STATE OF FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BOARD Le “s “on FLORIDA DEPARTMENT OF BUSINESS & “ P, PROFESSIONAL REGULATION, ve “S DIVISION OF REAL ESTATE, . ay a rd 5 c Petitioner, o v. CASE NO. 200181423 ALEX GRUSZCZYK, Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department cf Business & Professional Regulation, Division of Real Estate ("Petitioner") files this Administrative Complaint against Alex Gruszczyk (“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 state certified residential real estate appraiser having been issued license 3122 in accordance with Chapter 475 Part II of the Florida Statutes. 3. The last license the State issued to Respondent was as a state certified residential real estate appraiser at 13370 SW 131" Street #110, Miami, Florida 33186. 4. At all times material, Respondent developed and communicated appraisal reports, FDBPR vy, Alex Gruszezyk Case No. 200181423 Administrative Complaint whereas Alfred D. Carach signed the reports as Respondent’s supervisor. 5. At all times material, a list of the reports developed, communicated and signed by Respondent, as an appraiser, and signed by Fred Carach as supervisor appraiser, is as follows: A. 5701 Collins Ave., Arlen Beach Condo Unit 809, Miami Beach, FL 33140. A copy of the report is attached hereto and incorporated herein as Exhibit 1. B. 12305 SW 15" Ave., S75FT., Lots 13 & 14 Blk. 28 Sunkist Grove PB 8 PG 49, Miami, FL 33167. A copy of the report is attached hereto and incorporated herein as Exhibit 2. C. 18211 NW 52™ Ave., Lot 17 & Blk 85, Carol City, 3rd Addn. PB65 PG 93, Miami, FL 33055. A copy of the report is attached hereto and incorporated herein as Exhibit 3. D. 6046 North Waterway Dr., Miami, FL 33155. A copy of the report is attached hereto and incorporated herein as Exhibit 4. E. 563 NE 72 Street, Lot 22 Blk 19. Federal Way, AMD PB 25 PG 6, Miami, FL 33138. A copy of the report is attached hereto and incorporated herein as Exhibit 5. F. 1351 Meridian Ave, The Gatsby Condo unit 7, Miami Beach, FL 33139. A copy of the report is attached hereto and incorporated herein as Exhibit 6. G. 606 SW 114" Ave., Miami, FL 33174. A copy of the report is attached hereto and incorporated herein as Exhibit 7. H. 1996 Rutland Street, Opa Locka, FL 33054. A copy of the report is attached hereto and incorporated herein as Exhibit 8. I. 14125 Madison Street, Lot 20 Bik. 53, Richmond Heights, PB 50 PG 19, Miami, FL 33176. A copy of the report is attached hereto and incorporated herein as Exhibit 9. FDBPR v. Alex Gruszezyk Case No. 200181423 Administrative Complaint J. 1896 Service Road, Lot 12, Blk. 337, Magnolia Gardens, PB 49 PG 54, Miami, FL 33054. A copy of the report is attached hereto and incorporated herein as Exhibit 10. K. 3000 N.W. 173 Ter. Lot 7, Bik 17, Myrtle Grove, PB 53 PG 90, Miami, FL 33056. A copy of the report is attached hereto and incorporated herein as Exhibit 11. L. 8221 SW 58 Street, Lot 23 Blk. 3, Sunkist Est., PB 40 PG 95, Miami, FL 33143. A copy of the report is attached hereto and incorporated herein as Exhibit 12. M. 699 East 19" Street, BIk 22-B, Lot 13, Hialeah, 6" ADD., PB 8 PG 54, Hialeah, FL 33013. A copy of the report is attached hereto and incorporated herein as Exhibit 13. N. 20710 NW 41*. RD, Blk 2 Lot 1, Vista Verde Clusters, Unit 1, PB 106 PG 19, Miami, FL 33055. A copy of the report is attached hereto and incorporated herein as Exhibit 14. O. 2824 NW 9 Place, Lot 24, Blk. 2, Washington Park, First Add. PB 19 PG 32B. Fort Lauderdale, FL 33311. A copy of the report is attached hereto and incorporated herein as Exhibit 15. P, 295 NW 122™ Street, Let 9 BIk. 24, Alhambra Heights, Sec. 2, PB 19 PG 71. Miami, FL 33168. A copy of the report is attached hereto and incorporated herein as Exhibit 16. Q. 744 NW 78" Street, Lot 12, Bk. 2, Stephens Manor, PB 14 PG 18. Miami, FL 33150. A copy of the report is attached hereto and incorporated herein as Exhibit 17. R. 1910 Service Rd., Lot 10, Blk. 337, Magnolia Gardens Consolidated, PB 49 PG 54, Opa Locka, FL 33054, A copy of the report is attached hereto and incorporated herein as Exhibit 18. S. 13264 SW 255 Terrace, Lot 15, Blk. 38, Meadow Wood Manor, PB 128 PG 19, Miami, FL 33032. A copy of the report is attached hereto and incorporated herein as Exhibit 19. FDBPR v. Alex Gruszezyk Case No. 200181423 Administrative Complaint T. 30634 SW 152 Court, Lot 29, Blk. 9, 21 Century Homes 3, PB 95 PG 9, Unincorporated Dade, FL 33033. A copy of the report is attached hereto and incorporated herein as Exhibit 20. U. 1955 NW 53 Street, Lot 16, Blk. 31, Floral Park, PB 8 PG 5, Miami, FL 33142. A copy of the report is attached hereto and incorporated herein as Exhibit 21. 6. At all times material, Respondent communicated to Carlene Strandell, or AAmes Home Loan, Miami Lakes, Florida, or both, the appraisal reports described in exhibits 1 through 21. 7. At all times material, Alfred D. Carach, certified, as the supervising appraiser, that he did not inspect properties appraised and described in Exhibits 1 through 21. A copy of the document is attached hereto and incorporated herein as Exhibit 22. 8. At all times material, Respondent, altered the “did not inspect” notice certified by Alfred D. Carach, described in Exhibits 1 through 21, and marked or caused to be marked the caption “Did inspect.” 9. At all times material, Respondent communicated or caused to be communicated to Carlene Strandell or AAmes Home Loan, or both, appraisal reports described in Exhibits 1 through 21, which certified that properties had been inspected by Alfred D. Carach. 10. During the course of an investigation, Petitioner requested that Respondent produce his working files for appraisals detailed on exhibits 1 through 21. 11. Respondent did not provide Petitioner with a record set, or supporting data on most of the files described in Exhibits 1 through 21. 12. At all times material, Respondent’s appraisal file, for property located at 1910 Service Road, Miami, FL 33054 (Exh. 18), contained the same comparable sales as communicated by 4 FDBPR v. Alex Gruszezyk Case No. 200181423 Administrative Complaint Respondent to Carlene Strandell or AAmes Home Loan, or both. 13. At all times material, Respondent caused his appraisal file, for property located at 1910 Service Road, Miami, FL 33054 (Exh. 18), to contained different comparable than the ones used and maintained by Alfred D. Carach, when the latter signed the report as supervising appraiser. A copy of the report is attached hereto and incorporated herein as Exhibit 23. 14. At all times material, Respondent communicated, or caused to be communicated, to Carlene Strandell or AAmes Home Loan, or both, an appraisal report for property located at 1910 Service Road, Miami, FL 33054 (Exh. 18), containing different comparable than the report signed by Alfred D. Carach, as supervising appraiser. See Exhibit 23. 15. At all times material, Respondent did not register with Petitioner as being supervised by Alfred D. Carach. 16. At all times material, Repondent caused appraisal report to represent that her supervisor Alfred Carach had inspected properies descrobed in exhibits 1 through exhibit 21. 17. At all times material Repondent, falsely and fraudulently represented to receivers of appraisal report that Alfred Carach, her supervisor, had inspected properties described in exhibits 1 through exhibit 21. COUNT I 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. FDBPR v. Alex Gruszezyk Case No. 200181423 Administrative Complaint COUNT II 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 I Based upon the foregoing, Respondent is guilty of fraud, misrepresentation, dishonest conduct, culpable negligence, or breach of trust in any business transaction in violation of Section 475.624(2), Florida Statutes. COUNT IV 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, for record keeping, in violation of Section 475.624(14), Florida Statutes, COUNT V Based upon the foregoing, Respondent is guilty of failing to retain, for at least five years, original or true copies of any contracts engaging the appraiser’s services, appraisal reports, and supporting data assembled and formulated by the appraiser in preparing appraisal reports in violation of Section 475.629, Florida Statutes and, therefore, in violation of Section 475.624(4), Florida Statutes, COUNT VI Based upon the foregoing, Respondent is guilty of violating a provision of Section 475.624(4), Florida Statutes. WHEREFORE, Petitioner respectfully requests the Florida Real Estate Appraisal Board, or 6 FDBPR v. Alex Gruszezyk Case No. 200181423 Administrative Complaint 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 $5,090 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, or any combination of the foregoing which may apply. See Section 475.624, Florida Statutes and Rule 61J 1-8.002, 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, tequiring 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. FDBPR v. Alex Gruszezyk Administrative Complaint SIGNED this_ 7 day of Ly Ag-mol_ omar meaner tate nnn a ean A 0A ES AE: Rn Case No. 200181423 , 2003. , Fil ED Pepartment of py .< m Neha s WCS8Slona cect ge Division yg Rest ral Regute aJy/ ey PCP: CW/JB/DB 12/03 Florida Department of Business and Professional Regulation By: Jason Steele Director, Division of Real Estate 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 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 8 rr rn a ee rt SA NSN NN me. FDBPR v. Alex Gruszezyk Case No. 200181423 Administrative Complaint 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. rr am na AR ER Et OS pen 7) Complete 4 waisal Analysis - Summary Appraisat Kenort f . INDIVIDUAL, —_ IDOMINIUM UNIT APPRAISAL REP. FileNo. 5701 : Property Address. §701 COLLINS AVENUE Sty MIAMI BEACH a State FL, Zip Code 33140 : gg [tte Dezerietion_ ARLEN BEACH CONDO UNIT 809 County DADE Unt No 809 a tAssessor’s Parcel No. (12-3211-028-0940 TaxYear 95 RE. Taxes S 2,338.20 _Speciat Assesaments $ N/A| Project Neme/Phase No. ARLEN BEACH CONDO, Map Retersnce_$3-4}-11 Canaus Tract 39.02 3 om Current Owner_ IRWIN POLINSKI ‘Occupent [Towner [FFenare X | Veco = Monthly Home Owners’ Association Unk Charge s 345.00) ‘T |Sates Price $ 90,000 __DateofSae 05/31/96 Description end $ amount of joan charges/concessions to be paid by seer NONE DISCLOSED |LendectChert GEMINI MORTGAGE Address 1550, MADRUGA , CORAL GABLES FLORIDA. Location ‘Rural ‘ [Built up LX | Over 75% 25-75% {under 25% Growth rate Rapid X |statie Stow Property Vatues Increasing X |Stanie Dectining Demnandsuppty Shortage Xin betsnce Over supply Marketing time [| underamos. [x ]3-6 mos, Over 8 mos. IN [Present tend uss %: ‘One Family 60, 2-4 Family + Apartments i . «Other E land use change: — [X] not katy [__] Licaty [Tin process to Ps Note: Race and the racial composition of tha neighborhood are net eppralsal factors. H|Netahborhood boundartes and characteristics: 71 STREET TO THE NORTH, 50 STREET TO THE SOUTH, ATLANTIC OCEAN TO THE EAST, AND + SB INTERCOASTAL TO. THE WEST. Ole ectors that affect the ‘marketability of the properties in the neighbortuwod (proximity to employment and amenities, employment stability, appeal to market, etc.): Hy SUBJECT IS NO ADVERSE FACTORS AFFECTING MARKETABILITY OR VALUE OF THE SUBJECT WERE NOTED AT THE TIME OF THE OJAPPRAISAL oa D ‘ iat rater Om mtiet neghbotood (rch support fr the aiowe cance routed Jo the bend of popeny vale, GemanduGiay aad Ghai Bow SUBIECE Te LOCATED remtne meewiee fr sala in the Sect and mighorhond, deacon of the prewlnce of snot and fhenshg coneenne’ cry SUBJECT IS LOCATED IN A RESIDENTIAL AREA WITH ALL MARKET AMENITIES NEARBY. THE 5% COMMERCIAL LAND USE DOES NOT AFFECT SUBJECT’S MARKETABILITY OR VALUE. Specific roning ctassificetion and description 41 RM-175 MULTIPLE FAMILY LEV. Zoning compiiance [X ]Legai \..|L¢0al nonconforming (Grandtathered use) — [__Jitegai_ | No zoning Ste CONDO Highest & best usa ss improved: X |Present use [Jorher use (explain) Deresity TYPICAL Udittes Public Other Off-site improvements Type Public Private! View BAY Si [frcttoty EX] Street PAVED __ Drainage TYPICAL 1 oe __ Curtigutter CONCRETE _ Apparent easements rt E Water __ Sidowak CONCRETE _ FEMA Special Flood Hexerd Area Yes Wo of SANMAY seveae __. Street lights = POST FEMAZone AE Map Date 12025C01825 1 Storen sewer Atoy NONE_ FEMA Map No. __ Corn (rae were nanan see, speck wont aplr Roseanne TYPICAL UTILITY ‘EASEMENT, NO ADVERSE CONDITIONS NOTED, __ P'{No, It Project Comphited: If Project incomplete: ‘Subject Phase: R No, of Etevator(s) 3 Total No, of Phases. Total No. of Planned Phosos = N/A. Tota! No. of Unite 255 5] Esta Proposed SIS | Total No. Packing 300+ | Total No. of Units ‘Total No. of Planned Unite ‘Total No. of Units Completed 255__| EW conversion, org.tme N/A | Ratio (epecesnit) J Total No. of Unita ior Salo Tots! No. of Units for Sete Total No.of Une for Sole S$ 4/. | ¢ Date of Conversion NY Type OPEN _} Total No.of Unts sold ‘olat No. of Unite Sold Total No. of Unite Sold 255 Age (Yrs) 27 _| Guest Parking ADEQ ‘Total No. of Units Rented ‘Totel No, of Unite Rented Total No. of Units Rented B%etl~ ([Etectie Aga (vray 15, Onta Source _ISC/R.E. AGENT __| Data Source Deta Source _ISC/R.E, AGENT _| M |Project Tyre |__| Primary Reakience [] second Home or Recreationel RowerTownhouse [| Garten Teen LX] Highrise Rk [Cerxition of the project. quality of construction, unit mx, eppee! to market, ete.: SUBJECT BUILDING APPEARS TO BE WELL MAINTAINED, AND IN__- o JAVERAGE CONDITION, UNTT MIX AND MARKET APPEAL ARE TYPICAL FOR THE AREA, V [Ave the heating end cooling for the individual units separately metered? XiYee | _JNo no, describe end comment on compatitiny to ether proce in market & lores anct market woceptance: N/A t Describe common siemens and recreational fecities: POOL, EXERCISE ROOM, COFFEE SHOP SECURITY, PRIVATE BEACH ACCESS, VALET. N PARKING : T:lAre the common eleenents completed? es No Is the Butder/Devaloper in control of the Home Owners’ Association? L]yves [x] ne Ss Are eny commen elements lensed to or by the Hone Owners’ Association? ore. ROOMS Foyer Ling Dining Kitchen Den |Family Rm. | Ree, Rm. Other ‘Area Sq. FR. Basement s Level 4 x 1 rae H 1 2 853 ale to t Ps Finished area sbove _grede _contsina: 4 Rooms: 1__Bed-vom(a); 2.00 _Bath(ey: 853. Square Fest of Gross Living Area For Unit | . [GENERAL DESCRIPTION : | HeaTING KITCHEN EQUIP, | AMENTES INSULATION a Toor No, EIGHT Te RIC Refrigerator { P ] | Ficeplacess)$ NONE _ [_] Root z U [No of levels = ONE Ful — ELECTRIC | Rangeoven [P | s N INTERIOR MeateriatsCondtion Condition AVERAGE | Disposai oo. it Flooring TILE/CRPT/AVG COOLING Dishwasher Ss Waits DRYWALL/AVG Conmral YES Fanttood fo) ie Bath Floor = TILEVAVG Otmer NONE | Microwave oO [e) Beith Wainscot LI Condition: Washer G [conan of tre unk Ce i Sak A sontcn, ranedengindarizaon, midis Vetus (ops awn aidan)” Rw OCT m SUBJECT PROPERTY HAS AN APPROPRIATE FLOOR PLAN DESIGN WITH NO FUNCTIONAL OR PHYSICAL INADEQUACIES ne ere ons Gs i ted ws aa a NA) RO WW RS aN T.|iomediate vicinity of the subject property: NO ADVERSE ENVIRONMENTAL CONDITIONS NOTED A ~ Ss a Freddie Mac Form 485 10-84 10CH. PAGE 10OF 2 Fannie fae Form 1073 10-84 (D Gmuszezyk & Assocites ADMINI EXHIB PAGE 1 2 ZY CS Set LT SS SG ee eR: See ses INDIVIDUA._.. | ADOMINIUM UNIT APPRAISAL REF \ 3 FleNo. 5701 e init Charge S 343.00 pec mo.12<$ 4,140.0€' per yr. ‘Anrasal Asseszment charge par yeat/squere feet of groas kving arve » § 4.85 © |!s the project subject to ground reek? [Tree [Ino yea, s . Per year, 2 [Utatties inctuded in unit cherge: None Hest At Condticning |] Etecticty Ces Cx) water X] Sewer é Note any fees, other than requiar HOA chempes, for use of facities NONE: KNOWN: - 7. [Porpare to ther competitive projects f slr ually and design, the subject unk charpe appears T_Iitgh E}twe Low A Te Property maintain the project and provise the services anticipated, the budget appeurs: [x] adequate Inedequete |__| Unknown NN |Menegement Group: {|Home Owners’ Association [ Developer — [3] Management Agent (identity) 865-4711 é ran Menegerant sts enorme ct Rite and Requatora based on panel apperancn ef rect eppnes Adequate inadequate [conc nots rea ccmca ertte See weet tan tn te ie at wt enemy | ¥ lconpo pocs. APPEAR TYPICAL; HOWEVER, RECOMMENDED: REVIEW BY A RE. ATTORNEY, s ITEM SUBJECT COMPARABLE NO, COMPARABLE NO. 2 COMPARABLE NO. 3 Address, Unt, $70! COLLINS 5701 COLLINS AVENUE $701 COLLINS AVENUE 5701 COLLINS AVENUE [and Project Neme AVENUE, # 809 ¥ 603 #609 1206 * [Proxienity to Subject caME BUILDING ISAME BUILDING ISAME BUILDING Sales Price Is 90,000] Aa 87,500] es 88,000) eels [Price/Groes LW. Area _|§ 105.512 |s 102,582) PR 103.178 [ees As 120,75 | Data and/or {SCP RECORD —_{ISC/P RECORD ISC/P RECORD SC/P RECORD Yeritcetion Sewroes __iNSPECTION IVISUAL INSPECTION IVISUAL INSPECTION IVISUAL INSPECTION [VALUE ADJUSTMENTS! DESCRIPTION DESCRIPTION | +() 5 Adjustment | _DEScRIPTION [ers Aajetmane DESCRIPTION |_ +63 Adjustment Sates oF Financing SONVTL (CONVTL (CONVTL | Concessians MORTGAGE MORTGAGE IMORTGAGE {2 {Date of Sale/Time 4/96 i Location RESIDENTIAL, IDENTIAL | LeasahcidFee Simple _|FEE SIMPLE FEE SIMPLE | 1 [HOA Mo. Assessment [345.00 PROPORTIONAL | 5 |Comman Elements L, EXERCISE 1A land Ree, Factities EACH ACCS, E Project Stoe/Type 55 § |Feor Location TH -12,000} [view BAY. & Design and Appest _IHIGHRISE/AVG 4 [Qusty of Construction [AVERAGE JAVERAGE P Age 1A27/ E15 1427/15 & [Condition |AVERAGE IAVERAGE lhoove Grade | Total Bérme Tote! Boma Baths s a N Un GnnEs 91,000 -): ALL SALES ARE FROM ES ARE SAME MODEL WITH SAME BEDROOM / BATHROOM. COMPARABLE NO. 3 A Cc _ [doeinie of sy curent spreement of ale, opm, oF Using a bo tublecd Property and enavysla of sry prior sales of subject and comparaiica within = SUBJECT PROPERTY IS PRESENTLY UNDER CONTRACT FOR SALE: Se (INOICATED VALUE BY This epersinad ts mode[X] -exir {| ‘subject to the repeirs, mterationa, Irepections, or condone sted beiow{ | subject [Conditions of Approtsat: §=—- APPRAISAL SUBJECT TO THE ATTACHED STATEMENT OF LIMITED CONDITIONS, Finat Reconciiation: ‘AETER CONSIDERING ALL PRECEDING FACTORS. GREATEST WEIGHT HAS BEEN GIVEN TO THE DIRECT SALES ATE OA TTR re tS BEEN GIVEN TO THE DIR LOS! [ON OF THE TYPICAL BUYER. ZO+4e—-r-Oz00ma ‘hate the mubject of this report, besed ori the above conditions Frocsie Ming Form 439/Fennie Mee Form 10048 (Retsed » PROPERTY “THAT IS THE SUBJECT OF THIS REPORT. AS OF 06/15/96 ATE /OF THIS REPORT) To BE $ 91,000 " —____________91,000 APPRAISER: ‘SUPERVISORY Y IF REQUIRE! sre span riod (ahae dy [alow [louns Name ALEX GRUSZCS Name _ ALFRED CARACH Inspect Property © |Dete Report Signed June 15, 1996 —. Date Revor Signed June 15, 1996 State Certifeation# St Reg REA 0002700 FL.___ Stele Certiication 8. ST’ Cert Gen Appr 0000191 State FL. [Or State License # State Or State License * Siete Freddie Mac Form 488 10-64 10H, PAGE 2OF2 \ Fannie Misa Form 1073 10-04 Gruszezyk & Assocites APPRAISER'S CERTIFICATION: The Appralser curtifies and agrees that: 1. | have researched the subject market area and have selected a minimum of three recent sales of properties most Similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dohar adjustment when appropriate ta reflect the market feaction to those items of significant variation. If a significant tem In a comparable property is superior to, or more favorable than, the subject property, | have made 2. [ Rave taken Into consideration the factors that have an Impact on value In my development of the estimate of market value in the appraisal report | have not knowingly withheld any significant information from the appraisal report and | believe, to the best of my knowledge, tha: all Statements and information In the appraisal report are true and correct. 3 | stated in the appraisat report only my own Pereonal, unbiased, and professional analysis, opinions, and fenciusions, whieh are subject only to the contingent and limiting conditions ‘Specified In this form. 4. J have no present or prospective interest In the Property that Is the subject to this report, and 1 have no present or Prospective personal Interest or bias with respect to the Participants In the transaction. | did not base, elther Partially or comptetely, my analysia andior the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the eubject Property or of the present owners or occupante of the propertias In the Vicinity of the subject property. S| have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal ie contingent on the appraised value of the property. 6. | was not required to report @ predetermined value or direction In vatue that favors the cause of the client or any related party, the amount of the value estimate, the altainment of @ specific resutt, or the occurrence of a Subsequent event in order to recelve my compensation andlor employment for performing the appraisal. | did not base the appraisal report on a requested minimum valuation, @ specific valuation, or the need to approve a specific mortgage loan, 7. | performed thts appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that wore adapted and promulgated by the Appraisal Standarce Board of The Appraisal Foundation and that were in place as of the effective date of this appralsal, with the exception of the departure provision of those Standards, which does Rot apply. | acknowledge that an estimate of a reasonable time for exposure in the open market is @ condition in the definition of market value and the estimate | develoced '@ consistent with the marketing time noted in the neighborhood section of this report, unless | have otherwise stated In the reconciliation section, 5. | have personally inspected the Interior and exterior areas of the subject property and the exterior of all properties “sted a8 comparables in the appraisal report. | further certity that | have noted any apparent or known adverse conditions In the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which | am sware and have made adjustments for these adverse conditions in my analysis of the Property value to the extent that | had market evidence to support them. | have also commented about the effect of the adverse conditions on the marketability of the subject property. 9 1 personally prepared all conclusions and opinion about the real estate that wore set forth in the appraisal report. 1 1 relied on significant professional assistance from ary individual or individuals in the performance of the Sppraisal or the preparation of the appraisal report, | have named such Individuals) and disclosed the specific tasks Performed by them In the reconciliation section of thie appraisal report t certify that any individual so named fs . Gualified to perform the taske, 1 have not authorized anyone to make @ change to any item in the report therefore, if an unauthorized change ia made to the appraisal report, | will take ne reaponsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: it » supervisory appraiser ‘signed the appraisal report, he or she certifies and agrees that: | directly supervise the appraiser who Prepared the appraisal report, have reviewed the appraisal Feport, agree with the statements and conclusions '@ appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibfity tr the appraisat and the appraisal report. ADDRESS|GF RROPE PRAISED: 1 COLLINS AVENUE, MIAMI BEACH, FL 33140 5 APPRAIS SUPERVISORY APPRAISER (only if required): sg oO. Stgnsture: sna Fr2 Carach S ! Name: ALEX GRUSZCZYK. Name: ALFRED CARACH OQ | tu. Date Signed: 06/15/96 Date Signed: 06/15/96 Oo Lo State Certification # St Rep REA 0002700 State Certification # ST Cert Gen Appr 0000191 ua \ | of State License # or State Licenss # = ! State: FL State: FL RB Expiration Date of Certification or License: NOV 1996 Expiration Date of Certification or License: (x]one [ola Not inspect Property RA if. 4 > “De — Freddie Mac Form 439 6-93 Page 2 of Z Fannie Mae Form 10048 6.93 Gruszezyk & Assocites . MARY APPRAISAL REPORT Property Description UN JR RESIDENTIAL APPRAISAL REP. Tt. File No. 96020001 Property Address: 12305_SW 15 AVENUE Sty MIAMI Sate FL. Zip Code 33167 Legat Description _ S75FT LOTS 13 & 14 BLK 28 SUNKIST GROVE PB 8 PG 49 County DADE S| AssessoraParceiNe FOLIO # 06-2126-016-4780 Tax Year 95 562.99 Special Assessments $ N/. UT norower GLENN RIVERA Gurenowner SAN ower [1 tenant 7X] wacom g:L Property gis appraised 1X Fee simpie | [easenota Project Type | Condominium {HUDIVA only) HOAS C| Neighbornood or ProjectName__ SUNKIST GROVE Map Reference §2-41-26 Census Tract 4.06 LTT sate Prices 65,000 Date of Sale 01/96 Description and $ amount of ioan chargesiconcessiona to be paid by selien N/A ; LenderiCient GEMINI] MORTGAGE Adaress_ MADRUGA AVE, CORAL GABLES FLORIDA, 33134 Appraiser Adaress Ww. Location Urban X_} Suburban Rural Predomiaant ‘Single family housing Prevent land usa % Land use change Built up X} over 75% 25-75% Under 25% | OCcUPAN=Y $7005) fra | One Femity 75) X | Not Likely Likely Growth rate Rapid X] subie Slow XJouner 95 BO Low 20) 2-4 1am 10 In process, Property valves Increasing [ X } swabte Declining Tenant 130 High Mun-farnity ig To: | Demand/supply ‘Shortage Xj inbatance Over supply X_} Vavant (0-5%) 2] Commerciat 5] ji L_Marketing tne Under 3mos_{X] 3.6 mos. ‘Over 8 mos. Yavant (over 551160 Note: Race and the racial composition of the neighborhaod are net appraisal factorm. x Neighborhood boundaries and characterisnes. = APPROXIMATE BOUNDARIES ARE: NORTH BY 135 STREET, SOUTH BY 103 STREET. {-95 TO #1 THE EAST, NW 27 AVENUE TO THE WEST. be} Factors at aflect the marketability of the properties In the neighborhood (proximity to employment snd amenities, employment stability, appeal to market, etc.) is SUBJECT NEIGHBORHOOD IS CONSIDERED A SINGLE FAMILY RESIDENTIAL AREA, IT JS LOCATED WITHIN A SHORT. DRIVE jR {FROM SCHOOLS, REGIONAL SHOPPING AREAS RECREATIONAL FACILITIES AND OTHER CONVIENIENCES. THE 5% Hi COMMERCIAL LAND USE DOES NOT AFFECT SUBJECT’S MARKETABILTY OR VALUE. a ° D Market conciions in the subject neighborhood (Including support for the abovw conclusions related to the tend of propery values, demand/supply, and marketing we ~ Such as datz on competitive properties for sale in the neighbornood, description of | the prevalence of sales and financing concessions, etc.) LAND RECORD DATA AND MLS STATISTICS. AS WELL AS SALE/RESALE OF PROPERTIES IN THE NEIGHBORHHOD. SUPPORT. A SLIGHT INCREASE IN PROPERTY VALUES, MLS INDICATES_A NARROW LIST-SELL-RATIO OF 99% AND TYPICAL MARKETING TIMES OF 90 TO 180 DAYS. WITH THE STRONG MARKET, SELLERS ARE NOT REQUIRED TO OFFER SALES OR FINANCING CONCESSIONS. FINANCING IS READLY AVAILAELE FROM A VARIETY OF SOURCES. P| Project Information for PUDs (tt applicable) ~ Is the developerfoulider in contro! of tne Home Owners’ Ansociation (HOA)? ver | _]no UF} Approximate tral numberof units In me subject project ‘proximate total number of unis forsale inthe subject project Describe common elements and recreational facilities: ‘| Ormensions 75x96 Topography LEVEL Site ares 7200 sq. ft Comertat [X]ves [_]No | size 7,200 SQ FE! ‘Specific zoning classification and description R-3 SINGLE FAMILY Shape R iG Zoning compiiance [X] regal Legal nonconforming (Grandfathered use) | _| Megat No zoning Orainage = ADEQUATE. Highest & best use aa improved: Present use Other use (explain) View RESIDENTIA 4 Udlities Public Off-aite Improvements Type Public Private | tandscapng AVERAGE s E 1} Electrcty ox] Suet ASPHALT DJ £2) | eweway sutace v TY] cas C] Curr LC} C3 A quer, = NONE. Apparent easements TYPICAL UTIL’ Water [x] Sidewak CONCRETE [X} J | ews speciat Floos Hazard Area [_}ves [xTxo Sanitary sewer Sueetiights — POST {_] | Femazone x Map Date 3/02/94 Storm newer Alley NONE [| [| | rewaman ne. 12025C0090 J |] Comments (apparent sgverse easements, encroachments, special assassments, siide areas, Illegal or legal nonconforming zoning use, etc): THE APPRAISER -|_ WAS NOT FURNISHED A RECENT SURVEY, CONSEQUENTLY NO DETERMINATION OF AN ENCROACHMENT OR OTHER ADVER AN BE DETERMINED GENERAL OESCRIPTION EXTERIOR DESCRIPTION FOUNDATION INSULATION No, of Units ONE Foundation REINF.CONC Slab CONCRETE Root Dp{ No. of Stories Exterior Walls CBS ‘Crawl Space NONE Ceiling UNK E] Tye (Devan) = DETCHED. | Root surtace TAR & GRVL_| ecsoment. NONE wats UNK E} Design (style) Gutters & Ownaprs. = NO. Simp Pump NONE OVSD Floor * Existing@Proposed = EXISTING | Wincow Type JALOUSIE Oampness ~=NONE OVSD. None Fr Age (Yrs) 46 StomvScreens NONE Settement NONE OVSD Unknown: 1 {_Etlective Age (vr) lotestation NONE OVSD & ROOMS FamityRm. | Rec Rr. | Bedrooms # Baths Laundry Other Area Sq. FU Basement 0- pi tevel 2 1 935 Love! 2 ” te Finisned area_ebove_g Bedroam(s): 00_Bathis) 935_ Square Feet of Gross Lwing Area 0} INTERIOR —_Materials/Conaition KITCHEN EQUIP. CAR STORAGE: EY Foor TRZO/CRPT/AVG Retigerator [X Fueplace(s)# =~ ONE None ] 4 Wails PLASTER/AVG. Fuel ELEC Rangefoven xX CONCRETE Garage fj Tivrinsn WOOD/AVERAGE Condition AVG Disposal Attached 5 Bath Floor = CERAMIC/AVERAGE |coounc Dishwasher Detached Contrat NO. other = WALL Condition _A Batt Weinscot CERAMIC/AVERAGE HOLLOW CORE FantHood Built-in Microwave Carport WasherDryer Finished Pd Driveway energy efficient tems, etc): C/L FENE, SECURITY BARS, CBS STORAGE, CARPORT, FIREPLACE. Cenawen of the Improvements, depreciation (physical, functional, and extemal, repairs needed qually of consiucton, remodelingradaitions, etc. SUBJECT. PROPERTY HAS AN APPROPIATE FLOOR PLAN DESIGN WITH NO FUNCTIONAL OR PHYSICAL INADEQUACIES AT THE TIME {OF THE APPRAISAL. SUBJECT PROERTY IS. VACANT, HOWEVER GROUNDS REFLECT AVERAGE MAINTENCE.. AZMEROO Aaverse enwronmental conditians {such 33, but not imited to, hazardous wastes, tore substances, etc.) present ia the improvements, on the site, of in the | immediate vicinity of me subject propery. THERE ARE NO KNOWN OF: APPARENT ADVERSE ENVIROMENTAL CONDITIONS THAT. ww As Freddie Mac Farm 70 6-93 120M, PAGE 10F2 Fannie Mae Form 1004 6-93 Gruszezyk & Assocites \" MARY APPRAISAL REPORT Vatuati in Section UNIF NM. ESIDENTIAL APPRAISAL REPO)... File No. 96070001 ES) ATED SITE VALUE bee teteeecn ee ot ae 20,000! comments on Cost Approach (such a4, soutce of | cost ecumate, ESTIMATED REPRODUCTION COST-NEW -OF IMPROVEMENTS: | site vaiwe, square toot calculation and for HUD, VA and FmHA, ine &] owenng 935 sorties 50.00 «5 46,750 | esiemaies temainng economic ite ot ine proven: LAND TO $| BsMT -0- So Frias - VALUE RATIO IS TYPICAL FOR THE AREA AND DOES LUMP SUM = 8,000 NOT AFFECTS SUBJECTS MARKETABILTY OF VALUE. ie | Gar ge/Carport 241 somes 15.00 = 3,615 ESTIMATED REMAING ECONOMIC LIFE "40° YEARS. |B] Tot esumatea cost New we 58,365 : FQ] Les 30.0 Prysicat Functionat External "Al Den scion 17,510 _ | H | Cep cciated Value of improvements “As Value of Site Improvementa . ‘LIND :ATED VALUE BY COST APPROACH ss fh TAPRZIO-unrey MOST PAP. ZO Physical Life: 46 ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 3 12MIS. SW 15 AVENUE 1520 NW 121 STREET 1155 NW 123 STREET Ago ss MIAMI {MIAMI MIAMI Pre» nity 1 Subject “APPROX 2 BLOCKS SOUTH APPROX 4 BLOCKS Sale. Price s 65,000} : els 68 68,000 = is 62, Pre: Grossi ares (5 69.52 ls 79.81 Ble = 57.31 th Dats sndior ISCNET/MLS ISCENT ISCNET ISCNET Verwcation Source INSPECTION {VISUAL INSPECTION WISUAL INSPECTION VISUAL INSPECTION VALUE ADJUSTMENTS: CESCRIPTION DESCRIPTION a * ¢)$ Adjustment DESCRIPTION I + WS Agpatment DESCRIPTION + OS Adjustment Sales or Financing : TPHA ; FHA H ory : : Concessions MORTGAGE ! MORTGAGE t IMORTGAGE L Date of Sale/time A196 H 10/95 A 12/95 ! Location RES/AVG IRES/AVG L RES/AVG ! RES/AVG a Leaschoiree simple [Fee Simple IFEE SIMPLE : FEE SIMPLE ‘ FEE SIMPLE ' ‘Ste 17.200 SO FEET _ 8.100 so FT ‘ NO ADJ/6,550 SQ FT NO ADJ,450 SQ FT H a 109 view RESIDENTIAL _|RESIDENTIAL RESIDENTIAL 1 RESIDENTIAL . Design and appeal RANCH RANCH i RANCH iH RANCH ! Suouyet Constveven _ICBS/AVERAGE _ |cas/aVERGE ! ICBS/AVERAGE | ICBS/AVERAGE _! age }6_ YEARS ho YEARS! 47 YEARS Condition AVERAGE AVERAGE. ' VERAG! Above Grade Tol s gamni oan | tout game) oana st Yotl | Bamei Gate + Room Count Si 2tiofst2t ay 6 i253 2 *1,500_6 } 2 1 ' Living Area 935 sare 85; Sart £1,660] 98 sare NO ADL! 1,169 sari! 4,681 INONE INONE ! INONE Hl INONE : Rooms Below Grade i ' Functionat Uuility AVERAG] 4 VERAG! 4 Heating/Cooling IWALL A/C 1 NTA 4 -1,500 AIC ‘ Etrclent toma STANDARD A STANDARD L STANDARD t Garage/Carpon A 4-1,000\CARPOR’ H INO! t +1 Porch, Patio, Deck, ENTRY ENTRY ' ENTRY i ENTRY i Fireplac t ' 1 ———_.___] Fence, Poot, ae, h __|C-LINK FEN ‘ LIN. Eo Net Ad}. (total) 2,660) Lye Tes od DIT 18 4,7: Adjusted Sales Price Gross 4.41% Gross 10.12% || of Comparabie 70,660 | ret 4.41% $ 65,000 | ter “1.13% 5 62,231 Comments on Sales Comparison (including the subject Property's compatibility to the neighborhood, ete.): AFTER ALL ADJUSTMENTS WERE MADE, A INDICATOR OF VALUE, BUT ITEM, suaect COMPARABLE NO. 1 COMPARABLE NO 2 COMPARABLE NO. 3 Date, Price and Data INT INOV 95 Nt INI Source, for prior sales $41,000 withio year of appraisal ISCNET Analysis of any current agreement of sale, Option, OF listing of the subject property and THE SUBJETS CURRENT AND PRIOR SALE PRICES ARE CONSIS' anaiyais ot any prioe sales of subject and comparabica within one year TENT WITH THE ABOVE SALES ANALYSIS | Of the date of appraisal: INDICATED VALUE BY INC! ‘This appraisal ls made Conditions of Appraisal: INDICATED VALUE BY SALES COMPARISON APPROACH OME APPROACH SUBJECT TO THE ATTACHED LIMITED CONDITIONS MMo_x Gross Rent Multiplier subject lo completion per ‘subject lo tha repaira, alterations, inspections or condilons uated below Plans and specifications, i Final Reconeitation; AFTER CONS IDERING ALL APPROACHES TO VALUE, GREATEST WEIGHT. HAS BEEN GIVEN TO THE DIRECT OCH, WHICH IS CLOSER TO THE THINKING AND ACTION OF THE TYPICAL BUYER. SALES COMPARISON APPRA\ The purpose and limiting condions, and market value definition that ard state: 4 (WE) Estimate THE (WHICH tS THe ohre RK Of this appraisal is to estimate the market valyg-et the real property that is “he im the attached Freddie Mac Form 439/Fannie Mae Form 10048 (Revised AS DEFINED! OF THE AND THE subiect of this reper, based on the above eanditions and the — REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT. AS OF FEBRUARY 15 1996 cenufication, conungent d FFECRVE DATE OF THIS REPORT} To BE $ 65,000 APPRAISER: supenvisony apppaisen tony neptpuoy Signature . ‘Signature Newe_ ALEX GRUSSCZYK == Nome FRED CARACH Joa [Jou net inspect Prepemty Date Report Signed FEB 15 1996 (J Date Report Signe FEB 15 1996 Sale Certteaton# ST REG REA 0002700 stale FL seCentesvon# ST CERT GEN APPR 0000191 Sate FL Or State License State OF State License w Sate Wie Mac Foon 7a e-9a 12oH, PAGE 20F2 Gruszezyk & Assocites Fane Mae Form 1006 6-93 rn rr ere Sa aA HG RON Ree DEFINITION OF MARKET VALU 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 stimulcs. Implicit in this definition is the consummation of a sale as of 8 specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated: (2) both parties are well informed or welt advised, and each acting in what he considers his own best interest: (3) a reasonable time is allowed for exposure in the open market: (4) payment is made in terms ef cash in U.S. dollars or in terms of financial arrangements comparable thereto: and (5) the price represents the nermal consideration for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale. “Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of wadition or taw in a market area: these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable Property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the property of transaction. Any adjustment should not be calculated on a mechanical dollar for doliar cost of the financing or concessions but the dollar appraiser's judgment, STATEMENT OF LIMITING CONDITIONS AND APPRAISER’S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: ‘The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it, The appraiser assumes that the titte is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal re Port to show approximate dimensions of the improvements appraiser's determination of its size, 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination, 4, The appraiser will not give testimony or appear in court because he or she made an appraisal of the Property in duestion, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvernents at their contributory value. The separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the Presence of hazardous wastes, toxic substances, ete.) observed during the inspection of the subject property or that he or she became aware of during the normal research invelved in performing tne appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the Property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that woutd make the property more or tess valuable, and has assured that there are no such conditions and makes no Ouarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be whether Such conditions exist. Because the appraiser is not an expert in the field of environmentat hazards, the appraisal report must not be considered as an environmental assesstnent of the Property. Sources: that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8. The appraiser will not disctose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to Satisfactory completion, repairs, or alterations on the assumption that comptetion of the improvements will be Performed in a workmanlike manner. 10, The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal Fepert ean distribute the appraisal report (including conclusicns about the Property value, the appraiser's identity and professional designations, and references to any professicnal appraisal organizations or the firm with which the 2ppraiser is assoctated) ta anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer, consuttants; professional appraisal organizations: any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia: except that the lender/clent may distribute the property description section of the report only to data collection or reporting Service(s) without having to obtain the appraiser's prior wntten consent. The appraiser's written consent and ePproval must iso be obtained before the appraisal can be conveyed PY anyone to the public through advertising, Public relations, news, sales, or other media. Freddie Mac Form 439 6-93 - Page 1 of 2 Fannie Mae Form 10048 6-93 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that dollar adjustment when appropriate to feflect the marcet reaction to those items of Significant variation, If a significant item in a comparable Property is superior to, of more favorable than, the subject property, | have made Property is inferior to, or fess favorable than the Subject property, | have made a positive adjustment to increase the adjusted sales price of the comparable, 2 J Nave taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report, | have not knowingly withheld any significant information from the appraisat report and | believe, to the best of my knowledge, that all statements and Information in the appraisal report are true and correct, 3. | stated in the appraisal report only my own personal, unbiased, and Professional analysis, opinions, and Conclusions, which are subject only to the contingent and timiting conditions specified in this form, 4. I Rave no present or prospective interest in the property that is the Subject to this report, and i have no present oF Prospective personal interest or bias with fespect to che participants in the transaction, | did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, “color, religion, sex, handicap, familial status, or national origin of either the prospective owners of occupants of the subject Property or of the present owners or occupants of the properties in the Vicinity of the subject Property, S. 1 have no present or contemplated future interest in the Subject property, and neither my current or future employment nor my compensation tor Performing this appraisal is contingent on the appraised value of the property, 6, | was not required to report a Predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a Subsequent event in order to receive my compensation and/or employment for Performing the appraisal. { did not of the effective date of this appraisal, with the exception of the departure Provision of those Standards, which does not apply. { acknowledge that an estimate of @ reasonable time tor exposure in the open market is a condition in the definition of market value and the estimate 1 developed is consistent with the marketing time noted in the Neighborhood section of this report, unless 1 have otherwise ‘Stated in the reconciliation Section, 8. 1 have Personally inspected the interior and exterior areas of the subject Property and the exterior of all Properties listed as comparables in the appraisal feport. § further cerify that ( have noted any apparent or known adverse conditions in the subject improvements, on the subject site, of on any site within the immediate vicinity of the Subject property of which | am aware and have made adjustments for these adverse conditions in my analysis of the property vatue to the extent that 1 had market evidence to Support them, | have also commented about the effect of the adverse conditions on the marketability of the subject Property, 9. I personally Prepared alt conclusions and Opinions about tre real estate that were set forth in the appraisal report. WT relied on significant professional assistance from any individual or individuats in the performance of the appraisal or the preparation of the appraisal report, | have named such individual(s) and disclosed the specific tasks Performed by them in the reconetliation Section of this appraisal report. 1 certify that any individuai so named is qualified to perform the tasks. | have not authorized anyone to make a change to any item in the report: therefore, ‘an unauthorized change is made to the appraisal report, t will take no responsibility for it, SUPERVISORY APPRAISER’S CERTIFICATION: tra Supervisory appraiser signed the appraisal Teport, he or she sertines and agrees that: I directly supervise the appraiser who frepared the appraisal report, have reviewed the appraisal numbered 4 through 7 above, and am taking full Tesponsibltity for the appraisal and the appraisal report. 5 % ADDRESS OF PROPERTY, PPRAISE 12305 SW 15 AVENUE, MIAMI, FL. 33167 2. = APPRAISER: SUPERVISORY APPRAISER (only if re; uired): oO be oO | oe) Signature: \ : ‘Signature: wy Name: ALEX GRUSZCZYK Name: FRED CARACH > Date Signed: FEB 15 1996 Date Signed: FEB 15 1996 K& NN State Certification #: ST REG REA 000) State Certification #: ST CERT GEN APPR 0000191 ft or State License #: cr State License #: Pest State: FL State: BL t 1 Expiration Date of Certification or License: NOV 1996 Expiration Date of Certification or License: : {Joia LeJoia not inspect Property ud ro) <= faa Freddie Mac Farm 439 6-93 Page 2 of 2 Fannie Mae Form 10048 6-93 - , GRUSZCZYK & ASSOCITES of S""™MARY APPRAISAL REPORT (fo-“ Property Description UNI RESIDENTIAL APPRAISAL REPC Flie No. 962029 Property Address 1821] NW 52 AVENUE _ Cty MIAMI Sute_ FL ZipCode 33055 Legal Descripton LOT 17 & BLK 85 CAROL CITY 3RD ADDN PB 65 PG 93 County DADE Sj Assessors ParcelNo _ 30-2J07-003-0380 TaxYear_ 95 ~~ RE Taxess 9. 032.79 Special Assessments 5 ih A _ Current Owner IMETA CONZUELO cceupant_ PK Towner 1 Tenant 1 Vacant J Leasehold Projeci Type _| Condominium {HUDIVA oniy) Hoas 1A imo. é Newgnbomood or ProjectNama__ CAROL CITY. MapReference 52-41-07 »~ Census Tract, 100.05 (Ti swernce 3 REFINANCE pamorsac N/A Description anc’ $ amount of oan chargeaiconcensians to be paid by veiier NONE LanderiCient_ GEM MORTGAGE. Adaress_21(10 SALZEDO STREET 301, ENTER CIT 'Y. STATE HERE, ENTER ZIP C [Appraiser A Address 147.15 SW 109 STREET MIAMI FLORIDA Location Suburban Ruras Predemisent Single family housing Prevent land use % Land use change Bult up X] over 76%, 25-75% Under 25% | SccuPncy so fai | One Family 80, Lx] not uikery Likely Growth rate Rapid LX | stapie Slow X Jouner 160. Low 25) 24am 10; (n process Property values. increasing | X | Stable Declining Tenant 120. High 45) way To: Demand/suppty Shortage in balance Over supply | LX |varant (05%) [2] preaominant [= 4 Cofmerclal 10) Marketing time Vacant (oer 5%)/90-100. 5-40 2] Note: Race and the racial compasitioX of the-halghborhood are net appraival factors. Fs Neighbertood boundaries and characteristics: ~=HONEY HILL ROAD TO THE NORTH, PALMETTO X-WAY TO THE SOUTH, DOUGLAS #,| ROAD TO THE EAST, AND RED ROAD TO THE WEST, z fe Factors Gat affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, elc.): 81 SUBJECT NEIGHBORHOOD IS CONSIDERED A SINGLE FAMILY RESIDENTIAL AREA. IT IS LOCATED WITHIN A g SHORT DRIVE FROM SCHOOLS, REGIONAL SHOPPING AREAS RECREATIONAL FACILITIES AND OTHER H CONVENIENCES. THE 10% COMMERCIAL LAND USE DOES NOT AFFECT SUBJECT'S MARKETABILITY OR VALUE. ps) 'p Maries condtions is bie subject nelghnorhood (chiding wuppert for whe ebove concivslons ieiated lo hw wom Or Property valves, demana/supply, and markeing woe || auch an data on campetive properties for sale Inthe nelghbimood, descripton of the prevalence of sales snd financing concessions, etc.) E/RESALE OF PROPERTIES IN THE NEIGHBORHOOD. SUPPORT A SLIGHT INCREASE IN PROPERTY VALUES. MLS INDICATES A NARROW LIST-SELL-RATIO OF 99% AND TRONG MARKET, SELLERS ABENOT REQUIRED TO IS READLY AVAILABLE FROM A VARIETY OF SOURCES. A 3 tod ie] js] > a b> > 3 ES be we hl > =] PA =| a ‘e > (> 2 ia > in n> > rm y he at la 3 kg > iz Cd =] Ey 4 e} ig iS 3 je} 3 is] > Ime in S = fe SI a 3 rd Fg io a iS ies] IZ > IZ ia Z cy 2) ie} IZ O 3 re iO 5A ia a] Z > IZ 2 Iz 2] Project Information for PUDs. (applicable) ~ Is the developeribullder a contol of the “ome Oumers' Association (HOA)? Yes No ‘Approximate total number of unita in the subject project N/A “Tiptoximate sotal number of units for sale In the subject project {4 Descrita common elements and fecreational faciiives: N/A |} Dimensions [RREGULAR /. Topograpty LEVEL (| Stearea 16,057 SQ FT. comertot [ ]ves [X]wo | ste LARGE FOR AREA Specific zoning classification and descnption U-1 SINGLE FAMILY -7_ Shape IRREGULAR : Zoning compiance [__] cegai (__] Legal nonconforming (Granctatnered use) ] wepat) [] to zoning Drainage TYPICAL, Highest & best use as improved: Present use Other use (axptain) FIG ‘AM View RESIDE Off-aite Improvements Type Public Private Steet ASPHALT K) © Curbiguter NONE [] J J Apparent easements P) TILIT Siiewak CONCRETE _ eat H FEMA Special Foda Hazard Area ves L|no ‘Sveet lights FEMAZone = AE Map Date 03/02/94 _. FEMAMsp No. _12025CO080 llega oF legal nonconforming zoning use, etc): THE APPRAISER | EY, CONSEQUENTLY NO DETERMINATION OF AN ECROACHMENT OR Wows GENERAL DESCRIPTION FOUNDATION INSULATION No. of Unite 1+IN LAW | Founaation __f slap CONCRETE Root P| No. or Stories Cram Space NONE Ceiting & ‘Type (Det/Att) Basement NONE Walls Gj] Design (Styte) Sump Pump NONE OSVD Floor RL easungrero Dampness NONE OSVD None EB Age (Yra.) Settiement NONE OSVD Unknown ADO. 1: | Ettectve Age (Vie) Infestation _ NONE OSVD S| Rooms Famtyiim | Rec.Am. [Bearooms | wasn | Lamay Other ‘Area Sq Ft "| @asoment -0- Pi teva 4 2.5 IN LAW 046 pew / v] Lh -/aw M. YD Tes B | Finished area above 9 4 Bearoonyis). 2.50 ean): 2,046 Square Feet of Gross Living Area QO] INTERIOR Materials/Condition KITCHEN EQuiP, ATTIC AMENITIES CAR STORAGE: HY Floors TILE/AVERAGE Refrigerator [X]} None Firepiacers}# NO [|] none [_] My wane DRYWALL/AVG Rangeroven = [X |} stairs Pato COVERED [X]} carage Hotcars N{ Trrinish = TILE/AVG” Disposat Cx] Drop Stair Attached £ Bath Floor ufwasner [Hf scue Detached Bath Wairncot THLEVAVG ns HOLLO’ Fantiood = [X]} Ftoor Buin Microwave [_]] Heated Carport 2 CRPRT ? 4 A Washertorer Fished 0 | Adailonal features (special energy efficient items, etc.) COVERED ENTRY CARPORT, IRON &CBS FENCE, BAR COVERED PATIO, SECURITY, SCREENED POOL, WOOD DECK, IN LAW QUATERS. Gf Condon of the improvements, depreciaton (physkal, funclonal, and extemal, resalre nesded wally of construction, remodeing/acdiions, etc: SUBIECT PROPERTY SUFFERS FROM FUNCTIONAL OBSOLESCENCE IN THE FORM OF AN IN LAW UNIT WITH NO INTERIOR ACCESS. APPROXIMATE COST TO CURE FUNCTIONAL OBSOLESCENCE IS ESTIMATED AT$500.00.(TO INSTALL DOORWAY). "s@ eoviranmental condtions (euch as, but not limited to, hazardous wastes, toxic substances, ef.) present in the improvements, on the ile, or in the immediate vicinity of the subject property.: THERE ARE NO KNOWN OR APPARENT ADVERSE ENVIROMENTAL CONDITIONS , E Ne reddle Mac Form 70 6-93 42CH. PAGE 1 OF 2 Fannle Mae Form 1004 6.33 -. Gruszezyk & Assocites 32 MPLAINT. ee ee me CN Et OSs hms mn “"*"MARY APPRAISAL REPORT Valuation Section UNIFO IDENTIAL APPRAISAL REPOR’. Fite No. 962629 ESTIMATED SITE VALUE so 35,000) comments on Cast Approach {auch as, source af cos! estate, ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: site value, square fool calculaten and for HUD, VA and FmHA, the EG] Dveting 2,046 sares 45 es 92.070 estimated remaining economic ite of the propery) LAND TO S| BSMT -0- Sartes . VALUE RATIO IS TYPICAL FOR THE AREA AND % LUMP SUM «= 15,000 DOES NOT AFFECT SUBJECTS MARKETABILITY fi] Ganpecamon CPR sares . 2,000 OR VALUE. ESTIMATED P| Total Esvmated Cost New... sveee oe as 109,070 REMAINING ECONOMIC LIFE "40" YEARS. BI tess 33.3 Payal Funetionad Exem COST PER SQUARE FOOTAGE WAS DERIVED Gi Demrectnon 36.320 | 1.000} “s 37,320) FROM MARSHALL & SWIFT COST HANDBOOK, Hil Depreciatea Value ofimprovemenis ~ 71,750] AND LOCAL CONTRACTORS. <1] "As-is* Value of Stte improvements .. : . as INDICATED VALUE BY COST APPROACH *s & ITEM SUSJECT COMPARABLE NO. 1 . COMPARABLE NO. 3 18211 NW 52 AVENUE 5635 NW 173 DRIVE 17731 NW 54 AVENUE 4810 NW 178 TERRACE Aacress_MIAMI —<__IMiAMt 2 Mi cad IMIAMI a Proximity w Subject [oe 13 BLOCKS SW 8 BLOCKS SE_— Sales Price s__REFINANCED 2 2°] 5 ee Ts 112.00 PrceiGross lv Ares ls Ds 55.99 MPS : 5 s 50.09 Hf Data anaior ISC/P. RECORD |ISC/PUBLIC RECORD ISC/PUBLIC RECORD ISC/PUBLIC RECORD | | Nertication Source INSPECTION _|VISUAL INSPECTION [VISUAL INSPECTION VISUAL INSPECTION VALUE ADJUSTMENTS: DESCRIPTION DESCRIPTION [- 6) $ Adjustment DESCRIPTION + (5 Adjustment DESCRIPTION 4+ (1 $ Adjustment Sales or Financing ‘NOT - ICONVTL H IFHA i || Concessions DISCLOSED _! MORTGAGE} IDISCLOSED _! «| Date of Salertime 0s |! 07/95 : 03/96 st [Location RESIDENTIAL [RESIDENTIAL RESIDENTIAL | RESIDENTIAL | Leosenoiwree simpe FEE SIMPLE [FEE SIMPLE _ FEE SIMPLE + IFEE SIMPLE _« Sit__,50 16,057 SOFT __19.025 SO FT = +3.50019,373 SOFT 33.30019.500 SO FT 143,30 View RESIDENTIAL IRESIDENTIAL ~ LAKE "___-5,.000/CANAL H -2,50) Design and Appeat IRANCH IRANCH H IRANCH. i IRANCH A ‘5 | Susttv otconsvcton [AVERAGE [AVERAGE _! AVERAGE | AVERAGE! Al Age 8/E20 A35/E20 : A25/E10 a -2,000/A38/E20 \ LT Conation [AVERAG) ooD L_ "-5.090'GO0D ' -5,000AVERAGE + 22 8] Above Grace Tota! | name D Gains, | Tou! i Ramat ame 490° Total ( Boye, Bate Tot) Bums! Bane 1 | Room count i$ Ti A MTT 14 i 2 + 000_7 1 $1 2 000 7 3 4 aK pa Crone Ming Area 2.046 sar | 2.054 care NO ADJ{ 1,872 sare t Pj BasementaFintaned — |IN LAW IN LAW 8 Rooms Below Grade £ Functional Utitty Oi} Heating/Cooling NT ene Eficient tema Aj_Garagercampont (2 CARPORT: AA] Port Pate, eck COVERED PTO (] Firepiace(s), ete, O Ny x i s . 