HomeMy WebLinkAboutK-2 Resolution: Property Purchase Option AgreementCity of JVliami Gard~ens
1515-200 NW 167`h Street
Miami Gardens, Florida 33169
Date: July 25, 2007
Fiscal Impact: No ^ Yes X
(If yes, explain in Staff Summary)
Funding Source: Public Facilities Bond
Contract/P.O. Requirement: Yes X No^
Sponsor Name/Department:
Danny Crew, City Manager
Aqenda Cover Paqe
Mayor Shirley Gibson
Vice Mayor Barbara Watson
Councilman Melvin L. Bratton
Councilman Oscar Braynon II
Councilman Aaron Campbell Jr.
Councilwoman Sharon Pritchett
Councilman Andre Williams
Public hearing ^
Ordinance ^
1 st Reading ^
Advertising requirement:
RFP/RFQ/Bid
Title
Quasi-Judicial ^
Resolution X
2nd Reading o
Yes ^ No X
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MIAMI GARDENS, FLORIDA, EXERCISING AN OPTION
TO PURCHASE THAT CERTAIN REAL PROPERTY
DESCRIBED IN THE OPTION AGREEMENT ATTACHED
HERETO AS EXHIBIT "A" IN THE AMOUNT OF ONE
MILLION, FORTY ONE THOUSAND SIX HUNDRED
DOLLARS ($1,041,600.00) AUTHORIZING THE USE OF
PROCEEDS FROM THE 2007 $14.4 MILLION DOLLAR
PUBLIC FACILITIES BOND ISSUE FOR THE PURCHASE;
AUTHORIZING THE CITY MANAGER AND CITY
ATTORNEY TO TAKE ALL STEPS NECESSARY TO
EFFECTUATE THE PURCHASE OF THE PROPERTY;
PROVIDING FOR THE ADOPTION OF
REPRESENTATIONS; PROVIDING AN EFFECTIVE DATE;
PROVIDING FOR THE ADOPTION OF
REPRESENTATIONS; PROVIDING AN EFFECTIVE DATE.
Staff Summary
The City has a critical shortage of land for recreation and open space. Furthermore,
opportunities to obtain additional space for recreation and open space in the City is
extremely limited as development pressures and the cost of commercial real estate
continue to increase in the City. In light of these challenges, staff has been vigilant in
trying to seize every opportunity to purchase property adjacent to existing park facilities.
The Mount Hermon African Methodist Episcopal Church, tocated at 2245 W Bunche
K-2) RESOLUTION
PROPERTY PURCHASE
OPTION AGREEEMENT
Park Drive, represents an opportunity for the City to expand Bunche Park and offer
improved services to the residents of the Bunche Park Community.
Under the authority granted to the city manager by the Council, I executed an option
agreement on the property and upon the approval of this resolution, will move forward
with the necessary testing and procedures to effectuate the final purchase of the
property in the month of August. The sale price for the property is $1,041,600.00 and
funding for this purchase will be taken from the $14.4 million dollar public facilities bond.
The option agreement, contract for purchase, and the appraisal report are attached for
Council review.
Recommendation:
That the City Council approve the attached resolution authorizing the City Manager and
City Attorney to take all steps necessary to effectuate the purchase of the property.
Resolution No.
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RESOLUTION No. 2007 -
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MIAMI
GARDENS, FLORIDA, EXERCISING AN OPTION TO PURCHASE THAT
CERTAIN REAL PROPERTY DESCRIBED IN THE OPTION
AGREEMENT ATTACHED HERETO AS EXHIBIT "A" IN THE AMOUNT
OF ONE MILLION, FORTY ONE THOUSAND SIX HUNDRED DOLLARS
($1,041,600.00) AUTHORIZING THE USE OF PROCEEDS FROM THE
2007 $14.4 MILLION DOLLAR PUBLIC FACILITIES BOND ISSUE FOR
THE PURCHASE; AUTHORIZING THE CITY MANAGER AND CITY
ATTORNEY TO TAKE ALL STEPS NECESSARY TO EFFECTUATE THE
PURCHASE OF THE PROPERTY; PROVIDING FOR THE ADOPTION
OF REPRESENTATIONS; PROVIDING AN EFFECTIVE DATE;
PROVIDING FOR THE ADOPTION OF REPRESENTATIONS;
PROVIDING AN EFFECTIVE DATE.
