lrr<lirrg. $.itlxrrrt liruitaliorr, attorrrcr s, lccs). rt,r All r'ighrs arxl rcr,crlics.l' [,cssor. arc curnulatirc, an<l llrc cxc^_isc ol a'r. sltall rxrt lrrcclurlc tLc cxcrcisc ol otlrcrs cithcr rrndcr.tltis l,casc or l)r Ialv. tll. WAMR OF IfRY. l.cssor ald Lcssce uaivc trial lrr..jurl. irr arr1.a<1ron. I)ftx ce(litry, (r' cr)lrnlcrclaillt hr(,u,jllt lrr citlrcr agrrilsl thc ottrcr on anli Il;rltcI\rtLrrc'r'r nrisiurj()llr (r'.,rconrcclc(l wilrl rhis rrasr. thc rcratir rrrrrril , rr' r an<U.r.rl ;rnrl 'l'cnant lrtlrvccrr l,r:ssor anrl lrsscc. lr:sscc,s trsc ,r.,r..upn,r.r, ol,tlrc l,arrrl arxl anr'clairrr ol irrjtrrt., (lcatlr. (,t(larr;rqc. 19. QUIE-I EISOYMENT. lrssor agrccs tlnl. subic(r ro lcssec,s lirll(orn,)liincc rvitlt tllis l,carc, Lcsscc rrrar. grca<-cabl1 iur<l qrri<tlv cnjor tlrc I;urrl orranrl srrLjr'<t to tltc tcrrrrs arr<l corxlitiorrs ol this [,casc. 20. LESSOR'S RIGHT OF ENTRY, L:ss(n. (nD(l its rcprcscnratitcs, crrrplorr:cs, atrrl in\.ilccs) ntal enlrr ttrc [;rnrl at all rcasorrablc tinrc cillrr:r. lirrinslrcti<xr or in prrrsrrancc ol anl.antl all olits righls rrrrdcr- tlris l,r:asc. 21. RET ATIONSHIP OF PA-RTIES..l-lrc rclariorrshilr ol.[,r:ssor. arxl I,t:sscr: issolclv lllat ()l IarrrlLrnl arxt tcnanl llrxlcr lhis lr:asc; Lr:ssrrr lr;rs no inlcrr,st irrl,r:sscc's crrtcrprise; [.t,rscc is nr{ :ll| ag(.rrt (n. fcprcscnlalivc ol,hssor; anrl llrislr:asc slrall ruxlcr. no circurtrstalccs l)(. c(nlstrltc(l as ;r.j()inl rclrlrrrc or;nrtrrcmltiJr. 22. INVITEES. Lcssr.c is rcslxrrrrihlc lir Ilrc salirr., ncgligcncc. iuxl acti(us oll r:sstc's Bucst (s), irnircc(s), larnilr, ;ur<l lir.r.r,*..,(.'). I ".*_. 1,";;;;;;., ,_.r,.r,,,,i*, ,,":ut' danur!'r's <.auscrl lx. lnrik.r!, k) lllc prcnriscs. Arn. riolati,r,, ,rl,l,i. l;,,;";,;,;r;. l2 b'thc l-l:sst'c's lrr.itccs rhell Irc rrmsirlcrr:rl a riolati.rr 14.tltc Irsstc. lr:ssr>r has llrc riglrt t() cn<,h<lc;uxl lc6tll1. trcspass anv irrri(cr:s or odNrs rvho, irr ()rtrtcr,s solc .itttl,i'rrcnt' h:rrc lxcrr in vi.lati.rr or_thc rarv, rhc I aasc c().lra(.1 ()rrurl.nrrcs cstablisrrrrl bI L:ssor'. ol rlistrrrbit|g otllcr rcsi(lcnts. ncighlxrr.s, tisikxs or lrsvrr,s rcprcserurtitcs. glJ. APPI,ICATION BY LESSEE FOR WATER, For rhc lirnitr:<t ;rrrrlxrsc ot olrtainirrg lrcnrrils to rlrill Iirr ncccsslrry rvatcr on the L;urd, L:sscc is aullrorizcrl to it(1 li)r [{ssor imaking;ur applicariorr to thc gx.cmi[g l]oarrl ol tLc South lrlorida\l'alcr Managcrrrcnt Dislri(l, tlrc Cotnrtl. l.irginccr arrrl ant,olhcr ptrbtic ;rgcrrr.r. rc4rlirtilg rvalcr uclls anrl *atcr rrst. ()rr an1. strch ag4rlir.atiorr. Irsscc sh:rll sirnuhansxrslv lirrnish l,r:ss<>r rvith copics ol tlrc applicali<rrr anrl all rclclant(l(xurrrcnls (iu<.luding, sitlroul lirnitali()n. corresJxrrl(lcncc). ksscc shall ohain lrssor'scouscnl prior toapph ing lirr anl.Jrcnllil, rylich con*nt ntav ilr [,cssor,s solc <lisc rction lrc witlrhcl(1. lrjssor rclains tlrc riglrt tl) spccili, tlrc sizc, l.x.ati(nr, (lcl)tlt anrl colslnr<.lion nr;rtcrials lirr al!.rvcll. ( )n lhc cxpiratiorr or tcrrninatiorr ol.this l,r:asc, Ir:sscc agrccs, al 1,.:ssurs ol)li(nr. t() lcrvc wcllcasitgri in placc an<l kr phrg or cap srrclr wcll casirrgi. 2,[, NO \iy'AMA- Nothirrg rvirlr rcslr(ct t() tlris l.asc shall lr rlccruerl to havr: lrccn waivcrl lrr. lrssor trllcss srrclt taircr is in rvriting an<l sigrrc<l b1, lr:svrr. No ornissiorr ol lr:ssor lo insist ()n sl!.icl lrcrlirrrnancc lry Irsscc sltall l)c (lcctnc(l a waitcr ol-arrv subsc(lucll brcactl h!.l,csscc. 25- BENEET - BURDEN.'l'his I r;r-sc shall inrrrc to llrc lrcrrcli( ol; alrlrll.to, au(l l)itr(l llrc succcssors and nssigrs ()l lrjssor. It slnll ap;rl1 to anrl birr<l thc Lcirs an<l ;rcl'sollal I cln.cs(.nlali\.cs ol l,r:sscc anrl, il lrss<>r,s reri[co c()Dscnl k) assignrucnl has lrccn r>lrtainql, thc strr..<.essors arrrl assigrrs ol lr:sscc. 2(t- NO RECORDATION. 'l'his trasc is ncirlrcr rvirrrcsscrl nor acknorvlc<lgcrl anrl shall rrol lr rccorrlc<|. 2{'. GRAMMATICALUSAGE. . r,r !l'l)crc lh( contcxt rcquirrs, gcn(lcr ;rnrl nrnnlrcr slnll bc <lccrrrcrlintctr.hangcablc. rr,r Il lr..cc is cornposcd ol scvcral ;rcrsorrs. thcl shall lrc joirrtll. an<lsr:r,t:rally liablc lirr. thc obligations ol. Ir:sscc. Il.Lcsscc is a l)afln;$llip, llrcpar(ncrs as vcll as thc ;nr.lllcr-ship slrall lrc.ioirrtl1. arr.l s.r..r"ll}. liablc lbr tlrcobligations ol tlris l,<,asc. 27. LEASE . ENTIRE AGREEMENT. .l.Lis kasc consliturcs thc crrtircgrcctr)clll lrctwccn tlrc l)itnies. N() rclrrcsculati(rrs, wan.rullics or J)rotiliscslxrrtrirrirrg t. rLis l r:asc ()r i,v r)r()r)crlr.;rflcctcrl bl.tlis I.casc lnrc rr.cn nrarreb1', nor slrall lx bin<liug on, cithcr ol tlrc lriutics, crccl)l * .r,r_.,r,ril. .r",*l i,this lrasc.'l'lris l,t:asc (-arnl()l bc <.lrarrgcrl orallr, lrut <rrrl1. tr1. ,,n "A.".rr,",u llrvritirrg sigrrcd l)!. thc l)a'l) ;Wrinsl wlr.or crrlirr<.crncnl ,rf."rr'. ..ii .i*rr". ,_rouqlrt. 2ll. CREDIT APPROVAIS. ,l.lris I.t'asc is conringcnr rqxrn crtxlil apprrrirlarl(1, il-(lccnrc(l Dc(cssan. lrr. Lr:ssor. appnrrcrl l<ttcr CI tARAI-,ly (pcrsonal)lrr lx.rsorr(s) rlcsigrulc<l br. lcssor.. 29. SEVEREII\UURYOR DEATlt. lrsscc nrust rrolily Irssor.in lhc cvcnl ()1.scvcrc irrjurl.(anl injurv rvlriclr rrrust l)c rclxnlc(l k) < lSnai ". a."ii,. ' '' i.}0. COMPLY WTI}I THE TERMS AND CONDITIONS OF TI{E LEASE. Lcssoruill!l()t inlcrlcrc \vitlr thc lnn,csliug an(l cultii.nli()n ()l cr()Jls I)rcscnlh. lx'ing tcD(lc(1. Lrjss()t-rilav st()l) uu.k ()fl (ltltcr laxls un(lcr l.casc il. [.sscc (l(rcs rx)l (.(rtrl)ll. rvi(ll tllc lcnus arxl c()n(liti(nrs ol'tlrc Ir:asc. 31. TF.RMINATION OF LEASE. lrsscc nrust lrc in cornpliarrcc rvirlr Fc(lcftJ, Statc, :rrxl Count\. laws arr<l l.lrl.irr>rrrrrcnlill rc4tlati()ns (;{) (lavs ll.r(n. kr lcrnrinatiorr ol'lr;lsc. l.sscc sllall Dlairrtain c(nll)lian(.c (htring tltc linal (;0 <la1s ol tlre I r:rsc and at all tirlcs <lrrrin4 tlris l.casc anrl slrall rlisposc ollsitc ol. all h;rz;rxlorrs sul)starr(.cs. ^n(l lcar.r: thc larxl in;r ncat. clcilt. nn(l cl.cllcasitrg c(nxlili(nr lo thc satislar.rir>l ol tlrc l.c:sor.. :-|2, VENUE Arl a(.ti()n lbt. lrr.ta<.h ol this lr:asc or lirl. arn. clairns or <lanragcs arising otrl ol thc <>rvncrship. rr:,c lxrs*-ssiorr or. rrrairrlcnarrce ol lhc k:asctl prcrniscs sltall lrc brotrglrt onll.in (irllir:r (itrntl,, Fl()d(la. 33. NOTICE Anv noti<.c rcr;uir.cd [ercin shall lx. rrra<lc irr writiug an<l rrrailcrl ccr(ilictl rDail kr thc ed<h-css prrrvirlcrl Lcrcin lirr lr:sstlr an<l lr:ss<.c an<l slrall bc tlccrrrul to lralc lrccn nra(le whcn (lclx)sit(xl, lx)stagc lnrpai<I, in thc I Initcrl Slatcs Postal Sr'stctrr. M. MISCELI,ANEOUS PR,OVISIONS. l,r:sscc shall conrpll.. with arxl shall cnsurc tlut irll ilxlclrcn(lcttt (()trlaacl()rs on thc lanrl nillt thc ((rnscnt ()l'lasscc corDyrll. rvitlr all laws, rulcs or rcgrrlations rcgarrling drc rrsc of nrigriurt lalrrr on thc land an<l thc Hr>rirla !\,olkcrs C<)ullrcnsati()rr l;*vas it rnal ay4rl1.. No livcstrrk slrall [x Ix]rnrittcd (xr lltc lan(I. ,l-wlrcclcrs, A'l-Vs or oll-road vchiclcs :trc (rrl,r. pcnnillc(l on thc Irsscc's tlcsignatcrl l'ickls autl olfi.rhtrirrg d;ryliglrr hours. [,csscc is rr'<;trirrl kr rrrrlic surc allgrlrs to drc pro1rcrt1 uc clrst<l lrt. surxl{)r,rrt. Inclu<ltrl irr tlris L:asc is tLc crluipnrcnt rlcscribctl in Urhihir ,11,. kratcrl at rlrc rcslx'clivc punlp slati(ns. All such c<lripnrcnr will lrc nraintaincd and rclnirc<l b1. I_csscc at lrsscc,s cxpcnsc. Il anr, < .the dcscrilrcrl crgrriprnerrl lrccorncs non-htrrctiorr:rl, l,csscc rvill provirlc a rcpla<uurt, il rcrSrir crl. or ovcrlnulcd, br>lh al lr-sscc,s cxfrcnsc, 'l'hc arc:rs aroutxl lhc ctluiDnrcnt Nill lrc kcpt clcarr ol.rrash anrl tlclrrisall(l kcl nr)wc(l an(l spratcd by Lcsscc. lrssc'c rvill kccp thc pi<.rrir'lrca rmrrycrl arxl r.lcan ol.tmsh irnrldclrris. Monthll tisual irrslxctioo rclxrrts lirr lircl (()ntaitnltcnl at.cas arc (lonc ar tlrc cnd ol caclt ll()ntl imd trt.i:rslrcs will lr a<klrr:sxxl in twitirrg;uxl urr<rtc:d irntuerlialdt. liluiprncnt and spral nralcrial skrragc arca rvill l)c nt()+ve(larrd nrairrtaincd b1 tlrc Irsscc, Mairr rrrarl nrairrlcnalct <osts tvill lx. split b1.thc lrsscr arrrl Irssrr. f)uurpstcr rental rvill h split cqrurlll.b1.thc [.sscc an(ll.ss(n.. Scanned with Camscanner| C,mrQount! Facilities Management Division Real Propefty Management LEASE ABSTRACT Williams Reserve Farm Lease #4 Williams Farms Land Assets LLC and Williams Farms of Immokalee Inc. Lessor/Landlord: Lessee: Propertv Address: Lease Term: Commencement Date: Termination: Rent: not listed - names removed per owner request Hay Fields: Immokalee Drive Fields, 6C, 10 and 1 (near New Barn), all as shown on a map of the Land attached hereto as Exhibit "A" 3 years February 7,2023 Expiration Date: 」anuav 31,2026 May be terminated by abandonment, default, insolvency, or breach by Lessee. Lessee shall pay to Lessor rent in accordance with the terms outlined below: l) Each year Tenant will wrap 200 rolls exclusively for Landlord. These rolls will be provided to Landlord upon request and Landlord will pay the rate of $30 per roll, due upon request. 2) Due upon bailing: a. For every Round Bale, Tenant shall pay Landlord $10 per roll. b. For every Square Bale, Tenant shall pay Landlord $0.85 per roll. c. This cost INCLUDES storage fee for use of Williams Barn 3) Tenant shall notifr Landlord within 30 days of bailing and provide a count along with Rent Payment. Landlord or Landlord's Representative shall confirm the 4) Per the listing agent, "The lease is paid when the farmer cuts his hay. He can have 1-3 cuttings depending on weather, conditions of hay, etc. On the low end, he could make I cutting and would bring to you $5000 (approx.) or he could have 3 cuttings and it could be higher maybe around $15,000.' Facilに ies Management Bu∥ding.3335 Tamiami Tra∥E Sulle 102・ Naples,Florlda 341 12.239-252-8380 Covmty Options to Extend Term: Allowable Use: Assignment/Sublet: Miscellaneous Provisions : Insurance: Environmental: Leases and Amendment(s): Either party may request to extend this Lease, by giving the other written request of the extension on or before April l,2025.Extension may only be by written agreement of both parties. Lessee shall use the Land only for commercial hay production. Lessee shall not assign, encumber, or dispose of the Lease or sublet the whole or any part of the Land without the prior written consent of the Lessor. The main road must be maintained at its current level of service by the Lessee for the period of the lease. Lessee shall procure and maintain insurance for the duration of the Lease. Lessee shall furnish Lessor with evidence of coverage. Liability insurance coverage will be no less than One Million Dollars ($1,000,000). See other insurance provisions in Section 9. Please see Section 14 in detail. l4(r) Payment of Environmental Costs. Lessee agrees to pay the cost of any inspection, investigation, audit, clean-up, site remediation or detoxification. Lease Agreement, dated February 1,2023 - No Amendments were provided by Lessor. Prepared by: Jeremiah Westerfield, Sr.isition Specialist II Fac∥lies Management Building 3335 Tanliami Tra∥E Su∥e102 Naples,Florlda 341 12.239-252-8380 E4R″ιEASE :tl$t:*, Williams Farms Land Assets LLC and wiliams Farms of rmmokalee rnc. COUNTY:CoLLIER DATE EFFECTIvE: ACRESi DATE ExPtP(Es: y'3,f e, fARM LEASE mad . u or Z /t /t i ae&een WILLIAMS FARMS oFTMMoKALEE. rNC, r30o N;;riE; s;€",, r_."k"I;: ;i;;ia"li,o"rii,_"*,rr ",0. ("Lessee"). Lessor leases to Lessee. and the Less( fotlowing terms, pron,,i""r, "na "onaiX-]lnls from Lessor' on and subject to the Collier county Florida: ttons' the following described land (lancl) in Hay Fields: Immokalee Drive Fields,6C, l0and I (near New Bam). all as shownon an map ofthe Lald attached hereto as Exhibit ,,A,,1TERM The term of this Lease comnences on February l, 2023 and ends January 3l,r2026 unlcss sooner rerminared under orh", pr#ri""..i,r,iJ[".J"I(a) Norwithstanding parasaph (a) above eitherE"l i"V."irliff;.,*o **Lcasc, by giving the other written request or tte "*teor., on o, i"io." oor, ,,. of 2025. Extension may only bc by wrinen agreem;;;i;;;i",(b) This Lease may be terminated by Lessor ,*, ,t. *"rr.ile ot any of tlefollowing: (l) AbandonmertbyLessee. (2) Upon default by Lcssee in the performaDce of any of the terms,covenants, promises or conditions ofthe lease.(tr lnsolvencyof|-essee. (c)*.,*ui,1o*,,?[*,],:;T#iliL::":ffJ..ffi Tfl lt.:#:ilr..for the unexpired f,onion of said Lease 2. RENTAND LESSEE'S EXPENSES: (a) For the rental of the land. Lessee sha, pay to Lessor re,nt in accordance with theterms outlined below: r ' r Each year Tenant will wrap 200 rolls exclusively for l_aldlord. These rolls willbe provided to Landlord upon roll, due upo,, request. rcquest and Landlord will pay the rate of$30 per r,irDue upon bailing:. For every Round Bale. Tenant shall pay t andlord g | 0 per rolt. For every Square Bale, Tenant shall pay r-ararJ ios! ,", ,.rr. This costs INCLIDES storage fee for use "f U;il;;";; ,",, r,i,) Tenant shall notiry Land.tora wtthrn lo aays oiiifi"ni "nO o.oro" u "oun, alons.wirh Rent parncnr. Landrord or Landil;; "*;;ffi;J#l"oro* rn" Time is ofthe essence.7ヘ Evcn′hing requircd by this l●asetO bcdonc by Lcssee sha∥bcat Lesscc'scxpensc; (b) ILEssEE] ifLessee fails todo any such things. Lessor may do ihem at Lessee,s expens€. (c) Distrain. Lessec, for irsclf, its successors and assigns, hereby agree that allthe personal property on rhe leased premises shallL liable;o distress; thatall personal property, if removed therefrom. shall for thirty (30) days after such removal be liable to distress, and may be distrained ari sold for rent in arrears; the Lessee, foritsclf, heirs, andassigns, hercbywaiving 8ll right tothe benefit of any laws now made or hereafter to be made, exempting personalpropeny from levy and sale for arears ofrent. 3. USE OF LAND. Lessee shall use the Land only for commercial hayproduction. and shall not use, or permit any entry on, the Lanj for any other purpose. Lessee's use shall, however, be subject to all the provisions of rhis lease. 4. NO REPRESENTATIONOR WARRANry CONCERNING CONDITION ORSUITABILITY OF LAND. Lessee acccpts the lsnd in its prcsent condition (,,AS IS,,)without ary represertation or warranty by Lessor as to such condition. Lessorshall not bercsponsible for any visible or hidden defect or any future change in the condition oftheLand. Lessor makes no r€presentalion or warranty, cxpressejor implied . as to thesuitability or litness ofthe Land or its appunenances for any use ofLessee. 5. MAINTENANCE AND IMPROVEMENTS. (a) General. Lessee shall maintail the Lsnd with care, and in good, cleancondition . and shall not commit or permit to be committed any waste ofthe Land byanyone. Lessee agrees and covenants to keep arld maintain in good rcpair all buildings,pump statioDs and othcr improvements on the land during the t;rm ofrhis Lease.(b) Fences- Lesseeshall structurcsonoradjac",tt,th"r,"d.:;;Ti:"r""x:;:J::t",1ffii":*::1"r.".;ll*:il," escaping through gates. Lessee shall keep all gates properly clos;. -- - 1"1 Trespassers. responsibility Lessee shall police the Land ro evicttrespassers (and Lessor shall not have any to do so).(d) Locks on Gates_ Each rocked by Lassee. ano ,"""* *liiiffl""n"J,fj:Ti:l fi::"::adiacent to roads sha, be (e) Roads. Ditchcs. Dikes, Etc. Lessee shail _uioi", ,n as good or betrercondition as they nowexisr all cxisting roads, dhches, dikes, pu.ping li"ion", "na oth",appropriate improvements and structures on the Land. ( f) Urilities. No uri liry lines nor easements shall be placed on the Land withoulLessols prior written consent(gt Structurcs and Trailers. No structures or kailers shall be place on thc Landwithout Lessor's prior written cons€nl.(h) Timber. Lessee shall avoid injury to, or destruction of, growing timber llTtdat wirhout limiration, injury or desrrucrion by firc). Lessee shall not cut orremovc any staoding, sreen, dead or fallen rimber fromihe ;; ;;;;;;. *Inor. "",lumber, posts or wood. Lessee shall not drive nails, spike", ., ffi. i'"al * *n"r*ir"deface or mar, any tree, grcen or dead._on the Land. Lessee shall not sell or remove from lli a-, -, ":1,^r-"nd, gravet. rock oil or other mineral. nor any lumber. posls or wood.rrogs. upen ranse ofhogs on the Land is pmhibited. Any hogs kept on theLand must be kept in hog pJenclosures.(l) ATVs. No ATV or off-road vehicles are allowed on the prcmises for anyreason. Lcssee shall be liable tbr any damage caused. " " -! v'i '!tt! p,!, ( t) plastics and polyethvlene Materials. plastics and polyethylene,ilms used inthe growing of crops under rhis Leas /i , ie must b€ removed by Lessee when the crop is wiaFSsoRr 2 lr/ t\ ILESSEE] complcted. Under no circumstances shall plastics or polyethylene materials and film bedisked into the ground. These marerials mrrt U" ."rnor"i froln tf,e LunJsuUl""t to tti"Lease- They 6ay not be buried or disposed ofon these Lands or any other of Lessor,sLands without consent ofl-essor. Lessee shalt ulilizc good husbandry iractices to preventerosion and soil loss. 6. COMPLIANCE WITH COVERNMENTAL REGULATIONS. Lessee shaltpromptly comply with all present and future laws, regutations, rules, and directives of anvmunicipal. county, statc, l'edcral or other govemmental authority applicable to the Land or toLessee's acts or activities on the Land, incl[ding wirhour timitation. all environmental lawsatld regulations conccming the stomge. usc and disposal ofpetroleum, pcroleum products.pesticides, and fertilize$. Lessce,s aftention is invited. among otf,", itingr, to the need tonotity County building and zoning depanments of any srructures, other rh; temporary farmbuildings, to be placed on the Land. and the County Health Depanment for any septicsystems. and shall consbuct same pursuant lo all applicable tuitding ana health codes.Lessor has thc option to require Lessee, his employees or agents, to b'e;illA Level IIItrained. 7. TAXES ON IMPROVEMENTS By LESSEE. Lessee shall pay aI laxesresulting from improvemenrs (including, without limitation. structures) placed by Lesseeon the t nd. 8. NO LIENS FROM ACTS OF LESSEE. Lessee shall not have any right orpow.er to take any astion or make any coniract which maycreate or bethe fouhdation forany lien on the Land. Lessee shall. within ten days ofan, nfirg "g"ir", if,. Land ofanyliens wharever (including , wirhout limilation, mechanics, or m-ateiialmenls liens; arisingfrom any acts or omissions ofLessee (o. any of Lessee,s representatives. employees, orinvitees). either pay or dischargc such liens (incruding, j,r.", ri.ir"ii.". ,irirg -yrequired bond). The Lessor will record notice ofthis privision in ,i" puifi" n""o.a, .fCollier Counry, Florida. 9 'NSURAN.E REe,TREMENT' withour rimiting Lessee,s indemnification,Lessee shatl procue and mainrain for rhe duration of rhe L;^";"r;;;;;$ ctaims forinjuries to pcrsons or damagcs to property that may arise &om or in corulection !41th the use oflhc Prcmises hereunder by Lessee, his agents. represertatives or employees. Ladlord shallretain the right al any time to review thecoverage, form, and amount ofthe inruonc" ,.qrrredhcrcby- lf in the opinion of Landlord rhc insurance proririnn, ilr,f,... ."qu,L*o ao nn,provide adequale proleoion for Lardrord. Landrord a", *qrir" L-"*i',J"ou,",n inru"*."sulficient in coverage. form and amounno provide adequate protectior. ,_*itra;r r"qr,r".*oshall be rcasonabh but shal be rmposed to assure protection from aod against the kiDd Snd extentofrisks thal exisl at the time a change in insurance rs rcquircd. ("1, Verilication of Covence: t_essee shall tirnish the Landlord with certificatesevidencing coverage required betow at thetcginning ot.rh" ie; ;;.';;_ r*",* :lr:o$emenrs must be auached ro providcd ceniticaies. oi,'.*il""J* ""r,i_"* , *,r-rnsumnce-are ro be received and approved by trre r_anororo hrore prrrorm;;:;,n_""..(b) Minrmum Scopc ol.lnsurancc , ,Lessce shan mainrarn propcroi damage and pubric riabirity insulance covcring tbeLeased prcmises. Liability insurance coverage shall be not less than One MillionDoltam (g 1.000.000) combined singte.limi, * *";;;" "i,rrry * *"**damase. Lessee sharr name the LandLrd. its o;.*. ;u;;.;#. lrro,"r"", "novotuntc.crs as additio.at insurds on Lessee.s ti"bit_y ;;;;:;;.y a",ia such poticy ルタ鳳 [LESSEE〕鷺鸞淋露魃癬盟獣璽驚 Rt∝識 l躙朧露lM猟 Ⅲ::翼硼識蹴彙薦“Agrccmm &綱観R翼剛ボ:晰鼻fr総 11複l爛 11鵠盤署:冒￡S"｀踊憚脚憾 1鮮憫轟i醤躙器 3環器眈諄淵椒亀潔脇Mi蹴露鸞 REQUIREMENTS oN CESSAT10N OF LEASE ENVIRONMENTAL [LESsEE] 13 14 substance, theLesseeshall immediately( t ) contain and removesuch subsrance accordingto Law, and (2) repon such use. or discharge, to Lessor,(b) Belbre the cessation of Lease, Lessee will dispose offsite all trash, toxic orhazardous substances, pesticides, fertitizer materials, "o*o-inur"J soil, and aUco ainers. and in strict conformity with any instructions on the labels and in accordancewith 40 Code ofFederal Regulations (262.5I).(c) Withir 60 days before termination ofthis Lcase, the Lessor shsll conducran environmental inspection ofthe Land. including testing ofany buildings, soil, air, andwater. The Lessor will give Lessee notice ofthedate, place, andiime ofthe inspection. lfconramination is found, the Lessee agrees to pay Lessor foralr costs ofthe environmentalinspectioD, tests, damages, tines, interest, ahorney fees, penalties,andclean up. I bc l,essecis not eotirled to future Leases liom the Lessor until full compiiun"" i, u"f,i"u"a. an",the inspcction and until termination of this Lease, Lessec shafi "on,lnr" L "o-pfy *irf,all terms ofthis L€ase regarding srorage, use. disposar and removal oftoxic or hazardoussubsbnccs. (d) The term ',hazardous or toxic wastes or substances, shall be deemed toinclude all hazardous, toxic, and radioactive substances, *u"a, oa *"t"ri"fa , uttpollutants or contaminants, asbestos, pesticides, herbicides, gasoline, diesel fuel andother petroleum products, polychlorinared biphenyls lfC"etj ani otfr., "imlfarsubstanccs andall raw materials containing "uch s,,bstunces,t "i"." in-"tua"a ,ra", o.regulated under any rocar, state or federar law, either by definition. a"t"r.in"tion o.identification in such laws, or by judicial ". ua.inirt "tilr"-intirp.liution" of ru"tlaws, together wirh any orher chemical, material or subsrs*., ;;r;." to which isprohibited. Iimited or regulated by anygovemmental authotity or rhat may or couldpose a hazard to the health and safery ofthe occupants ofthe I-uJ orii" o*n"rs "naoccup&nts or property adjacent to the Land.(e) Lessee further represents ard warrants to Lessor that Lessee has notreceived any summons , citation, directive, t"n", o, o,t ", "o^_r-niJation. whetherwritten or verbar. from any agencyor dep"a."nt of uny gor".n-"ri "on".-rn, ,rr"presence on the Laod ofany hazardous or toxic wastes o;substattces and that shouldany such summons. citation, dirc-ctive, letter or other communi"uii-Jn U. ,.""ir"a lnthe future, Lessee shall immediately notiti, Lessor of the fa"i""i""rr*, ,fr**f(f) In the event it is determined thar any ac,rr, _,r.,i","t", *ith regard tothe presence ofany such hazardous or toxic wastes or subs,"n"a, on ,i" f"na, f-""r"acovenants and agrees to take all such actrons ,"""rrury,o pro_fiiy i.ing ,1," I_u"ainto compriance with alr appricabre raw. o. gou"-."n;t .1il;,,"#,;,, at Lessee,ssole cost and expense. Lessee acknowledges that kssor is J,r,., on',fr" *"rrarn"r.representations and covenanrs contained in tt i. p"."grufi in;;il;;," lease. andLcssee ugrees ro defend, indemnifr.r and hold Lcssor anj fr" .r"""r.?r, and assignsharmless ofand fiom ony and all actlons, suits,claims,. remedial orders judgments, decrees, and damages ofany natwe(including bur nol timited lo. arromeys, fees and co"o, ";rr"i;;; ;, ctean up,removal and resioration costs, and e to the presence, gen"a,ion, n,.un.,f"nt"onmental laws) arising from or in relation storase. handrin!, d,,'"""i: ;;;#;i::r;:r,l.,i:*#H}.[1,ff1';,_ wastes or subsrances on thc land. The fo."goirg ini"*ifi";i,".iJn.il n"_,**obligations shal be in addilion to any and ar temedies otherwir. "rni"-oi" a a"ar.. (g) Lessec agrees to indemnify, defend and hold Lcssor and its successorsand.assigns harmless from and againstaoy claims. demands, actions, causesofactionor damages suffered by Lessor or its ttte .eprc-""rtationso;;;;*:; "'"cessors or assiSns' resulting fiom a breach of damalererating;.;r";;#::::1.:'r'"T".:lill:I;:":1"i.?..y;,::? substances including but not limired to acrions by third panies. fh.; L,'Lt,tr6nr ' -lu! ILESSEEI (h) Pcsticidcs and Fertilizcrs Lcsscc shali stOrc pcsticides,hcrbicidcs and rcrilizer matcrial within enc10sures Fenccd in accOrdancc with Paragraph,(b)and within cncloscd stnlcturcs cOnsisting at thc minimum Of a r00f and scaled■OOrPcsticidcs, hcrbicidcs and ferilizcrs shan bc uscd and disposcd Or slほ ctly inaccordallce with instRIctiOns On thc labeis and in accOrdancc with 40 Codc Of Fcdcral RcgulatiOns(26251) Pcsticidcs sha∥ bc storcd in a lockcd、 wcathcr rcsistant,impcrviOus t100rcd smcturc upOn cOmplctiOn of pcsticidc applicatiOn, pcsticidc must bc rcturncd 10 thc prOpcr stOrage Facility Thc stOragc facility shan be anorded 慧 l:ざ ∝Ⅲ … おおrC■cnt tty ttld up∝湖 ““ J ttkd agnc山 wJ (1) Pc●01eum stOragc Tanks No undcrground s10ragc tanks Or lincs arc l質 [fi:靖 II灘 l∥l顔 1:∫ :1:壌 1111』laょ :退 ::1:鳥摺:縄獅 s the owner and Opcrator Or such storage tanks and is sOlcly rcsponsiblc and strictly liable fOr cOmp!iancc with a∥ govcmmental rcgulations cOnccming theirinstanation,。pcration,and maintcnancc Lesscc shan store such materials as may be rcquired tO absOrb and contain any spills Abovc grOund hcl tanks OF a capacity oF,,O gallOns Or lcss must be located so that no part OFthc tank is in cOntact with thc soil and thc tank can bc rcadily inspcctcd for lCaks A1l fllcl lincs,cOnneCtions and Othcr apparatus must bc wcll maintaincd 10 prcvcnt rtlel leakagc All detcctcd lcaks shal:be repaircd inlmcdiatcly lJ) RcpO●ing Rclease oFSome Chcmicals lfLcssce is subJecttO reporting OFthc prescncc or rclcase oF chcmicals Or Othcr hazardOus substanccs On or From thc Land pursuantto scctions 302,304,305.311,312,or 313,oFthc cmcrgency Planning and Comntunity_Right_TO_Know Act(Titlc III oF thc superfund Amcndmcnts and ReauthOrizatiOn Act or 1986,42 U s c scctiOn II ool,et scq),then Lessec shall 亜豊椰灘姦麟讐襟稲 rξ 鼎 :癬繹蹄肝露 ICh in LcssOrs s。lc OpiniOn prcscnt anunrcasOnablc risk tO htiman health Or thc cnvironmcnt (k) sOlid wastc Extcnded accumulatiOn oF so:id wastc is prohibitcd Lcsscc will propcrly dispOse oF any solid waste within 30 days OF its crcation TO aid in thc 電盤];1器織 a劇だW¨に“mド ∝ 溜漁ミ,1ど s蹴織ξttFlprotcctcd manncr sO that any fOrcsccablc cvcnts will nOt causc contamination tO thc 灘存鮮懺fittw躙事鋭概1選 ∥Ⅷ hccmcd hand“sO、ゎvctty thal w¨ど驚漱∬」lC素ぶ∬V話躍uま ∫ i:器 ll野 lllilil:llifll[雌 ilil;:lil∬ilili:lil得 i∬||! ″猾轟沌IT織馴7就『1∝m宙 mmm川田けsmd■●輛州 ut above Lcssec shan storc on_sitc such 署肥?∥わ蝋ぽ鵠 r量稀 d Disposal Thc Lessec warrants,cOvenants aliFarlningil椰幾lil藤量:1鷲 il″ L“Ю珂 6 ル〔LESSEEl behalforLcssorinanymannerwithrcgardtOanychcmica10rsOlidwastestOmgc,usc Or disposal arrangcmcn、 Lcsscc covenants.warran、and rcprcsents,that Lessce is namiliarwith 40 CFR Part 165 "RccOmmcndOd proccdurcs fOr thc dis,Osal and stOragc OF pcsticidcs and pcsticidc cOntaincrs" Lcsscc also undcrstands,that nO cOntaincr or othcr so:id or liquid wastc disposa1 0r any typc is pcn nitted On thc leascd iands HOwcver,at thc Lcsscc's optiOn. Lcssee may disposc Of rcsidual pcsticidc by prOpcr application oF triplc rinscatcas partOrthcapp:icatiOn prOccss As a bcst managcmcnt practicc,thc Lessce should propcrly disposc Of an containers as provided in 40 CFR Parts 262 and 165 and as requircd by any Othcr applicablc local.statc or othcr Fedcral rcquircmcnt (n) PetrOlcum StOrage Tanks StOragc tanks For Fucls sha∥bc installcd as Fo110ws:Thrcc tO fOur inchcs Or soil be cxcavatcd POlycOver such as visquinc Or othcr equivalcnt matcha1 0F nO less thickncss than six mils sha∥bc placcd in thc cxcavatiOn Thc polycOvcr shali be cOvcrcd with twO tO three inchcs Or sOil and the stOrage tank placcd thcreon so that a spil!。r lcak may bc immcdiately cOntained No undcrgmund stOragc tanks or iincs are anowed Thc Lcssce sha∥nOI″Lcssor OF thc 10ca●On Of all stationary hci stOragc tanks upon installation,and shall maintain and usc all hcl stOmgc tanks tO prcvcnt dischargcs tO 織 1鷲鮮嘉謙 :1鞣 ∬鵬鳳 W聰 li潔轟富:脱認 sは 1部憾:(0) Prohibitcd Tanks Exccpt rOr petr。lcum stOragc tatlks. liquid Fcnilizcr tanks orothcrtankswithLcssorsw●tten conscnt,abOve ground tanks Orany sizc.rOr any purpOsc Othcr than usc as scptic tanks,arc stictly prOhibited No matcnal othcr than domestic wastc watcr,as dcnned and aliowcd by Chaptcr 17, F A C and any Othcr applicablc redcral,statc Or local requircment.sha∥bc placed intO any scptic system Thc proper pcnmitting OperatiOn and closurc of any such tank or scptic systcm sha∥ be thcsolc rcspOnsibility Or thc Lesscc (p) Rclcasc Proccdurc A∥lucl sp∥ls Over 25 gallons must bc rcpOrtcd tO Lessor inmedlalely upon dlscOve″ Lcsillil電 ∥[記 lllil1111::S° lC dlSCrctOヽ mayOvcrsec or●Ontrol any ncedcd asscssment ar (q) Mixing and Loading hcdurcs Mixing10ading OFag面 ou!ttlral chcmicalsShlfir∥pll鷲 lr思:よじallD::lillilill:1111llilI朧 i[:nOt at any timc,fOr any duration,bc s10redャ EquilL:ntご ::∥l[1ll」著:1131n『:〕 |llat:ょ ::]』電理:11￡∥∥よ:は T:any榊鵬鐵鐵轟轟oF this lease tO the■1l cxtent that such acti Lcsscc's opcrations,including but nOtllmite` lililillllIIIilil鯛磨1鮎 !I'1111liょ T財器i∬ll譜 1露 :It:ポ ¨鵠薔H∬∬継甜驚漁糀点職躙 ∥ ll∫為i織 :L:l:欝 T]1;lill潔蹴 lち柵鳳器 1龍冒『lil冊 τttII∬:l誌躍l誤 1琶 :i∥ LttЮ 珂 7 勉〔LESSEEl thc Lessec,at LcssOr's solc discrctiOn,tO pOst an cnvironmental liability bOnd upon the dcmand OF thc LcssOr in an amOunt tO bc dctcmined by the LessOr depcnding On the pOtcnttal scvcrlty Or thc cnvironmental cOntamina10n LcssOr w∥i spcci″thC bondamount bttd On consultantrccommcndations iFthc Lcss or a110wsthc LcsscctO pmue thc bonding rcquiremcnt,thc railurc by thc Lessec tO produce evidcnce oF said bOnd within i5 additiOnal days wi∥ bc considcrcd a dcrault oF thc leasc Nothing in this paragraph sha∥prcvcnt nor rcquirc thc Lcssor overtaking remcdial actiOn at any timc 10 prcvcnt wastcOrdctc●Oration Orthcdcmiscd prcmiscs NO●vithstanding any prOvisiOn O「 this paragraph thc Lcssor may terFninate this leasc in thc casc OFthe Failurc Orthe Lcsscc to comply with any cOnditiOn Of this icase Or this paragraph (t) Respo■sib∥iけ For Compliance COmpliancc with the tcmls Of this Paragraph is thc sOle responsibility oFthc Lcssce Thc Hght Orthc Lcssor to inspect the prcmiscs shali notcrcatc a duty tO inspcct nor sha∥tcsscc bc cntitlcd tO rcly On thc sarlc. :路 l鷺漑i∬基f:路twtttttT謂 ∬:尋 T:撃計:ド滞1露器 e Lcssor (u) Lnvironmcntalindcmnity Lcsscc W“l bc in chargc and cOntr01 0ra∥ matehal handling and stOragc arcas upon thc lcased premiぃ ,and Lcssec agrecs tOindcrnnify hold harmlcss and dcFend Lcssor from a∥claims dcmands Suits.damages (inCluding a∥fOresccablc and unfOrcsceablc cOnscqucntial damages),punitivc damages asscssmcnts.lincs,pcnaltics cOsts and othcr cxpcnscs(inCluding attOmcys' fcc・・andother cOurt costs)brolight on bchalrofany persOn or cntity a●sing,om thc usc storagc OrdispOsal oF any chcmicals po∥utants, pcsticides, pctroleum products battchcs (including waste matedaり and Othcr substances(cumulatively thc"matcrlals")uscd gcncratcd stOred or brought ontO the lcased prcmi゛ s by Lcssce which matcdals,Or thcir use.stOragc Or disposal、are regulatcd under any l∝al,statc Or Fedcra∥aw Thisindcmni″shall cxtcnd to any Or s itc treatlllcnt,storagc Or disposa1 0f rlli Y mateialthatlcavcs thc demised prcmiscs fOr which thc LcssOr bccOmcs responsiblc cithcr v。luntaHly Or i鮎鰭樅驚∥i踊 I∥躙躙EF辮轟鰐 lcludc but arc notlimitcd tO thOsc claims cithcr threatcncd or rcalizcd rOr inJurlcS tO the contaninatiO:1 0Forthe death OFpersons or damagcs t0 0rthc dcslructiOn OFpropcrty thc air sOi! watc6 gOundwatcrs thc cnvironlncnt livc●Ock plants animals. and aquatic liFc arlsing From cxpOsurc to Or thc escapc Ofthe abOve dcscribed matcrials due tO such matchal s prcscnce cithcr On or oFr・ sitc 榊1朧淵脚灘職 gns Or any othcr pcrsOn or cntity ansing Out Of thc abOvc desc■bcd acs OF om｀●ons OfL:sscc 搬躙還獅]i蔦鮮』淵 l盤 ∥亀柵ulttI 鵠ぉよ膜逍F脱 l聡 i懲 1諄 T2shall““em“tO su商 “¨d∞“h“his lcasc Or atcr any cvictiOn or rcpOssessiOn 14 ASSIcNMENTs,ETC Lessce sha∥n。l assign.cncumber or disposc Orthis Lease orsublctthewh01eoranypartoFthcLandwithoutthcpriOrwrittcncOnscntoFLcssOr Thc LcssOr has the abs01utc Hght t。ゃvithhOld conscnt lf Lcssee is a corporatiOn or a partncrship, any transrer(not in cOnsequcncc OF dcath)。 Fthc c。￢poratc sharcs Or隅∬墨榊選塾晏鮮欝I識》鵠TR忠霊1胤悧 issign this Lcasc Й [LESSoR] REMEDIES rLESSEE〕 16 17 20 of_Lessee's operations arising out of thcse permits, failure to obtain such permits orfailure to pay such permit fees or charges 22' No wAtvER. Nothing with respect to this Lease sha[ be deemed to have beenwaived by Lessor unless such waiver be in writing signed by Lessor. No omissionof-Lessor to insist on strict performance by Lessee sha-ll be d'eemed a waiver ofanysubscquent breach by Lessee. 23. LEASE - ENTIRE ACREEMENT. This Lease constirutes the entire agreementbetwecn thc parties. No representations , warranties o, pao_i* pertaining to thisLease or any property affecred by this Lease ha.,re been made by, nor shalr be bindingon, either ofrhe parties, except as expressry stated in this Lease.-r-his Lease cannotbe changed orally, but only by an agreement in writing signed by the party againsrwhom enforcement ofany such ch8nge is sought. 24. COMPLY WITH THE TERMS ANDCONDITTONS OFTHE LEASE. Lessorwinot interfere with the harvesting and cultivation ofcrops prcsently being tended.Lessor may stop work on other lands under Lease ifLessee ao"" no, "o_pty *i,tthe terms and conditions ofthe Lease. 25. TERMINATION OF LEASE. Lesseo must be in compliance with Federal, Srate,and County laws and Environmental regulations 60 drysprior to termination ofLease. Lessee shall maintain compliance during the linal 60 days otthe Lease andat all timesduring this Lease and shal dispose offsite a[ ha,ard;us substance, andleave rhe land in a ncat, clean and eye pleasing condilion ro tle saiisfaction of theLessor. 26. VENUE. Any actioD for breach of this Lease or for any claims or damages arisingout oflhe ownership, use possession or maintenancc o-f the leased premises shall bebrought only in Collier Counry, Florida. 27. NOTICE. Any notice required herein shall be made in writing and mailed ccrtifiedmail to rhe address providcd herein for L"""o. una L"""*, "iJ"iutt U" a".a"a u,have bcen made when deposited, postag" p."poia, in ii" Unit-.J iur., po"tot System. 28. MISCELLANEOUSPROVISIONS. (a) Lessee shall comply with and shall insure that all indepcndent contractors onthe land with thc consent ofLet regarding the use of ,,,*._;;::":',T:il,Tlli'l,jlli;llxri.,.,.i*".^ Compensation Law as it may apply.(b) No Iivestock shall be permitred on the Land.(c) Ditches and dikes within the gross farm acres wi, be mowed, creaned andsprayed by the Lessee.(d) The main road must be maiotained at its cufiEnt level ofsewice by the Lessee forthe period ofthe le3se(e) Lesseewillbere< tbrth by the Florida s,ur" ao.,nl:-t'1 mplemenl Best Management Practices' as set Arr records and inro.*;il;;;'J,,T:Hili:::ilT:i;.il1f.11"";;li::ili"::::: by Lesseeand made avaitable to Lessorand s,"t" "f Fi;;;;;;,nlnr", n"rr*supervision of farm practices. W tLESSoRI Jtrtt, [LESSEEI ぬcd」:遺避鱚 ORぬ C“面い hvecx∝u“d mdttv¨d tt LcascOn "LESSOR" 、.LESSEE'' Ж:日 AMSFARMsoF MMouLEL CARRIE M/1LLIAMS PIIncipal Individually By: Performance by the Lessee ofall matters_reqt,ired ofthe Lessee under-the tems ofthisLease is pcrsonally guaranteed by - --*-"::: ″ 勲 Facilities Management Building · 3335 Tamiami Trail E Suite 102 · Naples, Florida 34112 · 239-252-8380 LEASE ABSTRACT Williams Reserve Farm Lease #5 Lessor/Landlord: James E. Williams Trust and Williams Farms of Immokalee, Inc. Lessee: not listed – names removed per owner request Property Address: 25 Acres on Lake Trafford Road, all as shown on a map of the Land attached hereto as Exhibit “A” Lease Term: 5 years from the date of execution, subject to termination by the Landlord at Landlord’s option. Commencement Date: January ??, 2023 Expiration Date: January ??, 2028 Termination: Landlord agrees to compensate Tenant in the event of early termination of this agreement at the following rate: - Within 12 months – Landlord will compensate Tenant 100% of Tenant’s costs - Within 24 months – Landlord will compensate Tenant 75% of Tenant’s costs - Within 36 months – Landlord will compensate Tenant 50% of Tenant’s costs - Within 48 months – Landlord will compensate Tenant 25% of Tenant’s costs - Costs are defined as receipts for payments attributable to the leased land not to exceed the estimate of $500 per acre. Rent: The Tenant agrees to prepare the land for hay in exchange for rent. Any hay stored in Williams Farm's barn will be payable to Landlord at $2.00 per round bale/$0.10 per square bale due upon storage. Per the listing agent, “was strictly done on the property on Lake Trafford Road. We were having issues with people cutting fences and cows were getting out so we asked the hay farmer if he could do hay acres to keep Ag exemption. He only pays Williams Farms for storage in the barn outlined in the lease.” Facilities Management Building · 3335 Tamiami Trail E Suite 102 · Naples, Florida 34112 · 239-252-8380 Options to Extend Term: N/A Allowable Use: The property leased shall only be used for agricultural purposes. Assignment/Sublet: N/A Miscellaneous Provisions: N/A Insurance: Lessee shall procure and maintain insurance for the duration of the Lease. Lessee shall furnish Lessor with evidence of coverage. Liability insurance coverage will be no less than One Million Dollars ($1,000,000). See other insurance provisions in Section 4. Environmental: N/A Leases and Amendment(s): Lease Agreement, dated January of 2023 – No Amendments were provided by Lessor. The commencement day in January is illegible on the lease. Prepared by: Jeremiah Westerfield, Sr. Property Acquisition Specialist II LEASE AGREEMENT This Agreclnentis rnade by and betwecn: Land10rd/LessOr James E.williams Trust and williams Farlns OflnllnOka10c lnc. Tenant/Lessee The Landlord hereby agrees to lease the property locared in: 25 acres on Lake Trafford Road. all as shown on an map of the Land attached hereto as Exhibit "A,, ffnHfif.ifi1rT,ffi: to 5 years from the date of execution, subject ro termination by the TERMAI\D CONDITIONS l) Use of property The Property leased shall only be used for agricultural purposes. 2) Compensetion The Tenant agrees to pre?T the rand for hay in-exchange for rent. Any hay stored in wiiliamslH;:.'"* will be puvubt" to t-anato.J"iiz.iiop".-i.;ffi;.ffier square bare due upon 3) Early Terminrtion kll"#i agrees to compensate Tenant in the event of early termination of this agreement at theo within 12 months * Landrord wi, compensate Tenant r00% of Tenant,s costso within 24 monrhs - p1"d w.r compensate Tenanr 75% of renanr,s cosrse within 36 months - Landrord will .orinor. Tenanr 50% of Tenant,s cosrso within 4g months - Landlord w,l compensate Tenant 25% of Tenant,s costs' ""r:i:;:""ftffii};f:pts for pavments attributable to the reasea una not to exceed the 4) Insunnce without limiting Lessee's.indemnifrcation, Lessee sha[ procure and maintain for the duration of theLease insurance against craims for r:ri"l; rlii.s yr damaggs ro property that may arise from or inconnection with the use of the pt".it"ti"r.-,il'."iuy L.rr*, [i, ug*,r, iiiresentatives or cmployees.Landlord shalr retain the right ";ti-",;[rr"* irr" ""*."g", 6i-, *Tu,noun, of rhe insurancerequired hereby' If in the orlton "rmai"Jtr"lnrurun"" provisions in these requirements do notprovide adequate protecrion for L-dili;ii"i ,", dfi;.,-,J"; i.i,",n ,nrur"rce suflicient incoverase' form and "*or:.l providg il.-q-;i;;;L!1r.r11arrrj;r-."qii'*r*,s sha, be reasonabrel}lil':i,Hlfifl::,H[:kifrl;Hff'fi:gainsr rhe kind and "*l"it or.i,r. that exisr at thef υヽ・ vcnncation OrCOvcrago 輔脚 1難棚攣襴換t ・ Minimum ScOpe Oflnsurancc lIIIIlcrcda o Other lnsurancc ProvisiOns :鮮 emm a“。∞n面 .。rbe m“劇。・鼈蜘難li:∥lI聾鷲露i翼 :1111き費lli・澪熙瀞鶏鯨H為路輔澗鼈鰊、黒織娠つ 7ル ° ,UBCONTRACToRS:Lcssce shall rcqulrc all subcOntractOrs tO maintain adequatclnsurancc S)ACKNOwLEDGEMENT the parties hcrcby acknOwlcdge and understand thc tenlls hcrcin sct fO“ h in this Agrcemcnt SittnCdOll thIS≠Ⅲ OfJanu叫ル・ざ〃MTenant/Lessee 1919 Courtney Drive | Fort Myers, FL 33908 | Phone 239.936.1991 | www.carlsonnorris.com APPRAISAL REPORT Prepared For: Collier County Board of Commissioners Attention: Roosevelt Leonard, R/W- AC, Senior Review Appraiser Office of the County Manager 3299 Tamiami Trail E STE 202 Naples FL 34112 Prepared By: ON, NORRIS & Carlson, Norris & Associates 1919 Courtney Drive. Suite 14 Fort Myers, FL 33901 (239) 936-1991 www.carlsonnorris.com File #20-100 Williams Reserve Appraisal Project 2105 Immokalee Drive, Immokalee, Florida 34142 Our File #: 24-36 1919 Courtney Drive | Fort Myers, FL 33908 | Phone 239.936.1991 | www.carlsonnorris.com Real Estate Valuation Experts Trusted since 1985 March 5, 2024 Collier County Board of Commissioners Attention: Roosevelt Leonard, R/W-AC, Senior Review Appraiser Office of the County Manager 3299 Tamiami Trail E STE 202 Naples FL 34112 Re: Williams Reserve Appraisal Project 2105 Immokalee Drive, Immokalee, Florida 34142 Our File Number: 24-36 Purchase Order: 4500228002 Dear Mr. Leonard, At your request and authorization, Carlson, Norris and Associates, Inc. have prepared an appraisal presented in an Appraisal Report of the market value for the above referenced real property. Per the request of the client, we have provided the market value of the subject on an As-Is basis. The interest appraised includes the fee simple estate of the subject property. The subject tract of this appraisal is a 2,247 gross acre site that can be located at 2105 Immokalee Drive in Immokalee, Florida 34142. The subject property has 12 parcels with two parcels containing road access along Immokalee Drive and Lake Trafford Road. The subject property is irregular in shape contains a total of 97,879,320 square feet of area with two zoning designations. There are 2 parcels located towards the north of the subject property with access along Lake Trafford Road containing 153 acres or 6,664,680 square feet. These two parcels which we will describe as the boot property are currently zoned Williams Farm RPUD that is entitled for residential development for a total of 336 residential units. A more detailed explanation of the site plan will be discussed later in the report. The other 2,094 acres of land contains 10 parcels of A-MHO (Agricultural Mobile Home Overlay District) 1 unit per 5 acres within the RLSA overlay district with approximately 1,100 acres of wetlands area. A more detailed explanation of the overlay development plan will be discussed later in the report. The subject property of 2,247 acres has two future land use designations of Urban Residential and Rural Mixed Use. Parcels #00131760002, #00131720000, and #00132720009 are all properties with improvements, including a single-family residence, carports, and garages. Data, information, and calculations leading to the value conclusion are incorporated in the report following this letter. The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter. Any special assumptions and limiting considerations were especially noted in Section 7 of this report. Your attention is directed to these General Assumptions and Limiting Conditions which are part of this report. The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with, our interpretation of the guidelines and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation, the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Title XI Regulations. