Loading...
Item 05 Approval of Contract to Purchase 182 N. Lakeshore Dr. City of Ocoee ▪ 1 N. Bluford Avenue ▪ Ocoee, Florida 34761 Phone: (407) 905-3100 ▪ www.ocoee.org STAFF REPORT Meeting Date: February 21, 2023 Item #: 5 Contact Name: Michael Rumer Department Director: Michael Rumer Contact Number: Ext. 1018 City Manager: Robert Frank Subject: Approval of Contract to Purchase 182 N. Lakeshore Drive. (Development Services Director Rumer) Background Summary: The property located at 182 N. Lakeshore Drive is adjacent to a parcel owned by the City and is adjacent to the City Hall Campus and the Lakefront Park. The location of the property makes this property vitally important in both the protection and location of amenities in the Lakefront Park. The owner currently has the property for sale "By Owner". City staff contacted the property owner and received a firm sale price of $310,000. An appraisal of the property was completed by a licensed real estate appraisal firm. The appraisal estimated the home and property value to be $281,000.00. Said appraisal is attached. In order to reach a price point closer to the owner's asking price, Staff utilized an additional method of valuation. When the City needs additional property for a capital improvement project such as a road or lift station, the City, through an eminent domain action, enacts an "order of taking" of property. As part of the eminent domain action, the City provides an initial offer of appraised value plus 10%. Applying this method to the appraised value of $281,000, the value of the present property is $309,100. Staff negotiated a contract with the property owner and received an executed contract for sale and purchase in the amount of $309,100. Issue: Should the Honorable Mayor and City Commission approve a contract to purchase 182 N. Lakeshore Drive? Recommendations: Staff recommends that the Honorable Mayor and City Commission approve the contract to purchase 182 N. Lakeshore Drive. Attachments: 1. Aerial 2. Contract 3. Appraisal Financial Impacts: As this is a strategic procurement of adjacent lands for the expansion of the Municipal Lakefront Park, funding Page 113 of 151 City of Ocoee ▪ 1 N. Bluford Avenue ▪ Ocoee, Florida 34761 Phone: (407) 905-3100 ▪ www.ocoee.org for the acquisition will come from the Capital Improvement Bond, which has sufficient funds to cover the $309,100.00 purchase price. Type of Item: Regular Page 114 of 151 City of Ocoee* LAKE STARKE N Lakeshore Drive L a k e v i e w S t r e e t N Lakewood AvenueI 0 40 8020Feet Page 115 of 151 Contract for Residential Sale and Purchase B u y e r ( _ _ __ _ _ ) ( _ _ _ __ _ ) a n d S e l l e r ( _ _ __ _ _ ) ( _ _ __ _ _ ) a c k n o w l e d g e r e c e i p t o f a c o p y o f t h i s p a g e , w h i c h i s P a g e 1 o f 9 . C R S P - 1 6 R e v 2 / 2 0 © 2 0 2 0 F l o r i d a R e a l t o r s ® 1 . S a l e a n d P u r c h a s e : ( " S e l l e r " ) 1 a n d ( " B u y e r " ) 2 ( t h e " p a r t i e s " ) a g r e e t o s e l l a n d b u y o n t h e t e r m s a n d c o n d i t i o n s s p e c i f i e d b e l o w t h e p r o p e r t y d e s c r i b e d a s : 3 S t r e e t A d d r e s s : 4 C i t y : Z i p C o d e : C o u n t y : 5 L e g a l D e s c r i p t i o n : 6 7 T a x I D N o . : t o g e t h e r w i t h a l l e x i s t i n g i m p r o v e m e n t s a n d a t t a c h e d 8 i t e m s , i n c l u d i n g f i x t u r e s ; b u i l t - i n f u r n i s h i n g s ; m a j o r a p p l i a n c e s ( i n c l u d i n g b u t n o t l i m i t e d t o r a n g e ( s ) , r e f r i g e r a t o r ( s ) , d i s h w a s h e r ( s ) , 9 w a s h e r ( s ) , a n d d r y e r ( s ) ) ; _ _ _ _ _ _ ( # ) c e i l i n g f a n s ( a l l c e i l i n g f a n s i f l e f t b l a n k ) ; l i g h t f i x t u r e s ; a t t a c h e d w a l l - t o - w a l l c a r p e t i n g ; a n d r o d s , 1 0 d r a p e r i e s , a n d o t h e r w i n d o w t r e a t m e n t s a s o f d a t e o f B u y e r ' s i n i t i a l o f f e r . T h e o n l y o t h e r i t e m s i n c l u d e d i n t h e p u r c h a s e a r e : 1 1 1 2 1 3 T h e f o l l o w i n g a t t a c h e d i t e m s a r e e x c l u d e d f r o m t h e p u r c h a s e : 1 4 1 5 1 6 T h e r e a l a n d p e r s o n a l p r o p e r t y d e s c r i b e d a b o v e a s i n c l u d e d i n t h e p u r c h a s e i s r e f e r r e d t o a s t h e " P r o p e r t y . " 1 7 P e r s o n a l p r o p e r t y l i s t e d i n t h i s C o n t r a c t i s i n c l u d e d i n t h e p u r c h a s e p r i c e , h a s n o c o n t r i b u t o r y v a l u e , a n d i s b e i n g 1 8 l e f t f o r S e l l e r ' s c o n v e n i e n c e . 1 9 2 . P u r c h a s e P r i c e : $ p a y a b l e b y B u y e r i n U . S . c u r r e n c y a s f o l l o w s : 2 0 A l l d e p o s i t s w i l l b e m a d e p a y a b l e t o " E s c r o w A g e n t " n a m e d b e l o w a n d h e l d i n e s c r o w b y : 2 1 E s c r o w A g e n t ' s N a m e : 2 2 E s c r o w A g e n t ' s A d d r e s s : 2 3 E s c r o w A g e n t ' s P h o n e : 2 4 ( a )$ " I n i t i a l D e p o s i t " ( $ 0 i f l e f t b l a n k ) ( C h e c k i f a p p l i c a b l e )2 5 a c c o m p a n i e s o f f e r 2 6 t o b e d e l i v e r e d t o E s c r o w A g e n t w i t h i n _ _ _ _ _ _ d a y s ( 3 d a y s i f l e f t b l a n k ) a f t e r 2 7 E f f e c t i v e D a t e 2 8 ( b )$ A d d i t i o n a l d e p o s i t t o b e d e l i v e r e d t o E s c r o w A g e n t b y _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ o r w i t h i n 2 9 _ _ _ _ _ _ d a y s ( 1 0 d a y s i f l e f t b l a n k ) a f t e r E f f e c t i v e D a t e 3 0 ( c ) T o t a l F i n a n c i n g ( s e e P a r a g r a p h 3 b e l o w ) ( e x p r e s s a s a d o l l a r a m o u n t o r p e r c e n t a g e ) 3 1 ( d )$ O t h e r : 3 2 ( e )$ B a l a n c e t o c l o s e ( n o t i n c l u d i n g B u y e r ' s c l o s i n g c o s t s , p r e p a i d i t e m s , a n d p r o r a t i o n s ) 3 3 A l l f u n d s p a i d a t C l o s i n g m u s t b e p a i d b y w i r e t r a n s f e r o r o t h e r C o l l e c t e d f u n d s . 3 4 3 . F i n a n c i n g : (C h e c k a s a p p l i c a b l e )3 5 ( a ) B u y e r w i l l p a y c a s h o r o b t a i n f i n a n c i n g f o r t h e p u r c h a s e o f t h e P r o p e r t y . T h i s C o n t r a c t i s n o t c o n t i n g e n t o n 3 6 f i n a n c i n g o r a p p r a i s e d v a l u e u n l e s s o t h e r w i s e s t a t e d h e r e i n . 3 7 ( b ) B u y e r w i l l a p p l y f o r n e w c o n v e n t i o n a l F H A V A o t h e r ( s p e c i f y ) _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 3 8 f i n a n c i n g s p e c i f i e d i n P a r a g r a p h 2 ( c ) a t t h e p r e v a i l i n g i n t e r e s t r a t e a n d l o a n c o s t s b a s e d o n B u y e r ' s 3 9 c r e d i t w o r t h i n e s s ( t h e " F i n a n c i n g " ) w i t h i n _ _ _ _ _ _ d a y s ( 5 d a y s i f l e f t b l a n k ) a f t e r E f f e c t i v e D a t e a n d p r o v i d e 4 0 S e l l e r w i t h e i t h e r a w r i t t e n F i n a n c i n g c o m m i t m e n t o r a p p r o v a l l e t t e r ( " C o m m i t m e n t " ) o r w r i t t e n n o t i c e t h a t B u y e r 4 1 i s u n a b l e t o o b t a i n a C o m m i t m e n t w i t h i n _ _ _ _ _ _ d a y s ( t h e e a r l i e r o f 3 0 d a y s a f t e r E f f e c t i v e D a t e o r 1 0 d a y s 4 2 b e f o r e C l o s i n g D a t e i f l e f t b l a n k ) a f t e r E f f e c t i v e D a t e ( " C o m m i t m e n t P e r i o d " ) . B u y e r w i l l k e e p S e l l e r a n d B r o k e r 4 3 f u l l y i n f o r m e d a b o u t l o a n a p p l i c a t i o n s t a t u s , p r o g r e s s , a n d C o m m i t m e n t i s s u e s a n d a u t h o r i z e s t h e m o r t g a g e 4 4 b r o k e r a n d l e n d e r t o d i s c l o s e a l l s u c h i n f o r m a t i o n t o S e l l e r a n d B r o k e r . I f , a f t e r u s i n g d i l i g e n c e a n d g o o d f a i t h , 4 5 B u y e r i s u n a b l e t o o b t a i n a C o m m i t m e n t a n d p r o v i d e s S e l l e r w i t h w r i t t e n n o t i c e b e f o r e e x p i r a t i o n o f t h e 4 6 C o m m i t m e n t P e r i o d t h a t B u y e r i s u n a b l e t o o b t a i n a C o m m i t m e n t , e i t h e r p a r t y m a y t h e r e a f t e r c a n c e l t h i s 4 7 * * * * * * * * * * * * * * * * * * * * * * * * * * 309,100.00 5,000.00 Shuffield, Lowman & Wilson, P.A. Orange 304,100.00 1000 Legion Place, Suite 1700, Orlando, Florida 32801 407-581-9800 18-22-28-4725-02-010 182 N Lakeshore Dr. 34761Ocoee 0 Cactus on exterior of property. LAKE RIDGE PLAT F/123 COMM SE COR OF LOT 1 BLK B TH N00-06-11W 60.22 FT FOR POB TH RUN S46-14-43W 69.04 FT N00-05-35W 149.80 FT N88-05-39E 49.95 FT S00-06-11E 103.72 FT TO POB Licensed to Alta Star Software and ID: D1155002947.C2GQ.128696 Software and added formatting © 2023 Alta Star Software, all rights reserved.• www.altastar.com • (877) 279-8898 Page 116 of 151 B u y e r ( _ _ _ _ _ _ ) ( _ _ _ _ _ _ ) a n d S e l l e r ( _ _ _ _ _ _ ) ( _ _ _ _ _ _ ) a c k n o w l e d g e r e c e i p t o f a c o p y o f t h i s p a g e , w h i c h i s P a g e 2 o f 9 . C R S P - 1 6 R e v 2 / 2 0 © 2 0 2 0 F l o r i d a R e a l t o r s ® C o n t r a c t ; a n d B u y e r ' s d e p o s i t ( s ) w i l l b e r e f u n d e d . B u y e r ' s f a i l u r e t o t i m e l y p r o v i d e S e l l e r w i t h w r i t t e n n o t i c e 4 8 t h a t B u y e r i s u n a b l e t o o b t a i n a C o m m i t m e n t w i l l r e s u l t i n f o r f e i t u r e o f B u y e r ' s d e p o s i t ( s ) i f B u y e r f a i l s t o c l o s e . 