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<br />INTRODUCTION <br /> <br />IDENTIFICATION OF THE PROPERTY <br /> <br />Multi-family zoned land parcel containing approximately 45,389 gross square feet/1.04 acres. <br /> <br />ADDRESS <br /> <br />17475 Collins Avenue <br />Sunny Isles Beach, Florida <br /> <br />LOCATION <br /> <br />Northeast corner of Collins Avenue and I 74th Street, 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 August 14, 2006, being one of <br />the 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 />North 100 feet of Lot 3, TATUM'S OCEAN PARK COMPANY'S SUBDIVISION, according to the plat <br />thereof, as recorded in Plat Book 10, Page 64, of the Public Records of Miami-Dade County, Florida; <br />less portion lying westerly of 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 utility easements of record. <br /> <br />QUINLIVAN APPRAISAL <br /> <br />4 <br />