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HomeMy WebLinkAboutItem 05 Approval to Proceed with a Contract for the Purchase of Property Located at 750 Richmond Avenue ocoee florida AGENDA ITEM COVER SHEET Meeting Date: April 20, 2021 Item #: 5 Reviewed By: Contact Name: Michael Rumer Department Director: Michael Ru r 791/4 Contact Number: Ext. 1018 City Manager: Robert Fr Subject: Authorization to proceed with a contract for the purchase of property loc ed at 750 Richmond Avenue. Commission District 2, Rosemary Wilsen Background Summary: Back at the February 16, 2021, City Commission meeting, the City Commission heard a request from Cherice Gertsman on behalf of Joel Doss. He is the owner of 750 Richmond Avenue and has offered to sell the property to the City for $425,000. The property contains over five (5) acres of land with approximately half consisting of wetlands. The property is located next to the Ocoee Cemetery. A discussion on obtaining the land for possible expansion of the cemetery or other uses resulted in the City Commission authorizing $5,000.00 from contingency to obtain an appraisal of the property. The appraisal from Property Valuation and Consulting has been completed, and an appraised value of$395,000 was provided. Issue: Should the Honorable Mayor and City Commission authorize staff to enter into a contract for the sale of property located at 750 Richmond Avenue? Recommendations: City Commission authorizes staff to enter into a contract to purchase the property at 750 Richmond Avenue. Attachments: Appraisal from Property Valuation and Consulting Contract for Sale of Property Minutes from 2/16/2021, City Commission Meeting Financial Impact: Budget Amendment to Purchase at $425,000. Type of Item: (please mark with an "x') ❑ Public Hearing F r Clerk's Dept Use: ❑ Ordinance First Reading Consent Agenda ❑ Ordinance Second Reading Public Hearing ❑ Resolution ❑ Regular Agenda © Commission Approval 1 E Original Document/Contract Attached for Execution by City Clerk ❑ Original Document/Contract Held by Department for Execution Reviewed by City Attorney Reviewed by Finance Dept. Reviewed by 2 750 E. Richmond Avenue 750 E. Richmond Avenue,Ocoee, FL 34761 1111; • '- F • `n'' ,F 1 q-a r • _y4 ;� > fi f; Effective Date Prepared For Client File Number March 17,2021 Mr.Michael Rumer SS000874 Development Services Director City of Ocoee Date of the Report Internal File Number April 08,2021 A21-14 Report Type Appraisal PREPARED BY: I . INC. Property Valuation&Consulting er ,` `s,• Table of Contents z Table of Contents 2 Transmittal Letter 3 Executive Summary 4 Introduction 6 a Approaches Performed 7 Assumptions and Conditions 9 Subject Overview 11 Market Overview 12 Site Description 14 Real Estate Taxes/Property Record Card 16 Subject Photos 19 Highest and Best Use 24 Land Valuation 25 Reconciliation 39 Addenda 41 Certification 41 Aerial/Tax Map 42 Flood Map 43 Legal Description 44 Original Deed 45 Appraiser Qualifications 46 Appraisers Licenses 48 N 0 T CO 0 m t r C 0 z 90 C) 0 N C r 1 z G) z n J N I Transmittal Letter I . 4C 204 S.Dillard Street Winter Garden,FL 34787 m P:407-877-0200 m INC. Property Valuation&Consulting April 08, 2021 Mr. Michael Rumer Development Services Director City of Ocoee 150 N. Lakeshore Drive Ocoee, FL 34761 RE:Appraisal for the property located at 750 E. Richmond Avenue,Ocoee, FL 34761 Dear Mr. Rumer: In accordance with the client's request, we have completed an appraisal of the above-captioned property. The information contained in this report is based on more complete data, analyses and conclusions retained in our office files. Per conversations with the client and the intended use of the report, the scope of work in this report is intended to be consistent with industry standards and has been performed so as to develop a credible report. This letter is invalid as an opinion of value if detached from the report,which contains the text, exhibits and Addenda. Value Conclusions Description Perspective Type of Value Premise Property Interest Effective Date Indicated Value c,s As-If Value Current Market Value Fee Simple 2021-03-17 $395,000 O m As-Is Current Market Value As Is Fee Simple 2021-03-17 $371,000 03 Sincerely, v Property Valuation&Consulting, Inc. v // 4A6 )44 .,,,,, Blair Beasley Matt Smith12. z State-Certified General Real Estate Appraiser, FL No. RZ3871 State-Registered Trainee Real Estate Appraiser, FL No. R124544 , blair@propertyvalue.com matt@propertyvalue.com IExecutive Summary m A Property Information 0 Property Name 750 E.Richmond Avenue Street Address 750 E.Richmond Avenue City Ocoee m State FL Zip Code 34761 County Orange Property Class Land Property Type Housing Site Characteristics Parcel Identifier 20-22-28-0000-00-045 Land SF 223,948 Land Acres 5.14 Flood Zone AE Zoning Characteristics Zoning Jurisdiction City of Ocoee Zoning Codes A-1/Public Facilities/Institutional Extraordinary Assumptions 1. This appraisal report and the opinion of value reported herein are based on the extraordinary assumption that a parcel of land, contiguous to the subject parcel ID#20-22-28-0000-00-045, measuring approximately 30'x 132; (see Addenda, Original Deed) could be purchased from a neighboring landowner for use as an ingress/egress point serving the subject property. The appraisers reserve the right to alter the value conclusions provided herein should more reliable and specific site information become available. Hypothetical Conditions 1. The subject property is currently accessed across lands owned by the City of Ocoee, the deed for the last sale of the a subject (O.R. Book 2803, Page 1699) includes a description of the ingress/egress area, however, the agreement is not recorded as an easement in Orange County's Official Records and therefore, officially, does not exist. The "As If"value it conclusion provided herein is based on the hypothetical condition that legal,permanent easement access is in place. 0 The use of Extraordinary Assumptions and Hypothetical Conditions may affect assignment results. Scope of Work Information r• c Report Type Appraisal O z Indicated Values Q° c) Land Value $395,000 0 Cost Approach N/A Sales Comparison Approach N/A Income Approach N/A z Value Conclusions 0 Description Perspective Type of Value Premise Property Interest Effective Date Indicated Value m As-If Value Current Market Value As Is Fee Simple 2021-03-17 $395,000 As-Is Current Market Value As Is Fee Simple 2021-03-17 $371,000 0 z m z C m 0 -n co 33 0 m z r C 0 z go C) 0 z N C z C) z c) N I Introduction Current Owner Joel M. Doss c m Sales History There have been no sales in the past three years. In addition, the subject is not currently listed for sale or under contract for purchase. The property was listed for sale June 3, 2020, for $375,000 which was lowered to $365,000 on June 25, 2020. The property was then removed from the market on August 2, 2020. Reportedly a developer offered$350,000,which was turned down by the owner. It was reported that the sellers approached the city of Ocoee and offered to sell the property to them for$425,000. The owner's offer to the city was not considered in our analysis due to the outlying nature of the asking price when compared with sale prices of similar properties. Nature of the Assignment We have been requested by the client, the City of Ocoee, to estimate the "as is" market value of the fee simple estate in the appraised property, applying all applicable approaches to value. The estimated marketing and exposure period for the subject property(at its highest and best use) 12 months or less. Purpose, Intended Use and Intended User of the Report In accordance with the client's request,the purpose of the appraisal is to estimate the"as is"market value of the fee simple estate in the subject property. The intended use of the appraisal is internal decision making including a potential purchase of the property. The intended user of this report is the City of Ocoee. It is entirely inappropriate to use this report for any purpose other than the one stated. Furthermore, our appraisal services and related appraisal report have been prepared in accordance with the requirements of the Uniform Standards of Professional Appraisal Practice (USPAP), as adopted by the Appraisal Standards Board under the direction of the Appraisal Foundation, as well as the Code of Professional Ethics of the Appraisal Institute, as read and interpreted within this office. Effective Date of the Appraisal The effective date of the appraisal is March 17,2021 0 Effective Date of the Report °D The effective date of this report is March 24, 2021 -13 Property Inspection Appraiser Extent of Inspection Date Inspected Blair Beasley Exterior Only March 17,2021 Matthew Smith Exterior Only March 17,2021 D $2e O Ui 0 m Scope of Work z C) This appraisal report complies with the reporting requirements as set forth under Standards Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice ("USPAP") with adherence to the Competency Provision for an Appraisal Report for the 0 property being appraised. As such, it presents discussions of the data, reasoning and analyses that were used in the appraisal process to develop the appraisers' opinion of value. Supporting documentation concerning the data, reasoning and analyses is retained in the appraisers'file.The depth of discussion contained in this report is specific to the client's needs and for the intended m use as stated.The appraisers are not responsible for any unauthorized use of this report. Property Identification The property has been identified using the following sources: • Postal address • Public records • Legal description Type and Extent of Data Researched The following information was reviewed in preparing this report: • Flood zone status • Zoning Requirements • Applicable Tax Data • Demographics • Public Record Data • Comparable Data Type and Extent of Analysis The data has been gathered and analyzed through the use of appropriate and accepted appraisal methodology to arrive at a probable value indication via each applicable approach to value. Approaches Performed To develop the"as is"opinion of value for the subject property,the appraisers considered all three approaches to value; however, o we have only applied the sales comparison approach, with the result indicating the most credible value estimate for the subject. The income and cost approaches are not applicable in the valuation of the subject vacant land. `o The sales comparison approach is considered an appropriate method in the valuation of the subject if available for sale on the I open market. The sales comparison approach analyzes recent sales, contracts and/or listings of similar properties as a basis for comparison with the subject vacant parcel in order to determine an appropriate unit of comparison for estimating the subject .321 parcel's market value. In the cost approach to valuation, an estimate is made of the current replacement cost new of the proposed or existing n improvements. This amount is then adjusted to reflect depreciation (if any) resulting from physical deterioration, wear and tear, 3 and utility. This analysis also recognizes factors of functional and external obsolescence, if applicable. The current land value is at then added to the depreciated cost in order to determine the value of the improved property via the cost approach. As stated o previously, the cost approach was not applied because the subject property, although improved with a mobile home, was valued as vacant land only,at the request of the client. The income approach determines the property's value by estimating market rents, additional income sources and operating _ expenses,then capitalizing the net operating income by an appropriate overall capitalization rate. This approach is not applicable g as vacant land similar to the subject(acreage with limited exposure) in this market is seldom leased. The research tasks performed to estimate the value, as defined herein, involved the following: 0 m 1- The appraisers personally inspected the subject property on March 17, 2021 and took photos of the subject property. The appraisers reviewed the land data, legal description, zoning, land use, tax and flood information of Orange County and the City of = Ocoee pertaining to the subject property. 2- The appraisers researched and analyzed economic data for Florida and Orange County. Major data sources include real v estate service providers like Co-Star and Loopnet, as well as investor surveys with information pertaining to the vacant land < property types in the Orange County market area. 3- The appraisers researched comparable vacant land sales in the subject's market area and similar market areas with similar m potential uses to that of the subject. The data was gathered in the field and during the appraisal process and also obtained from public records, market participants, CoStar, Total Commercial and Stellar MLS real estate service providers. The research included comparables with sales dates between March 2019 through March 2021, ranging from 0.5 to 5 net upland acres of land similar to the subject. 4- The appraisers analyzed the market data in relation to the subject property to derive the indications of value presented in the report,which are then reconciled to the indicated as is market value of the fee simple estate in the subject site. Definition of Value and Property Interest Appraised The value result reported herein reflects the"as is"market value of the fee simple estate in the subject property. Market Value can be defined as the most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) Buyer and seller are typically motivated; (2) Both parties are well informed or well advised, and acting in what they consider their best interests; (3) A reasonable time is allowed for exposure in the open market; m 0 (4) Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto;and co (5) The price represents the normal consideration for the property sold unaffected by special or creative financing or sales _ concessions granted by anyone associated with the sale.* *12 CFR 34 42 (a) Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ("FIRREA") The land and/or improvements were valued as if offered in the open market for a reasonable period of time in which to find a { buyer. The fee simple estate in the property has been appraised. It is assumed the property is available for development to its D highest and best use,free and clear of all liens and encumbrances. r- Fee simple estate is defined as the absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat. C) 0 z y C r 1 z 0 z n 0 I Assumptions and Conditions GENERAL ASSUMPTIONS a 1.The legal description provided and used in this report is assumed to be correct. 2.The property, as described in this report, and the areas and dimensions as shown herein, are assumed to be correct. 3. We have not made a survey of the property and assume no responsibility in connection with such matters. Any maps or plats reproduced and included in this report are intended only for the purpose of showing spatial relationships. They are not measured surveys or measured maps, and no responsibility for cartographic or surveying errors is made. 4. No title search has been made and the reader should consult an attorney or title company for information and data relative to property ownership and legal descriptions. It is assumed that the title is marketable. 5. Information and data furnished by others is usually assumed to be true, correct, and reliable. When such information and data appear to be dubious, and when it is critical to the appraisal, a reasonable effort has been made to verify all such information; however, no responsibility for its accuracy is assumed by the appraiser(s). 6. All mortgages, liens, encumbrances, leases, and servitude have been disregarded unless so specified within the report. The property is appraised as though under responsible ownership and competent management. 7. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that would render it more or less valuable. No responsibility is assumed for such conditions or for engineering that may be required to discover them. 8. It is assumed that there is full compliance with all applicable federal, state,and local environmental regulations and laws unless noncompliance is stated,defined, and considered in the appraisal report. 9. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless nonconformity has been stated,defined, and considered in the appraisal report. 10. It is assumed that all required licenses, consents, or other legislative or administrative authority from any local, state, or m national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value 0 estimate contained in this report is based. CO ii 0 m 33 D r C 0 z ae c) 0 z N C r z G) z n N 0 m GENERAL ASSUMPTIONS(CONT.) 3 0 11. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property n described and that there is no encroachment or trespass unless noted with the report. 