4 9 O n c e B u y e r p r o v i d e s t h e C o m m i t m e n t t o S e l l e r , t h e f i n a n c i n g c o n t i n g e n c y i s w a i v e d a n d S e l l e r w i l l b e e n t i t l e d 5 0 t o r e t a i n t h e d e p o s i t ( s ) i f t h e t r a n s a c t i o n d o e s n o t c l o s e b y t h e C l o s i n g D a t e u n l e s s ( i ) t h e P r o p e r t y a p p r a i s e s 5 1 b e l o w t h e p u r c h a s e p r i c e a n d e i t h e r t h e p a r t i e s c a n n o t a g r e e o n a n e w p u r c h a s e p r i c e o r B u y e r e l e c t s n o t t o 5 2 p r o c e e d , o r ( i i ) t h e p r o p e r t y r e l a t e d c o n d i t i o n s o f t h e C o m m i t m e n t h a v e n o t b e e n m e t ( e x c e p t w h e n s u c h 5 3 c o n d i t i o n s a r e w a i v e d b y o t h e r p r o v i s i o n s o f t h i s C o n t r a c t ) , o r ( i i i ) t h e l o a n i s n o t f u n d e d d u e t o f i n a n c i a l f a i l u r e 5 4 o f B u y e r ' s l e n d e r , o r ( i v ) a n o t h e r p r o v i s i o n o f t h i s C o n t r a c t p r o v i d e s f o r c a n c e l l a t i o n . 5 5 4 . C l o s i n g D a t e ; O c c u p a n c y : U n l e s s t h e C l o s i n g D a t e i s s p e c i f i c a l l y e x t e n d e d b y S e l l e r a n d B u y e r o r b y a n y o t h e r 5 6 p r o v i s i o n i n t h i s C o n t r a c t , t h e C l o s i n g D a t e w i l l p r e v a i l o v e r a l l o t h e r t i m e p e r i o d s i n c l u d i n g , b u t n o t l i m i t e d t o , 5 7 f i n a n c i n g a n d i n s p e c t i o n p e r i o d s . C l o s i n g o f t h i s C o n t r a c t ( t h e " C l o s i n g " ) w i l l o c c u r o n _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 5 8 ( " C l o s i n g D a t e " ) a t t h e t i m e e s t a b l i s h e d b y t h e C l o s i n g A g e n t , b y w h i c h t i m e S e l l e r w i l l ( i ) h a v e r e m o v e d a l l p e r s o n a l 5 9 i t e m s a n d t r a s h f r o m t h e P r o p e r t y a n d s w e p t t h e P r o p e r t y c l e a n a n d ( i i ) d e l i v e r t h e d e e d , o c c u p a n c y , a n d 6 0 p o s s e s s i o n , a l o n g w i t h a l l k e y s , g a r a g e d o o r o p e n e r s , a n d a c c e s s c o d e s t o B u y e r . I f o n C l o s i n g D a t e i n s u r a n c e 6 1 u n d e r w r i t i n g i s s u s p e n d e d , B u y e r m a y p o s t p o n e C l o s i n g f o r u p t o 5 d a y s a f t e r t h e i n s u r a n c e s u s p e n s i o n i s l i f t e d . 6 2 I f P a r a g r a p h 3 ( b ) i s s e l e c t e d a n d c l o s i n g f u n d s f r o m B u y e r ' s l e n d e r ( s ) a r e n o t a v a i l a b l e o n C l o s i n g D a t e d u e t o 6 3 C o n s u m e r F i n a n c i a l P r o t e c t i o n B u r e a u C l o s i n g D i s c l o s u r e d e l i v e r y r e q u i r e m e n t s ( C F P B R e q u i r e m e n t s ) , t h e n 6 4 C l o s i n g D a t e w i l l b e e x t e n d e d f o r s u c h p e r i o d n e c e s s a r y t o s a t i s f y C F P B R e q u i r e m e n t s , p r o v i d e d s u c h p e r i o d d o e s 6 5 n o t e x c e e d 1 0 d a y s . I f t h i s t r a n s a c t i o n d o e s n o t c l o s e f o r a n y r e a s o n , B u y e r w i l l i m m e d i a t e l y r e t u r n a l l S e l l e r - 6 6 p r o v i d e d t i t l e e v i d e n c e , s u r v e y s , a s s o c i a t i o n d o c u m e n t s , a n d o t h e r i t e m s , f a i l i n g w h i c h B u y e r a u t h o r i z e s C l o s i n g 6 7 A g e n t t o r e i m b u r s e S e l l e r $ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( $ 1 0 0 i f l e f t b l a n k ) f r o m t h e d e p o s i t ( s ) f o r t h e c o s t o f t h e d o c u m e n t s . 6 8 5 . C l o s i n g P r o c e d u r e ; C o s t s : C l o s i n g w i l l t a k e p l a c e i n t h e c o u n t y w h e r e t h e P r o p e r t y i s l o c a t e d a n d m a y b e 6 9 c o n d u c t e d b y m a i l o r e l e c t r o n i c m e a n s . I f t i t l e i n s u r a n c e i n s u r e s B u y e r f o r t i t l e d e f e c t s a r i s i n g b e t w e e n t h e t i t l e 7 0 b i n d e r e f f e c t i v e d a t e a n d r e c o r d i n g o f B u y e r ' s d e e d , C l o s i n g A g e n t w i l l d i s b u r s e a t C l o s i n g t h e n e t s a l e p r o c e e d s 7 1 t o S e l l e r a n d b r o k e r a g e f e e s t o B r o k e r a s p e r P a r a g r a p h 1 9 . I n a d d i t i o n t o o t h e r e x p e n s e s p r o v i d e d i n t h i s C o n t r a c t , 7 2 S e l l e r a n d B u y e r w i l l p a y t h e c o s t s i n d i c a t e d b e l o w . 7 3 ( a ) S e l l e r C o s t s : 7 4 T a x e s a n d s u r t a x e s o n t h e d e e d 7 5 R e c o r d i n g f e e s f o r d o c u m e n t s n e e d e d t o c u r e t i t l e 7 6 R e p a i r s a n d P e r m i t s : S e l l e r w i l l p a y u p t o $ _ _ _ _ _ _ _ _ _ _ _ _ _ _ o r _ _ _ _ _ _ % ( 1 . 5 % i f l e f t b l a n k ) o f t h e p u r c h a s e 7 7 p r i c e f o r r e p a i r s t o w a r r a n t e d i t e m s ( " R e p a i r L i m i t " ) ; a n d u p t o $ _ _ _ _ _ _ _ _ _ _ _ _ _ _ o r _ _ _ _ _ _ % ( 1 . 5 % i f l e f t 7 8 b l a n k ) o f t h e p u r c h a s e p r i c e f o r w o o d - d e s t r o y i n g o r g a n i s m t r e a t m e n t a n d r e p a i r s ( " W D O R e p a i r L i m i t " ) ; a n d u p 7 9 t o $ _ _ _ _ _ _ _ _ _ _ _ _ o r _ _ _ _ _ _ % ( 1 . 5 % i f l e f t b l a n k ) o f t h e p u r c h a s e p r i c e f o r c o s t s a s s o c i a t e d w i t h c l o s i n g o u t 8 0 o p e n p e r m i t s a n d o b t a i n i n g r e q u i r e d p e r m i t s f o r u n p e r m i t t e d e x i s t i n g i m p r o v e m e n t s ( " P e r m i t L i m i t " ) . 8 1 O t h e r : 8 2 ( b ) B u y e r C o s t s : 8 3 T a x e s a n d r e c o r d i n g f e e s o n n o t e s a n d m o r t g a g e s 8 4 R e c o r d i n g f e e s o n t h e d e e d a n d f i n a n c i n g s t a t e m e n t s 8 5 L o a n e x p e n s e s 8 6 L e n d e r ' s t i t l e p o l i c y 8 7 I n s p e c t i o n s 8 8 S u r v e y 8 9 F l o o d i n s u r a n c e , h o m e o w n e r ' s i n s u r a n c e , h a z a r d i n s u r a n c e 9 0 O t h e r : 9 1 ( c ) T i t l e E v i d e n c e a n d I n s u r a n c e : I f S e l l e r h a s a n o w n e r ' s t i t l e p o l i c y c o v e r i n g t h e P r o p e r t y , S e l l e r w i l l p r o v i d e a 9 2 c o p y t o B u y e r a n d t i t l e a g e n t w i t h i n 5 d a y s a f t e r E f f e c t i v e D a t e . T h e c h a r g e s f o r t i t l e e v i d e n c e a n d a n y l e n d e r ' s 9 3 p o l i c y w i l l b e c a l c u l a t e d a n d a l l o c a t e d i n a c c o r d a n c e w i t h F l o r i d a l a w b u t m a y b e r e p o r t e d d i f f e r e n t l y o n c e r t a i n 9 4 f e d e r a l l y - m a n d a t e d c l o s i n g d i s c l o s u r e s a n d o t h e r c l o s i n g d o c u m e n t s . 9 5 C h e c k ( 1 ) o r ( 2 ) 9 6 ( 1 ) T h e t i t l e e v i d e n c e w i l l b e a P a r a g r a p h 1 0 ( a ) ( 1 ) o w n e r ' s t i t l e i n s u r a n c e c o m m i t m e n t . S e l l e r w i l l s e l e c t 9 7 t h e t i t l e a g e n t a n d C l o s i n g A g e n t a n d w i l l p a y f o r t h e o w n e r ' s t i t l e p o l i c y ; t i t l e s e a r c h , i n c l u d i n g t a x a n d l i e n 9 8 s e a r c h ; a n d a l l o t h e r f e e s c h a r g e d b y t i t l e a g e n t a n d C l o s i n g A g e n t o r B u y e r w i l l s e l e c t t h e t i t l e a g e n t 9 9 a n d C l o s i n g A g e n t a n d p a y f o r t h e o w n e r ' s t i t l e p o l i c y ; t i t l e s e a r c h , i n c l u d i n g t a x a n d l i e n s e a r c h ; a n d a l l 1 0 0 o t h e r f e e s c h a r g e d b y t i t l e a g e n t a n d C l o s i n g A g e n t o r B u y e r w i l l s e l e c t t h e t i t l e a g e n t a n d C l o s i n g A g e n t , 1 0 1 * * * * * * * * * * or before 90 days after ED Licensed to Alta Star Software and ID: D1155002947.C2GQ.128696 Software and added formatting © 2023 Alta Star Software, all rights reserved.