Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Agenda 12/10/2024 Item #16L 4 ( Agreement to acquire a property located at 2695 Francis Avenue un connection with a stormwater project in the Gateway Triangle neighborhood of the Bayshore Gateway Triangle Community Redevelopment Area)
12/10/2024 Item # 16.L.4 ID# 2024-2171 Executive Summary Recommendation that the Board of County Commissioners, acting in its capacity as the Community Redevelopment Agency (CRA), approve an Agreement for Sale and Purchase to acquire a property located at 2695 Francis Avenue in connection with a stormwater project in the Gateway Triangle neighborhood of the Bayshore Gateway Triangle Community Redevelopment Area at a cost not to exceed $1,356,100. OBJECTIVE: To acquire the property for future stormwater improvements in the Gateway Triangle neighborhood of the Bayshore Gateway Triangle Community Redevelopment Area. CONSIDERATIONS: Flooding in the Gateway Triangle was identified during the redevelopment planning efforts that began in 1999. The Community Redevelopment Agency (CRA) has worked with the County to make improvements in the area. The County completed the Phase 1 of the Triangle Stormwater Pond in 2008. The CRA purchased 2664 Francis in 2004, and 2732 Francis in 2021 for future stormwater needs. These single lots do not provide enough area to expand the existing pond to accommodate future needs. The Transportation Management Services (TMS) is interested in expanding the land area to accommodate future stormwater needs but does not have it allocated in their 5 Year Capital Improvement Project Fund. The purchase of this lot would assist in furthering the stormwater improvements in the community. The seller is willing to sell the property and the site is adjacent to the current lot owned by the CRA. If not purchased, the site may be sold to another party and may not be available in the future. Purchase of this property will allow for future drainage improvements in the community. It furthers the goals of the Bayshore Gateway Triangle Community Redevelopment Plan and is consistent with the long-term TMS stormwater plans. The CRA and TMS are partnering in this proposed acquisition to further the goals of the community. The Seller’s improved property contains 0.71 acres and is located at 2695 Francis Avenue. A location map is attached for reference. The appraisal valuation is based on the sales and rental income comparison approaches and documents no adverse conditions. The independent appraiser appraised the property for $1,360,000. Property Owner had previously accepted the offer in the amount of $1,349,000. This property consists of 4 two bedroom and one bathroom units, which have historically been used as rental units for rental income. While the appraisal includes an analysis of comparable rental units and rental amounts, the subject property has been rented by its current owner at $1,500 per month per unit, simply to maximize the amount of time each unit is consistently rented out. Currently, the units are being rented out at this amount; however, all tenants have been notified of the possibility of change in ownership and are planning on vacating the premises so that at Closing all units will be vacant, with no carryover of any existing tenants. The Agreement for Sale and Purchase has been reviewed and approved by the County Attorney’s Office. The location map is attached for reference. The Bayshore Gateway Triangle Advisory Board recommended approval of this acquisition at the November 7, 2024, meeting. FISCAL IMPACT: The total cost of the acquisition should not exceed $1,356,100 ($1,349,000 for the purchase price, $7,100 for a title commitment, title policy, closing costs and recordings of documents). Funding for this purchase is available within Bayshore CRA Capital Fund (1021), Stormwater Project 50203. Annual maintenance of the property until it is incorporated into the stormwater pond is estimated at $850. Funding for maintenance is available within the Bayshore CRA Operating Fund (1020). GROWTH MANAGEMENT IMPACT: There is no impact to the Growth Management Plan. Page 10137 of 10663 12/10/2024 Item # 16.L.4 ID# 2024-2171 LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires a majority vote for approval - SAA RECOMMENDATIONS: 1. Approve the attached Agreement for Sale and Purchase. 2. Authorize the Chairman to execute the Agreement and any additional closing documents, and accept the Warranty Deed, once approved by the County Attorney’s Office. 3. Authorize staff to prepare related vouchers and warrants for payment. 4. Direct the County Manager or his designee to proceed to acquire the Property and to follow all appropriate closing procedures, to acquire and obtain clear title to the Property, and to record any and all necessary documents (once approved by the County Attorney’s Office) in the Public Records of Collier County, Florida. PREPARED BY: Grant Cox Property Acquisition Specialist, Facilities Management Division ATTACHMENTS: 1. Executed Stormwater Purchase Agreement09102024132107 2. Appraisal - 2695 Francis Ave 3. Location Map 4. 2695 Francis Survey Aff and Survey 5. Articles of Organization - 24 Holdings 6. Realtors indication of rental income 7. Sellers Disclosure Statement (Residential Improved Property) (FILLABLE) 8. Addendum to sales contract 24 Holdings LLC CAO Stamped Page 10138 of 10663 COLLIER COUNTY BAYSHORE GATEWAY TRIANGLE CRA TAX lD NUMBERT 51834200002 AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made and entered into by and between 24 Holdings LLC, a Florida Limited Liability Company, whose address is 2755 66th St SW, Naples, FL 34105 (hereinafter referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the State of Florida, its successors and assigns, whose address is 3335 Tamiami Trail East, Suite 101, Naples, FL 34112 (hereinafter referred to as "Purchaser"). WITNESSETH WHEREAS, Seller is the owner of that certain parcel of real property (hereinafter referred to as "Property"), located in Collier County, State of Florida, and being more particularly described in Exhibit "A", attached hereto and made a part hereof by reference. WHEREAS, Purchaser is desirous of purchasing the Property, subject to the conditions and other agreements hereinafter set forth, and Seller is agreeable to such sale and to such conditions and agreements. NOW, THEREFORE, and for and in consideration of the premises and the respective undertakings of the parties hereinafter set forth and the sum of Ten Dollars (910.00), the receipt and sufficiency of which is hereby acknowledged, it is agreed as follows: I, AGREEMENT 1.01 ln consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Property, described in Exhibit "A". II. PAYMENT OF PURCHASE PRICE 2.01 The purchase price (the "Purchase Price") for the Property shall be One llllillion Three Hundred Forty-Nine Thousand Dollars and 00/100 dollars ($1,3,19,000.00), (U.S. Currency) payable at time of closing. III, CLOSING 3.01 The Closing (THE "CLOS|NG DATE", "DATE OF CLOS|NG", OR,,CLOS|NG',) of the transaction shall be held on or before one hundred and eighty (180) days following execution of this Agreement by the Purchaser, or within thirty (30) days of Purchaser's receipt of all closing documents, whichever is later. The Closing shall CC Agreement 06i 10/2024 Page I ol 11 Page 10139 of 10663 COLLIER COIJNTY BAYSHORE GATEWAY TRA GLE CRA TAX lD NUMBER: 61834200002 be held at the office of the insuring title company or by mail. The procedure to be followed by the parties in connection with the Closing shall be as follows: 3.011 Seller shall convey a marketable title free of any liens, encumbrances, exceptions, or qualifications. Marketable title shall be determined according to applicable title standards adopted by the Florida Bar and in accordance with law. At the Closing, the Seller shall cause to be delivered to the Purchaser the items specified herein and the following documents and instruments duly executed and acknowledged, in recordable form: 3.0111 Warranty Deed in favor of Purchaser conveying title to the Property, free and clear of all liens and encumbrances other than. (a) The lien for current taxes and assessments 3.01 13 A "Gap Tax Proration, Owner's Non-Foreign Affidavit", as required by Section 1445 of the lnternal Revenue Code and as required by the title insurance undenirrriter to insure the "gap" and issue the policy contemplated by the title insurance commitment. 3.0114 A W-9 Form, "Request for Taxpayer ldentification and Certification" as required by the lnternal Revenue Service. 3.012 At the Closing, the Purchaser, or its assignee, shall cause to be delivered to the Seller the following: 3.0121 A negotiable instrument (County Warrant) in an amount equal to the Purchase Price. No funds shall be disbursed to Seller until the Title Company verifies that the state of the title to the Property has not changed adversely since the date of the last endorsement to the commitment, referenced in Section 4.01 1 thereto, and the Title Company is irrevocably committed to pay the Purchase Price to Seller and to issue the Owner's title policy to Purchaser in accordance with the commitment immediately after the recording of the deed. CC Agreemenl 06/10/2024 (b) Such other easements, restrictions, or conditions of record. 3.01 12 Combined Purchaser-Seller closing statement. 3.0122 Funds payable to the Seller representing the cash payment due at Closing in accordance with Article lll hereof, shall be subject to adiustment for prorations as hereinafter set forth. Page 2 of 14 Page 10140 of 10663 3.02 Each party shall be responsible for payment of its own attorney's fees. Seller, at its sole cost and expense, shall pay at Closing all documentary stamp taxes due relating to the recording of the Warranty Deed, in accordance with Chapter 201.01, Florida Statutes, and the cost and electronic fee of recording any instruments necessary to clear Seller's title to the Property. The cost of the Owner's Form B Title Policy, issued pursuant to the Commitment provided for in Section 4.011 below, shall be paid by Purchaser. The cost of the title commitment shall also be paid by Purchaser. lf required by a Phase I report and desired by Purchaser, Seller shall pay for a Phase ll Environmental Assessment selected by Purchaser. 3.03 Purchaser shall pay for the cost of recording the Wananty Deed. Real Property taxes shall be prorated based on the current year's tax with due allowance made for maximum allowable discount, homestead and any other applicable exemptions and paid by Seller. lf Closing occurs at a date which the current year's millage is not fixed, taxes will be prorated based upon such prior year's millage. IV- REQUIREMEN TS AND CONDITIONS 4.01 Upon execution of this Agreement by both parties or at such other time as specified within this Article, Purchaser and/or Seller, as the case may be, shall perform the following within the times stated, which shall be conditions precedent to the Closing; 4.01 1 Within fifteen (15) days after the date hereof, Purchaser shall obtain as evidence of title an ALTA Commitment for an Owner's Title lnsurance Policy (ALTA Form 8-1970) covering the Property, together with hard copies of all exceptions shown thereon. Purchaser shall have thirty (30) days, following receipt of the title insurance commitment, to notify Seller in writing of any objection to title other than liens evidencing monetary obligations, if any, which obligations shall be paid at closing. lf the title commitment contains exceptions that make the title unmarketable, Purchaser shall deliver to the Seller written notice of its intention to waive the applicable contingencies or to terminate this Agreement. 4.012 lI Purchaser shall fail to advise the Seller in writing of any such objections in Seller's title in the manner herein required by this Agreement, the title shall be deemed acceptable. Upon notification of Purchaser's objeclion to title, Seller shall have th'rty (30) days to remedy any defects to convey good and marketable title at Seller's expense, except for liens or monetary obligations which will be satisfied at Closing. Seller, at its sole expense, shall use its best efforts to make such title good and marketable. ln the event Seller is unable to cure said objectircns within said tinre period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said CC Agreement 06/10/2024 Page 3 of 14 COLLIER COUNTY BAYSHORE GATEWAY TRIANGI.E CRA TAx lD NUMBER: 61834200002 Page 10141 of 10663 COLLIER COUNTY BAYSHORE GATEWAY TRIANGLE CRA TAX lD NUMBER: 51834200002 4.013 Seller agrees to furnish any existing surveys of the Property in Seller's possession to Purchaser within ten (10) days of the effective date of this Agreement. Purchaser shall have the option, at its own expense, to obtain a current survey of the Property prepared by a surveyor licensed by the State of Florida. No adjustments to the Purchase Price shall be made based upon any change to the total acreage referenced in Exhibit "A," unless the difference in acreage revealed by survey exceeds 5% of the overall acreage. lf the survey provided by Seller or obtained by Purchaser, as certified by a registered Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an improvement located on the Property projects onto lands of others, or (c) lack of legal access to a public roadway, the Purchaser shall notify the Seller in writing of such encroachment, projection, or lack of legal access, and Seller shall have the option of curing said encroachment or projection, or obtaining legal access to the Property from a public roadway, within sixty (60) days of receipt of said written notice from Purchaser. Purchaser shall have ninety (90) days from the effective date of this Agreement to notify Seller of any suchobjections. Should Seller elect not to or be unable to remove the encroachment, projection, or provide legal access to the property within said sixty (60) day period, Purchaser, by providing written notice to Seller within seven (7) days after expiration of said sixty (60) day period, may accept the Property as it then is, waiving any objection to the encroachment, or projection, or lack of legal access, or Purchaser may terminate the Agreement. A failure by Purchaser to give such wriften notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the Property wilh the encroachment, or projection, or lack of legal access. V. INSPECTION PERIOD 5.01 Purchaser shall have one hundred twenty (120) days from the date of this Agreement, ("lnspection Period"), to determine through appropriate investigation that: 1. Soil tests and engineering studies indicate that the Property can be developed without any abnormal demucking, soil stabilization or foundations. 2. There are no abnormal drainage or environmental requirements to the development of the Property. 3. The Property is in compliance with all applicable State and Federal environ- mental laws and the Property is free from any pollution or contamination. CC Agreemenl 06/10/2024 Page ,l of 1,1 thirty (30) day period, may accept title as it then is, waiving any objection; or Purchaser may terminate the Agreement. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the exceptions to title as shown in the title commitment. Page 10142 of 10663 COLLIER COLINTY BAYSHORE GATET^IAY IRIANGLE CFA TAX lO NUMBER: 61E342000O2 4. The Property can be utilized for its intended use and purpose in ttte Stormwater Expansion program. 5.02 lf Purchaser is not satisfied, for any reason whatsoever, with the results of any investigation, Purchaser shall deliver to Seller prior to the expiration of the lnspection Period, written notice of its intention to waive the applicable contingencies or to terminate this Agreement. lf Purchaser fails to notify the Seller in writing of its specific objections as provided herein within the lnspection Period,it shall be deemed that the Purchaser is satisfied with the results of its investigations and the contingencies of this Article V shall be deemed waived. ln the event Purchaser elects to terminate this Agreement because of the right of inspection, Purchaser shall deliver to Seller copies of all engineering reports and environmental and soil testing results commissioned by Purchaser with respect to the Property. 5.03 Purchaser and its agents, employees and servants shall, at their own risk and expense, have the right to go upon the Property for the purpose of surveying and conducting site analyses, soil borings and all other necessary investigation. Purchaser shall, in performing such tests, use due care. Seller shall be notified by Purchaser no less than twenty-four (24) hours prior to said inspection of the Property. 6.01 Seller acknowledges that the Purchaser, or its authorized agents, shall have the right to inspect the Property at any time prior to the Closing. 8.01 Ad valorem taxes next due and payable, after closing on the Property, shall be prorated at Closing based upon the gross amount of current year taxes, and shall be paid by Seller. IX. TERMINATION AND REMEDIES 9.01 lf Seller shall have failed to perform any of the covenants and/or agreements contained herein which are to be performed by Seller, within ten (10) days of written notification of such failure, Purchaser may, at its option, terminate this Agreement by giving written notice of termination to Seller. Purchaser shall have the right to seek and enforce all rights and remedies available at law or in equity to CC Agreement 06/10/2024 Page 5 of 14 VI. INSPECTION VII. POSSESS1ON 7.01 Purchaser shall be entitled to full possession of the Property at Closing. VIII. PRORATIONS Page 10143 of 10663 COLLIER COUNTY BAYSHORE GATEWAY TRIANGLE CRA TAX lO NUMBER: 61834200002 a contract vendee, including Agreement. the right to seek specific performance of this 9.02 The parties acknowledge that the remedies described herein and in the other provisions of this Agreement provide mutually satisfactory and sufficient remedies to each of the parties and take into account the peculiar risks and expenses of each of the parties. X. SELLER'S AND PURCHASER'S REP RESENTATIONS A ND WARRANTIE S 10.01 Seller and Purchaser represent and warrant the following: 10.012 Seller has full right, power, and authority to own and operate the Property, and to execute, deliver, and perform its obligations under this Agreement and the instruments executed in connection herewith, and to consummate the transaction contemplated hereby. All necessary authorizations and approvals have been obtained authorizing Seller and Purchaser to execute and consummate the transaction contemplated hereby. At Closing, certified copies of such approvals shall be delivered to Purchaser and/or Seller, if necessary. 