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 2 March 5, 2024 Page 2 Based upon the results of the investigation and analyses contained in the following report, subject to the extraordinary assumptions contained within, it is our opinion the market value of the fee simple interest of the subject Boot Property “As Is” of the subject parcel under market conditions existing as of February 9, 2024, is: SIX MILLION NINE HUNDRED THOUSAND DOLLARS ....................................... ($6,900,000.00). Based upon the results of the investigation and analyses contained in the following report, subject to the extraordinary assumptions contained within, it is our opinion the market value of the fee simple interest of the subject Agricultural Land “As Is” of the subject parcel under market conditions existing as of February 9, 2024, is: FOURTEEN MILLION SEVEN HUNDRED THOUSAND DOLLARS .................. ($14,700,000.00). Book Value Parcel #00131720000 ($296,774) Book Value Parcel #00131760002 ($90,071) Book Value Parcel #00132720009 ($44,167) Please refer to the attached appraisal report, plus exhibits, for documentation of the value estimates contained herein. It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if Carlson, Norris and Associates can be of further service, please contact us. Respectfully submitted, CARLSON, NORRIS & ASSOCIATES Michael Jonas, MAI, AI-GRS, CCIM State-certified general real estate appraiser RZ2623 Brandon Jonas State-registered trainee appraiser RI25835 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 3 AERIAL PHOTOGRAPH WILLIAMS RESERVE APPRAISAL PROJECT 2105 IMMOKALEE DRIVE, IMMOKALEE, FLORIDA 34142 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 4 TABLE OF CONTENTS SUBJECT PHOTOGRAPH ....................................................................................... 3 SECTION 1 - SUMMARY OF SALIENT FACTS ....................................................... 5 SECTION 2 – PREMISES OF THE APPRAISAL ....................................................... 7 SCOPE OF WORK ................................................................................................................................. 7 SALES HISTORY.................................................................................................................................10 EXPOSURE TIME…………………………………………………………………………………………..11 MARKETING TIME ..............................................................................................................................12 EXTRAORDINARY ASSUMPTIONS ........................................................................................................13 SECTION 3 – DESCRIPTION OF REAL ESTATE APPRAISED .............................. 14 COLLIER COUNTY AREA ANALYSIS ....................................................................................................14 MARKET AREA ANALYSIS ..................................................................................................................28 LEGAL DESCRIPTION .........................................................................................................................30 OWNER OF RECORD ..........................................................................................................................31 ASSESSED VALUE AND TAXES ...........................................................................................................31 SITE DESCRIPTION .............................................................................................................................32 SUBJECT PROPERTY PHOTOGRAPHS .................................................................................................47 SECTION 4 – HIGHEST AND BEST USE ANALYSIS ............................................ 79 HIGHEST AND BEST USE BOOT PROPERTY ........................................................................................79 HIGHEST AND BEST USE AS AGRICULTURAL LOTS.............................................................................80 SECTION 5 – VALUATION OF THE SUBJECT ..................................................... 82 VALUE ESTIMATE BY THE COST APPROACH ......................................................................................82 VALUE ESTIMATE BY THE INCOME APPROACH ..................................................................................82 VALUE ESTIMATE BY THE SALES COMPARISON .................................................................................82 PART ONE- BOOT PROPERTY ............................................................................................................83 PART TWO- AGRICULTURAL LOTS ................................................................................................... 103 SECTION 6 – RECONCILIATION OF VALUE ...................................................... 122 SECTION 7 – LIMITING CONDITIONS................................................................ 124 CERTIFICATION OF MICHAEL P. JONAS, MAI, AI-GRS, CCIM ......................................................... 124 CERTIFICATION OF BRANDON JONAS .............................................................................................. 126 GENERAL ASSUMPTIONS & LIMITING CONDITIONS .......................................................................... 128 SECTION 8 – ADDENDA ..................................................................................... 132 BOOK VALUE CORELOGIC .............................................................................................................. 133 PARCEL BREAKDOWN .................................................................................................................... 137 FLOOD MAP .................................................................................................................................... 137 LICENSES ....................................................................................................................................... 138 QUALIFICATIONS OF MICHAEL P. JONAS, MAI, AI-GRS, CCIM ..................................................... 139 QUALIFICATIONS OF BRANDON JONAS ............................................................................................ 141 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 5 Section 1 – Summary of Salient Facts Project Name: WILLIAMS RESERVE APPRAISAL PROJECT Part One: Boot property 2 parcels Williams Farm RPUD with 153 acres. Part Two: Agricultural 10 parcels land (2,094 Acres) Parcel Number(s): Property Type: 2,247 Acres Agricultural Land Property Location: 2105 Immokalee Drive, Immokalee, Florida 34142 Report Format: Appraisal Report Date of Report: Date of Inspection: March 5, 2024 February 9, 2024 Date of Value: Real Estate Interest Appraised: Purpose of the Appraisal: February 9, 2024 “As Is” fee simple market value for the possible purchase of the subject property. The purpose of this appraisal is to estimate the “As Is” market value for the possible purchase of the subject property. Use of the Appraisal: Intended User(s): The intended use of this appraisal is to assist the clients/users with possible purchase of the subject property. The intended user of this appraisal is the Collier County Board of Commissioners. Client: The client for this appraisal assignment is the Collier County Board of Commissioners. Location: The subject property is located along the north of Immokalee Road and south side of Lake Trafford Road and Immokalee Drive in Immokalee, Florida. Site Description Project: The subject tract of this appraisal is a 2,247 gross acre site that can be located at 2105 Immokalee Drive in Immokalee, Florida 34142. The Subject property has 12 parcels with two parcels containing road access along Immokalee Drive and Lake Trafford Road. The subject property is irregular in shape contains a total of 97,879,320 square feet of area with a zoning of Williams Farm RPUD and A-MHO (Agricultural Mobile Home Overlay District) 1 unit per 5 acres, as well as a future land use of Urban Residential and Rural Mixed Use. The site is mostly vacant and utilized for agricultural purposes and is currently owner occupied with Prepaid leases. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 6 Legal Description: Included subsequently in the report. Future Land Use: Zoning: Urban Residential and Rural Mixed Use Williams Farm RPUD and A-MHO (Agricultural Mobile Home Overlay District) 1 unit per 5 acres Highest And Best Use as Vacant: Part One: Boot property 2 parcels Williams Farm RPUD with 153 acres. Part Two: Agricultural 10 parcel land (2,094 Acres) Appraisal Firm: Carlson, Norris & Associates Appraisers: Michael Jonas, MAI, AI-GRS, CCIM State-certified general real estate appraiser RZ2623 Brandon Jonas State-registered trainee appraiser RI25835 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 7 Section 2 – Premise of the Appraisal Purpose of Appraisal: The purpose of this appraisal is to estimate the “As Is” market value for the possible purchase of the subject property. Use of the Appraisal: The intended use of this appraisal is to assist the clients/users with possible purchase of the subject property. Intended User(s): The intended user of this appraisal is the Collier County Board of Commissioners. Client: The intended user of this appraisal is the Collier County Board of Commissioners. Competency of Appraisers: The appraisers' specific qualifications are included within this report. These qualifications serve as evidence of their competence for the completion of this appraisal assignment in compliance with the competency provision contained within the Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal Foundation. The appraisers' knowledge and experience, combined with their professional qualifications, are commensurate with the complexity of this assignment based on the following: • Professional experience • Educational background and training • Business, professional, academic affiliations and activities The appraisers have previously provided consultation, value estimates, and compensation due for acquisitions. Scope of Work: The Uniform Standards of Professional Appraisal Practice (USPAP) define the scope of work as: “the type and extent of research and analyses in an assignment”. “The scope of work includes, but is not limited to: the extent to which the property is identified, the extent to which tangible property is inspected, the type and extent of market research and the type and extent of analysis applied to arrive at opinions or conclusions.” The scope of this appraisal has been to collect, confirm, and report data. Other general market data and conditions have been considered. Consideration has been given the property’s zoning and surrounding improvements and neighborhood. The work performed for this assignment included but is not limited to the following: • Extent to which the property was identified COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 8 o The appraisers relied on sketches and legal descriptions provided by our client and the parcel number obtained from the Collier County Property Appraiser’s office relating to the subject property. • Extent to which the property was inspected o An inspection of the property being appraised as well as the neighborhood in which it is located was done on February 9, 2024. During the inspection, an inventory of the property attributes was collected based on visual observation and photographs taken. Please note, the appraiser was not able to access all interior portions of the site and thus relied upon aerials from Collier County Property Appraiser’s office as well as documents provided by the client. • Type and extent of the data researched o Investigation of public records for the property’s future land use, zoning, flood hazard area classification, property appraiser records, and tax collector records for attributes of the property. o Collection and analysis of comparable land sales in order to form an opinion of the value of the underlying land.  Sales in the market area were located and were selected based on physical and location characteristics.  The data was verified with the buyer, seller, or representative of the comparable as well as public records. • Type and extent of analysis applied o The value opinions presented in this report are based upon review and analysis of the market conditions affecting real property value, including land values and sales data for similar properties. o Three approaches were considered to be utilized in determining value. 1) Cost Approach – either replacement or reproduction cost is used to develop a value indication for the subject property. 2) Income Approach – valued on the ability of a property generating a cash stream. 3) Sales Comparison Approach – value indication is derived by comparing sales of similar properties. It is the most common and preferred method of land valuation when an appropriate supply of comparable sales are available. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 9 o The Cost Approach was not utilized in our analysis because under current economic conditions it is not considered to be a reliable indicator of value and it is typically not used for the valuation of vacant land. o Vacant land is not generally purchased for its ability to generate a cash stream; therefore, the Income Approach is not utilized. o The analyst will utilize the Sales Comparison Approach in estimating the market value for the subject property land. A sales approach was applied as there is adequate data to develop a value estimate and this approach reflects market behavior for this property type.  An investigation of comparable land sales of similar unimproved properties were utilized. The sales were considered in order to make a comparative analysis which would lead to the completion of the Sales Comparison Approach. o The value opinion presented in this report is based upon review and analysis of the market conditions affecting real property value, including land values, the attributes of competitive properties, and sales data for similar properties. o Preparation of a written report. To develop the opinion of value, Carlson, Norris and Associates performed an appraisal as defined by the Uniform Standards of Professional Appraisal Practice (USPAP). In this appraisal, Carlson, Norris and Associates used the Sales Comparison Approach to develop a reliable value indication. Furthermore, the value conclusion reflects information about the subject and market conditions. This appraisal of the subject has been presented in the form of an Appraisal Report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(a) of the USPAP. Property Rights Appraised: The subjects fee simple estate has been appraised. No title work was provided by the client. No easements or encumbrances were noted on the subject parent tract prior to the effective date of February 9th, 2024. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 10 Fee simple estate is defined as: “Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.”1 Williams Reserve Project (book value) is defined as: “The book value refers to the value that is placed on its original cost or purchased minus its accumulated depreciation. The Fee appraiser will determine the land value for the subject property.” Market Value Definition: As defined in the Agencies’ appraisal regulations, “The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: • Buyer and seller are typically motivated; • Both parties are well informed or well advised, and acting in what they consider their best interests; • A reasonable time is allowed for exposure in the open market; • Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and • 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.” (Source: Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75, Number 237, Page 77472) Sales History: The Uniform Standards of Professional Appraisal Practice require a statement of the listings, purchase contracts and sales history of the subject property for the five years prior to the appraisal date. No qualified transactions were noted occurring in the prior five-year period. The subject is currently listed on the regional LoopNet and Costar as of June 13, 2023, for an asking price of $23,000,000. Valuation History: The Uniform Standards of Professional Appraisal Practice requires the appraiser to divulge any services provided on the subject property during the preceding three years. The appraisers and Carlson, Norris and Associates have not completed an appraisal of the subject 1 Unless otherwise noted, all definitions in italics are taken from The Dictionary of Real Estate Appraisal, 7th Edition, The Appraisal Institute, Chicago, Illinois COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 11 property, nor have we provided any services related to the property during the three years preceding the date of this appraisal. Appraisal Analysis and Report Type: The Appraisal Standards Board controls the process of making an appraisal of a parcel of real estate. The Board issues rules and guidelines from which all appraisals and resulting reports are made. The process of administration of those rules and guidelines is addressed to the Real Estate Appraiser Commission of each respective state. The Appraisal Standards Board issues the rules and guidelines in the form of a document update published each year by The Appraisal Foundation. That document is entitled “The Uniform Standards of Professional Appraisal Practice” (USPAP). As of January 1, 2016, the two types of appraisal types are; Appraisal Report and Restricted Appraisal Report. The appraisers have used the Appraisal Report option. The following definitions have been adopted for each type of report: • An Appraisal Report: A written report prepared under Standards Rule 2-2(a). • Restricted Appraisal Report: A written report prepared under Standards Rule 2-2(b). This report is an appraisal presented in an Appraisal Report format. Exposure Time is defined as: “The estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of appraisal. Exposure time is a retrospective opinion based on an analysis of past events assuming a competitive and open market.” Exposure time is therefore interrelated with appraisal conclusion of value.” An estimate of exposure time is not intended to be a prediction of a date of sale or a simple one-line statement. Instead, it is an integral part of the appraisal analysis and is based on one or more of the following: • statistical information about days on the market • information gathered through sales verification • interviews of market participants. The reasonable exposure period is a function of price, time, and use. It is not an isolated estimate of time alone. Exposure time is different for various types of real estate and under various market conditions. In consideration of these factors, we may have analyzed the following: COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 12 • Exposure periods of comparable sales revealed during the course of this appraisal; • Macroeconomic exposure times for the subject property type across the Subject MSA and the entire United States as published in multiple articles and websites. • Knowledgeable real estate professionals. It is our opinion that properties that are competitively marketed would have an exposure time of up to 12 months. This exposure time assumes the subject parcel would have been competitively priced and aggressively promoted within the market area. Marketing Time is defined as: “An opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of an appraisal. Marketing time differs from exposure time, which is always presumed to precede the effective date of an appraisal.” The marketing time is an estimate of the number of months it will require to sell the subject from the date of value, into the future. The anticipated marketing time is essentially a measure of the perceived level of risk associated with the marketability, or liquidity, of the subject property. The marketing time estimate is based on the data used in estimating the reasonable exposure time, in addition to an analysis of the anticipated changes in market conditions following the date of appraisal. The future price for the subject (at the end of the marketing time) may or may not equal the appraisal estimate. The future price depends on unpredictable changes in the physical real estate, demographic and economic trends, real estate markets in general, supply/demand characteristics for the property type, and many other factors. Based on the premise that present market conditions are the best indicators of future performance, a prudent investor will forecast that, under the conditions described above, the subject will require a marketing time of up to 12 months. Hypothetical Condition is defined as: “A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. Hypothetical conditions are contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis.” A hypothetical condition may be used in an assignment only if: • Use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison; COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 13 • Use of the hypothetical condition results in a credible analysis; and • The appraiser complies with the disclosure requirements set forth in USPAP for hypothetical conditions. No hypothetical conditions were used in this report. Extraordinary Assumption is defined as: “An assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis.” An extraordinary assumption may be used in an assignment only if: • It is required to properly develop credible opinions and conclusions; • The appraiser has a reasonable basis for the extraordinary assumption; • Use of the extraordinary assumption results in a credible analysis; and • The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions. Please note the following extraordinary assumptions: • A soil analysis for the site has not been provided for the preparation of this appraisal. In the absence of a soil report, it is a specific assumption that the site has adequate soils to support the highest and best use. The analyst is not an expert in area of soils and would recommend that an expert be consulted. • It is assumed that there are no hidden or unapparent conditions to the property, soil, or subsoil, which would render them more or less valuable. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. The analyst is not an expert with respect to subsurface conditions and would recommend that an expert be consulted. • It is assumed that there are no hazardous materials either at ground level or subsurface. None were noted during the property inspection. The analyst is not an expert in the evaluation of site contamination and would recommend that an expert be consulted. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 14 Section 3 – Description of Real Estate Appraised COLLIER COUNTY AREA ANALYSIS Collier County is located in southwest Florida and was established in 1923 when it was separated from Lee County. Collier County is named for Barron Collier, a New York City advertising mogul and real estate developer who moved to southwest Florida and established himself as a prominent businessman and land owner. By the end of the 1920s, railroads and Tamiami Trail were in-place which opened the area to agricultural and resort development. Florida’s first commercial oil well was drilled in 1943, and the county’s pine and cypress logging industry flourished into the 1950s. The county’s economy boomed along with its population shortly after World War II. In a short span of 30 years the population increased from 6,500 to 86,000 by 1980. The economy was sustained from agribusiness, tourism and real estate. This turned the county into one of the fastest growing areas in the country. PHYSICAL FACTORS Collier County is the largest county in the state in terms of land area with 1,998 square miles which includes 821,600 acres of preserves, parks, and refuges. Along with the land area, Collier County also includes 307 square miles of water, giving Collier County a total size of 2,305 square miles. The most highly developed areas within the county are west of Interstate 75 and along the coastline of the Gulf of Mexico. Development becomes increasingly sparse when traveling east in the county. These eastern areas of the county contain a considerable amount of preserved land. There are three incorporated cities within the county; namely the City of Naples, the City of Marco Island, and Everglades City. The county is famous for its subtropical climate with average high temperatures COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 15 ranging from 74o Fahrenheit in January to 90o Fahrenheit in August. The average annual precipitation for the county is 54 inches. This area is also subject to tropical storms and hurricanes. The hurricane season runs from June through November. ECONOMIC-FINANCIAL FACTORS There are numerous economic factors that impact the supply and demand for all types of real estate and housing in any given area. These factors will be considered and discussed in the following paragraphs. Although these factors are considered individually, they do not act as independent agents in the marketplace. They interact and effect, one another. Therefore, the economic-financial factors considered, should be considered in totality, as a part of the economic framework. Population: Collier County has 385,980 people living within according to recent July 2021 Census population estimates, making Collier County Florida’s 17th most populous county. Collier County had a population of 321,520 in 2010 and experienced 16.9% growth from 2010 to 2020. Additional population estimates reflect population projections from 2020 to the year 2045 and compare the three coastal counties in the southwest Florida area. The counties include; Charlotte, Collier and Lee. Collier County’s population is predicted to increase to around 517,000 in year 2045. Tourism: Tourism is an important industry for Naples, Marco Island and the Everglades. As the leading employer and the primary economic engine for the region, the tourism industry is responsible for over 34,400 jobs in Collier County in 2020. Just over 1.5 million visitors in 2021 spent over $1.6 billion dollars, resulting in a total economic impact of over $2.4 billion dollars to Collier County. Collier County enacts a 5% tax on all hotel, campground and vacation rental stays of less than six months. The distribution of tourist development tax dollars is set according to Collier County ordinance. The COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 16 funds are dispersed as follows; beach related projects with 42.56% of the total Tourist Tax, tourism promotion with 47.85%, and museums with 9.59%. Of the 42.56% for beach related projects, 3.58% is allocated for beach park facilities and the remaining 39.98% is used for nourishment, pass & inlet management. Of the 47.85% for tourism promotion, 33.57% is used for destination promotion and administration and the remaining 14.28% is used for amateur sports complex/debt. Lastly, of the 9.59% allocated for museums, 7.68% is used for county museum operations, and the remaining 1.91% is used for non-county museum grants. New Development: A relatively new town is developing in the eastern part of Collier County known as Ave Maria. The town is located on what was once largely agricultural land is centered around Ave Maria University, the country’s newest Catholic University. The university opened its doors in 2007 and currently has approximately 1,303 students and offers 31 major and minor degree programs. The school expects to continue growing in size. The town of Ave Maria is designed to be a compact, walk- able, and self-sustaining, reflecting the community’s rural roots while offering a full range of residential options and commercial services to its residents. The Ave Maria community totals about 6,656 acres, of which 113 acres is designated as the University Campus. A Town Core anchored by the landmark oratory that also incorporates retail, commercial, and residential living space, provides a central connection between the town and the university. Business is expanding in Collier County as evidenced by a surgical device company that recently opened its doors on a site near Ave Maria University in the form of a $25 million manufacturing plant. This brought approximately 500 construction jobs to the area and currently employs around 350 workers. Ave Maria has experienced a severe mosquito problem, resulting in the region being sprayed more than 30 times via airplane with pesticides by the Collier Mosquito Control District in 2015, making it the most sprayed area in southwest Florida. A new town has also been proposed in Eastern Collier County. Collier Enterprises received the Rivergrass project through the Collier County Commission on January 28th 2020, allowing them to begin planning to develop a 1,000-acre township in Eastern Collier County. The plans were stalled as the project’s impact on approximately 700 acres of primary panther habitat is being heavily opposed by wildlife organizations such as the Conservancy of Southwest Florida, among others. However, a recent 2021 court ruling rejected the Conservancy groups’ challenge to the development of Rivergrass. Furthermore, Collier County commissioners voted to approve Collier Enterprises project plans for two additional villages and a town hub in Eastern Collier County called Longwater, Bellmar, and the Town of Big Cypress. These two additional villages along with Rivergrass will encompass over 12,000 acres with the neighboring Town of Big Cypress, most of which will be for environmental COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 17 preservation. Each of the villages will be 1,000 acres, with the Town of big Cypress acting as an anchor for all three. See site plan below for reference. Employment & Income: The most recently reported median household income for Collier County is at $70,217. Collier County’s unemployment rate has continued to decrease since 2020 and was at 2.2 percent as of December 2022, which was slightly lower than in December 2021. The overall trend of unemployment has been trending downward. From January 2010 until March 2020, Collier County had experienced downward trends in unemployment getting as low as almost 3%. Then in April 2020, the effects of COVID-19 resulted in unemployment peaking to 13.5% from only 2.5% in February two months prior. Unemployment remained elevated in the following months. The most recent data from 2022 shows that the unemployment rate has leveled back out to around 3% and has stayed consistent month to month, though recently the unemployment rate has continued to decrease to around 2.2%. See the table below. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 18 Collier County’s largest employment concentrations continue to be in industries that are fueled by population growth. The Retail Trade industry is the largest with 23,534 industry jobs. Health Care and Social Assistance is second with 23,378, and Real Estate and Rental Leasing is third with 22,378. The Construction industry and Accommodation and Food Services Industry round out the top five largest employers by industry in Collier County. Major employers in Collier County include NCH Healthcare System with 7,017 employees, Collier County School District with 5,604 employees, and Collier County Local Government with 5,119 employees. As the Collier County population matures, employment in the healthcare industry will continue to make up a larger part of overall employment. Collier’s top employers as of 2019 are listed below. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 19 Taxes: Florida is one of the few remaining states without a personal income tax. The absence of personal income taxes draws many people to Florida. Businesses enjoy additional incentive of low corporate income taxes. The Florida’s tax rate of 6% is one of the lowest in the U.S. and far below the 12% levied by some states. The largest share of households in Collier County pay $3,000+ in property taxes. The Florida statutes provide for the annual assessment and collection of property taxes on real and personal property. Property taxes are assessed and collected at the county level as revenue for counties, municipalities, school districts and special taxing districts. The tax rate is set by the taxing authority. One mill is equal to $1 per $1,000 of property value. The total just value for all real estate property types in Collier County for 2022 was $185,310,543,961. Prices: A price index is a tool that simplifies the measurement of price movements in a numerical series. Movements are measured with respect to the base period, when the index is set to 100. The current cost of living index in Collier County is 113 meaning that generally speaking the cost of living is more expensive in Collier County than the average cost of living throughout the United States. Specifically, Groceries are at 107.7, Housing is at 140.9, and Health is at 106.7. Below you can see the rest of the table and how it compares to the United States. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 20 Banking/Interest Rates/Financing: As of February 2023, the prime rate was reported at 7.75%. Approximately one year ago the prime rate was 3.25%. The federal discount rate is most recently reported to be 4.75%; a year ago was also .25%. The federal funds rate is 4.75%, while a year ago was also .25% Currently the benchmark rate for a 30 year fixed loan is 6.36%, a 15 year fixed loan is 5.66%, and a five-year/one-year adjustable arm rate at 5.43%. Financing both commercial and residential properties became difficult during the downturn in the economy. Financing for vacant land is the most difficult. Vacant land is currently being purchased by investors with cash and expectation of longer holding periods. Generally financing of improved properties requires loans of 60%-75% of commercial properties and 90%-95% financing available for residential properties. Real Estate and Housing: Collier County experienced a significant increase in residential and commercial property values from 2004 through 2006. Several news publications rated Naples as the most over-valued area of the country with respect to residential housing values. The decline in residential property values began in 2006. Inventory levels began to rise as investors and owners positioned themselves to sell at a significant profit. However, buyers were reluctant to purchase any property with a sense that the economy as a whole was headed for trouble. Many investors were not able to meet their carrying costs and properties went into foreclosure. Southwest Florida became the epicenter for residential property foreclosures with communities such as Golden Gate at the forefront of the crisis in Collier County. Residential construction projects in various stages of development were stopped as housing inventories continued to rise and prices began to fall significantly. Southwest Florida thrived on the residential construction industry; and with no homes to build, this industry was quickly decimated. Contractors that supplied this industry typically ran their businesses from various industrial locations in Collier and Lee Counties. This type of property was the first commercial property to be adversely affected with retail and office properties following. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 21 There are 24+/- industrial parks and parks of commerce located throughout Collier County. Each park is proximate to Interstate-75 for connection to major air transportation and water ports. Collier County’s zoning allows the flexibility of properties of 19 acres or more to be zoned as Research and Technology Parks, which are based on commerce parks and offer advanced infrastructure to attract technology based businesses. New construction building permits are an indicator of health in an economy of a given area. Below is a chart showing single family permits monthly averages from January 2021 to January 2023. In the bottom of the recession in 2009, Collier County fell below 50 permits per month. In Collier County, 206 permits were issued in January 2023, a decrease of 155 permits (43 percent) from January 2022 (see chart below). New construction building permits include houses under construction and therefore reflect jobs in the construction industry. The median closed price of single-family Collier County home sales was $725,000 in January 2023, an increase of $49,001 (7 percent) compared to January 2022. The median price in Collier County has been rising steadily since 2012, with a recent peak in May 2022. See the chart below. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 22 Transportation: The infrastructure of the county continues to see improvements. Interstate 75 has been widened to six lanes from Fort Myers to Golden Gate Parkway in Naples. The County recently widened several major corridors such as Immokalee Road, Collier Boulevard, Rattlesnake Hammock Road and Goodlette-Frank Road. East Naples was not overlooked, with road widening projects along Collier Boulevard, Santa Barbara Boulevard and Radio Road. Major north south roads are: US 41, Interstate 75, Airport Pulling Road and Livingston Parkway. The Collier County Government has worked diligently to develop an efficient road system that will accommodate future growth; and it is likely to continue to develop the necessary road infrastructure in the years to come. Southwest Florida International Airport (RSW) in Fort Myers, Florida satisfies the passenger traffic needs for the fast-growing population of Southwest Florida. RSW is one of the fastest growing airports in the nation, servicing more than 10 million passengers a year. More than two dozen commercial airlines currently serve Southwest Florida Regional Airport with non-stop service to more than 27 domestic and two international destinations. The Southwest Florida International Airport also maintains customs clearing facilities for international cargo. RSW is located off Interstate-75 in South Lee County, an approximate 30-minute drive from most areas of Naples. In 2005 the airport was completely updated and expanded to meet the growing demand of area businesses and visitors. The $386 million ultra-modern complex includes a two-story terminal with 28 aircraft gates along three concourses, a new taxiway, and new parking options that includes a three-story parking structure. The facility will allow for incremental expansion up to 65 gates. Construction was recently completed on a direct access connection between I-75 and the airport. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 23 Total passenger activity for the Southwest Florida International Airport exceeded 1,100,000 in January 2020, before a historical decrease in traffic in April 2020, when total passengers fell to 53,379 for the month. As we have noted earlier, the COVID-19 pandemic was keeping both Floridians and non- Floridians at home. However, recent statistics show that passenger activity has generally returned to pre-COVID-19 conditions. Total passenger traffic at RSW was 10,343,802 in 2022, up 1.1 percent from the total passenger traffic in 2019. These numbers indicated that the region continues to improve from the dip in passenger activity experienced in April 2020. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 24 The Naples Municipal Airport is a fully certificated air carrier airport. The airport also provides FBO services for general aviation including fueling and catering. It is the home to charter airlines, aircraft maintenance facilities, a restaurant, fire/rescue services, mosquito control, car rental agencies, the Collier County Sheriff’s Aviation Unit, flight schools, the Humane Society, and over 40 additional aviation and non-aviation businesses. The airport encompasses approximately 732 acres of land, approximately two miles northeast of Old Naples with convenient access to major roads and Interstate-75. POLITICAL-GOVERNMENTAL FACTORS The county government is headed by a Board of Commissioners. There are five commissioners, each assigned to a specific geographical area within the county. A County Manager coordinates most of the departments including county services, public services, community development/environmental services, utilities and transportation. Collier County has experienced an increase of 11.73% in budget between FY 2022 and FY 2023. The FY 2023 total net county budget is now $1,959,954,000. Education: The Collier County public school system currently contains a total of 63 schools with 48,000 students and 3,200 teachers. Collier County averages 3,200 graduates per year. The below chart shows more detail with regards to the public-school system. Collier County is home to several colleges and universities. As mentioned, Ave Maria University is a newly established Catholic University offering liberal arts-oriented baccalaureate degrees as well as COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 25 some graduate degree programs. The county is also home to branch campuses of Florida Southwestern State College and Florida Gulf Coast University. Collier County has a high level of education attainment compared to other counties in Florida. Collier County has 35.9% of the population Age 25+ with a bachelor’s degree or higher compared to 30.5% in Florida and 32.9% in the United States. Only 10.1% of those within Collier County have less than a high school education. SOCIOLOGICAL FACTORS Recreation: Collier County offers a vast array of natural and historical attractions. Places to visit include the 52-acre Naples Zoo, the Collier County Museum, the Big Cypress National Preserve, the Museum of the Everglades, and the Naples Botanical Gardens. In addition to these listed, there are numerous other reserves, museums, zoos, etc that are available for tourists to visit. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 26 Healthcare: Within Collier County, there are the Naples Community Hospital, the North Collier Hospital, Regional Heart Institute, NCH Wellness Centers and various other clinics. As the largest county in Florida with a total area of 2,305 square miles, these medical facilities must provide services effectively to the entire county. Helicopter usage cuts critical minutes from transport time. 83.564% of those living within Collier County have health insurance compared to 86.53% throughout Florida and 90.63% throughout the United States. The highest percentage of those without healthcare coverage is from people making $25,000 at 20.3%. SUMMARY Collier County is located along the west coast of Florida along the Gulf of Mexico. The climate is sub- tropical with mild winters that allow for year-round enjoyment of the many attractions this area offers. Collier County is a desirable destination for residents and non-residents alike. Despite these many positives, portions of Collier County were greatly affected by the past housing debacle which resulted in a significant number of residential foreclosures. However, trends have been positive in most recent years. The availability of commercial vacant land, the county's numerous natural attractions, and the anticipated future population growth are all positive factors that bode well for this area over the long term. Collier County is considered to be a great place to live. The presence of a wide variety of industries in the area offers residents and potential residents’ diverse opportunities for employment. A significant amount of land is federally held in conservation in eastern portions of the county. There are also excellent recreational facilities throughout the county, with numerous golf courses, beaches, and parks. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 27 LOCATION MAP COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 28 Market Area Map Market Area is defined as: “The geographic region from which a majority of demand comes and in which the majority of competition is located. Depending on the market, a market area may be further subdivided into components such as primary, secondary, and tertiary market areas, or the competitive market area may be distinguished from the general market area.” Boundaries: Northern State Road 29 Western Southern Lake Trafford Oil Well Road Eastern State Road 29 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 29 Life Stage: “Because market areas are perceived, organized, constructed, and used by people, each has a dynamic quality. Appraisers describe this quality as a market area’s life cycle. The complimentary land uses that make up neighborhoods and homogeneous land uses within districts typically evolve through four stages: • Growth – a period during which the market area gains public favor and acceptance • Stability – a period of equilibrium without marked gains or losses • Decline – a period of diminishing demand • Revitalization – a period of renewal, redevelopment, modernization and increasing demand” It is our opinion that the subject market area is currently in the growth cycle. New commercial construction was noted along Pine Island Road, Del Prado Boulevard, Daniels Parkway, Summerlin Road and Gladiolus Drive. Several recent indicators point to an improved real estate market for residential, industrial and commercial property. Public Transportation: Collier Area Transit (CAT) Maintenance/Condition: Varying levels of maintenance are evident throughout the subject market area. These conditions range from average to relatively new. Property Compatibility: This overall market area contains differing agricultural, residential, industrial, and commercial enterprises from single and Multi-family homes, professional to general office, offices, retail buildings, and warehouses. Appeal/Appearance: The market area has generally a good appeal. Depending on the specific immediate neighborhood, appearances range from average construction to newer-good quality structures. Neighborhood Access: Good access exists from major north-south corridors including State Road 29 and Immokalee Road. The major east-west corridors include County Road 846. Development Trend: Development of industrial and retail properties is taking place. Real estate professionals have indicated that office and retail vacancy has recently been decreasing. If this trend continues, development for office and retail properties should remain steady. Demand for Vacant Tracts The supply appears to be in balance with demand at this time. Several recent indicators point to an improving real estate market for residential, industrial and commercial property. Characteristics of Land Usage Immediate properties to the subject are rural, farming, ranching, conservation and recreation. Vacancy rates Commercial/Industrial: 5% - 75% Single Family: 3% - 8% COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 30 Legal Description: A Warranty Deed filed in the Collier County Official Records, August 5,1986, July 1,1991, February 6,2012, as recorded in Instrument #1021776, 1498428, and 4654558 indicates the subject’s legal description is as follows: COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 31 Owner of Record: According to information obtained from the Collier County Property Appraiser’s office, the current owner of record for the subject property is: WILLIAMS FARMS, WILLIAMS FARMS LAND ASSETS LLC, JAMES E WILLIAMS JR TRUST 1300 N 15TH ST STE 1 IMMOKALEE, FLORIDA 34142 Assessed Value and Taxes: According to the Collier County Tax Collector’s Office the subject property is identified by its Parcel Numbers #00057320005, 00072520000, 00113600106, 00132680107, 00132720009, 00132640008, 00114160001, 00113600009, 00113560000, 00131760002, 00131720000, 00132680000. The following table summarizes the assessed value, taxable value, and tax liability for the year 2021. Only the Collier County Property Appraiser’s office can assess properties for taxation purposes. The actual tax liability is calculated utilizing the millage rate as set by the Collier County Commission then multiplying this by the assessed value for the property. Should the millage rate or the assessed value change for the site the tax liability would be different from that as reported herein. Site Description: We invite your attention to the aerial and wet land maps that follow which show the relative size, configuration and location of the subject property. This will be followed by general site information and data as well as information on the physical characteristics and economic factors that affect the site. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 32 AERIAL MAP COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 33 LEASE ABSTRACT #1 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 34 LEASE ABSTRACT #2 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 35 LEASE ABSTRACT #3 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 36 LEASE ABSTRACT #4 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 37 LEASE ABSTRACT #5 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 38 BOOT PROPERTY ORDINANCE (PARTIAL) COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 39 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 40 RSLA OVERLAY (PARTIAL) COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 41 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 42 WETLANDS MAP SOIL REPORT COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 43 THE BOOT CONCEPTUAL SITE PLAN THE RLSA CONCEPTUAL SITE PLAN COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 44 RURAL LANDS STEWARDSHIP AREA COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 45 General Site Information Assessor’s Project Name and Number: Williams Reserve Appraisal Project Location: The subject property is located along Immokalee Drive and Lake Trafford Road. Physical Characteristics of the Site Frontage: About 1,335 +/- feet along the south side of Immokalee Drive & About 800 +/- feet along the south side of Lake Trafford Road. Total Site Area: The subject tract of this appraisal is a 2,247 gross acre site that can be located at 2105 Immokalee Drive in Immokalee, Florida 34142. The subject property has 12 parcels with two parcels containing road access along Immokalee Drive and Lake Trafford Road. The subject property is irregular in shape contains a total of 97,879,320 square feet of area with two zoning designations. There are 2 parcels located towards the north of the subject property with access along Lake Trafford Road containing 153 acres or 6,664,680 square feet. These two parcels which we will describe as the boot property are currently zoned Williams Farm RPUD that is entitled for residential development for a total of 336 residential units. A more detailed explanation of the site plan will be discussed later in the report. The other 2,094 acres of land contains 10 parcels of A-MHO (Agricultural Mobile Home Overlay District) 1 unit per 5 acres within the RLSA overlay district with approximately 1,100 acres of wetlands area. A more detailed explanation of the overlay development plan will be discussed later in the report. The subject property of 2,247 acres has two future land use designations of Urban Residential and Rural Mixed Use. Dimensions: N/A Shape of Tract: Irregular Access: Access is along the Immokalee Drive and Lake Trafford Road. Corner Influence: This property is not located at a major corner. Utilities to Site: Sewer: Collier County Utilities Water: Collier County Utilities Electric: Florida Power & Light Phone: Multiple Providers Police/Fire: Police and Fire: Collier County Sheriff Dept./Immokalee Fire Dept. Flood Designation: Flood Zone AE, Map Number 12021C0140H, Dated May 16, 2012. Easements: Typical utility easements Topography: The subject site is mostly cleared. We have analyzed a wetlands map from the US FWS National Wetlands Inventory (NWI) that shows the subject as having about 1,100 acres of Freshwater Forested/Shrub and Freshwater Emergent Wetland present. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 46 Economic Factors Affecting the Site Supply of Vacant Tracts: There is a limited amount of vacant agricultural parcels located within the immediate and general vicinity of the subject property. Demand for Vacant Tracts: Realtors have indicated that demand is improving. Neighboring Property Uses: The subject’s nearby or neighboring uses include agricultural, conservation and residential. Future Land Use Designation: The subject has a designated land use of Urban Residential and Rural Mixed Use. Urban Residential Subdistrict The purpose of this Subdistrict is to provide for higher densities in an area with fewer natural resource constraints and where existing and planned public facilities are concentrated. This Subdistrict comprises approximately 93,000 acres and 80% of the Urban Mixed Use District. Maximum eligible residential density shall be determined through the Density Rating System but shall not exceed 16 dwelling units per acre except in accordance with the Transfer of Development Rights Section of the Land Development Code. The purpose of Rural Mixed-use District is to protect and encourage agricultural activities, conserve and preserve environmentally sensitive areas, provide for low-density residential development, and other uses identified under the Agricultural/Rural Designation. These areas generally lack public facilities and services. Urbanization is not promoted; therefore, most allowable land uses are of low intensity in an effort to maintain and promote the rural character of these lands. Residential uses are allowed, subject to the Interim Development Provisions Zoning Classification: The subject has a zoning classification of A-MHO (Agricultural Mobile Home Overlay District) 1 unit per 5 acres and Williams Farm RPUD. The purpose of this section is to provide relief from the dimensional standards established in LDC section 4.02.01 for new mobile home lots approved through an existing conditions site improvement plan or amendments thereof within the Nonconforming Mobile Home Site Overlay Subdistrict, as established in LDC section 2.03.07 G.6. This section shall not apply to the replacement of mobile home units identified on lots established by an existing conditions site improvement plan. The minimum area that may be petitioned for rezoning to the MHO overlay district shall be 40 acres. However, acreage and setback requirements must comply with the base zoning district for each individual lot of record within the established overlay district. Williams Farm RPUD is partially shown on page 38 through ordinance number 2023-23, which when into effect as of February 21, 2023. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 47 Subject Property Photographs View: East of Immokalee Drive Photograph date: February 9, 2024 Taken by: Brandon Jonas View: West on Immokalee Drive Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 48 Subject Property Photographs View: East on Lake Trafford Road Photograph date: February 9, 2024 Taken by: Brandon Jonas View: West on Lake Trafford Road Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 49 Subject Property Photographs View: Land Boot Property Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Lad Boot Property Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 50 Subject Property Photographs View: Entrance from Immokalee Drive Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 51 Subject Property Photographs View: view of Immokalee Drive Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Dirt Road Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 52 Subject Property Photographs View: Dirt Road Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 53 Subject Property Photographs View: Family residence Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 54 Subject Property Photographs View: Carport Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Dirt road Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 55 Subject Property Photographs View: Shed Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Dirt Road Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 56 Subject Property Photographs View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 57 Subject Property Photographs View: Dirt Road Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Dirt Road Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 58 Subject Property Photographs View: Farming Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 59 Subject Property Photographs View: Carport #2 Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Trailers Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 60 Subject Property Photographs View: Shed #2 Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Dirt Road Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 61 Subject Property Photographs View: Ravine Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Entrance from Immokalee Drive Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 62 Subject Property Photographs View: Farmland Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Farmland Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 63 Subject Property Photographs View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 64 Subject Property Photographs View: Shed #3 Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 65 Subject Property Photographs View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 66 Subject Property Photographs View: Ravine Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 67 Subject Property Photographs View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 68 Subject Property Photographs View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Ravine Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 69 Subject Property Photographs View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 70 Subject Property Photographs View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 71 Subject Property Photographs View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 72 Subject Property Photographs View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 73 Subject Property Photographs View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 74 Subject Property Photographs View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 75 Subject Property Photographs View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 76 Subject Property Photographs View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Water Tank Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 77 Subject Property Photographs View: Gas tank Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Land Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 78 Subject Property Photographs View: Shed #4 Photograph date: February 9, 2024 Taken by: Brandon Jonas View: Equipment Photograph date: February 9, 2024 Taken by: Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 79 Section 4 – Highest and Best Use Analysis The principal of highest and best use is defined as: “The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity.” • Permissible Use (Legal) - what uses are permitted by zoning and deed restrictions on the site in question? • Possible Use- to what uses is it physically possible to put the site in question? • Feasible Use-, which possible and permissible uses will produce any net return to the owner of the site? • Highest and best Use- among the feasible uses, which use will produce the highest net return or the highest present worth? Highest and Best Use 153 Acres Boot Property Legally Permissible Use: Factors that impact the legally permissible uses for the subject property include such things as the comprehensive land use plan classification, zoning classification, deed restrictions and government regulations. No specific deed restrictions are known relating to the property. The subject has a comprehensive land use plan classification Urban Residential and Rural Mixed Use with a zoning of Williams Farms RPUD. Uses permitted include development of 336 single family dwelling units. Physically Possible Uses: The physical aspects of the subject impact legally permissible development of a 153 acre site that can be located along Lake Trafford Road in Immokalee, Florida 34142. The subject property is irregular in shape contains a total of 6,664.680 square feet of area with a Williams Farms RPUD and a future land use of Urban Residential and Rural Mixed Use. The subject property has utilities available on and near the subject property where there is access. The size of the boot property site is sufficient to support residential development of approximately 336 dwelling units. Economically and Financially Feasible Uses: Typically, the highest and best use analysis is a process to eliminate potential uses. In other words, once the uses that are legally permissible have been determined, consideration of uses which are physically possible will tend to reduce the legally permissible uses or reinforce them. Likewise, consideration of the economic and financial aspects of a given property will tend to further refine the uses which have been previously described as legally permissible and physically possible. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 80 Land prices in this part of Collier County have exceeded what are typically paid for agriculture properties in other areas of Southwest Florida. With ordinance 2023-23 in place for the boot property in place it would be deemed economically feasible for residential development of approximately 336 dwelling units. Maximally Productive Uses: At this point in the highest and best use analysis, the analyst has considered which uses are reasonably considered to be legal, physically possible as well as economically and financially supported. The zoning and land use allow for a wide range of agricultural uses along with already approved residential development. The boot property site is large enough for a reasonably sized residential development consistent with the surrounding developments and single- family residential homes with the current zoning restrictions. It is our opinion that residential development of approximately 336 dwelling units has the most maximum productivity given the location of the property. Highest and Best Use 2,094 Acres Agricultural Lots Legally Permissible Use: Factors that impact the legally permissible uses for the subject property include such things as the comprehensive land use plan classification, zoning classification, deed restrictions and government regulations. No specific deed restrictions are known relating to the property. The subject has a comprehensive land use plan classification Urban Residential and Rural Mixed Use with a zoning of A-MHO (Agricultural Mobile Home Overlay District). Some of the uses permitted include single-family dwellings, Low density residential dwellings, and agricultural purposes. Physically Possible Uses: The physical aspects of the subject impact legally permissible development of a 2,094-acre site that can be located at 2105 Immokalee Drive in Immokalee, Florida 34142. The subject property has 10 parcels containing road access along Immokalee Drive. The subject property is irregular in shape contains a total of 91,214,640 square feet of area with a zoning of A-MHO (Agricultural Mobile Home Overlay District) 1 unit per 5 acres and a future land use of Urban Residential and Rural Mixed Use. The 2,094 acres of land contains 10 parcels total of agricultural land within the RLSA overlay district with approximately 1,100 acres of wetlands area. Parcels #00131760002, #00131720000, and #00132720009 are all properties with improvements, including a single-family residence, carports, and garages. The subject property has utilities available near the subject property where there is access. It is most suitable to keep consider the 10 agricultural parcels as is with potential for future residential development once RSLA designations and ordinances have been established. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 81 Economically and Financially Feasible Uses: Typically, the highest and best use analysis is a process to eliminate potential uses. In other words, once the uses that are legally permissible have been determined, consideration of uses which are physically possible will tend to reduce the legally permissible uses or reinforce them. Likewise, consideration of the economic and financial aspects of a given property will tend to further refine the uses which have been previously described as legally permissible and physically possible. Land prices in this part of Collier County have exceeded what are typically paid for agriculture properties in other areas of Southwest Florida. With the restrictions and assumptions set forth on the 10 agricultural parcels it is our opinion the legally permissible and physically possible uses which are economically feasible for the site is to be used for conservation purposes or very low-density agricultural uses. Maximally Productive Uses: At this point in the highest and best use analysis, the analyst has considered which uses are reasonably considered to be legal, physically possible as well as economically and financially supported. The zoning and land use allow for a wide range of agricultural uses. The agricultural 10 parcel site is large enough for a reasonable sized residential development but with the restrictions in place it is our opinion that an agricultural use has the most maximum productivity given the location of the property. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 82 Section 5 – Valuation of the Subject VALUE ESTIMATE BY THE COST APPROACH Cost Approach is defined as: “A set of procedures through which a value indication is derived for the fee simple estate by estimating the current cost to construct a reproduction of (or replacement for) the existing structure, including an entrepreneurial incentive or profit; deducting depreciation from the total cost; and adding the estimated land value. Adjustments may then be made to the indicated value of the fee simple estate in the subject property to reflect the value of the property interest being appraised.” There are no improvements of significance on the subject property of this size. The Cost Approach does not apply. VALUE ESTIMATE BY THE INCOME APPROACH The Income Approach is defined as “Specific appraisal techniques applied to develop a value indication for a property based on its earning capability and calculated by the capitalization of property income.” This conversion can be accomplished in two ways. One year's income expectancy can be capitalized at a market-derived capitalization rate or at a capitalization rate that reflects a specified income pattern, return on investment, and change in the value of the investment. Alternatively, the annual cash flows for the holding period and the reversion can be discounted at a specified yield rate.” The Income Approach is widely applied in appraising income-producing properties. Anticipated future income and/or reversions are discounted to a present worth figure through the capitalization process. The current Leases in place for the property are pre-paid and also included exchanges of goods. Since vacant land is typically not purchased for its ability to generate income, the Income Approach does not apply. VALUE ESTIMATE BY THE SALES COMPARISON APPROACH Sales Comparison Approach is defined as: “The process of deriving a value indication for the subject property by comparing sale of similar properties to the property being appraised, identifying appropriate units of comparison, and making adjustments to the sale prices (or unit prices, as appropriate) of the comparable properties based on relevant, market-derived elements of comparison. The sales comparison approach may be used to value improved properties, vacant land, or land being considered as though vacant when an adequate supply of comparable sales is available.” COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 83 Sales Approach 153 Acres Boot Property The Sales Comparison Approach will be used, and it involves the direct comparison of sales of similar properties, adjustments for variances, and correlation of the results into a property value indication. Adjustments to the sale prices of competitive properties selected for comparison are considered as they relate to the subject property and to the various dissimilar investment features. The application of this approach produces an estimate of value for a property by comparing it with similar properties which have been sold or are currently offered for sale in the same or competing areas. Site Valuation: The valuation of the subject site involves research, analysis, and comparison of sales of similar properties to the subject. There are several units of comparison applicable for appraisal purposes. Due to the nature of the subject property and comparable sales, it is our opinion the sales price per acre would be the most appropriate for utilization. This unit is calculated by dividing the sale price of the comparable sales by the number of acres contained within the sale. The subject site is being valued based on highest and best use; and as such, data selection begins by limiting the sales considered to include only those sites with a highest and best use similar to that of the subject. From these sales, only the most similar to the subject in terms of physical and locational characteristics were selected. The appraiser’s research uncovered multiple sales of sites that were considered appropriate for comparison purposes. These transactions were included in the analysis process. In the analysis process, the analyst will utilize a qualitative procedure. In the initial step the appraiser will utilize a cumulative adjustment for each of the sale properties considering property rights, financing, conditions of sale, expenditures after the sale and market conditions (commonly known as time). As the adjustments are cumulative in nature, they must be performed in the order in which they occur. Next the analyst will utilize a qualitative adjustment procedure by considering physical characteristics including location, site size, land use, zoning, utilities and access. These properties will be rated and compared to the subject. After completion of the analysis of each individual sale based on its physical characteristics, an overall property rating will be assigned to each of the sale properties. After completion of the analysis and adjustment process, the appraiser will estimate an appropriate value per acre of land and multiply this by the number of acres within the property in order to estimate the COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 84 market value for the subject site. This value estimate will then be rounded to an appropriate figure for appraisal purposes. We now invite your attention to a land sales location map which follows. This map shows the relative location of each of the four sales to that of the subject property. Following this will be a land sales exhibit which will contain land sales data sheets for each transaction utilized in the analysis process showing the relative size, configuration and location of the site as well as the relative information for each individual sales transaction. Following the land sales exhibit will be a summary chart showing the relevant information for the subject and each of the comparable sales as well as the adjustments and factors which were considered in providing a final adjusted sale price per acre for each of the comparable properties. LAND SALES LOCATION MAP COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 85 LAND SALES LOCATION MAP (ZOOMED) Please consider the sale exhibits on the following pages. The exhibits furnish aerial views along with locational, site and financial information for each of the sales. COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 86 COMPARABLE 1 Property Reference: Property Type: Agriculture Vacant Land Address: 19790-96 Rosy Tomorrows Way North Fort Myers, FL 33917 County: Lee Location: STRAP/ID: 09-43-25-00-00001.0000 Grantor: 19870 Woodbridge LLC Grantee: Two Point Zero LLC Legal Data: Sale Date: September 05, 2023 Sale Price: $3,319,000 Sale Price per Sq. Ft.: $0.90 Sale Price per Acre: $39,047 Price per Dev. Unit: N/A Recording: Inst #2023000292874 Interest Conveyed: Fee-simple Deed Conveyed: Warranty Deed Land Use: Open lands Zoning: Agricultural Highest and Best Use: Agricultural Development CNA Data # 3113 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 87 Site Data: Site Dimensions: 1420' X 2650' Site Size: 3,702,600 square feet, 85.000 acres Development Units: N/A Development Density/Acre: N/A Shape: Rectangular Topography: Level Corner/Visibility Influence: no Utilities: Available Access: Average Wetlands/Uplands: 5% wetlands Soils: Typical Sale Analysis: Sale Price: $3,319,000 Financing: Conventional Price per SF: $0.90 Price per Acre: $39,047 Price per Dev. Unit: N/A Sale Confirmation: Verification: Bryan Rodgers, 2394373334 Verifying Appraiser: Brandon Jonas, February 28, 2024 Sale History: None in last 3 years Comments: This is a land sale with a current farm to table restaurant in place that can be located along 19795 Rosy Tomorrows Way in North Fort Myers Florida. The property is 85 acres in size zoned AG and is still currently used as a restaurant. The property was sold on September 5, 2023, for $3,319,000. The sale was verified by the buyer agent. CNA Data # 3113 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 88 COMPARABLE 2 Property Reference: Property Type: Agriculture Vacant Land Address: 7150-7200 Bayshore Road North Fort Myers, FL 33917 County: Lee Location: STRAP/ID: 29-43-25-00-00004.0000 & 29-43-25-00-00001.0010 Grantor: John A. White Grantee: Black Spider Land Company Legal Data: Sale Date: June 12, 2023 Sale Price: $1,950,000 Sale Price per Sq. Ft.: $1.28 Sale Price per Acre: $55,730 Price per Dev. Unit: Recording: Inst # 2023000214905 Interest Conveyed: Fee-simple Deed Conveyed: Spec Warranty deed Land Use: Suburban and Wetlands Zoning: RS-1 Single Family Residential & AG 2 Agricultural Highest and Best Use: Residential Development CNA Data # 2959 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 89 Site Data: Site Dimensions: Irregular Site Size: 1,524,164 square feet, 34.990 acres Development Units: N/A Development Density/Acre: N/A Shape: Irregular Topography: Level Corner/Visibility Influence: No Utilities: All Public Access: Average Wetlands/Uplands: 30% Wetlands Soils: Typical Sale Analysis: Sale Price: $1,950,000 Financing: Cash to Seller Price per SF: $1.28 Price per Acre: $55,730 Price per Dev. Unit: Sale Confirmation: Verification: Public Record and Costar Verifying Appraiser: Brandon Jonas, August 8, 2023 Sale History: None in last 3 years Comments: This site includes two parcels at 11.23 acres (northern) and 23.76 cares (southern). Property includes 10+/- acres zoned RS-1 and the remainder acreage is AG-2. The northern portion of the property includes a 160-foot-wide FP&L easement. The parcels surround a FDOT retention pond. There is a gravesite on the property. The southern parcel is bisected by the east branch of Daughtery Creek. Buyer plans to rezone for up to 100 single family homesites and then market to a national homebuilder. Future land uses include Suburban (67.7%) and Wetlands (32.3%). CNA Data # 2959 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 90 COMPARABLE 3 Property Reference: Property Type: Residential Vacant Land Address: 17251 Williams Road North Fort Myers, FL 33917 County: Lee Location: STRAP/ID: 19-43-25-00-00014.0020 & 19-43-25-00-00009.0000 & 19-43-25-00-00009.0030 Grantor: Leah Light Trustee & Slater Bend LLC & Daniel Light & Gully Creek LLC, ETC Grantee: Taylor Morrison of Florida INC Legal Data: Sale Date: May 15, 2023 Sale Price: $4,000,000 Sale Price per Sq. Ft.: $1.38 Sale Price per Acre: $59,934 Price per Dev. Unit: N/A Recording: Inst # 2023000175961 Interest Conveyed: Fee-simple Deed Conveyed: Spec Warranty dee Land Use: Suburban Zoning: Gully Creek RPD Highest and Best Use: Residential Planned Development CNA Data # 2963 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 91 Site Data: Site Dimensions: Irregular Site Size: 2,907,194 square feet, 66.740 acres Development Units: N/A Development Density/Acre: N/A Shape: Irregular Topography: Level Corner/Visibility Influence: No Utilities: Offsite but accessible Access: Average Wetlands/Uplands: Upland Soils: Typical Sale Analysis: Sale Price: $4,000,000 Financing: Cash to Seller Price per SF: $1.38 Price per Acre: $59,934 Price per Dev. Unit: N/A Sale Confirmation: Verification: Public Record and Costar Verifying Appraiser: Brandon Jonas, August 8, 2023 Sale History: None in the last 3 years Comments: Gully Creek RPD allows for 330 residential units (Single-family, two-family attached, townhouse and multiple-family residential). The property is bisected by Daughterly Creek. The future land use is Suburban (83.4%) and Rural (16.6%). CNA Data # 2963 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 92 COMPARABLE 4 Property Reference: Property Type: Residential Vacant Land Address: 9710 Bayshore Road North Fort Myers, FL 33917 County: Lee Location: STRAP/ID: 22-43-25-00-00016.0210 & 22-43-25-00-00016.0100 & 22-43-25-00-00016.0190 Grantor: 9710 Bayshore LLC Grantee: Lennar Homes LLC Legal Data: Sale Date: February 09, 2023 Sale Price: $2,650,000 Sale Price per Sq. Ft.: $1.48 Sale Price per Acre: $64,634 Price per Dev. Unit: N/A Recording: Inst # 2023000053684 Interest Conveyed: Fee Simple Deed Conveyed: Spec Warranty deed Land Use: Sub-Outlying Suburban Zoning: Beazer Bayshore RPD (aka Stonehill Manor) Highest and Best Use: Residential Planned Development CNA Data # 2961 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 93 Site Data: Site Dimensions: Irregular Site Size: 1,785,960 square feet, 41.000 acres Development Units: N/A Development Density/Acre: N/A Shape: Irregular Topography: level Corner/Visibility Influence: No Utilities: Septic/Well, Utilities Available off Bayshore Rd Access: Average Wetlands/Uplands: All upland except lake Soils: Typical Sale Analysis: Sale Price: $2,650,000 Financing: Cash to Seller Price per SF: $1.48 Price per Acre: $64,634 Price per Dev. Unit: N/A Sale Confirmation: Verification: Public Record and Costar Verifying Appraiser: Brandon Jonas, August 8, 2023 Sale History: None in last 3 years Comments: The Beazer Bayshore RPD called for 71 single family lots. Lennar was granted an access easement to Cypress Creek Drive on the west side of the property. The seller retained the property at 9710 Bayshore and was granted a surface and stormwater drainage and access easement to the pond on the west side of the property. Future land use is Sub-Outlying Suburban. CNA Data # 2961 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 94 COMPARABLE 5 Property Reference: Property Type: Agriculture Vacant Land Address: 10551 Bayshore Rd/Multiple Addresses North Fort Myers, FL 33917 County: Lee Location: North Side of Bayshore Rd STRAP/ID: 23-43-25-00- 00014.0030/0000/0020/0050/00007.0000/00014.0040 /00013.0000/00014.0010 Grantor: 10611 Bayshore, LLC/TPR4 LLC/20 Sabal Palm LLC Grantee: Lennar Homes LLC Legal Data: Sale Date: December 30, 2022 Sale Price: $4,500,000 Sale Price per Sq. Ft.: $0.94 Sale Price per Acre: $41,096 Recording: Multiple on 12/30/2022 Instruments Numbers: 2023000001776, 2023000001778, 2023000001780, 2023000001779, 2023000001777 Interest Conveyed: Fee Simple Deed Conveyed: Special Warranty Land Use: Rural/Wetlands Zoning: AG-2 Highest and Best Use: Agricultural/Residential Development CNA Data # 2927 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 95 Site Data: Site Dimensions: N/A Site Size: 4,769,820 square feet, 109.500 acres Shape: Irregular Topography: Level and Partially Cleared with a Pond Corner/Visibility Influence: No/Good Utilities: Septic/Well, Utilities Available off Bayshore Rd Access: From Bayshore Rd Wetlands/Uplands: 3.84 AC of Freshwater Forested Shrub Wetlands Soils: None Adverse Apparent Sale Analysis: Sale Price: $4,500,000 Financing: Cash to Seller Price per SF: $0.94 Price per Acre: $41,096 Sale Confirmation: Verification: Tony Price, 239-410-7921 Verifying Appraiser: Hannah Dwyer, July 09, 2023 Sale History: No sales in prior 3 years Comments: This is the multi-transaction sale of 8 contiguous parcels located off the north side of Bayshore Rd in North Fort Myers. The property consists of agricultural zoned land that is partially cleared and contains a small pond on the western portion. At the time of sale there was a single-family residence of 2,096 square feet along with a detached garage and pole barn and pavilion area in average condition. The listing agent stated that while the improvements were in average condition, the property sold primarily for land value. The purchaser, Lennar Homes, has plans to develop the site with single-family residential homes. The purchaser recently sold the land to DRP FL 6 LLC in an agreement to hold the land while they develop it and have the option to purchase the land back. There are minimal wetlands present on site that encompass 3.84 acres. CNA Data # 2927 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 96 COMPARABLE 6 Property Reference: Property Type: Residential Development Vacant Land Address: 2951 Buckingham Road Fort Myers, FL 33905 County: Lee Location: STRAP/ID: 28-43-26-00-00014.0000 Grantor: Leah Rae Light Grantee: Hemingway Pointe LLC Legal Data: Sale Date: December 21, 2021 Sale Price: $1,900,000 Sale Price per Sq. Ft.: $0.58 Sale Price per Acre: $25,333 Price per Dev. Unit: N/A Recording: Inst #2021000420665 Interest Conveyed: Fee-simple Deed Conveyed: Spec Warranty Deed Land Use: Residential planned development Zoning: Outlying Suburban Highest and Best Use: Residential Development CNA Data # 3112 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 97 Site Data: Site Dimensions: Irregular Site Size: 3,267,000 square feet, 75.000 acres Development Units: N/A Development Density/Acre: N/A Shape: Irregular Topography: Level Corner/Visibility Influence: No Utilities: Available Access: Average Wetlands/Uplands: Uplands Soils: Typical Sale Analysis: Sale Price: $1,900,000 Financing: Conventional Price per SF: $0.58 Price per Acre: $25,333 Price per Dev. Unit: N/A Sale Confirmation: Verification: Randy Thibaut, 2394894066 Verifying Appraiser: Brandon Jonas, February 28, 2024 Sale History: None in last 3 years Comments: This is a land sale with a proposal for future residential development that can be located along 2951 Buckingham Road in Fort Myers Florida. The property is 75 acres in size zoned RPD and was just recently platted into 104 residential dwelling units. The parcel was vacant at the time of sale. The property was sold on December 21, 2021 for $1,900,000. The sale was verified by the listing agent. CNA Data # 3112 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 98 COMPARABLE 7 Property Reference: Property Type: Agriculture Vacant Land Address: 10540 Greenway Road Naples, FL 34114 County: Collier Location: STRAP/ID: 09-43-25-00-00001.0000 Grantor: K&B Company, Robert/Kathreen/William/Kerry Bean Grantee: Greenway Fritchey Land LLC Legal Data: Sale Date: July 02, 2021 Sale Price: $6,550,000 Sale Price per Sq. Ft.: $1.14 Sale Price per Acre: $49,621 Price per Dev. Unit: N/A Recording: Inst #60919-43/44/45 Interest Conveyed: Fee-simple Deed Conveyed: Warranty Deed Land Use: Agricultural Rural Designation Zoning: Agricultural RFMUO Receiving Overlay Highest and Best Use: Agricultural Development CNA Data # 3114 COLLIER COUNTY BOARD OF COMMISSIONERS C A R L SON, N ORRIS & ASSOCIATES 99 Site Data: Site Dimensions: Irregular Site Size: 5,749,920 square feet, 132.000 acres Development Units: N/A Development Density/Acre: N/A Shape: Irregular Topography: Level Corner/Visibility Influence: No Utilities: Available Access: Average Wetlands/Uplands: 50% wetlands Soils: Typical Sale Analysis: Sale Price: $6,550,000 Financing: Conventional Price per SF: $1.14 Price per Acre: $49,621 Price per Dev. Unit: N/A Sale Confirmation: Verification: Gary Tasman, 2394893600 Verifying Appraiser: Brandon Jonas, February 28, 2024 Sale History: None in last 3 years Comments: This is a multi-sale of vacant land that can be located along 10540 Greenway Road in Naples Florida. The property is 132 acres in size zoned AG with a sending lands overlay. The property was sold on July 2, 2021 for $6,550,000. The sale was verified by the listing agent. CNA Data # 3114 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 100 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 101 Land Sales Analysis Real Property Rights Conveyed: “An element of comparison in the sales comparison approach; comparable sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee, leasehold, easements, or other encumbrances, etc.).” In this analysis all property rights conveyed were fee simple, no adjustments were necessary. Financing Terms: ““The manner in which a transaction was financed; an element of comparison in the sales comparison approach whereby comparable properties can be adjusted for the influence of differences between a transaction’s financing terms and those assumed in the valuation of a subject property.” In this analysis all the transactions were either market financed or cash to the seller, no adjustments were necessary. Conditions of Sale: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the motivations of either the buyer or a seller in a transaction.” In this analysis all property rights conveyed were fee simple, no adjustments were necessary. Expenditures Immediately after Sale: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for any additional investment (e.g., curing deferred maintenance) that the buyer needed to make immediately after purchase for the properties to have similar utility to the subject property being valued.” No adjustments were warranted for the comparable sales in this category. Market Conditions: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the points in the real estate cycle at which the transactions occur, also called a time adjustment because the differences in dates of sale are often compared.” The comparable sales used have occurred in a range from July 2021 to September 2023. No market conditions adjustment is warranted, the sales utilized are the most recent sales available in the market. Please note the following statistical data from the base adjusted sale prices calculated and presented on the following page. The seven sales are located within Collier and Lee County. They are considered the best indicators available. COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 102 Physical and Legal Characteristics/Qualitative Analysis: Next the comparable sales are compared with one another and specifically to the subject property. This comparison was utilized for providing specific qualitative comparisons for differences in the sale properties and the subject property for location, parcel size, land use plan and zoning classification, utilities, access, tier class, and topography/vegetation. At the completion of estimating the appropriate comparisons for each of these categories an overall rating of inferior, superior, or similar is assigned to each of the sale properties in comparison to the subject. This will provide a range of value indications which will then be correlated into a final value estimate. Location: The subject property is located along lake Trafford Road. The property has average access and proximity to active roadways. Sales seven is within the Naples market and is regarded as superior compared to the subject property. All remaining sales were regarded as similar to the subject property. Parcel Size: The site contains 153 Acres of overall site size. Typically, larger parcels tend to sell for a lower value per square foot due to economies of scale. Sales two and four are Smaller/Superior to the site size of subject, and this is regarded as Superior. All remaining sales are deemed similar to the subject property in regard to size. Comprehensive Land Use Plan and Zoning Classifications: The subject property has a comprehensive land-use plan classification of Williams Farm RPUD. Sales three, four, & six are deemed Similar to the subject property due to their zoning classification of RPD. Sales one, two, five, & seven are agricultural and are judged inferior in regard to the zoning designation. Utilities: The subject property has utilities available on or in direct proximity to the site. All sales appear to have utilities available or readily available nearby regarding the sales as similar in regard to utilities. Access: Access to the subject property is gained by means of Lake Trafford Road. All sales are located along paved roadways regarding a designation of similar for accessibility. Wetlands: The subject has about 50% of wetlands present on site. Sales One, three, four, five, six have low amounts of wetland present on site providing a designation regarding these sales’ superior. All remaining sales are deemed similar in regard to presence of wetlands. Topography: The subject property is level and partially cleared crop land. All sales were deemed similar in this regard and were not adjusted. COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 103 Overall, Sales three, four, six, and seven were judged to be superior to the subject primarily because of parcel size and wetlands presence. Sales one, two, and five were regarded as similar to the subject property. Based upon the preceding analysis most of the comparable sales are deemed superior in comparison to the subject property, it is our opinion the subject property warrants a market value of $45,000 per acre slightly less than the mean and median range of the values. Multiplying this by the 153 Acres contained within the subject property provides a value indication of $6,885,000 