12.14% 6.25%3 105-0 || Commena on Sales Compatson hcg tw» subjea) popcaye cones Twaneenood ee SALE AH & #1) HAVEIN LAW QUATERS LIKE THE SUBJECT, THEY SUFFER FROM FUNCTIONA OBSOLESCENCE, THIS IS TYPICAL FOR THE AREA. SALE #2 xa EXCEEDS 6 MONTH FOR DATE OF SALE. IT SKILL FALLS WITHIN FNMAE 1 YEAR GUIDELINES/SCINCE POOLS ARE NOT COMMON FOR THE AREA/A MINIMAL ADJUSTMENT WAS MADE ON SALES #N\& #2, i: ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 4) Date, Price and Data A INA ZT 0® AL BY, 700 OCT 95/APR 95 Soure,torprorsates HSC / ff3 Isc 973% SC Ye 65,000/$102,400 within year of apprateat 1 LS oD SC {Analysis of any current agreement af sale, option, oF Hsting of the subject Property and analysis of any prior sales of subject ang comparables within one year of the date of appraisal THE SUBJECT NOR COMPARABLES H# & #2 HAVE SOD WITHIN THE LAST YEAR, INDICATEO VALUE BY SALE: INDICATED VALUE BY It Thla appraisal Is made Mo. x Gross Rent Muttiplior subject to the repairs, alterations, inspections « conditions listed below THE ATTACHED LIMITED CONDITIONS subject to completion per plans and specificavons, Final Reconetiaton: =~ AFTER CONSIDERING ALL APPROACHES TO VALUE. GREATEST WEIGHT HAS BEEN GIVEN TO THE DIRECT SALES COMPARISON APPROACH, WICH JS CLOSER TO THE THINKING AND ACTION OF THE TYPICAL BUYER, real properly that ts the subject of this report, based on the above Sonditions and the certification, contingent and timiting conditions, and @ Saied WW the) atlached Freddie Wac Form 439/Fannie tae Form 10048 (Revised ? D. | (WE) ESTIMATE THE MAR! A AS \DEFINED) OF THE PROPERTY THAT tS THE SUBJECT oF THIS REPORT, AS OF 02/25/96 | WHICH tS THE Date oF | Indeed! ECTIVE OF THIS REPORT) To BE 3 110,000 APPRAISER: SUPERVISORY Al ER (ONL! 4 Signature NO Signature Jos [x Joe not Name ALEX GRUS/Z C2 tame ALFRED D. C. CH Inspect Property Date Report Signed 02/25/96 7 \ Dale Report Signed 02/25/96 SaleCerincatone __ ST REG REA 0002700 _- State Sse Cenneatons ST CERT GEN APPR 0000191 State Or State License # site Cir Slate License # 1 State “ddia Mac Form 70 6.03 12.cH, PAGE 2 0F 2 Fannie Mae Form 1004 6.03 ~ Gruszezyk & Assocites “™ 2 Fiewe. 962029 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. | have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for conside-ation in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those tems of significant variation. if a significant item in a comparable property is superior to, or more favorable than, the subject property, | have made 2 negative adjustment to reduce the adjusted sales price cf the comparable and, if a significant item in a comparable Property is inferior to, or less favorable than the subject property, | have made a Positive adjustment to increase the adjusted sates price of the comparable. 2. 1 have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. | have not knowingly withheld any significant information from the appraisal report and 1 believe, to the best of my knowledge, that all statements and information in the appraisal report are tue and correct. 3. { stated in the appraisal report only my own personal, unbiased, and Professional analysis, opinions, and cenclusions, which are subject only to the contingent and limiting conditions specified in this form. 4, 1 have no present or prospective interest in the property that is the Subject to this report, and | have no present oF Prospective personal interest or bias with respect to tne participants in the transaction. | did not base, either partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the Prospective owners or occupants of the subject 5. 1 have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appra'sal is contingent on the appraised vaiue of the property. 6. | was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a Subsequent event in order to receive my compensation ard/or employment for Performing the appraisal. 1 did not base the appraisal report on a requested minimum vatuation, a specific valuation, or the need to approve a specific mortgage loan. 7. 1 performed this appraisal in conformity with the Uniforn Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. [ acknowledge that an estimate of @ reasonable time for exposure in the open market is a condition in the definition of market vatue and the estimate | developed is consistent with the marketing time noted in the neighborhood section of this report, unless | have otherwise stated in the reconciliation section. ' have personally inspected the interior and exterior areas of the subject Property and the exterior of all properties fisted as comparables in the appraisal report. { further certify that | have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the Subject property of which | am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that t had market evidence to support them. | have also commented about the effect of the adverse conditions on the marketability of the subject property. it 1 relied on significant professional assistance from any’ individual or Individuals in the performance of the appraisal or the preparation of the appraisal report, | have named such individual(s) and disclosed the specific tasks Performed by them in the reconciliation section of this app-aisal report. | certify that any individual so named is Gualified fo perform the tasks. | have not authorized anyone to make a change to any item in the report; therefore, an unauthorized change is made to the appraisal report, | will take ro responsibility for it, SUPERVISORY APPRAISER'S CERTIFICATION: if a supervisory appraiser ‘signed the appraisal report, he or she certifies and agrees that: | directty supervise the appraiser who Prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF FRO! P| 3 AY NW 52 AVENUE, MIAMI, FL 33055 APPRAISER: SUPERVISORY APPRAISER | (only if require): Signature: Signature: A A. Name: ALEX G ZYK ef Name: we ee D. CARACH Date Signed: 02/2 i Date Signed: 02/25/96 State Certification # ST REG REA 0002700 | State Certification #: ST CERT GEN APPR 0000191] or State License #: or State License #: State: FL, State: Expiration Date of Certification or License: NOV 1996 Expiration Date of Certification or License: x} pia [Joie Not inspect Property Fraddie Mac Form 438. 6.090 Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 10048 6-93 GRUSZCZYK & ASSOCITES saree rn a INANE Se Che ~~ Property Description UN) = RESIDENTIAL APPRAISAL REP ¢ Elle No. 962033 Property Address __ 6046 NORTH WATERWAY DRIVE City MIAMI State FL Zip Code 33155 4omepcn “MARY APPRAISAL REPORT Legai Description *** SEZ ADDITIONAL COMMENTS *** County DADE Assessors ParceiNo._30-4013-018-0420 9S RE Taxes BA Spec fra x 3 IMSTD| Borrower 345 ALE? Current Owner q Tenant vacant [ broveny rights sopraised XI] Fee Simpte Leasenoid Project Type Neignbomood or ProjectName___ CENTRAL MIAMI Map Reference $4-40-13 Census Tract 60.01 Sale Price $ 185,000 Date of Sale 02/10/96 Description ind $ amount of loan charges/concessions to be paid by seller NONE. LenderfCient_ GEM MORTGAGE, Acdress_ 2100 SALZEDO STREET CORAL GABLES FLORIDA Appraiser Address? 100 ORIDA Location X | urnan ‘Suburban Rural Predominant Present land use % Land use change Built up. X | Over 75% (| 25.75% Under 25% | SCouPancy ‘One Family 95} x_| Not Likely Likely Growth rate Rapia X] suanie Siow X_] owner 24 tam fn process Property values Increasing LX | stable Deciining Tenant Mutt-tamity To: Damand/supply Srorage |X| in balance Over supply ‘dacant (0-5%) Commerciat 3 Marketing time Under 3 mos. | X | 36 mos. Overt 6 mos. Nota: Race anc the racial composition of the neighborhood are not appraisal factors, Neighborhood boundaries snd characteristics” ~CORAL WAY TOTHE NORTH, MILEER ROAD TO THE SOUTH, CITY OF CORAL GABLES TO THE EAST, AND PAMETTO X-WAY TO THE WEST. Factors Wat affect the marketabilly of the properves in the nelghbornand (praximity to employment and ameniues, employment stablity, appeal to market, etc.) SUBJECT NEIGHBORHOOD IS CONSIDERED A SINGLE FAMILY RESIDENTIAL AREA. IT IS LOCATED WITHIN A SHORT DRIVE FROM SCHOOLS, REGIONAL SHOPPING AREAS, RECREATIONAL FACILITIES AND OTHER CONVENIENCES. THE $% COMMERCIAL LAND USE DOES NOT AFFECT SUBJECT’S MARKETABILITY OR VALUE. =OCOLVORITO=—mz. Martet conciuons In te sucject nelgnbornoad (Inclusing support for te adave conclusions related to the end of property values, devanalsupply, ana marketing time ~ such’ as’ datz on competitive properties for sale In the nelghbomood, description of the prevatence of sales and financing concessions, ete): LAND RECORD DATA AND MLS STATISTICS, AS WELL AS SALE/RESALE OF PROPERTIES IN THE, NEIGHBORHOOD. SUPPORT A. SLIGHT. INCREASE IN PROPERTY VALUES. MLS INDICATES A NARROW LIST-SELL-RATIO OF 99% AND TYPICAL MARKETING TIMES OF 90 TO 180 DAYS. WITH THE STRONG MARKET, SELLERS ARE NOT. REQUIRED TO OFFER SALES OR FINANCING CONCESSIONS. FINANCING JS READLY AVAILABLE FROM A VARJETY OF SOURCES. oD Ho Project Information for PUDS. (f applicable) ~ Is the developerfauilder in control of ‘Owners’ Association {HOA}? Approximate total number of unks in the subject project = N/A, .. Approximate total number of units tor sale in the aubjact project N/A Describe common elements and recreations! taclities: Dimensions 6). 19X130 Topography LEV) Stasrea 7955 SO, FT. scomertot [_]yves [x ]No | sue VERAGI Specific zoning classification and description ‘Shape RE! ‘ANG! A Zoning campiiance [x] vega [_] Legal onconforming (Granatatnered use) {| megai | | Nozoning Drainage = ADEO Highest & best use aa improved: Present use Other use (expiain) View ANAL/RESIDENTIA Uulttew Pubiie Other Oftalte Improvemanta Type Public Private | Landscaping Electricity Ld Sveet PAVED {3} (Ly J piveway Surtace CEMENT/GRAV! Gas tJ Curiguter = NONE. CI Apparent easements 1, YY Water Sidewalk NONE. FEMA Special Flood Hazard Area Yes No Santtary sewer Steetiights NONE (| FEMAZone AE Map Date 93/02/94 - Alley Comments (apparent adverse easements, encroachments, P] LY fremamep ne. 12025C0190 reas, illegal or legal nonconforming zoning etc): THE APPRAISER special assessments, slide | WAS NOT FURNISHED WITH A RECENT SURVEY, CONSEQUENTLY NO DETERMINATION OF AN ECROACHMENT OR OTHER ADVERSE GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION INSULATION No, of Units ONE | Foundation CONCRETE ‘Slab CONCRETE Root No. of Stores ONE Exterior Watts CBS Craw Space. NONE Coiling Type (Dewan) DETT Root Surface SNGL/TAR&GR | Basement NONE Walls Design (Siyte) Guters& Owneps. — NONE Sump Pump NONE. Floor Enstng/Proposed Window Type AWNGI/SLIDNG_| Oampress = NONE OSVD None Age (va) StormyScreens NONE Satlement NONE OSVD Unknown ADO. Effective Ape (Yrs) Manufactures House Infestation NONE OSVD ROOMS FainiyRm | Ree. Rm. | Beorooms ss Bans Launary Other Area Sg. Ft. AASMEM Pi3zi2y, 61311 4 +2, ‘OF Gross Living Area 1,780 1892 Sart | 2.2401 530s? +5,000 1,251 __sqart_{ +10,5: Pi Basement 4 Finishea 0 0. ! - ' .0- ' & Rooma Below Grade NONE Ino fi owe ‘ EL functional unity PICAL [TYPICAL ' a ‘YPICAL_ : ©! Heating/Cooling TRAL A/C ICENTRAL A/C ‘ NTRAL A/C. i NT gneray Etieient tema PICAL bryPican, I YPICAL al GaragerCarport INONE 1 CAR GARAGE _i____-2, 500 NONE _ Aj Porch, Patio, Deck, ENTRY ENTRY ENTRY ‘ VERED a —_!____NO ADI, {___No AD#INoI ! NO ADJ H ‘ + as 3, + LI ts 17,51 Adjusted Sales Pnce 7.60% Gross 10.34% “Hof Comparable 1.75% $ 174,000 { Net 10.34% $ 185,81 Comment on Sales Comparison (including te subject propert/s compatolly 10 the neighvonood ei: ) ‘THERE WERE NO RECENT SALES IN SUBJECT’S NEIGHBORHOOD WITH CANAL. A MINIMAL ADJUSTMENT WAS MADE. SALE #3 FRONT’S RED ROAD WICH IS A BUSY AVENUE THAT DIODES CITY OF MIAMLAND CORAL GABLES, IT WAS ADJUSTED ACCORDINGLY. THERE WAS NO ADJUSTMENT MADE FOR THE JACUZZI, IT WAS ;_ CONSIDERED A PERSONAL ITEM SCINCE [fT COULD BE REMOVED. ALL SALES WERE. WEIGHTED WITH EQUAL EMPHASIS. r 4 TEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO.2 COMPARABLE NO.3 1 Date, Prceand Data ya INVA UA INVA i Soures, for prior sales Isc SC ISC ISC {within year of appratsa! Analysis of any current agreement af sale, option, oF listing of the subject property an? analysis of any prior sales of subject and comparabies within one year of the date of appraisal {THE SUBJECT NOR THE COMPARABLES. HAVE SOLD WITHIN THE LAST YEAR. . ] . | INDICATED VALUE BY SALES COMPARISON APPROACH sess sv vv tote ee eee ee s 184, {INDICATED VALUE BY INCOME APPROACH {tt Applicable) Estimated Market Rent S Mo. x Gross Rent Mutiptier =s i ] This appraisat is made LX] vas ist aubject to the repairs, alterations, inspections or condions listed below Subject to completion per plans and specifications, . Conditions of Appraisat: == SUBJECT TO THE. ATTACHED LIMITED CONDITIONS 1 Finai Reconciliation: == AFTER CONSIDERING ALL APPROACHES TO VALUE, GREATEST WEIGHT HAS BEEN. GIVEN TO THE DIRECT SALES €: COMPARISON APPROACH, WICH IS CLOSER TO THE THINKING. AND ACTION OF THE TYPICAL BUYER. i i ‘The purpose of this appraisal is to estimate Proptrty that is the subject of this report, based on the above conditions and the certification, contingent w and limiting conditions, and\markgf Vaue rao ataghed Freddie Mac Form 439/Fannie Mae Form 10088 (Revised } 3 1 (WE) ESTIMATE THE MARKET ec, As PROPERTY THAT 1S THE SUBJECT OF TKIS REPORT, AS OF o7fs0)o6 : (WHICH IS THE DATE oF (Si iN B F THIS REPORT) TO SE 3 APPRAISER: . SUPERVISORY APJ sonnee Ce Z0-4>—r=0 a Ss z . / ore [x Joa not ly Name ALEX GRUSZCZY1 AN Name ALFRED D. CARACH Inspect Propeny “f O Oate Report Signed 02/30) C\ __ Date Report signee 02/30/96 “< Ra State Certheanons St Reg REA 0002700 \shie — Sute Certifications ST CERT GEN APPR 0000191 Sute FL Or State License # 0002700. Or State License # Sate Freaae Mac Form 70 6-93 126H, PAGE 2 0F 2 Fannie Mae Form 1004 6-93 Gruszezy\c & Assocites 24 ov DEFINITION OF MARKET VALUE The most probable price which a property should bring in @ competitive and open market under ali conditions fequisite to a fair Sale, the buyer and selier, each acting prudently, knowledgeably and assuming the price is not affected by undue stmuius. tmplicit 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: (3) buyer and seller are typically motivated; (2) both parties are weil informed or wel advised. and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market, (4) Payment is made in terms: of cash in U.S. dollars or in terms of financial arrangements comparable thereto: and (S) the price represents the ecial of creative financing or sales concessions, No adjustments ly paid by sellers as a result of tredition or law in a market area; S these costs in virtually all sales transactions. Special or 'S not already involved in the property or transaction. Any adjustment be calculated on a mechanical dollar for dollar cost ef the financing or concessions but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER’S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that @ppears in the appraisal report is subject to the following conditions: 1, The appraiser will not be responsible for matters of @ legal nature that affect either the property being appraised or the title to it The appraiser assumes that the title is Geod and marketable and, therefore, will not render any opinions about the utle. The property is appraised on the basis of it being under responsible ownership. appraiser's determination of its size, “3. The appraiser has examined the available flood maos that are provided by the Federal Emergency Management Agency {or other data Sources) and has noted in the @ppraisal report whether the Subject site is located in an identified Speciat Flood Hazard Area. Because the appraiser is not a Surveyor, be or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the Property in question, unless specific arrangements to do so have been mace beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. The separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has Noted In the appraisal report any adverse conditions (such as, needed repairs, depreciation, the Presence of hazardous wastes, toxic Substances, etc.) otserved during the inspection of the subject Property or that he or she became aware of during the normal research involved in pertorming the appraisal, Unless otherwise stated In the appraisal report, the appraiser nas no knowledge of any hidden or unapparent Conditions of the property or adverse environmental conditions (ncluding the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no Guarantees or warranties, express or implied, fegarding the condition of the property. The eppraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental ass2ssment of the Property. AINT. 8. The appraiser wilt not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professionat Appraisal Practice, 9. The appraiser has based his or her ppraisal report und valuation conclusion for an appraisal that is subject to Satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be Performed in a workmanlike manner, 10. The appraiser must Provide his or her Prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report {including conclusions about the Property value, the appraiser's identity and professional designations, and references to any professional appraisat organizations or the firm with which the eppraiser is associated) to anyone other than the borrower: the mortgagee or its successors and assigns; the mortgage insurer; consuttants; professional ®@ppraisat organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the tender/ctient may distribute the Property description section of the report only to data collection or reporting Service(s) without having to obtain the appraiser's Prior written consent. The appraiser's written consent and @pproval must also be obtained before the appraisal can te conveyed by anyone to the public through advertising, Public relations, news, sales, or other media, Freddie Mac Form 439 6-83 Page 1 of 2 Fannie Mae Form 1004B 6-63 ADMINISTRATIVE COMPL 29 File No, 962033 APPRAISER'S CERTIFICATION: The Appraiser sertifies and agrees that: 1. t Rave researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a Collar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a Significant item in a comparable property is superior to, or more favorable than, the subject Property, | have made 2 negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, of less favorable than the subject property, | have made a positive adjustment to increase the adjusted sales price of the comparable. 2. | have taken into consideration the factors that have an impact on value in my development of the estimate of market value In the appraisal report. | have not knowingly withneld any significant information from the appraisal report and 1 believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. | stated in the appraisal report only my own personal, unbiased, and Professionat analysis, opinions, and conclusions, which are subject only to the contingent and fimiting conditions specified in this form, 4. | have no present or prospective interest in the property that is the subject to this report, and | have no Present ©r Prospective personal interest or bias with respect tc. the participants in the transaction. 1 did not base, either Partially or compietely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject Property or of the present owners or occupants of the properties in the vicinlty of the subject property. 5." Ihave me present or contemptated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. | was Tot required to report a predetermined value or direction in value that favore the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a Subsequent event in order to receive my compensation and/or employment for performing the appraisal, | did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. 1 performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Botwd of The Appraisal Foundation and that were in Place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. | acknowledge that an estimate of a reasonabie time for exposure in the open market Is a condition In the definition of market value and the estimate | developed is consistent with the marketing time noted in the neighborhood section of this repost, unless | have otherwise ‘stated in the reconciliation section, 8. 1 have personally inspected the interior and exterior areas of the Subject property and the exterior of all properties listed as comparables in the appraisal report. [ further certify that | have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the Subject property of which 1 am aware and have made adjustments for these adverse conditions in my analysis of the property vatue to the extent that | had market evidence to support them. 1 have also commented about the effect of the adverse conditions on the marketability of the subject property. 8. | personally prepared alt conclusions and opinions abott the real estate that were set forth in the appraisal report. ividuals in the performance of the appraisal or the preparation of the appraisal report, 1 have named such individual(s) and disclosed the specific tasks Performed by them in the reconciliation section of this appraisal report. 1 certify that any individual so named is Qualified to perform the tasks. | have not authorized anyone to make a change to any item in the report: therefore, if an unauthorized change is made to the appraisal report, | will take no responsibility for it, It 1 Felied on significant professional assistance from any individual or SUPERVISORY APPRAISER’S CERTIFICATION: ira Supervisory appraiser signed the appraisal report, he or she certifies and agrees that: | directly supervise the appraiser wo Prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PR APPRAISER: Signature: 6 NORTH WATERWAY DRIVE, MIAMI, FL 33155 SUPERVISORY APPRAISER _ (only if reqyfired): Signature: Eted Name: ALFRED D. CARACH Date Signed: 62/30/96 State Certification #: sr CERT GEN APPR 0000191 Name: ALEX GRU: Date Signed: 92/30/96 State Certification #: St Reg REA 000% or State License #:0002700 or State License #: State: EE State: FL Expiration Date of Certification or License: NOV 1996 Expiration Date of Certification or License: [Joia [x] Dia Not inspect Property iran Freddie Mac Form 439 6-93 Page 2cf2 Fannie Mae Form 1004B 6-93 GRUSZCZYK & ASSOCITES TR INIS A ADA FieNe. 962033 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. [ nave researched the subject market area and have selected a minimum of three recent sales of properties most simitar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a Significant item in a comparable property is superior tc, of more favorable than, the subject property, | have made @ negative adjustment to reduce the adjusted sales price ef the comparable and, if @ significant item In a comparable Property |s inferior to, or less favorable than the subject property, | have made a positive adjustment to increase the adjusted sales price of the comparable. 2. | bave taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. | have not knowingly withheld any significant information from the appraisal report and f believe, to the best of my knowledge, that ail statements and information in the appraisal report are true and correct. 3. } stated in the appraisal report only my own personal, unbiased, and Professional analysis, opinions, and conelusions, which are subject only to the contingent and fimiting conditions specified in this form. 4 | have no present or prospective Interest in the property that is the subject to this report, and | have no present oF Prospective personal interest or bias with respect t> the participants in the transaction. | did not base, either Partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the Subject Property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. | have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. | was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a Subsequent event in order to receive my compensation and/or employment for performing the appraisal. 1 did not base the appraisal report on a requested minimum valuation, a Specific valuation, or the need to approve a specific mortgage loan, 7. | performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in Place as of the effective date of this appraisal, with the exception, of the departure provision of those Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market ts a condition In the definition of market value and the estimate | developed Is consistent with the marketing time noted in the Neighborhood section of this report, unless | have otherwise stated in the reconciliation section. 8. | have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listect comparables in the appraisal report. | further certify that 1 have noted any apparent or known adverse conditions in the subject improvements, on the Subject site, or on any site within the immediate vicinity of the Subject property of which | am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that I had market evidence to Support them. | have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. 1! personally prepared all conclusions and opinions about the real estate that were set forth In the appraisal report. If 1 relied on significant Professional assistance from any Individual or individuals in the performance of the appraisal or the preparation of the appraisal report, | have named such individual(s) and disclosed the Specific tasks performed by them in the reconciliation section of this appraisal report. | certify that any individual so named is qualified to perform the tasks. | have not authorized anycne to make a change to any item in the report, therefore, (fan unautnorized change ts made to the appraisal report, | will take no responsibility for It SUPERVISORY APPRAISER'S CERTIFICATION: tra ‘upervisory appraiser signed the appraisal report. he or she certifies and agrees that: | directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal Teport, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERFY APP 6046 NORTH WATERWAY DRIVE, MIAMI, FL 33155 ~—| APPRAISER: SUPERVISORY APPRAISER _ (only if required): —— —_F Signature: Name: AVFRED D. CARACH N__ Date Signed: 02/29/96 State Certification #: ST CERT GEN APPR 0000191 ‘or State License #: Signature: Name: ALEX GRUSZCZYK Date Signed: 92/29/96. State Certification #: or State License #:0002700 State: FL State: FL Expiration Date of Cerbfication or License: NOV 1996 Expiration Date of Certification or License: x ]oia FE ]bia not inspect Property — - Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 10048 6-93 GRUSZCZYK & ASSOCITES 34 ‘IMMARY APPRAISAL REPORT Vi uation Section UN... A RESIDENTIAL APPRAISAL REPG File No. 962033 ESTIMATED SITE VALUE see ee eee gececeeeea ee ss Comments on Cost Approach (such as, source of cost estimate, ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENT! she value. aquare foot calculation and for HUD, VA and FmHA the S |} vesing 1,780 sa res 50s 89,000 fsatmated remaining economie ita of te property; LAND TO §1_BsMT. 0. So F@s - VALUE RATIO IS TYPICAL FOR THE AREA AND DOES r LUMP SUM = 15,000 NOT AFFECT SUBJECT’S MARKETABILITY OR VALUE. By caragecarpon _ 5a. F@s - ESTIMATED REMAINING ECONOMIC LIFE "45" YEARS. P| Tora! Extmated Coat New -. 104,000 COST PER SQUARE FOOTAGE WAS DERIVED FROM G] tess 25.0 Physical MARSHALL & SWIFT COST HANDBOOK, AND LOCAL Al deoreciston 26,000 _ | ss 26,000; CONTRACTORS. Hi Depreciated Valve of improvements . . as “As-Is* Value of Sit tmproversenta os INDICATED VALUE BY COST APPROACH =f (TEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 6046 NORTH WATERWAY 233 SW $7 COURT (6021 SW 29 STREET 3134 RED ROAD Address DRIVE, MIAMI. IMLAMI MIAMI MIAMI Prowmiyie suet 1s BLocks NE 's BLOCKS NORTH 6 BLOCKS NE Sales Price 3 185,000, es 190,000) | s 171,001 Soi |s 170,009 [_PrcelGronsiw Aes (s Ds 100.42 BPs 1176 Dp ds 13889 GQ] Dats ander ISC/P, RECORDS |ISC/MLS ISC/ RECORDS ISC/P RECORDS Veriteation Source INSPECTION ____ VISUAL INSPECTION IVISUAL INSPECTION VISUAL INSPECTION 4 VALUE ADJUSTMENTS: DESCRIPTION DESCRIPTION + (3) } Adjusunent DESCRIPTION + QS Adjvatment DESCRIPTION I: ©) 5 Adjusunent [sates or Financing : © EICONVTL i ICONVTL. H CONVTL. : Concessions MORTGAGE i MORTGAGE _} MORTGAGE. H Date of SalerTime PSs BEN a5 1 108/95 i 02/96 tl Location RESIDENTIAL [RESIDENTIAL _! RESIDENTIAL! IRESIDENTIAL —_! [ Leasenolaree Simple [FEE SIMPLE FEE SIMPLE! FEESIMPLE FEE SIMPLE Tse 17,984 SQ FT 10,350 SQ FT \ -2,400/10,425SQFT -2,5008,475 SQ FT NO ADJ, T View CANAL RESIDENTIAL +3,000RESIDENTIAL_| +3,000MAIN ROAD H +5,000 [ Gesign and Appeal I|CONTEMP/AVG _|CONTEMP/AVG | \CONTEMP/AVG IRANCH/AVG j 5 | Quay of Construction VERAGE AVERAGE i .VERAGE { IAVERAGE. i Al Age 44 YEARS 43 YEARS \ NO ADJ./41 YEARS !___NO ADJ/43 YEARS )__NO ADSI LT Conaiion VERAGE | ERAGE! AVERAGE i AVERAGE i S| above Grage Tota | Birve! Gate | Total + Sime) Bane | Total | Bime! Bathe | Total | Bdmei Bathe | ‘| Room Count ' i200 | 7 i } KH Gross Living Area Sq.Ft 1,892 sare! PF} Basement 4 Finished A] Rooms Below Grade R a s °o bs PICA TYPICAL A NONE 1 CARGARAGE } -2,5001] CAR GARAGE _! -2,500NONE BET poten, Pate, Deck ENTRY ENTRY ' ENTRY ' ENTRY key Fireptace(s), etc, ‘OOD 2 COVER ED 1 5 Zi INONi ' oat ete fy Adjusted Galea Price Grose 7.60% Gross 10.34% || of Comparabie “inet 2.18% § 185,860 | net 1.75% $ 174,000 | Net 10.34% 185,860 Comments on Sales Comparison {including the subject prapertya compatiblity to the neighborhood, etc.): THERE WERE NO RECENT SALES IN SUBJECT'S NEIGHBORHOOD WITH CANAL. A MINIMAL ADJUSTMENT WAS, MADE. SALE #3 FRONT'S RED ROAD WICH IS A BUSY AVENUE THAT DIODES CITY OF MIAMI AND CORAL GABLES. IT WAS ADJUSTED ACCORDINGLY. THERE WAS NO. ADJUSTMENT MADE FOR THE JACUZZI, IT WAS CONSIDERED A PERSONAL ITEM SCINCE IT COULD BE REMOVED. ALL. SALES WERE WEIGHTED WITH EQUAL EMPHASIS, STEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3. Data, Price and Data IN/A INIA INIA vA ‘Source, for prior aaies SC ISC isc Isc within year of appraisal Analysis’ of any current agreement of sale, option, or listing of the subject property and analysis of ‘ny Prior sales of subject and comparabies within one year of the date of appraisal THE SUBJECT NOR THE COMPARABLES HAVE SOLD WITHIN THE LAST YEAR. INDICATED VALUE BY SALES COMPARISON APPROACH INDICATED VALUE BY INCOME APPROACH ‘This appraisal ts mi Mo, x Gross Rent Multiplier “3 N/A |__] susject to completion per plans and epecticatona Market Rent $ tons, inspection of conditions listed below SUBJECT TO THE ATTACHED LIMITED CONDITIONS Conditions of Appraisal: Final Reconciliation: ~~ AFTER CONSIDERING ALL APPROACHES TO YALUE, GREATEST WEIGHT HAS BEEN GIVEN TO THE DIRECT a SALES COMPARISON APPROACH WICH IS CLOSER TO THE THINKING AND. ACTION OF THE TYPICAL BUYER. ol Ni ‘The purpose of this appraisal (3 to eatmata ue of the real property that is the subject of this report based on the above conditions and the certification, contingent TI ane fimniong conditions, andqmaryet value de fet fare stated In the attached Freddie Mac Form 439/Fannie Mae Form 10048 (Revised ) hy 4 ove) estimate THE ageWi VALUE, EFINGD, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF 02/29/96 ES wich ts tHe pate/ br /AusPection| EFFECTIVE DATE OF THIS REPORT) TO BE $ 184,000 1] APPRAISER: SUPERVISO ER ca ED): 2 Signature ih [ _ Signature YA -eX Ce x |Die Did Not j Name__ALEX GR < __ Name_ ALFRED D. C; CH Inspect Property Date Ri 02/29/96 ‘Date Report Signed 02/29/96 State Certincation # Sate State Certineaton# ST CERT GEN APPR 000019 Sate FL Cr State License # 0002700 Sate_ FL Or State Ucense State Freddia Mac Form 70 6-03 120H. PAGE 200F 2 Fannie Mae Form 1004 6-93 Gruszegy}, & Assocites ‘2 PLAINT. A in ATIVE CON ro) ADMINISTRY OF COMPLETE APPR: _.L ANALYSIS - SUMMARY APPR AL REPORT SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORT FileNo. 962034 Property Address _S63 NE 72 STREET. Cty MIAME sae FL Zw Cone 33138 4 Legal Description LOT 2 BLK ly FEDERAL WAY AMD PB 25 PG 6 County DADE . F-¥ Assessor's Parcel No. FOLIO #01-3207-040-2460 Tax Year 95 RE Taxes S 2,042.67 Speciat Assessinants s N/A Fed Neigrbomncod oF Project Name FEDERAL WAY AMD Map Reference §3-42-07 Consus Tract 13.02 00 Current Owner TOMMY BROOME Occupant [x Jowner | Tranant LT vacant Ls Wersere [ [omenae | poset Pru [~Jemaaen i a Sales Price § 61,000 Date of sate Description and $ amount af oan chargasiconcessions to be paid by seller NA Lendericient__GEMIN! MORTGAGE Aasess_ CORAL, GABLES, FLORIDA _ agaress_14215 SW . Ura, ‘Suburban Pradominent Single family housing Predominant 24 family housing eunup [aJovern (Jasrx [] Occupancy” $1000) wm | Seana, 5 00) om crow rata Rape x | stable [ |siow ‘Owner x ]Owner 5 Low 40 Property vaiues Incresising x | stabie (J pectining (J tenant L__} Tenant High 3 Demandisupply {__] Snortago xX Jinbaiance [lover supply Vacant (0-5%) Predominant [x vacant (0.5%) Predtornmant Marketing time unde-3mos. [x }3-6mos.__ [lover mos. Vacant (over 5%) (60-70 50-55 Vacant (over 5%) 58-60 Typical 24 family bide. type DUPLEX No.stonea ONE Ne.units — TWO Age 55-60 ye. | Presontiand use % Land wee change rypicalcents $ 350 1s 600 [_]mcreasing [x | stable [J oectining One family 40 |[ x | ret ikery Likely Est neightornood apt. vacancy 5% Jircreasing [x ]stanie [| oecining 2-4 family 40 |[_] ts orocess to: [Rent controls yes [x] No Likely yes oF likely, describe Muttl-family 10 _ Commercial 10 . ft ) . Note: Race and the racial composition of the neighborhood are not appraleal factora. Neighborhood boundaries ind characteristics: NEBL STREET TO THE NORTH, MART: IN LUTHER KING BLVD TO THE SOUTH, BYSCAINE BLVD TO THE EAST, 195 TO THE WEST. Paco nat tect she ‘rareablty of the proper in the neghborhocd (peximiy to employment and ameniies, erpiymen) slblly, ajyual io monec ete) THE IMMEDIATE AREA IS MOSTLY COMPOSED OF DUPLEXE'S, SINGLE FAMILY, AND MULTI FAMILY HOMES, WICH SHOW AVERAGE MAINTENANCE. THE 10% COMMERCIAL LAND USE HAS NO EFFECT ON SUBJECT PROPERTY'S MARKETABILITY. JOR VALUE.SUBJECT PROPERTY HAS EASY ACCES TO SCHOOLS, CHURCHES, SHOP! PING CENTERS. EMPLOYMENT N CENTERS, AND PUBLIC TRANSPORTATION. . E = e ~ G — H - ~ a tne Tollowing avaliable listings represent the most current, similar, and proximate competitive properties to the subject Property in the subject neighborhood, Tris, analysis is intended to Hi evaluate the inventory currently on the market competing with the subject property in the subject neighbornood and recent price and marketing time trends affacting the subject propeny, bed (stings outside the subject nelyhbomood are not considered applicable). The lisbng comparables can be the rental or sale comparables if they are current tor sale. 7 - Fy ITEM SUBJECT COMPARABLE LISTING NO. 1 COMPARABLE LISTING NO. 2 COMPARABLE LISTING NO. 3 _ S63 NE 72 STREET 1 NE 71 STREET 245 NE 80 TERRACE 261 NE 77 STREET JAdcress MIAMI. MIAMI MIAMI Proximity to subject 1 BLOCK SOUTH At Hees NORTH WEST. _# BLOCKS ORTH WEST - Listing price s 60, x | Unt. Fum.$ 68,000) | x | Unt, Fur. $ _ 89,0001 | x | unr. urn, $ $4,900 Approximate GBA, 1,671] 2179 SQ FT. 2604 SQ FT| _ 1083 SQ FT Data source HSC/AINSP. MLS : — MLS _ : MLS —_ . — ~ sumeromsronen |2 913i 2 | 3 1 9 1 6 7 3 3 1 8 1 41 3 Rov 4 2 2 Approximate year built [1937 1950 1945 1955 . . Approx. days on market NOT DSCLSD| NOT DISCLOSED} NOT DISCLOSED) NOT DISCLOSED Comparison of listings to subject property’ LISTINGS PROVIDED ARE THE CLOSEST AND MOST SIMILAR IN BEDROOM/BATHROOM COUNT, DESIGN, APPEAL, CONDITION, AND AMENITIES AT THE TME OF APPRAISAL Market conditions that aftect 2-4 family properties in the subject neighborhood rate, property values, Interest buydowna and concessions, including the above neighborhood indicators. of growth Gemandisupply, and marketing time) and the prevalence and impact in the subject market area regarding joan discounts, ligentiication of trends in listing prices. and ‘average days on market and any change over past year, ec: AFTER INTERVIEWING LOCAL RE. AGENTS, [AND INVESTORS WE LEARNED THAT TYPICAL MARKETING TIME FOR THIS TYPE PROPERTY IS BETWEEN THREE TO SIX MONTH WITH FEW EXCEPTIONS. TYPICAL FINANCING IS CONVENTIONAL MORTGAGES. _. 7 ————_____ Dmensions 40 X 145 Topography LEVEL ste area §800 SQ. FT. comerit Lx ]No [_]ves | size SMALL /SEE COMM... Spacific zoning classification and clescription R-2 TWO FAMILY RESIDENTIAL Shape RECTANGULAR Zonngcomptance [x Jisgat [_]Legainoncontoiming (Granatarnered uss) [_Iegat” | Iwozoning Drainage = ADEQUATE _ Highest best use asimprovea — [x }presentuse [__Jotar use (explain) View RESIDENTIAL Landscesing TYPICAL . Other Off-site improvements Type Public Private! Driveway CONCRETE . Street PAVED [x] [2] | Apporenteasemscts TYPICAL UTILITY Curiguter CURB x . ‘Sidewalk CONCRETE x FEMA Special Flood Hazard Area [Jves [x | No Steetights POST x} [}] Femazone x Map Date MARCII2,1994 Alley 0) r FEMA Map No. 02: 8 . [Comments (apparent adverse easements, encroachments, special assessments ele arose lm » legal or egal sonconforming zoning, use, etc. THE APPRAISER WAS § INOT FURNISHED A RECENT SURVEY, CONSEQUENTLY NO DETERMINATION OF AN ENCROACHMENT OR ANY EASIMENTS Ay COULD BE MADE. LOT SIZE IS SMALLER THAT TYPICAL FOR NEIGHBORHOOD BUT NOT AN IMPORTANT. FACTOR FOR INCOME PRODUCING PROPERTIES, Freddie Mac Form 72 10-94 PAGE 10F4 Fannie Mae Form 1025 10.84 GRUSZCZYK & ASSOCITES uf ISTRATIVE COMPLAINT. OF COMPLETE APPh... «i ANALYSIS - SUMMARY APP ——$———— LL A ON f= AL REPORT SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORT FiteNo. 962034 IGenera! description Exterlor description {Mateciatsicondition) Foundation ineutation — value tt known) ‘untsrotdgs, 1 | Foundation CONCRETE BLOCK Stab YES ( Iiroer |stones Exterior watts CBS Cram space YES [_]ceung lrype (aerate) Roof sutace FLAT TILE SumpPump NONE Iwas [Design ¢styte) Guters & aunaps. NONE Oampness NONE OSVD | Floor Existing/proposed Window type CASEMENT. Settiement NONE OSVD Irvane [Under construction ‘Storm saatyscreans. NONE tnfestation NONE OSVD Adequacy UNK fYear Bult Manufactured housing" ves [x |No {Basement % of tat floor Energy emcientitems: | JEftective age (yrs) * (Complies with the HUD Manufactured Housing Basementfinish N/A TYPICAL Construction and Safety Standards.) ‘Units Leveta) Fover Living Dining Kitchen I Den Family rm, | Bedrooms # Baths Laundry Other sa. Junit Tou 2) ga 1 i AREA 1 : 1 1 552 582 si. 1 J 1 1 1 1 2 1 1119 1119 c I — : Fl mprovements contain 9 Rooms: 3_Bearoomis) 2.00 Bans, 1,671 Square feet af GROSS BULDWO AREA a GROSS BUILDING AREA (GBA) IS DEFINED AS THE TOTAL FINISHED AREA (INCLUDING COMMON AREAS) OF THE N:| IMPROVEMENTS BASIED UPON EXTERIOR MEASUREMENTS. _ Q [Surtaces (Matesiais/condition) Heating Kitchen equip. (#7 unit-cond.) Attic Car Storage No.Cara 3 F:lreors WOODWVYNL/AVG | Type RC Refrigerator Two None Garage 1. Watts PLASTER/AVG Fuet ELECTRIC Rangelaven Two Sain Carport Mirimmnish: ~— WOOD/AVIS Condition AVERAGE. Olsposal NONE. | LJorep stair Attached R'Bath Noor TILE/AVG Dishwasher NONE x J Scuttle Detached ¢ Bath wainscot TILE/AVG Cooling Fantnoot NONE Floor Adequate Foe | HOLLOW CORE & |cenmat NONE ‘Compactor NONE Hostec inadequate © SOLID WOOD/AVERAGE ‘Otner WALL ‘Washer/aryer ONE/ONE Finished Offsuest _ Bs Condition AVERAGE Microwave NONE Unfinished None ‘S |Fireplacets) ONE * Intercom NONE [Concivon of the improvements repairs needed, quality of construction, additional features, modernization, etc.: CARPORT, AND A CBS CARPORT AT THE ENTRANCE OF THE NOME. SUBJECT P1 PARKING; THERE JS A ONE CAR GARAGE A ROPERTY HAS RECIEVED AVERAGE IMAINTNANCE, BUT HAS NEVER BEEN RENOVATED. Depreciation (physical, functional, and extemal inadequacies, etc.): PHY: i ‘SICAL INCURABLE DEPRECIATION IS BASED ON THE ECONOMIC \ |AGE-LIFE METHOD, WICH IS THE RATIO OF EFFECTIV: (OF THE IMPROVMENTS. E AGE TO TOTAL ECONOMIC LIFE APPLIED TO THE CURRENT COST environmental candiions Ine (such as, but not limited to, hazardous wastes, taxi immediate vicinity of thu subject property: THERE WERE NO Substances, etc.) present In the Improvements, the site, or KNOWN OR OBSERVABLE ADVERSE ENVIROMENTAL CONDITIONS on IN THE AREA AT THE TIME OF INSPECTION. WAzMSe0Q EF >ZO~A=Go> VALUATION ANALYSIS . PFESTIMATED SITE VALUE “3s 22,000] Comments on Cost Approach (Such am, source of cost estimate, site value, ESTIMATED REPRODUCTION COST-NEW OF IMPROVEMENTS: seuare foot calculation ang, for HUD and VA, the estimated remaining! 552 Sq. Ftins 40 = s 20,000 economic We of the propery): COST DATA WAS DERIVED FROM L A119 Sq.Ft cas 40= s 44,7609 [RECOGNIZED MARSHALL & SWIFT COST MANUAL, AND. | HALL 261 Sq.Ft as 10 = s 2,610 {LOCAL CONTRACTORS. _. ‘Sq. FRG = s PHYSICAL DEPRECIATION CONSIDERED DUE TO THE § Sq. FUGRS . s NORMAL AGING OF MAJOR STRUCTURAL & ME CHANICAL $ LUMP. SUM (GARAGE /CARPORTS) - $ $,000 {BUILDING COMPONENTS. LAND TO VALUE 1S TYPICAL, . s FOR THE AREA. ESTIMATED REMAINING. ECONOMIC A = os LIFE "30+" YEARS. . P - os _ 3 7s : ‘A |speciat Energy Emcient tems. = $ - a Porches, Patios, etc. = s 1,000 ~ {Total Estimated Cost New - s 73,370 ~ Physical —Furctional. «= Extamal _ less 45.0 - {Depreciation 33,016 = 5 33,016 _ = [Pepreciated Value of improvements ~$ 40,354! - F-1PAa iat Vaiue of Sto Improvements = s$ 1,000) ‘ t. = JMDICATED VALUE BY COST APPROACH as 63,354) _ Freddie Mac Form 72 10-94 40 CH. PAGE 2 0F Fannie Mae Form 1025 10-94 GRUSZCZYK & ASSOCITES a2 COMPLETE APPRaiuaL ANALYSIS - SUMMARY APF. | ,AL REPORT SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORT Fieno._962034 Ar icast tree ‘ental comparabies stould be reported and ansiyzed in this section The rental comparables should represent the most current tenia mlonoation on properies a6 similar and proximate to te subject property aa possible. {This comparison is based on current rental dala, therefore, the rental comparables typically are pot the same Comparables used in the sales comparison analysis) The appraisal report should assure the roader tnat the units and properties sslecied as compavaties ore gaan le te subect property (both the units and the overati propery) and accurately represent the rental market for the subject property (unless oinermtse {stated within the report), ITEM SUBJECT COMPARABLE RENTAL NO. 1 COMPARABLE RENTAL NO. 2 COMPARABLE RENTAL NG, 3 lacdress 563 NE 72 STREET 1 NE 71 STREET S86 NE 72 STREET S18 NE 72 STREET MIAME MIAMI MIAMI __ 1 BLOCK SOUTH SAME BLOCK SAME BLOCK _[Pronmity to subject : Lease cates (t avaiable) MONTH / MONTH [MONTH / MONTH MONTH / MONTH MONTH / MONTH Rent survey date |SURRENT. CURRENT. (CURRENT [CURRENT __ - lau source ISC/INSPECTION |ISC/MLS ISC/VISUAL ISC/VISUAL 20 | OWNR/TENANT. _lowneR (TENANT ment conceanona INONE ONE NONE INONE KNOWN KNOWN. KNOWN. KNOWN [Me Units 2 No. vac. Q [No Unts 3 Ne.Vec. QO Yr Bn: 19S@_|No. Units 2 No. vac. Q Yr 5H: 1938 |Wo. Unite 2 No vac. 0 vr, Bit: 1944), Description ot [yr an: 1937 - Jproperty—units, | . headnrenay IRANCH/AVG IRANCH/AVG. RANCH/AVG IRANCH/AVG, [and condinone [AVERAGE AVERAGE AVERAGE AVERAGE || . 5 |_ Rm, Count Sze Rm. Count Sie Total Rm. Count Size Tots! Rm Count _ | Size Tota! [Tot}er | Be [sart {tot | er | ee | sare [MYR toe fer | as | sort | MonmyRem| eS To] a | sare | Monmy Rent Indvidval [3a] 4 ssai2 [a | 1 43630013 | 1 | 2 si3,_ so, 311 | 1 | asl 325) lie oe fel2/ 1 | isla lo! 4 763|__ 3805121 1 | 9521 s4ool s [2 | 1 | geo! soo breakdown [ si3fa 98 450 __ | if - -~ INO AMENITIES __|NO AMENITIES NO AMENITIES INO AMENITIES. I[NCLUDED INCLUDED. INCLUDED. INCLUDED __ a [ADEQUATE [WALL A/C Funetona) uty, [ basement, — neabngicocing, L. Project amenities, etc. L. a Ansirmie of teotal data and eurpor for extimeled market rents for te Individual subject unite (including the edjusiments used, te adequacy of comparabies, sonal concessions, ste.) SUBJECT PROPERTY'S: RENTS COMPARE FAVORABLY WITH MARKET REN TS. RENTAL CONCECIONS ARE NOT USUAL SOS PARO or pAzma mrD>Eed>vZ00. He JUNLESS DEALING WIT# FAMILY MEMBERS OR LONG TIME TENANTS.COMPARABLE RENTAL #22 BEDROOM 2 BATH UNIT'S RENT {S ESTIMATED. THIS IS AN OWNER OCUPIED UNIT. ~ — “| _ | /Subject's rent achedute Thu fent schedule reconciles the applicable indicated monthly market cents to the appropriate subject unt, and Provides the estimated res] for ne subject propery. The appraiser must review the tent characteristes of the comparable sales to determine wheter eslimated rents shou reflect actual or market pens For sxample, actual rents were available on the sales comparables and used to derive the gross rent mullipliar (GRM), actual rents. for the subject should be Ment. characlertce eagieitr® lwaed to construct the compsrabies' rents and derive the GRM, market rents should be used The tolal gross estimated rent post represent Pon shevacteretcs consisient yin tne sales comparable data used to derive the GRM. The tolal gross estimated rent is not adjusted for vaconey LEASES ACTUAL RENTS ESTIMATED: RENTE: ] Une Lease Data ne Per unt Total Per Unit . Toma Begin End Vacant Unturnisned Furnished Rents Unfurnished Furnished Ronts | 1 OWNER OWNER 0 s NONE\s s 325)5 mud 325) 1 OWNER QWNER f NONE! 400) .. 400, 2 : a) 0 eee cee es 725] Other monthly income (kemize) NONE KNOWN, ~* Vacancy. Actuatlast year % Previous year 5% 5 435 Annuaty Total grove vatimated tent $ Ts ‘% Estimated: [Usities included in estimated rents: [_Jetectrtc [__Jweter [_] Sewer cas (Jou [trash conection x] BOTH UNITS ARE CURRENTLY IOWNER OCCUPIED. . [Comments on the rent schedule, actual rants, estimated rents (especially regarding differences between actual and eslimated fents), utlives, sic: THERE ARE NO APARENT DIFFERENCES ON SUBJECT’S ESTIMATED AND MARKET RENTS. IT IS TYPICAL ON THIS TYPE __ PROPERTY FOR THE OWNER TO PAY ONLY FOR TRASH COLLECTION, AND REPAIRS. TENANTS. TYPICALY PAY FOR THEIR OWN UTILITIES. Freddie Mac Form 72 10-94 40CH, PAGE 3 OF 4 Fannie: Mae Form 1025 10-94 GRUSZCZYK & ASSOCITES uy 9 A \PLAINT JE CON V FR NiS TE EXHIBIT #4. 27 PAGE _____ OF COMPLETE APPR4 AL ANALYSIS -SUMMARY APPR 3AL REPORT SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL REPORT File No. 962034 The wngersigrad has reciiad vee recent sales of propersen mos! alsiar end proximate in fe subject property wn her Jebyect ered comparabie proper iTEM SUBJECT COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO 3 863 NE 72 STREET \e55 NE 71 STREET 1 NE 69 STREET 477 NE 72 STREET JAdaress MIAMI MIAMI MIAML Proxima to subject 1 BLOCK SOUTH 7 BLOCKS SOUTH EAST BLOCKWEST [Sales price s 60,000 [x ums 65,000, [x jun | rum 60,000 [x jun [ims 50,000 Sales price perGaa |S 35.915 37.66/s 40.98|s . 31.89 {Gross month rent s EST/725.00|s 750.00's “80/5 . 700.00 Gross me rent mult (1) 82.758621 86,666667 7s _ T1A2KS7I [Saies price per unit s 30,000.05 32,500.00's 30,000.00)5 _ 25,000.00 [Sales price perroom __(s 6,666.67/5 6,500.00'5 10,000.05 - 6,250.06 Data andior ISC/P RECORDS _|ISC/P RECORDS MLS/SC Isc/P RECORDS venteanon Sources __ENSPECTION __|VISUAL INSPECTION INSPECTION INSPECTION, ADJUSTMENTS DESCRIPTION: DESCRIPTION : 4) $ Adjustment DESCRIPTION: H +0) S Adjustment DESCRIPTION: i +6) S Adjustment [Sates or fnancing ICONVENTINAL | CONVENTIONAL; CONVENTINAL | MORTGAGE H MORTGAGE H iMORTGAGE_ H 119s : 03/95 ! 03/96 _ ! IRESIDENTIAL [RESIDENTIAL _! RES/SIDES MAIN! +1,000RESIDENTIAL | Fagceasenciaree smile [FEE SIMPLE [FEE SIMPLE ‘ FEE SIMPLE ! FEE SIMPLE t FM ste ‘5,000 SQ FT 11,100 SQ FT A -3,0006,326SQFT i __ NO. ADJ.17,250SQ FF__ 1 71,106 Pa view IRESIDENTIAL RESIDENTIAL _| RESIDENTIAL | RESIDENTIAL | Design and appeat IRANCH (RANCH t |RANCH t IOLD SPANISH i" Fg ovat orconstucton —_|A'VERAGE AVERAGE ' |AVERAGE ' IAVERAGE \ v |AS9/E25-30, ‘AS9/E25-30 : |AS2/E20-28 ! +1,250/A72/E30-35___ i +1,25¢ 9 condinon JAVERAGE AVERAGE ' [AVERAGE ' AVERAGE | i _ BAM Gross euicing area 1,671 Sqn 1,726 sat; 1,464 Sq. +3,105| 1,568 sgn +1848 s * |e. Rem. count No.|__pm count fi. | No Rm. count |, | No| _Rmcourt |. | ° Lal ret] or| em _|*=elual va] er] wa [vet Stal vee] we | ea fee! vttal ter] we] an [vert Pa une 1{3ii] 1 folifels| 2 To: 40001 /3 {2/1 |o: -to00,1 13 1a [1 To! LB breakaown ilefa[ 4 ria}2] 4 Jor 1/3/2/ 1 [o: ifs fl ’ Ny 0 1 Tt Hi [[ [4 z ie I Seo ton Fi Sasement description INONE INONE, \ NONE H INONE _ t _ Bed Functionat vinty ADEQUATE __|ADEQUATE tO |ADEQUATE a ADEQUATE! Heatingicooiing WALLUNITS _|WALL UNITS i WALL UNITS i WALLUNITS __! _ Parking onet site 1GAR/2.CRPRT_|1 CARPORT ' +2,000INONE ' +2,500/NONE —_! +2,800 Project amenities and [NONE INONE, i NONE ‘ INONE ' tee (if applicable) t t _ L _ _ i bh _ Wet Ata _-5,000|[x]-[ | _s 6855 [x]+ ]- 3 4,195 Adjusted sales price Gross:: 14.8 % Gross; = 12.8% jof comparable Net 27.7% $ 60,000 Net 11.4%. $ 66,855 Net BA% S 54,198 Comments on sales comparison (Including reconciliation of a indicators of vaive as to consistency and relalive atrength and evaluabon othe typical investarsipurchasers motvation in that market: AFTER ALL ADJUSTMENTS WERE MADE, COMPARABLE SALES FORM A NARROW VALUE RANGE WICH SUPPORT AN ESTIMATE OF S$ 60,000 FOR THE SUBJECT. SALE #2 SLIGHTLY EXCEED 6 MONTH FOR DATE OF SALE, BUT STILL FALL WITHIN FNMAE 1 YEAR GUIDELINES. "TEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO, 2 COMPARABLE NO. 3 _ Date, Price and Data_—_‘{N/A, 45,000 INA 535,000 ~ | Source for prior sates: Isc: IAUGUST/95, Isc MAY/9S, Jwithin year of appraisal Isc USC Analysis of any curtect agreenvent of sale. option. or lating of the subject property and analysis of any prior sales of subject end comparables wihin one yaar of the date of appraisal SUBJECT PROPERTY AND SALE 2 HAVE NOT SOLD IN THE PREVIOUS YEAR. FIR Tom! oro8s monthly estimated rent § 725 x grou rent multiplier (BRM) 82 = s $9,450 INDICATED VALUE BY INCOME APPROACH Hg Comments on income approacy (including expense ratios, available, and reconciliation of the SRM) SUBJECT'S ESTIMATED RENTSRENTS SEEM IN LINE WIT, EIGHBORHO() J DAT, INDICATED VALUE BY SALES COMPARISON APPROACH becceeee . seo Leite fees tee crete $ 60,000 801,001 INDICATED VALUE BY INCOME APPROACH. s 59,500 ~ i INDICATED VALUE BY COST APPROACH... ee ent teen eseneeee tee OrEPESPSEETS Ls 63,400 This appraisal is made |x | “as ist subject fo the repairs, alterations, inspections, or concttions sted beiow| subject to completion per pans and specications |Camments and conditions of appraisal: APPRAISAL SUBJECT TO THE ATTACHED STATEMENT OF LIMITED CONDITIONS. R _ E ~ - S Final reconciltaton: ~— THE T]IREE APPROACHES TO VALUE WERE GIVEN CONSIDERATION IN THE FINAL. ESTIMATE OF VALUE, x ALL APPROACHES SUPPORT THE SUBJECT'S INDICATED MARKET VALUE OF $60000 _ . $ t The purpose of this appraisal is to estimate the market value of the tnat Ie the subject of this repor, based on the above conditions and the certification, contagen E.3 and fimiting consitiong, and ma-ket v; defin; thal are stated in amtachel Freddie Mac Form 439/Fannie Mae Form 1004B (Revised } T (we) EstimaTE THR MARKET value) Af DEFINED, OF THE PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF 3/1/96 _ 4 WHICH IS THE DAT INSPEG AND THE EFFECTIVE THIS REPORT) TO GE $ 60,000 APPRAISER: SUPERVIS: ER [ON] TE regener Y4 [Signature Signature 4 [FJoa Gr] oia not Name ALEX GR' Name ALFRED CARACH inspect Property Oate Report Signed Marck, Date ReportSigned March 1, 1996 _ ‘State Certification # ST_CERT GEN APPR 0000 Sate FL ‘State Certification # ST_CERT GEN APPR 0000191 Sate _FL lor State License # . Sute Or State License # ___ state Freddia Mac Form 72 10.94 10H. PAGE 40F 4 Fannis Mae Form 1025 10-94 GRUSZCZYK & ASSOCITES yf ‘VE COMPLAINT. AT} ; D iS ST ' t ADMIN pa PAGE > fp XHIBi tut La QO COMPLETE APPRAiS. ANALYSIS - SUMMARY APPR . REPORT SMALL RESIDENTIAL INCOME PROPERTY APPRAISAL RE-ORT Fite No. 962024 The Undersigned hae recited Wres lecant anion of properties most siniimr and proximate to the subject property and has described and analyzed tere In tis enalysis. i there ie m Slgrtenrt vacation vetween the | Jswenact and comparatio propecia. the anaisie Inches @ doles aduemment refectng the marcel raacton to Hote tems or en expleneton subported by bre market guts. ft a wgriicen iw im te comparable property supenor 10, ot more favorable then, the subject property, « mira (-) adurtment le made, fos reducing the echuried salen price of Fre comperable propery. sigicart Hern the comparable. property fe wterer wo. oy jes fevratin tan re wibiecl prover, ob (+i eduttrent in made. that hereusing te actrted ssies price of tw comparanie property. [{1} Sales Price {Gross Monthiy Ren Wem SUBJECT COMPARABLE SALE NO. t COMPARABLE SALE NO. 2 COMPARABLE SALE NO 3. | 563 NE 72 STREET = SSSNE7ISTREET | 1 NE 69 STREET _ P77NET2STREET Aacress MIAMI MIAMI MIAMI J ae BLOCK SOUTH |) BLOCKS SOUTH EAST ; BLOCK WEST _—~ J ls 1 x tum [Fun $ 65,000] [x Jun. {_Jrum_s 60,000 [x lun [Jun s $0,000 Saies price per GBA [s 35.91 37.66|s 40.9815 . 