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Agenda 12/16/2008 Item #16B11 Agenda Item No. 16B11 December 16, 2008 Page 1 of 60 EXECUTIVE SUMMARY Recommendation to approve the purchase of improved property Parcel No. 132FEE (Jerry L. Mitchell and Barbara Mitchell) required for the construction of the Vanderbilt Beach Road Extension project. Project No. 60168. (Fiscal Impact: $729,104) OBJECTIVE: To obtain the Board of County Commissioners' approval to purchase improved property required for the construction of the Vanderbilt Beach Road Extension project between Collier Boulevard and Wilson Boulevard. CONSIDERATIONS: On April 17, 2006 the Board of County Commissioners approved Alignment No. 12 for the extension of Vanderbilt Beach Road from Collier Boulevard to DeSoto Boulevard, placing the subject property, along with many others, in the path of the proposed roadway. Then, on June 6, 2006, the Board of County Commissioners adopted Resolution No. 2006-142 authorizing the acquisition by gift or purchase of property required for the construction of Vanderbilt Beach Road between Collier Boulevard and Wilson Boulevard (Project No. 60168). The subject property (Parcel No. 132FEE) is located at 755 27th Avenue NW, contains 6.2 acres (including that portion encumbered by an 80 foot wide platted drainage easement), and is improved with a single family home. An independent real estate appraiser hired by the County estimated the market value of the property as of August 2007 at $725,000, and as of May 2008 at $695,000. While the owners' initial dernand for full compensation was $1,400,000 excluding attorney's fees, appraisal fees and relocation costs, the purchase price has since been negotiated to $699,853 after considering the value of the proposed tenn of the sellers' extended occupancy which is roughly $24,000. (Mr. and Mrs. Mitchell have requested extended occupancy so that they may have more time to find another suitable home.) In addition to the purchase price, the agreement provides for payment of Mr. and Mrs. Mitchell's moving expenses of $15,000, attorney's fees of $6,050 and appraiser's fees of $3,876. The attached agreement, while not as yet executed by Mr. and Mrs. Mitchell, has received the tentative approval of the County Attorney. This is a voluntary sale to the County only up until the point where agreement on the purchase price can be reached. Beyond that point, once the design of the roadway moves beyond the 60% stage of plans readiness, the acquisition will occur under the threat of condemnation. Viewed in this context, either the parties agree upon a price early on in the process, or they wait until later and perhaps let a jury set the price. The difference being that the jury instruction as to the definition of full compensation does not limit itself simply to "market value" as estimated by appraisers who have relied upon the sales of willing sellers as the basis for their conclusions. The current jury instruction as to "full compensation" reads, in part, as follows: ~- "Although fair market value is a reliable standard in determining the amount of full compensation to be paid to the owner, it is not the only standard. It is merely a tool to assist you in determining what is full compensation as guaranteed by the Florida Constitution. In determining full compensation, all facts and Agenda Item No. 16Bl1 December 16, 2008 Page 2 of 60 circumstances that bear a reasonable relationship to the owner's loss must be taken into account." (Florida Eminent Domain Practice and Procedure, Sixth Edition, The Florida Bar, 2003) FISCAL IMPACT: Funds in the amount of $729,104 will come from the Transportation Supported Gas Tax Fund and Impact Fee Funds. (Total amount includes the purchase price, moving costs, attorney's fees, appraiser's fees and $4,325 for the approximate cost of title insurance, closing fees and recording fees.) Source of Funds are Gas Taxes and Impact Fees. GROWTH MANAGEMENT IMPACT: The recommendation is consistent with the County's Growth Management Plan. LEGAL CONSIDERATIONS: The proposed Purchase Agreement has been initialed for form and legal sufficiency. This item requires majority vote only. This item is not quasi-judicial, and as such ex parte disclosure is not required. This item is legally sufficient for Board action - JAB RECOMMENDATION: That the Board of County Commissioners of Collier County; 1. Approve the attached Purchase Agreement; 2. Authorize its Chairman to execute same on behalf of the Board after it has been executed by the sellers and finally approved by the County Attorney; 3. Authorize the payment of all costs and expenses necessary to close the transaction; 4. Accept the conveyance of the property via Warranty Deed and authorize the County Manager or his designee to record same in the public records of Collier County, Florida; and 5. Approve any and all budget amendments required. Prepared by; Robert Bosch, Right-of-Way Coordinator, TECM Attachments; (1) Purchase Agreement; (2) Aerial of Property Showing Proposed Right-of-Way Line; (3) Appraisal Report by .Tames B. Kerr, Jr.; (4) Appraisal Report by Gerald L. Seiberth, Jr. Item Number: Item Summary: Meeting Date: Page I of2 Agenda Item No. 16Bl1 December 16, 2008 Page 3 of 60 COLLIER COUNTY BOARD OF COUNTY COMMISSIONERS 16B11 Recommendation to approve the purchase of improved property Parcel No, 132FEE (Jerry L. Mitchell and Barbara Mitchell) required for the construction of the Vanderbilt Beach Road Extension project. Project No. 60168. (Fiscal Impact. $729,104) 12/16/200890000 AM Date Prepared By Robert Bosch Transportation Right of Way Coordinator TECM 12/1/200812:12:26 PM Approved By Kevin Hendricks Transportation Services Right Of Way Acquisition Manager Date 12/1/200812:36 PM TECM-ROW Date Approved By Joseph Delate Transportation Services Senior Project Manager Transportation Engineering and Construction 12/1/200812:43 PM Date Approved By Lisa Taylor Transportation Services Management/Budget Analyst Transportation Administration 12/2/20089:52 AM Approved By Date Najeh Ahmad Transportation Services Director Transportation Engineering & Construction Management 12/2/2008 12:00 PM Date Approved By Norm E. Feder, Ale? Transportation Services Transportation Division Administrator Transportation Services Admin. 12/2/20081:12 PM Date Approved By Brian Hancock Transportation Division Operations Support Manager Transportation Administration 12/3/20088:39 AM Date Approved By Jennifer A. Belpedio County Attorney Assistant County Attorney County Attorney Office 12/3/200810:43 AM Approved By Pat Lehnhard Transportation Services Executive Secretary Transportation Services Admin Date 12/3/20082:16 PM Date ApfJroved By OMB Coordinator Administrative Services Applications Analyst Information Technology 121312008 4:02 PM Approved By Susan Usher Senior Management/Budget Analyst Date file://C:\AgendaTest\Export\1 18-December%20 I 6,%202008\ 16.%20CONSENT%20AGE... 12/1 0/2008 Page 2 of2 Agenda Item No. 16B11 December 16, 2008 Page 4 of 60 County Manager's Office Office of Management & Budget 12/8/200811 :34 AM Approved By James V. Mudd County Manager Date Board of County Commissioners County Manager's Office 1219/20087:33 PM file://C:\AgendaTest\Export\ 118-December%20 16, %202008\ 16.%20CONSENT%20AGE... 12/10/2008 Agenda Item No. 16Bl1 December 16, 2008 Page 5 of 60 PROJECT: 60168 PARCEL No: 132FEE FOLIO No: 36865000002 PURCHASE AGREEMENT (Extended Possession of Improved Property) THIS PURCHASE AGREEMENT is made and entered into on this day of ,200 ,by and between JERRY l. MITCHELL AND BARBARA MITCHELL, Husband and Wife, whose mailing address is 755 27th Street NW, Naples, Florida 34120-1747 (hereinafter referred to as "Seller"), and COLLIER COUNTY, a political subdivision of the State of Florida, whose mailing address is 3301 Tamiami Trail East, Naples, Florida 34112 (hereinafter referred to as "Purchaser"). WHEREAS, SeUer owns certain improved property located at 755 27'" Street NW, Naples, Florida 34120-1747 and more particularly described as Tract 80, Golden Gate Estates Unit No.6, according to the plat thereof recorded in Plat Book 4, Pages 93 and 94, of the pubUc records of Collier County, Florida, together with aU buildings, structures and improvements, fixtures, cabinetry, built-in shelving, built-in appliances, refrigerators, stove, dishwasher, washer, dryer, ceiling fans, floor coverings and window treatments, including, but not limited to, the items listed in Exhibit "A", attached hereto and incorporated herein by reference (hereinafter coUectively referred to as "Property"); and Whereas, Purchaser requires the Property for construction of the Vanderbilt Beach Road Extension Project; and WHEREAS, Seller has agreed to sell and Purchaser has agreed to purchase the Property subject to the terms and conditions that follow, WHEREAS, Seller desires to remain in possession of the residence and has requested the right to occupy the premises for a term of one (1) year from the date of Closing, to which request Purchaser has agreed; and NOW THEREFORE, in consideration of these premises, the sum of Ten Dollars ($10.00), and other good and valuable consideration, the receipt and sufficiency of which is hereby mutuaUy acknowledged, it is agreed by and between the parties as follows: 1. AGREEMENT In consideration of the purchase price and upon the terms and conditions hereinafter set forth, Seller shaU sell to Purchaser and Purchaser shall purchase from Seller the Property. 2. PURCHASE PRICE A. The purchase price (the "Purchase Price") for the Property shall be SIX HUNDRED NINETY-NINE THOUSAND, EIGHT HUNDRED FIFTY-THREE and No/100 Dollars ($699,853.00) (U.S. Currency) payable at time of closing. Said Purchase Price was agreed upon by the parties hereto with full consideration having been given to the value of the extended possession. (See Section 4, below.) None of the Purchase Price is attributed to any personal property. Purchaser shall also pay to Seller Fifteen Thousand and No/100 DoUars ($15,000.00) towards the Seller's moving expenses. B. Furthermore, Purchaser shall pay to the firm of Forman, Hanratty and Montgomery, P.A., attorney fees in the amount of Six Thousand Fifty and No/100 Dollars ($6,050.00), and Purchaser shall pay to the firm of Calhoun, Collister and Parham, Inc., fees for real estate appraisai service in the amount of Three Thousand Eight Hundred Seventy-Six and No/100 DoUars ($3,876.00). Agenda Item No. 16B 11 December 16, 2008 Page 6 of 60 C. Payment of the Purchase Price and other amounts provided for herein shall be made at time of closing and shall be full compensation for the Property conveyed, including all structural and site improvements and fixtures, and all landscaping, trees and shrubs located thereon, and shall be in full and final settlement of all other costs and expenses incurred by Seller, including but not limited to moving expenses, attomeys' fees, expert witness fees and costs, as provided for in Chapter 73, Florida Statutes. 3. CLOSING A. The Closing (THE "CLOSING DATE", "DATE OF CLOSING", OR "CLOSING") of the transaction shall be held on or before one hundred twenty (120) days following execution of this Agreement by the Purchaser unless extended by mutual written agreement of the parties hereto. The Closing shall be held at the Collier County Attorney's Office. Administration Building, 3301 Tamiami Trail East, Naples, Florida. Purchaser shall be entitled to possession as of Closing, unless otherwise provided herein. Seller shall deliver the Property in broom-clean and working condition, and free of all debris upon vacating the premises. B. Seller shall convey a marketabie 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. Within fifteen (15) days of the effective date hereof, Seller shall provide Purchaser with a copy of any existing prior title insurance policies. At or before the Closing, the Seller shall cause to be delivered to the Purchaser the items specified herein and the following documents and instruments duly executed and acknowledged, in recordable form: 1. General Warranty Deed in favor of Purchaser conveying title to the Property, free and clear of all liens and encumbrances other than: (a) The lien for current taxes and assessments. (b) Such other easements, restrictions or conditions of record. 2. Combined Purchaser-Seller closing statement. 3. A "Grantor's Non-Foreign, Taxpayer Identification & "Gap" Affidavit" as required by Section 1445 of the Internal Revenue Code and as required by the title insurance underwriter in order to insure the "gap" and issue the policy contemplated by the title insurance commitment. 4. A W-g Form, "Request for Taxpayer Identification and Certification" as required by the Internal Revenue Service. 5. Such evidence of authority and capacity of Seller and its representatives to execute and deliver this Agreement and all other documents required to consummate this transaction, as reasonably determined by Purchaser's counsel and/or title company. 6. Certificate of insurance pursuant to Section 4L (below). C. At the Closing, the Purchaser, or its assignee, shail cause to be delivered to the Seller the following: 1. A negotiabie instrument in an amount equal to Net Cash to Seller on the Closing Statement. No funds shall be disbursed to Seller until the Title Company verifies that the state of the title to the Property has not changed adversely since the date of the last endorsement to the commitment, referenced in "Requirements and Conditions" below, and the Title Company is irrevocably committed to pay the Purchase Price to I L _""","'m'. Page NO.2 Agenda Item No. 16B11 December 16, 2008 Page 7 of 60 Seller and to issue the Owne~s title policy to Purchaser in accordance with the commitment immediately after the recording of the deed. 2. Funds payable to the Seller representing the Purchase Price shall be subject to adjustments and pro-rations as hereinafter set forth. D. Purchaser shall pay all fees to record any curative instruments required to clear titie, all Warranty Deed recording fees, and any and all costs and/or fees associated with securing and recording a Release or Subordination of any mortgage, lien or other encumbrance recorded against the Property; provided, however, that any apportionment and distribution of the full compensation amount in Section 2 which may be required by any mortgagee, lien-holder or other encumbrance-holder for the protection of its security interest or as consideration for the execution of any release, subordination or satisfaction, shall be the responsibility of the Seller, and shall be deducted on the Closing Statement from the compensation payable to the Seller per Section 2. E. Seller, at its sole cost and expense, shall pay at Closing all documentary stamp taxes due upon the recording of the Warranty Deed in accordance with Section 201.01, Florida Statutes. F. The cost of a Title Commitment shall be paid by Purchaser along with the cost of an Owne~s Form B Title Policy, issued pursuant to the Commitment provided for in Section 8, "Requirements and Conditions" (below). G. Real Property taxes shall be prorated based on the current yea~s tax and paid by Seller. If Closing occurs at a date which the current yea~s millage is not fixed, taxes will be prorated based upon such prior yea~s millage. H. A Security Deposit in the amount of Five Thousand and No/l00 Dollars ($5,000.00) will be paid out of the Seller's closing proceeds into an account under Purchaser's control to be held during the Seller's occupancy in accordance wtth the provisions of Section 4B (below). 4. OCCUPANCY BY SELLER AFTER CLOSING A. Seller may occupy the Property after Closing for a term of one (1) year from the date of Closing (the "Initial Term"). As consideration for Seller's extended occupancy of the Property the Purchase Price in Section 2 was reduced by the sum of Twelve and No/100 Dollars ($12.00). In the event Seller and Purchaser agree to extend the Initial Term of extended occupancy by an additional number of months (the "Extended Term"), an additional sum will be required from Seller and shall be calculated by multiplying the number of months of the Extended Term by Two Thousand Two Hundred Fifty and Noll00 Dollars ($2,250.00). This Fee must be paid to the Purchaser in a lump sum, no later than thirty (30) days before expiration of the Inttial Term. whereupon Purchaser and Seller shall execute an addendum to this Agreement memorializing this Extended Term of possession. B. At Closing, the sum of Five Thousand and No/l00 Dollars ($5,000.00) will be deposited into an account as security for any damages to the Property occurring during the Seller's extended occupancy (said sum hereinafter referred to as the "Security Deposit"). The Security Depostt will be paid to Seller at the end of Seller's extended occupancy. provided there has been no damage to the Property caused by the negligence or intentional acts of Seller or anyone acting with Seller's knowledge and consent and provided there has been no removal of appliances purchased as part of the Property. Upon the vacating of the Property, the Purchaser will have twenty (20) days to return the Security Deposit or give Seller written notice of Purchaser's intention to impose a claim upon the Security Deposit. In the event Purchaser intends to impose a claim upon the Security Deposit (or any portion thereof), it will provide Seller with an explanation of the damage and/or loss, an estimate of repair and an accounting of the deposit balance. Page No.3 Sellerslnrtials Agenda Item No. 16Bl1 December 16, 2008 Page 8 of 60 C. When the Property is partly damaged or destroyed by fire or other casualty not due to Seller's willful or negligent act or that of anyone on the Property with the knowledge or consent (actual or implied), of Seiler, Purchaser will make repair as soon as reasonably possible. Purchaser shall also be responsible for the repair to fixtures or appliances in excess of the limit set forth in Section 4F (below), provided such repair is not necessitated by Seller's misuse, waste or neglect of the Property, or that of anyone on the Property with Seller's knowledge and consent (actual or implied). If the Property is rendered un-inhabitable due to fire, storm or other casualty, then this Agreement shall automatically terminate, with the sole duty of Purchaser then being to refund to Seller the security deposit. Purchaser shall not be liable for any damage or injury to Seller and his or her property by reason of any water damage sustained by Seller and his or her property, or by reason of the breakage, leakage, or obstruction of water and sewer lines or other breakage in or about the Property. D. Seller agrees to pay all utility services as they come due, including electricily, telephone, gas, cable television, water, sewer, and solid waste collection, shall arrange for a final billing and payment of same at the time Seller vacates the Property, and acknowledges that Purchaser will deduct all such unpaid bills from the Security Deposit. Seller shall keep the Property free from pests and ensure that the air conditioning system is in operation to maintain a reasonable room temperature until the Seller vacates the property. E. Seller will use the Property only as its primary residence. Seller Is prohibtted from allowing persons, other than its immediate family members, to reside on the Property. F. Seller shall maintain the Property, inciuding all Systems and Equipment, in clean and working condition at all times. Seller shall use all Systems and Equipment