or $6,900,000 rounded. Sales Approach 2,094 Acres Agricultural Lots The Sales Comparison Approach will be used, and it involves the direct comparison of sales of similar properties, adjustments for variances, and correlation of the results into a property value indication. Adjustments to the sale prices of competitive properties selected for comparison are considered as they relate to the subject property and to the various dissimilar investment features. The application of this approach produces an estimate of value for a property by comparing it with similar properties which have been sold or are currently offered for sale in the same or competing areas. Site Valuation: The valuation of the subject site involves research, analysis, and comparison of sales of similar properties to the subject. There are several units of comparison applicable for appraisal purposes. Due to the nature of the subject property and comparable sales, it is our opinion the sales price per acre would be the most appropriate for utilization. This unit is calculated by dividing the sale price of the comparable sales by the number of acres contained within the sale. The subject site is being valued based on highest and best use; and as such, data selection begins by limiting the sales considered to include only those sites with a highest and best use similar to that of COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 104 the subject. From these sales, only the most similar to the subject in terms of physical and locational characteristics were selected. The appraiser’s research uncovered multiple sales of sites that were considered appropriate for comparison purposes. These transactions were included in the analysis process. In the analysis process, the analyst will utilize a qualitative procedure. In the initial step the appraiser will utilize a cumulative adjustment for each of the sale properties considering property rights, financing, conditions of sale, expenditures after the sale and market conditions (commonly known as time). As the adjustments are cumulative in nature, they must be performed in the order in which they occur. Next the analyst will utilize a qualitative adjustment procedure by considering physical characteristics including location, site size, land use, zoning, utilities and access. These properties will be rated and compared to the subject. After completion of the analysis of each individual sale based on its physical characteristics, an overall property rating will be assigned to each of the sale properties. After completion of the analysis and adjustment process, the appraiser will estimate an appropriate value per acre of land and multiply this by the number of acres within the property in order to estimate the market value for the subject site. This value estimate will then be rounded to an appropriate figure for appraisal purposes. We now invite your attention to a land sales location map which follows. This map shows the relative location of each of the five sales to that of the subject property. Following this will be a land sales exhibit which will contain land sales data sheets for each transaction utilized in the analysis process showing the relative size, configuration and location of the site as well as the relative information for each individual sales transaction. Following the land sales exhibit will be a summary chart showing the relevant information for the subject and each of the comparable sales as well as the adjustments and factors which were considered in providing a final adjusted sale price per acre for each of the comparable properties. COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 105 LAND SALES LOCATION MAP Please consider the sale exhibits on the following pages. The exhibits furnish aerial views along with locational, site and financial information for each of the sales. COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 106 ACTIVE LISTING Property Reference: Property Type: Agriculture Vacant Land Address: 1475 Gopher Ridge Road Immokalee, FL 34142 County: Collier Location: STRAP/ID: 00087520008 Grantor: VCRAF PGIM GOPHER RIDGE LLC Grantee: Legal Data: Sale Date: Active Listing Sale Price: $38,000,000 Sale Price per Sq. Ft.: $0.16 Sale Price per Acre: $6,898 Price per Dev. Unit: N/A Land Use: Urban Residential Subdistrict Zoning: Agricultural Highest and Best Use: Agricultural Development CNA Data # 3115 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 107 Site Data: Site Dimensions: Irregular Site Size: 239,972,040 square feet, 5,509.000 acres Development Units: N/A Development Density/Acre: N/A Shape: Irregular Topography: Level Corner/Visibility Influence: No Utilities: Accessible from New Market Road Access: Below average Wetlands/Uplands: Scattered %40 Soils: Typical Sale Analysis: Sale Price: $38,000,000 Financing: N/A Price per SF: $0.16 Price per Acre: $6,898 Price per Dev. Unit: N/A Sale Confirmation: Verification: SVN Database & Public Record, Verifying Appraiser: Brandon Jonas, Sale History: None in the last 3 years Comments: This is a multi-parcel listing that can be located along 1475 Gopher Ridge Road in Immokalee Florida. This is a mutli-parcel sale with a collective area of 5,509 acres. The subject property is zoned AG. The property was listed for sale for $57 Million and was just reduced to a price of $38 Million. It is believed that the subject property is under contract close to the new adjusted listing price. This Information was determined by public record and presentations performed by SVN. CNA Data # 3115 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 108 COMPARABLE 1 Property Reference: Property Type: Agriculture Vacant Land Address: 13519 Lexington Parkway Clewiston, FL 33440 County: Hendry Location: STRAP/ID: 1 31 43 32 A00 0003.0000 Grantor: United states Sugar Corporation Grantee: Florida Power & Light Company Legal Data: Sale Date: December 06, 2023 Sale Price: $25,000,000 Sale Price per Sq. Ft.: $0.29 Sale Price per Acre: $12,716 Price per Dev. Unit: N/A Recording: Inst #202326014972 Interest Conveyed: Fee-simple Deed Conveyed: Warranty Deed Land Use: Agricultural Zoning: Planned Unit Development Highest and Best Use: Agricultural Development CNA Data # 3108 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 109 Site Data: Site Dimensions: Irregular Site Size: 85,638,960 square feet, 1,966.000 acres Development Units: N/A Development Density/Acre: N/A Shape: Irregular Topography: Level Corner/Visibility Influence: No Utilities: Available Access: Below Average Wetlands/Uplands: 30% Wetlands Soils: Typical Sale Analysis: Sale Price: $25,000,000 Financing: Conventional Price per SF: $0.29 Price per Acre: $12,716 Price per Dev. Unit: N/A Sale Confirmation: Verification: Public Record Verifying Appraiser: Brandon Jonas, Sale History: None in last 3 years Comments: This is a multi-parcel sale that can be located along 13519 Lexington Parkway in Clewiston Florida. This is a mutli-parcel sale with a collective area of 1,966 acres. At the time of sale the property was zoned PUD, with a future land use of agricultural. The parcels were vacant at the time of sale. The property was sold on December 16, 2023 for $25,000,000. The sale was verified by Public record and costar. CNA Data # 3108 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 110 COMPARABLE 2 Property Reference: Property Type: Agriculture Vacant Land Address: 4315 Wombles Road Immokalee, FL 34142 County: Collier Location: STRAP/ID: 00050560008 Grantor: Turner Groves Citrus Limited Partnership Grantee: Florida Power & Light Legal Data: Sale Date: June 20, 2023 Sale Price: $40,565,853 Sale Price per Sq. Ft.: $0.21 Sale Price per Acre: $9,247 Price per Dev. Unit: N/A Recording: Inst# 6423494 Interest Conveyed: Fee-simple Deed Conveyed: Spec Warranty Deed Land Use: Agricultural /Rural Mixed-Use District/RLSA Zoning: Agricultural Highest and Best Use: Agricultural Development CNA Data # 3116 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 111 Site Data: Site Dimensions: Irregular Site Size: 191,097,720 square feet, 4,387.000 acres Development Units: N/A Development Density/Acre: N/A Shape: Irregular Topography: Level Corner/Visibility Influence: No Utilities: Available Access: Average Wetlands/Uplands: Uplands Soils: Typical Sale Analysis: Sale Price: $40,565,853 Financing: Conventional Price per SF: $0.21 Price per Acre: $9,247 Price per Dev. Unit: N/A Sale Confirmation: Verification: FPL Presentation & Public Record, Verifying Appraiser: Brandon Jonas, Sale History: None in last 3 years Comments: This is a multi-parcel sale that can be located along 4315 Wombles Road in Immokalee Florida. This is a mutli-parcel sale with a collective area of 4,387 acres. At the time of sale the property was zoned AG, with a future land use of agricultural. The property was purchased for the usage of solar panels for FPL. This property was not listed for sale. The property was sold on June 20, 2023 for $40,565,853. The sale was verified by public record and FPL presentation. CNA Data # 3116 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 112 COMPARABLE 3 Property Reference: Property Type: Agriculture Vacant Land Address: 21121 Granville Road Fort Myers, FL 33917 County: Charlotte Location: STRAP/ID: 422436100001 Grantor: Stolle Properties INC Grantee: John F. Hales Legal Data: Sale Date: May 31, 2023 Sale Price: $17,000,000 Sale Price per Sq. Ft.: $0.14 Sale Price per Acre: $6,171 Price per Dev. Unit: N/A Recording: Inst #3272773 Interest Conveyed: Fee-simple Deed Conveyed: Warranty Deed Land Use: Agricultural Zoning: Agricultural Highest and Best Use: Agricultural Development CNA Data # 3107 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 113 Site Data: Site Dimensions: Irregular Site Size: 120,007,800 square feet, 2,755.000 acres Development Units: N/A Development Density/Acre: N/A Shape: Irregular Topography: Level Corner/Visibility Influence: No Utilities: Available Access: Average Wetlands/Uplands: Scattered 50% Soils: Typical Sale Analysis: Sale Price: $17,000,000 Financing: Conventional Price per SF: $0.14 Price per Acre: $6,171 Price per Dev. Unit: N/A Sale Confirmation: Verification: Billy Rollins, 2394894066 Verifying Appraiser: Brandon Jonas, February 22, 2024 Sale History: None in last 3 years Comments: This is a multi-parcel sale that can be located along 21121 Granville Road in Fort Myers Florida. This is a mutli-parcel sale with a collective area of 2,755 acres. At the time of sale the property was zoned AG, agricultural. All of the parcels have a future land use of agricultural. The parcels were vacant at the time of sale. The property was listed for 2,224 days and sold on May 31, 2023 for $17,000,000. The sale was verified by the listing agent. CNA Data # 3107 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 114 COMPARABLE 4 Property Reference: Property Type: Agriculture Vacant Land Address: 805 Boat Ramp Road Lorida, FL 33857 County: Highlands Location: STRAP/ID: C-04-37-33-010-0020-0000 Grantor: Sunset Trails LLC Grantee: Highlands County Farms LLC Legal Data: Sale Date: April 01, 2022 Sale Price: $6,087,100 Sale Price per Sq. Ft.: $0.10 Sale Price per Acre: $4,509 Price per Dev. Unit: N/A Recording: Inst #2085807 Interest Conveyed: Fee-simple Deed Conveyed: Spec Warranty Deed Land Use: Agricultural Zoning: AU- agricultural residential zoning classification Highest and Best Use: Agricultural Development CNA Data # 3111 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 115 Site Data: Site Dimensions: Irregular Site Size: 58,806,000 square feet, 1,350.000 acres Development Units: N/A Development Density/Acre: N/A Shape: Irregular Topography: Level Corner/Visibility Influence: No Utilities: Available Access: Below Average Wetlands/Uplands: 15% Wetlands Soils: Typical Sale Analysis: Sale Price: $6,087,100 Financing: Conventional Price per SF: $0.10 Price per Acre: $4,509 Price per Dev. Unit: N/A Sale Confirmation: Verification: SVN Database & Public Record, Verifying Appraiser: Brandon Jonas, Sale History: None in last 3 years Comments: This is a multi-parcel sale that can be located along 805 Boat Ramp Road in Lorida Florida. This is a mutli-parcel sale with a collective area of 1,350 acres. At the time of sale, the property was zoned Agricultural, with a future land use of Agricultural. The parcels were vacant at the time of sale. The property was sold on April 1, 2022 for $6,087,100. The sale was verified by SVN Data base and public record. CNA Data # 3111 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 116 COMPARABLE 5 Property Reference: Property Type: Agriculture Vacant Land Address: East of State Road 29 & North of Oil Well Road Immokalee, FL 33975 County: Collier Location: STRAP/ID: 1 31 43 32 A00 0003.0000 Grantor: Sunniland Groves LLC Grantee: Sunniland Properties LLC Legal Data: Sale Date: November 10, 2021 Sale Price: $6,000,000 Sale Price per Sq. Ft.: $0.10 Sale Price per Acre: $4,412 Price per Dev. Unit: N/A Recording: Inst #6169023 Interest Conveyed: Fee-simple Deed Conveyed: Spec Warranty Deed Land Use: Agricultural /Rural Mixed Use District/RLSA Zoning: Agricultural Highest and Best Use: Agricultural Development CNA Data # 3110 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 117 Site Data: Site Dimensions: Irregular Site Size: 59,241,600 square feet, 1,360.000 acres Development Units: N/A Development Density/Acre: N/A Shape: Irregular Topography: Level Corner/Visibility Influence: No Utilities: Available Access: Average Wetlands/Uplands: 5% Wetlands Soils: Typical Sale Analysis: Sale Price: $6,000,000 Financing: Conventional Price per SF: $0.10 Price per Acre: $4,412 Price per Dev. Unit: Sale Confirmation: Verification: SVN Database & Public Record, Verifying Appraiser: Brandon Jonas, Sale History: None in last 3 years Comments: This is a multi-parcel sale that can be located along The East side of State Road 29 & North of Oil Well Road in Immokalee Florida. This is a mutli-parcel sale with a collective area of 1,366 acres. At the time of sale the property was zoned Agricultural, with a future land use of RLSA. The parcels were vacant at the time of sale. The property was sold on November 10, 2021 for $6,000,000. The sale was verified by SVN Data base and Public record. CNA Data # 3110 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 118 COLLIER COUNTY BOARD OF COMMISSIONERS CARLSON, NORRI S , & ASSOCIATES 119 Land Sales Analysis Real Property Rights Conveyed: “An element of comparison in the sales comparison approach; comparable sales can be adjusted for the effect of differences in the real property rights (fee simple, leased fee, leasehold, easements, or other encumbrances, etc.).” In this analysis all property rights conveyed were fee simple, no adjustments were necessary. Financing Terms: ““The manner in which a transaction was financed; an element of comparison in the sales comparison approach whereby comparable properties can be adjusted for the influence of differences between a transaction’s financing terms and those assumed in the valuation of a subject property.” In this analysis all the transactions were either market financed or cash to the seller, no adjustments were necessary. Conditions of Sale: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the motivations of either the buyer or a seller in a transaction.” In this analysis all property rights conveyed were fee simple, no adjustments were necessary. Expenditures Immediately after Sale: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for any additional investment (e.g., curing deferred maintenance) that the buyer needed to make immediately after purchase for the properties to have similar utility to the subject property being valued.” No adjustments were warranted for the comparable sales in this category. Market Conditions: “An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the points in the real estate cycle at which the transactions occur, also called a time adjustment because the differences in dates of sale are often compared.” The comparable sales used have occurred in a range from November 2021 to December 2023 with an active listing. No market conditions adjustment is warranted, the sales utilized are the most recent sales available in the market. Please note the following statistical data from the base adjusted sale prices calculated and presented on the following page. The five sales and one listing are located within south Florida. They are considered the best indicators available. COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 120 Physical and Legal Characteristics/Qualitative Analysis: Next the comparable sales are compared with one another and specifically to the subject property. This comparison was utilized for providing specific qualitative comparisons for differences in the sale properties and the subject property for location, parcel size, land use plan and zoning classification, utilities, access, tier class, and topography/vegetation. At the completion of estimating the appropriate comparisons for each of these categories an overall rating of inferior, superior, or similar is assigned to each of the sale properties in comparison to the subject. This will provide a range of value indications which will then be correlated into a final value estimate. Location: The subject property is located along Immokalee Drive. The property has below average access and proximity to active roadways. Sale two, five and the active listing are judged to be similar to the subject’s location. Sales one, three, and five are located an inferior location and were regarded as such in comparison to the subject’s location. Parcel Size: There are 10 agricultural parcels with a total of 2,094 Acres of area. Typically, larger parcels tend to sell for a lower value per acre due to economies of scale. Sale two and the active listing are larger to the site size of subject and are regarded as inferior. All remaining Sales are deemed similar to the subject property. Comprehensive Land Use Plan and Zoning Classifications: The subject property has a comprehensive land-use plan classification of Mixed use and zoning classification of Agricultural. Sale, one has a zoning classification of PUD and has been deemed superior in this regard. All remaining sales have a zoning of agricultural or those of similar extent and have been deemed as similar. Utilities: The subject property has utilities available on or in direct proximity to the site. All sales appear to have utilities available or readily available nearby regarding the sales as similar in regard to utilities. Access: Access to the subject property is gained by means of Immokalee Drive. Access to the Agricultural lots is provided by a private dirt road that extends throughout the farmland. Sales two, three, and five have average access along paved roadways and has been deemed superior in regard to access. All remaining sales have below access due to the limited accessibility and has been deemed similar. Wetlands: The subject has about 30% of wetlands present on site. Sales two and four have low amounts of wetland present on site providing a designation of these sales as superior. All remaining sales are deemed similar in regard to presence of wetlands. COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 121 Overall, sales one and three have been regarded as similar to the subject property. Sales two and five were regarded as superior, while Sale four and the active listing were regarded as inferior to the subject property. Based upon the preceding analysis, it is our opinion the subject property warrants a market value of $7,000 per acre near the mean and median range of the values. Multiplying this by the 2,094 Acres contained within the subject property provides a value indication of $14,658,000 or $14,700,000 rounded. COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 122 Section 6 – Reconciliation of Value Summary of Value Conclusions Boot Property “As-Is” Cost Approach Not Applied Income Approach Not Applied Sales Comparison Approach $6,900,000 Summary of Value Conclusions Agricultural Land “As-Is” Cost Approach Not Applied Income Approach Not Applied Sales Comparison Approach $14,700,000 The Cost Approach is based upon the principal of substitution which states that a prudent purchaser would not pay more for a property than the amount required to purchase a similar site and construct similar improvements without undue delay, producing a property of equal desirability and utility. The Cost Approach to value was not included and not considered to be applicable in this appraisal. The Income Approach to value was not included and not considered to be applicable in this appraisal. The Sales Comparison Approach was applied. An adequate number of closed sales were available to reflect the actions of buyers and sellers in the subject’s marketplace as of the effective date of value. We have concluded to the values used in the Sales Comparison Approach and we have arrived at an estimate for the subject property(s). COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 123 Based upon the results of the investigation and analyses contained in the following report, subject to the extraordinary assumptions contained within, it is our opinion the market value of the fee simple interest of the subject Boot Property “As Is” of the subject parcel under market conditions existing as of February 9, 2024, is: SIX MILLION NINE HUNDRED THOUSAND DOLLARS ....................................... ($6,900,000.00). Based upon the results of the investigation and analyses contained in the following report, subject to the extraordinary assumptions contained within, it is our opinion the market value of the fee simple interest of the subject Agricultural Land “As Is” of the subject parcel under market conditions existing as of February 9, 2024, is: FOURTEEN MILLION SEVEN HUNDRED THOUSAND DOLLARS .................. ($14,700,000.00). Book Value Parcel #00131720000 ($296,774) Book Value Parcel #00131760002 ($90,071) Book Value Parcel #00132720009 ($44,167) Respectfully submitted, CARLSON, NORRIS & ASSOCIATES Michael Jonas, MAI, AI-GRS, CCIM State-certified general real estate appraiser RZ2623 Brandon Jonas State-registered trainee appraiser RI25835 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 124 Section 7 – Certification and Limiting Conditions Certification of Michael Jonas, MAI, AI-GRS, CCIM I certify to the best of my knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and is our personal, impartial and unbiased professional analyses, opinions, and conclusions. • I have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. • My engagement in this assignment was not contingent upon developing or reporting predetermined results.7 • My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. • This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan. • My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation and the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, as well as the requirements of the State of Florida relating to review by its duly authorized representatives. This report also conforms to the requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). • The reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • As of the date of this report, Michael Jonas has completed the Standards and Ethics Education Requirements for Candidates of the Appraisal Institute. • As of the date of this report, Michael Jonas has completed the continuing education program for Designated Members of the Appraisal Institute. COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 125 • Michael Jonas has completed the requirements of education for registration through the State of Florida is current until November 30, 2024. • Michael Jonas has not made a personal inspection of the property that is the subject of this report. • Although other appraisers may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy are maintained at all times with regard to this assignment without conflict of interest. • Michael Jonas is in compliance with the Competency Provision in the USPAP as adopted in FIRREA 1989 and has sufficient education and experience to perform the appraisal of the subject property. • Michael Jonas has not appraised the subject in the last three years. He has not provided any other services related to the property in the last three years. • Brandon Jonas, Registered Appraiser Trainee License: RI25835, contributed fifteen hours relating to development, research, inspection, and writing of this report. • I, the supervisory appraiser of a registered appraiser trainee who contributed to the development or communication of this appraisal, hereby accepts full and complete responsibility for any work performed by the registered appraisal trainee named in this report as if it were my own work. Based upon the results of the investigation and analyses contained in the following report, subject to the extraordinary assumptions contained within, it is our opinion the market value of the fee simple interest of the subject Boot Property “As Is” of the subject parcel under market conditions existing as of February 9, 2024, is: SIX MILLION NINE HUNDRED THOUSAND DOLLARS ....................................... ($6,900,000.00). Based upon the results of the investigation and analyses contained in the following report, subject to the extraordinary assumptions contained within, it is our opinion the market value of the fee simple interest of the subject Agricultural Land “As Is” of the subject parcel under market conditions existing as of February 9, 2024, is: FOURTEEN MILLION SEVEN HUNDRED THOUSAND DOLLARS .................. ($14,700,000.00). Book Value Parcel #00131720000 ($296,774) Book Value Parcel #00131760002 ($90,071) Book Value Parcel #00132720009 ($44,167) Respectfully submitted, CARLSON, NORRIS & ASSOCIATES Michael Jonas, MAI, AI-GRS, CCIM State-certified general real estate appraiser RZ2623 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 126 Certification of Brandon Jonas I certify to the best of my knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and is our personal, impartial and unbiased professional analyses, opinions, and conclusions. • I have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment. • My engagement in this assignment was not contingent upon developing or reporting predetermined results. • My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. • This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan. • My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation and the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute, as well as the requirements of the State of Florida relating to review by its duly authorized representatives. This report also conforms to the requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • Brandon Jonas has completed the requirements of education for registration through the State of Florida is current until November 30, 2022. • Brandon Jonas has made a personal inspection of the property that is the subject of this report. • Although other appraisers may be contacted as a part of our routine market research investigations, absolute client confidentiality and privacy are maintained at all times with regard to this assignment without conflict of interest. COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 127 • Brandon Jonas is in compliance with the Competency Provision in the USPAP as adopted in FIRREA 1989 and has sufficient education and experience to perform the appraisal of the subject property. • Brandon Jonas has not appraised the subject in the last three years. He has not provided any other services related to the property in the last three years. Based upon the results of the investigation and analyses contained in the following report, subject to the extraordinary assumptions contained within, it is our opinion the market value of the fee simple interest of the subject Boot Property “As Is” of the subject parcel under market conditions existing as of February 9, 2024, is: SIX MILLION NINE HUNDRED THOUSAND DOLLARS ....................................... ($6,900,000.00). Based upon the results of the investigation and analyses contained in the following report, subject to the extraordinary assumptions contained within, it is our opinion the market value of the fee simple interest of the subject Agricultural Land “As Is” of the subject parcel under market conditions existing as of February 9, 2024, is: FOURTEEN MILLION SEVEN HUNDRED THOUSAND DOLLARS .................. ($14,700,000.00). Book Value Parcel #00131720000 ($296,774) Book Value Parcel #00131760002 ($90,071) Book Value Parcel #00132720009 ($44,167) Respectfully submitted, CARLSON, NORRIS & ASSOCIATES Brandon Jonas State-registered trainee appraiser RI25835 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 128 Section 6 –Limiting Conditions General Assumptions & Limiting Conditions Information Used: No responsibility is assumed for accuracy of information furnished by others or from others, including the client, its officers and employees, or public records. We are not liable for such information or for the work of contractors, subcontractors and engineers. The comparable data relied upon in this appraisal has been confirmed with one or more parties familiar with the transaction unless otherwise noted; all are considered appropriate for inclusion to the best of my factual judgment and knowledge. Certain information upon which the opinions and values are based may have been gathered by research staff working with the appraiser. Names, professional qualifications and extent of their participation can be furnished to the client upon request. Legal, Engineering, Financial, Structural or Mechanical Nature, Hidden Components, Soil: No responsibility is assumed for matters legal in character or nature nor matters of survey, nor of any architectural, structural, mechanical or engineering nature. No opinion is rendered as to the legal nature or condition of the title to the property, which is presumed to be good and marketable. The property is appraised assuming it is free and clear of all mortgages, liens or encumbrances, unless otherwise stated in particular parts of this report. The legal description is presumed to be correct, but I have not confirmed it by survey or otherwise. I assume no responsibility for the survey, any encroachments or overlapping or other discrepancies that might be revealed thereby. I have inspected, as far as possible by observation, the land thereon; however, it was not possible to personally observe conditions beneath the soil or hidden; as a result, no representation is made herein as to such matters unless otherwise specifically stated. The estimated market value assumes that no such conditions exist that would cause a loss of value. I do not warrant against the occurrence of problems arising from any of these conditions. It is assumed that there are no hidden or unapparent conditions to the property, soil, subsoil or structures, which would render them more or less valuable. No responsibility is assumed for any such conditions or for any expense or engineering to discover them. Information relating to the location or existence of public utilities has been obtained through inquiry to the appropriate utility authority or has been ascertained from visual evidence. No warranty has been made regarding the exact location or capacities of public utility systems. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. Legality of Use: The appraisal is based on the premise that there is or will be full compliance with all applicable Federal, State and local environmental regulations and laws, unless otherwise stated in the report; and that all appropriate zoning, building and use regulations and restrictions of all types have been or will be complied with and required licenses, consent, permits or other authority, whether local, State, Federal and/or private, have been or can be obtained or renewed for the use intended and considered in the value estimate. Component Values: The distribution of the total valuation of this report between land and improvements applies only under the proposed program of utilization. The separate valuations of land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 129 A report related to an estate that is less than the whole fee simple estate applies only to the fractional interest involved. The value of this fractional interest, plus the value of all other fractional interests, may or may not equal the value of the entire fee simple estate considered as a whole. A report relating to the geographic portion of a larger property applies only to such geographic portion and should not be considered as applying with equal validity to other portions of the larger property or tract. The value for such geographic portions, plus the value of all other geographic portions, may or may not equal the value of the entire property or tract considered as a single entity. All valuations in the report are applicable only under the estimated program of the highest and best use and are not necessarily appropriate under other programs of use. Auxiliary and Related Studies: No environmental or impact studies, special market study or analysis, highest and best use analysis study or feasibility study has been requested or made by us unless otherwise specified in this report or in my agreement for services. I reserve the unlimited right to alter, amend, revise or rescind any of these statements, findings, opinions, values, estimates or conclusions upon any subsequent study or analysis or previous study or analysis that subsequently becomes available to us. Dollar Values, Purchasing Power: The value estimates and the costs used herein are as of the date of the estimate of value. All dollar amounts are based on the purchasing power and price of the United States dollar as of the date of value estimate. Inclusions: Furnishings and equipment or business operations, except as otherwise specifically indicated, have been disregarded, with only the real estate being considered. Proposed Improvements Conditioned Value: For the purpose of this appraisal, on- or off-site improvements proposed, if any, as well as any repairs required, are considered to be completed in a good and workmanlike manner according to information submitted and/or considered by us. In cases of proposed construction, the report is subject to change upon inspection of the property after construction is complete. The estimate of value, as proposed, is as of the date shown, as if completed and operating at levels shown and projected. Value Change, Dynamic Market Influences: The estimated value is subject to change with market changes over time. Value is highly related to interest rates, exposure, time, promotional effort, supply and demand, terms of sale, motivation and conditions surrounding the offering. The value estimate considers the productivity and relative attractiveness of the property both physically and economically in the marketplace. The estimate of value in this report is not based in whole or in part upon race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. In the event this appraisal includes the capitalization of income, the estimate of value is a reflection of such benefits and my interpretation of income and yields and other factors which were derived from general and specific market information. Such estimates are made as of the date of the estimate of value. As a result, they are subject to change, as the market is dynamic and may naturally change over time. The date upon which the value estimate applies is only as of the date of valuation, as stated in the letter of transmittal. The appraisal assumes no responsibility for economic or physical factors occurring at some later date which may affect the opinion stated herein. An appraisal is the product of a professionally trained person, but nevertheless is an opinion only, and not a provable fact. As a personal opinion, a valuation may vary between appraisers based upon the same facts. Thus, the appraiser warrants only that the value conclusions are his best estimate as of COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 130 the date of valuation. There are no guaranties, either written or implied, that the property would sell for the expressed estimate of value. Title Review: Unless otherwise stated, the appraiser has not reviewed an abstract of title relating to the subject property. No title search has been made, and the reader should consult an attorney or title company for information and data relative to the property ownership and legal description. It is assumed that the subject title is marketable, but the title should be reviewed by legal counsel. Any information given by the appraiser as to a sales history is information that the appraiser has researched; to the best of my knowledge, this information is accurate, but not warranted. Management of the Property: It is assumed that the property which is the subject of this report will be under prudent and competent ownership and management over the entire life of the property. If prudent and competent management and ownership are not provided, this would have an adverse effect upon the value of the property appraised. Confidentiality: We are not entitled to divulge the material (evaluation or valuation) content of this report and analytical findings or conclusions or give a copy of this report to anyone other than the client or his designee, as specified in writing, except as may be required by the Appraisal Institute, as they may request in confidence for ethic enforcement, or by a court of law with the power of subpoena. All conclusions and opinions concerning the analyses as set forth herein are prepared by the appraisers whose signatures appear. No change of any item in the report shall be made by anyone other than the appraiser, and the firm shall have no responsibility if any such unauthorized change is made. Whenever our opinion herein with respect to the existence or absence of fact is qualified by the phrase or phrases "to the best of our knowledge", "it appears" or "indicated", it is intended to indicate that, during the course of our review and investigation of the property, no information has come to our attention which would give us actual knowledge of the existence or absence of such facts. The client shall notify the appraiser of any error, omission or invalid data herein within 10 days of receipt and return of the report, along with all copies, to the appraiser for corrections prior to any use whatsoever. Neither our name nor this report may be used in connection with any financing plans which would be classified as a public offering under State or Federal Security Laws. Copies, Publication, Distribution, Use of Report: Possession of this report, or any copy thereof, does not carry with it the right of publication, nor may it be used for other than its intended use. The physical report remains the property of the firm for the use of the client, with the fee being for the analytical services only. This report may not be used for any purpose by any person or corporation other than the client or the party to whom the report is addressed. Additional copies may not be made without the written consent of an officer of the firm, and then only in its entirety. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations effort, news, sales or other media without my prior written consent and approval of the client. It has been assumed that the client or representative thereof, if soliciting funds for his project, has furnished to the user of this report complete plans, specifications, surveys and photographs of land and improvements, along with all other information which might be deemed necessary to correctly analyze and appraise the subject property. Authentic Copies: Any copy that does not have original signatures of the appraiser is unauthorized and may have been altered and, therefore, is considered invalid. COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 131 Testimony, Consultation, Completion of Contract for Appraisal Services: A contract for appraisal, consultation or analytical services is fulfilled and the total fee payable upon completion of the report. The appraisers or those assisting in the preparation of the report will not be asked or required to give testimony in court or hearing because of having made the appraisal in full or in part, nor will they be asked or required to engage in post appraisal consultation with client or third parties except under separate and special arrangement and at an additional fee. Any subsequent copies of this appraisal report will be furnished on a cost-plus expenses basis, to be negotiated at the time of request. Limit of Liability: Liability of the firm and the associates is limited to the fee collected for preparation of the appraisal. There is no accountability or liability to any third party. Fee: The fee for this appraisal or study is for the service rendered, and not for time spent on the physical report. The acceptance of the report by the client takes with it the agreement and acknowledgement that the client will pay the negotiated fee, whether said agreement was verbal or written. The fee is in no way contingent on the value estimated. Special Limiting Conditions: The Americans with Disabilities Act became effective January 26, 1992. Notwithstanding any discussion of possible readily achievable barrier removable construction items in this report, Carlson, Norris and Associates, has not made a specific compliance survey and analysis of this property to determine whether it is in conformance with the various detailed requirements of the A.D.A. It is possible that a compliance survey of the property together with a detailed analysis of the requirements of the A.D.A. could reveal that the property is not in compliance with one or more of the requirements of the A.D.A. If so, this fact could have a negative effect on the value estimated herein. Since Carlson, Norris and Associates has no specific information relating to this issue, nor is Carlson, Norris and Associates qualified to make such an assessment, the effect of any possible noncompliance with the requirements of the A.D.A. was not considered in estimating the value of the subject property. This analysis is made in conformity with the requirements with the Uniform Standards of Professional Appraisal Practice and the Standards of Professional Conduct of the Appraisal Institute. Please note the following extraordinary assumptions: • A soil analysis for the site has not been provided for the preparation of this appraisal. In the absence of a soil report, it is a specific assumption that the site has adequate soils to support the highest and best use. The analyst is not an expert in area of soils and would recommend that an expert be consulted. • It is assumed that there are no hidden or unapparent conditions to the property, soil, or subsoil, which would render them more or less valuable. Subsurface oil, gas or mineral rights were not considered in this report unless otherwise stated. The analyst is not an expert with respect to subsurface conditions and would recommend that an expert be consulted. • It is assumed that there are no hazardous materials either at ground level or subsurface. • We assume the legal description and size provided are correct. COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 132 Section 8 – Addenda COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 133 Book Value Parcel #00131720000 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 134 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 135 Book Value Parcel #00131760002 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 136 Book Value Parcel #00132720009 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 137 Parcel Breakdown Flood Map COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 138 APPRAISERS' LICENSES License of Michael P. Jonas, MAI, AI-GRS, CCIM License of Brandon Jonas COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 139 QUALIFICATIONS OF MICHAEL P. JONAS, MAI, AI-GRS, CCIM STATE-CERTIFIED GENERAL REAL ESTATE APPRAISER RZ2623 EDUCATION: University of Central Florida - 1999 BSBA – Finance PROFESSIONAL EDUCATION: Appraisal Institute: National USPAP Update Course, 2012, 2014, 2016, 2020, 2022 Appraisal Institute: 2018 Legislative VALUEvent , 2018 Appraisal Institute: Advanced Income Capitalization, 2003 Appraisal Institute: Advancing the Appraisal Profession, 2019 Appraisal Institute: Analyzing Distressed Real Estate, 2007 Appraisal Institute: Appraisal Laws and Rules, 2000, 2002, 2004, 2020, 2022 Appraisal Institute: Appraisal Report Writing, 2005 Appraisal Institute: Artificial Intelligence, AVMS, 2019 Appraisal Institute: Business Practice and Ethics, 2012, 2016, 2019, 2020 Appraisal Institute: Capital Reserve Studies 2022 Appraisal Institute: Central Florida Real Estate Forum, 2022 Appraisal Institute: Desktop Appraisals 2020 Appraisal Institute: Evaluations for Commercial and Residential Appraisers, 2022 Appraisal Institute: FL State Law for Real Estate Appraisers, 2004 Appraisal Institute: Florida Appraisal Laws and Rules, 2012, 2014, 2016 Appraisal Institute: Florida Real Estate Valuation, 2011 Appraisal Institute: Florida State Law for Real Estate Appraisers, 2006 Appraisal Institute: Fundamentals of Separating Real Estate, 2012 Appraisal Institute: Insurance Appraisal, 2011 Appraisal Institute: National USPAP Update Course, 2000, 2002, 2004, 2006, 2008, 2010, 2012 Appraisal Institute: Real Estate Damages, 2011 Appraisal Institute: Reappraising, Readdressing, Reassigning, 2007 Appraisal Institute: Review Involving Appraisals by Multiple Appraisers, 2022 Appraisal Institute: Review Theory – General, 2014 Appraisal Institute: Roles/Responsibilities Supervisor/Trainee, 2006, 2008 Appraisal Institute: Specialty Appraisal Continued Education, 2000, 2002, 2004, 2006, 2008, 2012, 2014, 2016 2020, 2022 Appraisal Institute: State Law for Real Estate Appraisers, 2008, 2010, 2012 Appraisal Institute: The Appraiser as an Expert Witness, 2016 Appraisal Institute: The Paperless Real Estate Appraisal Office, 2022 Appraisal Institute: Trial Components, 2016 Appraisal Institute: Uniform Appraisal Standards for Federal Land Acquisitions, 2007 Bert Rodgers: Continuing Real Estate Education, 2004, 2006, 2021 Bob Hogue: CE for Florida Real Estate Professionals, 2016 CCIM Institute: Financial Analysis Commercial Investment, 2008 CCIM Institute: Financial Analysis for Commercial, 2008 CCIM Institute: Investment Analysis Commercial Investment, 2009 CCIM Institute: Investment Analysis Commercial, 2009 CCIM Institute: Market Analysis Commercial Investment, 2008 CCIM Institute: User Decision Analysis Commercial Industrial, 2009 CLE International: Eminent Domain, 2006 Cooke: CE for Real Estate Professionals, 2015 DPBR: FREAB Board Meeting, 2007 Florida Dept. Revenue: Real Property Appraiser Special Magistrates VAB Training, 2022 Larson Educational Services: Core Law, 2010 McKissock: Supervisor – Trainee Course for Florida, 2019 COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 140 NABOR Ethics Training: 2004, 2008, 2012, 2016 EXPERIENCE: 1999 – 2000 Clayton, Roper & Marshall Orlando, FL 2000 – 2001 Chapman & Associates Sarasota, FL 2001 – 2008 Coast Engineering Consultants, Inc Naples, FL 2008 – 2009 Orion Bank. Naples, FL 2009 – 2011 Iberia Bank Naples, FL 2011 – 2014 Integra Realty Resources Naples, FL 2014 – 2016 Capstone Valuation Advisors, LLC Naples, FL 2016 – 2019 MPJ Real Estate Services, Inc. Naples, FL 2019 – Present Carlson, Norris & Associates Fort Myers & Naples, FL 2022 – Special Magistrate, Collier County Value Adjustment Board PROFESSIONAL MEMBERSHIP: Appraisal Institute, Member (MAI / AI-GRS) No. 12480 Certified Commercial Investment Member, CCIM No. 18275 Certification, State Certified General Appraiser RZ2623 Member, Naples Area Board of Realtors State of Florida, Registered Real Estate Broker BK700992 Properties appraised include: subdivisions, retail centers, motels, commercial buildings, industrial buildings, warehouses, mobile home parks, professional offices, medical offices, office/warehouse condominiums, single family homes, duplexes, apartment projects, individual condominium projects, residential lots, acreage, wetlands, special use properties, ranches, conservation easements hotels, marinas, mixed-use subdivisions, regional malls, gas stations, self-storage facilities and eminent domain cases. Appraisal clients include: banks, savings and loan associations, attorneys, corporations, builders, developers, mortgage companies, insurance companies, home transfer companies, private individuals, and local, state and federal government agencies. Qualified as an expert witness in Monroe and Collier County Circuit Court COLLIER COUNTY BOARD OF COMMISSIONERS C ARLSON, NORRIS & A S SOCIATES 141 QUALIFICATIONS OF BRANDON M. JONAS REGISTERED TRAINEE APPRAISER RI25835 EDUCATION: University South Florida – Bachelor of Science – Biology PROFFESIONAL EDUCATION: Basic Appraisal Principles – April 2023 Basic Appraisal Procedures – April 2023 National 15-Hour USPAP Course – May 2023 Commercial Cost Approach Certification – February 2023 Florida Trainee Appraiser Subject Matter Electives – May 2023 Supervisor-Trainee Course for Florida – May 2023 EXPERIENCE: 2023-Present: Carlson, Norris and Associates, Inc. Fort Myers, Florida PROFESSIONAL MEMBERSHIP: Certification State-Registered Trainee Appraiser RI25835 Properties appraised/assisted include: commercial buildings, industrial buildings, warehouses, retail centers, vacant land, multi-family, single-family homes, and other miscellaneous properties. 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com REAL ESTATE APPRAISAL REPORT WILLIAMS RESERVE AT LAKE TRAFFORD Agricultural Land 2105 & 2109 Immokalee Road and 125 Carson Road Immokalee, Collier County, Florida, 34142 PREPARED FOR : Mr. Roosevelt Leonard Supervisor – Real Property Management Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Client File: P.O. Number 4500229876 EFFECTIVE DATE OF THE APPRAISAL: February 9, 2024 DATE OF THE REPORT: March 4, 2024 REPORT FORMAT: Appraisal Report PREPARED BY: RKL Appraisal and Consulting, PLC RKL File Number: 2024-064 Williams Reserve at Lake Trafford 2105 & 2109 Immokalee Road and 125 Carson Road Immokalee, Florida 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com March 4, 2024 Mr. Roosevelt Leonard Collier County 3335 Tamiami Trail East, Suite 101 Naples, FL 34112 Re: Real Estate Appraisal Williams Reserve at Lake Trafford 2105 & 2109 Immokalee Road and 125 Carson Road , Immokalee, Collier County, Florida, 34142 RKL File Number: 2024-064 Dear Mr. Leonard: At your request, RKL Appraisal and Consulting, PLC has prepared the accompanying appraisal for the above referenced property. The purpose of the appraisal is to estimate the market value of the fee simple interest in the subject property . The intended users for the assignment are Collier County Board of Commissioners, and the intended use of the appraisal is to assist with the acquisition decisions by the Collier County Board of Commissioners. We use the appraisal report option of Standards Rule 2 -2 of USPAP to report the assignment results. Please reference the appraisal scope section of this report for important information regarding the scope of research and analysis for this appraisal, including property identification, inspection, highest and best use analysis , and valuation methodology. The accompanying appraisal conform s with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute, and the appraisal guidelines of Collier County. The subject includes twelve parcels totaling an area of 2,247.28 acres. Two parcels are zoned Williams Farms RPUD at 168.26 acres. Seven parcels are zoned Agricultural with Mobile Home Overlay (MHO) at 971.85 acres. The final three parcels are also zoned A - MHO but in the Rural Lands Stewardship Area (RLSA) at 1,107.17 acres. The parcels are impacted by approximately 732 acres of wetlands in a flow way connected to Lake Trafford/Camp Keais Strand. Mr. Roosevelt Leonard Collier County March 4, 2024 Page 2 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com Based on the appraisal described in the accompanying report, subject to the Limiting Conditions and Assumptions, Extraordinary Assumptions and Hypothetical Conditions (if any), we have made the following value conclusion(s): VALUE C ONCLUSIONS Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value, As Is Fee Simple February 9, 2024 $19,940,000 The value conclusion(s) are subject to the following hypothetical conditions and extraor dinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: None. Respectfully submitted, RKL APPRAISAL AND CONSULTING, PLC K. C. Lowry, MAI, CPA Florida State -Certified General Real Estate Appraiser RZ2355 klowry@rklac.com; Phone 239-596-0802 Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 WILLIAMS RESERVE AT LAKE TRAFFORD TABLE OF CONTENTS TABLE OF CONTENTS Summary of Important Facts and Conclusions.......................................................................1 Introduction Information ..........................................................................................................2 Subject Identification ...........................................................................................................2 Current Ownership and Property History ...........................................................................3 Appraisal Scope ....................................................................................................................4 Client, Intended User, and Intended Use ............................................................................5 Definition of Market Value .................................................................................................5 Definition of Property Rights Appraised ............................................................................5 Purpose of Appraisal, Property Rights Appraised, and Dates ...........................................5 Scope of Work ......................................................................................................................6 Economic Analysis ...................................................................................................................7 National Economic Analysis ...............................................................................................7 Florida Economic Analysis..................................................................................................9 Collier County Area Analysis............................................................................................10 Market Area Analysis ........................................................................................................28 Property Description and Analysis ........................................................................................33 Site Analysis .......................................................................................................................33 Improvements .....................................................................................................................55 Real Estate Taxes and Assessments ..................................................................................61 Highest and Best Use .........................................................................................................62 Valuation Methodology .........................................................................................................66 Analyses Applied ...............................................................................................................67 Sales Comparison Approach – AG Lands ........................................................................68 Sales Comparison Approach – RPUD Lands ...................................................................77 Reconciliation .....................................................................................................................86 Final Value Conclusion......................................................................................................86 Certification ............................................................................................................................87 Assumptions and Limiting Conditions..................................................................................89 Addenda Appraiser Qualifications ....................................................................................... Addendum A Property Information ............................................................................................ Addendum B Comparable Data .................................................................................................. Addendum C WILLIAMS RESERVE AT LAKE TRAFFORD SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS Page 1 SUMMARY OF IMPORTANT FACTS AND CONCLUSIONS GENERAL Subject: Williams Reserve at Lake Trafford 2105 & 2109 Immokalee Road and 125 Carson Road, Immokalee, Collier County, Florida, 34142 Owner: James E. Williams Jr. Trust, Williams Farms and Williams Farms Land Assets, LLC Legal Description: Lengthy legal Tax Identification: 00072520000, 00057320005, 00113600106, 00132680107, 00131760002, 00113600009, 00113560000, 00132640008, 00132680000, 00131720000, 00114160001 and 00132720009 Intended Use: The intended use is to assist with the acquisition decisions by the Collier County Board of Commissioners. Intended User(s): Collier County Board of Commissioners PROPERTY Land Area: RPUD Lands: 168.26 acres; 7,329,406 square feet A-MHO Lands: 1,139.09 acres; 49,618,760 square feet A-MHO-RSLA Lands: 939.93 acres; 40,943,351 square feet Total: 2,247.28 acres; 97,891,517 square feet Flood Zone: Zone AE, AH and some X per FIRM 12021C 0140 H Zoning: Williams Farm RPUD; A-MHO - Rural Agricultural District within the Mobile Home Overlay (MHO); and A-MHO – Rural Land Sending Area Highest and Best Use As Vacant Agricultural use and residential subdivision development Exposure Time 12 months Marketing Period 12 months VALUE INDICATIONS Value Range of Comparables: AG Lands: $6,944 to $8,540 per acre RPUD Lands: $12,356 to $28,865 per unit Reconciled Value(s): As Is Value Conclusion(s) $19,940,000 Effective Date(s) February 9, 2024 Property Rights Fee Simple The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: None. WILLIAMS RESERVE AT LAKE TRAFFORD INTRODUCTION INFORMATION Page 2 INTRODUCTION INFORMATION SUBJECT IDENTIFICATION Subject: Williams Reserve at Lake Trafford 2105 & 2109 Immokalee Road and 125 Carson Road , Immokalee, Collier County, Florida, 34142 Legal Description: Lengthy legal Tax Identification: 00072520000, 00057320005, 00113600106 , 00132680107, 00131760002, 00113600009 , 00113560000, 00132640008, 00132680000 , 00131720000, 00114160001 and 00132720009 The subject includes twelve parcels totaling an area of 2,247.28 acres. Two parcels are zoned Williams Farms RPUD at 168.26 acres. Seven parcels are zoned Agricultural with Mobile Home Overlay (MHO) at 971.85 acres. The final three parcels are also zoned A - MHO but in the Rural Lands Stewardship Area (RLSA) at 1,107.17 acres. The parcels are impacted by approximately 732 acres of wetlands in a flow way connected to Lake Trafford/Camp Keais Strand. Folio Address Acres 00072520000 70.91 00057320005 97.35 00113600106 106.40 00132680107 136.31 00131760002 2105 Immokalee Drive 39.55 00113600009 50.04 00113560000 167.24 00132640008 349.72 00132680000 43.79 00131720000 2109 Immokalee Drive 246.04 00114160001 339.57 00132720009 125 Carson Road 600.36 2,247.28 WILLIAMS RESERVE AT LAKE TRAFFORD INTRODUCTION INFORMATION Page 3 CURRENT OWNERSHIP AND PROPERTY HISTORY Owner The owner of the property is James E. Williams Jr. Trust, Williams Farms and Williams Farms Land Assets, LLC. Sale History According to public records, the subject has not sold in the last three years. There were no transfers between unrelated entities in the last three years. Current Listing/Contract(s): The subject property is listed in its entirety by LSI Companies for $23,000,000 or approximately $10,200 per acre. LSI Companies have presented these appraisers with an offering memorandum and booklet detailing the property zoning, development potential, several sale and listing comparables and other details of the property and surrounding market area. Folio Ownership Acres 00072520000 James E Williams Jr. Trust 70.91 00057320005 James E Williams Jr. Trust 97.35 00113600106 James E Williams Jr. Trust 106.40 00132680107 James E Williams Jr. Trust 136.31 00131760002 Williams Farms Land Assets, LLC 39.55 00113600009 Williams Farms of Immokalee Inc.50.04 00113560000 Williams Farms of Immokalee Inc.167.24 00132640008 Williams Farms of Immokalee Inc.349.72 00132680000 Williams Farms of Immokalee Inc.43.79 00131720000 Williams Farms Land Assets, LLC 246.04 00114160001 Williams Farms of Immokalee Inc.339.57 00132720009 Williams Farms of Immokalee Inc.600.36 2,247.28 WILLIAMS RESERVE AT LAKE TRAFFORD INTRODUCTION INFORMATION Page 4 Included in the packet is an email from Jared Rossi, Land Acquisition Analyst for LGI Homes. The email offer for the RPUD lands dated June 28, 2023 included the following terms: LGI Homes is a home builder with ongoing developments including Cape Coral South, Mirror Lakes in Lehigh Acres and Arrowhead Reserve in Immokalee. Their Arrowhead Reserve location is located directly east of the subject 168± acres along Lake Trafford Road. Details regarding any further negotiations were not disclosed to these appraisers. To the best of our knowledge, no other sale or transfer of ownership has occurred within the past three years. APPRAISAL SCOPE According to the Uniform Standards of Professional Appraisal Practice, it is the appraiser’s responsibility to develop and report a scope of work that results in credible results that are appropriate for the appraisal problem and intended user(s). Therefore, the appraiser must identify and consider: ● the client and any other intended users; ● the intended use of the appraiser’s opinions and conclusions; ● the type and definition of value; ● the effective date of the appraiser’s opinions and conclusions; ● subject of the assignment and its relevant characteristics ● assignment conditions ● the expectations of parties who are regularly intended users for similar assignments; and ● what an appraiser’s peer’s actions would be in performing the same or a similar assignment. WILLIAMS RESERVE AT LAKE TRAFFORD INTRODUCTION INFORMATION Page 5 CLIENT, INTENDED USER, AND INTENDED USE The client and the intended user of the appraisal are Collier County Board of Commissioners. The intended use is to assist with the acquisition decisions by the Collier County Board of Commissioners . The appraisal is not intended for any other use or user. DEFINITION OF MARKET VALUE Market value definition used by agencies that regulate federally insured financial institutions in the United States is defined by The Dictionary of Real Estate Appraisa l, 7th ed. (Chicago: Appraisal Institute, 20 22) as: The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: ▪ Buyer and seller are typically motivated; ▪ Both parties are well informed or well advised, and acting in what they consider their best interests; ▪ A reasonable time is allowed for exposure in the open market; ▪ Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and ▪ 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.” (Source: 12 C.F.R. Part 34.42(h); 55 Federal Register 34696, August 24, 1990, as amended at 57 Federal Register 12202, April 9, 1992; 59 Federal Register 29499, June 7, 1994; 79 Federal Register 28400, May 16, 2014; 83 Federal Register April 9, 2018; 84 Federal Register, October 8, 2019) DEFINITION OF PROPERTY RIGHTS APPRAISED Fee simple estate is defined as an: “Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.” (Source: The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 20 22) PURPOSE OF APPRAISAL, PROPERTY RIGHTS APPRAISED, AND DATES The purpose of the appraisal is to estimate the market value of the fee simple interest in the subject property. The effective date of the subject appraisal is February 9, 2024. The date of inspection was February 9, 2024 . The date of the report is March 4, 2024. WILLIAMS RESERVE AT LAKE TRAFFORD INTRODUCTION INFORMATION Page 6 SCOPE OF WORK The problem to be solved is to estimate the market value of the fee simple interest in the subject property. SCOPE OF WORK Report Type: This is an Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2(a). This format provides a summary or description of the appraisal process, subject and market data and valuation analyses. Property Identification: The subject has been identified by the legal description and the assessors' parcel number. Inspection: A complete on site inspection was made and photographs were taken. There was no interior inspection of the improvements. Market Area and Analysis of Market Conditions: A complete analysis of market conditions has been made. The appraiser maintains and has access to comprehensive databases for this market area and has reviewed the market for sales and listings relevant to this analysis. Highest and Best Use Analysis: A complete as vacant highest and best use analysis for the subject has been made. Physically possible, legally permissible, and financially feasible uses were considered, and the maximally productive use was concluded. Valuation Analyses Cost Approach: A cost approach was not applied as the improvements are an interim use. While they contribute short term value to the property, they were not considered in the overall market value. The cost approach was employed in the development of a book value for the three parcels with improvements as requested by the client. Sales Comparison Approach: A sales approach was applied as typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. Income Approach: An income approach was not applied as although the subject has short term agricultural land leases over parts of the property, is not likely to generate enough rental income to support market value. Hypothetical Conditions: None. Extraordinary Assumptions: None. Comments The individual sections of the report detail the additional research, confirmation, and analysis of relevant data. WILLIAMS RESERVE AT LAKE TRAFFORD NATIONAL ECONOMIC ANALYSIS Page 7 ECONOMIC ANALYSIS NATIONAL ECONOMIC ANALYSIS The Federal Reserve Open Market Committee (FOMC) released the following statement on January 31, 2024. Recent indicators suggest that economic activity has been expanding at a solid pace . Job gains have moderated since earlier last year but remain strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee judges that the risks to achieving its employment and inflation goals are moving into better balance. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5 -1/4 to 5-1/2 percent. In considering any adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage - backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments. The following table details the economic forecasts of Federal Reserve Board members and Federal Reserve Bank presidents as of December 2023. Real GDP is projected to grow at a rate of 1.4% in 2024, a decrease from the September projection of 1.5%. The unemployment projection for 2024 remained the same at 4.1%. The Core PCE inflation projection also decreased from 2.6% to 2.4% in 2024. WILLIAMS RESERVE AT LAKE TRAFFORD NATIONAL ECONOMIC ANALYSIS Page 8 According to Freddie Mac Chief Economist Sam Khater, “Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the federal funds target rate next year, we likely will see a gradual thawing of the housing market in the new year.” According to a December 2013 AP report, the recent downward shift in mortgage rates is a welcome development for homebuyers. Mortgage applications notched their sixth consecutive weekly increase last week, according to the Mortgage Bankers Association. According to an November 2023 report by Lawrence Yun, although high mortgage rates, elevated home prices and limited housing inventory have crippled the 2023 housing market, the outlook for 2024 is brighter. Mr. Yun expects existing -home sales to increase by 15% in 2024 as mortgage rates stabilize and home sellers adapt. “I believe we’ve already reached the peak in terms of interest rates. The question is when are rates going to come down?” According to the National Association of Real Estate Investment Trusts’ (NAREIT) 2024 Outlook, with the Federal Reserve at, or near, the end of its tightening cycle, REITs are well-situated for outsized performance in 2024. “While public real estate valuations have adjusted, private real estate valuations probably will see further declines in 2024.” The firm noted that REITs’ well-managed balance sheets likely will enable them to navigate economic uncertainty in 2024. The 2024 CBRE U.S. Real Estate Market Outlook there is an increased chance that the U.S. will avoid a recession and achieve a soft economic landing in 2024, but economic growth will slow and downside risks are elevated. Commercial real estate investment activity likely will begin to pick up in the second half of 2024. The normalization of hybrid working arrangements will continue to limit the growth of office demand. Retail real estate fundamentals are expected to remain strong due to the scarcity of new construction deliveries over the past decade. The industrial market is expected to remain healthy, with net absorption on par with 2023 levels. The biggest wave of new apartment supply in decades will temper rent growth and improve affordability for renters in 2024. The hotel industry will face headwinds to RevPAR growth in 2024, including competition from alternative lodging sources and a slower economy, but fewer Americans traveling internationally will benefit the domestic market. Demand for new WILLIAMS RESERVE AT LAKE TRAFFORD FLORIDA ECONOMIC ANALYSIS Page 9 data center development will attract more institutional investment in 2024, as investors reallocate capital from the office sector to real estate alternatives. According to the Deloitte Center for Financial Services annual Commercial Real Estate Outlook for 2024, “the global real estate industry has an opportunity to start rebuilding on more solid ground. Multiple factors, from a pandemic -era recovery that shifted how and where people work to more recent geopolitical uncertainties and financial market instability, the coming year is expected to be pivotal in real estate firms’ ability to recover and build up. Marked by a myriad of mixed signals about the health and trajectory of our industry, real estate leaders may need to find their footing as they shape the next phase of real estate ownership and investment.” According to the PwC Emerging Trends in Real Estate 2024, there’s a reluctant acceptance in the industry that interest rates will remain high for at least the next year and possibly even longer. “Even good news, such as investors being eager to acquire new assets, is tempered by bleak sector data. For example, despite available equity, transactions are down — and many in the industry point to instances where buyers and sellers simply can’t agree on pricing because the dearth of sales limits price clarity.” Respondents to the Emerging Trends survey believe the worst of inflation is behind us, which should give the Federal Reserve a reason to pause interest rate hikes. According to J.P. Morgan Chase 2024 commercial real estate outlook, “m ultifamily and neighborhood retail stay strong, while industrial may be starting to soften. The future of office buildings remains unclear.” They also report the future of interest rates is uncertain as the economy begins to slow down. FLORIDA ECONOMIC ANALYSIS According to the U.S. Census Bureau, after a historically low rate of change between 2020 and 2021, the U.S. resident population increased by 0.4%, or 1,256,003, to 333,287,557 in 2022. Florida was the fastest -growing state in 2022, with an annual population increase of 1.9%, resulting in a total resident population of 22,244,823. It was also the second largest-gaining state behind Texas, with an increase of 416,754 residents. Net migration was the largest contributing component of change to Florida’s growth, adding 444,484 residents. “While Florida has often been among the largest -gaining states,” Kristie Wilder, a demographer in the Population Division at the Census Bureau noted, “this was the first time since 1957 that Florida has been the state with the largest percent increase in population. According to the Summer 202 3 Florida Forecast prepared by the Institute for Economic Competitiveness at the University of Central Florida, Florida’s economy, as measured by real Gross State Product, will expand at an average annual rate of 1.5% from 2023 to 2026. Real Gross State Product will decelerate during the economic slowdown as growth will slow to 0.5% in 2024 and 0.8% in 2025, then accelerate to reach 1.7% by 2026. Payroll job growth in Florida will begin to falter with a slowdown in the U.S. economy, but not in every sector. After year -over-year growth of 4.7% in 2021 and job growth of WILLIAMS RESERVE AT LAKE TRAFFORD COLLIER COUNTY AREA ANALYSIS Page 10 5.6% in 2022, payroll employment in 2023 will decrease to 2.4%, contract by 1.8% in 2024, and by 0.4% in 2025. Job growth turns positive and grows by 1.0% in 2026 . Housing starts have felt the bitter chill of higher mortgage rates. Total starts were 192,213 in 2022—before higher mortgage rates and worries of a slowing economy will result in a deceleration in starts to 183,134 in 2023, 158,716 in 2024, 154,424 in 2025, and 150,981 in 2026. The unemployment rate fell to 4.7% in 2021, and then to 2.9% in 2022. The slowing economy will push the rate up to 3.1% in 2023, to 4.4% in 2024, and to 5.0% in 2025 and 2026. COLLIER COUNTY AREA ANALYSIS Collier County has long been an attractive place to retire and it continues to be an area that experiences a great deal of seasonal population increases. According to the Collier County Comprehensive Planning Department, Collier County’s population increases up to 25% between November and April due to seasonal residents and short -term agricultural workers in the Immokalee area. The population increase creates a high degree of seasonality within the retail, service, and hospitality sectors of Collier County’s economy. Collier County is located less than 150 miles from Fort Myers, Fort Lauderdale, Miami, Sarasota, and West Palm Beach as shown in the following table. WILLIAMS RESERVE AT LAKE TRAFFORD COLLIER COUNTY AREA ANALYSIS Page 11 Metro Area Miles Fort Myers 44 Jacksonville 378 Fort Lauderdale 107 Tallahassee 435 Miami 128 Atlanta 616 Sarasota 120 New York 1,311 West Palm Beach 150 Dallas 1,315 Tampa 169 Chicago 1,335 Orlando 238 Distance to Other Major Markets Population The Bureau of Economic and Business Research, University of Florida released the following population statistics for Southwest Florida. As shown, total population increased in all six Southwest Florida counties with the greatest percentage growth in Lee County and the second highest in Collier County . 2022 2025 2030 2022 2025 2030 2035 to 2025 to 2030 to 2035 Southwest Florida 1,895,116 1,995,400 2,142,100 2,261,600 5.29%7.35%5.58% Charlotte 196,742 206,600 220,900 232,100 5.01%6.92%5.07% Collier 390,912 409,800 436,900 459,500 4.83%6.61%5.17% Glades 12,273 12,300 12,400 12,500 0.22%0.81%0.81% Hendry 40,633 41,600 43,000 44,000 2.38%3.37%2.33% Lee 802,178 852,500 927,700 989,100 6.27%8.82%6.62% Sarasota 452,378 472,600 501,200 524,400 4.47%6.05%4.63% Percent Change Projections of Florida Population by County, 2025-2050, with Estimates for 2022 Source: University of Florida, Bureau of Economic and Business Research, Florida Population Studies, Bulletin 195, April 2023 Population The following table shows the projected population through 2050. As shown, Lee County also has the highest projected growth rates with Collier County second. WILLIAMS RESERVE AT LAKE TRAFFORD COLLIER COUNTY AREA ANALYSIS Page 12 County and State 2025 2030 2035 2040 2045 2050 CHARLOTTE Low 192,100 195,500 195,600 193,400 190,200 186,900 Medium 206,600 220,900 232,100 241,000 248,700 256,000 High 221,100 246,300 268,700 288,600 307,100 325,100 COLLIER Low 385,200 393,200 396,300 394,400 390,300 385,800 Medium 409,800 436,900 459,500 476,600 491,000 504,400 High 434,400 480,500 522,600 558,800 591,600 622,900 GLADES Low 11,600 11,200 10,800 10,400 10,000 9,700 Medium 12,300 12,400 12,500 12,600 12,600 12,700 High 13,100 13,700 14,200 14,700 15,200 15,700 HENDRY Low 39,100 38,700 38,000 37,100 36,100 35,200 Medium 41,600 43,000 44,000 44,800 45,400 46,100 High 44,100 47,300 50,100 52,500 54,800 56,900 LEE Low 801,300 835,000 853,100 858,400 857,300 854,400 Medium 852,500 927,700 989,100 1,037,300 1,078,300 1,116,800 High 903,600 1,020,500 1,125,100 1,216,200 1,299,400 1,379,300 SARASOTA Low 444,300 451,100 452,300 449,400 444,400 438,800 Medium 472,600 501,200 524,400 543,100 559,000 573,600 High 501,000 551,300 596,500 636,800 673,600 708,400 Projections, April 1 Projections of Florida Population by County 2025-2050 Source: Bureau of Economic and Business Research, Florida Population Studies, Bulletin 195 U.S. News & World Report, the global authority in rankings and consumer advice evaluated the country’s 150 most populous metropolitan areas based on affordability, job prospects and desirability. The 2022 -2023 25 Best Places to Retire is dominated by Pennsylvania and Florida metro areas. Pensacola is the top Florida market at No. 3 behind Lancaster and Harrisburg, PA. Naples is No. 6 overall while Sarasota is No. 11. Naples is ranked 12th overall in the 2022-2023 Best Places to Live report released by U.S. News & World Report in May 2022. Cape Coral -Fort Myers fell from No. 43 to No. 100 while Sarasota-Bradenton maintained its No. 9 ranking. According to data released by the National Association of Realtors in November 2022, half of the top 10 most expensive markets were in California. Naples | Marco Island was the 8 th most expensive and only Florida market in the top ten. Employment The local economy is largely dependent on the real estate market. Covid-19 negatively impacted overall employment and the service and leisure and hospitality sectors in WILLIAMS RESERVE AT LAKE TRAFFORD COLLIER COUNTY AREA ANALYSIS Page 13 particular; however, jobs continue to return as the market improves. Tourism drives much of the Collier County area's economy, with leisure and hospitality composing almost 20% of the workforce. The following table shows the 1Q 2024 Collier County Employment by Industry as well as historical and projected job growth. The following table shows employment projections through 20 30 by the Florida Department of Economic Opportunity. As shown, the construction industry has the largest projected growth rate of 1 6.6% followed by Education and Health Services (12.7%). WILLIAMS RESERVE AT LAKE TRAFFORD COLLIER COUNTY AREA ANALYSIS Page 14 NAICS Title 2022 2030 Growth Percent Growth Total, All Industries 570,705 622,709 52,004 9.1 Agriculture, Forestry, Fishing and Hunting 7,834 7,200 -634 -8.1 Mining 420 466 46 11.0 Construction 61,755 72,022 10,267 16.6 Manufacturing 13,931 14,805 874 6.3 Trade, Transportation and Utilities 100,302 107,182 6,880 6.9 Information 4,973 5,029 56 1.1 Financial Activities 26,943 29,341 2,398 8.9 Professional and Business Services 70,219 76,888 6,669 9.5 Education and Health Services 108,593 122,385 13,792 12.7 Leisure and Hospitality 82,935 90,974 8,039 9.7 Other Services (except Public Administration)21,884 24,391 2,507 11.5 Government 66,345 71,937 5,592 8.4 Self Employed and Unpaid Family Workers, All Jobs 44,152 44,487 335 0.8 Source: Florida Department of Economic Opportunity Employment JOBS BY INDUSTRY CHARLOTTE, COLLIER, GLADES, HENDRY, AND LEE COUNTIES Collier County unemployment peaked in August 2010 at 13.0% and had generally been declining until the Covid-19 pandemic with unemployment peaking again at 13.1% in April 2020. The preliminary reported unemployment rate in June 2023 was only 3.0%. The annual Collier County rate peaked in 2010 at 11 .6% and had declined steadily since until the spike from the Covid-19 pandemic in April 2020. However, unemployment numbers have steadily decreased as the economy continues to improve. The 2020 annual rate was 7.3%. The annual rate declined to 3.7% in 2021 and 2.8% in 2022. WILLIAMS RESERVE AT LAKE TRAFFORD COLLIER COUNTY AREA ANALYSIS Page 15 As of June 2023, the unemployment rate for the State of Florida was 3.0%, down from the peak in May 2020 of 14.2%. On a national level, the unemployment rate in June 2023 was 3.6%, a decrease from the peak in April 2020 of 14.7%. Collier County currently has a similar June rate, at 3.0%, than state levels and lower rate than national levels. The local economy is largely dependent on the real estate market. The following table from the U.S. Department of Labor shows Naples/Immokalee/Marco Island employment from 2013 through July 2023. As shown, unemployment from the Covid -19 pandemic affected the service and leisure and hospitality sectors the most. With the exception of Leisure and Hospitality, all sectors have regained all lost jobs and have exceeded 2019 levels. The Leisure and Hospitality sector has declined again due to the signficant damage caused by Hurricane Ian. WILLIAMS RESERVE AT LAKE TRAFFORD COLLIER COUNTY AREA ANALYSIS Page 16 Year Service- Providing % Change Goods Producing % Change Mining, Logging, & Const. % Change Leisure and Hospitality % Change All Employees, Total Nonfarm % Change 2013 109,600 2.8%13,500 11.6%10,500 11.7%24,400 3.4%123,300 3.9% 2014 114,400 4.4%15,400 14.1%12,100 15.2%25,500 4.5%129,800 5.3% 2015 119,000 4.0%17,000 10.4%13,600 12.4%26,500 3.9%136,000 4.8% 2016 123,800 4.0%18,700 10.0%14,900 9.6%27,500 3.8%142,500 4.8% 2017 126,100 1.9%19,400 3.7%15,400 3.4%28,300 2.9%145,500 2.1% 2018 129,400 2.6%21,500 10.8%17,200 11.7%29,100 2.8%150,900 3.7% 2019 133,100 2.9%22,400 4.2%17,700 2.9%30,000 3.1%155,500 3.0% 2020 126,200 -5.2%22,100 -1.3%17,200 -2.8%25,600 -14.7%148,400 -4.6% 2021 133,100 5.5%23,200 5.0%18,100 5.2%27,800 8.6%156,300 5.3% 2022 140,400 5.5%24,800 6.9%19,400 7.2%29,100 4.7%165,200 5.7% 2023*140,400 0.2%25,500 4.6%19,900 5.0%28,700 -4.1%165,900 0.8% *Through July 2023; percentage increase in comparison to July 2022 YTD Source: U.S. Department of Labor Naples - Immokalee - Marco Island Collier County and the entire Southwest Florida Region is substantially dependent on the real estate and construction sectors. Therefore, the area has been and should be more susceptible to cyclical fluctuations that have occurred in other areas dominated by a single industry. The Southwest Florida Economic Development Alliance reports key employers in Southwest Florida (Collier, Lee and Charlotte County ) from Biofuels, healthcare, technology, apparel design, to sugar production are a driving force behind the region’s success. The table below provides a few examples of some key employers in Southwest Florida. WILLIAMS RESERVE AT LAKE TRAFFORD COLLIER COUNTY AREA ANALYSIS Page 17 The following table shows the Top 25 Employers as reported by the Florida Gulf Coast University Regional Economic Research Institute on July 27, 2021. Rank Company SWFL Employees Industry County 1 Lee Health 14,028 Healthcare and Social Assistance Lee 2 Lee County School District 11,003 Educational Services Lee 3 Publix Super Market 9,768 Retail Trade Charlotte, Collier, Lee 4 Lee County Local Government 9,142 Public Administration Lee 5 NCH Healthcare System 8,159 Healthcare and Social Assistance Collier 6 Walmart 7,286 Retail Trade Charlotte, Collier, Hendry, Lee 7 Collier County School District 5,756 Educational Services Collier 8 Collier County Local Government 5,173 Public Administration Collier 9 Arthrex 4,087 Manufacturing Collier 10 Marriott International, Inc.3,620 Accommodation and Food Services Collier, Lee 11 Bayfront Health 2,801 Healthcare and Social Assistance Charlotte 12 Charlotte County Local Government 2,614 Public Administration Charlotte 13 McDonald's 2,613 Accommodation and Food Services Charlotte, Collier, Hendry, Lee 14 Home Depot 2,497 Retail Trade Charlotte, Collier, Lee 15 Charlotte County School District 2,152 Educational Services Charlotte 16 Winn-Dixie 1,899 Retail Trade Charlotte, Collier, Hendry, Lee 17 Hope Hospice 1,838 Healthcare and Social Assistance Collier, Lee 18 Chico's Fas Inc.1,552 Retail Trade Collier, Lee 19 Florida Gulf Coast University 1,519 Educational Services Lee 20 Bloomin' Brands, Inc.1,395 Accommodation and Food Services Charlotte, Collier, Lee 21 Realogy Holdings Corp.1,381 Real Estate and Rental and Leasing Charlotte, Collier, Lee 22 Darden Restaurants 1,380 Accommodation and Food Services Charlotte, Collier, Lee 23 Target 1,300 Retail Trade Charlotte, Collier, Lee 24 Walgreens 1,170 Retail Trade Charlotte, Collier, Hendry, Lee 25 Yum! Brands, Inc.1,141 Accommodation and Food Services Charlotte, Collier, Hendry, Lee Source: Florida Gulf Coast University Regional Economic Research Institute; July 27, 2021 Tourist Tax Revenues The following graph from the Southwest Florida Regional Economic Indicators August 2023 report prepared by Florida Gulf Coast University shows Collier, Lee, Charlotte , Sarasota County’s tourist tax revenues. The after-effects of Hurricane Ian continue to be felt in the Southwest Florida economy . Lee County’s seasonally-adjusted real tourist tax revenues dropped to $2.7 million in June 2023, a 3 % decline from the May 2023 measure of $2.6 million and 50% below the June 2022 figure. Collier County’s seasonally - adjusted real tourist tax revenues rose to $3.6 million in June 2023, a 1 % increase from May 2023 but 12% below the June 2022 figure. WILLIAMS RESERVE AT LAKE TRAFFORD COLLIER COUNTY AREA ANALYSIS Page 18 Development Growth continues to shift east with Ave Maria becoming the top -selling single-family residential community in Collier County and was recently ranked as one of the Top 20 Selling Master-Planned Communities in the United States. It has maintained the top ranking in the Naples-Fort Myers market for the past eight years. Ave Maria reported a total of 586 new home sales in 2022, a decrease from the record breaking 646 new home sales in 2021, but still the highest-ranking commumity in all of Collier County. There are currently four residential builders in Ave Maria, CC Homes, Del Webb Naples, Lennar and Pulte Homes. The grand opening of The National Golf and Country Club at Ave Maria, a bundled golf community by Lennar, was held on January 7, 2021. The Immokalee Road corridor between Naples and Ave Maria is projected to see thousands of new homes developed in the next few years. According to a June 2023 Naples Daily News article, Collier County commissioners approved an increase in the town of Ave WILLIAMS RESERVE AT LAKE TRAFFORD COLLIER COUNTY AREA ANALYSIS Page 19 Maria by nearly 1,000 acres to 5,000 acres which doesn’t include the roughly 1,000 -acre Ave Maria University campus and other public benefits such as parks. According to David Genson, president of development for Barron Collier Cos., while more single - family homes will be built, the maximum number of residences won’t change, with the cap remaining at 11,000. With the way the town was originally laid out, it would have supported about 8,400 units without adding more land. The original plans called for 60% of the homes to be single -family which will increase to more than 80%. According to Genson, they are on pace to possibly sell close to 700 homes in 2023. Approximately 50% of the buyers are from the east coast of Florida. In January 2020, in what has been described as one of the most important votes for the future of growth in Collier County, commissioners approved Rivergrass Village. The village is the first of three planned 1,000 -acre villages stretching from just north of Oil Well Road to east of Golden Gate Boulevard East. Rivergrass Village will allow for up to 2,500 homes; 100,000 square feet of retail and office uses and a minium of 25,000 square feet for civic government, and institutional buildings. Longwater Village will allow for up to 2,600 homes; 65,000 square feet of retail and office space and 25,000 square feet for civic government, and institutional buildings and Bellmar Village will allow for up to 2,750 homes; 85,000 square feet of retail and office space and 27,500 square feet for civic government, and institutional buildings. In a near unanimous decision, the Collier County Planning Commission agreed to recommend approval of Longwater in March 2021. The project has sparked controversy because the property sits in the environmentally sensitive Rural Lands Stewardship Area, or RLSA . Commissioners voted to approve the Longwater and Bellmar Villages on