10.014 Seller represents that it has no knowledge of any actions, suits, claims, proceedings, litigation or investigations pending or threatened against Seller, at law, equity or in arbitration before or by any federal, state, municipal or other governmental instrumentality that relate to this agreement or any other property that could, if continued, adversely affect Seller's ability to sell the Property to Purchaser according to the terms of this Agreement. 10.015 No party or person other than Purchaser has any right or option to acquire the Property or any portion thereof. CC Agreemenl 06/1 0/2024 Page 6 of 14 10.01 1 Seller and Purchaser have full right and authority to enter into and to execute this Agreement and to undertake all actions and to perform all tasks required of each hereunder. Seller is not presently the subject of a pending, threatened or contemplated bankruptcy proceeding. Seller further represents the Property is free from any and all occupants, tenants, and other persons or entities claiming possession of the Property at the time of closing. This provision shall survive closing. 10.013 The warranties set forth in this paragraph shall be true on the date of this Agreement and as of the date of Closing. Purchaser's acceptance of a deed to the said Property shall not be deemed to be full performance and discharge of every agreement and obligation on the part of the Seller to be performed pursuant to the provisions of this Agreement. Page 10144 of 10663 10.017 Seller represents that they have (it has) no knowledge that there is or ever has been incinerators, septic tanks, or cesspools on the Properly; all waste, if any, is discharged into a public sanitary sewer system; Seller represents that they have (it has) no knowledge that any pollutants are or have been discharged from the Property, directly or indirectly into any body of water. Seller represents that to their knowledge the Property has nol been used for the production, handling, storage, transportation, manufacture, or disposal of hazardous or toxic substances or wastes, as such terms are defined in applicable laws and regulations, or any other activity that would have toxic results, and no such hazardous or toxic substances are currently used in connection with the operation of the Property, and there is no proceeding or inquiry by any authority with respect thereto. Seller represents that they have (it has) no knowledge that there is ground water contamination on the Property or potential of ground water contamination from neighboring properties. Seller represents that they have (it has) no knowledge that there is or ever has been any storage tanks for gasoline, or any other substances are or were located on the Property at any time during or prior to Selleds ownership thereof. Seller represents that they have (it has) no knowledge that any part of the Property has ever been used as a sanitary landfill, 10.019 Seller has no knowledge of unrecorded leases, licenses or other possessory interests, restrictions, easements, or rights of way (other than existing zoning regulations) that restrict or affect the use of the Property, and there are no maintenance, construction, advertising, management, leasing, employment, service, or other contracts affecting the Property. CC Agreement 06/10/2024 Page 7 of 14 COLLIER COUNTY EAYSHORE CiJATE\AIAY TRiANGLE CRA TAX rO NUMBER 61834200002 '10.016 Until the date fixed for Closing, so long as this Agreement remains in force and effect, Seller shall not encumber or convey any portion of ttre Propefi or any rights therein, nor enter into any agreements granting any person or entity any rights with respect to the Property or any part thereof, without first obtaining the written consent of Purchaser to such conveyance, encumbrance, or agreement which consent may be withheld by purchaser for any reason whatsoever. 10.018 Selter has no knowledge that the Property and Seller's operations concerning the Property are in violation of any applicable Federal, State or local statute, law or regulation, or of any notice from any governmental body has been served upon Seller claiming any violation of any law, ordinance, code or regulation or requiring or calling attention to the need for any work, repairs, construction, alterations or installation on or in conneclion with the Property in order to comply with any laws, ordinances, codes or regulation with which Seller has not complied. Page 10145 of 10663 COLLIER COUNTY BAYSHORE GATEIMY TRANGLE CRA TAX lD NUMBER: 61834200002 10.020 Seller has no knowledge that there are any suits, actions or arbitration, bond issuances or proposals therefor, proposals for public improvement assessments, pay-back agreements, paving agreements, road expansion or improvement agreements, utility moratoriums, use moratoriums, improvement moratoriums, adminiskative or other proceedings or governmental investigations or requirements, formal or informal, existing or pending or threatened which affects the Property or which adversely affects Seller,s ability to perform hereunder; nor is there any other charge or expense upon or related to the Property which has not been disclosed to Purchaser in writing prior to the effective date of this Agreement. 10.023 Seller represents, warrants and agrees to indemnify, reimburse, defend and hold Purchaser harmless from any and all costs (including attomey's fees) asserted against, imposed on or incurred by Purchaser, directly or indirectly, pursuant to or in connection with the application of any federal, state, local or common law relating to pollution or protection of the environment which shall be in accordance with, but not limited to, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. Section 9601, et seq., ("CERCLA" or "Superfund"), which was amended and upgraded by the Superfund Amendment and Reauthorization Act of 1986 ('SARA), including any amendments or successor in function to these acts. This provision and the rights of Purchaser, hereunder, shall survive Closing and are not deemed satisfied by conveyanc,e of title. CC Agreemenl 06/10/2024 10.021 Seller acknowledges and agrees that Purchaser is entering into this Agreement based upon Seller's representations stated above and on the understanding that Seller will not cause the zoning or physical condition of the Property to change from its existing state on the effective date of this Agreement up to and including the Date of Closing. Therefore, Seller agrees not to enter into any contracts or agreements pertaining to or affecting the Propefi and not to do any act or omit to perform any act which would change the zoning or physical condition of the Property or the governmental ordinances or laws governing same. Seller also agrees to notify Purchaser promptly of any change in the facts contained in the foregoing representations and of any notice or proposed change in the zoning, or any other action or notice, that may be proposed or promulgated by any third parties or any governmental authorities having jurisdiction of the development of the property which may restrict or change any other condition of the Property. 10.022 At the Closing, Seller shall deliver to Purchaser a statement (hereinafter called the "Closing Representative Statement") reasserting the foregoing representations as of the Date of Closing, which provisions shall survive the Closing. Page I of 14 Page 10146 of 10663 COLLIER COUNTY BAYSHORE GATEWAY TRIANGLE CRA TAX tD NUMAER 61834200002 10 024 Any loss and/or damage to the Property between the date of this Agreement and the date of Closing shall be Seller's sole risk and expense. XI. NOTICES 11.0'1 Any notice, request, demand, instruction, or other communication to be given to either party hereunder shall be in writing, sent by facsimile with automated confirmation of receipt, or by registered, or certified mail, return receipt requested, postage prepaid, addressed as follows: Shirley Garcia, Program Manager Bayshore Gateway Triangle CRA 3299 Tamiami Trl E, Unit 103 Naples, Florida 34112 Attn: Grant Cox Collier County Real Property Management 3335 Tamiami Trail East, Suite 102 Naples, Florida 34112 Telephone number: 239-252-537 3 Fax number: 239-252-887 6 lf to Seller Name 24 Holdings LLC Address 2755 66th St SW City Naples State FL Zip 34105 Telephone number: 61 2-386-8250 Fax number: With a copy to: 11.02 The addressees and numbers for the purpose of this Article may be changed by either party by giving wriften notice of such change to the other party in the manner provided herein. For the purpose of changing such addresses or addressees only, unless and until such written notice is received, the last addressee and respective address stated herein shall be deemed to continue in effect for all purposes. Page 9 of t4 lf to Purchaser: With a copy to: CC Agreement 05/10/2024 Page 10147 of 10663 COLLIER COUNTY EAYSHORE GATEWAY TRIANGLE CRA TAX lD NUMBER: 61834200002 12.01 Any and all brokerage commissions or fees shall be the sole responsibility of the Seller. Seller shall indemnify Purchaser and hold Purchaser harmless from and against any claim or liability for commission or fees to any broker or any other person or party claiming to have been engaged by Seller as a real estate broker salesman or representalive, in connection with this Agreement. Seller agrees to pay any and all commissions or fees at closing pursuant to the terms of a separate agreement, if any. XIII. MISCELLANEOUS 13.01 This Agreement may be executed in any manner of counterparts which together shall constitute the agreement of the parties. 13.03 Any amendment to this Agreement shall not bind any of the parties hereof unless such amendment is in writing and executed and dated by Purchaser and Seller. Any amendment to this Agreement shall be binding upon Purchaser and Seller as soon as it has been executed by both parties. 13.04 Captions and section headings contained in this Agreement are for convenience and reference only; in no way do they define, describe, extend, or limit the scope or intent of this Agreement or any provisions hereof. 13.05 All terms and words used in this Agreement, regardless of the number and gender in which used, shall be deemed to include any other gender or number as the context or the use thereof may require. 13.06 No waiver of any provision of this Agreement shall be effective unless it is in writing signed by the pafi against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance lo which it is related and shall not be deemed to be a continuing or future waiver as to such provision or a waiver as to any other provision. 13.07 l't any date specified in this Agreement falls on a Saturday, Sunday, or legal holiday, then the date to which such reference is made shall be extended to the next succeeding business day. Page 10 of 14 XII. REAL ESTATE BROKERS 13.02 This Agreement and the terms and provisions hereof shall be effective as of the date this Agreement is executed by both parties and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives, successors, successor trustee, and assignees whenever the context so requires or admits. CC Agreement 06/10/2024 Page 10148 of 10663 COI-LIER COUNTY BAYSHORE GATEWAY TRIANGLE CRA TAx lO NUMBERT 61834200002 13.08 Seller is aware of and understands that the "offer'' to purchase represented by this Agreement is subject to acceptance and approval by the Board of County Commissioners of Collier County, Florida. 13.09 lf the Seller holds the Property in the form of a partnership, limited partnership, corporation, trust, or any form of representative capacity whatsoever for others, Seller shall make a written public disclosure, according to Chapter 286, Florida Statutes, under oath, of the name and address of every person having a beneficial interest in the Property before Property held in such capacity is conveyed to Collier County. (lf the corporation is registered with the Federal Securities Exchange Commission or registered pursuant to Chapter 517, Florida Statutes, whose stock is for sale to the general public, it is hereby exempt from the provisions of Chapter 286, Florida Statutes.) 13.10 This Agreement is governed and construed in accordance with the laws of the State of Florida. XV. ACKNOWLEDGMENT OF POTENTIAL FUTURE USE 15.01 Any development rights or credits available on the Property are relinquished by the Seller and conveyed to the Purchaser at closing as part of the sale of the Property. S/GNATURES APPEAR ON THE FOLLOWING PAGES CC Agreement 06/10/2024 Page 11 of 14 XIV ENTIRE AGREEMENT 14.01 This Agreement and the exhibits attached hereto contain the entire agreement between the parties, and no promise, representation, warranty, or covenant not included in this Agreement, or any such referenced agreements has been or is being relied upon by either party. No modification or amendment of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Purchaser and Seller. Time is of the essence of this Agreement. Page 10149 of 10663 COLLIER COUNTY BAYSHORE GATEVVAY TRIANGT€ CRA TAX lD NUMBERT 61834200002 lN WITNESS WHEREOF, the parties hereto have signed below. Dated ProjecUAcquisition Approved by BCC. ATTEST: CRYSTAL K. KINZEL, Clerk of the Circuit Court and Comptroller BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA By: , Deputy Clerk CHRIS HALL, Chairman REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK CC Agreement 06/'1 0/2024 Page 12 of 14 l."o) Page 10150 of 10663 COLLIER COUNTY BAYSHORE GATEWAY TRIANGI,E CRA TAX ID NUMBER 61834200002 24 Holdings, LLC a Florida Limited Liability Company AS TO SELLER: DATED: By: €,co* t-aoderth [<Print Name: Title:C.nA r' Approved as to form and legality. , Assistant County Attomey CC Agreement 06/10/2024 Wo'{Page 13 of 14 Page 10151 of 10663 Lot 32, NAPLES GROVE AND TRUCK CO'S: LITTLE FARMS No. 2, according to a ptat thereof recorded in Plat Book 1, Page 27 , Public Records of Collier County, Florida; excepting therefrom the Easterly 500 feet and the Westerly 787.32 feet and the southerly 195 feet thereof; and the Easterly 100 feet of the westerly 687.32 feet of Lot 32, Naples Grove and Truck Co's Little Farms No. 2, according to a plat thereof recorded in Plat Book 1, Page 27, Public Records of Collier County, Florida; excepting therefrom the Southerly 195 feet thereof; and the Easterly 100 feet of the Westerly 787: 32 feet of Lot 32 Naples, Grove and Truck Co.'s Little Farms No. 2 according to a plat thereof recorded in Plat Book 1, Page 27, Public Records of Collier County: Florida, excepting therefrom the Southerly 195 feet thereof. COLLIER COUNTY BAYSHORE GATEWAY TRIANGLE CRA TAX lD NUMBER: 61834200002 EXHIBIT "A" PROPERTY IDENTIFICATION NUMBER: 61 834200002 [0.71]ACRES CC Agreemeflt 06/1 0/2024 Page 1,1of 14 Page 10152 of 10663 Appraisal Report Improved Quadplex Property 2695 Francis Avenue Naples, Collier County, Florida 34112 Date of Valuation: October 17, 2024 Date of Report: October 21, 2024 File Name: 24090912 – Collier County – 2695 Francis Avenue Prepared For Bayshore Gateway Triangle CRA 3299 Tamiami Trail E, Suite 103 Naples, FL 34112 Page 10153 of 10663 Page 10154 of 10663 October 21, 2024 Bayshore Gateway Triangle CRA c/o Collier County 3299 Tamiami Trail E, Suite 103 Naples, FL 34112 Attention: Mr. Grant Cox Re: Appraisal of an improved quadplex property located at 2695 Francis Avenue, Naples, Collier County, FL 34112 Dear Mr. Cox: As you requested, we have performed an appraisal of the above-referenced property, which is legally described within the attached report. This letter is an integral part of, and inseparable from, this report. The purpose of this appraisal is to develop an opinion of the 'as-is,' fee simple market value of the subject property as if free and clear of all liens, mortgages, encumbrances, and/or encroachments. The interest being appraised is the fee simple interest in the land as if otherwise free and clear of all liens, mortgages, encumbrances and/or encroachments. The intended use of this appraisal is for decision-making guidance for a potential acquisition of the property. The intended users of this appraisal are the Collier County Board of County Commissioners and the Bayshore Gateway Triangle CRA. The subject property was inspected on October 17, 2024, by Abigail C. Joyce. This appraisal report is intended to conform to the Uniform Standards of Professional Appraisal Practice & the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. This appraisal is made subject to the Assumptions and Conditions contained within the body of this report. This appraisal report is intended to conform to the Uniform Standards of Professional Appraisal Practice & the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. This appraisal is made subject to the Assumptions and Conditions contained within the body of this report. Based upon our analysis of the data contained within the attached appraisal report, our opinion is: Respectfully submitted, Abigail C. Joyce State-Certified General Real Estate Appraiser RZ 4168 Scott H. Simmons State-Certified Residential Real Estate Appraiser RD 6203 Premise Interest Appraised Effective Date Value Conclusion Current As Is Market Value Fee Simple 10/17/2024 $1,360,000 Value Conclusions Page 10155 of 10663 Page 10156 of 10663 TABLE OF CONTENTS SEC. I: INTRODUCTION ............................................................................................................................................. 