• www.altastar.com • (877) 279-8898 0.00 0.00 0.00 Page 117 of 151 Buyer (______) (______) and Seller (______) (______) acknowledge receipt of a copy of this page, which is Page 3 of 9. CRSP-16 Rev 2/20 © 2020 Florida Realtors ® and Seller will pay for the owner's title policy; title search, including tax and lien search; and all other fees102 charged by title agent and Closing Agent.103 (2) Seller will provide an abstract as specified in Paragraph 10(a)(2)as title evidence.Seller Buyer will104 pay for the owner's title policy and select the title agent and Closing Agent.Seller will pay fees for title105 searches, including tax and lien searches, before Closing, and Buyer will pay fees for title searches,106 including tax and lien searches, after Closing (if any) and all other fees charged by title agent and Closing107 Agent.108 (d) Prorations:The following items will be made current (if applicable) and prorated as of the day before Closing:109 real estate taxes (including special benefit tax assessments imposed by a community development district110 ("CDD")), interest, bonds, assessments, association fees, insurance, rents, and other current expenses and111 revenues of the Property. If taxes and assessments for the current year cannot be determined, taxes will be112 prorated on the basis of taxes for the preceding year as of the day before Closing and will be computed and113 readjusted, at either party's request, when the current taxes are determined with adjustment for exemptions114 and improvements. If there are completed improvements on the Property by January 1 of the year of the115 Closing, which improvements were not in existence on January 1 of the prior year, taxes will be prorated based116 on the prior year's millage and at an equitable assessment to be agreed upon by the parties before Closing,117 failing which, request will be made to the County Property Appraiser for an informal assessment taking into118 consideration available exemptions. If the County Property Appraiser is unable or unwilling to perform an119 informal assessment before Closing,Seller and Buyer will split the cost of a private appraiser to perform an120 assessment before Closing. Nothing in this Paragraph will act to extend the Closing Date. This provision will121 survive Closing.122 (e) Special Assessment by Public Body:Regarding special assessments imposed by a public body,Seller will123 pay (i) the full amount of liens that are certified, confirmed, and ratified before Closing and (ii) the amount of the124 last estimate of the assessment if an improvement is substantially completed as of Effective Date but has not125 resulted in a lien before Closing; and Buyer will pay all other amounts. If special assessments may be paid in126 installments Seller Buyer (Buyer if left blank) will pay installments due after Closing. If Seller is checked,127 Seller will pay the assessment in full before or at the time of Closing. Public body does not include a128 Homeowners' Association or Condominium Association. Paragraph 5(e)does not apply to a special benefit tax129 lien imposed by a CDD pursuant to Chapter 190, Florida Statutes, which lien will be prorated pursuant to130 Paragraph 5(d).131 (f) Tax Withholding: Seller and Buyer will comply with the Foreign Investment in Real Property Tax Act, which132 may require Seller to provide additional cash at Closing if Seller is a "foreign person" as defined by federal law.133 (g) Home Warranty: Seller Buyer N/A will pay for a home warranty plan issued by134 _____________________________________________________at a cost not to exceed $______________.135 A home warranty plan provides for repair or replacement of many of a home's mechanical systems and major136 built-in appliances in the event of breakdown due to normal wear and tear during the agreement period.137 6. Inspection Periods: Buyer will complete all inspections referenced in Paragraphs 7(b),8(a)(2),8(b), and 8(c)by138 ____________________ (the earlier of 10 days after Effective Date or 10 days before Closing Date if left blank)139 ("Inspection Period").140 7. Real Property Disclosures: Seller represents that Seller does not know of any facts that materially affect the141 value of the Property, including but not limited to violations of governmental laws, rules, and regulations, other than142 those that Buyer can readily observe or that are known by or have been disclosed to Buyer.143 (a) Energy Efficiency: Buyer acknowledges receipt of the energy-efficiency information brochure required by144 Section 553.996, Florida Statutes.145 (b) Radon Gas:Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in146 sufficient quantities, may present health risks to persons who are exposed to it over time. Radon levels that147 exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding148 radon and radon testing may be obtained from your county public health unit.Buyer may, within the Inspection149 Period, havean appropriately licensed person test the Property for radon. If the radon level exceeds acceptable150 EPA standards,Seller may choose to reduce the radon level to an acceptable EPA level, failing which either151 party may cancel this Contract.152 (c) Flood Zone: Buyer is advised to verify by survey, with the lender, and with appropriate government agencies153 which flood zone thePropertyisin, whether floodinsuranceis required,and whatrestrictions applyto improving154 the Property and rebuilding in the event of casualty. If the Property is in a Special Flood Hazard Area or Coastal155 High Hazard Area and the buildings are built below the minimum flood elevation,Buyer may cancel this156 * * * * *30 days after Effective Date Licensed to Alta Star Software and ID: D1155002947.C2GQ.128696 Software and added formatting © 2023 Alta Star Software, all rights reserved.• www.altastar.com • (877) 279-8898 Page 118 of 151 Buyer (______) (______) and Seller (______) (______) acknowledge receipt of a copy of this page, which is Page 4 of 9. CRSP-16 Rev 2/20 © 2020 Florida Realtors ® Contract by delivering written notice to Seller within 20 days after Effective Date, failing which Buyer accepts157 the existing elevation of the buildings and zone designation of the Property.158 (d) Homeowners' Association:If membership in a homeowners' association is mandatory, an association159 disclosure summary is attached and incorporated into this Contract.BUYER SHOULD NOT SIGN THIS160 CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE DISCLOSURE SUMMARY.161 (e) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT162 PROPERTY TAXES AS THEAMOUNTOFPROPERTY TAXESTHAT BUYER MAY BE OBLIGATED TO PAY163 IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY164 IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER165 PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE166 COUNTY PROPERTY APPRAISER'S OFFICE FOR FURTHER INFORMATION.167 (f) Mold:Mold is part of the natural environment that, when accumulated in sufficient quantities, may present168 health risks to susceptible persons. For more information, contact the county indoor air quality specialist or169 other appropriate professional.170 (g) Coastal Construction Control Line:If any part of the Property lies seaward of the coastal constructioncontrol171 line ("CCCL") as defined in Section 161.053, Florida Statutes,Seller will provide Buyer with an affidavit or172 survey as required by law delineating the line's location on the Property, unless Buyer waives this requirement173 in writing. The Property being purchased may be subject to coastal erosion and to federal, state, or local174 regulations that govern coastal property, including delineation of the CCCL, rigid coastal protection structures,175 beachnourishment, andthe protection of marineturtles. Additional information can be obtained fromtheFlorida176 Department of Environmental Protection, including whether there are significant erosion conditions associated177 with the shoreline of the Property being purchased.178 Buyer waives the right to receive a CCCL affidavit or survey.179 8. Maintenance, Inspections, and Repair: Seller will keep the Property in the same condition from Effective Date180 until Closing, except for normal wear and tear ("Maintenance Requirement") and repairs required by this Contract.181 Seller will provide access and utilities for Buyer's inspections and appraisals.Buyer will repair all damages to the182 Property resulting from the inspections, return the Property to its pre-inspection condition, and provide Seller with183 paid receipts for all work done on the Property upon its completion. If Seller is unable to complete required repairs184 or treatments or meet the Maintenance Requirement before Closing,Seller will give Buyer a credit at Closing for185 the cost of therepairsandmaintenance Seller wasobligatedto perform. At Closing,Seller willassign all assignable186 repair and treatment contracts to Buyer and provide Buyer with paid receipts for all work done on the Property187 pursuant to the terms of this Contract.188 (a) Warranty, Inspections, and Repair:189 (1) Warranty: Seller warrants that non-leased major appliances; heating, cooling, mechanical, electrical,190 security, sprinkler, septic, and plumbing systems; seawall; dock; and pool equipment, if any, are and will191 be maintained in working condition until Closing; that the structures (including roofs, doors, and windows)192 and pool, if any, are structurally sound and watertight; and that torn or missing screens, missing roof tiles,193 and fogged windows will be repaired or replaced. Limited remaining life of any warranted item will not be194 considered adefect that must be repaired or replaced by Seller.Seller does not warrant and is not required195 to repair cosmetic conditions, unless the cosmetic condition resulted from a defect in a warranted item.196 Seller is not obligated to bring any item into compliance with existing building code regulations unless197 necessary to repair a warranted item. "Workingcondition" means operating in the manner in which the item198 was designed to operate and "cosmetic conditions" means aesthetic imperfections that do not affect the199 working condition of the item, including pitted marcite; tears, worn spots, and discoloration of floor200 coverings/wallpapers/window treatments; caulking in bathroom; nail holes, scratches, dents, scrapes, and201 chips in