STATE OF FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATIO FLORIDA REAL ESTATE APPRAISAL BOARD FLORIDA DEPARTMENT OF BUSINESS & PROFESSIONAL REGULATION, DIVISION OF REAL ESTATE, / 4 . lo ay 7 PL Petitioner, v. CASE NO. 2008066644 ANDREW MELTZER, Respondent. / ADMINISTRATIVE COMPLAINT The Florida Department of Business & Professional Regulation, ‘Division of Real Estate ("Petitioner") files this Administrative Complaint against Andrew Meltzer(“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 3190 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 3550 Biscayne HA\FREABa\FREAB\meltzer.644.doc , 1 FDBPR v. Andrew Meltzer Case No. 2008066644 Administrative Complaint Blvd. #406, Miami, Florida 33137. 4. On or about October 15, 2005, Andrew Meltzer (Respondent) developed and communicated an appraisal report (Report 1) for property commonly known as 17100 North Bay Road, #1402, Sunny Isles, Florida 33160(Subject Property), and estimated its value as $440,000.00 A copy of Report 1 is attached hereto and incorporated herein as Administrative Complaint Exhibit 1. 5. At the time the Report was developed and communicated, Respondent was a State Certified Residential real estate appraiser. 6. Respondent made the following errors and omissions on Report 1: A) Incorrect age for the Subject Property, based on workfile documentation; B) Incorrect specific zoning classification for the Subject Property in the Site section of the Report; C) Incorrect Sales Price for comparable sale 1 in the Sales Comparison Analysis section of the Report (A copy of Public Records and Special Condominium Warranty Deed for comparable sale 1 is attached hereto and incorporated herein as Administrative Complaint Composite Exhibit 2); D) Incorrect Sales Price for comparable sale 2 in the Sales Comparison Analysis section of the Report (A copy of Public Records H:\FREABa\FREAB\meltzer.644.doc 2 FDBPR v. Andrew Meltzer Case No. 2008066644 Administrative Complaint and Special Condominium Warranty Deed for comparable sale 2 is attached hereto and incorporated herein as Administrative Complaint Composite Exhibit 3); E) Incorrect floor location for comparable sale 3, based on workfile documentation, in the Sales Comparison Analysis section of the Report; F) Failure to note the HOA Monthly Assessment for comparable sale 3, when the information is provided in workfile documentation; G) Incorrect age of comparable sale 3, based on workfile documentation; H) Incorrect Sales Price for comparable sale 3 in the Sales Comparison Analysis section of the Report (A copy of Public Records and Special Condominium Warranty Deed for comparable sale 3 is attached hereto and incorporated herein as Administrative Complaint Composite Exhibit 4); I) Failure to note the HOA Monthly Assessment for comparable sale 4, when the information is provided in workfile documentation; dg) Incorrect age of comparable sale 4, based on workfile documentation; K) Incorrect Sales Price for comparable sale 4 in the Sales Comparison Analysis section of the Report (A copy of Public Records and Special Condominium Warranty Deed for comparable sale 3 is H:\FREABa\FREAB\meltzer.644.doc 3 FDBPR v. Andrew Meltzer Case No. 2008066644 Administrative Complaint attached hereto and incorporated herein as Administrative Complaint Composite Exhibit 5); L) Use of improper appraisal designation in the Report; and M) Failure to discuss or explain why no sales outside the Subject property complex were used as comparables in the Report. 7. During the investigation, Respondent provided a true and complete copy of his workfile for the appraisal report for the Subject Property. 8. The workfile contained an appraisal report (Report 2) for the Subject Property that differed from the report communicated to the Client. A copy of Report 2 is attached hereto and incorporated herein as Administrative Complaint Exhibit 6. 9. Report 2 differs from the report communicated to the Client (Report 1), in that it contains and additional comparable sale, comparable sale 5 that sold in’ October 2005, which was added to Report 2 in April 2009. 10. The effective date of Report 2 is October 15, 2005, and the signature date on Report 2 is October 17, 2005, the same dates as those on the report communicated to the Client (Report 1). 11. Respondent made the following errors and omissions on Report 2: A) Incorrect age for the Subject Property, based on workfile HAFREABa\FREAB\meltzer.644.doc 4 FDBPR v. Andrew Meltzer Case No. 2008066644 Administrative Complaint documentation; B) Incorrect specific zoning classification for the Subject Property in the Site section of the Report; C) Incorrect Sales Price for comparable sale 1 in the Sales Comparison Analysis section of the Report (A copy of Public Records and Special Condominium Warranty Deed for comparable sale 1 is attached hereto and incorporated herein as Administrative Complaint Composite Exhibit 2); D) Incorrect Sales Price for comparable sale 2 in the Sales Comparison Analysis section of the Report (A copy of Public Records and Special Condominium Warranty Deed for comparable sale 2 is attached hereto and incorporated herein as Administrative Complaint Composite Exhibit 3); E) Incorrect floor location for comparable sale 3, based on workfile documentation, in the Sales Comparison Analysis section of the Report; F) Failure to note the HOA Monthly Assessment for comparable sale 3, when the information is provided in workfile documentation; G) Incorrect age of comparable sale 3, based on workfile documentation; H) Incorrect Sales Price for comparable sale 3 in the Sales Comparison Analysis section of the Report (A copy of Public Records H:\FREABa\FREAB\meltzer.644.doc 5 FDBPR v. Andrew Meltzer , Case No. 2008066644 Administrative Complaint and Special Condominium Warranty Deed for comparable sale 3 is attached hereto and incorporated herein as Administrative Complaint Composite Exhibit 4); I) Failure to note the HOA Monthly Assessment for comparable sale 4, when the information is provided in workfile documentation; J) Incorrect age of comparable sale 4, based on workfile documentation; K) Incorrect Sales Price for comparable sale 4 in the Sales Comparison Analysis section of the Report (A copy of Public Records and Special Condominium Warranty Deed for comparable sale 3 is attached hereto and incorporated herein as Administrative Complaint Composite Exhibit 5); L) Use of improper appraisal designation in the Report; M) Failure to discuss or explain why no sales outside the Subject property complex were used as comparables in the Report; and N) Failure to update the signature date on the Report after adding an additional comparable sale (comparable sale 5) in April 2009. 12. The opinion of market value in both Report 1 and Report 2 match exactly the sales contract price for the Subject Property. 13. The workfile lacks a copy of Report 1, as communicated to H.AFREABa\FREAB\meltzer.644.doc 6 FDBPR v. Andrew Meltzer Case No. 2008066644 Administrative Complaint the Client. 14. There is no documentation in the workfile to support FEMA data in the Site section of the Reports. 15. There is no documentation in the workfile to support single family housing data in the Neighborhood section of Reports. 16. There is no documentation in the workfile to support condominium housing data in the Neighborhood section of Reports. 17. There is no documentation in the workfile to support $3,000 Floor Location adjustment made to comparable sale 1 in Quantitative Sales Comparison Analysis section of the Reports. 18. There is no documentation in the workfile to support $12,000 Floor Location adjustment made to comparable sale 2 in Quantitative Sales Comparison Analysis section of the Reports. 19. There is no documentation in the workfile to support $9,000 Floor Location adjustment made to comparable sale 1 in Quantitative Sales Comparison Analysis section of the Reports. 20. There is no documentation in the workfile to support $3,000 Floor Location adjustment made to comparable sale 4 in Quantitative Sales Comparison Analysis section of the Reports. the the the the the the the the the the the the the 21. The workfile lacks documentation to support the Gross H:\FREABa\FREAB\meltzer.644.doc FDBPR v. Andrew Meltzer Case No. 2008066644 Administrative Complaint Living Area data for comparable sale 4 listed in the Sales Comparison Analysis section of the Reports. 22. There is no documentation in the workfile to support the $20,025 Gross Living Area adjustment made to comparable sale 5 in the Quantitative Sales Comparison Analysis section of Report 2. 23. The workfile lacks documentation to support the data listed for comparable sale 1 in the Sales Comparison Analysis section of the Reports. 24. The workfile lacks documentation to support the data listed for comparable sale 2 in the Sales Comparison Analysis section of the Reports. A copy of the Workfile is attached hereto and incorporated herein as Administrative Complaint Exhibit 7. COUNT ONE 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 TWO Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically the Conduct Section of the Ethics Rule, or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida H:\FREABa\FREAB\meltzer.644.doc 8 FDBPR v. Andrew Meltzer Case No. 2008066644 Administrative Complaint Statutes. COUNT THREE Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically the Recordkeeping Section of the Ethics Rule, or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. COUNT FOUR Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 1-1(c), or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. COUNT FIVE Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 1-4(a), or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. COUNT SIX Based upon the foregoing, Respondent has violated a standard HAFREABa\FREAB\meltzer.644,doc 9 é FDBPR v. Andrew Meltzer Case No. 2008066644 Administrative Complaint for the development or communication of a real estate appraisal, specifically Standards Rule 1-5(b), or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. COUNT SEVEN Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards 1-6(a), or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. COUNT EIGHT Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 2-1(a) and (b), or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in violation of Section 475.624(14), Florida Statutes. COUNT NINE Based upon the foregoing, Respondent has violated a standard for the development or communication of a real estate appraisal, specifically Standards Rule 2-2(b) (ix), or other provision of the Uniform Standards of Professional Appraisal Practice (2005) in _violation of Section 475.624(14), Florida Statutes. HAFREABa\FREAB\meltzer.644.doc 10 FDBPR v. Andrew Meltzer Case No. 2008066644 Administrative Complaint COUNT TEN Based upon the foregoing, Respondent is guilty of failing to utilize and display the appropriate appraiser designation in the Report in violation of Rule 6101-7.001(2) (c), Florida Administrative Code and Section 475.622(1), Florida Statutes and, therefore, in violation of Section 475.624(4), Florida Statutes. WHEREFORE, Petitioner respectfully requests the Florida Real Estate Appraisal Board, or the Department of Business and Professional Regulation, as may be appropriate, to issue a Final Order as final agency action finding the Respondent(s) guilty as charged. The penalties which may be imposed for violation(s) of Chapter 475 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; 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. H:\FREABa\FREAB\meltzer.644.doc 1 FDBPR v. Andrew Meltzer Case No. 2008066644 Administrative Complaint See Section 475.624, Florida Statutes and Rule 61J1-8.002, Florida Administrative Code. The penalties which may be imposed for violation(s) of Chapter 455 of the Florida Statutes, depending upon the severity of the offense(s), include: revocation of the license, registration, or certificate; suspension of the license, registration, or certificate for a period not to exceed ten (10) years; imposition of an administrative fine of up to $5,000 for each count or offense; imposition of investigative costs; issuance of a reprimand; imposition of probation subject to terms including, but not limited to, requiring the licensee, registrant, ofr certificate holder to complete and pass additional appraisal education courses; publication; restriction of practice; injunctive or mandamus relief; imposition of a cease and desist notice; or any combination of the foregoing which may apply. See Section 455.227, Fla. Statutes and Florida Administrative Code Rule 6131-8.002. H:\FREABa\FREAB\meltzer.644.doc 12 FDBPR v. Andrew Meltzer Case No. 2008066644 Administrative Complaint SIGNED this oe) day of Queust , 2009. ATTORNEY FOR PETITIONER ~“ . Robert Minarcin Senior Attorney Fla. Bar No. 163147 Division of Real Estate Legal Section 400 W. Robinson Street, N801 Orlando, Florida 32801-1757 (407) 481-5632 (407) 317-7260 - FAX PCP: cw/ck 8/09 H:\FREABa\FREAB\meltzer.644.doc 13 FDBPR v. Andrew Meltzer Case No. 2008066644 Administrative Complaint 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 allowed by law, a hearing to be conducted in this matter in accordance with Sections 120.569 and 120.57 of the Florida Statutes; that you have the right, at your option and expense, to be represented by counsel or other qualified representative in this matter; and that you have the right, at your option and expense, to take testimony, to call and cross-examine witnesses, and to have subpoena and subpoena duces tecum issued on your behalf if a formal hearing is requested. PLEASE BE FURTHER ADVISED that if you do not file an Election of Rights form or some other responsive pleading with the Petitioner within twenty-one (21) days of receipt of this Administrative Complaint, the Petitioner will file with the Florida Real Estate Appraisal Board a motion requesting an informal hearing and entry of an appropriate Final Order which may result in the suspension or revocation of your real estate license or registration. Please see the enclosed Explanation of Rights and Election of Rights form. H:A\FREABa\FREAB\meltzer.644.doc 14 Nov-04-05 08: ¢tay FromPLANTATIONWL.CI ovtaxresty@vanu wat 1-950 P.oaa/ele Free INDIVIQUAL CONDOMINIUM UNIT APPRAISAL REPORT rue no, C291 Pnnay Pings Uinta il CUE 9D. Presoutland vio% One Favaty 45, 24 Fy ‘ana use eninge: — GO) mainly) uty Dore: Race und ine recial composition of tne renghhbornoad We ior apBraieal TORserS ws: THE SUBJECT IS LOCATED (N) OF 193RD STR..{S) OF 183RD STR_AND OF EAST S Sescunlig 8 § moun ol ogn cratgesiconcessons 9 22 padby s¥NONE NOTED Asteess_ 8620 WILSHIRE BLVD, #100, BEVERLY HILLS, CA 9 Tm process EAR te py. ane macheang tine Ta] sveetms POLE LIGHTS FEMA zene "AE™ Alay _ FEMA Special and Mezard NONE FEMA Nap ta 12SEC 2MENTS OR ENCROACHME Gammen'sfsparentsdvase eases, enctachmenis, sci assessments Sas a/08% Heys Br legal soncanTorming Taping use, NOTED AT THE TIME OF INSPECTION, PRESENT LAND USt fi Poer Compe Toatte a Pumas Pres) Techno olms 500 TG [testi of erases (WA, NA Tot No.of Unis tr Sale 3307 ‘Tei. of Pune units SOO} Tee ho cua Carta! S00. rezone mano acceptance: Fe Conon of ne projet. gusty of constuctios, unit mi, appeal :o market, et: THE PROJECT AREA IS A NEW CONSTRI NO ld SERIOUS FUNCTIONAL INADEQUACIES OBSERVED. GOOD ABPEAL TO MARKET Noobs Ramen 2% _| eine rent autconay ia heinous ts sparen meinen? —— EX} ret [JD 9m. soe ana Atvansancongaunaly dane pecs ot | TRASH, WAYER, SECURITY, ewecamotererets copes? jes Lae a Sublertactps acetates ake Det Astoaso Descrioe comman elements wid rcreatanal astes: HEATED POOL, JAcOge! FITNESS CENTER, BUSINESS CENTER CLUB ROOM (OR, INSURANCE, PLAY AREA AND MAINT. OF COMMON AREAS. 1 yet _Fx1Wo tyes. a — Den Fay Rin [fcc mmediave viiay of we sonject property: NO. Aavenaeonmea cnn uch bt Kd iM wades vi aban. ee preset nie igre. ot he SI INTAL CO} NS OBSERVED AT THE TIME OF INSPECTION. Frais Hoc Fam 1 PAGE OFF “Faoms te Form eHd Toss seaman RECEIVED wow 2m | 4 ADMINISTRATIVE COMPLAINT, EXHIBIT # PAGE ———___ 0 ne renee “4 From-PLAMTATIONRLCY ovtaxreply@wam met 1-356 ; e060 ee INDIVIDUAL CONDOMINIUM UNIT APPRAISAL REPORT sinc Podore Fre6 2. CG2916, ims Charges 368.64 permnaiae® Zazh per Res hace aa a cea ies gem m + 32a reap abeaiogmonret hve BT tt uit netted in wat charge: (ane Qartieavareg “een Clos G]wae Gi) sown near an ear HA geo nS er Compare io ater conpeisive projec of side quolty and sign se SuRjet unit CHANGE OPPO: “Tikn D ypea wo ‘Te propony mainiain ine project ana preie te servccs envopmed. He DANKE! apyearS: LX) roequne {_j wnequaie Fal ariagemane Groupe Home Overs sasociaton — (KJ Oewoper — (} Management Agent any) APPRAISER NOT PROWIDED WITH A SET OF CONDOMINIUM DOCUMENTS, ‘Quality of management and is ciorcomen of Rus aka Requtans based ot qeneral appearance ct projet Oppeers: Bef aceqiare | Tremscquaie Speco or usual orareciensics ia he Condom Documésns ot infoenaion hapa (0 the appraiser dt wasta atest nuexctabity fil none x0 state) i ape [—susecr —_[“cowranaBk 10.1 [COMPARABLE nO.2 r | Address, Unit #. 17100 NORTH B{ 17100 NORTH. BAY DRIVE i 17700 NORTH BAY DRIVE 17150 H BAY RCAD i #1402, PORTO 8 (#1803, PORTO BELLAGIO Ci PORTO BELLAGIO COt#Z107, PORTO BELLAGIO COr| | Provioily 10 0.00 Sb Is “249 00 477,000 459,001 De hes [x 497.86 ols A Bo tani DRIVE BYINSPT | DRWEBY ORIVE-BY NS Somees_|SALES OFFICE OFFICE, PUBLIC 1S _ iat 218 P eeseneno am] Sais Tieng CONV CONV: : }CONV : NONE NOTED {NONE NOTED * INONE NOTED PENDING 04/2005, 2 0272005. 4 1 ican, i RIGO |INTERIORWGD + HN TERIORIGS i | [FEE SIMPLE FEE SIMPLE {PEE St iz 1 ny 4 64 | SIMILAR z i 7 Common Blements |SEE PAGE ONE [SEE PAGE ONE i i at. : EONDOTEOOD _[SONBGISSGS! las) TeGnegraooy j Te amon ROD rt SSTUPCOL | It Ta a = [HIGHRISEGD |HIGHRISEGD uatyetcansnniey |CBSIGOOD __|CBSIGOOD 2 [zu2 2092 Conaizon [BOO 1GOOD. a bore Gaede (tm) we Bae | tar to fooncot = far 2) 200) af 2° 200: 4,043 Sq Ful 41,083 Basement & Finished “NONE NONE ; Seon Gade |NONE _ ___| NONE. u 1D. SOCK. i ay JAICENTRAL Etficient | [STANDARD. INOARD_ a cas IGARAGE: ONE | GARAGE: ONE" Bakony. Pata, BALCONY BALCONY t Five NONE NONE ES [ STANDARD. Hea aan Agate Sates Fi Fora: 0.796 sf Somosraie ot 0.7% 4 no an Sac Conon ray See peop al eases MG ag HE! SELECTED FI ALL Aw: MARKET DATA, VERIFIED AND INSPECTED 8Y THE APPRAISER, ALL. TRANSACTIONS. THESE SALES ARE SIMILAR TO THE SUBJECT CONSIDERING ALL ELEMENTS Tew SOBEL ‘COMPARABLE NO. 1 T ‘COMPARABLE NO.2 ‘Date, Price ana Oaia | N/A INIA, NA i ES OFFICE |SALES OFFICE, | SALES OFeICE PyBLiG RECORI easly ane gene ade ih akg i nap ay RO ao dB tt a arp ow forced THE SUB UTY I$ CURRENTLY UNDER: LE AND PURCHASE AT 1 THIRTY-SIX, INDICATED VALUE AY SALES COMPARISONAPPROACH ...00-..) sss re Rr SZ] INDICATED VALUE BY INCOME APPRUACH i Appia Exassa arc $ IVA Passive mon Maias BWA NA IMOKCATED VALLE BY COST APPROACH (Atach Appicata) begets ode d NA, is appsasais mace (3) sist Clacton ssc iain cater Gi aean: jes spoons Solas opus THE SUBIEGT WAS APPRAISED BN AS IS" CONDITION, THE INGOME APPROACH YAS NOT USED AS MOST E OBTAINED TO DERIVE GAM. FA ri Recmaitsion: GREATEST WEIGHT WAS OF MAS ACH TO VALUE AS iT BEST REFLECTS THE LERS IN THE MARKET PLACE. THIS IS A SUMMARY REPORT. The pupase as spies io eninata he mer? va of no oa ropes as Ue soot of is Epa, based ane aba concn endine canta cage and ning conor an mate wa denon ft are stato a We attach Fece Mac Foun Fre Mae Fort S00 evsed 10°94 2 Soper aoc wea eee a oo Tis/2005 {HCH 1s THE OBE OF INSPECT THE EFFECTIVE DATE OF Wi RERORT TO GE 440,009 ‘APPRAISER: ene _ Cle Chasse joes hee REN STGERT et hue _— eres Bate Repen igned 0/17/2005, Date Rep Sere . Sate Ceneaten ¢ RO31S9 Sag FL Sanw Cowscton Sat “Siar ar sis] Pree Woe Fora 65 TB54 PRGETOFe Taree Fes oF 108 AB F Appraisal Services : \S ADMINISTRATIVE COMPLAINT, | EXHIBIT # PAGE Nov-04-05 08: 0)an —Fran-PLANTATIONNLCI oviaxreplytwamy net 1-950 ; eo ve INDIVIDUAL CONDOMINIUM UNIT APPRAISAL REPORT rie to. cGz9r6 ‘SoRECT COMPARABLE WO, “COMPARABLE NO. ‘COMPARABLE NO. P.ons/aie F765 77709 NORTH BAY ROAD a SUBURBAN FEE SIMPLE SIMA? SIMILAR soos tas 42 22.00: 2. 