o LY * 4S STATE OF FLORIDA G a DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION. - ; 29 ~“ FLORIDA REAL ESTATE APPRAISAL BOARD , & Db °. oo MS > FLORIDA DEPARTMENT OF BUSINESS & Mee ‘ PROFESSIONAL REGULATION, S DIVISION OF REAL ESTATE, ce ey ey SY a | Ag Tesh | Petitioner, v. CASE NO. 2001500531 KYLE FRANCIS LONG, Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Kyle Francis Long (“Respondent"), and alleges: ESSENTIAL ALLEGATIONS OF MATERIAL FACT 1. Petitioner is a'state government licensing and regulatory agency charged with the responsibility and duty to prosecute Administrative Complaints pursuant to the laws of the State of Florida, including Section 20.165 and Chapters 120, 455 and 475 of the Florida Statutes, and the rules promulgated thereunder. 2. Respondent is currently a Florida registered trainee appraiser having been issued license 5396 in accordance with Chapter 475 Part II of the Florida Statutes. 3. The last license the State issued to Respondent was as a registered trainee appraiser at 2436 Clemates Street, Sarasota, Florida 34239. 4. At all times material, Respondent was supervised by Clayton A. Thompson, a state FDBPR v. Kyle Francis Long Case No. 2001500531 Administrative Complaint certified residential real estate appraiser. 5. Onor about July 31, 2001, Respondent Kyle F. Long, performed and communicated an appraisal on property located at 1020 25" Street, Sarasota, FL 34231 (hereinafter refer to as the property). A copy of the Report is attached hereto and incorporated herein as Exhibit 1. 6. The property contained two units, each being, a two-bedroom, one-bathroom apartment, and allegedly occupants paid a monthly rent of $450. 7. Respondent completed an income approach evaluation on the property. 8. Respondent reports in the appraisal report, sales comparable section, that Gross Monthly Rent Multiplier (GRM) on the property as being 83.00. 9. Respondent delivered to Petitioner, a complete copy of his working file, on property appraised. 10. Respondent failed to document in his working file the computations, data, or basis to conclude that the GRM was 83. 11. To determine property value, based on the income approach, Respondent used a GRM of 98. 12. Respondent failed to document in his working file the computations, data, or basis to conclude that the GRM was 98. 13. To determine GRM Respondent concludes that market rent for the property is to increase from an actual rent of $900 to $1500, per month. 14. Respondent failed to document his working file, the basis for a monthly rent increase of $600 or 67%. FDBPR v. Kyle Francis Long Case No. 2001500531 Administrative Complaint 15. Respondent failed to keep a workfile with the data and other documentation necessary to support the appraiser's opinion and conclusions. 16, In the appraisal report of property, Respondent used two different GRM, and failed to keep a workfile with the data and other documentation necessary to support the appraiser’s use of two different GRM. 17. Respondent failed to disclose assumed, hypothetical conditions that rent on property would increase from $900 to $1500, a 66% increase and its impact on value. COUNT I Based upon the foregoing, Respondent is guilty of having failed to exercise reasonable diligence in developing an appraisal report in violation of Section 475.624(15), Florida Statutes. COUNT II Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal or other provision of the Uniform Standards of Professional Appraisal Practice in violation of Section 475.624(14), Florida Statutes. WHEREFORE, Petitioner respectfully requests the Florida Real Estate Appraisal Board, or the Department of Business and Professional Regulation, as may be appropriate, to issue a Final Order as final agency action finding the Respondent(s) guilty as charged. The penalties which may be imposed for violation(s) of Chapter 475 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; FDBPR v. Kyle Francis Long Case No. 2001500531 Administrative Complaint issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication, or any combination of the foregoing which may apply. See Section 475.624, Florida Statutes and Rule 61J1-8.002, Florida Administrative Code. The penalties which may be imposed for violation(s) of Chapter 455 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration, or certificate for a period not to exceed ten (10) years, imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, or certificate holder to complete and pass additional appraisal education courses; publication; restriction of practice; injunctive or mandamus relief; imposition of a cease and desist order; or any combination of the foregoing which may apply. See Section 455.227, Fla. Statutes and Florida Administrative Code Rule 61J1-8.002. SIGNED this_3 day of_Felpe vay , 2004. Sat De Ey rc Florida Department of Business and Patt t [ L ie i Professional Regulation Vurte ° Profn ae By: Jason Steele . ON of Re; ' fF 8uletis, Director, Division of Real Estate Cis, a oe ~ Bley ta GS 3) oY a ae ee * FDBPR v. Kyle Francis Long Case No. 2001500531 Administrative Complaint ATTORNEY FOR PETITIONER A. Santana, Senior Attorney Fla. Bar No. 318360 Division of Real Estate Legal Section 400 W. Robinson Street, N801 Orlando, Florida 32801-1757 (407) 481-5632 (407) 317-7260 - FAX PCP: PB/MC/CK 2/04 NOTICE TO RESPONDENTS PLEASE BE ADVISED that mediation under Section 120.573 of the Florida Statutes, is not available for administrative disputes involving this type of agency action. PLEASE BE FURTHER ADVISED that pursuant to this Administrative Complaint you may request, within the time proscribed, a hearing to be conducted in this matter in accordance with Sections 120.569 and 120.57 of the Florida Statutes; that you have the right, at your option and expense, to be represented by counsel or other qualified representative in this matter; and that you have the right, at your option and expense, to take testimony, to call and cross-examine witnesses, and to have subpoena and subpoena duces tecum issued on your behalf if a formal hearing is requested. PLEASE BE FURTHER ADVISED that if you do not file an Election of Rights form or some other responsive pleading with the Petitioner within twenty-one (21) days of receipt of this Administrative Complaint, the Petitioner will file with the Florida Real Estate Appraisal Board a motion requesting an informal hearing and entry of an appropriate Final Order which may result in the suspension or revocation of your real estate license or registration. Please see the enclosed Explanation of Rights and Election of Rights form. COMP & SUMMARY APPRAISAL | PRIMI MC, Prongty Agcrnec 1090 BAU Sieet ee hty Borage ecemionl ot 18 Greanwood Subregion “7 oe ula 2008. 