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OkiAppraisalFirst <br />Real Estate Appraisers LLC <br />1444 Biscayne Boulevard, Suite 211 <br />Miami, Florida 33132 <br />Phone: 305- 470 -2130 <br />Fax: 305 -381 -8047 <br />E -mail: residentialnaapraisalfirst.net <br />E -mail: co mmercial(@,appraisalfirst.net <br />July 30, 2014 <br />GSF Acquisition, LLC <br />c/o Mr. Brian T. Degnan <br />Vice President & Associate General Counsel <br />17780 Collins Avenue, 2nd Floor <br />Sunny Isles Beach, FL 33160 <br />Re: A multi - family zoned, ocean front, property located at 17901 Collins Avenue, Sunny Isles <br />Beach, Florida 33160. <br />Dear Mr. Degnan: <br />As requested, I have prepared the attached appraisal report of the above referenced property. The <br />purpose of the lKeport is to estimate a cost per unit for the purchase of Transfer Development Rights <br />(TDR's), as it �ertains to the underlying subject property. This is an Appraisal Report which is <br />intended to comply with reporting requirements set forth under Standards Rule 2 -2(a) of the Uniform <br />Standards of Professional Appraisal Practice (2014- 2015). Under the previous USPAP for 2012- <br />2013 the report would have been described as a Summary Report <br />The value opinion reported is qualified by certain definitions, limiting conditions and certifications <br />which are set forth on pages 37 through 40 of this report. The extraordinary assumption as it relates <br />to market value is stated herein. The report is also premised upon the hypothetical condition that the <br />property is vacant and ready for development. The property is currently improved with a 152 <br />residential unit time share resort known as Golden Strand Ocean Villa Resort. <br />This appraisal report is in compliance with the minimum standards of the Uniform Standards of <br />Professional Appraisal Practice ( USPAP 2014 - 2015). Because the intended use of the appraisal is <br />for internal purposes the report may not be in conformance with Title XI of FIRREA and Department <br />of the Treasury Interagency Appraisal and Evaluation Guidelines, <br />