in a reasonable manner. Seller shall immediately make and pay for all required repairs to the plumbing, range, heating apparatus, washer-dryer, air conditioning, refrigerator, dishwasher and electric and gas fixtures, provided the cost of said repairs does not exceed Ten Thousand Dollars ($10,000.00). Purchaser reserves the right to enter upon the Property and repair, at the Seller's expense, all damage or injury to the fixtures and appliances in the event Seller fails to effect repairs after ten (10) days' notice. Purchaser's election not to effect repairs shail not relieve Seller of its obligation to repair or subject Purchaser to liability for its election. G. Seller shall comply with all governmental regulations concerning the use of the Property and not permit or suffer any iilegal activity or use. or permit to be made any disturbance, noise or nuisance whatsoever, which would be detrimental to the peace, quiet and comfort of other persons in the vicintty of the Property, or affect the insurance risk factor to the Property. H. Seller shail permit Purchaser's agent or employee to enter the Property at any reasonable time, upon twenty-four (24) hours notice, during the term of this Agreement to inspect the Property or make any needed repairs. I. Seiler will surrender possession of the Property at the expiration of either the Initial Term or the Extended Term in as good a condition as of the Effective Date, reasonable wear and tear and acts of God excepted. J. Seller shall not alter or make additions to the Property without the Purchaser's consent. Seller shall not deface, damage or remove any part of the Property or permit any person to do so, nor shall any of the appliances listed on Exhibit "A" be replaced without the Purchaser's consent. K. DEF AUL T. Seller will be deemed in default of this Agreement if Seller fails to perform any of the covenants, promises or obligations contained in this Section for a period of ten (10) days after notice of such default. Upon Seller's S~lIe~s Inibals Page No.4 Agenda Item No. 16B11 December 16, 2008 Page 9 of 60 default, County may terminate this Agreement upon twenty (20) days written notice to Seller, re-enter and take possession of the Property, whereupon the term thereby granted and all rights of Seller to occupy the Property shall terminate. The Seller shall remain liable for any damage suffered by the Property because of Seller's breach of any of the covenants of this Agreement, and such termination shall be without prejudice to the Purchaser's right to collect said damages. Purchaser and Seller shall have the right to pursue any and all remedies available under this Agreement or applicable law. L. Seller shall be required to maintain insurance on the Property during the entire Term, and any Extended Term, which policy shall include contents coverage of One Hundred Thousand and No/l00 Dollars ($100,000.00), premises liability with limits of Three Hundred Thousand and No/100 Dollars ($300,000.00), and loss of use coverage. Purchaser will be named as an additional insured and the policy premium for the Term of occupancy will be paid in advance at Closing. Seller will be required to provide a certificate of insurance prior to Closing. M. The terms and conditions contained in this Section shall survive Closing and are not deemed satisfied by conveyance of title. 5. PROPERTY CONDITION DISCLOSURES A. General. Seller represents that Seller knows of no facts or conditions materially affecting the value of the Property, except those which are readily observable by Purchaser, or which have been disclosed to Purchaser by Seller in writing and furnished to Purchaser prior to the Effective Date of this Agreement. B. Radon Gas. Florida law requires the following disclosure: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county health department. Seller has no knowledge of the existence of radon on the Property or any radon mitigation having been performed on the Property. C. Lead Based PainVPaint Hazards. If construction of the residence on the Property was commenced prior to 1 978, Seller is required to complete, and Seller and Purchaser are required to sign and attach to this Agreement, the addendum entitled "Lead-Based Paint and/or Lead-Based Paint Hazards Attachment to Sales Contract Disclosure of Information and Acknowledgement." D. Mold. Molds are commonly found both indoors and outdoors. Interior infestation by certain molds may cause property damage and health problems for some persons. Seller has no knowledge of any mold remediation having been performed on the Property. E. Warrantv. Except as to any facts or conditions disclosed to Purchaser as required under Section 5A above, Seller warrants that all major appliances and equipment; sprinkler, well, septic, heating, cooling, electrical and plumbing and security systems; major mechanical components; roof (including fascia and soffits); ceiling; structural walls; foundation; swimming pool, spa and pool/spa deck; seawalls; docks; boat Iifts/davits and related electrical and mechanical components, if any (collectively "Systems and Equipment") are in Working Condition. 'Working Condition" shall mean operating in a manner in which the Systems and Equipment were designed to operate. The roof, ceiling, interior and exterior walls, foundation, swimming pool, spa and pool/spa deck, if any, shall be considered in Working Condition if structurally sound and watertight. Seawalls and docks, if any, shall be considered in Working Condition if structurally sound. Seller shall not be required to repair or replace any Cosmetic Condition. "Cosmetic Condition" shall mean an aesthetic imperfection which does not affect the Working Condition of the item, including corrosion; tears; worn spots; Page NO.5 Sellerslnitial5 Agenda Item No. 16B 11 December 16, 2008 Page 10 of 60 discoloration of floor covering or wallpaper or window treatments; missing or tom screens; nail holes; scratches: dents; chips; caulking; pitted pool surfaces; minor cracks in windows, driveways, sidewalks, spa/pool decks and garage, tile, lanai and patio fioors; and cracked roof tiles, curling or worn shingles and limited roof life, so long as there is no evidence of structural damage or leakage. 6. INSPECTIONS A. Insoection Period. Purchaser shall have sixty (60) days from the Effective Date (Inspection Period) to have the Property and improvements thereon inspected at Purchaser's expense as follows: (a) Systems and Equipment, by an appropriately Florida licensed inspection company or licensed contractor, and/or (b) radon gas, by a Florida certified radon measurement technician or specialist, and/or (c) lead-based paint and hazards, by an EPA-certified lead exposure risk assessor, and/or (d) termites or other wood-destroying organisms, by a certified pest control operator (collectively the "Inspection Items"). Upon reasonable notice, Seller shall provide access and utilities service to the Property to facilitate inspections. B. Election and Resoonse. If any inspection conducted during the Inspection Period reveals: (1) that any Systems and Equipment are not in Working Condition, and/or (2) the presence of radon gas at a level in excess of EPA action ievels, and/or (3) the presence of lead-based paint or paint hazards required abatement under HUD/EPA protocols, and/or (4) the existence of active infestation by termites or other wood-destroying organisms and/or visible damage caused by active or past infestation (collectively the "Defective Inspection Items"), Purchaser shall, within fifteen (15) days after expiration of the Inspection Period: (a) notify Seller of any Defective Inspection Items, and (b) furnish to Seller a copy of the inspection report(s) documenting the Defective Inspection Items, and (c) notify Seller of Purchaser's election either to: (i) receive a credit from Seller at closing in lieu of any repairs, replacements, treatment, mitigation or other remedial action necessary to bring the Defective Inspection Items into compliance with the relevant standards set forth above (the "Remedial Action"), or (ii) have Seller take Remedial Action at Seller's expense prior to closing. If Purchaser elects to receive a credit, the amount of the credit shall be equivalent to the estimated costs of any Remedial Action and shall be determined not later than the earlier of Seller's Response Deadline, or ten (10) days prior to the Closing. If Purchaser elects (i), Seller shall not be required to take any Remedial Action. If Purchaser makes no election, Purchaser shall be deemed to have elected to receive a credit at Closing. C. Not later than fifteen (15) days from receipt of the written notice and inspection report(s) from Purchaser ("Seller's Response Deadline"), Seller shall notify Purchaser whether Seller will give Purchaser credit equal to the cost of repairs or take remedial action, whichever is requested by Purchaser. If Seller refuses Purchaser's election by the Seller's Response Deadline, then Purchaser may terminate this Agreement within ten (10) days of Seller's Response Deadline. If Purchaser does not elect to so terminate this Agreement, Purchaser is deemed to have accepted the Property in the condition it existed on the Effective Date, except that Purchaser retains the rights set forth in Section 6.G. (Walk Through Inspection) below. If Seller fails to respond by the Seller's Response deadline, Seller shall be deemed to have accepted Purchaser's election and Purchaser may receive credit at Closing as set forth above. D. If Purchaser does not have the Inspection Items inspected, or fails to do so within the Inspection Period, or fails to timely report any Defective Inspection Items to Seller, Purchaser shall be deemed to have accepted the Property in the condition it existed on the Effective Date, except that Purchaser retains the rights set forth in Section 6.G. (Walk Through Inspection) below. E. Remedial Action shall be deemed to have been properly performed if (1) the Systems and Equipment are placed in Working condition (as defined above), (2) radon gas within the residence on the Property is reduced to below EPA action Seifer's Initials Page No.6 ~ Agenda Item No. 16Bl1 December 16, 2008 Page 11 of 60 levels, (3) lead-based paint and paint hazards on the Property are removed or contained in accordance with HUD/EPA guidelines, and (4) any active infestation of termites or other wood-destroying organisms is exterminated or treated, and all visible damage caused by active or past infestation Is repaired or replaced. Seller shall make a diligent effort to perform and complete all Remedial Action prior to the Closing Date, failing which a sum equivalent to 150% of the estimated costs of completing the Remedial Action shall be paid by Seller into escrow at Closing pending completion. F. No cost to repair or replace any Systems and Equipment shall exceed the fair market value of that item if it were in Working Condition. If the costs do exceed fair market value, than etther Seller or Purchaser may elect to pay such excess, failing which, etther party may terminate this Agreement upon written notice. G. Walk-Throuqh Insoection. Purchaser (or a designated representative) may conduct a walk-through inspection of the Property prior to Closing and prior to possession, to confirm: (1) completion of any Remedial Action agreed to by Seller in Section 6.6 "Election and Response" above, (2) that the personal property items which are being conveyed as part of this Agreement remain on the Property, (3) that the personal property items which are not being conveyed as part of this Agreement have been removed from the Property, and (4) that Seller has maintained the Property as required in Sections 3 and 7. Upon reasonable notice, Seller shall provide access and utilities service to the Property to facilttate the walk-through inspection. H. Insoections durinq Occuoancv. Purchaser may enter upon the Property with at least 24-hour notice to Seller for purposes of inspecting the Property for compliance with the terms of Section 4 of this Agreement or effecting repairs. 7. RISK OF LOSS Seller shall maintain the Property (including without limitation the lawn, shrubbery, and landscaping) in the condition existing on the Effective Date until Closing or date of Purchaser's possession, whichever is later, except for ordinary wear and tear and any Remedial Action agreed to by Seller under Section 66 above. Any future loss and/or damage to the Property between the Effective Date and the Closing or date of Purchaser's possession, whichever is earlier, shall be at Seller's sole risk and expense, except as provided in Section 4. 8. REQUIREMENTS AND CONDITIONS FOR CLOSING Upon execution of this Agreement by both parties or at such other time as specified within this Section, 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: A. Within fifteen (15) days after the effective date hereof, Purchaser shall obtain as evidence of title an AL T A Commitment for an Owne(s Title Insurance Policy (AL TA Form 6-1970) 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 wrlting of any objection to title other than liens evidencing monetary obligations, if any, which obligations shall be paid at closing. If the title commitment contains exceptions that make the title unmarketable, Purchaser shall deliver to the Seller written notice of tts intention to waive the applicable contingencies or to terminate this Agreement. 6. If Purchaser shall fail to advise the Seller in writing of any such objections in Selle(s title in the manner herein required by this Agreement, the tttle shall be deemed acceptable. Upon notification of Purchaser's objection to titie, Seller shall have thirty (30) days to remedy any defects in order to convey good and marketable title, 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. In the event Seller is unable to cure said objections within Page No.7 Selle~s loibals Agenda Item No. 16B 11 December 16, 2008 Page 12 of 60 said time period, Purchaser, by providing written notice to Seiler within seven (7) days after expiration of said thirty (30) day period, may accept title as it then is, waiving any objection, or may terminate the Agreement. C. Seiler 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 shail have the option, at its own expense, to obtain a current survey of the Property prepared by a surveyor licensed by the State of Florida. If the survey provided by Seiler or obtained by Purchaser, as certified by a registered Florida surveyor, shows: (a) an encroachment onto the property; or (b) that an improvement iocated on the Property projects onto lands of others, or (c) lack of legal access to a public roadway, the Purchaser shall notify the Seller in writing, within sixty (60) days from the Effective Date of this Agreement, of such encroachment, projection, or lack of legal access, and Seller shail have the option of curing said encroachment or projection, or obtaining legal access to the Property from a pubiic roadway. Should Seller elect not to or be unable to remove the encroachment, projection, or provide legal access to the property within sixty (60) days, Purchaser may accept the Property as it then is, waiving any objection to the encroachment, or projection, or lack of legal access, or Purchaser may terminate the Agreement, by providing written notice to Seller within seven (7) days after expiration of said sixty (60) day period. A failure by Purchaser to give such written notice of termination within the time period provided herein shall be deemed an election by Purchaser to accept the Property with the encroachment, or projection, or lack of legal access. 9. TERMINATION AND REMEDIES A. If Seller shail have failed to perform any of the covenants and promises contained herein, which are to be performed by Seller, except for those provisions in Section 4, within fifteen (15) days of written notification of such failure, Purchaser may, at its option, terminate this Agreement by giving written notice of termination to Seller. Purchaser shall have the right to seek and enforce all rights and remedies available at law or in equity to a contract vendee, including the right to seek specific performance of this Agreement. B. If the Purchaser has not terminated this Agreement pursuant to any of the provisions authorizing such termination, and Purchaser fails to close the transaction contemplated hereby or otherwise fails to perform any of the terms, covenants and conditions of this Agreement as required on the part of Purchaser to be performed, except for the terms and conditions in Section 4, within fifteen (15) days of written notification of such failure, and_provided Seller is not in default, then Seiler shall have the right to seek and enforce ail rights and remedies available at law or in equity to a contract vendor, inciuding the right to seek specific performance of this Agreement. C. The parties acknowledge that the remedies described herein and in the other provisions of this Agreement provide mutually satisfactory and sufficient remedies to each of the parties, and take into account the peculiar risks and expenses of each of the parties. D. This Section does not apply to any defaults by Seller of the obligations contained in Section 4 of this Agreement. 10. SELLER'S AND PURCHASER'S REPRESENTATiONS AND WARRANTIES Seller intends for Purchaser to rely on the representations contained in this Section in entering into this Agreement and warrants the following: A. Seiler has full right and authority to enter into and to execute this Agreement and to undertake all actions and to perform ail tasks required of each hereunder. Seller is not presently the subject of a pending, threatened or contemplated bankruptcy proceeding. Seller'slnilialS Page No.8 L-._ Agenda Item No. 16B11 December 16, 2008 Page 13 of60 B. Seller has full right, power, and authority to own and operate the Property, and to execute, deliver, and perform its obligations under this Agreement and the instruments executed in connection herewith, and to consummate the transaction contemplated hereby. All necessary authorizations and approvals have been obtained authorizing Seller and Purchaser to execute and consummate the transaction contemplated hereby. At Closing, certified copies of such approvals shall be delivered to Purchaser and/or Seller, if necessary. C. The warranties set forth in this Section are true on the Effective Date of this Agreement and as of the date of Closing. Purchase~s acceptance of a deed to the said Property shall not be deemed to be full performance and discharge of every agreement and obiigation on the part of the Seller to be performed pursuant to the provisions of this Agreement. D. Seller and Purchaser agree to do all things which may be required to give effect to this Agreement immediately as such requirement is made known to them or they are requested to do so, whichever is the earlier. E. Seller represents that it has no knowledge of any actions, suits, claims, proceedings, litigation or investigations pending or threatened against Seller, at law, equity or in arbitration before or by any federal, state, municipal or other governmental instrumentaltty that relate to this agreement or any other property that could, if continued, adversely affect Selle~s ability to sell the Property to Purchaser according to the terms of this Agreement. F. No party or person other than Purchaser has any right or option to acquire the Property or any portion thereof. G. Until the date fixed for Closing or as long as this Agreement remains in force and effect, Seller shall not encumber or convey any portion of the Property or any rights therein, nor enter into any agreements granting any person or entity any rights with respect to the Property or any part thereof, without first obtaining the written consent of Purchaser to such conveyance, encumbrance, or agreement which consent may be withheld by Purchaser for any reason whatsoever. H. Seller represents that they have (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 the Property has not been used for the production, handling, storage, transportation, manufacture or disposal of hazardous or toxic substances or wastes, as such terms are defined in applicable laws and regulations, or any other activity that would have toxic results, and no such hazardous or toxic substances are currently used in connection with the operation of the Property, and there is no proceeding or inquiry by any authority with respect thereto. Seller represents that they have (it has) no knowledge that there is ground water contamination on the Property or potential of ground water contamination from neighboring properties. Seller represents no storage tanks for gasoline or any other hazardous substances are or were located on the Property at any time during or prior to Selle~s ownership thereof. Seller represents none of the Property has been used as a sanitary landfill. I. Seller has no knowledge that the Property, and/or that Seller's operations concerning the Property, are in violation of any applicable Federal, State or local statute, law or regulation, or of any notice from any governmental body has been served upon Seller claiming any violation of any law, ordinance, code or regulation or requiring or calling attention to the need for any work, repairs, construction, alterations or installation on or in connection with the Property in order to comply with any laws, ordinances, codes or regulation with which Seller has not complied. J. There are no unrecorded restrictions, easements or rights of way (other than existing zoning regulations) that restrict or affect the use of the Property, and there Page NO.9 Seller's Initials J Agenda Item No. 16B 11 December 16. 