ceilings/walls/flooring/tile/fixtures/mirrors; cracked roof tiles; curling or worn shingles; and minor202 cracks in floor tiles/windows/driveways/sidewalks/pool decks/garage and patio floors.203 (2) Professional Inspection: Buyer may, at Buyer's expense, have warranted items inspected by a person204 who specializes in and holds a license (if required by law) to conduct home inspections or who holds a205 Florida license to repair and maintain the items inspected ("professional inspector").Buyer must, within 5206 days after the end of Inspection Period, deliver written notice of any items that are not in the condition207 warranted and a copy of the portion of the inspector's written report dealing with such items to Seller. If208 Buyer fails to timely deliver written notice,Buyer waives Seller's warranty and accepts the items listed in209 Subparagraph (a) above in their "as is" conditions, except that Seller must meet the Maintenance210 Requirement.211 (3) Repair: Seller will obtain repair estimates and is obligated only to make repairs necessary to bring212 warranted items into the condition warranted, up to the Repair Limit.Seller may, within 5 days after receipt213 of Buyer's notice of items that are not in the condition warranted, have a second inspection made by a214 * Licensed to Alta Star Software and ID: D1155002947.C2GQ.128696 Software and added formatting © 2023 Alta Star Software, all rights reserved.• www.altastar.com • (877) 279-8898 Page 119 of 151 Buyer (______) (______) and Seller (______) (______) acknowledge receipt of a copy of this page, which is Page 5 of 9. CRSP-16 Rev 2/20 © 2020 Florida Realtors ® (4)professional inspector and will report repair estimates to Buyer. If the first and second inspection reports215 differ and the parties cannot resolve the differences,Seller and Buyer together will choose, and equally216 split the cost of, a third inspector, whose written report will be binding on the parties. If the cost to repair217 warranted items equals or is less than the Repair Limit,Seller will have the repairs made in a workmanlike218 manner by an appropriately licensed person. If the cost to repair warranted items exceeds the Repair Limit,219 either partymay cancel thisContract unless either party paystheexcessor Buyer designateswhichrepairs220 to make at a total cost to Seller not exceeding the Repair Limit and accepts the balance of the Property in221 its "as is" condition.222 (b) Wood-Destroying Organisms:"Wood-destroying organism" means arthropod or plant life, including termites,223 powder-post beetles, old house borers, and wood-decaying fungi, that damages or infests seasoned wood in a224 structure, excluding fences.Buyer may, at Buyer's expense, havethe Propertyinspected by aFlorida-licensed225 pest control business to determine the existence of past or present wood-destroying organism infestation and226 damage caused by infestation. If the inspector finds evidence of infestation or damage,Buyer will deliver a227 copy of the inspector's written report to Seller within 5 days after the date of the inspection. If Seller previously228 treated theProperty for the typeof wood-destroyingorganismsfound,Seller doesnot have to treat the Property229 again if (i) there is no visible live infestation and (ii)Seller transfers to Buyer at Closing a current full treatment230 warrantyfor the typeof wood-destroyingorganismsfound.Seller willhave 5daysafter receipt of theinspector's231 report to have reporteddamage estimated bya licensed building or general contractor andcorrective treatment,232 if required, estimated by a licensed pest control business.Seller will have treatments and repairs made by an233 appropriately licensed person at Seller's expense up to the WDO Repair Limit. If the cost to treat and repair234 the Property exceeds the WDO Repair Limit, either party may pay the excess, failing which either party may235 cancel this Contract by written notice to the other. If Buyer fails to timely deliver the inspector's written report,236 Buyer accepts the Property "as is" with regard to wood-destroying organism infestation and damage, subject237 to the Maintenance Requirement.238 (c) Permits: Buyer may, at Buyer's expense, inspect and examine records and documents to determine whether239 any open or expired building permits or unpermitted improvements to the Property exist.Buyer will, before the240 end of the Inspection Period, deliver written notice to Seller of the existence of such; and Seller will remedy241 the reported items up to the Permit Limit and have final inspections completed no later than 5 days before242 Closing. If final inspections cannot be performed due to delays by the governmental entity, Closing will be243 extended for up to 10 days to complete such final inspections, failing which either party may cancel this244 Contract; and Buyer's deposit(s) will be refunded. At Closing,Seller will provide Buyer with written245 documentation that all reported items have been remedied. If the cost to remedy reported items exceeds the246 Permit Limit, either party may cancel this Contract unless either party pays the excess or Buyer accepts the247 Property in its "as is" condition and Seller credits Buyer at Closing the amount of the Permit Limit.248 (d) Walk-Through Inspection; Reinspection:On the day before Closing or at any other time agreeable to the249 parties,Buyer, and/or Buyer's representative, may walk through the Property solely to verify that Seller has250 made repairs required by this Contract, has met the Maintenance Requirement, and has met contractual251 obligations. If Buyer, and/or Buyer's representative, fails to conduct this inspection,Seller's repair obligations252 and Maintenance Requirement will be deemed fulfilled.253 9. Risk of Loss:If any portionof the Property is damaged by fire or other casualty before Closing and can be restored254 by Closing or within 45 days after Closing Date to substantially the same condition as it was on Effective Date,255 Seller will, at Seller's expense, restore the Property and deliver written notice to Buyer that Seller has completed256 the restoration; and theparties will closethe transaction on thelater of Closing Date or 10daysafter Buyer receives257 Seller's notice.Seller will not be obligated to replace trees. If restoration cannot be timely completed,Buyer may258 cancel this Contract, and Buyer's deposit(s) will be refunded; or Buyer may accept the Property "as is" and Seller259 will credit the deductible and assign the insurance proceeds, if any, to Buyer at Closing in such amounts as are260 attributable to the Property and not yet expended in restoring the Property to the same condition as it was on261 Effective Date.262 10. Title: Seller will convey marketable title to the Property by statutory warranty deed or trustee, personal263 representative, or guardian deed as appropriate to Seller's status.264 (a) Title Evidence:Title evidence will show legal access to the Property and marketable title of record in Seller in265 accordance with current title standards adopted by the Florida Bar, subject only to the following title exceptions,266 none of which prevent residential useof the Property: covenants, easements, andrestrictions ofrecord; matters267 of plat; existing zoning and government regulations; oil, gas, and mineral rights of record if there is no right of268 entry; current taxes; mortgages that Buyer will assume; and encumbrances that Seller will discharge before or269 at Closing. The party paying for the owner's title policy will, at least ______ days (if Paragraph 3(a)is selected270 then 5 days or if Paragraph 3(b)is selected then 10 days, if left blank) ("Title Evidence Deadline") before271* Licensed to Alta Star Software and ID: D1155002947.C2GQ.128696 Software and added formatting © 2023 Alta Star Software, all rights reserved.• www.altastar.com • (877) 279-8898 Page 120 of 151 Buyer (______) (______) and Seller (______) (______) acknowledge receipt of a copy of this page, which is Page 6 of 9. CRSP-16 Rev 2/20 © 2020 Florida Realtors ® Closing, deliver to Buyer one of the following types of title evidence (see Paragraph 5(c)), which must be272 generally accepted inthecounty where the Property is located.Seller will use option (2) inMiami-Dade County.273 (1) A title insurance commitment issued by a Florida-licensed title insurer in the amount of the purchase274 price and subject only to title exceptions set forth in this Contract.275 (2) Anexistingabstract of title from areputable and existing abstract firm (if firm is not existing, then abstract276 must be certified as correct by an existing firm) purporting to be an accurate synopsis of the instruments277 affecting title to the Property recorded in the public records of the county where the Property is located and278 certified to Effective Date. However, if such an abstract is not available to Seller, then a prior owner's title279 policy acceptable to the proposed insurer as a base for reissuance of coverage.Seller will pay for copies280 of all policy exceptions and an update in a format acceptable to Closing Agent from the policy effective date281 and certified to Buyer or Closing Agent, together with copies of all documents recited in the prior policy and282 in the update. If a prior policy