93-0049 ae SO Te TS, Q Uregnwegd Subdivision Msp aforance (3-96- Spr Posey, r Syren Bene Hang, witiam 1a z le Fag 8 pols | as Gales Pnowt 124.600 presltea oa. Ff. Avast 1822 Orchid Stragt, Saronota, Fi. 3 gnderiGtnt Guifshora Mongag@ ws 2ASS Stl {si act. doccainer Kyte F Lan Bi Locnlen {_J Wvben me Suitup [X} crear 75% 1 aarti pant igi Hey Undar aie ener ¥ Growth cala | Repl Stanie Property vamos |__} increasing Stable Oamand/eupply (_| snoreage fabyanor arkating t md Sos. 13) 9-6 may. . MM Typiaal 24 family bidg, Type Duplex No.mories One Noun 4 Age SS Prasentiana uaw% | Land ye change A typeetrennS 728. to § ae ineraneg ‘ Sane {_} Dealing wetivete — CJ uxety EF Bat, asighserinrmd apt, et ra Inerassing Euhis Noctring In pragese ta. Rant eonents {x} x if ” Wyno or ikaly, dovoits N/A \ Se ERLeReRaEERAd aimee! rm i Nota Rere and inn rectal compositian of the nalanharhood arn Nat appr aden) Motercy Naighbornsod voundwles and shpreigtensues: Tho subledt nelahborlwod is bordered DY US it to the ent, Bqrassta Flay fo tho west, and nila Read yo tha goulhe _ ___. i i a i | a ne Taaare thor affuct the markoloRsity SF Ine propartles Iq the aggAsarnosd (provinvly to smplyymear ant erunitics, employment stability, anpeal te market. mre y oO QuaCt ures has histeroaty ynfovec! averagetvalcal murkutabliity du roximily tat miboe, facrenijonal amenities ang jt attordatye ogee cance, Supoly & droand for roel egtate In eonral npzoure to he In br posgive suger a horns 6 far Sale. woe Notabwy ved, Te novona! wane is strona, interast sic san rose Toval ania syeble Anus: Honda te experts populatlon grout wilh w stable trend ex le a continu a RAAT REDO? Fr (Lica dulsiee. Hn gubiecs aig surheod ara ba {Te UuSJeCT 1020 26th Straat 638 $4 Ofpray’ fone : recs Snrasoty Garbsot; 3426 Pranmity|ssubleat fo ‘ _ ~ Lustng orice " 2 pmoainals OBA, rs . —_7}'220 ~ oy , ed QBS Data sor inspect bios E : ublic Reco ees Tobrre BABA 3 a Tae? 2) 80) eect cs 372 4 7 ox geyt an mavaet | NIA Market conditions that affnay 2-4 family properties Sin the subject a the abova neightorood indisutors af arowlh nate, proparty vatioa, detrand/upply. and merdsling lime) and thy prevalence and impect in the cubjec] Marknt wrem ragarding loaf dlocavnte, intarest buydowns wid CantAssions, and igontifieation of irerets in Hinting print, average MAYS GN Maths! end my ahange over tho past yaar, alas Market condhigng are pogiive and actlye. nts agi rates Ape, panera ly below 10% wot are calativaly stable, Ng joan discounts, interact huydowne or rancesslane qenerally naeded, ‘o onhence markatablity, Number 4f recent tIstings have boon ralatively stable as wall ap market rants duting the last year. . _———— ne a nets ee - een, ng ete os a Soe ame! a tt pana Daneworona $0 3 184 _—_- nee Topogaghy Leunt Bllsaraa 7,S40yhscH Conner Let Bit) Tyoleal for ara Gposigo wering elarwientins and deserpion HAVP-4 Apel tial Sinaia FS: Shope Mostly recta, Zoning eampianca [Z) tayat Logi renosntming Granda ered ex} lesa Crolnage war’ AtigauA f ragnoee Racer use syinpcovaet, (x )Precuat uss CA) omer nse foapiaind View verme/Residential i . a landonpng Avenue Tynlcy _ Ultlities . Puri; Other Ontgite inipenvarments Tyee Divowsy Asphalt BS Flechielty (e} FPL Srone Asonstt _. ig cal | Apmarentessoments Tyoleu! Diy m Gay ] Cumvguter Congaye ha ware Siowwm = Corrorata a FEMA Special Flood Mazard eR Vos [XJ Na Bay Sanitary sewer ~ | Syeetignts = a ve FEMA Z=n0 Xs wap Onin 2/32 Sty stean __. ftey NIA _ FCMAMon wo, 12880 4409 8 Tate we anon ale paiigy ene: alias spacial Hezcaamonty,, wt pitas, [Megat ur loge! nenesnferming zoning, Usk, MoE oo agent adverse sasemants Of sicrogenmerttx noted al tha te of Inspection. See ONfarewe to Wie sree jy (za, 19! parent af and confipuratian and nsiudas. agenda ands aeshall oa 9.2 80) sorter Od ee Fogg, howevar, th this fo soad Is not oongisares 2. Leanne ea urterid! rons due to U,§, 44 bolnn diate we: 3 ct $301 bela ctuetiy qagt, - - a a a pg er Fradéle Mae Ferra 72 10.94 PARRY OC Feniink Mia Foers Vai$ ted ‘Tolan pracy me CUD rye epee Let SORTA __ COMPLETE SUMMARY APPRAISAL PRIMT Yt 888 728 8754, SMALL RESIDENTIAL INCOME APPRAISAL REPORT opLeSs Genorn} deacription Exqarlor deseriptian — (Materlolatoansirion) Ingulation Reckoner} Veneealag Foundaton Concrete Sinb iy stones Suckewate = CB Type (cot tat} Roof sutooe Shingle Design (sly) Gtten 8 denies, Nor Gurengbropoed. Gyistinn ise eviction -. ‘You Bult BoD" See Balnw bertue aya dine.) “New. Whdew type Alou Seonaniceena None Nanufactyrod novzing” C)ves Le} ‘Canes wit te MUD Uo Manuela Hang ES improverrnits contin: Bath a yom fas] ot QOGB BUI ra | GROSE BUILDING Meh GET EEN Bn 18 Deri AS THE TOTAL FERED AR a (INCLUDING COMMON Aaa OF OF TH fs VE BASED 1OR MEAS fe on errr EN soup (Ut ruatecand) ttle Gar Savage No, Care is Foon Rediigernter None Cay pd wars Regular Stale Carpet £3 Terutinish Diapoeat Crap stow Altiadend Wag Both floor _| Citar Seuttie Outached @ C8] Bath watnscy Fanhees Fear Adaguita tay rors Cumpscier f) Haateg inadequate i Above js ii —— Wed edyer Finshail Oftairset me condiiog. Condition Averagy | Microwave Untintahad None Firep eats} tay Tondiinn ef tha knpeovomants, rears neuded, quatty af eonciwaton, adailonal anzer, edomicaton, nes The subleo} Ip new construction wil Gealine cele — seprasieion waranted, The sublacts qvarall Sasign, quullty, appeal and moskarebility ars judped ayerage/typlca! for le market. a eer ST he syalag wate oriainatt vse INin $972 However, the Lunt vas fay fre wni 4 19% of ths building. Theenly ps Gf ina hyllding being uned fs Isfoundston, ~ yar Dapraciation (phytlasl, hanegonas. and rca] hradequactes, ate.) Depreciation ix ost fenmductioy post naw, Thory were ne-sionifiesnt ainda ates oy 1688 ner nr Semrmneresmre er — ———| 3 Arlverna envicenmantal ssagitions (such sty byt nat Hetod t2 gp, Nazardowy wastes, fexia cunstangas, Ofc.) prevent fn the Improvements, G0 tie Sit. AF in} EY 4" hinnodiste wointly of tne gubjacs purysectys Thess ele no ne ganar i deere environmental conuiiirins noted atthe time ot Inepyetin, og Commenta on Cast Approash (avah ae, source ef coat actimate, sto uqlia, sqnara fost calewlation sna, far KUD ang YA, the aetimatad remaiainy sconamia life af tha praparty): The Dost Aporoach te paged on on ESTIMATEO SITS VALUR. seesectene iad ERVIMATED REPROGUCTION COST-NEW OF IMPROVEME GBA: 1588 a4, f. OS 59.00 25 Sq FL GS _ 3 esidenilal cag} date via lhe Marshall & Swit Reside: lial Cost .. $4. FL OF o Ce 5 landbook and joo ountractor Inout. emcees 8 BS at . — ~ a: $y. PS 8g ~~ — 4 2 7 cing earned aad ranean amt FY ae ep a5 Site taro ute water, a act fans. Orivaway, Hy neoprene a 3 _ landspaning, sie prep. clearing ang 0, rr ret SY ® — Al gimllet, vacant land sales nenmanna ci 5 wie 4H, Similer, vacant and sales, estimatgg eho rivad vid On Ebetraction alias ci simller imeroved | i be} Spectal Energy Eteem tiem — = BB Porches, Patina, ata, ‘Total Rotienutrt Coat New . Physteal Subjects igang Ie qua a veiee ee is tok cai ‘ech amt Duacket ag, pomtetend Len 48 ghould have no affackon markstaniity, a. Depnociation : —._ 4 Rapmasied Valuo.of improvements Be PS (0" Valve of Sule letprewnmanty , AL UNSCATED VALUE B Praca Mau Porm 78 (0-04 PAGED OF ¢ Fanaa ston Farm 1085 10°35 ‘Tees HEM AT CeO TH mk Ik A Dense LIM us oy OEP P.