1 SEC. II: SCOPE OF WORK ......................................................................................................................................... 3 EXTENT OF PROPERTY IDENTIFICATION ............................................................................................................................. 3 EXTENT OF INSPECTION ................................................................................................................................................. 3 TYPE AND EXTENT OF DATA RESEARCH ............................................................................................................................ 3 TYPE AND EXTENT OF ANALYSIS ...................................................................................................................................... 4 COMPETENCY PROVISION ............................................................................................................................................... 5 ASSUMPTIONS .............................................................................................................................................................. 6 EXTRAORDINARY ASSUMPTIONS ...................................................................................................................................... 6 HYPOTHETICAL CONDITIONS ........................................................................................................................................... 6 SEC. III: MARKET AREA ANALYSIS ............................................................................................................................ 7 SOUTHWEST FLORIDA / COLLIER COUNTY DATA ................................................................................................................ 7 CONCLUSION / LIFE CYCLE STAGE ................................................................................................................................ 11 SEC. IV: PROPERTY DESCRIPTION ......................................................................................................................... 12 LOCATION MAP ........................................................................................................................................................... 12 AERIAL MAP ............................................................................................................................................................... 13 FLOOD MAP ............................................................................................................................................................... 14 LEGAL DESCRIPTION ................................................................................................................................................... 15 PROPERTY PHOTOGRAPHS ........................................................................................................................................... 16 SITE CHARACTERISTICS................................................................................................................................................ 27 ZONING CATEGORY ..................................................................................................................................................... 29 FUTURE LAND USE DESIGNATION .................................................................................................................................. 30 IMPROVEMENT SKETCH ............................................................................................................................................... 31 IMPROVEMENT CHARACTERISTICS ................................................................................................................................. 32 SEC. V: HIGHEST & BEST USE ANALYSIS ............................................................................................................... 34 PRESENT USE ............................................................................................................................................................ 34 HIGHEST AND BEST USE AS VACANT ............................................................................................................................. 34 HIGHEST AND BEST USE AS IMPROVED ......................................................................................................................... 36 SEC. VI: VALUATION OF SUBJECT PROPERTY ........................................................................................................ 37 THE APPRAISAL PROCESS ............................................................................................................................................ 37 THE SALES COMPARISON APPROACH TO VALUE .............................................................................................................. 38 THE INCOME APPROACH TO VALUE ................................................................................................................................ 49 SEC. VII: RECONCILIATION OF OPINIONS OF VALUE .............................................................................................. 56 CONTRACTS, LISTINGS & SALES HISTORY ...................................................................................................................... 56 ESTIMATION OF MARKETING TIME ................................................................................................................................. 58 ESTIMATION OF EXPOSURE TIME ................................................................................................................................... 58 SEC. VIII: CERTIFICATION ....................................................................................................................................... 59 SEC. IX: ADDENDA .................................................................................................................................................. 61 QUALIFICATIONS: ABIGAIL C. JOYCE ............................................................................................................................... 61 QUALIFICATIONS: SCOTT H. SIMMONS ........................................................................................................................... 63 ASSUMPTIONS ............................................................................................................................................................ 64 EXTRAORDINARY ASSUMPTIONS / HYPOTHETICAL CONDITIONS ......................................................................................... 65 Page 10157 of 10663 Page 10158 of 10663 1 SEC. I: INTRODUCTION Property Major Type N1DBMulti-Family Property Type N1DBQuadplex Address N1DB2695 Francis Avenue City N1DBNaples County N1DBCollier State N1DBFL Zip N1DB34112 Tax ID N1DB61834200002 Legal Description N1DBLengthy Legal - See Property Description Section Owner N1DB24 Holdings LLC Land SF N1DB31,504 Acres N1DB0.72 Topography N1DBLevel Zoning N1DBRMF-6 Land Use N1DB Urban Residential Subdistrict/Bayshore Gateway Triangle Redevelopment Overlay GBA N1DB3,600 Land To Building Ratio N1DB8.75 Quality N1DBAverage Condition N1DBGood No. of Buildings N1DB2 No. of Stories N1DB1 No. of Units N1DB4 Year Built N1DB1978 Comments N1DB The subject property is improved with two, 1,800 square foot, duplex buildings which were built in 1978. The property consists of four, 2 bedrooms and 1 bathroom units. The property also features open patios/porches, open parking areas, and a shed. The units are currently tenant-occupied on a short-term (month to month) basis. Subject Summary Property Identification Site Characteristics Improvement Characteristics Page 10159 of 10663 2 Intended Use Intended Users The intended users of this appraisal are the Collier County Board of County Commissioners and the Bayshore Gateway Triangle CRA. The intended use of this appraisal is for decision-making guidance for a potential acquisition of the property. Intended Use and Users Report Date 10/21/2024 Inspection Date 10/17/2024 As Is Date of Value 10/17/2024 Report Dates Value Premise As Is Date of Value 10/17/2024 Val ue Type Market Value Value Perspective Current Interest Appraised Fee Simple Sales Comparison Approach $1,360,000 Income Approach $1,350,000 Value Conclusion:$1,360,000 Summary of Values Page 10160 of 10663 3 SEC. II: SCOPE OF WORK According to the Uniform Standards of Professional Appraisal Practice (USPAP), 2024 Edition, 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 data research; and • the type and extent of analysis applied to arrive at opinions or conclusions. EXTENT OF PROPERTY IDENTIFICATION EXTENT OF INSPECTION For the purposes of this appraisal, Abigail C. Joyce conducted an interior and exterior inspection of the subject property on 17 October 2024 (see Extraordinary Assumption). TYPE AND EXTENT OF DATA RESEARCH Data research is regularly conducted using the following sources: • Public Records • Local REALTOR® Association Multiple Listing Services (MLS)/Loopnet/CCIM • Marshall Valuation Service/ CoreLogic Commercial Cost Service/Books • CoStar comparables service • Information from contractors, brokers and agents in the area The primary emphasis of the data research concentrated on the subject market area. Census data, as well as municipal and governmental websites, were utilized in gathering the information analyzed. The time period researched for any sale data encompasses the past few years up until the date of the most current data available. All comparable data is verified with the buyer, seller or a property representative unless otherwise indicated. In the analysis, the selling price, financing, motivation to purchase/sell and, if applicable, any lease or income/expense information was verified as of the time of sale. Scope of Work Property Identification For this analysis, the subject property was identified via a legal description and research of public records via the internet. Inspection For the purpose of this appraisal, Abigail C. Joyce conducted an inspection of the subject property on October 17, 2024. Information Sources The following resources were researched and relied upon during the appraisal process: county property appraiser public records, Costar, and the Multiple Listing Service. Page 10161 of 10663 4 TYPE AND EXTENT OF ANALYSIS Condition Appraised In this analysis, we are developing an opinion of the “as is” condition, defined by the Appraisal Institute in The Dictionary of Real Estate Appraisal, Seventh Edition as follows: The estimate of market value of real property in its current physical condition, use, and zoning as of the appraisal date. Real Property Interest Appraised There are primarily two forms of interest to consider when developing an opinion of value for real property. These are defined by The Appraisal Institute in The Dictionary of Real Estate Appraisal, Seventh Edition as follows: Fee simple interest (estate) is: 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. Leased fee interest is: The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires. The subject units are currently tenant-occupied on a short-term basis (month to month) and the interest being appraised in this situation is the undivided fee simple interest in the land and existing improvements as if free and clear of all liens, mortgages, encumbrances, and/or encroachments except as may be amended in the body of this report. Scope Summary - Purpose of the Appraisal Purpose The purpose of this appraisal is to develop an opinion of the "as-is," fee simple market value of the subject property as if free and clear of all liens, mortgages, encumbrances, and/or encroachments. Intended Use The intended use of this appraisal is for decision-making guidance for a potential acquisition of the property. Intended User(s) The intended users of this appraisal are the Collier County Board of County Commissioners and the Bayshore Gateway Triangle CRA. Appraisal Report Based on the intended users understanding of the subject's physical, economic and legal characteristics, and the intended use of this appraisal, an appraisal report format was used to communicate the appraisal. 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. Page 10162 of 10663 5 Value Appraised The opinion of value developed and reported herein is the market value of the subject property. Market value, as defined by the agencies that regulate financial institutions in the United States and published by 12 CFR Ch. V Part 564.2 (g) Office of Thrift Supervision, Department of the Treasury, is: 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: a. Buyer and seller are typically motivated. b. Both parties are well informed or well advised, and acting in what they consider their own best interests. c. A reasonable time is allowed for exposure in the open market. d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and e. 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. Approaches Developed COMPETENCY PROVISION This appraisal report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP). Within USPAP there is a Competency Provision which states, in part, “Prior to accepting an assignment or entering into an agreement to perform an assignment, the appraiser must properly identify the problem to be addressed and have knowledge and experience to complete the assignment competently......” If the appraisers lack the knowledge or experience necessary for a particular assignment, this must be disclosed and all steps necessary to complete the assignment competently must be taken. In regard to this appraisal, we have the necessary knowledge and experience to complete the assignment. Cost Approach Sales Comparison Approach x Income Approach x Utilized Approaches to Value Due to the age of the improvements and the corresponding difficulty in accurately estimating accured depreciation in older structures,the Cost Approach does not provide a credible analysis and has not been developed. There is adequate data to develop a value estimate and this approach reflects market behavior for this property type. The subject is an income producing property and there is adequate data to develop a value estimate with this approach. Page 10163 of 10663 6 ASSUMPTIONS An assumption is defined by The Appraisal Institute in The Dictionary of Real Estate Appraisal, Seventh Edition as follows: “that which is taken to be true.” Please see the Addenda for further details regarding the assumptions utilized in this appraisal. EXTRAORDINARY ASSUMPTIONS Extraordinary Assumption is defined by the Uniform Standards of Professional Appraisal Practice (USPAP), 2024 Edition, as: “an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions.” Per USPAP standards, please note that the use of extraordinary assumptions might have affected the assignment results. It is strongly recommended that the reader thoroughly read the entirety of these assumptions, as they outline the limitations under which this appraisal is developed. HYPOTHETICAL CONDITIONS Hypothetical Condition is defined by the Uniform Standards of Professional Appraisal Practice (USPAP), 2024 Edition, 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.” Per USPAP standards, please note that the use of hypothetical conditions might have affected the assignment results. It is strongly recommended that the reader thoroughly read the entirety of these assumptions, as they outline the limitations under which this appraisal is developed. Extraordinary Assumptions Abigail C.Joyce completed an interior inspection of units A,C,and D.Un it B was not available at the time of the inspection. According to the listing agent,Unit B was in similar condition as the units remaining.This appraisal is subject to the extraordinary assumption that Unit B was in similar condition as the units inspected on the effective date of this appraisal. The use of this assumption may affect assignment results. Hypothetical Conditions There are no hypothetical conditions for this appraisal. Page 10164 of 10663 7 SEC. III: MARKET AREA ANALYSIS SOUTHWEST FLORIDA / COLLIER COUNTY DATA Page 10165 of 10663 8 Collier County, named for Barron Collier, was created from Lee County in 1923, and is the second largest county in the State of Florida by land area. Collier County is bordered by Miami-Dade Counties to the east and Lee and Hendry Counties to the north. The county's western boundary is the Gulf of Mexico. The county contains a total of 2,025 square miles of land area and 91 square miles of inland water area. Collier County is the second largest county east of the Mississippi River and is larger than the States of Rhode Island and Delaware. The present-day Collier County encompasses 2,305 square miles, with a variety of natural inland, coastal, and barrier island habitats, with approximately 13% of the total area being water. The year-round population is 375,752 as of the 2020 census. There are three (3) incorporated municipalities in Collier County as follows: City of Naples: Incorporated in 1949. 14.41 Square Miles. 