2008 Page 14 of 60 are no maintenance, construction, advertising, management, ieasing, employment, service or other contracts affecting the Property. K. Seller has no knowledge that there are any suits, actions or arbitration, bond issuances or proposals therefore, proposals for public improvement assessments, pay-back agreements, paving agreements, road expansion or improvement agreements, utility moratoriums, use moratoriums, improvement moratoriums, administrative or other proceedings or governmental investigations or requirements. formal or informal, existing or pending or threatened which affects the Property or which adverseiy affects Seller's abiltty 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. L. Seller acknowledges and agrees that Purchaser is entering into this Agreement based upon Seller's representations stated above and on the understanding that Seller will not cause the zoning or physical condition of the Property to change from its existing state on the effective date of this Agreement up to and including the date of Closing. Therefore, Seller agrees not to enter into any contracts or agreements pertaining to or affecting the Property and not to do any act or omit to perform any act which would adversely affect the zoning or physical condition of the Property or its intended use by Purchaser. Seller also agrees to notify Purchaser promptly of any change in the facts contained in the foregoing representations and of any notice or proposed change in the zoning, or any other action or notice, that may be proposed or promulgated by any third parties or any governmental authorities having jurisdiction of the development of the property which may restrict or change any other condition of the Property. M. Seller represents, warrants and agrees to indemnify, reimburse, defend and hold Purchaser harmless from any and all costs (including attorney's fees) asserted against, imposed on or incurred by Purchaser, directly or indirectly, pursuant to or in connection wtth 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 conveyance of title. 11. NOTICES Any notice, request, demand, instruction or other communication to be given to eITher party hereunder shall be in writing sent by facsimile with automated confirmation of receipt, or registered or certified mail, return receipt requested, postage prepaid or personal delivery addressed as follows: If to Purchaser: Transportation Engineering & Construction Management Attn: Kevin Hendricks Right-of-Way Acquisition Manager 2885 South Horseshoe Drive Naples, Florida 34104 Telephone: 239-252-81 92 Fax: 239-530-6643 With a copy to: Jeffrey A. Klatzkow County Attorney Office of the County Attorney Harmon Turner Building 3301 Tamiami Trail East Se!lerslnitiats Page No.1 0 Agenda Item No. 16B 11 December 16, 2008 Page 15 of 60 Naples, Florida 34112 Telephone: 239-252-8400 Fax: 239-252-0225 If to Seller: Jerry L. and Barbara Mitchell 755 27th Street NW Naples, FL 34120 Telephone: (239)455-4857 Fax; With a copy to: Vanessa Thomas, Esquire Forman, Hanratty & Montgomery 723 East Fort King Street Ocala, FL34471 Telephone: (352)732-3915 Fax: (352)351-1690 The addressees, addresses and numbers for the purpose of this Section may be changed by either party by giving written notice of such change to the other party in the manner provided herein. For the purpose of changing such addressees, addresses and numbers only, unless and until such written notice is received, the last addressee and respective address stated herein shall be deemed to continue in effect for all purposes. Notice shall be deemed given in compliance with this Section upon receipt of automated fax confirmation or upon on the fifth day after the certified or registered mail has been postmarked, or receipt of personal delivery. 12. REAL ESTATE BROKERS Any and all brokerage commissions or fees shall be the sole responsibility of the Seller and shall be paid at Closing. Seller shall indemnify Purchaser from and against any claim or liability for commission or fees to any broker or any other person or party claiming to have been a procuring clause or engaged by Seller as a real estate broker, salesman or representative, in connection with this Agreement. 13. MiSCELLANEOUS A. This Agreement may be executed in any manner of counterparts which together shall constitute the agreement of the parties. B. This Agreement and the terms and provisions hereof shall be effective as of the Effective Date and shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, personal representatives. successors, successor trustee, and assignees whenever the context so requires or admits. C. Any amendment to this Agreement shall not bind any of the parties hereof unless such amendment is in writing and executed and dated by Purchaser and Seller. Any amendment to this Agreement shall be binding upon Purchaser and Seller as soon as it has been executed by both parties. D. Captions and section headings contained in this Agreement are for convenience and reference only; in no way do they define, describe, extend or iimit the scope or intent of this Agreement or any provisions hereof. E. All terms and words used in this Agreement, regardless of the number and gender in which used, shall be deemed to include any other gender or number as the context or the use thereof may require. F. No waiver of any provision of this Agreement shall be effective unless it is in writing signed by the party against whom it is asserted, and any waiver of any provision of this Agreement shall be applicable only to the specific instance to which it is related and shall not be deemed to be a continuing or future waiver as Page No. 11 Seller'slniuals Agenda Item No. 16B 11 December 16. 2008 Page 16 of 60 to such provision or a waiver as to any other provision. G. If any date specified in this Agreement falls on a Saturday, Sunday or legal holiday, then the date to which such reference is made shall be extended to the next succeeding business day. H. If the Seller holds the Property in the form of a partnership, limited partnership, corporation, trust or any form of representative capacity whatsoever for others, Seller shall make a written public disclosure, according to s. 286.23, Fla. Stat., under oath, of the name and address of every person having a beneficial interest in the Property before Property held in such capacity is conveyed to Collier County. (If the corporation is registered with the Federal 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.) I. This Agreement is governed and construed in accordance with the laws of the State of Florida. J. The Effective Date of this Agreement will be the date of execution of this Agreement by the last signing party. K. This Agreement and the exhibits attached hereto contain the entire agreement between the parties, and there are no promises, representations, warranties or covenants by or between the parties not included in this Agreement. No modification or amendment of this Agreement shall be of any force or effect unless made in writing and executed and dated by both Purchaser and Seller. L. TIME IS OF THE ESSENCE to this Agreement. M. Seller may not assign. sublease, or license any rights arising under this Agreement without the written consent of the Purchaser. N. The parties hereto agree and acknowledge that this Agreement is not a lease but rather a contract for occupancy (extended possession) of the Property as a condition of sale which is not subject to Chapter 83, Florida Statutes. The parties do not intend to invoke any of the obligations or remedies contained in Chapter 83, and the terms and conditions contained herein shall be construed in accordance with the parties' intent and shall be given their plain meaning without reference or application of Section 83.43, Fiorida Statutes. or any other portion of Chapter 83. IN WiTNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written. AS TO PURCHASER: DATED: ATTEST: DWIGHT E. BROCK, Clerk Deputy Clerk BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA BY: TOM HENNING, Chairman Page No. 12 Sellarslnilials L-____ AS TO SELLER: DATED: Agenda Item No. 16' 11 December 16, 008 Page 17 f60 JERRY L. MITCHELL Witness (Signature) Name (Print or Type) Witness (Signature) Name (Print or Type) BARBARA MITCHELL Witness (Signature) Name (Print or Type) Witness (Signature) Name (Print or Type) Approved as to form and . legal sufficiency: . Jennifer A. Belpedlo Assistant ounty Attomey Last Rovlsoo:9I03IOe - -- _...._--.._-----,_._.~--_._--- I Agenda Item No. 16f1l11 December 16, 2008 Page 180160 EXHIBIT "A" APPLIANCES DESCRIPTION MAKE MODEL SERIAL NO. Refrigerator Hotpoint HSM25GFRE SA AH246087 Stove/RanQe Hotpoint R B7905H1 SA ZG263066R Microwave Oven Hotpoint RVM 1625SJOl ZG 900759B Dishwasher Hotpoint HDA 3740G02SA AH756627Y Hot Water Heater Palemaker Solar -- - AlC Unit - -- Water Filter Fleck 5600 -- - Water Softener Auto Troll -- - OTHER ITEM DESCRIPTION Pool Equ~ment Pumo. Atlantic filter, autovac and brushes Solar Panel for Water Heater . Located on roof Satellite Dish Larpe aluminum Ceiling Fans Located in main four bedrooms, living room, study, kitchen/breakfast room. and livinq room TV Shelf Located in main bedroom Slop Sink Located in qaraqe Wooden Shelvino Located in oaraoe Seller'slllitia!s Page No. 14 ~"'o ~O<.D alO- ",NO -0) ,,~ ~'" -",0> E-O '" <DEll. "'''' ",0 -0'" cO <D OJ <( ill Z :J ~ o r:r: o ill (/) o 0... o r:r: 0... c.9 Z ~ o I (/) >- I- r:r: ill 0... o r:r: 0... --l --l ill I () I- 2 LL o 0... ::::> , ill (/) o --l () ~'No.1235a! pa~e #21. gellua lIe 1I1~0. 16B11 PO 45ooo6fimcember 16, 2008 File# 12358 0 of 60 The purpose o1lhis summa appraisal repor! is to provide the lender/client with an accurate, and adequately supported. (minior. 01 the market value ot lt1e subiect property fr9P~tAddr~:~__X~~_Plh~t!~g'--NVV ____9!Y_NapI9~_ ----.___,,_~~V1_.____1IEGode 34120 .!l:prrower" ColljE!~ Co_untYTE8,<::M(MjtG~13111 Q",,~~r,(Ji~~~li_c Record Mitchf3;ILJerry Cq~f!lY "C()lliE;lr.-,,~ ------ --- ggaJ~I!~.Q!l~.9~_n-?~JJ!O~ UnittL~()jden_~;&e_E!'.I~jes ________~__ Assessor's Parcel # 368650QQ9Q~_____._____ _ T~X~r_f006__ -.RLT~esT-'2.o50.29--- !!~ig~~o_r:t!9ofl Nam.,L~r:Jl.c1~__C3atf3;E~@lf3;S_.,____..,____,___. ___~p_ Rejeren~~ 01-49:_?6 Cens'us Tratl--1'o~.12- Occupanl_>::_~~1~~~~_I_V.~c,~~___,__"_.~pe.c~-'-AssessmentsLUnknown I PUD HOAS N/A per year " permonlt1 "~!2~i!Y_~gQ!~",~~p.@~~,21J~e.~i~FI~_IJ~a?_e~Q_I!!___..:~._Q!~~E(~~9!~ ___ ______ __"'___'___"_~'"__,,__,_ Assianmenl Tyoe Purchase Transaction I I Refinance Transaction :xJ Other (dt!scribel .~!lr:!!.~M9rkel Y~lue gl1.d.~r!Client _,_QQ!!~!..~.9_LJ_ntYI!::j~Mm___ .__.__ Address__.?!illi9.9.uth Hors!tshoe Drive, #212. Naoles. FL 34104.6113 ~lt1esubje~!prQP~rty~urr.e~t!Yll!!eredfo.r_s"a~.o.rhasJ~p~~ Q~ed for sale in the twelve .r:norrths prior 10 the effective date o/this aop~alsal? .-----rI Yes ~ No - Rep_o.!:l_data sour~~~) used, ofI~~Dg.QrICfl(s), aD~~~r&.____Owner.__. _______"______..____.___. Integra Realty Resources SouthweslFlorida Summary Appraisal Repor. Uniform Residential A I Ldid ZdidnotanalyzethecontracttorsaleforthesuoJectpurchasetransaclion-Explaintheresu~SoltheanalysI501thecontraclforsaleor..mylheanalysis was not 'perform~!_ Not a_~?I!fl!___ "______._._____.__. .__n__.'.'______.'" _.._____'"_____ ._____~__ _ConlractXfi~ $- NCA~-==~[Ja~e_~~nira2i N~ _'" __lHheprop_erty?_ellerll)~ ownero1 PUb/iC re~_or~?~~--~_Ye~]:1~i:'Da!!~9:li!ci(SLE~b!L~-f;~~~d~'=~ Is !tlere any financial assistance (loan charges, sale concessions, gift or downpayment assistance. elc.) 10 be paid by any party on behalf oj the borrower? I~ Ye-s ~ -No . It Ye~i~PE!!.!h!J01~.IdollaL~m.9~!l! a~~de~~Eip~!he il~rT)~.!~_pe ~~_,_,_.N!~___ __Nl~_____"_. "____,____,__ _____ ________ Note: Race and the facial composition of the neighbDl'hood ate not appraisal factors. Hel hborhood Characterisllca One-Unit HoUI! Trendl Onr--UnII Pment lind U. 'Jl. ~q_catiQ!l I ~_~~Ol!l",__ Xl ~u~urban _ r : Rural ,~roQerty Y~I~~_ L,."I,}f!.C~i!S~f!g,,_._L _~!~~!~_IX,pe_cliElin~ _._ _ eBlqL_____ AGE ;pne'_Uf!tt_ 65 .Buift-~p ., 9,!:e_r75% :<:25-7:% Under25%_.pemaEldlSupply.IShonage In Balance iXIOverSupply! S(O_O~l.(yrs)_ 2-4Unll : _G!Q,~..j..L'iap.~d. ..N_ Stable Sklw _ .~~fk_e!ir1g}f!n.!_"I.U~q~r}~tIlS~_~:_~!!,,~~ _~~Jqve~~~~_. ;!Q9 LO~,-__Ne".._ '1AJJ~~:~am.iIL % . ~hbOl!iQ,oQ. BoundaJie,s. __ .1Lrl1ijesE:_Qithe Gu!L~LM.~xi~o arl9_pu.~~~J)_~_ach~s;-"!9tf_q,t.G_~19l:!~ga!~J)ly!t;j_,1,?P9.,_~19_~__.2?_ Commercial __?~ ~~U!:lj!e_f?NL~tG_QI_l!~fl_G_ate, Cily-'-_____ ____~_~ted'__JO..~ :Q!hi_-.~~_~~ ,~~I~~QQrI100dp~~~ription c;{)lden Ga_t~E:f?tates erlc{)mpasse~ <!Iargfl! sprawling _a.~ea_ 9,~ es.lale si.-:ejqts Jror:rJ_l!.C!_?,ac~e~J!J .~a~le~n _Colll~L~g~~!y-,------ ~_~~rag.E.! i:l~~_es.~ JQ..s_h9Ppj~9 _ <l.r1!:!_S\-lPllgr:t:i~g. S~~!!:=.~~,.se:c~ll_dary schpo!;; _ and _p~r~S_~f~_ r1earbYIhere..ls_r:!9_C.!lrl,\~a.I_~g~El.[ ()r~91~r sY.~k1.!!U!!J.h!L_ _~~~'1.J;l!Jt tJ:1_~_I1_s.l;!_ of wgU~~l}cJsep.t!f.~_s,tel11_~_(j~S.r'l.()Lf:lave:a_r1 a,ctyers" affeC,I_ o_n _r:rJa.!ketabllity. _____ _________ _.. .._______~___" i'1~~t_fQ~d~~on!~~~I~d.ing_s~PJlQrt lor_ t~~:..~~~~,con~_I~~~~n~)__--.Itle:re:_o:l!:.e_C1-q . sale:sqr fi nar1c:!tlgcol1ces.f?iqns._pr_l?-",~i!1!:1!JnJ!le.. s.Y!:lj(l~rs._J)eighJ;l()!b()9.c:t_" J':ypical ~onvE!r1t.i~al fl!:l?n.c,ir1g_~a\la..lla~Ie:_~l COrrlPe:htiye ra.t.e~._gl!~rentJY_.l.herl;lisa.!!._Clye~ supply .(}!.b9E!!.esl()!~9!l!jD..!b~_a.!:ea. a._n_(t~temaniLh~s.__. been weak. Markelinolime for well priced orooerties is aDDroximalelv 6 months, Qlmension~.4.Q.lW!:!I?~9_~~J~,g6!66~L_Q~_...___.._"_~__ Ar_e_'!._ 6.22_Ac:~e:s "'. Sh?pe_Rect?Il9,LJ!a.1--__ _Yiew _Ca!J~J _'..._________ ~~~~ic)g!!il![,gi~;~s!~~atio~_I;,...___________. ._._ __ ___. __.. ZOl!!QR!l~.s.~ripli~!l.__I;!';tal~, _~Z.!? acres,_l!!lnirnun lonlnq C0r:!1p!!!nE.e__25J_~eg~I__"___Lf9a1 N~~~.9!l.!9_rming ~Gg~~_a!~e~~~. U_seJ_ I m_~ ~_~?oning" .1_llle9~! (~es~JibeJ._ ._____._.. ..~_~___'~'_.______.________. ~.!h.ehig~~~t_.1D~.~_~~~~~~_o!s~Oj~_c~E~~e~IasJ..mJl.E.Ov_e~lp~p.!PP..~~I"a!l.~~_eE~!c~IIDnsj th~ pr~g:!1l~e?_~~~_~_~. No. desc~___ ~~i~!e~__ ----.Publlc l)t~r(des_crll:l4!l_ Public Other (describe) 9tf~slteJ_rnP!~~_~~!.:!yE!:--=--===~U:b!i~_-=-~~~_~__ ~leE!rJ~lty - ><f _ Wat~r_mm_ _ ... m___ X~~i~~t~~~il:'=- StreefAsp.~lL"," . ____._,____~ N G~__ .""______m .S~nilarv1;e_w:er~__:>.s;_~eptic s.Y5.:t~_1!2 _ ____ AlieL__None .. ."______._~_____ ~~~~~pic-ial~Fl~_O_d _H~iard Area Ye~ _ ~_ No FEMA Flood Zone X . f~fo:l~Map__~_ 12021C450G ... _!.E_~~~~q~~_J1f]!llQQ5 ~~_!~~~I~ie_~_}n~_~.::;J~i~pt~~~~~!~typical !~-'~~ rTl~~~.!Jl!.e~? :x;-y~~ I No II No, describe _.,____ ___.____ Are the!~,~~~~~~se ~~~~on~it!p.~s. ~~_~~~~,I~IQ!:~.l~as~rn~s_'_~n~rq~~_rl1e_nts.:_~nV!ro~ine~a((;on~I!~_ns, land uses,. etpJ.?_ _ ___1_ I Y~s_ rx: No_If Yes desc~~ __ T~~~.!l:. .il3m~n ~_Q~ Draiflag~~<!<;ern~f'1I_fPEJ <llor19 _lhfc'! .f'1o.rt~/oJr~ m~?9'9fJbe si!El_a,I!?_~. 30'fl,9C19way {R(WtE:a:i~f!!Elntalo~glb5'El?stElEr1309'()fl~~i.!.Elc._ The,RIVY ea~e__f!!~ is ly~i~i:lJJ.Qr the_"!r~'! No _?~Elrse._?!!fl!~Lo.!1 r!!a.!~!!lablity_r1_Q!~q_,J!:!~n_et size oL!.~ sil~-,--~~ fhe 80' Q.~ is 5:.:!_'!.i!cres. .General D!~cription FoundBtion i:!t8rior De6Crip!io_~ mBI~riBll/condltlon Inlerior msterIBls/condttion Un~~J?<JOne,,1 I gnewllh Acce~s()ry yn~t )<JConaete S.I?b :Xi Crawl Soace F~u_nd~~on Wails ____ Foote_rsAf?I~b/avg.. Flours Cilrpet&lIlelavg, ,____ # 01 Stories 2 Full Baseme!,! _ _ _..! Partial Basement Elcterior Walls CBS&Frame/avo. Walls DrywaIY_~~erage Tye;;~,_2f:D~"'rJ-- iAtt.-- i .S'~e!,i~n9 Unit BasementArea NIA so.~ R!?O'ISUr1~~i-,__jlber~i~b~~Q(e~-"'g__T~r:nJF~!~_.\AI'!~c~~rrl!';~~J!~aYL 'y' Existina Proposed l1nde~_f~sl ~~s~'!I_en.!.~~r~.h __ NI~ %G~tte~s,&Q.own~Routs_!'\I!:l~i':lu.III@-'~:,~@9~._~~_~f~~r.,~_Il!g(avq,r?.9g,__ De~-ign.i~iyi~)=-2_siy_~~~n-<:;~._____ __lg~i~~~!TY~~~__ _Sum.E.!,~~mp_ ~n~ol:'!}~_ ___,I.I,I_LJf!:l~~fJ9JJ:!Q9J~yg, BathWalnscol Ti/p.Rlib.;or la'isl,qvo YearBI!!!!.~~Jg7~____ Evidp.nceot ,Intestation SlormSashlln~uiated N/A C~r_~,!?!~~e_._:~!.Nan.~.....__ Ettective Aoe IYrs\ 28 "'., "Damoness- I' I Selliemem Screens Scream,lava pr!Y~\'Iay # af Cars Attic None He.a!'!1S FWA HWBB I Radiam Amenities ..'.~oodstov~~" Drive~urface '" Concrete M)iop'Stalr- Starrs X_ QtherCfl!01,r?1. _]FUel, E:1;ctric X_-Firepl,~,c~(~;# 1 , Fence :Xr~_'!I"~ge ~:~-~:~~_~i- Ca~~-=i='" _"-.B~._____~cu:tle ___ ~q,oJJ~9-~.:..~~D~~!.8irConq~i~,~i~.9___,.__ >< ~atiQ/De~k_Scrn,. X P~r~h~~~~~=-- __~~~,_------,~~~~ Finished Healed individual I Other 'x' Pool Fiberolass Othel :><1 All I! Del. I Bum.in Appliances X RefnQeralor [XJ Ranlle/Dven ex:: Dishwasher O~sposal rxJ Microwave ~ Washer/Dryer Other idescribe) Finished area aboveorade contlins: gRooms 4 Bedrooms 4 BathfS) .2.915 Square Feet ot Gross Living Area Abov~ G~de M~~riaj.f~alu~,~sjsp_e~ial.-e~~rgy _~ff!Cient ite~:efc.) - Typi9al_------ --- . , . ~es~0be the_c~ndition ot the property_ (Inciuding nseder. repairs_ dete.:ior~~o~,. ~~EJ.Y!!!O~-, r~~.9~~~~~t~J:.._ _____ T~e~o.!!!e_~:s: }~_a_v_er.9g<:c'?_r1~i(i~ln VaLJlted ceiling in living room with T&(3 wood decking, tray ceiling i!1Jamily room~_B' cE!ilirl9sJhe rel!liliflqer o.ftht:lf:lom€l;avfl!rag~ qua!ity_wood~!r2r1t cabin!!~_~i!b.g~1:.!~~()_unt~rJ.QP~:~~g~_~E!2Ii9.t:!!!~jJl,~~tchen..i._~~~~tb~!Uo._d!!:!!0.9J:QQ.Ill~.~!i!ilinQ t!l]~';' separa!!'..L~man-gy~~'!.tl(L~t!~~ !T1a<;teC,~a!b!oor:r!:_ T~l:! inleriqr andex!!'