31.89] [Gross monthly rent 750.00|3 *800| _ 700.00 [Gross mo tent mutt (1) 86.666667 75 . 7.428571] Sates price per unt 32,500.00) 30,000.00/s 25,000.09) Sales price per room 6,500.00)s 10,000.00's "6.25000 a Data ancior ISP RECORDS |ISC/P RECORDS MLS/ISC ISC/P omg vertication Sources |INSPECTION. ISUAL INSPECTION INSPECTION + INSPECTION 4 4 ADJUSTMENTS DESCRIPTION DESCRIPTION isa Agjueiment| DESCRIPTION 171) 5Aajuatment| DESCRIPTION Tevrs aaquatmant Sales or financing ICONVENTINAL ¢ (CONVENTIONAL | + ICONVENTINAL concessions MORTGAGE t MOREGAGE i MORTGAGE” 4 Date of salenime 1/95 ‘ 103/95 ! 103/96 oo __| Location RESIDENTIAL RESIDENTIAL! 4 SIDES MAIN | +1,000/RESIDENTIAL __' J Fag ccsscroiareeampe ~ [FEE SIMPLE EE SIMPLE 1" _|FRE SIMPLE ‘ IFEE SIMPLE i __| Pisce |, <7 SK s00i SQ FT. 11,100 SQ FT ‘ -<3,006/6,326 SQ FT. ‘NO ADJ.I7,250SQFT st hie, a view SSIDENTIAL [RESIDENTIAL _} IRESIDENTIAL RESIDENTIAL | J Design and appeal IRANCH RANCH 1 RANCH H OLD SPANISH} a] PA cuaity otconsiructon [AVERAGE (AVERAGE \ IAVERAGE \ JAVERAGE by Ave IAS9/E25-30 “ _|459/E25-30 1 {442/E20-25 1 $1,250/A72/E3035 250] FM constion : AVERAGE 73 laVERAGE ' AVERAGE J BAM ro2s aunding Area 1,726 1464 san | +505) 1,568 sat ! +1545 s No. Rm. count |e | OO Ne, fm. count | aye | coed 8 Suvalefen pe! 7 Sarees) 0 Pa oe -4009, 1/3 |2] 1 [o! -1,000 1/3 [1] 1 fo! » 1{sf2} a fo: 1{si2{ 4a jo: 1 1 ¥ 0 - a ffl casement description [NONE NONE ! ONE , Ba Functional tity IADEQUATE —pp ADEQUATE. ‘ ADEQUATE ! Heatng/coolng WALL UNITS WALL UNITS ! WALL UNITS Parnng anem wt 1. GAR/2. CRPRT__|t CARPORT ' +2,000.NONE ‘ +2,500NONE Project amenities and [NONE INONE NONE 1 NONE tee {¢ applicable} t 7 Net Ad) (Lota) ee eee ix}-T J. os Adwsted sales price Grom: 13.8 % Gross 14.8% 12.8% or gee of comparable Net -7.7% 8 a0 se 11.4% 5 84% 5 SATIS) Comments on sales comperisin (including reconciliation of all indicators of vaiue as to consistency and telative strength and evaluation of the typleat Investor's/purchaser's. rewation im mat_markety AFTER ALL ADJUSTMENTS WERE MADE, COMPARABLE SALES FORM A NARROW VALUE RANGE WICH SUPPORT AN ESTIMATE OF $ 60,000 FOR THE SUBJECT. SALE #2 SLIGHTLY EXCEED 6 MONTH FOR DATE OF SALE. 'T STILL FALL WITKIN FNMAE 1 YEAR GUIDELINES, _ ITEM SUBJECT [ COMPARABLE NO. 1 [ COMPARABLE NO. 2 COMPARABLE NO. 3 Date, Price and Data N/A 45,000 N/A $35,000 7 Source for prior sates. isc UGUST/9S. isc IMA Y/9S fLw within year of aparaiaat shee ISC Isc. JAnaivais of any cument agreement of sale, gption, or listing of the subject property and mnatyals of any prior» SUBJECT PROPERTY AND SALE 2 HAVE NOT SOLD IN THE PREVIOUS YEAR. of subject and compatgblen within one year o' the date of appraisat rota! grose monthly estimated rent $ 72S x gross rent mutiplier (GRM) DS Bt «s =-$9,450 INDICATED VALUE BY INCOME APPROACH [Comments on income approach {including expense ratios, Hf available, and reconciilation of the GRM) SUBJECT'S ESTIMATED RENTSRENTS SEEM IN LINE WT E BORHOO ‘U, INDICATED VALUE BY SALES COMPARISON APPROACH vee $550 52,0 $0060 60) INDICATED VALUE ey 1 APPROACH s 59,500 INDICATED_vaLUE_BY £081 _ARPROACH... oa 63,400) tha. appa made 4 [_Trstisct to. te sepate, ateratons, Inpecions, or condone tated betow[—objoa to completon per une and” spencer [Comments and conditions of APPRAISAL SUBJECT TO THE ATTACHED STATEMENT OF LIMITED CONDITIONS. i - | $ Finatreconcivaton’ == THE THREE APPROACHES TO VALUE WERE GIVEN CONSIDERATION IN THE FINAL ESTIMATE OF VALUE. 8 ALL APPROACHES SUPPORT THE SUBJECT'S INDICATED MARKET VALUE OF $60000 . 4 1 . rhe Purpose of ts appraisal Js to estimate the market value of the feal Property tat Is the avbject of this report based on the above conditions and the cefifialion, commpent Pag and limiting conditiong, and mariet definjion that are stated in attache} Freddie Mac Form 439/Fannie Mae Form 10048 (Revised » Hi | DWE) ESTIMATE THE MARKET VALUE\AB DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF 3/196 _ g WHICH IS THE DAT INSPEG, AND THE EFFECTIVE DATE THIS REPORT} TO BE $ 60,000 APPRAISER: SUPERVISt ER (ONLY IF regres // Signature : Signature ee Lo Jom fx) ois not Name ALEX GRi a Name ALFRED CARACH Inspect Property Date Report Signed March. Gate Report Signed March 1, 1996 _ j [State Certification ST_CERT GEN APPR 0000) Swte FL State Certification # ST CERT GEN APPR 0000191 "State FL. f Or State License # ‘State Or State Ucense # ____ Stale | Freddie Mac Form 72 10-04 10CH. PAGE 4 OF 4 Fannie Mee Form 1025 10.54 GRUSZCZYK & ASSOCITES ee _ Zz << oH oOo. = oO oO uJ > = << ” MMARY APPRAISAL REPORT SMALL RESIDE: fIAL INCOME PROPERTY APPRAISAL REPORT FiiaNo, 952034 [The ersigned hes reciiad tee racert sales of properties mast wirilar and provirane to the subject property mai hae deverbed and analyzed thee tn We oranisia W there ly w eqritears vuuvon boNwen cu jntrret an comparatie prope-tes, te aataie includes = coe chermant rafectng fe markt cancton to thoes fteme of an explanation nupporied by the meriet site Fo sipitcnm im in he conveene Property ie superior 1. or more favorable Tan, te autyect ropary, = rut (-) ahurtmert (2 made, fue racking the achunied tales pice of tre comperable propery, & signficart item i tw compere eecery f= ntener too tees trorniy erin tre etinct reper. © phe (6) eduernat fs made, tun Werontng te aduvied seine price ef te coneerabis property I{}) Sala Price | Gross Monthiy Real! TEM SUBJECT COMPARABLE SALE NO. 1 COMPARABLE SALE NO. 2 COMPARABLE SALE NO 3 563 NE 72 STREET S55 NE 71 STREET $42 NE 72 STREET 477 NE 72 STREET Address MIAMI MIAMI MIAMI ~ Prommty to subject i BLOCK SOUTH SAME BLOCK | BLOCK WEST [Seles price i 60,000 [x unt [7 Jrum_s 65,000 [x Junt | Jrum_ 80,000] [x Junt | jeu 50,00 [Sales price per GBA is 35.91\s 37.66/s 46.38)$ . 31.8 Gross monthly reat a EST/725.00's 750.00:3 800.00/s _ 700.01 Gross mo. rent mutt. (1) L 2.758621 86.666667/ 100; _ 71.42857 [Sales pnce per unit is 30,000.00s 32,500.00/s 40,000.00/s . 25,000.01 JSates price pertoom —__|s 6,666.6715 6,500.00/s 13,333.33}s 7 6,250.01 [Data andor ISC/P RECORDS |ISC/P RECORDS iSC/P RECORDS iSC/P RECORDS: vertenton Sources INSPECTION __{VISUAL INSPECTION VISUAL INSPECTION INSPECTION ; ADJUSTMENTS: DESCRIPTION, DESCRIPTION 1+) $ Adjustment: DESCRIPTION 1 #¢) $ Adjustment DESCRIPTICN 1 +0) $ Adjustren: [Sales or financing ICONVENTINAL CONVENTIONAL | ICONVENTINAL | [concessions MORTGAGE L TGAGE A MORTGAGE. : Date of ssievime 11/95 Cours a t 103/96 _ ‘ Location IRESIDENTIAL _|RESIDENTIAL ESIDENTIAL __* IRESIDENTIAL pay casenoldFee simple KEE SIMPLE FEE SIMPLE ‘ FEE SIMPLE FEE SIMPL , _. site 5,000 SQ FT 11,100 SQ FT i -3,000;16875 SQ FT ‘ -2,900'7,250 SQ FT . 1 -1,10 View IRESIDENTIAL [RESIDENTIAL _| RESIDENTIAL _| RESIDENTIAL | Design and appeal RANCH IRANCH ! RANCH ! OLD SPANISH _| pa Quailty of ¢onstruction |AVERAGE AVERAGE i AVERAGE : AVERAGE ' - ad \AS9/E25-30 AS9/E25-30 ' \AS8/E15-20 ‘ -1,250/A72/E30-35. ‘ +1,25 Bw Condivon [AVERAGE IAVERAGE ‘ (GOOD 1 -S000|AVERAGE 1 AMGross Building Area 1671 san 1,726 sot 1,725 Sg. 1568 sat) +1,54 ; r , >. [_ Rm. count no] _rmecout |, Ne.[__Am count |. | no] am coun tye! 9° Lind ve] er| we [url roe] or] em vee! hel Tee] or [on [vee! shal vot] or [an [oae! , a \1}3f1} 1 folile|3/ 2 fo! 4.000.113 [1/1 [o! 113j1}1 fo? breakdown 1116/2 1 Li4 {2 1 | Oo! 1 /3/2 2 0 ‘ -2,000/1 | § 1 0 0 ‘ ' 7 ' oe m4 i Te Basement description [NONE INONE : NONE _ i NONE 7 i _ Functiona uty |NOEQUATE \DEQUATE _! [ADEQUATE = ADEQUATE | _ Meatngicaoiing WALL UNITS WALL UNITS ' WALL UNITS | WALLUNITS _ Parking on/of ste 1:GAR/2 CRPRT__|t CARPORT — +2,000}1 CARPORT. ‘ +2,000|INONE, +. +2,50 Project amanties and [NONE NONE i NONE 1 INONE i tee (if applicable) q _ _ H _ 7 1 1 — — od Net Ad (totaly +i} os _-5,000 [J+ [x] s 9,150 [x]+ [Js 419 Adjusted sales price Gross: 13.8 % Gross; 16.4% Gross; 12.8% jof comparable Not 7.7% $ 60,000 Net 14.4% $ 70,850 Net 8.4% 5 $4.19 Comments on sales compsrison (Including reconcibation of ali indicatora of value as to consistency and relative strength and evaluation of the typical investor's/purchasur mewason in that market): AFTER ALL ADJUSTMENTS WERE MADE, COMPARABLE SALES FORM A NARROW VALUE RANGE [WICH SUPPORT AN ESTIMATE OF $ 60,000 FOR THE SUBJECT. SALE #2 EXCEEDS 6 MONTH FOR DATE OF SALE. IT. WAS BUILT ONE YEAR AFTER THE SUBJECT, AND IS IN THE SAME BLOCK WITH NO ADJUSTMENT ON GBA.IT STILL FALLS WITHIN FNMAE 1 YEAR GUIDELINES, ITEM | SUBJECT COMPARABLE NO. ¢ COMPARABLE NO, 2 COMPARABLE NO. 3 . Date, Price and Data |N/A 45,000 N/A $35,000 Source for prior sales TSC UGUST/95 isc MAY/95 within year of appraisal ISC JISC Ansiveis of any curent agreenent of sale, option, ar listing of the subject property and analysis of any prior eales of subject and comparables within one year uf the date of appraiza SUBJECT PROPERTY AND SALE 2 HAVE. NOT SOLD IN THE PREVIOUS YEAR. Frotat groas monthly estimates rent $ 725. x grove rent ruttplier (GRM) a2 -s 59,450 INDICATED VALUE BY INCOME APPROAGI [Comments on income approaich (inciuding expense ratios, available, and reconcillation of the GRM) SUBJECT'S: ESTIMATED RENTSRENTS SEEM IN LINE WITH NEIGHBORHOOD CUR! I INDICATEO VALUE BY SA.ES COMPARISON APPROACH..... s 60,00 —_— 00,00 HNDICATED VALUE BY INCOME APPROACH tone s $9,50 ——_ 52,81 INDICATED VALUE BY COST APPROACH Peeeresires 2s 63,40 roe anprasat w made[ x] asi [L_Jastinct the veprn, atwaton apecons, oF eonsiom tig voll ]nibct We coapmnor” per aun nt) ae! ‘Comments and conditions of appraisal: APPRAISAL SUBJECT TO THE ATTACHED STATEMENT OF LIMITED CONDITIONS, Final reconctiation: THE THREE APPROACHES TO VALUE WERE GIVEN CONSIDERATION IN THE FINAL ESTIMATE OF VALUE. ALL APPROACHES SUPPORT THE SUBJECT’S INDICATED MARKET VALUE OF $60000 7 ~ The purpose of this appraisal \s to estimate yfery lye of th Property that is the subject of this report, based on the above conditions and thu certiicalion, cantinger ig 2nd Limiting conditions, and market val | (WE) ESTIMATE THE MARKET\VALI WHICH IS THE DATE OF ImskEc’ hed Freddie Mac Form 439/Fannie Mae Form 10048 (Revised ) ROPERTY THAT 1S THE SUBJECT OF THIS REPORT, AS OF S96 ‘TE OF THIS REPORT) TO BE $ 60,000. APPRAISER: SUPERVISORY APPRAISER (PNLY IS REQUIRED): spratus signature Lorcol FXlow [ow ne Name ALEX GRUSZCK. ) Name ALFRED CARACH Inspect Property Date Report Signed March 1, 1996 Date Report Signed March 1, 1996 _ State Certfication# St Rez REA 0002700 State FL SuteCertneaton# ST CERT. GEN APPR 6000191 State FL [Or State License State Or State License # ___State Freddie Msc Form 72 10.94 1OCH. PAGE 40F 4 Fannie Mae Form 1025 10-94 GRUSZCZYK & ASSOCITES yD Fi File No, 962034 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. | have researched the subject market area and have selected a minimum of three recent sales of Properties most similar and prodmate to the subject property for consideration in the sates comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation na Significant item in a comparable property is superior to, or more favorable than, the subject Property, | have made @ negative adjustment to reduce the adjusted sales price of the comparable and, if @ significant item in a comparable Property is inferor to, or fess favorable than the subject property, | have made a positive adjustment to increase the adjusted sales price of the comparable, 2. | have taken into consideration the factors that have an impact on value in my development of the estimite of market value in the appraisal report | have not knowingly withheld any significant information from the appraisal report and 1 believe, to the best of my knowledge, that all statements and information in the appraisa! report are true and correct. 3. | stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and Conclusions, whic. are subject only to the contingent and limiting conditions specified in this form 4 | have no rresent or prospective interest in the property that is the subject to this report, and | have no present or Prospective personal interest or bias with respect to the participants in the transaction. | did not base, sther Partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race. zolor, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject Property or of the present owners or occupants of the properties in the vicinity of the subject property. S. | Rave no present or contempiated future interest in the subject property, and neither my current or . tuture employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 8 | was not required to report a predetermined value or direction in value that favors the cause of the olient or any Teleted party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a Subsequent event in order to receive my compensation and/or employment for performing the appraisal. | did not base the appraisal report on @ requested minimum valuation, a specific valuation, or the need to approve a specific mortgage foan. 7. 1 performed this appraisal in conformity with the Uniform Standards of Professional Appraisat Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective clate of this appraisal, with the exception of the departure provision of those Standards, which does net apply. | acknowledge that an estimate of a reasonable time for exposure in the open market Is a condition in the definition of market value and the estimate 1 developed is consistent with the marketing time noted in the neighborhood sectian of this report, unless | have otherwise stated in the reconciliation section. 8. | have personally inspected the interior and exterior areas of the subject property and the exterior of all Prope ‘ties listed as comparables in the appraisal report. 4 further certify that | have noted any apparent or known adverse conditions in the subject improvements, on the Subject site, or on any site within the immediate vicinity of the Subject property of which | am aware and have made adjustments for these adverse conditions in my analysis: of the property value to the extent that | had market evidence to support them. 1 have also commented about the effect of the adverse conditions on the marketability of the subject property. 8. | personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report, i ( Felied on significant professional assistance from any individual or individuals in the performance of the appraisal or the freparation of the appraisal report, | have named such individual(s) and disciosed the specific tasks Performed by them in the reconciliation section of this appraisal report 1 certify that any individual so named is qualified to performs the tasks. | have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, | will take no responsibility for it, SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees: that: | directly supervise the appraiser who prepared the appratsal report, have reviewed the appraisal Feport, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPE! FPRA 5 APPRAISER: Signature: Name: ALEX GRUSZCZY Date Signed: 3/01/96 State Certification #: st Reg REA 0002700 or State License #: E 72 STREET, MIAMI, FL 33138 SUPERVISORY APPRAISER (only if required): Signature: Name: ALFRED CARACH Date Signed: 03/01/96 State Certification #: or State License #: State: FL State: Expiration Date of Certification or License: NOV 1996 Expiration Date of Certification or License: _ Ex]oia Did Not inspect Property Freddie Mac Form 439 6-93 Page 20f2 Fannie Mae Form 16048 6.93 GRUSZCZYK & ASSOCITES Pir ised PAGE £. OF VIMARY APPRAISAL REPORT , INDIVIDUA. ~ONDOMINIUM UNIT APPRAISAL REroRT FileNa. 96,2045 Property Address 135] MERIDIAN AVENUE. City MIAMI BEACH State FL Zip Code_ 33139 Legal Description THE GATSBY CONDO UNIT 7 County DADE Unto. 7 _ ‘SjAssessors ParcelNo. _02-4203-195-0070 TexYear 95 RE Taxes 5 1,595.11 Special Assessments $ Nis 8 [Project Name/Phase No. THE GATSBY CONDO MapReference 54-42-03 Cenaus Tract_ 43.00 32 Borrower Curent Owner, SEE ADDTL. COMM... Occupant Owner LC] | Venant [x ]vacant ra Voy ana Ouse Aocten nk iaige A en Fe sates Price $ 67,000 DatectSae 3/15/96 Description end $ amount of toan charges/conceasions to be pald by seller NONE KNOWN |LendertCiient_ GEMINI MORTGAGE. Appraiser ALEX GRUS: Address CORAL, GABLES, FLORIDA. Location x Umar Predominant x Zendominiay Fina ie ‘Built up x | over 75% Occupancy $ (000) Ors) ‘Ncerowen rato Rapki [x] x] Owner bo Low ¥ Property Valves Increasing x|swve (| dectining {7 ] tenant Tenant B50 High 6 Demand/upply Shortage xJintatanca [__Joversuppy —|{ x | vacant (05%) Predominant || [x ]vacant(o-s%) [| Predominant Marketing time under3mos_[x ]3-6mos._[ Joweramos. _|[ |vacareiover sx) (200. 30-40) [| vecent cover 5%) [70 50-5 | [Present land use %: One family 10, 2-4 Famity S, Aparments 10. Condominium 50, Commercial 25, Industrial , Vacant Other IN Jana use charge: [x }notiay Uxely In process to . Note: Race and the racial composition of the neighborhood are not appraisal factora, Neighborhood boundaries anc characteristics: THE NEIGHBORHOOD BOUNDARIES ARE: BISCAYNE BAY TO THE EAST ATLANTIC OCEAN TO {THE WEST, LINCOLN RD TO THE NORTH AND BISCAYNE ST TO THE NORTH. . Factora tat affect the marketapiity of the properties’ In the neighborhood (proximity to employment and amenities, employment stability, sppeal to market, ole. SUBJECT NEIGHBORHOOD IS CONSIDERED A RESIDENTIAL AREA. [T 1S LOCATED WITHIN A SHORT DRIVE FROM SCHOOLS, IREGIONAL SHOPPING AREAS, RECREATIONAL FACILITIES, AND OTHER CONVENIENCES. THE 25% COMMERCIAL LAND USE JS (COMMON FOR THE A.REA, AND DOES NOT AFFECT SUBJECTS MARKETABILITY OR VALUE. NOOtAoOTrTD Maret conditions in te subject nelghbornood (including support for the sbove conclusions related 12 te bend of property values, demandis pply, and markebng tm / + Such as data on competitive properties for sale in the project and neighborhood, description of the prevalence of sales and financing concessions, etc. |LAND RECORD DATA, AND MLS STATISTICS AS WELL AS SALE/RESALE OF PROPERTIES IN THE NEIGHBORHOOD SUPPORT.A. " |SLIGHT INCREASE IN PROPERTY VALUES. TYPICAL MARKETING TIMES $0 TO 180 DAYS. SELLERS ARE NOT REQUIRE!) TO MAKE FINANCIAL CONCESSIONS, [Specific zoning classification and description RM-60 MULTIPLE FAMILY saat [[_]Legat nonconforming (Grandtathered use) [_|egat [_]wezening Topography LEVEL —_ Sie Teles roning compliance * |Highest & best use as improved: JOther use (explain) Density TYPICAL _ Utilities Pubtic Other Off-eite improvements Type Public Private} View R E S/AVG. ‘5 [Deetncny x] __ Suet PAVED Gx] Drainage ADEQUATE. 1 [Gas _ Curbiguter YES x] [21] Apparent easements ICAL UTILITY ry & [water [x} Sidewatk CONCRETE _ x FEMA Special Flood Hazard Area Sanitary sewer x] _. ‘Street fights: POS’ T x LJ FEMA Zone A E sap Date ‘OM ra _~ Storm sewer Alley YES x FEMAMapNo. _12025CO184 J 2 |Comments (apparent adverse sasements, encroachments, special assessments, slide areas, legal or legat nonconforming zoning use, etc.): A PPRAISER WAS NO’ : JFURNISHED A RECENT SURVEY, CONSEQUENTLY NO DETERMINATION OF AN. ENCROACHMENT OR OTHER ADVERSE CONDITIONS He No. of Stories: 2. Exterior Walls ff Project incomplete: ‘Subject Phase: 4 é INo. of Elevator(s) Roof Surface Total No. of Phases 1 ‘Total No, of Planned Phases Total No. of Units lL FR |EastingProposed EXIS__| Total No. Parking STREET | Total No. of Units 10 ‘Tota! No, af Planned Unita ‘Total No. of Linite Completed Jo Git convarsion, rig. use |__| Ravo tepaceunita) -0- Total No, of Unite tor Sale 3 Total Ne, ef Unita or Sale Total No, of Unitefor Sale 3 loate of Conversion Type STREET | Total to, ot unis Sold Total No. ot Unis Sold Tote! No.of Unie SoMd J < Age (Yrs.) _| Suest Parking STREET | Total No. of Units Rented Total No. of Units Rented ‘Total No, of Lintts Rented = =) 1 [Bitectve Age (vem) ata Soures SELLER Data Source Data Sowey SELLER te lproect type [_—]pamary weaence” [] Socona Home or Revrentonat Rowertownowe Lx ]carden” [oJmance” [—Jrignea” Tl ~ |Conatton or the project, quaity af construction, unt mix, appeal to market, ete. SUBJECT BUILDING AND PROJECT APPEARS WELL MAINTAINED 2 [WITH AN AVERAGE UNIT MIX AND AVERAGE APPEAL, _ _ & [Are the heating and cooting for ihe individual untts separately metered? Ti]ves [Jno vo, aescrtbe and comment on company w obw proecm In moh 3 len sod mart cee . . 8 [Describe common elements ani recreational facilities: COOMON GREEN AREAS, WATER INSURANCE. . _ . ent comple? Lx ]¥on [Jno we buseuroeveioperin conool ot ne Homa Gusev Auaoon? Che Te ents lead to or by the Home Oumers’ Associaton? atch addendum describing fantal terms and opbons. : living FamiyRm. | Rec.m. | Bedrooms | wBate | Launary omer Area 84. Fe Basement | _. Levert x 1 | 4 1 H 1 . 626 S.jumvel2 | | _ _ 5 | - . < Finished _area_above grade contains: 4 Rooms: 1_ Bedroom(s): 1.00 Bats): 626 _ Square Feet of Gross Living Area For Unit {GENERAL DESCRIPTION HEATING KITCHEN EQuiP. AMENITIES: CAR STORAGE: INSULATION: F irtcor ne 2NDFLOOR Refrigerator [X] | rvepteceisy # None [x] | Reor C W lno.ortevets 2 FLOORS Rangetoven [X] | Pato Gacise [J] coining tL lereRon Waianicoen npn ascny wo cree vena fc Tl reorng WOOD/CRPT/AVG Dishwasher Deck Open TT] reer L. Walla PLASTEIVAVG. Fanttood Porch No. of Care None ia 2 | ath Fioor CERAMI/AVG. Microwave Fence Parting Space No. N/A _| Unirown = leat Wainseot__ CERAMIC/AV JAssignew/Owned . [Condition of the uni, depreciation, repairs needed, quality of construction, remodeling/modernizstion, addhional features {special energy efficien: items, elc.): _ {4 SUBJECT PROPERTY HAS AN APPROPIATE FLOOR PLAN DESIGN WITH NO FUNCTIONAL OR PHYSICAL INADEQUACIES. _ fd Fp[Averse environmental conclitona {such a9, Bu not thmied to, hazardous wastes, toe aubelances, ei) preset In te Improewers, or he site, of in 1 J |immeciate vicinity of the subject propery. NO ADVERSE ENVIROMENTAL CONDITIONS NOTED. Se Freddie Mac Form 485 10-94 49CH, PAGE {OF 2 Fannie Maa Form 1073 10-94 nnuernz ©. Acenrrrce ret jh Zz £ ay _ OF TRA’ Le PAGE i MMARY APPRAISAL REPORT ; INDIVIDUAL ~ONDOMINIUM UNIT APPRAISAL REFURT FileNo, 952045 p [Unt Charges 154.00 per mo. x 12=$ 1,848.00 peryr. Annus! Assessment charge per year/square feet of gross tiving area = ‘5 23 Ris the project subject to grourd rent? Dives No ityes,$ per year. | usites nhac in unt charge [TJmene EL ]ateat trconattomeg LJ esscrity om 3] water Sewer E Inet any ows, ter than eur HOA charges fr une of actisen . 5E: |Compared to other competithe projects of similar quality and design, the ‘tubject unt charge appears: L_Jrign x } Typicar ___}tow .& {Te propeny maintain the project snd provide the services anticipated, the budget appears: x_} Adequate Inadequate Unknown x Management Group: 7) Home Owners’ Association {x ] Developer (J) aanagement Agent (Identity) . © |Quanty of Management and ts enforcement of Rules and Regulations based on general appearance of project. appears: X_ | Adequate |__| Inadequate ¥ [Speciat or unuauat characteriaties In the Condominium Documents or other Information known to the appraiser that would sffect marketability (f none, 30 state) __ § CONDO DOCS APPEAR TYPICAL HOWEVER RECOMMENDED REVIEW BY RE. ATTORNEY . Tem SUBJECT COMPARABLE NO.t COMPARABLE NO.2 COMPARABLE NO 3 JAddress, Unit, 1351 MERIDIAN 1351 MERIDIAN AVE 1351 MERIDIAN AVE 736 13 STREET land ProjectName__ AVENUE, #7 TT #1 IUNIT #6 UNIT #205 Proximity to Subject fe ISAME PROJECT _ISAME PROJECT ISAME BOLOCK SOUTH -|Sates Price 5 aA 71,500) es es 67,0 price/Gross Lv. Area [5 107.032 |s 107360 | 17.128 Jee: s 109.840 [oe ee Data andlor INSPECTION SUAL INSPECTION SUAL INSPECTION VISUAL INSPECTION Verincaton Sources SCENT SCENT. SCENT . VALUE ADJUSTMENTS| DESCRIPTION DESCRIPTION | +) 3 Adjustment DESCRIPTION | +6) 3 Adjustment DESCRIPTION +) 8 Adjustmant Sates of Financing Q » CONVENTL 1 ICONVENTL i \CONVENTL i Concessions IMORTGAGE. H MORTGAGE \ MORTGAGE Date of SalesTime ce 95 t 5/95 H _|1796 tt [Location IRESVAVG RES/AVG ! IRES/AVG ‘ IRESAVG Leasehonwreesimple_|FEE SIMPLE FEE SIMPLE i FEE SIMPLE. ! FEE SIMPLE! HOA Mo. Assesament {154.00 154.00 i 154.00 ‘ PROPORTL- Common Elements COM GREEN (OM GREEN Hl ICOM GREEN H ICOM GREEN ‘ lane Ree. Factites _<- |ARIZAS S L AREAS t AREAS 4 S |Project StzerType ITYP/AVG YAVG ! ITYP/AVG. ! __t _ ‘P| Ftcor Location 2NDFLOOR 2NDFLOOR 1 = View IRESVAVG RESAVG _— _ "Deaton ana Appeat ICO! ICONDOYAV D st _ § [ovaity or Consiruction ICBS/AVG H ot _ "0 lage IAGOE 25 a ‘A |Conattion o VERAGE _ FE lapove Grace Tote Bare tithe | S [Room Count J re O loss Living Area 610 fa.Fut . A [Basement & Finished 1 N. Rooms Below Grade ll _ [Functional vuity ISTANDARD st _ ¥'|Heating/Cooling [WALL A/C a . $F leneray Emetent nome ISTANDRAD 1 - \Car Storage ' 1 ONE. at _ Balcony, Patio, H NONE 1 ONE f Fireplace(s), ote. ONE. 10) Now 4 INONE 1 1 t r Wet Ad) ota : __is -1,000 [J+ xT is -1,000! [x]+ [7-1 ; [Adjusted Sales Price = Lane Gros: 13% Grose: % lot Comparable 14n" s 70,500 Net 13% 5s 77,000 Net! Kas 67,00 [Comments on Sales Comparison (Including the subject property’a compatibility t other condominium units m the neighborhood, ete): COMPARABLE #1 & 2. INTHE SAME. PROJECT AS SUBJECT WITH COMPARBLE # 3 IN A NEARBY COMPETETIVE PROJECT WITH SAME . . _ BEDROOM/BATH COUNT. THE SUBJECT HAS BEEN REFURFISHED INCLUDING NEW FLOORING, BATHROOMS AND KITCHEN. . ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO, 2 COMPARABLE No.3 ° Date, Price and Date [N/A VA vA WA “ {Source for prior sales lattnin year of appraisal . jAretvele of any current agreement of aale, option, of listing of the subject property and analysia of any prior eales of Subject and comparables within one year of the date of uppreis. ITHE SUBJECT IS UNDE CONTRACT FOR $67,000. . ba - PNDICATED VALUE BY SALES COMPARISON APPROACH © =. 2000000 .sssssssesvnv sy ssn ev sev INDICATED VALUE BY INCOME APPROACH (if Appticabie) Estimated Market Rent $ fo, x Gross Rent Muttiptier INDICATED VALUE BY COST APPROACH (Anach If Applicable) : ro{This appraisal is made ira “as is Cauoject ‘to the repairs, atterations, Inspections, of conditions listed below subject to completion per jslans and specifcatio Ri [rations of Appraisa: SUBJECT TO THE ATTACHED STATEMENT OF LIMITED CODITIONS . = & [FiaiReconctiaton: AFTER CONSIDERATION OF AIL P EDING FACTORS GREATEST WEIGHT WAS PLACED ON THE DIRECT SALES ¥ COMPARISON JS CLOSER TOITHE THINKING AND ACTION OF THE TYPICAL BUYER. . $.|The purpose of this appraisal is may ‘of the real property that Is the subject of this report, based on the above conditions and ths certification, continge t land iimiting conditions, abd mbprket wm the attached Freddie Mac Form 439/Fanaie Mae Form 10048 (Revised } All (WE) ESTIMATE THE\ MAlzKET| vw UE, , \OF REAL PROPERTY THAT 1S THE SUBJECT OF THIS REPORT, AS OF 04/97/96 x (WHICH {S THE DATE DATE OF THIS REPORT) To BE § 70,000 & |APPRAISER: SUPERVISORY APPRAISER (ONL EQupeoy _ |Signature Signature ss 7 Dia LX [Did Not Name ALEX GRUSZI Name__ ALFRED CARACH Inspect Property Date Report Signed APRIL. Date Report Signed _ [State Certifteation # State State Certficaton# ST CERT GEN REA 000019) ___ Sate FL Or state Licenses ST REG REA 0002700 Sate FL Or State License # Sate Freddle Mac Form 488 10-94 10CH. PAGE 20F 2 Fannie Man Form 1073 10-94 v iOIMALive PAGE 3 OOF DEFINITION OF MARKET VALUE: ~The most probable price which a property should bring In a competitive and open market urder all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowiecigeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale In U.S dollars or in terms of financial arrangements comparable thereto: and (S) the price represents the or creative financing or sales concessions” granted by anyone associated with the sale. “Adjustments to the comparables must be made for Special or creative financing or sales concessions, No adjusirnents are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are readily identifiable since the seller pays these costs in Virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the Property or transaction. Any adjustment should mot be calculated on a mechanical dollar for dollar cost of the financing or concessions but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessiona based on the appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER’S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: ‘The appraiser's certification that appears in the appraisal report is subject to the folowing conditions: 1." The appraiser wilt not be responsible for matters of a legal nature that affect either the property being appraised or the file to it, The appraiser assumes that the ttle Is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2, The appraise” has provided a sketch in the appraisal report to show approximate dimensions of the improvernents end the sketch is Included only to assist the reader of the report in visualizing the Property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area, Because the appraiser is not a surveyor, he or she makes no Quarar tees, express or Implied, regarding this determination. 4. The appraiser will not give testimony or appear In court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. S. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. The separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are 60 used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the Subject property or that he or she became aware of during the normal research involved in Performing the appraisal. Uniess otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic Substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no Suarantces or wavranties, express or Implied, regarding the condition of the property, The appraiser will not be responsible for any’ such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert In the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the Information, estimates, and opinions that were expressed in the appraisal report trom 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and valuation Conclusion for an appraisal that is subject to Satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be Performed in a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal feport can distribute the appraisal report (including conclusions about the properly value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associaied) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer, consultants; professional appraisal organizations; any state or federally approved financial institution: or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that tne lencer/client may distribute the property description section of the report only to data collection or reportng Service(s) without having to obtain the appraiser's prior written consent The appraisers written consent and approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, Public relations, news, sales, or other media. Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 10048 €-93 PLAINT COM _ OF TRATIVE PAGE File No, 962045 APPRAISER'S CERTIFICATION: The Appraiser certifics and agrees that: 1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those Items of significant variation. if a significant Item in a comparable property is superior to, or more favorable than, the subject property, 1 have made @ negative adiustment to reduce the adjusted sales price of the comparable and, # a significant item in & comparable Property Is interior to, or less favorable than the subject property, | have made a positive adjustment to increase the 2. J have taken into consideration the factors that have an knpact on value in my develuprnent of the estimate of market value in the appraisal report | have not knowingly withheld any significant information from the appraisal report and 1 believe, to the best of my knowledge, that ail statements and information in the appraisal report are tue and correct. 3. | Stated in the appraisal report only my own Personal, unbiased, and professional analysis, opinions, and conclusions, which are subject onty to the contingent and limiting conditions Specified in this form. 4. | have no present or prospective Interest in the property that is the Subject fo this report, and 1 have no present °F Prospective personal interest or bias with respect to the participants in the wansaction, i did not basz, either Partially or cornpietely, my analysis and/or the estimate of market vatue in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the Prospective owners or occup: Property or of th present owners or occupants of the properties in the vicinity of the subject property. ants of the subject 5. | have no present or contemplated future interest in the subject property, and neither my current “or future employment nor my compensation for performing this @ppraisal is contingent on the appraised value of the Property. 6. | was not required to report a predetermined value or direction In value that favors the cause of the client or any related paty, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event In order to receive my compensation and/or employment for performing the appraisal. | cid not base the appraisal report on a requested minimum valuation, a Specific valuation, or the need to approve a specific mortgage loan, 7. 1 performed this appraisal in conformity with the Uniform Standards of Professionat Appraisal Practice that were adopted and promuigated by the Appraisal Standards Board of The Appraisal Foundation and that of the effective date of this appraisal, with the exception of the departure provision of those Standards, not apply. | acknowledge that an estimate of a reasonable tine for exposure in the open marke! Z the definition o: market value and the estimate | developed is consistent with the marketing time noted in the Neighborhood section of this report, unless | have otherwise stated in the reconciliation section, 8. I have Personally inspected the Interior and exterior areas of the subject property and tho exterior of all properties listed as comperables In the appraisal report. 1 further certify that | have noted any apparent or known adverse conditions in tha subject improvements, on the Subject site, or on any site within the immediate vicinity of the subject property of which | am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that | had market evidence to Support them, 1 have also commented abou: the effect of the adverse conditions on the marketability of the Subject property. 9. | personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. if 1 fetied on significant professional assistance from any individuat or individuals in the performance of the appraisal or the preparation of the appraisal report, | have named such individual(s) and disclosed the specific tasks Performed by them in the reconciliation section of this appraisal report. 1 certify that any individual qualified to perform the tasks. | have Not authorized anyone to make a change to any item in if an unauthorized ‘shange Is made to the appraisal report, | will take no responsibility for it, 80 named is the report: therefore, numbered 4 throug’ 7 above, and am taking full r sibility for the appraisat and the appraisal report. APPRAIS: SUPERVISORY APPRAISER (only if requires: Signature: tes ADDRESS] OF| PROPE! APPRAISED: 1351 MERIDIAN AVENUE, MIAMIBEACH, FL 33139 ‘Signature: > such ms data on compettove properties for sale in the Project and neighborhood, description of the prevalence of sales and financing conceasions, ILAND RECORD DATA AND MLS STATISTICS AS WELL AS SALE/RESALE OF PROPERTIES IN THE NEIGHBORHOOD. S\JPPORT A SLIGHT INCREASE IN PROPERTY VALUES, TYPICAL MARKETING TIMES 90 TO 180 DAYS. SELLERS ARE NOT REQUIRED TO MAKE “FINANCIAL CONCESSIONS. |Spectic Zoning clasaificabun and desciiption Topography LEVEL _ _ Zoning compliance & at Size CONDO _ _ “lHigheat & beat use as improved: Density TYPICAL... _ “|Uulities ‘Type Public View S, G. _ [Benen . Sree PAVED fal EQUATE _ 1: |Gas . ‘Curbigutter = YES : TYPICAI. UTILITY _ . Water . Sidewatk CONCRETE (_] | Fema specif Flood Hazara Area x Yeu Ne Santary sewer [Xx] 7 Sveettona POST [“]| rewazone AB mappa 03/03/94 _ :|Storm sewer Alloy YES x [-] FEMA Map No. 12025CO184. J} _ [Comments (apparent adverse easements, encroachments, special assesaments, slide aroas, Hagal of legat nonconforming zoning use, etc.): APPRAISER WAS NOT_ e CURNISHED A RECENT SURVEY, CONSEQUENTLY NO DETERMINATION OF AN ENCROACHMENT OF OTHER ADYER.SE CONDITIONS ~ D ™ - — r No. of stories 2 Exterior Wi p Project Completed: Project Incomplete: Sunject Phase: ~ Total No. of Phases Total No. of Planned Phases, Total No, of Unita at Total No, of Units ‘Total No. of Units for Sale Total Na, of Planned Unite Tatal No, of Unite Completed 10 Total No. of Units for Sale Total No. of Unita for Sale dae T595_| tye ‘Total No. of Unita Sold ‘Total No. of Unhs Sota Tota! No. of Unite Sold ¢ Age (Yra.) 5) "| Guest Parking Total No. of Unite Rented -0- Tota! No. of Unite Rented Total No. of Units Rented ‘a [Ettectve Age (¥re.) 25 Data Source SELLER Data Source Oa Source SELLER Bpoestee CJromeynestene [Jseanaronearnecnatona— []nowertomowe Pedeuaen mans Potts > £ {Condition of the project, quality of conatruction, unt mbx, appeal to markst, otc: SUBJECT BUILDING AND PROJECT APPEARS WE!|.L MAINTAINED _ . |WITH AN AVERAGE, UNIT MIX AND AVERAGE. APPEAL. _ & [Ne the heating and cooling ‘or the Individual units separately metered? x |Yes ]ss—Fre, describe and comment on compaltiny wo enw projects in KS Jaroa and market acceptance: . . |oescnbe commen stament and recreational facts: COOMON GREEN AREAS, WATER INSURANCE, . . ——— 2 the common elements completed? Tehe’ LI No. fa the Bullder/Developer in control of the Home Owners Association? C3 Yes Lx }No ~ Honie Owners Association? _atach addendum dascrtbing rental tern s and options, [Ave any common elements teased to of by tha. = {ROOMS Foyer tming ‘|Basoment . Ree. Rm. Bearooms # Baths Laundry Other Area Sq. FL S “trovet | ox | 4 J 1 1 _ 626 $ Sliwei2 | | . : a 8 St . : 3S ! B [finined area above rade _containe: 4 Rooms: 1 Bearoom(sy: 1.00 _Bamyay, _e-""_ 626 _ Square Feet of Gross tiong Avea For ua C ob ‘G:|GENERAL DESCRIPTION HEATING KITCHEN EQUIP. AMENITIES CAR STORAGE: INSULATION: Ona oO T Tricor No. 2NDFLOOR Twe = RIC Retrigerator [X] | rireptacete) # None Lx] ] oor L \ o No Lees = 2-FLOORS Ful = ELEC. Rangeroven LX} | Patio Garage Lo] coning > E{INTERIOR Materlais/Sondition Canaition AVG Baicony Ne. of Care Woalls, ‘ | 7 | Flooring WOOD/CRPT/AVG ner Deck Open Floor ‘< i] Walls PLASTER/AVG Fantoot Porch No. of Cars None Bath Floor CERAMIC/AVG Microwave Fence Parking Space No. N/A | unknown Gath Wainscot CERAM oe Ir G[Condibon of te unit, depreciation, repaite needed, quality of onstruction, remodeling/medernization, sdditional features (special eneigy eit cient tems, te). ca tu PH SUBJECT PROPERTY HAS AN APPROPIATE. FLOOR PLAN DESIGN WITH NO FUNCTIONAL OR PHYSICAL INADEQUACIES. xo ” - 1 >< <—f fy \Atverse environmental conditions (such as, but not limked to, hazardous waslea, inde Substances, etc.) present in the improvements, on the site, or in io E [Prmeciata Minty of the sunject property NO ADVERSE ENVIROMENTAL CONDITIONS NOTED, : - Freddie Mac Form 485 10-94 10CH. PAGE 1 OF 2 Fanute ‘Mae Form 1073 10-64 ORUETCTVY B ACCARrree : VIMARY APPRAISAL REPORT | INDIVIDU. CONDOMINIUM UNIT APPRAISAL RL PORT FllaNo. 962045 'P-|Unit Charge $ 154.00 per mo.xt2=$ 1,848.00 er yr. —_Annuat Assessment charge per yeat/square feet of gross iiving area © § 2.95, Rite the project subject to ground nsnt? [7 ]yvea No tyes, $ per year. St rutes incited in unt charge: ] None [Jrreat [Jair conaitoning Electricity Gas X | Water Saver é [Note any fees, other than regular HOA charges, tor vae of facilities _ 'T [Compared to other competitive projects of similar quailty and design, the subject unit charge appears: High x | Typiea _Jtow ‘A,|Te properly maintain the project 1nd provide the services anticipated. the budget appears: x } Adequate mradequate = [| Unknown e Management Group: Home Owners Association [x ] Developer [_| Management Agent (Identity) | Quaitty of Management and its eriforesment of Rules and Reguiations based on general appearance of project appears: x |Adequate J Inadequate: x [Special er unusual characteristics in the Condominium Documenta of other Information known to the appraiser that would affect marketability (if none, so state; § CONDO DOCS APPEAR TYPICAL HOWEVER RECOMMENDED REVIEW BY RE. ATTORNEY _ ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO.3 Address, Une, 1351 MERIDIAN 1351 MERIDIAN AVE 135] MERIDIAN AVE 736. 13 STREET |and Project Name _AVENUN, 47 IT #1 UNIT #6 UNIT #205 Proximty io Subject SAME PROJECT ISAME BOLOCK SOUTH _ Sales Price is : poss 71,500} fs 78,000) fs 67,000 Price/Gross LW. Area Is 107360 fo s 17.120 fee es 109.8404 fs: me Data ancior |VISUAL INSPECTION WISUAL INSPECTION [VISUAL INSPECTION Verification Sources SCENT. BSCENT. ISCENT _ _ - [VALUE ADJUSTMENTS, DESCRIPTION a +08 Adjustment DESCRIPTION 20) $ Adjustment DESCRIPTION 2013 Adustment [Sales or Financing {CONVENTL t ICONVENTL 1 ICONVENTL ‘ Concessions {MORTGAGE H MORTGAGE "+ _IMORTGAGE _ Date of Saia/Tima 16/95 i 5/95 A 1/96 1 _ Location RESAVG IRES/AVG i RES/AVG ! RES/AVG _t _ Leasenoiaree Simple _ [FEE SIMPLE FEE SIMPLE ! FEE SIMPLE FEE SIMPLE _ HOA Mo, Assessment _ (154.00 154.00, i 154,00 ‘ PROPORTL - ! _ Common Elements (COM GREEN \COM GREEN ‘ ICOM GREEN ' (COM GREEN ‘ land Ree. Facies ~~ s |AREAS t AREAS ! [AREAS wt . 'S [Project Sestype ITYP/AVG ITYP/AVG ! ITYP/AVG H yeaa i _ 1 |rncor Location NDFLOOR ND) : ——______. =| View SIAVG S/AVG RES/AVG $e = [Design and Appeal |CONT)O/AVG Kovoana ! ICONDO/AVG ___ . 6 [Quai of constuction ICBS/AVG -BS/AVG ‘ ICBS/AVG _t _ #4 [age laso/-325 0/25 i laso/ £25 t IAGO/E 25 at _ ik [Conaion |AVERAGE .VERAGE t ERAGE am ERAGE a - Felabove Grade Total Sdrme Baths | Totat Barns Bathe | Tota) Barns Game | Total Bdrms Sate | t 7 re re ar re [qo [Room coun 4 1) 100/431 1 4i ru 4ii 1a [Stor tmingAea [626 $a. Ft 666 Saft =1,0001 666 Saft -1,000|____ 640 Sq.Ft . [a [Basement & Finishest IONE IONE ’ IONE ‘ {NONE ‘ W |Rooms Below Grade to H t 1 . [Functional usiny ISTANIJARD ISTANDARD ! —Staupann ! STANDARD __! . ¥ [Heating/Cooling LAC _WALL AVC , ALL A/C ' [ALL A/C a . SF lenerwy EMfcient ems STANDRAD , ISTANDRAD, a . S |car storage E. ‘ INONE _ . [Batcony, Patio, i |NONE 1 ' ' Fireplace(s), etc. Net aay gota «1,000 [J+ [x]. Ts 1,000] (x Je [7]. Ts Adjusted Saies Price Gross LE Grose. * of Comparable 14% s 70,500 Net. 213% s 77,000 Net es 67,00¢ [comments on Sais Comparson (including the subject propertys compatiblity t2 other condominium unite in the neighbomeod, atc): COMPARABLE #1 & 2 : (ARE IN THE SAME PROJECT AS SUBJECT WITH COMPARBLE # 3 IN A NEARBY COMPETETIVE PROJECT WITH SAME. _. IBEDROOM/BATH COUN:”. THE SUBJECT HAS BEEN REFURFISHED INCLUDING NEW FLOORING, BATHROOMS AND KITCHEN. TEM SUBJECT I COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLIENO. 3 Date, Price and Data IN/A VA iA [NVA [Source tor prior sales [within year of appraisal Ansiyels of any current spreemert of enle. option, or tating of the subject propery and enalyait of any prior ealea of subject and comparables within one yoer ef the daw on appraisat: {THE SUBJECT IS UNDER CONTRACT FOR $67,000. | Pl npearco VALUE BY SALES COMPARISON APPROACH. «<6 0000000200000 eeccece cee sestecessessensasitesstsrsnes nner, -$ 70,00¢ Li PNDICATED VALUE SY INCOME APPROACH(I Appilcable) Estimated Market Rent $ MMe. x Oroee Rent Multiplied “s fo) InoieareD VALUE BY cout APPHoacH pation ¥ anes Toe ae ee? wh This appraisal a» maae[ x | “asie” Jausject to the repairs, aterations, inspections, or conditions listed below subject to completion per pins and specifications Ry |Condibons of Appraisal: SUBJECT TO THE ATTACHED STATEMENT OF LIMITED CODITIONS _. eo § Finai Reconciliation: AFTER CONSIDERATION OF ALL PRECEDING FACTORS GREATEST WEIGHT WAS PLACED ON THE DIRECT SALES P4 COMPARISON APPROACH WICH IS CLOSER TO THE THINKING AND ACTION OF THE TYPICAL BUYER. _ }:\The purpose of this appraisal is to estimate the market value of ‘the real property that is the subject of this report, based on the above conditions and the certification, contingent : ‘and limiting conditions, and market value definition that are stated attached Freddie Mac Form 439/Fannie Mae Form 10042 (Revised » uy AC WE) ESTIMATE ThE HET DEFINED, OF} REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF 04/07 ‘96 oO if WHICH 1S THE OATA ck \nsp AND\THE EFFECT! TE OF THIS REPORT) YO BE § 70,000 <= Ay APPRAISER \ SUPERVISORY APPRAISE’ (0! QUIRED). a. [Signature ‘ ‘ Signature Yee x | bia Di Not Nama ALEX GRUSZCZYT, Name__ ALFRED CARACH Inspect Property Date Report Signed APRIL 7’, 1996 4 Date Report Signed _ [State Certification # Sate ‘State Certincation # ST CERT GEN REA 0000393 ___ Sita FL lOrsuateticenses ST REG REA 0002700 ‘sute FL. Or State License # ___ state Freddie Mac Form 465 10-34 16CH. PAGE 20F2 Fannie Mae Form $073 10-54 GRUSZCZYK & ASSOCITES oa y arena) FieNo. 962045 APPRAISER'S. CERTIFICATION: ‘The Appraiser certifies and agrees that: 1. | have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation, If a significant item in a comparable property is superior to, or more favorable than, the subject property, | have made @ negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable Property is inferior to, or less favorable than the subject property, | have made as positive adjustment to increase the adjusted sales price of the comparable. 2. 1 have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report 1 have not knowingly withheld any significant information from the appraisal feport and | believe, to the best of my knowledge, that al! statements and information in the appraisat report are true and correct. 3. 4 Stated iri the appraisat report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. 1 have no present or prospective interest in the property that is the subject to this report, and I have no present ‘of prospective personal interest or bias with respect to the participants in the transaction. | did not base, either Partially or competely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familiat status, or national origin of either the prospective owners or occupants of the subject Property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. 1 have no present or contemplated future interest in the subject property, and neither my current or ‘tuture employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. 1 was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent ever in order to receive my compensation and/or employment for Performing the appraisal. | dicl not base the appraisial report on a requested minimum valuation, a specific valuation, or the need to approve a srecific mortgage loan. 7. ' performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and prornuigated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective cate of this appraisal, with the exception of the departure provision of those Standards, which cloes net apply. 1 acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in. the definition of market value and the estimate 1 developed is consistent with the marketing time noted in the neighborhood section of this report, unless | have otherwise stated in the reconciliation section. 8. | have personally inspected the interior and exterior areas of the subject property and the exterior of all propurties listed as comparables in the appraisal report. | further certify that 1 have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediat vicinity of the subject property of which | am aware and have made adjustments for these adverse conditions in my analyss of the property value to the extent that | had market evidence to support them. | have also commented about the effect of the adverse conditions on the marketability of the subject property, 9. I personally Frepared all conclusions and opinions about the real estate that were cet forth in the appraisal report. 1 relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, | have named such individual(s) and disclosed the specific tasks Performed by then In the reconciliation section of this appraisal report. [ certify that any individuat so named is qualified to perform the tasks. | have not authorized anyone to make a change to any Item in the report; therefore, i an unauthorized change is made to the appraisal report, ! wit! take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: if a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: | directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through: 7 above, and am taking full responsibility for the appraisal and the appraisal report. SUPERVISORY APPRAISER (only if required): Signature: Zee Brack ADDRESS OF YOO | 1351 MERIDIAN AVENUE , MIAMI BEACH, FL 33139 APPRAISER: \ Signature: Name: ALEX GRUSZCZYK Name: ALFRED CARACH Date Signed: 04/07/96 Date Signed: ~ State Certification #: State Certification #: ST CERT GEN REA 0000191 or State License #:ST REG REA 0002700 or State License #: State: FL State: FL . Expiration Date of Certification or License: NOV 1996 Expiration Date of Certification or License: [x ]Dia Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 10048 693 oprietetity 0 AceAnrere COMPLETE 4” SMALL Ru tVENTIAL INCOME PROPERTY APPhK .vA. REPORT SAL ANALYSIS - SUMMARY * ~ ISAL REPORT FileNo, 962046 Property Address 606 SW 114 AVENUE &~ cry MIAMI Sute FL ZipCode 33174 a Legal Description SEE ADDENDUM. _ County DADE 'S [Assessors ParcetNo. _25-4006-003-0563__ + TaxYear_95 RE TaxenS _+~2,449.66 Special Assesamenns § HMS & |nesonbornood or Project Name SWEETWATER GROVES ~~ Map Reference $4-40-06 t-—~ Cenaus Tract 90.05 *~ V \porower AIDA LOPEZ 975 Current Qwner_ SONIA GUTIRREZ Occupant lea er [|_| Tenant [_]vecar: & [propery nghs apprasea __Uux-Tree simple | [eesaroia_] Pro}sct Type PUD [Condominium HOAS NA _ me Telcos Price $ 147,000 DateotSae 02/15/96 ‘Description and $ amount of loan charges/concessions to be pald by seller NONE KNOWN Lenaenuent_ GEMINI MORTGAGE assess CORAL, GABLES, FLORIDA jAooraiser GRI Address | fheeaton x |urean Suburban Rurat Predominant Prademinent paggmiytowaing = [Bult up x | Over 75% 25-78% Under 25% — | Occupancy Occupancy $ (000) (rs Growth rate Rapid X | Stable ‘Slow [x] omer x J Owner {087 ge Low Property vatues Increasing x |stable Dectinng [-_] senant [J renant 150 Hign : Demand/aupply Shortage X | in balance Over supply [x’] vacane (0-5%) Predominant [2022] [x ] Vecant (0-5%) Predominant | ES Marketing time Under 3 moa. x mos. ‘Over 8 mos, Vacant (over 8%) |130+/= Vacant (ove 4%) ie "Typical 2-4 family bldg, Type. Na. atartes ONE tio. una TWO Age 15-20 ye. _| Preasntiand une X hyo .|Typicatrents tos Increasing x _| State Dectining ‘One family 60 |x | Not tkely Likety © Eat neighborhood apt vacancy 5% wrersasing —/Lx be | Declining 24 family 20 tn process to: 2 TRent controls ves [xe]vo [ Jumely yen ortkaty, anche 7 Mutt-tarnity 5 ju |Note: Race and tha racial compasition of the neighborhood are not appraisal factors. "| Neighborhood boundarles and characteristica: NW 7 STREET TO THE NORTH, SW 8 STRE! ET TO THE SOUTH, SW 107 AVENUE TO THE EAST, ‘FLORIDA'S TURNPIKE TO THE WEST. Factors that affect the marketabiity of tne pr (THE IMMEDIATE AREA IS roparties In the neighborhood {proximity to employment and amenities, employment stability, appeal to market © IMPOSED OF DUPLEXE'S, SINGLE FAMILY, AND MULTI FAMILY HOMES, WICH SHOW “AVERAGE MAINTENAN, HE C IERCIAL LAND USE HAS NO EFFECT ON SUBJECT. PROPERTY'S MARKETABILITY OR 2» VALUE. SUBJECT PROPE! SY ACCESS TO SCHOOLS, CHURCHES, SHOPPING CENTERS, EMPLOYMENT CENTERS, AND PUBLIC TRANSPORTATION. Jeveluate the Inventory _ [Approx days on market NOT DSCLSD} — The following avaliable itstings represent the most current, similar, and proximate COMPARABLE LISTING NO. 4 ee competitive properties to the subject prope:\.” In the subject neighborhood. ‘arrenty on tre market competing with te subject propery’ in te subject neighborhood and racent price and marketing tme tends affecting the subject prop outside the aubject neighborhood ara not considered applicable}. The listing comnparablea can be the rental ar sale comparables Itt OMOOS BOO conaitered applicable}. The listing cor! This analysis ts intende are currentiy for sale. COMPARABLE LISTING NO. 3 “NOT DISCLO p [Comparison of tstinga to subject propery: LISTINGS PROVIDED ARE THE CLOSEST AND DESIGN, APPEAL, CONDITION, AND AMENITIES AT THE TIME OF APPRAISAL MOST SIMILAR IN BEDROOM/BATHROOM COUNT, a Market conditions tat loemand/eupply, poentincation of tends in isting prices, affect 24 family propertien In tha subject noighborhood including the above and markeung me) and the prevalence and Impact In the subject market ere regarding loan discounts, interes buydowns and nmignberhood indicators of growth rate, property concessions, average Gays on market and any change over past year, etc: AFTER INTERVIEWIN[: LOCAL R.E. AGENTS, ND INVESTORS WE LEARNED THAT TYPICAL MARKETING TIME FOR THIS TYPE PROPERTY IS BETWEEN THRE TO SLX MONTH WITH FEW EXCEPTIONS. TYPICAL FINANCING IS CONVENTIONAL MORTGAGES. Cimensions IRREGULAR Topography LEVEL {|Stearea 7.841 SQFT. a Teemena Lxlvo Tre [Specitc zoning classification and description —_RM-15 MULTIFAMILY © Ste AVERAGE/7841 SQ FT [Comments (apparent adverse easements, encroachments, special assessments,