June 8, 2021. The commissioners approved Brightshore, another rural village with thousands of proposed homes in December 2022. There are more than $1 billion in new luxury high -rise developments near the coast including One Naples at the northeast corner of Vanderbilt Beach Road and Gulf Shore Drive as well as Pelican Bay (Mystique completed in 2019) and Kalea Bay (Towers 100 and 200 are complete, Tower 300 was completed in December 2022, Tower 400 currently under construction) in North Naples. New commercial development is very active at the intersections of Collier Boulevard and US 41 East as well as Collier Boulevard and Immokalee Road. In its 3rd Quarter 2023 report, the Office of Federal Housing Enterprise Oversight (OFHEO) found that the Naples- Marco Island MSA had a 6.5% increase in home prices (all-transactions including purchase and refinance mortgage) over the trailing 12 months. Homes prices in the state of Florida increased 4.89% over the past year (3Q 2022 - 3Q 2023) which was 32 nd in the nation. The continuing care retirement community, Moorings Park, teamed with London Bay Homes to develop an independent living development with 275 residences in 17 buildings. All of the buildings are six stories over parking. Grande Lake, will be built on 55 acres off Golden Gate Parkway, between Airport -Pulling and Livingston Roads. Entrance fees start at $1.5 million and are 70% refundable. Construction on the first 47 units in three buildings commenced in December 2018 with completion in May 2020. WILLIAMS RESERVE AT LAKE TRAFFORD COLLIER COUNTY AREA ANALYSIS Page 20 Arthrex, a medical device manufacturer and one of the county's largest employers, completed construction of its latest expansion plan at its headquarters along Goodlette - Frank Road in early 2020. The development includes a 300,000 square -foot, six-story office complex with an auditorium, a four -story Innovation Hotel with approximately 160 rooms, a two-story wellness center, and a 3 -acre park. The hotel hosts orthopedic surgeons from the U.S. and around the world for medical education on the company's devices and instruments. Arthrex has contracted with a Tampa -based company, Mainsail, to manage all elements of the hotel operation, including employees. The first regional store for Phoenix -based Sprouts Farmers Market anchors The Landings at Logan, a new 18 -acre retail center at the southeast corner of Immokalee Road and Logan Boulevard in North Naples. NCH Healthcare Northeast located at the northeast quadrant of Immokalee Road and Collier Blvd (CR 951) opened in late 2015 and is the first free standing ER facility in Collier County. The two -story building consists of approximately 41,500± square feet. Barron Collier Companies and Metro Development Group broke ground on Founders Square, a 55-acre mixed-use development located on the southeast corner of Immokalee Road and Collier Boulevard in January 2020. The development is anchored by The Pointe, a collection of 10 separate restaurants and other retail tenants. It also includes a 400-unit Class A apartment community, known as The Haldeman; a 35,000 square foot medical office building leased by Physicians Regional Medical Healthcare; and StorQuest a 110,000 square foot self -storage facility. Seed to Table, a new Oakes Farm grocery store at the northeast corner of Livingston and Immokalee Roads in North Naples opened in December 2019. The former Albertson's was completely gutted and consists of 77,000+ square foot store with sit -down dining, a full-service bar, three bars for beer and wine, wine room with samples on tap, a wood - fired brick oven for pizza, a raw bar, sushi bar, grilling area, coffee bar and stations preparing fresh pasta, guacamole, cheese, cut vegetables, sandwiches, smoothies and even homemade ice cream with indoor-outdoor seating. Paradise Coast Sports Complex, is Collier County’s new $100 million Amateur Sports Complex. The county hopes to become a destination for traveling youth sports teams and amateur athletes. While the focus of the complex is athletics, there will be 20 fields between soccer, baseball and softball, plus a 10,000 -person championship stadium, the goal is to get people to stay after the game is over with The Cove and The Factory. The Cove is a bar and food truck area for patrons to relax, listed to live music and play a variety of yard games (bag toss, oversized Connect Four and Jenga, plus ping pong). The Factory is an outdoor workout facility focusing on functional fitness (similar to CrossFit) which is available on a monthly membership basis. Additionally, the man -made lake next to The Cove includes a 2/3 mile jogging loop with three workout stations. There is a climbing wall for public use and a beach volleyball court. Collier County Commissioners approved a $15 million economic development agreement on June 22, 2021 for The Great Wolf Lodge. The land was purchased for $9,100,000 in WILLIAMS RESERVE AT LAKE TRAFFORD COLLIER COUNTY AREA ANALYSIS Page 21 July 2021 and construction commenced in July 2022. The Lodge will be built on 20 acres of land along City Gate Boulevard North and will feature a 100,000 square foot indoor water park, 500-room hotel, and 62,000 square feet of amenities and attractions. The resort is expected to open in the summer of 2024. It will bring in more than 200 construction jobs, plus an additional 600 full-time and part-time jobs once open. Investment Trends The following CoStar data shows Collier County trends in the Multi -Family, Retail, Office, and Industrial sectors as of the first quarter 2024. According to the CoStar report, after a strong first quarter it appears that the macro - conditions that have been impacting capital markets have finally caught up to Collier County multifamily investment market. While roughly $191 million has traded over the past year, $160 million occurred in the first quarter and activity has been declining since then. Private buyers have been the only active buyer -group year to date, up from roughly 50% over the past five years. As investment volume has fallen over the past year so too has the average price per unit. Pricing peaked here at roughly $312,000/unit in early 2022 and has dropped to $290,000 as of the first quarter of 2023, a trend that is anticipated to continue over the coming quarters. WILLIAMS RESERVE AT LAKE TRAFFORD COLLIER COUNTY AREA ANALYSIS Page 22 According to the CoStar Report, nearly $318 million of retail space has traded in the past 12 months. The price per SF has stalled somewhat in recent quarters, however at $340/SF, it is still significantly higher than the national average of $250/SF and is one of the most expensive retail markets to in invest in in Florida. Retail investment activity soared in the final quarter of 2023 on a massive multi -property portfolio. Colorado -based M Development purchased 27 office and retail buildings as well as a parcel for land for nearly $190 million, one of the largest transactions in Naples history. WILLIAMS RESERVE AT LAKE TRAFFORD COLLIER COUNTY AREA ANALYSIS Page 23 According to the CoStar Report, office investment has reached a five -year low in Collier County, with just $75.7 million trading in the past 12 months. Private buyers are the dominate player in the Collier County office investment market accounting for 80% of buyers over the past five years and are particularly active in the sub-$5 million price point. WILLIAMS RESERVE AT LAKE TRAFFORD COLLIER COUNTY AREA ANALYSIS Page 24 According to the CoStar report, industrial investor interest picked up in 2021 through mid-2022 when interest rates were near all -time lows and investors were flocking to the Florida market. Investment volumes have declined in 2023, with just $108 million trading over the trailing 12-month period. In comparison, 2021 was a record year for the region with over $140 million in annual sales volume. However, while 2023 levels were off from the previous peak, they were well above pre -pandemic levels when the region only surpassed $60 million in annual sales once. Sale pricing has largely plateaued over the past year, hovering around $171/SF as of the fourth quarter of 2024. Naples is one of the most expensive industrial markets to invest in Southwest Florida, roughly 40% more expensive than Sarasota. WILLIAMS RESERVE AT LAKE TRAFFORD COLLIER COUNTY AREA ANALYSIS Page 25 Institutional capital has never played a major role, with private investors and owner -users accounting for roughly 95% of buyers of the past five years. That trend shifted in 2023, with institutional buyers capturing nearly 15% of the buyer market share. Income Personal income is a significant factor in determining the real estate demand in a given market. The following table shows Collier County households by income from the CCIM Site to do Business. Overall, Collier County has an average household income of $128,096 and a per capita income of $54,169. WILLIAMS RESERVE AT LAKE TRAFFORD COLLIER COUNTY AREA ANALYSIS Page 26 Conclusion The long term economic outlook for Collier County is positive. The area lures people from all over the country for tourism as well as retirement, with the beaches and weather considered major demand drivers. The projected growth in population and employment provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions have resulted in increasing property values and should stimulate continued increases within the foreseeable future. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021 and 2022. Inventory increased in 2023 as demand declined due to continued increases in interest rates. New home builders continue to face shortages with a lack of building supplies creating a backlog of newly constructed homes. Prices continue to increase; however, the rate of increase is declining. According to the Naples Area Board of Realtors (NABOR), there was a record $18.2 billion in sales in Collier County during 2020. Demand eclipsed all expectations in 2021 with a 25.8% increase in overall sales in 2021 and a 20.3% increase in median closed price (year over year). The November 2023 Market Report released by NABOR shows inventory of homes in Naples increased 38.8% from November 2022. The report also showed 1,080 price decreases, the highest in six months. Price deceleration may be happening in parts of Naples as the medical overall closed price dropped to $580,000 from $600,000 (November 2022). Generally, the commercial market lags the residential market. The significant residential demand since the pandemic has generally stabilized the commercial market overall with an increased demand for the industrial sector and select retail and office properties. Finally, it is noted that Hurricane Ian, a Category 4 storm, made landfall in Southwest Florida on September 28, 2022, and caused widespread wind and storm surge damage. The analyses and value opinion(s) in this appraisal are based on the data available to the appraiser at the time of the assignment and apply only as of the effective date indicated. No analyses or opinions contained in this appraisal should be construed as predictions of future market conditions or value(s). WILLIAMS RESERVE AT LAKE TRAFFORD Page 27 Collier County Area Map Subject WILLIAMS RESERVE AT LAKE TRAFFORD MARKET AREA ANALYSIS Page 28 MARKET AREA ANALYSIS Boundaries The subject is in the northeastern part of Collier County in the unincorporated area (town) of Immokalee. At the present time, the area is mostly influenced by the surrounding farming community as well as Ave Maria University and the supporting town of Ave Maria. The area has become more attractive to developers of affordable housing as home prices continue to rise in the western portions of Collier County. Lake Trafford, a 1,500 acre lake, is located west of the subject property. It is regarded as a premiere fishing lake. Market Area Access and Linkages Primary access to the area from Interstate75 is by: • State Road 29 (I-75 exit 80) at Miles City. • County Highway 846 (Immokalee Road, I -75 exit 111). • State Road 80 (Palm Beach Boulevard; I-75 exit 141) then south on SR 29. State Road 29 is important as it runs from Chokoloskee and Everglades City in the south through Immokalee and La Belle (Hendry County Seat) and into Glades County where it intercepts US 27. US 27 is a the major interior highway is south Florida, intersecting I -4 just west of Orlando then extending northwest through Tallahassee and eventually terminating in Mackinaw City, MI. Road access to Immokalee is average for a rural Florida city. Employment Demand Generators Primary employers/employment centers are currently the surrounding farms. According to The Site to Do Business 2022 Civilian Labor Force Profile; Agriculture/Forestry/Fishing comprise 27.6% of total employment followed by Construction at 14.4%, and Retail Trade at 8.6%. Retail and Public Services The nearest commercial area with restaurants, convenience stores and support services is located within Immokalee, all within a few miles of the subject property. The nearest fire and police stations are within a few miles of the property. The main public school area of Immokalee includes Immokalee High School, the Immokalee Middle School and the newer Immokalee Tech Center. The enrollment for Immokalee High School is approximately 1,940. The Immokalee Tech Center is accredited by the Commission of Council on Occupational Education (COE) and is also accredited with Cognia. The Immokalee Technical Center focuses on state of the art career and technical education programs that will challenge adults to earn a vocational certificate from iTECH and an industry certification within their program field. The center also offers ABE/GED and adult literacy programs. WILLIAMS RESERVE AT LAKE TRAFFORD MARKET AREA ANALYSIS Page 29 The Immokalee Sports Complex includes a gymnasium/indoor basketball, 2 lit football/soccer fields, game room, fitness center, aquatic facility with 25 -yard by 25 - meter pool (heated), 1 one-meter springboard, slide and children's activity pool (heated). Lastly, Collier County received a $13 million grant from the U.S. Department of Transportation to build 20 miles of sidewalks; upgrade 32 intersections; add 22 shaded bus stops; add lights to most intersections and build 20 miles of drainage ditches along roads in Immokalee. The work was completed in 2021. Demographics The following table shows the historical, current and projected population, households, housing, and income demographics for the immediate market area defined as a 2 mile radius from the subject. The table was developed using data from STDBOnline.com. Housing Profile The following table shows the historical, current and projected housing units, housing values and ownership profiles population for the immediate market area defined as a 2 mile radius from the subject. The table was developed using data from STDBOnline.com. WILLIAMS RESERVE AT LAKE TRAFFORD MARKET AREA ANALYSIS Page 30 Land Use Market area land uses at this time are primarily agricultural and residential uses. In 1999 the U.S. Department of Agriculture named Immokalee and parts of eastern Hendry County a Rural Federal Enterprise Community. The Enterprise Community designation includes all of Immokalee; Harlem, Montura, South Clewiston and Hookers Point in Hendry County; and the Seminole Tribe of Florida's Indians reservations in Big Cypress and Immokalee. The purpose of the Federal Enterprise Community program is to help the working poor become self-sufficient and to improve their quality of life. In addition to the funding received for the farm worker housing project, the Collier County Housing Authority has been awarded grants and loans from the U.S. Department of Agriculture to build units at Farm Worker Village in Immokalee. WILLIAMS RESERVE AT LAKE TRAFFORD MARKET AREA ANALYSIS Page 31 Arrowhead Reserve is a 307.3 acre development of which 274 acres are located in the Low Residential District on the Immokalee Future Land Use Map. Within this district, 15 acres are proposed for commercial use and the district permits 4 dwelling units per acre or 1,245 units on 259 acres. The 15 acres of commercial land will be consistent with C-2, C-3 and C-4 zoning and will be allowed a maximum of 130,000 square feet of improvements. The amenities include 15 lakes, a community park with clubhouse and pool, a second clubhouse and pool for the apartments, recreation trails, over 40 acres of open space and preserve which creates a wildlife corridor. The community consists of single family homes, town homes, and multi -family apartments. The decline in residential supply has continued to increase the price of homes in Arrowhead Reserve. As of late April 2021, pricing for a three -bedroom, two-bath home began at $199,900. The 150 - home community sold out in early 2022. Phase One of the Boys & Girls Club of Collier County Bolch Campus in Immokalee opened in October 2016 and consists of a 27,786 square foot youth center with classrooms, game rooms, a teen center, a library, kitchen, and dance and art rooms. The facility hosts an after-school program serving over 400 children. Construction for the second and third phases consisting of a 14,000 square foot gymnasium and outdoor pavilion; a 5,000 square foot swimming pool; a weight room; and an athletic field will be completed by DeAngelis Diamond. Additionally, a new business incubator is a major part of the Immokalee Area Master Plan that will support an assembly area for tenants of a manufacturing incubator that opened at the airport in 2009. In March 2017 Collier officials celebrated the start of construction of a culinary accelerator for entrepreneurs. A vacant building at Immokalee Regional Airport was transformed into a state -of-the-art food manufacturin g plant. The 5,274 square foot facility includes a commercial-grade kitchen with ovens, grills, fryers, a bakery, heat pasteurization, industrial-size mixing bowls and other cooking tools and equipment. The state-funded $1.2 million center also includes areas for packaging, labeling and shipping. The facility, which had been delayed for several months due to unforeseen regulatory issues, opened in March 2018. Outlook and Conclusions The expected growth in Collier County should provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. These conditions should stimulate increases in general property values within the foreseeable future. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021 and 2022. Inventory increased in 2023 as demand declined due to continued increases in interest rates. Prices continue to increase; however, the rate of increase is declining. WILLIAMS RESERVE AT LAKE TRAFFORD Page 32 Generally, the commercial market lags the residential market. The significant residential demand since the pandemic has generally stabilized the commercial market overall with an increased demand for the industrial sector and select retail and office properties. Market Area Map WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 33 PROPERTY DESCRIPTION AND ANALYSIS SITE ANALYSIS The following description is based on our property inspection, public records and details supplied by LSI Companies, the listing agent. In the following analysis, we have employed the acreage supplied by LSI Companies. Statistically, the LSI acreage data of 2,247.28 varies little from the property appraisers estimated 2,244.22 acres. SITE Location: The subject includes 12 parcels located in both the Immokalee and Corkscrew Planning Districts with access points from Lake Trafford Road and Immokalee Drive. Two parcels are zoned RPUD along Lake Trafford Road and the remaining ten are zoned Agricultural with access off Immokalee Drive and Carson Road. The site is heavily impacted and bisected by wetlands in a flow way connected to Lake Trafford/Camp Keais Strand Overlay. Current Use of the Property: The property is a working farm with onsite residence, office building and support structures. Shape: The site is roughly irregularly shaped Parcel ID Address Gross Land Area (Acres) Gross Land Area (Sq Ft) RPUD Lands 00072520000 70.91 3,088,840 00057320005 97.35 4,240,566 Subtotal 168.26 7,329,406 AG - MHO Lands 00113600106 106.40 4,634,784 00132680107 136.31 5,937,664 00131760002 2105 Immokalee Drive 39.55 1,722,798 00113600009 50.04 2,179,742 00113560000 167.24 7,284,974 00132640008 349.72 15,233,803 00132680000 43.79 1,907,492 00131720000 2109 Immokalee Drive 246.04 10,717,502 Subtotal 1,139.09 49,618,760 AG - MHO - RSLA Lands 00114160001 339.57 14,791,669 00132720009 125 Carson Road 600.36 26,151,682 Subtotal 939.93 40,943,351 Totals 2,247.28 97,891,517 Land Summary WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 34 Road Frontage/Access: The subject property has average access with frontage as follows: • Immokalee Drive (Two laned collector street): 1,325 feet • Lake Trafford Road (Two laned collector street): 788 feet Traffic Count (FDOT 2022): Lake Trafford - 9,700 and Immokalee Drive (6,900) Visibility: Average Topography: The site is heavily impacted and bisected by wetlands in a flow way connected to Lake Trafford/Camp Keais Strand Overlay. In a study completed by WilsonMiller Stantec, Inc., they identified 732 acres of native lands within the Lake Trafford flow way. Soil Conditions: We were not provided with a soils report for the purpose of this appraisal. In the Offering Memorandum from LSI Companies, their soil report included the following major soil categories: Wabasso fine sand (27.7%); Immokalee fine sand (19.2%); Winder, Riviera and Chobee soils (14.4%); Cypress Lake -Riviera-Copeland fine sands (9.8%); Oldsmar fine sands (6.9%); Tuscawilla fine sand (6.4%); and Holopaw fine sand (4.2%). We are not experts in soils analysis; however, the soil conditions observed at the subject appear to be typical of the region and adequate to support development. Utilities: Electricity: LCEC Sewer: Immokalee Water & Sewer District services the northern portion of the property Water: Immokalee Water & Sewer District services the northern portion of the property Underground Utilities: The site is not serviced by underground utilities Adequacy: The subject's utilities are typical and adequate for the market area. Site Improvements: • Street Lighting: There is intermittent utility pole mounted street lighting along Immokalee Drive and Lake Trafford Road. • Sidewalks: There are concrete sidewalks along Immokalee Drive and the north side of Lake Trafford Road. • Curbs and Gutters: There are no curbs and gutters along Immokalee Drive or Lake Trafford Road. • Curb Cuts: The subject has curb cuts at Immokalee Drive, the intersection of Immokalee Drive and Carson Road and at Lake Trafford Road. • Landscaping: The subject has average landscaping. Flood Zone: The subject is located in an area mapped by the Federal Emergency Management Agency (FEMA). The subject is located in FEMA flood zone AE, AH and some X . Zones AE and AH are classified as a flood hazard area. FEMA Map Number: 12021C 0140 H FEMA Map Date: May 16, 2012 The subject is in a flood zone. The appraiser is not an expert in this matter and is reporting data from FEMA maps. Environmental Issues: We were not provided with an environmental assessment report for the purpose of this appraisal. Environmental issues are beyond our scope of expertise; therefore, we assume the property is not WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 35 adversely affected by environmental hazards. Encumbrance / Easements: A current title report was not provided for the purpose of this appraisal. The subject site is bisected by an FP&L easement for overhead transmission lines. We are not aware of any other easement, restrictions, or encumbrances that would adversely affect value. Therefore, our valuation assumes the subject has a clear and marketable title with no adverse easement, restrictions, or encumbrances. Site Comments: The 12 parcels include 2,247.28 acres. Two parcels are zoned Williams Farms RPUD at 168.26 acres or 7,329,406 square feet. These tracts have 788 feet of frontage on Lake Trafford Road. Seven parcels are zoned AG-MHO with 971.85 acres and 42,333,786 square feet. These parcels have frontage along Immokalee Drive at approximately 1,325 feet. The final three parcels are zoned AG - MHO with a RSLA overlay. These three sites include 1,107.17 acres or 48,228,325 with no primary road access. The site is heavily impacted and bisected by wetlands in a flow way connected to Lake Trafford/Camp Keais Strand Overlay. It is also bisected by an FP&L easement for overhead transmission lines. The parcels are primarily located in AE and AH flood zones with some X locations. The property includes two zoning types, Agricultural and RPUD. The agricultural lands include MHO and RSLA overlays. The following details the RPUD lands. ZONING Zoning Code Williams Farms, RPUD Zoning Authority Collier County Zoning Description Residential Planned Unit Development (RPUD) to allow up to 336 single family dwelling units on 168± acres. Permitted Uses Tract R (Residential): Detached single family and Attached single family and townhouses. Tract AA (Amenity Area): Clubhouse and Recreational facilities. Tract P: Preserve. The development master plan to include 66.18 acres of residential areas, 3.50 acres of amenity areas, 12.39 acres of right-of-way, 15.27 acres of lakes and 70.68 acres of preserve. Allowable Density of Use 2.00 units per acre over 168 acres. 5.08 units per acre over the developable residential areas. Current Use Legally Conforming The subject is legal and conforming use. Zoning Change Likely A zoning change is unlikely. Folio Zoning Acres 00072520000 Williams Farms RPUD 70.91 00057320005 Williams Farms RPUD 97.35 168.26 WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 36 The following details the A-MHO lands. Folio Zoning Acres 00113600106 A-MHO 106.40 00132680107 A-MHO 136.31 00131760002 A-MHO 39.55 00113600009 A-MHO 50.04 00132640008 A-MHO 349.72 00132680000 A-MHO 43.79 00131720000 A-MHO 246.04 971.85 WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 37 ZONING Zoning Code A-MHO Zoning Authority Collier County Zoning Description Rural Agricultural District within the Mobile Home Overlay (MHO) Permitted Uses The purpose of the rural agricultural district is to provide lands for agricultural, pastoral and rural land uses by accommodating traditional agricultural related activities and facilities and support facilities. The (MHO) district is intended to apply to those agricultural areas where a mixture of housing types is found to be appropriate within the district. It is intended that mobile homes allowed under this section shall be erected only in the Rural Agricultural district and only when the requirements and procedures of this section are met. Current Use Legally Conforming The subject is legal and conforming use. Zoning Change Likely A zoning change is unlikely. Minimum Lot Area (SF) 5 acres Minimum Floor Area (SF) 550 square feet Minimum Street Frontage (Feet) 165 Front Set Back Distance (Feet) 50 Rear Set Back Distance (Feet) 50 Side Yard Distance (Feet) 30 Maximum Density/FAR 1/du per 5 acres; No maximum coverage ratio. Maximum Building Height (Feet) 35 Future Land Use Designation Low Residential Subdistrict and Agricultural/Rural Mixed Use District/RLSA Finally, the following parcels have a RSLA overlay. The Rural Lands Stewardship Area (RLSA) program was established under the Future Land Use Element (FLUE) of the Growth Management Plan (GMP). Its objective is the creation of an incentive -based land use overlay system based on the principles of rural land stewardship found in Florida Statutes, Section 163.3177(11), including environmental preservation, agricultural preservation and smart growth development. Through the RLSA program, Stewardship Sending Areas (SSAs) can be approved for preservation purposes, creating credits to entitle Stewardship Receiving Areas (SRAs), typically towns, villages, hamlets and compact rural developments (CRDs). The credit system is designed to incentivize preservation of the most important environmental lands, Folio Zoning Acres 00113560000 A-MHO-RSLA 167.24 00072520000 A-MHO-RSLA 339.57 00057320005 A-MHO-RSLA 600.36 1,107.17 WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 38 including large, connected wetland systems and significant habitat for listed species, by awarding higher credit values for high value preservation areas. Qualifying properties can increase their development density and expand permitted uses through an application process as well as the transfer and receipt of Stewardship Credits. The maximum permitted density under the Agricultural (A) zoning district is 1 dwelling unit per 5 acres. Qualifying properties can apply through the RLSA application process to increase residential development up to a maximum of 4 dwelling units per acre. The SRA designation is intended to encourage and facilitate uses that enable economic prosperity and diversification of the economic base of the RLSA District and encourage development that utilizes creative land use planning techniques and facilitates a compact form of development to accommodate population growth by the establishment of SRAs. Stewardship Credits generated from SSAs are exchanged for additional residential or non-residential entitlements in an SRA on a per acre basis. Density and intensity within the RLSA District shall not be increased beyond the Baseline Standards except through the provisions of the Stewardship Credit System, the affordable housing density Bonus as referenced in the density Rating System of the FLUE, and the density and intensity blending provision of the Immokalee Area Master Plan. The overall purpose and description of the Rural Stewardship program is defined in the Rural Lands Stewardship Area (RLSA) Overlay found in the in the Future Land Use Element. A Stewardship Credit system has been established that shall serve as the primary basis for the protection of Flowway Stewardship Areas (FSAs), Habitat Stewardship Areas (HSAs) and Water Retention Areas (WRAs). The RLSA Overlay also contains policies that shall direct incompatible land uses away from FSAs, HSAs and WRAs in order to protect wetlands, upland habitats and listed species within the RLSA. Protection of water quality and quantity, and the maintenance of the natural water regime shall occur through the establishment of Flow Way Stewardship Areas (FSAs ), as SSAs within the RLSA Overlay. FSAs are delineated on the Overlay Map and contain approximately 30,869 acres. FSAs are primarily privately owned wetlands that are located within the Camp Keais Strand and Okaloacoochee Slough. These lands form the primary wetland flow way systems in the RLSA. The Overlay provides an incentive to permanently protect FSAs by the creation and transfer of Credits, elimination of incompatible uses, and establishment of protection measures described in Group 1 Policies. Not all lands within the delineated FSAs are comparable in terms of their natural resource value; therefore the index shall be used to differentiate higher value from lower value lands for the purpose of Overlay implementation. Analysis of the Index Map Series shows that FSA lands score within a range of 0.7 to 2.4; approximately 96% score greater than 1. 2 while 4% score 1. 2 or less. The average Index score of FSA land is 1.8. Listed animal and plant species and their habitats shall also be protected through the establishment of Habitat Stewardship Areas (HSAs) within the RLSA Overlay. HSAs are privately owned agricultural areas, which include areas with natural characteristics that make them suitable habitat for listed species and areas without these characteristics. WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 39 These latter areas are included because they are located contiguous to habitat and help form a continuum of landscape that can augment habitat values. The Overlay provides an incentive to permanently protect HSAs by the creation and transfer of Credits resulting in the elimination of incompatible uses and the establishment of protection measures. WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 40 Zoning Map – RPUD Subject WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 41 RPUD Master Plan WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 42 Zoning Map – A-MHO Subject WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 43 Zoning Map – A-MHO -RSLA Subject WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 44 Wetlands Map Subject Flow way WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 45 Delisi Map with Parcels WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 46 Immokalee Water & Sewer District Ag Lands RPUD lands WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 47 Site Photographs Lake Trafford Road looking easterly from the entrance to the RPUD lands (Photo Taken on February 9, 2024) Lake Trafford Road looking westerly from the entrance to the RPUD lands (Photo Taken on February 9, 2024) WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 48 Site Photographs View of the entrance to the RPUD lands and the FP&L easement (Photo Taken on February 9, 2024) Signage on the RPUD lands (Photo Taken on February 9, 2024) WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 49 Site Photographs Immokalee Drive looking easterly (Photo Taken on February 9, 2024) Immokalee Drive looking westerly (Photo Taken on February 9, 2024) WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 50 Site Photographs Entrance off Immokalee Drive (Photo Taken on February 9, 2024) AG lands (Photo Taken on February 9, 2024) WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 51 Site Photographs AG lands (Photo Taken on February 9, 2024) Crop lands (Photo Taken on February 9, 2024) WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 52 Site Photographs Typical internal; road way (Photo Taken on February 9, 2024) Typical internal; road way (Photo Taken on February 9, 2024) WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 53 Site Photographs Pasture land (Photo Taken on February 9, 2024) Entrance off Carson Road (Photo Taken on February 9, 2024) WILLIAMS RESERVE AT LAKE TRAFFORD SITE ANALYSIS Page 54 Site Photographs Flow way lands (Photo Taken on February 9, 2024) Transmission lines on the AG lands (Photo Taken on February 9, 2024) WILLIAMS RESERVE AT LAKE TRAFFORD IMPROVEMENTS Page 55 IMPROVEMENTS The subject agricultural lands include multiple improvements on multiple folios. The buildings were not individually inspected and the following is a general summary of their location and building type. The property also includes multiple wells for irrigation and several aboveground tanks. Folio Improvement Size Year Built 00131760002 Office 1,124 1964 00132720009 Pole barn 4,800 2015 Shed 180 2004 Shed 720 2004 00131720000 Residence 2,203 1977 Pole barn 2,880 2018 Shed 490 1980 Shed 490 1980 Shed 600 2021 Shed 768 2018 Shed 694 2018 Garage 700 1980 Garage 160 2018 WILLIAMS RESERVE AT LAKE TRAFFORD Page 56 WILLIAMS RESERVE AT LAKE TRAFFORD Page 57 Improvements Photographs Residence (Photo Taken on February 9, 2024) Shed (Photo Taken on February 9, 2024) WILLIAMS RESERVE AT LAKE TRAFFORD Page 58 Improvements Photographs Residence (Photo Taken on February 9, 2024) Pole barn (Photo Taken on February 9, 2024) WILLIAMS RESERVE AT LAKE TRAFFORD Page 59 Improvements Photographs Pole barn (Photo Taken on February 9, 2024) Typical well (Photo Taken on February 9, 2024) WILLIAMS RESERVE AT LAKE TRAFFORD Page 60 Improvements Photographs Shed (Photo Taken on February 9, 2024) Above ground tanks (Photo Taken on February 9, 2024) WILLIAMS RESERVE AT LAKE TRAFFORD REAL ESTATE TAXES AND ASSESSMENTS Page 61 REAL ESTATE TAXES AND ASSESSMENTS The real estate tax assessment of the subject is administered by Collier County. In 2008, Florida voters amended the Constitution to give non -homestead property owners some protection against increases in their annual property tax assessments. As amended, the Florida Constitution now prohibits the assessment of certain non -homestead property from increasing by more than 10% per year. The 10% cap applies to most types of commercial property, including non -homestead residential property (i.e. apartments and other rental property) and nonresidential property (i.e. commercial property and vacant land). The cap was set to expire on January 1, 2019; however, in November 2018 Florida voters amended the Constitution to make the cap permanent. The protection of the 10% cap is lost when there is a change of ownership or control. The property tax identification number and assessed value of the property for tax year 2023 are as follows: The tax assessment for subject property is currently $966 per acre, or $5,578 per acre excluding the agricultural exemptions and the assessment cap. Based on our valuation analysis, the subject’s market assessment appears low, but reasonable. Real Estate Assessment and Taxes Tax ID Land Improved Subtotal AG Exemption Homestead Total Tax Rate Total Taxes 00072520000 $364,370 $0 $364,370 -$357,283 $0 $7,087 13.5617%$96.12 00057320005 $314,565 $0 $314,565 -$306,027 $0 $8,538 13.6642%$116.67 RPUD Subttoal $678,935 $0 $678,935 -$663,310 $0 $15,625 $212.80 00113600106 $218,200 $0 $218,200 -$211,654 $0 $6,546 13.4174%$87.85 00132680107 $252,180 $0 $252,180 -$244,135 $0 $8,045 13.5617%$109.11 00131760002 $624,000 $19,505 $643,505 -$587,090 $0 $56,415 13.6642%$770.87 00113600009 $101,800 $0 $101,800 -$98,746 $0 $3,054 13.4174%$40.97 00113560000 $437,538 $0 $437,538 -$421,050 $0 $16,488 12.4174%$204.73 00132640008 $1,618,443 $0 $1,618,443 -$1,443,335 $0 $175,108 13.5617%$2,374.78 00132680000 $196,350 $0 $196,350 -$191,520 $0 $4,830 13.5617%$65.51 00131720000 $773,100 $220,202 $993,302 -$686,870 $0 $306,432 13.5617%$4,155.74 00114160001 $2,095,405 $0 $2,095,405 -$1,786,409 $0 $308,996 12.4174%$3,836.94 00132720009 $5,175,383 $123,838 $5,299,221 -$4,029,280 -$1,628 $1,268,313 12.5617%$15,932.17 AG Land Subtotal $11,492,399 $363,545 $11,855,944 -$9,700,089 -$1,628 $2,154,227 $27,578.66 Totals $12,171,334 $363,545 $12,534,879 -$10,363,399 -$1,628 $2,169,852 $27,791.46 WILLIAMS RESERVE AT LAKE TRAFFORD HIGHEST AND BEST USE Page 62 HIGHEST AND BEST USE Highest and best use may be defined as : The reasonably probable use of property that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 1 ▪ Physically possible for the land to accommodate the size and shape of the ideal improvement. ▪ Legally permissible under the zoning regulations , building codes, environmental regulations, and other restrictions that apply to the site. A property use that is either currently allowed or most probably allowable. ▪ Financially feasible to generate sufficient income to support the use. ▪ Maximally productive, or capable of producing the highest value from among the permissible, possible, and financially feasible uses. Highest and Best Use As Vacant Physically Possible The 12 parcels include 2,247.28 acres. Two parcels are zoned Williams Farms RPUD at 168.26 acres or 7,329,406 square feet. These tracts have 788 feet of frontage on Lake Trafford Road. Seven parcels are zoned AG -MHO with 971.85 acres and 42,333,786 square feet. These parcels have frontage along Immokalee Drive at approximately 1,325 feet. The final three parcels are zoned AG -MHO with a RSLA overlay. These three sites include 1,107.17 acres or 48,228,325 with no primary road access. The site is heavily impacted and bisected by wetlands in a flow way connected to Lake Trafford/Camp Keais Strand Overlay. It is also bisected by an FP&L easement for overhead transmission lines. The parcels are primarily located in AE and AH flood zones with some X locations. The physical characteristics of the subject tract should reasonably accommodate any use that is not restricted by its size. The subject's utilities are typical and adequate for the market area. The site is roughly irregularly shaped The site is located in a FEMA flood zone AE, AH and some X area per FEMA Flood Map Number: 12021C 0140 H, dated May 16, 2012. Zones AE and AH are classified as a flood hazard area. There are no known physical reasons that would unusually restrict development. The site is considered to have a functional utility suitable for a variety of uses. 1 The Dictionary of Real Estate Appraisal 7th ed. (Chicago: Appraisal Institute, 2022 ) WILLIAMS RESERVE AT LAKE TRAFFORD HIGHEST AND BEST USE Page 63 Legally Permissible The subject site includes multiple zoning classifications. The northern two parcels at lands at 168.26 acres along Lake Trafford Road are zoned Williams Farms RPUD. This Residential Planned Unit Development (RPUD) will allow up to 336 single family dwelling units. Permitted uses include: Tract R (Residential): Detached single family and Attached single family and townhouses. Tract AA (Amenity Area): Clubhouse and Recreational facilities. Tract P: Preserve. The development master plan to include 66.18 acres of residential areas, 3.50 acres of amenity areas, 12.39 acres of right -of-way, 15.27 acres of lakes and 70.68 acres of preserve. It has a density of 2.00 units per acre over 168 acres . There are seven parcels zoned A -MHO at 971.85 acres and three parcels zoned A -MHO with an RSLA overlay. The Rural Agricultural District within the Mobile Home Overlay (MHO) allows single family homes, agricultural activities, family care facilities, schools, and conservation . The purpose of the rural agricultural district is to provide lands for agricultural, pastoral and rural land uses by accommodating traditional agricultural related activities and facilities and support facilities. The (MHO) district is intended to apply to those agricultural areas where a mixture of housing types is found to be appropriate within the district. It is intended that mobile homes allowed under this section shall be erected only in the Rural Agricultural district and only when the requirements and procedures of this section are met. Permitted uses include: single family homes, agricultural activities, family care facilities, schools, and conservation uses. The Rural Lands Stewardship Area (RLSA) program was established under the Future Land Use Element (FLUE) of the Growth Management Plan (GMP). Its objective is the creation of an incentive -based land use overlay system based on the principles of rural land stewardship found in Florida Statutes, Section 163.3177(11), including environmental preservation, agricultural preservation and smart growth development. Through the RLSA program, Stewardship Sending Areas (SSAs) can be approved for preservation purposes, creating credits to entitle Stewardship Receiving Areas (SRAs), typically towns, villages, hamlets and compact rural developments (CRDs). The credit system is designed to incentivize preservation of the most import ant environmental lands, including large, connected wetland systems and significant habitat for listed species, by awarding higher credit values for high value preservation areas. Qualifying properties can increase their development density and expand permitted uses through an application process as well as the transfer and receipt of Stewardship Credits. The maximum permitted density under the Agricultural (A) zoning district is 1 dwelling WILLIAMS RESERVE AT LAKE TRAFFORD HIGHEST AND BEST USE Page 64 unit per 5 acres. Qualifying properties can apply through the RLSA application process to increase residential development up to a maximum of 4 dwelling units per acre. The SRA designation is intended to encourage and facilitate uses that enable economic prosperity and diversification of the economic base of the RLSA District and encourage development that utilizes creative land use planning techniques and facilitates a compact form of development to accommodate population growth by the establishment of SRAs. Stewardship Credits generated from SSAs are exchanged for additional residential or non-residential entitlements in an SRA on a per acre basis. Density and intensity within the RLSA District shall not be increased beyond the Baseline Standards except through the provisions of the Stewardship Credit System, the affordable housing density Bonus as referenced in the density Rating System of the FLUE, and the density and intensity blending provision of the Immokalee Area Master Plan. The overall purpose and description of the Rural Stewardship program is defined in the Rural Lands Stewardship Area (RLSA) Overlay found in the in the Future Land Use Element. A Stewardship Credit system has been established that shall serve as the primary basis for the protection of Flowway Stewardship Areas (FSAs), Habitat Stewardship Areas (HSAs) and Water Retention Areas (WRAs). The RLSA Overlay also contains policies that shall direct incompatible land uses away from FSAs, HSAs and WRAs in order to protect wetlands, upland habitats and listed species within the RLSA. Protection of water quality and quantity, and the maintenance of the natural water regime shall occur through the establishment of Flow Way Stewardship Areas (F SAs), as SSAs within the RLSA Overlay. FSAs are delineated on the Overlay Map and contain approximately 30,869 acres. FSAs are primarily privately owned wetlands that are located within the Camp Keais Strand and Okaloacoochee Slough. These lands form the primary wetland flow way systems in the RLSA. The Overlay provides an incentive to permanently protect FSAs by the creation and transfer of Credits, elimination of incompatible uses, and establishment of protection measures described in Group 1 Policies. Not all lands within the delineated FSAs are comparable in terms of their natural resource value; therefore the index shall be used to differentiate higher value from lower value lands for the purpose of Overlay implementation. Analysis of the Index Map Series shows that FSA lands score within a range of 0.7 to 2.4; approximately 96% score greater than 1. 