12. We do not have the expertise to determine the presence or absence of hazardous substances, defined as all hazardous or toxic materials, wastes, pollutants or contaminants (including, but not limited to, asbestos, PCB, UFFI, or other raw materials or chemicals) used in construction, or otherwise present on the property. We assume no responsibility for the studies or analyses that would be required to determine the presence or absence of such substances or for loss as a result of the presence of such substances. The value estimate is based on the assumption that the subject property is not so affected. 13. The Americans with Disabilities Act (ADA) became effective January 26, 1992. The appraiser(s) has not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA,could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since the appraiser(s) has no direct evidence relating to this issue,possible noncompliance with the requirements of ADA in estimating the value of the property has not been considered. 14. We have provided an Appraisal Report, intended to comply with the reporting requirements set forth by the Uniform Standards of Professional Appraisal Practice (USPAP) for an Appraisal Report. As such, the report presents only summary discussions of the data, reasoning, and analyses used in the appraisal process to develop Property Valuation & Consulting's opinion of value. Supporting documentation concerning the data, reasoning, and analyses has been retained as a part of our work papers. The depth of discussion contained in the report is specific to your needs as the client and for the intended use as stated. Property Valuation&Consulting, Inc., is not responsible for the unauthorized use of this report. Extraordinary Assumptions and Hypothetical Conditions This appraisal is subject to the following assumptions and limiting conditions that are specific to the subject property or to this report. o 0 Extraordinary Assumptions 1. This appraisal report and the opinion of value reported herein are based on the extraordinary assumption that a parcel of land, contiguous to the subject parcel lD# 20-22-28-0000-00-045, measuring approximately 30' x 132; (see Addenda, Original Deed) could be purchased from a neighboring landowner for use as an ingress/egress point serving the subject o property. The appraisers reserve the right to alter the value conclusions provided herein should more reliable and specific m site information become available. < r C Hypothetical Conditions 3 1. The subject property is currently accessed across lands owned by the City of Ocoee, the deed for the last sale of the °° subject (O.R. Book 2803, Page 1699) includes a description of the ingress/egress area, however, the agreement is not 2 recorded as an easement in Orange County's Official Records and therefore, officially, does not exist. The "As If" value c conclusion provided herein is based on the hypothetical condition that legal,permanent easement access is in place. The use of Extraordinary Assumptions and Hypothetical Conditions may affect assignment results. p ISubject Overview 0 Location Description o m z The subject property is located at 750 E. Richmond Avenue, to the northwest of the northern termination of E. Richmond Avenue, m along the western boundary of the city of Ocoee cemetery, south of E. Geneva Street and east of S. Bluford Avenue.The property does not have any road frontage and is accessed only via a non-recorded easement that runs west from the termination of E. Richmond Ave. across the northeast corner of Parcel # 20-22-28-0000-00-082, owned by Cbpw Corp. and along the southern portion of the city of Ocoee cemetery. North of the subject are single-family residential homes and west of the subject are some neighborhood commercial businesses. Immediately to the east is the city of Ocoee cemetery and southeast of the subject,the City Center West Orange mixed-use development, is under construction.The subject property is located within the city limits of the City of Ocoee in West Orange County. East Richmond Avenue, in the area of the subject, is a one-lane, unpaved road that terminates along the southern boundary of the city of Ocoee cemetery. There is no streetlighting nor improvements along the road. The southern portion of E. Richmond Ave., between Maine St.and Ocoee Town Center Boulevard, is a two-lane asphalt paved road with concrete curbing and Miami gutters. The subject neighborhood can be defined by State Road 438 to the north, Apopka-Vineland Road to the east, Florida's Turnpike connecting with State Road 408 to the south and State Road 429 to the west. To describe the general area in the subject neighborhood, it is a mix of single-family residential homes to the north and commercial uses to the west and south. To the southeast, a mixed-use development is underway called City Center West Orange which will include apartments, retail, office and hotel space. To summarize, the subject's neighborhood is a mix of residential and commercial uses. Ocoee and West Orange County are in the growth stage of development. 0 -n CO 0 m r C O z n 0 z y C r z G) z n V Market Overview Marketing and Exposure Period The marketing and exposure period for the subject parcel (at its highest and best use) is estimated at 12 months or less based on m market supply/demand for vacant agricultural lots in the area, sales of similar properties,discussions with local brokers. Note regarding COVID-19: Due to the ongoing COVID-19 virus, designated as a pandemic as of March 11, 2020 by the World Health Organization, there has been much speculation and discussion within the appraisal community regarding impacts to real estate values and marketing/exposure time. The general consensus within the real estate community is that it is too soon to know what impacts will be realized and what property types will be most impacted. The impacts may be short-term for some properties and long-term for others. Due to many states implementing stay-at-home orders, the property types immediately being impacted include hotel/motels(limited leisure and business travel), retail including sales of non-essential items and restaurants (being limited to pick-up or delivery), office and possibly distribution warehouses (due to lower demand for non-essential products). Based on discussions with real estate professionals in the market area, as well as a review of recent national survey projections, at this point, any impact on financing and buyer and seller actions in general, are varied and may depend on the specific market as well as property types, but caution should be used on a case-by-case basis. However,enough evidence is available to definitively project marketing and exposure times to be extended with modifications/reductions to recent (prior to the announcement of this pandemic)trends of improving market conditions accordingly, based on information obtained from reliable sources. Due to the uncertainty of market reactions to the pandemic a zero market conditions adjustment has been applied to the sales comparables. The following is local market information for the city of Ocoee. Ocoee is a city located in Florida. With a 2020 population of 49,231, it is the 59th largest city ki Florida and the 798th largest city in the United States. Ocoee is currently growing at a rate of 0.99% annually and its population has increased by 38.37%since the most recent census,which recorded a population of 35,579 in 2010. Ocoee reached it's highest population of 49,231 in 2021. Spanning over ^' 16 miles, Ocoee has a population density of 3,216 people per square mile. ° W 0 m a r c O z go C) 0 z N C r z G) z p Market `I'ren(ls VIEW ALL c z Single Family Homes ConfoTownnorn s 0 2 In the past week.single family homes in 34761 PRICE PER SQUARE FOOT $164 MAR 12, 2021 nY m sold on average for S269.000 and spent 31 days on the market,In 34761,the inventory of 21 experienced a relisting.The average price per square foot was$182. 11111111111111111111 O T A O m < r C O Z C) O 2 Ca C r -i z O z C) J Site Description n O O Legal Description Lengthy,see addenda Location Classification Average Parcel Identifier 20-22-28-0000-00-045 Location of Parcel Interior Size Land Acres 5.14 Land SF 223,948 Usable Land Acres 2.28 Usable Land SF 99,317 Usable Land% 44% Usable Land Description Net Uplands is - Frontage Description None. Access Classification Fair Access Description This parcel is accessed from the end of an unpaved road via an unrecorded easement. Flood Zone AE Flood Map Number 12095CO220F Flood Map Effective Date 2009-09-25 Flood Plain Description 1%annual chance flood(100-year flood) Wetlands Yes Wetlands Description There are 124,631 SF(2.86 acres)of wetlands per the county Property Appraiser records Encumbrances/Easements Description No adverse easements or restrictions noted(typical utility easements are assumed) Current Use Improved with mobile home Zoning Jurisdiction City of Ocoee Zoning Code A-1/Public Facilities/Institutional Zoning Description General Agricultural District General Plan Designation Public Facilities/Institutional O m Permitted Uses Agricultural processing,community residential homes,single and two-family dwelling,mobile home and public and semi-public uses including churches,conservation,neighborhood recreation facility and co schools. Zoning Change Likely Yes Zoning Comments Public Facilities/Institutional.This category includes all government-owned property(except parks),public and private schools,hospitals and churches.In order to maintain underlying land valuations and to be compatible with adjoining uses,these uses may be permitted in areas zoned for industrial,professional offices and services,commercial,and residential classifications areas where negative impacts will be -i minimal.Government owned and operated facilities may be located in all land use categories with adequate buffering adjacent to residential areas. Conformity Conclusion Conforming O Shape Rectangular Z Topography Basically Level n Grade At Grade 0 z Drainage Appeared adequate at time of inspection co Soil Type/Description Suitable for normal building loads as evidenced by the surrounding improvements =i Z Land Cover Mostly Wooded +7 View/Appeal Average Available Utilities Electricity and Telephone J Site Improvements This site is improved with a mobile home,built in 2006,containing 1,056 SF of living area,which has not N been considered in the valuation per direction by the client. m Site Utility Fair �o n x O The subject property is accessed via an unrecorded easement that runs in a mostly westerly direction from the northern o termination of E. Richmond Ave., as noted earlier in this report. It was reported that the title is clouded due to the fact that the easement has not been recorded.The site has approximately 2.86 acres of wetlands, per the Orange County Property Appraiser z records. The property is located in an area of Ocoee experiencing growth and a representative for the City indicated that the City would accept and recommend approval of a Small Scale Land Use change and rezoning to Commercial or Commercial PUD on the subject property, which would allow for a variety of commercial uses, including professional office uses. This process would take about 90 days. (see Highest and Best Use). in 0 03 0 17 m 33 r C 0 z r7 0 z Cl) C 1 z O z A J Real Estate Taxes/Property Record Card 0 2019 Real Estate Taxes Tax Appraised Value $67,143 Assessment Ratio 79.00% Tax Assessed Value $53,050 m Mill Levy 17.410 Real Estate Taxes $361 Special Assessments $416 Total Taxes $777 Due $0 Taxes per SF GBA $--- 2020 Real Estate Taxes Tax Appraised Value $92,629 Assessment Ratio 59.00% Tax Assessed Value $54,270 Mill Levy 17.045 Real Estate Taxes $362 Special Assessments $419 Total Taxes $781 Due $0 Taxes per SF GBA $--- The historical taxes for the subject are shown in the table above. The subject site identified as Tax ID#20-22-28-0000-00045 by the Orange County Property Appraiser and Tax Collector and is located at 750 E. Richmond Avenue in Ocoee, Fl. Pertinent tax data is exhibited on the following page. The total assessment for 2020 was$92,629 with $53,020 attributable to the land$38,109 to the existing manufactured house on site and$1,500 for extra features. The property consists of 5.14 gross acres(223,948 SF), and 2.28 net upland acres(99,317 SF). The 2020 taxes have been paid and there are no recorded unpaid taxes. 0 -n co co 0 -4 r C 0 z a. c) 0 z Ca C r z G) z C) Historical Value and Tax Benefits 0 Has Homestead in 2021 2020 Tax Breakdowntri 1% o Tax Year Values land BdldiagW Feature(s) Market Value Assessed Value 2 y Ti 2020 Q® S53,020 + S38,109 + S1,500 = S92,629 ua%; S54,270 a3•:. 2 n 2019 Q® $25,660 S39,983 + S1,500 = $67,143 02w S53,050 09%: x 2018 El cmS25,660 S32,602 + S1,500 = 159,762 (-.51%) S52,061 01%1 FM - F� <: O 2017 Ili pmS25,660 + S32,909 + $1,500 = $60,069 S50,990 p D Tax Year Yaeefits 0righrY Homestead Addlilond ihr Other 6rraptiwrs SOIL Cap Tax Savings ® < - m 2020 Q-®FE S25,000 S4,270 S5,500 S38,359 11,217 Z 2019 pi.®wij S25,000 53,050 S5,500 S14,093 $808 m 2018 p-®ral S25,000 S2,061 55,000 S7,701 $695 2017 Q-®LEI S25,000 S990 S5,000 S9,079 $722 2020 Taxable Value and Certified Taxes 0 TAX YEAR I 2020 • 2019 • 2018 • 2017 Taxing Authority Assd Value Exemption Tax Value MiRage Rate Taxes% Public Schools:By State Law(Rle) S54,270 S30.500 S23.770 3.6090 ;-653xi $85.79 24% Public Schools:By Local Board S54,270 S30,500 S23,770 3.2480 (0.00%) S77.20 21% Orange County(General) S54,270 S34,770 S19.500 4A347 mow $86.48 24% City Of Ocoee $54,270 S34,770 $19,500 5.1500 (-L90%) S100A3 28% Library-Operating Budget S54,270 S34,770 S19,500 0.3748 (O.ta%) $7.31 2% St Johns Water Management District $54,270 $34,770 $19,500 0.2287 (-slow S4.46 1% 17.0452 $361.66 2020 Non-Ad Valorem Assessments Levying Authority Assessment Description Units Rate Assessment CITY OF OCOEE OCOEE FIRE RESC-N/A-(407)905-3170 67.55 11.00 $67.55 CITY OF OCOEE OCOEE STORM-DRAINAGE-(407)905-3170 84.00 S1.00 S84.00 CITY OF OCOEE OCOEE RES-GARBAGE-(407)905-3170 1.00 S267.70 S267.70 $419.25 2020 Gross Tax Total: $780.92 @ 2020 Tax Savings Tax Savings Your property taxes without exemptions would be: $1,578.88 Your ad-valorem property tax with exemptions is: - $36L67 Providing You A Savings Of: = $1,21721 V 0 m A CO -o Il 0 -0 m z < D I- C -I Z Q. n 0 z U) C r < z O z C) V Current 1lixes and Unpaid Delinquent Warrants: c Year Owner Information Amount Due View Bill/Receipt Certified Owner Make Payment m 2020 1 DOSS JOEL M 'PAID(View Taxbill For Receipt)* ❑ z 2019 I DOSS JOEL M "PAID(View Taxbill For Receipt)* ,;,, I 0 _._....__....i _ 0018 DOSS JOEL M I*PAID(View Taxbill For Receipt)* -, , :;i 0 o DOSS CHERRI LEE • • 2017 DOSS JOEL M 'PAID(View Taxbill For Receipt)* 0 DOSS CHERRI LEE < 2016 1 DOSS JOEL M y PAID(View Taxbill For Receipt)* : ,; 0 1 z • :DOSS CHERRI LEE m 2014 i DOSS JOEL M Y PAID(View Taxbill For Receipt)' it 0 • • DOSS CHERRI LEE E2011 1 DOSS JOEL M *PAID(View Taxbill For Receipt)* -, :it 0 • BOSS CHERRI LEE • 2010 € DOSS JOEL M 'PAID(View Taxbill For Receipt)* ,i 0 ! j • DOSS CHERRI LEE 2009 ' DOSS JOEL M *PAID(View Taxbill For Receipt)* I 0 DOSS CHERRI LEE • 2008 DOSS JOEL M h PAID(View Taxbill For Receipt)* .:,I ! 0 i DOSS CHERRI LEE • • 2007 ! DOSS JOEL M 'PAID(View Taxbill For Receipt)* , ri 0 2006 ! DOSS JOEL M ?PAID(View Taxbill For Receipt)* .,,i,, 0 Unpaid Real Estate Certificates: Year Current Payoff If Paid By Current Payoff If Paid By Make Payment 'NONE* *NONE' ,NONE* .NONE' r NONE* i *NONE* Other Real Estate Certificates: Year Face Value Certificate Number Status Amount Paid 2015 $875.15 ' 2016-0004706 Paid ! $925.16 s 2013 $53.64 ' 2014-0004856 Paid i $81.61 *UNPAID DELINQUENT TAXES MUST BE PAID BY A CASHIERS CHECK,MONEY ORDER,OR CERTIFIED FUNDS AND ARE DUE BY THE LAST BUSINESS DAY OF THE MONTH. 03 0 m A co xi 0 m z -I I- C D. -I 0 z Re 0 z N C r —I 0 z 0 I Subject Photos m ` D = m n • • rf Looking West on Maine St.from Intersection with Richmond View North on Richmond from Maine St. Ave. 0 1 Looking East on Maine St. from Intersection with Richmond View South on Richmond Ave.from Maine St. Ave. 0 m z 1 r C O z n 0 z N C r 1 z O z n s A t . ..� ' �� ' 1 � :': 0"., m • ,, .. . 4,• ter., �» m y q, m . m �. r 'AR. n F'r �} Northern Termination of E. Richmond Ave. View South on Richmond from Northern -I ` A s�� ate.• + � -.' _ +r�� f.�, ` r'- ! "$'. fir.- „,z, <s - ` View West on Ingress/Egress from Northern Termination of City of Ocoee Cemetery from Northern Termination of Richmond Ave. Richmond Ave. . w .,. .....:...._,... -4' E4. ., ... ., , , 1,. . . .._iii .,,,_ 4::ot."11-1.6-**?..' .,, • . i_ ,, 4,0_n WIWI ,,= ;!:"MilOtt,i r-•-• ,da.i, .4„1,. . ''''SO' *".":' '„,i4r1.* , `� .alb ..w. r,. ` y +�.... .' \ it4 - a. ...». > a.^. .. •—.-'"`"'� lotc _ -.tg;,� -, D Illiar a.. . : je.... "a..: l�t.� Z - , ... a. Entrance to Subject Property at Southeast Corner of Site View North along Eastern Boundary from near Southeast z Corner v, c r 1 z C) z C) y1 O '11.11/..i fir • •� C m j -_ " - "ti.,, ry Ht_ View looking East from near the Southeast Corner of the Site View looking Northwest from near the Southeast Corner of the site i. • ' +, , j 41� eF•'y .r �i i it 4 tiiii*. sr., , _ y` tt ?- 4•'‘, , _ 40 • f 161 )0, View North from near the Southwest Corner of the Upland View of wetland area looking west from upland portion of the Area site N ,",,:,:.c`::..