!rior werepairj,tet! Ln_t~_!E!~~r:!1 Q?_~,_l:~_~-'~!!f:~_~D caELfl!!t<;:_CO!!I!!.e.r!i?p's_<l_n9 ,?'pp.li~nC:E!s_ ar~!~!aEve!Y.!1,l:!""---'----. See "Additional Comments" section ~.!!!e~~"~nfP!1J~ica!__~fl.~i~n?~e,s_9.r_a9.~erse..~ondiliOi}!iJ~a1 ;ifff;ct~~_!i~~,Qi!i!y~_~~~~~s,_!?iEr~.c_!!!!?ll~~~~~_pr.?~~r!Y~~_--IYes :251,!'!~~~,J!~~_ "--- ..-.. ----. ~oes t_he_p_roDertyg_enerallt~onlorm to th_p. neig~borhoodffunctio~aJ ~lili:X style, CO:1giton, use Freddie Mac: Form 70 March 2005 Page 1 of6 Fannie Mae Form 1004 March 2005 Form 1004 - "-;-O~A:..I~ Wlncows' appraisal software by a ia mode. inc, - 1-S00.ALAMOOE Filet 12358 13 comparable properties cUfrently offel1!d lor sale In the sublect neiQhbomood ranalna in pnce Irom $ 512.000 10$ 1.500,000 4 comparabl1l sales In the sUbiect nelllhtmrhood w~hln the oasllWelve months rano"innln sale price from S 550.000 to $ 825.000 FEATURE SUBJECT COMPARABLE SALE # 1 I COMPARABLE SALE # 2 COMPARABLE SALE # 3 Address 755 27th Street NW 620 29th Street NW 13700 Golden Gate Blvd. 775 25th Street NW -=-__ NClpl~~Ih~.p20 INliQIl3:,'Lfl,,)~J~Q "'"___ !Nf3j)Jl'!~,fl",,~4J?P__ ___ ______ ~J32L~_,.f,I",;HJ1L_,_,..___,,,___,___ Praxlm~ to SutJject ) 1 blkW!T~52.U.6"9,G_Estale_s, 2 m.8WfT -48.U-4.G.G.Estales _ 1 blk.E/n/oT-112.U-6.G.G.E. SaiePnce --=----- .~~ _Jj!..A~_ IS 550.000 !$".------ 6"15.000 1$ 866.000 Sale Prl~e!~ss LI~ Area_ _ :L_.Ji~ S _ 24499 5g ~,_[= t. :z_7~,?Qsq,rr,[ _~ ~ 1.1.75 sq,ft ~_~~urcef51 M~~lQI3~210-23~L_~_'"m____ MLS/OR 4J!3!3:~400 FileIGourl!'tlQR,-i:z4:~:p20 _~._ Ver~lE..a~~n Source{sJ;:_ ~ f Ee:~~::~~~gENTS DESCRIPTION ~~:EhlS~~..'.~~..f.~~f+(:;-i~.Adl;;im. ...."'..... i~:1.~~~~~Kn~f+Jjl A'i""~;~~~:~~~~:Nj~~I'+l:2"'~:: ~f:ofSale/Ti~ .. _.._. ~~-------l4;QI:gR:~~Y~-~-:!_=-~~.:11p0913~Q?_"(5p~::?,~%_.. _.,. 15-40016:Qz.__cQ.~ _~ _-8700" Location ____ .. __ _;i\_~ra,gl!____~___,i\v~ra9.e____ _ ._.~. ~~'y~.!:~g~/suoer -75 0_001 bv~ag~ _ b~_as_~~o\~!~~~~i_mpl,~",_____.Ee,,:Sirnpl,,:__jf~~SlrrlPJ~~_~______ ff?E1:?'rrlpl~_ ____ - -----k~:?,rrlP'~- 4..""-"",_...",_.,,. _. S~~______ _________~f),?_?l'I~J?~14_~_c:L_~,Q?cre!;____:_ __.__ ,mOQQ 4.1&?~!l:!!i.. _, _~!:l~_gQ.Qll~,Q~i!I~.t4:!iJ!'!ft~.__,_",_~..lAQQ. yi~~____ _____ .~an~L...~___;~v_era.ge' ~Q,QQ9~lJgJbJ:!~_!lJad i .?Q,9.9.91g~':l<:t!_._~_ Des,~(Style' _~___.2s!y.:ranch_ _,Ranch ~.______ _ Rancll_ __________ __jRancl!. _._._.__~______ aualllyolC..9nstru~n _ _Av~r~'I9.l!....~_ _ ~Average!lnfengr __ _ +25000 Average _ _____~_ Average ____~__~ Actual Age 28 years 20 years -8 000 28 years 127 years __~______~____:J ,--OOQ - -, -- --~-,' ----~ - --~-~- - - -----------------------~--1 - ;~~~:I~~ade---"-----'~."''''''.~':i~r?~~;s~iB-~;;~..:~~:rf~d~~.B~ttt~.~--."'-"-'--"r~:;~rf~Z~~-'-B~h~r'--.-.----t~~~Irf~~'~.':"'B~~'~"'"'" - -- ..--- _~~;~ ~i~~~ Area_ .___",m F-g,.. '2.;1-;-S-~ff) -9-T~-~~~-~f~-~~ ~ ~~;~,~~bl-6 12 ~~~S~lt_~_ _-!;~ ~l-8 -- 2 ~7j s~,~.! _.. __.",,_+;~:~g~ Basement & Finished ,N/A N/A IN1A I ,NfA Rooms Below Grade N/A NIA NIA ,N/A --.-.----..-----: -- -- ---------. --------.. ------ I - -- ---,"-----------.""""""-- ..--- ------- ,~yn.c1!on,a!"UtHity__~_ii\verage~. Average ______ jAVerage __ !_____________..le.\I~r?g~__;__.._______ ,~~~tlnlJi~C_o.Pl~n_g_~__.,__"'_C~D!!:~~__...Ce:n!raL_~__m ___ Centf_f-!L__ ..____,,____~gen~-_.-_- . ~igy~l!i~ienJ.~_,,"___lTypic8L.m,_,,~.:Typjcal___._. _ TYPicaL __ __~_'_.__.__.liTyRu::'i!L----~~ ,G~.rage/~arporL_____1 ~~! garag~_._j ~ cCl.rg;:lr<:lgEl____;~~.__.,.__,_ _ i:ZI:;<lE 9<:l!Cl9~ "'_.......________ .1~,ga!.-'<lEltac::h__l--._,!.!Q,QOg Porch!~~~q/De~k___I~g!El!'!npqrch.____~Sc::re:l:!n porch..__;_____ :.St;!Ele:':l po.!:~~____:,.---.------1 ~cr!'"ElI)_porch ." . pOOLP_Oi~~_.~t~~_, _ ! S~~~!J~_~oL- I NIA_ _ ,,_ _.,.::lQ,9.QQ~NIA__"____:____,.,___ +20.00((~___L___:!:'~Q,gQQ ptheL etJ;,. __"..________1 Fpl_ __.______". 1 Slall&f€!nge_.--+-~:JQ-'9]9,Eef!~~~EPJ,....___.._L____..:$.t..CJQ.Q; Fpl ,sbE!g,leng~L-__.:1Q,9QQ Other, etc. 'NIA ,NIA . N/A : NIA : .~i~;~::!::\:.,~:l~ . n:;::i:, ;;:~!:.. - ~:':::':~:~C ::-:~;: - :::'~~~:;:"~d~:I~:~:~ :::'::~ l..J0;d!t!. _' : ~l!~_o.!r.!ls~,a!.Cl1t~e. s_a!~_or!an~1.~!.hi~t9.!Y P!!!)!s~lJtc~ P!OP~~~~.!!1.Q?.!.~I~aies. It not,__e:pla,i~_ _________ Uniform Residential Aooraisal Report Il:lleNo_123581 Paoe#Jl. Agenoa Item J'Jo. 16B 11 P0450006t!m;ember 16, 2008 pOM"1of60 Th~!~are There are -~y!~~~r~FI._IJl!~_:Tx: -~i~ ~;l.!.e~aj]~prloL~~~~rii~f;~-Ot=~'!!.~jiC.~P12~m;j~~~.~e~Ym~~PiiP;:l(I..!~i~~,~~Y~..~~__oJ.!diip~~I-,____ _____"".__,,,_,_ DataSource(sl Public records ~y~!~~ea_~~-~=tl_di~....-V-~j"q-i\2!!e~~~!I1JP!i~~S_~~ or tran_sters 01 ~~~[~~,~~~JQ~!h..u~!!QI.i~.~ii:~;;;e~Iili!i~arable sale -,- Qat~s.~~rce(s)____Publ~c records..._m___...________. _~___''-_'_ .___ _ ___ __ __ _______. Reportlhe results ot/he rllsearch and analysis otthe prior sale ortransler history of the subject oroperty}nd comparable sales (re~o~_addition~~rsales o.~Jl.~Jl~.____ ______ ___ ....nt~..,____....____,._l._______~S_~!!JE..~.___,...__.._...~----~~~~,AB~~.SA~;~"L_..__l___gJ~fH!!\B~E"'?~~.~?___l- COMPARABLE SALE_~~___ i:~,;:~, S;;iii;;"':f:r~_' Nlt--=~~-_ ...... .... ~N/A=H::'===_ .'H li:O~~6tH=__==~-.=J=---~~~_---.: -~~~~voe~~:t~sJO!_Data-SO!lrc-e-(s)_==t_-~_=-=_~~:=~_ ~=_= -- _. _.---=-=m~...._~. _~-.==j~;;i;~~~ecQf~~~~_...."." .-- ~= ~nalysl~~f .prror sale" or ~a!l5fer ~!~2,rLl!!...IiJ~,,~,,~JlJ~E,t,P.toR~1.~~_~~_~11!l:.~_sales __m _ti9_~_~~~_()JJb~ subJec11':IJ!:1_'\1"Q.a~J 36 months No sales 01 the comns in tb~ pasL12f!1{)r1Jb_!;'---___ . ...____H __~~ u..._~_~_ __ UHm. ._ _._ .._~~.u.~ . _ -.. ._ -. .. .-.. .--- SufT1m~~~~~~~l)1J!~!~qll_~~roa~~~~p.!!.~J_=_~l.f!~_c:L()~~.9.!i~Ie:>j!:'J~~_l>LJ.bj~f.t.s ar~_ Comps #4_/L~_5,2.~_~,c::tive li~lnCls in the subject's _?.f';!.?.A-_ patE";qf ,$?lgITlf!1":?t111,l!i.trTl_snt of -,?OJoPEl!_moI1Jhis considered W,afr<llll~ciquel()_Q~c!lrlirlgprice5 in the <IJe.8 t.<1D% adjuslrn.lO:rltisapplie.dJO:c:;.9I!lP~_ ~ &#5 10 aCGOu.0lJ9f lisl prIC~\I?'9nticipaled sale P!iq~.___Tlle adl~sll11~ntf()L?i'-l?S.I~e IS b<l~~_~$57.0Q_Q..!:I:pgr.-"I,i;:!~_Of the Qross acreaqe The "" _f!QjI,l?.!!r!~I1U()r"GLAj5_t:l.<l_~~ILQ!l_$2Q"oCJ",p~r,s.gl,!<3!.!l_10.Q!J!J_~f-<!1l~Lc:;orltripute!i<lp'prQl~1~!Y..i?'Q._9_99.!o,!b.E!\'<l.lL!e..91Jb~ ~i!~,_A!!(hEl, (J_the:!_________. <:l_QjYl'l!Df;f),t5" ?!:e.rn_af~":tQ~~_c:L_g9r:flP .#2, is" irl..?!i.!JP,,:~i()llQc:~I!Q.Q,ql!Lq,lJ, <In,,inf~riCl~,QUS.YfCl?q,,,,ay. Jh~ . ad justrne':ll. for age i_s. arlClrnIQ<lL$1 !OOO"p.~r vear as the sU.QL€!ct <!r:!d the comps have 8 redu.f~ effecJ!,!,~e. Comp #3 w~J!~~51l!~!".;J...Qy Coll~I:;.C1.!,1,,(I!ylqr.9.f_u.tLJ.r!!l()l:IdY>'ay._~)(!~_~i9n a~g.__ i;Q!l~EjgIlE.~erE> ,a.qc!~c!JQJ_t!.~J~!:!~~~<!.~~ p'r,icE:!JQ. ~c:fount_!Q!:J:~lQ.~<l~lQ.1! _~9~J~?,~c!_!~~Qf~g,Y_~LJf:t-:lgm.e~ ta)l;":)I;~rD.PtIClIl.s",A.tLthe CQITl.JlJL~ __1,Cl.rg(,'!_<!(jJ!ol?jmentS!;l.!:!!T!~.!:I__\y..c!U!?_ tgJ!le_.1i?!!Il!1tb~_ Loca,llon,. thE! SJLe"J_b!?.Y~..E..n(H?Ub~ GLh_?lgJu_st.rn_entsS~_M9it'()rl<l19(lrnJllt;!D~~~ction__ Indicated Valuebv Salas Comoarison AODroach $ 725.000 ~~~!~~ted Val~~t~~les C_~I.llP~fi~fl.ApprCll!.c~~ _ T~?,CJ{)9 _ CCl~t~pP~Cl~~hjif_de....eIClP~~I~.J:i95;4CJO_"__Jfl.~~~.~,Pp.~_~~Ji~~y~ICl[l:E!<!!~. W~ _ _...__ ~o!.>~ (lfthelNeight i!.>_pl;;jceq on the Direct ,$a.Ie:!>__GQrnp:3!l~()~Ap'proaCb.as il is. co~~der~t:!e be!!tifll:ljcatiJi-Q! ~Jd!L~r:!Lmarket ~(I.dE,~1.b,!?c::g!;L_. . p'-pprqac:hissupportjve..Ih.ere .is, i!:!sLJIflc:IElr:J!.tl!:lD!lm re:lntal<l:3t<l,mavailablejCl_9.!:9~!=U-!til!?p'__all_Lnco_~_AQP.roa_~--'-----------~~_____ This-appraisal IS made i2J "asi~;~,-D"su-bje'c-t iocon'Pleiiott---oer-piatts-andsi;eCiiicaiiotls on the'basiSOfa-hypotheli~-Z(lndit;onlhai'th~~p~~~ment5 haVetiee-n'"."----.. completed, n subject to the following rllpalrs 0, aKerations on the Msis of a hypothetical condition that the repairs or aKarations have been completed, or C' subject to lt1e . t~II~I'.!~ng ~e9uir~_~~sp~~!i~n._~~~~q..9~~h~_~"Xtr~gr~L~~ry .as~~_rl!.o!i.g!!..!~_~_!I!~_~~it!g!!g~_d~/i~i~!!~y' ~g~~!!ptr~!ll!I.r:~~I!ar~~gE-.o!:__~Qa~_____,__,. ._______ =-~~ig~s~-~~mf~:~~~~:T ;~~c~fon~:o~~h(~j~~~~~J~~.. ~:~~lo~~~k:f~~,~~~ :~~~~i~:d~~~:~~ie~;:~~-f~~i:kih:t~~~:-~ ~: f~~u:~~nis and limiling~ $ 725,000 . as of AIJOlJst 29, 2007 . which is the date of insoection and the eflective date of this aDoraisal. Freddie Mac Form 70 March 2005 Page 2 of6 Fannie Mae Form 1004 March 2005 Form 1004 - "TOTAL for Windows' appraisal ,oltwar~ by a la mode. inc, -l.80D.ALAMOOE Uniform Residential A FilrNo,-'--35BrPa-e#4l gen a em 0.16B11 PO 450006Dm:ember 16 2008 Filet 12358 p 2 of 60 Describe the condition of the nronertv (continued)- Ib~r~ is C1f!",~~~pirClI~ICli~~YJQJh_e 2nC!~()grJ!ICl~t~rpeC!rO(),f!1_a_r:t11 tN::;, tYPl? <:lfstai.r:'o\I<lyj~_ rlg( typiC9Ur1_tI1el()c::~Ir:I!<Ir~~tIhl3m~l:lrgL<ls,s__PIJQI is_ lDf13rL9!: t() conc::re!e or rl_)<l_rc::itl3c..Q.Qstrucll<!r1P92.!s.:_lliu~_~I!.~!:?e affe(.:t~ mar~!lIi1PlillY..nQll3d: how_evf?~r~J!l~ be .Cla effectgfd_h~_~a!kel v"'~_ Summary of S<lIRS Comoarison Aooroach (continllf'!dl: ~_._~_~,_,_ All HIe com.QLare considered to be the best sate~ c::.l-!!!I3D.!!Yi!Y~!!C1Q!I3~~~_~~,Sp.~ps a~~~Lqered in thlt!!.!1..C11~sli~att.=l".QLrl]arkgL~a!ue. __ -.--".--.---- "._---------, ----- ----- ._--_..~-------_._------..~...__._--- ._._--~----_.__._----_..__.__.~._---------- -'-"---..- ..._._-_._--~-'_._--~-_._.~._.._-~- ---._..._------_._------_..~-_.~-- ,..--., ---._.~-_._-~.._._.- : -~-~-----_... ..--.------.- '--'--.-.- ___...__________~____ COST~~_PROAC~!2VAlU~~~~required~y.~B~nieMa~__"______.________ ~rOvj~e adequate Information tor the lender/client 10 reollcate the below cost tig~res anD calculations ~~DPort fo~the o~iQf!ilf slle~~I~~rllrllaryJl!...c_q,~par~~I~_~a~ sales or ather m_~thod, for estimating site value,1 Site vall!~~,--G()lden G.~Il;lJ~_~tates:_lr:~Mcl)-1~, _f=.Q?, $?fi.7,QQO. 5.0;3C;, $_53.4.oQ/ac,. iflferior location: Wl/2_ Tr-103. U-6. 4-07. $200000_ 2.5Dac.. $80 DOO/ac., similarlocation;__r:c:l:2TU=\3.~-~ ~s:tiYl;l_Lislin9.-....~329.00Q,4.;67ac _-,-$TQ:~QL~!f.,-,-sjlJ:!i,I.<lL locatlor1:_!!lJ~.!oad\o\la,y: Tr::l1, y.~~:_!l.:QL~c;ti\~_l;l_~~_til'!g;$3?5.000,_~.9.Q9c., $65,00.9i<l~ ~i9hlly u:~_~l:l~I()!_loc;>ti.o_Q;Tr-31,U-9, 5-06, ~90,OOO SOOac" $98,DOOlac ,similar localton. :'See Cal1),ment:;; .on_C()_~!A:."'__ __~_ ... .ES~I~_~T~D.. .X...A~PAOPUCTIONOA l R~fLACEME~TCOST ~EW OPINION OF SITE VALUE =$ ___~Z.~,QQQ So~~c!.E!i.ost dat~"._Marsb_'!Il~_Swift (;I~.I.of~uild~rs~~_~~~ _________D~~1l~_.._______1,915_~q.:EIJWL 100.00____ =$ 291,500_ q~ality ratingtrom cost se_rvlce . ~veragfl Efte_clive_Oale of~~~Ioala 01;~QQ?__ ~!_~JQ.Ft@ $, S _g~mments an Co:;l Aoproach (gross living area calclIlatio~s depreciation etC.1 Ponllrorchlfirer.l,H,:e =$ 4~,OOO :.$ile ImprClyemenls: fill&clear!10000J drive15090j,tscp[5000], s&wl1~_OOO],. Garage/Carrort 478 35_00 =$ .16,730 =:_1~2)!OO. Total Estimate 0' Cos~-New "'$~~3,239_ _~e~~ketch.Jqr_d.!l!Iensions Less _ Physical Furctianal-1Extern'~--- Deprecia.0.n is based an the age-life method De~r~t~an _ __1_~4.c852 ~:~-_-~I _:J:...?_C1d_ pnc~_~_~<3ye bee_r1_stClble to_ (jeclinJng aY~.!_lbe past 12 months . Deoreciate~ Go_st of Impro~~merts A5.is"Value of Site lm.ofovements - ---- .-~----- _ _ ...... L__ . __ Estimated RemaininoEconomic Lite (HUD and VA onlvl N/A Years ,INDICATEDVALUE8YCOST APPROACH .~~_~_" INCOM~~PROACH TOVALUE(n~~9.uired ~Fannie Mae) ESli~at_e~_~~ ~ark~!B.~tL __.._______ _~_G_ro~_s..~ent ~~ip~er '" S __.._t'J1A__ _~a_led_~aly~ ~tl~~p~_A.pprpa~~ ~~~l12a.!l'_a1~nc~~e_~'pp.!~ach_~_~!!!9.0RsuPPO_f!J9~~~~ke~~~nl a..r:r~_~RM1_____ NIA________ _~ _... ______._~~__..._ ____.____ ~ll ~l ~, __164.852.1 .18~~28 ~2.00D ~, fi95.400 PROJECT mFORMATION FOR PUDs (If applicable) Is the dev~_I_o.rnlouilder .!!i'control otfheHomeawn~~:AsS;ciatio_~{~DA1? _,=__y_es-X N.Q___~JI-;;i! t~p~isf~r -Detached I J Attached Provid~lhe lall~winq iii1ormaliOr'-iOr~UD59~_LY ~ the develope-rlbuild~ris in control~1 tI1e_HD~ and thesubJeCl Rro~_~y_i_S an att~~~~~g~e.ll~ng~_@:_. I~ga-I~~f!1~ _~ pr-o.ieci -NIA ---. ~ - . -, - - -. - - - Ta!~~umbe~_ol:~!!ases ___._____Tolalnumber of unrts _~ ~ TO~~r1..u_l'!!b.!!!2! u.!!l!~_~~I~___.___n_____ _____.___.__ Total nomb~r of units rented Total nL'mtler at units for sale Data sourcei51 _ _______________ _~~s_lhe proje~t created byth~canversion_~J_existlng~uilqLngLsJ Lnto a~UD? I Yes l~jo.J!.Yes,ji.!l_ieoCc~~~~r-sTan ..~ _____ .____.___~~~ ~ Does the nroiect comain any mulli-dweiling units? Yes I No DalaSource ~~_Ih~ Imrts. c~l!ImolCf.~~!:~ls an_~ff.~!~a~ot fac_il~i~~_~9mpl€t~?Y~s_.J_ NarfJlJg,~~c~l~e!!J~~~~~S_~?I12eIf.tion. ~.. __ ~~_e tn~~9t!1rTl9~~!~rTl~f!l.~ ie_a_~g_!q 9rby the ~olJ1eowners '.J',ssociat,on?_ I Yes - No If Yes ~esCrlbe theren-t~}~rll1~~nd oPJi9n~---~-------------"----- -- .-.....-....-.--------- l!.~_~~tJe .cqt!lrTlo_n_~~f!!?_?~_g.~~~_~~tip~_~}~l!~~. Freddie Mac Form 70 March 2005 Page 3 016 Fannie Mae Form 1004 March 2005 "o;m 1004 - ""'OTAL lor Windows" appraisal software by a la mode, inc. -1-800-ALAMODE Uniform Residential AODraisal ReDort ~eNo.1235a~51 genoa ern'l'l0.16B11 PO 450oo6Docember 16, 2008 RON 12358 POM 3 of 60 This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a manufactured home Of a unit in a condominium or cooperative project. This appraisal report is subject to tile following scope of work, intended use, intended user, definition of market value, statement 01 assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's continuing education or membership in an appraisal organization, are permitted. SCOPE OF WORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the reporting requirements of this appraisal report form, including the following definition of market value, statement of assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: (1) perform a complete visual inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the comparable sales from at least the street, (4) research, verify. and analyze data from reliable public and/or private sources, and (5) report his or her analysis, opinions, and conclusions in this appraisal report. INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is tile subject of this appraisal for a mortgage finance transaction. INTENDED USER: The intended user of this appraisal report is the lender/client. DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller. each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and tile passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; (3) a reasonable time is allowed for exposure in the open market: (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative Iinancing or sales concessions* granted by anyone associated with the sale. * Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by seliers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF ASSUMPTIONS ANO L1MITlNG CONDITIONS: subject to the fallowing assumptions and limiting conditions: The appraiser's certification in this report is 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it except for information that he or she became aware of during the research involved in performing this appraisal. The appraiser assumes that the tItle is good and marketable and will not render any opinions about the title. 2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination of Its size. 3. The appraiser has examined the i1vailable flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this appraisal report whether any portion of the subject site is located In an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand, or as otherwise required by law. 5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) that would make fhe property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as an environmental assessment of the property 6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will be performed in a professional manner. Freddie Mac Fonn 70 March 2005 Page 4 ofB Fannie Mae Form 1004 March 2005 Form 1004 - "TOTAL for Windows' appraisal software hy a la mode, inc. - 1.aOO-ALAMODE Uniform Residential Appraisal Report FileNo. 12358 Pa e#6 ;o;genTIil tern o. 16B 11 PO 450006D'1lteinber 16, 2008 F,.. 12358 Pone 4 of 60 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees Ihat: 1. I have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in this appraisal report 2. I performed a complete visual inspection of the interior and exterior areas of the subject property. J reported the condition of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the livability, soundness, or structural integrity of the property. 3. I performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 4, I developed my opinion of the market value of the real property that is the subject of this report based on the sales comparison approach to value. j have adequate comparable market data to develop a reliable sales comparison approach for this appraisal assignment. I further certify that I considered the cost and income approaches to value but did not develop them, unless otherwise indicated In this report. 5. I researched, verified, analyzed, and reported on any current agreement for sale for the SUbject property, any offering for sale at the subject property in the twelve months prior to the effective date of this appraisal. and the prior sales of the subject property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report, 6. I researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum at one year prior to the date of sale of the comparable sale, unless otherwise Indicated in this report. 7. 1 selected and used comparable sales that are locationaJly, physically, and functionally the most similar to the subject property 8. I have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that has been built or will be buiit on the land. 9. I have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject property and the comparable sales. 10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property. 11. I have knowledge and experience in appraising this type of property in this market area. 12. I am aware of, and have access to, the necessary and appropriate pUbhc and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. 13. I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources that I believe to be true and correct. 14. I have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject property, and the prOXimity of the subject property to adverse influences in the deveiopment of my opinion of market value. I have noted in this appraisal report any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the suaject property or that I became aware of during the research involved in performing this appraisai. I have considered these adverse conditions in my anaiysis of the property value, and have reported on the effect of the conditions on the value and marketability of the subject property. 15. I have not knowingly withheld any significan1 information from this appraisal report and, to the best of my knowledge, all statements and information in this appraisal report are true and correct. 16, I stated in thJs appraisal report my uwn personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the assumptions and iimiting conditions in this appraisal report. 17, I have no present or prospective interest in the property that is the SUbject of this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of either the prospective owners or occupants of the SUbject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law, 18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a predetermined specific value, a predetermined minimum vaiue, a range or direction in value, a value that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending mortgage loan application). 