2020 Population: 19,115. The city of Naples is the county seat of Collier County, as well as being the principal city of the Naples-Marco Island Metropolitan Statistical Area. The city was originally settled in 1886, with the majority of growth occurring after the depression and World War II. The City is home to a number of major employers, as well as non-profit organizations and Fortune 1000 companies. The Fifth Avenue South and Third Street South corridors are considered to be the heart, or “downtown” of the City of Naples, and this area is a popular retail and shopping destination. The City of Naples also features a number of cultural centers and organizations including The Naples Players, the Opera Naples, the Philharmonic Center for the Arts, the Philharmonic Orchestra and Theatre Zone Equity Theatre Company, the Naples Jazz Orchestra, the Naples Youth Jazz Orchestra and the Naples Philharmonic Youth Orchestra. City of Marco Island: Incorporated in 1997. 17.1 Square Miles. 2020 Population: 15,760. Originally named San Marco Island by Spanish explorers, Marco Island is the largest barrier island within Southwest Florida's Ten Thousand Islands area, extending southerly to Cape Sable. The island was purchased in the 1920’s by Barron Collier, and was originally incorporated as Collier City in 1927, but was later unincorporated. Marco Island is generally considered to be a resort destination, and the desirability of real estate coupled with the finite supply, has led to a rapid escalation of property values, which are significantly higher than many other parts of Collier County. City of Everglades: Incorporated 1923. 1.2 Square Miles. 2020 Population: 425. The City of Everglades, known more commonly as Everglades City, is located at the mouth of the Barron River, on Chokoloskee Bay, approximately 32 miles southeast of Naples, near the extreme southeasterly corner of Collier County. With the establishment of the Everglades National Park in 1947, the economy of Everglades City began to shift from industrial and agricultural to tourism and eco-tourism. The Everglades National Park visitor’s center is located in Everglades City. There are many other unincorporated, yet distinct, communities in Collier County, both rural and suburban in nature. These include Ave Maria, Golden Gate, Goodland, Naples Manor, Naples Park, Immokalee, Lely Resort, and many others. Collier County is a growing county with many diverse geographical areas and populous communities. Collier County is second only to Lee County as the center of growth and activity for the five (5) county area (Charlotte, Collier, Glades, Hendry, and Lee). There are four basic factors that influence value according to The Appraisal of Real Estate, Fourteenth Edition. These factors include: I. Social Forces II. Economic Forces III. Governmental Forces IV. Environmental Forces Page 10166 of 10663 9 Each of the forces interacts, resulting in increases, decreases, or stabilization of property values. As a result, these forces also serve to directly affect the demand for real property in a particular area. The four forces that affect values are described as follows: I. Social Forces Source: Esri II. Economic Forces Economic considerations involve the financial capacity of the inhabitants of a region to rent or own property and properly maintain it. These economic forces may include income levels, unemployment rates, the economic base of a region and the strength of development and construction. 2024 2023 2022 2021 UNEMPLOYMENT RATE1 3.0% (January) 2.9% (Annual) 2.1% (Annual) 3.7% (Annual) SINGLE-FAMILY MEDIAN PRICE2 $890,000 (February) $790,000 (Annual) $782,000 (Annual) $645,000 (Annual) RETAIL VACANCY RATE3 3.9% (April) 4.0% (Annual) 4.0% (Annual) 4.8% (Annual) OFFICE VACANCY RATE3 4.8% (April) 3.6% (Annual) 5.2% (Annual) 6.7% (Annual) INDUSTRIAL/FLEX VACANCY RATE3 1.8% (April) 1.3% (Annual) 1.2% (Annual) 1.2% (Annual) 1. https://www.floridajobs.org/ 2. https://www.floridarealtors.org/ 3. CoStar 4. CoStar 5. CoStar Page 10167 of 10663 10 III. Governmental Forces The county government consists of a five-member board of county commissioners, elected to four-year terms within single-member districts. A non-elected county manager heads the government staff. Other elected officials in the county are sheriff, tax collector, supervisor of elections, clerk of the circuit court, and property appraiser. In addition, there are numerous special districts with independently elected boards, with the services provided ranging from fire protection tot water & sewer service. Services There are two incorporated cities with the usual municipal services, such as police protection and fire protection. The balance of the county is patrolled by the Florida State Highway Patrol and the Collier County Sheriff’s Department. Independent fire control districts serve the balance of the unincorporated area for fire and rescue services. Utilities CenturyLink is the primary telephone service provider for Southwest Florida. CenturyLink has a fiber optic backbone that has the ability to connect all of its central offices and maintain high network availability. KMC Telecom, Inc., along with CenturyLink, has a SONET ring surrounding Fort Myers. This SONET ring safeguards customers from service interruptions by using diverse routing of its fiber optic cables. Electricity is supplied by Florida Power and Light and TECO. Gas is available from any one of a number of manufactured bottled gas dealers in the county or directly from TECO. Water and sewer service is supplied by the either city or county government. Medical Services The Naples Community Hospital System is a private non-profit which oversees several facilities throughout the county. Educational System The School District of Collier County oversees the uniform K-12 public educations system within Collier County. There are also several private and parochial schools in the county. Florida Southwestern State College has a campus in Naples, while Florida Gulf Coast University is located in south Lee County. Ave Maria University is a newly established Catholic University located in Naples. Transportation By far, the major artery through Collier County is U.S. 41 (Tamiami Trail). Another major artery is Interstate 75 (I- 75), which connects Naples to the east coast population centers of Miami and Fort Lauderdale. Air service is limited but currently expanding out of Naples Airport. Currently, sixteen airlines operate out of Southwest Florida International Airport, just north of Naples, in Fort Myers. IV. Environmental Forces The county has a sub-tropical climate. The average temperature is 74 degrees. Temperature extremes are infrequent with only a rare freeze and few readings above the mid-90s. Rainfall averages just over 53 inches annually, with the heaviest rains during the summer months. Page 10168 of 10663 11 CONCLUSION / LIFE CYCLE STAGE The subject market area is in the Growth stage of its life cycle. This market area experienced tremendous development from 2003-2005, then an equally significant decline in property values from 2006-2011, followed by the current growth cycle from 2012 to current. This growth trend is most pronounced within the Naples area, but increasing property values and new development are also occurring in the eastern semi-rural areas of the County as well as land is becoming scarce in the central (western) areas of Collier County. Page 10169 of 10663 12 SEC. IV: PROPERTY DESCRIPTION LOCATION MAP Page 10170 of 10663 13 AERIAL MAP Page 10171 of 10663 14 FLOOD MAP Page 10172 of 10663 15 LEGAL DESCRIPTION Page 10173 of 10663 16 PROPERTY PHOTOGRAPHS FRONT VIEW OF SUBJECT PROPERTY FRONT VIEW OF SUBJECT PROPERTY Page 10174 of 10663 17 VIEW ALONG FRANCIS AVENUE REAR VIEW Page 10175 of 10663 18 REAR VIEW UNIT A – KITCHEN Page 10176 of 10663 19 UNIT A – BEDROOM UNIT A – BEDROOM Page 10177 of 10663 20 UNIT A – BATHROOM UNIT A – LIVING ROOM Page 10178 of 10663 21 UNIT C – LIVING ROOM UNIT C - KITCHEN Page 10179 of 10663 22 UNIT C – BEDROOM UNIT C – BEDROOM Page 10180 of 10663 23 UNIT C – BATHROOM UNIT D – LIVING ROOM Page 10181 of 10663 24 UNIT D – BEDROOM UNIT D – BEDROOM Page 10182 of 10663 25 UNIT D – BATHROOM UNIT D – LIVING ROOM Page 10183 of 10663 26 PATIO VIEW SHED VIEW Page 10184 of 10663 27 SITE CHARACTERISTICS Parcel ID 61834200002 Location The subject is located on the north side of Francis Avenue, just west of Shadowlawn Drive and north of Tamiami Trail E. Tamiami Trail E is a main arterial roadway in the subject's market area and access is considered to be good. Future Land Use Urban Residential Subdistrict/Bayshore Gateway Triangle Redevelopment Overlay Highest and Best Use Site as Vacant Multi-Family Development Highest and Best Use Site as Improved Continued Use, As-Is Legal Description Lengthy Legal - See Property Description Section Map Latitude 26.135489 Map Longitude -81.772785 Site Analysis & Comments The site has average and typical utility. Site Summary Gross Land Area (Sq Ft)31,504 Gross Land Area (Acres)0.72 Site Size Attributes Dimensions 230' x 124' x 230' x 135', per GIS Primary Frontage Street Name Francis Avenue View Residential Access Average Site Visibility Average Street Lighting None Sidewalks None Curb and Gutter None Landscaping Typical landscaping Topography Level Shape Roughly rectangular Site Characteristics FEMA Map #12021C0394J FEMA Map Date 2/8/2024 Flood Zone AE Flood Zone Comments Properties located within this area are typically required to have flood insurance under most financing situations. The subject property is not located within a FEMA FIRM Floodway. Encumbrance / Easement Description There no known adverse encumbrances or easements. Please reference Limiting Conditions and Assumptions. Environmental Issues There are no known adverse environmental conditions on the subject site. Please reference Limiting Conditions and Assumptions. Site Hazards Page 10185 of 10663 28 Assessment and Taxes All Utilities to Site?Available Adequacy of Utilities The subject's utilities are typical and adequate for the market area. Public Electricity The site is served by public electricity. Water Supply Type The site is serviced by county water. Sewer Type The site is serviced by county sewer. Site Utilities / Amenities Tax ID Tax Year(s) Market Assessed Capped Assessed Taxable Value Taxes 61834200002 2023 $606,172 $606,172 $606,172 $6,467.77 Notes:As of the date of this appraisal, the 2023 taxes were unpaid and had been met through a tax certificate. Please note that the opinion of value developed herein does not reflect any consideration for the outstanding tax liability. Real Estate Assessment and Taxes Page 10186 of 10663 29 ZONING CATEGORY The subject property is zoned RMF-6 under the zoning ordinances of Collier County. Zoning District Collier County Zoning Code RMF-6 Zoning Type/Description Residential Multi-Family Zoning Intent/Summary Residential Multi-Family-6 District (RMF-6).The purpose and intent of the residential multi-family-6 district (RMF-6)is to provide for single-family, two-family and multi-family residences having a low profile silhouette, surrounded by open space, being so situated that it is located in close proximity to public and commercial services and has direct or convenient access to collector and arterial roads on the county major road network. The RMF-6 district corresponds to and implements the urban mixed use land use designation on the future land use map of the Collier County GMP.The maximum density permissible in the RMF-6 district and the urban mixed use land use designation shall be guided,in part, by the density rating system contained in the future land use element of the Collier County GMP.The maximum density permissible or permitted in the RMF-6 district shall not exceed the density permissible under the density rating system,except as permitted by policies contained in the future land use element. Permitted Uses The following subsections identify the uses that are permissible by right and the uses that are allowable as accessory or conditional uses in the RMF-6 district. a.Permitted uses. 1.Single-family dwellings. 2.Duplexes, two-family dwellings. 3.Multi-family dwellings, townhouses as provided for in section 5.05.07. 4.Family care facilities, subject to section 5.05.04. 5.Educational plants and public schools with an agreement with Collier County, as described in LDC section 5.05.14; however, any high school located in this district is subject to a compatibility review as described in LDC section 10.02.03. Maximum Site Coverage None Minimum Lot Area 5,500-12,000 sqft Link to Ordinance Document https://library.municode.com/fl/collier_county/codes/land_development_co de?nodeId=CH2ZODIUS_2.03.00ZODIPEUSACUSCOUS_2.03.02REZODI Zoning Summary Page 10187 of 10663 30 FUTURE LAND USE DESIGNATION The subject property is designated Urban Residential Subdistrict and within the Bayshore/Gateway Triangle Redevelopment Overlay under the Collier County Comprehensive Land Use Plan. Governing Body Collier County Future Land Use Designation Urban Residential Subdistrict Minimum Density (units/acre)1/ac Maximum Density (units/acre)16/ac Future Land Use Summary 1. 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. Future Land Use Summary Governing Body Collier County Future Land Use Designation Bayshore/Gateway Triangle Redevelopment Overlay Future Land Use Summary H. Bayshore/Gateway Triangle Redevelopment Overlay - The Bayshore/Gateway Triangle Redevelopment (BGTR) Overlay, depicted on the Future Land Use Map, is within the boundaries of the Bayshore/Gateway Triangle Community Redevelopment Plan adopted by the Board of County Commissioners on June 13, 2000, as updated by Board Resolution 2019-75. The intent of the redevelopment program is to encourage the revitalization of the Bayshore Gateway Triangle Community Redevelopment Area (BGTCRA) by providing incentives that will encourage the private sector to invest in this urban area. This Overlay allows for additional neighborhood commercial uses and increased intensity and higher residential densities that will promote the assembly of property, or joint ventures between property owners, while providing interconnections between properties and neighborhoods. The intent of this BGTR Overlay is to allow for more intense development in an urban area where urban services are available. Two zoning overlays have been adopted into the Collier County Land Development Code to aid in the implementation of this Overlay. Within the BGTR Overlay a density bonus pool has been established to incentivize investment within the BGTCRA. The density bonus pool units available to a project are to incentivize redevelopment and to promote investment in the public realm. After February 22, 2022, all projects utilizing the density pool are subject to the access and public realm requirements. Future Land Use Summary Page 10188 of 10663 31 IMPROVEMENT SKETCH Page 10189 of 10663 32 IMPROVEMENT CHARACTERISTICS Overall Property Comments The subject property is improved with two, 1,800 square foot, duplex buildings which were built in 1978. The property consists of four, 2 bedrooms and 1 bathroom units. The property also features open patios/porches, open parking areas, and a shed. The units are currently tenant-occupied on a short-term (month to month) basis. Building Description Quadplex Number of Buildings 2 Construction Class Class C Construction Concrete Block Stucco Construction Quality Average Year Built 1978 Renovations The subject property was extensively renovated in 2023 after sustaining damage from Hurricane Ian in September 2022. This renovation included new flooring, drywall, countertops, appliances, cabinets, bathrooms, and landscaping. Effective Age 15 Total Economic Life 55 Remaining Economic/Useful Life 40 Condition Good Appeal and Appearance Good Number of Stories 1 Building Summary Number of Units 4 Number of Rooms 20 Number of Bedrooms 8 Number of Bathrooms 4 Number of Units Foundation Poured concrete slab Frame Masonry Frame Exterior Walls CBS Windows Single Hung Impact Resistant Roof Type Gable Roof Cover Asphalt Shingles Foundation Frame/Ext. Floor Plan Layout Good Floor Covering LVP and Tile Walls Painted Drywall Ceiling Cover Painted Drywall Interior Lighting Recessed Lighting & Ceiling Fans Interior Page 10190 of 10663 33 Heating Electric Cooling Central A/C Electrical Typical for property type Plumbing Condition Typical for property type Mechanical Systems Surface Parking Spaces 6 Parking Type Open parking, crushed shell driveway Parking Condition Average Parking Attributes Page 10191 of 10663 34 SEC. V: HIGHEST & BEST USE ANALYSIS Real estate is valued in terms of its highest and best use. Highest and best use is the use which would be the most profitable and likely use of a property. It may also be defined as that available use and program of future utilization which produces the highest present land value. Highest and best use is defined by The Dictionary of Real Estate Appraisal, Seventh Edition, as follows: 1. 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. 