-,...,.. . . :r;.4. it, x, i xt fig py3•. tcR A+' .i71 11 ir. Y.. f` .. 33 {' { Looking South/Southeast from near the Northwest Corner of Looking East from Northwest Corner along Northern ai the Uplands Boundary 1- z o z 0 750 E. RICHMOND AVENUE 22 OF 48 I PROPERTY VALUATION & CONSULTING, INC. • > N — Au ` 1- as .4-( i ` cslKr ". + Q ate Poc -ili Q M w11:* � .. v.. f N ... le e ` .,. , { . "+ y i) , �' ` }. QcECrD- U f > C _. ti y • ..� o Q a i ',.' Spa i1h w i A in- / jj O a Ii r W may,.. 0. u�i aa)) + r ; a) La [x., ifs ) a f i - w in �. J 750 E. RICHMOND AVENUE 23 OF 48 I PROPERTY VALUATION & CONSULTING, INC. o w CO 0 0 ,rk o '11. * : o IR'! a, c ` O 0 J J I Highest and Best Use x 3 O Highest and Best Use as if Vacant The highest and best use of the subject site as if vacant considers uses that are physically possible, legally permissible,financially z C feasible, and maximally productive. m The subject site is physically capable of supporting development as evidenced by the surrounding improvements although a large portion of the site is wetlands. The subject property is currently zoned A-1 (General Agricultural) with a Future Land Use of Conservation/Floodplains. It was reported by the city of Ocoee that the upland areas of the site have a Future Land Use of Public Facilities/Institutional land use. Based on the current zoning legally permitted uses include agricultural, public and residential uses. However, the Future Land Use of Public Facilities/Floodplains is very restrictive and includes a FAR of 0.1 max. Also, the site has marginal access and no road frontage. The current access is an un-recorded access agreement extending west from the northern termination of E. Richmond Ave.,an unpaved,single-lane road. However, a representative for the City indicated that the City would accept and recommend approval of a Small Scale Land Use change and rezoning to Commercial or Commercial PUD on the subject property,this process would take about 90 days. The use that would be feasible and result in the highest return to the land would be for professional office use (which is permitted under the Commercial or Commercial PUD zoning districts). Lack of good access and visibility/frontage of the site make the property less than ideal for retail or other uses where visibility is a major factor. Therefore, the highest and best use of the subject site as vacant is for development of professional offices. Highest and Best Use as Improved Although the subject property is improved with a mobile home, at the direction of the client we disregarded the improvements in our valuation and,therefore,we did not analyze the highest and best use of the subject site as improved. N O Valuation Process 03 In the appraisal of the subject property, one of the three commonly accepted approaches to value were considered and applied: the sales comparison approach, which is the only applicable approach to value the subject vacant land. The sales comparison o approach was applied to the upland portion of the site, based on the hypothetical condition.The value was then adjusted to reflect m the cost to purchase the access strip resulting in the as-is value of the property. a r C O z R. n 0 Z N C r 2 G) Z 0 .I tri Land Valuation m x 3 m 3 O Four comparable sales of vacant land, similar to the subject property were analyzed to indicate a value. The comparable land o sales used are summarized on the ensuing adjustment grid. A map of the comparables, as well as a brief summary of the < m comparables follows. Detailed write ups of the comparables are located on the following pages. z c m ' „ye • A Lockhart Ii 1 ; :�. Hiawassee ® Goldenro ode (� 4E1 ilpir Fairvie !winter Park `� ,.... ,` Shoresi lI • Winter Gann 0 4 " j / li Oakland .. — r Pine Hills \� .+rf ,L _ . Tilde. nville Azalea Orlovista CDa> Orlando f ,P_ark' .r 6 r `A �� 527 552 'A ®/�7 SOUTHA®WEST♦its pt ' �._� ,...-'0,RIANDO ' 4sals ' Windermere - r'® '� Conway / Isit''''4'UniversalfOrrBndo Res rt9 h ., .r ,r • i f Belle Isles Horizon West ` llr`'!��,�► ' `Oak Ride ine Castle- eo, 4 Lake Butler '44 - 9 j CD s - ,i . k 10-;�` t.., ilk , ' i Sky Lake Doctor Phillips - __ Goo le _ 9 . it Map data©2021 Google N Lii 0 T A co xi 0 m z < < > I— C -I z ae 0 Z (I) C I- -I z O Z 0 Land Comparison Write-Up for E.Story Rd. N 0 m 2 1 . _ ' 0 di' ` ► E p z al m 1._ m' i; ice. 1 -IIt ! Rs ri f 411111•Ems` � ' ' - irk Property Information Property Name E.Story Rd. Property Class Land Address E.Story Road,Winter Garden,FL 34787 Property Type&Sub-Type Commercial/General Site information-E.Story Rd. Location Classification Average Parcel Identifier 12-22-27-6496-19-002 Location of Parcel Mid-Block Land Acres 3.00 Land SF 130,642 Usable Land Acres 2.55 Usable Land SF 110,992 Usable Land% 85% Usable Land Description Net Uplands Primary Frontage(Feet) 200 Primary Frontage Type Local N Frontage Description Two-lane,asphalt-paved road °' Access Classification Average -n T Access Description No barriers to access a 0 Zoning Jurisdiction City of Winter Garden — Zoning Code C-2/Commercial Zoning Description Arterial Commercial District xi 0 General Plan Designation Commercial within the Story Road Industrial Activity Center,FAR 0.5 m Conformity Conclusion Conforming xi Shape Irregular < Topography Basically Level 1- Grade At Grade c —I Land Cover Wooded p z View/Appeal Average Q, Available Utilities Electricity,Water,Sewer,and Telephone oO Site Utility Average z cn c z 0 z 0 Sale Date 2020-03-01 Sale Price $600,000 13 Sale Status Closed Property Rights Convey Method Fee Simple O Seller Winter Garden Capital Group,LLC Buyer Elite Trust and Escrow Company,LLC as Trustee of the 710 East Story Road Land Trust Reference Number 202001445791 C Sale Document Type Warranty Deed m Sale Confirmed With Orange County Public Records Sale ID RQ-SALE-ID-2b99ce51-9ed7-4702-91d1-cb82ea95a5ed Analysis Sale Price $600,000 Price per Acre $200,000 Price per SF Land $4.59 Price per Usable Acre $235,294 Price per Usable Land SF $5.41 Price per Front Foot $3,000 Analysis Sale Price per Acre $200,000 Analysis Sale Price per SF Land $4.59 Analysis Price per Usable Acre $235,294 Analysis Price per Usable Land SF $5.41 Analysis Price per Front Foot $3,000 v 0 -n co 13 0 m r C 0 z Q. n 0 z C 2 G) 2 n Land Comparison Write-Up for W. Lancaster Rd. 0 o#e F _ o AV .91 M Iw r u4 I • frj 9 f. Ff 4 411 fit :, y. W. Lancaster Road Property Information Property Name W.Lancaster Rd. Property Class Land Address West Lancaster Road,Orlando,FL 32809 Property Type&Sub-Type Commercial/Office CO 0 -n co 33 0 m 33 C 0 z a.1 C, 0 z CO C r z 0 z n > . Location Classification Average m m Location Description Along the south side of W.Lancaster Road,east of Winegard Road and beyond northern termination of north of Brickell Court. 2 Parcel Identifier 26-23-29-0000-00-111 Location of Parcel Mid-Block z 0 Land Acres 0.72 Land SF 31,490 m Usable Land Acres 0.72 Usable Land SF 31,490 Usable Land% 100% Traffic Count 17,900 Traffic Counter Description FDOT 2019 Primary Frontage(Feet) 108 Primary Frontage Type Minor Arterial Primary Frontage Curb Cuts 1 Frontage Description Four-lane,asphalt-paved road Access Classification Average Access Description No barriers to access Zoning Jurisdiction Orange County Zoning Code P-O/Office Zoning Description Professional Office General Plan Designation Office Conformity Conclusion Conforming Shape Rectangular Topography Basically Level Grade At Grade Land Cover Mostly Cleared View/Appeal Average Available Utilities Electricity,Water,Sewer,and Telephone Site Improvements Fenced Site Utility Average Co 0 -n co 0 m 1 r C O n 0 z N C z z n Sale Date 2019-11-01 Sale Price $265,000 z Sale Status Closed Property Rights Convey Method Fee Simple O Seller Wefky R.Mansour and Farouk M.Sos Buyer Roof Investment Properties,LLC Recording Date 2019-11-08 Reference Number 20190714284 m Sale Document Type Warranty Deed Time on Market 34 Time on Market Period Type Days Proposed Use Corporate Office Sale Remarks This was a cash sale and the reason for selling was that the sellers were divesting some of their holdings.The buyer had this property under contract at the same time they had another under contract and were playing the deals against each other.Finally,an agreement was reached due to the fact that tap-ins to the water and sewer were closer for this property and therefore less expensive.After closing,the sellers paid to have a fence along the eastern boundary relocated off the subject site.The sellers owned both sites and that is why the fence was over the property line. Sale Confirmed With Tab Bish-Listing Broker Sale Confirmed With Phone Number 407-427-0743 Sale ID RQ-SALE-ID-9f52f65f-1c65-4090-85a5-7f3b2883fbb1 Analysis Sale Price $265,000 Price per Acre $368,056 Price per SF Land $8.42 Price per Usable Acre $368,056 Price per Usable Land SF $8.42 Price per Front Foot $2,454 Analysis Sale Price per Acre $368,056 Analysis Sale Price per SF Land $8.42 Analysis Price per Usable Acre $368,056 Analysis Price per Usable Land SF $8.42 Analysis Price per Front Foot $2,454 0 0 r co 17 0 17 m s r C O Z n 0 Z N C r z O z n Land Comparison Write-Up for Bluford and Silver Star N O m 4_ Mr, .1P •''4--',:.t41 ,e,,-•.•ir••,,.•g,,,..'.-oe•t..,,':`.. .--J"--'—,,,c.,t.--,t,,,,,jt.••..f. O ram_ 7 t 0 1Z ".i5 , _._. C s - A.- r z ---• y SILVER STIR.RI SR431 , ill 42. 4Itl` {' i s+;f .,, \ 0, ' - Aligiiiiii v. . Will. • ilk : _ - r?, 1 Property Information Property Name Bluford and Silver Star Property Class Land Address 300 N.Bluford Avenue,Ocoee,FL 34761 Property Type&Sub-Type Commercial/General Site Information-Bluford and Silver Star Location Classification Average Parcel Identifier 18-22-28-4100-00-160 Location of Parcel Corner Land Acres 0.91 Land SF 39,483 Usable Land Acres 0.91 Usable Land SF 39,483 Usable Land% 100% Primary Frontage(Feet) 133 w Primary Frontage Type Local O Secondary Frontage(Feet) 290 -n Secondary Frontage Type Minor Arterialco Frontage Description Two,two-lane,asphalt-paved roads — Access Classification Good Access Description No barriers to access 0 m v Zoning Jurisdiction City of Ocoee m zi Zoning Code C-2/Commercial -I Zoning Description Community Commercial < D General Plan Designation Commercial c D Conformity Conclusion Conforming -I Shape Rectangular z Topography Basically Level s' n Grade At Grade O z Land Cover Partly Cleared c View/Appeal Average -ri Available Utilities Electricity,Water,Sewer,and Telephone E Site Utility Average Z 2 Transaction Information -4 Sale Date 2019-07-01 Sale Price $240,000 Sale Status Closed c) Property Rights Convey Method Fee Simple O Seller Shivanan Diptee and Shelly-Ann Diptee and Shivan Diptee Buyer Share the Care,Inc. Reference Number 20190481687 C Sale Document Type Warranty Deed m Time on Market 118 Time on Market Period Type Days Sale History Sold February 2018 for$220,000 Sale Remarks This was reported to be an arms-length,cash transaction with normal sale conditions.The buyers are currently holding as they are not sure if they want to build. Sale Confirmed With Kurt Gunther-Buyer Broker Sale Confirmed With Phone Number 407-227-8036 Sale ID RQ-SALE-ID-c2078631-dcad-4e3a-a6f5-8ddff56e5d2a Analysis Sale Price $240,000 Price per Acre $263,736 Price per SF Land $6.08 Price per Usable Acre $263,736 Price per Usable Land SF $6.08 Price per Front Foot $1,805 Analysis Sale Price per Acre $263,736 Analysis Sale Price per SF Land $6.08 Analysis Price per Usable Acre $263,736 Analysis Price per Usable Land SF $6.08 Analysis Price per Front Foot $1,805 w N 0 -n CO 17 33 0 17 m x 1 I— C O z tp 0 0 z U) C z G) z C) Land Comparison Write-Up for Westrun Road CM 0 m ..��—•'"--w Colonial P _ -. 30 t 1 _i.rs: < to -- _, 4y,. .. • ; , Z ` , 1" "� "..r.r ` " m ; '- li iiil .., . \., • #r : ` ' :it d '+�• %d _ yc/r /J Property Information Property Naina \,Nasror Road Property Class Land Address W.Colonial Drive,Ocoee,FL 34761 Property Type&Sub-Type Commercial!General Site Information-Westrun Rd. Location Classification Average Parcel Identifier 30-22-28-0000-00-002,-035 Location of Parcel Interior Land Acres 4.45 Land SF 193,916 Usable Land Acres 4.03 Usable Land SF 175,621 Usable Land% 91% Usable Land Description Net Uplands w Primary Frontage(Feet) 12 (a Primary Frontage Type Local O Frontage Description At eastern termination of Westrun Road A Access Classification Fair CO Access Description No barriers to access — Zoning Jurisdiction City of Ocoee xi z Zoning Code C-3/Commercial m Zoning Description General Commercial to General Plan Designation Commercial < Conformity Conclusion Conforming Shape Irregular D Topography Basically Level O Grade At Grade Z co Land Cover Mostly Cleared n O View/Appeal Average z cn Available Utilities Electricity,Water,Sewer,and Telephone c r 1 Site Utility Average Z 0 2 n y "` f ✓ ♦ gu 6 tit 3 °+ 'ki tti°i# ��P¢ T Sale Date 2019-07-01 m Sale Price $1,250,000 x Sale Status Closed c) Property Rights Convey Method Fee Simple O Seller Tony Ray and Mary I.Ray Buyer Land-Ron,Inc. Reference Number 20190436636 C Sale Document Type Warranty Deed m Sale Remarks Per CoStar,the seller was motivated to divest the property for income and the buyer plans to build a 25,000 SF storage facility and a 7,500 SF office. Sale Confirmed With CoStar and Orange County Public Records Sale ID RO-SALE-ID-cfde9lbe-5f27-4e5c-b467-307efc8b44fb Analysis Sale Price $1,250,000 Price per Acre $280,899 Price per SF Land $6.45 Price per Usable Acre $310,174 Price per Usable Land SF $7.12 Price per Front Foot $104,167 Analysis Sale Price per Acre $280,899 Analysis Sale Price per SF Land $6.45 Analysis Price per Usable Acre $310,174 Analysis Price per Usable Land SF $7.12 Analysis Price per Front Foot $104,167 w 0 co 0 m z r C O Z fig C) 0 z CO C 2 f7 2 C) These sales are judged to be among the best value indicators available. The sale dates range from July 2019 to March 2020. 0 The comparables ranged in size from 31,490 to 175,621 net upland square feet (0.72 to 4.03 acres). Unadjusted sale prices m ranged from$5.41 to$8.42 per net upland square foot, averaging$6.76 per net upland square foot. x c) None of the sales required any adjustments for property rights,financing or conditions of sale, as each transaction involved the fee o simple estate and were in cash terms, or cash equivalent to the seller and were normal and arm's-length deals,with the exception v of Sale 2, which was adjusted downward 10%for conditions of sale as the buyers were unusually motivated. Finally, due to the < ongoing COVID-19 pandemic, as discussed above, there was no adjustment made to the sales for market conditions based on E the date of sale. m The property characteristics that influence value include location, access, frontage, configuration, view/appeal, size, zoning, and site utility. The sales were analyzed and compared to the subject relative to these features and appropriate adjustments were made.Adjustments were made on a percentage basis(inferior/superior). After adjustments, the range of indicated values for the subject was $3.65 to $6.41 per net upland square foot, averaging $4.67 per net upland square foot. w 0 03 0 m r C O z Ro C) O z C r z O z C) Land Adjustments N 0 Subject Sale#1 Sale#2 Sale#3 m Name 750 E.Richmond Avenue E.Story Rd. W.Lancaster Rd. Bluford and Silver Star 73 Street Address 750 E.Richmond Avenue E.Story Road West Lancaster Road 300 N.Bluford Avenue = City Ocoee Winter Garden Orlando Ocoee p z Sale Price $600,000 $265,000 $240,000 0 Unit of Comparison(UoC) Usable Land SF Usable Land SF Usable Land SF Usable Land SF < m UoC Value 99,317 sf 110,992 sf 31,490 sf 39,483 sf z Sale Price/UoC $5.41 $8.42 $6.08 m Transactional Adjustments (calculated cumulatively) Property Rights N/A Fee Simple Fee Simple Fee Simple Similar Similar Similar Terms I Financing N/A $0.00 $0.00 $0.00 Similar Similar Similar Conditions of Sale N/A $0.00 $0.00 $0.00 Adjustment 0.00% $0.00 -10.00°0 -$0.84 0.00% $0.00 Expenditures After Sale N/A 11111111111111L $0.00 $0.00 $0.00 Similar Similar Similar Excess Land Value N/A -$0.00 $0.00 $0.00 Similar Similar Similar Market Conditions N/A 2020-03-01 2019-11-01 2019-07-01 Similar Similar Similar Adj Price/UoC after N/A $5.41 $7.58 $6.08 Transactional Adjs Property Adjustments-Quantitative (not cumulative) Location Average Average Average Similar Similar Similar Access Fair ` ,Average Average Good Adjustment -15.00°'° -$0.81 -15.00% -$1.14 -20.00% -$1.22 Frontage 0 2tfda III 108 1,93__. Adjustment -10.00% -$0.54 -10.00% -$0.76 -10.00% -$0.61 Configuration Rectangular Irregular Rectangular Rectangular Adjustment 5.00% $0.27 0.00% $0.00 0.00% $0.00 View/Appeal Average Average Average Average y rn Similar Similar Similar O Size 99,317 sf 110,992 sf 31,490 sf 39,483 sf m Adjustment 0.00% $0.00 -10.00% -$0.76 -5.00% -$0.30 a w Zoning A-1/Public C-2/Commercial P-O/Office C-2/Commerclal _ Facilities/Institutional Adjustment 0.00% $0.00 0.00% $0.00 0.00% $0.00 O v Site Utility Fair Average Average Average '9 m Adjustment -5.00% -$0.27 -5.00% -$0.38 -5.00% -$0.30 { Total Adjustments a Gross%Adj's N/A 34.94% 46.08% 39.97% Cl- Gross$Adj's N/A $1.89 $3.88 $2.43 X* Net%Adj's N/A -24.95% -46.08% -39.97% Z Net$Adj's N/A -$1.35 -$3.88 -$2.43 s+° n Net Adj Price/UoC N/A $4.06 $4.54 $3.65 (aO z C r z G) z n Land Adjustments ul • '.. SOUP. ,gym_ . _ m Name 750 E.Richmond Avenue Westrun Road 33 Street Address 750 E.Richmond Avenue W.Colonial Drive c) x City Ocoee Ocoee 0 Sale Price $1,250,000 0 Unit of Comparison(UoC) Usable Land SF Usable Land SF < m UoC Value 99,317 sf 175,621 sf z C Sale Price/UoC $7.12 m Transactional Adjustments (calculated cumulatively) Property Rights N/A Fee Simple Similar Terms I Financing NIA 111111111.1.1111111k- Similar Conditions of Sale N/A Adjustment 0.00% $0.00 Expenditures After Sale N/AMEW $0.00 _■ . Similar Excess Land Value N/A $0.00 ME; Similar Market Conditions N/A 2019-07-01 Similar Adj Price/UoC after N/A $7.12 Transactional Adjs Property Adjustments-Quantitative (not cumulative) Location Average Average Similar Access Fair Ai, Fair Adjustment -10.00% -$0.71 Frontage 0 `` 12 Adjustment 0.00% $0.00 Configuration Rectangular Irregular Adjustment 5.00% $0.36 View/Appeal Average Average � Similar O Size 46 99,317sf 175,621 sf m Adjustment 5.00% $0.36 co Zoning;: A-1/Public C-3/Commercial _ Facilities/Institutional Adjustment -5.00 -$0.36 x O Site Utility Fair Average m Adjustment -5.00% -$0.36 -I Total Adjustments > Gross%Adj's N/A 30.20% 1- Gross$Adj's N/A $2.15 -i Net%Adj's N/A -9.97% O z Net$Adj's N/A -$0.71 Q. Net Adj Price/UoC N/A $6.41 00 z N C r z L) z n Analysis Price Indications 0 0 Minimum $3.65 m Maximum $6.41 �o Average $4.67 Median $4.30 O z Standard Deviation 1.06 The adjustments are summarized in the above adjustment grid. Primary reliance was placed on Sales 1 and 3 due to the lower c net adjustments and, in the case of Sale 1, also the most recent sale date.The least reliance was placed on Sale 4 due to its older sale date. The subject benefits from being in a good location with new development ongoing in the subject neighborhood. For these reasons, we determined a value of$4.00 per net upland square foot for the subject's 99,317 net upland square foot site or, $397,268 rounded to$395,000. Indicated Values Unit of Comparison Usable Land SF Indicated Value/Unit of Comparison $4.00 Land Indicated Value $397,268 Rounded $395,000 w 00 0 m op 0 17 m r c 0 z C, 0 z c r z O z n v I Reconciliation 0 Indicated Values Land Value $395,000 Cost Approach N/A Z Sales Comparison Approach N/A m Income Approach N/A Since it is the only applicable approach to value, all weight was placed on the Sales Comparison Approach to value in the final determination of value for the subject property. Based upon the investigation summarized and the premise defined herein, the Fee Simple, "As-If" Market Value, based on the hypothetical condition that there is a legal and permanent easement in place containing approximately 3,961 SF, in the subject property as of March 17,2021, is estimated to be: THREE HUNDRED NINETY FIVE THOUSAND DOLLARS ($395,000). Prior to concluding the as-is value for the subject property,we must account for the lack of legal, recorded access. In order to estimate the cost to acquire access to the subject site we first estimated the land area needed to provide potential access. The appraisers have estimated a land area of 3,961 SF which is based on the description in the deed, O.R. Book 2803, Page 1699, dated July 29, 1977, Orange County Public Records. The easement is described as measuring 30' x 132.02', containing 3,960.6 SF. Next, we determined a price on a per square foot basis; which was based on our per net upland square foot indication of$4.00/SF. We also estimated a premium of 150%of market value, as the subject ownership would be forced to purchase the needed land from the neighboring property owner(see extraordinary assumption); resulting in a cost of$6.00/SF, or $23,763.60 rounded to$24,000,to acquire the land necessary to access the subject site. To determine the As-Is value we need to deduct the cost to acquire the approximately 3,961 SF of land for use as an easement fO from the as-if value above. Deducting the $24,000 from the as-If value of $395,000 results in a final as-is value indication of $371,000. w Based upon the investigation summarized and the premise defined herein, the "As Is" Market Value of the Fee Simple Estate in the subject property appraised as of March 17,2021, is estimated to be: v THREE HUNDRED SEVENTY ONE THOUSAND DOLLARS ($371,000). Our appraisal services and related appraisal report have been prepared in accordance with the Uniform Standards of Professional 0 Appraisal Practice (USPAP), as adopted by the Appraisal Standards Board under the direction of the Appraisal Foundation, as z go well as with the Code of Professional Ethics of the Appraisal Institute, as read and interpreted within this office. This report was c) prepared in accordance with, and is subject to, our Assumptions and Limiting Conditions and General Service Conditions, which 2 are attached to and form an integral part of this report. z No investigation was made of the title to or any liabilities against the property appraised. z C, Value Conclusions cn O Description Perspective Type of Value Premise Property Interest Effective Date Indicated Value m As-If Value Current Market Value As Is Fee Simple 2021-03-17 $395,000 As-Is Current Market Value As Is Fee Simple 2021-03-17 $371,000 = 0 z m z C m C O 0 -n CO 0 m r C 0 z a 0 z cn C r z G) z A I Addenda _ Certification We certify that,to the best of our knowledge and belief: `m c m The statements of fact contained in this appraisal report are true and correct. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions and conclusions. We have no present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. Our engagement in this assignment was not contingent upon developing or reporting predetermined results Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction of value that favors the cause of the client,the amount of the value opinion,the attainment of a stipulated result,or the occurrence of a subsequent event directly related to the intended use of the appraisal. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice and the regulating agencies governed under FIRREA. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. Blair Beasley and Matthew Smith have made an exterior inspection of the property that is the subject of this report. No one provided significant real property appraisal assistance to the person(s) signing this certification. As of the date of this report, Blair Beasley has completed the Standards and Ethics Education Requirements and the requirements 0 of the continuing education program for Practicing Affiliates of the Appraisal Institute. W As of the date of this report, Matthew Smith has completed the Standards and Ethics Education Requirements and the requirements of the continuing education program for Practicing Affiliates of the Appraisal Institute. 0 I, Blair Beasley,the supervisory appraiser of a registered appraiser trainee who contributed to the development or communication m of this appraisal as detailed in the Scope of Work (approx. 50 hours), hereby accepts full and complete responsibility for any work .721 performed by the registered appraiser trainee named in this report as if it were my own work. We have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report, Li within the 3-year period immediately preceding acceptance of this assignment. Z if 4/ 0 Blair Beasley, State-Certified General Real Estate Appraiser, License#RZ3871 April 8,2021 c z Matthew Smith, State-Registered Trainee Real Estate Appraiser, License#R124544 April 8, 2021 750 E. RICHMOND AVENUE 42 OF 48 I PROPERTY VALUATION & CONSULTING, INC. 0.k : �' i •.-'.t L i .i i 'il-I'L 1.:.:14"---- -. . ,.k,... j r ..... t. . al. . 1.1. , _ . .- . ! ,.. 211 r• , 119 'IF , a ; "'fir n s ' � ,r" + 4 ri ‘5 bi - -�i t�`_ milm r !_ ` i ., 0 m Flood Map m 0 _ 114, ......„ . lip ,__, _.114. _ _ . . v.. . 0 > of ___ o I V" 1`:- 41$01011,111� m � aromr z . •� m Na. " \- ' ter_• w V,. 1.s4'• �. • ($ tfr 71 te , . w , 4 , 1''0' :Al r ' �► Zr S� _ ' 1. 1 il « s • Y'W�Y�. ....va.•ya item 1Y.II6YIb�. Lam. :. lsem..Y I•Y.w i_.u,.. PM ....MY�. .WADMNi ..M..MI...M!l Y.YM wart y .Mr..M......... . a11000 L.IYII 0 Y�.irMr. of1....rtl SY.-.a.l.lM own. r.kuan MMr1 •.. InY�1..OYYYM .0*oar or M Mrs 1.0010 --.— rwaw«.r...r.t.. m.m—_w.m Norm IMPrn...10 -«.r ow norm o.m.1•.w rwwu «...o...wY. aYY rrr ww .s... ',I. mo ...�..r..rw„ !lra.!! o�ro...1>s..e.... p,..,...... oM...r.wa y.e....._.. slwc.uxa. 1....a...>........ wawmM..l.r.er>.. nomwuwis'ems r...w.re Mrwrlw.,..., NEM adman madame Y�,WM I.. •mrrl.+..r+wwbow A W 0 T A co T 33 0 T m xi D I- C D 0 2 40 n 0 Z W C < z O 2 0 N O Legal Description a Begin on the South line of she N1/9 of s1l/4 of Std1/4 of Section 20. Township 22 South, Range 28 Eawt. 132.02 feat North 88°27'20" Feat trots the SE corner of aetd o 0 N1/2, N1,11/4, SWL/4, Section 20, Township 22 South, Range 28 East, run thence North 88°27'20" hest 547.40 feet along the ©aid South lino of said N1/2, 'fW1/4, S141/4, Suction 20, thence North U424'UU" Soot 450 feet, thence South B8'27'20" East 547.01 feet, thence Soutn 1'21'00" Wrest 450 feet to the. Point of Beginning; together with an easeoent or ingress-eg:ese over the Souther:y 30 feet of the m Easterly 132.02 feat of the N1/2, NW1/4, i;Wl/' of Section 20, Township 22 South, Range 28 Nast, being contiguous with and abutting :he East 11uc of the above dexcribeed tract. Public Records of Orange County, Florida 0 T 0 m z r C 0 z e7 0 z en C z 0 z 0 V N O Original Deed f:JM.:1�11 Y sctlFt.�F. �.��yf}-6yaR.;l 0 -f: _T77Clf: .1�-p� "Oa' rbr. l�br,/.t/ct2 rC.r .. - . = 1:-11,k I O.e Q I ,J•Rtnaid A.flows. — t jai:' M � � :��1 �Attcr say at Lr f ,„P.0.Fax 134. m Uiarranly + eed fLLz '2:iv, - Gard Z 'iI:unff NSB—Sefigi i1992 lii florid& 71r9i a m ' igia.iEI1ritart. .o.,t-t. _rt.- .m al luny 19 77.artateta 411.1..t.14.3.BR7Trt2 ood IAIFA 00022=,his rite,as to an undiviied 1//to:erat ev0 1.:.Y0i11A 0. RRS:LL, m.uerenat[led r_dow.es to an u,:JieLlec 2/i iaterast, of me Cosy a Omega Sa.:i 71+yid:. .pair.'. g .019l,1,.nonend Meat 1.!10 EMS,RL v_fe,so tnrnnta the sari rxt,cu sits aatsor,•tdbaci oegreu_,rt:_i01o, 11h Sorority,awes, florid,.32761 +r Spero of Oros.o .5-ele al PlcrLbn j o StbMel111. Ifs+rr4/ga.rw,Ip a.-i aria ra•,etier=1 k. .r.l 7lria AND 1O 100 Cs10.CR)_____—______ Dela, e.4 sea geed cad nimbi.•.a ,-.,Yr+r,oe rot ,r a' ,: ed paid b7 mid deo..4,«> ...1 a mmhy aonled,aa•fe.o and,d:c•4.sad ee,arm a a„.'Ian.ors nasnrn r/aend 10 lalb.rv^. dew:M4 Wad.v,aU.Igoe ad o.t mesas Corry.norm.fr.+: S=yi=a Ohs So.th Ito.of dos 21/2 of ir.-1..:4 01 L'A1/4 of beetlao 20,Toweealp 22 &bath,dc4a 28 Last.112.02 vast forth 52'27'2n'Feet*roe r`.a SL corner of ea lei 111/2, me_/4, SAUi, s.aeiao 23,Tawash+p 22 Souls,Rang.29 du:, t,¢:bete.Perth A 21B'27'20"Wet 9d7.10 feet oleo';*said Souc1 liar of sale 7_/2,161/4,51.-1/4. Beetle 23,tie *north 0424+Off'Last 450 tee., t: tooth BS'27'2C"Last 547.0i for', firm,.Son.n'21'10'west 450 font co the into of RepPRntnt; witb.en eneexao_of thV eft ejroas ever Lae Southerly 70 feet of the Wanly 132,05 feet of the RI/2,RA/4,S•d1/1 of 9occinn u), :owsehip 22 Sous, i®je 2f last, '„a;,o a:+e_i4uwa olth lit abetting the•>J0!tee d.o ribed Onto. Subject to cues'or the year 1972 and aa0rgnent yearn;.1n.s1A.inrt 70 vserrnte and rostriatiess of r._iol, if am, oao cud Ica s.da.•Oren,Orgy ream-de yid a whl:vW.<M.gl dread+h mnv oscine 1e 1..fd cki,n r ell '—fearer uv"grcarr'c.r,:J or ducal,a.cen•rr rep:ran )n�itprad�hrtraf. (-dolor far lodo10 ne n 's seed ono seal:le 1009yee•Orr above Cora. Sneed. end& red we rm a „i, n,/ / `L.r6'•T f"_',}r'/ 7r..tK /�a• <f ...''-tf''7 r-___ :Sod) �� il� fa_A. Bro." 4 silos Rt4.e iJ•.•i,,,i'. ./.•'. . _ . �, (Seat . . Cornelia F.armee - Sad SASE Gf rux:D'1 I test Crerrl 1u an e:,day bee,.se,,,anon cl y a.ann.d a ie0e ar.oaa leda,oen;onwoSr ax.ana Y0:L'An a.9R0le aof LAMA B7D.LZE, Ida wife, at to on•mdivide4:/2 income: and C030Eo1A 7. *017L, ,- e rrlee widow s to eel/m/4W 2i7. toroet. K r Ina.,ro 40 tss, dr. ,ibed mar teed end ale ...l iw fce;eirg one uee,e end o6w, kdgee lank..we eel � w me u ease.Ile.ono Wm155 al bee:em eYael sal in ay..Cower en -.w lee eeeoeie-N, 29r:t cos al yt a 1977. ly oor+nsr...Y•ee jta2ay rybk tbr:Irele or lee �DC'JGRITA.Iff r q ptoFl a N TAX • vA SU .t lr! . „got r.a..i 305.50` _ r,J 1 O J T co co 03 m 03 r C 1 0 z 40 0 0 z C r z 0 z 0 O Appraiser Qualifications QUALIFICATIONS OF BL_ R.BEASLEY State-Certified General Real Estate Appraiser#RZ3871 Business Address Pru ty Valuation&Consulting,Inc. 204 South Dillard Street Winter Geffen,FL 34787 (407)877-0200,Fax:(407)877-8222 Education Florida State University Tallahassee,FL Bachelor of Science in Real Estate and Marketung.April 2011 Appraisal&Real Estate Courses Introduction to Real Estate:Florida State University Tallahassee,FL December 2009 Real Estate Valuation:Florida State University Tallahassee.FL December 2010 Real Estate Finance:Florida State University Tallahassee,FL December 2010 Real Estate Market Analysis:Florida State University Tallahassee,FL April 2011 Real Estate Investment:Florida State University Tallbhwn,FL April 2011 Legal Environment of Real Estate:Florida State University Tallahassee.FL April 2011 National USPAP 15 Hour Course.Steve Williamson Real Estate Education Specialists Orlando,FL April 2012 General Appraiser Market Analysis and Highest&Best Use Maitland.FL April 2013 Business Practices and Ethics Online February 2014 7-Hour National USPAP Update Course Orlando.FL November 2014 Florida Law Orlando,FL November 2014 7-Hour National USPAP Update Course Orlando.FL May 2016 7-Hour National USPAP Update Course Orlando.FL April 2018 Florida Law Orlando.FL April 2018 Appraising Small Apartment Properties Online November 2018 Basic Hotel Appraising—Limited Service Hotels Online November 2018 Appraisal of Land Subject to Ground Leases Online November 2018 Supervisor Appraiser'Trainee Appraiser Course Online August 2019 7-Hour National USP.4P Update Course Orlando.FL February 2020 Three Hour Florida Law Virtual Classroom September 2020 The Cost Approach:Unnecessary or Vital to a Healthy Practice Virtual Classroom October 2020 Uniform Appraisal Standards for Federal Land Acquisitions Online November 2020 Q1 0 Appraisal seminars sponsored by The Appraisal Institute m Critical Thinking in Appraisals.Jarmary 2014 +, m Real Estate Experience — September 2011 -Present-Associate.Property Valuation&Consulting.Inc..Winter Garden,FL Appraisal experience includes narrative and form report writing of commercial and residential vacant land. O agricultural land. proposed residential subdivision properties. recreational facilities. retail buildings, m industrial buildings, office buildings, day care facilities. greenhouse'nursery, commercial condominium properties. religious facilities'houses of worhip, and other special purpose properties. This includes { research.data collection,verification and analysis. r References Available upon request. O co co O m n x 0 z QUALIFICATIONS OF MATTHEW C.SMITH State-Registered Trainee Real Estate Appraiser#RI24544 Business Address Property Valuation&Consulting,Inc. 204 South Dillard Street Winter Garden,FL 34787 (407)877-0200,Fax:(407)877-8222 Education Berklee College of Music Boston,MA Dec.1993 Bachelor of Music(Major:Professional Music) Appraisal and Real Estate Courses IFREC Real Estate Schools Course: Basic Residential Appraisal Procedures Orlando,FL July.2018 Basic Residential Appraisal Principles Orlando,FL July_2018 Florida Appraisal Law Orlando,FL Aug.2018 2018-2019 15-Hour Equivalent USPAP Course Orlando,FL Aug_2018 National Appraising for the Supervisor and Trainee Orlando,FL Aug.2018 Appraisal Courses Sponsored by The Appraisal Institute Evaluating Commercial Leases Orlando,FL Feb.2019 USPAP 7-Hour Update Orlando,FL Feb.2020 General Appraiser Sales Comparison Approach Online Aug_2020 Three Hour Florida Law Update Virtual Class Sept.2020 Real Estate Experience September 2018-Present-Associate,Property Valuation&Consulting,Inc.,Winter Garden,FL Appraisal experience includes narrative and form report writing of commercial vacant land,retail buildings, office buildings,warehouses,diminution in value appraisals,retrospective appraisals,proposed RV parks, church properties,and other special purpose properties,along with residential properties. This includes research,data collection,verification and market analysis. References Available upon request. 0 T co 3l 0 m < r C O z Ro d7 O z do C r z O z n J cri m n x Appraisers Licenses c 0 z Roe DeSantis.Governor llalsey Mshears,S:cretary .,k, dbpr z STATE OF FLORIDA m m DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475,FLORIDA STATUTES 4.1'..:14171,C. 71.- 1-14C"A BEASLEY,BLAIR ,::# 204 S DILLARD STREET WINTER GARDEN FL 34787 LICENSE NUMBER:RZ3871 EXPIRATION DATE: NOVEMBER 30,2022 Always verify licenses online at MyRoridaLicense.com O, y Y�.O Do not alter this document in any form. ~ . . This Is your license.It Is unlawful for anyone other than the licensee to use this document. -'*.