is not available to Seller then (1) above will be the title evidence.283 (b) Title Examination: Buyer will examine the title evidence and deliver written notice to Seller, within 5 days after284 receipt of title evidence but no later than Closing Date, of any defects that make the title unmarketable.Seller285 will have 30 days after receiving Buyer's notice of defects ("Curative Period") to cure the defects at Seller's286 expense. If Seller cures the defects within the Curative Period,Seller will deliver written notice to Buyer and287 the Closing will occur on Closing Date or within 10 days after Buyer receives Seller's notice if Closing Date288 has passed. If Seller is unable to cure the defects within the Curative Period,Seller will deliver written notice289 to Buyer and Buyer will, within 10 days after receiving Seller's notice, either cancel this Contract, extend290 Curative Period for a specified period not to exceed 120 days, or accept title with existing defects and close the291 transaction.292 (c) Survey:On or before Title Evidence Deadline,Buyer may, at Buyer's expense, have the Property surveyed293 and must deliver written notice to Seller within 5 days after receiving survey but no later than Closing, of any294 encroachments on the Property, encroachments by the Property's improvements on other lands, or deed295 restriction or zoning violations. If Buyer timely delivers such notice, any reported encroachment or violation will296 be treated in the same manner as a title defect, and Seller's and Buyer's obligations will be determined in297 accordance with Subparagraph (b) above.298 11. Effective Date; Time; Force Majeure:299 (a) Effective Date:The "Effective Date" of this Contract is the date on which the last of the parties initials or signs300 and delivers the final offer or counter offer.Time is of the essence for all provisions of this Contract.301 (b) Time:All time periods will be computed in business days (a "business day" is every calendar day except302 Saturday, Sunday, and national legal holidays). If any deadline falls on a Saturday, Sunday, or national legal303 holiday,performancewillbeduethe nextbusinessday.Alltime periods willendat 5:00p.m.local time(meaning304 in the county where the Property is located) of the appropriate day.305 (c) Force Majeure: Seller or Buyer will not be required to perform any obligation under this Contract or be liable306 to each other for damages so long as theperformanceor non-performanceof the obligation is delayed, caused,307 or prevented by an "act of God" or "force majeure." An act of God or force majeure is defined as hurricanes,308 earthquakes, floods, fire, unusual transportation delays, wars, insurrections, acts of terrorism, and any other309 such causes and which by the exercise of due diligence the non-performing party is unable in whole or in part310 to prevent or overcome. All time periods, including Closing Date, will be extended for the period that the act of311 God or force majeure is in place. However, if such act of God or force majeure event continues beyond 30 days,312 either party may cancel this Contract by delivering written notice to the other; and Buyer's deposit(s) will be313 refunded.314 12. Notices:All notices will be in writing and will be delivered to the parties and Broker by mail, personal delivery, or315 electronic media. Except for the notices required by Paragraph 3 of this Contract,Buyer's failure to timely deliver316 written notice to Seller, when such notice is required by this Contract, regarding any contingency will317 render that contingency null and void, and this Contract will be construed as if the contingency did not318 exist. Any notice, document, or item delivered to or received by an attorney or licensee (including a319 transaction broker) representing a party will be as effective as if delivered to or received by that party.320 13. Complete Agreement:This Contract is the entire agreement between Seller and Buyer.Except for brokerage321 agreements, no prior or present agreements will bind Seller, Buyer, or Broker unless incorporated into this322 Contract.Modifications of this Contract will not be binding unless in writing, signed or initialed, and delivered by323 the party to be bound. Electronic signatures will be acceptable and binding. Signatures, initials, documents324 referenced in this Contract, counterparts, and written modifications communicated electronically or on paper will be325 acceptable for all purposes, including delivery, and will be binding. Handwritten or typewritten terms inserted in or326 attached to this Contract prevail over preprinted terms. If any provision of this Contract is or becomes invalid or327 Licensed to Alta Star Software and ID: D1155002947.C2GQ.128696 Software and added formatting © 2023 Alta Star Software, all rights reserved.• www.altastar.com • (877) 279-8898 Page 121 of 151 Buyer (______) (______) and Seller (______) (______) acknowledge receipt of a copy of this page, which is Page 7 of 9. CRSP-16 Rev 2/20 © 2020 Florida Realtors ® unenforceable, all remaining provisions will continue to be fully effective.Seller and Buyer will use diligence and328 good faith in performing all obligations under this Contract. This Contract will not be recorded in any public records.329 14. Assignability; Persons Bound: Buyer may not assign this Contract without Seller's written consent. The terms330 "Seller," "Buyer," and "Broker" may be singular or plural. This Contract is binding on the heirs, administrators,331 executors, personal representatives, and assigns (if permitted) of Seller,Buyer, and Broker.332 15. Default:333 (a) Seller Default:If for any reason other thanfailure of Seller to make Seller's title marketableafterdiligent effort,334 Seller fails, refuses, or neglects to perform this Contract,Buyer may choose to receive a return of Buyer's335 deposit(s) without waiving the right to seek damages or to seek specific performance as per Paragraph 16.336 Seller will also be liable to Broker for the full amount of the brokerage fee.337 (b) Buyer Default:If Buyer fails to perform this Contract within the time specified, including timely payment of all338 deposits,Seller may choose to retain and collect all deposits paid and agreed tobe paid as liquidated damages339 orto seek specific performance asper Paragraph 16;and Broker will, upondemand, receive 50%of all deposits340 paid and agreed to be paid (to be split equally between Brokers) up to the full amount of the brokerage fee.341 16. Dispute Resolution:This Contract will be construed underFlorida law. All controversies, claims, and other matters342 in question arising out of or relating to this transaction or this Contract or its breach will be settled as follows:343 (a) Disputes concerning entitlement todeposits made and agreed to be made: Seller and Buyer will have 30344 days after the date conflicting demands are made to attempt to resolve the dispute through mediation. If that345 fails, Escrow Agent will submit the dispute, if so required by Florida law, to Escrow Agent's choice of arbitration,346 a Florida court, or the Florida Real Estate Commission ("FREC"). A broker's obligation under Chapter 475,347 Florida Statutes, and the FREC rules to timely notify the FREC of an escrow dispute and timely resolve the348 escrow dispute through mediation, arbitration, interpleader, or an escrow disbursement order applies only to349 brokers and does not apply to title companies, attorneys, or other escrow holders.350 (b) All other disputes: Seller,Buyer, and Broker will have 30 days after the date a dispute arises between them351 to attempt to resolve the matter through mediation, failing which the parties, including Broker, will resolve the352 dispute through neutral binding arbitration in the county where the Property is located. However, no arbitration353 arising out of or relating to this transaction or this Contract or its breach will include Broker, unless Broker354 consents in writing to become a party to the proceeding. A demand for arbitration is prohibited if a civil action355 requesting the same relief would be barred by Florida statute of limitations. The arbitrator may not alter the356 Contract terms or award any remedy not provided for in this Contract. The award will be based on the greater357 weight of the evidence and will state findings of fact and the contractual authority on which it is based. If the358 parties agree to use discovery, it will be in accordance with the Florida Rules of Civil Procedure, and the359 arbitrator will resolve all discovery-related disputes. For purposes of this Paragraph, Broker will be treated as a360 party to this Contract. This clause will survive Closing.361 (c) Mediation and Arbitration; Expenses:"Mediation" is a process in which parties attempt to resolve a dispute362 by submitting it to an impartial mediator who facilitates the resolution of the dispute but who is not empowered363 to impose a settlement on the parties. Mediation will be in accordance with the rules of the American Arbitration364 Association ("AAA") or other mediator agreed on by the parties. The parties will equally divide the mediation365 fee, if any. "Arbitration" is a process in which the parties resolve a dispute by a hearing before a neutral