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N - CO AppraisalFirst LLC 8101 Biscayne Boulevard, Suite R-516 Miami, Florida 33132 Phone: 305-470-2100 Fax: 305-381-8047 E-mail: Frank@appraisalfirst.net September 5, M25 Eric Fordin MB RE Investments LLC 2850 TigerTail Avenue, Miami, Florida.33133 RE: The purchase of TDR's for the proposed MiamiBeach Club condominium project to be located at 19051 Collins Avenue, Sunny Isles Beach, Florida 33160. Dear Mr. Fordin: I propose to furnish you with an Appraisal Report ,setting forth the Current Cost of Transfer Development Rights (TDR's), as it pertains to the above referenced subject property. This appraisal report will comply with the minimum standards of the 2024 Edition of the Uniform Standards of Professional Appraisal Practice (USPAP), effective January 1, 2024, as published by the Appraisal Standards Board of the Appraisal Foundation. Specifically, this report adheres, to the reporting requirements set forth under Standards Rule. 2-2(a) of USPAP, as it pertains to an Appraisal Report. The total fee for the appraisal services will be -00. You may indicate your acceptance by. returning a signed copy of this letter along with full payment. I will have the appraisal completed within seven to ten business days. The intended use of the appraisal report will be to assist the client in establishing the cost of Transfer Development Rights (TDR's) as it pertains to the subject property. The intended user is the client stated herein and the City of Sunny Isles Beach, Florida. Once completed and delivered readdressing the appraisal reports to another party or client is prohibited by USPAP. Once an assignment is completed, it is misleading to tryy to. add a new party as client or intended user who was not the original client or identified intended user: Readdressing the appraisal will be considered a new assignment with a potential additional fee.