--. -...,,.r- Halle}Be:neam.Swnets, dbpr i STATE OF FLORIDA —" DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION A FLORIDA REAL ESTATE APPRAISAL BD co THE REGISTERED TRAINEE APPRAISER HEREIN HAS REGISTERED UNDER THE 0 m PROVISIONS OF CHAPTER 475,FLORIDA STATUTES A Vi. p SMITH,MATTHEW C ,4 -0 204 S DILLARD ST O WINTER GARDEN FL 34787 -0 m _ LICENSE NUMBER:ialISA4 I < EXPIRATION DATE:NOVEMBER 30,2022 r- Always verify licenses online at MyFloridaLicense.com C ,Z;T:P a- Do not alter this document in any form. Z -,7 This is your license.It is unlawful for anyone other than the licensee to use this document. Iz Authentisign ID:333CFFB9-FE72.4DE2-828C-07D687565EC2 "AS IS" Residential Contract For Sale And Purchase THIS FORM HAS BEEN APPROVED BY THE FLORIDA REALTORS AND THE FLORIDA BAR IJJ f Florida Realtors. * PARTIES: Joel Doss ("Seller'), 2* and Michael Rumer as the signatory for The City of Ocoee ("Buyer'), 3 agree that Seller shall sell and Buyer shall buy the following described Real Property and Personal Property 4 (collectively"Property") pursuant to the terms and conditions of this AS IS Residential Contract For Sale And Purchase 5 and any riders and addenda ("Contract"): 6 1. PROPERTY DESCRIPTION: 7* (a) Street address, city, zip: 750 E Richmond OCOEE 8* (b) Located in: Orange County, Florida. Property Tax ID#: 2 8-2 2-2 0-0 0 0 0-0 0-04 5 9* c) Real Property: The legal description is 10 ( BEG 132.02 FT W OF SE COR OFpN1/2 OF NW1/4 OF SW1/4 RUN W 547.4 FT N 450 FT B 547.01 FT S 450 FT TO 11 12 together with all existing improvements and fixtures, including built-in appliances, built-in furnishings and 13 attached wall-to-wall carpeting and flooring ("Real Property") unless specifically excluded in Paragraph 1(e) or 14 by other terms of this Contract. 15 (d) Personal Property: Unless excluded in Paragraph 1(e) or by other terms of this Contract, the following items 16 which are owned by Seller and existing on the Property as of the date of the initial offer are included in the 17 purchase: range(s)/oven(s), refrigerator(s), dishwasher(s), disposal, ceiling fan(s), intercom, light fixture(s), 16 drapery rods and draperies, blinds,window treatments, smoke detector(s),garage door opener(s),security gate 19 and other access devices, and storm shutters/panels ("Personal Property"). 20* Other Personal Property items included in this purchase are:mobile home 21 22 Personal Property is included in the Purchase Price, has no contributory value, and shall be left for the Buyer. 23* (e) The following items are excluded from the purchase: 24 25 PURCHASE PRICE AND CLOSING 26* 2. PURCHASE PRICE (U.S. currency)- $ 425, 000.00 27* (a) Initial deposit to be held in escrow in the amount of(checks subject to COLLECTION) $ 5, 000. 00 26 The initial deposit made payable and delivered to"Escrow Agent" named below 29* (CHECK ONE): (i) ❑ accompanies offer or(ii) ® is to be made within 10 (if left 30 blank, then 3) days after Effective Date. IF NEITHER BOX IS CHECKED, THEN 31 OPTION (ii) SHALL BE DEEMED SELECTED. 32* Escrow Agent Information: Name: Chelsea Title 33* Address: 1645 E Hwy 50 #301 Clermont FL 34711 34* Phone: 352 .394 .5 044 E-mail:wary.neubauer®fnf.com Fax: 35* (b) Additional deposit to be delivered to Escrow Agent within (if left blank, then 10) 36* days after Effective Date $ 37 (All deposits paid or agreed to be paid, are collectively referred to as the"Deposit") 38* (c) Financing: Express as a dollar amount or percentage ("Loan Amount") see Paragraph 8 39* (d) Other: $ 40 (e) Balance to close (not including Buyer's closing costs, prepaids and prorations) by wire 41* transfer or other COLLECTED funds $ 420, 000.00 42 NOTE: For the definition of"COLLECTION" or"COLLECTED" see STANDARD S. 43 3. TIME FOR ACCEPTANCE OF OFFER AND COUNTER-OFFERS; EFFECTIVE DATE: 44 (a) If not signed by Buyer and Seller, and an executed copy delivered to all parties on or before 45* 12/23/2020 , this offer shall be deemed withdrawn and the Deposit, if any, shall be returned to 46 Buyer. Unless otherwise stated, time for acceptance of any counter-offers shall be within 2 days after the day 47 the counter-offer is delivered. 46 (b) The effective date of this Contract shall be the date when the last one of the Buyer and Seller has signed or 49 initialed and delivered this offer or final counter-offer("Effective Date"). 50 4. CLOSING DATE: Unless modified by other provisions of this Contract, the closing of this transaction shall occur 51 and the closing documents required to be furnished by each party pursuant to this Contract shall be delivered 52* ("Closing") on 3/30/2021 ("Closing Date"), at the time established by the Closing Agent. Buyer's Initials Page 1 of 12 Seller's Initials EX4t91 FloridaRealtors/FloridaBar-ASIS-5x Rev.6/19©2017 Florida Realtors®and The Florida Bar. All rights reserved. This software is licensed to [Dana Fassett - DANA REALTY GROUP, LLC] www.transactiondesk.com. Instane}FORMS Authentisign ID:333CFFB9•FE72.4DE2$2BC-07D6B7565EC2 53 5. EXTENSION OF CLOSING DATE: 54 (a) If Paragraph 8(b) is checked and Closing funds from Buyer's lender(s) are not available on Closing Date due 55 to Consumer Financial Protection Bureau Closing Disclosure delivery requirements ("CFPB Requirements"), 56 then Closing Date shall be extended for such period necessary to satisfy CFPB Requirements, provided such 57 period shall not exceed 10 days. 58 (b) If an event constituting "Force Majeure" causes services essential for Closing to be unavailable, including the 59 unavailability of utilities or issuance of hazard, wind, flood or homeowners' insurance, Closing Date shall be 60 extended as provided in STANDARD G. 61 6. OCCUPANCY AND POSSESSION: 62 (a) Unless the box in Paragraph 6(b) is checked, Seller shall, at Closing, deliver occupancy and possession of the 63 Property to Buyer free of tenants, occupants and future tenancies. Also, at Closing, Seller shall have removed 64 all personal items and trash from the Property and shall deliver all keys, garage door openers, access devices 65 and codes, as applicable, to Buyer. If occupancy is to be delivered before Closing, Buyer assumes all risks of 66 loss to the Property from date of occupancy, shall be responsible and liable for maintenance from that date, 67 and shall be deemed to have accepted the Property in its existing condition as of time of taking occupancy. 68* (b) ❑ CHECK IF PROPERTY IS SUBJECT TO LEASE(S) OR OCCUPANCY AFTER CLOSING. If Property is 69 subject to a lease(s) after Closing or is intended to be rented or occupied by third parties beyond Closing, the 70 facts and terms thereof shall be disclosed in writing by Seller to Buyer and copies of the written lease(s) shall 71 be delivered to Buyer, all within 5 days after Effective Date. If Buyer determines, in Buyer's sole discretion, that 72 the lease(s)or terms of occupancy are not acceptable to Buyer, Buyer may terminate this Contract by delivery 73 of written notice of such election to Seller within 5 days after receipt of the above items from Seller, and Buyer 74 shall be refunded the Deposit thereby releasing Buyer and Seller from all further obligations under this Contract. 75 Estoppel Letter(s) and Seller's affidavit shall be provided pursuant to STANDARD D. If Property is intended to 76 be occupied by Seller after Closing, see Rider U. POST-CLOSING OCCUPANCY BY SELLER. 77* 7. ASSIGNABILITY: (CHECK ONE): Buyer❑ may assign and thereby be released from any further liability under 78* this Contract; IRI may assign but not be released from liability under this Contract; or ❑ may not assign this 79 Contract. 80 FINANCING 81 8. FINANCING: 82* ® (a) Buyer will pay cash for the purchase of the Property at Closing. There is no financing contingency to Buyer's 83 obligation to close. If Buyer obtains a loan for any part of the Purchase Price of the Property, Buyer acknowledges 84 that any terms and conditions imposed by Buyer's lender(s) or by CFPB Requirements shall not affect or extend 85 the Buyer's obligation to close or otherwise affect any terms or conditions of this Contract. 86* ❑ (b) This Contract is contingent upon Buyer obtaining approval of a ❑ conventional ❑ FHA❑VA or❑ other 87* (describe) loan within (if left blank, then 30) days after Effective Date ("Loan Approval 88* Period")for(CHECK ONE): ❑fixed, ❑ adjustable, ❑fixed or adjustable rate in the Loan Amount(See Paragraph 89* 2(c)), at an initial interest rate not to exceed % (if left blank, then prevailing rate based upon Buyer's 90* creditworthiness), and for a term of (if left blank, then 30) years ("Financing"). 91* (i) Buyer shall make mortgage loan application for the Financing within (if left blank, then 5) days 92 after Effective Date and use good faith and diligent effort to obtain approval of a loan meeting the Financing terms 93 ("Loan Approval")and thereafter to close this Contract. Loan Approval which requires a condition related to the sale 94 by Buyer of other property shall not be deemed Loan Approval for purposes of this subparagraph. 95 Buyer's failure to use diligent effort to obtain Loan Approval during the Loan Approval Period shall be considered a 96 default under the terms of this Contract. For purposes of this provision, "diligent effort" includes, but is not limited 97 to, timely furnishing all documents and information and paying of all fees and charges requested by Buyer's 98 mortgage broker and lender in connection with Buyer's mortgage loan application. 99 (ii) Buyer shall keep Seller and Broker fully informed about the status of Buyer's mortgage loan application, 10o Loan Approval, and loan processing and authorizes Buyer's mortgage broker, lender, and Closing Agent to disclose 10, such status and progress, and release preliminary and finally executed closing disclosures and settlement 102 statements, to Seller and Broker. 103 (iii) Upon Buyer obtaining Loan Approval, Buyer shall promptly deliver written notice of such approval to Seller. 104 (iv) If Buyer is unable to obtain Loan Approval after the exercise of diligent effort, then at any time prior to 105 expiration of the Loan Approval Period, Buyer may provide written notice to Seller stating that Buyer has been 106 unable to obtain Loan Approval and has elected to either: 107 (1) waive Loan Approval, in which event this Contract will continue as if Loan Approval had been obtained; or 108 (2)terminate this Contract. Buyer's Initials Page 2 of 12 Seller's Initials LI-14 FloridaRealtors/FloridaBar-ASIS-5x Rev.6/19©2017 Florida Realtors®and The Florida Bar. All rights reserved. This software is licensed to [Dana Fassett - DANA REALTY GROUP, LLC] www.transactiondesk.com. InstanetFORMs Authentisign ID:333CFFB9-FE72-40E2-02BC-07D6B7565EC2 109 (v) If Buyer fails to timely deliver either notice provided in Paragraph 8(b)(iii) or (iv), above, to Seller prior to 110 expiration of the Loan Approval Period, then Loan Approval shall be deemed waived, in which event this Contract 111 will continue as if Loan Approval had been obtained, provided however, Seller may elect to terminate this Contract 112 by delivering written notice to Buyer within 3 days after expiration of the Loan Approval Period. 113 (vi) If this Contract is timely terminated as provided by Paragraph 8(b)(iv)(2) or(v), above, and Buyer is not in 114 default under the terms of this Contract, Buyer shall be refunded the Deposit thereby releasing Buyer and Seller 115 from all further obligations under this Contract. 116 (vii) If Loan Approval has been obtained, or deemed to have been obtained, as provided above, and Buyer 117 fails to close this Contract, then the Deposit shall be paid to Seller unless failure to close is due to: (1) Seller's 118 default or inability to satisfy other contingencies of this Contract; (2) Property related conditions of the Loan Approval 119 have not been met (except when such conditions are waived by other provisions of this Contract); or(3) appraisal 120 of the Property obtained by Buyer's lender is insufficient to meet terms of the Loan Approval, in which event(s)the 121 Buyer shall be refunded the Deposit, thereby releasing Buyer and Seller from all further obligations under this 122 Contract. 123* ❑ (c)Assumption of existing mortgage (see rider for terms). 124* ❑ (d) Purchase money note and mortgage to Seller(see riders; addenda; or special clauses for terms). 125 CLOSING COSTS, FEES AND CHARGES 126 9. CLOSING COSTS; TITLE INSURANCE; SURVEY; HOME WARRANTY; SPECIAL ASSESSMENTS: 127 (a) COSTS TO BE PAID BY SELLER: 128 • Documentary stamp taxes and surtax on deed, if any • HOA/Condominium Association estoppel fees 129 • Owner's Policy and Charges (if Paragraph 9(c)(i) is checked) • Recording and other fees needed to cure title 130 •Title search charges (if Paragraph 9(c)(iii) is checked) • Seller's attorneys' fees 131* •Municipal lien search (if Paragraph 9(c)(i) or(iii) is checked) • Other: 132 If, prior to Closing, Seller is unable to meet the AS IS Maintenance Requirement as required by Paragraph 11 133 a sum equal to 125% of estimated costs to meet the AS IS Maintenance Requirement shall be escrowed at 134 Closing. If actual costs to meet the AS IS Maintenance Requirement exceed escrowed amount, Seller shall pay 135 such actual costs.Any unused portion of escrowed amount(s) shall be returned to Seller. 136 (b) COSTS TO BE PAID BY BUYER: 137 •Taxes and recording fees on notes and mortgages • Loan expenses 138 • Recording fees for deed and financing statements •Appraisal fees 139 • Owner's Policy and Charges (if Paragraph 9(c)(ii) is checked) • Buyer's Inspections 140 • Survey(and elevation certification, if required) • Buyer's attorneys'fees 141 • Lender's title policy and endorsements •All property related insurance 142 • HOA/Condominium Association application/transfer fees • Owner's Policy Premium (if Paragraph 143 •Municipal lien search (if Paragraph 9(c)(ii) is checked) 9 (c)(iii) is checked.) 144* •Other: 145* (c) TITLE EVIDENCE AND INSURANCE: At least 5 (if left blank, then 15, or if Paragraph 8(a) is checked, 146 then 5)days prior to Closing Date("Title Evidence Deadline"), a title insurance commitment issued by a Florida 147 licensed title insurer, with legible copies of instruments listed as exceptions attached thereto ("Title 148 Commitment") and, after Closing, an owner's policy of title insurance (see STANDARD A for terms) shall be 149 obtained and delivered to Buyer. If Seller has an owner's policy of title insurance covering the Real Property, a 150 copy shall be furnished to Buyer and Closing Agent within 5 days after Effective Date. The owner's title policy 151 premium, title search and closing services (collectively, "Owner's Policy and Charges") shall be paid, as set 152 forth below.The title insurance premium charges for the owner's policy and any lender's policy will be calculated 153 and allocated in accordance with Florida law, but may be reported differently on certain federally mandated 154 closing disclosures and other closing documents. For purposes of this Contract"municipal lien search" means a 155 search of records necessary for the owner's policy of title insurance to be issued without exception for unrecorded 156 liens imposed pursuant to Chapters 159 or 170, F.S., in favor of any governmental body, authority or agency. 157 (CHECK ONE): 158* K (i) Seller shall designate Closing Agent and pay for Owner's Policy and Charges, and Buyer shall pay the 159 premium for Buyer's lender's policy and charges for closing services related to the lender's policy, 160 endorsements and loan closing, which amounts shall be paid by Buyer to Closing Agent or such other 161 provider(s) as Buyer may select; or 162* ❑ (ii) Buyer shall designate Closing Agent and pay for Owner's Policy and Charges and charges for closing 163 services related to Buyer's lender's policy, endorsements and loan closing; or Buyer's Initials Page 3 of 12 Seller's Initials [14 FloridaRealtors/FloridaBar-ASIS-5x Rev.6/19©2017 Florida Realtors®and The Florida Bar. All rights reserved. This software is licensed to [Dana Fassett - DANA REALTY GROUP, LLC] www.transactiondesk.com. InstanetFORMS' Authentisign ID:333CFFB9-FE72.4DE2-026C-07D6B7565EC2 164* ❑ (iii)[MIAMI-DADE/BROWARD REGIONAL PROVISION]: Seller shall furnish a copy of a prior owner's policy 165 of title insurance or other evidence of title and pay fees for: (A) a continuation or update of such title evidence, 166 which is acceptable to Buyer's title insurance underwriter for reissue of coverage; (B) tax search; and (C) 167 municipal lien search. Buyer shall obtain and pay for post-Closing continuation and premium for Buyer's owner's 168* policy, and if applicable, Buyer's lender's policy. Seller shall not be obligated to pay more than$ 169 (if left blank, then $200.00)for abstract continuation or title search ordered or performed by Closing Agent. 170 (d) SURVEY: On or before Title Evidence Deadline, Buyer may, at Buyer's expense, have the Real Property 171 surveyed and certified by a registered Florida surveyor ("Survey"). If Seller has a survey covering the Real 172 Property, a copy shall be furnished to Buyer and Closing Agent within 5 days after Effective Date. 173* (e) HOME WARRANTY: At Closing, ❑ Buyer ❑ Seller ® N/A shall pay for a home warranty plan issued by 174* at a cost not to exceed $ . A home 175 warranty plan provides for repair or replacement of many of a home's mechanical systems and major built-in 176 appliances in the event of breakdown due to normal wear and tear during the agreement's warranty period. 