2.00 4,043 $F 4118 Safi _NO ADJ NONE : NONE |-_- [soo FWAGENTRAL, STANDARD, GARAGE ONE, BALCONY : NONE. SIMILAR A Pe sooo x. [Te tie rece 0.7% crs: crass: . Net: 0.7%. $__ 934,500 [ne —£. ‘Connon an Seles Cangas facnand He afi pope cpaoy 0 be nSgnmond ee. PENDING SALE NUMBER FOUR WAS INCLUDED IN THIS REPORT FOR ADOITIONAL SUPPORT, THEY ARE VERY SIMILAR IN ALL [S OF AN NEBOED. ONLY MINOR ADJUSTMENTS IN THE SALES GRID IN OROER TO EQUATE THEM TO THE SUBIECT PAGPERY _— ~ i Fr a TY COMPARABLE HO. [ees ge By ete Price and Data NIA WA i gro peste stores depans [SaLes orice |puBuC RECORDS i [af Ais fay cures ayer af sre opon big ol te sues propa A ans el yp Ss setae ener Ge ee Le ed Se THe SuBJECT PROPERTY IS CURRENTLY UNDER CONTRACT FOR SALE AND PURCHASE AT $440,000, “TTHIRTY-SX. ONTHS SALES HISTORY “SEE ATTACHED ADDENDUI THESE COMPARABLE SALES WERE SELECTED FROM THE SUGIEGTS MARKET [AREA OR PROJEGTIAS NE MOST SIMILAR WVAILABLE REFLI iE ACTIONS OF BUYERS & SEULERS IN THE R PAST. EQUAL CONSID! RATION WAS | | GIVEN TO ALL THREE COMPARABLE CLOSED SALES WHEN ARRIVING AT A MARKET VALUE ESTIMATE. TNTHE FINAL ANALYS) 5 PLAGEO ON ALL SALES, GREATEST CONSIDERATION IS SALES COMPARISON ANALYSIS WHICH REFLECTS THE INTERACTIONS OF BUYERS ANO SELLERS biVEN 1 THE, JE MARKETP iE PREDOMINANT SALES PRICE IS THAT PRICE WHICH IS MOST OFTEN FOUND) ATER DISREGARD) ISOLATED, EXTREMES AT E(THER ENO OF THE PRICE SPECTRUM. THE ESTIMATED MARKET VALUE FOR THE SUB. [ECT Is NOT fi] PREDOMINANT VALUE OF THE NEIGHBORHOOD. THIS DOES NOT HAVE AN ADVERSE AFFECT ON THE 7ALUE, IN THE SUBJE \SE THE MARKET VALUE FALLS WELL WITHIN THE HIGH LOW PRICE Pi BORHOOD, THIS INDICATES THE SUBJECT IS CHARACTERISTIC ANO REPRESENTATIVE OF SIMIAR PROPERTIES IN "S$ MARKET, ETERS, THE NEIGHBORNOOD. Nov-04-05 08:01am From-PLANTATIORWLCI ovtaxrap! yowanu.net 1-950 P 006/018 F788 1 ADDENDUM —+ “Fie Nor GGaa16 - “Prooery Agaross: 17100 NORTH BAY ROAD #1402 ase Na Sai FL Zip: 39160 Mise eas coeur I BEGINNING ADDENDUM THIS IS A SUMMARY APPRAISAL REPORT WHICH [3 INTENDED TO COMPLY WITHTHE REPURTING REQUIL SET FORTH UNDER STANDARDS RULE 2-2 (B) OF THE UNIFORM STANDARD OF PROFESSIONAL APPRAISAL. GOR A SUMMARY APPRAISAL REPORT AS SUCH, IT PRESENTS ONLY SUMMARY DISCUSSIONS OF TRE DATA, IEASUNING ARD ARALGS1 9 11045 101 ike USED IN THE APPRAISAL PROUESS TO DEVEL. THE APPRAISER'S Usted, (OF VALUE SUPPORTING Dut UNENL ATION THAT IS NOT PROVIDED WITHUCIE REPORT CONCERNING THE Bat 9. REASONING ND DIS¢ Fast Cavs SIND IN TS KEPGICES SPECIFIC (0 THE NEEDS Jt THE CIS asst) FUE INTENDED USE STATED IN Thi: REPORT. THE APPRAISER IS NOT RESPONSILSLE FOR UNAUTHOKIZEU USE Ut "tL REPORT. ! ‘To DEVELOP THE OPINION OF VALUE, THE APPRAISER PERFORMED A COMPLETE APPRAISAL PROCESS, As benneD BY THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE. ‘NOTE: APPLIANCES ARE TYPICALLY INCLUDED IN THE SALE OF REAL ESTATE IN THE SOUTH FLORIDA MARKET; NONETHELESS THEY AI CONSIDEKED FERSONAL PROPERTY, FOR THE PURPOSE OF THE APPRAISAL REMORT ‘THOUGH, NO PERSONAL PROPERTY OF ANY KINDS BEING INCLUDED WHEN ARRIVING AT THE SUBJECTS FINAL ESTIMATE OF MARKET VALUE, DIGITAL SIGNATURE “IT SHOULD BE NOTED IAT 11d SIGNATURE WIL! DNLY BE DISPLAYED AND INSERTED BY TUE SUPERVISURY ‘APPRAISER, ONCE THE REPORT IS SIONED, IT CANNOT SE EDITED UNLESS TUL SUPERVISOKY APTRAISEK REMOV! S It. THE SIONATURE OF THE REGISTERED ASSISTANT REAL, ESTATE APPRAISER AND THE CERTIFIED RRAIESTAYE APPRAISPR ARE PASSWORD PROTECTED, PURPOSE OF APPRAISAL THE PURPOSE OF THIS BF HOU'e 181 ESTIMATE TIE MARKEE VALVE OF THE SUBIEOT PROPERTY AS OF IE NATE: INDICATED. THE SUBJECT IS APPRAISED ON THE BaSIS OF CONVENTIONAL FINANCING, UNAFFECTED BY [ANY SPECIAL FINANCING, FEES, COSTS OR CREDITS. SCOPE UF THE APrRAISAL, THE "SCOPE OF THE APPRAISAL” MEANS THE EXTENT OF TRE PROCESS OF COLLECTING. CONFIRMING AND + REPORTING DATA PERTINENT TO THE FORMATION OF A MARKEY VALUE ESTIMATE FOR THE SURJECT PHOPERTY. “THE APPRAISAL IS GASEP ON UIE INFORMATION GATHERED BY THE AMPRAISEH RUM PUBLIC RECORDY, OTHE | INSPECTION OF THE SUECT PROPERTY AND NEIGHBORHOOD, AND $ti ECTION Gr WETHIN FH SUBJECT MARKET AREA, THE ORIGINAL SOUKCE OF THE COMPAADL |S Akh SHOWN INTHE DATA SOURCE SECTION OF THE MARKET GRID. ALONG WITH SOURCES OF CONFIRMATION, 1. AVAILABLE. WIIEN CONFLICTING INFORMATION WAS PROVIDED, THE SOURCE UEEMED MOST RELIABLHL USED, DATA AFI IEVED SINREL ARLE WAS NOT INCLUDED IN THR REPORT, NOR USED AS A BASIS ont CONCLUSION. ALL OF THE RELEVAWY ASTECTS OF THE VERIFIED DATA RELIEO EPON, AS KNOWN TOT! APPRAISER, {S REPORTED WITHIN THIS REPORT. DESCRIPTIVE FACTORS AND A DISCUSSION OF THE DA’ INCLUDED WITHIN THE APPROPRIATE SECTIONS OF THIS REPORT. WIGUEST AND REST USE. HIGHEST AND BEST USE. TINE REASONABLE PROWABLE AND LEGAL USE OF VACANT LAND Ok IMPOVED) PROPERTY, WHICH IS PHYSICALLY POSSIBLE, APPROPRIATELY SUPPORTED, FINANCIALLY FEASIGLE, AND THAT RESULTS IN THE HIGHEST VALUE, THE FOUR CRITERIA TLE HIGHEST ANO BEST USE MUST MEET ARE LHGAL, PERMISSIBILLITY. PHYSICAL POSSIBILITY. FINANCIAL FEASIBILITY, AND MAXIMUM PROFITABILITY, HIGHEST AND BEST US# UF LAND OR SITE AS THOUGH VACANT, THE USE DF A PROPERTY BASED ON TH ASSUMMFION THAT) FARCET APL AND IS VACANT Ok CAN RE MADF VACANT THROUGH DEMOLITION OY ANY Isilon 09. HIGHEST AND BEST USE OF PROPERTY AS IMPROVED, THE USE THAT SHOULD BE MANE OF A PROPERTY AS IT EXISTS. ‘THE OPINION OF HIGHEST AND BEST INDICATED IN THIS REPORT TAKES INTO ACCOUNT THESE FACTORS AND THE, NATURE OF THE SUBJECT PROPERTY AS IT COMPARES WITH THE SURROUNDING NEIGHBORHOOD. CONDITION OF COMPONENTS. ‘THE APPRAISAL CALLS FOR OPINIONS DF CONDITION ON CERTAIN COMPONENTS OF THE SUBJECT IMPROVEMENTS. INCLUAING, DUT NOTE IMITED TD: APPLIANCES, NIEATINUCOGLING, SURFACES. ELECTRICAL, MECHANICAL, ROOF, AND PLUMBING SYSTEMS, THE CONDITIONS INDICATED IN THIS REPORT ARE BASED ON UBSERVATIONS MADE AT. “THE TIME OF INSPECTION. THEY RELY ON REASONABLE EXPECTATIONS AS TO ADEQUACY AS WELL sb INDICATIONS: AND ARE BASED UPON NEIGHEGRHOOD STANDARDS. THE OBSERVATIONS DO NOT CONSTITUTE CERTIFICATIONS; AND IF CERTIFICATION IS REQUIRED A LEGALLY QUALIFIED CONSULTANT SHOULD BE RETAINED. ZONING AND BUILDING COMPLIANCE ‘THE OPINION OF ZONING COMPLIANCE EXPRESSED IN THIS REPORT IS BASED ON INSPECTION OF SHE PROPERTY, AND GENFRALLY AVAILABLE INFORMATION WITH RESPECT 10 THE ASSIGNED ZONING CLASSIFICATION. AND DOES NOT REPRESENT A CERTIFICATION OF COMPLIANCE. HIS REPORT AL9O ASSUMES THAT THE PROPERTY AS INSPECTETs WAS BUH “CIN COMPLIANCE WEVUT ALL APPLICABLE CODES, REGULATIONS AND THAT ALLINECESSARY PERMICS WERE UILAINIED, . “waecnmen Page aS Wov-04~05 0B: ‘TB:0lam — Frow-PLANTATIONNLC) ovieareplyivamu.net 7-950 P.907/018F-766, ADDENDUM Borrower BANSAY. File No; ©G2916. Propeny Aadiess: 17100 NORTH BAY ROAG STAD Case No “Gx SUNNY SLES Sa, Zin, 166 Lander: SUNSET LOANS COMPANY’ 4 ENVIRONMENTAL UNLESS OFIeWESe 3410718 Hy REPORT, SHE EXIS: OF HAZARDOUS MA TLice\L, STORAGE FE AG CONTAINERS, OR MATERIAL THAT ARE NOT INTENDED FOR NORMAL AND AVERAGE CONSUMER USAGE ‘JHE HOME, WHICH MAY OR MAY NOT BE PRESENT ON THE PROPERTY, WAS NOT OBSERVED BY THE AI ‘THE APPRAISER HAS NO KNOWLEDGE OF THE EXISTENCE OF SUCH MATERIALS ON OR IN THE PROPERTY. "THE APPRAISER, HOWEVER, 1S NOT QUALIFIED TO DETECT SUCH SUBSTANCES. THE PRESENCE OF SUBSTANCES SUCH ‘AS ASBESTOS, UREA-PORMALOEHYDE FOAM INSULATION, OR OTHER POTENTIALLY HAZARDOUS MATERIALS MAY ‘AFFECT THE VALUE OF THE PROPERTY. THE VALUE ESTIMATE IS PREDICATED ON THE ASSUMPTION THAT|THERE 1 NO SUCH MATERIAL ON GR IN THE FROPERTY THAT WOULD CAUSE A LOSS IN VALUE. NO KESPONSII:L.| DISCOVER THEM. THE CLIENT IS URGED TO RETAIN AN EXPERT IN THIS FLELD, IF DESIRED. FLOOD ZONE THE FLUO ZUM INUIT UN Hala BLLPOIL WAS O11 AINEL FROM HL QUU ISH 1 RATE M1005 9 i ISSUED BY THE FEDERAL PM). RGisAN. MANAGEMENT AGENCY {FEMA}. THE ZONE INDICATED IN THE ¥65} SPACE ON THE FIRST PAGE OF THIS REPORT REFERS TO WHETHER OR NUT THE SUIIECT PROPER? ¥ LIES In} A 1 chia. OR HUD DEFINED FLOOD HAZARD AREA. IT DOES NOT REFER TO FLOOD INSURANCE REQUIREMENTS, WHICH ARE SET BY POLICY OF LENDERS AND PARTICIPANTS IN THE MORIGAGE MARKETS. OCCASIONALLY, A PROPERTY WILL BE LOCATED ON OR NEAR A FLOOD ZONE BOUNDARY LINE MAKING 1 DIFFICULT TO DETERMINE THE EXACT ZONE, GIVEN THE LiMSTED DETAIL OF THE FIRM MAPS. IN THESE INSTANCES THE MOST HAZARDOUS ZONE. WILL, NE INDICATED ON ‘HE REPORT. PINAL VERIFICATION OF TRE ZONE. SIOUI.D DE MADE BY ENGINEERING SURVEY, PERSONAL PROFERN PERSONAL PROPERTY, INCLUDING THOSE (TMs WHICH AKE NOT FLIGANENTLY ATTACHEDIAFFIXED 4 REAL. PROPERTY, HAVE NOT DEEN INCLUDED IN ik ESTIMATE OF VALUE. UNLESS OTHERWISE INDICATED. EXAMPLES OF THE AFOREMENTIONED INCLUDE ABOVE GROUND POOLS, COUNTER TOP MICKGWAVES OVENS MOVEABLE DISHIWASDERS, FURNITUKE. ETC. | SUBIECT SKETCH ‘THE APPRAISER IS NOT A SURVEYOR; THEREFORE THE DIMENSIONS ARE APPROXIMATE AND THE DIA‘ strat aiANt y IS FOR SQUARE FOOTAGE - COMPARABLE SALES THE APPRAISER USES ACTUAL LIVING AREA INTHE MARKEY ANALYSIS FOX TLE SUBJECT AND THE COMPARALLE SALE PROPERTIES. THE LIVING AREA UTILIZED FOR THE COMPARABLE SALES HAS BEEN OBTAINED FROM THE PIR IC RECORDSTAX ROW IS AND MAY FAVE BERN FURTHER MODIFIED BY THE FIELD APFRAISER'S ORFERVATION OF THE ACTUAL IMPROVEMENTS. 2 THE LIVING AREA OF THE COMPARABLE SALES lla KEEN FSEIMATED TU THE BEST OF TIE AMPRAISE OBSERVATIONS AND INFORMATION OBTAINABLE. HOWEVER TUE APIRALSER HAS NOT MEASURED THE Balt PROPERTIES OR HAD BENEFIT OF SURVEYS, UNLESS OTHERWISE NOTED. ‘TAXES/LEGAL DESCRIPTION | THIS INFORMATION HAS BEEN DERIVED THROUGII PUBLIC RECORD SOURCES/TAX ROLLS AS FROVIDED BY ISCNET TOOUR OFFICE. Cost APPROAG ‘THE REPLACEMENT Cus UTILIZED WLIWIN THIS APPRAISAL AKE OBTAINED FROM THE “MARSHALL & bWiT \ust NANDBOOK™ AND ROUNDED. THE APPROPRIATE COST ADJUSTMENTS WEKE MADE FOR SIZE AND STYL OF THE IMPROVEMENTS, THESE COST FIGURES ARE FREQUENTLY COMPARED TO ACTUAL CONSTRUCTION COS} SUPPLIED BY LOCAL BUILDERS, ‘THE SITE VALUE WAS BASED UPUN RECENT SALES OF COMPARAULE SITES IN Tllk SUBDELT'S GENKRAL. NEIGHBORHOOD OR COMPETING NEIGHBORHOODS. {F NO LAND SALES WERE AVAILABLE, THE SITE VA} Ul WAS ABSTRACTED FROM IMPROVED SALES FROM WITHIN TIRE SUBJECTS IMMEDIATE AREA. IF THE SUBJECT PROPERTY IS A CONDOMINIUM UNIT, THE COST APPROACH IS NOT CONSIDERED APPROPRIATE AND RETORE SRpPORT MARKET APPROACR THE ADJUSTMENTS FOR SA),ES@INANCING CUNCESSIUNS ARE NOI NECESSAJULY THE STAYED VALUE QF THE CONCESSIONS, BUT RATHEK THE MARKET-INDICATED IMPACT OF SUCH CONCESSIONS, WHENEVER PORSIBLE, FINANCIAL CONSIDERATIONS HAVE BEEN VERIFIED BY BUYER, SELLER OR SALES AGENT. HY IS THE APPRAISER'S OPINION THAT THE COMPARABLE SALES UTILIZED ARI TILE MOST REFLECTIVE PF IE MARKET FOR THE SUBJECT PROPERTY. INGUME AreU AG TIE TMCIMY ABBAS As HS PREMISED ON CAPITAL ZING A NETEHERA FINE INCOR PROM A PREMEICLY 16) sk isay AT ANINOICATED VALUE, RESIDENTIAL PRUPENTY IS TYPICALLY PURCHASED POK IT INTANGIBLE ASSETS AND. NOT FOR THE PURPUSES OF GENERATING INCOME. FURTHERMORE, THE LACK OF RELIABLE RENTAI. DATA MAKES THIS APPROACH TOO WEAK TO UTILIZE, “maawaun Page Zao ADMINISTRATIVE COMPLAINT » | . EXHIBIT # PACT oa OF ee ~ - Nov~-Q4-05 09:01am Frow-PLANTATIONHL.CI ovtaxrepl yévanu. T+950 P.008/018 F786 . ee vu : ADDENDUM ‘ Borrower, BANSAY Fu No CG2516_ i ‘Property Address: 17100 NORTH BAY ROAD Bat Sosa No: f “Cine SUNNY LES. Sag: FL te | ‘encare SUNSET LOANS COMPANY RECONCILIATION EACH APPROACH DEMONSTRATED IS CONSIDERED TO BE A REFLECTION OF MARKET BEHAVIOR. THE FINe RRILANCE IS PLACED [PON THE MARKET APPROACH TO WALLIE BECAUSE OF THE RELIABILITY AND AVAN ABILITY OF MARKET DATA. JN ADDITION, IT 1S MOST REFLECTIVE OF BUYERS AND SELLERS ATTITUDES WITHIN THE LOCAL MARKET. THR COST APPROACH IS CONSIDERED © SUPPORTIVE INDICATOR OF VALUE, Condition of the unit oe ‘THIS COMPLEX ORIGINALLY WAS A RENTAL APARTMENT COMPLEX, HOWEVER. AS PER MANAGEMENT WAS. CONVERTED INTO CONDOMINIUMS IN JULY OF 2004 UNDER THE NAME OF PORTO BELLAGIO. THIS 18 TYPICAL OF THE AREA AND HAS NO NEGATIVE EFFECT THE SUBJECTS MARKETABILITY ANDIOR MARKET VALUE. ‘Thirty-Six Monshs Sutes Vistory Subject | Sala [| Coro [Sete TT | Comoed | Sale [5 | Comps | Sate | TT] FENDING| S000] PST wweUls| — Sawo.soopNea] 09/2005) ‘$450. a0l Twa { i at i- a i Sabj Sala [1 | Cunmpat [Ssiex || Compas See TE PENDING | ~“Seq0,G00} PS | usb05 | — $431 SHUINIA r tT i | i Drde~ Monrve Sale Types Cry Baap a Deseiation [7 \o005 Se [TRANSFER ROTA GOOD SALE I [MOLT OLD SALE {060 SALE BUT NOT WITHIN MARE a EI {FORECLOSURE DEED NSC ENTERED DEED, PENDING COUNTY UPaAt Jour chai DEED [ise PURCHASE DEED (OLDER DEEDS) PS LPN SALE — ‘A [WAS LISTED FOR SAGE ‘Aderon Page SOD {DIVINISTRATIVE COMPLAINT ~ exnigiT #/ DAGE 0 OF How-O4-05 08: O8:Claq — From-PLANTATIONALCY Ovfaxrap!yOwomu.net — T-H50 P.aNe/ae ETE SUBJECT PROPERTY PHOTO ADDENDUM ue BANSAY. File No; C6291 ‘Property Address: 17100 NORTH SAY ROAD #1402, Case NO. ‘City: SUNNY ISLES. Sites Fe 2 316) ‘Lender, SUNSET LOANS COMPANY. a FRONT VIEW OF SUBJECT PROPE) Appraised Date: Octe 45, 2005. Appraised Vanie: $ 440; REAR VIEW OF SUBJECT PROPERTY i f a i STREET SCENE] 1 i i I | i i 2° ADMINISTRATIVE COMPLAINT » EXHIBIT # J PAGE OF ~ cmeeeeene be Sennett How-04-08 08:01am FrosPLAN i (TATIONRLCE ovfaxreply@wanu.net — T-050 P.010/918 TSE ee “ i “Barrer BANSAY. A Fig oz _CG2916 ‘Progam Aces: 17100 NORTH BAY ROAD #148 .a02 ‘Gage No. T ‘Gity: SUNNY ISLE! fat: FL Zip: 33160 co ET LC SOMPANY. A SUBJECTS. H INTRACOASTAL VIEW! suBJECTS POoL WiEW 2\ ADMINISTRATIVE COMPLAINT ~ EXHIBIT # BLGE OF Lou Nov-04-05 08: 1S 08:0tam—From-PLANTATIONILCT ovtaxteplytwanu-net — T=#50. PLOII/O18 F766 oe v~ FieNoz 62916. Case Not Ge sateb iY. Sn an NORTH BAY ROAD #1402 NY ISLES. Sa { Gander SUNSET LOANS COMPRIS i INTERIOR VIEW KITCHEN INTERIOR VIEW MASTER BEDROOM 1 t i | D2 ADMINISTRATIVE COMPLAINT, EXHIBIT Bann Nov-04-05 08:01am Fron-PLANTATIOAWLCT ovfasrep!yivanu-net — T-360 012/018 F786 - ee Se z Fie No: CGzg1s. Ein: sunny Case Nos Proper Asiess 1700 NORTH BAY ROAD #402 - s — a ‘LOANS COMPANY. Stale: FL INTERIOR VIEW MASTER exnaood INTERIOR VIEW MASTER SATHROGM es) ADMINISTRATIVE COMPLAINT. EXHIBIT # jee : O _oF — erences , —_ _ Li 5 z fov-04-05 08:91 Fron-PLARTATIONILC ovlaxreplybrasu.net 1-60 P.Otg/UtFe7s6 COMPARABLE PROPERTY PHOTO ADDENDUM File No: CG2916 Cale No, : “Hip 33186 i COMPARABLE SALE #1 47100 NORTH, BAY DRIVE #1503, PORTO BELLAGIO Cr ‘Sate Date: 04/2005 Sale Price: $440,000 COMPARABLE SALE #2 17100 NORTH Bay DRIVE #9802, PORTO BELIAGIO cr Sale Date: 03/2005 Sale Price: $ 477,000 COMPARABLE SIALE #3 17180 NORTH BAY ROAD ‘#2107, PORTO BELLAGIO Cr ‘Date: 09/2005 | Sale Price: § 480,090 Zit AUMINISTRATIVE COMPLAINT EXHIBIT + Pace | OF ———— Hov-t4- H md-08 —08:Otom — Frow-PLANTATIONRLCI ovtaxrepivivanu-net — T-950 P.O14/018 F166 "COMPARABLE PROPERTY PHOTO ADDENDUM No: CG2916- iorrawer, SANSAY. : __—Fite ; 1700 NOI wY ROAD #1402 Case No: ae c aie FL Tend SUNSET 1 PAN ‘Sale Date: Sale Price: $ Sale Date: Sale Price: $ ee COMPARABLE SALE #4 17100 NORTH BAY RAD #1906, PORTO BELLAGIO Gt Sale Date. 06/2008 Sale Price: § 431,500 = COMPARABLE SALE FS COMRARABLE $ALE 45 ADMINISTRATIVE COMPLAINT EXHIBIT #_/ Pace {2 OF How-04-05 — O8:Ciam = From-PLAKTATIONILCI Ovfaxroplytram net — T250P015/018 F766 4 ~ Case No. 3 Ey 5 17500 Nt AY ROAD #1402, Zin 33160 UVING AREA BREAKDOWN Sulstonata| ‘Bisse Fine Box 00 rah oss eps 20 1 2x 220 2. Moe Be 0, 508 Ro . | q | TOTALLVABE (roundea) 1043 5 Ceulations Total (rounnes) i ! cl 3770 BISCAYNE BLVD SUITE 405, MIAMI, FL 33137 7 i 2p ADMINISTRATIVE COMPLAINT. EXHIBIT #1] pace [3 gg FromPLANTATIONRLCT ovfaxreptvtwand.net T2850 P O16/tIg F-za8 ' ' LOCATION MAP Fete: caase Case No. i _—- Sea FE Tae 80 _eiies]} ‘ss0cde secena 477000 480038, 431500 ‘3770 BISCAYNE BLVD SUITE 406 MIAMI, FL 93137 Nov-ad-08 og: ‘am From-PLANTATIONWLCI ovtaxrapiyiwanu.et 1-860 P.GI7/a18 F765 Rene, C6291 DEFINITION OF MARKET VALUE: [ne most probable price which # property shouso bring in @ competitive wid apen mathet ‘under at condiions cequisite 1 2 tau Sale, ine buyer sf sek, euch veing yludenily, Xnomedgeebyy ax assuming fe pace vs Not ‘allected by undue scinuius. implicit in tis detinidan is the consuramation af 3 sale as uf 9 spaciied date and the pusqing of Se ram. seller to buyer under conditions whereby: (1) buyer ano setter are typicaly motivated; (2) both partes are wet nformed|or well advised. ‘and each acting in what ie considers his ow best interest: (3) a reasonable time is alowed for exposure in ine apen marta: (2) payment 1s made in Lerms of cash in U.S. dollars of in terms al financial aangemens comparatie thereto: ana (5) the pice repredents ine norma} ‘consideration for the property Sold unellecad by speciat or creative liaancing Sales concessions” grantod by anyone a se. “adjustments ta the comparables must he made for special oF creative financina or sales concessions, No adiustments 4re necessary for those costs which are normaly paid by Soers 2s 8 reSun of Wadhion of aw in 8 marvat area (hese costs are readily werpiabe since the seller pays these cos in virwaty alt sates transacions, Specie ot creative unancing adjsimenis ca De nade Ua the by comparisons ta financing terms offeted by » chird party instutional lender that i$ not aready wowed in te property ar ansaction. Any adjustment should not be calculated an a mechanicat dolla fcr doi Cast of une Ficancing ut concession wut the dulit amount of ary ‘adjustment shoud approrenite the markets reaction i Wetec oF concessions Dased on Ne Appr’ jonghnem, STATEMENT OF LIMITING CONDITIONS AND APPRAISER’S CERTIFICATION CONTINGENT AND LIMO ING CONDITIONS: The appraiser's cerficaiion tat appears in te appraisal epuytis Subjovt wie folowing condos: 1. The appraiser will not be responsio for matters ofa legal nature that offect ithe Yue property being appraised oF ete wo it The ‘pptoier assumes thet Une ues gous ann mbtketsble and, therelote, wil ot render ay opinions avout we the. The piety i apposed ‘onthe bass of being unas responsible oxrerstip. 2. The appraiser nas provided 3 sketch in the appraiss! report 19 snow approximate dimensions of Ue impruvementh ont ne sketch is ‘nclusco only to essist ne reader of te report vawalizing me property and understancing the appraisers doermicaion uf ts sich. 4. Te appraiser was exuminea Whe waisabie hood mays tha ae provided by tne Fuoeral Eimeiyency Manageutent Aufucy Wh whe Gata ‘sources) and has noted in the appraisal report whether the subject sie is ocated in an identiied Special Fiood Hazard hea. Because the appraise s ot a Sureyey, he oF she mates no guanteas, xpress oF imped, regarding this determination. 4, The appraiser wit ot give testimony oF appear in court becuse he of she made an appraisal of ine property i unless speciic arrangements 10 do so have been sade beforenand, 15, The appraiser has estimated tne value of ine tan in the cost approach at its highest ond Des! use an ine inpFovernents ot tneix contribulory value. ‘These Separate valuations ofthe land and improvements must fot De used in conjunction with anybthes anpraisat and ate inva thay are so used 6, The appraiser has nate in the appraise! report any adverse conditions (such as, needed vepals, deyrelation, the prdsknce ul ho2uItUs ‘wastes. toric substances, etc.) observed during he inspection ofthe subject plopenty oF iat he of she became aware bt during che normal research involved in petforming the appralsol. Uniess otrerwise stied inthe appraisal report, the appraiser has no knowiedge af any hden oF unapparent conditions of the property ar adverse environmentar condilons finckuding the presence of haza{dous wastes, tatic substances. etc. } thal would make the property more of less valuable, and has assumed het there are no such conditions snd makes AO ‘quarantees of warrantias, express or implied, regarding ine cunaiton af tne property. The appraiser wil eat be sesjfansile tor any such ‘conditions tnat da exist oF 16r any engintermag of testing that wgnt be required ta discover Weiner such condidon exist, Because the ‘appraiser i not an exporc in te Fed of enviranmental hazards, the appraisal report must not be considioed 2§ an enwirimental assessmark al the propery. 7 The appraiser obtainey ne intoarion, eSirestes, at opinions that wese uxpresSed in te sppraisal cepent vn Sprcus thal OF She ‘euusidors 1g Le relat iat) batieves thai lo be WUE aNd Cuect, The appraiser does non assvine fespunsitily otf: Stowe in arts itqs tat wore furnished by other pares. 8. The appraiser wit not disclose the contents of the appraisal repost except as provided for in Whe Unitotm Stanhards ol Protessional Appraisal Prac. 9. The appraiser has based his or her apgraisa? report and valuation conctsiun for an appraisal thats suaject 10 ‘repairs. of akeracons on the assuitpion vst compton al the iiproveenis wit be performed 0 @ woxkmanixe mares stactary completion, 1a. The appraiser must provide his of nex prior written consent belore ine lenueticient spuxitied in the wppreisal repost can astute Me appraisal repaxt {including conclusions about tne property vale, tie appraiser's entity and pratessional oesigoatipns. anu reteences (a any professional appeaisa! ofganizetions or ine firm with which une appraiser fs associated ) tw anyone ther vjan ine Dottower: he mortgagee or iis successors and assigns: me mosigage insuter: Consultants; prolessionat approlsal organizations} np stats or lederany ‘approved financiat institution; or any Cepartment, apency. or insiramentalty ofthe United States « any suate or Ufe Disrct of Col ‘except that the lendeticient may distribute the progerty description section of the report only wo deta collection bx reporting service ‘witnout having 1a odtam ine appraiser's prar written consent. The appraisers wnilcn conse ond DppraNar st Asa De UbtsineD DelOre the uppruisel can ve conveyeu by anyone tn the publ wircugh advertising, publi relations, news, sales or other me Fredgie Mac Form 429 6-63 Page Vo Z anne Mae Form 1OOAB 6-93 Rov-04-05 08:01 jaa From-PLANTATIOHYLCE ovfaxrep ydvanu Tas Pave/ete Fre ee ww i) : Fie a, cae APPRAISERS CERTIFICATION: The Aporeiser certiies ang ages that: | esearch ject market ares and have-selacted @ minimum of three recent sales of properties most similaf and proximate 1s na nanfet ope lec caeseroon ihe sls conparsan arasis aod have ade ado adie anhen prope to retiect the racket reaction to those ies of signicam vacation. Ia significant tem in a comparable property is superar to o morg favorable than, the subject property. | have made a negative atjustmeat 10 reduce te adjusted sales price ofthe comporabe and a sigiican tem ina ‘comparabie property fs inferior to, or fess tavarable than the subject property, | have mage a positive adjustmem to incvehse the adyusted ‘sales price of she compat. : 2. Lrava-takea inta coasiseration the factors That have an iotpact af value in my Mevedonment af the estimate nt aagket vane in Poe appraisal report. 1 navé nat Knowingly withheld any sigavicant information Irom ene appraisal report ana besieve, tp ine vest of ny ‘nog, that a Stotemerts and information ia the apeaisl repent ere wwe and carect 3. tated ia tne aporaisal feport only my own pessonal, unbiased. and prolessional salsis. opmions, and conclusions. fnich ae subiees ‘iy to tha eninge An tn condhions specie? in tis YA. 4 have no pvacen or prospective imerest in the ponerty ina isthe subject 1 this rapt. ana have no present or interest or bas with raspect lo the patcipams in the wangaction. | did aot bose, either parity Or completay, my estimate of market value in the appraisal report on the race, colar. region, sex, hencicap, fen stats, national ign of ether he prospective owners of occupants ofthe subject properly of of me present ownets ar accupants af the propenies in te vi ‘Subject property. 5. I have no present or contemplated future interast in the subject property, 2nd neither my current ot iuture enigloyment nor my ampensaian for pertorming ths appraisals contingent on the appraised value oie progeny. 8. was not required 10 report a predetermined value or direction in vatua that favors the couse of the client or fny related party. the amount of te value estimate, the attainment of a specific result. of the occurrence of @ subsequent event in afpes ta receive my campensation andior employment for performing the appraisal. \ did nat base the appraisal report an e requested mihimum valuation,» speciic valuation, oF the nae ta approve a specific morgage an 7. 1 perlormed this appraisal ia conformity with the Uniform Standacds of Professional Appraisal Practice that vere adopted and Promulgated by the Appraisal Standards Board ol The Appraisal Foundation and that were in place as ofthe effective dave of nis appraisal. with Ibe exception of the departure provision af those Standards, which does not apply. | acknowledge that an estimine of a reasonabie time for exposure in the open market's 2 cundition In the definition af market value and the estimate | developed isiconsistent with the erketing ime noted in the neighborhood section of is repon, unless Chav werwise stated in ihe reconciiation section. 4. 1 nave personally inspectea the iniaiot and exterior areas of the subject property and the exterior of al properties tsfed as comparables. in the appraisal caport. | urther ceniy that { have noted ary apparent af known adverse conditions inthe subject inproventencs, om tha subject site, of on any site within the immediate vicinity of the Subject sroperty of which am aware and have made adjustments for these diverse conditions in my analysis of the property value to the extent that | had market evidence to suppon them. | have also commented ‘bout the fect of we adverse condtons on te marketabily ofthe subject propery, SUPERVISORY APPRAISER’S CERTIFICATION: — tf supervisory appraiser Signed the appraiselrepoft he ar she cenities and agrees that: | directly supervise the appraisey who ptepoces the appraisal fepOr. have reviewed ine eputaisal por, agree wilh ine statements and conciuions ofthe appraise. agree to be bound by dve appraiser's cenfications mumbered &ttrough 7 4Bove. ond am taking {ul cespansibly forthe appraisal and te appraisal report. | ADDRESS OF PROPERTY APPRAISEO: 17100 NORTH BAY ROAD #1402, SUNNY ISLES, FI a APPRAISER: SUPERVISORY APPRAISER [only fre a ee ee Nana: ANDREW'S, MELTZER ST@ERT RES REA Name: Dove Signed 19/97/2008. Date Signed: ‘State Cerifexion #: 103190 — ‘State Centeation ee ‘oF State License 4; or Syate License 2; ‘State: FL _——— State: Eapiaiton Date ol Cerillcaton of License. 