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-•tram R. Brown, MA1. SHPA <br />.tate Appraiser and Consultant <br />August 20, 1998 <br />Mr. Jack Neustadt <br />17070 Collins Avenue, Suite 250 <br />Sunny Isles Beach, Florida 33160 <br />Dear Mr. Neustadt: <br />3502 Bimini, N-3 • Coconut Creek. FL 33066 (30S) 97S-0324 <br />S00 :N.W. 165th street Road • Sake 108 Miami. FL 33161 <br />Mice: (305) 9474727 • Fax: (30S) 94-1 4029 <br />RE: An existing commercial building <br />393 Sunny Isles Blvd. (Lots 14 & 15) <br />401 Sunny Isles Blvd. (Lots 16 & 16C) <br />Sunny Isles Beach, Florida <br />Pursuant to your request, we are pleased to submit the accompanying <br />formal appraisal report. The report, including exhibits, fully <br />describes the subject property and contains all pertinent data <br />gathered in our investigation. <br />We made a careful inspection of the site on August loth and other <br />dates. All property rights were appraised and a study made of all <br />conditions affecting its value, the purpose of which is to arrive <br />at the current market value. <br />A study has also been made to determine its present marketability. <br />Our findings are submitted herein. <br />The current market value or most probable selling price for the <br />subject property, as of August loth, 1998, in its "as is" <br />condition, is: <br />$777,000.00 (Lots 14 & 15) <br />$293,000.00 ( Lots 16 & 16C) <br />$1,070,000 (Property total) <br />One Million Seventy Thousand Dollars <br />We certify that we have no present or contemplated future interest <br />in this property and that our employment and compensation are in no <br />way contingent upon the value reported. <br />Respectfully submitted, <br />Bear ram R. rown,MAI,SRA 4RZ0001699 <br />L..Cobian <br />State Certified General REA Certified General REA <br />#RZ0000457 <br />H <br />