osition of the neighborhood ara not eppraisal factors. Neignbornoad boundaries and :neracterstca: ~THE NEIGHBORHOOD BOUNDARIES ARE: Factors that affect the rarketabilty of the properties In the neighborhood {proximity to employment and amenities, employment stability, appeal to market, etc.) SUBJECT NEIGHBORHOOD IS CONSIDERED A SINGLE FAMILY RESIDENTIAL AREA, IT IS LOCATED WITHIN |_A SHORT DRIVE FROM SCHOOLS, REGIONAL SHOPPING AREAS, RECREATIONAL FACILITIES AND) OTHER | CONVENIENCES. THE 5% COMMERCIAL LAND USE DOES NOT AFFECT SUBJECTS MARKETABILITY OR | VALUE, gvoozsoaro=me | Manet conaitone in te subject neighborhood (including support for the above conclusions related i the tend of properly values, Gemandisupply, and markeung me ~ Nh as data on compatitve properties for ssle in the sighbomood, description of the prevalence of | aales and financing conceasions, ete.) | LAND RECORD DATA AND MLS STATISTICS. AS WELL AS SALE/RESALE OF PROPERTIES IN THE __ NEIGHBORHOOD. SUPPORT A SLIGHT INCREASE IN PROPERTY VALUES, MLS INDICATES A NARROW | LIST-SELL-RATIO OF 99% AND TYPICAL MARKETING TIMES OF 90 TO 180 DAYS. WITH THE STRONG MARKET, SELLERS ARE NOT REQUIRED TO OFFER SALES OR FINANCING CONCESSIONS. FINANCING IS i 3 |e] Project Information for PUDs {if appiicable) ~ Is the developerfouilder in control of the Home Owners’ Associaton (HOA)? yea | __|No 7 'U} Approximate total number of units in the subject project Approximate total number of unhts for sale in the aubject project 2 escrive common elements and fecreabonal taclities: | Omensiona 41.560x100 sears 4156 sq, ft. Specific zoning classification anc: deacription R-1 FAMILY RECTANGULAR , Zoning compliance lea [] Drainage ADEQUATE 4 ‘Topography Higheat & best use as improved: Present use Other use (explain) View TYPICA . g | Utltien Public Other ‘Off-site improvamants Type Public Private | Landscaping AVERAGE _. £4 Elecmcity [X}_ Steet ASPHALT XJ] | prveway surtace ASPHALT | El om Cc) curviguter = NONE [X] [J | Arparantessomens TYPICAL _ Water x] Sidewalk CONCRETE x FEMA Special Flood Hazars Area ves LX] No | Santtary sewer LX Sweetigns POST x FEMA Zone =X Map Dae (13/02/94 Storm sewar X Al NONE _ FeMaMapno. 12025CO090) Comments (apparent advers: easements, encroachments, special seseasments, lide areas, liegat or legal nonconforming zoning use, ete): THE APPRAISER WAS NOT FURNISHED WITH A RECENT SURVEY, CONSEQUENTLY NO. DETERMINATICIN OF AN IR », O AN BED D FOUNDATION BASEMENT INSLLATION No. of Unita Slab AnaSg.Ft -O- Roof (_} g)| No ot stories raw space % Fished caning i E} type (Devan) ‘Basement Couing Waite i | Design (sre) Sump Pump -Q~ walls Floor ie Existing/Proposed Dempness -()- Floor None P| Asem Setioment Ovmide Enty Unanowin é ese | Py ms 2 1444 1 Lk PT Froanea wea shove grase conan : : : guare Feet of rons Uning Aven Le Oj INTERIOR Materiaia/Conditicn AMENITIES CAR STORAGE: 3 EE) Floor TILE/CRPT/AVG Frrepiace(s) # none [3%] Mi) wane DRYWALL/AVG Pave Garage sotcars \ Ni Temrish ~WOOD/AVG tached ["\ T| same CERAMIC/AVG ror COVERED[X]| omtachee Baty Waintscr CERAMIC/A VG Fence Bultin wat Des HOLLOW CORE/ lowe WALL Poot Carport a St ) WOOD/AVG Condition A WasherDryer Finished Driveway kK {addtional toauwes (apecal evergy eftcint tems, ey COVERED ENTRY. . 2 rs | Conston ote improvmens, eprecaon (Ghysea, functonal nd enema, reps needed, qual) of conavucon, venoasinpnaaions on SUBJECT Re i PROPERTY HAS AN APPROPRIATE FLOOR PLAN DESIGN WITH NO FUNCTIONAL OR PHYSICAL tim E| INADEQUACIES AT THE TIME OF THE APPRAISAL. SUBJECT PROPERTY HAS RECEIVED DIFFERED ¥| MAINTENANCE. SUBJECT PROPERTY CAN USE OUTSIDE PAINT AND YARD CLEANUP. - Sj Adverse environmental conditions {such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the Improvements, on the site, or in the immediate vicinty of the abject property: THERE ARE NO KNOWN OR APPARENT ADVERSE ENVIROMENTAL . Freddie Mac Form 70 6-03 12cH. PAGE 10F2 Fannie Mas Form 1004 6-63 Gnuszezyk & Assocites ry?) COMPLETE APPRA'S41, ANALYSIS - SUMMARY APPR4?°4L REPORT UNIFOI Valuation Section IDENTIAL APPRAISAL REPORT . = File No. 967066 i ESTIMATED SITE VALUE 8c es 15,000) comments on Cost Approach {suen @%, source of cost estimate, | estmateD REPRODUCTION COST-HEW-OF PROVEMENT: ane value, square foot calculaton and for HUD, VA and FmHA. the 9] Ovstine 1,444 sares 45 =s 64,980 satiated remaining economic te ot te propery; LAND TO _ S$; BSMT 0- barnes - VALUE RATIO IS TYPICAL FOR THE AREA AND __ yj LUMP SUM - 3,000” DOES NOT AFFECT SUBJECTS MARKETABILITY _ A caragercarpon oa Fes - OR VALUE. ESTIMATED _ P) Total Estimated ComtNew <0 -.-. svn -s 67,980 REMAINING ECONOMIC LIFE "30+" YEARS, - Gi te 35.0 Physica Functional exernal COST PER SQUARE FOOTAGE WAS DERIVED A! Depreciation 23,793 +s 23,793] FROM MARSHALL & SWIFT COST HANDBOOK. Hi. Deprecated Vave of moroverent nn nn ss 44,187] AND LOCAL CONTRACTORS, _ i “As-ts" Value of Site tmprovements ve eS 2,000) _ _ || IwoIcATED VALUE BY COST :PPROAGH zs 61,1871 . 2 i TEM SUBJECT COMPARABLE NO. + COMPARABLE NO. 2 COMPARABLE NO. 3 | 1996 RUTLAND STREET paz NW 139 STREET 2221 RUTLAND STREET 2430 NW 140 STREET | pcoress_ MIAMI AMI MIAMI IAM] [eraamty te Subject i 6 BLOCK SW 3 BLOCKS WEST 7 BLOCKS SW - 1 Sais Price s REFI|© Ts 60,000) es 59.900 es 58,000 | Preetsroms tw. Areas ais es 49.14 GP ee 44.38 @ L ata ancor INSPECTION _PSCNET ISCNET ISCNET Verfeason owes VISUAL INSP__|VISUAL INSPECTION VISUAL INSPECTION [VISUAL INSPECTION FVALUE ADJUSTMENTS DESCRIPTION a DESCRIPTION + ) 5 Adjustment DESCRIPTION +) $ Adjustment DESCRIPTION “OS Adjustment ‘Sales oF Financing Re ‘ONVENT'L , FHA { INOT ' Concessions MORTGAGE _! IMORTGAGE _! DISCLOSED _! | Date of SaiesTime ee 1/96 ie 12/95 : 11/95 A J T ecasen IRES/AVG RES/AVG a IRES/AVG : RES/AVG _! Lessenoaree smpe (FEE SIMPLE [FEE SIMPLE EE SIMPLE‘ IFEE SIMPLE _' V see 4.156 SQ FEET |6,156SQ FT NO ADJ|5,000 SQ FT +—NO ADj|6,000 $0 FI} NO ADI View ITY PICAL/AVG ITYPICAL/AVG | ITYPICAL/AVG | ITYPICAL/AVG | Denn andAcpest_ _ IRANCH/AVG _IRANCH/AVG | IRANCH/AVG _! IRANCH/AVG | sg | Qustty ot Contucton |CBS/A VERAGE ICBS/AVERAGE | ICBS/AVERAGE ' ICBS/AVERAGE | Al Ave 4 7/E25 IALI/E 6 : =1,900/A47/E25 : IA43/E22_ | ~—S NO AD] ET conamon (AVERAGE - AVERAGE -3,000)AVERAGE | -3,000AVERAGE _' __-3, 000, 3S) Avove Grade | Tots! 1 Bomes Bathe | Total) Bums! Bathe 1 Total Bdme) Bate 1 Tota! 1 Bare: Bathe 1 € | Room Count L713 (200/773 !2 2 T3427 Ti3, 2 | ross untog Aron 1,444 sam | 1191 san! 43,795 5 1219 sart | 43,375) : 307_sar | 42,055 Basement & Finished I-Q~ - ' I-0- ' -0- Al scomtnowanse | ; 81 Functional Utity STANDARD i i STANDARD __' | 5 | Heatngrcocing WALL A/C _IWALL A/C H WALL A/C; N| enesgyencentems STANDARD _| H {STANDARD | A carapercamon IDRIVEWAY a -2,000DRIVEWAY _! A} Poren, Pate, o%cx [COV ENTRY 1 COVENTRY | Be Fireplace(s}, atc ' _—! ce, Pool ee i i Fence, Pool, et ON) NONE aa — P| Net Aa}, (totaly eae 1,625 + [x}-is “945 Adjusted Sains Price . Grose 8.72% | of Comparable -1.84% s 58,895 2.71% s 58,275 | net -1.63% 8 57,055] Comments on Sales Comparison (including the subject property's compatibiity to the neighbornood, etc): AFTER ALL ADJUSTMENTS. WERE MADE A NARROW VALUE RANGE IS FOUND, NONE OF THE SALES STAND ALONE AS AN INDICATOR OF VALUE ESTIMATE. A $7,000 DOLLAR ADJUSTMENT WAS MADE UN OF IMPROVEMENT) IDER CONDITION. (SEE CONDITION ITEM SUBJECT COMPARABLE NO. + COMPARABLE NO. 2 COMPARABLE NO.3 Date. Prce and bata (NAL 95 9/95 INA Source, or prior asies 32,000 $64,300 within year of appraisal ISCNET ISCNET .. Analysis of any current agreemert of sale, option, or tisting of the subject property end analysis of any prior sales of subject and comparables within one year of ths date of appraisal THE SUBJECT NOR THE COMPARABLES HAVE SOLD WITHIN THE LAST YEAR. INDICATED VALUE BY SALES COMPARISON APPROACH 00.2.0. 0cssessesespessesssvarstvsnsnsesnisnnnn niin INDICATED VALUE BYINCOMEAMPROACH if Applicable) Estimated Market Rent $ Mo_x Gross Rent Muttiptier ory This appratsal ismade [|X| “aais" ‘subject to the repairs, sterations, inspections or conditions listed below subject to completion per plans and specifications, Gonotuons of Appraisal: ~— SUE JECT TO THE ATTACHED LIMITED CONDITIONS FinaiReconciiaton: AFTER. CONSIDERING ALL APPROACHES TO VALUE GREATEST WEIGHT HAS BEEN GIVEN é TQ THE DIRECT SALES COMPARISON APPROACH, WICH IS CLOSER TO THE THINKING AND ACTION OF 6| THE TYPICAL BUYER. - Bs ‘The purpose of this appraisal ia to estimate the market value of the ‘ay propery that Is the subject of this report, based on the above conditions and the Certification, contingent 1] and timing conditions, and tnariet prio 4 ‘fe stated In the attached Freddie Mac Form 439/Fannle Map Form 10043 (Revised _ Ve 4 0WE) ESTIMATE THE MARKET VALUE. AS DEFINED, OF THE REAL prorerty THAT tS THE SUBJECT OF THIS REPORT, AS OF 03/25/96 _ a (WHICH 1S THE DATE oF msPecTION alo he EFFECTIVE DATE OF THIS: REPORT) TO BE $ 57,000 {1 APPRAISER: jo. B . ‘SUPERVISORY AP} ER (ONL) D): 9! sonaure i \ MG wv, / Slonatue Ete (hes Sehr tc | wane ALEX GRUSZCZYK x tare ALFRED CARACH Inspect Property Date Report Signed 03/25/96 f \ Date Report Signed 03/25/96 _ State Certification # LN scate State Certfcaton# ST CERT GEN APPR 000019} _State FL Orsratetkense# ST RECE 100271 State Or State License # State Freddie Mac Fann 70 6-93 12cH. PAGE 2 OF 2 Fannie Mee Forn 1004 6-63 Gmuszezyk & Assocites pe PAGE “+ 2 962066 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1, 1 have researched the subject market area .and have selected a minimum of three recent saies of Properties roost similar and proxirvate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to refiect the market reaction to those items of significant variation. Wie significant item in a comparable Property is superior to, of more favorable than, the Subject property, { have made @ negative adjustment to reduce the adjusted sales Price of the comparable and, # a significant item in a comparaie Property is inferior to, or less favorable than the Subject property, | have made a positive adjustment to increase the adjusted sales price of the comparable. 2. ave taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report | have not knowingly withheld any significant information from the appreisal report and | believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. | stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which ire subject only to the contingent and limiting conditions specified in this form. 4. | have no present or prospective interest in the property that is the subject to this report, and 1 have no present oF Prospective personal interest or bias with respect to the participants In the transaction. | did not base, either Partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject Property or of the present owners or occupants of the properties in the vicinity of the subject property. 8. | have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the Property. 6. | was not recuuired to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of @ specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for Performing the appraisal. | did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. | performed tris appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in piace as of the effective dale of this appraisal, with the exception of the departure provision of those Standards, which does not apply. | acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate | developed is consistent with the marketing time noted in tie neighborhood section of this report, unless | have otherwise stated in the reconciliation section. 8 | have personally Inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparabes in the appraisal report. § further certify that | have noted any apparent or known adverse conditiong in the subject improvements, on the subject site, or on any site within the immediate vicinity of the Subject property of which | am aware and have made adjustments for these adverse conditions in my analysia of the property value to the extent that | had market evidence to support them. | have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. | personally preaared all conchisions and opinions about the real estate that were set forth in the appraisal report, M1 relied on sigtificant professional assistance from any individual or individuals in the Performance of tre appraisal or the preparation of the appraisal report, | have named such individual(s) and disclosed the specific tasks Performed by them in the reconciliation section of this appraisal report. | certify that any individuat so named is qualified to perform the tasks. | have not authorized anyone to make a change to any item in the report, therefore, if an unauthorized charge is made to the appraisal report, t will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: tra Supervisory appraiser signed the appraisal report, he or she certifies and agrees that: | directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPER prance: APPRAISER: \ Sy t Ae Signature: A Name: ALEX GRUSZCZYK Date Signed: 03/25/95 State Certification #: 1996 RUTLAND STREET, MIAMI, FL 33054 } SUPERVISORY APPRAISE! Signature: Name: ALFRED CARACH Oate Signed: 03/25/96 State Certification #: ST CERT GEN APPR 0000191 or State License #:ST REG REA 0002700. or State License #: State: FL State: FL Expiration Date of Certiication or License: NOV 1996 Expiration Date of Certification or License: Did id Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 1004B 6-93 GRUSZCZYK & ASSOCITES Property Description UN (MRESIDENTIAL APPRAISALREP [I File No. 962072 S| AssessorsParcetNo 30-5019-001-7050 TaxYear 1995 __ RE TexesS 1,172.33 Special Assessments $ B 3 Leasehold é Neighborhood or Project Nama___ RICHMOND HEIGHTS Map Reference 55-40-19 ca TY salepnce $ REFI Ogeh of Salo N/A Descrintion and $ amount of loan chargea/concessions to be paid by sstler wa “[tenderrcient GEMINI orts. AGE Address CORAL, GABLES, FLORIDA Approiser ALEX GROSZEZYK ‘Andress 14 Ee Location Urban Xj Suburban Rural Predominant Present land use % Land use change Built up X| over 75% 25-75% Unoer 25% | COCUPEOCY ‘One Family Not Likely Likely Growth rate Rapid X | stable ‘Slow Xj Owner 2-4 fam 10) in process: Property values J increasing [XX] stable Deetining ‘Tenant Mutt-tamilly Demand/supply Shottage XJ In balance Over supply X J vacant (0-5%) ‘Commercial Marketing time unger 3 mos} X | 3-6 mos. Over 6 mos. Nate: Race and the racial composition of the neighborhood are not appraleat factors, Ni] Neighbornood boundaries and characteristics: SW 120 STREET TO THE NORTH, CORAL REEF DRIVE TO THE SOUTH, SW 97 AVENUE TO THE EAST, , AND FLORIDAS TURNPIKE TO THE WEST. Gl! Factors that affect the marketabilty of the properties in the nalghborhocd (proximity to employment and amenities, employment stabiity, sppeal to market, etc): g SUBJECT NEIGHBORHOOD IS CONSIDERED A SINGLE FAMILY RESIDENTIAL AREA. IT IS LOCATED WITHIN A SHORT DRIVE FROM. 2 SCHOOLS, REGIONAL SHOPPING AREAS, RECREATIONAL FACILITIES AND OTHER CONVENIENCES. THE 5% COMMERCIAL LAND. # USE DOES NOT AFFECT SUBJECTS MARKETABILITY OR VALUE. Q D JATALVADRAN A Oya g auinausnes eee eee Property Address 14125 MADISON ST. ty MIAMI State FL Legat Description _ LOT 20 BLK 53 RICHMOND HEIGHTS PB 50 PG 9 County DADE ZipCode 33176 Markat conditions In the subject neighborhood (Including support for the abave conclusions related to the trend of property values, demand/supply, and marketing time — such as data on competitive properties. for sale in the neighborhood, description of the prevatence of sales and financing concessions, etc.) LAND,RECORD DATA AND MLS STATISTICS. AS WELL AS SAL.E/RESALE OF PROPERTIES IN THE NEIGHBORHOOD. SUPPORT A SLIGHT INCREASE IN PROPERTY VALUES. MLS INDICATES A NARROW LIST-SELL-RATIO OF 99% AND TYPICAL MARKETING TIMES OF 90 TO 180 DAYS, WITH THE STRONG MARKET, SELLERS ARE NOT REQUIRED TO OFFER SALES OR FINANCING CONCESSIONS. FINANCING IS READLY AVAILABLE FROM A. RIEFY OF SOURCES. Project Infarmetion for PUDs {tf applicable) — is she daveloper/aulker in cchtrol of the Home Owners’ Association (HOA)? Approximate tota! number of units in the subject proj __ Approximate total number of units for sale In the subject project N Describe common elements and secreatonal faciltiég: A Dimensions 75X10 Ke Topography LEVEL sitearea 7178 SQ. FT. Se _comertot [_lves [X]wo | size A GE ‘Specific Zoning classification and description RU-1 SINGLE FAMILY. Shape RECTANGUL# Zoning compliance LX} Legal FJ Legas nonconforming (Grandtathered use) {|__| tlegal |__| No zoning Drainage = TYPICAL {_Higheat & best use na improved x ] Present uso Other use (explain) View RESIDENTIAL. Uiitities Public Omer Off-alte improvements Type Public Private | Landscaping TYPICAL Electettty Street Driveway Surtace Gas Cursiguter = NONE Cj Apparent easements TYPICAL i Water Skiowatk CI Fi x FEMA Sp BO Hazard Area [X]ves | |no 4 Sanitary sewer Suaetiigns POST rewzie aB\ Map Date 03/02/94 Storm sewer Alley Fey 125C0266J Comments (apparent adverse easements, encroachments, special assessmeiits, slide areas, legal or legal _nofico nna zopho use, etc): THEAPPRAISER __| WAS NOT FURNISHED WITH A RECENT SURVEY, CONSEQUENTLY NO DETERMINATION OF E CHMENT OR OTHER | ADVERSE CONDITIONS.CAN BE DETERMINED GENERAL DESCRIPTION: , | EXTERIOR DESCRIPTION FOUNDATION: INSULATION No. of Unies, 1 Foundation CONCRETE Stab CONCRETE. Roof UNK. | No.of Sunes 1 “exterior wate CBS Craw Space NONE. Celting B Type (Detsatt) DEL. Roof Surface SHINGLE Basemem NONE. Walis UNK_ |_|] S| Oeaign (seve) RANCH. Gutters & Ownsets-~” NONE sump Pump NONE OSVD Floor _) RR] ExsungProposed S/NO Window Type Aen Dampness NONE OSVD None P| Age cree) ‘StormvScreens, NON! Settement NONE OSVD unknown ADO TL erecwe Age tym) _ 10 Manufactured louse Infestation Ol Rooms Foyer Laing Dining |Z Den _|FamiyRm. | Rec. Rm. [Bedrooms | «Baths Laundry Other ‘Area $9. Ft. Basement h 4 ep tevel 1 1 3 1 UTILITY. 1063 | tevel2 4 fg Ls Finished area above _ grade contains: 3_tedroom(s)}: ‘ 1,063 _Sauare Feet of Gross Living Avea ‘Gy INTERIOR Materials/Condition KOTCHEN EQUIP. CAR STORAGE: M4 Floors VINAL/TRRZO/AVG |tywe = R/C Retrigerator = [ X | Fireplaces) # NONE. ners [_] Ml waits DRY WALL AVG Fue! ELECT. _| Rangesoven Pato NONE, Garage Sotears fi] TimFinin WOOD /AVG Condition AVERAGE J Disposal Deck NONE Attached ! = Bam Flor = TILE / AVG COOUNG Dishwasher Porn ENTRY. Detached . Bath Wainscot TILE / AVG Central NONE FarvHood Fence NONE Builtin Doors HOLLOW CORE Other = WALL Microwave Poo! NONE, Carport ONE CAR [| & SOLID WOOD/AVERA WasheriDiyer Orveway CONC STRP | Addmonal features (spectat energy efficient items, ete): CAR PORT, COVERED ENTREE, NEW PAINT. § Condition of the improvements, depreciation (physical, functional, and extenal), repairs needed, quality of constricton, remodeling/adcitions, etc: THIS AREA WAS EH HARD HIT BY HURRICANE ANDREW IN AUGUST 1992. MOST OF THE HOMES IN SUBJECTS IMMEDIATE AREA WERE REFURBISHED &i_/ REBUILT. SEE EFFECTIVE AGE... u S| Adverse envronmental conditions (sucn as, but not limited to, hazerdoun wastes, tonc substances, etc) present in the improvements, on we site, of m the immediate wicmity of the subject propery: THERE ARE NO KNOWN OR APPARENT ADVERSE ENVIROMENTAL CONDITIONS THAT WOULD NEGATIVI AFF HE VALUE OF THE PROPERTY Freddie Mac Form 70 08-03, 12H. PAGE 1 0F 2 + Fanne Mae Form 1004 6-93 Grusezyk & Assocites i? us << i a File No. 962072 Valuation Section UNIFC ‘RESIDENTIAL APPRAISAL KEPOF ESTIMATED SITE VALUE oo eee eee cece eeeec eee ce eee cea eens 7s Comments on cost Approach (such 2s, source of cost estimale, ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: site value, square foot calculation and for HUD, VA and FmHA the $ Dwelling 1,063 Sa res SO =s 53,150 estimated remaining economic Ife of the property): LAND TO s] BsMT sarhes . VALUE RATIO IS TYPICAL FOR THE AREA AND DOES NOT 7 LUMP SUM = 3,000 AFFECT SUBJECTS MARKETABILITY OR VALUE. Ay Gargecamot _ 182 sq rtas 15 = 2,730 ESTIMATED REMAINING ECONOMIC LIFE "40+" YEARS. P| Total Eavmated Coat New o.e.ecsccesvessnonenee “8 58,880 COST PER SQUARE FOOTAGE WAS DERIVED FROM Be ess 16.7 Physical Functionst External MARSHALL & SWIFT COST HANDBOOK, AND LOCAL | Depreciation 9,833 =s 9,833} CONTRACTORS, Hi] Depraciated Value of improvements $s "As-I* Value of She Improvements -s INDICATED VALUE BY COST APPROACH =s ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 3 14125 MADISON ST. 13940 HARRISON ST. 14450 MONROE STREET Address MIAMI, FL. MIAMI, FL. MIAMI, FL. Proximity t Subject Se eee BLOCKS Sales Price s REFS Price/Grogs Liv. Area is Bs Data andor Isc’P. RECORDS [isc hSC/OWNER Ventteation Source INSPECTION [VISUAI. INSPECTION SUAL INSPECTION VISUAL INSPECTION 3t VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION | * © $ Adijvernent DESCRIPTION + ©) 3 Adjustment DESCRIPTION + OS Adjustment Sales or Financing : iCONVTL. H FHA H ICONVTL ' Concessions JMORTGAGE H MORTGAGE H MORTGAGE t A Date of Sate/Time : : 14/96 : 5. t 96 H Location IRESIDENTIAL _|RESANFERIOR _! +3,000RESIDENTIAL _! RESIDENTIAL | LeaseholaFee Simple [FEE SIMPLE FEE SIMPLE E SIMPLE i FEE SIMPLE ! ste [7178 SOFT [7500 SQFT ‘ 17500 SQ FT. 1 17500 SQ FT ! View RESIDENTIAL _|RESIDENTIAL _| RESIDENTIAL | RESIDENTIAL _1 Design and Appeal RANCH “RANCH A RANCH i RANCH H tg | Quality of Consouetion [AVERAGE {AVERAGE ! |AVERAGE ! |AVERAGE ! ‘Al Age ~ |aasvE10 la36/E10 iz 46/E10 4 |A46/E10 ' E[ conation JAVERAGE .VERAGE vo VERAGE ' FAIR/UNFNSHD + +6,00 ST Above Graae ‘Totw | Barve} Bathe | Tota) | Bama) Bathe) Terai | Bdme} Bate | Total 1 Béene! Bate | | Room Count 61:3 :100/6;,3 1) 2; 2,500, 6 | 3 | 2 + -2,503_6 | 3} 1 AL Seems Leana Area 979 sat +1260, 1405 sae} ~5,13 PB] Basement & Finishes Fy Rooms Below Grade 3 Heating/Coating NU Energy Emciont name A Garage/carpon NF porch, Pato, Deck ENTRY ENTRY ' Firept . ' INONE, NONE _ 01 4 s —--——|NONE,NONE 0! BS H '] Adjusted Sales Price Gross, 8.77% 1 St Comparable Net 3.39% 3 61,000 | Net 0.43% 5 60,260 | Net 4.19% $ 58,97 "| Comments on Sales Comparison (Including the subject property» compatiblity to the neighborhood, etr.): SALE #3 WAS SOLD UNFINISHED AS PER PRINCESS KENDRICK (PRESENT OWNER) UNFINISHED EXTERIOR WALLS, 6 BROKEN WINDOWS, NO BACK DOORS, AND MINOR COSMETICS INSIDE. HER COST TO REPAIR IS $6,000. (TEM SUBJECT COMPARABLE NO. $ COMPARABLE NO. 2 I COMPARABLE NO. 3 Date, Price and Data [N/A VA WA WA ‘Source. for prior sates Isc SC HSC SC | within year of appraisa} : INDICATED VALUE BY SALES COMPARISON APPROACH INDICATED VALUE BY INCOME APPROACH {it Applicable) Estimated Market Rent $ iNo_x Gross Rent Muttiplior -3 ‘subject to the repairs, alterations, Inspect.ons or conditions listed below ] Subject to completion per plans and specifications, Conditions of Appraisat: ~— SUBJECT TO THE ATTACHED LIMITED CONDITIONS This appraisal (8 made Final Reconcitianon; ~~ AFTER CONSIDERING ALL APPROACHES TO VALUE, GREATEST WEIGHT HAS BEEN GIVEN TO THE DIRECT SALES COMPARISON APPROACH, WICH IS CLOSER TO THE THINKING AND ACTION OF THE TYPICAL BUYER. ‘The purpose of this appraisal is to eatimata tne market valuf Te reat propery tiat Is the subject of this report based on the above conditions and the certiicaton, contingent and fimting condtions, end market vatye definition that are |statey In the atached Freddie Mac Form 430/Fannia Mae Form 10048 (Revised ). ZOm-4 wer MH OZONMA | (We) ESTIMATE ne Ri OEFNED, | REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF 04/15/96 OWHICH ts THE DATE \o7 iD THE EFFI DATE OF THIS REPORT) TO BE $ 60,000 | APPRAISER: } gel aiaey Y IF REQUIRED): Signature Signature Ctest x joa Did Not Name _ ALEX GRUS?CZ’ Name_ALFRED D. CARACH inspect Propeny Date Report Signed 04/15/96 ‘Date Report Signed 04/15/96 State Certficaton # . State _ SuteCertfeaton® ST CERT GEN APPR 0000191 Sure FL Or State License # REG 1002700 Sate Or Stats License # State Freddie Mac Form 70 6-03 s2cH, PAGE 2 OF 2 + Fanme Mas Farm 1004 8-03 Gnuszezyk & Assocites DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a falr 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 ttle from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers nis own best interest: (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions" granted by anyone associated with the sale. “Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a resut of tradition or law in a market area: these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by cornparisons to financing terms offered by a third party institutional lender that Is not already involved In the property or transaction. Any adjustment Should net be calculated on a mechanical dollar for doliar cost of the financing or concessions but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions; 1, The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the ttle to fl. The appraiser assumes that the title Is good and marketable and, therefore, will not render any 9pinions about the title. The property is appraised on the basis of it being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or sha makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear In ccurt because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. The separate valuations of the tand and improvements must not be used in conjunction with any other appraisal and are invatid if they are so used. 6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the Presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal, Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the Property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for eny engineering or testing that might be required to discover whether such conditions exist Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report trom Sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties, 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform ‘Standards of Professional Appraisal Practice, 8. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that Is subject to Satisfactory completion, repairs, or alterations on the sssumption that completion of the improvements will be Performed in a workmanlike manner. 10. The appraiser must provide his or her prior writter: consent before the lender/client specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraisers identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower: the mortgagee or its successors and assigns; the mortgage insurer, consultants; professional appraisal organizations; eny state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that the lendericlient may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's priot written consent The appraiser's written consent and approval must siso be obtained before the appraisal can be conveyed by anyone to the public through advertising, Public relations, news, sales, or other media. oe Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 1004B 6-93 oa Ls FileNo. 962072 APPRAISER’S CERTIFICATION: The Appraiser certifies and agrees that. 1. | have researched the subject market erea and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant tem in a comparable property Is superior to, or more favorable than, the subject property, | have made @ negative adjustment to reduce the adjusted sales price of tne comparable and, if @ significant Item in a comparable Property ts inferior to, or less favorable than the subject property, | have made a positive adjustment to Increase the adjusted sales price of the comparable. 2. 1 have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. 1 have not knovingly withheld any significant information trom the appraisal report and { believe, to the best of my knowedge, that all statements and information in the appraisal report are true and correct. 3. 4 stated in the appraisat report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject onty to the contingent and limitirg conditions specified in this form. 4. | have no present or prospective Interest in the property that is the subject to this report, and | have no present °F Prospective personal interest or blas with respect to the participants in the transaction. | did not base, either Partially er completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject Property or of the present owners or occupants of the properties: in the vicinity of the subject property. 5. 1 have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this ap2raisal is contingent on the appraised value of the property. 6. | was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific resutt, or the occurrence of a Subsequent event in order to receive my compensation and/or employment for performing the appraisal. | did not base the appraisal report on @ requested minimum valuetion, @ specific vatuation, or the need to approve a specific mortgage loan, 7. 1 performed this appraisal in conformity with the Uriform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appri with the exception of the departure provision of those Standards, which does not apply. | acknowledge that an estimate of a reasonuble time for exposure in the open market is a condition in the definition of market value and the estimate | developed is consistent with the marketing time noted in the neighborhood section of this report, unless | have otherwise stated in the reconciliation section. 8. 1 have personally Inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. | further certify that | have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which | am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that | had market evidence to support them. | have also commented about the effect of the adverse conditions on the marketability of the subject property. 9.1 Personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report 't 1 relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, | have named such Individuals) and disclosed the specific tasks Performed by them in the reconciliation section of this appraisal report. 1 certify that any individual so named is qualified to perform the tasks. | have not authorized anyone to make a change to any item in the report, therefore, if an unauthorized change is made to the appraisal report, | will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: if a supervisory appraiser signed the appraisal report, he or she gertifies and agrees that I directty supervise the appraiser vno prepared the appraisal report, have reviewed the appraical report, agree with the staternents and conclusions of the sppraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPE AP! D: APPRAISER: | Signature: Name: ALEX GRUSZCZ' Date Signed: 04/15/96 State Certification #: 4125 MADISON ST., MIAMI, FL_33176 } SUPERVISORY APPRAISER (only if required): Signature: Zeeck Gar aak Name: ALFRED D. CARACH Date Signed: 04/15/96 State Certification #: ST CERT GEN APPR 0000191 or State License #:ST REG REA 0002700 or State License #: State: FL State: FL Expiration Date of Certification or License: NOV 1996 Expiration Date of Certification or License: x Dia (Cie not inspect Property SS Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 1004B 6-93 GRUSZCZYK & ASSOCITES stasratene es saa 2 ANA AE Pro) Gescription -PuRM RESIDENTIAL APPRAISAL \._ PORT Fite No. 96207: Property Agdress 14}25 MADISON ST, City MIAMI Ste FL ZipCode 33176 Legal Deseripton LOT 20 BLK 53 RICHMOND HEIGHTS PBSOPG 19 ~~ County DADE. Assessor Parcel Ne, 30-5019-001-7050_ 4” p Borrower. Current Owner LS Foe Simpie Leasenotd $'|_ Neighborhood or Project Name. HMOND HEIGHTS 83.01 Sele Price $ REET Dein of Saie N/A Description and $ amount of toan charpeslconcesaions to be paki by seller NA LenderiChent_ GEMINI MORTGAGE Ascme:_CORAL, GABLES, FLORIDA W109 Urban X | suruben XJ owe, [| as7sx Not Likaly CJ Rapla x} Sable In process. (J wereasing [XC] sranue ‘Shortage bance Under 3 moa! moe, Nota: Flece end the reclal compost neighborhood are not appraisal factors, Nelanborteod boundaries and charsciwiates: TO THE NORTH DON SHULA EXPRESS WAXT0 THE SOUTH BAST S. DDE HWY., TO THE SOUTH '{ WEST FLORIDA TURNPIKE. Factors mat aitect te merkatability of the Properties Merrat conawione In the subject neignbommood {ineuding suppon for the above conelusions related bo Ow bend or Property values, demand/supply, and markeung by ~ much a Gotan competitive propertion for sale In the nelghbarhoow, description of the Provaierce of alee and financing concessions, etc LAND RECORD DATA AND MLS STATISTICS. AS WELL AS SALE/RESALE OF PROPERTIES IN THE NEIGHBORHOOD. SUPPORT A SLIGHT INCREASE IN PROPERTY VALUES. MLS INDICATES. A NARROW LIST-SELL-RATIO OF 99% AND TYPICAL MARKETING TIMES OF 90 TO 180 DAYS. WITH THE STRONG MARKET, SELLERS ARE NOT. REQUIRED TO OFFER SALES OR FINANCING CONCESSIONS. FINANCING IS READLY AVAILABLE FROM A VARIETY OF SOURCES. ~te | Project tntormation for PUDe {W applicable) ~ t8 tie developectoulicer in cortrs of the Home Owners! Aasoclat.on (HOA)? You Ne Hs ‘Aporoxdiate teal number of unt in the subject project N/A _—_. APPredmate mal number OF une for male in Sg Subject project N/A Describe common elements ang recreational faciitiea: Simensions Staares "7178 SQ. FT, a] ‘Specific zoning classification and description FEMA Special Flood Hazard Aree FEMAZone «AB Map Date 03/02/94 Alay FEMA Map No. SCO266) Comments (apparent adverse easements, encroachments, Special sascesrnents, slide areas, legal o¢ legal nonconforming xoning use, etc): THE APPRAISER WAS NOT FURNISHED WITH A RECENT SURVEY, CONSEQUENTLY NO DETERMINATION OF AN ECROACHMENT OR OTHER GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION No, oF Units 1 Founastion CONCRETE Stab CONCRETE. Root = UNK No, of Stories i Exterior Walls CBS Cram Space Cotting L_ Z| Type {Deviate DET Root Sutace SHINGLE Basement wee = UNK [__ :] Ovsign (Site) ICH. ‘Gutters & Ownapte, INE ‘Sump Pump Floor Existing/Proposs YES/NO. Window Type AWNING Dampnese None F] Avera) 45 ‘StornvSereena NONE Eftective Age (Ye) 10) Manufactured House rooms [Foyer Ming Dining henen Den Basement Levelt 1 1 1 hevei2 Sirvaned area above grace contains: 6 _Roome: i =} INTERIOR: MateralaCondition HEATING KUTCHER EQUIP. CAR STORAGE: :| Flee VINAL/TRRZO/AVG_ Ite = RIC Rerigene — [X none (7) wats DRY WALL/ AVG Fut ELECT. | rangeown [X Garge Sotcars TamFinsn = WOOD/AYG Senattion AVERAGE f Otaposat Attached ‘Bath Floor TIL G (COOUNt Dielrwantier Oetacned Bam Watrsost FILE /AVG cere’ NONE Fenton, (_] Buln Door HOLLOW CORE Omer = WALL Microwave Carport ONE CAR Condition: WeshenLiner Addmiona) features (special enetgy efficient items, etc.): CAR PORT, CC'VERED ENTREE, NEW PAINT. a Si Conemion of the improvements, deprecieton (physical, functional, and waar, repein needed, quality of construction, remodsling/eddibone, vic THIS AREA WAS ba HARD HIT BY HURRICANE ANDREW IN AUGUST 1992. MOST OF THE HOMES IN SUBJECTS IMMEDIATE AREA WERE REFURBISHED gl. / REBUILT. SEE EFFECTIVE AGE... H Adverse environmental conditions {such ome, but not limited to, hazardous wastes, [ogc substances, 1c.) present in the knprovements, on the se. or in the immediate vicinky of me subject propery: THERE ARE NO KNOWN OR APPARENT ADVERSE ENVIROMENTAL CONDITIONS THAT WOULD Preddie Mas Ferm 70 6-93 12H PAGEL OFZ Fannie Mee Form 1004 8.03 Grusvezyk & Assocites } —; 2 WWIVAKY APF KAISAL heru Valuation Section & t_. RESIDENTIAL APPRAISAL RE 43 File No. 96207: SE) ESTIMATED STTEVALUE (oo... ..eccccee ce ceceeeceeetceenceeee es 3 20,000) Comments on Cost Approach (such 83, source of cost estima! ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: ‘we value, square foot caiculaton and for HUD, VA end FmHA v | ‘Dwening 1063 sa mos +505 53,150 estimated remaining economic ie of the property LAND TO BSMT. sa rhas - _ VALUE RATIO IS TYPICAL FOR THE AREA AND DOES NOT i LUMP SUM = 3,000 ty | AFFECT SUBJECTS MARKETABILITY OR VALUE. GarageCarport 182 sartas = 2,730 4 ESTIMATED REMAINING ECONOMIC LIFE * 40+ " YEARS. ‘Total Esumated Cost New . - : 58,880 > COST PER SQUARE FOOTAGE WAS DERIVED FROM Lows 16.7 Pryvical External MARSHALL & SWIFT COST HANDBOOK, AND LOCAL ¥ | Ceprectetion 9333 | “3 ___ 9,833) CONTRACTORS. Cepreciated Value of lnprovements . sc A9,04' “As-44" Vetus of Site improvements... 3 _1,500 INOICATED VALUE BY COST APPROACH =$ 70,54 ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 14125 MADISON ST. v 13940 HARRISON ST. 14520 TYLER STREET | 14450 MONROE STREET Address MIAMI, FL, [MIAMI FL. ¥ Pirsdmity to Subject Sales Price 3 PriceAGrosa Liv. Area i$ (Dots andlor ISC/P. RECORDS isc Verineation Source INSPECTION IVISUAL INSPECTION SUAL INSPECTION VALUE ADJUSTMENTS DESCRIPTION _|- (23 Adjustment DESCRIPTION +63 Agueement Descrwtion | css aque Sales of Financing convTe. FHA ONVTL 1 MORTGAGE H |ORTGAGE IORTGAGE. t ans. a6 A woe 6/95 Zz Le (96 i \ RESIDENTIAL __IRESANFERIOR _' OOOIRESIDENTIAL + RESIDENTIAL tc LessholdiFee Simple (FEE SIMPLE IFEE SIMPLE i FEE SIMPLE : FEE SIMPLE ' Sey 17178 SOFT fts00 SOFT i $00 SQ FT i $00 SQ FT View RESIDENTIAL [RESIDENTIAL __ RESIDENTIAL 1 RESIDENTIAL 1 Design and Appeal RANCH IRANCH _ IRANCH A IRANCH n Quattty of Construction VERAGE .VERAGE : .VERAGE " AVERAGE L [Al foe “AA45/E10 6/E 10 im 46/610 : IAa6/E LO 4 E | conoton VERAGE AVERAGE VERAGE 1 _iFAIRUNFNSHD r] Above Grade Tot | Bdme: Bathe Tots | Bdmsi Bathe Total + Bamsi Bathe 1 6; 3 11.00 |. ' i 11.86% 3.39% + Comments on Ssiae Comparison (Including the subject propetys compsibiity to the Tem COMPARABLE NO. 3 Dele, Price and Osta 3 Source, for prior sales Within your of appraisal ‘ c COMPARABLE NO. VA aw UA sc 3| a cnt) ZN pod 1 7¥a 2128 90 ie r{7! S¥ Anatysie of any current agcoe THE SUBJECT NOR THE COMPARABLES HAVE SOLD WITHIN THE LAST + listing Of Oe wublect property end analysis of any prior aales of aubject and comparables within one year oF the cate of Spprais YEAR. IROICATED VALUE BY BALES COMPARISCW APPROACH “ INDICATED VALUE BY INCOME APPROACH pplicable) Estimated Market Runt $ ‘This appraisal ls made Conations tt Appraisat; = SUBIECT TO THE ATTACHED LIMITED CONDITIONS L frre (J Subject to the repsire, atarstions, Int pectiona or conditions listed below: Alo. x Grous Rant Muttipiier ‘subject to completion per plans and apa Firat Reconcitaton: AFTER CONSIDERING ALL APPROACHES TC! VALUE, GREATEST WEIGHT HAS BEEN GIVEN TO THE DIRECT SALES COMPARISON APPROACH, WICH IS CLOSER TO TH) INKING AND ACTION OF THE TYPICAL BUYER. R E fo 1S. n gg 4 & fi A z t o Hh. The purpose of this ap} and Huong conditions, | OWE) ESTIMATE THE APPRAISER: SUPERVISORVAPPRAISER a Signature Signature Moo [x]oa Name__ALEX GRUSZCZYK Name ALFRED D. CARACH. inapect Property 7{ Date Report Signed 04/1596 ‘Ome Repo Signed 04/15/96 State Certicatton # State State Cortteation# — ST CERT GEN APPR 0000191 State FL {Or Stet License # Rg REA 0002700 Sat £) Or State License # Sute Freddie Mac Forn 70 6-3 Wot PAGEZOFZ ° Fennie Mes Form 1004 6. Gruszezyk & Assocites hp tele PLAINT 5 ¥i S oO File No. 962073 SUMMARY APPRAISAL OF THE PROPERTY LOCATED AT 189€ SERVICE RD. MIAMI, FL 33054 AS OF 04/25/96 FOR GEM MORTGAGE CORAL GABLES FLORIDA BY GRUSZCZYK & ASSOCITES 2100 SALCEDO STREET CORAL GABLES, FL 33134 73 - “T1IMMARY APPRAISAL REPORT Property Description Ub __RESIDENTIALAPPRAISAL REP _ File No. 962073 "T= propery aress 1846 SERVICE RD. City MIAMI Sate FL ZipCoce 33054 Lagat Oescripton LOT 12 BLK 337 MAGNOLIA GARDENS, PB 49 PG $4 County DADE $$) Assessors Parcel No. 08-2 122-606-0120 Tax Year 1995 RE Taxes O Special Assessments $ . 8 Borrower OLLIE ROYAL & MARIE. Current Owner Vacant_' 2 | Propery rants appraiaed Leasehold A ‘G-{_Neighborhood or Project Name MAGNOLIA GARDENS Map Reference 52-41-22 Census Tract 403 THT sate Pace § REFI Date of Sale N/A Description and $ amount of lean chargesiconcessions to be paic by seller NWA LenderiGient_GEM MORTGAGE agaress__ CORAL, GABLES, FLORIDA Appraiser Location X] urban ‘Suburban Rural Predominant Present land use % Land une change Built up X] over 75% 25-75% Under 25% | See¥Pancy ‘One Family 80) Lx J Not Likeyy Likely Grown rate } Rape X] sabre Siow XJowner 95 2-4 fam 15 in process Property values Increasing X | sable Deciining Tenant High 5S) Multi-tamity To: Demandisupply ‘Shortaga mn balance Over supply | [X]vacant(0-5%) {| Predominant [| Commerciat | Marketing time Under 3. mos. 3.6 mos. Over 6 mos. Macant (over 5%)135-40. 40-451 Note: Race and the ractal composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: =~ TO THE NORTH BISCAYNE CANAL, TO THE EAST 1-95, TO THE SOUTII 119TH ST., TO THE WEST. Factors tat alfect the marketability of the properties in the neighbornacd (proximity to employment and amenities, employment stabully, appeal to market. ete j SUBJECT NEIGHBORHOOD IS CONSIDERED A SINGLE FAMILY RESIDENTIAL AREA. IT IS LOCATED WITHIN A SHORT DRIVE FROM. SCHOOLS, REGIONAL SHOPPING AREAS, RECREATIONAL FACILITIES AND OTHER CONVENIENCES. THE $% COMMERCIAL LAND Market condinons im the subject neighborhood (including support for the abave conctusions related to the tend of property values, demandisupply, and markeung time ~ Such as data_on competitive properties for sale in tne neighborhood, description of te prevalence of sales and financing concessions, ete} LAND RECORD DATA AND MLS STATISTICS. AS WELL AS SALE/RESALE OF PROPERTIES IN THE NEIGHBORHOOD. SUPPORT A. SLIGHT INCREASE TN PROPERTY VALUES. MLS INDICATES A NARROW LIST-SELL-RATIO OF 99% AND TYPICAL MARKETING TIMES OF 90 TO 180 DAYS, WITH THE STRONG MARKET, SELLERS ARE NOT REQUIRED TO OFFER SALES OR FINANCING CONCESSIONS. Ma=G- {Describe common elements and recreational facitities: N/A Ormensions 550X100 Project information for PUDs (if applicable) ~ Is the deveioper/builder in contrai of he Home Owners’ Association (HOA)? LJ Yes Ix] 0 Approximate total number of units In the subject project N/A Approximate total number of units for sale in the subject project NA LEVE! N E + {| DOUGLAS RD. fey H 5 R by USE DOFS NOT AFFECT SUBJECTS MARKETABILITY OR VALUE. [oy D: |_FINANCING IS READLY AVAILABLE FROM A VARIETY OF SOURCES, Re te DB: Topography Size sit 5000 SQ.FT. _Gornertot [_]vea [XJNo AVERAGE Specific zoning classification and description R-1 SINGLE FAMILY Shape RECTANGULAR Zoning compiianee [X! tegat {__] Legatnoncontorming (Granatatnered use) | | megai No zoning Oraingge = TYPICAL Highest & best use as improve: | Present uae Other use (explain) View RESIDENTIAL Utilities Public Off-site Improvements: Type Public Private | Landscaping TYPICAL Eleetncity x) Sweet ASPHALT [X] {] | ooewaysutace CONC/STRIPS Gas L] Curdiguttar Apparent easements TYPICAL UTILITY Water [x] ‘Sktewalk CONCRETE x FEMA Special Flood Hazard Area Yes, Ne ‘Sanitary sewer x ‘Street lights: POST. [x] FEMAZone AE Map Date 03/02/94 Storm sewer Alley NONE Cy FEMAMapNo, 12025CO090) Comments (apparent adverse enls, encroachments, special assessments, side areas, ihegal or legal nonconforming zoning ute, ete)” THE APPRAISER WAS NOT FURNISHED WITH A RECENT SURVEY, CONSEQUENTLY NO DETERMINATION OF AN ECROACHMENT OR OTHER BED R D RMIN EXTERIOR DESCRIPTION FOUNDATION | No. of Units Foundation CONCRETE Slab fp] No. of stories Exterior Walls CBS Craw Space NONE 1 Type et sat Root Surface SHINGLE Basement NONE. EB] Deean (syn) Gutters & Dwnspts. = NONE ‘Sump Pump NONE OSVD. by Existing/Proposed Window Type JALOSIE Campness NONE OSVD Py Age (Yrs) ‘Storm/Screens NONE Settlement NONE OSVD. z ROOMS Kitchen Farnily Rem, Basement Qi] tevers Level 2 4 IM P Finvsned atea above grade contains: a quare Feet of Gross Linng Area | INTERIOR —Materials/Condition KITCHEN EQuie AMENITIES CAR STORAGE: uy Floors VINL/ CARP/ AVG Refrigerator Fieplaceis)# NO None [X. Mi) watts PLASTER/AVG Fuel ELECT Range/oven Pato OPEN #of cars, Fy Trimifinsh = =WOOD/AVG Condition AVG Disposal Deck NONE. f] Attached _ qi Bath Floor = TILE/ AVG Dishwasher Porch ENTRY. Detachea _ Bath Wainscot TILE/AVG FaniHood Fence NONE Burin HOLLOW CORE Microwave Poo! NONE Carport Washer/Dryer Additional features (special energy efficrent Rems, etc): PORCH ENTRY, WALL A/C. Condition of the improvements, depreciation (physical, functional, and extemal, repairs needed, qually of construction, remodelingiaddtions, ete SUBJECT. PROPERTY HAS AN APPROPRIATE FI.OOR PLAN DESIGN WITH NO FUNCTIONAL OR PHYSICAL INADEQUACIES AT THE TIME OF THE APPRAISAL. wazmezoq Adverse environmental conditions {such as, but not _imited te. hazardous wastes, toe substances, etc) present in the improvements, on the site, of in the immediate vicinity of ihe subject propery: THERE ARE NO KNOWN OR APPARENT ADVERSE ENVIROMENTAL CONDITIONS THAT WOULD LNEGAT LY AFFECT THE V, E OF THE PROPERTY. HE VALUE PE. eee Freddie Mac Form 70 6-93 12cH, PAGE 1 OF 2 Fanne Mae Form 1004 633 Gmszczyk & Assocites 7Y RATIVE COMPLAINT 37 wy SronEmtte Le o ~ / ae Lid ise] a Do evaraan a can aera ane Cane " Va'uation Section UNIF © ZSIDENTIAL APPRAISAL REPOF ~ _ Fite No. 962073 “PET estimaten site VALUE osscesvesseseseeesers os 10,000] Comments on ost “Approach (such a9, source of cost estmate, 2 ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: ‘site value, square foot calculation and for HUD, VA and FmHA te Si owns 693 sart|as 45-8 31,185 fetimated remaining economic Me of the property; LAND TO. $| BSMT 0. santas - VALUE RATIO IS TYPICAL FOR THE AREA AND DOES NOT 7 LUMP SUM « 4,000 AFFECT SUBJECTS MARKETABILITY OR VALUE. By coragorcarpon so Res - ESTIMATED REMAINING ECONOMIC LIFE "30+ " YEARS. | Total Esumated Cost New o...sseseseseonsevnsns “s 35,185 COST PER SQUARE FOOTAGE WAS DERIVED FROM Gi veoss 33,3 Physical Functional External : MARSHALL & SWIFT COST HANDBOOK, AND LOCAL | oorreciaton 11,717 =s 11,717] CONTRACTORS. H2| Deprectated Value ofimprovemerta .ssssssssssesssvsvvevevves “8 “As-Ia" Value of Site improvements 6... 60eeeeeeeceeeceeeseeee eens as INDICATED VALUE BY COST APPROACH. (TEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 3 1896 SERVICE RD. 130 SERVICE ROAD 2045 WASHINGTON AVENUE Addresa_OPA LOCKA, lOPA LOCKA, FL PA LOCKA, FL. PA LOCKA, FL. Proximity ta Subject : -B BLOCKS BLOCKS (7 BLOCKS Sales Price s REFI 22 es 36,5 | eee ees 29,70 PrcelGrossLv. Area | Ds 61.04 DE 44.95 38.42 Df Data andior ISC/, RECORDS _[ISC/P. RECORDS ISC/P. RECORDS lisc/p. RECORDS Veritcaton Source INSPECTION {VISUAL INSPECTION ISUAL INSPECTION [VISUAL INSPECTION VALUE ADJUSTMENTS: DESCRIPTION +5 Adjustment DESCRIPTION +O) S Adjustment DESCRIPTION + ©) S Adjustment Sales or Financing : ONVENTIONAL | [CONVENTIONAL | Concessions H ORTGAGE. H IMORTGAGE t Date of Sate/Time H 1/96” 3/96, i Location RESIDENTIAL} RESIDENTIAL! IRESIDENTIAL_! LeasehoiiFee Simple [FEE SIMPLE. IFEE SIMPLE ‘ FEE SIMPLE ! FEE SIMPLE : Site S000 SQ FT. (5000 SQ FT ! \s000 SQ FT ! -1,000/4800 SQ FT. ‘ view IRES/MAINRD, _IRES/MAINRD. _1 RESIDENTIAL + S/MAINRD. + Design and Appeal IRANCH RANCH H RANCH t IRANCH H & Quality of Construction (AVERAGE .VERAGE i [AVERAGE Hy IAVERAGE. ! Al Age 1A46/E20 46/E20 | \A46/E20 a 1A46/E20 ! LT conditon VERAGE _ VERAGE _ ! |AVERAGE _ ! JA3B/E20_—_ ' S| Above Grade Total | Bdme} Bathe | Total } Bde) Saths i Total | Bdms) Baths 1 Total | Bdmei Baths 1 :| Room Count 412) 100 | 4 | 2 Lt 4; 2,145 4; 2 14 . Gross Living Aroa 693 Sa Ft SR SG FL $1,425] 732_sqart_ | 773 Sart -1,20¢ 'P] Basement & Finished |-0- Lo~ { -O- t t 2 Rooma Below Grade fi 1 fr a {ff Functional uty ADEQUATE ADEQUATE ! \ADEQUATE \ DEQUATE 1 Gi{_Heatng/cooting WALL A/C iC ‘ [ALL A/C H VALL A/C H INT cnocay Emejonttems TYPICAL, [TYPICAL _ i IryPIcaL HYPICAL _ I a Garage/Carport JDRIVEWAY. IDRIVEWAY ! IDRIVEWAY t IDRIVEWAY | Porch, Patio, Deck, IENTRY,OPEN [ENTRY ' ENTRY ‘ ENTRY ' ‘E.| Fireplace(s), ete. ' 1 1 ¥ T —+ 3 | Fence, Poot ee. NONE \ ONE 1 —_NonE ‘ H H Net Adj. (total) i 1,425] + iis -1,000) + [x}ers -1,20( Adjusted Sales Price Gross 3.04% Gross 4.04% of Comparable 37,925 ( Not_ 3.04% $ 31,900 | Net 4.04% 5 28,50( Gommerta on Sales Comparison (icluding the subject property campatblty to te neightomeod, etc): AFTER ALL ADSUSTMENTS WERE MADE A NARROW VALUE RANGE IS FOUND. NONE OF THE SALES STAND ALONE AS AN INDICATOR OF VALUE, BUT Ct OLLECTIVELY THEY. SUPPORT EACH OTHER AND THE FINAL VALUE ESTIMATE. SUBJECT PROPERTY AND SALE #1 FRONT A MAIN ARTERY, THEY. BOOTH ARE BUFFERED BY 100 FEET OF LAND AND THE SERV.CE ROAD. AFTER THE MARKET WAS ANALYZED NO ADJUSTMENT. WAS WARRANTED. within year of appraisal | SC ITEM SUBJECT COMPARABLE NO, 1 L COMPARABLE NO. 2 | COMPARABLE NO. 3 Date, Price and Data VA 328,000 VA iN Source, for prior sales [SC 95 SC Isc Analysis of any current agreement of sale, option, NEITHER SUBJECT PROPERTY OR COMPARABLE SALES #2 & #3 HAVE SOLD WITHIN THE PAST 12 MONTHS" OF listing of the subject property ard analysis of any prior sales of subject and comparables within one year of the date of appraisal INDICATED VALUE BY SALES COMPARISON APPROACH 256202 o eee cece eee cece eeseeseeeeaneseene ‘Conditions of Appraisal: SUBJECT TO THE ATTACHED LIMITED CONDITIONS, 32.00€ bees : s INDICATED VALUE BY INCOME APPROACH {tt Applicable) Estimated Market Rent Mo. x Gross Rent Multiper =3 D This appraisals made = | X_} “as is” ‘subject to tha repairs, alterations, inspections or conditions listed below ‘subject to completion per plans and specifications. Final Reconciliation AFTER CONSIDERING ALL APPROACHES TO VALUE, GREATEST WEIGHT HAS BEEN GIVEN TO THE DIRECT SALES IVE COMPLAINT ~ ~~ E COMPARISON APPROACH, WICH IS CLOSER TO THE THINKING AND ACTION OF THE TYPICAL BUYER. 8 ‘The Purpose of tis appraisal fs to estimate the Ivarksh vaive of the real property tnat i= the subject of this report based on the above conditions and the certification, contingent 1) and liniang conditons.qand t re stated In the attached Freddie Mac Form 436/Fannie Mae Form 10048 (Revised ). 