2 while 4% score 1. 2 or less. The average Index score of FSA land is 1.8. Recognizing the principle of conformity, we consider the prevailing land use patterns in the area. Therefore, only single family residential and agricultural uses are given further consideration in determining the highest and best use of the site, as if vacant. Financially Feasible Financial feasibility is an analysis of the ability of a property to generate sufficient income to support the use, or a reasonable probability of producing a positive income stream net of operating expenses, financial costs, and capital amortization. The projected growth in population and employment provide an economic base that supports demand for real estate in the subject neighborhood and for the subject property. WILLIAMS RESERVE AT LAKE TRAFFORD HIGHEST AND BEST USE Page 65 These conditions have resulted in increasing property values and should stimulate continued increases within the foreseeable future. Prior to the coronavirus pandemic, the residential market had stabilized after several years of an expansion period, with sustained growth in demand and increasing construction. Since the coronavirus pandemic, residential demand increased significantly with record sales in 2020 and continued high demand but limited inventory in 2021 and 2022. Inventory increased in 2023 as demand declined due to continued increases in interest rates. Prices continue to increase; however, the rate of increase is declining. On this basis, barring unforeseen changes in the market, a well -designed residential product on the RPUD lands and holding as agricultural use on the remaining parcels should be received favorably by the market. Maximally Productive The maximally productive land use yields the highest value of the possible uses. Agricultural use and residential subdivision development is the only use that meets the tests of physically possible, legally permissible, and financially feasible. Therefore, agricultural use and residential subdivision development is concluded to be the maximally productive and highest and best use of the site. Highest and Best Use as Improved All improvements on the agricultural lands are considered interim in nature. While supporting the current agricultural operations, the long term projection for the property is for residential development. Therefore, a highest and best analysis as improved is not applicable. Most Probable Buyer Considering the size, class, and location of the property, the most probable buyer is a n investor and/or developer. WILLIAMS RESERVE AT LAKE TRAFFORD VALUATION METHODOLOGY Page 66 VALUATION METHODOLOGY Three basic approaches may be used to arrive at an estimate of market value. They are: 1. The Cost Approach 2. The Sales Comparison Approach 3. The Income Approach Cost Approach The Cost Approach estimates the current cost to construct the existing structure including an entrepreneurial incentive, depreciation, and the estimated land value. This approach is particularly applicable when the improvements represent the highest and best use of the land and are relatively new. It is also applicable when the property has unique or specialized improvements for which there is little or no sales data from comparable properties. Sales Comparison Approach The Sales Comparison Approach compares sales of similar properties with the subject property. Each comparable sale is adjusted for its inferior or superior characteristics. The values derived from the adjusted comparable sales form a range of value for the subject. By process of correlation and analysis, a final indicated value is derived. This approach is most reliable in an active market, and is leas t reliable when valuing a property for which no direct comparable sales data is available. Income Approach The Income Approach converts the anticipated flow of future benefits (cash flows and reversion) to a present value estimate through a capitalization and or a discounting process. This approach generally reflects a typical investor’s perception of the relationship between the potential income of a property and its market value. Final Reconciliation The appraisal process concludes with the Final Reconciliation of the values derived from the approaches applied for a single estimate of market value. The reconciliation of the approaches is based on an evaluation of the quantity and quality of the available data in each approach. Furthermore, d ifferent properties require different means of analysis and lend themselves to one approach over the others. WILLIAMS RESERVE AT LAKE TRAFFORD VALUATION METHODOLOGY Page 67 ANALYSES APPLIED A cost analysis was considered and was not developed because the improvements are an interim use. While they contribute short term value to the property, they were not considered in the overall market value. The cost approach was employed in the development of a book value for the three parcels with improvements as requested by the client. A sales comparison analysis was considered and was developed because typically this is the most appropriate approach for the valuation of vacant land. This approach is applicable to the subject because there is an active market for similar properties and sufficient sales data is available for analysis. An income analysis was considered and was not developed because although the subject has short term agricultural land leases over parts of the property, is not likely to generate enough rental income to support market value. WILLIAMS RESERVE AT LAKE TRAFFORD SALES COMPARISON APPROACH – AG LANDS Page 68 SALES COMPARISON APPROACH – AG LANDS The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Land Comparables We have researched five comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. For this analysis, we use the price per acre as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. WILLIAMS RESERVE AT LAKE TRAFFORD SALES COMPARISON APPROACH – AG LANDS Page 69 Comp Address Date Price Comp City Acres Price Per Acre Subject 2105 & 2109 Immokalee Road and 125 Carson Road 2/9/2024 Subject Immokalee 2,079 1 2424 Thorp Road 4/16/2021 $17,400,000 1 Immokalee 4,479 $3,885 2 5750 S State Road 29 12/20/2021 $13,301,700 2 LaBelle 1,727 $7,702 3 3250 N. River Road 6/24/2022 $4,250,000 3 LaBelle 500 $8,493 4 21121 Granville Road 5/31/2023 $19,000,000 4 North Fort Myers 2,755 $6,897 5 4315 Wombles Road & 4405 and 3150 Lamm Road 6/30/2023 $40,565,853 5 Immokalee 4,306 $9,421 Listed at $10,000/acre or $27,550,000. The recorded sale price is $17M. Per Mr. Rollins, the contract at $17M was sold prior to closing at a premium of $2M. Mr. Rollins declined to disclose the contract holder. Sale included six parcels in Lee County: 01-43-24-00-00001.0010; 01-43-24-00-00003.0000; 02-43-24-00-00002.0010; 12- 43-24-00-00002.0000; 02-43-24-00-00002.0020; and 12-43-24-00-00004.0000. The Lee County lands are zoned AG-2 with a Future Land Use of Open Lands. Sale included seven parcels in Charlotte County: 422425100001; 422425200001; 422425300001; 422425300002; 422426100001; 422436100001; and 4225300100001. The Charlotte County lands are zoned AG with a Future Land Use of Agriculture. Wetlands are estimated 35% ±. The property was marketed with two potential interchanges on I-75. Mr. Rollins cited poor access to the property. Property is a long hold by buyer. Direct sale to FP&L. Parcels include: 00050080009;00050520006; 00050560008; 00050640009; 00050600007; 00052480005; 00052520004; 00052800009; 00052600005; 00065600005; and 00052320000.Future land use is Agricultural/Rural Mixed use District/RSLA. Property includes less than 5% wetlands. Property is bisected by an FP&L transmission lines. Majority of property is citrus groves. FP&L targets sites near substations and with transmission lines along primary throughfares. There s a current FP&L field approximately 2 miles to the east at the intersection of SR 82 and SR 29. Per Mr. Rollins, FP&L is noted to pay a premium price for the right located site. Sale Comments Listed at $15M or $30K per acre. Buyer is a national investor. Site is currently citrus groves with minimal wetlands exposure. Per Hendry County zoning, the property is zoned Agricultural with future land uses including Agricultural (321 acres) and Residential Medium Density (179 acres). The site has onsite wells for the citrus groves. It would require a mini sewage treatment plant for more intensive development. Property is bisected by Bee Branch stream. Property includes mobile home and farm support structures. Contracted on 6/7/2021. The property consists of eleven irregular-shaped parcels of land totaling 1,727 acres, broken up into two separate assemblages, and improved with three one-story warehouse and residential buildings totaling approximately 12,661 square feet (GBA). The buildings, which were constructed in 1926, 1978 and 1983, are of concrete block and metal-frame construction with standing seam metal roofs. The property also includes a new truck scale. The North Parcel includes 775 acres over four folios: 2 28 43 24 A00 0004.0000; 2 29 43 19 A00 0001.0000; 2 28 43 25 A00 0002.0000; and 2 29 43 30 A00 0001.0000. This property has extensive frontage on Helms Road. This parcel includes agricultural fields and will be held for future residential development. The South Parcel has 952 acres over nine folios: 2 29 43 33 A00 0001.0000; 2 29 43 32 A00 0001.0000; 2 29 43 31 A00 0008.0000; 2 29 44 04 A00 0002.0100; 2 29 44 05 A00 0001.0000; 2 29 44 04 A00 0002.0000; 2 29 44 04 A00 00002.0000; 2 29 44 04 A00 0002.0200; and 2 29 44 05 A00 0001.0100. This parcel includes agricultural fields and will used to access a future mine offsite. The sale was recorded in two deeds at Instrument No. 202126017016 from Bob Paul Inc. for $12,583,400 and Instrument No. 20216017015 from The Eugene Stuart Paul LP for $718,300. Future land use for the North Parcel is Village, Urban Residential and Resource Protection and the South Parcel is Village Residential and Resource Protection. The sale includes 2,273 acres in Collier County and 2,205 acres in Hendry County. Collier County folios include; 00090040009, 00090120000, 00089520006, 00090000007, and 00089480007. They are assess as land at $11,330,194 excluding exemptions. The Hendry County folios are: 1-31-46-19-A00-00001.0000, 1-31-46-30-A00-00001.0000, 1- 31-46-18-A00-00001.0000, 1-31-46-21-A00-00003.0000, 1-31-46-28-A00-00001.0000 and 1-31-46-33-A00-00001.0000. They are assessed at $9,561,228 (land) and $176,287 (improvements). Land classifications include 21% wooded pasture, 18% improved pasture, 41% wetlands and 20% croplands. WILLIAMS RESERVE AT LAKE TRAFFORD SALES COMPARISON APPROACH – AG LANDS Page 70 Comparables Map WILLIAMS RESERVE AT LAKE TRAFFORD SALES COMPARISON APPROACH – AG LANDS Page 71 Analysis Grid The above sales have been analyzed and compared with the subject property. We have considered adjustments in the areas of: Effective Sale Price This takes into consideration unusual conditions involved in the sale that could affect the sales price, such as excess land, non - realty components, commissions, or other similar factors. Usually the sale price is adjusted for this prior to comparison to the subject. Real Property Rights Property rights dissimilar to the subject which affect value. Financing Terms Favorable or unfavorable seller financing, or assumption of existing financing. Conditions of Sale Circumstances that atypically motivate the buyer or seller, such as 1031 exchange transaction, assemblage, or forced sale. Market Conditions Inflation or deflation since sale date due to economic influences Location Market or submarket area influences on sale price; surrounding land use influences. Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc. On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. WILLIAMS RESERVE AT LAKE TRAFFORD SALES COMPARISON APPROACH – AG LANDS Page 72 Comparable Land Sale Adjustments Comparable 4 included a recorded land sale price of $17,000,000. Per Billy Rollins with LSI Companies, the contract holder at $17,000,000 sold the contract to HHH Ranch and others for an additional $2,000,000 in consideration. Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing All of the comparable sales had market orientated financing or were cash transactions; therefore, no adjustments for financing are required. Name Address City Date Price Acres Acre Unit Price Property Rights Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0% Financing Cash sale 0.0%Conventional @ $9,976,266 0.0%Conventional @ $2,762,500 0.0%Cash sale 0.0%Cash sale 0.0% Conditions of Sale Arm's length 0.0%Arm's length 0.0%Arm's length 0.0%Arm's length 0.0%Arm's length -10.0% Market Trends Through 2/9/2024 10.0% Location % Adjustment $ Adjustment Acres % Adjustment $ Adjustment Use % Adjustment $ Adjustment Zoning % Adjustment $ Adjustment Flood Zone % Adjustment $ Adjustment Net Adjustments Gross Adjustments -5.0% $8,540 40.0% $7,083 0.0% 0.0% $7,116 $7,369$6,944 -10%0% 16.8% $0 A-MHO-RSLA 0% 0% Mostly AH per FIRM 12021C 0130 H $0-$496 $0 -5% Primarily Zone X per FIRM 12051C 0040 D -30.0% 40.0%30.0% -25.0% Adjusted Acre Unit Price 0% Zone X with minimal A A-MHO andA-MHO- RSLA AE, AH and some X $0 0% $0 Row corps, citrus, pasture lands and 32% wetlands 1,727 $0 Assorted 20% $1,017 $0 -$472 -5% 2,079 -$944 0% 30.8% $762 4,479 5% LaBelle 22.6% $9,445 15% Adjusted Acre Unit Price $5,083 Immokalee Immokalee $7,702 Fee Simple Transaction Adjustments Adjusted Acre Unit Price $3,885 $8,493 LaBelle Agricultural Lands 5750 S State Road 29 LaBelleImmokalee $8,493 500 3250 N. River Road 4,479 6/24/2022 $4,250,000$17,400,000 2,079 $3,885 1,727 Immokalee Half Circle L Farms L8 Labelle 2424 Thorp Road Comp 2 $7,702 Williams Reserve at Lake Trafford Land Analysis Grid Comp 1 Comp 4 21121 Granville Road Comp 5 Caloosa Estates Comp 3 LaBelle 0% 21% pasture, 18% improved pasture, 41% wetalnds and 20% croplands $254 Agricultural AG - Agricultural $0 AG-2 Agricultural $9,920 500 Mostly citrus groves wioth minimal wetalnds -$992 0% Immokalee 2,755 North Fort Myers $449 -15% $0 Crop lands and citrus with minimal wetlands -$944 -$1,488 $0 0%-10%-10% AG-2 Agricultural (Lee County) and AG (Charlotte County) Stolle Ranch $6,897 6.9% $40,565,853 4315 Wombles Road & 4405 and 3150 Lamm Road $19,000,000 North Fort Myers 5/31/2023 Zone AE, X and D per Firms 12071C 0276G, 0115 F and 0475 G 2,755 Pasture lands, crop lands and 35% wetlands 0% 4,306 6.0% 6/30/2023 State Road 82 FPL Solar Farm $9,421 $8,479 $6,897 4,306 0% $8,989 Immokalee 5% $0 $0 0% -$899 -10% Mostly citrus with 5% wetlands 12/20/20212/9/2024 4/16/2021 $13,301,700 25.0% 0% $7,369 0% $0 15.0% $0 WILLIAMS RESERVE AT LAKE TRAFFORD SALES COMPARISON APPROACH – AG LANDS Page 73 Conditions of Sale All of the comparable sales were arm’s length transactions; therefore, no adjustments for conditions of sale are required. There was undue buyer motivation for Comparable 5 due to its location with transmission line and near an existing FP&L solar farm. It is adjusted downward accordingly. Economic Trends The following graph developed from CoStar shows large tract sales south of State Road 62 and generally west of US 17. The survey was limited to properties in excess of 300 acres. The survey included 34 transactions. Prices ranged from $870 to $64,156 per acre and averaged $19,431 per acre. Properties ranged from 304 to 3,968 acres and averaged 837 acres. The graph indicates an increasing trend in sales prices from January 20 21 through the current date. However, it is noted this is unadjusted raw data and does not relate directly to the subject. Based on the previous analysis and considering the demand for agricultural property, we have applied a 10.0% annual adjustment. Location The following table summarizes the population growth , average household income and homes values within a three mile radius from the subject agricultural lands. WILLIAMS RESERVE AT LAKE TRAFFORD SALES COMPARISON APPROACH – AG LANDS Page 74 The subject is located on the southern boundary of Immokalee in Collier County. Comparable 1 is located northeast of Immokalee with both Collier and Hendry County lands. Comparables 2 and 3 are located in the LaBelle area of Hendry County. Comparable 4 has lands in Northeast Lee County and Southeast Charlotte County. Comparable 5 is in Collier County north of Immokalee. Comparable1 has no demographic data. Comparables 1 and 3 are within or near to the LaBelle city limits. Comparable 2 is in the city of LaBelle and will have future access to water and sewer. At sale time, there was excess utility capacity in LaBelle with more than enough for this tract. The northern parcel of this tract is believed to have residential value within the next 10 years. Comparable 4 has no utilities and inferior road access. It is near or at potential interchange sites for I-75. Comparable 5 has good frontage on State Road 82. All comparables are evaluated and adjusted for accordingly. Subject Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Address Williams AG Lands 2424 Thorp Road 5750 S State Road 29 3250 N. River Road 21121 Granville Road 4315 Wombles Road & 4405 and 3150 Lamm Road City Immokalee Immokalee LaBelle LaBelle North Fort Myers Immokalee 2023 Population 23,625 0 4,888 9,316 3,189 199 2028 Population 24,121 0 4,896 9,296 4,851 205 % Change 2.10%0.00%0.16%-0.21%52.12%3.02% Avg Household Income $63,886 $0 $54,606 $64,289 $98,390 $73,938 Percent Renters 53.70%0.00%28.10%25.70%4.50%15.90% Median Home Value $192,704 $0 $156,471 $177,874 $326,121 $293,750 Average Home Value $274,305 $0 $163,420 $235,039 $339,311 $369,811 Traffic Count Street Immokalee Drive County Road 846 SR 29 County Road 78 Slater Road State Road 82 Frontage Direct Indirect Direct Indirect Indirect Direct Count 6,900 2,800 6,300 2,300 2,400 16,300 Source: STDB Online and Florida Department of Transportation Locational Adjustment - Site to Do Business (3 Mile Radius) WILLIAMS RESERVE AT LAKE TRAFFORD SALES COMPARISON APPROACH – AG LANDS Page 75 Size The following was developed with data from the Trend Analysis survey. Size and price per acre are typically inversely related; therefore Comparables 1 and 5 are adjusted upward for their larger size while Comparable 3 is adjusted downward for its smaller size. Use The subject property overall includes crop lands, wetlands and RPUD lands. Approximately 32% of the site is influenced by a flow way. The crop lands include good irrigated tracts. Comparable 1 is inferior with a majority of the property being pasture lands and wetlands. Comparable 4, like subject, has in excess of 30% wetlands. Comparables 2, 3 and 5 are mostly crop lands with minimal wetlands exposure. All comparable are evaluated and adjusted for accordingly. Zoning All of the comparables are relatively similar in terms of zoning; therefore, no adjustments are required. Flood Zone The subject and Comparables 1, 4 and 5 have extensive flood zone exposure. Comparables 2 and 3 are primarily zone X and adjusted for accordingly. WILLIAMS RESERVE AT LAKE TRAFFORD SALES COMPARISON APPROACH – AG LANDS Page 76 Sales Comparison Approach Conclusion All of the value indications have been considered, and in the final analysis, Comparables 2 through 4 have been given most weight in arriving at our final reconciled per acre value of $7,200. 5 % Δ 78.73% -9.35% 1.80% Low: Number of Comparables:Unadjusted Adjusted $6,944 $8,540 $7,411 $9,421 $7,279 $3,885 Subject Size: High: Average: Reconciled Final Value: Reconciled Value/Unit Value: Indicated Value: $7,200 2,079 $14,968,944 $14,970,000 Land Value Ranges & Reconciled Values WILLIAMS RESERVE AT LAKE TRAFFORD SALES COMPARISON APPROACH – RPUD LANDS Page 77 SALES COMPARISON APPROACH – RPUD LANDS The Sales Comparison Approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same quality, utility, and perceived benefits of ownership. It is based on the principles of supply and demand, balance, substitution and externalities. The following steps describe the applied process of the Sales Comparison Approach. • The market in which the subject property competes is investigated; comparable sales, contracts for sale and current offerings are reviewed. • The most pertinent data is further analyzed and the quality of the transaction is determined. • The most meaningful unit of value for the subject property is determined. • Each comparable sale is analyzed and where appropriate, adjusted to equate with the subject property. • The value indication of each comparable sale is analyzed and the data reconciled for a final indication of value via the Sales Comparison Approach. Land Comparables We have researched five comparables for this analysis; these are documented on the following pages followed by a location map and analysis grid. All sales have been researched through numerous sources, inspected and verified by a party to the transaction. For this analysis, we use the price per unit as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. WILLIAMS RESERVE AT LAKE TRAFFORD SALES COMPARISON APPROACH – RPUD LANDS Page 78 Comp Address Date Price Comp City No. of Units Price Per Land Unit Subject 2105 & 2109 Immokalee Road and 125 Carson Road 2/9/2024 Subject Immokalee 168 1 7150-7200 Bayshore Road 6/12/2023 $1,950,000 1 North Fort Myers 100 $19,500 2 9710 Bayshore Road 2/9/2023 $2,650,000 2 North Fort Myers 71 $37,324 3 17251 Williams Road 5/15/2023 $4,000,000 3 North Fort Myers 330 $12,121 4 601 S Homestead Road 3/31/2023 $1,315,000 4 Lehigh Acres 88 $14,943 5 10551-10701 Bayshore Rd; 10551 Aqua Vista Lane 12/30/2022 $4,500,000 5 North Fort Myers 130 $34,615 Sale Comments Assemblage includes two parcels at 11.23 acres (northern) and 23.76 cares (southern). Property includes 10+/- acres zoned RS-1 and the remainder acreage is AG-2. The northern portion of the property includes a 160 foot wide FP&L easement. The parcels surround a FDOT retention pond. There is a gravesite on the property. The southern parcel is bisected by the east branch of Daughtery Creek. Buyer plans to rezone for up to 100 single family homesites and then market to a national homebuilder. Future land uses include Suburban (67.7%) and Wetlands (32.3%). The Beazer Bayshore RPD is approved for 71 single family lots. Lennar was granted an access easement to Cypress Creek Drive on the west side of the property. The seller retained the property at 9710 Bayshore and was granted a surface and stormwater drainage and access easement to the pond on the west side of the property. Future land use is Sub-Outlying Suburban. Gully Creek RPD allows for 330 residential units (Single-family, two-family attached, townhouse and multiple-family residential). The property is bisected by Daughterly Creek. The future land use is Suburban (83.4%) and Rural (16.6%). Listed at $2,112,000 or $24,000 per unit. The residential planned development allows for up to 88 single family homesites. Most lots will be located between holes 10 and 11 of the Mirror Lakes Golf Course. Aston Greens RPD includes 29.89 acres and allows for 118 single family homesites. Water, sewer, and electricity are all within close proximity to the site, with additional capacity to serve. Mr. Ward noted that there were higher offers from home builders but the seller wanted a quick sale. Assemblage of eight parcels that closed in five separate deeds from related sellers. According to Tony Price, Priceless Realty, there was an extension fee of $275,000 as the property was under contract for over two years (contract date 9/30/2020). The LOI was signed in July 2020. Mr. Price related that the purchase price was a high number for the area in 2020; however, values increased significantly during the due diligence period. They had backup buyers willing to pay close to $6 million, contingent on zoning approvals. Lennar is in the process of rezoning to a RPD for 130 single-family detached homes (closing was not contingent on zoning approval). The proposed site plan shows 125 lots (75' x 172') proposed with 18.16 acres (17%) conservation area. The property was improved with an old single-family (1987) home, garage and rec building at time of sale. Property is located within the Rural (approximately 95%) and Wetlands (approximately 5%) future land use category. Utilities were available along Bayshore Road. Mr. Price also noted that Lennar did not have any offsite fill needs. It is noted the property was deeded to DRP FL 6, LLC on 2/28/2023 (Instr # 2023000076538) for a recorded price of $4,775,000. DRP FL 6, LLC is affiliated with DW Partners, LP, an employee-owned alternative asset manager that invests in bonds and loans collateralized by residential and commercial real estate, ranging from credit- sensitive RMBS and CMBS to financing strategies for US homebuilders to multifamily construction loans. Calls to confirm the transaction were not returned. An Option Agreement, dated 2/28/23 (Instr. #2023000076931) was also recorded granting Lennar the option to purchase the Lots in accordance with the terms of the Option Agreement. WILLIAMS RESERVE AT LAKE TRAFFORD SALES COMPARISON APPROACH – RPUD LANDS Page 79 Comparables Map 3 5 WILLIAMS RESERVE AT LAKE TRAFFORD SALES COMPARISON APPROACH – RPUD LANDS Page 80 Analysis Grid The above sales have been analyzed and compared with the subject property. We have considered adjustments in the areas of: Effective Sale Price This takes into consideration unusual conditions involved in the sale that could affect the sales price, such as excess land, non - realty components, commissions, or other similar factors. Usually the sale price is adjusted for this prior to comparison to the subject. Real Property Rights Property rights dissimilar to the subject which affect value. Financing Terms Favorable or unfavorable seller financing, or assumption of existing financing. Conditions of Sale Circumstances that atypically motivate the buyer or seller, such as 1031 exchange transaction, assemblage, or forced sale. Market Conditions Inflation or deflation since sale date due to economic influences Location Market or submarket area influences on sale price; surrounding land use influences. Physical Characteristics Attributes such as size, shape, utilities, frontage, zoning, etc. On the following page is a sales comparison grid displaying the subject property, the comparables and the adjustments applied. WILLIAMS RESERVE AT LAKE TRAFFORD SALES COMPARISON APPROACH – RPUD LANDS Page 81 Name Address City Date Price No. of Units Price per Unit Property Rights Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0% Financing Cash sale 0.0%Cash sale 0.0%Cash sale 0.0% Seller at $1,050,000 0.0%Cash 0.0% Conditions of Sale Arm's length 0.0%Arm's length 0.0%Arm's length 0.0%Arm's length 0.0%Arm's Length 0.0% Market Trends Through 2/9/2024 10.0% Location % Adjustment $ Adjustment No. of Units % Adjustment $ Adjustment Shape % Adjustment $ Adjustment Zoning % Adjustment $ Adjustment Flood Zone % Adjustment $ Adjustment Net Adjustments Gross Adjustments Land Analysis Grid Comp 1 Comp 2 Comp 3 Comp 4 Williams Reserve at Lake Trafford Bayshore 35 Stonehill Manor Gully Creek Aston Greens Bayshore Ranch Comp 5 2105 & 2109 Immokalee Road and 125 Carson Road 7150-7200 Bayshore Road 9710 Bayshore Road 17251 Williams Road 601 S Homestead Road 10551-10701 Bayshore Rd; 10551 Aqua Vista Lane 2/9/2024 6/12/2023 2/9/2023 5/15/2023 3/31/2023 Immokalee North Fort Myers North Fort Myers North Fort Myers Lehigh Acres North Fort Myers 12/30/2022 $1,950,000 $2,650,000 $4,000,000 $1,315,000 $4,500,000 336 100 71 330 88 130 Transaction Adjustments $19,500 $37,324 $12,121 $14,943 $34,615 Fee Simple Adjusted Price per Unit $19,500 $37,324 $12,121 $14,943 $34,615 6.5%10.0%7.3%8.6%11.2% Immokalee North Fort Myers North Fort Myers North Fort Myers Lehigh Acres Adjusted Price per Unit $20,772 $41,056 $13,007 $16,224 $38,487 North Fort Myers -$4,154 -$12,317 -$2,601 -$811 -$11,546 -20%-30%-20%-5%-30% 0%-10%10%-10% 168 100 71 330 88 0% 130 $0 -$4,106 $1,301 -$1,622 $0 0%0%0%0% The site is irregularly shaped Irregular Irregular Irregular L-shaped T-shaped 0% $0 $0 $0 $0 $0 Williams Farm RPUD RS-1 Single Family Residential & AG 2 Agricultural Beazer Bayshore RPD (aka Stonehill Manor) Gully Creek RPD Aston Greens RPD AG-2 Agricultural 5%5%0%10%10% $1,039 $0 $1,301 $1,622 $1,924 AE, AH and some X AE per FIRM 12071 C 0279 G Zone AE per FIRM 12071C 0283 G Mostly Zone X with some AE per FIRMS 12071C 0278 G and 0279 G Zone X per FIRM 12071C 0478 F X and AE 0%0%-5%-5%0% $0 $0 -$650 -$811 $0 Adjusted Price per Unit $17,656 $24,634 $12,356 $14,602 $28,865 25.0%40.0%45.0%30.0%35.0% -15.0%-40.0%-5.0%-10.0%-25.0% WILLIAMS RESERVE AT LAKE TRAFFORD SALES COMPARISON APPROACH – RPUD LANDS Page 82 Comparable Land Sale Adjustments Property Rights All of the comparables transferred in fee simple interest; therefore, no adjustments for property rights are required. Financing All of the comparable sales had market orientated financing or were cash transactions; therefore, no adjustments for financing are required. Conditions of Sale All of the comparable sales were arm’s length transactions; therefore, no adjustments are required. Economic Trends The following graph developed from CoStar shows residential and agricultural tract sales south of State Road 62 and generally west of US 17. The survey was limited to properties from 50 to 300 acres. Developed tracts were excluded. The survey included 105 transactions. Prices ranged from $1,938 to $218,704 per acre and averaged $54,275 per acre. Properties ranged from 50 to 274 acres and averaged 112 acres. The graph indicates an increasing trend in sales prices from January 2021 through the current date. However, it is noted this is unadjusted raw data and does not relate directly to the subject. Based on the previous analysis and considering the demand for residential property, we have applied a 10.0% annual adjustment. WILLIAMS RESERVE AT LAKE TRAFFORD SALES COMPARISON APPROACH – RPUD LANDS Page 83 Location The following table summarizes the population growth, average household income and homes values within a two mile radius from the subject RPUD lands. Subject is located in northeast Collier County. Comparables 1, 2, 3 and 5 are all located in the North Fort Myers marketplace while Comparable 4 is located in the nearby Lehigh Acres market. Comparables 1, 2, 3 and 5 are located along or near the Bayshore Road Corridor. Comparables 2 and 5 are located east of the I-75 corridor while subject and Comparables 1 and 3 are located west of I-75. Comparable 4 is located in Lehigh Acres at the intersection of Homestead and Milwaukee. Generally, the subject has highest population density while the Lee County comparables east of I-75 have a lower population density. Comparables 1, 2, 3 and 5 have high growth potential. Household incomes are superior for all the comparables. The subject market has the lowest percentage of home ownership followed by the Lehigh Acres market. The subject has the lowest area home values. Subject Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Address Lake Trafford Road 7150-7200 Bayshore Road 9710 Bayshore Road 17251 Williams Road 601 S Homestead Road 10551-10701 Bayshore Rd; 10551 Aqua Vista Lane City Immokalee North Fort Myers North Fort Myers North Fort Myers Lehigh Acres North Fort Myers 2023 Population 13,778 7,465 5,261 9,029 11,587 4,068 2028 Population 14,323 10,370 7,503 12,363 11,446 4,733 % Change 3.96%38.91%42.62%36.93%-1.22%16.35% Avg Household Income $62,918 $87,158 $100,500 $80,681 $72,632 $93,449 Percent Renters 47.40%14.40%2.90%17.10%25.90%6.20% Median Home Value $184,219 $323,349 $313,724 $297,989 $245,931 $318,045 Average Home Value $276,414 $363,265 $347,368 $331,144 $273,193 $364,385 Traffic Count Street Lake Trafford Bayshore Bayshore Bayshore Homestead / Milwaukee Bayshore Frontage Direct Direct Direct Indirect Direct Direct Count 9,700 25,000 17,300 25,000 7,600 /4,700 17,300 Source: STDB Online and Florida Department of Transportation Locational Adjustment - Site to Do Business (2 Mile Radius) WILLIAMS RESERVE AT LAKE TRAFFORD SALES COMPARISON APPROACH – RPUD LANDS Page 84 Comparables 1, 2 and 5 have direct road frontage with high traffic counts. Comparables 2 and 5 are located on Bayshore Road which is a connector road from I -75 to the rapidly developing Babcock Ranch. All comparables were evaluated and no adjustments could be quantified. Size (Number of Units) Size and price per unit are typically inversely related; therefore, Comparables 2 and 4 are adjusted downward for their smaller sizes while Comparable 3 is adjusted upward for its larger size. Comparables 1 and 5 are relatively similar. Configuration No adjustments for configuration could be supported; therefore, none are made. Comparable 1 is bisected by and FP&L easement similar to subject. This will be considered in reconciliation. Zoning/Density Subject is zoned for 336 units or 2 unit per acre. Comparable 1 includes mostly RS-1 and AG-2 zoning. The anticipated density is 2.86 units per acre. Comparables 2 through 4 are zoned residential similar to subject. Their densities are 1.73, 4.94 and 3.68 units per acre, respectively. As discussed in the highest and best use analysis, a rezoning to an RPD is anticipated. Comparable 1 was entirely zoned AG -2 agricultural at time of sale and is considered inferior to the subject. They anticipate a rezone to 1.1 9 units per acre. All comparables were evaluated and adjusted for accordingly. The adjustment considers density and price per unit are typically inversely related. Flood Zone The subject is located in AE, AH and X zones. Comparables 1, 2 and 5 have similar flood zone exposure. Comparables 3 and 4 are adjusted downward for their X zone locations . Sales Comparison Approach Conclusion All of the value indications have been considered . We also consider the offer from LGI Homes at $4,368,000 or $13,000 per unit. In the final analysis, Comparables 1, 3, and 4, have been given most weight in arriving at our final reconciled per unit value of $14,800. Additionally, we have added the valuation of the agricultural lands to reconcile to a final value. As the two uses will be marketed to separate buyers, no adjustment is considered for a bulk sale. WILLIAMS RESERVE AT LAKE TRAFFORD SALES COMPARISON APPROACH – RPUD LANDS Page 85 5 % Δ 1.94% -22.66% -17.21% Land Value Ranges & Reconciled Values Number of Comparables:Unadjusted Adjusted Average:$23,701 $19,623 Low:$12,121 $12,356 High:$37,324 $28,865 Indicated Value:$4,972,800 RPUD Reconciled Final Value:$4,970,000 Reconciled Value/Unit Value:$14,800 Subject Size:336 AG Land Value:$14,970,000 $19,940,000Total Land Value: WILLIAMS RESERVE AT LAKE TRAFFORD RECONCILIATION Page 86 RECONCILIATION The process of reconciliation involves the analysis of each approach to value. The quantity and quality of data applied the significance of each approach as it relates to market behavior and defensibility of each approach are considered and weighed. Finally, each is considered separately and comparatively with each other. As discussed previously, we use only the sales comparison approach in developing an opinion of value for the subject. The cost and income approaches are not applicable and are not used. FINAL VALUE CONCLUSION Based on the data and analyses developed in this appraisal, we have reconciled to the following value conclusion(s), as of February 9, 2024 , subject to the Limiting Conditions and Assumptions of this appraisal. VALUE C ONCLUSIONS Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value, As Is Fee Simple February 9, 2024 $19,940,000 The value conclusion(s) are subject to the following hypothetical conditions and extraordinary conditions. These conditions may affect the assignment results. Hypothetical Conditions: None. Extraordinary Assumptions: None. Exposure and Marketing Times Exposure time is always presumed to precede the effective date of the appraisal and is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Marketing time is an estimate of the amount of time it might take to sell a property at the estimated market value immediately following the effective date of value. Based on our review of recent sales transactions for similar properties and our analysis of supply and demand in the local market it is our opinion that the probable marketing and exposure time for the property is 12 months. WILLIAMS RESERVE AT LAKE TRAFFORD CERTIFICATION Page 87 CERTIFICATION We certify that, to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, unbiased professional analyses, opinions and conclusions. 3. We have no present or prospective interest in the property that is the subject of this report, and have no personal interest with respect to the parties involved. 4. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute. 8. My reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice 9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 10. K. C. Lowry, MAI, CPA has made an inspection of the subject property. Rachel M. Zucchi, MAI, CCIM has not made an inspection of the subject property . 11. No one provided significant real property appraisal assistance to the person signing this certification. 12. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. WILLIAMS RESERVE AT LAKE TRAFFORD Page 88 13. This appraisal is not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 14. We have not relied on unsupported conclusions relating to characteristics such as race, color, religion, national origin, gender, marital status, familial status, age, receipt of public assistance income, handicap, or an unsupported conclusion that homogeneity of such characteristics is necessary to maximize value. 15. K. C. Lowry, MAI, CPA and Rachel M. Zucchi, MAI, CCIM have not performed any services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three -year period immediately preceding the agreement to perform this assignment. 16. As of the date of this report, K. C. Lowry, MAI, CPA and Rachel M. Zucchi, MAI, CCIM have completed the continuing education program for Designated Members of the Appraisal Institute. K. C. Lowry, MAI, CPA Florida State -Certified General Real Estate Appraiser RZ2355 klowry@rklac.com; Phone 239-596-0802 Rachel M. Zucchi, MAI, CCIM Florida State -Certified General Real Estate Appraiser RZ2984 rzucchi@rklac.com; Phone 239-596-0801 WILLIAMS RESERVE AT LAKE TRAFFORD ASSUMPTIONS AND LIMITING CONDITIONS Page 89 ASSUMPTIONS AND LIMITING CONDITIONS This appraisal is based on the following assumptions, except as otherwise noted in the report. 1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property. 4. The revenue stamps placed on any deed referenced herein to indicate the sale price are in correct relation to the actual dollar amount of the transaction. 5. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 6. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. This appraisal is subject to the following limiting conditions, except as otherwise noted in the report. 1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be WILLIAMS RESERVE AT LAKE TRAFFORD ASSUMPTIONS AND LIMITING CONDITIONS Page 90 scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability, and civil, mechanical, electrical, structural and other engineering and environmental matters. 9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the person signing the report. 11. Information, estimates and opinions contained in the report, obtained from third - party sources are assumed to be reliable and have not been independently verified. 12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 14. No consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 15. The current purchasing power of the dollar is the basis for the value stated in our appraisal; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The value found herein is subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. WILLIAMS RESERVE AT LAKE TRAFFORD ASSUMPTIONS AND LIMITING CONDITIONS Page 91 17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of any property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. In as much as compliance matches each owner’s financial ability with the cost to cure the non -conforming physical characteristics of a property, we cannot comment on compliance to ADA . Given that compliance can change with each owner’s financial ability to cure non -accessibility, the value of the subject does not consider possible non -compliance. A specific study of both the owner’s financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of the Client, its subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property and the person signing the report shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The person signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. We are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non -existent or minimal. 22. RKL Appraisal and Consulting, PLC is not a building or environmental inspector. RKL Appraisal and Consulting, PLC does not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended. WILLIAMS RESERVE AT LAKE TRAFFORD ASSUMPTIONS AND LIMITING CONDITIONS Page 92 23. The appraisal report and value conclusion for an appraisal assumes the satisfactory completion of construction, repairs or alterations in a workmanlike manner. 