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AppraisalFirst <br /> Real Estate Appraisers LLC <br /> PI <br /> 1444 Biscayne Boulevard, Suite 211 <br /> Miami,Florida 33132 <br /> Phone: 305-470-2100 <br /> Fax: 305-381-8047 <br /> E-mail:residential(a.appraisalfirst.net <br /> E-mail:commercialciappraisalfirst.net <br /> February 5, 2015 <br /> Mr. Hans Ottinot <br /> City Attorney <br /> City of Sunny Isles Beach <br /> 18070 Collins Avenue, 4th FL <br /> Sunny Isles Beach, FL 33160 <br /> Re: A commercial property located at 18080 Collins Avenue, Sunny Isles Beach,Florida 33160. <br /> Dear Mr. Ottinot: <br /> As requested, I have prepared the attached appraisal report of the above referenced property. The <br /> purpose of the report is to estimate the market value of the subject property. This is an Appraisal <br /> Report which is intended to comply with reporting requirements set forth under Standards Rule 2- <br /> 2(a) of the Uniform Standards of Professional Appraisal Practice(2014-2015). Under the previous <br /> USPAP for 2012-2013 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 25 through 27 of this report. The report presumes no hypothetical <br /> conditions. The extraordinary assumptions pertaining to potential lease encumbrances is stated <br /> herein. <br /> This appraisal report is in compliance with the minimum standards of the Uniform Standards of <br /> Professional Appraisal Practice (USPAP 2014-2015), Title XI of FIRREA and Department of the <br /> Treasury Interagency Appraisal and Evaluation Guidelines. <br /> I have not provided professional services related to the subject property, as an appraiser or in another <br /> capacity, within the prior three years. <br />