1730/2008 Expiration Data Geriieatwn or Ucenser = C1 ce ©) diotver inspect Propenty Fredale Mac Form 439 6-93. Page 2 of2 Fane Mie Form 10048 6-93 ADMINISTRATIVE COMPLAINT, Property Information Map ° Page 1 of 1 My Home Miami-Dade County, Florida MIAMI-DADE arn desgor Property Information Map Summary Details: Folio No.: _]31-2241-070-0170 a. 4000 BOULEVARD LE ORBUSIER #201 QUEBEC ‘ : 4000 RESIDENTIAL ‘t i : IMULTLFAMILY, TS MEDIUM DENSITY . 0007 RESIDENTIAL- - on : CONDOMINIUM ‘— oo cz . Sag “Fae a z ELEMENTS OFF REC 12644-0643 COC 25180- 0047 10 2006 5 Sale Information: = ale O/R: 23333-1242 : 4/2005 Digital Orthophotography - 2007 0 mmm 195 ft ISale Amount: _}$472,000 This map was created on 6/12/2009 11:05:56,AM for reference purposes only. Assessment Information: Web Site © 2002 Miami- Alli ; Year: |_ 2008 [2007 | feb Site © 2002 Miami-Dade County. All rights reserved Cand Value: r—s0 —T 30 Building Value: (30 | $0 | Market Value: | $329,230 [$329,230 $329,230 _}$329,230 Taxable Value information: & Taxable Value: County: f$0/$329,230]$0/329.230} City: 480/329, 230].0/$329,230 Cam f 4 ADMINISTRATIVE COMPLAINT] 3 http://gisims2.miamidade.gov/myhome/printmap.asp?mapurl=http://gisims2.miamidade.go... 6/12/2009 VUUY PARY EVE VET EV TVA E A CEFN 2O05R0445512 OR Bk 23233 Pas 1242 ~ 12437 (2egs) Hee aeeng/anes 15205220 Prepared By: FED DOE TAX 22832.00 lavine M. Rodriguez of HARVEY RUINS CLERK OF COURT Bayshore Title Insurance Company, Tani~b FOUNTY® FLORIDA 3431 Henderson Boulevard, Tampa, Florida 33609, as a necessary incident to the fulfillment of conditions contained in a title insurance commitment issued by it. FILE NO.: PB-1503 FOLIO NO:: Part of 31 2211 066 0010 SPECIAL CONDOMINIUM WARRANTY DEED THIS INDENTURE, made this 25th day of April, 2005, between Parto Bellagio Partners, LLC, a Delaware limited liability company, as GRANTOR, and Pierre Grothe, single and Lacie Bourbonnais, single, as joint tenants with full right of survivorship, as GRANTEE(S), whose address is 3200 Blvd., Levesque East, Laval, Quebec, Canada H7E 2P1. (WHEREVER used herein, the terms "GRANTOR" and "GRANTEE" include all the parties to this instrument and their heirs, legal representatives and assigns of individuals, and the successors and assigns of corporations.) WITNESSETH: The GRANTOR, for in consideration of the sum of TEN DOLLARS ($10.00) and other good and valuable consideration, receipt whereof is hereby acknowledged, by these presents does grant, bargain, sell, alien, remise, release, convey and confirm unto the GRANTEE all that certain land situated in Miami-Dade County, Florida, viz: The Condominium Parcel known as Unit No. 1503, Building No. 1, Porto Bellagio, a Condominium, according to the Declaration of Condominium thereof as recorded in Official Record Book 22644, pages 643 through 746 of the public records of Miami-Dade County, Florida, together with an undivided interest in the common elements appurtenant thereto, and any amendments thereto and together with the limited common elements shown on the survey. GRANTEE, by acceptance hereof acknowledges that the conveyance is subject in every respect to the aforesaid Declaration and the Exhibits attached thereto, including but not limited to (whether the same are attached to the Declaration or referred to therein), the By-Laws and the Articles of Incorporation of the Association; and GRANTEE further acknowledges reading and examining said Declaration and said exhibits; and further acknowledges that each and every provision of the foregoing is essential to the successful operation and management of said condominium property in the best interests and for the benefit of all owners therein, GRANTEE and all owners of parcels in the aforedescribed Condominium, covenant and agree to abide by each and every provision of said Dectaration and all exhibits attached thereto. GRANTEE hereby ratifies, confirms and approves all of the terms and provisions of said Declaration and exhibits attached thereto, This conveyance is subject to the following: L ‘Taxes and assessments for the year 2005 and subsequent years. 2. Conditions, restrictions, limitations, dedications, reservations, existing zoning ordinances, and easements of record including, but not limited to, water, sewer, gas, electric and other utility agreements of record, 3. Covenants, conditions, restrictions, terms and other provisions of the said Declaration of Condominium and other condominium instruments, including the amendment(s) to same, if any. TOGETHER with ail the tenements, hereditaments and appurtenances thereto belonging or in any way appertaining. TO HAVE AND TO HOLD the same in fee simple forever. AND the GRANTOR hereby covenants with said GRANTEE that it is lawfully seized of said land in fee simple; that it has good right and lawful authority to sell and convey said land; that it hereby fully warrants the title to said land and will defend the same against the lawful claims of all persons claiming by, through or under the said GRANTOR. Com f sbwnustrative COMPLAINT, EXHIBIT 4 1 ; Peow 2 oF Book23333/Page1242 CFN#20050445518 Page 1 of 2 WH OR BK 2353353 FG 1243 LAST FAGE IN WITNESS WHEREOF, the GRANTOR has caused these presents to execute in its name, and its corporate seal to be hereunto affixed, by its proper officers thereunto duly authorized, the day and year first above written. Witnessed By: wr 1 CHRISTOPHER WILLIAMS SONIA BURGOS WITNESS2_ 7 STATE OF FLORIDA } } ss: COUNTY OF HILLSBOROUGH } Porto Bellagio Partners, LLC, a Delaware limited liability company By: Porto Bellagio Investors, LLC, a Delaware limited liability company, its Sole Member . By: Bradford-Porto Bellagio Partners, LLC, a Florida limited liability company, its Managing Member By: Title: eiss Bianco, its Manager (Corporate Seal) 5410 Jericho Turnpike Jericho, NY 11753 The foregoing instrument was acknowledged before me this 25+ Hay of April 2005, by Barbara Weiss Bianco, Manger of Bradford-Porto Bellagio Partners, LLC, a Florida limited liability company, Managing Member of Porto Bellagio Investors, LLC, a Delaware lim jted sepiliy company, Sole Member of Porto Bellagio Partners, LLC, a Delaware limited liability company, who is My Commission expires: UnitNo. 1503 AFTER RECORDING, RETURN TO: BAYSHORE TITLE INSURANCE COMPANY 3431 HENDERSON BOULEVARD TAMPA, FLORIDA 33609 FILENO. PB-1503 Book23333/Page1243 CFN#20050445518 Notary Public, State of Florida ~ ADMINISTRATIVE COMPLAINT, Page 2 of2_ Property Information Map My Home Miami-Dade County, Florida Property Information Map —F F ene he ae Cg ren Ww BLVO_ 174TH ST. 3 aD YANST: ee 7 i Se 2 0: igs oes re Sx = = coe Digital Orthophotography - 2007 O eennmmmene 195 ft This map was created on 6/12/2009 10:59:14 AM for reference purposes only. Web Site © 2002 Miami-Dade County. All rights reserved. 7 Page 1 of 1 MIAMI-DADE Summary Details: [31-2211-070-0130_ 4000 RESIDENTIAL Primary Zone: [MULTI-FAMILY, MEDIUM DENSITY . 0007 RESIDENTIAL- 13061 09 2005 1 Sale Information: ale OR: 23805-3061 9/2005 [$477,000 Assessment Information: 2008 | 2007 | $0 | 0 90} Land Value | 80 [Building Value: | $0 $0 County: ___|$0/$339, 190|$0/$339, 190] (ome AD # 23k http://gisims2.miamidade.gov/myhome/printmap.asp?mapurl=http://gisims2.miamidade.go... ceed MINISTRATIVE COMPLAINT, Ip 6/12/2009 TDQVEN EER UU NOTE VARY AL CEN TLV CFN 2005R1001583 DR Bk 23805 Pas 3061 - 30627 (2nss) RECDRDED 09/23/2005 14226249 DEED DOC TAX 2+862.00 Prepared By: HARVEY RUVIN® CLERK OF COURT Sonia Burgos of NLAMI-DADE COUNTY? FLORIDA Bayshore Title Insurance Company, 3431 Henderson Boulevard, Tampa, Florida 33609, as a necessary incident w the fulfillment of conditions contained in a title insurance commitment issued by it. FILE NO.: PB-1802 FOLIO NO.: 31 2211 070 0130 SPECIAL CONDOMINIUM WARRANTY DEED THIS INDENTURE, made this 13th day of September, 2005, between Porto Bellagio Partners, LLC, a Delaware limited liability company, as GRANTOR, and Gergana Zlateva Elghovayel, a married woman, as GRANTEE(S), whose address is 105 W. 72nd Street, # 5B, New York, NY 10023. (WHEREVER used herein, the terms "GRANTOR" and "GRANTEE" include all the parties to this instrument and their heirs, legal representatives and assigns of individuals, and the successors and assigns of corporations.) WITNESSETH: The GRANTOR, for in consideration of the sum of TEN DOLLARS ($10.00) and other good and valuable consideration, receipt whereof is hereby acknowledged, by these presents does grant, bargain, sell, alien, remise, release, convey and confirm unto the GRANTEE all that certain land situated in Miami-Dade County, Florida, viz: The Condominium Parcel known as Unit No. 1802, Building No. 1, Porto Bellagio, a Condominium, according to the Declaration of Condominium thereof as recorded in Official Record Book 22644, pages 643 through 746 of the public records of Miami-Dade County, Florida, together with an undivided interest in the common elemens appurtenant thereto, and any amendments thereto and together with the limited common elements shown on the survey. GRANTEE, by acceptance hereof acknowledges that the conveyance is subject in every respect to the aforesaid Declaration and the Exhibits attached thereto, including but not limited to (whether the same are attached to the Declaration or referred to therein), the By-Laws and the Articles of Incorporation of the Association; and GRANTEE further acknowledges reading and examining said Declaration and said exhibits; and further acknowledges that each and every provision of the foregoing is essential to the successful operation and management of said condominium property in the best interests and for the benefit of all owners therein, GRANTEE and all owners of parcels in the aforedescribed Condominium, covenant and agree to abide by each and every provision of said Declaration and ali exhibits attached thereto. GRANTEE hereby ratifies, confirms and approves all of the terms and provisions of said Declaration and exhibits attached thereto. This conveyance is subject to the following: 1 Taxes and assessments for the year 2005 and subsequent years. 2. Conditions, restrictions, limitations, dedications, reservations, existing zoning ordinances, and easements of record including, but not limited,to, water, sewer, gas, electric and other utility agreements of record. 3. Covenants, conditions, restrictions, terms and other provisions of the said Declaration of ‘Condominium and other condominium instruments, including the amendment(s) to same, if any. TOGETHER with all the tenements, hereditaments and appurtenances thereto belonging or in any way appertaining. TO HAVE AND TO HOLD the same in fee simple forever. AND the GRANTOR hereby covenants with said GRANTEE that it is awfully seized of said land in fee simple; that it has good right and lawful authority to sell and convey said land; that it hereby fully warrants the tithe to said land and will defend the same against the lawful claims of all persons claiming by, through or under the said GRANTOR. Con Book23805/Page3061 CFN#20051001583 Te OR BK 2320905 FG 3262 LAST PAGE IN WITNESS WHEREOF, the GRANTOR has caused these presents to execute in its name, and its corporate seal to be hereunto affixed, by its proper officers thereunto duly authorized, the day and year first above written. Witnessed By: Porto Bellagio Partners, LLC, a Delaware limited . liability company By: Porto Bellagio Investors, LLC, a Delaware limited liability company, its Sole Member By: Bradford-Porto Bellagio Partners, LLC, a Florida SONIA BURGOS limited liability company, its Managing Member WITNESS 1 ? ara Weiss Bianco, its Manager (Corporate Seal) Jasmine Rodriguez 5410 Jericho Turnpike Jericho, NY 11753 STATE OF FLORIDA } } 3s: COUNTY OF HILLSBOROUGH } The foregoing instrument was acknowledged before me this 13thday of September, 2005, by Barbara Weiss Bianco, Manger of Bradford-Porto Bellagio Parmers, LLC, a Florida limited liability company, Managing Member of Porto Bellagio Investors, LLC, a Delaware limited liability company, Sole Member of Porto Bellagio Partners, LLC, a Delaware limited liability company, who is personally known My Commission expires: tary Public, State of Florida UnitNo. 1802 AFTER RECORDING, RETURN TO: BAYSHORE TITLE INSURANCE COMPANY 3431 HENDERSON BOULEVARD TAMPA, FLORIDA 33609 FILE NO. pp 1802 Com 2 STRATIVE COMPLAINT, , ie Pane Book23805/Page3062 CFN#20051001583 2 OF | | B Page 2 of 2 Property Information Map : Page 1 of 1 My Home Miami-Dade County, Florida MIAMI-DADE ih ss eer Property Information Map _& ee de he = aD Summary Details: 22 winsTON BLVD. 174TH ST Foto No. fst-2211.070-2040 , : Property: _]17150 N BAY RD 2107 nt Ee sss =e 17150 N BAY ROAD #2107 2 UNNY ISLES BEACH FL 3460-3424 4000 RESIDENTIAL g Primary Zone: = JMULTI-FAMILY, A72ND ST. EDIUM DENSITY Luc 0007 RESIDENTIAL- CONDOMINIUM Beds/Baths: p20 Flos: Living Units: tt LotSize: fp Year Built! 2003 ; ee . eek = Sol Sale Information: i Sale Date: [8 ; [Sale Amount:_]$462,000 Digital Orthophotography - 2007 0 memes 195 ft Assessment Information: This map was created on 6/12/2009 9:50:30 AM for reference purposes only. 2008 2007 Web Site © 2002 Miami-Dade County. All rights reserved. {so | SO $392,490 _}$413,150} & [$379,288 8368 244 $25,000 | $25,000 ndHomestead: [YES | NO__] Regional: $50,000/ $! Ga $50,000 | $25.000/ ity: $329,288 | $343,241 . $25,000/ | $25,000/ School Board: | $354 288 | $343,241 . . http://gisims?.miamidade.gov/myhome/printmap.asp?mapurl=http://gi ms2.miamidade.go... 6/12/2009 UDELET HEV ETE OEE BAUER VLOG TUE LEU ~ CFN 2OGS5SRO970936 OR Bk 23778 Pas 4490 - 44913 (2p95) RECORDED 99/15/2005 08:20:00 DEED BOC TAX 27772.00 Prepared By: HARVEY RUVIN: CLERK OF COURT Sonia Burgos of MIAMI-DADE COUNTY: FLORIDA Bayshore Title Insurance Company, 3431 Henderson Boulevard, ‘Tampa, Florida 33609, ‘aS @ necessary incident to the. fulfillment of conditions contained in a title insurance commitment issued by it. FILE NO.: PB-2107 FOLIO NO.: Part of 31 2211 066 0020 SPECIAL CONDOMINIUM WARRANTY DEED THIS INDENTURE, made this 31st day of August, 2005, between Porto Bellagio Partners, LLC, a Delaware limited liability company, as GRANTOR, and Victor J. Dongo, a single man, as GRANTEE(S), whose address is 17150 North Bay Road, Unit 2107, Sunny Isles Beach, Florida 33160. (WHEREVER used herein, the terms "GRANTOR" and "GRANTEE" include all the parties to this instrument and their heirs, legal representatives and assigns of individuals, and the successors and assigns of corporations.) WITNESSETH: The GRANTOR, for in consideration of the sum of TEN DOLLARS ($10.00) and other good and valuable consideration, receipt whereof is hereby acknowledged, by these presents does grant, bargain, sell, alien, remise, release, convey and confirm unto the GRANTEE all that certain land situated in Miami-Dade County, Florida, viz: The Condominium Parcel known as Unit No. 2107, Building No. 2, Porto Bellagio, a Condominium, according to the Declaration of Condominium thereof as recorded in Official Record Book 22644, pages 643 through 746 of the public records of Miami-Dade County, Florida, together with an undivided interest in the common elemens appurtenant thereto, and any amendments thereto and together with the limited common elements shown on the survey. GRANTEE, by acceptance hereof acknowledges that the conveyance is subject in every respect to the aforesaid Declaration and the Exhibits attached thereto, including but not limited to (whether the same are attached to the Declaration or referred to therein), the By-Laws and the Articles of Incorporation of the Association; and GRANTEE further acknowledges reading and examining said Declaration and said exhibits; and further acknowledges that each and every provision of the foregoing is essential to the successful operation and management of said condominium property in the best interests and for the benefit of all owners therein, GRANTEE and all owners of parcels in the aforedescribed Condominium, covenant and agree to abide by each and every provision of said Declaration and all exhibits attached thereto. GRANTEE hereby ratifies, confirms and approves all of the terms and provisions of said Declaration and exhibits attached thereto. This conveyance is subject to the following: UL Taxes and assessments for the year 2005 and subsequent years. 2. Conditions, restrictions, limitations, dedications, reservations, existing zoning, ordinances, and easements of record including, but not limited to, water, sewer, gas, electric and other utility agreements of record, ‘ 3. Covenants, conditions, restrictions, terms and other provisions of the said Declaration of Condominium and other condominium instruments, including the amendment(s) to same, if any. TOGETHER with all the tenements, hereditaments and appurtenances thereto belonging or in any way appertaining. TO HAVE AND TO HOLD the same in fee simple forever. AND the GRANTOR hereby covenants with said GRANTEE that it is lawfully seized of said land in fee simple; that it has good right and lawful authority to sell and convey said land; that it hereby fully warrants the title to said land and will defend the same against the lawful claims of all persons claiming by, through or under the said GRANTOR. Ur Page 1 of 2 Book23778/Page4490 CFN#20050970936 OR BK 23778 FPG 4491 LAST FAGE IN WITNESS WHEREOF, the GRANTOR has caused these presents to execute in its name, and its corporate seai to be hereunto affixed, by its proper officers thereunto duly authorized, the day and year first above written. Witnessed By: Porte Bellagio Partners, LLC, a Delaware limited liability company By: Porto Bellagio investors, LLC, a Delaware limited liability company, its Sole Member By: Bradford-Porto Bellagio Parmers, LLC, a Florida SONIA BURGOS limited liability company, its Managing Member WITNESS 1 leer . By: 2. —_—_——— Title. Bi Weiss Bianco, its Manager (Corporate Seal) 5410 Jericho Turnpike Jericho, NY 11753 STATE OF FLORIDA } }ss: COUNTY OF HILLSBOROUGH } The foregoing instrument was acknowledged before me this 3ist_ day of August , 2005, by Barbara Weiss Bianco, Manger of Bradford-Porto Bellagio Partners, LLC, a Florida limited liability company, Managing Member of Porto Bellagio Investors, LLC, a Delaware limited liability company, Sole Member of Porto Bellagio Partners, LLC, a Delaware limited liability company, who is personally known to ma AUUUEILtHy, NEM. RODgMy, Se My Commission expires: Public, State of Florida Unit No. 2107 AFTER RECORDING, RETURN TO: BAYSHORE TITLE INSURANCE COMPANY 3431 HENDERSON BOULEVARD TAMPA, FLORIDA 33609 FILE NO. PB-2107 Com 03 Book23778/Page4491 CFN#20050970936 Page 2 of 2 Property Information Map My Home Miami-Dade County, Florida Property Information Map 3 ee INSTON 8: synsToN 8 a vo. 174TH ST, Oy AVE N. St + ee See, Digita! Orthophotography - 2007 OD mmmenmnnem 195 ft This map was created on 6/12/2009 9:53:08 AM for reference purposes only. Web Site © 2002 Miami-Dade County. All rights reserved. S Page | of 1 MIAMIEDADE Summary Details: Folio No.: _[31-2211-070-0400 Property: _]17100 N BAY RD 1306 164 COLUMBIA AVE HARTSDALE NY 110530- Property Information: 4000 RESIDENTIAL Primary Zone: IULTI-FAMILY, MEDIUM DENSITY . 0007 RESIDENTIAL- ewe: Eoxoomintuw BedaTbais Floors fo ; Living Units: Lot Size: LEMENTS OFF REC 2644-0643 COC 23441- 23441-3815 5/2005 410,000 Land Value: | 8080] |__ so 30 421.460 Building Vaiue: Market Value: $400,390 #94 0 $380,921 [$375,052] Year: | 2008 | 2007 j iiom: nd Homestead: | YES | NO] VE COMPLAINT, http://gisims2.miamidade.gov/myhome/printmap.asp?mapurl=http://gisims2.miamidade.go... —. 6/12/2009 (22 CFN 200S5R0573423 OR Bk 22441 Pas 3815 - 38163 (Ings) RECDRDED 06/06/2005 08252:: Prepared By: DEED DOC TAX 2+460.00 Jasmine M. Rodriguez of HARVEY RUVINy CLERK OF COURT Bayshore Title Insurance Company, 3431 Henderson Boulevard, Tampa, Florida 33609, as a necessary incident to the fulfillment of conditions contained ina title insurance commitment issued by it. FILE NO.: PB-1306 FOLIO NO.: Part of 31 2211 066 0010 SPECIAL CONDOMINIUM WARRANTY DEED THIS INDENTURE, made this 16th day of May, 2005, between Porto Bellagio Partners, LLC, a Delaware limited liability company, as GRANTOR, and Christopher J. Russo, a single man, as GRANTEE(S), whose address is 17100 North Bay Rd. Apt. 1306, Sumny Isles, FL 33160. (WHEREVER used herein, the terms "GRANTOR" and “GRANTEE” include all the Parties to this instrument and their heirs, legal representatives and assigns of individuals, and the successors and assigns of corporations.) WITNESSETH: The GRANTOR, for in consideration of the sum of TEN DOLLARS ($10.00) and other good and valuable consideration, receipt whereof is hereby acknowledged, by these presents does grant, bargain, sell, alien, remise, release, convey and confirm unto the GRANTEE all that certain land situated in Miami-Dade County, Florida, viz: The Condominium Parcel known as Unit No. 1306, Building No. 1, Porto Bellagio, a Condominium, according to the Declaration of Condominium thereof as recorded in Official Record Book 22644, pages 643 through 746 of the public records of Miami-Dade County, Florida, together with an undivided interest in the common elements appurtenant thereto, and any amendments thereto and together with the limited common elementsshown on the survey. GRANTEE, by acceptance hereof acknowledges ‘that the conveyance is subject in every respect to the aforesaid Declaration and the Exhibits attached thereto, including but not limited to (whether the same are attached to the Declaration or referred to therein), the By-Laws and the Articles of Incorporation of the Association; and GRANTEE further acknowledges reading and examining said Declaration and said exhibits; and further acknowledges that each and every provision of the foregoing is essential to the successful operation and management of said condominium property in the best interests and for the benefit of all owners therein, GRANTEE and all owners of parcels in the aforedescribed Condominium, covenant and agree to abide by each and every provision of said Declaration and all exhibits attached thereto. GRANTEE hereby ratifies, confirms and approves all of the terms and provisions of said Declaration and exhibits attached thereto. This conveyance is subject to the following: 1. Taxes and assessments for the year 2005 and subsequent years. 2. Conditions, restrictions, limitations, dedications, reservations, existing zoning ordinances, and easements of record including, but not limited to, water, sewer, gas, electric and other utility agreements of record. 