177 (f) SPECIAL ASSESSMENTS: At Closing, Seller shall pay: (i) the full amount of liens imposed by a public body 178 ("public body" does not include a Condominium or Homeowner's Association)that are certified, confirmed and 179 ratified before Closing; and (ii) the amount of the public body's most recent estimate or assessment for an 180 improvement which is substantially complete as of Effective Date, but that has not resulted in a lien being 181 imposed on the Property before Closing. Buyer shall pay all other assessments. If special assessments may 182 be paid in installments (CHECK ONE): 183* ® (a) Seller shall pay installments due prior to Closing and Buyer shall pay installments due after Closing. 184 Installments prepaid or due for the year of Closing shall be prorated. 185* ❑ (b) Seller shall pay the assessment(s) in full prior to or at the time of Closing. 186 IF NEITHER BOX IS CHECKED, THEN OPTION (a) SHALL BE DEEMED SELECTED. 187 This Paragraph 9(f) shall not apply to a special benefit tax lien imposed by a community development district 188 (CDD) pursuant to Chapter 190, F.S., which lien shall be prorated pursuant to STANDARD K. 189 DISCLOSURES 190 10. DISCLOSURES: 191 (a) RADON GAS: Radon is a naturally occurring radioactive gas that, when it is accumulated in a building in 192 sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that 193 exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding 194 radon and radon testing may be obtained from your county health department. 195 (b) PERMITS DISCLOSURE: Except as may have been disclosed by Seller to Buyer in a written disclosure, Seller 196 does not know of any improvements made to the Property which were made without required permits or made 197 pursuant to permits which have not been properly closed. If Seller identifies permits which have not been 198 properly closed or improvements which were not permitted,then Seller shall promptly deliver to Buyer all plans, 199 written documentation or other information in Seller's possession, knowledge, or control relating to 200 improvements to the Property which are the subject of such open permits or unpermitted improvements. 201 (c) MOLD: Mold is naturally occurring and may cause health risks or damage to property. If Buyer is concerned or 202 desires additional information regarding mold, Buyer should contact an appropriate professional. 203 (d) FLOOD ZONE; ELEVATION CERTIFICATION: Buyer is advised to verify by elevation certificate which flood 204 zone the Property is in, whether flood insurance is required by Buyer's lender, and what restrictions apply to 205 improving the Property and rebuilding in the event of casualty. If Property is in a "Special Flood Hazard Area" 206 or"Coastal Barrier Resources Act"designated area or otherwise protected area identified by the U.S. Fish and 207 Wildlife Service under the Coastal Barrier Resources Act and the lowest floor elevation for the building(s)and/or 208 flood insurance rating purposes is below minimum flood elevation or is ineligible for flood insurance coverage 209 through the National Flood Insurance Program or private flood insurance as defined in 42 U.S.C. §4012a, Buyer 210 * may terminate this Contract by delivering written notice to Seller within (if left blank, then 20) days after 211 Effective Date, and Buyer shall be refunded the Deposit thereby releasing Buyer and Seller from all further 212 obligations under this Contract, failing which Buyer accepts existing elevation of buildings and flood zone 213 designation of Property. The National Flood Insurance Program may assess additional fees or adjust premiums 214 for pre-Flood Insurance Rate Map(pre-FIRM)non-primary structures(residential structures in which the insured 215 or spouse does not reside for at least 50%of the year)and an elevation certificate may be required for actuarial 216 rating. 217 (e) ENERGY BROCHURE: Buyer acknowledges receipt of Florida Energy-Efficiency Rating Information Brochure 218 required by Section 553.996, F.S. Buyer's Initials Page 4 of 12 Seller's Initials EY*4 FloridaRealtors/FloridaBar-ASIS-5x Rev.6/19©2017 Florida Realtors®and The Florida Bar. All rights reserved. This software is licensed to [Dana Fassett - DANA REALTY GROUP, LLC] www.transactiondesk.com. InstanetFORMS Authentisign ID:333CFFB9-FE72-4DE2-62BC-07D6B7565EC2 219 (f) LEAD-BASED PAINT: If Property includes pre-1978 residential housing, a lead-based paint disclosure is 220 mandatory. 221 (g) HOMEOWNERS' ASSOCIATION/COMMUNITY DISCLOSURE: BUYER SHOULD NOT EXECUTE THIS 222 CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE HOMEOWNERS' 223 ASSOCIATION/COMMUNITY DISCLOSURE, IF APPLICABLE. 224 (h) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT 225 PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED TO 226 PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY 227 IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER 226 PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE 229 COUNTY PROPERTY APPRAISER'S OFFICE FOR INFORMATION. 230 (i) FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT ("FIRPTA"): Seller shall inform Buyer in writing if 231 Seller is a "foreign person" as defined by the Foreign Investment in Real Property Tax Act ("FIRPTA"). Buyer 232 and Seller shall comply with FIRPTA, which may require Seller to provide additional cash at Closing. If Seller 233 is not a "foreign person", Seller can provide Buyer, at or prior to Closing, a certification of non-foreign status, 234 under penalties of perjury, to inform Buyer and Closing Agent that no withholding is required. See STANDARD 235 V for further information pertaining to FIRPTA. Buyer and Seller are advised to seek legal counsel and tax 236 advice regarding their respective rights, obligations, reporting and withholding requirements pursuant to 237 FIRPTA. 236 (j) SELLER DISCLOSURE: Seller knows of no facts materially affecting the value of the Real Property which are 239 not readily observable and which have not been disclosed to Buyer. Except as provided for in the preceding 240 sentence, Seller extends and intends no warranty and makes no representation of any type, either express or 241 implied, as to the physical condition or history of the Property. Except as otherwise disclosed in writing Seller 242 has received no written or verbal notice from any governmental entity or agency as to a currently uncorrected 243 building, environmental or safety code violation. 244 PROPERTY MAINTENANCE, CONDITION, INSPECTIONS AND EXAMINATIONS 245 11. PROPERTY MAINTENANCE: Except for ordinary wear and tear and Casualty Loss, Seller shall maintain the 246 Property, including, but not limited to, lawn, shrubbery, and pool, in the condition existing as of Effective Date("AS 247 IS Maintenance Requirement"). 246 12. PROPERTY INSPECTION; RIGHT TO CANCEL: 249* (a) PROPERTY INSPECTIONS AND RIGHT TO CANCEL: Buyer shall have 0 (if left blank, then 15) 250 days after Effective Date ("Inspection Period") within which to have such inspections of the Property 251 performed as Buyer shall desire during the Inspection Period. If Buyer determines, in Buyer's sole 252 discretion, that the Property is not acceptable to Buyer,Buyer may terminate this Contract by delivering 253 written notice of such election to Seller prior to expiration of Inspection Period. If Buyer timely 254 terminates this Contract, the Deposit paid shall be returned to Buyer, thereupon,Buyer and Seller shall 255 be released of all further obligations under this Contract; however, Buyer shall be responsible for 256 prompt payment for such inspections,for repair of damage to,and restoration of,the Property resulting 257 from such inspections, and shall provide Seller with paid receipts for all work done on the Property(the 258 preceding provision shall survive termination of this Contract). Unless Buyer exercises the right to 259 terminate granted herein, Buyer accepts the physical condition of the Property and any violation of 260 governmental, building, environmental, and safety codes, restrictions, or requirements, but subject to 261 Seller's continuing AS IS Maintenance Requirement, and Buyer shall be responsible for any and all 262 repairs and improvements required by Buyer's lender. 263 (b) WALK-THROUGH INSPECTION/RE-INSPECTION: On the day prior to Closing Date, or on Closing Date prior 264 to time of Closing, as specified by Buyer, Buyer or Buyer's representative may perform a walk-through (and 265 follow-up walk-through, if necessary) inspection of the Property solely to confirm that all items of Personal 266 Property are on the Property and to verify that Seller has maintained the Property as required by the AS IS 267 Maintenance Requirement and has met all other contractual obligations. 268 (c) SELLER ASSISTANCE AND COOPERATION IN CLOSE-OUT OF BUILDING PERMITS: If Buyer's inspection 269 of the Property identifies open or needed building permits, then Seller shall promptly deliver to Buyer all plans, 270 written documentation or other information in Seller's possession, knowledge, or control relating to 271 improvements to the Property which are the subject of such open or needed Permits, and shall promptly 272 cooperate in good faith with Buyer's efforts to obtain estimates of repairs or other work necessary to resolve 273 such Permit issues. Seller's obligation to cooperate shall include Seller's execution of necessary authorizations, Buyer's Initials Page 5 of 12 Seller's Initials [1"1 FloridaRealtors/FloridaBar-ASIS-5x Rev.6/19©2017 Florida Realtors®and The Florida Bar. All rights reserved. This software is licensed to [Dana Fassett - DANA REALTY GROUP, LLC] www.transactiondesk.com. InstanetfoRMs Authentisign ID:333CFFB9-FE72-4DE2-82BC-07D6B7565EC2 274 consents, or other documents necessary for Buyer to conduct inspections and have estimates of such repairs 275 or work prepared, but in fulfilling such obligation, Seller shall not be required to expend, or become obligated to 276 expend, any money. 277 (d) ASSIGNMENT OF REPAIR AND TREATMENT CONTRACTS AND WARRANTIES: At Buyer's option and 278 cost, Seller will, at Closing, assign all assignable repair, treatment and maintenance contracts and warranties 279 to Buyer. 280 ESCROW AGENT AND BROKER 281 13. ESCROW AGENT: Any Closing Agent or Escrow Agent (collectively "Agent") receiving the Deposit, other funds 282 and other items is authorized, and agrees by acceptance of them, to deposit them promptly, hold same in escrow 283 within the State of Florida and, subject to COLLECTION, disburse them in accordance with terms and conditions 284 of this Contract. Failure of funds to become COLLECTED shall not excuse Buyer's performance. When conflicting 285 demands for the Deposit are received, or Agent has a good faith doubt as to entitlement to the Deposit,Agent may 286 take such actions permitted by this Paragraph 13, as Agent deems advisable. If in doubt as to Agent's duties or 287 liabilities under this Contract, Agent may, at Agent's option, continue to hold the subject matter of the escrow until 288 the parties agree to its disbursement or until a final judgment of a court of competent jurisdiction shall determine 289 the rights of the parties, or Agent may deposit same with the clerk of the circuit court having jurisdiction of the 290 dispute. An attorney who represents a party and also acts as Agent may represent such party in such action. Upon 291 notifying all parties concerned of such action, all liability on the part of Agent shall fully terminate, except to the 292 extent of accounting for any items previously delivered out of escrow. If a licensed real estate broker, Agent will 293 comply with provisions of Chapter 475, F.S.,as amended and FREC rules to timely resolve escrow disputes through 294 mediation, arbitration, interpleader or an escrow disbursement order. 295 In any proceeding between Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder, 296 or in any proceeding where Agent interpleads the subject matter of the escrow, Agent shall recover reasonable 297 attorney's fees and costs incurred,to be paid pursuant to court order out of the escrowed funds or equivalent.Agent 298 shall not be liable to any party or person for mis-delivery of any escrowed items, unless such mis-delivery is due to 299 Agent's willful breach of this Contract or Agent's gross negligence. This Paragraph 13 shall survive Closing or 300 termination of this Contract. 301 14. PROFESSIONAL ADVICE; BROKER LIABILITY: Broker advises Buyer and Seller to verify Property condition, 302 square footage, and all other facts and representations made pursuant to this Contract and to consult appropriate 303 professionals for legal, tax, environmental, and other specialized advice concerning matters affecting the Property 304 and the transaction contemplated by this Contract. Broker represents to Buyer that Broker does not reside on the 305 Property and that all representations (oral, written or otherwise) by Broker are based on Seller representations or 306 public records. BUYER AGREES TO RELY SOLELY ON SELLER, PROFESSIONAL INSPECTORS AND 307 GOVERNMENTAL AGENCIES FOR VERIFICATION OF PROPERTY CONDITION, SQUARE FOOTAGE AND 308 FACTS THAT MATERIALLY AFFECT PROPERTY VALUE AND NOT ON THE REPRESENTATIONS (ORAL, 309 WRITTEN OR OTHERWISE) OF BROKER. Buyer and Seller (individually, the "Indemnifying Party") each 310 individually indemnifies, holds harmless, and releases Broker and Broker's officers, directors, agents and 311 employees from all liability for loss or damage, including all costs and expenses, and reasonable attorney's fees at 312 all levels, suffered or incurred by Broker and Broker's officers, directors, agents and employees in connection with 313 or arising from claims, demands or causes of action instituted by Buyer or Seller based on: (i) inaccuracy of 314 information provided by the Indemnifying Party or from public records; (ii) Indemnifying Party's misstatement(s) or 315 failure to perform contractual obligations; (iii) Broker's performance, at Indemnifying Party's request, of any task 316 beyond the scope of services regulated by Chapter 475, F.S., as amended, including Broker's referral, 317 recommendation or retention of any vendor for, or on behalf of, Indemnifying Party; (iv) products or services 318 provided by any such vendor for, or on behalf of, Indemnifying Party; and(v)expenses incurred by any such vendor. 319 Buyer and Seller each assumes full responsibility for selecting and compensating their respective vendors and 320 paying their other costs under this Contract whether or not this transaction closes. This Paragraph 14 will not relieve 321 Broker of statutory obligations under Chapter 475, F.S., as amended. For purposes of this Paragraph 14, Broker 322 will be treated as a party to this Contract. This Paragraph 14 shall survive Closing or termination of this Contract. 323 DEFAULT AND DISPUTE RESOLUTION 324 15. DEFAULT: 325 (a) BUYER DEFAULT: If Buyer fails, neglects or refuses to perform Buyer's obligations under this Contract, 326 including payment of the Deposit,within the time(s)specified, Seller may elect to recover and retain the Deposit 327 for the account of Seller as agreed upon liquidated damages, consideration for execution of this Contract, and 328 in full settlement of any claims, whereupon Buyer and Seller shall be relieved from all further obligations under Buyer's Initials Page 6 of 12 Seller's Initials EiL44-91 FloridaRealtors/FloridaBar-ASIS-5x Rev.6/19©2017 Florida Realtors®and The Florida Bar. All rights reserved. This software is licensed to [Dana Fassett - DANA REALTY GROUP, LLC] www.transactiondesk.com. InstanetFORMs Authentisign ID:333CFFB9-FE72-4DE2.82BC-07D6B7565EC2 329 this Contract, or Seller, at Seller's option, may, pursuant to Paragraph 16, proceed in equity to enforce Seller's 330 rights under this Contract. The portion of the Deposit, if any, paid to Listing Broker upon default by Buyer, shall 331 be split equally between Listing Broker and Cooperating Broker; provided however, Cooperating Broker's share 332 shall not be greater than the commission amount Listing Broker had agreed to pay to Cooperating Broker. 333 (b) SELLER DEFAULT: If for any reason other than failure of Seller to make Seller's title marketable after 334 reasonable diligent effort, Seller fails, neglects or refuses to perform Seller's obligations under this Contract, 335 Buyer may elect to receive return of Buyer's Deposit without thereby waiving any action for damages resulting 336 from Seller's breach, and, pursuant to Paragraph 16, may seek to recover such damages or seek specific 337 performance. 338 This Paragraph 15 shall survive Closing or termination of this Contract. 339 16. DISPUTE RESOLUTION: Unresolved controversies, claims and other matters in question between Buyer and 340 Seller arising out of,or relating to,this Contract or its breach, enforcement or interpretation("Dispute")will be settled 341 as follows: 342 (a) Buyer and Seller will have 10 days after the date conflicting demands for the Deposit are made to attempt to 343 resolve such Dispute, failing which, Buyer and Seller shall submit such Dispute to mediation under Paragraph 344 16(b). 