person366 who decides the matter and whose decision is binding on the parties. Arbitration will be in accordance with the367 rules of the AAA or other arbitrator agreed on by the parties. Each party to any arbitration will pay its own fees,368 costs, and expenses, including attorneys' fees, and will equally split the arbitrators' fees and administrative fees369 of arbitration.370 17. EscrowAgent; ClosingAgent: Seller and Buyer authorize EscrowAgent andClosingAgent (collectively "Agent")371 to receive, deposit, and hold funds and other items in escrow and, subject to Collection, disburse them upon proper372 authorization and in accordance with Florida law and the terms of this Contract, including disbursing brokerage373 fees. "Collection" or "Collected" mean any checks tendered or received have become actually and finally collected374 and deposited in the account of Agent. The parties agree that Agent will not be liable to any person for misdelivery375 of escrowed items to Seller or Buyer, unless the misdelivery is due to Agent's willful breach of this Contract or376 gross negligence. If Agent interpleads the subject matter of the escrow, Agent will pay the filing fees and costs from377 the deposit and will recover reasonable attorneys' fees and costs to be paid from the escrowed funds or equivalent378 and charged and awarded as court costs in favor of the prevailing party. All claims against Agent will be arbitrated,379 so long as Agent consents to arbitrate.380 18. Professional Advice; Broker Liability:Broker advises Seller and Buyer to verify all facts and representations381 that are important to them and to consult an appropriate professional for legal advice (for example, interpreting382 contracts, determining the effect of laws on the Property and transaction, status of title, foreign investor reporting383 requirements, the effect of property lying partially or totally seaward of the coastal construction control line, etc.)384 Licensed to Alta Star Software and ID: D1155002947.C2GQ.128696 Software and added formatting © 2023 Alta Star Software, all rights reserved.• www.altastar.com • (877) 279-8898 Page 122 of 151 Buyer (______) (______) and Seller (______) (______) acknowledge receipt of a copy of this page, which is Page 8 of 9. CRSP-16 Rev 2/20 © 2020 Florida Realtors ® and for tax, property condition, environmental, and other specialized advice.Buyer acknowledges that Broker does385 not reside in the Property and that all representations (oral, written, or otherwise) by Broker are based on Seller386 representations or public records.Buyer agrees to rely solely on Seller, professional inspectors, and387 governmental agencies for verification of the Property condition, square footage, and facts that materially388 affect Property value. Seller and Buyer respectively will pay all costs and expenses, including reasonable389 attorneys' fees at alllevels,incurred by Broker andBroker's officers, directors, agents, andemployeesinconnection390 with or arisingfrom Seller's or Buyer's misstatement or failure to performcontractual obligations.Seller and Buyer391 hold harmless and release Broker and Broker's officers, directors, agents, and employees from all liability for loss392 or damage based on (i)Seller's or Buyer's misstatement or failure to perform contractual obligations; (ii) the use393 ordisplay oflistingdatabythird parties, including butnotlimitedtophotographs, images, graphics,video recordings,394 virtual tours, drawings, written descriptions, and remarks related to the Property; (iii) Broker's performance, at395 Seller's and/or Buyer's request, of any task beyond the scope of services regulated by Chapter 475, Florida396 Statutes, as amended, including Broker's referral, recommendation, or retention of any vendor; (iv) products or397 services provided by any vendor; and (v) expenses incurred by any vendor.Seller and Buyer each assume full398 responsibility for selecting and compensating their respective vendors. This Paragraph will not relieve Broker of399 statutory obligations. For purposes of this Paragraph, Broker will be treated as a party to this Contract. This400 Paragraph will survive Closing.401 19. Brokers:The licensee(s) and brokerage(s) named below are collectively referred to as "Broker."Instruction to402 Closing Agent: Seller and Buyer direct Closing Agent to disburse at Closing the full amount of the brokerage fees403 as specified in separate brokerage agreements with the parties and cooperative agreements between the brokers,404 except to the extent Broker has retained such fees from the escrowed funds. In the absence of such brokerage405 agreements, Closing Agent will disburse brokerage fees as indicated below. This Paragraph will not be used to406 modify any MLS or other offer of compensation made by Seller or listing broker to cooperating brokers.407 ________________________________________________ __________________________________________________408 Seller's Sales Associate / License No.Buyer's Sales Associate / License No.409 ________________________________________________ _________________________________________________410 Seller's Sales Associate Email Address Buyer's Sales Associate Email Address411 ________________________________________________ _________________________________________________412 Seller's Sales Associate Phone Number Buyer's Sales Associate Phone Number413 _______________________________________________ __________________________________________________414 Listing Brokerage Buyer's Brokerage415 ________________________________________________ _________________________________________________416 Listing Brokerage Address Buyer's Brokerage Address417 20. Addenda:The following additional terms are included in the attached addenda and incorporated into this Contract418 (Check if applicable and attach the addenda):419 A. Additional Clauses B. Appraisal C. As Is with Right to Inspect D. Assignment E. Back-up Contract; Kick-out Clause F. Condominium Association G. Defective Drywall H. FHA Financing I. FIRPTA J. Homeowners' Association K. Housing for Older Persons L. Inspections M. Insulation Disclosure (New Homes Only) N. Insurance O. Interest-Bearing Escrow Account P. Lease Option; Lease Purchase Q. Licensee - Personal Interest in Property R. Mold Inspection S. Mortgage Assumption T. New Mortgage Rates U. Pre-1978 Housing Lead-Based Paint Warning Statement V. Property Disclosure W.Rentals X. Rezoning Y. Sale/Lease of Buyer's Property Z. Seller Financing AA. Short Sale Approval BB. VA Financing CC. 1031 Exchange Other ______________________ Other ______________________ Other ______________________ * * * * * * Licensed to Alta Star Software and ID: D1155002947.C2GQ.128696 Software and added formatting © 2023 Alta Star Software, all rights reserved.• www.altastar.com • (877) 279-8898 Page 123 of 151 Buyer (______) (______) and Seller (______) (______) acknowledge receipt of a copy of this page, which is Page 9 of 9. CRSP-16 Rev 2/20 © 2020 Florida Realtors ® 21. Additional Terms:420 421 422 423 424 425 426 427 428 429 430 431 22. Offer and Acceptance: Buyer offers to purchase the Property on the above terms and conditions. Unless this432 Contract is signed by Seller and a copy delivered to Buyer no later than ______ a.m. p.m. on433 ____________________, this offer will be revoked and Buyer's deposit(s) refunded subject to Collection of funds.434 Buyer received a written real property disclosure statement from Seller before making this offer.435 23. Counter Offer; Rejection:436 Seller counters Buyer's offer. (To accept the counter offer,Buyer must sign or initial the counter offered terms437 and deliver a copy of the acceptance to Seller.) Unless otherwise stated, the time for acceptance of any counter438 offer will be 2 days after the date the counter offer is delivered.439 Seller rejects Buyer's offer.440 This is intended to be a legally binding contract. If not fully understood, seek the advice of an attorney before441 signing.442 Buyer:Date:443 Print name:444 Buyer:Date:445 Print name:446 Buyer's address for purpose of notice:447 Address:448 Phone: _______________________ Fax: _______________________ Email:449 Seller:Date:450 Print name:451 Seller:Date:452 Print name:453 Seller's address for purpose of notice:454 Address:455 Phone: _______________________ Fax: _______________________ Email:456 Effective Date:________________________(The date on which the last party signed or initialed and delivered457 the final offer or counter offer.)458 Florida REALTORS ®makes no representation as to the legal validity or adequacy of any provision of this form in any specific transaction. This standardized form should not be used in complex transactions or with extensive riders or additions. This form is available for use by the entire real estate industry and is not intended to identify the user as REALTOR ®. REALTOR ®is a registered collective membership mark which may be used only be real estate licensees who are members of the NATIONAL ASSOICATION OF REALTORS ®and who subscribe to its Code of Ethics. The copyright laws of United States (17 U.S. Code) forbid the unauthorized reproduction of this form by any means including facsimile or computerized forms. * * * * * * * * * * * * * * * * * * * Real property taxes in connection with the conveyance of the Property shall be prorated as of the day of the acceptance of the conveyance by the City and the prorated amount shall be paid by Seller and shall be escrowed in accordance with the provisions of Section 196.295, Florida Statues. Licensed to Alta Star Software and ID: D1155002947.C2GQ.128696 Software and added formatting © 2023 Alta Star Software, all rights reserved.