3. Covenants, conditions, restrictions, terms and other provisions of the said Declaration of Condominium and other condominium instruments, including the amendment(s) to same, if any. TOGETHER with all the tenements, hereditaments and appurtenances thereto belonging or in any way appertaining, TO HAVE AND TO HOLD the same in fee simple forever. AND the GRANTOR hereby covenants with said GRANTEE that it is lawfully seized of said land in fee simple; that it has good right and lawful authority to sell and convey said tand; that it hereby fully warrants the title to said land and will defend the same against the lawful claims of all persons claiming by, through or under the said Comp 4 HIAMI-DADE COUNTY, FLORIDA COMPLAINT” Book23441/Page3815 CFN#20050573423 Page 1 of 2 [73 OR BK 23441 FPG 3816 LAST FAGE IN WITNESS WHEREOF, the GRANTOR has caused these presents to execute in its name, and its Corporate seal to be hereunto affixed, by its proper officers thereunto duly authorized, the day and year first above written. Porto Bellagio Partners, LLC, a Delaware limited Witnessed By: liability company By: Porto Bellagio Investors, LLC, a Delaware limited liability company, its Sole Member By: Bradford-Porto Bellagio Partners, LLC, a Florida limited liability company, its Managing Member witness1__ CHRISTOPHER WILLIAMS Title: Bi feiss Bianco, its Manager (Corporate Seal) 5410 Jericho Turnpike WITNESS 2 SONIA B 1B Jericho, NY 11753 STATE OF FLORIDA COUNTY OF HILLSBOROUGH ss: pene The foregoing instrument was acknowledged before me this 16rh day of May , 2005, by Barbara Weiss Bianco, Manger of Bradford-Porto Beilagio Partners, LLC, a Florida limited liability company, Managing Member of Porto Bellagio Investors, LLC, a Delaware }iMited lighility company, Sole Member of Porto Bellagio Parters, LLC, a Delaware limited liability company, whd is pd } known to me. ) Notary Public, State of Florida ty, LUT Unit No. 1306 AFTER RECORDING, RETURN TO: BAYSHORE TITLE INSURANCE COMPANY 3431 HENDERSON BOULEVARD TAMPA, FLORIDA 33609 FILE NO. PB-1306 PRATIVE COMPLAINT. ExHieiT 2S PAGE __ 9 _ OF Book23441/Page3816 CFN#20050573423 Page 2 of 2 ee ccrtimnrrmenin iene (24 A & F APPRAISAL SERVICES File No. CG2916 APPRAISAL OF LOCATED AT: 17100 NORTH BAY ROAD #1402 SUNNY ISLES, FL 33160 FOR: SUNSET LOANS COMPANY 8620 WILSHIRE BLVD. #100 BEVERLY HILLS, CA. 90210 BORROWER: BANSAY AS OF: October 15, 2005 BY: ANDREW S. MELTZER ST.CERT.RES.REA USTRATIVE COMPLAINT 3770 BISCAYNE BLVD SUITE 406, MIAMI, 1 . it. A & F APPRAISAL SERVICES File No. CG2916 SUNSET LOANS COMPANY 8620 WILSHIRE BLVD. #100 BEVERLY HILLS, CA. 90210 File Number: CG2916 In accordance with your request, | have appraised the real property at: 17100 NORTH BAY ROAD #1402 SUNNY ISLES, FL 33160 The purpose of this appraisal is to develop an opinion of the market value of the subject property, as improved. The property rights appraised are the fee simple interest in the site and improvements. In my opinion, the market value of the property as of October 15, 2005 $440,000 Four Hundred Forty Thousand Dollars The attached report contains the description, analysis and supportive data for the conclusions, final opinion of value, descriptive photographs, limiting conditions and appropriate certifications. Ara ANDREW S. MELTZER ST.CERT.RES.REA . SUBJECT NEIGHBORHOOD SITE PROJECT IMPROVEMENT: SUBJECT UNIT COMMENTS INDIVIDUAL CONDOMINIUM UNIT APPRAISAL REPORT Fite wo. CG2916 Property Address 17100 NORTH BAY ROAD #1402 City SUNNY ISLES State FL Zip Code 33160 Legal Description UNIT 1402, PORTO BELLAGIO CONDONMINIUM County MIAMI-DADE Unit No. 1402 Assessor's Parcel No. (ASSESSOR'S PARCEL NOT YET ASSIG NED) Tax Year N/A R.E. Taxes $N/A Special Assessments $ N/A Project Name/Phase No. PORTO BELLAGIO Map Reference 52-42-02 Census Tract 1.150 Borrower BANSAY. Current Owner PORTO BELLAGIO PARTNER, LL Occupant: (J owner Tenant {|_| Vacant {Property rights appraised __([X}Fee Simple | | Leasehold | Monthly Home Owners’ Association Unit Charge $368.64 Sales Price $440,000.00 Date of Sale PENDING Description and-$ amount of loan charges/concessions to be paid by selerNONE NOTED LenderiClient SUNSET LOANS COMPANY Address 8620 WILSHIRE BLVD. #100, BEVERLY HILLS, CA. 90210 Appraiser ANDREW S. MELTZER ST.CERT.RES.REA Address 3550 BISCANYE BLVD SUITE 406, MIAMI, FL 33137 Location [urban suburoan {JRurai | Fredgminant | Sigale fami mouaipe | Predominaa, | Semeemnnn Nout Built up 0] over 75% (_J25-75% ~(_]under25% | occupancy $ (000) (yrs) occupancy $ (000) (yrs) Growth rate (_] Rapia (X] stabie ([] stow (X] owner 500 tow NEW. (] owner 200 Low NEW Property values [X_] increasing (_} stable (CJ Declining (_] Tenant 3 MIL High 30| (J Tenant 1 MIL High 60 Demand/supply CL) Shortage x) In balance | ‘Over supply Xx] Vacant(05%) Predominant (J Vacant(0-5% ) Predominant Marketing time Under 3 mos. x 3-6 mos. Over 6 mos. (__] vacantiover 5% 850 10 (1 vecantiover 5%) 400 25 Present land use %: One Family . 2-4 Family 5. Apartments 5, Condominium 35, Commercial 5, Industrial , Vacant 5, Other Land use change: ot likely Likely (Tin process to Note: Race and the racial composition of the neighborhood are not appraisal factors. Neighborhood boundaries and characteristics: THE SUBJECT IS LOCATED (N) OF 163RD STR., (S) OF 183RD STR. AND OF EAST BISCAYNE BLVD IN SUNNY ISLES. THE AREA CONSISTS OF PREDOMINANTLY SINGLE FAMILY HOMES AND CONDOMINIUMS. Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.): ALL TYPICAL RESIDENTIAL AMENITIES ARE LOCATED WITHIN CLOSE PROXIMITY INCLUDING SCHOOLS, PLACES OF WORSHIP, SHOPPING FACILITIES AND PUBLIC TRANSPORTATION. THE SUBJECT IS TYPICAL OF AREA DWELLINGS WITH SIMILAR DESIGN AND APPEAL. Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time -- such as data on competitive properties for sale in the project and neighborhood, description of the prevalence of sales and financing concessions, etc.): J TYPICAL FINANCING IN THE SUBJECT'S MARKET AREA INCLUDES CONVENTIONAL LOANS WITH SOME SELLER FINANCING. PROPERTY VALUES ARE INCREASING IN THE SUBJECT'S MARKET. DEMAND AND SUPPLY ARE IN BALANCE AND TYPICAL MARKETING TIME 1S ESTIMATED AT THREE TO SIX MONTHS. Specific zoning classification and description (CONDOMINIUM) Topography LEVEL TO STR. GRADE Zoning compliance Lega! « (_.] Legal nonconforming (Grandfathered use) Ui ittegat oO No zoning Size TYPICAL FOR AREA Highest & best use as improved Present use CO Other use (expiain) Density ADEQUATE Utilities Public Other Off-site Improvements Type Public Private | view INTRACOASTAL/POOL Electricity . Street | ASPHALT KJ] (CJ) | Drainage APPEARS ADEQUATE Gas () . Curbigutter NONE CJ Apparent easements OF RECORD Water Xx a Sidewalk CONCRETE x = FEMA Special Flood Hazard Area (kJves (Jno Sanitary sewer Xx Streetlights’ POLE LIGHTS X FEMA Zone "AE" Map Date 03/02/94 Storm sewer x : Alley». NONE () (} | FEMA Map No. 120635 C 0084J Comments(apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use, etc.): NO ADVERSE EASEMENTS OR ENCROACHMENTS NOTED AT THE TIME OF INSPECTION. PRESENT LAND USE DOES NOT AFFECT MARKETABILITY. No. of Stories 9 Exterior Walls ces If Project Compieted: If Project Incomplete: Subject Phase; No. of Elevator(s) 2 Roof Surface T&G TotalNo.ofPhases | N/A Total No. of Planned Phases 1 Total No. of Units 500 Existing/Proposed EXST_ |Tota!No. Parking ADEQ Total No. of Units N/A Total No. of Planned Units 500 Total No. of Units Completed 500 If conversion, orig. use RNT | Ratio(spacestunts) ADEQ Total No. of Units forSale N/A Total No. of Units for Sale 13+/- | TotalNo.ofUnitsforSale 13+/- Date of Conversion 07/04 Type cov Total No. of Units Sold = N/A Total No. of Units Sold 500 Total No. of Units Soid 500 Age (Yrs.) 2002 Guest Parking ADEQ ‘Total No. of Units Rented N/A TotaiNo. of Units Rented 2% | TotalNo. of Units Rented 2% Effective Age(Yrs. 0-1 Data Source Data Source SALES OFFICE Data Source SALES OF FC Project Type: Primary Residence (_] Second Home or Recteational (Row or Townhouse Garden (_]Midrise [XJ Highrise Condition of the project, quality of construction, unit mix, appeal to market, etc.: THE PROJECT AREA IS ANEW CONSTRUCTION. NO SERIOUS FUNCTIONAL INADEQUACIES OBSERVED. GOOD APPEAL TO MARKET. Are the heating and cooling for the individual units separately metered? Yes oO No Ifno, describe and comment on compatibility to other projects in market area and market acceptance: . ee Describe common elements and recreational facilities: HEATED POOL, JACUZZI, FITNESS CENTER, BUSINESS CENTER, CLUB ROOM TRASH, WATER, SECURITY, ELEVATOR, INSURANCE, PLAY AREA AND MAINT. OF COMMON AREAS. Are the common elements completed? Oo Yes ea] No ls the Builder/Developer in control of the Home Owners Association? bd Yes oO No Are any common elements leased to or by the Home Owners' Association? aa Yes No Nyes, attach addendum describing rental terms and options. ROOMS Foyer Living Dining Kitchen Den Family Rm.| Rec. Rm. | Bedrooms # Baths Laundry Other Area Sq.Ft. Basement Level 1 xX _ 1 x 4 2 2 x 1,043 Level 2 | | { : : | Finished area above grade contains: 4 Rooms; 2 Bedroom(s); 2.00 Bath(s); 1,043 Square Feet of Gross Living Area For Unit GENERAL DESCRIPTION HEATING KITCHEN EQUIP. AMENITIES CAR STORAGE INSULATION Floor No. 4TH FLOOR type) CNTRL_| Refrigerator Fireplace(s) # None ~ (J | Root O No. of Levels ONE Fuel ELEC Range/Oven Patio Cc Garage Ceiling O INTERIOR Materials/Condition Condition GOOD _| Disposal Balcony OPEN No.ofCars TWO | Walls O Flooring CRPT/TILE/GOOD | COOLING “| Dishwasher Deck Open Floor CJ Walls DRYWALL/GOOD | Central YES. Fan/Hood (KJ | Porch No. of Cars None CO) Bath Floor CERAMIC/GOOD Other NONE Microwave Fence LJ} Parking Space No.ASG_| Unknown (x) Bath Wainscot CERAMIC/GOOD- |: Condition GOOD | Washer/Dryer STORAGE XJ | Assignediowned ASG | ADEQUATE Condition of the unit, depreciation, repairs needed, quality of construction, remodeling/modernization, additional features (special energy efficient items, etc.): THE SUBJECT HAS BEEN WELL MAINTAINED AND tS IN GOOD CONDITION. AT THE TIME OF INSPECTION THERE WERE NO NECESSARY REPAIRS REQUIRED. THE SUBJECT IS MODERN AND FUNCTIONAL. n . Adverse environmental conditions (such as, but not limited to, hazardous Wastes, toxic su bstandes: iJ i eit int ane tim Prov EARN Tho site, or in the SERED E T THE TIME OF INSPECTION. immediate vicinity of the subject property; NO ADVERSE ENVIRONMENTAL CONDITION tae Freddie Mac Form 465 10-94 PAGE 1 OF 2 5 ™ Fannie Mae Form 1073 10-94 A ET ar Produced using ACI saftware, 800.234.8727 eww.acinebicam ©. we INDIVIDUAL CONDOMINIUM UNIT APPRAISAL REPORT fie wo. cG2916 Unit Charge $ 368.64 permo.x12=$ 4,424 peryr. Annual Assessment charge per year/square feet of gross living area = $ 4.24 4s the project subject to ground rent? Ores No ifyes,$ per year. Utilities included in unit charge: CJ None {JHeat (_J Air Conditioning CT Electricity Cleas Water OC] sewer Note any fees, other than regular HOA charges, for use of facilities Compared to other compatitive projects of similar quality and design, the subject unit charge appears: ia) High “EX Typical CI Low To properly maintain the project and provide the services anticipated, the budget appears: (KJ Adequate (_Jinadequate (_] Unknown Management Group: (J) Home Owners’ Association Qc] developer Management Agent (Identify) Quality of management and its enforcement of Rules and Regulations based on general appearance of project appears: Adequate O Inadequate Special or unusual characteristics in the Condominium Documents or other information known to the appraiser that would affect marketability (if none, so state) APPRAISER NOT PROVIDED WITH A SET.OF CONDOMINIUM DOCUMENTS. ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO.2 COMPARABLE NO. 3 Address, Unit #, 17100 NORTH 84/17100 NORTH BAY DRIVE 17100 NORTH BAY DRIVE 17150 NORTH BAY ROAD and Projact Name #1402, PORTO B /#1503, PORTO BELLAGIO COM #1802, PORTO BELLAGIO CON #2107, PORTO BELLAGIO COh Proximity to Subject 0.00 Mi 0.00 MI 0.01 MINNW Sales Price $ 440,000 a $ 440,000 $ 477,000 $ 450,000 Price/Gross Liv.Area__ |$ 421.86 A$ 421.86 ZB $ 457.33 a $ 403.23 @ Data and/or DRIVE-BY/INSPT | DRIVE-BY DRIVE-BY DRIVE-BY/MLS Verification Sources {SALES OFFICE SALES OFFICE 2 SALES OFFICE PUBLIC RECORDS VALUE ADJUSTMENTS if DESCRIPTION DESCRIPTION | + (-) $ Adjustment DESCRIPTION + &) $ Adjustment DESCRIPTION + (-)$ Adjustment Sales or Financing CONV CONV H CONV CONV ' Concessions NONE NOTED NONE NOTED ‘ NONE NOTED NONE NOTED ‘ Date of Sale/Time PENDING 04/2005 ‘ 09/2005 09/2005 ‘ Location INTERIOR/GD INTERIOR/GD H iINTERIOR/GD INTERIOR/GD H Leasehold/Fee Simple FEE SIMPLE FEE SIMPLE : FEE SIMPLE _| FEE SIMPLE A HOA Mo. Assessment $368.64 | SIMILAR ‘ SIMILAR SIMILAR ‘ Common Elements SEE PAGE ONE |SEE PAGE ONE ; SEE PAGE ONE: SEE PAGE ONE : and Rec. Facilities : : Project Size/Type CONDO/GOOD CONDO/GOOD = CONDO/GOOD CONDO/GOOD | Floor Location 4TH FLOOR 5TH FLOOR H -3,000 |8TH FLOOR -12,000 |1ST FLOOR L 9,000 View INTRCSTL/POOL |INTRCSTL/POOL: INTRCSTL/POOL INTRCSTL/RESIC: NO ADJ Design and Appeal HIGHRISE/GD HIGHRISE/GD : HIGHRISE/GD HIGHRISE/GD i Quality of Construction | CBS/GOOD CBS/GOOD Hi CBS/GOOD CBS/GOOD H Age 2002 2002 : 2002 2002 i Condition GooD GOOD i GOOD GOOD H Above Grade Tetal___Bdrms __Baths Total__8drms Baths) Totat__Bdrms Baths Total _B8drms Baths H Room Count 4) 2: 2.00] 4! 2: 2.00: 4:2: 2.00 4:2: 2.00: Gross Living Area 1,043 Sq FtJ 1,043 SqFti [*) 1,043 SqFt. o 41,116 Sq Fts NO ADJ Basement & Finished | NONE NONE ' NONE NONE H Rooms Below Grade _|NONE NONE ‘ NONE NONE i Functional Utility GOOD GOOD t GOOD GOOD t Heating/Cooling FWA/CENTRAL |FWA/CENTRAL ! EWA/CENTRAL FWA/CENTRAL | Energy Efficient Items | STANDARD * STANDARD : STANDARD STANDARD H Car Storage GARAGE: ONE _ |GARAGE: ONE: + GARAGE: ONE GARAGE ONE Balcony, Patio, BALCONY BALCONY H BALCONY BALCONY : Fireplace(s), ete. NONE NONE : NONE NONE : UPGRADES STANDARD SIMILAR ‘ SIMILAR SIMILAR — Net Adj, (total) io) 3s 3000/( J+ [X]- $8 12,000 | [x] + s 9,000 Adjusted Sales Price Gross: 0.7% Gross: 2.5% of Comparable Net: -0.7% $ 437,000 |Net: -2.5% $ 465,000 {Net: $ 459,000 Comments on Sales Comparison (including the subject property's compatibility to other condominium units in the neighborhood, etc. ):) THESE SALES WERE SELECTED FROM ALL AVAILABLE MARKET DATA, VERIFIED AND INSPECTED BY THE APPRAISER. ALL SALES ARE CLOSED TRANSACTIONS. THESE SALES ARE SIMILAR TO THE SUBJECT CONSIDERING ALL ELEMENTS OF COMPARISON. ITEM SUBJECT COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3 Date, Price and Data | N/A NIA NIA N/A Source for prior sales : within year of appraisal [SALES OFFICE |SALES OFFICE. ~ SALES OFFICE PUBLIC RECORDS Analysis of any current agreement of sale, 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: THE SUBJECT PROPERTY IS CURRENTLY UNDER CONTRACT FOR SALE AND PURCHASE AT $440,000. ***THIRTY-SIX MONTHS SALES HISTORY "SEE ATTACHED ADDENDUM" INDICATED VALUE BY SALES COMPARISON APPROACH |... 0111 ee tte ete $ 440,000 INDICATED VALUE BY INCOME APPROACH (!f Applicable) Estimated Market Rent $ NJA_ Mo. x Gross Rent Multiplier NIA =$ NIA INDICATED VALUE BY COST APPROACH (Attach IfApplicable) 2.2... ee $ NIA This appraisal is made *as is" O subject to the repairs, alterations, inspections, or conditions listed below subject to completion per plans and specifications. Conditions of Appraisal: THE SUBJECT WAS APPRAISED IN "AS 1S" CONDITION. THE INCOME APPROACH WAS NOT USED AS MOST UNITS ARE OWNER OCCUPIED & SUFFICIENT RENTAL DATA COULD NOT BE OBTAINED TO DERIVE GRM. Final Reconciliation: GREATEST WEIGHT WAS PLACED ON THE MARKET APPROACH TO VALUE AS IT BEST REFLECTS THE INTERACTIONS OF BUYERS AND SELLERS IN THE MARKET PLACE. THIS 1S A SUMMARY REPORT. 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 imiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/Fannie Mae Form 10048 (Revised 10/94 ). (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT, AS OF 10/15/2005 {WHICH IS THE D OF INSPECTI THE EFFECTIVE DATE OF THIS REPORT) TO BE $ 440,000. APPRAISER: SUPERVISORY A’ j: Signature tei : Signature Ove Codie not Name ANDREW _S. MELTZER ST.CERT.RES REA Name ” Inspect Property Date Report Signed 10/17/2005 Date Report Signed _ State Certification # 0003190 State FL__ State Certificato#W VIINIS I RATIVE COMP __ State Or State License # State Or State License State Freddie Mac Form 465 10-94 PAGE 2 0F2 Fannie Mae Form 1073 10-94 Proguced using ACI software, 800.234.8727 ww aciwob.com A & F Appraisal Services PANE . S¥ S COMPARISON ANALYSIS ALE! INDIVIDUAL CONDOMINIUM UNIT APPRAISAL REPORT Fite No. CG2916 SUBJECT COMPARABLE NO. 4 COMPARABLE NO. 5 COMPARABLE NO. 6 Address, Unit #, 417100 NORTH BA| 17100 NORTH BAY ROAD 17050 NORTH BAY ROAD and Project Name #1402, PORTO B /#1306, PORTO BELLAGIO CON #406, GOLDEN BAY CLUB CO! Proximity to Subject 0.00 MI 0.00 MI Sales Price $ 440,000 $ 431,500 $ 435,000 Price/Gross Liv. Area [$ 421.86 i$ 386.65 a $ 332.06 A $ a Data andior DRIVE-BY/INSPT | DRIVE-BY/MLS DRIVE-BY/MLS tS Verification Sources | SALES OFFICE |PUBLIC RECORDS PUBLIC RECORDS VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +()$ Adjustment DESCRIPTION + ()$ Adjustment DESCRIPTION [co sadistment Sales or Financing CONV CONV. H CONV. ‘ ‘ Concessions NONE NOTED NONE NOTED : NONE NOTED ‘ i Date of Sale/Time PENDING 05/2005 ‘ 10/2005 : i Location INTERIOR/GD SUBURBAN H SUBURBAN en A HOA Mo. Assessment $368.64 SIMILAR? SIMILAR §_ ‘ Common Elements SEE PAGE ONE |SIMILAR ‘ SIMILAR ae ‘ and Rec. Facllities ‘ : : Project Size/Type CONDO/GOOD |CONDO/GOOD |: CONDO/GOOD } : Floor Location 4TH FLOOR 3RD FLOOR H 3,000 [4TH FLGOR t { ‘ View INTRCSTL/POOL [INTRCSTL/RESIC: NO ADJ /INTRCSTL/RESIC: NO ADJ t Design and Appeal HIGHRISE/GD THIGHRISE/GOOL HIGHRISE/GOOLCi ‘ Quality of Construction |CBS/GOOD CBS/GOOD H CBS/GOOD H ‘ Age 2002 2002 : 1999/RENOV i Condition GOOD GOOD : GOOD ‘ ‘ Above Grade Total _Bdrms__ Baths Barms Total sans Baths H Total Bdrms Room Count 4: 2: 2.00 2.00: 4: 2.00 ' Gross Living Area 1,043 Sq. Ft 1,116 Sq.Fts NO ADJ = 310 SqFt ms Basement & Finished | NONE NONE t NONE : Rooms Below Grado |NONE NONE ‘ NONE i Functional Utility GOOD GOOD : 4 GOOD i Heating/Cooling - FWA/CENTRAL _ |FWA/CENTRAL ? FWA/CENTRAL Energy Efficient items | STANDARD STANDARD : STANDARD : Car Storage GARAGE: ONE GARAGE ONE GARAGE ONE i: __ Balcony, Patio, BALCONY BALCONY t BALCONY H Fireplace(s), atc. NONE NONE : NONE : UPGRADES STANDARD SIMILAR i SIMILAR ‘ Net Adj. (total ix] + S$ 3,000 + Ss is025/( J+ [CJ- 3s Adjusted Sales Price Gross: 0.7% Gross: of Comparable Net: 0.7% $ 419,975 | Nat: $s IN THIS REPORT FOR ADDITIONAL SUPPORT, THEY ARE VERY SIMILAR IN ALL ASPECTS OF COMPARASION AND NEEDED ONLY MINOR ADJUSTMENTS IN THE SALES GRID IN ORDER TO EQUATE THEM TO THE SUBJECT PROPETY. ITEM Date, Price and Data Source for prior sales within year of appraisal SUBJECT NIA SALES OFFICE COMPARABLE NO.5 COMPARABLE NO. 6 NIA PUBLIC RECORDS COMPARABLE NO. 4 07/2004 295,000 PUBLIC RECORDS Analysis of any current agreement of sale, 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: THE SUBJECT PROPERTY 1S CURRENTLY UNDER CONTRACT FOR SALE AND PURCHASE AT $440,000. ***THIRTY-SIX MONTHS SALES HISTORY "SEE ATTACHED ADDENDUM" THESE COMPARABLE SALES WERE SELECTED FROM THE SUBJECTS MARKET (AREA OR PROJECT) AS THE MOST SIMILAR AVAILABLE REFLECTING THE ACTIONS OF BUYERS & SELLERS IN THE RECENT PAST. EQUAL CONSIDERATION WAS GIVEN TO ALL THREE COMPARABLE CLOSED SALES WHEN ARRIVING AT A MARKET VALUE ESTIMATE. IN THE FINAL ANALYSIS, EQUAL WEIGHT WAS PLACED ON ALL SALES. GREATEST CONSIDERATION IS GIVEN TO THE SALES COMPARISON ANALYSIS WHICH REFLECTS THE INTERACTIONS OF BUYERS AND SELLERS IN THE MARKETPLACE. mB THIS WAS SUPPORTED BY THE CO'ST APPROACH.: THE PREDOMINANT SALES PRICE IS THAT PRICE WHICH IS (MOST OFTEN FOUND) AFTER DISREGARDING ISOLATED EXTREMES AT EITHER END OF THE PRICE SPECTRUM. THE ESTIMATED MARKET VALUE FOR THE SUBJECT IS NOT Ma PREDOMINANT VALUE OF THE NEIGHBORHOOD. THIS DOES NOT HAVE AN ADVERSE AFFECT ON THE SUBJECT'S MARKET Fal VALUE. IN THE SUBJECT'S CASE THE MARKET VALUE FALLS WELL WITHIN THE HIGH LOW PRICE PARAMETERS OF THE NEIGHBORHOOD. THIS INDICATES THE SUBJECT IS CHARACTERISTIC AND REPRESENTATIVE OF SIMILAR PROPERTIES IN ADDITIONAL CO THE NEIGHBORHOOD. ISTRATIVE COMPLAINT EYENBIP r Produced using ACI software, 800.234.8727 www.aciwa.com ADDENDUM orrower: BANSAY File No.: CG2916 roperty Address: 17100 NORTH BAY ROAD #1402 Case No.: ‘ity: SUNNY ISLES State: FL Zip: 33160 ender: SUNSET LOANS COMPANY BEGINNING ADDENDUM THIS IS A SUMMARY APPRAISAL REPORT WHICH IS INTENDED TO COMPLY WITH THE REPORTING REQUIREMENTS SET FORTH UNDER STANDARDS RULE 2-2 (B) OF THE UNIFORM STANDARD OF PROFESSIONAL APPRAISAL PRACTICE FOR A SUMMARY APPRAISAL REPORT. AS SUCH, IT PRESENTS ONLY SUMMARY DISCUSSIONS OF THE DATA, REASONING AND ANALYSES THAT WERE USED IN THE APPRAISAL PROCESS TO DEVELOP THE APPRAISER'S OPINION OF VALUE. SUPPORTING DOCUMENTATION THAT IS NOT PROVIDED WITH THE REPORT CONCERNING THE DATA, REASONING AND DISCUSSION CONTAINED IN THIS REPORT IS SPECIFIC TO THE NEEDS OF THE CLIENT AND FOR THE INTENDED USE STATED IN THE REPORT. THE APPRAISER IS NOT RESPONSIBLE FOR UNAUTHORIZED USE OF THIS REPORT. TO DEVELOP THE OPINION OF VALUE, THE APPRAISER PERFORMED A COMPLETE APPRAISAL PROCESS, AS DEFINED BY THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE. NOTE: APPLIANCES ARE TYPICALLY INCLUDED IN THE SALE OF REAL ESTATE IN THE SOUTH FLORIDA MARKET, NONETHELESS THEY ARE CONSIDERED PERSONAL PROPERTY. FOR THE PURPOSE OF THE APPRAISAL REPORT THOUGH, NO PERSONAL PROPERTY OF ANY KIND IS BEING INCLUDED WHEN ARRIVING AT THE SUBJECT'S FINAL ESTIMATE OF MARKET VALUE. DIGITAL SIGNATURE *IT SHOULD BE NOTED THAT THE SIGNATURE WILL ONLY BE DISPLAYED AND INSERTED.BY THE SUPERVISORY APPRAISER, ONCE THE REPORT IS SIGNED, IT CANNOT BE EDITED UNLESS THE SUPERVISORY APPRAISER REMOVES IT. THE SIGNATURE OF THE REGISTERED ASSISTANT REAL ESTATE APPRAISER AND THE CERTIFIED REAL ESTATE APPRAISER ARE PASSWORD PROTECTED. PURPOSE OF APPRAISAL THE PURPOSE OF THIS REPORT IS TO ESTIMATE THE MARKET VALUE OF THE SUBJECT PROPERTY AS OF THE DATE INDICATED. THE SUBJECT IS APPRAISED ON THE BASIS OF CONVENTIONAL FINANCING, UNAFFECTED BY ANY SPECIAL FINANCING, FEES, COSTS OR CREDITS. SCOPE OF THE APPRAISAL THE "SCOPE OF THE APPRAISAL" MEANS THE EXTENT OF THE PROCESS OF COLLECTING, CONFIRMING AND REPORTING DATA PERTINENT TO THE FORMATION OF A MARKET VALUE ESTIMATE FOR THE SUBJECT PROPERTY. THE APPRAISAL IS BASED ON.THE INFORMATION GATHERED BY THE APPRAISER FROM PUBLIC RECORDS, OTHER IDENTIFIED SOURCES, INSPECTION OF THE SUBJECT PROPERTY AND NEIGHBORHOOD, AND SELECTION OF COMPARABLE SALES WITHIN THE SUBJECT MARKET AREA. THE ORIGINAL SOURCE OF THE COMPARABLES ARE SHOWN IN THE DATA. SOURCE SECTION OF THE MARKET GRID, ALONG WITH SOURCES OF CONFIRMATION, IF AVAILABLE. WHEN CONFLICTING INFORMATION WAS PROVIDED, THE SOURCE DEEMED MOST RELIABLE WAS USED. DATA BELIEVED UNRELIABLE WAS NOT INCLUDED IN THE REPORT, NOR USED AS A BASIS FOR THE VALUE CONCLUSION. ALL OF THE RELEVANT ASPECTS OF THE VERIFIED DATA RELIED UPON, AS KNOWN TO THE APPRAISER, IS REPORTED WITHIN THIS REPORT. DESCRIPTIVE FACTORS AND A DISCUSSION OF THE DATA ARE INCLUDED WITHIN THE APPROPRIATE SECTIONS OF THIS REPORT. HIGHEST AND BEST USE HIGHEST AND BEST USE. THE REASONABLE PROBABLE AND LEGAL USE OF VACANT LAND OR IMPROVED PROPERTY, WHICH IS PHYSICALLY POSSIBLE, APPROPRIATELY SUPPORTED, FINANCIALLY FEASIBLE, AND