345 (b) Buyer and Seller shall attempt to settle Disputes in an amicable manner through mediation pursuant to Florida 346 Rules for Certified and Court-Appointed Mediators and Chapter 44, F.S., as amended (the"Mediation Rules"). 347 The mediator must be certified or must have experience in the real estate industry. Injunctive relief may be 348 sought without first complying with this Paragraph 16(b). Disputes not settled pursuant to this Paragraph 16 349 may be resolved by instituting action in the appropriate court having jurisdiction of the matter. This Paragraph 350 16 shall survive Closing or termination of this Contract. 351 17. ATTORNEY'S FEES; COSTS: The parties will split equally any mediation fee incurred in any mediation permitted 352 by this Contract, and each party will pay their own costs, expenses and fees, including attorney's fees, incurred in 353 conducting the mediation. In any litigation permitted by this Contract,the prevailing party shall be entitled to recover 354 from the non-prevailing party costs and fees, including reasonable attorney's fees, incurred in conducting the 355 litigation. This Paragraph 17 shall survive Closing or termination of this Contract. 356 STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") 357 18. STANDARDS: 358 A. TITLE: 359 (I) TITLE EVIDENCE; RESTRICTIONS; EASEMENTS; LIMITATIONS: Within the time period provided in 360 Paragraph 9(c),the Title Commitment,with legible copies of instruments listed as exceptions attached thereto, shall 361 be issued and delivered to Buyer. The Title Commitment shall set forth those matters to be discharged by Seller at 362 or before Closing and shall provide that, upon recording of the deed to Buyer, an owner's policy of title insurance 363 in the amount of the Purchase Price, shall be issued to Buyer insuring Buyer's marketable title to the Real Property, 364 subject only to the following matters: (a) comprehensive land use plans, zoning, and other land use restrictions, 365 prohibitions and requirements imposed by governmental authority; (b) restrictions and matters appearing on the 366 Plat or otherwise common to the subdivision; (c) outstanding oil, gas and mineral rights of record without right of 367 entry; (d) unplatted public utility easements of record (located contiguous to real property lines and not more than 368 10 feet in width as to rear or front lines and 7 1/2 feet in width as to side lines); (e) taxes for year of Closing and 369 subsequent years; and (f) assumed mortgages and purchase money mortgages, if any (if additional items, attach 370 addendum); provided, that, none prevent use of Property for RESIDENTIAL PURPOSES. If there exists at Closing 371 any violation of items identified in (b)—(f)above,then the same shall be deemed a title defect. Marketable title shall 372 be determined according to applicable Title Standards adopted by authority of The Florida Bar and in accordance 373 with law. 374 (ii) TITLE EXAMINATION: Buyer shall have 5 days after receipt of Title Commitment to examine it and notify Seller 375 in writing specifying defect(s), if any, that render title unmarketable. If Seller provides Title Commitment and it is 376 delivered to Buyer less than 5 days prior to Closing Date, Buyer may extend Closing for up to 5 days after date of 377 receipt to examine same in accordance with this STANDARD A. Seller shall have 30 days ("Cure Period") after 378 receipt of Buyer's notice to take reasonable diligent efforts to remove defects. If Buyer fails to so notify Seller, Buyer 379 shall be deemed to have accepted title as it then is. If Seller cures defects within Cure Period, Seller will deliver 380 written notice to Buyer(with proof of cure acceptable to Buyer and Buyer's attorney) and the parties will close this 381 Contract on Closing Date (or if Closing Date has passed, within 10 days after Buyer's receipt of Seller's notice). If 382 Seller is unable to cure defects within Cure Period, then Buyer may, within 5 days after expiration of Cure Period, Buyer's Initials Page 7 of 12 Seller's Initials [1"1 FloridaRealtors/FloridaBar-ASIS-5x Rev.6/19©2017 Florida Realtors®and The Florida Bar. All rights reserved. This software is licensed to [Dana Fassett - DANA REALTY GROUP, LLC] www.transactiondesk.com. InstanetFoRMs Authentisign ID:333CFFB9-FE72-4DE2.82BC-07D6B7565EC2 STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED 383 deliver written notice to Seller: (a)extending Cure Period for a specified period not to exceed 120 days within which 384 Seller shall continue to use reasonable diligent effort to remove or cure the defects ("Extended Cure Period"); or 385 (b) electing to accept title with existing defects and close this Contract on Closing Date (or if Closing Date has 386 passed, within the earlier of 10 days after end of Extended Cure Period or Buyer's receipt of Seller's notice), or(c) 387 electing to terminate this Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller from all 388 further obligations under this Contract. If after reasonable diligent effort, Seller is unable to timely cure defects,and 389 Buyer does not waive the defects, this Contract shall terminate, and Buyer shall receive a refund of the Deposit, 390 thereby releasing Buyer and Seller from all further obligations under this Contract. 391 B. SURVEY: If Survey discloses encroachments on the Real Property or that improvements located thereon 392 encroach on setback lines, easements, or lands of others, or violate any restrictions, covenants, or applicable 393 governmental regulations described in STANDARD A (i)(a), (b) or (d) above, Buyer shall deliver written notice of 394 such matters, together with a copy of Survey, to Seller within 5 days after Buyer's receipt of Survey, but no later 395 than Closing. If Buyer timely delivers such notice and Survey to Seller, such matters identified in the notice and 396 Survey shall constitute a title defect, subject to cure obligations of STANDARD A above. If Seller has delivered a 397 prior survey, Seller shall, at Buyer's request, execute an affidavit of "no change" to the Real Property since the 398 preparation of such prior survey, to the extent the affirmations therein are true and correct. 399 C. INGRESS AND EGRESS: Seller represents that there is ingress and egress to the Real Property and title to 400 the Real Property is insurable in accordance with STANDARD A without exception for lack of legal right of access. 401 D. LEASE INFORMATION: Seller shall, at least 10 days prior to Closing, furnish to Buyer estoppel letters from 402 tenant(s)/occupant(s) specifying nature and duration of occupancy, rental rates, advanced rent and security 403 deposits paid by tenant(s) or occupant(s)("Estoppel Letter(s)"). If Seller is unable to obtain such Estoppel Letter(s) 404 the same information shall be furnished by Seller to Buyer within that time period in the form of a Seller's affidavit 405 and Buyer may thereafter contact tenant(s) or occupant(s) to confirm such information. If Estoppel Letter(s) or 406 Seller's affidavit, if any, differ materially from Seller's representations and lease(s) provided pursuant to Paragraph 407 6, or if tenant(s)/occupant(s) fail or refuse to confirm Seller's affidavit, Buyer may deliver written notice to Seller 408 within 5 days after receipt of such information, but no later than 5 days prior to Closing Date, terminating this 409 Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller from all further obligations under 410 this Contract. Seller shall, at Closing, deliver and assign all leases to Buyer who shall assume Seller's obligations 411 thereunder. 412 E. LIENS: Seller shall furnish to Buyer at Closing an affidavit attesting (i) to the absence of any financing 413 statement, claims of lien or potential lienors known to Seller and (ii) that there have been no improvements or 414 repairs to the Real Property for 90 days immediately preceding Closing Date. If the Real Property has been 415 improved or repaired within that time, Seller shall deliver releases or waivers of construction liens executed by all 416 general contractors, subcontractors, suppliers and materialmen in addition to Seller's lien affidavit setting forth 417 names of all such general contractors, subcontractors, suppliers and materialmen,further affirming that all charges 418 for improvements or repairs which could serve as a basis for a construction lien or a claim for damages have been 419 paid or will be paid at Closing. 420 F. TIME: Calendar days shall be used in computing time periods.Time is of the essence in this Contract.Other 421 than time for acceptance and Effective Date as set forth in Paragraph 3, any time periods provided for or dates 422 specified in this Contract, whether preprinted, handwritten, typewritten or inserted herein, which shall end or occur 423 on a Saturday, Sunday, or a national legal holiday(see 5 U.S.C.6103)shall extend to 5:00 p.m. (where the Property 424 is located) of the next business day. 425 G. FORCE MAJEURE: Buyer or Seller shall not be required to perform any obligation under this Contract or be 426 liable to each other for damages so long as performance or non-performance of the obligation, or the availability of 427 services, insurance or required approvals essential to Closing, is disrupted, delayed, caused or prevented by Force 428 Majeure. "Force Majeure" means: hurricanes, floods, extreme weather, earthquakes, fire, or other acts of God, 429 unusual transportation delays, or wars, insurrections, or acts of terrorism,which, by exercise of reasonable diligent 430 effort, the non-performing party is unable in whole or in part to prevent or overcome. All time periods, including 431 Closing Date, will be extended a reasonable time up to 7 days after the Force Majeure no longer prevents 432 performance under this Contract, provided, however, if such Force Majeure continues to prevent performance under 433 this Contract more than 30 days beyond Closing Date, then either party may terminate this Contract by delivering 434 written notice to the other and the Deposit shall be refunded to Buyer, thereby releasing Buyer and Seller from all 435 further obligations under this Contract. 436 H. CONVEYANCE: Seller shall convey marketable title to the Real Property by statutory warranty, trustee's, 437 personal representative's, or guardian's deed, as appropriate to the status of Seller, subject only to matters 438 described in STANDARD A and those accepted by Buyer. Personal Property shall, at request of Buyer, be Buyer's Initials Page 8 of 12 Seller's Initials 5345)1 FloridaRealtors/FloridaBar-ASIS-5x Rev.6/19©2017 Florida Realtors®and The Florida Bar. All rights reserved. This software is licensed to [Dana Fassett - DANA REALTY GROUP, LLC] www.transactiondesk.com. InstanetFoRMs Authentisign ID:333CFFB9-FE72-4DE2-82BC-07D6B7565EC2 STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED 439 transferred by absolute bill of sale with warranty of title, subject only to such matters as may be provided for in this 440 Contract. 441 I. CLOSING LOCATION; DOCUMENTS; AND PROCEDURE: 442 (i) LOCATION: Closing will be conducted by the attorney or other closing agent ("Closing Agent") designated by 443 the party paying for the owner's policy of title insurance and will take place in the county where the Real Property 444 is located at the office of the Closing Agent, or at such other location agreed to by the parties. If there is no title 445 insurance, Seller will designate Closing Agent. Closing may be conducted by mail, overnight courier, or electronic 446 means. 447 (ii) CLOSING DOCUMENTS: Seller shall at or prior to Closing, execute and deliver, as applicable, deed, bill of 448 sale, certificate(s)of title or other documents necessary to transfer title to the Property, construction lien affidavit(s), 449 owner's possession and no lien affidavit(s), and assignment(s) of leases. Seller shall provide Buyer with paid 450 receipts for all work done on the Property pursuant to this Contract. Buyer shall furnish and pay for, as applicable, 451 the survey, flood elevation certification, and documents required by Buyer's lender. 452 (iii) FinCEN GTO NOTICE. If Closing Agent is required to comply with the U.S. Treasury Department's 453 Financial Crimes Enforcement Network ("FinCEN") Geographic Targeting Orders ("GTOs"), then Buyer 454 shall provide Closing Agent with the information related to Buyer and the transaction contemplated by this 455 Contract that is required to complete IRS Form 8300,and Buyer consents to Closing Agent's collection and 456 report of said information to IRS. 457 (iv) PROCEDURE: The deed shall be recorded upon COLLECTION of all closing funds. If the Title Commitment 458 provides insurance against adverse matters pursuant to Section 627.7841, F.S., as amended, the escrow closing 459 procedure required by STANDARD J shall be waived, and Closing Agent shall, subject to COLLECTION of all 460 closing funds, disburse at Closing the brokerage fees to Broker and the net sale proceeds to Seller. 461 J. ESCROW CLOSING PROCEDURE: If Title Commitment issued pursuant to Paragraph 9(c) does not provide 462 for insurance against adverse matters as permitted under Section 627.7841, F.S., as amended, the following 463 escrow and closing procedures shall apply: (1) all Closing proceeds shall be held in escrow by the Closing Agent 464 for a period of not more than 10 days after Closing; (2) if Seller's title is rendered unmarketable, through no fault of 465 Buyer, Buyer shall, within the 10 day period, notify Seller in writing of the defect and Seller shall have 30 days from 466 date of receipt of such notification to cure the defect; (3) if Seller fails to timely cure the defect, the Deposit and all 467 Closing funds paid by Buyer shall, within 5 days after written demand by Buyer, be refunded to Buyer and, 468 simultaneously with such repayment, Buyer shall return the Personal Property, vacate the Real Property and re- 469 convey the Property to Seller by special warranty deed and bill of sale; and(4) if Buyer fails to make timely demand 470 for refund of the Deposit, Buyer shall take title as is, waiving all rights against Seller as to any intervening defect 471 except as may be available to Buyer by virtue of warranties contained in the deed or bill of sale. 472 K. PRORATIONS; CREDITS: The following recurring items will be made current(if applicable)and prorated as of 473 the day prior to Closing Date, or date of occupancy if occupancy occurs before Closing Date: real estate taxes 474 (including special benefit tax assessments imposed by a CDD), interest, bonds, association fees, insurance, rents 475 and other expenses of Property. Buyer shall have option of taking over existing policies of insurance, if assumable, 476 in which event premiums shall be prorated. Cash at Closing shall be increased or decreased as may be required 477 by prorations to be made through day prior to Closing. Advance rent and security deposits, if any, will be credited 478 to Buyer. Escrow deposits held by Seller's mortgagee will be paid to Seller. Taxes shall be prorated based on 479 current year's tax. If Closing occurs on a date when current year's millage is not fixed but current year's assessment 480 is available, taxes will be prorated based upon such assessment and prior year's millage. If current year's 481 assessment is not available, then taxes will be prorated on prior year's tax. If there are completed improvements 482 on the Real Property by January 1st of year of Closing, which improvements were not in existence on January 1st 483 of prior year, then taxes shall be prorated based upon prior year's millage and at an equitable assessment to be 484 agreed upon between the parties, failing which, request shall be made to the County Property Appraiser for an 485 informal assessment taking into account available exemptions. In all cases, due allowance shall be made for the 486 maximum allowable discounts and applicable homestead and other exemptions. A tax proration based on an 487 estimate shall, at either party's request, be readjusted upon receipt of current year's tax bill. This STANDARD K 488 shall survive Closing. 489 L. ACCESS TO PROPERTY TO CONDUCT APPRAISALS, INSPECTIONS, AND WALK-THROUGH: Seller 490 shall, upon reasonable notice, provide utilities service and access to Property for appraisals and inspections, 491 including a walk-through (or follow-up walk-through if necessary) prior to Closing. 