2. The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible. The highest and best use may be for continuation of an asset’s existing use or for some alternative use. This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid. (IVS) 3. [The] highest and most profitable use for which the property is adaptable and needed or likely to be needed in the reasonably near future. (Uniform Appraisal Standards for Federal Land Acquisitions) The Highest and Best Use Analysis begins with an analysis of the property as if vacant and available to be put to its highest and best use. The property is further analyzed if there are improvements, either existing or proposed, for the site. The four criteria of highest and best use are as follows: • Legally Permissible Use - what uses are permitted by zoning and deed restrictions on the subject property? • Physically Possible Use - what uses are physically possible to put on the site? • Financially Feasible Use - which possible and permissible uses will produce a net return to the owner of the site? • Maximally Productive Use - among the feasible uses, which use will produce the highest net return? PRESENT USE The subject property is presently utilized for as a quadplex rental property. HIGHEST AND BEST USE AS VACANT The highest and best use analysis of the site examines the type of improvement that is most appropriate for a particular site. Legally Permissible Within this community, the future land use categories are broad indicators of growth potential such as raw residential density and service provision, while the zoning designations control specific allowable development. This property is zoned RMF-6 under the zoning ordinances of Collier County and is designated Urban Residential Subdistrict and Bayshore/Gateway Triangle Redevelopment Overlay under the Coller County Comprehensive Land Use Plan. The RMF-6 zoning category allows for single family, two-family, and multi-family residences. The purpose of the Urban Residential Subdistrict is to provide for higher densities in an area with fewer natural resource constraints and where existing and planned public facilities are concentrated. The maximum density allowable is for 16 dwelling units per acre (16du/ac). The subject is also located within the Bayshore/Gateway Triangle Redevelopment Overlay District. The intent of this overlay district is to encourage the revitalization of the Bayshore Gateway Triangle community by providing incentives that will encourage the private sector to invest in this urban area. The maximum density allowable in this overlay is 12 dwelling units per acre (12du/ac). Finally, there do not appear to be any additional regulatory or other restrictions which limit the legally permissible uses. Page 10192 of 10663 35 Physically Possible Various physical factors have an effect on the uses to which a property may be developed. These factors include size, shape, topography, and soil conditions. The subject site contains 31,504 square feet; therefore, it is of sufficient size to accommodate any of a number of legally permissible uses. The parcel is serviced with full utilities and has a level topography. The physical aspects of the property do not impose apparent limitations on development other than project size. The physical nature of the subject parcel does not preclude any of the legally permissible uses. Based upon the physical characteristics of the site, the legally permissible uses would be physically possible with the only physical constraints being the size of development. Financially Feasible As long as a potential use has value commensurate with its cost and conforms to the first two tests, the use is considered to be financially feasible. As mentioned above, the legally permissible uses are physically possible. In contemplating the feasible uses, consideration must be given to the site location and access. The property is located on the north side of Francis Ave, just west of Shadowlawn Drive and north of Tamiami Trail E. This location gives the property access to a full range of services within the immediate community and is appealing for residential users. The majority of residential properties in the subject’s immediate area are single family and multi-family properties which are mostly owner occupied or annual rental properties. Considering the above, the physically possible uses are acceptable and would not meet undue resistance in the marketplace. It is our opinion that the subject site is legally and physically suited for multi-family residential development. Based upon this data as well as other information derived from our research, it is our opinion that the financially feasible uses for the subject site are for multi-family residential development purposes. Maximally Productive The maximally productive use is that development option which will return the greatest profit to the eventual developer. In more urban settings, this development option may be very specific and obvious, while in more suburban settings, with lower ratios of existing build-out, these options may be more general and broad. In the case of the subject property, which is located within a suburban environment, the financially feasible uses are considered to be productive options. The potential for development exists and, therefore, the highest and best use of the subject site is for multi-family development. Page 10193 of 10663 36 HIGHEST AND BEST USE AS IMPROVED As described previously, the subject site is improved with two, average quality, one-story duplex buildings constructed in 1978 which is are currently tenant-occupied on a short-term basis. Several factors are considered in order to determine if the subject improvements are consistent with the previously concluded Highest and Best Use As Vacant of multi-family development. Regarding the legal conformity of the subject improvements, the property as improved is consistent with the zoning and land use restrictions. Regarding the functional design of the improvements, the design and finish meet the expectations of the surrounding market. Regarding the financial feasibility of the subject improvements, the demand for existing multi-family properties within this area is adequate as evidenced by the previously-illustrated CoStar information. Overall, since the existing improvements are representative of the previously-estimated highest and best use of the site, and are adequately developed on the parcel, the highest and best use of the subject property as improved is its current multi-family use. Page 10194 of 10663 37 SEC. VI: VALUATION OF SUBJECT PROPERTY THE APPRAISAL PROCESS There are three standard approaches to property valuation: • Cost Approach to Value • Sales Comparison Approach to Value • Income Approach to Value Each of these three approaches usually will indicate a slightly different value. After all of the factors of the three approaches have been carefully weighed, the indicators of value are correlated to a final opinion of value. Cost Approach to Value The Cost Approach to Value requires estimating the replacement cost new of the improvements, utilizing current labor and material prices and modern construction techniques. Next, accrued depreciation is estimated and subtracted from the cost new. Finally, the land value is added to the remainder to derive a value for the property as a whole. The Cost Approach is most reliable when the improvements are new and the opinion of land value can be reasonably developed. Conversely, when the improvements are older and/or adequate land sales are not available, the Cost Approach provides a less reliable result. Sales Comparison Approach to Value An opinion under the Sales Comparison Approach to Value is derived by comparing the property under appraisal with other similar properties that have sold recently. The Sales Comparison Approach is most reliable when the comparable sales are very similar to the subject property and have occurred relatively recently. Conversely, when large or numerous adjustments are necessary, the Sales Comparison Approach is less reliable. Income Approach to Value The Income Approach to Value is normally applied to commercial or income-oriented properties, since it measures the present worth of future rights to income. The Income Approach to Value, when adequate income and expense data are available, is often the most reliable approach in the valuation of commercial properties as it best represents investors' and lenders' actions in the marketplace. Approaches Developed Cost Approach Sales Comparison Approach x Income Approach x Utilized Approaches to Value Due to the age of the improvements and the corresponding difficulty in accurately estimating accured depreciation in older structures,the Cost Approach does not provide a credible analysis and has not been developed. There is adequate data to develop a value estimate and this approach reflects market behavior for this property type. The subject is an income producing property and there is adequate data to develop a value estimate with this approach. Page 10195 of 10663 38 THE SALES COMPARISON APPROACH TO VALUE The Sales Comparison Approach to Value is a process of comparing sales of similar properties in the marketplace to the subject property. Market data, when carefully verified and analyzed, is good evidence of value because it represents the actions and reactions of sellers, users and investors. The opinion of market value has been defined as an interpretation of the reactions of typical users and investors in the marketplace. The Sales Comparison Approach is based upon the principle of substitution, which states that a prudent person will not pay more to buy a property than it would cost to buy a comparable substitute property. The price a typical purchaser pays is usually the result of an extensive shopping process in which he/she is constantly comparing available alternatives. The steps in the Sales Comparison Approach are: 1. Seek out similar properties for which pertinent sales and data are available. 2. Qualify the prices as to terms, motivating forces and bona fide nature. 3. Compare each of important attributes of the comparable properties with the corresponding attributes of the property being appraised under the general division of time, location and physical characteristics. 4. Consider all dissimilarities in terms of their probable effect upon the sale price. 5. Formulate an opinion of relative value of the property being appraised as compared with the price of each similar property. Source: Appraisal Institute, The Appraisal of Real Estate, 14th edition. (Chicago: Appraisal Institute, 2013). Generally, there are two methods of analyzing this type of property within the Sales Comparison Approach, those being the Sale Price Per Unit and the Effective Gross Income Multiplier (EGIM) analyses. Due to the typical actions of buyers and sellers for this property type within this marketplace, we have utilized the Sale Price Per Unit Analysis exclusively. In developing an opinion of the market value of the subject property via the Sales Comparison Approach, we have analyzed the following comparable sales: Page 10196 of 10663 39 COMPARABLE IMPROVED SALES MAP Legend Address City Distance Subject 2695 Francis Avenue Naples Comp 1 2660 Lakeview Drive Naples 1.0226 miles Comp 2 3131 Francis Ave Naples .2820 miles Comp 3 1082/1084 San Remo Ave Naples .8516 miles Comp 4 3619 Poplar Way Naples 1.8799 miles Comp 5 3613 Poplar Way Naples 1.8718 miles Improved Sales Map Legend Page 10197 of 10663 40 COMPARABLE IMPROVED SALES Comp Address Grantor Price GBA No. of Units City Grantee Date Price Per SF Price Per Unit 1 2660 Lakeview Drive SAB Four Enterprises, LLC $1,275,000 3,456 4 1 Naples Matthew Nelson Davey and Lindsey Bott Davey 7/19/2023 $368.92 $318,750 2 3131 Francis Ave Yannis Sayu Rodriguez and Mercedes Juana Casas Riveron $583,000 1,568 2 2 Naples Dixander Cervantes Leyva 9/13/2024 $371.81 $291,500 3 1082/1084 San Remo Ave Prabha Adikari $610,000 1,690 2 3 Naples V & F Naples, LLC 4/15/2024 $360.95 $305,000 4 3619 Poplar Way Poplar Way, LLC $1,080,000 3,132 3 4 Naples Sonia Molina 2/20/2024 $344.83 $360,000 5 3613 Poplar Way Poplar Way, LLC $1,080,000 3,132 3 5 Naples Neno Mihajlovikj 12/27/2023 $344.83 $360,000 Improved Sales Summary Table Page 10198 of 10663 41 ID 19353 Address 2660 Lakeview Drive City Naples State FL Zip 34112 County Collier Latitude 26.1206895 Longitude -81.7727418 Property Major Type Multi-Family Property Type Quadplex Address 2660 Lakeview Drive Date 7/19/2023 City Naples Price $1,275,000 State FL Transaction Type Closed Sale Tax ID 61835680003 Financing Cash to seller Grantor SAB Four Enterprises, LLC Property Rights Fee Simple Grantee Matthew Nelson Davey and Lindsey Bott Davey Conditions of Sale Arm's Length Book/Page or Reference Doc 6274-1 Days On Market 76 Sale Verification Source Listing Agent Price Per SF $368.92 Price Per Unit $318,750 Acres 0.69 Topography Level Land SF 30,056 Zoning RMF-6 Road Frontage Average Land Use Urban Coastal Fringe Subdistrict/Bayshore Gateway Triangle Redevelopment Overlay Shape Roughly rectangular Flood Zone AE Utilities All Utilities Available Environmental Issues None Known GBA 3,456 Average Unit Size 864 Year Built 1974 Average Monthly Rent $2,700 No. of Units 4 Potential Gross Annual Income $129,600 No. of Bedrooms 8 Potential Gross Monthly Income $10,800 No. of Bathrooms 4 Gross Rent Multiplier 118.05 Condition Good Land To Building Ratio 8.70 Transaction Improvements & Financial Data This is the sale of a quadplex property located along Lakeview Drive in Naples. The property consists of 4, 2 bedroom, 1 bathroom units. The property was recently renovated and features tile and LVP flooring, stainless steel appliances, and impact resistant windows. The units were occupied by long term tenants at the time of the sale. Comparable 1 Sale Comments Site Page 10199 of 10663 42 ID 19354 Address 3131 Francis Ave City Naples State FL Zip 34112 County Collier Latitude 26.1355816 Longitude -81.7682409 Property Major Type Multi-Family Property Type Duplex Address 3131 Francis Ave Date 9/13/2024 City Naples Price $583,000 State FL Transaction Type Closed Sale Tax ID 61482080001 Financing Cash to seller Grantor Yannis Sayu Rodriguez and Mercedes Juana Casas Ri Property Rights Fee Simple Grantee Dixander Cervantes Leyva Conditions of Sale Arm's Length Book/Page or Reference Doc 6398-1960 Days On Market $118.00 Sale Verification Source Listing Agent Price Per SF $371.81 Price Per Unit $291,500 Acres 0.19 Topography Level Land SF 8,084 Zoning RMF-6 Road Frontage Average Land Use Urban Residential Subdistrict/Bayshore Gateway Triangle Redevelopment Overlay Shape Roughly rectangular Flood Zone AE Utilities All Utilities Available Environmental Issues None Known GBA 1,568 Average Unit Size 784 Year Built 1971 Average Monthly Rent $2,200 (Estimated) No. of Units 2 Potential Gross Annual Income $52,800 No. of Bedrooms 4 Potential Gross Monthly Income $4,400 No. of Bathrooms 2 Gross Rent Multiplier 132.50 Condition Average Land To Building Ratio 5.16 Comparable 2 Sale Comments This is the sale of a duplex located along Francis Avenue in Naples. The property was recently renovated and features terrazzo flooring, formica countertops, white appliances, recessed lighting and ceiling fans. Each unit features two bedrooms and one bathroom. Improvements & Financial Data Site Transaction Page 10200 of 10663 43 ID 19355 Address 1082/1084 San Remo Ave City Naples State FL Zip 34104 County Collier Latitude 26.142953 Longitude -81.7618608 Property Major Type Multi-Family Property Type Duplex Address 1082/1084 San Remo Ave Date 4/15/2024 City Naples Price $610,000 State FL Transaction Type Closed Sale Tax ID 75560160004 Financing Cash to seller Grantor Prabha Adikari Property Rights Fee Simple Grantee V & F Naples, LLC Conditions of Sale Arm's Length Book/Page or Reference Doc 6350-2613 Days On Market 8 Sale Verification Source Listing Agent Price Per SF $360.95 Price Per Unit $305,000 Acres 0.19 Topography Level Land SF 8,166 Zoning RMF-6 Road Frontage Average Land Use Urban Residential Subdistrict/Bayshore Gateway Triangle Redevelopment Overlay Shape Roughly rectangular Flood Zone AE Utilities All Utilities Available Environmental Issues None Known GBA 1,690 Average Unit Size 845 Year Built 1972 Average Monthly Rent $2,000 No. of Units 2 Potential Gross Annual Income $48,000 No. of Bedrooms 4 Potential Gross Monthly Income $4,000 No. of Bathrooms 4 Gross Rent Multiplier 152.50 Condition Average Land To Building Ratio 4.83 Improvements & Financial Data Site Sale Comments Comparable 3 Transaction This is the sale of a duplex located along San Remo Avenue in Naples. Each unit features two bedrooms and two bathrooms. The units were recently updated and feature LVP and tile flooring, stainless steel appliances, recessed lighting, and impact resistant lighting. Page 10201 of 10663 44 ID 19357 Address 3619 Poplar Way City Naples State FL Zip 34112 County Collier Latitude 26.110275 Longitude -81.7614031 Property Major Type Multi-Family Property Type Triplex Address 3619 Poplar Way Date 2/20/2024 City Naples Price $1,080,000 State FL Transaction Type Closed Sale Tax ID 22670120000 Financing Cash to seller Grantor Poplar Way, LLC Property Rights Fee Simple Grantee Sonia Molina Conditions of Sale Arm's Length Book/Page or Reference Doc 6335-3569 Days On Market 90 Sale Verification Source Listing Agent Price Per SF $344.83 Price Per Unit $360,000 Acres 0.51 Topography Moderately Level Land SF 22,384 Zoning RMF-6 Road Frontage Average Land Use Urban Coastal Fringe Subdistrict Shape Irregular Flood Zone AE Utilities All Utilities Available Environmental Issues None Known GBA 3,132 Average Unit Size 1,044 Year Built 1984 Average Monthly Rent $2,633 No. of Units 3 Potential Gross Annual Income $94,800 No. of Bedrooms 6 Potential Gross Monthly Income $7,900 No. of Bathrooms 6 Gross Rent Multiplier 136.71 Condition Good Land To Building Ratio 7.15 Comparable 4 Site This is the sale of a triplex property located along Poplar Way in Naples. Each unit features two bedrooms and two bathrooms. The units were recently renovated and are considered to be in very good condition. Improvements & Financial Data Transaction Sale Comments Page 10202 of 10663 45 ID 19356 Address 3613 Poplar Way City Naples State FL Zip 34112 County Collier Latitude 26.1102692 Longitude -81.7617717 Property Major Type Multi-Family Property Type Triplex Address 3613 Poplar Way Date 12/27/2023 City Naples Price $1,080,000 State FL Transaction Type Closed Sale Tax ID 22670080001 Financing Cash to seller Grantor Poplar Way, LLC Property Rights Fee Simple Grantee Neno Mihajlovikj Conditions of Sale Arm's Length Book/Page or Reference Doc 6318-1445 Days On Market 38 Sale Verification Source Listing Agent Price Per SF $344.83 Price Per Unit $360,000 Acres 0.51 Topography Moderately Level Land SF 22,341 Zoning RMF-6 Road Frontage Average Land Use Urban Coastal Fringe Subdistrict Shape Irregular Flood Zone AE Utilities All Utilities Available Environmental