2 : 1 (WE) ESTIMATE THE DEFINED, \OF THE REAL PROPERTY THAT 1S THE SUBJECT OF THIS REPORT, AS OF 04/25/96 Ai WHICH 1S THE DATE] d FECTIVE DATE OF THIS REPORT} TO BE $ 32,000 Hi APPRAISER: SUPERVISORY APPRAISER (0) g Signature ‘Signature ois Lx | Die Not Name _ALEX GRUSZC: Name ALFRED D. CARACH Inspect Property Date Repon Signed 04/25/96 wi Date Report Signea 04/25/96 State Certification # State State Ceficaton# ST CERT GEN APPR 0000191 Sate FL Or State Licange # EG REA 900271 state FL Or State License # state Freddie Mac Form 70 663 12H, PAGE 2 OF 2 Fanmie Mae Form 1004 6-53 Gruszczyk & Assocites nw ~ SUMMARY APPRAISAL REPORT Property Description UK RM RESIDENTIAL APPRAISAL REF 7 File No. 962073 Property Address 1896 SERVICE RD. city MIAME State FL Zip Code _33054 Lega! Description LOT_12 BLK 337 MAGNOLIA GARDENS, PB 49 PG 54 = County DADE. BY Assessors Parce!No. —_08-2122-006-0120 TaxYear 1995 RE Taxea$ 0 Specia! Assnasments 5 FA corrower OLLIE ROYAL & MARI Current Owner__Q) 2 Leasshotd Prowct Type BE Neighbornood or Project Name MAGNOLIA GARDENS Map Retecence 52-41-22 Census Tract 4.03 AM saloPrica REFI Date of Sale N/A Description and 5 amount of loan chargas/concessions to be pald by setter NWA LenderCient GEM MORTGAGE Address CORAL, GABLES, FLORIDA f_Appraiser ALEX GRUSZCZ Address 14215 SW_109 Location Urban ‘Suburban Rural Pred 2minant Land use change Butt up Over 75% 25-15% Under 25% | O¢cUPancy 80 [x] not inery Likely Grown rate [_] Rapa Stable Stow X_ Owner 95 15 In process Property valuea increasing [X] stavte Declining Tenant To: Cemand/supply ‘Shortage tn balance ‘Over supply X_ Vacant (0-5%) 5i Marketing time: Under 3 mos. 3-6 mos. Over 6 mos. Vacant (over 5%)! Note: Race and the raciai compoultion of th naighbothood are not appraleal factors. PA] eianoornood boundanes and characerisica: TO THE NORTH BISCAYNIE CANAL, TO THE EAST I-95, TO THE SOUTH 119TH ST., TO THE WEST ha DOUGLAS RD. $e] Factora that affect the marketability of the properties In the neighborh2ed (proximity to employment and amenities, employment stability, appeal to market, etc): HY SUBJECT NEIGHBORHOOD IS CONSIDERED A SINGLE FAMILY RESIDENTIAL AREA. IT IS LOCATED WITHIN A SHORT DRIVE FROM fq SCHOOLS, REGIONAL SHOPPING AREAS, RECREATIONAL FACILITIES AND OTHER CONVENIENCES. THE 5% COMMERCIAL LAND. By UsE DOES NOT AFFECT SUBJECTS MARKETABILITY OR VAILUE. oO D Market conditions in the subject neighborhood (including support for the sbove conclusions related to the trend of property values, demand/supply, and marketing time = auch as data on competitive properties for sala In the neighbornood, description of the prevalence of sales and financing concessions, _ etc.) LAND RECORD DATA. AND MLS STATISTICS. AS WELL AS SALE/RESALE OF PROPERTIES IN THE NEIGHBORHOOD. SUPPORT A. SLIGHT INCREASE IN PROPERTY VALUES, MLS INDICATES 4, NARROW LIST-SELL-RATIO OF 99% AND TYPICAL MARKETING TIMES OF 90 TO 180 DAYS. WITH THE STRONG MARKET, SELLERS ARE NOT REQUIRED TO OFFER SALES OR FINANCING CONCESSIONS. FINANCING [S READLY AVASLABLE FROM A VARIETY OF SQURCES. Project Information for PUDS {if applicabie) ~ fa the developar/bullder in control of the Home Owners’ Association (HOA)? ima Yes Ix] No b Approximate totat number of units in the subject project N/A __. Approximate total number of units for sale in the subject project N/A _ MME _Desctide common glements and recreational taciities: UA Dimensions — 550X100 Topography LEVEL . Ste area $000 SQ. FT._ Corner Lot sie AVERAGE ‘Specific zoning ciasaification and description R-1 SINGLE FAMILY _ ‘Shape RECTANGULAR Zoning comptiance Gd Legal CJ Legal nonconforming (Grancifathered wse) “TI Megat ‘No zoning Drainage = TYPICAL Hignest & bestuse as improved: [x |Presantuse [| Other use (explain) View RESIDENTIAL Uulities Public Off-site Improvements Type Pubic Private | Landscaping TYPICAL 8 ub FA ctoctriciy X]_ sveet ASPHALT [[] | ommenaysutece CONC/STRIPS BS cas | CCureigutter F] [] | Apparent easements TYPICAL UTILITY Water ix] Sictewalk CONCRETE FEMA Special Flood Hazard Area Yes No Santary sewer [X} Sweet tights — POST FEMAZone AE Map Date 03/02/94 |_Storm sewer, Alley [ON} FEMA Map No. 12025CO090J Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal of legal nonconforming zoning use, etc)’ THE APPRAISER WAS NOT FURNISHED WITH A RECENT SURVEY, CONSEQUENTLY NO DETERMINATION OF AN ECROACHMENT OR OTHER ADVERSE CONDITIONS CAN BE DETERMJNED. GENERAL DESCRIPTION EXTERIOR DESCRIPTION No. of Units 1 Foundation CONCRETE. PA No. of stories Exterior Wat's & Type (Detiat,) Roof Surtace Basement PA Conign (styie) Gutters & DumspeAt Sump Pump NONE OSVD Floor | HA =xisingProposes Window Type, Dampness. NONE OSVD None _| a Age (vrs) Storm/Screen! Settlement NONE OSVD Unknown ADQ 1} Hi Manufactured House Infestation IONE OSVD. Fey roows [rove Twine [cing [tenon Den | Family Rm Leuneny Basement : - Fg level 1 AREA 1 693 Level 2 ™ R Finished afea__above grade contains: 4 Rooms: 2_ Bedroom(s): i fem INTERIOR Matenals/Condition KITCHEN EQUIP. AMENITIES CAR STORAGE: EE toon VINL/ CARP/ AVG Retrigeraor § [X Firepiace(s)# NO none [X] La Walls PLASTER/AVG Range/oven xX Garage # of cars fi TrinvFinish WOOD/‘AVG tie Disposal Attached g Bath Floor = TILE/ AVG Dishwaster Detachet Bath Wainscot TILE/AVG FantHooc Buitt-In Doors: HOLLOW CORE Microwave Carport & SOLID WOOD/AVERAGE Conaition_AVG Washertoryer Additional features {special energy eMcient items, etc): PORCH ENTRY, WALL AVC. Condition of the improvements, depreciation (physical, functional, and external), repeirs needed, quailty of construction, temodeting/additions, etc: SUBJECT. PROPERTY HAS AN APPROPRIATE FLOOR PLAN DESIGN WITH NO FUNCTIONAL OR PHYSICAL INADEQUACIES AT THE TIME OF THE APPRAISAL. uazmZzoo Adverse environmental conditions (such as, but not iimited to, hazardos wastes, toxic substances, etc) present in the improvements, on the site, or in the immediate vicinity of the subject property: THERE ARE NO KNOWN OR APPARENT ADVERSE ENVIROMENTAL CONDITIONS THAT WOULD NEGATIVE AFFECT THE VALUE OF THE PROPERTY. Fredaia Mac Farm 70 6-03 a2, PAGE 1 OF 2 Fannie Mua Form t004 5-53 Gruszezyk & Assocites SUMMARY APPRAISAL REPORT “Valuation Section UNIF_ Vl RESIDENTIAL APPRAISAL REPO! File No. 962073 ESTIMATED SITE VALUE «-. eee eee ee 30,000] Comment on Cost Approach {such as, source of cost estimate, ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: ‘site value, square foot calculation snd for HUD, VA and FmHA, the PE Owelling 693 SaFtQ@s 45°5 31,185 estimated remaining economic ite of the property: LAND TO BSMT 0. sa.ft@s . VALUE RATIO IS TYPICAL FOR THE AREA AND DOES NOT LUMP SUM = 4,000 AFFECT SUBJECTS MARKETABILITY OR VALUE. AE Garage/Carpon sq res - ESTIMATED REMAINING ECONOMIC LIFE "30+ " YEARS. Tow) Estimated Gast New =. eee evevsesvenneen “s 35,185 COST PER SQUARE FOOTAGE WAS DERIVED FROM AA Less 33.3 Prysicel Functional Exeral MARSHALL & SWIFT COST HANDBOOK, AND LOCAL A Oepreciaton 11,717 | “s 11,717| CONTRACTORS, Depreciated Value of improvements... os 23,468) “As-is* Value of Site Improvements... . . . 88 2,000) INDICATED VALUE BY COST APPROACH -s 35,468 ‘TEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 1896 SERVICE RD. 2130 SERVICE ROAD 2481 NW 139 STREET 2045 WASHINGTON AVENUE adaress_ OPA LOCKA, FL \OPA LOCKA, FL lOPA LOCKA, FL OPA LOCKA, FL. Proximity to Subject 3 BLOCKS 5 BLOCKS 7 BLOCKS Sales Price 3 REFH s 36,500) s 32,900} 3 29.701 PricelGross tiv. Area |S. Ds 61.04 D is 44.95% s. 38.42 7 Data ancior Iisc/P. RECORDS _|ISC/P, RECORDS IISC/P. RECORDS ISC/P. RECORDS Vorifeation Source INSPECTION IVISUAL INSPECTION [VISUAL INSPECTION VISUAL INSPECTION. VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION + OF Adjustment DESCRIPTION +) 5 Adjustment DESCRIPTION, + © 5 Adjusunent Sales of Financing FHA 1 ICONVENTIONAL 1 ICONVENTIONAL | Concessions MORTGAGE t _|MORTGAGE MORTGAGE H Date af Satertime 02/96, ! 101/96 103/96, t Location RESIDENTIAL _IRESIDENTIAL _! RESIDENTIAL, RESIDENTIAL __! Leasenoiairee Simole__ [FEE SIMPLE IFEE SIMPLE ' FEE SIMPLE i FEE SIMPLE 1 Ste 5000 $Q FT [5000 SQ FT ‘ (6000 SQ FT i -1,00014800 SQ FT : View IRES/MAIN RD. __|RES/MAINRD. _1 RESIDENTIAL _1 RES/MAIN RD.) Design and Appeal IRANCH IRANCH i RANCH H IRANCH : Quality of Construction VERAGE .VERAGE H .VERAGE t (AVERAGE t MM A00 46/E20 46/E20 ' IA46/E20 i 1A46/E20 ‘ Condition VERAGE.__ VERAGE_ ‘ VERAGE ' 8/E20 ' _ ‘Above Grade | ‘Tota | ame; Buthe | Tota! | Bde) Bathe | Total | Bdmat Bathe | Total | Bde! Batre | Room Count [452 ;100/4;2 1; 1 5 4; 2,414 41211) 2] Gross Living Area 693 Sart $98 sq ety +1,425| 732 sat | 7B sort} -1,201 Basement & Finished To LO. t Lp- | I. ' aq Rooms Below Grade 1 1 Functional wuity ADEQUATE EQUATE ' JADEQUATE_t EQUATE 1 BY Heatng/Cooing NALL A/C ALL A/C i WALL AC t WALL A/C H Energy Eticient tems TYPICAL ITYPICAL, H ITYPICAL H ITYPICAL t oy SatagerCarport RIVEWAY. JORIVEWAY IDRIVEWAY Lt IDRIVEWAY, t PY Porch, Patio, Deck, IENTRY, OPEN ENTRY { ENTRY t ENTRY : Fireplace(s), ete. 1 ‘ ' a= —— Fence, Posi, ete. IONE. INONE ! IONE ' _tNONE ‘ H H 1 Not Aa (ota) Tx] = CTs waa T+ [ers -1000 [J + [kts 71,20 Adjusted Sains Price: Grose 3.90% Gross 3.04% Gross, 4.04% of Comparable Net 3.90% 5 37,925 |net 23.04% $ 31,900 | net 4.04% s 28,501 Comments on Sales Comparison (including te subject propertys compatibility to the neighborhood, etc): AFTER ALL ADJUSTMENTS WERE MADE A NARROW VALUE RANGE IS FOUND. NONE OF THE SALES STAND ALONE AS AN INDICATOR OF VALUE, BUT COLLECTIVELY THEY. SUPPORT EACH OTHER AND THE FINAL VALUE ESTIMATE. SUBJECT PROPERTY AND SALE #1 FRONT A MAIN ARTERY, THEY BOOTH ARE BUFFERED BY 100 FEET OF LAND AND THE SERVICE ROAD. AFTER THE MARKET WAS ANALYZED NO ADJUSTMENT. WAS WARRANTED. —~ ITEM SUBJECT COMPARABLE NO. { COMPARABLE NO. 2 COMPARABLE NO. 3 Date, Price and Data VA 528,000 VA IN/A ‘Source, for prior sales Isc JUN/95 ISC HSC within year of apprarsal HSC Anaiyais of any current agreement of sale, option, or listing af the subject property anc analysis of any prior sales of subject and comparables within one year of the date of appraisal NEITHER SUBJECT PROPERTY OR COMPARABLE SALES. #2 & #3 HAVE SOLD WITHIN THE PAST 12 MONTHS _ K see - $s 32.00 INDICATED VALUE BY INCOME APPROACH {i Applicable) Estimated Market Rent $ /Mo. x Gross Rent Multiplier =3s 7 This appraisal ie made [XJ “aa ism subject to the repair, alterations, inspections or conditions listed below ‘subject to completion per plans and specifications Conditions of Appraisat: SUBJECT TO THE ATTACHED LIMITED CONE ITIONS INDICATED VALUE BY SALES COMPARISON APPROACH «eee eee ay 2! Reconcitiation: AFTER CONSIDERING ALL APPROACHES TO VALUE, GREATEST WEIGHT HAS BEEN GIVEN TO THE DIRECT SALES COMPARISON APPROACH, WICH IS CLOSER TO THE THINKING AND ACTION OF THE TYPICAL BUYER. The purpose of ths appraisah is to estimatgrthe market value/ of the rdal property that is the subject af this report based on the above conditions and the certification, contingent tated In the attached Freddie Mac Form 439/Fannie Mae Form 10048 (Revised THE RGAL PROPER'Y THAT IS THE SUBJECT OF THIS REPORT, AS OF 04/25/96 GFRECTIVE AATE OF THIS REPORT} TO BE $ 32,000 ‘SUPERVISORRPPRAISER (ONLY JF RI DE: sone Pee’ and limiting conditions, and 0 ' (WE) ESTIMATE THE MARK . (WHICH 18 THE DATE OF jNKPR APPRAISER: Signature ! oie [__] ova not Name __ALEX GRUSZCZ _. Name_ ALFRED D. CARACH Inspect Property Date Report Signed 04/25/96 i} \ ___ Date Report Signed 04/25/96 State Centficavon # P State _ State Certiication# ST CERT GEN APPR 0000191 sate FL Or State License # ST REG REA 0002700 sate FL Or State License # State Fredde Mac Form 70 6-93 12 CH. PAGE 20F2 Fanme Mae Farm 1004 6-33 Gnuszezyl: & Assocites 9 Fie No. = 962073 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. | have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dolar adjustment when sppropriate to reflect the market reaction to those items of significant variation. if a Significant item in a comparable property is superior to, or more favorable than, the subject property, | have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant Item in a comparable Property is inferior to, or less favorable than the subject property, | have made a positive adjustment to increase the adjusted sales price of the comparable. 2. | have taken Into consideration the factors that have: an impact on value in my development of the estimate of market value in the appraisal report. t have not knowngly withheld any significant information from the appraisal repart and | believe, to the best of my knowledge, that all statements and information In the appraisal report are true and correct. 3. | stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. f have no present or prospective interest in the property that is the subject to this report, and | have no present oF Prospective personal interest or bias with respect to the participants in the transaction. | did not base, either Partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject Property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. | have no present or contemplated future Interest In the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised vatue of the property. 6. | was not required to report a Predetermined value or direction in vaiue that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a Specific result, or the occurrence of a Subsequent event in order to receive my compensation and/or employment for performing the appraisal. | did not base the appraisal report on a requested minimum valuaton, & specific valuation, or the need to approve a specific mortgage loan. 7. | performed this appraisal in conformity with the Uni'orm Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in Place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. | acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate 1 developed is consistent with the marketing time noted in the neighborhood section of this report, unless | have otherwise stated in the reconciliation ‘section. 8. 1 have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. 1 further certify that | have noted any apparent or known adverse conditions im the subject improvements, on the subject site, or on any site within the immediate vicinity of the Subject property of which | am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that | had market evidence to support them. | have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. 5 personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report, it | felled on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, | have named such individual(s) and disclosed the specific tasks Performed by them in the reconciliation section of this sppraisal report. | certify that any individual so named is qualified to perform the tasks. | have not authorized anyone to make a change to any item in the report: therefore, if an unauthorized change is made to the appraisal report, | will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: if a supervisory appraiser signed the appraisal report, he or she certifies and agrees thet: | directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF OP RAISE 1896 SERVICE RD., MIAMI, FL_33054 APPRAISER: 0) SUPERVISORY APPRAISER (only if required): Signature: IL Signature: Ltetl Crack Name: ALEX GRUSZCZV Name: ALFRED D. CARACH. Date Signed: 04/25/96 : Date Signed: 04/25/96 State Certification #: \ State Certification #: ST CERT GEN APPR 0000191 of State License #ST REG REA 0002700 or State License #: State: FL. State: FL Expiration Date of Certification of License: NOV 1996 Expiration Date of Certification or License: (xJoia [Joia Not inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 1004B 6-93. Gruszezyk & Assocites MPLAINT RS File No. 962099 SUMMARY APPRAISAL OF THE F'ROPERTY LOCATED AT 3000 NW 173 TER. MIAMI, FL 33055 AS OF 05/10/96 FOR GEM MORTGAGE, CORAL GABLES FL BY GRUSZCZYK & ASSOCITES 2100 SALCEDO STREET CORAL GABLES, FL 33134 “UMMARY APPRAISAL REPORT Property Description UN. J RESIDENTIAL APPRAISAL REP. _ File No. 962099 Cp TT TO eet ee Propery Adstess 3000NW173 TER, cry MIAME sate FL Zip Code 35059 3 BOS LegalDescripton __ BLK 17 LOT? MYRTLE GROVE PB 53 PG90_*~ County DADE S'| AsseasorsParcelNe. _30-2109-002-3730_ —~ TexYear_ 1995 RE Taxea$ 1,486.8] Special Assessments $ NAA BY porewer_ LOUISE DAVILA Current Owner UISE DAVILA Occupant KX |_paner | Tenant | vacant 2 [propery nants eppraisea XI Fee Simple | _luessehota Proertme {| uD Ci Neighborhood or Project Name EGROVE MapReference 52-41-09 + Census Tract ~~ —940 TY salepree 8 NWA Date of Sale N/A. Description and § amount of foan charges/concessions to ba paid by seller NA LendersCuent GEM MORTGAGE. Address CORAL, GABLES, FL 100 SALZED: TREET 301 A CORAL GABLES RIDA tocabon Urban X} Subursan Rural Pradominant Single family housing Present Jand use % Land use change Buittup X | over 75% 25-75% Unger 25% | CCSuPancy S008 eS ‘One Famity 85) X | Not Likety Lkety Growth rate Rapid X} stable Slow X | ownur 1S Low 35) 24 fam In process Propeny values Increasing Stable Dectining Tenant 90 High 50) Mutu 10] To: 1 pemangiaupply Shortage tn balance oversupply | [X]vacancosx) [9 preaominant fo Easel 3 Marketing time Lunda 3 mi mos, Over 8 mos Vaca 3 ower SHORT 40-45] Note: Race and the racial composition Treighborhood ara not appraimal factors. Neighbornood boundantes and characteristics: ~=TO THE NORTH MIAMI GARDENS DR., TO THE EAST N.W. 17 AVE, TO THE SOUTH PALMETTO EXPRESSWAY, TO THE WEST N.W. 47TH AVE, — Factors tat affect the marketablity of the properties in the neighborhood praamity to employment and amenities, employment stability, appeal to market, etc): SUBJECT NEIGHBORHOOD IS CONSIDERED A SINGLE FAMILY RESIDENTIAL AREA. IT IS LOCATED WITHIN A SHORT DRIVE FROM SCHOOLS, REGIONAL SHOPPING AREAS, RECREATIONAL FACIL'TIES AND OTHER CONVENIENCES. THE 5% COMMERCIAL LAND. USE DOES NOT AFFECT SUBJECTS MARKETABILITY OR VALUE. a OCOLACOTO=mz: || Specific zoning clasaiication and description RU-1 SINGLE FAMILY. Market conditions in tha subject neighborhood (Including suppor for the above conclusions related to the Uend of property values, demandlsuppty, ana marketing ume 7 auch a Gata on sompeutive properties for aslo Inthe neighborhood, description of | the prevalence of sales. and financing concesslona, etc): LAND RECORD DATA AND MLS STATISTICS. AS WELL AS SALEJ:ESALE OF PROPERTIES (N THE NEIGHBORHOOD, SUPPORT A. SLIGHT INCREASE IN PROPERTY VALUES. MLS INDICATES A NA2ROW LIST-SELL-RATIO OF 99% AND TYPICAL MARKETING TIMES OF 90 TO 180 DAYS. WITH THE STRONG MARKET, SELLERS ARE NOT REQUIRED TO OFFER SALES OR FINANCING CONCESSIONS. FINANCING !8 READLY AVAILABLE FROM A VARIETY OF SOURCES. — Project Infrmadon or PUDs (Tapplcable) ~ the aevelopatiutanr monte oft one Ooms havavazon QIOA Ld Lk ]ne Approximate total number of units in the subject project N/A Approximate totai number of units for sale in the subject project N/A. Describe common elements and recreational facilites: Y Dimensions 75x110 — Topography LEVE! Site erea 8250 sq. ft. — conertot [ Jves [x]no | size AVERAGE/8250 SQ FT. yv ‘Shape RECTANGULAI [J cogat nonconteming (Granetatnered use) [_] megat No zoning Drainage TYPICA, ‘Other use (explain) View RESID AL Landscaping TYPICAL Driveway Surface CONCRETE Apparent easements PICAL UTILI FEMA Special Flood Hazard Area Yes No FEMAZone =X Map Date 03/02/94 FEMA Map No. 12025CO0804 special assessments, slide areas, Mogal or legal nonconforming zoning use, ete.) THE APPRAISE! WAS NOT FURNISHED WITH A RECENT SURVEY, CONSEQUENTLY NO DETERMINATION OF AN ECROACHMENT OR OTHER Zoning compliance Legal Off-site Improvemants Type Steet AS T Curbigutter ION! Sidowatk ‘Street lights Comments (apparent adverse easements, enctoachments, DNVERSE COND INS CAN BED RMIN) GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION ] Additionat features (special energy efficient Nema, ete}: COVERED ENTRY, CHAIN LINK FENCE. No, of Units 1 Foundation Slay CONCRETE. Area Sq.Ft NONE Root 5 | No. of stories 1 (| Extertor Walls Cram Space, NONE % Finished Ceting $I Type (Det/att) DET Roof Surface Bassment NONE. Watts E] Design ¢siyie) Guters & Dwmspts, SumpPump NONE OSVD Floor i ExistngProposea =~ YES/NO Window Type Oanpness NONE OSVD None Py Age (Vrs.) 42 StornvScreens Setvement NONE OSVD Unknown UNK be Effective Age (Yre.) Manufactured House Infestation NOI OSVD 1 rooms Famiyim. | Rec.Rm. | Beaooms | sane | tauncry other tea Sa. Ft Basement NONE QI Levers 1 3 1 4 1304 | [ bevetz Pe sc Ve 4 R Finkghed area__above_prade contains: 7_Rooms: 2 Bedroom(s): 1.00 _satn(sy: 1,304 _ Square Feet of Gross Living Area Of} INTERIOR Materlate/Conditton KITCHEN Equip AMENITIES CAR STORAGE: XI Floors TILEVCRPT/AVG Retdgerator [X] Freplace(s)# NO none [X] MY wate DRYWALL/AVG Rengeioven [|X Patio OPEN, Garage otcars | Tivrinish ~=WOOD/AVG Dispasal [ Deck NONE Attached . Hi Bath Floor = CERAMIC/AVG Dishwasher Porch ENTRY Detached Bath walnseot CERAMIC/AVG fanticod = [X Fence C/LINK Bult-in HOLLOW CORE/ Microwave [ Pool NONE Carport WOOD/AVG Washer/Dryer Finished Driveway § Condition of the Improvements, depreciation (physical, functional, and extemal), rupairs needed, qualty of constuction, remodeiingladations, etc: SUBJECT MLPROPERTY. HAS AN APPROPRIATE FLOOR PLAN DESIGN WITH NO FUNCTIONAL OR PHYSICAL INADEQUACIES AT THE TIME OF 21 THE APPRAISAL. N 3 Aaversa environmental conditions (such as, bu not iimited 10, hazardous wasies, toe substances, etc.) present In the improvements, on the site, or In the | immediate vicinty of the subject property: THERE“ARE NO KNOWN OR APPARENT ADVERSE ENVIROMENTAL CONDITIONS THAT WOULD EGATIVELY HE VA\ P Fredgia Mac Form 70 6-03 126H. PAGE 1 OF 2 Fannie Mae Form 1004 6-03 Gruszezyk & Assocites w } Valuation Section *~ “MARY APPRAISAL REPORT sESIDENTIAL APPRAISAL REPOR File No._962099 35,000] Comments on Cost Approach {such as, source of cost estimate, site value, square foot calculation and for HUD, VA and FmHA, the ESTIMATED SITE VALUE ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: Dweting 1,304 Sartes 45 =8 58,680 estimated remsining economic ite of the property: LAND TO BSMT NONE sq.Ft@s - VALUE RATIO IS TYPICAL FOR THE AREA AND DOES NOT LUMP SUM * 5,000 AFFECT SUBJECTS MARKETABILITY OR VALUE. Garage/Carport Saras - ESTIMATED REMAINING ECONOMIC LIFE "30+" YEARS. P 1} Total Esbmated Cast New 0. BS 63,680 COST PER SQUARE FOOTAGE WAS DERIVED FROM. ‘Oj Less 33,3 Physicat Functional External MARSHALL & SWIFT COST HANDBOOK, AND LOCAL A} Deprecaton 24,562 | 1 Hy Depreciated Value of improvements s 7 “As-ts” Value of Site improvements -3 INDICATED VALUE BY COST APPROACH =$ i (rem SUBJECT COMPARABLE NO, 1 COMPARASLE NO. 2 COMPARABLE NO. 3. i - . [3412 16 TER. 7: , 3000 NW 173 TER. - [3381 NW $78 ST. vw 12 NW 176 TER. = 17320 NW 32 AVE, i_Address_ MIAMI, FL. IMIAMI, FL. MIAMI, FL. i i j J sates Price s N/A il Praximity to Subject 248 BLOCKS Ms, Ww eee] s “ BS, PreesGross Liv, Area Is Dis $4.55 TAR: z Poe Ss ; Pee : Data anaior ISC/P. RECORDS ISCNET tSCNET NSCNET (> 3{_Venfication Source INSPECTION IVISUAL INSPECTION. \VISUAL INSPECTION VISUAL INSPECTION H VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION + () $ Adjustment DESCRIPTION Os Adjustment | DESCRIPTION 7 6) $ Adjustment: Sates of Financing ee FHA 71,72: FHA ' ICONVTL. \ | Concessions AMORTGAGE t MORTGAGE, H IMORTGAGE__~_} Date of Sale/Time as 4/96. : 5/96 H 196 4 [_Locason RESIDENTIAL _|SUBURBAN ‘ ISUBURBAN _ ISUBURBAN hos\l'de T Ceasehoiwrae Simple [FEE SIMPLE FEE SIMPLE i IFEE SIMPLE ' FEE SIMPLE ~ | OL she +6250 SO FT y.S00SQFT “1 NO ADS{7500 SQ FT Hi NO ADJ.7950SQFT__“_1___ NO ADJ. 1 view RESIDENTIAL RESIDENTIAL _1 RESIDENTIAL 1 RESIDENTIAL _1 Design and Appeat IRANCH RANCH j RANCH H 1 ‘5 L_Qvatty otconstruction [AVERAGE VERAGE : VERAGE ! ! Al Aas (42/20 A40/E20 ! |a4o7e20 : ' LF conaiion VERAGE ERAGE i __avernee Sup - pe = SOT |nverace S| avove Grace Total | Bamai Bathe | Total | Bdmel Babe 1 Toul + Bane! watt 1 Total + Barns gitemcem = yratimiyiarit [eter is 9 Gross Living Area 1 Sq.Ft 1320 sqrt Le9s sare! T Leot ' INONE P| Basement & Finished f ONE p40 + : @ ‘(NONE a Rooms Below Grade fi 4 ICAL ! ITYPICAL TYPICAL 8 | Heaung/cooing [WALL A/C WALL A/C i ALL_A/C WwaLenre Cet far Ni Energy emciont tems TYPICAL, IEYPICAL H ICAL [TYPICAL A A Garage/Carport INONE_ INONE H ONE (CAR PORT. ‘ =1,00 Rj Poren, Patio, Deck, COV ENTRY COV ENTRY =! COV ENTRY ~ |cov ENTRY p t Fireplace(s), etc. INO} 1 INONE. ' INONE. ‘ S'|_Fence, Pool, etc. NONE Nove 1 INONE _'NONE _ 3 CLINK WOOD FENCE 1 ___ lw NCI IcnLINK {Net Adj. (totaty 3,13: + 3,506 Adjusted Sates Price fo . Gross 3.69% Po Groas 7.43% yoroe of Comparable ws 72,000 [Net 3.69% § 28155 | vet 4.73% $ PISO Comments on Sales Comparison (including the subject propertys compatibility to the neighborhood, ate.): AFTER ALL ADJUSTMENTS WERE MADE A NARROW VALUE RANGE JS FOUND, NONE OF THE SALES STAND: ALONE AS AN INDICATOR OF VALUE, BUT COLLECTIVELY THEY SUPPORT EACH OTHER AND THE FINAL VALUE ESTIMATE, (TEM SUBJECT COMPARABLE NO. 1 | COMPARABLE NO. 2 COMPARABLE NO. 3. Date, Price and Oata mn RIL 96 SEPTEMBER 95 WA Loft! oo Source, tor prior sates SC 4,000 yt 0,000 isc g 00 Hn \ Y err a spt ¥1Pb Ie pod ¥ Sexo Analyals of any current agreement of sale, option, of listing of the subject property and analysis of any prior aales of subject and comparables within one year of the date of appraisal: THE SUBJECT NOR THE COMPARABLES HAVE SOLD WITHIN THE: LAST YEAR. INDICATED VALUE BY SALES COMPARISON APPROACH (NOICATED VALUE BY INCOME APPROACH ‘This sppralaat ts made {it Apptica aubject to the rations, Inspectors or conditions listed below Conahions of Appraisal; §=— SUBJECT TO THE ATTACHED LIMITED CONDITIONS Mo_X Gross Rent Multiplier subject to completion per plans and specifications, + gg] Final Reconcitation: ~—§ AFTER CONSIDERING ALL APPROACHES TO VALUE, GREATEST WEIGHT HAS BEEN GIVEN TO THE DIRECT SALES & COMPARISON APPROACH, WICH IS CLOSER TO THE THINKING AWD ACTION OF THE TYPICAL BUYER. a Ni The purpose of this apphalsal jal property that Is the subject of this ‘eport, based on the above conditions and the certification, 1] and timiting conditions, af we attached Freddie Mac Form 439/Fannie Mae Form 1004B (Revised , 1 OWE) ESTIMATE. THE MA AEFINED,| OF TH@ REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF 05/10/96 Al (WHICH Is THE patE| cl DATE OF THIS REPORT) TO aE $ 78,000 r APPRAISER: SUPERVISORY, ont QF stonatee _. Signature Se oa [x] oie noe _ Name_ ALFRED D. CARACH Inspect Property Oate Report Signed __ Date Report Signed 05/10/96 ‘ State Certification # _ State Certincation# ST CERT GEN APPR 0000191 — Sute_ FL Or State License ST REG REA 0002700. Sate FL Or State License # Freddie Mac Form 70 6-63 12cH. PAGE 219F 2 Fannie Mae Form $004 6-63 Gruszczyk: & Assocites ae seeNe 962099 APPRAISER'S CERTIFICATION: — The Appraiser certifies and agrees that 1. | have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to, of more favorabie than, the subject property, | have made @ Negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable Property is inferior to, or less favorable than the subject property, | have made a positive adjustment to increase the adjusted sales price of the comparable. 2. 1 have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. | have not knowingly withheld any significant information from the appraisal report and ( believe, to the best of my knowledge, that all statements and Information in the appraisal report are true and correct. 3. 1 stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and sonctusions, which are subject only to the contingent and limiting conditions specified in this form. 4. (have no present or prospective interest in the property that is the subject to this report, and | have no present or prospective personal interest or bias with respect to the participants in the transaction. | did not base, either Partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject Property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. | have no present or contemplated future interest In the subject property, and neither my current of future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. | was not sequired to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. | did not base the appraisal report on a requested minimum vatuation, a specific valuation, or the need to approve a specific mortgage foan. 7. [ performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Boarc of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception cf the departure provision of those Standards, which does not apply. | acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate | developed is consistent with the marketing time noted in the Neighborhood section of this report, unless | have otherwise stated in the reconciliation section. 8. ( have personally inspected the interior and exterior arees of the subject property and the exterior of all properties listed as comparables in the appraisal report. | further certify that | have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which 1 am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that | had market evidense to support them. | have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. | personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. 'f 1 relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, 1 have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. {| certify that any individual so named is. qualified to perform the tasks. | have not authorized anyone: ta make a change to any ttem in the report; therefore, if an unauthorized change is made to the appraisal report, | will take: no responsibility for It. SUPERVISORY APPRAISER'S CERTIFICATION: if a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: | directly supervise the appraiser wh> prepared the appraisal report, have reviewed the appraisal of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full resfons\bility for the appraisal and the appraisal report ADDRESS OG ROFE! A ISEQ APPRAISER: NX ~ Xs Signature: Name: ALEX GRNSZCZYK Date Signed: 05/10/96 teport, agree with the statements and conclusions 3000 NW 173 TER., MIAMI, FL 33055 SUPERVISORY APPRAISER, Signature: Zed Name: ALFRED D. CARACH Date Signed: 05/10/96. {only if require State Certification #: \ __ State Certification #: ST CERT GEN APPR 0000191 or State License #:ST REG REA 0002700 \/ __ of State License #: State: FL. _ State: FL. Expiration Date of Certification or License: NOV 1996 ___ Expiration Date of Certification or License: Did [x] dia Not inspect Property Freddie Mac Form 439 6-93 . Page 2 of 2 Fannie Mae Form 10048 6-93 GRUSZCZYK & ASSOCITES “OeMPOARY APPRAISAL KEFUKE Property Oescription UN _ 1 ZSIDENTIAL APPRAISAL REPU _ File Ne. 962999 { Propeny Adaress 3000 NW 173 TER. Cty MIAMI ‘State_ FL ZipCode 33055 { Legai Descripton BLK 17 LOT 7 MYRTLE GROVE PB 53 PG 90 County DADE $3] Assessor's Parcel No. 30-2109-002-3730 Tax Year 1995 RE Taxes 1486.8] Special Assessments $ NA uy Borrower LOUISE DAVIL, ‘Currant Owner SE DAVILA Occupant ‘Owner tenant___{ | vacant 3] proseryagn aporames |X] Feesimpie | [uessenoia Project Type |_| PUD E | Neiphbomood or Project name MYRTLE GROVE Map Reference 52-41-09 Census Tract 94.0 WY salePree 5 NWA Date of Sale N/A Descnption and $ amount of joan chargesiconcessions ta be paid by seller N/A LenaeriClient__GEM MORTGAGE Agoress CORAL, GABLES, FL. SoorpourTo Finighed area_aboya_grade contains. Z._ Rooms; 3 _Bedroon(s} 1.00 _Batnis): 1,304 _ Square Feet of Gross Living Area x INTERIOR —Materials/Condition KITCHEN EQUIP, AMENITIES: CAR STORAGE: ~ Floors TILE//CRPT/AVG Tre =o RC Refrigerator [X Fireplace(s)# NO None [X a. Walls DRYWALUAVG Fuel ELECT Rangeioven |X OPEN Garage Hof cars Pa TrimFinisn WOOD/AVG Conaition AVG Disposss NONE Attached S abe Te. be i Lg Oo < a f — OF OUYANG Ans Nata Aka Uae Valuation Section UNIFORN =SIDENTIAL APPRAISAL REPORT File No. 962099 =s 35,000] Comments on Cost Approach (such as, source of cost estimate, ESTm4~ED REPRODUCTION COST-NEW-OF IMPROVEMENTS. site value. square foot calcuiaton and for HUD. VA and FmHA the G: Oweting 1304 sa. Ft@s 43 <8 58,680 emimated remaining economic le of the propery)’ LAND TO S$: BSMT NONE sa Ft@s : VALUE RATIO IS TYPICAL FOR THE AREA AND DOES NOT 7 LUMP SUM = 5,000 AFFECT SUBJECTS MARKETABILITY OR VALUE. AY carage-camon Sq. FURS . ESTIMATED REMAINING ECONOMIC LIFE "30+" YEARS. P Total Esimated Cost New : 63,680 COST PER SQUARE FOOTAGE WAS DERIVED FROM tess 33.3 Physical Functional MARSHALL & SWIFT COST HANDBOOK, AND LOCAL Al cepreciaven 24,562 ss CONTRACTORS. H! Deprecsated Value of Improvements. . es FE sag.is" \alue of Site improvements : bes =s : INDICATED VALUE BY COST APPROACH =3 : Tem [___ svaecr COMPARABLE NO 1 COMPARABLE NO 2 COMPARABLE NO. | 3000 NW 173 TER. 3381 NW 178 ST. 13412 NW 176 TER. 17320 NW 32 AVE. | paeess MIAMI, FL. MIAMI, FL. AML, FL. MIAMI, FL. }_Proximiy to Subject ig BLOCKS (7 BLOCKS 2 BLOCKS T" sales Pree s NAA $ 72,000, 2 Ts 85.0001 $ 74,00 E pneeiGrosstv Area(s Ds 54.55 2 ds 71.63 2, Fas B71 i Data anor IISC/P. RECORDS |ISCNET ISCNET ISCNET | Veritcation Source INSPECTION __|VISUAL INSPECTION IVISUAL INSPECTION VISUAL INSPECTION EVALUE ADJUSTMENTS | DESCRIPTION DESCRIPTION +95 Adjustment DESCRIPTION | +095 Adustment DESCRIPTION +) 8 Adjustment 1 Sales or Financing FHA H FHA H ONVTL. H | Sencessions MORTGAGE f MORTGAGE ' IMORTGAGE 1 LE pate at Salertime 14/96, t 13/96 H 1/96 L (LL becaton RESIDENTIAL __ [SUBURBAN ! SUBURBAN ‘ SUBURBAN ' |" | Leasehoianee simple [FEE SIMPLE FEE SIMPLE ‘ E SIMPLE ' FEE SIMPLE ' 1 Tse |s250 SQFT 17,500 SQ FT. ! NO.ADJ|7500 SQ FT i NO ADJ.17950 $Q FT !___ NOADIJ. 1 Lew RESIDENTIAL __|RESIDENTIAL__ RESIDENTIAL + RESIDENTIAL {Design and Appeal IRANCH IRANCH ‘ RANCH \ RANCH q | | Quatiy of Construction LA VERAGE. .VERAGE ! |A VERAGE. n VERAGE : [AL Age 42/20 40/820 vo 40/20 ' 1A42/E20 ' £ {Condon JAVERAGE ERAGE! IAVERAGE. ! !AVERAGE ' ne Above Grade Jota! Same Bathe Total ! Beet Bare ' Tora Samet Baths + ie} Ream Count (2: 31 100 [ 743 Lo ! 613 t 1D Sross ang Area | 1304. soft {1320 sam | 1,095 saFe_} +3,135{ 1,004 sare! +4,501 'P: Basement Finished [NONE JONE : NONE ' (NONE ' Ay Rooms Setow Grase ' ' 1 [£1 _Functonai uiity TYPICAL, IFYPICAL ! TYPICAL 7 ITYPICAL, ' aung/Caoing WALL A/C WALL A/C 1 WALL A/C i WALL A/C 1 {Ni energy emcienttems (TYPICAL ITYPICAL my ICAL H TYPICAL \ Al Garagecarpont INONE__ ONE. A INONE i ‘AR PORT : 1,004 AI Parch, Pati, Boek, cov ENTRY |COV ENTRY ' COV ENTRY : OV ENTRY Ey Frepinceie) ete ONE NONE. Lo INONE a 1ONE ' | Fence Foote. ONE INONE WONE i NONE H IC/LINK WOOD FENCE _1 WOOD FENCE | IcALINK H SV maa) toa) + [dts x} + [Js 3,135, x} + CTs 3,50 } Adustes Pa % Grose 3.69% Gross 7.43% 01 Comparabie %s 72,000 | net 3.69% 5 88,135 | Net 4.73% s 77,50 Comments on Sales Comparison (including the subject property's compatiblity t> the neighborhood, etc} AFTER ALL ADJUSTMENTS WERE MADE A NARROW VALUE RANGE IS FOUND. NONE OF THE SALES STAND ALONE AS AN INDICATOR OF VALUE, BUT COLLECTIVELY THEY {_SUPPORT EACH OTHER AND THE FINAL VALUE ESTIMATE. { t 1 i Tem SUBJECT COMPARABLE NO. 1 | COMPARABLE NO. 2 COMPARABLE NO. 3 | Date, Prive and Data vA IAPRIL 96 SEPTEMBER 95 VA Source for prior sales. {SC 000 0,000 Isc wttun year of apprarsal Analysis of any current agreement of sale, apbon, or listing of the subject property and analysis of any priot sales of subject and comparables within one year of the date of appraisal THE SUBJECT NOR THE COMPARABLES HAVE SOLD WITHIN THE LAST YEAR. INDICATED VALUE BY SALES COMPARISON APPROACH Fee eee erect ee tenet acct eaeeeeeeeeenne : see INDICATED VALUE BY INCOME APPROACH Mo. x Gross Rent Multiplier Subject to completion per plans and specifications. This aporalsal 1s made Canattions of Appraisal SUBJECT TO THE ATTACHED LIMITED CONDITIONS Final Reconciliauan: ~~ AFTER CONSIDERING ALL APPROACHES TO. VALUE, GREATEST WEIGHT HAS BEEN GIVEN TO THE DIRECT SALES. |_COMPARISON APPROACH, WICH IS CLOSER TO THE THINKING AND ACTION OF THE TYPICAL BUYER. The purpose of this} PPPIaPR I fo etimate the market value ofpine real property that s the subject of this report, based on the above conditions and the certification, contingent } and hmiting condition: 1 OWE) ESTIMATE T (WHICH IS THE oy efiniton that are sta{ed) in the attached Frecdie Mac Form 439/Fannie Mae Form 10048 (Revised f AS DEFINED, OF/THE REAL PROPERTY THAT 1S THE SUBJECT OF THIS REPORT, AS OF 05/10/96 NSRECTIGN AND THE EFFHCTWE DATE OF THIS REPORT) 70 BE $ 78,000 ZO~ahP—-Fr-NzZ0OaMA APPRAISER: ‘SUPE! Y IF, (RED): Signature . 4 - ‘Signature x}oia [fois noe Mame ALEX GR \ \ Name ALFRED D. CARACH Inspect Property Date Repon Signed 05/10/96 f \ \ Date Report Signed 05/10/96 State Cerbfication # Ly State State Certifcaton# ST CERT GEN APPR 0000191 Sate PL Or State License # T.REG REA 0002700~7 state F| Or State License # redidie Mec Form 70 0-03 120K PAGE 2 OF 2 Fannie Mae Form 1004 6-83 Gmuszezyk &. Assocites Fo 90 962099 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. | have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a Significant item in a comparable property is superior to, or more favorable than, the subject property, | have made @ negative adjustment to reduce the adjusted sales price of the comparabie and, if a significant Item in a comparable Property is inferior to, or less favorable than the subject property, | have made a positive adjustment to increase the adjusted sales price of the comparable. 2. 1 have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. | have not knowingly withheld any significant information from the appraisal report and | believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. | Stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4, } Mave no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with respect to the participants in the transaction. | did not base, either Partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject Property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. | have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property 6. | was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation ard/or employment for performing the appraisal. | did not base the appraisal report on a requested minimum valuation, a specific vatuation, or the need to approve a specific mortgage loan, 7. 4 performed this appraisal in conformity with the Uniforn Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. | acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate | developsd is consistent with the marketing time noted in the Neighborhood section of this report, unless | have otherwise stated in the reconciliation section. 8. 1 have personally inspected the interior and exterior areas: of the subject property and the exterior of all Properties listed as comparables in the appraisal report. | further certify that | have noted any apparent or known adverse conditions in the subject Improvements, on the subject site, or on any site within the immediate vicinity of the Subject property of which + am aware and have made adjustments for these adverse conditions in my analysis of te property value to the extent that | had market evidence to support them. | have also commented about the effect of the adverse conditions on the marketability of the subject property. 3. | personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report FI relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, | have named such individuaKs) and disclosed the specific tasks Performed by them in the reconciliation section of this appraisal report. certify that any individual so named is qualied to perform the tasks. | have not authorized anyone to make a change to any item in the report, therefore, @ an unauthorized change is made to the appraisal report, | will take |10 responsibility for it. SUPERVISORY APPRAISER’S CERTIFICATION: if a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: 1 directly supervise the appraiser who prepared the appraisat report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. \ ADDRESS OF P| PER PP SED: 3000 NW 173 TER., MIAMI, FL 33055 APPRAISER: SUPERVISORY APPRAISER (only if required): i Signature: { _ Signature: Execl Corach__ Name: ALEX GRUSZCZYK \ Name: ALFRED D. CARACH Date Signed: 05/10/96 : [ Date Signed: 05/10/96 State Certification #:_ \ State Certification #: ST CERT GEN APPR 0000191 or State License #:ST REG REA 0002700 } or State License #: State: FL State: FL Expiration Date of Certification or License: NOV 1996 Expiration Date of Certification or License: x |Did [_] dia Not inspect Property Freddie Mac Form 439 6-93 Page 2 of Fannte Mae Form 10048 6-93 GRUSZCZYK & ASSOCITES DUIMIVIAKT APPRAISAL KEFUKS Property Description UNI" 7 ESIDENTIAL APPRAISAL REPC _ File No. 962101 Property Address 8221 SW 58 STREET city MIAMI ‘State FL ZipCode 33143 tegatDescriptos LOT 23 BLK 3. SUNKIST EST PB 40 PG 95 County DADE S| Assessor's Parcet No. 30-4027-005-0450 Tax Year 1995 RE. Taxes $ 3,G7L.91_ Special Assessments $ HMSTD y Borrower EITILDA ENRIQUE: Current Qvmer ROBERT KELLAR Occupant Owner Tenant Vacant I Property rights appralxed [Fee simple | _teasenois Project type | | PUD |__| Condominium (HUOIVA only) HOAS N/A_ Mo. & Neighborhood of ProjectName —- SUNKIST ESTATES MapReterence 54-40-27 Census Tract 77.02 TY saerrce $ 182,000 Date of Saie 4/9/96 Description and $ amount of loan chargesiconcessions to be paid by seller NA LenaerClent_ GEM MORTGAGE Address CORAL, GABLES, FL Appraiser ALEX GRUSZCZYK Address_142|5 SW 109 STREET MIAMI FL Location Urban XJ suburban Rural Predominant Single family housieg Present land uve % Land uae change uit up X] over 75% 18% Under 25% | OccUPANHY $ (000) a5 | One Famny 95] LX] Not ukey Likely Growth rate Rapld X | stable ‘Slow X | owner 140 Low 35) 24tam in process: Property values increasing [{X] stabie Dectining Torant 600 __ High 551 sduttetamtly 10: Demand/supply shonage [X] intatance [|] oversupply | [X ] vacant 0-5%) [predominant [= =| commercial 5 Markeyng time Under 3 mos, 36 mos. Qver 6 mos. Vacant (over 5%)200-250. 40-50) Note: Race and the racial composition of the naighborhood are not appraleal factors. Neighborhood boundaries and characteristics: = TO THE NORTH BIRD ROAD, TO THE EAST PALMETTO EXPRESS WAY, TO THE SOUTH SUNSET DR, TO THE WEST SW 97 AVE. Factors that affect the imarketabitily of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal 10 market, etc) SUBJECT NEIGHBORHOOD IS CONSIDERED A SINGLE FAMILY RESIDENTIAL AREA. IT IS LOCATED WITHIN A SHORT DRIVE FROM SCHOOLS, REGIONAL SHOPPING AREAS, RECREATIONAL FACILITIES AND OTHER CONVENIENCES. THE $% COMMERCIAL LAND USE DOES NOT AFFECT SUBJECTS MARKETABILITY OR VALUE. 9OormOUrTOA-mz Market conditions in the subject neighborhood {Including support for the waboww conclusions related to the wend of propery values, demand/supply, and marketing we ~ such aa data on competitve properties for sale In the neighborhood, description of the prevalence of sales. and financing concessions, etc.) LAND RECORD DATA AND MLS STATISTICS. AS WELL AS SALE/RESALE OF PROPERTIES IN THE NEIGHBORHOOD. SUPPORT A SLIGHT INCREASE IN PROPERTY VALUES. MLS INDICATES A NARROW LIST-SELL-RATIO OF 99% AND TYPICAL MARKETING TIMES. OF 90 TO 180 DAYS. WITH THE STRONG MARKET, SELLERS ARE NOT REQUIRED TO OFFER SALES OR FINANCING CONCESSIONS. FINANCING 1S READLY AVAILABLE FROM A VARIETY OF SOURCES. Project (nformation for PUDs —_(it applicable) ~ Is the developer?oullder in control of tne Home Owners’ Association (HOA)? LJ} ves No [T-a) Kpproximata total number of unita in the subject project NIA Approximate totat number of units for sale In the aubject project NA i Describe common elemants and recreational faciitias: Dimensions IRREGULAR _ Topography LEVEL | ste aen 33105 SQFT cornortat [_]ves [xJno | sue AVERAGE/33150 SQ FT ¥ AVERAGE/3150SQET ‘Specie zoning classification and description EUI_1 ACRE STATE Shape IRREGULAR Zoning compliance |X| Legal | ‘Legal nonconforming (Grandfathered use) Wtegal No zoning Oramage = TYPICAL _ -| Highest @ best use as improvea:__[ X }eresent use View RESIDENTIAL _ s Utilities: Public Other Off-site Improvements Tyre Landscaping TYPICAL (] Etectrenty X ‘Steet ASPHALT. Driveway Surtace ASPHALT. Ey cas Curviguter = NONE. Apparenteasements TYPICAL UTILITY. =| Watee xX Sidewalk NONE. FEMA Special Floog Hazard Area [_Jves [x] no santary sewer — [X] SEPTIC Steet lights POST FEMAZone X Map Dats 03/02/94 ‘Storm sewer Alley YES. FEMA Map No. 12025CO170J 1 eomments (apparent aaverse easements, encroachments, special asaesamenta, side arses, Megat or legal nonconforming zoning use, ete’ THE APPRAISER _ WAS NOT FURNISHED WITH A RECENT SURVEY, CONSEQUENTILY NO DETERMINATION OF AN ECROACHMENT OR OTHER ADVERSE CO JONS CAN BE DETERMINED EXTERIOR DESCRIPTION FOUNDATION @ASEMENT No, of Units 1] Foundation CONCRETE. Sab CONCRETE Area Sq. Ft. NONE | No.of Stories Exterlor Walls, CBS Craw Space, NONE. % Finished E) type (Detar) Root Surtace TAR&GRAV_| Basement NONE. E] cesign carpe) Guttnes @ Ownspt. — NONE Samp Pump NONE OBSVD. FJ ExisungProposed ‘Window Type AWNING Dampness NONE OBSVD. PI Age (¥rs.) Storm/Screens: NONE Suttiement NONE OSVD TL etrecine Age (vee) Manufactured House lw‘estation_ NONE OBSVD. | Rooms FamiyRm. | Rac. Rm. | Bedrooms | #Baine | taundry Other Area Sq. Ft. Basement NONE. OP covert fl 2 2 1881 Level 2 t M —- R Finished area__above grade contains: 2 Rooms: 2__Bedmom(s): 2.00_ Baths): 1.881 _Squore Feet of Gross tiving Area O} INTERIOR Matetials/Condition HEATING KITCHEN EQUIP. AMENITIES CAR STORAGE: ¢ Floors TILE/AVG Type ELECT Refrigerator Fireptace(s)# ONE None “ Walls PLSTRVWD PNL/GD Fuel ELECT Rangeloven Patio OPEN Garage #ofcars NI TemFinish WOOD/GOOD Condition AVG Oisposal Deck NONE Attached = 1 CAR 3 Bath Floor COCLING Dishwasher Porch SCREEN Oetached Balh Wamscot Central ~NONE FantHood ox] Built-in | Qoors HOU omer = WALL Microwave Carport ; | SOLID WOOIWAVG Condition AVG. WashertDryer Ortvoway ASPHALT. Additional features (special energy efficient items, etc): OAK WOOD PANELING, | CAR GARAGE, TENNIS COURT, COVERED DOG PEN. Condition of the Improvements, depreciation (physical, functional, and external], ‘epairs needed, qualty of constuction, remodetingladsitions, etc: SUBJECT PROPERTY LAS AN APPROPRIATE FLOOR PLAN DESIGN WITH NO FUNCTIONAL OR PHYSICAL fNADEQUACIES AT THE TIME OF THE APPRAISAL. wazmssoa Adverse environmental conditions {such as, put not limited to, hazardous wastes, toxic substances, etc) present in the improvements, on the site, of im ine immediate vicinity of the supject property: THERE ARE NO KNOWN OR APPARENT ADVERSE ENVIROMENTAL. CONDITIONS THAT WOULD NEGATIVELY AFFECT THE VALUE OF THE PROPERTY, ‘eda Mac Form 70 93 120M PAGE 1 OF2 Fannie Mae Form 1004 6-33 Gruszezyk & Assocites if a “J" "MARY APPRAISAL REPORT Valuation Section UNIFC A SIDENTIAL APPRAISAL REPOR | File No. 962101 ESTIMATED SITE VALUE ws eee eee eeceees = 130,000} Comments on Cost Approach {such as, source of cost estimate, ESTIMATED REPRODUOTION COST-NEW-OF IMPROVEMENTS: ‘site value, square foot calculation and for HUD, VA and FmHA the 8) wenting 1,881 SaF@s 45 «8 84,645 estimated remaining economic lite of the propery; LAND TO. S| BsMr. NONE sq.rte@s - VALUE RATIO IS TYPICAL FOR THE AREA AND DOES NOT x LUMP SUM = 20,000 AFFECT SUBJECTS MARKETABILITY OR VALUE. AY Garagecapot 198 Sartas 20 = 3,960 ESTIMATED REMAINING ECONOMIC LIFE "30+" YEARS. P.] Total Estmated Cost New - “s 108,605 COST PER SQUARE FOOTAGE WAS DERIVED FROM By ess 50.0 Physica Functional Enemal MARSHALL & SWIFT COST HANDBOOK, AND LOCAL A) veprecaton 54,302 | : $4,302| CONTRACTORS. Hi] Depreciated Value of improvements voit @8 “Asis? Value of Site Improvements... cceceeveeveecctevesveeeevees ss INDICATED VALUE BY COST APPROACH =$ {TEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 8221 SW $8 STREET lg475 SW 58 STREET 780 SW 66 ST. la495 SW 58 ST. adress MIAMI, FL, MIAMI, FL. AMI, FL. MIAMI, FL. Proximiy to Subject : "2 BLocKs . 1/2 MILE 2 BLOCKS Sales Price s 182,000) $ 185,000) ds 225,000): 3s 234.00 Price/Gross Lv Area |S 96.76 Bs 141.33 F 5 s 145.16 Dl 156.84 Z Data andier ISC/P. RECORDS ISCNET SCNET ISCNET Versteanon Source INSPECTION IVISUAL INSPECTION SUAL INSPECTION VISUAL INSPECTION VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION | +094 Aavatment | DESCRIPTION | + cs Adivemen | DESCRIPTION _| + (9 S Acnatment Sales ov Financing ICONVENTL H \CONVENTL 1 \CONVENTL 1 Concessions = MORTGAGE i ____ [MORTGAGE t IMORTGAGE, H Date of Sale/Time 12/95, t L195 t 12/95 t Location RESIDENTIAL _[RESIDENTIAL__! [RESIDENTIAL _! IRESIDENTIAL —_! LeaseholaiFee Simple __|FEE SIMPLE IFEE SIMPLE : IFEE SIMPLE a FER SIMPLE, ‘ Site 33150 SQ ET [33150 SQ FT 1 NO ADI45738 $Q FT i -12 500913105 SQFT. 1 NO ADS View IRESIDENTIAL [RESIDENTIAL RESIDENTIAL + RESIDENTIAL | Design and Appeal IRANCH IRANCH H IRANCH H IRANCH L g[-Suattyet constuction [CBS/AVERAGE [AVERAGE ! VERAGE ‘ VERAGE Aj Ave [a4s/e30 42/E30 ! 44/E30, ! 1aa0/E20 \ E [Centon IAVERAGE VERAGE ! VERAGE S| Avove Grace | Tota 1 Bama} Bathe | Total 1 Bdme! Bathe | Total | Bame! Gatna_| | Ream Count [712 1200/6;2, 1 -2,000. 7; 2) 1 Ri Stross wing Area 1,881 sqrt 1309 sare} +11,440} H +6,620|_ 1,492 SqFt | +778 P} Bi "&Fmisned — INONE ONE, { IONE H R Rooms Below Grade __ ‘ z 4) _Ferctionat Uvnty [TYPICAL (TYPICAL, i ITYPICAL TYPICAL _ a O|_HeatingiCooting WALL A/C WALL A/C i WALL A/C \ |CENTRAL AC 2.00 NJ energy emicientitems [TYPICAL [TYPICAL H “TYPICAL 1 ITYPICAL f Al GaragelCarport IGARAGE 1 GARAGE 1 t CARPORT. a +1,000}! CAR GARAGE | | I] Poren, Patio, Deck, SCREEN PORCH |COVERED ENTRY | OVERED ENTRY | jCOVERED ENTRY ! Lo] Firoplace(s), ate IONE ONE. ' ONE ' [NONE 5 | Fence, Pook [NONE INONE a oot i -15,000POOL \ -15.00 Hy ITENNIS COURT __|NON H *S.Q00NONE H +5,000/NONE i +5.00 Net Ag) (totat hens +L )-ts 16,440] + fhts -16,980) + [ys 6.29 Adjusted Sales Price os 1 Gross 8.89% Gross 18.76% Gross 13.58% ot Comparabie Loe ne 8.89% 5 201,440 | Net -7.55% $ 208,020 | net -2.66% $ 227,78 Comments on Sales Comparison (including the subject propery compatiblity 10 the neighborhood, etc): NONE OF THE SALES USED HAVE TENNIS COURTS. ACCORDING TO MARSHALL & SWIFT RESIDENTIAL COST HANDBOOK THE APPROXIMATE COST OF A TENNIS COURT IS. $18,000 + FENCING. APPRAISER COULD NOT FIND ENOUGH D, A TO SUPPORT THIS ADJUSTMENT. AN MINIMAL ADJUSTMENT WAS MADE. SUBJECT PROPERTY AND SALE #3 SHOW 3 BEDROOMS IN PUBLIC RECORDS, THEY ARE 2 BEDROOMS ~ (CINSPECTION/OWNER). ITEM SUBJECT COMPARABLE NO. { COMPARABLE NO. 2 COMPARABLE ND. 3. Date, Price ang Data VA VA VA IN/A Source, for prior salea Isc IISc SC dsc within year of appraiaal I Analysis of any cufrent agreement of sale, option, or listing of the subject property arg analysis of any prior sales of subject and comparables within one year of the date of appraisal THE SUBJECT NOR THE COMPARABLES HAVE SOLD WITHIN THE LAST YEAR. INDICATED VALUE BY SALES COMPARISON APPROACH : sees te eee eee Peeeer rn eeeereeeeeeeeetens ceeeeeeee INDICATED VALUE BY INCOME APPROACH (if Applicable) Estimated Market Rent $ This appraisals made |X} “sist subject to the repairs, rations, inspections ar conditions listed below Conditions of Appraisal, SUBJECT TO THE ATTACHED LIMITED CON DITIONS Final Reconciliation: AFTER CONSIDERING ALL APPROACHES TO VALUE, GREATEST WEIGHT HAS BEEN GIVEN TO THE DIRECT SALES E COMPARISON APPROACH, WICH IS CLOSER TO THE THINKING AND ACTION OF THE TYPICAL BUYER. o bs The purpose of this appraisal is & "al property ‘hat is the subject of this report, based on the above conditions and the certification, contingent 1 { and limiting conditions, and marke\ dat in}the attached Freddie Mac Form 439/Fannle Mae Form 10048 (Revised L | (WE) ESTIMATE THE MARKET Vv) EAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF 05/05/96 A) (WHICH IS THE DATE OF INSPE! DATE OF THIS REPORT) TO BE $ 208,000 T APPRAISER: SUPERVISORY ISER JEQUIRED): Q| signature Signature Jor [x tos not 2 a | Name ALEX GRUSZCZYK. Name ALFRED D. CARACH inspect Property a Date Report Signed 05/0596 N Date Report Signed 05/05/96 1 State Certification # State ___ State Certifications ST CERT GEN APPR 0000191 . State FL. | Or State License # ST REG REA 0002700 State, Or State License # State Freddie Mac Farm 70 6-03 w2cH, PAGE 20F 2 Fannie Mae Form 1004 6-53 Gruszezyk & Assocites o} PAGE DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market unser 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 @ specified date and the passing of titfe from seller to buyer under conditlons whereby: (1) buyer and seller are typically motivated: (2) both parties are well informed or well advised, and each acting In what he considers his own best interest; (3) a reasonable time Is allowed for exposure in the open market: (4) Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto: and (5) the price represents the normal. consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. “Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for thase costs which are normally pald by sellers as a result of tradition or law in a market area: these costs are reacily identifiable since the seller pays these costs In virtually 2 sales transactions. Special or creative financing adjustments can be made to the comparable Property by comparisons to financing terms offered bY @ third party institutional tender that is not already involved in the property ‘or transaction. Any adjustment should not be calculated on a mechanical dollar for dolar cost of the financing or concessions but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER’S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following conditions: 1. The appraiser will not be responsible for matters éf a legal nature that affect either the property being appraised or the title to It, The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the titfe. The property is appraised on the basis of It Iseing under responsible ownership. 