492 M. RISK OF LOSS: If, after Effective Date, but before Closing, Property is damaged by fire or other casualty 493 ("Casualty Loss") and cost of restoration (which shall include cost of pruning or removing damaged trees)does not 494 exceed 1.5% of Purchase Price, cost of restoration shall be an obligation of Seller and Closing shall proceed 495 pursuant to terms of this Contract. If restoration is not completed as of Closing, a sum equal to 125% of estimated Buyer's Initials Page 9 of 12 Seller's Initials G-312-1 FloridaRealtors/FloridaBar-ASIS-5x Rev.6/19©2017 Florida Realtors®and The Florida Bar. All rights reserved. This software is licensed to [Dana Fassett - DANA REALTY GROUP, LLC] www.transactiondesk.com. InstanetFoRMs Authentisign ID:333CFFB9-FE72-4DE2-62BC-07D6B7565EC2 STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED 496 cost to complete restoration (not to exceed 1.5% of Purchase Price) will be escrowed at Closing. If actual cost of 497 restoration exceeds escrowed amount, Seller shall pay such actual costs (but, not in excess of 1.5% of Purchase 496 Price). Any unused portion of escrowed amount shall be returned to Seller. If cost of restoration exceeds 1.5% of 499 Purchase Price, Buyer shall elect to either take Property"as is" together with the 1.5%, or receive a refund of the 500 Deposit thereby releasing Buyer and Seller from all further obligations under this Contract. Seller's sole obligation 501 with respect to tree damage by casualty or other natural occurrence shall be cost of pruning or removal. 502 N. 1031 EXCHANGE: If either Seller or Buyer wish to enter into a like-kind exchange (either simultaneously with 503 Closing or deferred) under Section 1031 of the Internal Revenue Code("Exchange"),the other party shall cooperate 504 in all reasonable respects to effectuate the Exchange, including execution of documents; provided, however, 505 cooperating party shall incur no liability or expense related to the Exchange, and Closing shall not be contingent 506 upon, nor extended or delayed by, such Exchange. 507 O. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; DELIVERY; COPIES; CONTRACT 508 EXECUTION: Neither this Contract nor any notice of it shall be recorded in any public records. This Contract shall 509 be binding on, and inure to the benefit of, the parties and their respective heirs or successors in interest.Whenever 510 the context permits, singular shall include plural and one gender shall include all. Notice and delivery given by or to 511 the attorney or broker(including such broker's real estate licensee) representing any party shall be as effective as 512 if given by or to that party. All notices must be in writing and may be made by mail, personal delivery or electronic 513 (including "pdf) media. A facsimile or electronic (including "pdf') copy of this Contract and any signatures hereon 514 shall be considered for all purposes as an original. This Contract may be executed by use of electronic signatures, 515 as determined by Florida's Electronic Signature Act and other applicable laws. 516 P. INTEGRATION; MODIFICATION: This Contract contains the full and complete understanding and agreement 517 of Buyer and Seller with respect to the transaction contemplated by this Contract and no prior agreements or 518 representations shall be binding upon Buyer or Seller unless included in this Contract. No modification to or change 519 in this Contract shall be valid or binding upon Buyer or Seller unless in writing and executed by the parties intended 520 to be bound by it. 521 Q. WAIVER: Failure of Buyer or Seller to insist on compliance with, or strict performance of, any provision of this 522 Contract, or to take advantage of any right under this Contract, shall not constitute a waiver of other provisions or 523 rights. 524 R. RIDERS; ADDENDA; TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Riders, addenda, and typewritten 525 or handwritten provisions shall control all printed provisions of this Contract in conflict with them. 526 S. COLLECTION or COLLECTED: "COLLECTION" or "COLLECTED" means any checks tendered or 527 received, including Deposits, have become actually and finally collected and deposited in the account of 528 Escrow Agent or Closing Agent. Closing and disbursement of funds and delivery of closing documents 529 may be delayed by Closing Agent until such amounts have been COLLECTED in Closing Agent's accounts. 530 T. RESERVED. 531 U. APPLICABLE LAW AND VENUE: This Contract shall be construed in accordance with the laws of the State 532 of Florida and venue for resolution of all disputes, whether by mediation, arbitration or litigation, shall lie in the 533 county where the Real Property is located. 534 V. FIRPTA TAX WITHHOLDING: If a seller of U.S. real property is a "foreign person" as defined by FIRPTA, 535 Section 1445 of the Internal Revenue Code ("Code") requires the buyer of the real property to withhold up to 15% 536 of the amount realized by the seller on the transfer and remit the withheld amount to the Internal Revenue Service 537 (IRS) unless an exemption to the required withholding applies or the seller has obtained a Withholding Certificate 536 from the IRS authorizing a reduced amount of withholding. 539 (i) No withholding is required under Section 1445 of the Code if the Seller is not a "foreign person". Seller can 540 provide proof of non-foreign status to Buyer by delivery of written certification signed under penalties of perjury, 541 stating that Seller is not a foreign person and containing Seller's name, U.S. taxpayer identification number and 542 home address(or office address, in the case of an entity), as provided for in 26 CFR 1.1445-2(b). Otherwise, Buyer 543 shall withhold the applicable percentage of the amount realized by Seller on the transfer and timely remit said funds 544 to the IRS. 545 (ii) If Seller is a foreign person and has received a Withholding Certificate from the IRS which provides for reduced 546 or eliminated withholding in this transaction and provides same to Buyer by Closing, then Buyer shall withhold the 547 reduced sum required, if any, and timely remit said funds to the IRS. 548 (iii) If prior to Closing Seller has submitted a completed application to the IRS for a Withholding Certificate and has 549 provided to Buyer the notice required by 26 CFR 1.1445-1(c) (2)(i)(B) but no Withholding Certificate has been 550 received as of Closing, Buyer shall, at Closing, withhold the applicable percentage of the amount realized by Seller 551 on the transfer and, at Buyer's option, either(a)timely remit the withheld funds to the IRS or(b) place the funds in 552 escrow, at Seller's expense, with an escrow agent selected by Buyer and pursuant to terms negotiated by the Buyer's Initials Page 10 of 12 Seller's Initials [/"1 FloridaRealtorslFloridaBar-ASIS-5x Rev.6/19©2017 Florida Realtors®and The Florida Bar. All rights reserved. This software is licensed to [Dana Fassett - DANA REALTY GROUP, LLC] www.transactiondesk.com. InstanetFoRMs Authentisign ID:333CFFB9•FE72-4DE2.62BC-07D6B7565EC2 STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED 553 parties, to be subsequently disbursed in accordance with the Withholding Certificate issued by the IRS or remitted 554 directly to the IRS if the Seller's application is rejected or upon terms set forth in the escrow agreement. 555 (iv) In the event the net proceeds due Seller are not sufficient to meet the withholding requirement(s) in this 556 transaction, Seller shall deliver to Buyer, at Closing, the additional COLLECTED funds necessary to satisfy the 557 applicable requirement and thereafter Buyer shall timely remit said funds to the IRS or escrow the funds for 558 disbursement in accordance with the final determination of the IRS, as applicable. 559 (v) Upon remitting funds to the IRS pursuant to this STANDARD, Buyer shall provide Seller copies of IRS Forms 560 8288 and 8288-A, as filed. 561 W. RESERVED 562 X. BUYER WAIVER OF CLAIMS: To the extent permitted by law, Buyer waives any claims against Seller 563 and against any real estate licensee involved in the negotiation of this Contract for any damage or defects 564 pertaining to the physical condition of the Property that may exist at Closing of this Contract and be 565 subsequently discovered by the Buyer or anyone claiming by, through, under or against the Buyer. This 566 provision does not relieve Seller's obligation to comply with Paragraph 10(j). This Standard X shall survive 567 Closing. 568 ADDENDA AND ADDITIONAL TERMS 569* 19. ADDENDA: The following additional terms are included in the attached addenda or riders and incorporated into this 570 Contract(Check if applicable): ❑A. Condominium Rider ❑ K. RESERVED ❑ T. Pre-Closing Occupancy ❑ B. Homeowners'Assn. ❑ L. RESERVED ❑ U. Post-Closing Occupancy ❑ C. Seller Financing ❑ M. Defective Drywall ❑V. Sale of Buyer's Property ❑ D. Mortgage Assumption El N. Coastal Construction Control ❑W. Back-up Contract ❑ E. FHA/VA Financing Line ❑ X. Kick-out Clause ❑ F. Appraisal Contingency ❑ O. Insulation Disclosure ❑ Y. Seller's Attorney Approval ❑ G. Short Sale ❑ P. Lead Paint Disclosure(Pre-1978) ❑ Z. Buyer's Attorney Approval ❑ H. Homeowners/Flood Ins. ❑ Q. Housing for Older Persons ❑AA. Licensee Property Interest ❑ I. RESERVED ❑ R. Rezoning ❑ BB. Binding Arbitration ❑ J. Interest-Bearing Acct. ❑ S. Lease Purchase/Lease Option ❑ CC. Miami-Dade County Special Taxing District Disclosure ❑ Other: 571* 20. ADDITIONAL TERMS: 572 573 574 575 576 577 578 579 580 581 582 583 584 585 586 587 588 COUNTER-OFFER/REJECTION 589* ❑ Seller counters Buyer's offer(to accept the counter-offer, Buyer must sign or initial the counter-offered terms and 590 deliver a copy of the acceptance to Seller). 591* ❑ Seller rejects Buyer's offer. Buyer's Initials Page 11 of 12 Seller's Initials 114 FloridaRealtors/FloridaBar-ASIS-5x Rev.6/19©2017 Florida Realtors®and The Florida Bar. All rights reserved. This software is licensed to [Dana Fassett - DANA REALTY GROUP, LLC] www.transactiondesk.com. InstonetFoRMs Authentisign ID:333CFFB9-FE72.4DE2-82BC-07D6B7565EC2 592 THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY UNDERSTOOD, SEEK THE 593 ADVICE OF AN ATTORNEY PRIOR TO SIGNING. 594 THIS FORM HAS BEEN APPROVED BY THE FLORIDA REALTORS AND THE FLORIDA BAR. 595 Approval of this form by the Florida Realtors and The Florida Bar does not constitute an opinion that any of the 596 terms and conditions in this Contract should be accepted by the parties in a particular transaction. Terms and 597 conditions should be negotiated based upon the respective interests, objectives and bargaining positions of all 598 interested persons. 599 AN ASTERISK(*) FOLLOWING A LINE NUMBER IN THE MARGIN INDICATES THE LINE CONTAINS A BLANK 600 TO BE COMPLETED. 601* Buyer: Date: The City of Ocoee 602* Buyer: Date: "�"1°` 5iGN The Cityof Ocoee 603* Seller: I J� .9°66 Date: 12/09/2020 12/9/2020 8:45:43 PM EST Joel M Doss 604* Seller: Date: 605 Buyer's address for purposes of notice Seller's address for purposes of notice 606* 607 * 608 * 609 BROKER: Listing and Cooperating Brokers, if any, named below (collectively, "Broker"), are the only Brokers 610 entitled to compensation in connection with this Contract. Instruction to Closing Agent: Seller and Buyer direct 611 Closing Agent to disburse at Closing the full amount of the brokerage fees as specified in separate brokerage 612 agreements with the parties and cooperative agreements between the Brokers, except to the extent Broker has 613 retained such fees from the escrowed funds. This Contract shall not modify any MLS or other offer of compensation 614 made by Seller or Listing Broker to Cooperating Brokers. 615* Dana Fassett Dana Fassett 616 Cooperating Sales Associate, if any Listing Sales Associate 617* Dana Realty Group, LLC Dana Realty Group, LLC 618 Cooperating Broker, if any Listing Broker Buyer's Initials Page 12 of 12 Seller's Initials [1"1 FloridaRealtors/FloridaBar-ASIS-5x Rev.6/19©2017 Florida Realtors®and The Florida Bar. All rights reserved. This software is licensed to [Dana Fassett - DANA REALTY GROUP, LLC] www.transactiondesk.com. InstanetFoRMs' Regular City Commission Meeting February 16, 2021 PUBLIC HEARING-None FIRST READING OF ORDINANCE-None SECOND READING OF ORDINANCE—PUBLIC HEARING-None REGULAR AGENDA- 6:55 PM 7. Appointment of Members to the 2021 Canvassing Board. (City Clerk Sibbitt) In accordance with Section C-50 of the Ocoee City Charter, the Canvasing Board will consist of three (3) citizens appointed by the City Commission.On February 5,2013,the consensus of the Commission was that the Mayor and two(2)Commissioners whose district seats are not part of the election should each select one (1)member for the Canvassing Board.In keeping with that practice,Mayor Johnson,Commissioner Brinson and Commissioner Firstner would each need to appoint a member for the Canvassing Board. City Clerk Sibbitt advised, in accordance with the City's Charter, the Mayor and two (2) Commissioners whose district seats are not part of the upcoming election each need to appoint one(1)member to make up the Canvassing Board to canvass the City's March 9th election. Consensus of the Board was to allow the Mayor, Commissioner Brinson and Commissioner Firstner to submit one (1) member each to be appointed to the Canvassing Board outside of this meeting. STAFF ACTION ITEMS-None COMMENTS FROM CITIZENS/PUBLIC - 6:31 PM Heard out of Agenda Order Mayor Johnson said he has a speaker form from Cherice Gertsman and Joel Doss. Joel Doss owns property located at 750 Richmond Avenue, which is currently for sale and adjacent to the City's Cemetery.The owner is seeking easement rights in order to sell his property. However,the Mayor expressed he would like the City Commission to consider purchasing the Doss property to expand the City's existing cemetery because currently it is at capacity. Development Services Director Rumer explained the owners of this property came to the City back in 2019 indicating they would like to sell this property in the future, and inquired if the City would be interested in purchasing it. They are here requesting an easement off of Richmond Avenue in order to sell their property because the parcel is landlocked. He presented maps of the property and explained there are some wetlands; however, he believes approximately 145 cemetery plots could be added with twelve (12) columbariums. There is a mobile home on the property which could be utilized, or removed completely. Commissioner Firstner inquired if the purchase of the land would include the wetland area,and was answered in the affirmative. Discussion ensued regarding the wetlands and how it could be utilized as a passive reflective park. Commissioner Wilsen inquired on the purchase price, and was answered $425,000. Wage • Regular City Commission Meeting February 16, 2021 Development Services Director Rumer explained the Parks and Recreation Department has funds in place to purchase a fence for the west side; however, if the City purchases this property that fence would not be needed. Commissioner Oliver inquired about the appraisal price of the land,and was advised an appraisal has not been done. City Manager Frank explained if the Commission is interested in purchasing this property, an appraisal will be required; and further, he recommended they consider granting a budget amendment with the funds coming from reserves. He advised a budget amendment is forthcoming within the next two months for stormwater improvements. The following person addressed the City Commission: - Cherice Gertsman said her father, Joel Doss,a two-time war Veteran,is 72 years old and rapidly declining. They are trying to sell this property as soon as possible in order to utilize the funds received for his care. She explained they need this easement in order to sell the property and asked the City to move forward with the easement. Mayor Johnson expressed he hopes the City buys the property for the residents; however, if the Commission does not approve to buy the property, the easement should be approved. Commissioner Wilsen shared she would like to move forward with the appraisal. Commissioner Firstner agreed that it is absolutely necessary to move forward with the appraisal. Commissioner Oliver said he felt it was reasonable to set aside $5,000 for the appraisal. Motion: Move to approve $5,000 from Contingency Funds for an appraisal on the Doss property located at 750 Richmond Avenue; Moved by Commissioner Oliver, seconded by Commissioner Wilsen; Motion carried 4-0 with Commissioner Brinson absent. No further speaker reservation forms, telephone calls, or emails were received. COMMENTS FROM COMMISSIONERS - 6:57 PM Commissioner Oliver—Commented on the following: 1) Shared the Clarke Road sign on Colonial Drive when traveling east needs to be replaced. Commissioner Wilsen explained she spoke to Staff at Public Works and shared it is on order as it was damaged by a car fire. 2) Inquired if a plan for the City to educate residents with regard to trash collection has been determined. City Manager Frank explained what had been done in the past,and shared that the current vendor is providing the services the City is paying for as outlined in their contract. He felt it was a learning curve and suggested periodically placing information in with the water bill. 3)Inquired about the status of the Clarke Road widening project. City Attorney Cookson shared it was approved on the consent agenda tonight,Item#4. Mayor Johnson requested a timeline for what can be expected. Development Services Director Rumer explained the process and shared that it will take roughly 18 months from the recording date to complete the project. Mayor Johnson inquired about the total cost of the project. Assistant City Manager Shadrix shared it 5 ' Page