Issues None Known GBA 3,132 Average Unit Size 1,044 Year Built 1984 Average Monthly Rent $2,650 (Estimated) No. of Units 3 Potential Gross Annual Income $95,400 No. of Bedrooms 6 Potential Gross Monthly Income $7,950 No. of Bathrooms 6 Gross Rent Multiplier 135.84 Condition Good Land To Building Ratio 7.13 Comparable 5 Sale Comments Transaction Site This is the sale of a triplex property located along Poplar Way in Naples. Each unit features two bedrooms and two bathrooms. The units were recently renovated and are considered to be in very good condition. Improvements & Financial Data Page 10203 of 10663 46 Sale Price Per Square Foot Analysis The comparable sales and our analysis thereof are summarized in the following chart: Analysis Grid Address City State Date Price No. of Units Price per Unit Transaction Adjustments Property Rights Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0%Fee Simple 0.0% Financing Cash to seller 0.0%Cash to seller 0.0%Cash to seller 0.0%Cash to seller 0.0%Cash to seller 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% Expenditures After Sale Market Trends Through 10/17/2024 0.0% Characteristics Adjustments Location % Adjustment Qualitative Road Frontage % Adjustment Qualitative Access % Adjustment Qualitative Quality % Adjustment Qualitative Condition % Adjustment Qualitative GBA % Adjustment Qualitative Land To Building Ratio % Adjustment Qualitative Adjusted Price per Unit Net Adjustments Gross Adjustments Similar Similar Similar 15.0% 8.70 Average Adjusted Price per Unit 0%0% Similar 0 $305,000 $360,000 Comp 4 0 Average 0%0% FL Naples Average Conventional $1,275,000 FL Naples 2695 Francis Avenue Similar Similar Good Naples 2660 Lakeview Drive 1082/1084 San Remo Ave 3613 Poplar Way Comp 5 3619 Poplar Way Comp 3 3131 Francis Ave Comp 1 Comp 2 FL Naples Average Average 0% 0% 7.154.83 -5% $342,000 15.0% $350,750$335,225 15.0%-5.0% $342,000 15.0% -5.0%5.0% 5.0% $334,688 5.0%5.0% 7.13 Similar 3,132 3,132 0%0% InferiorInferior Similar 4 Fee Simple Average $1,080,000 9/13/2024 0 Cash Similar 0% 4/15/2024 $318,750 2/20/2024 Similar Naples $305,000 Naples Naples 0% 4 Similar 0% Average 10/17/2024 FL Naples 7/19/2023 FLFL $610,000--$583,000 Similar Similar Similar 0% -- Adjusted Price per Unit $318,750 $291,500 $291,500 0% $291,500 0% $305,000 Naples 2 $318,750 2 Good Average Average 0% Average Average 0% Average 10% 0% Similar Average Inferior 5% 1,690 0% 3,456 Similar Superior Good 10% Average Inferior 0%0% Good 0% 0% $360,000 Good Similar 0% Average Superior 5% Similar Inferior Similar Average Similar 5.16 Similar 0% Average 0% Good -5% 0% 5% Similar Similar 0% Similar 3,600 8.75 Average 0% Similar 0% 1,568 Similar Similar $360,000 3 0 12/27/2023 0% 3 0% Naples $360,000 0% $1,080,000 Naples 0 $360,000 0% $360,000 Naples Similar Page 10204 of 10663 47 Analysis of Comparable Data The Sales Comparison Approach is dependent upon adjustments to the sale prices of the comparable sales based upon the following elements of comparison outlined by The Appraisal Institute: 1. Real property rights conveyed 2. Financing terms 3. Conditions of sale 4. Expenditures made immediately after purchase 5. Market conditions 6. Location 7. Physical characteristics 8. Economic Characteristics 9. Use 10. Non-realty components of value For ease of analysis, we have divided this list into two parts. This division is based upon the type of adjustments made for the differences. Elements 1 – 5 are considered to be transactional adjustments, whereas elements 6 – 10 are considered to be physical adjustments. Transactional Adjustments There were no transactional adjustments warranted for Real Property Rights Conveyed, Financing Terms, Conditions of Sale and Expenditures Made Immediately after Purchase for these sales. In considering Changes in Market Conditions since the time of sale, we must consider the significant changes in the local real estate market. The property value trend found throughout the market changed drastically over the past decade or so, with substantial increases during the period of 2011 through most of 2016. From 2017 to early 2020, growth slowed in the market as supply began to come from new construction. However, in late April of 2020, prices began to increase again as additional demand came into the market as a byproduct of the COVID- 19 pandemic. This demand depleted inventory in most markets and historic low interest rates also fueled price growth and there were rapid price increases through May 2022. Recent months suggest a slowed, more stable rate of increase. However, supply and demand factors remain favorable for more stable price growth. Page 10205 of 10663 48 Physical Adjustments We have considered the following specific physical adjustments to the comparable sales. A brief description of the nature of these characteristics is provided below: • Location: Location refers to the economic attributes of the surrounding market area. These attributes affect the financially feasible uses of the property. All five sales were considered similar to the subject in terms of location. • Exposure (Frontage): This refers to the exposure to the fronting thoroughfare (i.e. - capacity/traffic count). All five sales were considered similar to the subject in terms of exposure. • Access: This refers to the accessibility of a property (i.e. – frontage road vs. direct frontage, existence of median cuts, etc.). All five sales were considered similar to the subject in terms of access. • Quality/Appeal: This refers to the overall quality of the improvements, as defined by the Marshall Valuation Service/CoreLogic Commercial Cost Service, as well as overall market appeal. All five sales were considered similar to the subject in terms of quality/appeal. • Condition/Year Built: This refers to the overall condition (maintenance and effective age) of the improvements. Sales 1, 2, and 3 required upward adjustments for their inferior condition/effective age compared to the subject. Sales 4 and 5 required downward adjustments for their superior condition/effective age compared to the subject. • Building Size: Larger properties often sell for a lower price per unit than do smaller properties. All five sales were considered similar to the subject in terms of building size. • Land/Building Ratio: This refers to the overall efficient use of the site and either the possible lack of, or presence of, excess/surplus land. Sales 2 and 3 required upward adjustments for their inferior land to building ratios compared to the subject. Value Conclusion The sales range in adjusted price as illustrated in the chart below. Considering all of this information, it is our opinion that the Sale Price Per Unit method provides an opinion of market value for the subject property of $340,000 per unit, as illustrated below: 5 % Δ 15% -3% 4% 7% 318750 1080000 no. of unit Average:$340,933 Number of Comps:Unadjusted $1,360,000 Subject Size (Units): Median: $291,500 High: Low: $327,050 $350,750$360,000 $342,000 Adjusted 4 Reconciled Value/Unit Value:$340,000 Value Ranges & As Is Reconciled Value $1,360,000 $334,688 One Million Three Hundred Sixty Thousand Dollars Reconciled Final As Is Value: Indicated Value: $318,750 Page 10206 of 10663 49 THE INCOME APPROACH TO VALUE The Income Approach to Value is based on the premise that an investor who purchases income producing real estate is trading a sum of present dollars for the right to receive future dollars. Income producing property is typically purchased for investment purposes, and the projected net income stream is the critical factor affecting its market value. The Income Approach is also greatly affected by the principle of anticipation. This is reflected in the definition of value which states that the value is the present worth of all rights to future benefits. Therefore the projected income stream is of extreme importance when estimating a property's value. The appraiser must consider both quality and quantity of the income stream as it relates to value. Many factors can affect net income, including supply and demand, changes in land use, or traffic patterns. External forces such as a rise in interest rates or social changes may also have an effect on value. The valuation of a property utilizing the Income Approach consists of the following procedure: 1. Estimate Gross Income either by contract rent or comparison to similar properties (market rent). 2. Estimate an appropriate vacancy and collection loss. 3. Estimate expenses which consist of three categories: fixed (expenses not affected by occupancy), variable (expenses affected by occupancy), and reserves for replacement. 4. Subtract expenses from effective gross income to arrive at net operating income. 5. By use of the proper capitalization technique, convert net income into value. Source: Appraisal Institute, The Appraisal of Real Estate, 14th ed. (Chicago: Appraisal Institute, 2013). The purpose of this segment of the appraisal is to estimate the market value of the subject property via the Income Approach to Value. In developing an opinion of the market value of the subject property via the Income Approach to Value, we have considered the following comparable rentals and the gross rent multipliers of the five sales comparables utilized within the Sales Comparison Approach. Page 10207 of 10663 50 COMPARABLE RENTALS MAP Legend Address City Distance Subject 2695 Francis Avenue Naples Comp 1 3619 Poplar Way Naples 1.8799 miles Comp 2 3080 Coco Avenue Naples .9616 miles Comp 3 4203 Rose Avenue Naples 2.0666 miles Comp 4 4413 Thomasson Lane Naples 2.1798 miles Lease Comps Map Legend Page 10208 of 10663 51 COMPARABLE RENTALS ID Address City State Zip County Latitude Longitude Address City State Tax ID Property Major Type Property Type Description No. Units Unit Size No. Rms Bedrooms Rent/Month Rent/SF Unit A 1 1,044 5 2 $2,600 $29.89 Unit B 1 1,044 5 2 $2,500 $28.74 Unit C 1 1,044 5 2 $2,800 $32.18 Averages 5 2 2 $2,633 $30.27 2 2 1 3619 Poplar Way GBA Multi-Family Comparable 1 1984 Location Baths 2 Units & Rent Good 22670120000 Triplex Building Rentable Area Naples FL Year Built Condition No. of Units Naples FL 3 3,132 These are the leases for a triplex property located along Poplar Way in Naples. The units are leased on an annual basis and the lease for Units A and B began in July 2024 and Unit C began in April 2024. The units were recently renovated and are considered to be in good condition. 3,132 Comments Collier 34112 19357 26.110275 -81.7614031 No. of Buildings Multi-Family 3619 Poplar Way Page 10209 of 10663 52 ID Address City State Zip County Latitude Longitude Address City State Tax ID Property Major Type Property Type Description No. Units Unit Size No. Rms Bedrooms Rent/Month Rent/SF Duplex 1 1,041 5 2 $2,500 $30.61 Averages 5 2 2 $2,500 $30.61 Baths 2 -81.7683497 Good 2,082Rentable Area No. of Units Multi-Family GBA Condition Naples FL 34112 Collier Location Building 26.1221537 Naples This is the lease of a duplex unit located along Coco Avenue in Naples. The unit was recently renovated and considered to be in good condition. Comments Duplex 2 Units & Rent 19358 3080 Coco Avenue Multi-Family Comparable 2 3080 Coco Avenue FL 1 71781600004 2,082 Year Built No. of Buildings 1978 Page 10210 of 10663 53 ID Address City State Zip County Latitude Longitude Address City State Tax ID Property Major Type Property Type Description No. Units Unit Size No. Rms Bedrooms Rent/Month Rent/SF Duplex 1 950 5 2 $2,500 $31.58 Averages 5 2 2 $2,500 $31.58 Baths 2 2Duplex 26.1100596 19359 Units & Rent FL 1 Multi-Family Comparable 3 Naples Naples 4203 Rose Avenue 1972 Building Collier 1,900 Multi-Family -81.7552512 67493280001 Average Location 34112 FL 4203 Rose Avenue 1,900 Year Built Condition No. of Buildings GBA Rentable Area No. of Units Comments This is the lease of a duplex unit located long Rose Ave in Naples. The unit features two bedrooms and one and a half bathrooms and was considered to be in average condition. Page 10211 of 10663 54 ID Address City State Zip County Latitude Longitude Address City State Tax ID Property Major Type Property Type Description No. Units Unit Size No. Rms Bedrooms Rent/Month Rent/SF Duplex 1 715 5 2 $2,500 $41.96 Averages 5 2 2 $2,500 $41.96 Baths 2 Units & Rent Comments 26.109545 4413 Thomasson Lane 67491080009 No. of Buildings 1,430 Good Naples FL Location Building Year Built Multi-Family No. of Units Rentable Area 1,430 2 19360 FL 1970 1 ConditionNaples -81.752795 4413 Thomasson Lane GBA This is the lease of a unit located along Thomasson Lane in Naples. The unit features two bedrooms and one and a half bathrooms. The unit was recently renovated and is considered to be in good condition. 34112 Collier Multi-Family Comparable 4 Duplex Page 10212 of 10663 55 Analysis/Discussion of Comparable Rentals In estimating the market rent for the subject property, we utilized the most recent comparative rentals in the Naples market. According to the listing agent, subject units are currently leased on a short-term basis (month to month) at a rate of $2,500 per month. Each of the comparable rentals utilized in this analysis are annual rentals. These comparables are what a tenant would consider as alternatives to the subject property. The comparable rentals can be summarized in the following chart: The comparables range from $2,500 up to $2,800. Based on the prevailing average monthly rental rates of comparable properties and the actual rental rates for the subject property, the market rent has been estimated at $2,500 per unit per month with a monthly gross income of $10,000. Estimation of Market Value via GRM Method: The Gross Rent Multiplier Method (GRM) is most commonly used for small income properties and is based on the proposition that an informed purchaser would pay no more for a property than the cost of obtaining a return of the same amount and embodying the same risk as that involved in the subject property. This method is most reliable when abundant sales and rental data are available, there are reasonable and consistent operating expense ratios, and properties sell with sufficient frequency in the market to produce a discernable pattern. The following are the gross rent multipliers for the comparable improved sales: An opinion of market rent for the subject property has been based upon the comparable rentals shown above, which are considered to be reliable indicators of current market rent. The opinion of market rent is based upon current condition of the subject property and is subject to change based upon changes in condition of the subject. The values indicated from the GRM Method are shown below: Monthly Gross Income $ 10,000 Times Estimated GRM x 135 Estimated Value $1,350,000 #Name Unit Type Size (SF) Rooms s Baths Rent/Mo.Rent/SF 1 3619 Poplar Way Triplex 1,044 5 2 2.0 $2,500-2,800 $28.74-32.18 2 3080 Coco Ave Duplex 1,041 5 2 2.0 $2,500 $30.61 3 4203 Rose Ave Duplex 950 5 2 1.5 $2,500 $31.58 4 4415 Thomasson Lane Duplex 715 5 2 1.5 $2,500 $41.96 Summary of Comparable Rentals Comparable City Price Date MF Total Rent Per Month Gross Rent Multiplier Comparable 1 Naples $1,275,000 7/19/2023 $10,800 118.05 Comparable 2 Naples $583,000 9/13/2024 $4,400 132.50 Comparable 3 Naples $610,000 4/15/2024 $4,000 152.50 Comparable 4 Naples $1,080,000 2/20/2024 $7,900 136.71 Comparable 5 Naples $1,080,000 12/27/2023 $7,950 135.84 Comparable Sales GRM Page 10213 of 10663 56 SEC. VII: RECONCILIATION OF OPINIONS OF VALUE The Sales Comparison Approach references sales of similar properties located in competitive areas within the researched market area. Since properties of identical characteristics are uncommon, any reliance placed upon the Sales Comparison Approach could be lessened due to required adjustments to the comparable sales. However, the range of values indicated by the five sales after adjustments was considered to provide a reliable indicator of value for the subject property. The Income Approach compares rentals of similar properties to the subject. Market rent was estimated based on the prevailing average monthly rental rates of comparable properties. We utilized the Gross Rent Multiplier Method, which is the most appropriate method for small-income residential properties in the subject market. This Approach was considered a reliable indicator of value for the subject property, and the value concluded via the Income Approach has been given the greater weight, since a typical buyer would be purchasing the property as an income-producing investment. Overall, the Sales Comparison was considered to be the most reliable, and the value concluded via this Approach has been given sole weight in the final value conclusion. Based upon the results of the analyses and data contained in this report, including any Extraordinary Assumptions and Hypothetical Conditions outlined in the Addenda, it is our opinion that the “as-is” market value of the fee simple interest in the subject property, as of October 17, 2024, is: The above opinion of market value is contingent upon the certification and the assumptions and conditions of this appraisal, if any. CONTRACTS, LISTINGS & SALES HISTORY Based on Information obtained from the client, various recognized published data sources and / or the county assessor's records, the subject property has no prior sales or transfers in the three years preceding the effective date of this appraisal. In addition, the subject property is currently listed for sale and the listing is detailed in the chart below: Value Premise As Is Date of Value 10/17/2024 Val ue Type Market Value Value Perspective Current Interest Appraised Fee Simple Sales Comparison Approach $1,360,000 Income Approach $1,350,000 Value Conclusion:$1,360,000 Summary of Values Premise Interest Appraised Effective Date Value Conclusion Current As Is Market Value Fee Simple 10/17/2024 $1,360,000 Value Conclusions Page 10214 of 10663 57 Transaction Type Listing Price $1,349,900 Contract Date 5/15/2024 Days on Market 155 Property Rights Fee Simple Legal Description Lengthy Legal -See Property Description Section Verification Source Listing Agent Comments The subject was listed for sale on local MLS on 05/15/2024 for $1,395,000.On 08/15/2024,the list price was decreased to $1,349,900. Subject Listing/Sale History Page 10215 of 10663 58 ESTIMATION OF MARKETING TIME Marketing time is defined by the USPAP Advisory Opinion as follows: 1. The time it takes an interest in real property to sell on the market sub-sequent to the date of an appraisal. 