WHEREAS, pursuant to Ordinance No. 2006-03-84, which amended Ordinance
No. 2005-10-48, the City's Purchasing Ordinance, the City Manager has the authority to
negotiate and execute option agreements on real property for consideration by the City
Council, so long as any good faith deposit money does not exceed the City Manager's
purchasing limits, and
WHEREAS, although the City Manager may execute an option agreement, only
the City Council can exercise an option, and
WHEREAS, the City Manager has executed the Option Agreement, attached
25 hereto as Exhibit "A," and
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WHEREAS, the property to be purchased will be used for the expansion of
Bunche Park, and
WHEREAS, pursuant to the Option Agreement, the Purchase And Sale
Agreement which is attached thereto as Composite Exhibit "B," and incorporated herein
by reference, the purchase price for the property is $1,041,600.00, and
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Resolution No.
1 WHEREAS, pursuant to the Option Agreement, the City Council has sixty (60)
2 days from the date of execution, to exercise the Option, and
3 WHEREAS, the City Council would like to exercise the Option and would like to
4 authorize the City Manager and City Attorney to take all necessary steps to effectuate
5 the purchase of the Property, and
6 WHEREAS, the City Council would like to utilize proceeds from the 2007 $7.5
7 Million Public Facilities Bond Issue for this purchase,
8 NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
9 OF MIAMI GARDENS, FLORIDA, AS FOLLOWS:
10 Section 1. ADOPTION OF REPRESENTATIONS: The foregoing Whereas
11 paragraphs are hereby ratified and confirmed as being true, and the same are hereby
12 made a specific part of this Resolution.
13 Section 2. EXERCISE OF OPTION: The City Council for the City of Miami
14 Gardens, Florida, hereby exercises the Option to purchase the real property described
15 in the Option Agreement and to purchase the subject property in accordance with the
16 Purchase & Sale Agreement attached hereto as Exhibit "B" (the "Property").
17 Section 3. AUTHORIZATION: The City Manager and City Attorney is hereby
18 authorized to take any and all steps necessary to effectuate the purchase of the
19 Property and to fulfill the intent of this Resolution.
20 Section 4. AUTHORIZATION: The City Council hereby authorizes the City
21 Manager to utilize the proceeds from the 2005 $14 Million Public Facilities Bond Issue
22 for the purchase of the Property.
23 Section 5. EFFECTIVE DATE This Resolution shall take effect immediately
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upon its final passage.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF MIAM1
GARDENS AT ITS REGULAR MEETING HELD ON JULY 25, 2007.
SHIRLEY GIBSON, MAYOR
ATTEST:
RONETTA TAYLOR, CMC, CITY CLERK
Prepared by JAMES C. BRADY, ESQ.
Assistant City Attorney
JCB:jIa
SPONSORED BY: DANNY O. CREW, CITY MANAGER
MOVED BY:
SECONDED BY:
VOTE:
Mayor Shirley Gibson (Yes) (No)
Vice Mayor Barbara Watson _(Yes) (No)
Councilman Melvin L. Bratton (Yes) (No)
Councilman Aaron Campbell (Yes) (No)
Councilman Andre Williams (Yes) (No)
Councilwoman Sharon Pritchett (Yes) (No)
Councilman Oscar Braynon II (Yes) (No)
262827_1. DOC
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Resolution No.
~x~~ ~~-~ ~
OPTiON TO PURCFfASE REAL PR~PERTY
THlS QPTIQN is made this ~~~' day of , 20D7, by MT.
~~~5
HERMON AFRlCAN METHODIST EPISCOPAL CHURCH I~aving an address of ~98~
~~~~~v3~,~~ ~~-r ~~ ~ .~ r~ i ~-e
~~~'~~d "' i, Miami, Fforida 33054-6859 ("dptionor°), to Cit}r of Miami
Gardens, having an address of 1515 Northwest 167`h Street, Building 5, Suite 200,
Miami Gardens, Florida ("Optionee").
