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<br />ASSESSMENT AND TAXES - 2005 <br /> <br />The subject property is assessed under the jurisdiction of the city of Sunny Isles Beach. <br /> <br />The assessment for the property is established each year as of January 1 st by the Miami- Dade County <br />Property Appraiser's Office at 100% of "Just Value." Just Value has been equated to Market Value <br />less closing costs. While the State of Florida requires real estate to be assessed at 100% of Just <br />Value, in reality the ratio of the assessed value to sales price is generally below 100%. <br /> <br />Folio Numbers: <br /> <br />31-2211-045-0010 thru -0660 (66 total folios) <br /> <br />Assessed Value: <br /> <br />The property is currently accessed as individual <br />apartment condominium units. <br /> <br />Tax Amount: <br /> <br />$134,657.82 <br /> <br />Millage Rate: <br /> <br />$22.5837 per $1,000 <br /> <br />OWNER OF RECORD AND ADDRESS <br /> <br />Sunny Isles Resort Developers, LLC <br />1110 Brickell Avenue #603 <br />Miami, FL 33131 <br /> <br />FIVE-YEAR HISTORY OF TITLE <br /> <br />The individual motel condominium units have been purchased by Sunny Isles Resort Developers, <br />LLC in April of2006 for a total price of approximately $23,347,000. Sales Data information related <br />to the purchase of the subject site in on Page 37 of this report. <br /> <br />QUINLIVAN APPRAISAL <br /> <br />6 <br />