@3-39 EXHIBIT | PAGE (¢ _ ee reas : 2 es shot 4 ond spzlyeed in this 8, The manta com BSS ter eaon nat Peep are a if ‘GUITOAE rOATal cube, tharalove, tha rental nomparebleg \ypreaty ee i 883 a COMPLETE SUMMARY APPRAISAL PRIMI" NC, P28 BSL PB4/3g SMALE RESIDENTIAL NGOME APPRAIinxt. REPORT. ooongge: ind lag Shaubl represent (N@ MOSE Curent reribal Informatio gn groporvies ae crenker and proximate 30 Ibe sonic property no pagstele (This compovicoa 1? baandd Ane nes fhe gama cormperndlen used in the sAlas canpatisen anotytis. The appraisal rdport stould absura the roger thal the aif and piapanizs aoieclag ro cannon ao 20! erase to the subleet peopetty Quite tire waits the ite everal properly) eng oeeuralely rapeesanc (ha rental market ia the aubjant properly Cortese BR ctnaiiden ntutest within ihe rapa. . TEM ECT COMPARABLE RANTALNG, 4 AMP) NTAL NO. 2 COMPARABLE FoR BBth Streat 218h Bay Seat 3144 Ashton Ra. 2497 Rogatawn Bt. ADMIRE sorugcta Gapssote. 242: Sarasota. 34 granola ; TS onl 3 riiles southeast S miles souin H Proximity te sublet Wala Bourn 5 nave daienf evalatie) | NIA Ranga Anoug 67431200 OynaZe0 ons 004. Wingtata MLS IL cece ow Gemaourea - Oyfarin, ___WWinghaw qgDeta i Rant concessions Hane Ranored! ‘od : Na Le 72 \wotns2 Niven 1 vel 1B 4B a Qesclation of : f — exppaciy- urs ANaraqn Sleniig Similar marketadie design, GppeEt, arkatgbte condilion_|scmalio eondiionand | vananalas, ‘ SRe condone” and overall opopal. ein CUAL iS Oy a Bl Ba : ne Inaivitual {4} 2 {7741 \ 51 : El ul {a2 ZTE fi breakdown, Cor ral . yal ee a Market rents Pe ark in Matkut renis ins, haged uppn _ based wAdg based ypon ___| bawed uper, Hint. and unfyenighoe unite. | uinfymighed unite., unlufftenod unis unfurnished unis, amenities No ylilifos moiudad. [No utilties nonqed. Nouilities ickeced. [No utiles duced _| ingugad In rent Of Gest Pamort Parking © "3 tt Pagn Palko a _ to ee = . Avs Avpreas ~ tgp ee EX anual rontal data in thio market ie scarce af beat, The 3 camparable rental ieele of situated in lhe sublets qangral mg; ket area, are vary d vi ar a. GF similar jh uae and size and are cons\cered 19 he ihe pest avilable rants! Aarau ablog at is ime _ ner nt onesie ——$—-- ee Sublect’s Tentactociiia Thy rant deheduig raconcalas tha appleable ieicated ttontnly marker rls t9 tho spprepriats whjact vin and providas the astmatud rants for fhe subject prnporty, Tho appraiser must sovicw the rent enaracterisiten of the Smparavia ube to delarming whatnet estimated rants shoal toflact actudt ar markwt tants. For axample, @ nctunl imps ware avalible on the foley mamparnblas and yeed to darhm the grosd reqt multiniar GRIM), Reino rents for tho sublsel gnould De used, [f markt rents were used io construct the comparsoies' runts and darive tha GAM, marker fonts should be uaad. Tha toral grogs watlnated rant musk cuprys anit tant draractarislios conelstent hh the sules comparable data cicag tO Gove the GRA, The total rots anlimated fant is nel ucdusted far vaoncy, aT Md Or YSN Ctrereriayheamn(Game) NA j ‘ . a ia Waosney: emit last year OG Prevaus yesr O% Esimeteh 34 8 540 Anuelly Total gris estimnind ont = 9 Uuubes mauaactin setinated renta: ( _) Eteamna a wae {} saver (}ece [Jon Tx} tus aiecton [7] “Trash cullerfion Is included yn the B subjects eal essato lgxne : _—— nt ee Commants on the rent achodule, actual rants, mstimatud rents (espncially rogordlng Sifsroncns kerenun actual and asimorad rents), nilittes, te." tiniztod market ronte ots based on annual reyals with no wbltied Ingivded, —__. ——— —— _ oo a + ——»— ~ a a Tragdle gu Fem Ty TOU PED OPA Fanaoa nage Pore 1620 10-84 / Dy) Difeles ext pened aye Af Teenienon Resiefienmspden Peo ED EXHIBIT ). __ PAGE _- si ONTO COMPLETE SUMIMART Arrnei nes ie - 888 728 8751 pgs /39 SMAud RESIDENTIAL INGOME APPRAI_ cL REPORT gonngogs rete a Bm The undgrecpwnd Kay UAZIIGE (rTM rece auied H pra pertiog nse pomeer 2nd ommate fe pommel Laat granasty at nas ghecribae AA enaipeal heh Tn On saatysls ME (MAME oH alBeent wencheh RIAA wy, Buplecd ans Gomperrhte OcApa7ten, the enatyDe inetunled b AOiRe mgfnatask ye canealtAg Unb mated PAMLLAA bs slave YpeD 2! expanstey Toarpartad By He Abrus Gxt. HA LMT ERA ram 1A Te MO TCE etl Ba iuearse ce stpwise tp, cr mate favoradW Thad, the sinh eagerly. a aime G6) avesiment ig mada, Murs cadens IME My cales wuley itkeh ATTRA campariDlE iat fa wonfene raat BH ona sle HR LeTy Rit 68 aura 30 Fe re ria = GUESS MeNttty Ry B see 1.1, . COMP RA 3a4 Hlakery Avenue TE Inureeuy tet isipn Saseeetue REN, 1020 26th Sraut 43S. Oxprey Avattua fate ReanawiaLs, Wingate _DESLIEPT DN prepa TENE Nig Garventiond t ——T —— — ie Fn Ayarage pain ED as SY gy Pling dena 1 2 Rit) Been a e tt tes Rrowkkawn Ket Projrd amenities and Nang df apohendia| None NetAdl. ciate) Ad) ealog prick at tees Samp pra gias BA - > : 443,000 “cammente on faiva Camp aneon Qnetudlng racandlt iin at talltid ea rapa caredtteney end 1A vane end aval eek gl Romnlircprana ors mathalignin mal maul AN thrag eomparanty si short Faeraaont aphiled boving yltninatiues to the oublect proneny Aftar IYOns marker coven udiustments the indigayod mange st valua nar or eee cotmate, Noone a8! med supartor wis. all were Oiven nowal worant inthe Anal he Anal at fetmate._ ‘Theat ape ae thie reads for mertane Yoancn pulposes only, Angle not pander ee wy ofhar use. oe aan ——. we ne . SUBIR : : BARA E NGL Bb NO. 2 _ COMPARA Anan + Tawa, Pricsand Daly] NO ealas wctlvity Ne antes senuny . No sales actviry No ssioa aoviy ! Seon rar et Natod in ye pam Notod in the pase Notag In the past : 42 monne. 