.
WlTNESSETH:
WNEREAS, Optionor owns that certain real property lflcated in Miarni-Dade
County, State of Fiorida, more par~icu(arfy described as:
Tract A, less the East 740 Feet thereaf, Bfock 24 BUNCHE
PARK, according to the Plat thereof, recorded in fhe Ptat
Book 50, at Page 20 of tF-e Public Records of Dade County,
Ffarida
Together with:
Lof 4Q ir~ Biock 36 0# BUNCHE PARK, accarding to the Pfat
thereof as recQrded in Plat Book 50, Page 20 of the Public
Records of Miami-Dade Count}+, F{orida
(hereinafter "Property"),
which Property is specifcalfy described i~ the Confract far Sale and Purchase, attached
hereto as Exhibit "A," the terms of which are incorporated herein by refereRCe
("ContracY'), and
VIfHEREAS, ~ptianee would fike an aption to purchase, and O~tionor wou{d iike
to grant Optionee the right to purchase the Prape~}r upon the terms and conditions
stated in the Contract,
Nt~W, THEREFORE, in consideration af the monies hereir~ described and for other
good and valuabie consideratian, the legal suffciency of which is heret~y a~knawiedged,
the ~arties agree as foliows:
Optionor granis to 4p~ionee an optian to purchase the Property in
accordance wi~h the ferms set forth in the Contract {"Option").
2_ This Qption is effective as af the date of execE.rtian by ~ptionar and
Optianee, and wilf expire sixty (6f}} days from executian, unless fhe
sarne shall be exercised as provided herein.
3. Optionee may exercise this Option only by delivering a written
natice thereof, signed by Opfionee, to Optianor before the time
herein set for expiration.
4. The date of Optionee's delivery of the notice descrit~ed herein to
Opfionor, shail cons~itute the EfFective Date fior the Contract, and
the provisions of the Contract shaU fake fulf force and effect. 5uch
notice may be sent via fax, e-mai! or first ctass maif. Any such
notice, if sen# by mail, shali be considered de6vered when
deposited in tf~e Unitecf States mail. If sen# via fax or e-mail, such
notice snall be considered defivered upan receipt of a confrmation.
5. UpoR exercise af the Option, the Optionor, as Seller, and the
Optionee, as Buyer, shall perform the Contract as written.
6. As consideration for the grant of this Option, Optionee has paid fo
Optionor, concurrently with the execution of this Option, the sum of
$~D,000.00 ("Optian Amount"), receipt of which is acknowledged by
Optionor. The Escrow Agen# described in the Contract shail hold
the Option Amount in escrow. In the event the ~ptionee shall
exercise the Option herein granted, the $10,OOO.C~O paid in
eonsideratian of the Option sha[I constitute and be deemed for a!I
purposes, the init~a- deposit required by the Cantract. Ef Optionee
decides not to exercise fhe option, Optionee shall have the right to
2
a return af the ~ptian amount, upon providing wriften notice to
Optianor of 4ptionee's decision r~ot to exercise fhe Option, on or
befare the expiration ~f the Op~ion Per~od. However, should
Optionee fai{ to provide such wriften notice, tfzen 4p~ianee shalf
farfeit ai1 rights and ciaim ta the Option Amount, and Optionor shalt
be entit(ed to retain the Optiort Amount.
7. This Op#ion shall be binding upon and shali inure to the benefit of
the parties ta it, and to their respective heirs, successors, or
assigns.
8. [n the event tFrat either party is required to file lega! action against
the other parry, the prevai~ing party st~aA be en~~tEed to its costs of
col{ection, attomey's fees and costs, and interest at fhe maximum
rate affowabfe by law.
9. This Agreement shatt be governed by the laws of the State of
Florida, and venue sha!! lie in Miami-Dade County, FlorEda.
IN W[TNESS VtlHEREOF, the parties have executed this Agreernent,
effective as af the l0{~day of ~u t~_, 2007.