2. Reasonable marketing time is an estimate of the amount of time it might take to sell an interest in real property at its estimated market value during the period immediately after the effective date of the appraisal; the anticipated time required to expose the property to a pool of prospective purchasers and to allow appropriate time for negotiation, the exercise of due diligence, and the consummation of a sale at a price supportable by concurrent market conditions. Marketing time differs from exposure time, which is always presumed to precede the effective date of the appraisal. (Advisory Opinion 7 of the Appraisal Standards Board of The Appraisal Foundation and Statement on Appraisal Standards No. 6, "Reasonable Exposure Time in Real Property and Personal Property Market Value Opinions" address the determination of reasonable exposure and marketing time.) Marketing time is further discussed in the Advisory Opinion referenced above as follows: “…Marketing time occurs after the effective date of the market value opinion and the marketing time opinion is related to, yet apart from, the appraisal process. Therefore, it is appropriate for the section of the appraisal report that discusses marketing time and its implications to appear toward the end of the report after the market value conclusion. The request to provide a reasonable marketing time opinion exceeds the normal information required for the appraisal process and should be treated separately from that process. It is also appropriate for the appraiser to discuss the impact of price/value relationships on marketing time and to contrast different potential prices and their associated marketing times with an appraiser’s market value opinion for the subject property... …Clients concerned with marketing real or personal properties who obtain a market value appraisal as part of their decision-making process should be aware that it may be inappropriate to assume that the value remains stable during the marketing period. Therefore, it is technically incorrect for the user of an appraisal to take a current value opinion, carry it forward to the end of a concluded marketing period, and then discount back to the present…” Based upon the analysis and conclusions developed in this appraisal, the marketing time for the subject property is estimated to be 3-6 months. ESTIMATION OF EXPOSURE TIME Inherent in an opinion of market value is the development of an estimate of exposure time for the subject property. Exposure time is defined by the Uniform Standards of Professional Appraisal Practice (USPAP), 2024 Edition, as follows: (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 the appraisal. Based upon the analysis and conclusions developed in this appraisal, the exposure time for the subject property is estimated to be 3-6 months. Page 10216 of 10663 59 SEC. VIII: CERTIFICATION We certify that, to the best of our 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 are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. The appraisers have not performed any prior services regarding the subject within the previous three years of the appraisal date. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 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. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with Uniform Standards of Professional Appraisal Practice. Abigail C. Joyce has completed an interior and exterior inspection of the subject property on October 17, 2024. No one provided significant real property appraisal assistance to the person(s) signing this certification. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with 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). We are currently licensed to conduct appraisal activities and have completed the continuing education requirements set forth with the State of Florida. Page 10217 of 10663 60 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. As of the date of this report, I have completed the continuing education program of the Appraisal Institute. Abigail C. Joyce State-Certified General Real Estate Appraiser, RZ4168 Scott H. Simmons State-Certified Residential Real Estate Appraiser, RD 6203 Page 10218 of 10663 61 SEC. IX: ADDENDA QUALIFICATIONS: ABIGAIL C. JOYCE EDUCATIONAL BACKGROUND AND TRAINING Bachelor of Science in Finance, 2016, Florida Gulf Coast University, Fort Myers, Florida Basic Appraisal Principles, McKissock, Dec. 2015 Basic Appraisal Procedures, McKissock, Jan. 2016 Supervisor-Trainee Course, McKissock, March 2016 Florida Law – Ed Klopher Real Estate Education, April 2016 Residential Report Writing, McKissock, Nov. 2016 Florida Appraisal Law and Regulations, McKissock, Nov. 2016 Appraisal of Owner Occupied Commercial Properties, McKissock, Nov. 2016 Appraising Small Apartment Properties, McKissock, Nov. 2016 USPAP, McKissock, Nov. 2016 EXPERIENCE Maxwell, Hendry & Simmons, LLC. Fort Myers, Florida – Intern (Jan. 2015 – May 2016) Maxwell, Hendry & Simmons, LLC. Fort Myers, Florida – Associate (2016 – Present) RE-CERTIFICATION As of the date of this report, I, Abigail C. Joyce, have completed the requirements under the continuing education program for the State of Florida. Page 10219 of 10663 62 Page 10220 of 10663 63 QUALIFICATIONS: SCOTT H. SIMMONS Educational Background and Training Appraisal Board Course 1 (ABI), Academy of Real Estate, 2003, Fort Myers, Florida. Sales Comparison Approach, St. Petersburg Junior College Corporate Training Center, Steve Vehmeier, 2004, St. Petersburg, Florida. The Professional’s Guide to the URAR, South Fort Myers/Clarion Hotel & Suites, Kathy Coon, 2005 Various Courses, McKissock, Inc. 2009, Fort Myers, Florida. Appraisal Board Course II (ABII), Academy of Real Estate, 2006, Fort Myers, Florida. 15 - Hour National USPAP Course, Gold Coast Real Estate Schools, 2006, Miami, Florida. 7 – Hour National USPAP Update Course, McKissock, Inc. 2010, Miami, FL Various Courses, McKissock, Inc. 2010, Miami, FL Experience Gulf Coast Appraisal & Consulting Services, Inc., Cape Coral, Florida, Associate Appraiser (October 2003) Gulf Coast Appraisal & Associates, Inc., Cape Coral, Florida, Associate Appraiser (2003-2005) Maxwell & Hendry Valuation Services, Inc., Fort Myers, Florida, Associate Appraiser (2005-2013) Maxwell, Hendry & Simmons, LLC, Fort Myers, Florida, Associate Appraiser (2013-2022) Maxwell, Hendry & Simmons, LLC, Fort Myers, Florida, Residential Division Manager (2022 – Present) Professional Affiliations State-Certified Residential Real Estate Appraiser, RD 6203 State-Licensed Real Estate Sales Associate, SL 3293556 HUD FHA Approved Appraiser Qualified as an expert witness in the Florida District Court: 20th Judicial Circuit Re-certification As of the date of this report, I, Scott H. Simmons, have completed the requirements under the continuing education program for the State of Florida. Page 10221 of 10663 64 ASSUMPTIONS An assumption is defined by The Appraisal Institute in The Dictionary of Real Estate Appraisal, Seventh Edition as follows: “That which is taken to be true.” Please review the following assumptions, which we have “taken to be true” about this appraisal. This appraisal is to be used in whole and not in part. This appraisal report has been prepared at a specified point in time as indicated by the date of valuation. Therefore, this report can neither be used prior to, or subsequent to, the effective appraisal date. Market values and conditions change significantly with the passage of time. This report cannot be viewed subsequent to the appraisal date and then reliance placed on values, opinions, and analysis made by the appraiser or other consultants in the report. The forecasts or projections included in this report are used to assist in the valuation process and are based on current market conditions, anticipated short-term supply and demand factors, and a continued stable economy. These forecasts are therefore subject to changes in future conditions, which cannot be accurately predicted by the appraiser and could affect the future income and/or value forecasts. No part of this report shall be used in conjunction with any other appraisal. The appraiser(s) herein, by reason of this report, is not required to give testimony or attendance in court or any governmental hearing with reference to the property appraised, unless arranged previously therefore. The consideration for the preparation of this appraisal report is the payment by the client of all charges due the appraiser in connection therewith. Any responsibility of the appraiser for any part of the report is conditioned upon full payment. Neither all, nor any, part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales or other media without the written consent and approval of the author, particularly as to the valuation conclusion, the identity of the appraiser or firm with which he is connected, or any reference to any professional organization of which the appraiser may be a member. The property has been appraised as if free and clear, unencumbered by mortgages, liens, delinquent taxes, assessments, special or unusual deed conditions or restrictions, but subject to zoning regulations. An investigation, but no record search, has been made. All comparable data utilized are confirmed by Costar Group, Inc., the Local Multiple Listing Service (MLS), parties related to the sale, and/or public records. The data used in compiling this report was secured from sources considered reliable and authentic and, so far as possible, was verified. However, no responsibility is assumed for its accuracy or correctness. Unless otherwise noted, no survey or plans were requested or provided and information regarding the subject property has been gathered from the appropriate public records. It is assumed that the legal descriptions, site sizes and boundaries utilized are correct, that the improvements (if applicable) are entirely and correctly located on the property described, and that there are no encroachments or overlapping boundaries. Unless stated otherwise, legal access to the property is assumed. Marketable title, but not responsibility as to legal matters, is assumed. This appraisal is subject to a current survey and title search. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report and it is further assumed that all applicable zoning, land use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined and considered in the appraisal report. This appraisal is subject to all growth management ordinances (i.e. concurrency) both local and state. The appraiser has relied upon representations made by the developer, client or authorities considered to be knowledgeable in this regard. A determination was not made by the appraiser as to the development potential for the property, unless otherwise stated. Page 10222 of 10663 65 Unless otherwise noted, we were not provided with a title search, and we have assumed that the subject property has a unified title, or in absentia, that the right of entry is barred for oil, gas, and mineral rights holders. We have further assumed that no off-site subsurface exploration or extraction activities are occurring, or have occurred, which would have an impact on the subsurface elements of the property, or which would adversely affect the value of the property. No consideration was given within this appraisal as to the time or expense (if any) which would be required to determine or obtain unified title or bar the right of entry. Should this assumption regarding unified title later prove to be false, this could alter the opinions and conclusions contained herein. The Americans with Disabilities Act (ADA) became effective on February 26, 1992. The appraiser has not made a specific compliance survey and analysis of this property to determine if it is in conformity with the various detailed requirements of the ADA. As the appraiser has no direct evidence relating to this issue, possible noncompliance with the requirements of ADA in estimating the value of the property has not been considered. EXTRAORDINARY ASSUMPTIONS / HYPOTHETICAL CONDITIONS Please see the Scope of Work for further details. Page 10223 of 10663 LOCATION MAP – STORMWATER IMPROVEMENTS 2695 FRANCIS AVENUE 2695 Francis Avenue Page 10224 of 10663 Page 10225 of 10663 Page 10226 of 10663 Page 10227 of 10663 ARTICLES OF ORGANIZATION OF 24 HOLDINGS, LLC The undersigned organizer, being a natural person of 18 years of age or older, in order to form a limited liability company under the provisions of Florida Statutes, Chapter 605, hereby adopts the following Articles of Organization: ARTICLE I NAME AND REGISTERED OFFICE 1.01 Name. The name of this limited liability company is 24 Holdings, LLC. 1.02 Registered Office. The location and mailing address of the registered office of this limited liability company in the State of Florida is 2755 66th St SW, Naples, FL 34105. ARTICLE II MEMBERS AND MEMBERSHIP INTERESTS 2.01 Membership Interests. The membership interests of this limited liability company shall be ordinary membership interests entitled to vote as provided by law consisting of one class, without series, with equal rights and preferences in all matters unless and until separate classes and/or series of membership interests are authorized by the Board of Governors pursuant to Section 2.02 of these Articles of Organization. 2.02 Classes and Series of Membership Interests. The Board of Governors of this limited liability company may, from time to time, establish by resolution different classes and/or series of membership interests and may fix the rights and preferences of said membership interests in any class or series. 2.03 Preemptive Rights. No member of this limited liability company shall have any of the preemptive rights provided in FL. Stat. 605. 2.04 Cumulative Voting. No member of this limited liability company shall have the right to cumulate his, her or its votes in the election of governors or for any other purpose whatsoever. 2.05 Transfer of Governance Rights. A member may assign and transfer his, her or its governance rights with less than unanimous consent of the members of this limited liability company if and to the extent permitted in a member control agreement. Page 10228 of 10663 2 ARTICLE III ORGANIZER The name and address of the sole organizer of this limited liability company are as follows: Scott Lauderdale, 2755 66th St SW, Naples, FL 34105. ARTICLE IV WRITTEN ACTION 4.01 By Governors. Any action, other than an action requiring member approval, required or permitted to be taken at a meeting of the Board of Governors of this limited liability company may be taken by written action signed by the number of governors required to take the same action at a meeting of the Board of Governors at which all governors were present. Any action requiring member approval required or permitted to be taken at a meeting of the Board of Governors of this limited liability company may be taken by written action signed by all of the governors. The written action is effective when signed by the required number of governors, unless a different effective time is provided in the written action. When written action is taken by less than all of the governors, all governors shall be notified immediately of its text and effective date. 4.02 By Members. Any action required or permitted to be taken at a meeting of the members may be taken without a meeting by written action signed by the members who own voting power equal to the voting power that would be required to take the same action at a meeting of the members at which all members were present. The written action is effective when signed by the required members, unless a different effective time is provided in the written action. When written action is taken by less than all members, all members shall be notified immediately of its text and effective date. ARTICLE V LIMITATION ON GOVERNORS’ LIABILITY A governor of this limited liability company shall not be personally liable to this limited liability company or its members for monetary damages for breach of fiduciary duty as a governor; provided, however, that this Article shall not eliminate or limit the liability of a governor to the extent provided by applicable law for (i) liability based on a breach of the duty of loyalty to this limited liability company or its members; (ii) liability for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law; (iii) liability under Minn. Stat. Sections 605.0304; (iv) liability for any transaction from which the governor derived an improper personal benefit; or (v) liability for any act or omission occurring prior to the date this Article V becomes effective. If Chapter 605, the Florida Limited Liability Company Act, hereafter is amended to authorize the further elimination or limitation of the liability of governors, then the liability of a governor of this limited liability company, in addition to the limitation on personal liability provided herein, shall be eliminated or limited to the fullest extent permitted by the amended Chapter 605, the Florida Limited Liability Company Act. Any repeal or modification of this Article by the members of this limited liability company Page 10229 of 10663 3 shall be prospective only, and shall not adversely affect any limitation on the personal liability of a governor of this limited liability company existing at the time of such repeal or modification. The provisions of this Article V shall not be deemed to limit or preclude indemnification of a governor by this limited liability company for any liability of a governor which has not been eliminated by the provisions of this Article V. ARTICLE VI DURATION AND DISSOLUTION 6.01 Duration. Unless dissolved earlier according to law, this limited liability company shall have a perpetual duration. 