1a monine, a menthe. realy af athy cuTun? egraarnent arn potion, orliéting artne subjact promncty und scaivale Gf Bny PAA OfWS AT OIOIACI any eswareien etn One yur ar Rar mete ed anprainal fe (NO euibiectunew sted for $122.600, Andie surrarity yar nontract to; the Same amie xmeyot, Qantingcme eepeat Tyniest Fat owner, ond i trong soant, ts dlublex wag inter wal betow market vale te onqure @ cule sale sale ine JO Marest for bar weasks, Total grema mantily estlinaleg cane & ARAG x qcopp rent emuliphad (GR) RBS 147,000 00 INDKAYED VALUE GY INCOME APPROACH ed Commmanste qt ineafna REPPOGEA NgLLAMD Test rallan, f wvedudie, ong reesnediation nf Ihe inn ORM) ALS GRM's tang with olver market (ental arm's ware eral weight . BINOIGATED VALUE BY SAL.US GUMPARISON APPRGAGH | INDIGATGD VALUE BY INCOME APPROACH | MB WOICATEDVALUERYCostapPRaAcH 7 : : o) 1 il) ls a2 This anpraital is made) acist DA uit nen uni en eh Bsc esnnni ie ant spoclfentiuce, Cmmnenaand Candnont of pate: There ne 0 sack nana naa adn oat es zi 'Finnt Rncenaltabon: on AlLmree ape three apore’ BEES 10 valu are Hera erecl snd led ana given nova wantin the euleats fi vgine cxtirete, __ | —_— ——-— ———— a SP RERARE PCS re ——-— = ’ —— Fe] The Mupnsé of thie appredeal 1s (> aatimale (4 markot vatua of Thy peal property that Is tra kubjece ar Mile report, Laxod on Iho nbowa sondinane and tha “ater SenTPgONT ant falling conditions, and mater] vawe dofelian that ara elated in the atiggtiad Fradéie Man Porn ¢38iPaunie Max form T0048 (Revised B/S pat | (WIE) ESTIMATE THE MARKET VALLE, AS DEFINED, OF YHE REAL PROPERTY THAT [S THRUUBINGT OF THS R=PORT, AS CF “jay thang bey (WHIO#T 19 THE DATE OF INSPECTION AND THE SPFEGTIVE DATE OFTHIS REMORT) TODES 5.900 . j 21 im APYRAIEER: SUPERVISORY APPRAISER (ONLY iF REQUIRED): qa fee - sane Ce eee 4 Bat ns tapucl Prapenly Gate ener Sled O71 argBOG Cane inat ernasiogs ae Cain t. = sve ‘Gute Qetfieainy S.Cerl Rr REA ROROOUDRA Sut FL ore inaneay Grae keel NEA RipQODB IEE el = Ee Ea am PRIMIS, free EXHIBIT _ | PAGE l¢ A INL UTY Operating Inc me Statermemn 880 729 754 “~ROMPLET SUMMARY APPRAISAL PRIMISING : _ Ong- 19 Four-Family Invastment Property and Two- fa Four-Femiy Quner-Ocounted Property OChoEoES Property Addrast 102f 2th Grant Sarasota FL 34234 Strat a OTT STRSTR RE ocean TT CHES Rea ny rn Garmral instructong: This farm is te ba prepared jointly by the logn epplloant, the appraiser, and (ia under'a underwriter. The applicart must complete the following achedule indlostIny wach unit's roatal stotus, laaxa axplrotion date, curcant rent, market rent, and the pasooy oP Butt lontal figurys must he based of the rant tor an "ynturalthed™ unit _ Currantiy Expiration Querent Rene Market Rant Pald Pad ~ Rented Aare Por Month Per Mant Utiity Expense = By Qwngt By Tenent Unit Ne, TYeax __ No. Unknown 8 465 § 250 Bisorielty Unit No, 2 Yee x° No } $ 459 §. 280, Git. . 3 _.$ o™ Unt Na, 29g Ne _ _. _. Fue Of Unit. 4 Yas No . _— ual (Otten) Tatal . § 900 § 1.500 WatorSawer. . {x Trae Rey The applicant shinuil oomplate an of ine Income and ENBCnGS projections and far Geen proporliaw provide aatual yoar-end operaling atatomeente fo the pant two yours fer new properties the weplsonts prefactud dacome ond expanses mast ha aarifods THIS Operating innome Starantant and pravioue operathiy statamante the appliaant provides must (hon be sun lo the appraiper fer review, rome meant, andlor uchustmante next to the applicant's llourea fag, Appveanesralor LOGI, It ne anoralser ig roteinad to complete tho fore Instend of the appliogat, ine teniing must provide fe the appralser the alerementionad operating statsmonte, mortgage Insure ance pramium, HOA quan, @asehold paymants, suserdmers Tnancing, and/or ony otnar relevant Information ax te the Incume and axpanses of tha subieat property recnivad fram the applicant m subxtartiate tho projections. Thr nndarwrltar cheuls earetully review the apalfasntisfappralears projections and the epprstear's commants cancarnitg tore projactions. The yndsraritar shogld rake any Coat ssedjustents Wet ara necasrery to more Qeouratoly rallact any income or axpansa items Wie? appsar unrgdconadio for the market, (Rant estate pares and Insurance on these ippor pf propartins are included Is #177 Bog nat salcuiatsd o¢ op Shaust vrpmuxe them.) - Income should 50 paged on current rants, but ghould not axcoes markat rants. When there wes ng crraAt fonts bagauan the property Is pi uposst haw, or ourrantly vacant, Market renth shoud be used Annual [ncome and Expense Projadtlon for Next 12 manths : an ge Adjustmante by Incenre (ap aattrelede inpane ter onnaszacaen units) By ApplicantAgprakier . Leniar'a Underwriter Grows Annual Rental (fos obey fo be rentngy cecaseeee . : 10,800 § Othar hice fare soured ee, ae, Ot ———— Torn. sees 10. : ee Lesa VanancyiRant Lose . 6,00(.8%) - Effective Grose Incomn , SaaS OEINOIIEII : 1) SOO Expenses (2070 dochos expanses hr oper arepiod ways SS yee te Gas... wee eta ene teewens ieee Fual Off Fuel... Water/Sewar , ‘Trash Ramoval Past Gana! , Other Taxes or . ve Cap bor, © seeneee wee Boo _ The includes tha nosts for pubieo area cigaring, snow ramaval, ets., Veh though the appltanal may not eiect ta nonlrard for auch sarnoes. Interior PanyOecoraing. 2. sesbretees ee | Thig ineiyaes tne coly uf contract laper Gnd macetixls that are required to malntain the publle aorrisote, stalrways, rots, machanizal systams, grounda, oto, Management Expanaes ae ees wep reeeuctbeensarecss soe Latou ‘Thase ara tha oustamary AxpOneRs iat a profussional manage- . . mani company would charge to manage the property. BUPBIE eee. aes eeeteeeceeesceeet eect cae ss [a This # the Gosts of tems like fight bulbs, janitorial a . suppios, etc, . Total Replacement Reserves -Sto SenedvieonPp.2 oo 33: Moctoreas . —— ee ae ar nn ee . wee wee ee eet Tota! Gpwating Bxpengeg eee eee 8 ——_—-2.99% FL i : _——— P, 26733 EXHIBIT f PAGE / 7 3 SOMPLETE BUMMARY APPRAISAL Fre -C. ~ ast onogases Ropta aemant “Foousaniai Resane Schedule Adequate raglanament rpxetves must be oaleulete rapardians of whather actual peserveb are provided for on the awner's opsrating statements afro snutomary fy the foaal market. This ranrecants tye Lotal average yoarly rederven. Generally, of equipment and cart ponante nat hae & remaining lifg Af more {han one yesr-suen 9x raftlparatera, etayas, clothes wanhorsidryeye, trash compaclors, furnaoes, rots. and carpeting, sla -Should be oxpensud on 4 replacement cost hasts. Eauiprrent’ Raplecement ‘Ramalning By Appligant/ Lender : Gost Lite , Appraiser Adjustments stovasRungeg 6, GS ——_-400.09 4+ 38 Yea __ Untts © 80.00 $ Roblgentas, | B$ ——_980.00 ons Tid via x Unis=§ 0D gf Dbhwashes © | @$ fe YOR a Uinta a weUnBR OS $90.00 oy. ia Yo. 2 Unites® 2 $e — Wey we Une FL . — WR yun LL, = FR fumnace(a), men VIR —~ ners an Fa te Yr LW ules LP tenner)... . Rant, we GS ANDG.08 4g 98 Yes KOn@ Bldg 5. 