2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size, 3. The appraiser has examined the available flood maps trat are provided by the Federat Emergency Management Agency (or other data sources) and has Noted In the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a Surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. . 5. The appraiser has estimated the value of the fand in che cost approach at its highest and best use and the improvements at their contributory value. The separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used, §. The appraiser has noted in the appraisal report any adverse conditiona (such as, needed repairs, depreciation, the Presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that ne or she became aware of during the normal research invoved in Performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no Guarantees or warranties, express or implied, regarding the condition of the Property. The appraiser will not be Fesponsibie for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the fleld of environmental hazards, the appraisal report. must not be considered as an environmental assessrient of the Property. assume responsibility for the accuracy of such items that were furnished by other parties, 8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report and vatuation conclusion for an appraisal that Is subdject to Satisfactory completion, repairs, or alterations on the assurnption that completion of the improvements will be berformed in @ workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/ctient specified in tne appraisat report can distribute the appraisal report {including conclusions about the Property value, the appraiser's identity and = professional designations, and references to any professional appraisai organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer, consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States cr any state or the District of Columbia; except that the lender/client may distribute the Property description secticn of the report onty to data coltection or reporting service(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained before the appraisal can be wonveyed by anyone to the Public through advertising, public relations, news, ‘sales, or other media. Freddie Mac Form 439 6-83 Page 1 of 2 Fannie Mae Form 1004B 6-93 “¥ FreNo 962101 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1.1 have researched the subject market area and have selected a minimum of three recent sales of properties most Similar and proximate to the subject property for consideration in the saies comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, | have made 2 negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable Property is inferior to, or less favorable than the subject 2roperty, | have made a positive adjustment to increase the adjusted sales price of the comparabie. 2. | have taken into consideration the factors that have an impact on value in my development of the estimate of market value in the appraisal report. I have not knowingly withheld any significant information from the appraisat report and | believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. | Stated in the appraisal report only my own personal, unbiased, and professional analysis, cpinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. | have no present or prospective interest in the Property that is the subject to this report, and | have no present oF Prospective personal interest or bias with respect to the participants in the transaction. 1 did not base, either Partially or completely, my analysis and/or the estimate o” market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject Property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. | have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised vaiue of the property. 6. 1 was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation end/or employment for performing the appraisal. | did not base the appraisal report on a requested minimum valuaticn, a specific valuation, or the need to approve a specific mortgage foan. 7 1 performed this appraisal in conformity with the Unifcrm Standards of Professionat Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. 1 acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate | develosed is consistent with the marketing time noted in the neighborhood section of this report, unless | have otherwise ‘stated in the reconciliation section. 5. | have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. | further certify that 1 have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the Subject Property of which | am aware and have made adjustments for these adverse conditions in my analysis of the property vafue to the extent that | had market evidense to Support them. | have aiso commented about the effect of the adverse conditions on the marketability of the subject property. 9 | personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. " 1 felled on significant professional assistance from any individual or individuals in the performance of the appraisal or tne preparation of the appraisal report, | have named such individual(s) and disclosed the specific tasks Performed by them in the reconciliation section of this arpraisal report. | certify that any individual so named is Gualiied to perform the tasks. | have not authorized anyone to make a change to any item in the report: therefore, if an unauthorized change is made to the appraisal report, | will take no responsibilty for it SUPERVISORY APPRAISER'S CERTIFICATION: tra ‘supervisory appraiser signed the appraisal report, he or she certifies and agrees that: | directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal feport, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF\RRORERTFY AP; 8221 SW_58 STREET, MIAMI, FL 33143 APPRAISER: SUPERVISORY APPRAISER _ (only it require: Signature: 7 __ Signature: Name: ALEX GRUSZCZYK U} _ Name: ALFRED D. CARACH Date Signed: 05/05/96 _ Date Signed: 05/05/96 State Certification #: _ State Certification #: ST CERT GEN APPR 0000191 or State License # ST REG REA 0002700 _. oF State License #:, State: FL. _ State: FL Expiration Date of Certification or License: NOV 1996 _ Expiration Date of Certification or License: { Joia [x] Did Not inspect Property eee Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 10048 6-93 GRUSZCZYK & ASSOCITES y4 Valuation Section SUMMARY APPRAISAL REPORT UNIF TORO DUS He OO: 1 RESIDENTIAL APPRAISAL REPO! File No. 962101 LWHUXEDZ> ZOn-a>VSO0. AMER ESTIMATED SITE VALUE -.-- += + ceeeeeeesaee = {such as, source of cost estimate, ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: site value, square foot calculation and for HUD, VA and FmHA the Dwelling 1,881 sqFtes 45 =8 84,645 estimated remaining economic life of the propery): LAND TO BSMT. NONE sa. Ft@s : VALUE RATIO IS TYPICAL FOR THE AREA AND DOES NOT LUMP SUM = 20,000 AFFECT SUBJECTS MARKETABILITY OR VALUE. Garage/Carpon 198 59. Ft@s 20 = 3,960 ESTIMATED REMAINING ECONOMIC LIFE "30+" YEARS. Total Estimated Cost New =. +o seeeenes see BS 108,605 COST PER SQUARE FOOTAGE WAS DERIVED FROM. Lose 50.0 Physical Functional External MARSHALL & SWIFT COST HANDBOOK, AND LOCAL Depreciation 54,302 =s $4,302] CONTRACTORS. Depreciated Value of improvements... 6.6. eee eee renee =$ "Asis" Value of Site improvements... eocsvesecseesseeeees ss INOICATED VALUE BY COST APPROACH -s TEM SUBJECT COMPARABLE NO.1 COMPARABLE NO. 2 COMPARABLE NO. 3 8221 SW $8 STREET 8475 SW 58 STREET [7780 SW 66 ST. 95 SW 58 ST. Aagress_ MIAMI, FL. IMIAMI, FL. IMLAMH, FL. IMLAML, FL. Proximity to Subject 2 BLOCKS 1/2 MILE 2 BLOCKS Sales Price s 182,000 els 135,000) 2 Ts 25,0008 Is 234.00 Price/Grosa Liv. Area {S 96.76 Ais 14133 2 2 cls 145.16 Dees 156.84 Dj Data andvor ISC/P. RECORDS |ISCNET ISCNET ISCNET Varitcation Source INSPECTION 'ISUAL INSPECTION [VISUAL INSPECTION MISUAL INSPECTION Sales or Financing \CONVENTL H ONVENTL 1 |CONVENTL - i Concessions MORTGAGE L. IMORTGAGE ‘ JORTGAGE H Date of SalesTime : 12/95 i 195 H 12/95 L Location RESIDENTIAL _|RESIDENTIAL | RESIDENTIAL __! (RESIDENTIAL _! LeasehoidiFee Simple [FEE SIMPLE FEE SIMPLE ! FEE SIMPLE ! FEE SIMPLE! Ske 33150 SQ FT. 3150 SQ FT ' 'No.ADs 45738 $Q FT ! -12,60033105 SQ FT 1 __NO.AD). Lview RESIDENTIAL [RESIDENTIAL _1 IRESIDENTIAL + RESIDENTIAL + Design ana Appeal IRANCH IRANCH { RANCH in IRANCH t Quality ot Consteucton__ |CBS/AVERAGE, VERAGE i AVERAGE, ! “AVERAGE H ‘Age |A48/E30 42/830 ! \Aa4/E30 , 1A40/E20 J Condition VERAGE VERAG) ! VERAGE._ ! .VERAGE ! Above Grade Total Bdms! Baths Total) Bars) Bathe | Tote! | Bore; Bathe 1 Tots): Bams; Bats | Room Count 712 ;:200/ 6/2; 1-45 Ti 3s 24 {_Gross Living Area 1,881 sort 1309 sg.Ft_{ +11,440)__1,550 sare} @axement & Finished ONE ONE ' [ONE | Rooms Below Grade ) a Functional tity fica ITYPICAL, ' [TYPICAL ‘ Heating/Cooling IWALL A/C [WALL A/G t WALL A/C » ICENTRALA/C [energy emcienttems (TYPICAL HrYPICAL 1 IrYPICAL | (TYPICAL f GaragaiCarport IGARAGE | GE} : CARPORT. 1 +1,000|1 CAR GARAGE Poreh, Pato, Deck, SCREEN PORCH |COVERED ENTRY ! COVERED ENTRY | OVERED ENTRY ! Firepiace(s), ete. IONE [NONE ' [NONE ‘ |NONE ! Fence, Poat, ate, ONE. INONE ' POOL. {__-15,000POOL. i -15,001 ITENNIS COURT __|NONE ' +5,000|NONE. 1 +5,000'NONE H +8,00 Net Ag) (total) Ceo ik] + (his 16440|{ ] + [xls -16,980, |] + [x]-is Adjusted Sates Price A Grose 8.89% Gross 18.76% Gross 13.58% of Comparable [Net 8.89% s 201,440 | Noe -7.55% $ 208,020 | Net 2.66% $ 227,78 Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc.): NONE OF THE SALES USED HAVE TENNIS COURTS, ACCORDING TO MARSHALL & SWIFT RESIDENTIAL CST HANDBOOK THE APPROXIMATE COST OF A TENNIS COURT IS $18,000 + FENCING. APPRAISER COULD NOT FIND ENOUGH DATA TO SUPPORT THIS ADJUSTMENT. AN MINIMAL ADJUSTMENT. WAS MADE. SUBJECT PROPERTY AND SALE #3 SHOW 3 BEDROOMS IN PUBLIC RECORDS, THEY ARE 2 BEDROOMS — (INSPECTION/OQWNER). i ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Date, Price and Data VA IN/A VA vA ‘Source, for prior sales Isc Sc isc Isc within year of appraisal Analysis of any current agreement of sale, option, or Wlating of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal THE SUBJECT NOR THE COMPARABLES HAVE SOLD WITHIN THE LAST YEAR. INDICATED VALUE BY SALES COMPARISON APPROACH INDICATED VALUE BY INCOME APPROACH ‘This appraisal is made x Conditions of Appraisal, SUBJECT TO THE ATTACHED LIMITED CONDITIONS subject to completion per plans and specifications, Final Reconciliation: AFTER CONSIDERING ALL APPROACHES TO VALUE, GREATEST WEIGHT HAS BEEN GIVEN TO THE DIRECT SALES COMPARISON APPROACH, WICH IS CLOSER TO THE THINKING AND ACTION OF THE TYPICAL BUYER. “PROSAFE OZOOMD | (we) estimate Y (WHICH (8 THE DATE APPRAISER: Signature REAL PROPER"Y THAT IS THE SUBJECT OF THIS REPORT, AS OF (5/05/96 KET Yau A3\ DEFINED, Jor fx INSPECTIDN AND THE ERFEGTIVE DATE OF THIS REPORT) TO BE $ SUPERVISORY,APPF LY IF, ED): - Signature eee aqatk. xJoe 208,000 Dia Net \ Name ALEX GR CZYK ‘The purpose of this appraisal is to estimate the market val the real property that 'a the subject of this report based on the above conditions and the certification, contngent and limiting conditions, and market value definition that ar¢ stafpd in the attached Freddie Mac Form 439/Fannie Mae Form {004B (Revised ) f Name ALFRED D. CARACH. Inspect Property Date Report Signed 05/05/9 ‘Date Report Signed 05/0546 State Certification # State Stata Cartfication# — ST CERT GEN APPR 0000191 Sate FL Or State License # REA 0002700 Or State License # lac Form 70. 6. 420m, PAGE 20F 2 Fannie Mae Form 1004 6-93 Gnuszezy& & Assocites 4D | ‘ . FieNo. 962101 APPRAISER'S CERTIFICATION: The Appraiser celtifies and agrees that: 1. 1 have researched the subject market area and have selected a minimum of three recent safes of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, | have made @ negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or fess favorable than the subject property, | have made a positive adjustment to increase the adjusted sates price of the comparable. 2. | have taken into consideration the factors that nave an impact on vaiue in my development of the estimate of market value in the appraisal report. 1 have not knowingly withheld any significant information from the appraisal report and | believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. | stated in the appraisal report only my own pevsonal, unbiased, and professional analysis, opinions, and conclusions, which are subject onty to the contingent and limiting conditions specified in this form, 4. 1 Rave no present or prospective interest in the property that is the subject to this report, and | have no present of prospective personal interest or bias with respect to the participants in the transaction. 1 did not base, either Partially or completely, my analysis and/or the estimate of market vaiue in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. t have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. | was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. | did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to @pprove a specific mortgage loan. 7. 1 performed this appraisal in conformity with the Uniform Standards of Professionat Appraisat Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply, | acknowledge that an estimate of a reasonab'e time for exposure in the open market is a condition in the definition of market value and the estimate | developed is consistent with the marketing time noted in the neighborhood section of this report, unfess | have otherwise statec in the reconciliation section. 8. { have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. | further certify that | have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the Subject property of which | am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that | had market evidence to support them. | have also commented about the effect of the adverse conditions on the marketability of the subject property. 9. 1 personally prepared all conctusions and opinions about the real estate that were set forth in the appraisal report. 'f ¢ relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, i have named such individual(s) and disclosed the specific tasks Performed by them in the reconciliation section of this aapraisal report. 1 certify that any individual eo named is qualified to perform the tasks. | have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, | will tak» no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: if a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: | directly supervise the appraiser wro prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking fult responsibility for the appraisal and the appraisal report. ADDRESS OF PRORERTY APPRAISED: wh SW 58 STREET, MIAMI, FL_ 33143 APPRAISER: ) / SUPERVISORY APPRAISER (only if required): Signature: . Signature: Atesl Larvae. — Name: ALEX GRUSZCZYK. Name: ALFRED D. CARACH Date Signed: 05/05/96 Date Signed: 05/05/96 State Certification #: State Certification #: ST CERT GEN APPR 0000191 or State License #:ST REG REA 0002700 or State License #: State: FL State: FL Expiration Date of Certification or License: NOV 1996 Expiration Date of Certification or License: x Did [dia Not inspect Property — Freddie Mac Form 439 6-33 Page 2ct2 Fannie Mae Form 10048 6-93 GRUSZCZYK & ASSOCITES a} 5 a) pive yin bis ‘Property Description pA AG RALIAL KEFUr } ARM RESIDENTIAL APPRAISAL fF. File No. 962106 _ |_Froperty Address 699 EAST 19 STREET City HIALEAH State FL ZipCode 33013 LegalDescnpton BLK 22-B LOT 13 HIALEAH 6TH ADD PB 8 PG 54 — County DADE _ _ S| Assessors Parcel No. 04-3)108-007-3660 TaxYear 1995 RE Taxes $ 1,236.23 _Speciat Assessments $ HMSTE v Bonower ; 6 Vacant 2 Procery nome wporainea "| dk L-red simpie T "Tucasenia proettye [| pun] teendominum (HUBWA sy) N/A Mo” C |_ Neighborhood of Project _ Map Reference 53-41-08 8.01- TH sae Pree $ NIA Data of Sale N/A Description and $ amount of loan charges/concessions to be pald by seller NA _ _ | kenceccuent_ GEMINI} MORTGAGE Address CORAL, GABLES, FL ~ on ‘Locaton ‘Urban XJ Suburban Predominant ‘Single family housing Present land use % ange uit up X] over73x asrs% — [_] uncer 25% § (000) ‘One Famiy 85, [Xx] vottney [] eke Growth rate Rapid Xj owner 75 Low 35) 2-4 fam pK) tn process Property values increasing 125 igh $5] mutv-tami, To: Demand/suppty [ } snortaye a [FA comenercial 5 = ~ Marketing be Under :} mos. 105-115 A0-50} - — Note: Race and the racial comp-sition of the neighborhood are not appraisal factors, Neighborhood boundaries and characteristics: E 33 STREET TO THE NORTH, HIALEAH DRIVE TO. THE SQUTH, CSX RAIL ROAD TRACKS TO THE EAST, AND NW 4 AVENUE AND HIALEAH RACE TRACK TO THE WEST. . Feciors Wal aflect the marketability of the properties in tha neighborhood {proximity to employment and amenities, employment slapiity, appual to market, elc.): [wer os NEIGHBORHOOD IS CONSIDERED A SINGLE FAMILY RESIDENTIAL AREA. ITIS LOCATED WITHIN A SHORT. DRIVE FROM SCHOOLS, REGIONAL SHOPPING AREAS, RECREATIONAL FACILITIES AND OTHER CONVENIENCES. THE 5% COMMERC [AL LAND. USE DOES NOT AFFECT SUBJECTS MARKETABILITY OR VALUE. eocorsoare-mz Market conditions in the subject neighbornood (Including support for the above conclusions relaied to the wand of propery values, demand/supply, and marketing time ~ such as dala on competiive properties for sale In the neighborhood, description of the prevalence of sales and financing concessions, LAND RECORD DATA AND MLS STATISTICS. AS WELL AS SALE/RESALE OF PROPERTIES IN THE NEIGHBORHOOD. SUPPORT A | |_SLIGHT INCREASE [N FROPERTY VALUES. MLS INDICATES A NARROW LIST-SELL-RATIO OF 99% AND TYPICAL MARKETING TIMES _ OF 90 TO 180 DAYS. WITH THE STRONG MARKET, SELLERS ARE NOT REQUIRED TO OFFER SALES OR FINANCING CONC ZSSIONS, FINANCING IS READLY AVAILABLE FROM A VARIETY OF SOURCES. be ete.) Project Information for PUDe (W applicable} — ta the developer/oulider in contro’ of the Home Owners' Association (HOA)? ubject project N/A. ff Describe common elements and recreational facilities: Yes Approximate total number of units for sais in the subject projet NA ocz Approximate total number of units in ——______. | Oimensions —50x135 Topography LEVEL . Ste sres 6750 sq. ft. Sue 6750 SQ FT/ AVERAGE. ‘Specific zoning classification and Jescription Shape RECTANGULAR __ [ Zoning comptance [X] regs [J Drainage = TYPICAL . Highest & best use a8 Improved” Mew rea _ : ‘S| Lilies Pubtie Landscaping TYPIC, . 1} Electreity Driveway Surface CONCRETE _ & Gas Apparenteassments TYPICA unity S “| Water & | Yes No. | Sanitary sewer Map Dae 03/02/94. Storm sewer ia 0. ——___————..._. Comments (apparent adverse easements, encroachments, upeciat assessments, slide reas, legal of legal nonconforming zoning vve,_otcI” THE APPRAISER __| WAS NOT FURNISHED WITH A RECENT SURVEY, CONSEQUENTLY NO DETERMINATION OF AN ECROACHMENT OR OTHER INSL LATION FOUNDATION No. of Units ‘Slab CONCRETE Area Sq.Ft. NONE Roof Xx p{ No. of Stories Crem Space YES Calting & Type (Det /Att) Basement = NONE. Wain x GE] Dewan (sive) Sump Pump - NONE OBS. Floor g Existing/Proposed Dampne NONE OBS None P| Age tyra) Settlement NONE OB: Unknown UNK. T 1 enectne Age tyre) ©| Rooms g Basement Bi vevels EY Levetz if (a. E cianesarea stove OQ] INTERIOR Materisis/Condibont CAR STOF'AGE: Ef Floors WOOD/CRPT/AVG Frepiace(s)# NO. None [X] i” watts DRYWALL/AVG Pato NONE. XJ] carage NN] Thnveinish WOOD/AVG Deck NONE Attached §{ Bah Floce ~— CERAMIC/AVG Porch ENTRY XJ] detaches 2] Bath Wainscot CERAMIC/AVG Fence C/LINK Xx Buittin Doors HOLLOW coRE/ Foot NONE SOLID WOOD/AVG = Acawonal features (special energy efficient hems, etc: PORCH ENTRY, CHAIN LINK FENCE $ Condition of the improvements, ‘depreciation (physical, functional, and exdernsi}, repairs needed, quality of construction, remodeling/additions, eic,: ‘SUBJECT My PROPERTY HAS AN APPROPRIATE FLOOR PLAN DESIGN WITH NO FUNCTIONAL OR PHYSICAL INADEQUACIES AT THE TIME OF E PIE APPRAISAL... GARAGE WAS CONVERTED TOA FAMILY ROOM, THE GARAGE DOOR IS STILL IN PLACE BUT INSIDE COVERED NI BY DRYWALE: 7 . S| Adverse environmental conditiow (such as, Dut not Emited to, hazardous wastes, toxic substances, etc} present in the Improvements, on ine site, of in we | Immediate weinty of the sudject property: THERE ARE NO KNOWN OR APPARENT. ADVERSE ENVIROMENTAL CONDITIONS THAT WOULD NUGATIVELY AFFECT THE V, : Freagie Mar Form 70 6-03 12CH. PAGE 1 0F2 Gruszezyk & Assocites Fannie Mas Form 1004 6-03 —_ 42 n . Fox :30566885U1 Jun tb WR BE P,02 " AMARY APPRAISAL REPORT UNL _ A RESIDENTIAL APPRAISAL REPC : ilo HO. 962106 . VALUE ens a 28,000] comments on Cost Approazy “uch as, sourco oe” cast eiamon * RSOUETION CST-NEW-OF IMPROVEMENTS: wie value, square foot calcu and for HUD. VA and FmrA ine L 649 SAAGSs SQ <3 82.450 eatimotod remsining econemic . NE sores = NVALUE RATIO IS TYPICAL LUMP SUM * 6,000 AFFECT SUBJECTS MARi sqngs . ESTIMATED REMAINING : NOW occ 88 ~ 88,450 COST PER SQUARE FOGTA\ Phypical Functonet Emam) MARSHALL & SWIFT COST. sess | L zs 29,454] CONTRACTORS. __ .: oF improvements . . 58,996) . _. 2,000) . . . COMPARABLE NO. Z WL COMPARAILE NO. 3 "631 EAST 17 STREET 691 EAST 28 STREET |MUAML EL, 12 MILE : : _ a 110.91 ISCNET ISCNET/OWNER —— ISUAL INSPECTION __-_|VISUAL INSPECTION VISUAL INSPECTION DESCRIPTION { 20) £ Adjuatment DESCRIPTION | +S Aavarnene | OESCRIPTION [+ cr 3 a0, ICONVENTL ICONVENTL 1 IScyP RFCOR DS INSPECTION. _ SESCRIFTION i H MORTGAGE 1 MORTGAGE MORTGAGE . te [96 _ _ 396 am RES{DENTIAL. , SIDENTIAL _! RESIDENTIAL | RESIDENTIAL! 5 sie _ |FEB SIMPLE [FEE SIMPLE ‘ _ FEB SIMPLE \_. FEE SIMPLE cee, ATS SQET fe SQFT 1 -1,200/7800 SQ FT ' 21000920 SQPT - RESIDENTIAL RESIDENTIAL ot. RESIDENTIAL _ARESIDENTIAL 1 : RANCH IRANCH i IRANCH i RANCH i clas JAVERAGE . AVERAGE _ ___|AVERAGE, H oom dAVERAGE mi a 1A46E20 __. 49/20 i 1A47/E20. a 1a43/E20 ! . 4 ve . punaae a. AVERAGE te ISVERAGE et ceed ¢ Bet ol) Bdrre; Bathe | Tote! | Bd) Gethe {Totes Baer Berne | ' | is . eis 205 232 Cs Lt Bart} +185] 1559 bart 3240! a7 aa INONE \ NONE Ty? [TYPICAL ICENTRILAWAL, | —1_.__.--___ CENTRAL, YPICAL. ‘ . IC. aes ONE ‘ . N) PORCH ENTRY PORCH ENTRY INONE. a puna none NONE I . «15| LX 144,985 in BUMS Compuitson {including the subject property» compsUbillty to the nelghbomood, ot.): DBY OWNER) |___susect_ | companasieno + | A VA iA IN‘A SC SC isc asc ont agroenient of pale, option. or iating of the sydject propeit, rnd ‘eneiysis of any prior asi of aubject and comparobias within one yeat ef thr Yau of ‘T NOR THE COMPARABLES HAVE SOLD WITHI®: ‘SHE.LAST YEAR. appraise! UE EY SALES COMPARISON APPROACK Y INCOME APPROACH Applicable) Estimated Maria: °° 5 eo. x Grobe Rent bs 5 . Le cabo) Eatimehed Maree none Serre tt X 3 ‘subject t0 Ihe repairs, siteretion:. --=-clions or conditions hated pelow 1 sutjet to comptation per plang wad specific atic rr sorisai: SUBJECT PO THE ATTACHED LIMITED © DITIONS ‘ AFTER CONSIDERING ALL APPROACHES TO VALUE, GREATEST WEIGHT HAS BEEN; {TO THE DIRECT § APPROACH, WICH IS CLOSER TO THE THINK! 1 AND ACTION OF THE TYPICAL BUY fal rose thal 9 We subject of this reper, based on ‘he suave condtions and tne cenitcaiion contin Ure atlecied Freddie Mac Form 438/Fennie Mee Form 10068 (Revised ) PROPERTY THAT 1$ THE SUBJECT OF THIS REPORT. 2% OF 04/30/96 DATE OF THIS REPORT] TO BE 5 135,000, = Wi SUPERVI SER {GHLY IE REQUIRE OY, yy r 5 2 __. Stpraturs ey BEAN Xoe 1 i 2 a wn. Nate ALFRED D. CARACH Impact Popety Sets Repor signed 04/30/96 a i _ Gute Sots Coricaton# ST CERT GEN APPR COO0191 ate : ST REG REA 0002700 Sate Or Stow License # _ Ete te mcs 130K. eee gOr2 Gurszyk & Assoojies "+ Gruszezy'k & Aszocites mite No $5206 SER'S CERTIFICATION: The Appraiser certifies and egrees that: weve researched the subject market arcu and have selected a minimum of three recent szles of properties mort 2nd proximate to the subject property for consideration in the egies comparison enatysc and hove made a ustment when appropriate to reflect the market regction to those items of signifi tem in # comparable property is superior to, or more favorable than, the subject piney, | have mada adyiaiment fo reduce the edjusted ealee price of the comparable and, it @ significant vi) & Comparabig ‘3 inferior lo, or less favorable than the subject Property, | Nave made a positive adjustment te incresse the sles price of the comparable. { veriation. if a "eve taken into consideration the factors that have en impact on value in my development of the estimate cf valug im the eppraisat report. | have not knowingly withheld any significant information from the appraitel cet Bed | Relieve, to the best of my knowledge, shit all statements end information in the tpproieal Teport ars a correct ‘stated in {te appreisal report only my own personal, unbiased, and profecvional enol sorens, which art: subject only to the contingent and liming condibone epecilied in tnie form. SiG, Opinions, and | ve no prewent or prospective interest in the prorerty that Is the subject to this report. 2nd | nave no presen! vrosnactive pergcnal intereet or bias with respect tu Ue participants in tne wansaction. | sic not base, either completly, my analysis and/or tne estimate of market value in the eppraisal report. ca the rece, color, Sex, handioup, familial status, or national origin of either the prospectve owners of occur, . 9° at the prevent owners or ocoupants of the Properties in Uig vicinity of the Gubject property. s of the subject i + “ave no present or contemplated future interest in the subject proparty, and neither my current of future “o1geocent nor my compensation for Performing this appraisal is contingent on the apprared ue af the property. “a6 MO required to report a predetermined value or direction in Value that favors the caves of the client or party, Ue amount of the value estimate. the attainment of a specific regu, or the occurrence of @ went event in order to receive my compensation and/or employment for performing the apprsisat. | did not. the 2pprarsal ryport on a requested minimum vetustion, & specific valuation, or the neec tk cpprove specific Inan “erformed this appraisal in conformity with the Ulriform Standards of Professions! Appraiso! Practce that were ~" and promulgated by the Appriigal Standards Board of The Appraisal Foundation and tne! were in piace ov ct 1; ofective date of this appraisal, with the excepton of the departure provision of those Standards, which does 7 y 1 acknowledge that an estimate of = reasonable time for exposure in the open martet is a condition in “2 Cefintion of munket value and tne estimete t developed is consistent with the merketiig time noted in the "ooo" 908 pection of thit report, unless | hava otherwise etztzd in the reconciliation section "Ne Personally inspected the interior and exterior arcas of the subject property and the exterior of all properties é* somparablet in the appraisal report 1 further cvrtify that | have noted any apparcnt or known adverse in the subject improvements, on the subject site, or on any site within the immed:ste vicinity of the sesperty of which | am aware end heave made adjustments for these adverse conditions " my analysis of ~ sscvpity value fo the extent that ¢ had market evidence to eupport them. 1 have ulso commented about the ine adverse Gonditons on the marketability of the subject property. sonally prepered all Conclusions and opinions about the real estate thal were sat forth in tne eppraisel report, in the performance of the vl reted on signiticant professional assistance from any individual or individual sf 2. ct er the preparation of the appraisal report, | have named such individual(e) and disclosed the specific tacks ined by them in the reconciliation section of this appraisal report. | certify thet any indiviciat so named is to perform the tasks. | have not authorized anyona to make a change to any item in th: report) teretore, ow cutnorized ehalge is made to the appraisal report, | will tzke no responsibility for it ISORY APPRAISER’S CERTIFICATION: — it a supervisory appraiser aigned the appraiz2! report, he or she and agrees thet | directly supervise the appraiser 1c prepared the appraial report, have revcwad the appraisal ge with the statements and conclusions of the ;xpraiser, agree to be bound by the acercisers centifications sous db through 7 abe and am taking full responsibility fo7 thd eppraigal and the appraisal report ! _ 699 EAST AS STREET, HIALEAH, FL 33013 & OF Pl " R SBR: SUPERVISORY APPRAISER “only if requirea): —— Bignature: Kote CE is cake Name: ALFRED D. CARACH Date Signed: 04/30/96 _ State Certification #: ST CERT GEN AF’ or State License #: State FL _- > | ALEX GRUSEISS YK seed 945009§_ CATION #: S049 1 ote License & IAAP tne, DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale 2s of a specified date and the passing of titie from seller to buyer under conditions whereby: (1) buyer and siller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest: (3) @ reasonable time is allowed for exposure in the open market; (4) payment is made in te’ms of cash in U.S. collars or in terms of financial arrangements comparable thereto: and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions“ granted by anyone associated with the sale. “Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for thoss costs which are normally paid by sellers as a result of tradition or law in a market alca: these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by @ third party institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanicat dollar for dollar cost of the financing or concessions but the dcllar amount of any adjustment shouid approximate the market's reaction to the financing or concessions based on the appraiser’s judgment STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report ‘is Subject to the following conditions: 1, The appraiser ‘will not be responsible for matters of a legal nature that affect either the Property being appraised or the tile to It “he appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership. 2, The appraiser Nas provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is inckided only to assist the reader of the report in visualizing the Property and understanding the appraiser's determina‘ion of its size. 3. The appraiser nas examined the availabie flood maps that are provided by the Federal Emergency Management Agency (or other cata sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area, Because the appraiser is mot a surveyor, he or she makes no guarantecs:, express or implied, regarding this determination, 4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the Property in question, unless specific arrangements to do so have been made beforehand, 5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value, The separate valuations of the land and improvements must not be used In conjunction with any other appraisal ang are invalid if they are so used. 8. The appraiser has noted in the appraisal report any adverse conditions (such as, needed fepairs, depreciation, the Presence of hazardois wastes, toxic substances, etc.) observed during the inspection of the Subject property or that he of she became aware of during the normal research involved in performing the appraisal, Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environment conditions (including the presence of hazardous wastes, toxic Substances, etc.) that woud! make the property more or less valuable, and has assumed that there are no such conditions and makes re guerantees or warranties, express or implied, regarding the condition of the Property, The appraiser will not be Fesponsibie for any such conditions that do exist or for any engineering or testing that might be required to discover wnether such conditions exist Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property. . 7 The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from Sources that he or ‘she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties, 8. The appraiser ‘will not disclose the contents of the appraisal report except’ as provided for in the Uniform Standards of Professional Appraisal Practice. 9 The appraiser hus based his or her appraisal report and valuation conclusion for an appraisal that is subject to ‘Satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. fepot can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser Is associated) to anyone other than the borrower: the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the District of Columbia; except that, ine lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obtain the appraiser's prior written consent, The appraisers written consent anc approval must also Ee obtained before the appraisal can be conveyed by anyone te the public through advertising, Public relations, news, sales, or other media. Freddie Mac Form 439 6-93 7 Page 1 of 2 Fannie Mae Form 10048 6-93 Pere Pes kk te) ~ -rteNe. 962106 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. | have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation, if a Significant item in a comparable property is superior to, or more favorable than, the subject property, | have made @ negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable Property is inferior to, or less favorable than the subject property, | have made a positive adjustment to increase the adjusted sales price of the comparable. 2. | have taken into consideration the factors that have an impact on value in my development of the estimate of market value in tre appraisal report | have not knowingly withheld any significant information from the appraisal report and 1 believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. | Stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4. | have no present or prospective interest in the property that is the subject to this report, and | have no present oF prospective personal interest or bias with respect to the participants in the transaction. | did not base, either Partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject Property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. | have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property 6 1 was not required to report a predetermined vale or direction in value that favors the cause of the client or any related party, the amount of the vaiue estimate, the attainment of a specific result, or the occurrence of a Subsequent event in order to receive my compensation and/or employment for performing the appraisal. | did not base the appraisal “eport on a requested minimum valuation, a Specific valuation, or the need to approve a specific mortgage loan. 7. ' pertormed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promutjated by the Appraisal Standards Board of The Appraisal Foundation and that were in Place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. | acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate | developed is consistent with the marketing time noted in the neighborhood section of this report, unless | have otherwise stated in the reconciliation section. 8. | have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report. 1 further certify that 1 have noted any apparent or known adversi: conditions in the stbject improvements, on the subject site, or on any site within the immediate vicinity of the Subject property of which | am aware and have made adjustments for these adverse conditions in my analysis of the property value t> the extent that | had market evidence to support them. | have also commented about the effect of the adverse conditions on the marketability of the ‘subject property. 9. | personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. 't 1 relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, | have named such individuals) and disclosed the specific tasku Performed by them in the reconciliation section of this appraisal report. | certify that any individual so named is qualified to perform ihe tasks. { have not authorized anyone to make a change to any item in the report: therefore, if an unauthorized char ge is made to the appraisal report, | will take no responsibility for it. SUPERVISORY APPRAISER’S CERTIFICATION: ita supervisory appraiser signed the appraisal report, he or she: certifies and agrees that: | directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisa! report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications. numbered 4 through 7 nbove, and am taking full responsibility for the appraisal and the appraisat report. ADDRESS OF RROPER’ APPRAISED: 699 EAST 19 STREET, HIALEAH, FL 33013 APPRAISER: SUPERVISORY APPRAISER | (only i required): Signature: ted Large Name: ALFRED D. CARACH Date Signed: 04/3046 Date Signed: 04/30/96 State Certification #: State Certification #: ST CERT GEN APPR 0000191 or State License #:ST REG REA 0002700 or State License #: State: FL State: FL Expiration Date of Certification or License: NOV 1996 Expiration Date of Certification or License: [oid x | Did Not Inspect Property \ Signature Name: ALEX GRUS#¢ Freddie Mac Form 439 6-93 - Page 2 of 2 Fannie Mae Form 10048 6-92) GRUSZCZYK & ASSOCITES % COMPLAINT. Cc io TRATIV T yt q “IMMARY APPRAISAL REPORT ‘Property Description UN RM RESIDENTIAL APPRAISAL REP. . + File No. 962106 _ [ProcenyAdaress 699 EAST 19 STREET Cty HIALEAH Sule FL ZmCods 33013 | LegarDescnpton BLK 22-B LOT 13 HIALEAH 6TH ADD PB 8 PG 54 County DADE _ S | Assessors Parcel No 04-3108-007-3660 Tax Year 1995 RE. Taxes$ 1,236.23 Special Assessments $ HMSTU Bi porover MACEDONIO OLIVRE Current Owner MACEDONIO OLIVRES occupant TXT owner [| tenant Vacant JF proseny nghts soprarsed XT ree simple | [tessenoia Project Type Puo Condominium (IHUDIVA onty) Hors NA Mo E | Neiwgnporhood or Project Name HIALEAH 6TH ADD Map Reference 53-41-08 Census Tract 8.01 [SalePree § N/A Date of Sale N/A Description and $ amount of toan charges/concessions to be paid by seller N/A _ _ jtengerChent_ GEMIN] MORTGAGE Address CORAL, GABLES, FL. _ _ aperniser GRUSZCZY) . _ FT Location Urban xX Single family housing Present land use % Lund vie change Bur up X] over 75% 5D Gre | One rarity 85, DX] mottikely Likely Grown rate Rapid X]swvie [| stow XJ owner 75. Low 35| 2-41am 10] In process. Property values mereating [XJ stave [| Dectining [J renane 125 High | Mull-farnity To _ Demandisupply Shortaye [ix] vacant 0-5) [2] preaominant [4 Commercial 5 . Marveting time Under 3 mos. Vacant (over 5%) Note: Race and the racial camposition of the nelghborhoad are not eppraival factore. Neighborhood boundaries and craracteristics: E33 STREET TO THE NORTH, HIALEAH DRIVE TO THE SOUTH, CSX RAIL ROAD TRACKS TO THE EAST, AND NW 4 AVENUE AND HIALEAH RACE TRACK TO THE WEST _ Factors Wat aflect the misketabilty of te properties in the neighbomocd (proximity to employment and ameniliee, employment slavily, sppral w market, ete.) SUBJECT NEIGHBORHOOD IS CONSIDERED A SINGLE FAMILY RESIDENTIAL AREA. IT 1S LOCATED WITHIN A SHORT DRIVE FROM SCHOOLS, REGIONAL SHOPPING AREAS, RECREATIONAL FACILITIES AND OTHER CONVENIENCES. THE 5% COMMERCIAL LAND USE DOES NOT AFFECT SUBJECTS MARKETABILITY OR VALUE. GoormoOuUra=mz Nariel conciions i te susject neighboreod (Including support for the above conclusions related to the Wend of propery vawes, demandisupaly, and marketing ume ~ Bch 28 dala on compeliive properties for sale in the neighborhood, description of the prevalence of saiek and financing concessions, — ele,): LAND RECORD DATA AND MLS STATISTICS. AS WELL AS SALE/RESALE OF PROPERTIES IN THE NEIGHBORHOOD. SUPPORT A | SLIGHT INCREASE IN PROPERTY VALUES, MLS INDICATES A NARROW LIST-SELL-RATIO OF 99% AND TYPICAL MARKETING ‘TIMES OF 90 TO 180 DAYS. WITH THE STRONG MARKET, SELLERS ARE NOT REQUIRED TO OFFER SALES OR FINANCING CONCESSIONS. FINANCING IS READLY AVAILABLE FROM A VARIETY OF SOURCES. Project Information for PUDs (applicable) — is the developer/oullser in control of the Home Owners’ Association (HOA)? Yes X}No Approximate total number of units in tha subject project NA Approximate total number of units for sale in the subject project NA Describe common elements and jecreational faciities: peter common elements and | Dimensions 50x 135 Dow Topography LEVEL. Ste area 6750 sq. ft. Comertot [X]ves [Jno | sue 6750 SQ FT/ AVERAGE, J Specific zoning classification and description R-1 SINGLE FAMILY Shape RECTANGULAR 4 Zoning compliance [_} Lepat noncontorming (Granatatnered use) [| blegal [J no zoning Drainage TYPIC, . Highest & best use as improved: X J} Present vse Other use (explain) View RESIDENTIAL ~. g | sles Public Other Oft-aite improvements Type Pupile Private | Landscaping TYPICAL _ 1 | Electnesty kK] ASPHALT x Driveway Surface = CONCRETE _ Ei cas | Curvguter = NONE Apparenteasements TYPICAL UTILITY Water x) Sidewalk CONCRETE FEMA Special Flood Hazard Area Yes No ‘Santary sewer ra ‘Sveet lights POST. 1P.4 FEMAZone =X Map Date 03/02/94 - Storm sewer C NONE. FEMAMap No. 12025CO1805 Comments (apparent adverse ments, encroachments, speciai assessments, slide areas, illegal of legal nonconforming zoning use, et.). THE APPRAISER WAS NOT FURNISHED ‘WITH A RECENT SURVEY, CONSEQUENTLY NO DETERMINATION OF AN ECROACHMENT OR OTH) 4 ADVERSE CONDITIONS CAN BE DETERMINED 4 GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No. of Units 1 ___} Foundation CBS ‘Slab CONCRETE AveaSq.Ft NONE Roof X. 1D} No of Stories 1 ___] Extarior watts BLOCK Craw Space YES % Finished Calling [_] Ej type (oatrany Roof Surface SHINGLE Basement NONE Calling Watts x. E} Design (siya) Guters 4 Ownsps. ALUMINUM | sump Pump NONE OBS Watts Foot ® ExisungProposes = YES/NO__| Window Type AWNING Dampness NONE OBS Floor None Py Age (res) 46 StormScreens SHUTTERS Settlement NONE OB. Outside Entry Unknown UNK Ty enecowe Age oven) 20 Manufactured House __Ni Infestation B 01 Rooms Living # Baths Laundry Area Sq. Ft NT Basement NONE 2 Level 1 L 1649 Level 2 1 m a Fintshed area_above _ grade cortains: 2.00 _Bathis) 1.649 Square Feet ot ross Living Area O] INTERIOR —Materials/Condttioy ATTIC AMENITIES CAR STOFAGE: ¥} Floors WOOD/CRPT'AVG None X] [repicesys NO tone [3X] Mj wans DRYWALL/AVG Stairs. Patio NONE. XJ] Garage Hot care Fs TumvFinish = WOOD/AVG Drop Stair Deck NONE Attached ‘ € BathFloor == CERAMIC/AVG Scuttle Porch ENTRY x Detached Bath Wainscot CERAMIC/AVG. Floor Fence C/LINK XJ} Bunn Doors HOLLOW CORE/ Heated Poot NONE Carport | SOLID WOQOD/AVG Finished. Driveway Additonal features (speciat energy efficient tems, etc.) PORCH ENTRY, CHAIN LINK FENCE Condition of the improvements, depreciation (physicat, functional, and external), repairs needed, quailty of Construction, femodeling/additions, etc: SUBJECT PROPERTY HAS AN APPROPRIATE FLOOR PLAN DESIGN WITH NO FUNCTIONAL OR PHYSICAL INADEQUACIES AT THE TIVE OF THE APPRAISAL. GARAGE WAS CONVERTED TO A FAMILY ROOM, THE GARAGE DOOR IS STILL IN PLACE BUT INSIDE CO'VERED BY DRYWALL. - Aoverse environmental conditions (such as, but not fimited to, hazardous wastes, toxic aubstances, etc.) present in the Improvements, on the site, of in the immedats weinty of the susject_ property: THERE.ARE NO KNOWN OR APPARENT ADVERSE ENVIROMENTAL CONDITIONS THAT WOULD. NEGATIVELY AFFECT THE VALUE OFTHE PROPERTY, Freddie Mac Form 70 6-03 2cH. PAGE 10F2 Fannie Vee Form 1004 6-93 Gruszezyk & Assocites ry ¥) HAZMEEO0. ©~'MMARY APPRAISAL REPORT Valuation Section UNIF: RESIDENTIAL APPRAISAL REPOF = Fite No. 962106 ; ESTIMATED SITE VALUE sees wee eS 75,000; Comments on Cost Approach (such as, source of cost esumate, | ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: ste value, square foot calculation and for HUD, VA and FmHA, the Be owenng 1.649 sa Ft@s 50 =8 82,450 esumated remaining economic We of tne propery) LAND TO S! BsMT NONE sartes - VALUE RATIO IS TYPICAL FOR THE AREA AND DOES NOT ] LUMP SUM = 6,000 AFFECT SUBJECTS MARKETABILITY OR VALUE a Garage/Carport Sq Frtas - ESTIMATED REMAINING ECONOMIC LIFE, "3(--_" YEARS. P| Tow! Estimated Cost New ss 88,450 COST PER SQUARE FOOTAGE WAS DERIVED FROM Bi tess 33.3 Physical Functional External MARSHALL & SWIFT COST HANDBOOK, ANT! LOCAL Al Depreciation 29,454 =s 29,454; CONTRACTORS. _ Hi Depreciated Value of improvements... veces cutesvnsneee =s 58,996 _ | "Asis" Value of Site Improvemen's be cievtsceceeeseee #8 2,000) _ 1 woIcaTED VALUE BY COST AFPROACH =s 135,996 7 a ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE: NO. 3 | 699 EAST 19 STREET '959 EAST 23 STREET 631 EAST 17 STREET 821 EAST 28 STREET |_Adaress MIAMI, FL. _[MIAMI, FL. MIAMI, FL. MIAMI, EL. | Fronmity to Subject 7 BLocks 2 BLOCKS. 1/2 MILE F gales Pree s NA ee 2 Ps eee mods 136,500 [s 125,000 } PricerGross Lv. Area |s ls 114.72 Bee: s 87.56 D js rool & | Data anaior IsC/P. RECORDS |ISCNET IISCNET/OWNER ItSCNET | Vertcaton Source INSPECTION [VISUAL INSPECTION VISUAL INSPECTION VISUAL INSPECTION VALUE ADJUSTMENTS DESCRIPTION Descrnion | + asaquarment | oEscmPTion | +c saawemen | DESCRIPTION [+ cs aaiuaiment Sales or Financing -& = |CONVENTL 1 (CONVENTL ' ICONVENTL ' Concessions MORTGAGE H IMORTGAGE t MORTGAGE ‘ 1 Date of Sale/Time : 195 1/96 t 3/96 tt Locaton RESIDENTIAL RESIDENTIAL _! RESIDENTIAL —_! RESIDENTIAL —_! {_LeasenoidFee Simple [FEE SIMPLE FEE SIMPLE i FEE SIMPLE i FEE SIMPLE _! {ste \675¢ SQ.FT [7920 SQFT 4 -1,200/7800 SQ FT. ! -1,000,7920 SQFT 1,201 1 view "RESIDENTIAL _'RESIDENTIAL__* RESIDENTIAL iRESIDENTIAL ___t } Deagn and Appeat RANCH RANCH i RANCH H IRANCH 4 jg |_Quatwv ot onstruction [AVERAGE lAVERAGE H [AVERAGE t [AVERAGE t __] Al Age Ad6/E20 laa920 ! 47/E20 \ 1A43/E20 _! -| E|_conarion AVERAGE !AVERAGE ' ERAGE. to ERAGE} S| Avove Graae Total | ame: Bathe | Total } Bern Total | Bdme; Bathe Total | Bama, Bate 1 | Room count 713 1 200 3 713124 S12. 14 | ross Lima wes 1,649 sa Ft 1264 Sart} +5,775|_ 1,559 Sart | 4#1,350| 1,127 sa.fr_} BP] Bosementarinsned — NONE (NONE ‘ ONE : NONE, ' Al acme Betow Grace _ ss t ot B | Functional Uvity ITYP/CAL ITYPICAL ! {TYPICAL \ TYPICAL _ O|_Heasngiceaiing ICENTR'LWAL _ICENTRAL i CENTRAL \ CENTRAL _1 NV Enerayemcient nema [TYP:CAL [TYPICAL : ITYPICAL A ITYPICAL _ $j Garegetcarpon INONE INONE. t [NONE t 1 CAR GARAGE __} Aj Poth, Patio, Deck, IPORCHENTRY 'PORCHENTRY | PORCHENTRY ! |NONE ' if Fireplace(s), etc, ONE. [NONE _ 1 ONE 1 _ [NONE J i {_Fence, Poot, ete IC/LINK, NONE ___|C/LINK, NONE C/LINK, NONE JONE,NONE — err) x] + [Js 4s7s\[x] + L]1s aso [x] + [Js 6,63 | Adjusted Sales Price Gross 4.81% Gross 1.72% Gross 10.42% of Comparable a4 Net 3.16% $ 149,575 | Net 0.26% $ 136,850 | Net $.30% $ | Comments on Sales Companson {including the subject propertys compatibility to the neighborhood, etc): SALE #2 HAS A CONVERTED GARAGE A BATH(VERIFIED BY OWNER) MOST EMPHASIS WAS PLACED ON SALES #2 & #3 WICH ARE THE MOST RECENT SALES,SAL2 #1 SLIGHTLY EXCEEDS THE PREFERRED SIX MONTH FOR DATE OF SALE. IT 1S IN SUBJECT 'S INMEDIATE NEIGHBORHOOD AND FALL WITHIN FNMAE 1 YEAR GUIDELINES. _ _ a { - ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO, 2 COMPARABLE NO. 3. 1 Date Price and Data N/A A VA VA - Source, for prior sales fISC isc isc tye |_wathin year of appraisal . _. Analysis of any current agreement of sale, option, or listing of the subject property and anaiysia of any prior sales of subject and comparables within one year of ths date of appraisal THE SUBJECT NOR THE COMPARABLES HAVE SOLD WITHIN THE LAST YEAR. _ INDICATED VALUE BY SALES COWPARISONAPPROACH snus nuns , ‘ INDICATED VALUE BY INCOME APPROACH (if Applicable) Estimated Market Rent $ ‘do. x Gross Rent Multiplier od | Tos appraisalismade |X| “sis Subject to the repairs, aterations, Inspections or conditions listed below subject to completion per plans and specificatons { Conditions of Appraisat; = SUBJECT TO THE ATTACHED LIMITED CONDITIONS _ Rr] Pa Reconcitavon: AFTER CONSIDERING ALL APPROACHES TO VALUE, GREATEST WEIGHT HAS BEEN GIVEN TO THE DIRECT SALES E| COMPARISON APPROACH, WICH IS CLOSER TO THE THINKING AND ACTION OF THE TYPICAL BUYER. _ 4 {.] and kmuing conditions, and market value definition that in the attached Freddie Mac Form 439/Fannia Mae Form 1004B (Revised _ t 1 (WE} ESTIMATE THE NARKE f DEFINED, HE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF 04/30/96 Al (WHICH 1S THE DATE INB IND THE E} DATE OF THiS REPORT) TO BE § __135, 000 — ~ F APPRAISER: ‘SUPERVISOBY APBRAISER [ONLY [F REQUIRED): 1 sonsce : Signatwe 7 Ce te Coe Exot nen Name ALEX GRUSEEZY Name_ ALFRED D. CARACH Inepect Property Date Report Signed 04/30/96 Date Report Signed 04/30/96 _ State Certification # State ‘State Certifcation# = ST CERT GEN APPR 0000)91 __ State FL. Or State tcense# ST REG RE 12700 = State _ FI Or State License # __ Sate Freddie Mac Form 70 6-03 120M. PAGE 20F2 Fannie Mas Form 1004 6.03 Gnuszezyk & Assocites OK “U™*MARY APPRAISAL REPORT very Dereription UE 9. RESIDENTIALAPPRAISALRE J Fiieno. 