{Signatures ta faflow~
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P/~R7iE5: ~. ~E~N ~'RICAN METHODIST EPISCOPAI, CHURCH ~'S~lle~.
~ CITY 4F MIAMI GARIIENS ~"8~7.
hereby agree that S~~ shali s~Jl and Buyer shaU buy the fotiowing descrbed R~al Property and P~sonal ProPB~Y fccAect~vely ~ProP~Y'7
pursRta~tt ta the t~rrts and concii?iorts of this CanUact far Sale and Purchase and arty riders artd addenda {`Cantraci"J:
!. DE5CR1PTtON:
~ta} L.egal description af the Rea! Pmperty focated in Miaml-Dade Courrty, Florida:
SFF F3~'liTR7T "a"
{bl Streei address, city. ~ip, ot ~e Property:
(c) Personai Property includes exisling rangs{s}, refrigarator(s), ~shwasher(s), ceiting tan{S), IighE fixture(sJ, a~d windaw treatment~sj unless
SpeCifica~y exCiuded below. j
Other itsms inctuded are:
ttems of Personal ProRerty (and leased ii~ms, ii arry) excluded are:
: ~} ~
t6' 3t. PiJRCtiASE PRiCE (U.S. cur~ency) : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - . . . . . . . . . . . . . . . . . . . . . . . ~
17 PAYMEt~FT: 10 , 000 . OD
~ 8. ~~ ~ ~ ~, ~o„~, ~, Arns t ein & Leh r , LLP ~y,n,,,, q~,+~ ~, ~-,a ~~~,t or ~~r~ctcs su~ect ;c c~aaran~) ~
19' (b) AdditiOnel eSCrow deposil to be made t0 Escrovs' Agent withtn 11 days after E#eclive Date
.... .......... ..............................
20' ~sae Paragraph 11~ in the a~rmuni af. . . . . . . . . . _ . . . . . $ 4~ , 000 . 00
21' (c) Fuoar~ing (ses Paragraph t~ in ,he amount of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
22' td}~ther_. .................................................:....... ................................ ~
23 fa) Batance lo close by cash. wire trartsfer or LOC.ALLY DRAN,fiJ c~J'uer~ or officia bar~k cfteckt~). subt~'t l
24' to adjustments orprorations ...................................................................... ...... .. '
25 lit_ TtME FOR ACCEPTANCE OF OFFER AND GOUNTEROFFERS; EFFECTIVE DATE_ ~(,~D(~ ~~~..~
26 (a) ii this offer is not eacecuted by and dei~rvered to a1f parties DR FACT OF IXECUTION communicated ir writing betw~n the ~arties an o
27' be#or~ tu1;~31, ~~~-Z ~ it~s d~past(s) wiN, at Buyer's option, f~ returned and tf~is afier wittrdrawn, l1tJLES`
28 OTHERWiSE STATED, THE TEME FOR A~CEPTANCE OF AFtY GOiJNTEROFFERS StfALL BE 2 DRYS FROt,A T1-fE QATE Tlif
29 COUhFTEROFFER IS DELtVEREQ_
30 (b) The date d Corttract {"Effectiva Date"1 wiA be the date when the Iast one of tha Buyer and Seller has signed or initiated ~his ofter or th~
3i fir+at courterotier. lf such date is not othervrise sat farth in thss Contract, then the "E~fective Date" shall be tha date determined above io
32 acc~tance of tt~is ofler or, if applicabls, thg finaf ~unteroffer.