138.33 & Darpotlng (Wal to Well) Romaining Ue (Unite) “AY Total 8g. vos. @S_O.08 Pade. Yd, : 40 Ys.2 $B § —_—— {Public Areas) TotatSq, 99. GH __Par Saye. « i. ia $ a Taras Replagemnont Raracves. (Entur arr Pa, 3} $82 8. Opersting incerta Reconclilation ey 76} +a $ SO3.47 *preeriag ja t054 Te mee Yate] Oparamagy ee —PparaNAD Rae 2 Daath Opacity cams 4, S63.17 ~% _. ~~ 853 17 ~ Monthly Operating Ineoma Monthly Housing Expansea Not Cash Fisw (Note; Monthly Housing Expense inaludas principal anu Intecast on the mortgage, hazard insurange promums, real eslale taces, mort 9a0 inaurands pramtums, HOA duon, leaeshold payments, and subardingte fngncing payments.) Underwcitars bistruations far 24 Family Gwnarfecupiod Propartiog * Monthly Operating income | a positive numbor, anter 9B “Net Reatal In2cmo” in tha “Grage Monthly Innoms* gaction at Freddie Map Farm €6/Panntu Mas Form 1003. t Monthly Opmrating Inanme i a nggative number, it must be inatudad ws a Hahitity tar qualitieatlon purpasas, ¢ * The borrewar's monthly naysing axpenge-ta-income rate: munl bo calculated by computing the total Mantmy Housing Ezpeaso for Ine'withject preparty 19 Ine Dorrawer's stable monthly ineame. Pe ar et Vinthsnrvitar’a instructions tor 1-4 Furiy Investment Proportias © IC Wat Gash Plow i¢ @ positive number, enla: ag ‘Nal Rental Incnme® in the "Grass MORIhy Income” section of Froddic Mae Form s8/Pannin Man Form 1002. if sat Gash Flow is a nagalive numbgr, ft mms! bo ineluded ac 4 Mai fox analifionon purpogsa, = The gorrawor $ Monthly hostsing axpansd-to-iacame retin must be cxlculntos by compyrtry tha ints! monttty housing Repenss tor tha hurrowar's primary cocidence tn the borrowora stable monthly insomo, tt Aparaiser’s Commants Gnaluding cauntos fer data and eationase op tho pryyoeianey heres Nama ieueunmenteneielnenememertameameeee Underwr ters Commante ant Rustionala for Adjustments a a ———— Undenathar Nama . Uindorwrloe Signatare Date Franco Mas reas ” E e Fao B80 Aug 68 assem wn pines ete oe pm ALT rena ban PRIMIS, Inc, Oo ‘fed BPS. P, 87-38 exwer | PAGE 1) Fo ee ets + - 889 728 8751 SUBJECT PROPER IY Pp nie nee P.@a-3g — Tg Nad senses > 1 ee = FRONT VIAW OF SUBIECT PROPERTY ARAR VIEW OF SUBJECT PROPERTY STREET SCENR TOMPARA BLE PROP: P.@9/33 EX COMPARABLESALE #1 2534 Hickary Avenus Sarasota COMPARASLE SALE ay 656.8 Qeproy Sarasota DOMPARABLE SALE #9 8483 Oxjray Avenue Sxigaota, 4234 , wor | moe 22. JUL-26-2821 13:85 AES BOCA RATON 8e8 728 a'rS4 P.18/38 ———— . LOGATION MAP . Tne + ; nan ies a : Tay, i ——— Goss Now —_—— ay, P ee EE Se er za “7000 20S eC : Gy Sa ‘Tendans Guifshore Martoage eS Sela bony Avinie Want 16 ZIP) en Cy 8) tye 0 RipDityamn. pea sittin EXHIBIT fe PAGE Al suneaetos dard HES BULA RATUN db “2 USL psu 4 WU betes 7 Bot ree ara crea rn EXH { XHIBI _ JULTeb 2d 1st . AES HULA RAIUN FLOORPLAN tH “fettd OST Pile sti 28.0 Bedracm Living Roar Beth Bath Sedragm rotenen Living Room Bydtuore BP Skutch hy Ape NY Windows™ a een AREA OALQULATIONS SUMMARY Bexedoion. Ee, OLA Paepe Plone 7e4.ag Anda Tak tye 784.00 Leen nn TLE LIVING AREA BREAKOOWN Lick viean hoor Rao % | Ake min two and x = 28,0 FEE Oe TH eOD TOTAL LIVABLE {rounded , EXHIBIT __| PAGE 2D. JUL-26-2001 13:8 CS @ AES BOCA RATON 888 728 E754 P.13-3G “Ae ee Fila Ne. OOQOUSE4 . ; i kat OR OF MARKET VALUB: — The most probedle prize wnich a proparly should biing in 8 competitive and open mer OE carattone roquielte to 2 falr sete, the buyor and soflar, cach #oting gradently, knowlsageably end assuming the price isnot affected by undue sumulug, Impllcll In this deflation Ie the sonaummation ofa sely as af a spactiad date and the passing Of ie rae Sellar to buyer Under eonditigna whereby: (1) buyer ang eauer are lyploally mativated; (2) bath partiey are wel Informed af wol adv i . and each esting in what he goncidars hiy own beat Intarest; (3} @ revsanabis tins fe allowsd for oxpoaure (n tne open market: (4) paym i Is mado interme of cash tn U8. dollars arin tacms of Nnanalal arrangemants enmparahi: thereto; ang (5) the price represents tho normal tanaléaration far the property sold unsffected by spocia! or oraative financing of sales eonnaaslons" granted hy anyans associated with the. sale. “adjustments ta tha comparables must be mace for special or orgativa Hnancing ar seine oonsessions. No adjustments are awcensary fer “ thoue conty whieh are Aormally pald by sellara as 3 raeult af tradition or law Ings market arog; these costs ave tagdlly identifiable sles the salley pays thana ooote In virtitally alrsales irengactions, Spacial ar erative flnenohig adjustments gan ba made to the ooniparstia papery by cempartsnns te fingneing terme offered by a (hid party institutional fonder Mat Is not already involved in the property of Iraneastion. Any atjustmem should not ho galgulalsd an a meohanigal dntiar fx dollgr cost of the Onsncing or sonagselon but the dotlar amaunt of ony aqqutiment stauld approximate fhe market's raaction lo to finanelng or coneassions hagas Of the Appraisers Judgment STATEMENT OF LIMITING GONDITIONS AND AFPRAISER'S GERTIFIGATIGN CONTINGENT AND LIMITING CONDITWONS: The gpprmter’s caciifiudtian that qppeort in the apmedsal papert 19 Subject to the, fallndng condRions! '{. The appraloar win not hr respansibls tor matters ol » legal naturg that affect alter the property walng sppraised or tho fitte to it, The appmiser asoumas thar tne thle fe goad and morkatatia and, thevefers, wil) not render any opinions gbout tie We. The penparty {9 apprateacd on tie hasis of i bolng under responsible nwnershls, . J. Tha apprelser hus pravides @ ketch in ths approigol report to show appraxiate dimensions of the improvements and tre skaloh 1s lnguded only fa assist the reader of tha report in visualizing the prepony and understanding the appratear's detuinination of la ctze, 4. The appraiser hus exomines tho avallable Nood maps {hat gra provided hy the Federal Emergency Menagament Agenoy (at othor deta soutats) arid has noted In tho ppprataul reporl whathar the aubjact sila fs located In an ideniliied Spaclal Fiocd Hazerd Arod, Ancaume the appraiser fa not a suryeyer, ho orshe makes na guarantees, express ar Implied, fegarding this determination, 4. The appraiear will not give testimony of oppoar In ooure bacaune {re er sho mado un epprrles! of the property In question, unlega upocitic arrangemants ta do su have baen mada bofgrokand. §, The wppratser had estimated the value of tha land in the cost approach at ite Alghost and best use aad the improvemants at their contributory value, Thasa separate valuations of the tenn aud Improvamanta myst not d¢ need th ranjuaction with wny other appraleat and gen invalie If thay Arn so uyed. 6, The apprafser has noted in lhe appraisal report any adverga