19. I personally prepared aU conclusions and opinions about the real estate that were set forth in this appraisal report. 11 I relied on significant real property appraisal assistance from any individual or individuals in the pertormance of this appraisal or the preparation 01 this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this appraisal report. ) certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make a change to any item in this appraisal report: therefore, any change made to this appraisal is unauthorized and I will take no responsibility for it. 20. I identified the lender/client in this appraisal report who is the individual. organization, or agent for the organization that ordered and will receive this appraisal report. Freddie Mac Form 70 March 2005 Page 50f6 Fannie Mae Form 1004 March 2005 Form 1004 - "TOTAL for Windows" apl1raisal software bV a la mode, inc. -1.aOO-ALAMODE ~eNo,12358\pa!le#~ genda tern o. 16B 11 PO 45ooo60ocember 16, 2008 FlI.. 12358 5 of 60 21. The lender/client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the borrower; the mortgagee or its successors and assigns; mortgage insurers: government sponsored enterprises; other secondary market participants; data collection or reporting services; professional appraisal organizations; any department, agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions: wlthout having to obtain the appraiser's or supervisory appraiser's (if applicable) consent. Such consent must be obtained before this appraisal report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). 22. I am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice that pertain to disclosure or distribution by me 23. The borrower, another lender at tile request of the borrower, the mortgagee or its successors and assigns, mortgage insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part of any mortgage finance transaction that involves anyone or more of these parties. 24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. 25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or criminal penalties including, but not limited to, fine or imprisonment or both under tile provisions of Title 1 e, United States Code, Section 1001, et seq.. or similar state laws_ SUPERVISORY APPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees tnat: 1. I directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 2. I accept full responsibility for the contents of this appraisal report including, but not limited to, the appraiser's analysis, opinions, statements, conclusions, and the appraiser's certification. 3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of tile supervisory appraiser (or the appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law. 4. This appraisal report complies witll the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal report was prepared. 5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceabie and valid as if a paper version of this appraisal report were delivered containing my original hand written signature. APPRAISER ~~~:tu~~~:.,~~~it. ~_-=-~:=~== Company Name InlegrgBealtv Resources of Naoles Company Address _473"5_E-l"Jt~ffJrise ~venue Napl.es,.FL,_:?41_CM-.____ . ____________^___.__" .__.__.__ Telephone Number 239-643-6888 x 205 _,____~______ Email Address j~l'lrr@i~r,colJl________...._,._..__~_"_,.~__".__ Date of Signature and Report September 98, 2007 Effective Date of Appraisal Auqust 29 2007 State Certification # ?!.Gl'l,rj:,J'~_~!l,Rj:;~~QQQQ8~9. or State License # ..____.._~ or Other (describe) State Eh___ Expiration Date of Certification or License 11130120Q~_.____ State # ADDRESS Of PROPERTY APPRAISED 75527th$trElEltNW_. t;J"a'pI~1341lQ..~_~___ APPRAISED VALUE OF SUBJECT PROPERTY $ LENDER/CLIENT Name ,H~rrylj~D.9_E!r:?Q.n__ _ _,__"_______ Company Name Collier County TE/CM __ _ ___ ____ Company Address 2685 SouJh Horseshoe Drive, #212 Naples FL }41Q:4-6113____".__._,,_______________ Email Addressharrvhenderson@collierqov.net 125LOOQ Freddie Mac F01Tll 70 March 2005 SUPERVISORY APPRAISER (ONLY If REQUIRED) Signature _._._.____,."____.,_~_ Name Company Name ____________ Company Address Telephone Number .__""________~~._. Email Address _____~________.__.___~___ Date of Signature State Certification # or State license # State __.___________ Expiration Date of Certification or License ___..__,_~.__.__ SUBJECT PROPERTY n Did not Inspect subject property C Did inspect exterior of subject property from street Date of Inspection !........ Did inspect interior and exterior of subject property Date of Inspection ______ _________ COMPARABLE SALES r=: Did not inspect exterior of comparable sales from street [J Did inspect exterior of comparable sales from street Date of Inspection ,. .__________~._____ Form 1004 - "TOTAL tor Windows" appraJsal soltware by a la mode, inc, -1.800-ALAMOOE Page 6of6 Fannie Mae Form 1004 March 2005 Uniform Residential A raisal Re art FEATURE SUBJECT I COMPARABLE SALE #4 COMPARABLE SALE #5 Address 755 27th Slreel NW ,615 29th Street NW ,220 21s1 Street SW , , Naples,FL34120 ..'t-J.!!Qles,FL34!20_ _ mm __'Nap:le~3411.! .__~.____~__ r~i:~&:~~~~j-=::.~,~~'-~-~Jf=~-==~~;~e~yvn-:4,9~0~~q:~G~~~~6~~-1.5 ~-<sEfTr'53:~$8&,G,E;j~o_06 I $ .,~-----"-~_._- fal. ~1,,1G~,,1~ A!e~_II _~,g~+l _ 27LIQ ,gE__.___ S. _259,. "'L~ S"'" _Q~t1l_~9_ur~ers) ----------me _IM~$/~I~tIQR_,"'''',.,__________,___Jv1L$fLj~t~9_____''__'_""'___ ~._______ ~~f~~t~~~~J~;~is - =- l-ilESCRIPTIQL!~,~~C~I:J~: ~~ I '111 ~dE;im.ni j;,i.e:C~~~:---;iJ:!IAji"'L",,-,,-~ilESCRIPTlON-;+(:ISAd~"","", .~;~~:~~me==-~__l-==-_~ ~~~~7LQ~io% f- _ -62500'~~~~D_l0%-~___-74.900 ~------_.. l~a!l?') ,______._.,I\vera9!'!:__ Average _j_ __ __ tA~erage ___j __ __ _ .____ 1!l?~e.h~ld/feeSlmDle ...__~_Slmple ~~Slmple__I_ __ !Fe~U~.~!1lj:Ile _---L---__ .~_ 1____ f9i~;=--- _: ~':~;~J5.J4aC) : ~~e~:~:~ ----l +~~'~~~fl~e~~~:~' '~~i--==-.;i~,~~~______.________~====~.==- . ~~~struC~On_,.___,~-:~~~~9~_ -~;~~e==i=_-=~~~_ "-~~:;r~:~. :_~'-'~'=._===i==:==-!___.--==~ '. AClu~I~~_____. ____;?~ye.~~_____.28ye<:lr!;. L _ ___.?9 year!>_____ ________ -~,99Q]______.....,;__,___.__ . :~~"~;:~:--i~~:,'~i:i;jB~~I~~~f;:,~':!~"~-~~.2~:o;ifFr~'J'~h! i . . ~=-:- -tl~:B.~~!___~-: ~ . _~rossLIY[~g~!~a ___!_____2.915 _~!ll!:j__ 2.30SUq..~::..._!36,9{)QL__ 2,88.9:~lIJ__._.__.Q! s..91L ~:~:e~~I~:i~i;a~de~~__.J~;~_______.~~;;___ __ _.___~.~;~_____ __ L__~_I_____j___.___ !un~liona.!ytHrty____~Av13ragE!__,A\lerage.____".~_..__ ,Alferage...__j____...___.__..L____'-.__.._____._'- _~~~tl~g~~~~~.9.... .. "".._______,(;entraL______: Central... __________:C!'!:ntrlOit____._ _______ ~__L___,_ _______._..____ Ene~ttt~el~n,llter:n~ :!YP_Ig&__ _~lyplc?il .. ____ __ ;TYfl.ical __ _.__-..J_.~_,,__~~_______. ~6r;~~~~~~~ek I ~;f;e~a;:~Ce~n - . ;~~~r~~~t;ch----- ...+~:~~~' ~~egn~~~~~~~~h-! +2 sgoj -- - -- P~ol. Po-reh ete . Scree-;:'- ~Ol . NfA --- +20:0001 N/A -- ~nT +20000 --- . -...-.-.---..----~.--- ~ - -I --~- -...........----,---.-.. ..-----.~-'>.._..~-- ___~__.___ .Qth.e~ ete _ _,FpJ _ ___ Fpl & sh~d -5:9'O(J:Fence/sI9~agg~.._,_.__~_.:JO.09QJ______~ _"_ f;~~~:~::1:.;;il@_-:=rA -==f:~;f~;~C~ $:-~.:~:::F:~;; ~o~ ~ i~~~;~:.:::-G~~f ...~;:=--- Re"o.q1lt1e result~ oLl!1~ research ~D..q.analvsis ot the_p~!..~~Q.ur~.!!s~_h.is!9ry ol1!1e su~!e.ct o[op.el)y ~~_ '2Qf!lpara~!~ sales lre~2!!3_ddilional oriot..:>ales on p~2e 3), _ __.....JJ~~ _ ____~UBJECT .__~~~pAR~~!JJ~L~ # 4 GOM.~~~ABL~ SALE # 5 _g~PABAgLI~~l~~J_____ ~~!~o!PriorSale/T!a~sfer __ .NfA__.___ I N/A ___ _ ______ 7/13/2005 __._____ ..___________ Price ot Prior SaleiTransler $659.000 ~ ]A1~?2U!~~LSl- ------=--:====~_==_--- '_:~===- ---=--=P~b-lic reS_9rds_.._--==---=-~ =-~=__~~ -~=.~='== .EHechve..Q~_t~_~!Q~!~~~!:.~__.._~___....__,_____ ._...___.~__.__Curr~_UL__,_. _____.._ ~naly~i~ot~nors.aje o_r lran~ler _history~_e~~bjeel prop~J1Y. and comparabl.e sales.. _. N.q~ales_Q!.!b~.~omps_~J..~~.P?~t l~fTl.o_r:!!bs,--G~~~nUi:>ti!1g.~~ihPl_ IiIre noted abovec:;orQP.~ wasorigj~ally.listed for .$725.000Qn6/5!200~;J.be:?b()vellsLprIGe is.theAttl.P!iQ,e_change. CClmp'_#_5 was2~iglll.l;it,lY,Ii~t~~L_ for ~_8_8j:l-,QqO on 51~~f907: th~__~o~E!_E~!J2.rls:~J." the 4ttl.p~.c~_c~a..rtgg,-__~.____~_____~____ ~1!~lys~~!'Q~_r1!e~~.~~E'~f9f!1_f!\f!F1h'\.Clr.1na..9.@_!Y!'Cl.c____ Freddie Mac Form 70 March 2005 Fannie Mae Form 1004 March 2005 Form 1004.{AC) - 'TOTAL for Windows' appraisal software by a la node. inc, -l.aOO-ALAMODE Subject Photo Page ~b~h2l~8:lf~a~#~o. 16B11 December 16, 2008 _~____ a e 27 of 60 e.QIfQJ!.~~iCII~DL_G(lII~,LC:::.9:l,IntyIF: ~ CMfMi1c:heJIL PrQQer!YMqrll~L?~~~?ltJ_$t.re,~tJi~,____ _~___. CJtL..~<lEI~L___,________. ___Gl!IJI)1Y"_(;QII'~_________~.t~lLf_l,.__,__,,,,,__,,",,__ Lender Collier Count TE/CM ?il1"gQ,~,L~~J?O Subject Front 755 27th Street NW Sales Price N/A Gross Living Area 2,915 Total Rooms 9 TotlllBedrooms 4 Total BathfIJoms 4 location Average View Canal Site 6.22ac (5.14ac) Quality Average Age 2Byears Subject Rear Subject Street Form PICPIX_SR - "TOTAL lor Windows' appraisal software by a la mode, inc -1-BllO.ALAMOOE PHOTOGRAPH ADDENDUM aqrTOW~ffqi~n! C,oIJi,i?,r"G[)_u_ntY,Jl:"$<I.::M(Mitc;h~l!l ~roperty M~r~~s 755 27th Street NW City_._____~aples _ ___~_____ ... _~_Q!!.~_Gollier_ Lender Collier Countv TE/eM State FL____.____ ___2~~.fI~_~t~9_.______ CANAL ALONG NORTH SIDE NORTH SIDE OF SITE VIEW OF REAR YARD Form GPICPIX - "TDTAllor Windows' appraisal sotrware by a la mode, inc. -1-80Q.ALAMODE SubJect Interior Photo Page BllrL01L~rlgl~nt CoJli!lLCOunlv T~..I!<_QII/I{f\.1\tche!l.L frQp'e_l!tM~LeJ~L.?~~__~ItQ$:trl!ll:!tNY'L_______ CitLNap!l:!s Q.\U!QlY_,GQJl.j~r lender Collier County TE/CM ___~_______S~lt FL ~NO 12as'II1'~'#1/~ 16B yellua rn o. 11 December 16, 2008 e 29 of 60 __~___~___lip_ G9~e_ 3:4120,_..__m SUbject Interior 755 27th Street NW Sales Price NIA Gross UvingArea 2,915 Total Rooms 9 Total Bedraoms 4 Total Bathrooms 4 location Average View Canal Sire 6.22ac(5.14ac) Duality Average Age 28 years Subject Interior Subject Interior Form PICPIX,SI- "TOTAL tor Windows" appraisal software by a la mode. irn:. - , -80Q.ALAMOm Subject Interior Photo Page .f!9FOI'!!!riClient C:C1_llier CC!!Jf!!Y..!!:, &CMU0itf,~_el!l prope1J1 Adrfr~s_LZ~52Tth Str~et t:JW__ j:;11Y- Naple:;;__ _ __" ~ CC.ljnty CgllieL Lender Collier Countv TEfCM State. .fl ,/ --ill ~" ~,,- I-~ o;~ lElleNO.1235Blfiwe#-1~ Agenda tem O. 16B 11 December 16. 2008 --,=,a e 30 of 60 ~de34120 Subject Interior 755 27th Street NW SalesPnce NIA Gross Living Area 2,915 Total Rooms 9 Total Bedrooms 4 Total Bathrooms 4 Location Average View Canal Site 6.22ac (5,14ac) Duality Average Age 28 years Subject Interior Subject Interior Form PICPIX,SI- ''TOTAL for Windows" dDpraisal sofWme IJY a ia mode, inc - 1-S00.ALA-MODE _B_orrowe.rICli~f11 GQniE:lU::;Qunt~T~_/!o.GM(Mitc::t:leJIL _ ._ .... ___"______.____ lTIl!)~_i!Y_"M~Jf!.sJ]??~Ith_~~r.~LI\!YY_"_______._~_ --------,- -- "".-,-~-,-,~~--..--"" .--.,---- C.ML.Naples..__ .._._.___,..____~Q!!!!!LG!?mer__.__ Stale F_~____._~1~d.e 34120 Lender Collier Cou~I::-TE/CM FileNo, 12358 Pa e#13 gen aTtem o.16B11 DecembeF 16. 2008 _~i3 e31 of60 Subject Interior Photo Page J, Subject Interior 755 27th Street NW Sales Price NIA Gross living Areil. 2,915 Total Roams 9 Total Bedrooms 4 Total B:rthrooms 4 Location Average View Canal Site 6.22ae [5.14ac) Quality Average Age 28 years SUbject Interior .:.-::::::~ . . . j -- '~ Subject Interior ~~.a ~ _.' - j J~ ?- Form PICPIX,SI - "TOTAL for Windows" appraisal software by a la mode, inc. - 1-800-AlAMODE Subject Interior Photo Page a!lrrowp-r/g~efl!_G{)lli~r__G9:1,!.mYIJ;&. C_~(~j1'<.!!E!II) Prop€~y Addre,<;LZ~5:~7Jb?Jr_l3:El!NW__ Cily N?Rles Countv Collier Lender Collier Count TE/CM Sta!eFL._ II . " t --- ~. ~3581f~'#1~ aa m o.16B11 December 16, 2008 e 32 of 60 Zip Code__34120. Subject Interior 755 27th Street NW Sales Price NfA Gross Living Area 2,915 TolalRooms 9 TotafBedrooms 4 TolalBalt1rooms 4 Location Average View Canal Site 6-22ac (5.14ac) Quality Average Age 28 years Subject Interior Subject Interior Form PIGPIKSI- "TOTAL for Windows" appraisal soltware by a la mode, inc. - i-BOO.AlAMODE Subject Interior Photo Page etQP~AJ.td.r.~ss 755_~.7!1:l_ Stre~_~lN.~__________~___ GI!Y.",,,,N?p!~"",,,"__" _______COIJI1\Y_,CQ!!l(f~_~__ Lender Collier Count TEICM 'Fi[eNo,'123"5"1f Pa.e # ,51 AgehWntemilio.16B11 December 16, 2008 e 33 of 60 __-------5tML.fL__,__ZJI!_C{J~ft_~1?.Q___ i-' t~... I f ,1' '} )j~ Subject Interior 755 27th Street NW SalesPric6 N/A Gross UvingArea 2,915 Total Rooms 9 Total Beclroams 4 TolatBathrooms 4 location Average View Canal Site 6.22ac (5.14ac) Quality Average Age 28 years Subject Interior Subject Interior Form PICPIX_SI - "TOTAL for Windows" appraisal software by a la ITlIlde. inc - 1-BOO-AlAMODE Comparable Photo Page Borrower/Glient,. Collier CourllyTE & CM{Mitchellj ~r{lp~r1y_Mdres~]5~1?J!l~lr~l:!!"NYV Cih'-_N.apJes County__c::_{)}ljt:.lf Lender Collier Count TEICM ~58!pallf!#11!J Agenoa Item 0.16B11 December 16, 2008 ______~~ e 34 of 60 Staie FL Zie Code ~~!12g____ Comparable 1 620 29th Street NW PW(, to Subject 1 blk.WfT.S2,U-6,G.G.Estales SalePncB 550,000 Gross Living Area 2.245 Total Rooms 9 Total Bedrooms 4 TolalBalhrooms 3 Location Average View Average Site 5.0 acres Quality Average/inferior Age 20 years Comparable 2 3700 Golden Gate Blvd. Prox.lo Subiect 2 m.SWIT -48,U-4,G.G.Estates Sale Price 615,000 Gross LivrnllArea 2,200 TcrtalRooms 6 TolalBeoroams 3 Total Bathrooms 2 Location Average/super. View Avg./busy road She 4.66 acres Quality Average Age 28 years Comparable 3 775 25th Street NW ?rex. to Subject 1 blk.E/p/oT-112.U-6,G.G.E. Sale Price 866,000 Gross Living Area 2.073 Total Room.; 8 Total Bedroorns 3 Total Bathrooms 2 Locaflon Average View Canal Site 6.09ac (4,60ac) Quality Average Agl! 27 years Form PICPIX.CR - "TOTAL for Windows. appraisal software by a la mode, inc. -1-800-ALAMODE Comparable Photo Page IFileNo.123581 paae#1~ Agenda Item o. 16B 11 December 16, 2008 _ >:a e 35 of 60 .~~lITO_~.r!GI.i.~II!__Gql.l.i~_QQ_~f}!YJ~_~~C~(Mit~_tl~II}__ _E[QP~}..!!!!ress 755 ~7th Slr~j.N~ i1_~~~___"_._~GID!mt_GQ!!L~~__ l~nder Collier Counlv TE/eM ___.,_~~L.EL_~~iP.,Code 34120 Comparable 4 615 29th Slreet NW Prox.lo Subject 1 blk.Wrr-45,U-6.G.G.Estates Sale Price 624,900 Gross living Area 2.300 TalalRooms 7 Total Bedrooms 3 Total Bathrollms 3 Location Average View Average S~e 5.0 acres Quality Average Age 28 years Comparable 5 220 21 st Street SW ProK- to SUbject 1.5 m.SEfTr-53,U-8.G.G.Est. Sale Price 749,000 Gross Living Area 2,889 Total Rooms 10 Total Bedrooms 5 Total Bathrooms 4 location Average View Average Site 5.0 acres Quality Average Age 26 years Comparabie 6 Prox,toSubjecl Sale Price Gross Living Area Total Room. TolalBedrooms Total BathrolJl11s Locaton View Site Quality Ag. FClfm PICPIKCR - 'TOTAL tor Windows' appraisal software by a la mode. inc. - 1-8DO-ALAMODE ~Q.rrowBr:,CI.lerJ! Go~~_g(),y_n!Y~TE &-f.~J.~itc~!!L_ 'm ___________ ~rJ!P~flY.AMr~~,~ ]?9_:2nh$tr~J,N"I.Y._~___ _____,~~__________ ~N~I"e.s CQ~nj}t ~.QI.li.E'lr lenrler Collier County TE/eM IFileNo_12358 Pa e#1 genaa tem o. 16B 11 December 16, 2008 ..fl e 36 of 60 Building Sketch (Page - 1) State Fl __~iQ C9de 34120 '001 Patio 1UO' ~~.4 He tlU ~ lID' I~ ----. I-'nrch -- " Bedroom -,Of, Farllily Bedroom Lov.ng I DIC\lng KIlCll{,n OmellC ,1 8ath Spiral " ~1,," SPIral Lallndry , Sta'rs Sta",~ ; ~~ '2-_~ Foye-r -- Bath 8ath H' I Bedroum O~ Bilth Entry B<JdroolTI " /:'-~ -- Ga'~ge " 0 " lbll' N~' ,"~,,,,,A..,N~ Comments AREA CALCULATIONS SUMMARY LIVING AREA BREAKDOWN Cod. Description NeIS~e Net Totala Brmlkclown Subtotal. ,~, First Floor 2320.4 2320.4 Firat Floor- ,~, Second Ploor 595.0 595.0 23.B x " . on , PI' Porch 211.7 U x , , " ., Balcony 40.0 U x , , " ., Screen Pool/Patio 1500.0 20,B x ... , 1010 , Entry 03.9 1B15.0 ,., x .. , m , ~. Garage 47B.3 476.3 U x " , lU. , U X " , m , Second Floor 17.0 x 35.0 595.0 I Net LIVABLE Area (Rounded) 2915 ,B Items (Rounded) 2915 Form SKT,BldSkf - 'TOTAL for Windows" appraisal software by a la mode. inc, -1-800.ALAMODE GIS Map [F~N'128"'lil~~ gen a l m 0.16B11 December 16, 2008 e 37 of 60 Bo[r.oVl.~!jC1i_p.r]L_GQllier COl!!!!y.I~~C::M.{~jtc.h_I'IIU__ ..EIQp!lliAgQI~sLl.?~.:??lh Street t>J.W,_ _ _________,__.~_~. .Ci!Y_N,<JQles _G9JlJ\!L.G.Qllief lender Collier Count TE/CM S~ILf:~_~Zi!~.ode 34120 Print ~bJ1 PJj,!.C I of I f~~:',~-,~~,'~;~"~ 11 I'~."-"'.-" ....., J' .2';,':~~~J '''~''. "~:::;-' ;'::::,'~....,":_,;:"~";~ ::,::,':~~~~.;""" 0'"' "c. ,.,"", "..."".. ", ~."""~' "",."",,, ". .",""" "" "0.""" 11\ t r: ,m:l]b_C<.l! ller:'.;'rr:lI>cr ,C(;il1'\\ ;.~bi";lr ;ll:1I'pnnt. J:~[lx ','Ii 110." &(lricnl'" L/, ~~DSC A P E& paT' X,9i:2()(17 form MAP,SIte - "TOTAL lOr Windows' appraisal software by a la mode, inc. - 1-800-ALAMOOE Plat Map iFilii' No. 123581 Paoe~i61 Agenaa Item No. 16B11 December 16, 2008 e 38 of 60 e{Jrrower/G!i~l]tc;{lllier G9~mYI!=:,<$c::M(Mtlc:h~UL,_ fu1!!frtY_Mllrfss 7~.2X!.1~_~~~L_~Yi_~_____ Ci!\i___t'!a.flJ~~.,___~___ _____~{J!!njLGq!I~~!.____ If.n~er Collier Count TE/CM ""~tat!~________.~Zjp__GoqL~4120 . SC!,.4.~ ,~ l - C -- -- ~ -- -----~~~:~ .-i _~~ ~~cJ~~~-~_, . -y- ,'-~--: =Ji~~j . ~.~~f"~~-~~ i ~---=--_._----_J_-~=-~:~~----.---~L_--,:s:~: ) i ~ 'I i .1 ~- - u--:-~4'=:-~ ~=L--' ~~L-~--~ ~__~-,; --=~,' '-:.1.:.______, _~___~__" _..J------.:::~~_L__ -- ~-~-~~'-:_=~=j-. - ~~. 4::--. - 'i ~-1~ - cF~t"~d:;~ : =-=-~--__J==E_~~..:. -J;-=~=~l:-::= -- _'I ~ , ----J , t'- -~-- - "'i' L ~~ j - I --- - I, .'-- -'j , '- 7:(:nr.-;:.'r -"-----' ~-<-u. ~([G<~lr,~"''-'A1' U'~l' .J!"'~ 't... Q 0- ARrS"IN"'[R ~:;:;,-<,',...' ,,, .'F COlliER COUNTY. rLOPtDA /i I .r // L , Form MAP.PLAT - "TOTAll:lf Windows" appraisai software by a la mode, ine - 1.aOO-ALAMODE Location Map ~235BI?aDe#21i genaa Item ~o. 16B11 December 16, 2008 a e 39 of 60 ~Qrrowe"r1C1ielJL~-E!~er cO"l!,I!tY_n:"~_C;:M!Ml~h!'J!ll_ H""__~_~____ -- "'----- PLO.P.~LtY_MQr~~L?Q~LgZ!!1_$Jr..~~L~W _________.._____ --"---------~-----~---------"'---"'- 9~~p~ _C"o.unL~~L___~~ILF!- Lender Collier Count", TE/CM Zio GQlli!._;?~ 'lO MapPOrrlr Tiol~GoH~~ I 9~ ~~;; ..:1~" , II ' '.... -,' ~""W=-==:::::::=~,~"'" :l<4=~~~~~1I', ' """ l. " "'-..= :....c.'~,,-==.-- ~~==,.~=~c==c~ ~ ~ ~ II ~ i . ~ ~'~J l~ct~.4 ii ~ (;ort~_ ~ I t Sl.ndarlc:e 51 COfII'lCi"l"etvd - I '" Cl'y$\41Lllke~ Acremokl:!l'Rd ColUSllI'ines "'" 0"' is f .. Tree-f~'HO " . j " Woodslorll....,,8 ~ I . ~ . . ~ . n 1,~Rd ~! Q ~,,."'" ,_, om, I ConltClIJb 01'.... b'ergl,ou w~! QaOtl\J!'1~-tv ~ i a ~ ~"!:.:~::. ~ ~ ~ i ! ir~ o ~ - , " ~ ~ ..., ,i.," ~ ~ ~ ~~~ 'Olt'Iderbill Be8d:l.Rd ~ ~ 'Rh Ave WV III ~ ~ --- i ~ . z 5th Ave NoN" 3rd Ave tff4. '" 1st AveN# ':.:~, 3fd AVf. " ,.. - ' ;". . i .... g!~, SlhAve'~ ai <Il m' a '" '" GUI~ oaeeNdWl~tt' ~ ~ ~ ~ W ~ ~ Q ~ .. ~ .. .. .. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ , . ~ .. ~ ~ ~ ~ ~ ~ i ; W ~ . , ~ ~ ~ ~ ~ .. ~ ~ ~ ~ ~ ~ 7thAveSW ~e%;_ ~eElWa 11th Ave $I/'( ,13lhA"",-S!N I"~ f-,,=.-;;_ ~;=.=J ot'200"_'0Il(tlPC>:!OO>,III\!'If(j,"';'Tlolt/l1l1."'" '^" Form MAPLGe - "TOTAL for Wifldows" appraisal sollware by a la mode, inc. - HOO.ALAMODE ~ ~ ~ . . Ageilrj;'Jn~ No. 16B11 L er 16, 2008 Page 40 of 60 APPRAISAL OF REAL PROPERTY LOCATEO AT: 755 27TH AVENUE NW AL:... OF TRACT 80, GOLDEN GATE ESTATES UNIr 6 NAPLES, FL 34120 FOR: CO~LIER COUNTY GOVERNMENT 2885 SOUTH HORSESHOE ORIVE NAPLES,?L 34104 AS OF: MAY 2, 2008 BY: GERALD l S::IBERTH, JR Th. Appraisal Shopp. 