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Mr. Hans Ottinot <br /> City Attorney <br /> City of Sunny Isles Beach <br /> March 2, 2015 <br /> Page 2 <br /> Extraordinary Assumptions — (1) The appraisers have relied on factual data regarding the subject <br /> property supplied to us by the client. While the appraisers have attempted to confirm this data where <br /> possible, we have prepared the appraisal assuming the information provided to us is factual, except <br /> where otherwise noted. (2) The site is improved with a 1,377 square foot commercial building and is <br /> currently encumbered by a ground lease in conjunction with a car rental operation. The client is <br /> contemplating a purchase of the site and has requested a market value estimate of the underlying land, <br /> under the extraordinary assumption that the property is free from any lease encumbrances. <br /> Hypothetical Conditions—None were employed. <br /> As a result of CMD's investigation and analysis, the Market Value "As Is" of the fee simple interest in the <br /> subject property, as of February 18, 2015, subject to the stated extraordinary assumptions was estimated <br /> to be$9,600,000. <br /> NINE MILLION SIX HUNDRED THOUSAND DOLLARS <br /> Thank you for the opportunity to serve you. <br /> Sincerely, <br /> CLOBUS, McLEMORE & DUKE, INC. <br /> Walter B. Duke, III, MAI, CCIM Steve Kuhn <br /> State-Certified General Real Estate Appraiser RZ375 State-Certified General Real Estate Appraiser RZ3157 <br /> CLOBUS,McLEMORE&DUKE, INC. <br /> MARINA MILE BUSINESS PARK-2860 MARINA MILE-SUITE 109-FORT LAUDERDALE,FLORIDA 33312-(954)587-2701-(954)587-2702 FAX-WWW.CMDFLORIDA.COM <br />