THAT RESULTS IN THE HIGHEST VALUE. THE FOUR CRITERIA THE HIGHEST AND BEST USE MUST MEET ARE LEGAL PERMISSIBILITY, PHYSICAL POSSIBILITY, FINANCIAL FEASIBILITY, AND MAXIMUM PROFITABILITY. HIGHEST AND BEST USE OF LAND OR SITE AS THOUGH VACANT. THE USE OF A PROPERTY BASED ON THE ASSUMPTION THAT A PARCEL OF LAND IS VACANT OR CAN BE MADE VACANT THROUGH DEMOLITION OF ANY IMPROVEMENTS. HIGHEST AND BEST USE OF PROPERTY AS IMPROVED. THE USE THAT SHOULD BE MADE OF A PROPERTY AS IT EXISTS. THE OPINION OF HIGHEST AND BEST INDICATED IN THIS REPORT TAKES INTO ACCOUNT THESE FACTORS AND THE NATURE OF THE SUBJECT PROPERTY AS IT COMPARES WITH THE SURROUNDING NEIGHBORHOOD. CONDITION OF COMPONENTS DMINISTRATIVE COMPLAINT. Addendum Page 1 of 6 “ 7 pane ¥ OF ADDENDUM orrower: BANSAY : : File No.: CG2916 toperty Address:_ 17100 NORTH BAY ROAD #1402 ‘ ‘ Case No.: ‘ity: SUNNY ISLES State: FL Zip: 33160 ender. SUNSET LOANS COMPANY THE APPRAISAL CALLS FOR OPINIONS OF CONDITION ON CERTAIN COMPONENTS OF THE SUBJECT IMPROVEMENTS INCLUDING, BUT NOT LIMITED TO; APPLIANCES, HEATING/COOLING, SURFACES, ELECTRICAL, MECHANICAL, ROOF, AND PLUMBING SYSTEMS. THE CONDITIONS INDICATED IN THIS REPORT ARE BASED ON OBSERVATIONS MADE AT THE TIME OF INSPECTION. THEY RELY ON REASONABLE EXPECTATIONS AS TO ADEQUACY AS WELL AS VISUAL INDICATIONS; AND ARE BASED UPON NEIGHBORHOOD STANDARDS. THE OBSERVATIONS DO NOT CONSTITUTE CERTIFICATIONS; AND IF CERTIFICATION IS REQUIRED A LEGALLY QUALIFIED CONSULTANT SHOULD BE RETAINED. ZONING AND BUILDING COMPLIANCE THE OPINION OF ZONING COMPLIANCE EXPRESSED IN THIS REPORT IS BASED ON INSPECTION OF THE PROPERTY, AND GENERALLY AVAILABLE INFORMATION WITH RESPECT TO THE ASSIGNED ZONING CLASSIFICATION, AND DOES NOT REPRESENT A CERTIFICATION OF COMPLIANCE. THIS REPORT ALSO ASSUMES THAT THE PROPERTY AS INSPECTED WAS BUILT IN COMPLIANCE WITH ALL APPLICABLE CODES, REGULATIONS AND THAT ALL NECESSARY PERMITS WERE OBTAINED. ENVIRONMENTAL — UNLESS OTHERWISE STATED IN THIS REPORT, THE EXISTENCE OF HAZARDOUS MATERIAL, STORAGE ITEMS, CONTAINERS, OR MATERIAL THAT ARE NOT INTENDED FOR NORMAL AND AVERAGE CONSUMER USAGE AROUND THE HOME, WHICH MAY OR MAY NOT BE PRESENT ON THE PROPERTY, WAS NOT OBSERVED BY THE APPRAISER. THE APPRAISER HAS NO KNOWLEDGE OF THE EXISTENCE OF SUCH MATERIALS ON OR IN THE PROPERTY. THE APPRAISER, HOWEVER, IS NOT QUALIFIED TO DETECT SUCH SUBSTANCES. THE PRESENCE OF SUBSTANCES SUCH AS ASBESTOS, UREA-FORMALDEHYDE FOAM INSULATION, OR OTHER POTENTIALLY HAZARDOUS MATERIALS MAY AFFECT THE VALUE OF THE PROPERTY. THE VALUE ESTIMATE IS PREDICATED ON THE ASSUMPTION THAT THERE IS NO SUCH MATERIAL ON OR IN THE PROPERTY THAT WOULD CAUSE A LOSS IN VALUE. NO RESPONSIBILITY IS ASSUMED FOR ANY SUCH CONDITIONS OR FOR ANY EXPERTISE OR ENGINEERING KNOWLEDGE REQUIRED TO DISCOVER THEM. THE CLIENT IS URGED TO RETAIN AN EXPERT IN THIS FIELD, IF DESIRED. FLOOD ZONE THE FLOOD ZONE INDICATED ON THIS REPORT WAS OBTAINED FROM FLOOD INSURANCE RATE MAPS (FIRM), ISSUED BY THE FEDERAL EMERGENCY MANAGEMENT AGENCY (FEMA). THE ZONE INDICATED IN THE YES/NO SPACE ON THE FIRST PAGE OF THIS REPORT REFERS TO WHETHER OR NOT THE SUBJECT PROPERTY LIES IN A FEMA OR HUD DEFINED FLOOD HAZARD AREA. IT DOES NOT REFER TO FLOOD INSURANCE REQUIREMENTS, WHICH ARE SET BY POLICY OF LENDERS AND PARTICIPANTS IN THE MORTGAGE MARKETS. OCCASIONALLY, A PROPERTY WILL BE LOCATED ON OR NEAR A FLOOD ZONE BOUNDARY LINE MAKING IT DIFFICULT TO DETERMINE THE EXACT ZONE, GIVEN THE LIMITED DETAIL OF THE FIRM MAPS. IN THESE INSTANCES THE MOST HAZARDOUS ZONE WILL BE INDICATED ON THE REPORT. FINAL VERIFICATION OF THE ZONE SHOULD BE MADE BY ENGINEERING SURVEY. - PERSONAL PROPERTY PERSONAL PROPERTY, INCLUDING THOSE ITEMS WHICH ARE NOT PERMANENTLY ATTACHED/AFFIXED TO THE REAL PROPERTY, HAVE NOT BEEN INCLUDED IN THE ESTIMATE OF VALUE UNLESS OTHERWISE INDICATED. EXAMPLES OF THE AFOREMENTIONED INCLUDE ABOVE GROUND POOLS, COUNTER TOP MICROWAVES OVENS, MOVEABLE DISHWASHERS, FURNITURE, ETC. : SUBJECT SKETCH THE APPRAISER IS NOT A SURVEYOR; THEREFORE THE DIMENSIONS ARE APPROXIMATE AND THE DIAGRAM IS FOR VISUAL AID ONLY. SQUARE FOOTAGE - COMPARABLE SALES THE APPRAISER USES ACTUAL LIVING AREA IN THE MARKET ANALYSIS FOR THE SUBJECT AND THE COMPARABLE SALE PROPERTIES. THE LIVING AREA UTILIZED FOR THE COMPARABLE SALES HAS BEEN OBTAINED FROM THE PUBLIC RECORDS/TAX ROLLS AND MAY HAVE BEEN FURTHER MODIFIED BY THE FIELD APPRAISER'S OBSERVATION OF THE ACTUAL IMPROVEMENTS. NSTRATIVE COMPLAINT. Addendum Page 2 of 6 ADDENDUM orrower. BANSAY File No... CG2916 roperty Address: 17100 NORTH BAY ROAD #1402 . Case No.: ‘ity: SUNNY ISLES State: FL . Zip: 33160 ender: SUNSET LOANS COMPANY THE LIVING AREA OF THE COMPARABLE SALES HAS BEEN ESTIMATED TO THE BEST OF THE APPRAISER'S OBSERVATIONS AND INFORMATION OBTAINABLE. HOWEVER, THE APPRAISER HAS NOT MEASURED THE SALE PROPERTIES OR HAD BENEFIT OF SURVEYS, UNLESS OTHERWISE NOTED. TAXES/LEGAL DESCRIPTION THIS INFORMATION HAS BEEN DERIVED THROUGH PUBLIC RECORD SOURCES/TAX ROLLS AS PROVIDED BY ISCNET TO OUR OFFICE. COST AFPROACH THE REPLACEMENT COSTS UTILIZED WITHIN THIS APPRAISAL ARE OBTAINED FROM THE "MARSHALL & SWIFT COST HANDBOOK" AND ROUNDED. THE APPROPRIATE COST ADJUSTMENTS WERE MADE FOR SIZE AND STYLE OF THE IMPROVEMENTS. THESE COST FIGURES ARE FREQUENTLY COMPARED TO ACTUAL CONSTRUCTION COSTS SUPPLIED BY LOCAL BUILDERS. THE SITE VALUE WAS BASED UPON RECENT SALES OF COMPARABLE SITES IN THE SUBJECT’S GENERAL NEIGHBORHOOD OR COMPETING NEIGHBORHOODS. IF NO LAND SALES WERE AVAILABLE, THE SITE VALUE WAS ABSTRACTED FROM IMPROVED SALES FROM WITHIN THE SUBJECT'S IMMEDIATE AREA. IF THE SUBJECT PROPERTY IS A CONDOMINIUM UNIT, THE COST APPROACH IS NOT CONSIDERED APPROPRIATE AND THEREFORE WAS NOT UTILIZED IN THIS REPORT. MARKET APPROACH THE ADJUSTMENTS FOR SALES/FINANCING CONCESSIONS ARE NOT NECESSARILY THE STATED VALUE OF THE CONCESSIONS, BUT RATHER THE MARKET-INDICATED IMPACT OF SUCH CONCESSIONS. WHENEVER POSSIBLE, FINANCIAL CONSIDERATIONS HAVE BEEN VERIFIED BY BUYER, SELLER OR SALES AGENT. : IT IS THE APPRAISER'S OPINION THAT THE COMPARABLE SALES UTILIZED ARE THE MOST REFLECTIVE OF THE MARKET FOR THE SUBJECT PROPERTY. INCOME APPROACH THE INCOME APPROACH IS PREMISED ON CAPITALIZING A NET OPERATING INCOME FROM A PROPERTY TO ARRIVE AT AN INDICATED VALUE. RESIDENTIAL PROPERTY IS TYPICALLY PURCHASED FOR ITS INTANGIBLE ASSETS, AND NOT FOR THE PURPOSES OF GENERATING INCOME. FURTHERMORE, THE LACK OF RELIABLE RENTAL DATA MAKES THIS APPROACH TOO WEAK TO UTILIZE. . RECONCILIATION EACH APPROACH DEMONSTRATED IS CONSIDERED TO BE A REFLECTION OF MARKET BEHAVIOR. THE FINAL RELIANCE IS PLACED UPON THE MARKET APPROACH TO VALUE BECAUSE OF THE RELIABILITY AND AVAILABILITY OF MARKET DATA. IN ADDITION, IT IS MOST REFLECTIVE OF BUYERS AND SELLERS ATTITUDES WITHIN THE LOCAL MARKET. THE COST APPROACH IS CONSIDERED A SUPPORTIVE INDICATOR OF VALUE. Condition of the unit, ; : : THIS COMPLEX ORIGINALLY WAS A RENTAL APARTMENT COMPLEX, HOWEVER, AS PER MANAGEMENT WAS CONVERTED INTO CONDOMINIUMS IN JULY OF 2004 UNDER THE NAME OF PORTO BELLAGIO. THIS CONVERSION IS TYPICAL OF THE AREA AND HAS NO NEGATIVE EFFECT THE SUBJECT’S MARKETABILITY AND/OR MARKET VALUE. Addendum Page 3 of ADDENDUM orrower: BANSAY. File No.: CG2916 roperty Address: 17100 NORTH BAY ROAD #1402 : Case No.: ‘ity: SUNNY ISLES State: FL Zip: 33160 ender. SUNSET LOANS COMPANY Thirty-Six Months Sales History Qa a |_Subject_| | jd | | | |_Subject_| | |_| | | [ Dade - Monroe Sale Types GOOD SALE ~ TRANSFER, NOT A GOOD SALE |_2 [MULTIPLE FOLIO SALE [ 6 [GOOD SALE, BUT NOT WITHIN MARKET | 3 _|FORECLOSURE DEED [8 _[ISC ENTERED DEED, PENDING COUNTY UPDATE [as ream su" fnssbroesaie | PS__[PENDING SALE A__[WAS LISTED FOR SALE -3 Addendum Page 4 of 6 . ADDENDUM orrower: BANSAY File No.:_ CG2916 roperty Address:_ 17100 NORTH BAY ROAD #1402 . Case No.: ity: SUNNY ISLES : State: FL Zip: 33160 ender: SUNSET LOANS COMPANY REBUTTALO1/12/2009 AT THE TIME OF INSPECTION, THE SUBJECT PROPERTY WAS A NEW CONSTRUCTION PROJECT. ALL SALES AND INFORMATION REGARDING THE PROJECT WERE PROVIDED BY DANA WILLIAMS, REALTOR ASSOCIATE, AT THE PORTO BELLAGIO SALES OFFICE. AT THE TIME, WE VERIFIED ALL INFORMATION AS BEST AS POSSIBLE, INCLUDING GATHERING DOCUMENTS, SALES CONTRACTS, AND AS MUCH INFORMATION AS THEY WOULD PROVIDE US. COMPARABLES #1 & 2 WERE PROVIDED BY THE SALES OFFICE AS THEY HAD NOT YET APPEARED ON PUBLIC RECORDS. COMPARABLES #3 & 4 WERE FOUND ON MLS, #M962927 & M991907 RESPECTIVELY. ALL OF THE UNITS IN THE PROJECT HAD THE SAME SELLER AS THE SUBJECT, PORTO BELLAGIO PARTNERS, AS THIS WAS A NEW CONSTRUCTION AND WERE BEING SOLD BY THE DEVELOPER. AT THE TIME OF INSPECTION, THE APPRAISER WAS NOT PROVIDED WITH UNITS 2511, 3611, AND 3411 BY THE SALES OFFICE AND THESE SALES HAD NOT YET BEEN RECORDED IN PUBLIC RECORDS SO THERE WAS NO WAY FOR THE APPRAISER TO USE THEM. AT THE TIME OF THE INSPECTION, THE APPRAISER GATHERED AS MUCH INFORMATION AS POSSIBLE AS THIS WAS A NEW CONSTRUCTION PROPERTY. DANA WILLIAMS FROM THE SALES OFFICE PROVIDED FLOOR PLANS, AND ALL OTHER DATA PERTAINING TO THE SUBJECT PROPERTY AND COMPARABLE SALES. ALL OF THIS INFORMATION IS STILL IN OUR CURRENT APPRAISAL FILE. AT THE TIME OF INSPECTION, THERE WERE MANY OUTSIDE SALES WHICH MET THE PREFERRED GUIDELINES AND FIT THE PERAMETERS OF THE SUBJECT. THE APPRAISER FELT THAT THE BEST SALES FOR THIS CONDOMINIUM WERE LOCATED IN THE PROJECT. THE APPRAISER CAN ADD CLOSED SALES FROM THAT TIME PERIOD TO FURTHER JUSTIFY THE APPRAISED VALUE WHICH SEEMS REASONABLE AND SUPPORTED. THAVE DONE MANY APPRAISALS OVER THE YEARS FOR WASHINGTON MUTUAL AND TO BE PLACED ON A INELIGIBLE LIST DOES NOT SEEM FAIR OR JUSTIFIED. MY REPUTATION IN THE APPRAISAL INDUSTRY IS VERY HIGHLY REGARDED AND TO PUT A BLEMISH ON MY RECORD AND NOT BE ALLOWED TO COMPLETE APPRAISALS FOR WASHINGTON MUTUAL WOULD NOT BE APPROPRIATE. IF YOU NEED ME TO PROVIDE ANY ADDITIONAL INFORMATION, PLEASE CONTACT ME AND I CAN PROVIDE ADDITIONAL SALES FROM OUTSIDE THE BUILDING OR ANY OTHER INFORMATION YOU MIGHT NEED. THANK YOU FOR YOUR TIME, ANDREW S MELTZER ST.CERT.RES.REA #RD3 190 ADMINISTRATIVE COMPLAINT, Addendum Page 5 of 6 , File No. CG2916 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a Specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and 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 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 invalved in the property or transaction. Any adjustment should not be calculated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment should approximate the market's reaction to the financing or concessions based on the Appraiser's judgment. STATEMENT OF 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 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 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 aré 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 question, unless specific arrangements to da 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. These separate valuations of the land and improvements must not be used i 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. ) observed during the inspection of the subject property or that he or she became aware of during the normal tesearch 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 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 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 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 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 District of Columbia; except that the lender/client may distribute the property description section of the report only to data collection or reporting service(s) without having to obfain the appraiser's prior written consent. The appraiser's 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 yA Wien AINT: prMeMTSTRATIVE COM on oe 5 sein amen “Fannie nae Porm te0rs 6-93 £ Freddie Mac Form 439 6-93 Page 1 of 2 File No. CG2916 APPRAISERS 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 dallar 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 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. | 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. i 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 subjact 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. | 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. | 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 ail 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 ail conclusions and opinions about the real estate that were set forth in the appraisal report. If! 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: Ifa 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 af 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: 17100 NORTH BAY ROAD #1402, SUNNY ISLES, FL_33160 APPRAISER: SUPERVISORY APPRAISER (only if required) Signature: Aa Signature: Name: ANDREW S. MELTZER ST-©ERT.RES. REA Name: Date Signed: 10/17/2005 Date Signed: State Certification #: 0003190 State Certification #: or State License #: or State License #: State: FL . State: Expiration Date of Certification or License: 11/30/2006 Expiration Date oFsesniiga Nig Ser Galt as SERATIVE COMPLAINT, ropert} O Did oO Dig Not Inspact Pe a on Freddie Mac Form 439 6-93 Page 2 of 2 so aSraomamnenEatinie Mae Form 1004B 6-93 SUBJECT PROPERTY PHOTO ADDENDUM Borrower: BANSAY File No... CG2916 Property Address: 17100 NORTH BAY ROAD #1402 Case No.: ee SUNNY ISLES State: FL d Zip: 33160 FRONT VIEW OF SUBJECT PROPERTY Appraised Date: October 15, 2005 Appraised Value: $ 440,000 REAR VIEW OF SUBJECT PROPERTY STREETSCENE - COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: BANSAY File No.: Property Address: 17100 NORTH BAY ROAD #1402 Case No.: City: SUNNY ISLES State: FL Zip: 33160 Lender: SUNSET LOANS COMPANY CG2916 COMPARABLE SALE #1 17100 NORTH BAY DRIVE #1503, PORTO BELLAGIO Ci Sale Date: 04/2005 Sale Price: $ 440,000 COMPARABLE SALE #2 17100 NORTH BAY DRIVE #1802, PORTO BELLAGIO Cr Sale Date: 09/2005 Sale Price: $ 477,000 COMPARABLE SALE #3 17150 NORTH BAY ROAD #2107, PORTO BELLAGIO Ci Sale Date: 09/2005 Sale Price: $ 450,000 SATIVE COMPLAINT COMPARABLE PROPERTY PHOTO ADDENDUM Borrower: BANSAY File No.: CG2916 Property Address: 17100 NORTH BAY ROAD #1402 Case No.: City: SUNNY ISLES State: FL Zip: 33160 Lender: SUNSET LOANS COMPANY. COMPARABLE SALE #4 17100 NORTH BAY ROAD #1306, PORTO BELLAGIO Ci Sale Date: 05/2005 Sale Price: $ 431,500 COMPARABLE SALE #5 17050 NORTH BAY ROAD #406, GOLDEN BAY CLUB C: Sale Date: 10/2005 Sale Price: $ 435,000 COMPARABLE SALE #6 Sale Date: Sale Price: $ ATIVE COMPLAINT Borrower: BANSAY File No.; CG2916 Property Address:17100 NORTH BAY ROAD #1402 Case No.: City: SUNNY ISLES State: EL Zip: 33160 Lender: SUNSET LOANS COMPANY SUBJECT'S INTRACOASTAL VIEW SUBJECT'S POOL VIEW ADMINISTRATIVE COMPLAINT, EXHIBIT # cage 6 oor 10 Borrowei: BANSAY File No.: CG2916 Property Address: 17100 NORTH BAY ROAD #1402 Case No.: City: SUNNY ISLES State: FL Zip: 33160 Lender: SUNSET LOANS COMPANY INTERIOR VIEW KITCHEN INTERIOR VIEW LIVING ROOM INTERIOR VIEW MASTER BEDROOM Borrower: BANSAY File No... CG2916 Property Address: 17100 NORTH BAY ROAD #1402 Case No.: City: SUNNY ISLES State: FL Zip: 33160 Lender: SUNSET LOANS COMPANY INTERIOR VIEW MASTER BATHROOM INTERIOR VIEW MASTER BATHROOM Borrower: BANSAY FLOORPLAN File No.: CG2916 Property Address: 17100 NORTH BAY ROAD #1402 Case No.: City: SUNNY ISLES State: FL Zip: 33160 Lender: SUNSET LOANS COMPANY 12.0° 12.0° BEDROOM 31.0" i KITCHEN BALCONY 12.0' MASTER BEDROOM LIVING ROOM 30.0" MASTER DINING BATH Do 12.0' Sketch by Apex IV™ AREA CALCULATIONS SUMVARY Code Description Size Net Totals GLAL First Floor 5 Calculations Total TE = EXHIBIT * 7 | 3770 BISCAYNE BLVD SUITE 406, MIAMI, FL 33137 | LOCATION MAP Borrower: BANSAY File No.: CG2916 Property Address: 17100 NORTH BAY ROAD #1402 Case No.: City: SUNNY ISLES Lender: SUNSET LOANS COMPANY State: FL Zip: 33160 pevvereecettat SEAS tet, EE 2IS00 BAY BD s ; 2043 17406 o HAY RD ‘ea? . 7 2043 17200 m RAY RO 3 2043 17356 # BAY RD B 17i0G @ BAY aD EXHIBIT # Borrower: BANSAY : File No.: CG2916 Property Address: 17100 NORTH BAY ROAD #1402 Case No.: City: SUNNY ISLES State: FL Zip: 33160 Lender: SUNSET LOANS COMPANY. ‘ ADMINISTRATIVE COMPLAINT: EXHIBIT # ' Fd 3770 BISCAYNE BLVD SUITE 406, MIAMI, FL 33137 t 12 US Ge: 4'Ip A&F sé . RAISAL SERVICES OF SOUTH FLORIPA, INC. GS © Biscayne Blvd Suite 406 /Siami, FL. J3137 305-573-1577 PH. 305-573-1586 FAX , Appratser = State License Phono 305-573-1577 Call Fax Email Certified Appraiser Andrew S Meltzer Stato Certification St. Cert. Res. REA. RD3190 Appraisal Request Form (For atiice vine) Appointment: Date Ordered coche We Uns Mortgage Company acer COA Lender (ifapplicable) Orc Be in A 7 AL ered by kopAD AN Subject Properly 5) Ses ail ea See oT oe City, Slate. Zip Time rs ie Sj an nr CM MAA Na /U_©a A bette (Boty ot, (bat a Say rs fs, eck -fopnsratt ou. Legal Descripti Purchase Price / Estimated Vatue 1) Contuct Person Name : . vj 2} Cantact Person Name = Piona number Wort: Phone Number Work: Home = Home : ome FU L3 2h ‘fo oe , Collect $ on Nate: } Date Emailed {Emait 1) {Email 2) ha ATIVE COMPLAINT, sh boope ~ : { i i i i ; H j i j ! t wy i i vi } i i | i i H ‘ eo eeee tara n aad vive COMPLAINT PICT _ Shiny jle ood CHAN JSCAPING ‘TRA INSURANCOE POOL SH MA 5d G- BD} view: 6319534 wn TURES _AFRON ESI yy Bo Ride 5 1125 a Pes el + 7714S” ADMINISTRATIVE COMPLAINT, EXMIEIT # oace _ 4 OF ‘KR Mila Borenstein RE2 - CONDO/CO-OP/VILLASTOWNHOUSE Southeast Florida MLS ML: M962927 BC; TEVCO1 OF: Tony Everett Company — AREA: 22 AZON: STATUS:CS AD: 17150 NORTH BAY ROAD UN: 2107 RP: LLP: LP: $450,000 CT: DADE F#: CITY: SUNNYISL ZP: 33160 GEOAR: LG: PORTO BELLAGIO A CONDOMINIUM UNIT 2107 FL#: 2 TOTFL: 9 BLDG#: 2 STYLE: C42 MC: 31 TN: 22 SE: 11 SD: PN: 0010 MAP: ST: FL ao CONDO Dv: CN: PORTO BELLAGIO INTLVLS: 0 MN: FLORENTINE F$: UNIT BLG: UNIT COMPLX: 500 LA: 1116 TA: 0 YR: 2002/UC CONV: EFF: BED: 2 FBATH: 2 HBATH: 0 UNIT: OTHER DET: N MNLIV: ENTLEVEL = DOCK SPACE#: GOVRN: CONDO GARAG: 1 CPT: PARK SPACE#: 153 WTRER: Y/ INTRACST WTRAC: OTHER FACE: UNTVW: BAY SECUR: COMPFENC GARAGE GUARDSTE BAL&P: Y CONST: STUCCO DINE: SF: 0 PARK: 1SPACE ASSIGNED PARKING RESTRICT: NORVBOAT NOTRKTRL FLOOR: CARPET CERAMIC MIN LS #DAY: 4MO. #LSE YR: 3 REM: CALL ON SITE SALES OFFICE FOR MORE INFORMATION, HOURS 11-7. MODELS NOW OPEN. ES: MS: HS: DIR: korn? BRK-REM: LR: DR: DA: KT: FR: FL: PR: MB: 2B: 3B: 4B: DN: UR: PB: BEDRM: ENTRYLVL : CF: 0 MSBTH: PETS:Y/ NON ROOMS: INTER: 1FLENTRY FIRESPRK FOYER PANTRY ROMANTUB WALKCLOS EQUIP: DISHWASH DISPOSAL DRYER ICEMAKER MICRO RANGE-E —REFRIG WASHER WNDW: EXTER: BARBEQUE COURTYD OPENBALC MAINT: BLDEXTER COMNAREA ELEV INSURANCE LAWN-LAND PARKING ROOF RECFACIL TRASHREM SECURITY AMENS: BILLIARDS BQ/PICNIC BUSINESS COMMUNRM ELEVATOR EXERCISRM PLAYAREA POOL RESTR: OKLEASE APPRV: UNKNOWN HEAT: — ELEC COOL: CENTRAL TRMSCONSCONV OTHER ASSUME: DAV/SOH: MPR: N HOA: Y TOTALFEES: $402 iM DMV/ASV: TAXES: $0 TAXYR: 0 TAX: NEWCONST ™: APP FEE: $0 MAINT FEE: $0 LAND LSE: $0 REC LSE: $0 SPEC: POSS: OTHER IDX: Y LPID: 0138139 LS: Toni Everett APH: 305-947-1400 OPH: 305-947-1400 x 0 2PID: 2A: 2AG: FAX: 305-947-1441 LTY: ER ON: ON#: 2PH: URL: PHOTO: NOPHO DB: N BRD: M EMAILA: clove@theeverettcompany.com XCP/BROCHURE: wo: COBA: 3 COTB: 3 CONR: VAR: N JA: vt: Occup: VACANT SHOW: MODEL-CLO LD: 07/28/04 XD: PREV, STATUS: PS STATUS CHNG: 09/14/05 OK ADV: Lt: PREVS:: PRICE CHNG: ORIG$$450,000 12; INET: PD: 07/17/05 CONTING: DM: =. 354 FURNU CD: 09/06/05 SP: $450,000 ECD: 09/01/05 CB: CBRE60 SPID: 3076996 SS: Lourdes Padroni NISTRATIVE C&MPLAINT. TR: CONV SPID2: $S2; $2: EXHIBIT :<$—__— ‘Tf *(c)_ 2005 -- Southeast Florida Regional -- INFORMATION IS BELIEVED ACCURATE BUT IS NOT WARRABTED* 09:17 AM Mila Borenstein RE2 - CONDO/CO-OP/VILLA/TOWNHOUSE Southeast Florida MLS ML: M991907. BC: TEVCO1 OF: The Toni Everett Company AREA: 22 AZON: STATUS:CS AD: 17100 NORTH BAY ROAD UN: 1306 RP: LLP: LP: $531,500 CT: DADE Fa: CITY:SUNNYISL ZP: 33160 GEOAR: LG: PORTO BELLAGIO A CONDOMINIUM UNIT 1306 FL#: 3 TOTFL: 9 BLDG#: STYLE: C42 TYPE: CONDO MC: 31 TN: 22 SE: 11 SD: PN: 0010 MAP: ST: FL #1: 0 Dv: CN: PORTO BELLAGIO INTLVLS: 0 MN: FLORENTINE F$: UNIT BLG: UNIT COMPLX: 500 LA: 0 TA: 0 YR: 2002/ UC CONV: EFF: BED: 2 FBATH: 2 HBATH: 0 UNIT: OTHER DET: N MNLIV: ENTLEVEL DOCK SPACE#: GOVRN: CONDO . GARAG: 1 CPT: PARK SPACE#: 312 WTRER: Y/ INTRACST WTRAC: OTHER FACE: UNTVW: BAY SECUR: COMPFENC GARAGE GUARDSTE BAL&P: Y CONST: STUCCO : DINE: SF: 0 PARK: 1SPACE COVERED PARKING RESTRICT: NOTRKTRL NORVBOAT FLOOR; CARPET CERAMIC MIN LS #DAY: 4 MO #LSE YR: 0 REM: CALL ON SITE SALES OFFICE FOR MORE INFORMATION-MODELS NOW OPEN ~ ES: Ms: HS: DIR: ° . (\ 0 uy BRK-REM: W LR: DR: DA: KT: FR: FL: PR: MB: 28: 3B: 4B: DN: UR: PB: BEDRM: = ENTRYLVL CF: 0 MSBTH: PETS:Y/ NON ROOMS: INTER: 1FLENTRY FOYER PANTRY ROMANTUB SPLITBED = WALKCLOS EQUIP: DISHWASH DISPOSAL DRYER MICRO RANGE-E WASHER WNDW: . EXTER: COURTYD DECK OPENBALC MAINT: BLDEXTER COMNAREA INSURANCE LAWN-LAND PARKING POOLSVC RECFACIL ROOF SECURITY SEWER TRASHREM WATER AMENS: BUSINESS CLUBHSERM COMLAUND EXERCISRM POOL PLAYAREA RESTR: OKLEASE APPRV: UNKNOWN HEAT: ELEC COOL: CENTRAL TRMSCONSCONV OTHER ASSUME: DAV/SOH: MPR: N HOA: Y TOTAL FEES: $402 iM DMV/ASV: TAXES: $0 TAXYR: 0 TAX: NEWCONST : TM: APP FEE: $0 MAINT FEE: $0 LAND LSE: $0 REC LSE: $0 SPEC: POSS: SUBJLEASE IDX: Y LPID: 0138139 LS: Toni Everett APH: 305-947-1400 OPH: 305-947-1400 x 0 2PID: 2A: 2AG: FAX: 305-947-1441 LTy: ER ON: ON#: 2PH: URL: PHOTO: NOPHO DB: N BRD: M EMAILA: ciove@theeverettcompany.com XCP/BROCHURE: WD: COBA: 3% COTB: 3% CONR: 3% VAR: N JA VT: OCCUP: VACANT SHOW: MODEL-CLO LD: 01/01/05 XD: PREWSTATUS: PS STATUS CHNG: 06/05/05 OK ADV: Li: PREV$: : PRICE CHNG: ORIG$3$531,500 U2: INET: PD: 02/28/05 CONTING: DM: 58 FURNU iy A546 NEPILAQAIT, ECD: CB: TEVCOL SPID: 0138139 SS: Toni everef OU USTRATIVE % AUNT. TR: CONV SPID2: ss2: EXHIBIT fs — 30 *(c) 2005 -- Southeast Florida Regional -- INFORMATION IS BELIEVED ACCURATE BUT IS-NOBB/ARRANTED™ _ O110/17/05-09-45-AM- IR10-01 ADVANTAGE REAL ESTATE APP COMPARED TO: 17100 N BAY RD U4u/09 FOLIO NUMBER: 31-2211-063-0480 PAZIP BED BTH HB BUILT ADJ SQFT $/SQFT AVR 17050 N BAY RD 406 33160 2 2 0 1999 1,310 240.45 1.12 OWNER'S NAME AND ADDR ‘W GV P FLR CONSTRUCT ZONING LV SQFT JEAN P DESROCHES 0 * N/A * 40 - 0 MONIQUE GRIMARD-DESROCH LEGAL DESCRIPTION 17050 N BAY RD 406 GOLDEN BAY CLUB CONDO SUNNY ISLES BEACH FL 33160 UNIT 406 LOT SIZE ==> ISC COUNTY UNDIV 1483/137145 0.00SQF INT IN COMMON ELEMENTS LOT TYPE => OFF REC 18478-2542 YEAR BUILDING LAND ASSESSMENT AS/FT YEAR TAXES D TX/FT 2008 0 ) 278,900 212.90 08 5,325.05 N 4.06 COUNTY MARKET VALUES HOMESTD SALE DATE AMOUNT AND TYPE YEAR BUILDING LAND TOTAL O APR. 2008 315,000 8 2008 0) 0 278,900 SLC CLC OCT. 2005 435,000 1 CEN TR-BLK 1.150 - 5 PHONE 305 949 1533 04 O07 JUL. 2004 295,000 1 UNITS 1BD 2BDS 3BDS EFF MILLAGE RT LP MLS-QTY JUL. 2002 227,000 1 1 22.583700 N APR. 1999 162,500 1 SELLER (S)==> GARY GREENSTIN M MORTGAGE COMPANY AMOUNT DATE MTG TYPE RATE NUMBER ENTER=FWD F1=DOCS F3=COMPS LIST IR10 F4=TAX F5=LEGL F7=DIM F8=MORE RECENT DEED - PREV MTG PRESENT F1=VIEW nave ‘ oe ADMINISTRATIVE COMPLAINT. FER YMIBIT po 4 . PAGE re eer COMPLAINT, tu = i s EN ES Se eS ne ed eR The TONT EVERETT Co. **: Licensed Real Estate Broker —o) Porto Bellagio Sales O 17100 North Bay:R ana Williams Sunny Isles Beach, Florida: 33160 ‘ealtor Assodiate Telephone: (305) 947-1406 a a Fax: (808) 947-1444 Andrew Meltzer RE2 - CONDO/CO-OP/VILLA/IOWNHOUSE Southeast Florida MLS ML: M1219538 BC: REMAQ1 OF: Re/Max Ultra Realty Group AREA: 22. SH SALE: REO: STATUS: CS AD: 17050 N BAY RD UN: =406 RP: LLP: LP: $359,000 CT: DADE Fa: 31-22-11-063-0480 CITY: SUNNYISL ZP: 133160 GEOAR: LG: »GOLDEN BAY CLUB CONDOUNIT 406 UNDIV 1483/137145 INTINCOMMON FL#: 4 TOTFL: 13 BLDG#: ELEMENTS OFF STYLE: C41 TYPE: CONDO MC: «31 TN: 22 SE: 11 SD:63 PN: 0480 MAP: 11122 ST: FL DV: GOLDEN BAY CLUB CN: GOLDEN BAY CLUB INTLVLS: 0 MN: FS: UNIT BLG: UNIT COMPLX: La: 41310 TA: 0 YR: #1999/ RS CONV: EFF: BED: 2 FBATH: 2 HBATH: 0 #1: 1 UNIT: EASTUS1 DET: N MNLIV: DOCK SPACE#: GOVRN: CONDO GARAG: 1 CPT: PARK SPACE#: WTRER: Y/ BAY WTRAC: NONE FACE: N UNTVW: BAY SECUR: ELEVATOR FIREALRM GARAGE BAL&P: CONST: CBS DINE: SF/FF: 0 PARK: 1SPACE PARKING RESTRICT: FLOOR: CARPET CERAMIC MIN LS #DAY: 0 #LSE YR: 0 REM: HOT, HOT, HOT DEAL!!! GREAT UNIT - THE BEST LINE IN A BUILDING RIGHT ON THE INTRACOASTAL. BRILLIANT VIEW. ES: 2 BED PLUS DEN FOR AN OFFICE, NEW DOORS, MARBLE IN KITCHEN, GREAT CLUBHOUSE. THE BEST LOCATION - 1 MS: MINUTE TO THE BEACH, DONT MISS THIS JEWEL. BRING YOUR OFFERS NOW!!! Hs: DIR: BRK-REM: LR: DR: . DA: KT: FR: FL: PR: MB: 2B: 3B: 4B: DN: UR: PB: BEDRM: 1BR+GRND CF: 0 MSBTH: ‘ PETS:Y/ 20- ROOMS: INTER: 1FLENTRY EQUIP: RANGE-E. REFRIG ° OTHER WNDw: ; EXTER: OPENBALC™’ MAINT: NONE AMENS: BILLIARDS BQ/PICNIC CLUBHSERM ELEVATOR EXERCISRM MARINA POOL RESTR: NONE APPRV: 1-2WKS HOPA: N HEAT: — CENTRAL 4 . COOL: CENTRAL TRMSCONSCONV ; : oa __ ASSUME: DAV/SOH: $328,120 MPR: N ‘TOA: C TOTAL FEES: $430 mM DMV/ASV: TAXES: $6,209 TAXYR: 2007 TAX: CITY/CNTY TM: APP FEE: $100 MAINT FEE: $430 LAND LSE: $0 REC LSE: $0 SPEC: POSS: FUNDING IDX: Y LPID: 3073997 LS: Anna Burchill APH: 954-383-7279 OPH: 305-932-1771 x 360 2PID: 2A: 2AG: FAX: 305-937-0192 LTY: ER ON: ON#: 2PH: 954-383-7279 URL: . PHOTO: © 2TAKE BRD: M EMAILA: AnnaBurchill@remax.net vi: , COBA: 2.0% COTB: 2.0% CONR: 2.0% VAR: N JA: WD: OCCUP: CLLAGT SHOW: CALL-LA LD: 03/12/08 XD: PREV STATUS: A STATUS CHNG: 04/21/08 OK ADV: Y L1: PREV$:. PRICE CHNG: ORIGS$: $359,000 2: INET: YWOW!! Amazing Unit with an amazing view. Bring your offers! PD: 03/18/08 CONTING: DM: 6 FURNU “$315 000 ECD: 04/08/08 cB: SEST SPID: 0591337 Ss: PAaDAANISIRAT VE. COMPLAINT TR: CONV sc: N SPID2: S2: SSQeyvunip ig reafrea 5705/28/09 05:05 PM *(c) 2009 -- Southeast Florida Regional - INFORMATION: IS. BELIEVED ACCURATE BUT. TSNQT WAI ¥2 PURCHASE AGREEMENT PORTO BELLAGIO, A CONDOMINIUM THIS PURCHASE AGREEMENT (the ”Contract”), made and entered into on this 13" day of September , 2005, by and between PORTO BELLAGIO PARTNERS, LLC, a Delaware limited liability company, ( “Developer” or ’Seller”) and Fabrice Bansay and/or Rozine Bansay (see addendum) (’Purchaser”), Address 11115 Golden Beach Drive, Golden Beach, F]. 