2335 TAMlAMI TRAIL NORTH, SUITE 201 NAPLES, FLORIDA 34103 TIfAF?R/iJSAlSHOPf'E iNC (2::9).;..'35,1111 Form GAl - 'WinTOTAL' 2ppraisal software by ala mcde, ioc - J.800-AlAl.1COE Age~ife~~~~NO 16B11 c r 16, 2008 Page 41 of 60 Ria No. 32302 Client MITCHE JERRY l Pro ACdress 755 27TH AVENUE NW Gi NAPLES Owner MITCHELL JERRY L COUll COLLIER SlallJ FL 1I1lCOde 34120 TABLE OF CONTENTS Co~er Pagtl Tabieof Conlerrts GPResidential AdditicnaICml'41arableo4--6 General Taxt Addendum GPReslo'entialAddend:ITI BU:ldingSkCtCh{Page-l) SubjaGIPr,olos PhotOg;ilP~ Addendum Com!l<lrablePllolos 1-3 C~l1Il1alable Pholl)S 4.,e Plat Map ft.erlalMap CaTlparabreSal05Map NeighborlloodMap CourrtyMap Fcrm mcp - ~NinTOTPJ.' appraisal software by a Ie mode, inc - l-BOO.~l.AMODE 1 , 3 6 1 .'0 12 13 " 15 16 11 16 19 20 21 Property Address: 755 27TH AVENUE NW ~: Countv: COLliER 1;l PAGES 93-94. iif" TaxYear: 2007 Ai. Tm~ S 1 801.86 Soecial ASSes5l1l:nlS: S 0.00 ::::J Curren!: OWJ'let Cf Record: MITCHELL JERRY L. Oce ~. Project IvOI: n pun I CondorniriL'l11 Cooperative n Othe." ~descr;bei MarlcetAreaName: GOLDEN GATE ESTATES Map Retermce: 01-49-26 The PUI'WSl! 0: this awraisaf is III OlvelOp an 0 inion of; Marlo:el Value 'as d~lrBd . or ol~r t PtI11t valull describe This re ort reABcl!l Ire folktwin value (If not Cu.1'Ilnt 3ee commeflts: 0' Current nile ~.spec1lon Date Is lhe EffectiVe Ollie Aelrospec.tin l Prospeclive ffi. AJJproaches <levejoped 101'11115 appraisal: (2g Sales COfTllarisoo ~roach (8l Cosl Approacll Incol'll! AlIproach (See Reconciliatior Commems aOO Scope of W(}Ik) j' Proller!y f1jphls ~w.lIsed: Fee Simple U leasetlOrd Il Leased Fee :' Other dllSCl'ibe) C): lJrtendetl Use: Is to inform the djent noted below, of the current market value of the sublect for possible Purchase _ _ u; ___ _. .. ~: lmemled User!5) ro~ name or lYoe: The dient noted below and Collier Count\" Transoortation Enaineerina & Construction Mana ement. -i GJiBllt MITCHELL JERRY L Address: 755 27TH STREET NW NAPLES FL 34120 . A,c~rafsBr. GERALD l. SEIBERTH JR. Address: 2335 TAMIAMI TRAIL N. SUITE 201 NAPLES FL 34]03 location: U Urban bJ Suburban ~ R~f31 Predominant One-UnftHDUsing Presentlsnli'Use CltangeinlandUse BIiRup: LJ 0'.er75% rgJ 25.75% 0 Under 25% OCClII'aney PRICE AGE Oll&-lkIlt 35% [gl NDtUkely ~.. Grov.rllt ral!l: 0 ~pid !Rl Stabls 0 Slaw, IZI Ownsr S(OOOl (yrs) 2-4 Un~, 0 % 0 Likett . 0 In Process ~ I=. PrOPerty \'aiuBS: C Increasfrill 0 Stab18 [gJ DeGlin'ng 0 Tenant 350 Low new Muftl'Uru! 7 % . To: ~ Demand,isU;Jp/y: g S~artage D t; Bmnce 0 Over Supply 0 Vacant (O-S%) 1 500 Higlt 35 C1lmm'l 5 % ~..MarketinQtime: 11Undar3M~.fRi3-6Mos. MOve/sMos, 1~\'acanl(>5%) 650 Prell 5-15 O11Ier** 53% ~ Mar~.el Arll~ BoL'oo'aries Oescrpli01\ aM Market CondiUons ~ncllJdin!l' supoor: tor Ihe move cr.aracterisbcs aikltrendsJ: Golden Gate Estates is a 173 :i ~uarc mile so@wlin<:! rural subdivision located to the north and east of Naoles, see neiohborhood descriotion in addendum, a::' qolden Gate is k1cated aooroximately 6 miles east of Naoles, It consists of a central core Of subdivision-tyoe lots surrounded ~' by the larqe acreaae "estate" area known as Golden Gate Estates. Most emDlovrng~ <;l}l.9 $.ervicg~Jnl.,lst be S9.u9tltJ!:,.Na~. ~- This IS improvlno with continued developm~nt in the area. Tvoical marketino time is 3-6 months. but may be sliQhtly IOllqer in a: the summe:r orf-seasor.. Market has recently Shifted from a sellers mi;1rket: to a bUYers market Prooerlv oriced orooerties are ~ sellirm in a reasonable amount of time, however additional orice reductions may occur if sellers under oressure ?r!'! motivate<j to selL "''''Land Use "other" consists of narks preserve and vacanUand. _~ Lel'lal Descrip~on: City:" NAPLES Slats: FL Zi CO<!e: 34120 ALL OF TRACT BO GOLDEN GATE ESTATES UNIT 6 PLAT BOOK " Assessor's Parcel #: 36865000002 BOfTOWer(JIa icabte: N/A 2ft lXJOW"ltlf DTenan! :JVacant HOA:S AgeM~rnINo. 16B11 Decemoer 16, 2008 RI,N.' 32302 Page 42 of 60 THE APPRAISAl. SHQPPE INC (239)435. till RESIDENTIAL APPRAISAL SUMMARY REPORT :nMalll!faclur&dHousirg r.~' oer yw n atr monlh Cer.susTrac~ 104.12 -- UIn'.MSIOf\S: 408.96' x 660.02' Zooirc Classification. ESTATE SUa Area' 269 92L7Bsf or 6.20acres ();;scriPbon: 2.25 acres minimum n leoalr,onco~roffTinQ-igra"dfalhcMil- [] l100al -lYas L'l>.o GroondRarnWapJfimla) $ rlNol~ I La~rqC~iaIlCC. .)\JL;OOI Are CC&Ps appJtcatlle? 0 Yes ~ Na fl UmlllOwrl Hal'(; ti1: documents been fBli!ll'led1 1,:,H~t&B!lStUseasj.ll!,rcved: (8PresB11;useor L!OIt'.e'vSe(expla:n) ActuaIUseas ct El1eC',ive Date: Z SumrraryaIHj~n.est&BAslUse: o " tL' 5 Otilitles Pulllic (I;,'lflr Prellider!Description Otf-slrelm~mt!t1lS Tyoe rulllicPrr.meIT()pog~plJy ffi tlBctricily ~ ,:] over head lif'es Slree! asohalt :2] Cl 'Size o Gas 0 [Xl indiyidual tank Curb/G~tter none [?5J C Shape ~' Water LJ [Xl weli7svstem Sidewalk none ~ C flralnagll en Sanf1:.lrySaWEr [] [2J septic system StnletU~hlli indiyidual @ 0 Vll'W Slcrm Ssvler 0 f8J none llJ!ev ro i I n I.andsc8piro OlIIer s~e €Iemems: Inside Lot 1_ I Come'Lot [X) 011 de Sac l I UnderproLlOd Util:tle.s I I Om (desc.i~B FEMASoec':F1l))uHazarcArea I JYes)(lNo FEMA.F\oouZona X FEMAMa #- 12021C0425G rtMA Mao flaM 11172005 Site Commen1s: No adverse easements or encroachments noted. Additfpnal SIte lr:norovements include: lawn sorinkler system on well water. lono sinqle wide concrete dlivcw~~ with side park: at house and culvert oipe at ~reet. n**The sllbiect is oart of the Vanderbilt Beach EX!~nsion bhlYout. Sinqle familv residential Use a, dpplaiseu ir.lhi, rE.~ort: SinClIe family residential Hiallest and best use is as sinale family residential. qeneraHv flat slope tos~ t!-6.20 acres -rectanqular ~ appears adequate"'''''''''' canal/IfJOods Natural/Mature GeOOllllOegcriptiolt Exterior OPscrlptlon Foundalion 8uemGl1t ~ None Heating electric #of1Jr>lts 1 o AccUn!1 FoundatIOn 3Lc:_~s.~. Slab reinfor.con o\reaS~ Ft -0- Type FWA #olStories - 2 ExIetlorWans CBS & frame CrawlSpace no % Finisned n a FU!lI electric Type :sl Det [j Alt 0 Root SJrlm 3401b asohalt Basem!rlt no Ceiling .!J.@~_ wnUiUun aood -: D~ign (Sty'8) 2 storv/CBS Gullers eo Dwnspts yes SlJI1ll Fump 0 n!a l'ians Di~__ COOing electric - {8 hisbng o Proposed n UndCon:; Wmdcw Type alum/bronze Dal1llff$S 0 not noted FicOI' nla Celltrdl yes .", MtuaJ Age (Yrs..) 29 vears S:orrrVScresrn no es SalllemlJl'lt not noted Outside Entry nla ether nla ~ E!lecli'/a Ao~ Nrs.1 22 ears Hurr,cJne Sl'iJIlcrs none !rlflstatiOl' r.ot noted ciJndrtion 'load ~,klterlarDescription Apphncn _JAltle INO~~j~menhies ~rStorage 0 None ::- Floors .!!!gLfQ!lwd/cood il.r?lrig,;la~or 01IS!airs 0< Firep:ace(s)# ~~ WooCslove(s).# none Garage #orr:ars ( 12 Tat) ~. WallS dM'JalJ/oQod A~f1g&lGv€n rg Drop St~ir =:J Palio none E!evator none Attach ~ ~ Trim'Finisll wood~_ ,._ flisposal lS ScuHIc- 2l Deck oooI _~ S kh~hen none Dclacn. _ iii Bath floor ceraf!lic"~~. Dis.'lwast,er !Xl Do~rway _1 Perch ~ered Media nDne an -In ~ F BalhWa;nscol ceramic tile Far/Hood l:j Floor L' fencs none Bam rYlne Carport ~ O~o:s flusll HB/aood Microwave [2J Peat€d r,-j Pool _lD:gnd/htd/enc _ G. House none ,Driveway 10 or more z Trim colonial & 6" base WasheoUl)'8r IX) hrllShec I i Sea none IV", Bar none I Surfacg lonQ concrete o Rnished alea abDl'l/ (Jrade can!airs: 8 Rooms 4 Bec'rnoms 4.0 8all1(sl 2 872 Scuare Feet of Gross Lr.ing Area Above Grade ~.. Additiorml fealUft1S: "'See attached Addendum for Additional Features & ~rad_qs. * ._ " _ __. m u.. _.__.._ __._ ffi Oescr1be lI1e coOC:IUcn Dr the property [inc,lIdlfIIJ ohysica', luncbof1al and e~emal o~so~:s-~'(mce): Home has been updated and is well maintained and ~, there were no ohysical or functionaf inade~uacies noted, other than routine maintenance lh_at woufd be typical of the s!-lbiect's n aae. The uodatina of the subiect arxl continued maintenance has caus~.?i_!educed effecUve aoeL.but this would have been ."- oreater if certain architectural featuxes had been addre~_~ st.i41 CIS 8' ceilin.9s in mcst of the structure as well as low entry and flush interior doors. (ijiRESIDENTfAL Rlrm GPPfS2 - ....rrnTOTAI: appraisal software by a Ia mode, :nc - 1.80o-AlAMOD( COpro;;lllfl2lK., 1JI ~ Ia If,~, lie. ThIS 10/111 ,ray ~ repru~u~ed urmOOfild l'I!t,wl '..mtl' perrr'!'!;IM. !Icml-1I1, l Ja mor.e, II!I: m.!;! b~ ;~!:.'''''''~ge'J ilml mCtted. 312.007 :<,; My res.eareh 0 did ~ mn 001 reveal any prior sales or transfer$ ollhfl subietl ~roperty for the three years lilior ta the efiective dale olllis appraisal '~, Data so~efs~ MLS &. Collier Coun tax re<:ords o. Isll'rlcr Subject Sale!Transll' MaIy'sls of nlelnnsier history and/or arty:;urrem agleemMl of sa~]isling: None i~:: ill"",.". ~ i 2nd PriorSubieclSale!Tnms!er t;!Dale' 1-'. Price: ;.':'Sources: SAlES COMPARISON APPROlCH TO VALUE rlt develO d) I I T~ Saies Comoarison A.apmach was not develOflecl for this .;ppralsaL FEATURE SUBJECT COMPARABLE SALE # 1 COMPARABLE SALf: # .2 COMPARABLE SALE # 3 Addless 755 27TH AVENUE NW 210 3rd Street NW 150 Weber Blvd, N 681 27th Street NW NAPLES FL 34120 NAPLES FL 34120 NAPLES FL 34120 NAPLES FL 34120 Pruximi to Subject 3.07 mites E 1.68 mites SW 0.18 miles S ".Prico S NIA' .' S 575000 '11 1250000' S SalePricelGLA S fSQ.f1. S 214.87/sq.f!.I" $ 403.23/50.11.1 $ 261.03MJl Dala Sourc~ owner MLS MLS # 208J}19131 _ MLS # 207021088 MLS # 206042305 Vlli1ication SOIrrCBls\ C Records OR # 4357-2042 OR # 428.6-4055 OR # 43?6-024-.5 __ ~~DJUSTMENTS DESCRIPTION DESCR1PTIrM +f-)SAdiust. DESCRIPTION - -T-+T-!SAdkJst - DESCRIPTION-'-- +l-'iSAdJust. Sales or Financing ~~~ con\'. fin. conv. fin. c~~~. fin. Ccn~es;jllrlS NlA 02108 PSD 09/07 PSD 0110a PSD D.tIe m Si'.I!t'Trme rN A 05/08 CSO -0- 09 07 CSD .5% -62,500 01108 CSD -10/(1 Rigllls A,opraised Fee Simole fee simple ._ fee simple fee sim Ie Location Unit-6 Unit~11 inf <below> Unit-~un <below> Unit-p Site + - 6.2Dacres + -2.5 acres <below> +'+5.0 acres <below> + -2.73 acres View canal woods woods + 175 000 woods -0- woods Oesinn (51 Ie 2 storv/CBS s~'jt nlan/CBS i -9: ,rambler/CBS -O-Ig)lIt alan/CBS Owtitvol Conslructlo~ ood "ood Excellent -2500001000<1 M.e____ ~_ ~mactual 2 vcars -SO 000 5~ars -42500 13 vears ;;ondibon I noed ooad lnOod ood _AbllveGrade TlJtJ:lecb'msl BrJ'is TolaI t\ll!Illsl Baths Total !ldrrJlSl B. T:l!al Bdnn. Baths AoomCoonl I 8 4 4.0 7 3 3.0 +7500 9 4 I 3.0 +7500 7 3 3.0 Gross LMr'III Area )'J872 sllJt. 2 676 sll.lt + 18000 3 100 s .ft. -21 000 1 858 snJI. Basemool8, finished alann alarm}c.vac -2,000 alarm none ~~~~ nooe ~~ -2~O~~r -2500M~ fiJ!lClIonill Utl"lY avcralle avera e avera;e averalle ~. Hsalir1!lfClloing central central ~~ntral: central :: EMrm. Efficienllems limited limited limite<l limited ~ G.'lraoe!Car~oJt 2 car ara e 2 car ara 8 car aar/whse ~60 000 2: car aan;u:Je ~ f'orcM>atlwfJec~ coy. ch bale. Jg,:.cov. DCh. -0-11 .CfYV. -0- 1 ,cov. nc-h. R:I.A~nliantes is oli micro lannlifmicro de/ux~ Ii -5000 anntl1mlcro <: Fireolaceslttc. 'FP 2 FP .7500 FP+ 2-1il~est .(".2.000 none ~',Pool&S en 'htd/oool enc/htd octs a -SOOOenchtd~ol +5000 none ~ Access:]'" Slructures notl~ aenerator -3500 rane 4 car ar whse i( Hurri.;aneShI:tters none I class - ---25000 P & H shutl;~fS .35000 none ~ NalMu5lm!ll\ll1otaR , ,-I- - 1$ 105000 I + fX'I - IS -541,000 (7] -1- f - IS ,,"IU."S''';'' . <,<..1 ...... '. ... ...... I ., I ~' olComDarallles ,-:d"'~' ,.,:,,',;: .,-". ,",',': :', ,1$ 680000 .: -- ',':,:.:: ':'. ,)$ 7090001': .,'. :>'.: Is 694 650 ~,: 5umrtiary of Sales Comparison Approach Camp #lls a newer home on a smaller .site in a sliahtlv inrerior location, but was only ~" sliahtlv smaller in livina area and a verY recent sale. Como #1 has a lame net and qross adjustments primarilv due to the larae '~ line adiustment for land. RESIDENTIAL APPRAISAL SUMMARY REPORT File No: 32302 Como #2 is a sale over six months old and adiusted for dedinino market. but was a five acre site lOCated close to the subiect and heloed to bracket IivinCl area and auantv from the uooer -end. Como #2 has a larqe net and <lros.? adiustments orimarilv due to the lame line adiustment for Quality. laTl:je accessory structu~e and 9u~st house. _ _ .._. _ _ Age~ll No. 16B11 br 16, 2008 Page 43 of 60 4BS 000 . ".-C -4850 <below> +150000 -32.500 +7500 +91 000 +1,000 -0- +7500 + 30 000 -40000 209650 Como # 3 Is a four month old sate and adiusted for declinina market. but was a smaller home that WES closer to the subiect in aae than Ccmos #1 &. 2 ;;tOO heloed to bracket Iivina area and oualitv from t~J9wer end. Comp #3 has a lal'Qe net and aross ad!uslrnents orimarilv due to the larqe line adiustment for aualitv. [a roe accessotY structure and land, but was also located In clase oroximity to the subiect. U"'*"'*"''''See Addendum for Datil SUDDOrtinQ De_9!nino Value Ad.J.\!!tro~n.t ..**"''''*** "~,:=*****Sce Supplemental Camps #4-6 on Next PaQe.******** Indicated Value nv Sales Comoarison Approach S 695 000 C~yrIg/1(;fJ 2CD7 by & Ia mi:m. flC. n..lonnm~ ber~dUQ1UUlID'Oitrn:d wlthOu: wr1IlM ~rmi3$!OlI, hlMl.er, a iii rr.nee, Ole. m.st llIl Kkri(lW~ged <!1[) C11~iIed. Fcrm GPRES2- 'WinlOTAL'ap~rajsal soltware by a la made, inc.-1..80{h\,LPNODE 3.12007 ~RESIDENTIAL Age~~~~No. 16811 o~, r 16, 2008 Page 44 of 60 RESIDENTIAL APPRAISAL SUMMARY REPORT .. COST APPROACH TO VALUE f develo d rheCO$lApproachWllSnoll!eveJopedjorlhls~praisal. Prnvideadelluat9in'ormatillnforre~litalillnolltlerlll:Vwj CDs/figures andcalcula1ions. SlfPP(lrt for IfIe opinion at sne wille (SlJnmJJy of comlW3b16land saJ~ or allJet' mlll!OOs for estimaling sita value): :l<See Addenda. ~: ESTIMATED REPROCUCTIOill Ill. ~EPLACEMENT COST tjEW OPlNIOflOFSJTEVAWE , 325 000 u Soarce of toot data: "'See Comments In Addenda'" DWELUNG 2872 Sq.F!@, 140.00. , 402 080 Ci. Quality raCing from cost selVlre: 0000 Effective date of cost dilla: current enl:rv sf 70 SqFt.@S 65.00 _ -, 4550 f.- ComlTlllntsonCostApIJU3cll(grossil'in;araacalclJlatiCf1s,depreciatioo,elc}: nm/ba!c. sf 261 SQ.f~@$ 65.00 -s Hi 965 ~- <><><> <><><> SITE IMPROVEMENTS <><><> <><><> annli/alarm 1 Ec.R.@$ 5 000_00 $ 5000 S Water & Sentic (includes estimated imoact f@es) f20000l. ~~ce _~ 1 SIIJl@S 7 SOD. DO .. -, 7 SOD (,) Fill & Grade f100001. Drivewav & Walks r75001. Heated enclosed 0001. ., 30 DOO Sod & Landsc:aOlno rSOOO1 5Drinklers r3S001. GaraoaICalJlOfi 473 SQ.FI,@S 55.00 -$ 26015 - - T otill Esfimat~ of COSU~9W S 492 110 less Physical FuncUona! Emmal "'~ O~reci;rtion 166579 ," - IO!lDfllCialecf Cost of 1m rovamarrts .--......_. , 325 531 ~~:~VaMJe of SlleJ!"Drovements -, 46000 - - $ , Est"maledRcmairirlll Ecancm'c ure If ,'ll(jtir : 43 Years ~DltATEDVALUE BY COST APPROACH s 696 500 :c INCOME APPROACH TO VALUE if develo e ~IThCir'l(:crr.-cAocroachwasootl!eveioQel!'Crlhisawriltsal. ~ Estrmaled Monlhlv MilrketRanl$ n/a X Grass Rerrt Wul\iplilr n a $ n/a Indicatad Value by mcomD App'Oael1 g Surrmary of Income Approach (jnc:ludir.g SUQport for market rill'll ana 6RM): There was insufficient annual rental data to develoo a reliable ft: Income Approach. -< "',', ~- . '" "' 0 0 ---. -- ~ PROJECT INFORMATlON FOR PUOs If all IIcab!e ' The Sl111iecl is art 01 a PIaI\fleo'U~ilOe\l'aioJHTl!:n1. leoalNameofP.oiect 8 Desc,1lre commen elements and recrealional facilhies: Subiect property is.Dot locate~)n <l PUD subdivision. => "' -- - - - - .--- .n Indicated Value . Sales Comllarlson Approach $ 695 000 Cost Approach (ir developedJ $ 696 500 Incorne Approach (i1developed)S n/, Final ~econcilia~OJ'l l:Jotb .C;qs):.P.-PR.ro<;I~ aNi ::;.al~J:omoarison ApcroachJ:!s ve.rv arc dose most weioht is placed on the Direc Sales Comoarison Aooroat;h as it is considered the best indicator oCwrrent market trends. z 0 ~ Ttis appraisai is made t2<:J "as is", U subject to complcli~n pe- plans and sp%i[icabor.s en Ihe I}asis oJ a H,,'palhEfical Condi~ot, that t'P. imprc've,'llerrts have been B completed, 0 subject tv the lo8awir,g retlairs or a,tllliltiOns on Ih9 basis of a Hypolltetical Goudi1ion thalthe rEpairs or a~(Jal:ons have Men COl1'1'iCle<l. 0 subj:ct lo ~ tre ~ollowing requred ilJs~ectiOl1 base-:lon the E>'WJrdilJary AssulT'ption :hat the cllnrlitlOJ'l or nefici€lli;'j noas nOI requira 3ttffalion or rep<.ir: There was u irrsufficient annual rental data to utilize C! reliable income approach_ ::! ": f21 This I1:por1 is ~Iso sob)e.:;t to olher HnoLiyJtical ConcifiOl1s M,d/Ot Extraorcinary Asaumplions a~ specified in the ajaehacl a1dsnda. Based on the degree of inspection of lhe subject property, as indicated below, de1lned Scope of Work, S1atement of Asstlmptions and Limiting Cor.ditiottS, and Appraiser's Cer@ca:ions, my (our) Opinion of the Market Value (or other specified value type}, as defined herf!in, of the fl!al property thai is lhe subject oj thIs r~port is: S 695,000 ,as of: MAY 2, 2008 , which IS tl1e effective dllte of this appraiSEi lfindicatedallov.,lhisOpinlon 01 VaFue iS~bject1o HyplltheUcaI tondltions and/or Extraordinary AssUmj)lions Included In1his report Seeattached.sddenda, 12 A tue and complete copy 01 ltlis r~ contains ~ ~ages. irn:iuding extlb~s which a1! ccnsiderec ar imeg:ral part of !he ra~rt Tllis appraisal report may nol be ffi prOPllf1y lJI1der~<IJod wilho'Jl ref~,'!IIK~ fu Ul~ ildorlfYdtion c:lIllainw 'n lht ~()rnpJete rt1lL'fl ~'A"acMdEmbiI5: '" WCoverpage [jJGP~5idEntaIFcrm '~Ac'cfiUonilSa;'es [3] SlIpUi&mi:rllaIAdckndum [i] CcrtWcalionA<klenllum 0 ~ !z.ISubjsclPholoPageS '2J Cm~parablePtlQtoPages (TShlehMd8l1dum Al PdfC;J Ma:l/Plal Map Ri\lanl1J_HOUSeAddenllum < fX1 ~YlJcthelic:aICondniors [lEXlnIordinar/Ass\lfTlPtOflS r>:'JScopeo/Wor1l. r--~ fLnch'orlal Ulilitv Comments FkiodMdmdum CJiMtCon12cl: C.ienINama: MlTCHal, JERRY l E.MaIt: Address: 755 21TH STREET NW NAPLES FL 34120 APPRAiSER SUPERVISORY APPRAISER (if required) or CO-APPRAISER (if applicable) i AP"a:.!~~~~RTH'JR. S~srvisory(Jf Co-Appraiser Name: ~ Company: THE APPRAISAL SHOPPE, INC. Company: Cii Fhone: (239) 435-1111 Fax: (239) 435 1095 Phool!: Fax: ~. E'Malt E--Mail: Dare of Report (Signatur'1): MARCH 20, 2008 Date of:;:epcl1 (SignalLB"a): ----- --.-----.-- lice.'l.~e or Certi!f:ation II: RD 4541 S13la: Fl UcenseorC(>rtili.:ation#: Sta!e: -- Oesignaton: STATF-CERT. RES. APPRAISER DllSign~~o~: Expira~oo Date of license orCerti1ir:aticn; .!W~._ __ ExpiratiJ~DiItAnlli~nseQ;"Ce.1m[;ati(){t lnspectio.lIlJSubja:t 0Inlerior&We:ior [j ExlcliofO~' CNcne Inspoe1ion of SUbj~ct Dlnlerlor&EXte~;;r DE.x'.eriorOnly ~None Daleollnspec1ion: MAY 2 2008 Dale 01 Jnspet:oon: , ~RESIDENTIAL FiIeND' 32302 C:ll>l1lgtJ~ 2001 by a Ii moO!. ~c. l/lis lOIr.Itnaf bt raproomllururo::t.llcl w!I:IIaIIlll'littif, p@IJTIISSIOO.I1lTIlMr, 11l.1l'10~~ n:_ must be ~lnGY.1eo::gl:d andtfecil!Cl. Form GPRES2 - ~MnTOTAl. appraisal software Crl a la mod~ me -l-800-ALAMODE 312007 ADDITIONAL COMPARABLE SALES AgeoOaUem No. 16B11 ~t@I'\m;.. 16, 2008 Page 45 of 60 FEA1GRE SUBJECT COMPARABLE SALE /; 4 COMPAAABLE SAlE "# 5 COMPARABLE SAlE #6 Address 755 27TH AVENUE NW 1260 27th Street SW 3320 Golden Gate Blvd W 425 23rd Street NW NAPlES FL 34IlO NAPLES FL34120 NAPLES Fl34120 NAPLES FL 34120 Pr01.imltVtOSub"!ICt 2.59 miles S 1.24 miles SW 0.70 miles SE Sale Price $ N'A. 1$ 560 000 <- IS 795 000 S 549 900 SalePricalliLA $ ISQ.ft$ 20L5BI .. S 321.Z1/5~.ltl . , 239.09/so.tt. -.'"-- OalaSalll'tes winer MLS MlS # 206036073 MlS ft 207041473 MlS # 208005175 ~rilica1ionS_Il'~rC<<51 qy Records: OR # 4234-2083 a!;tive listin active listino VAWE ADJUSTMENTS DESCRIPTION . DESCRIPTION--- +1.\~Mfusl.- DESCRIPTION illJAdlusl. OE5CroPTION +!