24. The intended use of the appraisal is stated in the General Information section of the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client’s use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 25. All prospective value estimates presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDA - APPRAISER QUALIFICATIONS ADDENDA WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM A - APPRAISER QUALIFICATIONS ADDENDUM A APPRAISER QUALIFICATIONS WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM A - APPRAISER QUALIFICATIONS 4500 Executive Drive, Suite 230 Naples, FL 34119-8908 Phone: 239-596-0800 www.rklac.com RKL Appraisal and Consulting, PLC COMPANY PROFILE: RKL Appraisal and Consulting, PLC was founded in 2009 by three designated Members of the Appraisal Institute. It is our mission to maximize our combined appraisal experience to provide our clients with the highest quality of Real Estate Appraisal and Consulting Services. Rachel M. Zucchi, MAI, CCIM K.C. Lowry, MAI, CPA Louis C. Bobbitt, MAI Partner / Managing Director Partner Senior Partner (Retired) rzucchi@rklac.com klowry@rklac.com lbobbitt@rklac.com BUSINESS FOCUS: Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution buildings, residential and commercial condominium and subdivision projects, hotels and motels, vacant land and special purpose properties. Specialized services include appraisal review, business valuations, market feasibility studies, acquisition/disposition counseling, and litigation support in connection with real estate transactions including bankruptcy, eminent domain, estate valuations, and matrimonial and equitable distribution . Clients served include banks and financial institutions, developers and investors, law firms, go vernment, and property owners. WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM A - APPRAISER QUALIFICATIONS PROFESSIONAL QUALIFICATIONS OF KENNETH C. LOWRY, MAI, CPA REAL ESTATE EXPERIENCE: RKL APPRAISAL AND CONSULTING, PLC Naples, Florida Partner (2009 – Present) INTEGRA REALTY RESOURCES – SOUTHWEST FLORIDA - NAPLES Naples, Florida Senior Real Estate Analyst (1996 – 2009) STEVEN GRAVES ASSOCIATES Greenwood, Indiana Fee Appraiser (1994 – 1996) AVL APPRAISAL SERVICES, INC. Greenwood, Indiana Appraiser/Vice President (1991 – 1996) AMERICAN COMMUNITY DEVELOPMENT CORPORATION Indianapolis, Indiana Controller (1990 – 1991) MANSUR DEVELOPMENT, INC. Indianapolis, Indiana Senior Accountant (1988 – 1990) PROFESSIONAL ACTIVITIES: Member: Licensed: Licensed: Appraisal Institute – MAI Certificate No. 12501 Florida State Certified General Real Estate Appraiser License No. RZ 2355 Indiana State – Certified Public Accountant #CPO8800355 EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County, Lee County, and Charlotte County EDUCATION: Bachelor of Science-1981; Indiana University–Bloomington; School of Business; Accounting Major. Successfully completed numerous real estate and business valuation courses and seminars sponsored by the Appraisal Institute, Institute of Business Appraisers, accredited universities and others. BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since the early 1990’s. Practice is focused on community/neighborhood shopping centers, power centers, office buildings, warehouse/distribution, multi-family, condominium projects, hotels and motels, vacant land and special purpose properties. Specialized services include appraisals, business valuations, market feasibility studies, and litigation support in connection with real estate transactions. Clients served include banks and financial institutions, developers and investors, law firms, busin ess/industry and government, and mortgage bankers. Valuations have been performed for condemnation purposes, estate, financing, and due diligence support. WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM A - APPRAISER QUALIFICATIONS WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM A - APPRAISER QUALIFICATIONS PROFESSIONAL QUALIFICATIONS OF Rachel M. Zucchi, MAI, CCIM EXPERIENCE: Partner / Managing Director of RKL Appraisal and Consulting, PLC Naples, FL (2009 – Present) President of D&R Realty Group, Inc. Naples, FL (2009 – Present) Senior Real Estate Analyst, Integra Realty Resources – Southwest Florida Naples, FL (2003 – 2009) Research Associate, Integra Realty Resources – Southwest Florida Naples, FL (2002-2003) PROFESSIONAL ACTIVITIES: Member: President: VP/Secretary/Treasurer: Region X Representative: Board of Directors: Government. Relations: Prof. Standards & Guidance: LDAC Attendee: Member: Member: Licensed: Licensed: Appraisal Institute – MAI Certificate Number 451177 Appraisal Institute Florida Gulf Coast Chapter (2020) Appraisal Institute Florida Gulf Coast Chapter (2017 - 2019) Appraisal Institute Florida Gulf Coast Chapter (2017 - 2022) Appraisal Institute Florida Gulf Coast Chapter (2015 - 2021) Appraisal Institute National (2022) Appraisal Institute National (2023-2024) Leadership Development & Advisory Council Appraisal Institute - Washington, D.C. (2016 , 2017, 2018) CCIM Institute - CCIM Designation Pin Number 21042 Naples Area Board of REALTORS Florida State Certified General Real Estate Appraiser License No. RZ 2984 Real Estate Broker (Florida) License No. BK3077672 EXPERT WITNESS: Qualified as an expert witness in the Twentieth Judicial Circuit Court of Collier County and Lee County EDUCATION: Bachelor of Arts, Major in Economics Florida Gulf Coast University, 2002 Graduated Magna Cum Laude Presented at Eastern Economic Association Conference Successfully completed real estate and valuation courses and seminars sponsored by the Appraisal Institute and others. BUSINESS FOCUS: Actively engaged in real estate valuation and consulting since 2003. Practice is focused on community/neighborhood shopping centers, retail and office buildings, industrial warehouse/distribution, multi-family and single-family subdivisions, condominium developments, hotels/motels, vacant land and special purpose properties. Specialized services include market feasibility studies and litigation support in connection with real estate transactions. Clients served include banks and financial institutions, developers and investors, law firms, government, and property owners. Valuations have been performed for eminent domain , bankruptcy, estate, matrimonial/equitable distribution, financing, and due diligence support. WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM A - APPRAISER QUALIFICATIONS WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM B - PROPERTY INFORMATION ADDENDUM B PROPERTY INFORMATION WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM B - PROPERTY INFORMATION BOOK VALUE FOR IMPROVED PARCELS We have been asked to develop a book value for three of the agricultural parcels with their improvements. This includes Strap Nos. 00131760002, 00132720009, and 00131720000. Book value is defined by The Dictionary of Real Estate Appraisa l, 7th ed. (Chicago: Appraisal Institute, 2022) as: The capital amount at which property is shown on the account books of a corporation or individual. The net amount at which an asset is carried on the books or reported in financial statements; the asset’s cost at acquisition, reduced by the amount of accumulated depreciation on the asset. In this analysis, we have applied the cost approach based on exterior inspection of several of the sites. Land values will be applied based on a parent tract principle at $7,200 per acre for each of the respective site. WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM B - PROPERTY INFORMATION Cost Source: # 15: Offices, Medical & Public Buildings # 17: Sheds & Farm Buildings No. of Stories Multiplier:1.000 Local Multiplier:Varies Height/Story Multiplier:1.000 Current Cost Multiplier:Varies Perimeter Multiplier:1.000 Combined Multipliers:Varies Item Unit Type Cost Quantity Multiplier 00131760002 00132720009 00131720000 Office Sq. Ft.$99.50 1,124 0.931 $104,121 Barn Sq. Ft.$44.75 4,800 0.931 $199,979 Sheds Sq. Ft.$32.25 900 0.931 $27,022 Residence Sq. Ft.$127.00 2,203 0.912 $255,160 Barn Sq. Ft.$44.75 2,880 0.931 $119,987 Sheds Sq. Ft.$32.25 3,042 0.931 $91,335 Garages Sq. Ft.$43.50 860 0.912 $34,118 Total Building Improvement Costs $104,121 $227,001 $500,601 Item 00131760002 00132720009 00131720000 Indirect Costs …………………………………………………………………10.0%$10,412 $22,700 $50,060 Total Soft Costs $10,412 $22,700 $50,060 Totals $114,533 $249,701 $550,661 Component Eff. Age Life Percent 00131760002 00132720009 00131720000 Physical Depreciation: Office 20 40 50%$57,267 Physical Depreciation: Residence 18 45 40%$112,271 Physical Depreciation: Outbuildings 15 25 60%$149,821 $161,991 Functional Obsolescence Building …………………………………………………………………0%$0 $0 $0 External Obsolescence Building …………………………………………………………………0%$0 $0 $0 $57,267 $149,821 $274,261 $57,267 $99,880 $226,340 Item 00131760002 00132720009 00131720000 Land Value ………………………………………………………………………………………$284,760 $4,608,000 $1,771,488 Other …………………………………………………………………………………$0 $0 $0 $342,027 $4,707,880 $1,997,828 $340,000 $4,710,000 $2,000,000 Depreciation: Section 1 of 1 Rounded Cost Approach Value Indication Land Value Marshall & Swift Percent Type Soft Costs % of Building Cost # 12: Dwellings, Multiples, MotelsMarshall & Swift Building Improvements Total Depreciation Depreciated Value of Improvements 1WILLIAMS RESERVE AT LAKE TRAFFORD | WILLIAMS FARMS 153IMMOKALEE, FLLAKE TRAFFORD ROADLAKE TRAFFORD ROADWILLIAMS RESERVE AT LAKE TRAFFORDWILLIAMS RESERVE AT LAKE TRAFFORDIMMOKALEE, COLLIER COUNTYOFFERING MEMORANDUM | EXCLUSIVELY LISTED BY LSI COMPANIES, INC.IMMOKALEE RD.IMMOKALEE RD.CARSON RD.CARSON RD.Lake Lake TraffordTrafford WWW.LSICOMPANIES.COMSALES TEAMOFFERING PROCESSOffers should be sent via Contract or Letter of Intent to include, but not limited to, basic terms such as purchase price, earnest money deposit, feasibility period and closing period.Hunter Ward - hward@lsicompanies.com | 239.489.4066Lake Trafford RoadImmokalee, FL 34142Collier2,247± AcresAgricultural/TransitionalA-MHO (Agricultural Mobile Home Overlay District ) 1 unit per 5 acresUrban Residential and Rural Mixed Use Water sewer and electricity in close proximity to the propertyRefer to page 4Property Address:County:Property Size (Acres): Property Type:Zoning: Future Land Use:Utilities Available:STRAP Numbers:OFFERING SUMMARYLIST PRICE$23,000,000 | $10,200 Per Acre William Rollins Jr. ALC, CCIMSenior BrokerHunter Ward, CCIMSales Associate 3WILLIAMS RESERVE AT LAKE TRAFFORD | LSI Companies is pleased to present Williams Reserve at Lake Trafford, a premium property with great potential for large-scale, future residential, and commercial development.The Williams Reserve property is a gorgeous old Florida property located adjacent to Lake Trafford in Immokalee, FL. The property has two access points on Lake Trafford Road and Immokalee Drive. The property currently operates as a diversified agricultural operation with active farming, cattle, and 115 acres of Valencia Grove. The Williams Reserve property has many unique features that make it a viable investment opportunity for near-term future residential development.The property features approximately 2,247 gross acres with approximately 50% or 1,100 acres are considered wetlands and headwaters to lake Trafford. Partially situated within the City of Immokalee and within unincorporated Collier County, the property is within the Rural Lands Stewardship Overlay with a base agricultural zoning designation. This area of Collier County has been the subject of numerous studies determining the long-term development of the area. The property has long-term development potential as a master-planned residential community but must clear a number of permitting and development approvals.The property is currently zoned Agricultural with a Mobile Home Overlay district in place(A-MHO). Under this zoning, the property primarily functions as an agricultural operation. However, this property’s Future Land Use is much more favorable and is classified as Urban Residential and Rural Mixed Use. Subject to development designs from the Rural Land guidelines, a master-planned development known as a town is likely permissible. Discussions with engineers suggest that 2 units to the acre is feasible, indicating well over 4,000 units can be developed. However, the base density of the property is 1 unit per 5 acres and will need density allocated to the property from other land areas designated as sending lands. The ultimate density of the project will be in flux until numerous studies are performed, along with an analysis of needed credits from a stewardship matrix. Currently, there are roughly 153 acres entitled for 336 residential units. (See page 9 for exact location. The surrounding area has experienced continued residential growth as evidenced by the adjacent Arrowhead Community, a value-oriented community building $200,000- $400,000 homes on 60-foot lots. Reviewing development patterns and trends in the vicinity makes it easy to recognize that future development is moving toward Eastern Collier County, where it has been the subject of numerous studies determining the area’s long-term growth. The property has long-term development potential as a master-planned community, which can be shifted from agricultural to a development opportunity allowing for a master-planned community. Immokalee utilities are located on Lake Trafford Road and Immokalee Drive. In addition, the Immokalee Water and Sewer District is located directly east of the property. The Williams Reserve at Lake Trafford is a premium transitional property with a strong upside for future development. This property has all the ingredients to become the next large-scale master planned development such as Babcock Ranch. EXECUTIVE SUMMARY 4WILLIAMS RESERVE AT LAKE TRAFFORD | WILLIAMS FARM OVERVIEWPARCEL NUMBER OWNERSHIP ENTITY LAND AREA (ACRES) ASSESSED VALUE TAXABLE VALUE 2021 TAXES 00113600106 JAMES E WILLIAMS JR TRUST 106.4 $207,290 $7,092$10300057320005 JAMES E WILLIAMS JR TRUST 97.35 $378,505 $9,023$13400132680107 JAMES E WILLIAMS JR TRUST 136.31 $239,571 $8,676$12700072520000 JAMES E WILLIAMS JR TRUST 70.91 $345,316 $7,373$10800132720009 WILLIAMS FARMS 600.36 $4,984,911 $1,228,599$16,79300132640008 WILLIAMS FARMS 349.72 $1,477,279 $174,548$2,56000114160001 WILLIAMS FARMS 339.57 $1,977,720 $320,158$4,32500113600009 WILLIAMS FARMS 50.04 $96,710 $3,309$4800113560000 WILLIAMS FARMS 167.24 $410,279 $17,386$23500131760002 WILLIAMS FARMS LAND ASSETS LLC 39.55 $646,025 $51,007$79500131720000 WILLIAMS FARMS LAND ASSETS LLC 246.04 $898,079 $263,367$3,86300132680000 WILLIAMS FARMS OF IMMOKALEE 43.79 $169,275 $5,025$742,247.28 $11,830,960 $2,095,563$29,164LAKE TRAFFORD ROADLAKE TRAFFORD ROADPROPERTY OVERVIEWCARSON RD.CARSON RD.IMMOKALEE RD.IMMOKALEE RD. 5WILLIAMS RESERVE AT LAKE TRAFFORD | 153± Acres entitled for 336 residential units.RLAKE(10.82 AC)LAKE(1.20 AC)LAKE(1.40 AC)FLU: URBAN RESIDENTIALSUBDISTRICTZONING: MPUDEXISTING USE:SINGLE FAMILYRESIDENTIALFLU: URBAN RESIDENTIALSUBDISTRICTZONING:VREXISTING USE:1- SINGLE-FAMILYRESIDENTIAL99 - ACREAGE NOT ZONEDAGRICULTURALFLU: URBAN RESIDENTIALSUBDISTRICTZONING:VREXISTING USE:1-SINGLE FAMILY RESIDENTIAL2-MOBILE HOMESLMIRAHAM TERRACEMERIHAM DR.RRLAKELLAAKKEELAKELLAAKKEELAKELAKE(10.82 AC)(10.8LAKE(1 20 AC)LAKE(1.20 AC)LAKE(1.20 AC)LAKE(1 40 AC))1KA4ELC0(A)KA4ELAC0(AC4(KA)A0EA((AAAAAACC44KK))00EELLAAAAAAKKKEEE(((444000AAACCC)))AAAAK4CLE0)AAKK44AACCLLKKEE00AA)LLLKKAAAAAAEEE444AAAKKK11000CCCLLAAAAEE44AAKK1100CCLAKE(1.40 AC)LAKE(1.40 AC)RRRRRRRRRAARLAKE TRAFFORD ROAD 80 ROW (PUBLIC)OPENSPACE / PRESERVE30.92 AC)OPENSPACE / PRESERVE(31.03 AC)ACCESS TOFUTUREDEVELOPMENT15' TYPE "B"BUFFER10' TYPE "D"BUFFER15' TYPE "B"BUFFER15' TYPE "B"BUFFEREX. LCECTRANSMISSIONSTATIONPROPOSED50' ROWPRELAKE (0.24 AC)(4.05 AC)FLU:URBAN RESIDEZONEEXISTI1.SINGLE FAMI99 - ACREAGAGRICULAKE(0.81 AC)LAKE(0.74 AC)ENTITLEMENT IN PLACELake Lake TraffordTraffordLAKE TRAFFORD ROADLAKE TRAFFORD ROADCARSON RD.CARSON RD.IMMOKALEE RD.IMMOKALEE RD. 6WILLIAMS RESERVE AT LAKE TRAFFORD | CONCEPTUAL SITE PLANRLAKE(10.82 AC)LAKE(1.20 AC)LAKE(1.40 AC)FLU: URBAN RESIDENTIALSUBDISTRICTZONING: MPUDEXISTING USE:SINGLE FAMILYRESIDENTIALFLU: URBAN RESIDENTIALSUBDISTRICTZONING:VREXISTING USE:1- SINGLE-FAMILYRESIDENTIAL99 - ACREAGE NOT ZONEDAGRICULTURALHALL ROADFLU: URBAN RESIDENTIALSUBDISTRICTZONING:VREXISTING USE:1-SINGLE FAMILY RESIDENTIAL2-MOBILE HOMESFLU:URBAN RESIDENTIALSUBDISTRICTZONING:A-MHOEXISTING USE:2-MOBILE HOMES99 - ACREAGE NOTZONED AGRICULTURALFLU URBAN RESIDENTIAL SUBDISTRICTTAYLOR TRACEMIRAHAM TERRACEMERIHAM DR.RLAKELLAAKKEELAKELAKE(10.82 AC)(10.8(C)LAKE(1.20 AC)LAKE(1.20 AC)LAKE(140AC))KA4ELC0(A)KA4EC0(AC4(KA)A0EA((AAAAAACC44KK))00EELLAAAAAAAAKKKKEEEE((((44440000AAAACCCC))))AAAK4CLE0)AK4ACLKE0A)LLLLKKKAAAAAAAEEEE444AAAKKKK110000CCCCLLKAAAAAEE444AAAKK1100CCCLAKE(1.40 AC)LAKE(1.40 AC)FLU: URBAN RESIDENTIALALSUBDISTRICTZONING:VRREXISTING USE:G U1- SINGLE-FAMILYGLRESIDENTIALRE99 - ACREAGE NOT ZONED- AAGRICULTURALLU: URBAN RESIDENTIALALSUBDISTRICTTZONING:VRG:VEXISTING USE:STINGLE FAMILY RESIDENTIALGLE 2-MOBILE HOMESMIRAHAM TERRACEERACEMERIHAM DR.RMERIHAM DRMERIHAM DRRAM DRMMERIHAM MERIHAM DRDRRRRRRRRRRAARLAKE TRAFFORD ROAD 80' ROW (PUBLIC)OPENSPACE / PRESERVE30.92 AC)OPENSPACE / PRESERVE(31.03 AC)ACCESS TOFUTUREDEVELOPMENTPUD ACCESSGATED ENTRY15' TYPE "B"BUFFER10' TYPE "D"BUFFERNO BUFFER REQUIRED15' TYPE "B"BUFFER15' TYPE "B"BUFFER15' TYPE "B"BUFFEREX. LCECTRANSMISSIONSTATIONPROPOSED50' ROWPRESERVE TO ACTAS BUFFERPRESERVE TO ACTAS BUFFERFLU:URBAN RESIDENTIAL SUBDISTRICT ZONING:RSF-5EXISTING USE:1- SINGLE FAMILY RESIDENTIALFLU: URBAN RESIDENTIALSUBDISTRICTZONING:A-MHOEXISTING USE:1-SINGLE FAMILY RESIDENTIALPROPOSED: WILLIAMS FARM RESIDENTIAL PUD168.023 ACFLU:URBAN RESIDENTIAL SUBDISTRICTZONING: A-MHOEXISTING USE: 60 - GRAZING LAND SOILCAPABILITY CLASS ILAKE (0.24 AC)(4.05 AC)FLU:URBAN RESIDENTIAL SUBDISTRICTZONE:A-CUEXISTING USE:1.SINGLE FAMILY RESIDENTIAL99 - ACREAGE NOT ZONEDAGRICULTURALLAKE(0.81 AC)LAKE(0.74 AC) 7WILLIAMS RESERVE AT LAKE TRAFFORD | CONCEPT PLANPID - AH780626 25 59.62534(N)081 27 37.29250(W)Scale: 1" = 10,000 FT0 10,000 20,000Feet2020 COLLIER COUNTY AERIAL OBTAINED FROM ESRI.COORDINATE SYSTEM: NAD 1983 2011 STATEPLANE FLORIDA EAST FIPS 0901 FT USPROJECTION: TRANSVERSE MERCATOR1.)2.)3.)Map NotesStormwater FlowCulvertsParks and Rec FacilityCommercialFlowway / ConservationFire StationRetention / Water Quality PondParkResidential MFResidential SFRoadProperty BoundaryLegendResidential (SF)ResidentialSFResidentialSFCommercialFire StationFlowway / ConservationFlowway / ConservationParkResidentialResidentialMFLAKETRAFFORDResidentialMFResidentialMFFlowway / Conservation822226186050932211164012270375163128301041926050150PALM AVEIMMOKALEE DRSERENITY DR5TH AVELAKE TRAFFORD RDN 19TH STTAYLOR TER6THAVE7TH AVECARSON RD8TH AVELAUREN LNTAYLOR STPINECTCAVEARTHURCTFORD CTTRAFFORDISLESCIR ESPERANZA WAYMIRAHAMPLJUMPER LNBAVER VEST DR ROBERTSAVEWBAKER STCRESTVIEW DRW EEPI N G W ARRI OR W AY FRANKLINCTMIRAHAMDRAMIGO WAYLUNA CTMARIANNA WAYN 19THSTTARA STPOOLE LNCRESTVIEWLNGARDENLAKELNT I P P INST ER KRYSTAL LN LINCOLNBLVDEL PASO TRLN 18TH STMIRAHAM TERCHRIN 17TH STPHYLLISLNRINGO LNSERENITYLNINDIANCAMPRDARTHUR ST LAKE SHORE DRBUSHSTEBRYANT ST TUCKAHOEDRN 19TH ST20TH CT NCRESTVIEW CIRWILKINSON LNFIREBUSHCIRMINERS LNSERENITYWAYLINCOLN CTGARDEN LAKECIRADAMSCTSEACREST AVEPALM DRALAMO DRWALKING STICK LNMARJORICREWSCTASHLN TITUS LNHICKOCK LNLAKE LNMADISONCTWINSTON RDQUAIL ROOST RDPERCH PLTAYLORRDSTAYLOR RD NPINE STJACKSONCTALICELNBASS RDDEER RUN RDWARDEN LNIMMOKALEE DR6THAVENUE CIR DILSA LNWELLS STRAULERSON RDHAN 29TH STHAMILTONSTBUSH ST WEL PASO TRLSUMMER GLEN BLVDCommerical 20Conservation / Flowway 939Fire Station 2Pond - Retention / Water Quality 254Park 150Road 16Residential - Multi Family 90Residential - Single Family 771Use Total Acreage"Treatment Train" Pond Design -Best Management Practice (BMP) forstormwater flow with reductions inNitrogen and Phosphorus at each steptoward Lake Trafford. 8WILLIAMS RESERVE AT LAKE TRAFFORD | RURAL LAND COMMUNITIESIMMOKALEE ROADIMMOKALEE ROADBRIGHTSHORERURAL VILLAGETOWN OF BIG CYPRESSLONGWATER VILLAGETOWN OF BIG CYPRESSBELLMAR VILLAGERIVERGRASS VILLAGE PROJECT ACRES UNITSRURAL VILLAGE2,787 4,042BELLMAR999 2,750LONGWATER999 2,650RIVERGRASS998 2,500BRIGHTSHORE681 2,000TOWN OF BIG CYPRESS515 1,400KINGSTON6,676 10,000GL HOMES4,652 5,200TOTAL18,307 31,507 9WILLIAMS RESERVE AT LAKE TRAFFORD | Lake Trafford Rd.Lake Trafford Rd.Lake Lake TraffordTraffordImmokalee Rd.Immokalee Rd.Pepper Ranch Pepper Ranch PreservePreserveSITEIMMOKALEE SPORTS COMPLEX Arrowhead Arrowhead CommunityCommunityRETAIL MAPN. 15th St.N. 15th St.Main St. Main St. 10WILLIAMS RESERVE AT LAKE TRAFFORD | GOLDEN GATE BLVDI-75SR 29OIL WELL RDCR 846SR 82EVERGLADES BLVDSR 29 NCORKSCREW RDIMMOKALEE RD DESOTO BLVD S1ST ST SLAKE TRAFFORD RDMAIN ST WNE W MA RK ET RD I-7540241MilesGIS Mapping: Beth Yang, AICPGrowth Management DepartmentFile: Official Rural Lands Stewardship Area Overlay Map.mxdDate: 01/2022Okaloacoochee SloughFlowway Stewardship Area(FSA)HSAHSAHSAACSCOkaloacoocheeHabitatStewardship Area(HSA)ACSCCampKeaisStrandFlowway Stewardship Area(FSA)HSAWRAAVEMARIASRAO IL W E L L G R A D E R D CAMP KEAIS RDSSA 11SSA 16SSA 5SSA 3SSA 4SSA 12SSA 6SSA 15SSA 9SSA 1SSA 2SSA 15SSA 14SSA 13SSA 7WRAWRAWRAFSAWRAWRAWRAWRAWRAACSCACSCLakeTraffordCR 858 WRANORTH CORRIDOR GENERAL LOCATIONSOUTH CORRIDOR GENERAL LOCATIONSSA 5ASSA 3ARIVERGRASSVILLAGESRA(Disclaimer: The information provided is to be used for general mapping purposes only. Ground surveying and records search must be used for absolute boundaries/acreages)FSAFSAFSAFSAFSAFSAFlorida PantherNational Wildlife RefugeOkaloacoochee SloughState ForestHYDE PARKVILLAGE SRALegendStewardship AreasRLSA Program AreaMajor RoadsArea of Critical State Concern500 Foot Restoration AreaFlowway Stewardship Area (FSA)Habtitat Stewardship Area (HSA)Water Retention Area (WRA)OpenPanther CorridorStewardship Sending Area (SSA)Public LandsStewardship Receiving Area (SRA)BigCypressNationalForestSSA 17SSA 17BELLMARVILLAGESRALONGWATERVILLAGESRAAMENDED - JANUARY 25, 2007(Ord. No. 2007-18)AMENDED - SEPTEMBER 13, 2011(Ord. No. 2011-26)AMENDED - JUNE 13, 2017(Ord. No. 2017-22)AMENDED - JULY 13, 2021(Ord. No. 2021-28)AMENDED - OCTOBER 14, 2008(Ord. No. 2008-59)RURAL LANDS STEWARDSHIP MAPThe Rural Lands Stewardship Map highlights all areas classified as sending or receiving lands. Density can be bought, traded, and assigned between these areas to help further the development of new projects. 11WILLIAMS RESERVE AT LAKE TRAFFORD | LAKE TRAFFORD ROADLAKE TRAFFORD ROADIMMOKALEE FUTURE LAND USE 12WILLIAMS RESERVE AT LAKE TRAFFORD | LAKE TRAFFORD ROADLAKE TRAFFORD ROADWETLANDS MAP 13WILLIAMS RESERVE AT LAKE TRAFFORD | MAP UNIT SYMBOLMAP UNIT NAMEACRES IN AOIPERCENT OF AOI6 Riviera, limestone substratum- Copeland fine sand association, 0 to 2 percent slopes 31.1 1.4%7 Immokalee fine sand, 0 to 2 percent slopes 432.6 19.2%8 Myakka fine sand, 0 to 2 percent slopes 18.5 0.8%15 Pomello fine sand, 0 to 2 percent slopes 11.2 0.5%16 Oldsmar fine sand, 0 to 2 percent slopes 155.4 6.9%17 Basinger fine sand, 0 to 2 percent slopes 23.0 1.0%18 Riviera fine sand, limestone substratum, 0 to 2 percent slopes 39.3 1.7%21 Cypress Lake fine sand, 0 to 2 percent slopes 4.0 0.2%22 Chobee, Winder, Gator soils, frequently ponded, 0 to 1 percent slopes 32.2 1.4%25 Cypress Lake-Riviera-Copeland fine sands, frequently ponded, association, 0 to 1 parent slopes 221.4 9.8%27 Holopaw fine sand, 0 to 2 percent slopes 93.6 4.2%28 Pineda-Riviera fine sands association, 0 to 2 percent slopes 54.6 2.4%29 Wabasso fine sand, 0 to 2 percent slopes 622.9 27.7%31 Hilolo, Jupiter, Jenada fine sands, 0 to 2 percent slopes 2.7 0.1%37 Tuscawilla fine sand, 0 to 2 percent slopes 143.9 6.4%43 Winder, Riviera, limestone substratum, and Chobee soils, frequently ponded, 0 to 1 percent slopes 324.1 14.4%113 Holopaw fine sand-Urban land complex, 0 to 2 percent slopes 2.7 0.1%117IMMOKALEE FINE SAND-URBAN LAND COMPLEX, 0 TO 2 PERCENT SLOPES30.6 1.4%118IMMOKALEE-OLDSMAR, LIMESTONE SUBSTRATUM-URBAN LAND COMPLEX, 0 TO 2 PERCENT SLOPES0.9 0.0%122MYAKKA FINE SAND-URBAN LAND COMPLEX, 0 TO 2 PERCENT SLOPES2.3 0.1%130POMELLO FINE SAND-URBAN LAND COMPLEX, 0 TO 2 PERCENT SLOPES0.2 0.0%131RIVIERA FINE SAND, LIMESTONE SUBSTRATUM-URBAN LAND COMPLEX, 0 TO 2 PERCENT SLOPES0.3 0.0%134TUSCAWILLA FINE SAND-URBAN LAND COMPLEX, 0 TO 2 PERCENT SLOPES0.6 0.0%TOTALS FOR AREA OF INTEREST2,248.2 100.0%SOIL REPORT 14WILLIAMS RESERVE AT LAKE TRAFFORD | 29822984684685885089029A830830A85CR846RandallBlvdOilWell RdSR29Grove RdCorkscrew RdCitrus WestSR82Immokalee RdCampKeaisCountyLineRdSerenoa CrHorseTrialGopherRidgeImmokalee Ext Ne wMarket RandallExtLittleLeagueAveMariaBlvdImmokalee CrAnthem ParkwayCitrus EastSerenoaEImmokalee Loop RdBusiness 846West Clox StLake TraffordStockadePope John PaulCarsonRdImmokalee RdLittle LeagueRandallExtSR82Oil Well Rd I m mo kale eLo op R d LittleLeagueSerenoa CrSR82ImmokaleeRdAveMar ia BlvdOilWell RdCitrusEastLittleLeagueSerenoaCrGopherRidgeImmokalee CrOil Well RdStockadeOilWellRdLittle LeagueImmokalee RdCR846SR 29Oil Well RdCarson RdImmokaleeLoopRdCamp KeaisStockadeSR 29SR29ImmokaleeLoopRdCitrusWestSR 29SR 29CR 846Everglades BlvdCitrus WestOilWellRdSR29Oil WellRdCounty LineRdSR 29 SR 29SR82Immokalee RdImmokalee ExtSerenoa CrSR29SR29ImmokaleeExtSR 82ImmokaleeCr56435.45.324.73.83.63.43.33.24.63.1 2.62.512.32.22.42.11.92.81.81.71.61.51.41.3 1.21.10.90.80.70.60.50.40.30.20.10.91.411.20.50.41.81.11.10.522.31.8213.12.62.212.11.23.80.80.511.95.41.82.421.71.81.713.21.91.61.7111.62.3 1.910.9 0.5Ave MariaImmokaleeHendryCollierLeeCollierFUTURE ROAD INFRASTRUCTURE The map depicts the long-range transportation plan of Collier County, illustrating the future roadway needs of the area. However, the plans do not guarantee that future infrastructure will be extended. Collier County has also identified the potential need for a connection road extending through the property connecting Lake Trafford Road to Immokalee Road. 15WILLIAMS RESERVE AT LAKE TRAFFORD | FPL TRANSMISSION MAPFPL TRANSMISSION MAP 16WILLIAMS RESERVE AT LAKE TRAFFORD | RLSA 2050 TOWN LOCATION MAPRLSA 2050 TOWN LOCATION MAP 17WILLIAMS RESERVE AT LAKE TRAFFORD | Project DetailsWork TypeConstructionWorkPhaseDesignLimitsfrom NewMarketRoad/WestcloxRoad to SR 82Length3 milesCityImmokaleeCountyCollierRoadSR 29SR 82ConstructionCost$30 millionLetting05/16/2022This project consists of widening an approximately 3-mile-long segment of SR 29 from North of New Market Road North to SR 82.SR 29 from North of New Market Road North to SR 82 417540-6SR 29 WIDENING 18WILLIAMS RESERVE AT LAKE TRAFFORD | CONCEPTUAL SITE LAYOUT LOCATION MAPBig Cypress National PreserveBig Cypress National PreserveSITEPINE PINE ISLANDISLANDFORT MYERS FORT MYERS BEACHBEACHSANIBELSANIBELCAPTIVACAPTIVAPUNTA GORDAPUNTA GORDANAPLESNAPLESESTEROESTEROFORT MYERSFORT MYERSLOCATION HIGHLIGHTS• 0.3± miles to Lake Trafford• 1± mile to the Seminole Casino • 4.2± miles to Immokalee Airport• 4.6± miles to Ave Maria • 23± miles to SW Florida Intl. Airport (RSW)BONITA SPRINGSBONITA SPRINGSRiver HallRiver HallCommunityCommunityAve MariaAve MariaBabcock RanchBabcock Ranch 19WILLIAMS RESERVE AT LAKE TRAFFORD | 20WILLIAMS RESERVE AT LAKE TRAFFORD | 6810 International Center Blvd. • Fort Myers, FL 33912 • 239.489.4066LIMITATIONS AND DISCLAIMERS The content and condition of the property provided herein is to the best knowledge of the Seller. This disclosure is not a warranty of any kind; any information contained within this proposal is limited to information to which the Seller has knowledge. Information in this presentation is gathered from reliable sources, and is deemed accurate, however any information, drawings, photos, site plans, maps or other exhibits where they are in conflict or confusion with the exhibits attached to an forthcoming purchase and sale agreement, that agreement shall prevail. It is not intended to be a substitute for any inspections or professional advice the Buyer may wish to obtain. An independent, professional inspection is encouraged and may be helpful to verify the condition of the property. The Seller and LSI Companies disclaim any responsibility for any liability, loss or risk that may be claimed or incurred as a consequence of using this information. Buyer to hold any and all person’s involved in the proposal of the property to be held harmless and keep them exonerated from all loss, damage, liability or expense occasioned or claimed. Potential Buyer acknowledges that all property information, terms and conditions of this proposal are to be kept confidential, and concur that either the Potential Buyers, nor their agents, affiliates or attorneys will reveal this information to, or discuss with, any third parties. Buyer will be a qualified Buyer with significant experience in entitlement and development process in Lee County with finesse and wherewithal and be willing to be interviewed by the LSI Companies team.WILLIAMS FARMS 153IMMOKALEE, FLLAKE TRAFFORD ROADLAKE TRAFFORD ROAD WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM C - COMPARABLE DATA ADDENDUM C COMPARABLE DATA WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM C - COMPARABLE DATA ID 4307 Date 4/16/2021 Name Half Circle L Farms Price $17,400,000 Address 2424 Thorp Road Price Per Acre $3,885.20 City Immokalee Transaction Type Closed Sale Grantor Half Circle L Ranch partnership, LLP Financing Cash sale Grantee Gargiulo, Inc.Property Rights Fee Simple Tax ID Days on Market N/A Sale Verification Date 11/12/2021 Book/Page or Reference Doc Instr. 6043042 Sale Verification Source Joyce Collins w/ Gargiulo Conditions of Sale Arm's length Sale History None in last 3 years Acres 4,478.53 Topography N/A Land SF 195,084,767 Zoning Agricultural Primary Frontage Feet N/A Flood Zone Assorted Primary Frontage Street Thorp Road Dimensions N/A Utilities Electric Shape Irregular Comments The sale includes 2,273 acres in Collier County and 2,205 acres in Hendry County. Collier County folios include; 00090040009, 00090120000, 00089520006, 00090000007, and 00089480007. They are assess as land at $11,330,194 excluding exemptions. The Hendry County folios are: 1-31-46-19-A00-00001.0000, 1-31-46-30-A00-00001.0000, 1-31-46-18-A00-00001.0000, 1-31-46-21-A00-00003.0000, 1-31-46- 28-A00-00001.0000 and 1-31-46-33-A00-00001.0000. They are assessed at $9,561,228 (land) and $176,287 (improvements). Land classifications include 21% wooded pasture, 18% improved pasture, 41% wetlands and 20% croplands. Transaction Site Land Comparable 1 11 folios with five in Collier County and six in Hendry County WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM C - COMPARABLE DATA ID 7888 Date 12/20/2021 Name L8 Labelle Price $13,301,700 Address 5750 S State Road 29 Price Per Acre $7,702.20 City LaBelle Transaction Type Closed Sale Grantor Bob Paul, Inc. and The Eugene Stuart Paul LP Financing Conventional @ $9,976,266 Grantee L8, LLC Property Rights Fee Simple Tax ID Days on Market N/A Sale Verification Date 11/5/2021 Book/Page or Reference Doc Two deeds Sale Verification Source Scott Lyons w/ L8, LLC Conditions of Sale Arm's length Sale History None in last 3 years. Acres 1,727.00 Topography Level and mostly cleared Land SF 75,228,120 Zoning AG - Agricultural Primary Frontage Feet 6,655 Flood Zone Zone X with minimal A Primary Frontage Street SR 29 Dimensions N/A Utilities Off site Shape Irregular Comments Site Transaction Land Comparable 2 Contracted on 6/7/2021. The property consists of eleven irregular-shaped parcels of land totaling 1,727 acres, broken up into two separate assemblages, and improved with three one-story warehouse and residential buildings totaling approximately 12,661 square feet (GBA). The buildings, which were constructed in 1926, 1978 and 1983, are of concrete block and metal-frame construction with standing seam metal roofs. The property also includes a new truck scale. The North Parcel includes 775 acres over four folios: 2 28 43 24 A00 0004.0000; 2 29 43 19 A00 0001.0000; 2 28 43 25 A00 0002.0000; and 2 29 43 30 A00 0001.0000. This property has extensive frontage on Helms Road. This parcel includes agricultural fields and will be held for future residential development. The South Parcel has 952 acres over nine folios: 2 29 43 33 A00 0001.0000; 2 29 43 32 A00 0001.0000; 2 29 43 31 A00 0008.0000; 2 29 44 04 A00 0002.0100; 2 29 44 05 A00 0001.0000; 2 29 44 04 A00 0002.0000; 2 29 44 04 A00 00002.0000; 2 29 44 04 A00 0002.0200; and 2 29 44 05 A00 0001.0100. This parcel includes agricultural fields and will used to access a future mine offsite. The sale was recorded in two deeds at Instrument No. 202126017016 from Bob Paul Inc. for $12,583,400 and Instrument No. 20216017015 from The Eugene Stuart Paul LP for $718,300. Future land use for the North Parcel is Village, Urban Residential and Resource Protection and the South Parcel is Village Residential and Resource Protection. Multiple WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM C - COMPARABLE DATA ID 8333 Date 6/24/2022 Name Caloosa Estates Price $4,250,000 Address 3250 N. River Road Price Per Acre $8,492.53 City LaBelle Transaction Type Closed Sale Grantor Caloosa Groves, LLC Financing Conventional @ $2,762,500 Grantee Estates at LaBelle, LLC Property Rights Fee Simple Tax ID Days on Market N/A Sale Verification Date 2/28/2024 Book/Page or Reference Doc Instr. 202226008731 Sale Verification Source Patrick Lynch w/ Momentum Real Estate Partners Conditions of Sale Arm's length Sale History None in last 3 years. Acres 500.44 Topography Below grade Land SF 21,799,166 Zoning AG-2 Agricultural Primary Frontage Feet 3,075 Flood Zone Primarily Zone X per FIRM 12051C 0040 D Primary Frontage Street Old North River Road (3,075± feet)Dimensions Irregular Utilities None Shape Irregular Land Comparable 3 Listed at $15M or $30K per acre. Buyer is a national investor. Site is currently citrus groves with minimal wetlands exposure. Per Hendry County zoning, the property is zoned Agricultural with future land uses including Agricultural (321 acres) and Residential Medium Density (179 acres). The site has onsite wells for the citrus groves. It would require a mini sewage treatment plant for more intensive development. Property is bisected by Bee Branch stream. Property includes mobile home and farm support structures. Site Comments Transaction 1-28-43-01-A00-0028.0000 and 1-28-43-02-A00-0001.0000 WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM C - COMPARABLE DATA ID 8332 Date 5/31/2023 Name Stolle Ranch Price $19,000,000 Address 21121 Granville Road Price Per Acre $6,896.55 City North Fort Myers Transaction Type Closed Sale Grantor R.J.S Florida, LLC Financing Cash sale Grantee 3 H Ranch, LLC (81.6%), John F. Hales, Trustee for Audra Hales (9.2%) and John F. Hales Trustee for Ethan Freeman Hales (9.2%) Property Rights Fee Simple Tax ID Days on Market 2224 Sale Verification Date 2/28/2024 Book/Page or Reference Doc Instr. 2023000193911 Sale Verification Source Billy Rollins w/LSI Companies Conditions of Sale Arm's length Sale History None in last 3 years Acres 2,755.00 Topography Below grade Land SF 120,007,800 Zoning AG-2 Agricultural (Lee County) and AG (Charlotte County) Primary Frontage Feet 7,950 Flood Zone Zone AE, X and D per Firms 12071C 0276G, 0115 F and 0475 G Primary Frontage Street I-75 (9,400 feet) and Granville Road (7,950 feet) Dimensions Irregular Utilities None Shape Irregular Transaction Land Comparable 4 Site Comments Listed at $10,000/acre or $27,550,000. The recorded sale price is $17M. Per Mr. Rollins, the contract at $17M was sold prior to closing at a premium of $2M. Mr. Rollins declined to disclose the contract holder. Sale included six parcels in Lee County: 01-43-24-00-00001.0010; 01- 43-24-00-00003.0000; 02-43-24-00-00002.0010; 12-43-24-00-00002.0000; 02-43-24-00-00002.0020; and 12-43-24-00-00004.0000. The Lee County lands are zoned AG-2 with a Future Land Use of Open Lands. Sale included seven parcels in Charlotte County: 422425100001; 422425200001; 422425300001; 422425300002; 422426100001; 422436100001; and 4225300100001. The Charlotte County lands are zoned AG with a Future Land Use of Agriculture. Wetlands are estimated 35% ±. The property was marketed with two potential interchanges on I- 75. Mr. Rollins cited poor access to the property. Property is a long hold by buyer. Multiple WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM C - COMPARABLE DATA ID 8334 Date 6/30/2023 Name State Road 82 FPL Solar Farm Price $40,565,853 Address 4315 Wombles Road & 4405 and 3150 Lamm Road Price Per Acre $9,420.77 City Immokalee Transaction Type Closed Sale Grantor Turner Groves Limited Partnership Financing Cash sale Grantee Florida Power and Light Company Property Rights Fee Simple Tax ID Days on Market N/A Sale Verification Date 2/28/2024 Book/Page or Reference Doc Instr. 6423494 Sale Verification Source Billy Rollins w/LSI Companies Conditions of Sale Arm's length Sale History None in last 3 years. Acres 4,306.00 Topography Level at grade Land SF 187,569,360 Zoning A-MHO-RSLA Primary Frontage Feet 10,900 Flood Zone Mostly AH per FIRM 12021C 0130 H Primary Frontage Street State Road 82 (10,900 feet)Dimensions Irregular Utilities None Shape Irregular Direct sale to FP&L. Parcels include: 00050080009;00050520006; 00050560008; 00050640009; 00050600007; 00052480005; 00052520004; 00052800009; 00052600005; 00065600005; and 00052320000.Future land use is Agricultural/Rural Mixed use District/RSLA. Property includes less than 5% wetlands. Property is bisected by an FP&L transmission lines. Majority of property is citrus groves. FP&L targets sites near substations and with transmission lines along primary throughfares. There s a current FP&L field approximately 2 miles to the east at the intersection of SR 82 and SR 29. Per Mr. Rollins, FP&L is noted to pay a premium price for the right located site. Comments Site Transaction Land Comparable 5 Multiple WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM C - COMPARABLE DATA ID 8023 Date 6/12/2023 Name Bayshore 35 Price $1,950,000 Address 7150-7200 Bayshore Road Price Per Land Unit $19,500 City North Fort Myers Transaction Type Closed Sale Grantor John R. White, Jr, Trustee Financing Cash sale Grantee Black Spider Land Company Property Rights Fee Simple Tax ID Days on Market 2+ years Sale Verification Date 8/16/2023 Book/Page or Reference Doc Instr. 2023000214905 Sale Verification Source Christi Pritchett w/ LSI Companies Conditions of Sale Arm's length Sale History None in last 5 years Acres 34.99 Topography Moderate to heavy vegetation Land SF 1,524,164 Zoning RS-1 Single Family Residential & AG 2 Agricultural Primary Frontage Feet 1,100 Flood Zone AE per FIRM 12071 C 0279 G Primary Frontage Street Bayshore Road (1,100 feet)Dimensions N/A Utilities All public Shape Irregular No. of Units 100 Land Comparable 1 Transaction 29-43-25-00-00004.0000 & 29-43-25-00-00001.0010 Site Comments Assemblage includes two parcels at 11.23 acres (northern) and 23.76 cares (southern). Property includes 10+/- acres zoned RS-1 and the remainder acreage is AG-2. The northern portion of the property includes a 160 foot wide FP&L easement. The parcels surround a FDOT retention pond. There is a gravesite on the property. The southern parcel is bisected by the east branch of Daughtery Creek. Buyer plans to rezone for up to 100 single family homesites and then market to a national homebuilder. Future land uses include Suburban (67.7%) and Wetlands (32.3%). WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM C - COMPARABLE DATA ID 8024 Date 2/9/2023 Name Stonehill Manor Price $2,650,000 Address 9710 Bayshore Road Price Per Land Unit $37,324 City North Fort Myers Transaction Type Closed Sale Grantor 9710 Bayshore, LLC Financing Cash sale Grantee Lennar Homes, LLC Property Rights Fee Simple Tax ID Days on Market N/A Sale Verification Date 8/17/2023 Book/Page or Reference Doc Instr. 2023000053684 Sale Verification Source Justin Thibaut w/ LSI Companies Conditions of Sale Arm's length Sale History None in last 5 years. Acres 41.00 Topography Level and mostly cleared Land SF 1,785,960 Zoning Beazer Bayshore RPD (aka Stonehill Manor) Primary Frontage Feet 600 Flood Zone Zone AE per FIRM 12071C 0283 G Primary Frontage Street Bayshore Road (600 feet) and Cypress Creek Drive (365 feet) Dimensions N/A Utilities Off site Shape Irregular No. of Units 71 Transaction 22-43-25-00-00016.0210, 22-43-25-00-00016.0100 & 22-43-25-00-00016.0190 Site Comments The Beazer Bayshore RPD is approved for 71 single family lots. Lennar was granted an access easement to Cypress Creek Drive on the west side of the property. The seller retained the property at 9710 Bayshore and was granted a surface and stormwater drainage and access easement to the pond on the west side of the property. Future land use is Sub-Outlying Suburban. Land Comparable 2 WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM C - COMPARABLE DATA ID 8025 Date 5/15/2023 Name Gully Creek Price $4,000,000 Address 17251 Williams Road Price Per Land Unit $12,121 City North Fort Myers Transaction Type Closed Sale Grantor Parcel A: Leah Light Trustee (90%) and Slater Bend LLC (10%). Parcel B: Daniel Light (80%) and Gully Creek LLC(20%) Financing Cash sale Grantee Taylor Morrison of Florida, Inc.Property Rights Fee Simple Tax ID Days on Market N/A Sale Verification Date 8/17/2023 Book/Page or Reference Doc Instr. 2023000175961 Sale Verification Source Justin Thibaut w/ LSI Companies Conditions of Sale Arm's length Sale History None in last 3 years Acres 66.74 Topography Mostly cleared Land SF 2,907,194 Zoning Gully Creek RPD Primary Frontage Feet 1,385 Flood Zone Mostly Zone X with some AE per FIRMS 12071C 0278 G and 0279 G Primary Frontage Street Williams Road (1,385 feet) and Slater Road (470 feet) Dimensions N/A Utilities Off site Shape Irregular No. of Units 330 Comments Gully Creek RPD allows for 330 residential units (Single-family, two-family attached, townhouse and multiple-family residential). The property is bisected by Daughterly Creek. The future land use is Suburban (83.4%) and Rural (16.6%). Land Comparable 3 Transaction 19-43-25-00-00014.0020, 19-43-25-00-00009.0000 & 19-43-25-00-00009.0030 Site WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM C - COMPARABLE DATA ID 8197 Date 3/31/2023 Name Aston Greens Price $1,315,000 Address 601 S Homestead Road Price Per Land Unit $14,943 City Lehigh Acres Transaction Type Closed Sale Grantor Arrowhead Investments of Southwest Florida, LLC Financing Seller at $1,050,000 Grantee Sana Abuocab, Trustee of 601 Homestead S Land Trust Property Rights Fee Simple Tax ID Days on Market N/A Sale Verification Date 11/30/2023 Book/Page or Reference Doc Instr. 2023000121917 Sale Verification Source Hunter Ward w/ LSI Companies, Inc. Conditions of Sale Arm's length Sale History $600K on 9/29/2021 and $528,168 on 7/6/2022. Acres 23.89 Topography Heavy vegetation Land SF 1,040,648 Zoning Aston Greens RPD Primary Frontage Feet 3,082 Flood Zone Zone X per FIRM 12071C 0478 F Primary Frontage Street Milwaukee Blvd. (2,180 feet) and Homestead Road (902 feet) Dimensions N/A Utilities Off site Shape L-shaped No. of Units 88 Land Comparable 4 Transaction 16-45-27-14-0000F.0000 & 16-45-27-14-0000E.0000 Site Comments Listed at $2,112,000 or $24,000 per unit. The residential planned development allows for up to 88 single family homesites. Most lots will be located between holes 10 and 11 of the Mirror Lakes Golf Course. Aston Greens RPD includes 29.89 acres and allows for 118 single family homesites. Water, sewer, and electricity are all within close proximity to the site, with additional capacity to serve. Mr. Ward noted that there were higher offers from home builders but the seller wanted a quick sale. WILLIAMS RESERVE AT LAKE TRAFFORD ADDENDUM C - COMPARABLE DATA ID 7671 Date 12/30/2022 Name Bayshore Ranch Price $4,500,000 Address 10551-10701 Bayshore Rd; 10551 Aqua Vista Lane Price Per Land Unit $34,615 City North Fort Myers Transaction Type Closed Sale Grantor TPRI, LLC; 10611 Bayshore LLC; TPR4 LLC; TPT4 LLC + NPRI LLC; 20 Sabal Palm, LLC Financing Cash Grantee Lennar Homes LLC Property Rights Fee Simple Tax ID Days on Market N/A Sale Verification Date 1/18/2023 Book/Page or Reference Doc 2023000001779 Sale Verification Source Tony Price; Priceless Realty Conditions of Sale Arm's Length Sale History No sales in previous 5 years. Acres 109.63 Topography Level and partially cleared Land SF 4,775,483 Zoning AG-2 Agricultural Primary Frontage Feet 1,350 Flood Zone X and AE Primary Frontage Street Bayshore Road Dimensions Irregular Utilities Along Bayshore Rd Shape T-shaped No. of Units 130 Transaction 23-43-25-00-00007.0000; 23-43-25-00-00013.0000; 23-43-25-00-00014.0000-0050 Site Comments Assemblage of eight parcels that closed in five separate deeds from related sellers. According to Tony Price, Priceless Realty, there was an extension fee of $275,000 as the property was under contract for over two years (contract date 9/30/2020). The LOI was signed in July 2020. Mr. Price related that the purchase price was a high number for the area in 2020; however, values increased significantly during the due diligence period. They had backup buyers willing to pay close to $6 million, contingent on zoning approvals. Lennar is in the process of rezoning to a RPD for 130 single-family detached homes (closing was not contingent on zoning approval). The proposed site plan shows 125 lots (75' x 172') proposed with 18.16 acres (17%) conservation area. The property was improved with an old single-family (1987) home, garage and rec building at time of sale. Property is located within the Rural (approximately 95%) and Wetlands (approximately 5%) future land use category. Utilities were available along Bayshore Road. Mr. Price also noted that Lennar did not have any offsite fill needs. It is noted the property was deeded to DRP FL 6, LLC on 2/28/2023 (Instr # 2023000076538) for a recorded price of $4,775,000. DRP FL 6, LLC is affiliated with DW Partners, LP, an employee-owned alternative asset manager that invests in bonds and loans collateralized by residential and commercial real estate, ranging from credit-sensitive RMBS and CMBS to financing strategies for US homebuilders to multifamily construction loans. Calls to confirm the transaction were not returned. An Option Agreement, dated 2/28/23 (Instr. #2023000076931) was also recorded granting Lennar the option to purchase the Lots in accordance with the terms of the Option Agreement. Land Comparable 5