6.02 Limitations on Dissolution. This limited liability company shall not be dissolved upon the occurrence of any event that terminates the continued membership of a member of this limited liability company, including any of the events listed in FL. Stat. Section 605.0707. ARTICLE VII AMENDMENT OF ARTICLES OF ORGANIZATION Any amendment of these Articles of Organization may be adopted by the affirmative vote of the owners of record of a majority of the voting power of the outstanding membership interests of each class and series present and entitled to vote, except where a larger proportion is required by law or a member control agreement. IN WITNESS WHEREOF, I have hereunto executed these Articles of Organization this 29th day of August, 2022. Scott J. Lauderdale Page 10230 of 10663 From:Amy Ashby To:Grant Cox Subject:Re: 2695 Francis Ave Date:Wednesday, September 4, 2024 8:50:11 AM Attachments:image001.png CountyLogo-FullColor_948165c4-9665-41b4-9162-fbb16abff557.png Facebook_0522f546-5e75-4698-95f9-f15590a3defe.png Instagram_a8da4774-4b5b-4ad1-8d23-20e69b3b605d.png X-Twitter_8d678efc-bd14-44ce-97cf-7fbab1003b00.png Youtube_0078f7f1-7789-4afd-a015-50689fe1f99b.png 311IconforSignature_87c558eb-83f5-449b-87c1-3cc5ac8b0859.png facqr_49096d62-3ac0-46ac-833c-b456d10d9ebd.png EXTERNAL EMAIL: This email is from an external source. Confirm this is a trusted sender and use extreme caution when opening attachments or clicking links. Thank you. It’s closer to season so he is able to rent it for more money. If you want it empty, Scott said he can also take all the stuff out of it too. Seller can get $2500 now but can get $4000 closer to season Get Outlook for iOS From: Grant Cox <Grant.Cox@colliercountyfl.gov> Sent: Wednesday, September 4, 2024 7:37:21 AM To: Amy Ashby <aashby@viprealty.com> Subject: 2695 Francis Ave Good morning Amy, I saw this question (below), but wasn’t sure if I replied to the SignatureRequests@appfiles.com e-mail address, if that reply would get to you : The tenants can remain in the unit(s) until the property changes ownership, from 24 Holdings LLC / Scott Lauderdale’s to Collier County’s ownership. From my notes, can I please verify the rental income the property has generated : $2,500 unit 3 out of 4 are both furnished and occupied I know you mentioned that Scott has been using it for some of his construction workers as it has availability, which isn’t a problem, but I was also asked to understand the rental income / rental market value too. Please let me know if you have any additional questions on your end. Thank you, Grant Cox Property Acquisition Specialist II Facilities Management Office:239-252-5373 3335 Tamiami Trail E Suite # 102 Naples, FL 34112 Grant.Cox@colliercountyfl.gov Take our Facilities Management Survey! Use a mobile device to scan the QR code below or click here. Page 10231 of 10663 Real Property Management Section Under Florida Law, e-mail addresses are public records. If you do not want your e-mail address released in response to a public records request, do not send electronic mail to this entity. Instead, contact this office by telephone or in writing. Page 10232 of 10663 © 2022 Naples Area Board of REALTORS and Association of Real Estate Professionals, Inc. All Rights Reserved. (NABOR 10/01/2022) PAGE 1 OF 5 SELLER’S DISCLOSURE STATEMENT (RESIDENTIAL IMPROVED PROPERTY) Seller is obligated by Florida law to disclose to a buyer all known facts or conditions that materially affect the value of the Property which are not readily observable by a buyer. This disclosure statement is designed to facilitate Seller’s compliance with Florida law and to assist a buyer in evaluation of the condition and desirability of the Property. This statement and the information contained herein do not constitute a warranty to a buyer by the Seller or any licensee involved in the sale of the Property, nor should buyer consider the information contained herein a substitute for any physical inspections of the Property. The following information is provided by the Seller and not by any licensee involved in the sale of the Property to a buyer. NOTICE TO BUYER: ANY DEFECTIVE INSPECTION ITEMS CONTAINED IN THIS SELLER’S DISCLOSURE STATEMENT SIGNED BY BUYER PRIOR TO BUYER’S EXECUTION OF ANY OFFER (OR COUNTER-OFFER, AS APPLICABLE), SHALL NOT BE DEEMED DEFECTIVE INSPECTION ITEMS UNDER STANDARD D.2.b. OF THE SALES CONTRACT. Property Address: _________________________________________________________________________________ 1. OCCUPANCY A. Owner occupied ------------------------------------------------------------------------------------------------------------ B. Tenant occupied by written or verbal lease or rental agreement. If written attach copy of same ----- C. Unoccupied ----------------------------------------------------------------------------------------------------------------- How long has it been since SELLER occupied the Property? _____________________ YES NO DON’T KNOW 2. APPLIANCES AND EQUIPMENT (a) All appliances and equipment in working condition? If no, identify items not working: _________________________________________________________________________ (b) Any appliances or equipment leased? If yes, Company Name: _______________________ _________________________________________________________________________ (c) Security system? If yes, is system currently operational? 3. ELECTRICAL SYSTEMS AND EQUIPMENT: (a) Damaged or malfunctioning switches, receptacles or wiring? If yes, describe nature and location: __________________________________________________________________ 4. PLUMBING: (a) Drinking water source: Public Private Well (b) Problems with quality, supply or flow of potable water? If yes, describe and specify: _________________________________________________________________________ 2695 FRANCIS AVE NAPLES, FL 34112 a couple double tap breakers on a and b unit as per 4 point inspection Page 10233 of 10663 SELLER’S DISCLOSURE STATEMENT (RESIDENTIAL IMPROVED PROPERTY) (NABOR 10/01/2022) PAGE 2 OF 5 YES NO DON’T KNOW (c) Water softener, filter or purifier Leased Owned. If leased, Company Name: _________________________________________________________________________ Service Contract Yes No (d) Sewage system: Public Private Septic (e) Leaks, backups, or similar problems relating to plumbing, water and/or sewage-related items? If yes, describe nature and location: _______________________________________ _________________________________________________________________________ 5. HEATING AND AIR CONDITIONING SYSTEMS AND EQUIPMENT: (a) Heating system(s) electric gas solar Age: _____ years (b) Water heated by electric gas solar heat recovery Age:____ years (c) Air conditioning system(s) central window/wall unit Age: _____ years (d) All enclosed living areas connected to heating/air conditioning system? If no, describe location: _______________________________________________________ 6. ROOF: (a) Approximate age: _____ years. (b) Current roof leaks or problems with the roof, gutters or downspouts? If yes, describe nature and location: _____________________________________________ _________________________________________________________________________ 7. STRUCTURAL AND FOUNDATION: (a) Movement, shifting, cracking, deterioration, or other structural problems with any dwelling or garage? (b) Structural problems with driveways, walkways, patios, retaining walls, seawalls and docks? If the answer to any of the above is Yes, describe and specify:_________________________ __________________________________________________________________________ 8. PERMITS, ADDITIONS AND ALTERATIONS: (a) Material additions, structural changes, or any other major alterations to original improvements? If yes, were permits and/or approvals obtained? If yes, were permits closed out and finalized? (b) Any work not done in compliance with prevailing building codes or zoning regulations? If the answer to any of the above is Yes, describe and specify: ___________________________ _____________________________________________________________________________ 9. DRAINAGE, FLOODING AND MOISTURE: (a) Water leakage, accumulation, dampness or damage within improvements? (b) Drainage problems or flooding? (c) Problems with siding or exterior cladding retaining moisture, swelling, chipping or delaminating? If the answer to any of the above is Yes, describe and specify: ___________________________ _________________________________________________________________________ 4 points see 4 points inspection see 4 points inspection report roof may have been done without a permit, the last permit was probably not the true age. a and c had a few inches of water from Ian Page 10234 of 10663 SELLER’S DISCLOSURE STATEMENT (RESIDENTIAL IMPROVED PROPERTY) (NABOR 10/01/2022) PAGE 3 OF 5 YES NO DON’T KNOW 10. RADON; MOLD; DRYWALL (a) Any elevated levels of radon in the residence on the Property? (b) Any elevated levels of mold in the residence on the Property? (c) Any defective drywall on the Property? (d) Any reports, notices, or documentation of the existence of possible defective drywall on the Property? If the answer to any of the above is Yes, describe and specify: ___________________________ _____________________________________________________________________________ 11. TERMITES, WOOD ROT, PESTS, WOOD-DESTROYING ORGANISMS: (a) Any infestation or damage? If yes, describe type and location: ________________________ (b) Property currently under service contract, warranty or other coverage? Name of Company: _________________________________________________________ Type of coverage re-treatment and repair or re-treatment only or preventative maintenance contract Is service contract, warranty or other coverage transferable? 12. INSURANCE: (a) Any insurance claims made upon the Property? (b) If Yes, the claim was for: water damage/flood fire wind theft injury sinkhole damage Other (c) Explain any insurance claim(s) shown in (b) above: ________________________________ _____________________________________________________________________________ (d) If any insurance claim was made for sinkhole damage, was the claim paid? Note: Florida law requires a seller disclosure to prospective buyers if the seller has ever made an insurance claim related to sinkhole damage, the seller must disclose whether the claim was paid and whether or not the full amount paid was used to repair the sinkhole damage. (e) If any sinkhole claim was paid, were all the proceeds used to repair the damage? If the answer to any of the above is Yes, describe and specify: ___________________________ _____________________________________________________________________________ 13. PRIVATE SWIMMING POOL AND SPA: (a) Spa? If Yes, source of heat: electrical solar gas other: If other, type: __________ ________________________________________________________________________________ (b) Swimming pool heated? If Yes, source of heat: electrical solar gas other: If other, type: ________________________________________________________________ (c) Current leaks/unusual loss of water? If yes, describe nature and location: _______________ _________________________________________________________________________ (d) Problems with pool or spa filtration systems? If yes, describe: ________________________ _________________________________________________________________________ previous owner had termites remediated- look on electrical box Page 10235 of 10663 SELLER’S DISCLOSURE STATEMENT (RESIDENTIAL IMPROVED PROPERTY) (NABOR 10/01/2022) PAGE 4 OF 5 YES NO DON’T KNOW (e) Any non-functioning or malfunctioning pool or spa equipment? If yes, describe: _____________________________________________________________ (f) Pool or spa issued a certification of substantial completion after October 1, 2000? If yes, check those that apply: enclosure that meets pool barrier requirements required door locks required door and window exit alarms approved pool safety cover (g) Pool/spa professionally serviced? Company Name: ________________________________ _________________________________________________________________________ MULTI-FAMILY (CONDOMINIUM/COOPERATIVE) PROPERTIES 14. FIRE SPRINKLER/LIFE SAFETY SYSTEM/RETROFIT: (a) If the property is located in a condominium or cooperative building, are you aware of any requirement for the building to be retrofit with fire sprinkler or other safety systems in the future? (b) If the above answer is “Yes,” has the association voted to waive retrofitting the building (or just the individual units if the building is over 75 feet in height) with such systems? Note: If “Yes,” copies of the Notice of Association W aiver must be provided to buyers. SINGLE FAMILY PROPERTIES 15. SOIL, TOPOGRAPHY, LANDSCAPE AND BOUNDARIES: (a) Any portion of the Property filled or used as a landfill? (b) Any sliding, earth movement, sinkholes, upheaval, or earth stability expansion soil problems? (c) Any drainage, water infiltration, flooding or grading problems on the Property? (d) Do you know in which FEMA-designated flood zone the Property is located? (e) Presence on the Property of any Prohibited Exotic Plant Species? (f) Any encroachments of neighboring property improvements, unrecorded easements, or boundary line disputes? If the answer to any of the above is Yes, describe and specify: ___________________________ _____________________________________________________________________________ 16. IRRIGATION SYSTEMS AND EQUIPMENT: (a) Irrigation system: Public Private Source: _____________________________________ (b) Any non-functioning or malfunctioning equipment? If yes, describe: ________________________________________________________________ 17. TOXIC AND HAZARDOUS WASTE (a) Any underground tanks or toxic or hazardous substances (structure or soil) such as asbestos, polychlorinated biphenyls (PCBs), methane gas, radon, benzene, lead-based paint, toxic or pathogenic mold or others? If yes, describe nature and location: ___________ _________________________________________________________________________ there is a system on site but probably doesn't work dont know Page 10236 of 10663 SELLER’S DISCLOSURE STATEMENT (RESIDENTIAL IMPROVED PROPERTY) (NABOR 10/01/2022) PAGE 5 OF 5 YES NO DON’T KNOW (b) Any prior use of the Property for agriculture, storage of vehicles or equipment, or commercial uses? If yes, describe nature and location: ______________________________ _________________________________________________________________________ 18. WETLANDS AND ENVIRONMENTALLY SENSITIVE AREAS: (a) Any wetlands located on the Property? (b) Any wetlands determination report or application for environmental resource permit ever been filed or received as to the Property? If your answer to (b) above is Yes, if the report or permit is available to you, attach a copy. (c) Any mangroves, archeological sites, protected species or other environmentally sensitive areas located on the Property? (d) If located near the coast, does the Coastal Construction Control Line touch the Property? If the answer to any of the above is Yes, describe and specify: ___________________________ _________________________________________________________________________ 19. SURVEY, ELEVATION CERTIFICATE, PRIOR OWNERS POLICY: (a) Do you have a survey to provide to the Buyer? (b) Do you have an Elevation Certificate to provide to the Buyer? (c) Do you have a prior owner’s title policy to provide to the Buyer? 20. ADDITIONAL SELLER COMMENTS: _________________________________________________________________________________________________ _________________________________________________________________________________________________ SELLER’S REPRESENTATION: Seller represents that, to the best of Seller’s knowledge, the information contained herein with respect to the condition of the Property is accurate and complete as of the date signed by Seller. Seller hereby authorizes the listing broker to provide this information to prospective buyers of the Property and to cooperating brokers and licensees. If there are any material changes in the answers to the questions contained herein, Seller agrees to promptly update this Seller’s Property Disclosure Statement and to provide to the listing broker and prospective buyers a revised copy of the same. _____________________________________________ ______________________________________ (Seller’s Signature) (Date) (Seller’s Signature) (Date) (Seller’s Printed Name) (Seller’s Printed Name) RECEIPT AND ACKNOWLEDGMENT BY BUYER: Buyer acknowledges receipt of this Seller’s Property Disclosure Statement, and understands that any Defective Inspection Items contained in this Seller’s Disclosure Statement signed by Buyer prior to Buyer’s execution of any offer (or counter-offer, as applicable), shall not be deemed Defective Inspection Items under Standard D.2.b. of the Sales Contract. Buyer further acknowledges that there may be conditions unknown to Seller. No representations concerning the condition of Property are being relied upon by Buyer except as disclosed herein or stated in the sales contract. _____________________________________________ ______________________________________ (Buyer’s Signature) (Date) (Buyer’s Signature) (Date) (Buyer’s Printed Name) (Buyer’s Printed Name) May 13, 2024 24 Holdings LLC- Scott Lauderdale Page 10237 of 10663 Page 10238 of 10663 Page 10239 of 10663 Page 10240 of 10663 Page 10241 of 10663