33160 (11900 Biscayne Blvd, Suite 618, North Miami, Fl. 33181) __, Telephone number 305-895-1144/786-546-5533 , Social Security Numbers (s):__. WITNESSETH: Seller agrees to sell and Purchaser agrees to purchase, upon the following purchase price, terms, and conditions, condominium Unit # _ 1402 together with all the appurtenances thereto and the exclusive right of use of parking space # _377/475 and storage space # , (collectively the “Residence”) in Porto Bellagio, a Condominium according to the Declaration of Condominium to be recorded in the public records of Dade County, Florida, (the °Condominium”). ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, REFERENCE SHOULD BE MADE TO THIS CONTRACT AND THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. 1. (a) PURCHASE PRICE -§ 440,000.00 ase Unit Price) Additional Parking Space # $ 00.00 Storage # $ 00.00 (b) The above total purchase price shall be payable in U.S. Dollars as follows: 1. Deposit paid to date (including any Reservation deposit) $ 22,000.00 Check # 1033 in the amount of $22,000 2. Balance of the purchase price upon the closing of this transaction by cashier's or certified check drawn on a financial institution acceptable to the Closing Agent, or wire transfer of funds, subject to adjustments and prorations described hereafter. $ 418,000.00 ADMINISTRATIVE COMPLAINT TOTAL PURCHASE PRICE $x: 1 440,000.00 1 ae 5 In addition to the above total purchase price, Purchaser shall be required to pay at closing those amounts described in Paragraph 3 hereafter. The Seller has retained BAYSHORE TITLE INSURANCE COMPANY, whose address is 3431 Henderson Boulevard, Tampa, Florida 33609, to act as Escrow Agent (the "Escrow Agent”). Purchaser may obtain a receipt for his deposit from Escrow Agent upon request. No portion of the purchase deposit shall earn interest for purchaser. Deposit checks are subject to collection. Deposit checks shall be made payable to BAYSHORE TITLE INSURANCE COMPANY, but delivered to Developer. 2. CLOSING AND POSSESSION DATE: A. Closing shall be on the Condominium Property at the location designated by Seller in written notification to Purchaser. B. The Seller will deliver possession of the Residence to the Purchaser at closing, except in the event that the unit is being purchased subject to an existing lease. C. The Closing will take place on or before __ December 3 Ist, 2005 . If no date is provided in the preceding sentence, the closing shall take place after written notice from Seller to Purchaser, (which shall be not less than fifteen (15) days notice) and shall not be until each of the following has occurred: i. The end of the fifteen (15) day rescission period; ii. The approval of all the Condominium documents filed by Developer with the Division of Florida Land Sales, Condominium and Mobile Homes (the “Division”) for registration pursuant to the Condominium Act; iii. The satisfaction of the- pre-sale requirement explained in Paragraph D hereof: and iv. The recording in the public records of Dade County, Florida of the Declaration of Condominium for this condominium. D. Inthe event Seller has been unable to obtain Purchase Agreements for twenty-five percent (25%) of the Units in Buildings 2 and 4 in the condominium within 180 days from the date the first Purchaser signs a Purchase Agreement for a Unit in this condominium, then Seller may unilaterally terminate this Contract without prior notice and, upon refunding to Purchaser all deposits, will have fulfilled all of Seller's obligations to Purchaser under this Contract. NETRATIVE C OMPLAINT. E. Purchaser understands that Purchaser will be obligated to pay all cash at closing under this Contract and that Purchaser's obligations under this Contract to purchase the Residence will not depend on obtaining a mortgage loan from any lender or any conditions imposed by Purchaser's lender. In the event Purchaser fails to close on the date Seller originally scheduled closing, and Seller agrees to extend the closing date, then Purchaser agrees to pay at closing to Seller an amount equal to 18 percent per annum on all sums due Seller which have not been paid to Seller from the date Seller originally scheduled closing to the date of actual payment. , 3. CLOSING COSTS AND PRORATIONS: A. At closing, Purchaser shall pay the cost of the documentary stamps to be affixed to the Special Warranty Deed, the costs to record the Special Warranty Deed, any financing costs of Purchaser, Purchaser’s attorney fees, and a Developer Fee in the amount of 1.5% of the Purchase Price. The Developer Fee is not for settlement services and is separate from any and all fees imposed by lender and other closing costs imposed in connection with the purchase of the Unit. It represents reimbursement to Seller of various out of pocket expenses and internal costs associated with document preparation. Provided that Purchaser chooses Seller’s approved lender, as Seller may designate from time to time, and Seller’s approved title agent, Seller shall contribute to Purchaser at closing, 1% of the Purchase: Price, which contribution may include a contribution from Seller’s approved lender and Seller’s approved title agent. B. At closing, Purchaser shall be required to pay to Porto Bellagio Condominium Association, Inc., (“Association”), a one time fee equal to two months-maintenance fees, to be used by the Association for a working capital reserve and for reimbursement to the Developer for any advances or loans made to the Association by the Developer to assist in the start up of the Association, such as insurance premiums and utility deposits. The aforementioned capital contributions shall not be used for payment of common expenses ““prior to-expiration of the ‘period in which the’ Developer is excused-from payment’ of: assessments pursuant to Section 718.116 (9a), Florida Statutes. C. - At closing, Purchaser shall be required to pay the prorata share of the monthly assessments of the condominium association for the unit being purchased. D. Real property taxes for the Residence shall be prorated as of the closing date based on the assessment for the year in which the closing occurs, less maximum discount available, with the Seller being responsible for that portion of the taxes due from January 1 of the year - of closing through the day prior to the closing date. The Purchaser shall be responsible for that portion of the taxes from the day of closing through December 31 of the year of closing. If the tax assessment on the Residence for the year of closing is not available, a tax proration agreement will be executed between Seller and Purchaser at closing providing: for the adjustment of taxes when the actual tax bill for the year of closing is received. Furthermore, ifreal estate taxes for the year of closing are assessed in the aggregate on the Condomini sey Property as a whole rather than on a residence-by-residence’batis, ‘the See Sellen taxes in full, and Purchaser will reimburse Seller at closing for the Residence's allocable share, through the date of closing, of those taxes (if the taxes are then known), or the Residence's allocable share (so prorated) of Seller's estimate of those taxes (if the taxes are not then known), subject to readjustment at Seller's or Purchaser's request when the actual tax bill is known. Iftaxes for the year of closing are assessed on a residence-by-residence basis, then Purchaser shall be responsible for paying the tax bill on the Unit in full, and Seller will reimburse Purchaser at closing for the pro-rata share of those taxes based on the maximum discount available, determined as of the scheduled closing date. 4. TITLE: A. Purchaser will be conveyed a fee simple title to the Residence by a Special Warranty Deed (the "Deed”). Title to the Residence shall be good, marketable and insurable subject to the following Permitted Exceptions:(i) real estate taxes and assessments imposed for the year of the closing and subsequent years; (ii) all other conditions, restrictions, agreements, limitations, reservations, declarations, dedications, and easements of record at the time of closing, (including the Declaration of Condominium) provided such recorded documents do no prohibit the use of the Residence for residential purposes; (iii) existing zoning ordinances, publicly dedicated rights-of-way, easements and other matters of public records, including, but not limited to utility agreements of record and any other restrictions upon the use of the Property or other requirements by Governmental authorities having jurisdiction; (iv) the standard printed exceptions contained in an ALTA owner's policy of title insurance, except the exception of parties ‘in possession and mechanic's liens; and (vi) standard exceptions for waterfront property. B. The Seller will deliver to Purchaser, at Seller’s expense on or before the Closing, an Owner’s title insurance commitment (the °Commitment”) issued by a licensed Florida title insurer agreeing to issue to Purchaser, upon recording of the Deed, an owners policy of title insurance in the amount of the purchase price (the ”Policy”), insuring Purchaser's title to the Residence. C. Title to the Residence will be considered marketable, within the terms of this Contract, if it is a title that a title insurance underwriter authorized to do business in Florida will approve and insure. 5. DEFAULT AND REMEDIES: A. In the event Purchaser fails to close this transaction in the time established for reasons other than Seller's default or delay, and Seller agrees to extend the closing in accordance with this Paragraph 6.A, Purchaser shall be required to pay interest on the purchase price equal to eighteen (18%) percent per annum on the unpaid purchase price from the originally scheduled closing date until the actual closing date. Nothing in this Contract, however, will require Seller to extend the closing beyond the time set forth in this Contract or-prevent Seller from treating Purchaser as being in default if Purchaser fails to close within that time. ALY RATIVE COM APLAINE, B. IfPurchaser fails to perform under the terms of this Cloxitiat 4 RAE me CF (including payment of all deposits) or otherwise becomes in default under the terms and provisions of this Contract, the deposit(s) paid and agreed to be paid by the Purchaser will be retained by or for the account of Seller as liquidated damages, consideration for the execution of this Contract and in full settlement of any claims; in that event Purchaser and Seller will be relieved of all other obligations under this Contract. The Seller and Purchaser have agreed that Seller's actual damages in the event of default by Purchaser would be extremely difficult or impossible to determine. Therefore, by signing this Contract, the parties acknowledge that the deposit(s) paid and agreed to be paid by the Purchaser, with interest, is (are) agreed upon, after negotiation, as the parties' reasonable estimate of the Seller's liquidated damages in the event of a breach of this Contract by Purchaser. C. If Seller defaults in the performance of this Contract, nothing contained in it will be deemed to restrict Purchaser's remedies if Purchaser is entitled to such remedies under applicable law, including the right to seek specific performance. D. Except as otherwise expressly provided in this Contract, the parties covenant and agree that neither will claim or be entitled to damages of any nature whatsoever nor will either party file a lis pendens against the Residence or Condominium Property and each party hereby waives the right to do so. 6. DELIVERY OF RESIDENCE. The Residence has 4 or has not c been previously occupied and is to be delivered vacant or subject to a lease. 7. INSULATION. Information regarding the type, thickness, R-value and location of insulation which is specified to be installed in each part of the condominium unit, or surrounding the same, is shown in the following table. All R-values described are based upon information received ~ from the manufacturer of the insulation materials, and do not constitute representations or warranties by the Seller. Seller reserves the right to substitute a different type or thickness of insulation from and hereafter disclosed. However, in no event would the R-value for each respective use be less than that disclosed below. Should seller substitute a different type or thickness of insulation, the new: disclosures concerning the substituted material will be supplied to Purchaser as soon as the same are available. Table of Insulation Data Portion of Unit Insulated Insulation Type . Thickness R-Value Interior Block Wall RIGID yy” R-3 . Flat Ceiling/Roof ’ RIGID 2.6” REBINISTRATIVE COMPLAINT Under Roof Trusses BATT 6” Rbeiy # Exterior Block Wall _RIGD , Y” Bate / q OF BO 8. REAL ESTATE COMMISSIONS. Each party warrants, acknowledges and agrees that no broker(s) or salesperson(s) other than The Toni Everett Company, Dana Williams (Associate) whose address is 5000 Bayshore Boulevard, Tampa, Florida 33611 (“Seller’s Broker”) and _Rozine Bansay whose address is__Beach Front Realty, Inc. PH: 786-395-2525 (“Purchaser's Broker”) have ever been involved in the transaction contemplated herein and each party covenants and agrees to indemnify and hold the other harmless from and against any and all claims made by any broker(s) or salesperson(s) seeking any commission or compensation for any loss, liability, costs or expense arising by, through or under said indemnifying party: Such indemnification shall include reimbursement of any attorneys’ fees and costs, including those accruing from alternate dispute resolution proceedings, trial and appellate proceedings, incurred as a result of such claims made or such lawsuits filed. Purchaser acknowledges that sales associates of Seller’s Broker and Purchaser's Broker are being paid by Seller, through payments to Seller’s Broker. The commission to be paid to Seller’s Broker shall be equal to _3.5% (2%-agent _Dana Williams _, 1 %-Toni Everett Company, .05 to Carol Stevens) of the Base Unit Price, and the commission to be paid to Purchaser’s Broker shall be equal to __5% of the Base Unit Price. .05 of the Base Unit Price to be paid to The Keyes Company. 9, NOTICE: Whenever a notice is required to be sent under the terms of this Contract, the notice will be deemed to have been properly given or served when delivered in fact to the other party, or when delivered to and receipted for by a recognized air courier service (i.e., Federal Express, DHL) or when deposited in the United States mail with adequate postage prepaid and sent by certified mail, return receipt requested, and in all events addressed to the Purchaser at the address in this Contract and addréssed to the Seller at 17100 North Bay Road, Sunny Isles, Florida 33160. Notice given by or to the attorney for either party will be as effective as if given by or to that party. 10. ADDENDUM OR RIDER: Any Rider or Addendum to this Contract will be deemed to be incorporated into this Contract as fully as if it were set forth at length in it. The terms and provisions of any Rider or Addendum will control those of this Contract, but only to the extent necessary to give them full effect. 11. PROPERTY CONDITION/INSPECTION: A. Purchaser acknowledges that the Condominium and the Unit being purchased have been converted to the condominium form of ownership from an apartment building known as Porto Bellagio for which construction was completed i in 2002. and fin the Unit may have been previously occupied. Purchaser further Packnowledbes tia is buying and shall accept possession of the Unit and the assigned P: 6 2AGE other assigned Limited Common Elements, if applicable, and all other appurtenances to the Unit and the personal property and fixtures thereof being sold under this Contract in an “AS IS” condition. Purchaser acknowledges that Purchaser has inspected the Unit and the assigned Parking Space and the other assigned Limited Common Elements, if applicable, and all other appurtenances to the Unit and the personal property and fixtures thereof being sold under this Contract and have found the condition thereof to be acceptable and to Purchaser’s satisfaction contemporaneously with the execution of this Contract. B. Purchaser or Purchaser’s representative along with Seller’s representative may inspect the Unit and the Parking Space the other assigned Limited Common Elements, if applicable, on one occasion prior to closing to determine if all systems and all appliances and fixtures thereof are in good working order and condition and that the Unit is broom clean and otherwise in the same condition as existed at the time of Purchaser’s initial inspection normal wear and tear excepted. Purchaser acknowledges that cosmetic defects and blemishes in the surfaces of the Unit and the appliances and fixtures thereof shall be included in normal wear and tear. Such inspection shall be conducted on a date mutually acceptable to Purchaser and Seller but not later than the date established herein as the date for Closing. C. If Purchaser is unable to conduct the personal inspection of the Unit with Seller on the date so established, Purchaser may designate in writing a representative and Purchaser will be bound by the actions of such representative. If Purchaser is unable to conduct a personal inspection of the Unit, then Purchase waives such inspection and shall accept the conveyance of the Unit and the assigned Limited Common Elements in an “AS IS” condition as of the date of Closing. D. __ Purchaser understands that the Unit being purchased may be subject to a lease, which may or may not expire prior to the Closing. If the lease is not intended to expire prior to Closing, that fact will be disclosed in Paragraph 21(t)hereafter. Except for the initial and preclosing inspection of the Unit and such other times as may be arranged through Seller, neither Purchaser nor Purchaser’s agents shall have access or entry to the Unit or the assigned Limited Common Elements, if applicable, nor shall Purchaser store any possessions in or about the Unit or the assigned Limited Common Elements, if applicable, or any other part of the Condominium property prior to the Closing of this transaction.. Purchaser shal! not interfere with any workmen, service providers, sales agents or management personnel during the preclosing period. E. Purchaser also acknowledges that Seller has delivered to Purchaser the Disclosure of Building Conditions regarding the improvements being converted to condominium ownership prepared in accordance with Section 718.616 of the Condominium Act. Purchaser has reviewed such material and acknowledges that such report contains the ~ ~ results of a termite inspection and also information pertaining to the estimated replacement costs for various building components. Purchaser may elect at its expense to conduct a termite inspection of the Property and agrees that such inspection must be accomplished prior to the scheduled date for Closing 12. TIME: Time is of the essence for making any payments required by this Contract and for the closing of the transaction contemplated by this Contract. Time otherwise may be made of the essence by not less than five (5) days advance written notice. Any time period measured in *days” means consecutive calendar days, except that the expiration of any time period measured in days that expires on‘a Saturday, Sunday, or nationally observed legal holiday automatically will be extended to the next day that is not a Saturday, Sunday, or nationally observed legal holiday. 