condiilony (auch as, needed repsira, depreciation, ‘ha presenuc at hazardoun waatog, toxlo substancas, ete, ) observed during (he Inspection af {ho cubject property or that ho or sha became Aware of during the nayrsal | Peogarch awolved in performing the appraigal, Unless atharwiga stated In the appralcal report, tha appraiser hog no knowledge of nny hidden or Unappareal genditivns al tha property er advarse environmental canditlans (inchiding tho pranance of hazerdaus wastas, toxie substrngog, ate, ) that would! make tha proporty more or lugs valuable, and hes assumad frat there are ng OWGN Gonditions and nines no guarantees of warrantlvs, express of Impllod, regarding the convfitlon uf the preperty: The eppraisar will ast De cesponslo for any sah conditions that da exist of tor any engingoring or teeting thal might be requirod to digcovr whether such Gongiland exis Broause tho. appralvin 1s not an axpart tn thy fleld of anvironmentol hazards, tha Rppraisal report must net be considerad as an onvkenmnental zayexsmant Of he property. 7, The appraiver vibtainad the information, astimates, and opinions Mal ware expressed In the appraise feport fram sours that he ef BNO AANCINATS tH BR rullaliz and hakeves (hem te be live and cortcof, The appraiser dows mut assume rocpansibility for ths accuracy of gush ifamg tat ware furnishart by other portija, A. The appraiser wih nat disclose the oentente of the appradnal rapor! axoopt a¢ providerl fre in the Uniform Standards of Proleccional | Appraisal Pragtes, : 4%, The appraigar hac baged his or har apprainel report and valuation consilusion for aA Oppratsal tat Is subject te catigiactery compteian, repalra, or alterations on the asgumptian thet concpiation ashe impravamants wil bs perfarmad in g workmanike mramer 10, Tho Sppraiser must provide his ar her prior wiltten cansant bafors the tangericlenl spacified In tho appraisal rept can dintribute the appraten! rapart (Including canslugigag about the property velua, the apsrafner's tdantlly aid professional deeignations, ane raferences to Any pratasslonat appralanl arganizatena oy tha firm with which the sppratcer is ageoclatad $ to anyons other (han the borrewar; the martgagop ar its succuaswra and aasigng; tha martgaga Insucar: consultaats; profesaional apprelsal arganizationa; any state or fnderally apgroved financial Ingtitution; or any dopartmant, Sganoy, a: krotrumantallly of the United States or any stale of the Disuict of Crylumisia; except (at tho lendericliant may distribute ine proparty description saction af the report only ta ciate eollnation sr reparting survioe(s) without having 1 obtaln the appraisar's prior arqtan gonzent, The appraisar's written consent and approval must Siva ve oblainad before the Appraigal onp na conveyad by anyone to tha pubilie through aduniflstng, public relelions, nowe, wales, or nther media, Freddie Mune Form 420 293 Page 10f2 Finnie Max Caren 10043 6-93 ~ EXHIBIT | PAGE 24 _ wow 1Au oon Flo Re, OOOUNE APPRAISERS CERTIFICATION: The Amicaker tarts and agrees thot; 7. Unava rasoarendd tne qubjent market avon ond nave selected a rhinimum ef tnzoe racent sales of proportics most elmfler and preximaie to the subjaet ploparty for consideration ip tha ¢akee comparison ansiydie AN¢ nave nvade a dedlar ag)uataent wrran wprpropriate te raninet the markat raaetton Co thoae hana of alyntoant variation, (Fa significant Ram {ns comparable praperty IF Supt ta. ag mary faverable than, the susjest properly, | hava made @ negative adjustment to rodueg thie adjunted sales Bridg Of Th6 Comparable and, {8 cignifoant henitna samparania property Ia infarier YO, or (oes favarabla than Pha cuolect properly, have mado & positiva acljuatmant to ineroace thn adfusted Aties price of [he conparatlg, 2 Thave taken Inte cénsidaratian the factara thot nave an impact on yalua im my cavelopicent of the ostlmate uf markat walua In the apprainal romort. | have not knewingly withheld any elgnificant Information fram thee epprateal raport and b Delinve, be tha Beal of my _.. ReWogao, that all statementa ang inermallay in tha apprainal rapart ofa rye and correct %, | ataved tn the appraisal raport only my own parsenal, untiseed, sul profausional analyels, opinions, and caneluatsne, wnien are sulsect Anty to the contingent and lyeiting conedhions specified In tha form. 4, i heve no prasant or prospactive interest irrthe proparly that ia the subject fo thle report, aod | have no prapent or proupactive paronal intarast of bias WIth taapant to the participants in the tannaation. {did not Sena, ulthar partially or oomplataty, my analyals andéng tne sutimate af market yalua fn the appraisal roport on the race, color, roligion, sex. pandicap, famiiial stots, or national origin 94 aither tne proopactive ownars ar accupnta of tha Gubject property ar of the prawent owners oF oceupants st the propertiva fn tha vicinity of the cutigar proparty, 5. {hava no present or contemplated futuca interaat [athe subject property, and nothar my qunent or fut smylnyment nor my compansation fer parforming this appraisal ia contingent an tna eppralaad value atthe property. a. | wae not raquired to taport a predoterminad value ar diroctign In value (nat favors the cause of tne client or any related party, tha amount of the value estimate, tho attainmant of « specific ragut, or tha coourrende of a stibsequent event {narder to restive my rempanwerion andlor employment for performing the appraisal, { did nor bese the appraleal roport on a raguested minimum valuation, & epbeific valuation, of the nocd to approval & spaciic mortgage ean. T. | portarmed thia apprarcel tn sanfarmity with (he Uniform Standards af Profeseional Appraiaal Practice that ware adoptad anct promulgated by tho Appraisal Standarte Baned of Tha Appraleal Foundation and that word tn place as af the affackive dete Of this appraisnt, ‘with the axsaption af ta departure provision af thoga Standards, whlch decs nat apply. | nsknawladge thet an eatimata of areasanshla hima for axpoGuré In tha apun market la o pondition tn the deftnitlan of market value and Lhe estimate | daveloped If consistant with the mirketing time hated in tha nlghborhood agatian of this repcet, uniass | have otherwise stater in the cnconcihahion nection. 8, 1 hava perncrmlly ingpactad the Inturlor and wxtorioe arong of tha kubject propaity and the oxtorlor ot all propartias listed aq comparables” In ta Appralaal report, | turtnar oprtify that | havo notad any apparent or known adverts conditions in the subject improvement, tn ther nubfact site, of an ony se with{a tha Immadiote veinity at the subject property of whieh / 2m awart and have made sdjuatmanie for hase adverne conditiens in my anulysis of the proporry vatug te thes wxtent that | had marker evidanca tu suppors thom, { have whses commented about the oNees ofthe munca conditions an tha markaraniity of the subject property. 