-ISMust Sa!esCfFinancing N/A cony. fin. N/A I N/A Coo':lIssinns NiA 04107 PSD DateofSalafTime NA 05/07 CSD-9% -SJL400 1007 AL-7% :55 650 01108 AL~5% -27 495 Ri hlliAtl raised Fee Simnle fee sim Ie fee simnJe fee sim Ie location ~Unit-6 Unlt~ 15 Inf <below> Unit-4 <below> Unit-7 <below> 5", +/~ 6.20acres + -2.5 acres <below> +/~5.0 acres +50 000 + -5.45 acres <below> """ can~oClc1s . . woods ---.i:17~A()O woods - +50000 woods +5G 000 DesTrln-(SlVIe .,- - 2' st~CBS s~l~ t'I]anlCaS soi~ nl.r\lrnS snlit nfan OualmrufConSlruction ood nood ve 000 -50000 avera;:;e ood +30000 '^'" 22eff/29actual 19 years -7500 20eff/25actual -5000 22eff/29actual [;oooifion flood "000 nood nDod Abo~~ Grad~ Tutal Btlr'nsl Balhs Total I B~rms "'''' Total I Bllrmsl Balm 1otaI8m-~1 ~ Room[;o~rt 8 4 4.0 8 4 2.5 +11000 8 I 4 I 30 ...7500 B 5 30 +7500 Gross Uvlng Area 2872sa.ft. 277Bsq.tt. 1-8000 ~47,?",~q.lt. +36 000 23oosQ.II. +51000 !lasemel1t&Rr.ished alarm alarmlc-vac: ~2,00O alarm none +1,000 Rooms Below Grade none none none none Funcfiollalu"mrv _C!~~r~~ <Ivgl'ag!,! .. averane averane HeatinnICooli central central central - central Eller Efficisrn ~~m' limited' limited Irmit~d limited GaraoelCarport 12 car oaraoe 2 car det ara;:;-e +7500 B car aata e -60 000 2 car det carnort +20 000 PllrchJPatio/Deck : cO". chbalc. I .cov. nch. -D- ila.cov. h_ 01 .cav. ch. -0- IAnp~ances I. n micro . 'Ii/micro deluxe/a Ii -5000 aMlimicro FirelacelsllFlc. FP none +7500 none .7500 none +7500 Pool&Sa enrlhtd/oool e;nc/htd/oool .. enc/htd/nool o on 01 +10000 :z::At;cesso Stru:wres none sm. uest hse ~25 000 Guest h[]use -.. ...---:,s!tQ90 none ~'HurricaneSh~Ers none none manual shutters -10000 none ~, Net AdJuslmmt otal .. 0+ D-ll 124100 n+ - , -84650 191+ ,. IS 149505 ~,Adj.Jsted53lePrice .................................... <. . 1$ ........ 15 . ... II -< cfComD<lrables 684 100 . 710350 699 405 ~ &irrmary m Sales COrlllanSOIl Approach Comp -#4 is a veal' old sale and adiusted for dedlnino market. but was close to the subiect in " auality, ace livina ar!!C!. Como #4 has a.lame net and oross i1diustments primatiJ:i..due to the laroe line adjustment for land_ O! ;: '" Comos 5 & 6 are both active Itstlnos of homes with five acres or more with smaller homes of similar aae and located in nearby 8 units_ Both of these como<lriJbles have larae deductions for ooss;blc nC<lotJattons as some arc exoected. Como #6 was oiven a ~ l(Wller percentaae for neaotiations. since it was a newer IisttnQ. Thev 21lso have larqe QrOSS adiustmer"lts due to the cU'Tlulative . ;;j effect of line ad1ustments for Qualitv. Iivina area and or accessory structures. .. -- . ~._-_.. - ... .. ~.,- n' ... .... -.--..- ... -.-. ~-" ~_.- . ,,_.~ .... FileNo: 32302 ~RESIDENT(AL CoIJyrich\1l;l 2007 by a lallllllle, nc. 11'.1$ lm-m may befelln:wt!ll~nm0c4~u \'i1IIIOUI 'll'litt.en pt!mlIiSlOO. OOwt'<er. ita lI1c'e. 1IlC.1l1lIsl:l>e a.l:kMitlea~l'C EM tf8Gntil. form GPRES2.{ACl - 'WInTOTAl" ap.oraisaJ software by a Ia mode inc - ,.-800--ALAMODE 2/2007 Age~ No. 16B11 er16,2008 Page 46 of 60 Suppiemental Addendum RleNo.32302 errent MrrQiELL ]=RRY L PrOPerty Adllress 7SS 27TH AVENUE NW CI NAPLES Owner MITCHELL JERRY L em" COLUER Stale Fl lipCode 34120 >> HURRICANE WIlMA OCTOBER 24. 2D05: On the morning of October 24, 2005, Hurricane Wilma passed fmmediately south of Naples and had significant impact on the greater Naples area. The appraiser has visited the subject property after this date for the purposes of performing an appraisal, THE CUEl'-IT IS ADVISED THAT THE APPRAISER IS NOT A BUILDING INSPECfOFt CONTRACTOR OR ENGINEER The Appraiser conducted only a "isual inspection and only of the accessible areas of the property Based the inspection of the subject property as of the effective date of appraisal, the appraiser did not notice any VISIBLE damage that could be attributed to that storm It is assumed that if there were any damage to the subject property it has been long since repaired, and the sole purpose of this disclaimer is to advise the client of thIs event and to make note that there were some structures In the area thilt did suffer damage during that storm (05/07) >> NEIGHBORHOOD COMMENTS CONTINUED: Golden Gate Estates is a sprawling rural subdivision of acreage homesites covering approximately 173 square miles of land area The lower section of thiS subdivision below 1.75 is in the EverglMes reclamation project and wilt reduce the total area of Golden Gate Estates ta approximately 118 square miles The S'Jbdivision begins 3.J! mBes east af Naples and extends 20 or more miles. inland to the northeast and southeast The rural description of the neighborhood refers mostly to the "country" setting of the long, wooded streets and the character of the subdivision which is primarily 1 to 5 acre homesites Employment and services tire within easy driving dist.:lnce from most of the "doser-inn units of Golden Gate Estates, The use of wells and septic systems is not unusual in Golden Gate Estates and this does not adversely affect marketability The subject is located in a more developed area just a few miles east of 1-75 These acreagE areas and units in Golden Gate Estates that are close in have a growing appeal due to the acreage sites and availability close to town are many new homes and supporting services in the general area The use of wells and septic systems is not unusual In Golden Gate Estates and this does not adversely affect marketability >> WETLANDS DETERMINATION WARNING: It has been documented in recent years that many sites in the Golden Gate Estates subdivision can be affected by a professional determination ~hat there are areas defined as "wetland~ within the site boundaries. The appraiser Is not an expert in the field of environmental and wetland determination matters and is not qualified to make a professional judgement as to whether or not the subject property may con,ain such wetland areas The formal determination that the subject site contains wetland area may add additional restrictions to the use of the property and in the most severe instances may even affect the ability to construct a home on a particular site Any current property owners as wen as potential purchasers or sellers of land in Golden Gate Estates and any of the strrroundlng rural areas could be affected If theIr site Is determined ta contain any wetland areas by an expert In wetlands determination. Therefore the client is strongly advised at this time by the appraiser to take the steps to make sure that the subject site is not adversely affected by this sttuatlon before any decision to construct a home or any purchase of a site with that intention Based on conversations with locaf builders, Realtors, lee & Collier County Government employees, and Individuals at both Army Corp of Engineers and the DEP, It Is apparent that an adverse DEP wetlands determination can signmcantly affect tl1e value and marketability of a property. That being said, it has been determined that even with a negative DEP wetlands determination, mitigation is still an option Each site is reviewed on a case by case basis, meaning a site plan with areas to be Improved is filed with a permit application and if an area of wetlands is to be disturbed, either the structure can be relocated or mitigation for that .:lrea can be invoked The .:lppraiser has also been informed that if mitigation is pursued, a total of no more than 75% of the total site may be improved, a~ a current cost of $40,000 per acre (based on total affected wetland area proposed to be improved) This could leave as much as 25% of the site as permanent wetland and unable to be improved. Since it is very rare that any of the sites over 1 acre are ever totally improved, this final restriction is not considered a negative factor (06/2007) FOI1T1 TADO -"YiiniOTi\L'apornis.rsoriwarel>yala mode inc,- HIDO-AtAMODE Supplemental Addendum Age~;.l.d~llIINo. 16B11 Decemoer 16, 2008 FII. N, 32302 Page 47 of 60 C~errI MITCHELL JERRY L Prop Address 755 27TH AVENUE NW Ci NAPLES O'wner MITCHEL JERRY L c COWER Slale FL ~Col!e 34120 >> THIS APPRAISAL IS NOT A HOME INSPECTION: When performing the field inspection of the subject property, the appraiser visually observed areas that were readily accessible. The inspection is not technicalry exhaustive and this inspection does not offer warranties or guarantees of any kind. The appraiser is not required to disturb or move anything tI1at obstructs access or visibility, The appraisal cannot be relied upon to disclose conditions and/or defects in the property The appraiser has no implied duty to tile borrower to assume the role of a professtonal home inspector The client is hereby advised that this appraisal Is NOT a home inspection and the appraiser is NOT acting as a home inspector when preparing the report The borrower or client has the right to have the home inspected by a professional home inspector and this is highly recommended if the borrower or client wishes to be certain that there are not any hidden or undisdosed defects in the subject property that may affect the value In the event that a home inspection has been, or is subsequently performed by a professional home inspector, the borrower or client should refer any pertinent information received in that report to the appraiser to detennine if there would be any change in the appraised value as a resu~ of that information >>ADomONAL FE:ATURES &. UPGRADES: Good quality raised panel kitchen cabinetry with Granite counter tops, tile flooring in all main living areas and baths, wood flooring in den and carpet in bedrooms Sliding glass doors leading to porch and pool from living room, dining area and family room Foyer has 8' flat ceiling; Uvingjdlnfng or great r<Jom has vaulted ceilings and 8' flat ceilings in all other areas~ kitchen has been remodeled and has new cabinets, fixtures, counters and appliances The or.'glnal drop or luminous ceiling was removed and is now flat at 8' Flush doors with upgraded 6" base Master suite with walk in dose! and bath with vanity and prlvatf:! area with toilet and glass enclosed shower Additional living area was added A family room with fireplace and 8' tr.3y ceilings, FuJI bath with exit, and laundry closet and bedroom on ground floor. Second floor has access by spiral staircase to a new and larger master suite with two large walk in closets and bath that has dual sink vanity, make up desk, glass endosed shower and oval tub in tile deck )I/o EXTERIOR DESCRIPTION CONTINUED: Modified 4/12 gable end roof with asphalt shingles and aluminium fascia and soffit, bronze aluminium windows and stucco on CBS exterior with good detail and finish. Screen enclosed entry with double wood doors One large porch in rear at screen endosed pool and balcony off second floor mas:er bedroom Two car garage with two car side park area and winding concrete drive, >> COST APPROACH DISClAIMER: The Cost Approach to Value, if included in this report, was not intended to be llsed as "insurance value" InSurance Value and Market value, no matter which approach is employed, will not ne<::essariry equal the same value Replacement Cost estimates used In the Cost Approach have been developed for appraisal purposes only, and are based upon the specific requirements as outlined in the Scope of this report No one, including the intended user or 3rd party referenced in the report, should rely solely on these figures for the purpose or estimating necessary insurance" The definition of "market value" used In this appraisal report is not consistent with the definition of "insurable value" and the Cost Approach indication in this report was not designed to determine insurance value. Replacement Costs as applied for appraisal purposes, while intended to approximate replacement cost under normal market conditions, may be well below actual insurance replacement and/or reproduction costs and may not provide an adequate level of insurance in the event the improvements are substantially destroyed This difference could be further magnified in the event of mass local destruction in the event of a hurricane, tornado, or severe flooding, In addition, no matter what the extent of the damage or destruction, the applrcable building codes may require a higher elevation and that certain components be upgraded to current hurricane codes as a part of the rebuilding process which may also significantty inaease the replacement cost. The appraiser assumes no liability or risk with respect to anyone relying or using the replacement costs reflected in this report for the purpose of underNriting pmperty insurance (1/08) Form TADD - 'WinTOTAl' appraisal wf!ware by a 18 mDde, inc - 1.80o-ALAMODE Supplemental Addendum FiJe No. 32302 Age~~;& No. 16811 o 1!r 16, 2008 Page 48 of 60 :;fJent MITCHELL J~RRY L Pmoerty Address 755 27TH AVENUE NW City NAPLES Owtl/l'r MITCHB..L JERRY L Cou, CO!.HER Slate Fl ZiI)Code 34120 >> LAND VALUE ANALYSIS: [1] Parcel 38 In 36-48.26, [2J 5 112 ofTr-1Q3, GGE Un~ 6, [3J N 150 o!Tr-125, GGE Unit 11, [4J WISO' ofTr~g.9, GGE Unit 3, [5] WI SO' ofTr.74, GGE Unit 3, [6J 575' of N 180' of Tr-51, GGE Unit 5, [7J All of Tract 53, GGE Unit 6, [8J All of Tract 27, GGE Unit 9, ~9] AIr of Tr-75, GGE Unit 7, [10] All of Tr-10, GGE Unit 11, [11] All of Tr-56, GGE Unit 29, [12] All of Tr-34, GGr: Unit 6, [13] All of Tr-!3, GGE Unit 19, $341,500, $200,000, $177,500, $140,000, $128,000, $ 85,000, $435,000, $325,000, $305,000, $279,000, $500,000, $400,000, $150,000, 05/07 CSO [2.SaC;smaller site] 04/07 CSD [2 Sac/smarter site] 03/07 CSD [2 27aclsmaller s;te] 12/07 CSD [2 73ac!smaller site] 03/07 CSO [2 ,27aC/smaJler site] 05{07 CSD [1.14ac{smaller site] *01/06 Al [5,0 acre site] "'04/08 Al [5 0 acre site] *02/08 Al [5 0 acre siteJ "08/07 AL [5,0 acre sJte] 06/07 CSO [5.15 acre site] 05/06 CSD [515 acre sitel 12/07 CSO [50 acre site] >>> All of the Land Camps were from the subject unit or generally similar estate sites near the subject. land Camps #1~6 were all sites smaller in size, bu~ were from units near or in the subject unit Land Cornps #7 - 10 are active listings one of which is located in the subject unit and three are located in nearby or adjacent units dose to the subject Land Camps #11 - 13 were the most recent sales of fNe acre or larger sites some In close proximity to the subject none canal frontage Land Camp #11 was the most recent sale of a five acre site that was in a superior locatIon Land Camp #12 was the most recent sale of a five acre site that was located in the subject unit Land Comp # 13 was the most recent sale of a five acre site that was in an inferior location No arms length closed land sales with a canal and located in close proximity to the subject were found in the last 12 months >>COMMENTS &: MARKET DATA ON NEGATIVE TIME ADJUSTMENT: The data collected and presented below Is raw data from the tax records and dosed sale via the local MLS. Any of the extreme high or low sales that cannot be explained will discarded as not to skew the data The sales remaining have been averaged to form an adjustment for the decline in the mark.et An Comparables used to form this adjustment were from ~he subject or the slightly superior and slightly Inferior adjoining MLS areaS only. The Appraiser has searched the market area for "TRUE" paired sales to prove this adjustment and was only able to find one sale and re-sale in the Ml..S area of the SaM€! site in the short time slice required for this adjustment, Therefore the appraiser used sale that were from superior areas to the west and Inferior areas to the east, as well as from the subjects area Most of these market data points span a longer time frame than the comparables used within the report Data Doints: 200+2008 E 165' of Tr-SO, U-12, sold 1/04 for $65,000 sold again 3/08 for $35,000 this is a -1 23% per month loss N 150' ofTr~7{ U-13, sofd 10/04 for $160,000 sold again 3/08 fer $110,000 this is a ~O.91o/.[) per month loss W 75' of Tr-82, U-8, sold 4{05 for $288,000 sold again 3/08 for .$145,000 this is a -1.94% per month loss S 150' of Tr~8, U-3, sold 08/05 for $890,000 sold again 2{08 for $713,000 this Is a -074% per mont" loss S 165' ofTr-126, U-8, sold 8/05 for $300,000 sold again 11/07 for $243,000 this is a -0 78% per month loss. N 75' of Tr-71, V-5, sold 12}05 for $385J126 sold again 1/1)8 for $333,000 this is a -0 58% per month Joss. 5 ISO' of Tr-67, U-13, sold 9/05 for $300,000 sold again 10/07 far $193,997 this is a -1 73% per month loss N 180' of Tr-13S, U-14, sold 7/05 for $490,000 sold again 7/07 for $325,000 this is a -1 70% per month loss. S 180' of Tr-91, U-12, sold 6/06 for $75,000 sold again 2/08 for $62,000 this is a -1.05% per month loss E lSD' of Tr-85, U-95, sold 4/07 for $1,175,000 sold again 2/08 for $1,000,000 this is a -160% per month loss Average of all comparables used in above table is -124%, Even if the highest and lowest data points are removed the average is still-1 23% Even though there is a somewhat consist dedine over the time referenced in the data above the appraiser has rounded dawn to 1% for use on the market grId Not enough recent sales were avaffable, therefore the appraiser can not confirm that the charted decline in the market is continuing past the most recent pending sale date, since the pending sale date is usually the meeting of minds in most contracts. Therefore pending sale date was used far the adjustment instead of the closed sale date, Furm TPDD ~ "'linTOTAL' appr~isaJ software by a la modt inc -1.800-AlAMODE Age~0.16B11 ~r 16, 2008 Assumctions. Limitina Conditions & ScoDe of Work ""No: 32302 Page 49 of 60 Property Address: 755 27TH AVENUE NW Ci : NAPLES Slate: FL 2i Code: 34120 cnont MITCHELL JERRY L A.....' 755 2ITe STREET NW NAPLES Pc 34120 ADDnliser: GERALD L SEIBERTH JR. AcklrllSS: 2335 TAMIAMI TRAIL N. SUITE 201 NAPLES FL 34103 STATEMENT OF ASSUMPTIONS & UMmNG CONOITIONS _ The appraiser will Roi be responsible for matters of a legal nature that affect either the property being appraised Dr lhe tille 10 it The appraiser assllmes tha1 the title Isgo{ld andmarkelableand lherafore will not render any opinions about Ihe !ltJe The property is a;:lpraised on the basis ofa being Llnder respcnsible ownership. _ The appraissr may have provided a sketch in the appraisal report to show 3ppmxi'11ate dimensions of the improvements and any such sketch is included only to assist the reader of the report In visualizing the property and understanding the appraiser's determination of ~s sile Unless otherwise Indicated, a Land Survey was no1 pertormet1. -If so indicated, the appraiser has examined the availatlle fleod ma~s that are provided by the Federal Em'drgency Management Agency (or other data sources) a1d has noted in the appraIsal report whether the subject sne Is located Ir. an ider.mred Special Rood Hazard Area Because the appraiser Is not a sUlveyor, he or she makes no guarantees, express or implied, regarding tl1is ~e1ermination. _ The appraiser will not give testimnny or appear in court because he or she made an appraisal 01 the property in question, llnless specific arrangements 10 do sohavll bl!lln madl!befDf8hand -If the cost approach Is Inclllded In this appraisal the appraiser has estimaled the V'a1ue 01 the land in thecDSt approach alits hignestandbest use, and the improvements at their contrib111ory value. These separate valuatiorls of the land and imprlJllements must na! be usad in coniunction with any other appraisal and are invalid if1hey are so used Unless otherwise specifically indicated the cost appraach value Is 11a! 3rllnsurarlce value, and should not be used as such. _Theappraiserl1aSnoledintheallpraisalrepartanyaoverseconditiclrls(including but not limited to needeorepairs, depreciation t1fPresence of hazardolls wastos, toxic substances Ertc) observ9d dunng the Inscection ot the subject property, or that he \lr ste became aware o! during 1I1e normal rBSearch involved In performing the appraisal Unless