13. OBLIGATIONS OF THE SELLER AND THE PURCHASER: A. Assignment. The contract and the rights and obligations hereunder may not be assigned by Purchaser without the prior written consent of Seller, which consent may be withheld in Seller's sole discretion. Any such assignment in violation of this paragraph is automatically null and void. Consent to any one assignment shall not affect the obligations of the assignee to obtain Seller's consent to any subsequent assignment. Seller may assign its rights under this contract in its sole discretion. B. Subordination. Purchaser's right, title and interest in the Residence under this Contract is expressly subordinate and subject to any mottgage encumbering Developer's interest now or in the future. Purchaser shall execute all additional instruments reasonably required by Seller or a Mortgage holder to evidence Purchaser's subordination of its rights under this Contract to any existing or future mortgage. C. Full Performance. The acceptance by Purchaser of the Deed to the Residence from the Seller shall be deemed full performance on the part of the Seller of all the Seller's agreements, obligations, and representations as set forth herein, except as to matters or things reduced to a specific written obligation in said Deed and in the other closing documents. The Seller shall have the right to require such an acceptance by the Purchaser on the face of the Deed or by separate instrument. — D. Exclusion. Except for the warranties contained in the deed of conveyance and any warranties pursuant to the Act, no other warranties, guarantees, promises, express or implied, have been made to or relied upon by the Purchaser in making the determination to execute and close pursuant to this Contract.’ The Purchaser hereby acknowledges that it has reviewed the Prospectus for the Condominium and found the Condominium as described therein, acceptable and suitable for its purposes; that it has relied upon its own judgment in making ’ such determinations; and that there were no warranties, guarantees, or promises, express or implied, with respect to the Condominium by any of the agents, employees, or representatives of the Seller or any independent contractor of the Seller except those which have been specifically set forth in this Contract and the Prospectus for the Condominium together with all exhibits thereto. It is specifically agreed and understood that verbal promises and representations are not valid and that any promises or,understandings not. specifitally described in this Contract are hereby expressly disclaimed. 8 E. Compliance. The Purchaser covenants and agrees to abide by and comply with all of the terms, provisions and conditions of this Contract, the Declaration and all other Condominium documents, which covenants and agreements shall survive the delivery of the Deed. : 14, ITEMS NOT INCLUDED IN CONDOMINIUM RESIDENCE: A. The model condominium units (if'any) and the sales brochures or other advertising materials may contain certain items for demonstration purposes that are not included in the Residence, including, but not limited to, wall and window coverings, model furniture and accessories, and office equipment and furniture. B. The sales brochures and other documents which may be received by the Purchaser show certain fixtures, finish hardware, building materials, and equipment. The Developer reserves the right to substitute items of equal or better quality, as determined by the Developer in its sole discretion. 15. DEVELOPER'S AUTHORIZATION: Purchaser hereby authorizes Developer, as Developer deems necessary, to record among the Public Records of Miami-Dade County, Florida, such documents and instruments as required to be filed under the laws of the State of Florida in order to create and maintain the Condominium. Developer reserves the right to make changes in any such condominium documents as Developer, governmental authorities having jurisdiction over the property, title insurance companies, or Developer's construction and mortgage lenders require or deem necessary, provided the changes do not materially alter the boundaries of the Residence, change the share of the Common Elements to the prejudice of Purchaser, decrease Purchaser's share in the Common Surplus or increase Purchaser's share in the Common Expenses, or otherwise materially and adversely affect the rights of Purchaser or the value of the Residence. As long as there are any unsold residential units within the Condominium, Developer, its designees, successors and assigns shall have exclusive use of all Association offices and may maintain model units within the Condominium. Developer's salespeople may show these units, erect advertising signs and do whatever else is necessary in Developer's opinion to help sell or lease residential units within the Condominium or develop and manage the Condominium Property. In addition, the Developer reserves the right to permit guests to reside in model units without the consent or approval of the Association and without restriction as to the duration of such stay and said guests shall be entitled to utilize all common elements of the Condominium without accompaniment by any representative of Developer. ayers ToCTIVE COMPLAINT, EE ce _ OF _ This Purchase Agreement is contingent upon Purchaser being approved for membership in the Association and this Contract serves as a purchase application for membership. If q 2 9 16. CONDOMINIUM ASSOCIATION: Purchaser’s application for membership is not approved, then this Contract shall be terminated and of no further force and effect and all deposit money paid hereunder shall be returned to Purchaser. If Purchaser’s application is approved, then Purchaser understands that his membership will take effect at closing and at that time Purchaser agrees to accept the liabilities and obligations of membership. 17. RADON GAS DISCLOSURE: The following disclosure is required by Section 404.056(6), Florida Statutes, for all Contracts for Sale and Purchase of any building in Florida: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county public health unit. 18. DEVELOPER'S REPRESENTATIVES: No persons designated by the Developer to serve as directors and/or officers of the Association prior to assumption of control of the Association by unit owners will have personal liability to unit owners or to the Association and all such claims are hereby expressly waived and released prospectively. The Association and all purchasers of units will look solely to Developer with respect to such claims, if any. 19. WARRANTIES: As previously indicated, the subject property is being converted to condominium ownership and Purchaser agrees to acquire the property as an “AS-IS” basis. To the maximum extent lawful, all implied warranties of fitness for a particular purpose, merchantability and habitability, all warranties imposed by statute (except only those imposed by the Condominium Act) and all other implied warranties of any kind or character are specifically disclai 1ed. Developer has not given and Purchaser has not relied on or bargained for any such warranties. : As to an implied warranty which cannot be disclaimed entirely, all secondary, incidental and consequential damages are specifically excluded and disclaimed (claims for such secondary, incidental and consequential damages being clearly unavailable in the case of implied warranties which are disclaimed entirely above). 20. ACCESS MONITORING: The Condominium Association may maintain or support certain activities in the Condominium designed to make the area safer than it otherwise might be, but the Condominium Association is not obligated to do'so. Neither Seller, the Condominium Association nor any predecessor, successor or any of them, or any of their affiliates, consultants, employees, officers, directors, agents, contractars' Gt SubeddirdetUn? toh! thbir 10 Hf a - 1) respective affiliates (collectively, the “Companies”) (a) shall be held liable for any loss or damage because of a failure to provide adequate security or because of the ineffectiveness of security measures undertaken, (b) represents or warrants that any fire protection system, burglar alarm system or other security system designed by or installed according to guidelines established by any of them cannot be compromised or circumvented, or will prevent loss by fire, smoke, burglary, theft, hold-up, assault, or otherwise, or in all cases will provide the detection or protection for which-the system is designed or intended or (c) makes any other representation or warranty, expressed or implied, including any warranty of merchantability or fitness for any particular purpose, relative to any fire, burglar or other security system. Purchaser, on behalf of Purchaser and all tenants, guests and other invitees of Purchaser, acknowledges and agrees that the Companies are not insurers and each purchaser, occupant and invitee of any unit in the Condominium assumes all risks for loss or damage to persons, the Unit, contents of Unit or other property owned by any of them which might or could have been prevented by any device or system referred to in this Section, or its proper functioning. The provisions of this Section will survive the Closing. 21. MISCELLANEOUS PROVISIONS: A. Entire Agreement. Alll prior understandings are superseded by and merged into this Contract. No oral representations, advertising, promotional activities, maps, artists! renderings, conceptual presentations or otherwise, made by Seller or Seller's agents will in any way be binding on Seller and will be of no force or effect unless expressly set forth in this Contract as to either the Condominium Property or the Residence including, without limitation, the workmanship and materials. No warranties, expressed or implied, are given except those contained in Chapter 718, Florida Statutes. This paragraph will survive the closing contemplated by this Contract and the delivery of the Deed to the Purchaser. B. Contract not Recordable and Persons Bound, Neither this Contract nor any notice of it will be recorded in any public records and to do so is a substantive breach of this Contract. This Contract will bind and inure to the benefit of the parties to it and their successors in interest, heirs and assigns. C. Invalidity. In case any one or more of the provisions contained in this Contract are, for any reason, held to be invalid, illegal or unenforceable in any respect, the invalidly, illegality, or unenforceability will not affect any other provision, and this Contract will be construed as if the invalid, illegal or unenforceable provision had never been contained in this Contract. D. Applicable Law: Severability. Any disputes that develop under this Contract will be settled according to Florida law. If any part of this Contract violates a provision of law, ‘ the law will control. In such case, however, the rest of the Contract (not in violation) will remain in force. Without limiting the generality of the foregoing, it is Developer's and Purchaser's mutual desire and intention that all provisions of this Contract be given full effect and be enforceable strictly in accordance with their terms. If, however, any part of this Contract is not-enforceable in accordance with its terms or would render other parts of this Contract or this Contract, in its entirety, unenforceable, the unenforpable part or parts are to j1.. EXHIBIT 1+ “If be judicially modified, if at all possible, to come as close as possible to the expressed intent of such part or parts (and still be enforceable without jeopardy to other parts of this Contract, or this Contract in its entirety), and then are to be enforced as so modified. If the unenforceable part or parts cannot be modified, such part or parts will be unenforceable and considered null and void in order that the mutual paramount goal (that this Contract is to be enforced to the maximum extent possible strictly in accordance with its terms) can be achieved. Without limiting the generality of the foregoing, if the mere inclusion in this Contract of language granting to Developer certain rights, remedies and powers, or waiving or limiting any of Purchaser's rights, remedies or powers or Developer's obligations, results in a final conclusion (after giving effect to the above judicial modification, if possible) that Purchaser has the right to cancel this Contract and receive a refund of his deposits, such offending rights, powers, limitations and/or waivers shall be struck, canceled, rendered unenforceable, ineffective and null and void. Under no circumstances shall either Purchaser or Developer have the right to cancel this Contract solely by reason of the inclusion of certain language in this Contract (unless of course, the specific purpose of that language is to grant a right of cancellation). : E. Attorney Fees and Costs. In connection with any litigation, including appellate proceedings, arising out of this Contract the prevailing party will be entitled to recover reasonable attorney fees and costs. F. Captions, Captions of the paragraphs and subparagraphs of this Contract are for the convenience of reference only, are not to be considered a part of it and will not limit nor otherwise affect any of the terms of it. G. Joint and Several Obligation. If more than one person signs this Contract as Purchaser, each will be jointly and severally liable for full performance of all of Purchaser's duties and obligations under this Contract. H. Indemnification. Indemnify means that the indemnitor will defend, indemnify and hold the indemnitee harmless against any and all claims, demands, causes of action, damages, judgments, losses, or liabilities asserted against, or incurred by, the indemnitee to any third party because of the subject matter of the indemnity. The scope of any indemnity includes any costs and expenses, including reasonable attorney fees, incurred in defending any indemnified claim, or in enforcing the indemnity or both. Any expressed indemnities contained in this Contract survive the closing of the transaction it contemplates. I. Venuc. Purchaser agrees that any legal action brought on this Contract will be ' brought exclusively in the appropriate forum in Miami-Dade County, Florida. J. Waiver. The waiver of one or more defaults by any party to this Contract will not be deemed a waiver of any subsequent default of that provision of this contract or default under any other provision of this Contract. No waiver of thé benefit oF'dtty provision of this Contract will be effective unless made in writing, signed by fhe p harsed-andtro— 12 PAGE __“t___ OF such waiver is a waiver of any future event, unless it expressly so states. K. Counterparts. This contract may be executed simultaneously in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. L. Effective Date. This Contract as executed by Purchaser and delivered to Seller with delivery of the Initial Deposit to Escrow Agent, constitutes Purchaser’s offer to purchase the Unit. Purchaser’s offer shall only be accepted by Seller upon execution of this Contract by Seller. Purchaser agrees that the “Effective Date” of this Contract shall be the date on which this Contract is executed by Seller (“Effective Date”). M. Gender. The use of the singular includes the plural, the use of the male includes female and neuter and visa versa.’ N. Facsimile. A facsimile (FAX) signature will be deemed to be an original. Offer and acceptance by facsimile is binding. O. No Liens. Prior to the Closing, Purchaser shall not place or allow any lien to be placed on the Unit. P. Construction. This contract and all related documents, including without limitation the Deed, will not be construed more strongly against any party regardless of who was more responsible for its preparation. Q. Amendments. Neither this contract nor any provision of it may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought. R. Survival. The provisions and disclaimers which are intended to have effect after closing will survive closing and delivery of the Deed. S. Representations. No person, including any sales agent of The Toni Everett Company or any other real estate brokerage firm, is authorized to make any representations or to provide any information with regard to any of the matters contained in this Contract, which are contrary to or in addition to the information contained in this Contract or in the applicable or related Declaration of Condominium, as amended. PURCHASER ACKNOWLEDGES THAT NO SUCH REPRESENTATIONS HAVE BEEN MADE TO (OR, IF MADE, HAVE NOT BEEN RELIED UPON BY) PURCHASER BY ANY PERSON OR ENTITY AND FURTHER THAT PURCHASER HAS NOT RELIED ON ANY REPRESENTATIONS, NEWSPAPER, RADIO OR TELEVISION ADVERTISEMENTS, WARRANTIES, STATEMENTS, OR ESTIMATES OF ANY NATURE WHATSOEVER, WHETHER WRITTEN OR ORAL, MADE BY SELLER, SALES PERSONS, AGENTS, OFFICERS, EMPLOYEES, COQPERA UINGBRIOQKERS (F ANY) OR OTHERWISE EXCEPT as HERELY, SURCIF ALLY SET FORTH pace 2e_ OF % 28/83/2885 17:36 8143118633 KARO AURELEC PAGE @2/ 2/16 89/14/2885 4:38 3059471441 PORTO BELLAGIO SALES PAGE 16/33 HEREIN. PURCHASER HAS BASED PURCHASER’S DECISION TO PURCHASE THE UNIT SOLELY ON PERSONAL INVESTIGATION, OBSERVATION AND THE CONDOMINIUM DOCUMENTS. IN WITNESS WHEREOF, the parties have duly executed this Contract on th Fie herein. . Signed in the presence of: Print Name: cant : 1 FARR ee Ran shy P Print Name: Core. OB Net id dete. tbs) oF ilar. Signed in the presence of: DEVELOPER: PORTO BELLAGIO PARTNERS, LLC Print Name: a Delaware Limited Liability Company By: Bradford-Porto Bellagio Partners, LLC, Print Name: Florida limited liability company , its Managing Membet By: — 1X Barbara Weiss Bianco its Manager 14 ADMINISTRATIVE COMPLAINT, exnipiT #_7Z SAGE "ZH GF q) ESCROW AGREEMENT For Purchase Agreements THIS ESCROW AGREEMENT (this “Escrow Agreement”) is made and entered into this day of limited liability company authorized to do business in Florida, whose address is 410 JERICHO TURNPIKE, SUITE 200, JERICHO, NY 11753 (“Developer”) and BAYSHORE TITLE INSURANCE COMPANY, whose address is 3431 Henderson Boulevard, Tampa, Florida 33609, (“Escrow Agent”). Developer and Escrow Agent acknowledge that the Division of Florida Land Sales, Condominiums and Mobile Homes (the “Division”), whose address is 1940 North Monroe Street, Tallahassee, Florida 32399-1033, is a beneficiary of this Escrow Agreement. , RECITALS: Developer is developing a condominium to be known as Porto Bellagio, A Condominium (“Condominium”) pursuant to Chapter 718, Florida Statutes (the "Condominium Act"). Developer intends to enter into purchase and sale agreements (the “Purchase Agreements”) for the sale of units (“Units”) in the Condominium. Developer desires to make arrangements with Escrow Agent to escrow all of the deposits made under each Purchase Agreement (the “Deposit”) in accordance with and subjéct to the provisions ‘of Section 718.202 of the Condominium Act. ° oo WHEREAS, Escrow Agent is authorized to do business in Florida and is licensed under Chapter 626, Florida Statutes, and has consented to hold and disburse the Deposits it recéives pursuant to the terms and provisions hereof. NOW THEREFORE, in consideration of $10.00 and other good and valuable consideration, Escrow Agent and Developer agree as follows: 1... Recitals,-The- foregoing Recitals are true and correct. and are hereby incorporated herein. 2. Establishment of Escrow. The parties hereto establish an escrow for the purposes of receiving, holding and disbursing, funds as required under the Condominium Act. Funds deposited in this escrow may, at the election of Escrow Agent, be deposited in separate accounts, or in a common escrow account. 3 Deposit of Funds. So long as required by the Condominium Act, in connection with sales . of Units, Developer shall promptly deposit funds received from purchasers with Escrow Agent in such amount or amounts as are required under the Condominium Act and under the Purchase Agreements. Developer will deliver the Deposits in the form of checks or wire transfers payable to or endorsed to Escrow Agent. Developer shall, at the time of each deposit, furnish Escrow Agent a copy of the Purchase Agreement applicable to the respective purchaser (and all amendments thereto), the amount of such funds being delivered to Escrow Agent, the full name, mailing address and telephone number of the purchaser, as applicable, and such other information as Escrow Agent shall reasonably require. The sole responsibility for determining whether or not the amount of the funds deposited in escrow comply with the Condominium Act shall be that of Developer, and Escrow Agent shall only be responsible for funds actually received. All checks or drafts received are received subject to collection. Any bank charges assessed against the account in general will be reimbursed*B3Develdped por-AdiRbaMy by Escrow Agent. EXHIBIT # AOE 2) OF 200_ by and among PORTO BELLAGIO PARTNERS, LLC, a Delaware 18 4. Receipt and Acknowledgment. Upon request, Escrow Agent shall deliver to a purchaser a receipt for a Deposit on the form provided by Developer with all information completed for Escrow Agent to acknowledge such receipt. Such receipt shall identify the Condominium, state the date and amount of Deposit received, the name and address of the purchaser, and the number of the Unit being purchased. 5. Release of Funds from Escrow. Subject to clearance of funds, Escrow Agent shall release and disburse a purchaser’s Deposit escrowed hereunder in accordance with the following: (a) Purchaser Cancellation. Escrow Agent shall pay a Deposit to the respective purchaser within ten (10) days after Escrow Agent’s receipt cf the Developer’s written certification that the Purchaser has properly terminated his Purchase Agreement pursuant to its terms or under the Condominium Act. (b) Purchaser Default. Escrow Agent shall pay a Deposit to Developer within ten (10) days after Escrow Agent’ s receipt of Developer’s written certification that the purchaser’s Purchase Agreement has been terminated by reason of a purchaser’s failure to cure a default in performance of the purchaser’s obligations thereunder, unless prior to such disbursement Escrow Agent receives from the respective purchaser written notice of a dispute between such purchaser and Developer. Such certification shall include the following: -()+ + Developer’s statement that the purchaser: has defaulted and that the .-..:..... Developer has not; Gi) A statement that, pursuant to the terms of the Purchase Agreement, Developer is entitled to the Deposit held by Escrow Agent; (iii) A statement that Developer has not received from the purchaser any written notice of a dispute between the purchaser and Developer or a claim by the purchaser to the Deposit; and , oO Gv) A statement of the exact amount of the Deposit that is to be disbursed to Developer. (c) Disbursement At Closing. If the Deposit of a purchaser has not been previously disbursed in accordance with the provisions of Paragraphs 5(a) or 5(b) above, Escrow Agent shall pay such Deposit to Developer at the closing of the transaction upon receipt of a certificate of Developer discussed below, unless prior to such disbursement Escrow Agent receives from the respective purchaser written notice of a dispute between such purchaser and Developer. Such certificate from Developer shall include the following: @ A statement that purchaser has not cancelled the Purchase Agreement; Gi) Avstatement that the certificate of occupancy for the Condominium has been issued; . (iii) A statement of the exact amount of the Deposit that is to be disbursed to Developer. (Q Other Disbursements. Escrow Agent shall, at any, rmeestesisebuibouthe urchaser’s Deposit upon: P “pose uP EXHIBIT # . — ?AGE 26 OOF @ written direction duly executed by Developer and the purchaser, or Gi) an appropriate order of a court of competent jurisdiction. 