0, | paracnully prapared all ganeiueens and opinions about tho real ostaty (tiat ware sot forth IN THe y prafual apart, (1 ralbRO on ciynifleant prufassional aoarefanes tcom smy individual oF meiuisare In thm pexformance of Ne Bppraisal or The peaparntion 81 the apprainnt raport, | lueva namag ayah indiviguays) and disclosté the epaatis tusks parlormod by them In the recomafilafion acetlan of nis appatial report | nartify that any waivguat x0 murned is quoffiod {8 parform the iantks. {have not authorized anyone fo make 0 ahangs To any ite Io the maport; tharefara, itant unauttorlard change is made te tha appraisal repoct, | will tka m0 fosponsiplity fx a. SUPERVISORY APPRAISER'S CERTIFICATION: =f 9 supatvisory appreisar signad the appraisal rapart, he of she carting aad agrees that: | dicactly supervise tha appraiser who propared the appraisal raport, have raviewad the appraisal faport, ogres with ther statamanta and qgnetuainns of the appraiser, sgras in ha bound by the appraiser's oortifostions numbered 4 thraugh 7 abuya, and am taking full responsiblity for the appratgal and tha appraisal report. ADDRESS OF PROPERTY APPRAISED: 1020 28th Strest, Seranota, Fl. 34234 APPRAISER: , ; SUPERVISORY APPRAISER (only If required) Signatura: ea ee a Sati Narres. fr, Lon ta ener Nama: ‘ Data Signed O719/2004/ ~ __ Da Signed: 07/5 State Gortcisatian #: peepee __ Sats Gertifeation , St Oert Res R or Sjate Leansem St Rep Aes REAR WObsys or Stato License —_—— Stato El, _. Stato; en Expiration Daw of GuiliReation a Lisonsm; _ Bpration Data mt Corltaatian or Ueanea: ~~ , [2 08 BD vis ot nspoct propery Freaksls Maa Poem 439 6 62 ~™ Foge 20? ; ; ~ Fannie Mag Forth DMB 6-83 EXHIBIT__ PAGE a+ _— Os Lhe ous _ PRIMIS APPRAISALS — oo CLAYTON A. THOMPSON. °2\ QUALIFICATIONS OF AFPRAISER “rhe appwateer ts Avan Marayer for Prints Appraisals, Ina, 2659 Siekney Point and, Se sora T)., MBE sand has * heen ao full Hine appraiser and enusutiant siace FOR. State Certttiod Roxident Anpmalven He, RD 7 0100262 Ligensed Real {state Nroker, Slitte Contificatinn: 1329528 THUD @ SHA appralser (QUUMS ff 2017} SRA Menther: The A pprwisul histitide, PROFESSIONAL AFTILIATIONS ‘The Apypraisn) Institute Sarnsutn/Venice Aren Magid af Ronltors Assuchite Meawiher Flaida Assnclation af Tenltors Qurlied Expert Wilmess Samsuta, FL Dendlennan Camnnissivn A epralsal Adjustaren! Reviow Member of Marshall Valo lon Service Worren’s Camel af ealtrs Morlgage Nenkers Axsauintion Flycida Assagiation of Montyayy Brokers Hare Soulelars Asxeefation . 4 Fare orriom "7 AG? bO?L WhS 4 OED A EA OOP MWUSLNESS AUD @ TrARh K J3t s Att SSP Ms! RLGULAT PLA WO ~DoUOZEA FJ, 7208" Ou sOLEI ENTEFIGD NES -PINTIAL APPILALSER HOXPSON: CLASIUN A LS CUNTIFIEN av. bey se pradans ot ON. de FS. Fyne NOV BU, 108 ae ep cemanneineemmannn emi GENERAL EDUCATION |" JONO-Vallalynasea Cor onmndty College, Tallphnssos, Fie Acsoointe nf Aris Ronrac LOW hurts Stare Ualvarory, Vallnhasecg, PL. Major Aten Tear! fstate. LYALSHEA Corso 10 tThinaiples af Reskfendal Appgtsing, Plorhtn Mate Ualveralty 1OK4-flert Lugers-Sarnva, 1h, Drokers Liens, oy TONS STA Conrae MZ- Appited Resttlenttal Apprittog-Wirlversity of Minnesatn, i coe Pett ak Roop Sountlation Pade Somntnaets feuto, Bf, b plight MiinThouk semiaae ' JORTNIBA Chapter 221 2-tme} Instruator, Roehlantial Reporting Writing Senitar, Say ats, ML. FOXTANIEA Chhagtes 18. °C outatenetion Teshnigqnes, Bluc Print Reading, Interpretation, lafis Canelrugtiont Systenm”-Clenswater, FI. 198Ke'l he Society al Rei Fistale Appeisers: “Yo ung Advitary Cannell” New Orleans, 1. JUNI The Soetcly al Ren} Ustule Appralsers: "Yoong Advizary Connell” San tenn, CA LORVANRGA 1212. Suormtacds of Professlomd Practlees Seminar, Bayles Huach, Fl, 1990-GulT Cant MBA- FIRMA Regulations 199] Appraisal nstitule Aufl Caphalization Theory X Techniques, came Ina LO0d-Nodern Appmisal feehntques-Tl A Education fipeaintists, Sarasom, Fl. JOO SAT Laow Updi te ConrsaeR. 11 Exnention Speciatists, Sorngbin, 1. TW antinutng Heluent un Courses "Specially". th Rduontion Spestatis(s, Sumani, b 19Oh-K opt Retate Elucutuot Spesintla’ Appraisal Methods and Applications! Sersam, FI }9Un-saracota D ated of Renllarg, “USN AD/Law Update” Seresp, FL, : 1WVT-Appratgal buttate, The Appraisal of Historie & High Vaine Hows, * JOVT-Appwatsal lnstlterts, Parts A & A-USPAR, Houston, TX EMPLOYMENT {OOT-['rascut Aron Manager far Pris Appraisals, Inc. Sarasota, rhe “UWRR-1997 Owner & Prestilout of Suncast Appraisal Group, Seresotn, Fh ART ERR Reglstovorl Reat Estnte Menkers Associste/Reritentint Manager oft otf Aporaisets/Conayhinats, Inc. Sarasota, FL TORL-TDRG Voylstored (eat Betas Broker & Salesman, 1979-1981 1. W, Gormley & Ascoctates, Postion vt Juin C. Doyers RM 79 Tallahassee Really Ine, Talahessen, PL CLINNTS SERVED P+! References nvniinite ann wequesl. EXHIBIT | PAGE TOTAL P.3B “—- FIG ND, Ue APPRAISERS CERTIFIGATION; The Appraisar cartifes ard agrees thatt . 1. 1 have researched the cubject market sraa and have aalacted ¢ minimum of thres reoant salea of propartias moat simhar and proximate so the aubjact property for consideration in tho salea comparison analysis and havg made & doftar adjustment whan appropriate te rafleat ths market razetlon to thote items af signiftcant variation. Ifa gynificant nom In a pomparable proporty js auparier to , or more favorable than, tna subject property, | have made a nagative avjustmant to raduea the adjustod sales prica of the aomparrble end, IF significant taming oomparable property |s inferior to, or lass favorable than the subjast property, ! have made & posttiva adjustmant to inereags tha adjuated sales price of the comparadle, 2. Thava taken ints ransidaration the (actors that have an impact appralsal report. on value In my development of the astimate of markat value jn the Thave nol knowingly withheld any signiticant Information irom the eppralae! report and { bellave, tothe bast ot my knawsdge, that at statements and information in the appraisal report ant frus and correc. 