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PREMISES OF THE APPRAISAL 11 <br /> Appraisal Format <br /> Per the prior agreement between CMD and the client, this Appraisal Report is presented <br /> in a format which conforms to the Uniform Standards of Professional Appraisal Practice <br /> (USPAP). <br /> Type and Definition <br /> The value opinion developed within this analysis is that of Market Value, as defined <br /> within the Addenda of this report. <br /> Intended Use of the Appraisal <br /> The report was prepared for and submitted to the City of Sunny Isles Beach for the <br /> intended use of establishing a fair purchase price for the subject property. This report <br /> cannot be used by any other person/entity or for any other purpose. Use of this report <br /> by others is not intended by CMD. This report is intended only for the use in providing <br /> data upon which the client may analyze the property for a potential purchase. No other <br /> purchasers or sellers of the subject property, nor any borrowers, are intended users of <br /> this appraisal report and no such third parties should use or rely on the appraisal for any <br /> purpose. All such parties are advised to consult with appraisers or other professionals of <br /> their own choosing. <br /> Terms and Definitions <br /> Real Estate and Appraisal specific terms are defined within the Addenda of this report. <br /> Property Rights Appraised <br /> The property rights appraised are all of those rights in the Fee Simple Estate. <br /> Date of Appraisal <br /> The effective date of this Appraisal Report is February 18, 2015. This date coincides <br /> with the latest inspection of the subject property and the date the photographs were <br /> taken. <br /> Date of Report <br /> The date of report is March 2, 2015. <br /> Clobus, McLemore & Duke, Inc. <br />