6. Investment of Funds. Escrow Agent will invest the escrow funds only in securities of the United States or any agency thereof, or in accounts in institutions the deposits of which are _insured by an agency of the United States and such institutions are acceptable to Developer. The escrow account shall be in the name of Escrow Agent, and shall be clearly denoted on the records of Escrow Agent as an escrow account. Any interest earned on the Deposits shall accrue to the benefit of the Developer and be governed by Section 718.202 of the Condominium Act. — ' Escrow Agent shall have no liability in the event of a failure or insolvency of the institution in which the funds ate invested and is hereby released and exonerated from any and all liability, whether now existing or hereafter arising, by reason of any loss resulting from the failure of any such designated institution to pay upon demand, monies deposited herein or interest accrued thereon. 7. General Provisions. (a) Instructions to Escrow Agent. The following procedure shall be used by the parties concerning instructions to Escrow Agent: @ All instructions to Escrow Agent shall be in writing and signed by the . . person or persons requesting such instructions: Any instructions which are jointly authorized by all parties shall be signed by all persons. (i) Except as may otherwise be set forth herein to the contrary, Escrow Agent shall only take direction by Developer, and shall not take direction from any putchaser(s). The duties of Escrow Agent shall be limited to the safekeeping of the deposits and for disbursements of same in accordance with the-written instructions described above. sun... , . (iii) Developer shall immediately deliver to Escrow Agent copies of any written notice or request from a pbrchaser relating to a Purchase Agreement and this Escrow Agreement. Developer hereby agrees to indemnify and hold Escrow Agent free and harmless from and against any claims, causes of action, liability or expenses arising from Developer’s failure to promptly deliver a copy to Escrow Agent of any written request by purchaser for a tefund of a Deposit. 8. Successor to Developer. In the event any mortgagee of Developer, by foreclosure, deed in lieu, or otherwise, succeeds to the rights of Developer with respect to any Purchase Agreement and/or the Deposits held in escrow pursuant to this Escrow Agreement, such mortgagee shall succeed to the tights of Developer under this Escrow Agreement with respect to such Purchase Agreement. 9. Compliance. Developer acknowledges that any willful failure to comply with the escrow provisions of Section 718.202 of the Condominium Act constitutes a criminal offense pursuant to Section 718.202(7) thereof. ATIVE COMPLAI NT ADWINISTRA EXHIBIT ¢2 pace 24 _ oF _____—— 100 TPAHTARAQIA NA 10. Conflicting Claims for Escrowed Funds. Should Escrow Agent receive conflicting notices or demands for a Deposit held in escrow on behalf of any purchaser, Escrow Agent shall immediately notify the Division.of the dispute and either promptly submit the matter to arbitration, or seek an adjudication of the matter by interpleader or otherwise. Escrow Agent shall be indemnified by the respective purchaser and Developer, jointly and severally, for all costs, including reasonable attorneys’ and paraprofessional fees, at trial and upon appeal, in connection with the aforesaid arbitration or interpleader action, and shall be fully protected in suspending all or a part of its activities under this Escrow Agreement until a final judgment in the interpleader action, if applicable, is received. Escrow Agent shall continue to hold the disputed Deposit during the resolution of any conflict by arbitration; provided, however, Escrow Agent may interplead any Deposit and not hold the same pursuant to this Escrow Agreement at any time. 11. Duties of Escrow Agent are Administrative. The duties of Escrow Agent hereunder shall be entirely. administrative in nature and not discretionary. Escrow Agent shall be obligated to act only in accordance with written instructions received by it as provided in this Escrow Agreement, and is hereby authorized to comply with any orders, judgments, or decrees of any court, with or without jurisdiction, and shall not be liable as a result of its compliance with the same. Escrow Agent shall have no: duty or obligation to assure itself that the operation of the - Condominium: and/or «marketing: of the: Units within the -Condominium ‘by Developer-is-in fall compliance with the Condominium Act prior to the disbursement to Developer of any Deposit or interest thereon. Further, Escrow Agent shall have no responsibility or liability with respect to a purchaser's Deposit received by Developer which is not properly delivered to Escrow Agent in accordance with the provisions hereof. 12. Monthly Statements. The Escrow Agent will send monthly statements on the Escrow Account to Developer at the address set forth above. Escrow Agent agrees that the Division shall have the right to inspect the books: and. records of Escrow Agent with respect to this Escrow Agreement upon the reasonable prior notice of the Division. 13. Indemnity. From and at all times after the date of this Escrow Agreement, Developer shall, to the fullest extent permitted by law and to the extent provided herein, indemnify and hold harmless Esctow Agent and each director, officer, employee, attorney, agent and affiliate of Escrow Agent (individually, “Indemnified Party”; collectively, the “Indemnified Parties”) against any and all actions, claims (whether or not valid), losses, damages, liabilities, costs and expenses of any kind or nature whatsoever, (including without limitation, reasonable attorneys’ fees, paraprofessional fees, costs and expenses) incurred by or asserted against any of the Indemnified Parties from and after the date hereof, whether direct, indirect or consequential, as a result of or arising from on in any way relating to any claim, demand, suit, action or proceeding (including any inquiry or investigation) by any person, whether threatened or initiated, asserting a claim for any legal or equitable remedy against any person under any statute or regulation, including, but not limited to, any federal or state securities laws, or under any common law or equitable cause or otherwise, arising from or in connection with the negotiation, preparation, execution, performance or failure of pérformance of this Escrow Agreement or any transactions contemplated herein (including the sales of the Units within the Condominium) whether or not any such one or more of the Indemnified Parties are parties to any such action, proceeding, suit or the target of any such inquiry or investigation; provided, however, that no Indemnified Party shall have the right to be indemnified hereunder for any liability finally determined by a court of competent jurisdiction, subject to no further appeal, to hava@eyulia@.S6l¥y GOMALAID ss : EXHIBIT # cover] TPA#1636914.04 4 10) negligence or willful misconduct of such Indemnified Party. If any such action or claim shall be brought or assertéd against any Indemmified Party, such Indemnified Party shall promptly notify Developer in writing, and Developer shall assume the defense thereof, including the employment of counsel and the payment of all expenses. Such Indemnified Party shall, in its sole discretion, have the right to employ separate’ counsel in any such action and to participate in the defense thereof, and the fees and expenses of such counsel shall be paid by stich Indemnified Party unless (a) Developer agrees to pay such fees and expenses, or (b) Developer shall fail to assume the defense of such action or proceeding or shall fail, in the reasonable discretion of such Indemnified Party, to employ counsel satisfactory to the Indemnified Party in any such action or _ proceedings, or (c) the named parties to any such action or proceeding (including any impleaded parties) include both the Indemnified Party (or Indemnified Parties, if applicable) and Developer, and one or more Indemnified Parties shall have been advised by counsel that there may be one or more legal defenses available to it which are different from or additional to those available to Developer. All such fees and expenses payable by Developer pursuant to the foregoing sentence shall be paid from time to time as incurred, both in advance of and after the final disposition of such action or claim. In addition, Developer hereby agrees to indemnify Escrow Agent and hold it harmless from any liability of Escrow Agent which shall arise as a result of the breach or violation by Developer of any of the provisions of the Condominium Act, or any other rules, regulations, or Jaws affecting the Condominium. Developer hereby agrees that it shall, at all times, file all required documents with the Division and comply with all of the provisions of the Condominium Act, as well as all other federal, state, and local regulations affecting the Condominium. The obligations of Developer under this section shall survive any termination of this Escrow Agreement and the resignation or removal of Escrow Agent. 14. — Limitation of Liability. : (a) The obligations of Escrow Agent shall be determined solely by the express provisions of this Escrow Agreement. No representation, warranty, covenant, agreement, obligation or duty of Escrow Agent shall be implied with respect to this Escrow Agreement or Escrow Agent’s services hereunder.: ; (b) — Escrow Agent may act in reliance upon any writing or instrument or signature, whether original or facsimile, which Escrow Agent, in good faith, believes to be genuine, may assume the validity and accuracy of any statement or assertion contained in such a writing or instrument and may assume that any person purporting to give any writing, notice, advice or instruction in connection with the provisions hereof has been duly authorized to do so. Escrow Agent shall have no liability or obligation with respect to the Deposits except for Escrow Agent's willful misconduct or gross negligence. Escrow Agent’s sole responsibility shall be for the safekeeping, investment and disbursement of the Deposits in accordance with the terms of this Escrow Agreement. Escrow Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice of any fact or circumstance not specifically set forth herein. In no event shall Escrow Agent be liable for incidental, indirect, special, consequential or punitive damages. Escrow Agent shall not be obligated to take any legal action or commence any _ proceeding in connection with the Deposits or to appear in, prosecute or defend any such legal action or proceeding, except with respect to its obligations to interplead or atbitrate as provided herein. ADMINISTRATIVE COMPLAINT. EXHIBIT +4 a of PAGE (c) Escrow Agent may consult legal counsel selected by it in the event of any dispute or question as to the construction of any of the provisions hereof of any other agreement or of its duties hereunder, and shall incur no liability and shall be fully protected from any liability whatsoever in acting in accordance with the opinion or instruction of such counsel. Developer shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel. : () No provision of this Escrow Agreement shall require Escrow Agent to expend or tisk its own funds or otherwise incur financial liability in the performance of its duties under this Escrow Agreement. 15. Termination. Either Developer or Escrow Agent may terminate this Escrow Agreement for any reason whatsoever upon thirty (30) days written notice to the other. Upon receipt of such Written notice from Escrow Agent by Developer, Developer shall immediately take all steps necessary to secure a successor escrow agent and shall immediately notify the Division. If a Successor escrow agent is not engaged by Developer within said thirty (30) day period, Escrow Agent may petition a court of competent jurisdiction to name a successor escrow agent. When a Successor escrow agent has been designated or appointed by the Court, Escrow Agent shall, upon teceipt of all fees due it hereunder, transfer all Deposits and related documents, without covenant or warranty, express or implied, to the successor escrow agent within ten (10) days, whereupon ” Escrow Agent shall be fully discharged-of all of its duties and obligations hereunder. ;--~ ~ -- 16. Notices. All notices, certificates, requests, demands, materials, and other communications hereunder shall be in writing and shall be deemed to have been duly given upon the delivery thereof by hand or by professional courier (e.g., Federal Express) to the appropriate addresses set forth above as evidenced by a signed receipt for same, or shall be considered given by mail on the date postmarked, if mailed by. prepaid certified mail with return receipt requested. The mailing addresses herein for the parties and for the Division shall be superseded only by written notice to the Division and each party of any change of address. 17. Term of Escrow Agreement. This Escrow Agreement shall continue in force and effect for two (2) years from the date it is executed by both Developer and Escrow Agent, and shall be deemed to be renewed automatically on the anniversary of such date each year thereafter, unless previously terminated as provided herein. 18. Non-Exclusive Escrow Agreement. The parties hereto acknowledge and agree that nothing herein shall prohibit Escrow Agent from serving in a similar capacity on behalf of other developers, provided that any other escrow accounts maintained by Escrow Agent shall be maintained with books and records that separately identify each condominium. 19. Choice of State Law. This’ Escrow Agreement shall be governed and construed in accordance with the laws of the State of Florida. , 20. Compensation. Any compensation that Developer has agreed to pay Escrow Agent by separate contract for the performance of services provided for in this Escrow Agreement shall not be paid from the funds in escrow hereunder. SAVE COMPLAINT, PU oF )o3 21. Consent to Jurisdiction and Venue. In the event that any party hereto or a purchaser commences a lawsuit or other proceeding relating to or arising from this Escrow Agreement, the parties hereto agree that the Circuit Court in and for Hillsborough County, Florida shall have the sole and exclusive jurisdiction over any such proceedings and the parties hereto waive any objection to such venue. The parties hereto consent to and agree to submit to the jurisdiction of that court and agree to accept service of process to vest personal jurisdiction over them in that , ee court. 22, Assignment. Except as otherwise provided herein, no party to this Escrow Agreement may assign its rights or delegate its obligations under this Escrow Agreement without the prior express written consent of the other parties, except as otherwise set forth in this Escrow Agreement. oO 23. Amendment or Waiver. This Escrow Agreement may be changed, waived, discharged or _.__ terminated only by a writing signed by Developer and Escrow Agent. No delay or omission by . any party in exercising any right with respect hereto shall operate as a waiver. A waiver on any one occasion shall not be construed as a bar to, or waiver of, any tight or remedy on any future occasion. 24. — Severabilitv. To the extent any provision of this Escrow Agreement is prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Escrow Agreement. ‘ os a 25. Entire Agreement: Third Party Beneficiaries. This Escrow Agreement constitutes the entire agreement between the parties relating to the escrow of the Deposits and sets forth in their entirety the obligations and duties of Escrow Agent with respect to the Deposits except as to Escrow Agent's compensation which shall bé by separate contract. No third party, other than purchasers and the Division, shall be a beneficiary of this Escrow Agreement, or derive any rights or benefits, or have any causes of action, hereunder. 26. Binding Effect. All of the terms of this Escrow Agreement, as amended from time to time, shall be binding upon, insure fo the benefit of and be enforceable by the respective heirs; successors and assigns of Developer, each Purchaser and Escrow Agent. 27. Counterparts. For the purpose of facilitating the execution of this Escrow Agreement and for other purposes, this Escrow Agreement may be executed simultaneously in any number of ' counterparts, each of which shall be deemed fo be an original, and together shall constitute and be one and the same instrument. 28. Headings. The Section headings are not a part of this Escrow Agreement and shalt not be used in its interpretation. ADMINISTRATIVE COMPLAINT. eit #2 EXHIBIT oO joy TPA#1686914.04 7 PAGE __“ IN WITNESS WHEREOF, Developer ‘and Escrow Agent have caused these presents to be signed in its name the day and year first above written. ; Signed in the presence of: DEVELOPER: PORTO BELLAGIO PARTNERS, LLC a Delaware Limited Liability Company - Print Name: By: Bradford-Porto Bellagio Partners, LLC, a Florida limited liability company its Managing Member By: ( pid (bows Barbara Wéiss Bianco its Manager Print Name: ESCROW AGENT: BAYSHORE TITLE INSURANCE COMPANY PrintName: By: , : Print Name Title: (Corporate Seal) ADMINISTRATIVE COMPLAINT, realli EXHIBIT #Z_ unSreal/tl/e. a for. chases Bayshoy “ttle Fa 2 scrow agmt for purchases Bayshore Title Rev Final Oct 1. 2004 DAGE ai OF TPA#1686914.04 gz | 28/89/2085 17:36 6143118633 - KARO AURELEC PAGE 96/19 89/14/2085 a4:3¢@ 3059471441 , PORTO BELLAGIO SALES PAGE 28/33 BECEIPT FOR CONTRACT Porto Bellagio 17100 North Bay Road Sunny Isles, Floxida. 33160 ‘The undersigned acknowledges that the documents checked below hae been réceived for Unit# |ULOOW~ PortwerNeme Fabre tansay Purchase Contract Exhibit A - Property Disclosure Exhibit B - Petmitted Exceptions Exhibit C - Energy Rating Pre of Post Occupancy Agreement Transaction Broker Notice Buyer's Cost Estimate ' Receipt for Condominium Décmients ADMINISTRATIVE COMPLAINT EXHIBIT. 4# Page 32 oF . KARO AURELEC PAGE 7/14 PORTO BELLAGIO SALES PaGE 29/33 28/09/2805 17:36 9143118633 as/ia/2aa5 ad:30 3859471441 * BUYER'S COST ESTIMATE ie Stay ABDRESS: N. Bay Road, Sunny lalea, FL, $3169 LOAN AMT: UNIT: ESTIMATED CLOSING COST: SALES PRICE: el ree Discount Points ( —%) seen Loan Origination Fae( —%) _ Appraisal Fea ($280 & up) en Cradit Raport ($50 & up} — Morgegee Title Ins. (250 + 2 end) Fors 9 + Navigational Servitude End ‘ Adel Additional $25 @ for Gondo, Pud, Art rl Glositg Fea Home Itispection Fee ‘Tex Sarvica Fes ($84) ~~ Survey ($200 & up) —_——— Tettaita Inspection (R35-$50) - . Amortzation Schedule . a Home Weranty Plan ($325) ee Intanglbis Tax (002 x Mig. Am) es —_ Dec. Stamps on Note (35 per $100) Recording Faas (Mig $6-1 pgJ4.40-2 pg) Indexing (91,00 per name if more than 4) Document Praperation Fee: ($150-$250) ies + : Miscellaneous . Devalopment Feet \+ + "Tivefprtapie” fy 00.00 TOTAL ESTIMATED CLOSING COSTS: ? USUAL PREPAID ITEMS: . . Intarin foterest Homeowners ins. (tyr. +3 mos, Ege) Fleod ins. (Tyr. + 3 mos, Eso) oe Real Estate Taxes . Mortgage Insurance (Tyr. + 3 mos,} 7 Homeowners Assoc. Fee _ Two (2) months maintenance fes pald at closing. | "Smonths mar 188 TAT 2N ' TOTAL PREPAIDS: : woe TOTAL ESTIMATED COSTS:, CREDITS: Deporit Op Contract naar NewExisting Ma — : Purchese Money Mortgage . Profated Taxes. : Other ¥ : LESS TOTAL GREDITS: ¢ . . OTHER: . “$_____deant G ___% for. +98 Type of loan 2 Taxes : ‘ t _ Homedwners Insurance : Flood Insurance ‘ i Mortgage Ineuranea Premium Condo Association Fee {2 mths) dime. DINISTRATIVE COMPLAINT ; rN 7 Q _ TOTAL ESTIMATED MONTHLY PAYMENTS: Title insurance: Doc Stamps: We 9) the undersigned understand that the abova fa dn gttampt to approxi ‘The Buyer realizes the above is nefther 2 guatantee nor quote, but an estineta7 ation contained gone d payrnent or thé Buyers conveniance, Answleddes that they are aware of the lnited wed 6 be accurate butle rot warranted. The fe isting forme and Egat ot fife Seller and that the 28/63/2885 17:36 8143118633 KARO AURELEC PAGE 68/18 09/14/2085 84: 3@ = 3659471441 PORTO BELLAGIO SALES PAGE 338/33 The Toni Everett Company 5000 Bayshore Biyd. ; Tampa, FL 38811 Phone: 813-839-5000, Fax: 818-831-9880 . ' [Brokeraye Relationshiabisetosure | FLORIDA ASSOOICTION OF . : IMPORTANT NOTICE FLORIDA LAW REQUIRES THAT REAL ESTATE LICENSEES PROVIDE THIS NOTICE TO: POTENTIAL SELLERS AND BUYERS OF REAL ESTATE, : ; ; ; {dl not assume realestate broker or salesperson represents you unless you agree fo engage @ real estate licensee in ye 1 vised Cascurne tat ary eal either as a single agent or 23 a ransaction broker. ‘You are advised not ta disclose any information you want to be held in confidence until yau make a decision on representation, . ‘ . TRANSACTION BROKER NOTICE FLORIDA LAW REQUIRES THAT REAL eSTATE LICENSEES OPERATING AS TRANSACTION BROKERS DISCLOSE To BUYERS AND SELLERS THEIR ROLE AND DUTIES IN PROVIDING A LIMITED FORM.OF REPRESENTATION. . zw: and its . As a transaction broker, : : - : : - Emnited form of representation that includes the following duties: ~ associates, provides to you a 1: Dealing honestlyand fairly; . 7 2: Accounting forall funds; : . ‘ Using skit, cana, ard difigence in the traneaction; Disclosthg all known facta ‘hat materially effect the value of residential real property and are not readily observable te the buyer; 4, Presenting all offers and zountefotters in a dmely manner, unless a party haa, preously directed the fcensea dilierwise in writing; ing those offered, or of any other information requested by a parly to remain confidential; e-< . 1. Any additonal duties that are entered inks by this ot by separate watten agreeratot «¢ On . . . etane Oe ; Linvted’ representation means that a buyer or seller [s notre nsibla far the acts BF fgge..Atciionifly, parties ere giving-up _ thelt rights td the undivided toyatty of the Noanses, This papa Tito, ng Aisuecaicencoe to facittate a Teel eatate ont by assisting both the buyer and the seller, hut a licensee will not work Gt nt pre party te the detriment of tha other entire real estita industry one! Ih het tended to Identity tite dher as 2 REALTOR. REALTOR ie'a reotaterad ‘ CG reat estate fe rer REALTORS and ‘Thig form Is avallable for uso by tha colective.themiership trark whith may ba ised only by wiro aubgerthe te {ts Cade of ities, The copyrigitt laws by any means inclinitig frokinile or competerited forms. PRERARED iY AGENT! Tonl Everett, Agent ,BRDedib, Brokerage Rfetonship Diadosure, Ret, 5/00. Florida Association of REALTORS® ©1980 Fiotida Association of REALTORS® All Rights Reserad- . * RealFA§$T® Software, G2008, Varon 6.12. Soffieate Reguitarad tee Anthony Everst, The Ton Evarstt Company 04 aOS 44ette1t teal estate, Senxeee whic até Members af tho National Association of of fie United Staten 17 U.S, Code) forbid the unauthorized reproduction of blank farm’ a] KATIVE COMPLAIN, OF

Docket for Case No: 09-006357PL