3. {ntated in the appraisal caport only my own perconal, unbiased, and professional analysis, opinions, anv conclusions, whieh we subject only te the cantingant ang friting condlons epeciies In trie form. 4. {have no present or prospective Interest in the property that is the subject 10 thio report, and J have no prasont or proupectiva parecna} Interest or blas with raspaat to the parttalpants In the transaation, [dfd not base, ether partially ar completely, my analysia and/or the actimate of merket velua In the appraisal roport on tha rare, color, raligion, 8%, handloap, famiflal status, or national arighh of either the prospoctive owners or Occupants ‘af the subject property or of the prewent ownors of occupants of the proparti¢e in the vlelnity of the sublect property, &, thava no present ar contemplated future interest tn the subject property, and nefthar my current or future employment nor my campansatjon far performing this eppralsal fs contingent on thn eppralsad value of tha property. 4G, Twas not raquirad to repark & pradatermined vatue or direction tn value thet favors the cauea of the cllant or ay related party, The amount of the value eetimate, the attainment of & epanific rasult, or the acorence of x subsaquent event {n ordar to rocalve my compensation and/or amployment for parforming the appraisal. pact valuation, of the need to approve 2 apectic mortgage Soon, 7. (pertormed this appraisal in conformity with the Uniform S promulgated by the Appraisal Standards Goerd of The Appraisal Fav with the exsaption af the daparture provision of those Standards, tiene for axpogure In the spon market Js 4 condition in the datinitta J did not basa the appraise} report on a raquested minimum valuation, tandards of Professional Appraisal Practice that were adoptad ang nndation and thet ware In place ge of the affective date of this appraisal, which does nat apply, | acknowdedga that. an gatlmere of a reasonable of market vatue end tha estimate I devoloped is consistant with the rmakafing tima noted in the nelghbexhgod section ofthis rape, unless Ihave ctherufsa stated in tho raconoflation seetlon, B. {have personally inspected the intarlor and axtarlor areas of tha subject property and the exterior of all propertles listed a5 campersblas inthe appraisal report, 1 further certify that | have noted any epparant of known sdvarea panditions in the subject improvements, on the gudjact site, of on any site within the immediate viointty of the subject praparty of which | am aware and hava made adjstmonts for these adverse nonditlone In my analysis of the proparty value to the axtant that 1 had market evidence to support them, { have also commentad - abaut the effect of the adverse conditions on tha mxkstablity of the subject proparty, 9. | personally prepared all conclualons and opintons edeut the real eutate that ware set forth In the sppralsal report, If! refied on gighificant prafasaional asalstance from any Incividust of individuals In the perfarmuince af the appraisal oc the praparation of the apprajsaal report, | have named suah individual(s} and dlsotousd the specific tanks parformad by thom in the reconciliation asetlen of this appratea! raport, | certlty that any Indiddual so namad Is qualified to perform te tasks. Thave nat authorized anyone fo make a change to any item in theraport; thernforg, If an unauthoriznd changa is inada ta the Aperalsal raport, | wil take no rosponslbilky tor it SUPERVISORY APPRAISER'S CERTIFICATION: {fa supervisory sppraisar signed the appraleal report, he or sho cartifios ans agrees that: | directly supervise the appralser whd prepared the apprelsal report, have reviewed the appraisal raport, agrem with the statamants and canelusions of the appratser, agree to ha bound by the appraiser's cartificailons numbered ¢ through 7 above, and am taking fil responsiblity for the appralal and the appralzal feport. ADDRESS OF PROPERTY APPRAISED; 4508 Olg Bragenton Rogd. Saragota, Fl. 34 APPRAISER; Kignatura; __ Lift Nara, I6vi F Le Date Signed: 07/03/2009 — Stata Certification # _ oy State License # St Res. Asst. RBA Riw0005908 _ Strte: E) Expiration Date af Cortificatlon or License: SUPERVISORY APPRAISER (only If required) Signatura; Name; Gtay fate Signed O7OSI200i —__S ~~ State Gortticatlon ds; SEGart. Res REARTHONOOZE oy Boats Licansa # Rater ed = Explation Data of ortification or LUcansa: —_a att (2 pre 1B) ofa Not inapact Propacty — Fraddlg Map Frem 498 6-03 Page 20f2 Paraia Maa Pern 10048 8:63 EXHIBIT | Set _ PRIMIS APPRAISALS, INC. KYLE F. LONG The Appraiser is an associate in the firm of Priinis Appraisals, Ino. Located at 2653 Stickney Paint Road, Sarasota, FL 34231, St Reg, Agst. REA, RI# 0005396 Kyle has aver two years intense, hands on experience in residential Real Estate Appraising in the field, in an office setting. Kyle has strong organizational skills, and a positive work ethic, with the ability to accomplish large work loads efficiently. He is also proficient in using the MLS system, Metroscan, Experian, MCS, >. ACT, and Win-total 2000. EDUCATION ' 1992» Associate Arts Degree — Valencia Community College 1993-1995 University of Louisville 1998- State Registered Real Estate Appraiser: Hillsborough Community College 1999- ACI Training: Sarasota Board of Realtors, Sarasota Fl 2000- Real Estate Appraisal Continning Education Class 2000- USPAP Core Law Courses 1 & 2 HATE OF ee unt eentane are BUSINESS AND DREARESSTONAL. RECUCATEON RI -O0005396 18/08/2009 Noo1Rs77 REG_ASSISTANT APPRAISER: ee KYL ANCIS . HAS REGISTERED PMtPmuouettN aye TF Eqinton le iY 20, POOR er 210000 os Nhe arE pone DEPART. ENT OF BUSINESS AND “PRO m FLORIDA "ARAL efit REBRAL Se ; SE) te Age pe LANT. Bs ear ig Inder (ha ptovisi 5 tr a ie ps rae ne 36 LONG, KYLE FRANCIS 2592 su NYS Tbe St ZARASUTA FL Ban39 JEB RUSH ; KIM BINKI SEVER : BbugkNae DISPLAY AS REQUIRED BY LAW chETaR hime | LLY

Docket for Case No: 04-002278PL

Issue Date	Proceedings
Oct. 11, 2004	Order Closing File. CASE CLOSED.
Oct. 08, 2004	Petitioner`s Motion for the Department of Administrative Hearings to Relinquish Jurisdiction, and for a Prompt Hearing on this Motion (filed via facsimile).
Oct. 08, 2004	Respondent`s Joint Trial Brief (filed via facsimile).
Oct. 07, 2004	Motion to Amend Petitioner`s List of Exhibits (filed via facsimile).
Oct. 04, 2004	Unilateral Response to Pre-Hearing Order (filed by Petitioner via facsimile).
Aug. 11, 2004	Order Granting Continuance and Re-scheduling Hearing (hearing set for October 12, 2004; 9:00 a.m.; Sarasota, FL).
Jul. 27, 2004	Respondents` Motion to Continue Final Hearing Scheduled for September 17, 2004 (filed via facsimile).
Jul. 15, 2004	Order of Consolidation. (consolidated cases are: 04-002277PL and 04-002278PL)
Jul. 09, 2004	Unilateral Response to Initial Order (filed by Petitioner via facsimile).
Jun. 30, 2004	Answer to Administrative Complaint; Election of Remedies filed.
Jun. 30, 2004	Administrative Complaint filed.
Jun. 30, 2004	Agency referral filed.
Jun. 30, 2004	Initial Order.