• www.altastar.com • (877) 279-8898 Page 124 of 151 Mr. Rumer December 19, 2022 Page 2 204 South Dillard Street Phone (407) 877-0200 Winter Garden, Florida 34787 Fax (407) 877-8222 December 19, 2022 Michael Rumer Development Services Director City of Ocoee 1 North Bluford Avenue Ocoee, FL 34761 Re: Appraisal report of a 1,092 square foot (SF), single-family residence Located at 182 N Lakeshore Dr., Ocoee, FL 34761 18-22-28-4725-02-010 Legal Description: LAKE RIDGE PLAT F/123 COMM SE COR OF LOT 1 BLK B TH N00-06-11W 60.22 FT FOR POB TH RUN S46-14-43W 69.04 FT N00-05-35W 149.80 FT N88-05-39E 49.95 FT S00-06-11E 103.72 FT TO POB Dear Mr. Rumer, At your request, we have completed the research and analysis necessary in preparing an appraisal report, based on the definition and in compliance with the minimum standards of the Uniform Standards of Professional Appraisal Practice (USPAP), for the above captioned property. The purpose of this report is to provide you with an opinion of market value of the referenced property, as of December 9, 2022, the date the subject was inspected by the appraiser. The subject of this appraisal is a one-story, single-family residence, built in 1999 of wood-frame construction, vinyl siding, and a pitched shingle roof, located within the City of Ocoee, in Orange County, Florida. The residence contains 1,092 square feet of heated/cooled area (see building sketch that follows this letter). The living area was derived from measurements taken by the appraiser at the time of inspection. The subject has three bedrooms, one full bathroom and one half bathroom as well as a living room, dining area, and kitchen. Site improvements include a covered entry porch, and a detached storage shed. The residence is in good condition and has been well maintained. No items of deferred maintenance, functional or external obsolescence were observed. John A. Robinson, MAI, AI-GRS, ASA, CCIM State-Certified General Real Estate Appraiser #RZ417 Blair Beasley State-Certified General Real Estate Appraiser #RZ3871 Aubree Petit State-Registered Trainee Real Estate Appraiser #RI24567 David Fuller State-Registered Trainee Real Estate Appraiser #RI25303 www.PropertyValue.com Page 125 of 151 Mr. Rumer December 19, 2022 Page 2 Property Valuation & Consulting, Inc. The subject site measures 6,325 SF (0.15 acres) based on Orange County GIS data. The portion of the subject site where the improvement is located is situated in flood zone X, an area of minimal flood hazard. The southern portion of the site (the low lying area nearest Starke Lake) is situated in zone AE, a special flood hazard area as per map panel 12095C0210H, effective on 9/24/2021 (refer to the flood map in the addenda). There is no nor amenities. The subject is a double corner lot with frontage on Lakeview Street, N Lakewood Avenue and N Lakeshore Drive. Lakeview Street and N Lakewood Avenue are both low traffic two-lane, asphalt- paved road with streetlights, sidewalks, and gutters. N Lakeshore Drive is a two-lane brick paved road with streetlights and sidewalks. The subject has a view of Starke Lake and Lake Starke Park, a municipal lakefront park with a boat ramp, fishing dock, pavilions, restrooms and walking trails, located across N. Lakeshore Drive from the subject. The subject is located near the City of Ocoee municipal complex which includes the Lakeshore Community Center, Bill Breeze Park and the new City Hall. The subject neighborhood is defined by Wurst Road and A.D. Mims Road to the north, Maguire Road connecting with Ocoee Apopka Road to the west, W Colonial Drive to the south, and Clarke Road to the east. The subject neighborhood is in proximity to schools, shopping, restaurants, and offices in Ocoee. Primary nearby thoroughfares include State/Toll Roads 429 and 408, and State Road 50. The subject property is currently zoned R-1 (Single Family Dwelling) with a Future Land Use designation of Low Density Residential, as defined the City of Ocoee residential use is considered to be legal and conforming. The 2022 (certified) market/just value is $197,911 and the assessed value for tax purposes was $181,923. The 2022 property taxes total $2,803.16, which includes non-ad valorem assessments totaling $475.58 for fire, storm drainage, and garbage services. The 2022 taxes have been paid and there are no prior tax delinquencies. The property is under the ownership of Jade A. Hilliard and is currently owner occupied. The subject was purchased by the current owner of record for $210,000 on 7/12/2019 via warranty deed. There have been no other recorded transactions of the subject property in the prior three years. The seller has marketed the subject property for Sale by Owner and reported an asking price of $310,000. The subject is not under contract for purchase as of the effective date of this report. The subject asking price was considered but ultimately not weighted in the sales comparison approach to value; the market value indication reflects approximately 91% of the current asking price. Page 126 of 151 Mr. Rumer December 19, 2022 Page 3 Property Valuation & Consulting, Inc. In our opinion, the highest and best use of the property as improved is for continued use as a single- family residence. The highest and best use of the property as if vacant would be for development of the site with a residential use designations. subject property, as of the date of inspection, December 9, 2022. The intended use of the appraisal is for a potential acquisition of the subject property. The client and 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. This investigation involved a physical inspection of the interior and exterior of the property, recent comparable sales data from the subject neighborhood and nearby, similar neighborhoods. The sales search was made for residences between 500 and 1,600 square feet of living area that sold during the past year prior to the effective date of value within or near the subject neighborhood. The appraiser analyzed the data gathered in applying the sales comparison approach under market conditions prevailing December 9, 2022. Note regarding COVID-19: The COVID-19 virus, which was designated as a pandemic, as of March 11, 2020 by the World Health Organization, initially garnered much speculation and discussion within the appraisal community regarding impacts to real estate values and marketing/exposure time. Data showed that the lack of available homes on the market, coupled with historically low interest rates created demand which impacted the rate at which homes were selling and the sale prices over the past two years. However, the recent increases to the federal interest rate are beginning to impact demand and influence affordability in the local market. It may be too soon to know the long-term impacts of the sharp rise in interest rates or project whether interest rates will continue to increase and at what pace therefore, historic market data was relied upon and shows an annual increase in market conditions, for which the appraisers applied an upward 8% adjustment in the sales comparison approach. The income approach was not applied to the valuation of the property, as this approach is not typically applicable for a single-family residence as it is not usually income-producing. The cost approach was not applied due to the difficulty in estimating depreciation, in addition, to the established nature of the subject neighborhood resulting in very few land sales available for Page 127 of 151 Mr. Rumer December 19, 2022 Page 4 Property Valuation & Consulting, Inc. analysis. The sales comparison approach best reflects the actions of buyers and sellers of single- family residences; therefore, it has been applied in estimating the market value of the subject. For your convenience, the comparable sales adjustment grid, as well as a location map and photographs of the subject and the comparable sales, are attached in the following pages. To summarize the sales comparison approach, three comparable sales were analyzed to estimate a value for the subject property. The comparable properties selected indicate an unadjusted range of prices from $217,000 to $400,000, averaging $285,500. As previously stated, an annual adjustment of 8% was made for increasing market conditions. A downward adjustment of 5% was made to Active Listing 4 as the asking price will likely be negotiated downward to consummate a sale, which is further evidenced by the extended days on market. No other adjustments were necessary to the remaining comparables length with no unusual motivations on behalf of the buyers or sellers. Other adjustments have been applied at the estimated contributory value of the comparable property features vs. the subject s, based on estimated market reaction. Living area adjustments have been applied to the comparables on the basis of $100 per