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<br />INTRODUCTION <br /> <br />IDENTlFICA TlON OF THE PROPERTY <br /> <br />Multi-family zoned land parcel containing approximately 38,725 gross square feet/O,889 acres, <br /> <br />ADDRESS <br /> <br />15795 Collins Avenue <br />Sunny Isles Beach, Florida <br /> <br />LOCATION <br /> <br />Southwest comer of Collins Avenue and Sunny Isles Boulevard, Sunny Isles Beach, Florida. <br /> <br />PURPOSE AND DATE OF APPRAISAL <br /> <br />The purpose of this Appraisal is to estimate the Market Value as of June 20, 2006, being one of the <br />dates of personal inspection. <br /> <br />INTENDED USE AND USER OF APPRAISAL <br /> <br />The intended use of this appraisal is to assist the client in determining a market value of Transfer <br />Development Rights (TDR). The intended user is the City of Sunny Isles Beach. <br /> <br />LEGAL DESCRIPTION <br /> <br />Lot 79, TATUM'S OCEAN P ARKSU BDlVISION, according to the plat thereof, as recorded in Plat Book <br />5, Page 35. of the Public Records of Miami-Dade County, Florida; less portion lying westerly of <br />Collins A venue. <br /> <br />PROPERTY RIGHTS APPRAISED <br /> <br />The property is appraised in fee simple: a fee without limitations to any particular class of heirs or <br />restrictions, but subject to the limitations of eminent domain, escheat, police power and taxation, as <br />well as uti lity easements of record. <br /> <br />QUINLIVAN APPRAISAL <br /> <br />4 <br />