967115 Prpenyacaess 20710 NW 41 RD. cy MIAMI sate FL zipcode 33055 LegatQesenpon BLK 7 LOT} VISTA VERDE CLUSTERS UNIT | PB106 PG 19 county DADE Fa Assessors ParceiNo. _30-1132-017-0060 Taxvear 199$ RE. Taxes 471.38 Special Assessments § HOMSTE 8 Curent Owner s Occupant TXT owner [| tera | Vacant Bl Proceny nights appraised [Xl Feesimoe | iteasenoia Projecttye |X| Pup | Condominium (HUDIVA only) Hoss Mo E Neignbornood of ProectName VISTA VERDE CLUSTERS MapReterence 51-41-32 Census Tract 100.01 _ BM sacPrice $s REFINANCE _ Date otsae N/A Description and $ amount of loan charges/concessions to be pard by seller vA Lendericiient GEM MORTGAGE Adgress_ CORAL, GABLES, FL. _ _ Appraiser JISZCZVK Aaaress_ 14715 SW 109 STREET MIAMLF) . XJ suburvan Rural Predominant Single family housing Present land use % Land use change Bult up X] over 75% 2s7s% [| underasm | occupancy 5 (008) Om | One Family 80] [K] net ukety Linety Grown rate Rapa sare (_] stow [J owner 0 low Y} 2-4t0m 10] ir. process x Property values increasing [KX] savie [__] dectining (J tenant 8s High 20) Muni-tamay S| to _ Demandisuppty snoraze — [X] mbatence [| oversupply | [X | vacant (0-5%) [Frecominant | Commercial 5 . a Marketing tme Under 3 mos. |X] 3.6 mos. Loveré mos | vacant tover $x)/50-75 1-18 Smo TDI sé moe tt Over émos } | Nyscant tover swy/50-75 TR Note: Race and th int composition of the nelghbarhaod are not appraisal factors, Neighnorhood boundaries and charactenates: ~ DADE/BROWARD COUNTY LINE TO THE NORTH, NW 199 STREET TO THE SOUTH, NW 27 AVENUE TO THE EAST, AND NW 47 AVENUE TO THE WEST . Factors that affect the murketabilty of the properties In the neighdormood (proximity to employment and amenities, employment stability, appost to market, ete.) SUBJECT NEIGHBORHOOD IS CONSIDERED A SINGLE FAMILY RESIDENTIAL AREA. IT IS LOCATED WITHIN A SHORT DRIVE FROM SCHOOLS, REGIONAL SHOPPING AREAS, RECREATIONAL FACILITIES AND OTHER CONVENIENCES THE 5% COMMERCIAL LAND USE DOES NOT AFFECT SUBJECT'S MARKETABILITY OR VALUE. ooormorrta=-m2 Market concitions im the subject neighaornood (including support for the above conclusions related to the wend of property values, demandisupply, and marketing time ~ such a8 data on competiive properties forsale in the neighborhood, descnption of the prevalence of ales and financing concessions, ete.) LAND RECORD DATA AND MLS STATISTICS. AS WELL AS SALE/RESALE OF PROPERTIES IN THE NEIGHBORHOOD. SUPPORT A SLIGHT [NCREASE IN PROPERTY VALUES. MLS INDICATES A NARROW LIST-SELL-RATIO OF 99% AND. TYPICAL MARKETING TIMES OF 90 TO 180 DAYS. WITH THE STRONG MARKET, SELLERS ARE NOT REQUIRED TO. OFFER SALES OR FINANCING CONCESSIONS. FINANCING IS READLY AVAILABLE FROM A VARIETY OF SOURCES Project information for PUD® (applicable) — Is the developer/bullder in contol of the Home Ovmers! Association (HOA)? yes LX ]No Approximate total number of unit in the subject project 24/1SC. Approximate total number of units for sale in the subject project 3/SC. §.E. AGENT Describa common elements and ‘ecreationatfaciities Dimensions 35x 100 Sie area 3500 sq. fi. Comertot [Xjves | |No Specie Zoning lansiiation and dese ‘SINGLE FAMILY RU-1 Zoning compliance Legal Legal noncantorming (Granatatnered use) —[__] mega [__] No zoning Highest & best use as improved Other use (explain) Topography LEVEL. .. . Sue 3500 SQFT / AVERAGE . Shape RECTANGULAR . Drainage = TYPICAL. . . View RESIDENTAL ___ ___. Utilities Puptie Other Off-aite improvements Type Public Private f Landscaping TYPICAL Electricity ba Street ASPHALT [x] Driveway Surface GRAVEL Gas __ Curviguter, ~~ NONE LJ Apparent easements TYPICAL Water X ‘Sidewalk, CONCRETE [x] FEMA Special Flood Hazard Area T XJ¥ea No Sannary sewer [X] sveetants POST X FEMA Zone AE Map owe 03/02/94 Storm sewer Aley NONE FEMA Map No. 12025CQ080 F__ Commens (apparent adverse asements, encroachments, apeciat assessments, aide areas, egal or legal nonconforming zoning wwe, etc}: THE APPRAISER WAS NOT FURNISHED WITH A RECENT SURVEY, CONSEQUENTLY NO DETERMINATION OF AN ECROACHMINT OR OTHER ADVERSE CCI A ED, EXTERIOR DESCRIPTION. FOUNDATION: BASEMENT INSULATION No, of Units 1 Foundation CONCRETE __| sia CONCRETE __|Aeasart NONE Root (x! No of Stories 1 Exterior Waits CBS Craw Space, NONE. % Finished Cewrg {_} Type (Det att) ATTACH Root Surtace SHINGLE Basement NONE. Ceiling Walls Xx Design (Style) RANCH __futera& pwnsps. NONE. ‘Sump Pump NONE OSVD | waits Floor | Eustingtroposea = YES/NO) _| Wingow type AWNING Dampness NONE OSVD _| Ficor None _ Age (vrs) 18 ‘Storm/Screens NONE Outside Entry unknown UNK [_! Settlement NONE OSVD. NE OSVD Infestation Etrecuve Age tyre) Manufactured House ROOMS Rec Rm | Bedrooms omer | Area sq. Ft Basement NONE Level 1 t 1159 Levet 2 PLAINT Finished area above _g 1,159 square Feet or iors Ling Area HARMEMSORVR— TO Z2O-40—Roume oO INTERIOR —-Matnnals/Conaition AMENITIES CAR STORAGE: O% Floors TILE/AVG Fireplace(s)# ~=NO none [XX] watts DRYWALL/AVG Patio CONCRETE [X]| carage Hof cars Tamemish WOOD/AVC Drop Stair Anaches Ban Floor == CERAMIC/A.VG Scutle Detachec' Gam wanseot CERAMIC/A.VG Floor Fence C/LINK Burin Overs HOLLOW CORE/ Heated Poot NONE Carport SOLID WOOD/AV! Condition AVG Finished Driveway GRAVEL Adational features (special energy efficent items, etc. C/LINK FENCE, CENTRAL A/C, SECURITY BARS. Conaiion of te improvements, depreciation (physical, functional, and extemal), repairs needed, qually of corabucton, remodeungisaatena, cle SUBJECT PROPERTY HAS AN APPROPRIATE FLOOR PLAN DESIGN WITH NO FUNCTIONAL OR PHYSICAL INADEQUACIES AT |THE TIME OF THE APPRAISAL. SUBJECT PROPERTY HAS A NEW KITCHEN, AND THE TILE FLOORS WERE, REPLACED LAST YEAR. _ averse emwonmertal concitons (such as, But not kented to, hazardous wasies, toxic substances, etc] present in the improvements, on he ame or @ ue immediate weinty of the suyect propery: THBRE ARE NO KNOWN OR APPARENT ADVERSE ENVIROMENTAL CONDIT ONS AT WOULD 3ATE Al VALUE O} OPER’ Frecde Mac Form 70 6-93 s2.cH, PAGES OF2 anne Maa Farm 1004 6-03 Gnuszezyk & Assocites oO Haznszan SUMMARY APPRAISAL REPORT Valuat'on Section UNIF A 2SIDENTIAL APPRAISAL REPC ile No. 962115 ESTIMATED SITE VALUE ooo. e cence eee =s 20,000] Comments on Cost Approach (such as, source of cost esumate, ESTIMATED REPRODUCTION COST.NEW-OF IMPROVEMENTS. ste volue, square foot cakuiation and for HUD, VA and FmHA ow FA Oveting 1,159 sartes 45=s 52,155, estimated remaining economic fe of the propem LAND TO _ BSMT NONE so rtes . VALUE RATIO IS TYPICAL FOR THE AREA AND DOES LUMP SUM: = 3,000 NOT AFFECT SUBJECTS MARKETABILITY OR _ AY Garayercarpont sa Ft@s - VALUE. ESTIMATED REMAINING _ By 01a! Esumates Cost New wo nes 55,155 ECONOMIC LIFE "30+" YEARS, _ COST By less 16,7 Prysicat Functional Excemal PER SQUARE FOOTAGE WAS DERIVED FROM . AY Depreciavon 9.211 | i “3 9.21)| MARSHALL & SWIFT COST HANDBOOX, AND LOCAL _ Depreciated Value of improvernents voceeeeeeee *s 45,944 CONTRACTORS. _ . "Asis" Value of Site Improvemsnts -..- _*s 1,000) _ . INDICATED VALUE BY COST 4PPROACH =s 66,944) - . TEM SUBJECT COMPARABLE NO. + COMPARABLE NO 2 COMPARABLE NO.3 . 20710 NW 41 RD. 0706 NW 41 RD. 20795 NW 41 RD. 20764 NW 4] RD, acoress_ MIAMI, FL. FL. MIAMI, FL. MIAME FL. _ . Proximty te Subject ISAME BLOCK SAME BLOCK SAME BLOCK . Sales Price is REFINANCE| s 60.000} s 71.000) $ 74.00 PoceiGross tv Areas Ds 46.30 s $9.17 s $1.75 @ Data anavar ISC/P. RECORDS |ISCNET ISCNET ISCNET Verfeanon Source INSPECTION _|VISUAL INSPECTION VISUAL INSPECTION VISUAL INS?ECTION VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION {+ 3 Adjustment DESCRIPTION +S Adjustment DESCRIPTION Racks Adjuster Sales oF Financing ICONVENTL + CONVENTL (CONVENTL Concessions MORTGAGE | MORTGAGE | MORTGAGE! Date of SaierTime 4/96, i 10/95 A 10/95 4 Location IRESIDENTAL _[RESIDENTAL _! RESIDENTAL _! IRESIDENTAL _! Leaserotaree Simple FEE SIMPLE [FEE SIMPLE! IFEE SIMPLE! FEE SIMPLE‘ Site 3530 SQFT 3600 SQ FT. NO ADJ3500 SOFT 1 4000SQFT -1,0¢ View RESIDENTAL _|RESIDENTAL | IRESIDENTAL + IRESIDENTAI, + Design and Appeal RANCH. IRANCH. ! RANCH. H IRANCH Quaity of Construction [AVERAGE AVERAGE i [AVERAGE L AVERAGE i! Age A18/E10 1A18/E10 ' AIL ' 4,000 A/E1 _ ~4,06 Conaton !AVERAGE | AVERAGE, i |AVERAGE, \ JAVERAGE ‘Above Grade Total | Bdme; Gave | Total | Bama Bathe) Total 1 Bama! Bathe | Total |_@amai Guthe 1 Reeom Count [713 1200/7 )4) 25 Tia; 2 Bi4i24 wey _Sroas Living Area L159 sqrt 1,296 srt | -2,055]_1,200 sqrt} | 1.430 sqrt} _-4,06 Gq] Basement & Finished IONE IONE ' iNONE : INONE ' ay Rooms Below Grade _ | , 1 _! Functional Utility ITYPICAL [TYPICAL 1 ICAL ' {TYPICAL RY Heaung/cooing CENTRAL CENTRAL H ENTRAL H CENTRAL Energy EMiciont tems TYPICA ICAL j TYPICAL H TYPICAL GaragerCarpont IDRIVEWAY_ RIVEWAY | IDRIVEWAY | wt Poreh, Pava, Deck, ENTRY, ENTRY, ' IENTRY, ' IENTRY,OPEN | Fureplace(s), ete. (ONE INONE so INONE. fl a Fence, Pool, ee ICA. INK, NONE TICALINE, NONE ' IC/LINK, NONE _1 c J i t i Net Ad) (ota 2,055} + [xhvs -4,000) « TkETs 9.06 Adjusted Saies Price Gross 5.63% Gross 12.25% of Comparable 3.42% 5 57,945 [Net -5.63% $ 67,000 | wet -12.25% 64,93 Comments on Sales Comparison (including the subject propertys compatibility to the neighborhood, etc.): SUBJECT AND ALL COMPARABLE SALES ARE IN THE VISTA VERDE CLUSTER HOMES SUBDIVISION. SALE #2 & #3 ARE NEW HOMES. THE USAGE OF THESE. SALES COULD NOT BE AVOIDED DUE TO THE LACK OF RECENT SALES IN SUBJECTS SUBDIVISION. ITEM SUBJECT ia COMPARABLE NO 1 COMPARABLE NO. 2 COMPARABLE. NOLS Cate, Price and ata [N/A RIL 1996 A IN/A Source, for ptiorsales {SC 8,400 Isc Isc vwatun year of appraisat Isc : _ Analysis of aay current agreement of sale, option, oF listing of the subject property and analysis of any prior salea of subject and comparables within one year of the date of appraisat THE SUBJECT NOR THE COMPARABLES HAVE SOLD WITHIN THE LAST YEAR. INDICATEO VALUE BY SALES CUIMPARISON APPROACH . : Fa 60,00 INDICATED VALUE BY INCOME ¢PPROACH {if Applicable) Estimated Market Rent $ Mo. x Gross Rent Muttiptier = 8 NL ‘Thes appraraalismade = |X| “asin” ‘subject to the repairs, alterations, Inspections or conditions listed below subject to completion per plana and specifications Condinons ot Apprarsat; == SUBJECT TO THE ATTACHED LIMITED CONDITIONS ag oat Reconcitation’ =~ AFTER, CONSIDERING ALL APPROACHES TO VALUE GREATEST WEIGHT HAS BEEN GIVEN TO.THE DIRECT SALES COMPARISON APPROACH, WICH IS CLOSER TO THE THINKING AND ACTION OF THE TYPICAL BUYER. he purpene of His apprasal & 1 esimate We market value of ha real property that the aubject of tis repor. based on te above condlons and ine cedicalon, cowagen and ievting Conditions, and market value defintion that are stated in the atached Freddie Mac Form <39/Fannie Mae Form 10048 (Revised ___) + OWE] ESTIMATE THE WARKIET VALUE, ASDEFINED, GF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF 04/29/96 * WHICH IS THE D. AND THE /EFFECTIVE DATE OF THIS REPORT) TO BE & 60,000 / SUPERVISORY APPRAISER [ONLY IF REQUIRED}: Signature E- X}oia Did Net — APPRAISER: we Signature name ALEX GRUSZCZYK Name ALFRED D. CARACH Inspect Property Date Report Signed 04/29/96 Date Report Signed 04/29/96 7 State Cemficaton# ST REG REA 0002700 State SuateCecficaten’ ST CERT GEN APPR 0000191 __Stae FL Of Sate License @ State Or State Licer State Freddie Mac Form 70 6-93 120 PAGE 20F2 Form 1004 8-43 Gruszezyk & Assocites yA FleNo. 962115 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1, 1 Nave reseerched the subject market area and have selected a minimum of three recent sales of properties most similar and proxmate to the subject property for consideration in the sales comparison analysis and have meade a dollar adjustment when appropriate fo reflect the market reaction to those items of significant variation. If a significant item in a comparable property is superior to, of more favorable than, the subject property, | have made @ negative adjustment to reduce the adjusted sales price of the comparable and, # a significant item in a comparable Property is inferior to, or less favorable than the subject property, | have made a positive adjustment to increas the adjusted sales price of the comparable. 2. | have taken into consideration the factors that have an impact on value in my development of the estimate of market vaiue in the appraisal report. | have not knowingly withheld any significant information trom the appraisal report and | beleve. to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. | stated ir the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, whicti are subject only to the contingent and limiting conditions specified in this form. 4. 1 have no present or prospective interest in the property that is the subject to this report, and | have no present or prospective personal interest or bias with respect to the participants in the transaction. | did not base, sither Partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race; ‘color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the sutject Property or of the resent owners or occupants of the properties in the vicinity of the subject property. 5. 1 have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. | was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a Subsequent event in order to receive my compensation and/or employment for performing the appraisal. | did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. 1 performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective clate of this appraisal, with the exception of the departure provision of those Standards, which does not apply. | acknowledge that an estimate of a reasonable time for exposure in the open market is a conditicn in the definition of market value and the estimate { developed is consistent with the marketing time noted in the neighborhood section of this report, unless | have otherwise stated in the reconciliation section. 8. | have personally inspected the interior and exterior areas of the subject property and the exterior of all Properties listed as comparables in the appraisal report. | further certify that 1 have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the Subject property of which | am aware and have made adjustments for these adverse conditions in my analysis of the property valu2 to the extent that | had market evidence to support them, | have also commented about “he effect of the adverse conditions on the marketability of the subject property. 9. | personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. € 1 relied on significant professional assistance from any individuat or individuals in the performance of the appraisal or the preperation of the appraisal report, | have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. | certify that any individual so named is qualified to perforn the tasks. 1 have not authorized anyone to make a change to any item in the report: therefore, if an unauthorized change is made to the appraisat report, | will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: ita supervisory appraiser signed the appraisat report, he or she certifies and agrees that: | directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: APPRAISER: f Signature: Name: ALEX GRYISZCZYK' U 0710 NW 41 RD., MIAMI, FL_33055 / SUPERVISORY APPRAISER (only if require) Signature: Fel Cazasf 7 Name: ALFRED D. CARACH Date Signed: 04/99/96 i 2 Date Signed: 04/29/96 - State Certification #: ST REG REA 0002700 State Certification #: ST CERT GEN APPR 0000191 of State License #:_ or State License #: State: State: FL . Expiration Date of Certification or License: NOV 1996 . Expiration Date of Certification or License: ~~ X} Dic Did Not Inspect Property Freddie Mac Form 39 6-93 Page 2 of 2 Fannie Mae Form 10048 6-93 Gruszezyk & Assocites Pp ocv Ma-o@ nO Z20~4t-200m0 Gizmem ZOW-AYVECH vmr>yu Tem SUBJECT COMPARABLE NO. 2 COMPARABLE NO_3 744 NW 78 STREET 751 NW 74 STREET 17615 NW 14 PLACE | Adarasa_ MIAMI, FL. 33150 MIAMI, FL. 33150 MIAMI, FL. 33150 __ Proumiy to Subject 4 BLOCKS. . IS BLOCKS _ _ Sales Price s REFINANC $9,000) Ls 64,000] ° 1 __Is 390 PricelGross Lv. Area |S s 30.310 is 37,33 D _ Data andior ISC/P, RECORDS ISCNET ISCNET \Venticaton Source INSPECTION [VISUAL INSPECTION VISUAL INSPECTION _ VALUE ADJUSTMENTS DESCRIPTION +S Adjustment DESCRIPTION +8 Aduaunont OESCRIPTION 2.6) 8 Aguanne ‘Sales or Financing CONVENTIONAL | |CONVENTL. i Concessions MORTGAGE H IMORTGAGE, f . Date of Sale/Time 1295 t 12/95 . L _ Location RESIDENTIAL RESIDENTIAL! RESIDENTIAL ——_! _ LesschoitiFee Simple _'FEE SIMPLE FEE SIMPLE i «__|FEE SIMPLE. i _ site $250 SOFT. -2,40015150 SQ FT. ! $400 SQET._ ! . _ |RESIDENTIAL ESIDENTIAL 1 RESIDEN’ a Oesign and Appest RANCH RANCH H RANCH I _. Quality of Construction .VERAGE AVERAGE t VERAGE _ Age 71/E30 -2,000|A48/E15 ‘ Condition VERAGE ' ‘Above Grade Totat ; Gime: Bathe Room Count 6.211 Gross Living Aveo 1,272 sqrt | Basement & Finished ot Rooms Below Grade , ae ~ Functional Ubiity [TYPICAL __. D _ Heating/Cooling =2,000,WALL A/C . Energy Emicient tema YPICAL _ GarageCarport IDRIVEWAY _ ‘ _ Porch, Patlo, Deck, ENTRY, OPEN | Fireplace(s), etc, INONE,NO. __ | Fence, Pool, ate ONE ‘ . \ Not Adj. (total) qo [x] + [ys W), Adjusted Sales Price Gross 28.68% of Comparable Nat -10,85% $ $2,600 | Not 0.11% s 64,070 | Net 28.68% $ 50, Comments on Sales Comparison (including the subject propertys compatiblity to the neighborhood, etc.): SALE #3 EXCEEDS THE PREFERRED 15% FOR _ OVERALL ADJUSTMENT. THIS COULD NOT BE AVOIDED BECAUSE OF THE SIZE OF THE PROPERTY AND THE CONDITION ADJUSTMENT. THE: PROPERTY SOLD PREPARED TO RECEIVE A NEW SHINGLE ROOF, ALL SALES WERE. WEIGHTED \WITH EQUAL, EMPHASIS. sTEM ‘SUBJECT COMPARABLE NO. COMPARABLE NO. 2 COMPARABLE NO. 3 Date, Price and Data NIA JUNE 1995 [N/A IN/A ‘Source, for prior sates Isc 6,000 SC WSC. within year of appraisal Isc . Analysis of any Current acreement of sale, option, or keting of the subject property and analysis of any prior sales of subject and comparables within one year of the dale of apprai: SUBJECT PROPERTY NOR COMPARABLE SALE HAVE SOLD DURING THE LAST YEAR (ISC) INDICATED VALUE BY SALES COMPARISON APPROACH ESSE SEE EEESEOOCS ELSES ESSEC SSS TOS SSSSSS Seen eneeae cee e tee e cee teeees $ INDICATED VALUE BY INCOME APPROACH fu ie} Estimated Market Rent $ JMo. x Gross Rent Multipiiar ‘This appraisal is mace ‘subject to the repairs, allerstions, inspections of conditions listed Dalow subject to completion per plans and specification Conditions of Appraisal: == SUBJECT TO THE ATTACHED LIMITED CONDITIONS a Ry Final Reconciiation AFTER CONSIDERING ALL APPROACHES TO VALUE, GREATEST WEIGHT HAS BEEN GIVEN TO THE DIRECT SALES _ € COMPARISON APPROACH, WITCH 1S CLOSER TO THE THINKING AND ACTION OF THE TYPICAL BUYER. _. ° 8 The purpose of this appraisal is to estimate the market value of the rfai\ property that is the subject of this report, based on the above conditions and ihe cartifcation, conu or 1 | and limiting condivons, ard mark attached Freddie Mac Form 439/Fannle Mae Form 10046 (Revised ) t 1 (WE) ESTIMATE THE MARKET D PROPERTY THAT {$ THE SUBJECT OF THIS REPORT, AS OF 04/30/6 A| QWHICH: IS THE DATE OF INSP! fE OF THIS REPORT} TO BE $ $1,000 7 | appraiser: SUPERVIS, ISER (OMPY IF RE@UIRED): a sou sows Pee CAvaak [low Clown Name ALEX GRUSZCZYK Name ALFRED D. CARACH inspect Property ‘Date Report Signed 04/30/96 ate Report Signed 04/30/96 _ State Certification St Reg REA 0002700 FL State Centicaton# ST CERT GEN APPR 0000195 O* Stato License # Or State License # Freddie Mac Form 70 €-93 12H. PAGE20F2 Fannie Mae Form 1004 6-9 Gnuszezyk & Assocites 109 Fao, 962135 APPRAISER'S CERTIFICATION: ‘The Appraiser certifies and aprees that: 1. J have researched the subject market ares and have selected a minimum of three recent sales of Properties: most ‘similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation if a significant item in @ comparable property Is superior to, or more favorable than, the subject property, | have made @ negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, | have made a positive adjustment to increase the adjusted sales price of the comparable. 2. | have taken into consideration the factors that have an Impact on value in my development of the estimate of market value In the appraisal report 1 have not knowingly withheld any significant information from the appraisal feport and | believe, to the best of my knowledge, that all statements and information In the appraisal report are true and correct. 3. | stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and lieniting conditions specified in this form. 4. | have no present or prospective interest in the property that Is the subject to this report, and 1 have no resent ©f prospective personal interest or bias with respect to the participants in the transaction. | did not base, either Partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, feligion, sex, randicap, familial status, or national origin of elther the Prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. 1 have no present or contemplated future interest in the subject property, and neither’ my current -or future employment nor my compensation for performing this appraisal is contingent on the appraised value of thé broperty. 6 | was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. 1 did not base the appraisal report on a requested minimum valuation, @ specific valuation, or the need to approve a specific mortgage loan. 7. 1 performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice thal were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in plece as ot the effective: date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. | acknowledge that an estimate of a reasonable time for exposure In the open market is a condition in the definition of market value and the estimate | developed is consistent with the marketing time noted in the neighborhood section of this report, unless | have otherwise stated in the reconciliation section, 8. | have personally Inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the mppraisal report. | further certify that 1 have noted any apparent or known adverse conditions in the subject Improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which | am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that | had market evidence to support them. | have also commented about the effect of the adverse conditions on the marketabitity of the subject property. 9. | personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. it 1 relied on significant professional assistance from any individual or individuais I) the performance cf the appraisal or the preparation of the appraisal report, | have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation section of thie appraisal report. | certify that any individual so named is qualified to perform the tasks. | have not authorized anyone to make a change to any item in the report: therefore, if an unauthorized change is made to the appraisal report, I will take no responsibility for It. SUPERVISORY APPRAISER'S CERTIFICATION: if a supervisory appraiser signed the appraisal report, he or she certifies and ag’ees that: | directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OK PRORER{Y APPRAISE! 744 NW 78 STREET, MIAMI, FL 33150. _. APPRAISER: SUPERVISORY APPRAISER (only if required): Signature: Signature: Dt Le Gaoek. _ Name: ALEX GHUSZCZYK Name: ALFRED D. CARACH Date Signed: 04/30/96 Date Signed: 04/30/96 : State Certification #: St Reg REA 0002700 State Certification #; ST CERT GEN APPR 0000191 or State License # or State License #: State: FL State: FL - Expiration Date cf Certification or License: NOV 1996, Expiration Date of Certification or License: . X]pia Did Not Inspect Property — Freddie Mac Form 439 6-83 Page 2 of 2 Fannie Mae Form 100413 6-93 Gruszezyk & Assocites HID ~ummary Appraisal Keport Property.Description Ui__OF RESIDENTIAL APPRAISAL REF. iT: | FileNo. 962136 Properyaddress 1910 SERVICE RD. ety OPA LOCKA state FL ZipCose 33054 B legal Description LOT 10 BLK 337 MAGNOLIA GARDENS CONSOLIDATED PB 49 PG 54 County DADE FB Assessor's Paice! No. O8-2122-006-0100 TaxYear 1995 RE Taxes $ 0.00 Special Assessments 5 HOMSTD EW borower LOUIS WA R Current Owner JIS WALKER Occup owner_[ | Tenant | vacant Fg Propery ignts appraised |X] Feo simote | [usaseteis projeettype | | puo | condominium (uWAcAY) ——_—HOAS_—_—_—=ONV/A, to] fem Neighborhoad or ProjectName == MAGNOLIA GARDENS Map Reference 52-4)-22 Census Tract 4.03 AM ssieprce s REFINANCE _ Dator Sate NA Description sm4 $ amount of ican charges/concessions to be paid by setler N/A tendariciient GEM MORTGAGE Address CORAL, GABLES, FL. 33134 ooormomro—-mz ppraiser ALEX GR YK Address 0 SA DO STREET 301 A CORA AB FLORIDA ‘Urban P fs ‘Single family housing Lend wee change sccupeney” | PRICE ace X]nerusety [] ene X Jowner 25 low 36) 24 tam In process Tenant 80 High 55] Mutti-tamity A eosene evant (over 8%)40-45 40-45} Note: Race and the racial composition of the neighborhood are not ‘eppraiaal factors. Neighborhood boundaries and characteristics; ~=TO THE NORTH BISCAYNE CANAL, TO THE EAST 1-95, TO THE SOUTH 119TH ST., TO THE WEST DOUGLAS RD. Factors that affect the marketability of the properties in the Reighborhooc! (praximity to employment and amenities, employment stability, appeal to market, etc y SUBJECT NEIGHBORHOOD IS CONSIDERED A SINGLE FAMILY RESIDENTIAL AREA. IT IS LOCATED WITHIN A SHORT DRIVE FROM SCHOOLS, REGIONAL SHOPPING AREAS, RECREATIONAL FACILITIES AND OTHER CONVENIENCES. THE 5% COMMERCIAL LAND USE DOES NOT AFFECT SUBJECT’'S MARKETABILITY OR VALUE. Suburban Over 75% 28-75% Rapid Stable Siow Property vatues Increasing Stable Dectining Location Rura Buitt up Undar 25% Growth rate In baiance Over supply 3-6 mos, Demand/upply Shortage Marketing time Under 3 mos, Over 6 mos. Market conditions In the subject neighborhood (Including support fer the above concivsions related to the trand of property values, demandisupply, snd marketing ue ~ uch as data on competitive properties for sale In the neighborhood, description of the prevalence of sales. and financing concessions, etc ) LAND RECORD DATA AND MLS STATISTICS, AS WELL AS SALE/RESALE OF PROPERTIES IN THE NEIGHBORHOOD. SUPPORT A SLIGHT INCREASE IN PROPERTY VALUES. MLS INDICATES A NARROW LIST-SELL-RATIO OF 99% AND TYPICAL MARKETING TIMES OF 90 TO 180 DAYS. WITH THE STRONG MARKET, SELLERS ARE NOT REQUIRED TO f cet | mage OFFER SALES OR FINANCING CONCESSIONS, FINANCING IS READLY AVAILABLE FROM A VARIETY OF SOURCES. Project intormation for PUDe (applicable) — ts the developarfoullder in control of ttie Home Owners’ Association (HOA)? |_| yes No Approximate total number of units in tha subject project = N/A. Approximate totel number of units for sale In the subject project N/A Describe common elements and rmcrestionat faciikles: A Dimensions = 50x100 Topogrephy LEVE! oeares 5000 sq, comers [_]vee [X]no | size 5000 SQFT / AVERAGE ‘Specific zoning classification and description R-1 SINGLE FAMILY. Shape RECTANGULAR, Zoning compliance [X] Lega [__] Legal nonconforming (Grandfathared use) ima) egat [_] No zoning Drange = TYPICAL Highest & best use ax Improved Prosont uae [| Other use (explain) View RESIDENTIAL Utilities Pulte. Other Off-site Improvements Tipe Landscaping TYPICAL Electricity [x] _ ‘Street ASPHALT. Driveway Surface CONCR Publle Private —___ fy Gas ‘Curb/gutter NONE Apparent easements PICA ILITY Water _ Sidewalk CONCRETE X} [J | rena special rood Hazara Aran yes L_|no {J tT) Ct Sanitary sewer x] Streetiights = =POST FEMAZone = AE Map Oate 03/02/94 Storm newer Alley NONE _ FEMAMap No, 12025C0090J Comments {apparent adverse easements, encroachments, spacial assessments, side areas, tliegal or legal nanconforming zoning use, etc): THE APPRAISER | WAS NOT FURNISHED WITH A RECENT SURVEY, CONSEQUENTLY NO DETERMINATION OF AN. ECROACHMENT OR. OTHER AL RSE CONDITIO AN BE DETERMINED GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION INSULATION No. of Units 1 CONCRETE __| stab CONCRETE . Root No, of Stories 1 CBS. Cram Space NONE Celling Type (DetiAtt) SHINGLE Basement NONE walle Design (Style) . NONE. Sump Pump NONE OBS Floor Exkting/Proposed AWNING. Dampness NONE OBS None Age {Yrs} rm NONE Settement NONE OBS Unknown UNK Ettective Age (¥rs.) NON] infestation NONE OB ROOMS Foyer ting Dining kktichon Gen |FarniyRm. | RecRm [Bedrooms | w Baths | Launary Other Area Sq, Ft Basement NONE bevel 1 j ! 1 2 1 730 Level 2 @AZMEmceontZ= nO zZO-Av-7zOvMmG Finished area sbove _prace contains: \ 2 Bexiroom(s} 1.00 _ Batnis): 730 _Square Feet of Gross Living Area INTERIOR Materiais/Condition KITCHEN EciuiP. CAR STORAGE: Floors VINL/CARP/AVG Refrigerator [X None [| Walls PLASTER/AVG ; Rangefoven [X Garage Taeveinsn ~— WOOD/AVG Disposal Ban For =~ CERAMIC/AVG Dishwasher Bats wainscet CERAMIC/AVG. Fanmood Microwave Heated Waaher/Drya" Finished Addtonal features (special enscgy efficient xems, ste): PORCH ENTRY WALL A/C aAazm=Esoo Frei Condition of the improvements, depreciation (physical, functonsl, and extemal, repairs needed, quaty of construction, remodeling/aditions, etc: SUBJECT PROPERTY HAS AN APPROPRIATE FLOOR PLAN DESIGN WITH NO FUNCTIONAL OR PHYSICAL INADEQUACIES AT THE TIME OF THE APPRAISAL. Adverse environmental conditions (such ws, but not limited to, hazardoun wastes, toxic substances, etc.) present in the Improvements, on te site, or in we immediae vicinty of the subject property: THERE ARE NO KNOWN OR APPARENT ADVERSE ENVIROMENTAL CONDITIONS HAT WOULD NEGA A THE VALUE OF THE PROPER .ddio Mac Forrn 70 6-93 32.cH. PAGE 10F2 Fannie Mae Form 1004 6-93 ‘ Gmuszezyk & Assocites : and jDumunary Apps asa acpuse Valuation Section UNIFOhw RESIDENTIAL. APPRAISAL REPORT : Fille No. 962136 ESTIMATED SITE VALUE vcetiseaevsvesuensnes es Comments on Cost Approach (auch as, source of cost” estimate, ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: ‘site value, squate foot calculation and for HUD, VA and FmHA, we 6 Dwelling 730 sartes 45 «3 32,850 ‘estimated remaining economic ie of the propery: LAND TO $| BSMT NONE sa res - VALUE RATIO IS TYPICAL FOR THE AREA AND DOES r LUMP SUM = 4,000 NOT AFFECT SUBJECTS MARKETABILITY OR Ay Garageicarport 59 Fas . VALUE. ESTIMATED REMAINING P| Tota! Eatimated Goat NeW 6 eee cereesesesc as 36,850 ECONOMIC LIFE "30+" YEARS. COST Bites 41.7 Phyateat Functional External PER SQUARE FOOTAGE WAS DERIVED FROM Al oepreciaton 14,672 | os Hi] Depreciated Vaiue of provements. “na-ta" Value of Site improvements INDICATED VALUE BY COST APPROACH =$ ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 _ 1910 SERVICE RD }221 WILMINGTON STREET bra SHARAZAD BLVD 740 HAREM AVENUE asaras_ OPALOCKA, FL, JOPALOCKA, FL, PALOCKA, FL, Prontmty ta Subject Sales Price 3 REFINANCE! Is 44,000) [s PrcesGroms Ln ares |S als 57.07 BT s 61.042]. Data andior ISC/P RECORD _|fSC/P RECORD SC/P RECORD \eriication Source INSPECTION _|VISUAL INSPECTION ISUAL INSPECTION VALUE ADJUSTMENTS: DESCRIPTION DESCRIPTION + C$ Adjustment DESCRIPTION _|- (3 Adjustment DESCRIPTION Backs Adjustment Sales oF Financing INOT 1 H ONVTL 1 | Concessions IDISCLOSED IORTGAGE IORTGAGE a Date of Sale/Tima 405/96, 4 3/96 nH 15/96, : __| Location IRESIDENTIAL SIDENTIAL _! RESIDENTIAL! SIDENTIAL + .ceasenoldiFee Sime (FEE SIMPLE (PEE SIMPLE! IFEE SIMPLE EE SIMPLE! Sne S000 SQFT. 6250 SQ FT 1___NO ADJ.'7090 SQ FT -1,57016635 SQ FT View RESIDENTIAL SIDENTIAL 1 RESIDENTIAL Oesign anc Appest___ [RANCH ICH t IRANCH g | Suativorconamcton LA VERAGE, AVERAGE i VERAGE Al Ave 46/25 la56/E25 ‘ 46/E25 ET] Canation AVERAGE, AVERAGE, ue [AVERAGE S| Above Grade {_Totat |_Bame; Baths Tot | Bde: Bathe | Total | Bdme; Baths | Room count S12 )tools 2; 1) Si 2i 14 O | Stoss being Area _730__sa.Ft TN sar | 901 P| Bosement & Finished ~ NONE NONE ' |NONE a Rooms Below Grade __ _! ! Functional Ublity iTYPICAI —fopicat 4 (TYPICAL O|_ Heating/Cooling WALL A/C IWALL A/C. 1 WALL A/C. N| cnorgyemecientnems (TYPICAL ITYPICAL —L _ITYPICAL A| GarageiCarpont IDRIVEWAY RIVEWAY | (CARPORT Ri Foren Pate, eck ENTRY, OPEN Y,OPEN ! ENTRY, OPEN t Flreplace(s), ete, ONE [ONE 1 INONE $ Fence, Pool, ete. INONE. ! INONE at H H s Net Adj. (total) a Pes + “18 [+ Ixy s Adjusted Sales Price “Ol Grows % Gross, 11.80% of Comparable _. Net “Ss 44,000 | net -11.80% s 48,510 | Net 6.04% s 52,620 Commants on Sales Comparison {Including the subject Propertys compatibility to te neighborhood, etc): MOST EMPHASIS WAS PLACED ON SALE #] BECAUSE IT IS MOST SIMILAR TO THE SUBJECT AND CNE OF THE MOST RECENT SALES. we rem” SUBVECT' TL COMPARABLE NO. 1 COMPARABLE NO. 2 i COMPARABLE NO. 3 Date, Pree and Oat = N/A IN/A [N/A ise Source, for prior sales {SC ISC Isc Isc wthin year of appraisat Analysis of any current agreament of sete, option, or listing of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal | SUBJECT PROPERTY IS NOT.LISTED FOR SALE, NOR WAS JT FOUND IN THE MLS IN THE PAST 12 MONTHS. INDICATED VALUE BY SALES COMPARISON APPROACH ooo eceee cece ec ctenessecsuvevscsesaae INDICATED VALUE BY INCOME APPROACH (f Applicable) Estimated Market Rent $ This appraisatis made =| X_ ‘subject to the repairs, alterations, inspecticns or conditions listed below ‘subject to completion per plans and specifications Conditions of Appraisar = SUBJECT TO THE ATTACHED LIMITED CONDITIONS Rj Minn Reconciiaven: AFTER CONSIDERING ALL APPROACHES TO VALUE, GREATEST WEIGHT HAS BEEN GIVEN TO THE _ & DIRECT SALES COMPARISON APPROACH, WICH IS CLOSER TO THE THINKING AND ACTION OF THE TYPICAL BUYER. __ | te pupcn @ ws Sopa we eats nal Gia W Ba a papey dW ba Wp 9 BS WON EOS WOES LEEDS comico cargo | 1 { and timing conditions, and market value defintion that sre stated in the attached Freddie Mac Form 439/Fannie Mae Form “10048 (Revised } by 1 (WE) ESTIMATE JHE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT (S$ THE SUBJECT OF THIS REPORT, AS OF (15/25/96, _ Al cmacn is rn /oate for} inspeettpn THE EFFECTIVE OATE OF THI REPORT) TO BE $ 45,000 — H APPRAISER: ; () ‘SUPERVISORY, IF REQUIRED}: 2] senmae j _ smanne Cee Candis, (los Couns Name_/ALEX\GRUSZC: __ Name_ ALFRED D. CARACH _ Inspect Property Date Report Signed 05/25/96 __ Date Report Signed 05/25/96 . Sate Ceniteatons St Reg REA 0002700 Sau FL Sutecenmeatons ST CERT GEN APPR 0000191 sae FL Or Stats License # State OF Staiz License # State Fradaie Mac Form 70 6-53 120% _PAGE2 OF2 Fannie Mae Form 1004 8.93 , Gruszezyk & Assocites ‘ ree OF 2 PAGE i, 4 . NwlieNs, 962136 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. [ have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject Property for consideration in the sales. comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. Wf a significant item in a comparable property is superior to, ar more favorable than, the subject property, 1 have made @ negative adjustment to reduce the adjusted sales Price of the comparable and, if a ‘Significant Item in a comparable Property Is inferior to, or tess favorable than the subject property, | have made a positive adjustment to increase the adjusted sates price of the comparable. 2, | Rave taken Into consideration the factors that have an impact on value in my development of the estimate of market value in tha appraisal report. | have not knowirgly withheld any significant information from the appraisal Feport and ( believe, to the best of my knowledge, that all ststements and information In the appraisal report are true and correct. 3. | Stated in the appraisal report only my own personal, unbiased, and professionat analysis, opinions, and conclusions, which are subject only to the contingent and limiting conditions specified in this form, 4. | have no present or prospective Interest in the property that is the subject to this report, and | have no present of Prospective personal interest or bias with respect to the participants in the transaction. 1 did not base, either Partially or completely, my analysis and/or the estimate o” market value in the appraisal report on the race, color, religion, sex, handicap, famitial status, or national origin of either the prospective owners or occupants of the subject Property or of the present owners or occupants of the properties in the vicinity of the subject Property. 5. | have no present or contemplated future interest in the subject property, and nelther my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 8. | was not required to report # predetermined value or direction In value that favors the cause of the client or any related party, the amount Of the value estimate, the attainment of = specific result. or the eccurrence of a Subsequent event in order to recelve my compensation emd/or employment for performing the appraisal. 1 did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. | performed this appraisat in conformity with the Uniform Standards of Professional Appralsat Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. | acknowledge that an estimate of a reasonable time for exposure in the open market Is a condition in the definition of market value and the estimate | developed is consistent with the marketing time noted in the eighborhood section of this report, unless | have otherwise stated in the reconciliation section. 8. | have personally inspected the interior and exterior arens of the subject property and the exterior of all Properties: listed comparables In the appraisal report, | further certify thet | have noted any apparent or known adverse conditions tn the subject Improvements, on the Subject cite, or on any site within the immediate Vicinity of the subject property of which | am aware and have made aciustments for these adverse conditions in my analysis of the property value to the extent that 1 had market evidence to support them. | have also commented about the effect of the adverse conditions on the marketabllity of the subject oroperty. 8. I personally prepared alt conclusions and opinions about the real estate that were set forth in the appraisal report. {( 1 relied on significant professional assistance from any individual or individuals In the performance of the appraisal or the preparation of the appraisal report, | have named such individual(s) and disclosed the specific tasks Performed by them in the reconolttation section of this appraisal report. 1 certify that any individual so named is Qualified to ppsorm the tasks, | have not authorized anyone to make a change to ‘ny item in the report; therefore, if an unauthorized change is made to the appraisal report, | will take: no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: 1 @ supervisory appraiser signed the appraisal report, he or she certifies and agrees that: I directly supervise the appraiser who prepared the ‘@ppraisat report, have reviewed the appraisat report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications be numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report, z x a4 ADDRESS OF PRO) FRTY APPRAISED: 1910 SERVICE RD, OPA LOCKA, FL_ 33054 o. i . a APPRAISER: SUPERVISORY APPRAISER (only #f required): ON Us Signature: _. Signature: Zz ted Atask ud | Name: ALEX GRUSZCZ' { __ Name: ALFRED D, CARACH | iat | Date Signed: 05/24/96 _ Date Signed: 05/25/96 | ' | State Certification #: St Re; 1002700 _. State Certification #: ST CERT GEN APPR 0000191 4 4 or State License #:_ _ oF State License #: mo State: FL _. State: FL, fee ' Expiration Date of Certification or License: NOV 1996 _ Expiration Date of Certification or License: : XJow [Joa not inspect Property = 2 Se Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 10048 6-93 Gmuszezyk & Assocites } t 3 oo . Summary Appraisal Report Property Description wu tM RESIDENTIAL APPRAISAL RE} _ File No. 962140 Propery aaaress 13264 SW 255 TERRACE Gey MIAMI sae FL Zpcose 33032 LeparDesenpuon LOT 15 BLK 38 MEADOW WOOD MANOR PB 128 PG 19 — Lalom County DADE . EY Assessors ParceiNo _ 30-6926-009-0270_-— TaxYear 1995 Re tans 1.97850 Special Assosements____ HOMSTI EW eoroser_ OLGA MAS RODRIGU Current Owner OLGA MAS RODRIGUEZ, Occupant (1X owner tenant {| vacant FR Pronec ngs aporanea (T XA Fee Simple | [Leasehold Projeci Type [evo] Tecnominumnowvaony) Hons mo | FI vesgnoomosd or Prose tame MEADOW WOOD MANOR ManReterance S6-4926~ 5/3 9-2 (cena tact 107.10 BB saieprce 5 REFI. Date ot Saie N/A Description anc’ $ amount of loan chargea/concesaions to be paid by selier N/A Lengeccuent GEMINI MORTGAGE Aadeess CCRAL , GABLES, FLORIDA MB ropraser ALEX GRUSZCZYK adaress_147'15 SW 109 STREET MIAMI FI Locapon Urban ‘Suburban Rural Predominant Single family houaing Prowent tand use % Land une change Burt up Over 75% 25-75% Under 25% | Occupancy $050) had X | Not tikeiy Likely Growtn rate Rapid Sable Slow X J ovmer 65 Low in process Property values increasing Stable Dectining Tepant 120 High Demandupply ‘Shortage Jn balance ‘Over supply X SVacant (0-5%) Markeong tme Under 3 mos b Over § mos, Ve zant (over 5%)185-95 Nota: Race end the racial composition a¥the neighborhood are not appraleal factors, N Neignnorhosd boundanes and characteristics: ~ US ] TO THE NORTH, SW 264 ST. (BAUER DR) TO THE SOUTH, US | TO THE WEST, SW 117 fg AVE THE EAST. eq Factors mat affect the marketability of te properties in tne Relghborrood (proximity to employment and amenities, employment stability, appeal 10 market, etc.) ¢ SUBJECT NEIGHBORHOOD IS CONSIDERED A SINGLE FAMILY RESIDENTIAL AREA. IT IS LOCATED WITHIN A SHORT i DRIVE FROM SCHOOLS, REGIONAL SHOPPING AREAS, RECREATIONAL FACILITIES AND OTHER CONVENIENCES. Hy ‘THE 5% COMMERCIAL LAND USE DOES NOT AFFECT SUBJECT'S MARKETABILITY OR VALUE, a ° ~ D : Maret constony im the subject nelghbomeed (Including auppart for the above conclusions relaiad to the Wend of propery values, demandsupply, and manceing ume ~ ‘ch as data on competitive properties for sale in the neighborhood, description of the prevalence of , sales and financing concessions, etc.) LAND RECORD DATA AND MLS STATISTICS. AS WELL AS SALE/RESALE OF PROPERTIES IN THE NEIGHBORHOOD. SUPPORT A SLIGHT INCREASE IN PROPERTY VALUES. MLS INDICATES A NARROW LIST-SELL-RATIO OF 99% AND. TYPICAL MARKETING TIMES OF 90 TO 180 DAYS, WITH THE STRONG MARKET, SELLERS ARE NOT REQUIRED TO ~~ OFFER SALES OR FINANCING CONCESSIONS. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES. Fe Project tntormation foc PUDs (tf applicable) — 18 the developerrbullder in contrat of thus Home Owners’ Association (HOA}? [| ves No i Appronimate otal number of units in the subject project N/A Approximate total number of units for saie in the subject project N/A va WM _ Describe egmmon siamants and recreational tectiies: _ N/A Dimensions 76.39% 106.5 __ = x Topography POSITIVE SLOPE TO GRADE Stearea q, fi 1. Comer Lot Yes [XJNo | sie 8173 SOFT/ AVERAGE Specie ures RU-1 SINGLE FAMILY ~~ Shape RECIANGUEAS Zoning comptiance [XK] Leger [__} cegainoncontorming (Grandtatnered use) wiegat [| Nazoning Drainsge = TYPICAL Highest a beat use as improved: __[X | Present use Other use explain} View RESIDENTIA Py Vilitiew Puntic Off-aite Improvements Type Public — Private | Landscaping TYPICAL YE ctectncty x] _ Street ASPHALT Oniveway Sutace = CONC AB cos {J _ Curbiguter =» NONE Apparenteasements = TYPICAL UTILITY. Water xX Sidewalk, CONCRETE FEMA Speciat Flood Hazard Area [X]vee [ Jrvo ‘Sanitary sewer LX) Streatights = =POST FEMAZone = AE. Map Dale 03/2/94 Storm sewer Alley __NONE [] f] | rewavae ne. 1202500354) Comments (apparent adverse easements, encroachments, specia! assessments, stie areas, illegal or legal nonconforming zanmg use, etc): THE APPRAISER | WAS NOT FURNISHED WITH A RECENT SURVEY, CONSEQUENTLY NO. DETERMINATION OF AN ECROACHMENT OR ma OTHER A RSE CONDITIONS CAN BE TERMINED. EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION No of Unita Foundation CONCRETE _| sta CONCRETE __[Areasa.re NONE Root FAY 120. of Storien Exterior Walla Craw Space, NONE % Finished = Ceiling FA Type (Det vany Root Surface Easement NONE Ceting Watts BY cesign (sive) RANCH | cuners a wnepts, sump Pump NONE OSVD Flooe ag Exsungmroposea Window Type AW Campness NONE OSVD. None e Fy Ace ve) 10] stormscroens Settlement NONE OSVD. Unknown UNK =z HE enecuve age cms Mantactired House trtesaton_ NONE OSVD 1 Assocites TIVE COMPLAINT A < STR F NIS Ps APPRAISER’S CHRTIFICATION: The Appraise 1, 1 have researched tne subject market ares and hr sirnllar and proximets to the subject property for com doller adjustment when eppropriate to effect the significant itern in a compsrable property i superior @ negative adjustment to reduce the adjusted sales Pp" property is inferior ty, or less favorable than the subi’ adjusted soles price af the comparabin 2 | have taken into consideration the factors that market value in the appraisal teport. | have not Fk: yeport and | believe, to the best of my knowledge ‘vue and correct. 3. 1 stated in the apprsisel report only my ov oynelusions, which ant subject only to the oontagent and kn * 4. 1 have no present or prospective interest in tre p of prospective peracngl interest or dias with emepect Partially of completely, my analysis and/or the est: religion. sex, Nendwoep, familal status, or national orig Properly oF of the preven! owrs!s oF Occupants of the prope 5. 1 have no present or contemplated future inter employment nor my compensation for performing thir 6 1 wae not required to report a predetermined + any related party, the amount of the value estima’ subsequent event in order (uy sieveive my compens= bace the apprassi report on 3 requested minimum mortgage toan 7, 1 performed this appraisal in conformity with th adopted and promuigated by the Agpraical Standard: of the effective date of (is appraisel, with the excn © not apply. 1 acknowledge thet an estimate of a ie- the definition of market vane and the estimate | neighborhood eecton of this report, untese | have otherwis+ | nave personally Ingpected the interior end exter: listed as comnarauiag, in the mppralal report. 1 fur conditions in the subject improvements, on the su Budject property of which | am aware and have n+ the property value lu Ure extent that t hed market effect of the adverse conditions on the marketabilty of tho 9 | personally pripared all conclusions and opinion 1 rebed on eiqmificant profesgional astietance { appraisal of the preparation of tne appraisal report, performed by them in the reconciliation section of Qualified to peor the tasks. 1 have nol authorize! Wan unauthorized change is made to the appraisal report, ‘ SUPERVISORY APPRAISER’S CERTIFICATIC - Certfies and agrees that: 1 Girectly supervise the appro report, agree with the statements and conclusions of numbered 4 through 7 above, and am taking full responei 2 962140 and egreas that: < — minimum of three recent sales of properties mest un the sales comparison analysis and nave made a reaction to those items of significant variaton. if 2 more favorable than, the subject property. | nave made comparable and, # a significant Item in B comparable ery, | nave made a positive adjustment to increase [ne impact on value in my development of the estimate of witnheld sny significant information trom the appreisal i statements and information in the appraieal report ure sonel. unbiased, and professional analysis, opinions, and so2¢ibons Bpeoiied in this form, @t is the subject to this report, end | Nave no present parucipants m the transaction. 1 did not base, citner Market value in the eppraisal report on the race, color, cithar tha prospective ownere or occupants of the subject ne vioinity of the eubject property, 1 che subject property, and neither my current or future 13 conbngent on the appraised value of the property directon in value that favors the cause of the client or eteinment of _ specific result, or the occurrence of a sdfor employenent for performing the sppraisal. | did not J, @ BPEGiTic valuation, or the need to approve @ specific cml Standarde af Professional Appraisal Practice that were of The Appraisal Foundation and that were in place as tne deporture provision of those Standards, which does ume for exposure in the open market is @ condition in is consistent with the marketing time noted in me tin she reconciliation section. £3 of the subject property and the exterior of atl properties. fy thet | have noted any apparent or known adverse er on eny site within the immediate vicinity of the Cjuctmants for these adverse conditions in my analysis of "ce (© 6UPpor them, | have also commented about the orepeny ihe reel estate that were set forth in tne apprateal report. sny individual or Individuatg in the performance of the nimed 6uch individual(s) and disclosed the specific tasks ipl aieal report. 1 certify that any individual so named is Ye ty meke @ change lo any ile in the report) therefore, = M2 responeibility for it if & cupervieory appraleer signed the appra:sol report, he or she (2 prepared the appraisal report, nave reviewed the appraisal porumer, agree to be bound by the appraiser's oertficatons T19 appraisal and the appraical report. 255 TERRACE, MIAML PL 33032 SUPERVISORY APPRAISER (only if requiredy ADDRESS OF PROPERTY APRRAISED: APPRAISER: Signature: _ Name: ALEX GRUSZC: Date Signed: 05/20/96 State Certification #, St Reg REA 0002700 Name ALFRED D CARACH __. Date Signed: 05/20/96 or State License # ___ State Certification #° ST CERT GEN APPR 00001 or State License # State: FL, boeeccsoe _ Stele FL . Expiraton Date of Certification or License: NOV 1996 . Expiration Date of Certification or Licenge: (Xjos [ibid Not inepect Property ——— Freddie Mac Form 4119 6.93 c Gruszczyk & Assocites Bs Fannie Mae Form 10048 6-03 Summary Appraisal Report Property Description ut %M_ RESIDENTIAL APPRAISAL REP File No. 962140. Property Adaress 13264 SW 255 TERRACE. cry MIAMI swte FL 2p Coae 33032 LegalDesenpton LOT 15 BLK 38 MEADOW WOOD MANOR PB 128 PG 19 County DADE BE Assessor's Parce! No 30-6926-009-0270 TaxYear 1995 RE. Taxes $s 1,278.50 _Specis! Assessments S HOMSTD Hy porower OLGA MAS RODR Current Owner__ OLGA_ MAS RODRIGUEZ, Occupant |X| owner Tenant 1 Vacant 2 Fee Simpie | [Lenaehoid Proettpe | 1 pup [Sq Neighbomood or ProjectName _ MEADOW WOOD MANOR. Map Reference 56-49-26 Census Tract 107.10 BE saleprice $ REFL. Date of Sale N/A. Description and § amount of oan chargea/concessions to be paid by selier N/A LenderiCilent_GEMINI MORTGAGE Address, CORAL , GABLES, FLORIDA ME Aporarser ALE) RUSZCZYK Aasess 14215 SW 109 STREET MIAM Locaton Urbar X| Suburban Rurat Predominsnt ‘Single family housing Present land use % Lend une change Burt up TX] over 75% 25-75% Under 25% | SecuPency’ ST005) Ge | One Famny 85] [X] nor Likely J ukety Growin rate Rapid X| Stable ‘Siow X | Owner 65, Low 5] 2-4 fam In process. Property vaues [| increasing [X] Stable Dectining Tens nt 120 High 20) Mutt-tamity 10] To: Demandisupply Shortage — [X]} indatance oversupply | [X ] vacent (0-5%) a Predominant Commercial 5 Marketing me Under 3. mos. Over § mos. Vacaat (over 5%)18 5-95, 7213 Note: Race and the recial composition of the neighborhood are not appraisal factors, Neighborhood boundaries and characterstes: US | TO THE NORTH, SW 264 ST. (BAUER DR) TO THE SOUTH, US 1 TO THE WEST, SW 117 AVE THE EAST. Factors that affect tha marketability of tne properties in the neighborhood {proximity to employment and amenities, employment stability, appeal to market, etc.) SUBJECT NEIGHBORHOOD IS CONSIDERED A SINGLE FAMILY RESIDENTIAL AREA. IT IS LOCATED WITHIN A SHORT. DRIVE FROM SCHOOLS, REGIONAL SHOPPING AREAS, RECREATIONAL FACILITIES AND OTHER CONVENIENCES. THE 5% COMMERCIAL LAND USE DOES NOT AFFECT SUBJECT'S MARKETABILITY OR VALUE. coorrmoero—m2z Market conditions In the subject neighbornood (including support for the above conclusions related to the trend of property values, demand/supply, end marketing time — such as data on competitive properties for sala in the neighborhood, description of the prevalence of sales and financing concessions, etc). LAND RECORD DATA AND MLS STATISTICS, AS WELL ASi SALE/RESALE OF PROPERTIES IN THE NEIGHBORHOOD. SUPPORT A SLIGHT INCREASE IN PROPERTY VALUES. MLS INDICATES A NARROW LIST-SELL-RATIO OF 99% AND TYPICAL MARKETING TIMES OF 90 TO 180 DAYS. WITH THE STRONG MARKET, SELLERS ARE NOT REQUIRED TO. OFFER SALES OR FINANCING CONCESSIONS. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES. PPR) erojeccintormetion fr PUDs (applicable) — fine developerouiser in consol of te Home Overs Aascciaon (HOA)? Love [xJno u Approximate total number of units in the subject project NA Approximate total number of untts for sale in the subject project NA MB Describe common elements and recreational facilities: VA Dimensions —76.39x 106.5 _ Topograpty POSITIVE SLOPE TO GRADE Sitearea 8136 sq. ft. Comer Lot X]no | size $173 SQFT/ AVERAGE, Specific zoning classification and description RU-1 SINGLE FAMILY Shape RECTANGULAR _ teoa [| Legal noncontorming (Granatathered use) {| legal Ne zoning Drainage = TYPICAL [X ]Pronent use Omer use (explain) View RESIDENTIAL Zonmg compliance Py uilition Pubtic Off-aite Improvements Type Landscaping PICAL [Electricity (xJ_ Street ASPHA Driveway Surtace CONCRETE AG cas CI corviguter. = NONE. Apparent easements UTILITY Water Ea Sidewatk CONCRETE FEMA Special Flood Hazard Area yer [Jno Sanitary sewer LX} Suesttignts POST _ FEMAZone = AE. _MapDate 03/2/94 ‘Storm sewer Alley NONE. FEMA Map No. _12025C0354J Cammants (apparent adverse easements, enctoachments, special assessments, lide areas, legal or legal nonconforming zoning usa, etc)’ THE APPRAISER, WAS NOT FURNISHED WITH A RECENT SURVEY, CONSEQUENTLY NO DETERMINATION OF AN ECROACHMENT OR. ‘ THERA RSE CONDITIONS CAN BE DETERMIN} GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT WSULATION No of Unita Foundation CONCRETE _| sia» CONCRETE__ |*easart NONE Root Na. of Stories Exterior Walls CBS raw Space NONE. % Finishes Cetting Type (dean) = -DET. | Roof Surtace SHINGLE Basement NONE Coting waits Design (Style) RAN Gutters & Ownapts. NONE sump Pump NONE OSVD. | Foor ExistngProposed = YES/ Window Type AWNING Dampness NONE OSVD None Age (¥re.) Storm/Screens NONE. Setement. NONE OSVD Unknown UNK Ettectie Age (¥re3 Manutacured House_Ni tntestaton__ NONE OSVD ROOMS | Foyer ing Dining ratenen Den [FanviyRm | Rec.Rm |@edrooms | _#eatns |_Launary omer Area Sa Ft Basement NONE Level + x 1 1 1 1 3 2 BRKFST 1635 Level 2 Finished stea_ebove grade contains : 3. Becrogm(s): 2.00 _Batris): 1.635 _ square Feet of Gross Living Area INTERIOR Materials/Condition KITCHEN ECIUIP. CAR STORAGE: Floors TILE/CRPT/AVG Refrigerator Watis DRYWALL/AVG BLEC. Rangesoven TnnvFinsh ~=WOOD/AVG. Disposst fam Floor = CERAMIC/AVG Dishwasher Bam Wainscot CERAMIC/A VG Fantood None Garage Hof care Drop Stair Anached waZMSmMcODVE— TO 2ZO-dy—VROGMo Scuttle Detached pI Tpelb< Floor Builtn oars HOLL OW CORE/ Microwave Heated Carport Washer/Dryer Finished Adatianal features (special energy efficient items, etc): PICTURE WINDOW, NEW KITCHEN, COVERED PATIO. CHAIN LINK FENCE. BJ Conaion of te improvements, depreciation (physical, functional, and extemal), repairs needed, qually of construction, remadeting/edatons, ete: SUBJECT ul PROPERTY HAS AN APPROPRIATE FLOOR PLAN DESIGN WITH NO FUNCTIONAL OR PHYSICAL INADEQUACIES AT faa THE TIME OF THE APPRAISAL. LA PY Adverse environmental conditions (such aa, but not limied to, hazardous wastes, toxic substances, etc) present In the improvements, on the site, or in the Immediate vicinity of the subject propery: THERE ARE NO KNOWN OR APPARENT ADVERSE ENVIRONMENTAL CONDITIONS HAT WOULD NEGATIVELY AFFEC {E VALUR OF THE. PROP) Freddie Mac Form 70 6-03 12eH. PAGE 1 0F 2 Fannie Mae Form 1004 6.03 - Gmuszczyk & Assocites Summary Appraisal Report UNIFUnw RESIDENTIAL APPRAISAL REPORT File No. 962140 Valuation Section ESTIMATED SITE VALUE See ee cer eeeeeeeearee ere eeaneeee Bs 15,000] comments on Cest Approach (such as, source of cost estimate, ESTIMATEO REPRODUCTION COST-NEW-OF IMPROVEMENTS: she value, square foot calculsten and for HUD, VA and FmHA, the BF Deeuing 1,635 sari@s 45 =s 73,575 estmated remaining economic we of te propery): LAND TO Ey asmr NONE so Fras - VALUE RATIO IS TYPICAL FOR THE AREA AND DOES. 7 LUMP SUM = 4,000 NOT AFFECT SUBJECTS MARKETABILITY OR EY Sarsgeicamor Sa Fl@s . VALUE. ESTIMATED REMAINING [EJ Tota! Extumaled Cost New ooo ecceecen Tas T1515 ECONOMIC LIFE "50+" YEARS. cosT. HY cess 8.3 Physical Functional eaamal PER SQUARE FOOTAGE WAS DERIVED FROM FY Copreciaton 6.439 | ss §,439] MARSHALL & SWIFT COST HANDBOOK, AND LOCAL CFT Depreciated Value of improvements as 71,136] CONTRACTORS. “As-15" Value of Sie Improvements, =s INDICATED VALUE BY COST APPROACH STEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO 2 COMPARABLE NO 3 13264 SW 255 TERRACE 13270 SW 254 TERRACE 25801 SW 132 AVENUE 26230 SW 132 PLACE aaaress_MIAMI, FL. IMIAMI, FL. IMLAMI, FL. MIAMI, FL. Proximity to Subject LBLOCK 3 BLOCKS 7 BLOCKS Sates Price s REEFI. s 87.000 s 90.600 s 85.001 PreeGrossLw Area |s Is 71.08 B s 58.15 BH s 5581 Data anavor ISC/P RECORDS |ISCNET ISCNET ISCNET Verincation Source INSPECTION __ |VISUAL INSPECTION VISUAL INSPECTION VISUAL INSPECTION VALUE ADJUSTMENTS OESCRIPTION DescRPTION | + (5 Adustment DESCRIPTION +18 Adjustment DESCRIPTION + (98 Adjustment Sales o Financing FHA i ICONVENTL + FHA ' Concessions MORTGAGE MORTGAGE IMORTGAGE _| Date of Salertime 14/96 ! 14/96, t 4/96 i | Lecaton RESIDENTIAL _ |RESIDENTIAL __! RESIDENTIAL _! RESIDENTIAL _! Leasenoiatee Sine _IPEE SIMPLE IEEE SIMPLE FEE SIMPLE FEE SIMPLE site 18173 SOFT 18178 SOFT ; 7600 SQFT '___NO ADJ17500 SOFT 1 NO ADI View IRESIDENTIAL _|RESIDENTIAL 1 RESIDENTIAL RESIDENTIAL 1 Design and Apeea RANCH IRANCH ! IRANCH H L Qualty ot Constucton [TYPICAL [TYPICAL ' ITYPICAL \ ! age 10 YEARS 10 YEARS 1 NO ADJJ13 YEARS. {NO ADI ! NO ADJ. Condition [AVERAGE AVERAGE. ' AVERAGE, ' \ “Above Grade ola | Barnet Batne | Totat | Bema! Bane | Total | Bdme! Bade) i Room Count 713 1200/6113! 2) 713,24 j Gross Living Area 1,635__sart_| 1,224 sare | 46,165] 1,558 sare} +1,155) +1,68 Basement & Finished IONE INONE ' INONE ‘ Rooms Below Grade , , Functional Uity TYPICAL [TYPICAL __ FTYPICAL ~ Heabng/Cooling ICENTRAL A/C |CENTRAL A/C 1 (CENTRAL A/C 1 Energy Emcientnems (TYPICAL TYPICAL 'YPICAL H (TYPICAL A | Garage/Carpon IDRIVEWAY 2 CAR GARAGE ! 3,000)! CAR GARAGE | ___-1,500/2 CAR GARAGE | -3,000 Porch, Pato, Oeck, IENTRY, IENTRY, OPEN ! IENTRY,OPEN ! ENTRY,OPEN ! Fireplace(s), ete. COV PATIO COVPATIO. 1 ICOVPATIO ONE _ Fence, Pool, ete, ONE INONE _ - INONE 4 INONE ! H H Net Aaj (ota 3,165| ] + [xis 2345) « ts =U 32 Adjusted Sales Price Gross 2.93% Gross 5.51% . of Comparable 90,165 | Net 0.38% 5 90,255 | net 155% $ 83,68 Pabilty te the neighbornood, ete): THERE WERE NO RECENT SALES WITH AL. ITEM SUBJECT COMPARABLE NO. 4 nm COMPARABLE NO. 2 | COMPARABLE NO. 3. Date, Price and Data A INZA IN/A UA Source, tor priar sales [ESC HSC ISC jisc vathin year of appraisal _t Analysis of any current agreement of tale, opon, oF listing of the subject property and analysis of any prior sales of Subject and comparabies within one year of the date of appraisal: SUBJECT PROPERTY NOR COMPARABLE SALE HAVE SOLD JQURING THE LAST YEAR (SC) INDICATED VALUE BY SALES COMPARISON APPROACH INDICATED VALUE BY INCOME APPROACH 5 90,001 {it Applicable) Estimated Market Rent $ M0_x Gross Rent Mullipler This appraisal ts made ‘subject to the repairs, alterations, Inspections or conditions listed below SUBJECT TO THE ATTACHED LIMITED CONDITIONS Subject fo completion per plans and specifications, Conditions of Appraisat: Final Reconciiaton: — AFTER CONSIDERING ALL APPROACHES TO ‘VALUE, GREATEST WEIGHT HAS BEEN GIVEN TO THE DIRECT SALES COMPARISON APPROACH, WITCH 1S CLOSER. TO THE THINKING AND ACTION OF THE TYPICAL BUYER. ‘The Purpose of Unis appraisal Is 10 estimate the market value o ‘RY fal Property that Is the subject of this report, based on the above consitions and ihe certiicabon, contingent tue {Aeinitiow that wre si the attached Freddie Mac Form 439/Fannie Mae Form 10043 (Revised » REAL PROPERTY THAT (S THE SUBJECT OF THIS REPORT, AS OF 05/20/96 (HICH Is THE DATE iWsPRcTION 4E DATE OF THIS REPORT) To BE $ APPRAISER: SUPERVISORY, Signature Signature Did | X | Da Not Name ALEX GRUSZCZYK Name_ALFRED D. CARACH Inspect Property Date Report Signed 05/20/96 ‘Date Report Signed 05/20/96. . SuteCerticatons St Reg REA 0002700 - suite FL Statecentcation’ ST CERT GEN APPR 000019] + Sate FL Of State License # state Or State License # State leddie Mac Form 7D 6-93 12H. PAGE 20F 2 Gmuszezyk & Assocites Fannie Mae Form 1£94 6.93 ed FteNo 962140 APPRAISER’S CERTIFICATION: The Appraiser certfies and agrees that: 1. 1 have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for cansideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant variation If a significant item in a comparable property is superior to, or more favorable than, the subject property, | have made @ negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable Property is inferior to, or less favorable than the subject property. | have made a positive adjustment to increase the adjusted sales price of the comparable. 2. | have taken into consideration the factors that have sn impact on vatue in my development of the estimate of market value in the appraisal report. | have not knowingly withheld any significant information from the appraisal report and | believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. | stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and Conclusions, which are subject only to the contingent and limiting conditions specified in this form. 4 1 have no present or prospective interest in the property that is the subject to this report, and | have no present or prospective personal interest or bias with respect to the participants in the transaction. | did not base, either Partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color, retigion, sex, handicap, familial status, or national origin of wither the prospective owners or occupants of the subject Property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. $ have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property 6, 1 was not required to report a predetermined value or direction in value that favors the cause of the client of any related party, the amount of the value estimate, the attainment of a specific resutt, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. | did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7. 1 performed this appraisal in conformity with the Uniforn Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. | acknowledge that an estimate of @ reasonable time for exposure in the open market is a condition in the definition of market value and the estimate | develop2d is consistent with the marketing time noted in the neighborhood section of this report, unless | have otherwise stated in the reconciliation section. 8. 1 Nave personally inspected the interior and exterior areas. of the subject property and the exterior of all Properties listed as comparables in the appraisal report. | further cettify that | have noted any apparent or known adverse Conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which | am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that 1 had market evidence to support them. | have also commented about the effect of the adverse conditions on the marketability of the subject property. 8. | personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report WI relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, | have named such individual(s) and disclosed the specific tasks Performed by them in the reconciliation section of this appraisal report. 1 certify that any individual so named is qualified to perform the tasks. | have not authorized anyone to make a change to any ttem in the report, therefore, ian unauthorized change is made to the appraisat report, | will take no responsibility for it. SUPERVISORY APPRAISER’S CERTIFICATION: if a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: t directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF RAISE 13264 SW’ 255 TERRACE, MIAMI, FL_33032 APPRAISER: SUPERVISORY APPRAISER _ (only if requireg): Signature: _ Signature: Led A Name: ALEX . Name: ALFRED D. CARACH Date Signed: 05/20/91 { _ Date Signed: 05/20/96 State Certification #: St Reg REA 0002700" _ State Certification #: ST CERT GEN APPR 0000191 or State License #: or State License #: State: FL State: FL Expiration Date of Certification or License: NOV 1996 Expiration Date of Certification or License: EC Joia LX] Dia Not inspect Property oo . Freddie Mac Form 439 6-93 Page 2 of Fannie Mae Form 1004B 6-93 Gmuszezyk & Assocites Property Description UN. RM RESIDENTIAL APPRAISAL REPC _ File No. 962149 Prepsmy address 30634 SW 152 COURT ty UNINC. DADE State FL ZipCode 33033 Lega’ Desenpton LOT 29 BLK 921 CENTURY HOMES 3 PB 95 PG 9 County DADE BoM Assessors ParceiNo. —30-7909-028-0710 Tax Year 95 FE. Taxes $ 1,072.28 Special Assessments $ HMSTD FA crower CLARA VALLADAR Current Owner RA VALLADARES eccusane PX] owner fT tenant [| vacant FE property nghts appraised LX] Fea simple | [Leasenoia Project type || PUD |__| Condominium (HUDIVA only) HOAS, NiA fie — Neighborhood ar Project Name 21 CENTURY HOMES Map Relerence 57-39-09 Census Tract 110.02 AM sate Price = = REFINANCE _ Dato of Sale N/A Description and S amount of loan charges/conceasions to be paid by setter NWA LeadetChent_GEMINI MORTGAGE Agaress_ CORAL, GABLES, FL Appraiser ALEX GRUSZCZYK Adaress_2100 SAI O STR ORAL GABLES FLORIDA WE ocaton Uursan X] suourban Rural Predotsinant Single family housing Present ianduse% | Land use change Buik up XJ Over 75% B-75% ‘Under 25% | CCCUPURCY $000) as ‘One Family 90) X_| Not Likely Likely Growin rate Rapia X_] savie Siow XJ ower 20} 2-4 fam In process Property values Increasing Xj Stable Declining ‘Tenant Oemana/supply } snortage X] tnvaiance ‘Over supply ‘acant (0-5%) Marceting time under 3 mos_| X | 3-6 mos Over 6 mos Vacant (over 5180-85 © and the racial compoaltion of the neighborhood are not appraisal factors. N Neighbornood boundaries and charactenstics: ~=TO THE NORTH WEST W. DIXIE HWY., TO THE SOUTH EAST FLORIDA TURNPIKE, é Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, atc y jy SUBJECT NEIGHBORHOOD IS CONSIDERED A SINGLE FAMILY RESIDENTIAL AREA. IT IS LOCATED WITHIN A SHORT DRIVE FROM R SCHOOLS, REGIONAL SHOPPING AREAS, RECREATIONAL FACILITIES AND OTHER CONVENIENCES. 6 oO D Market conditions Im the aubject neighborhood (Including support for the abe conclusions related to the wend of property values, demandisupply, and marveung woe ~ fuch as data_on competitive properties for sale in the neigybarhood, description of the prevalence of sales. and financing concessions, etc) LAND RECORD DATA AND MLS STATISTICS. AS WELL AS SALE/RESALE OF PROPERTIES IN THE NEIGHBORHOOD, SUPPORT A SLIGHT INCREASE IN PROPERTY VALUES. MLS INDICATES A NARROW LIST-SELL-RATIO OF 99% AND TYPICAL MARKETING TIMES OF 90 TO 180 DAYS, WITH THE STRONG MARKET, SELLERS ARE NOT REQUIRED TO OFFER SALES OR FINANCING CONCESSIONS. FINANCING IS READILY AVAILABLE FROM A VARIETY OF SOURCES. P| Project Informetion for PUDs (applicable) ~ Is the developer/bultder in control of ihe Home Owners’ Association (HOA)? |} ves No Fe Approcmate total number of unt in me subject project N/A, Approximate total number of units for sale in the subject project N/A IMM Describe common elements and recreational facilties: HA Dimensions — 100x 104.6 Topography LEVEL Sie area 10460 sq. ft. Comer Lot No | Size AVERAGE ‘Specific zoning classification and description RU-1 SINGLE FAMILY ‘Shape RECTANGULAR Zoning compiiance [X! toga [] Legal noncontorming {Grandtatnered vas) [|] megal No zoning Drainage = ADEQUATE Highest & pest use as improved: {x} Present use ‘Other use (explain) View RESIDENTIA Py vultion Public Other Off-aite Improvements Type Public Private | Landacaping TYPICAL PA etectnciy x] Street PAVED [X} } | onwewaysutsce PAVED PE ces Corsiguter — NONE - Apparenteasements TYPICAL UTILITY Water x} Sidewalk CONCRETE, X FEMA Special Flood Hazard Area {x]ves | ]Ne Santtary sewor bx] Sbeetiights NO LX] FEMAZone AE, Map Date 03/02/94 storm sewer [X] Alley NONE LJ) J remansp no 12025C03621 Camments (apparent adverse easements, encroachments, speciai assessments, slide areas, illegal of legal nonconforming zoning use, etc): THE APPRAISER WAS NOT FURNISHED WITH A RECENT SURVEY, CONSEQUENTLY NO DETERMINATION OF AN ECROACHMENT OR OTHER A RSE CONDITIONS CAN BE DETER D. GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION INSULATION No. of Unita ONE Foundation CONCRETE, Stab YES Root UNK Py No of Stones ONE Extertar Walls CBS Craw Space NONE Cotting E Type (Det /att) DETACHED | Root surtace SHINGLE Basement NONE. Walls = UNK Fey Donign (sryte) Gutters & Dwnspt. = NONE Sump Pump NONE OSVD. By EesogProponed = YES! Window Type AWNING Dampness NONE OSVD. Eh Ase (vn) 23 stonmiscreena NONE Settemest. NONE OSVD. Unknown ADO H Ettactive Ape (¥re.) Manufactured House infestation _ NONE OSVD Hy ROOMS Foyer Living Dining Kitchen Den Fanily Rm. | Rec. Rm. Bedrooms ‘# Bathe Laundry Other Area Sq. FL Banement -0- Levelt 1 1 1 I 4 2 1595 Level 2 ™ Ha Finienes area above grade contains 8 Rooms, 4 Besroom(s): 2.00 Gains): 1,595 Square Feet of Gross Living Area fee INTERIOR: Matefials/Condition KITCHEN EQuiP. ATTIC AMENITIES: CAR STORAGE: t Floors TILE/CRPT/AVG Refrigerator [X]] None ] | Fireptacets)# NONE None = [X] py was DRYWALL/AVG Fue! — ELECTRIC] Rangetoven [X ]} stairs [ Garage AY Trnveinsn WOOD/AVG Condition AVG Disposal Drop Stair [ Anached £ Bath Flor = TILE/AVG COOLING Dishwasher Scuttie xX Detached Bath Wainscot TILE/AVG Cental YES Farvtiood XJ] Floor [J Butan HALLOW CORE Microwave J] Heatea { } A Wasnertdryer_{X ]} Finishes [ Additonal features (special energy efficient Hems, etc: CBS STORAGE SHED, CHAIN LINK FENCE, COVERED PATIO. § Condition of the improvements, depreciation (physical, functional, and extemali, repairs needed, quality of construction, temodeting/edditions, etc: SUBJECT Hy PROPERTY HAS AN APPROPRIATE FLOOR PLAN DESIGN WITH NO FUNCTIONAL OR PHYSICAL INADEQUACIES AT THE TIME OF [4 _ THE APPRAISAL. i Ba Adverse environmental conditions (auch aa, but not imited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, of in the immediate vicinity of the subject property THERE ARE NO KNOWN CR APPARENT ADVERSE ENVIRONMENTAL CONDITIONS THAT WOULD NEGATIVELY Al HE VALUE OF THE PROPERTY Freddie Mac Form 70 603 12 CH. - PAGE 1 OF 2 Fannie Mae Form 1004 6-83 Gruszezyk & Assocites 20° : summary Appraisal Keport Valuation Section UNIF. VM RESIDENTIAL APPRAISAL REPOR. Fite No. 962149 ; ESTIMATED SITE VALUE see veces ___ 35, Comments on Cost Approach (such as, source of cost estimate, | ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: site value, square foot calculation and for HUD, VA and FmHA the G) Ovenng 1,595 Sates 40 =s 63,800 estimated femaining econome ife of the properyy LAND TO S| BSMT 0. Saas - | VALUE RATIO IS TYPICAL FOR THE AREA AND DOES NOT ul LUMP SUM = 5,000 | AFFECT SUBJECTS MARKETABILITY OR VALUE. A Gaagercamon 59. Ft@s - ESTIMATED REMAINING ECONOMIC LIFE "30+" YEARS. P , Tors Estimated Cost New vrei 8S 68,800 COST PER SQUARE FOOTAGE WAS DERIVED FROM Bess 16.7 Pryacal Functionai extemal MARSHALL & SWIFT COST HANDBOOK, AND LOCAL A Deprecianon 11,490 28 11,490] CONTRACTORS. H> Depreciated Value of Improvements . 2s $7,310) 5 mss Value of Site Improvements _#s 3, INDICATED VALUE BY COST APPROACH 85.31) fl ITEM i SUBJECT COMPARABLE NO. { COMPARABLE NO. 2 COMPARABLE NO. 3 ; 30634 SW 152 COURT 15620 SW 300 STREET 29822 SW 147 AVENUE 19750 SW 148 PLACE (_Adaress UNINC. DADE IUNINC. DADE UNINC. DADE INC. DADE 1 Proxmity te Subject BLOCKS ha MILE a7 MILE, | Sates Price Is REFINANCE! Ls 83,50! s 95,00 A 80,00 ' Prea/Gross Liv. Area 5 ls 54.65 F is 56.28 DB is 4543 DB Data andior ISC/P. RECORDS _|ISc/P. RECORDS ISC/P, RECORDS NSC/P. RECORDS 1_Verfication Source INSPECTION |VISUAL INSPECTION IVISUAL INSPECTION VISUAL INSPECTION VALUE AQJUSTMENTS: DESCRIPTION DESCRIPTION +O) Adjustment DESCRIPTION, + ©) $ Adjustment DESCRIPTION +6) $ Adjustment ! Sates or Financing (CONVENTIONAL 1 faa i A ' |_Soncessions IMORTGAGE ! ORTGAGE, H IMORTGAGE H L_ Date of Sale/Time 104/96, H 12/98 iL 103/96 i Location RESIDENTIAL __/RESIDENTIAL __! RESIDENTIAL __! RESIDENTIAL! LeasehoidiFee Simple {FEE SIMPLE FEE SIMPLE ! EEE SIMPLE , FEE SIMPLE, ' Sita 19460 SQ FT [7500 SQ FT ' +3,000|9492 SQ ET i NO ADJ.|9009 SQ FT. i +1,50 + View RESIDENTIAL [RESIDENTIAL —_ RESIDENTIAL + RESIDENTIAL | "Design and Appeal [RANCH RANCH j RANCH i IRANCH t g —uaNy. of Constnuction 1A VERAGE .VERAGE. : AVERAGE : AVERAGE, ! Ai Age 3/E10 14/10 ‘ 1A26/E10 v 710 ' § | Consition VERAGE VERAGE i VERAGE [AVERAGE f Si Above Grade [ teat surat seve | Tout Beret Bane | Toa! | pane! game | Tota | Bet gate | Room Count §__4 1200/81 4; 25 9S 5 34 -2,000, 8 1 4; 2 7 ores bing Area 1,595 sa. Ft. 1,528 Sa. Ft +1,340| 1,688 Sa et} -1,860; 1,76] Sart | -3,321 P| Basement & Finished LO- |-O- ' O- ' Lo- | a | Rooms Below Grade t ‘ ‘ &_Eunevionat tity lADEQUATE ADEQUATE ! |ADEQUATE__! EQUATE ' ©} Heaungiceoting ICENTRAL A/G ICENTRALA/C ICENTRAL AC ICENTRAL AC NI Enecoy Emcienttems TYPICAL IrYPICAL i _ {TYPICAL H [TYPICAL t a IDRIVEWAY _ [DRIVEWAY te IDRIVEWAY ! (CARPORT. a -1,00 A IENTRY ENTRY \ ENTRY : ENTRY : £ ICOVERED PTO _ {SIMILAR ' WO ADJ.SIMILAR ! NO ADS |SIMILAR 1 NOADI| 8! ONE, ONE 1 ONE ' IONE, 1 i H * aaa (ioral) x] - md 4,340) ! Adjusted Sales Price Gross 5.20% _9f Comparable | Net 5.20% $ 87,840 | Net 4.06% 5 91,140 | Net -3.52% $ 77,18¢ | Comments on Sales Comparison (including the subject Property's compatiblity to the neighborhood, etc}: ALL THREE SALES WERE WEIGHTED WITH i EQUAL EMPHASIS, SUBJECTS LOT SIZE 1S TYPICAL FOR THE NEIGHBORHOOD, HOWEVER SALE #] & #3 REQUIRED A MINIMAL _ ADJUSTMENT DUE Tt) THEIR SMALLER SIZE. i] | ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 | Date. Price and Data [N/A NA IN/A A | Sauree, for priorsales — |ISC isc Isc isc {wun yoar of appraisat | Analats of any current agreement of sale, option, oF iting of the subject propery and analysis of any prior sales of subject and comparables within one year of the date of appraval |_ SUBJECT PROPERTY NOR COMPARABLE SALE HAVE SOLD DURING THE LAST YEAR (ISC) } INDICATED VALUE BY SALES COMPARISON APPROACH Peete cre re eenaes Ftc eeeeeeeeee feitteteeees ry } Mo. x Gross Rent Muttiphier 3 subject to completion per plans and specifications | INDICATED VALUE BY INCOME APPROACH (Applicable) Estimated Market Rent $ X) “as ‘Subject to the repairs, alterations, inspections or conditions listed below | This apprarsal is ma: ‘Conditions of Appraisal: SUBJECT TO THE ATTACHED LIMITED CONDITIONS + Finai Reconciliation: =~ AFTER CONSIDERING ALL APPROACHES TO VALUE, GREATEST WEIGHT HAS BEEN GIVEN TO THE DIRECT SALES | COMPARISON APPROACH, WITCH IS CLOSER TO THE THINKING AND ACTION OF THE TYPICAL BUYER. The purpose of this appraleal Is ty-galimate the margel value of the reat property that Is the subject of this report, based on the abave conditions and the certification, contingent and hmitng conditions, and 1 owes ae MARKEX WALUE\ AS DEFINED, OF THE REAL PROPER*Y THAT IS THE SUBJECT OF THIS REPORT, AS OF 05/25/96 {WHICH IS THE DATE OF TION\ AND THE\/ EFFECTIVE OATE OF THIS REPORT) TO BE $ 85,000 ZO-4h-F—nzooMma APPRAISER: S, ‘SUPERVISORY R (QALY IF REAUIREDY: Signature \ Signature oe i Carect. [x] pia } Dia Not Mame “ALEX — \ Name ALFRED D. CARACH inspect Property Dale Repon Signea “05725196 we) Date Report Signes 05/25/96 Suite Centfeauone $1 Reg REA 0002700 Ste FL____ SuteCentfcatimw ST CERT GEN APPR 0000191 sate FL Or State License # State Or State License # Mate Freddie Mac Form 70 6-03 12H, PAGE 2 OF 2 Fannie Mae Form 1004 6-93 Gruszczyx & Assocites DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimutus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby (1) buyer and selier are typically motivated: (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market. (4) payment is made in terms of cash in U.S doliars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions” granted by anyone associated with the sale. “Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for those costs which are normally paid by sellers as a result of tradition or faw in a market area: these costs are readily identifiable since the sefler pays these costs in virtually all saies transactions. Special or creative financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third party institutional lender that is mot already involved in the property or transaction. Any adjustment shoutd not be calculated on a mechanical dollar for dollar cost of the financing or concessions but the doliar amount of any adjustment should approximate the markel's reaction to the financing or concessions based on the appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: Tre appraiser's certification that appears in the appraisal report is subject to the following conditions: 1, The appraiser wilf not be responsible for matters of a fegal nature that affect either the property being appraised or the title to it The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the tite. The property is appraised on the basis of t being under responsible ownership. 2. The appraiser has provided a sketch in the appraisal ‘eport to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size. 3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the apprziser is mot a surveyor, he or she makes no guarantees, express or implied, regarding this determination. 4, The appraiser will not give testimony or appear In cout because he or she made an appraisa! of the property in question, unless specific arrangements to do so have been made beforehand. 5. The appraiser has estimated the vatue of the jand in the cost approach at its highest and best use and the improvements at their contributory value. The separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used. 6. The appraiser has noted in the appraisal report any aciverse conditions (such as, needed repairs, depreciation, the Presence of hazardous wastes, toxic substances, etc.) obs2rved during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no Land guarantees or warranties, express or implied, regarding ‘he condition of the property. The appraiser will not be = responsible for any such conditions that do exist or for any engineering or testing that might be required to discover < whether such conditons exist. Because the appraiser is not an expert in the field of environmental hazards, the x appraisal report must not be considered as an environmenta! assessment of the property. L oO th. 7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from QQ con sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other parties. 8, The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice. 9. The appraiser has based his or her appraisal report «and valuation conclusion for an appraisal that is subject to Satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in a workmanlike manner. 10, The appraiser must provide his or her prior written consent before the lender/clent specified in the appraisal report can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns: the mortgage insurer, consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality of the United States or any state or the Disvict of Columbia; except tat the Jender/client may distribute the property description section of the report only to data collection or reporting Bervice(s) without faving to obtain the appraiser's prior written consent. The appraiser's written consent and approvat must also be obtained before the appraisal can be conveyed by anyone to the public through advertising, Public relations, news, sales, or other media. ee Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 1004B 6-93 pt FieNo. 962149 APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 1. 4 have researched the subject market area and have seiected a minimum of three recent sales of properties most similar and proximate to the subject property for consideretion in the sales comparison analysis and have made a dollar adjustment when appropriate to refiect the marke: reaction to those items of significant variation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, | have made @ negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable Property is inferior to, or less favorable than the subject property, | have made a positive adjustment to increase the adjusted sales price of the comparable. 2. | have taken into consideration the factors that have zn impact on value in my development of the estimate of market value in the appraisal report. | have not knowingly withheld any significant information trom the appraisal report and | believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct. 3. 1 stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent and fimiting conditions specified in this form. 4. | have no present or prospective interest in the property that is the subject to this report, and | have no present or prospective personal interest or bias with respect to the participants in the transaction. t did not base, either Parbally or completely, my analysis and/or tne estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or national origin of zither the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. | have no present or contemplated future interest in tne subject property, and neither my current or future employment nor my compensation for performing this apprasal is contingent on the appraised vatue of the property. 6. 1 was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a Subsequent event in order to receive my compensation arid/or employment for performing the appraisal, | did not base the sppraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7, | performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promuigated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not apply. t acknowedge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value and the estimate | developed is consistent with the marketing time noted in the neighborhood section of this report, unless | have otherwise stated 1 the reconciliation section. 8. 1 have personally inspected the interior and exterior areas of the subject property and the exterior of all properties fisted comparables in the appraisal report. | further certify that | have noted any apparent or known adverse Conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the Subject property of which | am aware and have made adjustments for these adverse conditions in my analysis of the property value ta the extent that | had market evidence to support them. 1 have also commented about the effect of the adverse conditions on the marketability of the subject property 9. 1 personally prepared alt conclusions and opinions about the real estate that were set forth in the appraisal report. 'f I relied on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of the appraisal report, | have named such individual(s) and disclosed the specific tasks Performed by them in the reconciliation section of this appraisal report. | certify that any individual so named is qualified to perform the tasks. | have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisal report, | will take no responsibility for It SUPERVISORY APPRAISER'S CERTIFICATION: if a supervisory appraiser signed the appraisal report, he or she certifies and agrees that: | directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal feport, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am takin ll responsibitity for the appraisal and the appraisal report. ADDRESS UF PR TY APPRAISED: 30634 SW. 152 COURT, UNINC. DADE, FL_33033 APPRAISER; : j SUPERVISORY APPRAISER (only if required): Signature: } \ _. Signature: Fact Carat Name: ALEX GHUSZCAVK _ Name: ALFRED D. CARACH Date signed: o5!25196 +t \ __ Date Signed: 05/25/96 State Certification #: St Reg REA 0002700,_} __ State Certification #: ST CERT GEN APPR 0000191 or State License #: __ oF State License #: State: FL __ State: FL Expiration Date of Certification or License: NOV 1996 _ Expiration Date of Certification or License: X] pia (C ] pig Not inspect Property eee Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 10048 6-93 Gnuszezyk & Assocites i? Summary Appraisal Keport Property Description UNIFO\,_ RESIDENTIAL APPRAISAL REPORT File No. 962'58 ProperyAdsress 1955 N'W 53 STREET Gly MIAMI site FL ZipCode 33142 Lega! Description LOT 16 BLK 31 FLORAL PARK PB 8 PG 5 County DADE . _ S| Assessor's Parcel No 30-3122-052-5640 TaxYeat 1995 RE. Texes $ 363.51 Special Assessmerts $ HOMSTD 8 | eorromer TE A Tetant Vacant 2 Property rights appraised C| Neighborhood of ProjectName _ FLORAL PARK Map Reference 53-41-22 Census Tract T| Sstepace $ REFINANCE _ Date of Sale N/A Description and $ amount of loan charges/concessiona to be pald by seller NA . LenderClient GEM MORTGAGE Address CORAL GABLES, FL, 33134 _ Appraiser ALEX GRUS . Location Urban X| Suburban Predominant Singts family housing Present lend use % Land use change Buit up X] over 75% 25-75% ‘occupancy rss Gay | One Famiy 85] LX Jnottikety ] Likeiy Growth rate Rapid X] save ([_] sow [XJ owner 20 Low 20) 2-41am fr. process Property values Increasing Xj Stable ‘Tenant 60. High 60} Multi-family 10) To: Demand/supply shortage [X [Predominant | ‘Commercial 5 7 Marketing time Under ‘t mon Note: Race and the racial comp sition of the neighborhood are not appraleal factors. Neighborhood boundarles and csaracteristics; ~~ TO THE NORTH MARTIN LUTHER KING STREET, TO THE EAST 12 AVENUE, TO THE SOUTH |. AIRPORT EXPRESSWA Y, TO THE WEST 37 AVENUE. _ Factors that affect the mivrketablity of the properties In the neighborhood {proximity to employment and amenities, employment atablity, appen! to market, etc.) SUBJECT NEIGHBORHOOD IS CONSIDERED A SINGLE FAMILY RESIDENTIAL AREA. IT JS LOCATED WITHIN A SHORT DRIVE FROM. SCHOOLS, REGIONAL SHOPPING AREAS, RECREATIONAL FACILITIES AND OTHER CONVENIENCES. THE 5% COMMERCIAL LAND. | -USE. DOES NOT AFFECT SUBJECTS MARKETABILITY OR VALUE. . DOOTMOMTA—-mMz Market conditons in me subject neighborhood {including support for the above conclusions ‘elated to the Wend of property values, demandisupply, and marketing one | such a8 data on competitive properties. for sala in the neighborhood, description of the prevalence of sales and financing concensiona, te}. LAND RECORD DATA AND MLS STATISTICS. AS WELL AS SALE/RESALE OF PROPERTIES IN THE NEIGHBORHOOD. SUPPORT A SLIGHT INCREASE IN ?ROPERTY VALUES. MLS INDICATES A NARROW LIST-SELL-RATIO OF 99% AND TYPICAL MARKETING TIMES _OF 90 TO 180 DAYS. WITH THE STRONG MARKET, SELLERS ARE NOT REQUIRED TO OFFER SALES OR FINANCING CONCESSIONS. FINANCING 1S READLY AVAILABLE FROM A VARIETY OF SOURCES. P Project information for PUDs (it applicadie) -- ls the deveioper/bullder In control of the Home Owners’ Association (HOA)? Yea 2 No Hy Approximate total number of unila In the subject project NA Approximate total number of units for sate In the subject project N/A Describe common etements and recreational facilities: Dimensions — S0x110 Sttearea 5500 sq. ft. ‘Specific zoning classification anc! description Topography . Size 5500 SOFT / AVERAGE Shape RECTANGULAR __ Zoning compliance [X] Lagat Legal nonconforming (Grandfathered use) Drainage = TYPICAL 7 . Highest & best use as Improved: X_| Present use Other use (explain) View: RESIDENTIA _ _ s| tien Pupile Otner Off-elte improvements Type Public Landscaping ICAL __. 1 | Electricity XJ ‘Steet ASPHALT X Driveway Surface CONCRETE _ z Gas _ Curbiguter == NONE. {_} Apparant easements TYPICAL _ Water Xj Sidewalk NONE FEMA Special Flood Hazard Aven Santary sewer Bs _ Steetigha = POST ry FEMAZone X Map 0110 (3/02/94 _ Storm sewer Altey NONE FEMAMapNo._1202SCO180) _ ‘Comments (apparent adverse easements, encroschments, special assessments, slide areas, iilegsl or legat nonconforming zoning use, etc): THE APP] RAISER _ a WAS NOT FURNISHED WITH A RECENT SURVEY. CONSEQUENTLY NO DETERMINATION OF AN ECROACHMENT OR OTHER : ADVERSE CONDITION, GENERAL DESCRIPTION FOUNDATION BASEMENT THSULATION No of Unita CONCRETE | sab CONCRETE aren Sq.ft NONE Roo! D|_ No of Stores FRAME Cram Space YES % Finished Calling E Type (Detsatt ) SHINGLE Basement NONE Celling: Wat's | Design (Style) NONE ‘Sump Pump ~NONE OSVD Walle Floor R| exstngrPropose AWNING Pampness NONE OSVD Noms P| Age (vr) Settiement NONE OSVD. Unkrown UNK T Lenectne Age (vr) Infestation . oO ¢ 4 ° 4 F 4 \ . M = P| rinsnesren_ebove grade cons Feet et Gross uving Aves | WTERIOR — Malerals/Condiion CAR STORAGE YT ore WD VYNL/AVG Fwrepiace(e)# NO none [X | watts PLASTER/AVG Pato OPEN [XJ] Garage Fi temvemsn — WOOD/AVG Deck NONE Atached = Bath Floor = CERAMIC/AVG Porch ENTRY X Detached Gat Weinseot CERAMIC/AVG Fence C/LINK X}} unin Doors HOLLOW CORE/ Heated Poo! NONE J} coroon SOLID WOOD/AVG Finished Driveway _ Additional features (special energy efficient tems, ate): CARPORT. Condition of the improvemants, dapreciation (physical, functional, and external), repairs needed, quality of constuction, remodeling/additions, etc.: SUBIECT THE APPRAISAL. SUBIECT PROPERTY 1S IN AVERAGE CONDITION HOWEVER REAR IS UNPAINTED. ‘Agverse environmental conitens (such s8, But not lmfed to, hazerdous wastes, love aubelances, etc) present In the improvements on tw ale, or im we immediste vicinity of the subject property: THERE ARE NO KNOWN OR APPARENT ADVERSE ENVIRONMENTAL CONDITIONS THAT. L_1 WOULD NEGATIVELY AFFECT THE VALUE OF THE PROPERTY Fiedaie Mac Form 70 6-93 12cn. PAGE 1 OFZ Fannie Mae Form 1004 6-03 ’ Gruszezyk & Assocites nu “4zmzsa0 Valuation Section TOPORVIUP ARG W-VZY ZOV-ASVRON umMesu ESTIMATED SITE VALUE ESTIMATED REPRODUCTION ¢ OST-NEW-OF IMPROVEMENTS: sumuuary Appraisas Repurt UNIFORK. _=SIDENTIAL APPRAISAL REPORT File No. 96215 =$ 10,000] Comments on Cost Approach (auch as, sourca of cost eatimate, sie value, square foot caicvlation and for HUD, VA and FmriA, the ‘Dweiting 1,080 sa.rtes 40=5 43,200 estimated remaining economic mle of the property): LAND TO. BSMT NONE Sa Ft@s . VALUE RATIO JS TYPICAL FOR THE AREA AND) DOES NOT LUMP SUM = 4,000 AFFECT SUBJECTS MARKETABILITY OR VALUE. Garage/Casport _ SoFtas - ESTIMATED REMAINING ECONOMIC LIFE "30+" YEARS. Hl Total Estimated Cost New cote teteeteseeeees -s 47,200 COST PER SQUARE FOOTAGE WAS DERIVED FROM. Less. 41,7 Physical Functional ‘Extemat MARSHALL & SWIFT COST HANDBOOK, AND |LOCAL Depreciaton __19,682__| | *s 19,682] CONTRACTORS. _ Depreciated Value of improvements... ss 27,518) _ “As-ia” Value of Site lmprovermer'a os 2,000; _ INOICATEO VALUE BY COST AF EM HPROACH =3 8) . SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Rooms Below Grade Functionat Utilty Heating/Cooling WALL Energy Efficient iterns ITYPICAL 1955 NW 53 STREET 1944 NW SO STREET 2267 NW 48 STREET ln445 NW 55 TERRACE Adaress IMIAMI, FL. 33142 IMIAMI, FL, 33142 IMIAMI, FL. 33142 Proxunty to Subject 2 BLOCKS 7 BLOCKS Is BLOCKS Sales Price s___REFINANC {s 55,000 s 48,000) 3 25,50 PrewiGrosa Lv. Area | als 34.95 Bp s 45.230 Is 34.41 Data andior ISC’P. RECORDS _{ISCNET ISCNET ISCNET Vertication Source INSPECTION SUAL INSPECTION VISUAL INSPECTION [VISUAL INSPECTION VALUE AQJUSTMENTS: DESCRIPTION DESCRIPTION | + (08 Adjustment DESCRIPTION +) 5 Adjustment DESCRIPTION [+ (73 Adjustment ‘Sales of Financing OT ' ICONVENTL i ICONVENTL ' Concessions PrscLosep H MORTGAGE H MORTGAGE ' Data of SaterTime 12/95 H 8/95 t 13/96, tt Location RESIDENTIAL _|RESIDENTIAL__! RESIDENTIAL __ RESIDENTIAL! Leaseholaiee Simple |FEE, SIMPLE fae SIMPLE i FEE SIMPLE ‘ “FEE SIMPLE Z [se 5500 SQFT 592 SOFT ! -2,00015720 SQFT im NO ADJ.6600 SQFT ___)___NO.ADJ | view _ RESIDENTIAL ___ [RESIDENTIAL + RESIDENTIAL 1 RESIDENTIAL + ‘Design and Appeal RANCH ICH A RANCH A IRANCH —t Quality of Constuction _—_ |AVG/FRAME. -|AVG/FRAME, y [AVG FRAME. ! IAVG/FRAME Age S5/E25 1AS8/E20 -2,000/A57/E20 ‘ -2,000/A58/E25 _ Condition VERAGE AVERAGE ! IAVERAGE Above Grade Total | Bdme: Bathe | Total | Bdmet Bathe OD Room Count +1,500_$ 1 3 1 14 +1,50 Grove Lning Area | +1185} 1,060 Sa.Ft_| +300 Basorment & Finished NONE Garage/Carport ICRPRT 1 +1,000) Porch, Patio, Deck, Fireplace(s). ete, ENTRY, OPEN INC/NE Fence, Pool, etc. ICALINK, NONE. Net Ad ftotal) —— Adjusted Sales Price of Comparapie 0.57% $ 54,685 29.75% 8 33,085 Comments on Salen Comparison (including the subject propertys compatibility to the neighborhood, etc SALE #3 EXCEEDS THE PREFERRED 15% FOR GROSS ADJUSTMENTS. IT IS A RECENT SALE, OF FRAME CONSTRUCTION AND IN SUBJECTS INMEDIATE NEIGHBORHOOD. SALE # 3. EXCEEDS 6 MONTHS FOR DATE OF SALE, IT STILL FALLS WITHIN FNME 1] YEAR GUIDELINES. SALE #3 IS BEING UPDATED, THE. |_CBS WALL WAS INST,ALLED AFTER THE SALE. id bol ~ "y IvEM SUBJECT . COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO.3 Date, Price and Data N/A EPTEMBER 1995 INA VA source, for pror sales [ISC ,000 isc Isc thin year of appraisal Isc - Analysis of any current ag) |_SUBJECT PROPERT yant of 1. option, of listing of the subject property and analysis of any priot sales of subject and comparables within one year oi the date of appraisal ‘Y INOR COMPARABLE SALE HAVE SOLD DURING THE LAST YEAR (ISC) | INDICATED VALUE BY SALES COMPARISON APPROACH cable) Estimated Market Rant $ INDICATED VALUE BY INCOME APPROACH /Mo. x Gross Rent Multiplier This appraisal is made |X} “asis* ‘subject to the repairs, atterations, Inspections or conditions listed below subject to completion per pans and specifications Conditions of Apprasat: S| JBJECT TO THE ATTACHED LIMITED CONDITIONS . Final Reconelliaton AFTER CONSIDERING ALL APPROACHES TO VALUE, GREATEST WEIGHT HAS BEEN GIVEN TO THE. DIRECT SALES E COMPARISON APPRCACH, WHICH IS CLOSER TO THE THINKING AND ACTION OF THE TYPICAL BUYER. _ ol. ~ My The purpose of this appraisal is to eatimate the market value of the real property that Is the subject of this report, based on the sbove conditiona and the certification, contingent 1 | and timing conditions, and market value definition thet are stated In the attached Freddle Mac Form 439/Fannie Mae Form 10048 (Revised _ ) 411 owe) estimate, THE ARKET wa AF a OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF (4/30/96 _ A| qemcn is THE, pay of inspection AND ye DATE OF THIS REPORT) TO BE 49,000 H APPRAISER: CG SUPERVISORY. ER {ONLY IF REQWRED): _ | signature WA Signature ys CAwaeke [x] ov Did Not Name ALEX GRUSZCZYK Name ALFRED D. CARACH inapect Property Date Report Signed 04/30/96 Date Report Signed 04/30/96. _ State Cemification# St Reg REA OF Suite FL State Certification# ST CERT GEN APPR 0000191 _. State FL Or State License # State Or State Licente # .. state Freddie Mac Form 70 6-93 12CH. PAGE 20F 2 Forutie Mae Form 1004 6-93 , Gruszezyk & Assocites ; ee vy nod scars APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that: 14. | have researcred the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to fefiect the market reaction to those items of significant variation. It a significant item in a comparabie property is superior to, or more favorable than, the subject property, { have made a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparabie property is inferior to, or less favorable than the subject property, | have made a positive adjustment to increase the adjusted sales price of the comparable. 2. | have taken into consideration the factors that have an impact on value In my development of the estimate of market value in the appraisal report. | hava not knowingly withheld any significant Information from the appraisal report and | believe, to the best of my knowledge, that all statements and information In the appraisal report are true and correct. 3. 1 stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, end conclusions, which are subject only to the contingent and {limiting conditions specified in this form, 4, 1 have no present ar prospective interest in the property that is the subject to this report, and | have no present or prospective personal interest or blas with respect to the participants in the transaction, | did not base, either partially or completely, my analysis and/or the estimate of market value In the appraisal report on the race, coir, religion, sex, handicap, familial status, or national origin of elther the prospective owners or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property. 5. | have no gresent or contemplated future interest In the subject property, and neither my current or future employment nor my compensation for performing this appraisal is contingent on the appraised value of the property. 6. | was not required to report @ predetermined value or direction in value that favors the cause of the ciient or any related party, the amount cf the valie estimate, the attainment of @ specific result, or the occurrence of a subsequent event in order to receive my compensation and/or employment for performing the appraisal. | did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan. 7, ¢ performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those Standards, which doas not apply. | acknowledge that an estimate of a reasonable time for exposure in the open market is @ condition in the definition of market value and the estimate | developed is consistent with the marketing time noted in the neighborhood secticn of this report, unless | have otherwise stated in the reconciliation section, 8. | have persorally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as compartibles in the appraisal report. | further certify that | have noted any apparent or known adverse conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject property of which | am aware and have made adjustments for these adverse conditions in my analysis of | the property value to the extent that 1 had market evidence to support them. | have also commented about the | eftect of the adverse conditions on the marketablity of the subject property, 9. 1 personsily prepared ath conclusions and opinions about the real estate that were set forth in the appraisal report. If 1 celied on significant professional assistance from any individual or individuats In the performance of the appraisal or the preparation of the appraisal report, | have named such Individual(s) and disclosed the specific tasks performed by them in the reconciliation section of this appraisal report. | certify that any individual so named is qualified to pgdorn the tasks. | have not authorized anyone to make a change to any Item in the report; therefore, if an unauthorized change is made to the appraisal report, | will take no responsibility for it. SUPERVISORY APPRAISER'S CERTIFICATION: if a supervieory appraiser signed the appraisal report, he or she certifies and agrees that: } directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report. ADDRESS OF PROPERTY APPRAISED: 1955 NW 53 STREET, MIAMI, FL_33142 APPRAISER: Y ») ; SUPERVISORY APPRAISER (only if required) va a —_— Signature: xX / Signature: #: tel Lareck . Name: ALEXGRUSZCZYR Z = Name: ALFRED D. CARACH Date Signed: 04/3(/96 Date Signed: 04/30/96 State Certification #: $t Reg REA 0002700 State Certification #: ST CERT GEN APPR 0000191 _ or State License #: or State License #: State: FL State: FL. . Expiration Date of Certification or License: NOV 1996. Explration Date of Certification or License: _ XI pia Did Not Inspect Property Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 10048 6-93 : Gruszezyk & Assovites }2 6 - (SU%) S59-4866 P.O1 20 N.W. 87th Avenuc ¥A-224 - Miami, Florida 33172 (305) 559-4866 State Certifizd Real Estate Appraisals Commercial Appraising Property Tas Appeals July 12,1946 One Stoy Morrgage Attention Shirley Drake 200 Bakor Street #100 Costa Mosa,California 92626 Dear Ms. Shirley Drake: advised thal I have nevec spented auy of the properties thal Twas the supervisory appraiser Vor of Alex Cruszevzeyk. Sincerciy, Fred Caracke Attred b. Carach : State Cartsfied General Appraiser #000019) Valuation Section Summary Appraisal Keport UNIFORM RESIDENTIAL. APPRAISAL REPORT. 32,000) Comments on Cost Approach site value, square foot calculation and for HUD, VA and FmHA the estimated remaining economic We of me property): LANT) TO VALUE RATIO 1S TYPICAL FOR THE AREA AND DOES File No. 962136 {such as, source of cost estimate, ESTIMATED SITE VALUE. es ESTIMATED REPRODUCTION COST-NEW.OF IMPROVEMENTS BY owettng 693 saFtas AS =$ BEI85 Ey BSMI NONE saFrtes le T LUMP SUM = 4,000 NOT AFFECT SUBJECT'S MARKETABILITY OR __ Comments on Salen Compatinon (including the s 900 Ts pis a Garage/Carpon _ 84. Ft@s _? Total Estimated Cost New ss 35,185 BY ess 41.7 Physical Functional Exomal FQ cepreciation 14,672 _ *s FA cepieciated Vaue of mprovemerts = “as-is" Value of Site Improvements se INDICATED VALUE BY COST APPROACH. =3 ITEM SUBJECT COMPARABLENO 1 COMPARABLE NO. 2 COMPARABLE NO 3 1910 SERVICE RD 2130 SERVICE RD 2481 NW 139 ST 2045 WASHINGTON AVE | adaress OPALOCKA, FL, lOPALOCKA, FL. lOPALOCKA, FL. IOPALOCKA, FL 7 _ Proxiauty to Subject 3 BLOCKS 5 BLOCKS 17 BLOCKS _ Sates Price __ |s. REFINANCE] s preeiGross tv. Awa |S Bs 61.04 7 3 Data andiot NSC/P RECORD [ISCNET Veriteation Source INSPECTION ___|VISUAL INSPECTION VISUAL INSPECTION VISUAL INSPECTION VALUE ADJUSTMENTS | DESCRIPTION DESCRIPTION 71) 4 Adwetment_ DESCRIPTION | OS Adjustment | DESCRIPTION | + (1S Adjustment ‘Sales of Financing FHA 1 ICONVENTL 1 (CONVENTL 5 Concessions - MORTGAGE + MORTGAGE : MORTGAGE. 1 Date of Sale/Time 102/96. in _. |01/96 A 03/96 t F Location ~_|RESIDENTIAL RESIDENTIAL |. RESIDENTIAL | (RESIDENTIAL! LensonolaiFes Simple FEE SIMPLE __' FEE SIMPLE | __ { ‘ Sie [S000 SQFT 6000 SQFT _ 10 SOFT. i View ‘ IRESIDENTIAL + __ [RESIDENTIAL i RESIDENTIAL Design anaappel [RANCH | -RANCI t CH} ___IRANCH ! [AVERAGE IAVERAGE ! AVERAGE. ‘AVERAGE, ‘ JA46/E25 ! IAS6E25 \aaG/B25 " |AVERAGE ' AVERAGE. U VERAGE. 1 aaa t ANERAUE, + RAGE, r Total | Sams! Baths | Total | Bdmet Bate | Total | Bama) Bathe 1 4i 2s 145 4.251 +1,900| 732 sat | -780|__773__ sare NONE j (ONE ' Functional Utity YPICAL__[LYPICAL.. _[PYPICAL _ i (TYPICAL feating/Cooting WALL A/C WALL A/C 4 __ IWALL A/C n {ryPICAL TYPICAL t TYPICAL t f {DRIVEWAY RIVEWAY | RIVEWAY | Porch, Patio, Deck, IBNTRY, OPEN |ENTRY,OPEN | INTRY,OPEN | Freepiace(e), ete NONE, NO____...'NONE.NO ! INONE, NO _ __|NONE, NONE ONE.NONE _ INONE.NONE ' 5.21% 5.21% Gross Ne s 38,400 32,120 [vet + ‘Gross A MAIN TRAFFIC ARTERY, THIEY BOOTH ARE BUFFERED 100 FEET OF LAND A\ propenys compatblity wm the relghbornood, etc) SUBJECT PROPERTY AND SALI SERVICE ROAD. AFTER TIE MARKET WAS ANALYZED NO ADJUSTMENT WAS WARRANTED. iTeM SUBJECT COMPARABLE NO. 1 COMPARASL ENO.2 IN/A SC Ww tn COMPARABLE NO.3 1A ISC SUBJECT PROPERTY IS h INDICATED VALUE BY INCOME APPROACH INDICATED VALUE BY SALES COMPARISON APPROACH {tt Appucabla) Esumated Masket Rent This appraisalismace — | X | vasis* ‘Conditions of Apprarsat ToT eunect one rpa SUBJECT TO TILE ATTACHED LIMITED CONDITIONS. orati ions, inspactions by conditions listed subject to comptetion per plans and specifications } Final Reconelhation: AFTER CONSIDERING ALL APPROACHES. TO VALUE, WEIGHT HAS BEEN GIVEN TO THE ING AND ACTION OF THE TYPICAL BUYER SUPERVISORY APPRAISER this report based on the above cancilons and me certification, contingent 439/Fannie Mae Form ‘004B {Revised » Freddie Mac Form 70 6-53 a2 cH, PAGE 20F 2 Graszzyk & Associles Signature ZA [Jo [Joie ere name ALEX GRU: f Name inapect Property Date Repon Signea 05/25/96 Date Kepon Signed 05/25/96. State Cervficauon# St Reg REA 0002700 | State FL Slate Certificauon# ST CERT GEN APPR 0606191 _ Sate FL Or State License # State Or State License # Sue Fanme Mua Form 1004 5-63. 24 MPLAINT TY Cy

Docket for Case No: 04-001329PL

Issue Date	Proceedings
Aug. 09, 2004	Order Closing File. CASE CLOSED.
Aug. 05, 2004	Joint Motion for Department of Administrative Hearing to Relinquish Jurisdiction (filed via facsimile).
Jul. 19, 2004	Order Denying Motion (Respondent`s Motion to Oppose Use of Deposition at Formal Hearing denied).
Jul. 12, 2004	Motion to Oppose Use of Deposition at Formal Hearing (filed by Respondent via facsimile).
Jul. 08, 2004	Order Granting Motion for Telephone Deposition (of C. Strandell July 19, 2004, at 2:00 p.m.)
Jul. 02, 2004	Petitioner`s Motion for Telephone Deposition and to use Deposition Against Respondent in Formal Hearing (filed via facsimile).
Jun. 22, 2004	Order Granting Continuance and Re-scheduling Video Teleconference (video hearing set for August 12, 2004; 9:00 a.m.; Orlando and Tallahassee, FL).
Jun. 17, 2004	Respondent`s Exhibits filed.
Jun. 17, 2004	Respondent`s Response to Petitioner`s Motion to Continue (filed via facsimile).
Jun. 17, 2004	Letter to DOAH from C. Strandell advising that she is unable to attend the hearing (filed via facsimile).
Jun. 17, 2004	Petitioner`s Motion to Request a Continuance of Formal Hearing and to Request a Telephone Hearing on this Motion (filed via facsimile).
Jun. 16, 2004	Petitioner`s Exhibits 27-28 (filed via facsimile).
Jun. 10, 2004	Letter to Judge Kirkland from J. Mitchell regarding enclosed Respondent`s Exhibits A-W filed.
Jun. 08, 2004	Amended Notice of Video Teleconference (hearing scheduled for June 18, 2004; 9:00 a.m.; Orlando and Tallahassee, FL; amended as to type of hearing and locations).
Jun. 03, 2004	Joint Response to Pre-hearing Order filed by Petitioner.
May 05, 2004	Notice of Hearing (hearing set for June 18, 2004; 9:00 a.m.; Orlando, FL).
May 05, 2004	Order of Pre-hearing Instructions.
Apr. 22, 2004	Joint Response to Pre-hering Order (filed by Petitioner via facsimile).
Apr. 15, 2004	Election of Rights filed.
Apr. 15, 2004	Administrative Complaint filed.
Apr. 15, 2004	Agency referral filed.
Apr. 15, 2004	Initial Order.