square foot. The comparable sales indicate an adjusted range of values for the subject from $260,079 to $305,933. Equal reliance of 25% each was given to each of the comparable properties analyzed. Together, these comparable properties are good indicators of value for the subject, the analysis results in an indicated -of the subject property of $281,000 ($257.33 per square foot). As a result of our field investigation and valuation analysis, which is contained within our files, it subject property, as of December 9, 2022, is: $281,000. The estimated marketing and exposure time is 1 to 3 months. Reliance on this report is limited to the client and the report may not be understood properly without additional information in our work files. We trust this information will assist you. It was a pleasure to provide appraisal services for you. Page 128 of 151 Mr. Rumer December 19, 2022 Page 5 Property Valuation & Consulting, Inc. Respectfully submitted, PROPERTY VALUATION & CONSULTING, INC. Blair Beasley State-Certified General Real Estate Appraiser License No. RZ3871 Aubree Petit State-Registered Trainee Real Estate Appraiser License No. RI24567 Page 129 of 151 Mr. Rumer December 19, 2022 Page 6 Property Valuation & Consulting, Inc. Subject Sale 1 Sale 2 Sale 3 Active Listing 4 Address: 182 N. Lakeshore Dr. 216 S. Lakeshore Dr. 29 Lakeview St. 540 Whittier Ave. 825 E. Silver Star Rd. Location: Ocoee, FL 34761 Ocoee, FL 34761 Ocoee, FL 34761 Ocoee, FL 34761 Ocoee, FL 34761 Subdivision/Development Ocoee - Starke Lake Area Ocoee - Starke Lake Area Ocoee - Starke Lake Area Hillcrest Heights Ocoee - Starke Lake Area Sale Date: Appraisal Date: Dec-22 Jun-22 Mar-22 Mar-22 Dec-22 Sale/Listing/Contract Price:$310,000 Listing Price $300,000 $217,000 $225,000 $400,000 Sale Price/SF : $283.88 /SF $390.63 /SF $227.94 /SF $194.64 /SF $276.05 /SF Days On Market: 0 9 59 10 183 Months since closing: 6 9 9 0 Financing: Cash Equivalent to Seller Cash Equivalent to Seller Cash Equivalent to Seller Cash or Equivalent to Seller Financing Adjusted Sale Price: $300,000 $217,000 $225,000 $400,000 Conditions of Sale: None None Seller Credit -$7,000 Active Listing -$20,000 Conditions Adjusted Sale Price:$300,000 $217,000 $218,000 $380,000 Market Conditions @ 8.% 4.01% 6.03% 6.03% 0.00% Market Cond. Adj. Sale Price:$312,033 $230,079 $231,140 $380,000 Adjusted Sale Price/SF : $406.29 /SF $241.68 /SF $199.95 /SF $262.25 /SF Estimated Site Size: 6,325 SF Approx. 16,950 net SF $0 4,085 SF 6,764 SF $0 Approx. 13,870 net SF $0 Location Residential/Typical Residential/Similar Residential/Similar Residential/Similar Residential/Similar Traffic/Frontage: Low Traffic/Corner Lot Low Traffic/Lake Front -$50,000 Low Traffic/Similar Low Traffic/Similar Moderate Traffic/Lake Front -$50,000 Site View:Residential/Lake/Institutional View Residential/Lake/Similar $0 Residential/Partial Lake View $25,000 Residential/Inferior $50,000 Residential/Lake/Similar $0 Year Built (adjusted in Age/Condition): 1999 1955 1920 1995 1956 Living Area (SF): 1,092 768 $32,400 952 $14,000 1,156 $0 1,449 -$35,700 # of Bedrooms: 3 Bed 2 Bed 3 Bed 2 Bed 2 Bed # of Bathrooms: 1.1 Bath 1.0 Bath $6,000 2.0 Bath -$2,000 2.0 Bath -$2,000 2.0 Bath -$2,000 Heat/AC Central Central Central Central Central Garage: 2-Car Driveway 1-Car Carport (320 SF)/No Driveway $0 None $500 2-Car Driveway 2-Car Garage (447 SF)/2- Car Driveway -$10,000 Age/Condition: 23 Years/Updated/Average 67 Years/Slightly Inferior $5,000 102 Years with recent renovations/Slightly Superior -$5,000 27 Years/Similar 66 Years/Slightly Inferior $5,000 Construction Quality:1 Story, Wood-frame with Siding, Shingle Roof 1 Story, Block with Stucco, Shingle Roof 1 Story, Wood-frame with Stucco, Shingle Roof 1 Story, Block with Siding, Shingle Roof 1 Story, Wood-frame with Brick, Shingle Roof Additional Features:Covered Entry Porch (125 SF), Shed Shed $500 Screened Entry Porch (56 SF), Paver Patio, Shed -$2,500 Covered Entry Porch (44 SF), Deck, Shed -$1,000 Screened Porch (228 SF), Pergola, Fireplace, Deck, Dock, Shed -$6,000 Total Net Property Adjustment:-$6,100 $30,000 $47,000 -$98,700 Total Net Adjustment %:-2.03% 13.82% 20.89%-24.68% Indicated Value of Subject: $0 $305,933 $260,079 $278,140 $281,300 Weighting: 25% 25% 25% 25% $0 $76,483 $65,020 $69,535 $70,325 Weighted Indicated Value = $281,363 Rounded Indicated Market Value "As Is"=$281,000 Market Value Conclusion/SF =$257.33 /SF COMPARABLE IMPROVED SALES ADJUSTMENT GRID Page 130 of 151 Property Valuation & Consulting, Inc. CERTIFICATION We certify that, to the best of our knowledge and belief: 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 Aubree Petit have made an interior and 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 for Practicing Affiliates of the Appraisal Institute. I, Blair Beasley, the supervisory appraiser of a registered appraiser trainee who contributed to the development or communication of this appraisal as detailed in the Scope of Work (approx. 14 hours), hereby accepts full and complete responsibility for any work 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, within the 3-year period immediately preceding acceptance of this assignment. Blair Beasley, State-Certified General Real Estate Appraiser, License #RZ3871 December 19, 2022 Aubree Petit, State-Registered Trainee Real Estate Appraiser, License #RI24567 December 19, 2022 Page 131 of 151 Property Valuation & Consulting, Inc. GENERAL ASSUMPTIONS 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 appears 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 national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. Page 132 of 151 Property Valuation & Consulting, Inc. GENERAL ASSUMPTIONS (CONT.) 11. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property 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: None Hypothetical Conditions: None Page 133 of 151 Property Valuation & Consulting, Inc. GENERAL LIMITING CONDITIONS 1. We will not be required to give testimony or appear in court because of having made this appraisal, with reference to the property in question, unless arrangements have previously been made thereof. 2. Possession of the report, or copy thereof, does not carry with it the right of publication. It may not be used for any purpose, by any person, other than the party to whom it is addressed without the written consent of the appraisers, and in any event only with proper written qualifications and only in its entirety. 3. The distribution of the total valuation in this report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and the appraiser hereby reserves the right to alter, amend, revise, or rescind any of the value opinions based upon any subsequent environmental impact studies, research, or investigation. 5. Neither all, nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which he is connected, or any reference to the Appraisal Institute or to the MAI or SRA designations) shall be disseminated to the public through advertising media, public relations media, news media, sales media, or any other public means of communication without the prior written consent and approval of the undersigned. 6. Acceptance of and/or use of this appraisal report constitutes acceptance of the foregoing "General Assumptions", "Extraordinary Assumptions", and "General Limiting Conditions." Page 134 of 151 Property Valuation & Consulting, Inc. MARKET VALUE The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: Buyer and seller are typically motivated; Both parties are well informed or well advised and each acting in what he considers his own best interests; A reasonable time is allowed for exposure in the open market; Payment is made in terms of cash in U.S. dollars or terms of financial arrangements comparable thereto; and The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.1 1Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ("FIRREA") Page 135 of 151 Property Valuation & Consulting, Inc. ORANGE COUNTY PROPERTY RECORD Page 136 of 151 Property Valuation & Consulting, Inc. ORANGE COUNTY PROPERTY RECORD (continued) Page 137 of 151 Property Valuation & Consulting, Inc. SUBJECT 2022 TAX BILL Page 138 of 151 Property Valuation & Consulting, Inc. BUILDING SKETCH/FLOOR PLAN Page 139 of 151 Property Valuation & Consulting, Inc. AERIAL/TAX MAP Page 140 of 151 Property Valuation & Consulting, Inc. FLOOD MAP Page 141 of 151 Property Valuation & Consulting, Inc. SUBJECT PHOTOS Page 142 of 151 Property Valuation & Consulting, Inc. SUBJECT PHOTOS Page 143 of 151 Property Valuation & Consulting, Inc. SUBJECT PHOTOS Page 144 of 151 Property Valuation & Consulting, Inc. SUBJECT PHOTOS Page 145 of 151 Property Valuation & Consulting, Inc. COMPARABLE SALE PHOTOS Sale 1: 216 S. Lakeshore Dr., Ocoee, FL 34761 Sale 2: 29 Lakeview St., Ocoee, FL 34761 Sale 3: 540 Whittier Ave., Ocoee, FL 34761 Active Listing 4: 825 E. Silver Star Rd., Ocoee, FL 34761 Page 146 of 151 Property Valuation & Consulting, Inc. COMPARABLE SALES MAP Page 147 of 151 Property Valuation & Consulting, Inc. Appraiser Qualifications Page 148 of 151 Property Valuation & Consulting, Inc. Appraiser License Page 149 of 151 Property Valuation & Consulting, Inc. Page 150 of 151 Property Valuation & Consulting, Inc. Appraiser License Page 151 of 151