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INTRODUCTION 4
<br /> Certification of Appraisal
<br /> I certify that, to the best of my knowledge and belief,
<br /> • the statements of facts contained in this Appraisal Report, upon which the analyses, opinions, and
<br /> conclusions were based, are true and correct.
<br /> • the reported analyses, opinions, and conclusions are limited only by the reported assumptions and
<br /> limiting conditions, and are my personal, unbiased professional analysis, and conclusions.
<br /> • I have no present or prospective interest in the property that is the subject of this report, and I have
<br /> no personal interest or bias with respect to the parties involved.
<br /> • my compensation is not contingent upon a minimum valuation or an action or event resulting from the
<br /> analyses, opinions, or conclusions in, or the use of, this report.
<br /> • the appraisal assignment was not based on a requested minimum valuation, a specific valuation, or
<br /> the approval of a loan.
<br /> • the reported analyses, opinions, and conclusions were developed, and this report has been prepared,
<br /> in conformity with the requirements of the Code of Professional Ethics and the Standards of
<br /> Professional Practice of the Appraisal Institute, which includes the Uniform Standards of Professional
<br /> Appraisal Practice (USPAP).
<br /> • the use of this report is subject to the requirements of the Appraisal Institute relating to review by its
<br /> duly authorized representatives.
<br /> • the use of this report is subject to the requirements of the State of Florida relating to review by the
<br /> Real Estate Appraisal Subcommittee of the Florida Real Estate Commission.
<br /> • as of the date of this report, Walter B. Duke has completed the continuing education program for
<br /> Designated Member of the Appraisal Institute.
<br /> • Steve Kuhn made a personal inspection of the property that is the subject of this report on February
<br /> 18, 2015. Walter Duke viewed the property on February 20, 2015.
<br /> • no one provided significant professional assistance to the person signing this report. The analyses,
<br /> conclusions, and opinions contained in the report are the principal effort of the undersigned.
<br /> However, certain functions, such as data collecting and verification, may have been performed by
<br /> other members of the staff.
<br /> • neither of the undersigned nor any other staff of Clobus, McLemore & Duke, Inc., have performed
<br /> appraisal or other services regarding the subject property during the past three years.
<br /> As a result of our investigation and analysis, the Market Value "As Is" of the fee simple interest in the
<br /> subject property, as of February 18, 2015, was estimated to be $9,600,000.
<br /> CLOBUS, McLEMORE & DUKE, INC.
<br /> Walter B. Duke, Ill, MAI, CCIM Steve Kuhn
<br /> State-Certified General Real Estate Appraiser RZ375 State-Certified General Real Estate Appraiser RZ3157
<br /> Clobus, McLemore & Duke, Inc.
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