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<br />ASSESSMEN'f AND 'fAXES - 2005/2006 <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 I 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: 31-2211-004-0080 <br /> <br />Assessed Value (2006): $31,320,000 <br /> <br />Tax Amount: N/A <br /> <br />Millage Rate (2005): $22.5837 per $1,000 <br /> <br />OWNER OF RECORD AND ADDRESS <br /> <br />TRG-Oesert Inn Venture, Ltd <br />2828 Coral Way <br />Coral Gables, FL 33145 <br /> <br />FIVE-YEAR HISTORY OF TITLE <br /> <br />The individual motel condominium units (Folios: 31-2211-051-0010 thru -1560) have been <br />purchased by TRG-Oesert Inn Venture, Ltd. in multiple transactions from June of2003 to September <br />of 2004 for a total price of approximately $19,832,020. Sales Data information related to the <br />purchase of the subject site in the addendum of this report. <br /> <br />QUINLIVAN APPRAISAL <br /> <br />6 <br />