othe.rwlse stated in the appraisal report t~e app-aiser has rle knowledge of any hidden or unapparent conditions o1the property, or adverse environmental conditions nnciudin~, but not limited to the presence of hazardous wastes, toxic substances, etc,) 1hat would make the property more or less valuable, and has assumed that there are 10 suc~, conditions and makes no guarante!ls Of warranties, express or Implied, regarding lhe cor.dition of the property. The appraiser will not be resp~msible lor af!Y s~ch conditions that do exist or for any engineering or testing lhat might he reqUired to discover whether suctJ conditions exist. Becausethe appraiser is na! an expert in the field of environmental hazards the appraisal report must not be cor,sidered as an environmental assessment of Iheproper1Y, _ The appraise' obtained the in;ormat11n, estimates, and op,nians that....tere expressed in the appraisOlI reoor! from sources that he or she considers to be reliable and believes them to be true and correct The appraiser toes na! asslJme res.'JonsiJility jor the accuracy of such items that were tumished by other parties. _ The appraIser will r'Jot disclose-me contents at 1he appraisal report except as provided lor in the Uniform Sta1dards of Professional Appraisal Practice, arid any appli(;3ble lederal state or local laws, -If this appraisal is indicate6 as subiect to satistactory complmion, re~ajrs, or alterations, t1C apP'aiser has baseC h:s or her appraisal report anG valuation conclusion on the assumption that comoletlon of the Improvements will be performed in a workmanliKe rn:.nll!lr _ An appraiser'S client Is the party (or parties) who engage an appraiser if! a specific assignmerrt. MY other party acquirin~ this report 1rom the client does riot become a party 10 the appraiser-client relationship Any persons receiving this appraisal report becaLlse of disr.los~re rt'!Qwrements applicable to lhe appraiser's client do no1 become intended users ofth is reportun!ess specillcailYider.tllied by the cirent atthe lime of the assi!l~ment. _ The appraiser's written consent and approval mllst he ohtained before lhis appraisal report can be conveyed by anY[Jne to the p:Jblic, tJuough adwrtising, pUblic relations. news, sales, or by means of anv olher media, or by its Inclusioll in a private or publiC database POSsElssior, of this report o~ any coPv thereof does oa! carry with it the ,ight of pJolicatlon, _ An appraisal of rea! property Is not a nome inspection' and should not be construed as such. A3 part Dllt1e valualiun ~rucess, the appraiser performs anon-invasivevisuaiinventDrythatisnel intended to reveal defects ardelrimental condilionsthat are not readily apparent. The presence otsu:::h co.'lditlonsor defects could adversely affect the aO:Jraisers opinion ofvalue Clierrts with concerns about such pOlerllial negallvefactors are encouraged to en~ace the apprcpria1e type of f!lCpert ~o investigate. _ When pe;1ormlng the field inspection 01 the subject property, the appraiser visually observe6 areas that were readily accessible The IJlspection is not technically exhaustive and this inspection does Ilat offer warranties or guarantees otanv kind, The appraiser is not reQujre~ todist:Jrb or move anything thaI obstructs access or visibility The ap~raisal cannot be relied upon to disclose conditions and/or deiects in the property The appraiser has no Implied duW to the bOrraWfri to assume the role of a p:o'essional home jnspectoi Ie,. The CUENT is hereby advised that Ihis appraisal is NOT a: home inspection and the appraiser is NOT ac:Iing as a home inspector when preparing lhe report. The borrower or client has the right to have the home or apartment inspected by a professional home inspector and this Is highly recommended if tile borrower or client wishes to 1m certain that there are not any hidden or undisclosed detects in the subject proper1y thaI may affect fhe value, In the event that a home inspection has been, or is StlbseQuently performed by a ~rofessional home inspector, Ihe borrower or ,-::' client should refer any pertinent information received in that report to the appraiser10 detNmine if there would be any change in fhe appraised value as a result of that information, The SCOPE OF WORK is the type and extent of research and analyses performed in an appraisal as6ignmerrt that 15 required 113 p.roduce credible assignment results, given the nature of the appraisal problem, tlte-speclfic requirements of the inlended user(s) and tile intended use of the appraisal report Reliance upon 1his report, regardless of how acquired, by any party or for any tiS!!, other than Ihose specified In thIs report by lhe AppraIser, [s prohibited. The Opinion of Val~ that Is the conclusiOttof this report IS credible only within the contetxt of the Scope of Work. Eftecllve Date, the Dale of Repor1, the Intended User(s), the Intended Use. the stated Assumptions and umi1ing Conditions, any Hypothetical Conditions and/or Extraordinary Assumptions, and the Type of Value, 8S defined herein, The appraiser, appraisal firm, and relaled parties assume no obligation, liability, or accountability, and will nDt be responsible for any unauthorIzed use of lhls report or its conciusions. _ Data in the appraisal may be collected by the JPpraiSllr from a V'arietv of sources including, but nolljm~ed te: public recoids, MLS services, or other :6e!1!~ied sources, as well as inspection o11he SUbject property and neighborhood. The original source of the market comparables used in the report is shown in the Data Source section of the market grid along with the SOl.'rce of confi.'malion, If confirmation is available. The original source olllie data is presented first The sO:Jrces utilized for data within this report are considered reliable When confllcUng information V;'3S prllvided,thesourcedeemedmostrellablehasbeenused Data believed to he unreliable was not included tnthe(epart nor used as a basis for the valueconc1usiol'l _ Legal description of the subject property I'IaS supplied by client or determined from public records, or both, and Is assllffied 10 be accurate No additional veri1icaUon at legal description was made by appraiser _ This appraisal was performed at the request of, and for the express use of, 1he Client indicated on page one, Reliance by others shall be limited to tl1e intended use Dfthe original clienlliS stated on page orle and any other use of Ihis appraisal shall be deemed an unauthorized use [asI3/2007) ~ RESIDENTIAL {;opyrig!1<:l2001 by ~ ~~, i1~. This 10ll1l rnq be(epi~~uce<lur.rnodi~d 'MtlJ.Oulwrill~ ~ermisQon, hr.w~m, a... mod~, me. mUll ~ atm~'ecl900 ilI1:leledrted. Form GPRES2AD - "WillTOTAl" aP9falsal soltWaIl! by a la mode iflt -1 .8W-ALAMCDE 3,12007 Certifications Age{~~~t;g~"Jo 16B11 r 16, 2008 Page 50 of 60 Prope Adlll'!55: 755 27TH AVENUE NW Clien!: MITCHELL JERRY L ,\PDraiser: GERALD L SEIBERTH JR. APPRAISER'S CERTIFICATION J certify ttllrt. to the best of my knowledge and belief: - The statements of fact cort!aJned in this report are lrue an~ correcl - The credibility of this report, for the stated use by the slatoo user{s), of the reported analyses, opin:ons, arid COrlCIL'sions are limited only by the rapmted assumptions and limiting conditions, and are my personal, impartial, al1d unbiased professional arlalyses, cplnlons, and conclusions -I have no present or prospective interest in the prollerly that is Ihe subject 01 this rep3rt and n!: personal interest !Nilh reS[leC't to the parties I,:, Involved. -I have no bias wilh respect to the property that is the sublect 0; lhis r8c::rt or to ~he parties involved with this assignment - My engagement In this assignment was nat COnlirlgent upon developing or reporUrlg predetermined results - My compensation tor completing this assignment is not contingent upon the developmerlt or reporting of a predetermined value or direction irl value that favors the causa of the client, the amount o~ the valu~ opinion, the attainment of a stipulated reSU~t or the occurrence of a subsequent MJltdirectly related 10 the interldeduse of this appraisal - My analyses, opinioos, and conduSiorlS Wml developed, (:JilL' this report has beer, prepared ;!1 conformity with be Uniform Stand<L'ds of Professional Appraisal Practice that were in effect at the time this report was prepared -I did not base, either partially D~ completely, my analysis and/or Ihe opinion of value in the appraisal report on the race, celor, religion, sex, handicap, lamllial status ornationalortglnoleifiertheprospectiveownersoroccu;Jantsol1hesubjectproperty or 01 the present owners or occupants atthecroper1ies in lhe vicinity of the sLbjecl properly, - Unless otherwise indicated I have made a persona! inspection 01 the proporty that is the sUbj€'Ct o~ this report. - Unless olherwise indicated, no one provided sjgnificant real pr~perty appraisal assistance 10 :he oersonfs) s;gning this cer@cation FileNo.: 32302 Aiidress: Addres$: City: NAPLES Stalfl: FL 755 27TH STREET NW NAPLES FL 34120 2335 TAMLAMI TRAIL N_ SUITE 201 NAPLES FL 34103 ZiIlCode: 34120 ADDITIONAL CERTIFICATIONS FOR SUPERVISORY APPRAISER Qf applicable): -I certify that. to the best of my knOwledge & beljet, the ropcIted analysis, opinions, and CO'lclvsions were developed, and this report has been prepared in conformity wilh the requirements of the Code of Proiessional Etrics and the StandardS of Pmjessional Practice of the Appra'sar Jns!ittJle. - - The Client is advised that Lawrence G. LaCroix, SRA, is also sllbioct to tile re~uirerle~ts of 1he Appraisa' Inslitute and this appraisal re~art is subieetto revleway duly authorized recresertallves of the Appraisal Jnstltute if requested. - As of the date of thIS report Lawrence G LaCroix SRA has completed the requireme~ts una'or tl'te cun1inul:Jg edm::atio'l program Glthe Appraisallnstituta ELECTRONIC SIGNATURE STATEMENT: If this appraiSal has been transmitted ele~tronically or via PDF file, the Appraiser acknowledges as follows: - The software utilized b\' Appraise; to generale the appraisal protects the appraisal int~rity and sgnature security by means oj a digital security , feature wl1h oasswo..d for each appraiser siq,jng the report If this report has been transmitted as a PDF tile, Adobe's Distiller software(or eQuivaJent), with oassworc secl!rity enabled, has been uliliz~d 10 creale an encrypted pdf-to'matted appraisal This software secures data from editing by means of a password that remains in the sole control of the transmitting appraiser - For any aOOjaisal delivered elect'onically, the Aooralser is only responsible for the integrity and authenticity.:f dala and signatures it the appraiSal has been deliVered dhlctly 10 lhe client :rom lhe Appraiser. The Appraiser cannot be ileld responsible tor any breach of data security or failure 01 the dala integrity if the file has been passed onto a third oarty once n has left 1he Ap:Jraiser's control Such third partvciierrts arc advised to conftrm lhat they ~ave rece~e<I a true & carrect copy of onglna appraisal DEFINITION OF MARKET VALUE *: Market value means the most probable price which a properly shculd bring ,:, a compemwe and open market Jnder all condil'ons requisite to a lair sale, t,~e buyer and sel!er each acti'lg prudently and knowledgeably, and assuming the price is nol affected by undue stimulus. Implic~ in this definition is the consummation of a sale as of a specified date and ttre passing of tIle 1rom seller to buyer under condltiol1S Whereby: 1 Buye: andselier are typically motilJated; 2 Both parties are well informed 0: well advised and acting in what they corside" thgir uwn best inte'ests; 3 A reasonable lime is allowed for exoosure in the open market; 4 Paymeflt is made in terms of cas~ In U.S. dollars or in terms of~nanclal arrangemenls Gompara:Jle there:o: and 5. The price rBpresents the normal consideration 10r lhe property so Id unaffected by special or creative 11nancing or salesCOnGessions ~rarrted by anyone associated witl] the sale * This definition is from regulations pu~,ished by federa' regulatory agencies pursuant to Tille Xl of the F1nanciallnstitutillllS Reform, Raco,,[\', and Enloroam"t Act (fIRREAI 01 1989 belween J,ly 5,1990, and Aug"t14, 1990, by the federnl Reserve System (FRS), Natio-nal Credit Union Admin;stration {NeUA] Federal De::os!l )nSJiailCe Corporation (FDIC}, 1M 0l1iGe of Thrirt Supervision (OTS) and the Office of ComptroFer of the Cmcncy (DCe). This definWan is also referenced in regulations jointly published 'Jy the ace, OTS, FRS, and FDIC on June 7 1994 and in the Interagency Appra:sal and Evalualian Guidc!fnes dated OctolJe' 27 1994 (asi 3/2007) Cii~1l1 Contile!: E,Mail: APPRAISER _ CientN!tn~ !"llTCti~~L,_)ER8:YL______ Aodress: 755 27TH STREET NW NAPLES Fl34120 SUPERVISORY APPRAISER (W required) or CO-APPRAISER (if applicable) ~ A"",.:i~~~RTH JR. ~- Company: THE APPRAISAL SHOPPE. INC. ~. Phcne: (239)435-1111 Fax: (~~~3.5-1Q2L__.~ ;: E-Ma~ -:::~ Dale Repmt Signed: MARCK 20, 2008 :~ license or CertificaUro #; RD 4541 'O€slgro~on: STATE.CERT. RES. APPRAISER _ &pi.ration Date of licliIlse or Gertitication: 11130/2008 "~'JnspeclionorSubjBCt 0lnterillr&Extermr o ExIfficrCntj Otklne Dale of Inspection: MAY 2 2008 Sl:3te:~ Supervisory Of Co-Appf'3i~erName: Compcny: Phone: E.Mnit [t~leRep{lrl Signsd: Uc:nseorCerlificatinn#: ~slgn~tion: Expif'3.licn Date ofUce,'JS-c'of (;er1ificaUi:in-=----~-. Inspec~on of Sl!oject: :J InI~ri()j & Ex:lEfior 0 tl1E11ior Only Dateof;nspectior-: Fa< State: DNo~ ~RESIDENTIAL 1,.~.t>2CC7bo,'alt<fI'oO:.lrc_ ntllcl1flrr:~Yterflil'Ulllr~u'mOOfiedVll'_lOU(~p~nnlS5.lQl', ~W!!'l';r,al:.l m(]~!,l'1C_III\ISI~aciJ1tlWl!!dgedl1l~ Cl~. FOITTl GPRES2AD - "Wi~TOTAL. 30pr~iS<l1 software by a I~ IToc'e inc - J..8Cl(i.AI.AMOOE 3/2007 Building Sketch Agetf~ ~Q~O 16B 11 ~ ~ r 16, 2008 Page 51 of 60 Glienl Prop GI Iffl..' MITCHELL JERRY L """" 755 27TH AVENUE NW NAPLES MITCHaL JERRY L. COLLIER ,--------- ! I I. rq j~ MM'" ,",~m " l;; s.,,;te MM'" B'" --l~ ,. 2:::~ ~ Garalle 20.4' ,..............,.... Ccmme>rdS Go StaiB FL 2l Gode 34120 60.1 Screet'1lll1 Poolmfil ". ~ I------~::::-~~;" 315' , i i I~ I'amily ',67' 101 , - \~ i Balc~ I S"cornf Floor M~'" Bedroom Sui1/:! " ~ M""'" '"'" 167' livin.. Rocm t)lnng AI" Kirchen ./ , '" :; Room 81Mt A.. '" 'OY~ ~ 10.3 " . "'" ... Ua.mdry CIQ$el Em, ",1. ""d~m ~J~ 29,~ ""~m ~ ~ I~ 16.7 AREA CALCULATIONS SUMfWl.RY LMNG AREA BREAKDOWN Codo Dllsc:rtplloo Net Size NlltTotals ....kdown S1Jbtotals "~l WviDg ).!:'a.:t. 2,9~ . 2290 0 W ving Are~ "'''' Second Floor 5.82-.1 582.1 IG.lI . 41.5 695.1 'I> :&:.tl.t~ 70.0 23.8 . 29.6 691.3 Porch 220.5 U . 7.5 23.9 pog.l Area. 1502.3 U . .., 28.6 Ba.lcony 40.4 lll:n 1 27. a . 29.4 818.8 GAR Garage H209 4';'2, , '.1 . " , '2.3 Sillcoad Floor " , . 34.B '8<:.1 Net LIVABLE Area (Rounded) 71tems 2872 (ROunded) 2872 FormSKT8Id3kl-'\ViRTOr~l'appraisal soflwareoya lamode II\C -1.S01).I\lJIM)OE Subject Phote Page Grtllnt MITCHEL JERRY L Propertv Address 755 27TH AVENUE NW Ci NAPLES Owner MITCHELL JERRY L CO_Ullty COLL.IER FcrmPiC3xS.3fl-"WinTOTAI:ao:oraisaJsof;walebyalamcde 1f1(:-1.80(l.ALAN.ODE Agenda Item No. 16B 11 ~~r16,2008 Page 52 of 60 Slale Fl lp Code 34120 Subject Front 755 27TH AVENUE NW SaTfisPricB N/A GrossLivirlgAfea 2,872 Tolal R,~oms B TcllllBedrollffiS 4 Tota:8allTrooms 4.0 lo.:ation Unit.6 View canal/woods Srte +/- 6,20acres Qua.il\' good Age 22cff/29actuc11 SUbject Rear Subject Street PHOTOGRAPH ADDENDUM Client MITCHELL JERRY L Pro rty Address 755 27TH AVENUE NW C NAPLES OWner MITOiEl JERRY L Cou COWER Form GPlC3X5 - "'t{mIOTAL' app.-i11sal saftware by a la mode_ irt - 1-S0Q-.tlAMOOE S1al<FL Kitchen Living/dining: Family Room Agenda Item No. 16B 11 1I~""""'r 16, 2008 Page 53 of 60 ZlnCode 34120 Comparable Photo Page\ Client PmpertyAddress CI Ow,", MITCHELL JERRY L 755 27TH AVENUE NW NAPLES MITCHELL JERRY l. CO" COLLlER Form PIC3x5 CR -"WinffiTAl" appraisal software by a Ia mode inc,-1-300-AlMlCDE Agenda Item No. 16B 11 '~imillr 16, 2008 Page 54 of 60 Stale FL ZipCD{!e 3412[} Comparable 1 210 3rt! Street NW Prox. 10 Subject 3.07 miles E Sale Price 575,000 Gross li'w'ing Area. 2,676 TolalRlIoms 7 rolalS!{\rooms 3 TOflllBatlllooms 3,0 lmlIon Unlt-ll/inf \I1ew woods Sil9 +(-2.5 acres QlIilfity good Age 2 yea~ Comparabie 2 150 Weber Blvd. N Prax. 10 SUbject 1 68 miles Sw Sale PIlee 1,250,000 Grcsslivif)JArea 3t100 Tolalllooms 9 Tota,rBedroorns 4 lotalBalf1'Ooms 30 LocatiOIl Unit.3/sup V'ew woods Sill! +j-5.0acres Quillity Exccllent Age 5 years Comparable 3 681 27th Street NW Prox to Subject 0.18 miles S Sale Plice 485,000 ~...oss living Area 1,858 7otalRooms 7 TOCdlBerlraoms 3 TmalBalhrooms 3.0 locatioll Unit-6 Visw woods Site +/-2.73 acres Qua~ty good Age 13 years Comparable Photo Page C~lIIl Pm" Ci Ow"~ . MITCHELL JERRY L Addl'ell$ 755 27TH AVENUE NW NAPLES MITCHELL JERRY L :00 COLLIER Age= ~~ No. 16B11 I &. ~r16,2008 Page 55 of 60 Slate FL Zi emla 34120 Comparable 4 1260 27th Street SW Pmx. III subjeCl 2.59 miles S SalesPrire 560,000 Gross Uvin!l Area 2,nS Total Rooms 8 TotalBedmoms 4 Total Balhrooms :2 5 Locaf.on Unit-15/inf Vi~N woods Site ..../-2.5 acres iJ.Jal!ty good Age 19 years Comparable 5 3320 Golden Gate Bwd. W Pro. to Subject 1.24 miles SoN Sales Price 795,000 ~ss Living Area 2,475 T:rtalRooms a T-otal B9dmoms 4 Total Battrooms 30 location Unit-4 Visw woods Site +/-50 acres QlIalilY very good Age 20cff{2Sactual Comparabie 6 425 23rd Street NW prox. 10 Sub~i:l 0.70 miles SE Sal~ Pries 549,900 Gross Li~ng Area 2,300 Tur': Aooms 8 Total8edrooms 5 iotalBathroDIl16 30 Location Unit-] View woods Site +/-5.45 acres Dnalily average-good Age 22eff/29actual fDrmPI~3x5CR - ''NinTOTAL'' appraisal softwal1l by a Iamode. ioc - i.BOD-ALAMODE Plat Map ClJen! MITCHELL JERRY L ?mpel'ty Address 755 27TH AVENUE NW Gi NAPLES Owner MITOiEL JERRY l. COlJn COLUER :ltale FL }.c.--_ e 6@@9j'" o '-&. ~.lll ......j Dimension) - Streets: } Nam e ..~ Centerline e: Q9~~l.l,[fl.D-." .. ---- Edge of Pavement i~dth Age~aJ1emfro. 16B11 ~l~nqH r 16, 2008 Page 56 of 60 lr Code 34120 ,,~ // SEE MAP // / T48S-R26E-S36 T DRAINAGYEASEMENT .-/---.-.-.-.-- -- -'-'-'-'--'-'-'-'-' ,----.-.-.-. " ".", l '" '" .; 0; -..... -'-.....-.......-.......-, ----....---..--..__....__.._~~--_..-----------! j g( "[ I , / / [.---...-.......-.-.....--....... ..... 560 02 ----------~----------------- ao 81 Iij) ill> 650 '"' - ,.: '" - 360 83 8 " ~ 79 '" - " :: '" 78 ~ ~ - '" ~ '" 82 B €v .u Farm MA?,P'c.AT - 'ViinTOTAL' appraisal softwarebya fa mod~ inc - 1.&II}.ALAMODE 8 @ 660 @) @ @ Aerial Map Agenda Item No. 16B11 I~r 16, 2008 Page 57 of 60 Client ~" Ci OW"" MITCHELL JERRY L Address 755 27TH AVENUE NW NAPLES MITCHELL JERRY l. Cou~ COLUER Stale Fl lJPCode 34120 Form MIl.P PLAT - 'WinTOr~L' appraisal sollwara by a Iii. moda inc - HO().AL~MODE Comparable Sales Map Age~da~o. 16B11 /lie r 16, 2008 Page 58 of 60 Cli€nt Pro BrtyAddre$S c; 0..., MITCHELL JERRY L 755 27TH AVENUE NW NAPLES MITCHELL JERRY L Co COWER State FL Zi Code 34120 E'1i e..r 91 a_rJ ('_~ C..y "p'., _e ",,"S .........Rd:.. '. s : w a m p___ 411"_'1E" 1. H "} ~A...I.IE_ . . ~ ~ ~ lIfWr./HoIlawg,,,,W z: 4TEI_NW~ i .'''''''''1'110 ~'}l\'"Wf M_...:-'9:hA"'" J7\hA....om 17l1'1A""l<IE AI'I''''l:,N 03;,-. 'i I \ i . ~J l \ . i t, ~~_"""" - )5jtJ"'~.NE " ~-" 3:1o<lA..NW ).'lrdA"..,NE "",,0' ,.. i i J.... I f ! . . I . i .I;;:; tJc~ ~,.~ , .~ "'z q ~ I :i ... ! co, l f w z in, l ~ . !,i.-. ..;istn......~w nOanl.ll i:- ",,' "," ... - ..-' ------.-..-- -- _.._~ ..R41:::::::.:::::::_-::::_1'!.j 'OSh0itk.1ltJ f . 'i . c.nllCln!.1wt! i . :n.od_WW"' """...... 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