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Sunny Isles Property Ventures, LLC <br />Page Three <br />By virtue of my investigation and analyses, it is the opinion of the appraiser that, the cost per unit <br />for the purchase of TDR's, as they pertain to the subject property, as a fee simple estate, as of <br />September 2, 2014, is: <br />$125.00 Per SF of Allowable FAR <br />Respectfully submitted, <br />Frank Hornstein, MAI <br />State - Certified General <br />Real Estate Appraiser, No. RZ1376 <br />