33 tV. FiNANClNG:
34' ~(a) 'This is a cash transaction with no contingencies for finar~ing;
35' O(b} This Contract Is contingent on B~ryer obtainin, approv~ of a laan ('Loa~ Approva!"~ within days (i blank, then 30 days) afte
36' Eifective Date ("Loan Approval Date"} tor {CF-tECK OIV~Y ONE~: Q a fixed: O an adjustab{e; or ~ a frxed or adjustabis rate loan, in the principc
37' amount of $ . at art initia! interes# rate not to excsed 96, discount and origination fees not to exceed 9
38" oi principal emount, and for a term flf years. BUyer wiU make application witliirt deys (it blank, fhen 5 days) after Eue~tive Date
39 Buy~ shall use reaso.*iatrle diGgence ta obiein Loan P.pproval and notffy Selfer fn wr#ting Qf Loan ApprDVal by Loan ApprovaE DatE
40 satisiy terms and condrtions af tha Loan Approval; and close the ban. Loan Approval whicFi requiras a condition retated to tt~e sale af othE
41 property shail not be deemad Loan Approval for purposes of this subparagraph. Buyer shafl pay at{ loan expenses. If Buyer does not deiivE
42 written r~tice to Ss;ler by loan Apprwal Date statirtig Buyer has sither obtained Loan App~ova! or waived ;t~is frnarzcing contingency, the
43 either party may cancel this Cantract by delivering written nflfice ("Cancetlation Notice"j to the other, not later than se~.~en (~ days prio: t
44 Closing. Seqe~s Cancefkation Notice must state that Buyer has three (3) days to deliver io Sef{ar written notice waiving this financin
45 contingency. tt Buyer has used due diiigence and has not abtasned Loan Apprrn~a~ befere cance~taUan as p~ovided above, B~yer shaA b
a6 rafunded the ciepos~t(sl_ Untess this fir,ancing contingency has been waived, this Contract sha0 rAmain su#~ject 4o the sztisfaction, by Clos~c
47 of those conditions of Loar, Approval retate~i to the P~operry;
48' t_l (c) Assumption of existing mortgage (see rider for terms); or
49' ~(d~ Purchase money note a_nd mwtgage to Se!ier (see Standards 8 and K and riders; addenda; or special clauses ior termsj.
5Q' V. Tf7LE EVfDENCE At least _ da}~s (if blank, Ihen 5 days) before Closing a titfe insurance commitment with legible copies o~ instrume~~t
51 ~~ted as exceptions aStach~c'therete ('Title Commitrnent"J ard, after C~sing, an owner's poliry of title insurance (s~e Standard A fw terms) sh~
52 be obtained by:
53' {CFiECK ONLY ONEj: _J (1) SeE1er, at Selfar's expense and delivered to Buyer or Buyer's attarney; or
54' ~~i (2) B;ryer at Buye*'s expense.
55' (CHECK FtERE}: D ff an abstract ot title is to oe hxn~shed instsad of title irsurance. and att~ch rider for te~ ms.
5F' Vl. CLOStRtG DATE: 7Tti;s transacr+on shatl be clased ar~d ihe closing documents delive~ed on Augus [ 3 I, 200 7 ("C~es~ng°;, unle~
57 mocfifiac by other pravisions ot this Contract. li Bu~,~er is unable to oGtair: H2zar~, Wind. ~Icod. or ~cmeowners' insuran~e at a re~so~ab~e ~3~
59 due to er.treme uezther r~ndi~ian~, S~.ryer may detay Closing far up to 5~ays ofter such ~~overage becomes available.
~? V{l. RESTRtCTtONS; EASEt~tE1~fTS; L[F1tfTATtOt~1S: Se~er sh~Il cor~vFy :^~arf:elab~~ htie subjc~ t to: ccmprehnnsn-e lar:.d use p,~ns. <cn!n.
60 resincfions. prohibRiGns and cther req~ire.mants impose~ by oGVerr;mental authanN; restrictions and matters appearing ;;r ,he p:at or other'.~:~~
----- - -._. .,s .,..,., r,__.._ ....-...,......... ..~ n~..-.,oo ar,~i TF.o Rnn,-ta P.ar r'.1' rN'~~i°_. Re5@''oE'~ p3QB 1 O( 4
St carsmon to the subditision; outstanding a'(, gas and minerat rigfits of record without right ot entry; unptatted pubhc unikty easemenrs ot recorn
32 (located contiguous fo reat property Fir~es and nat mare ti~an 10 teet in width as to the rear or front fsnes and 7 1/2 feet i~ width as ta Fhe side
33 [ines?; taxes for year of Cfosing and subsequent pears; and assumed mortgages and purchase money mortgages, if any (~f addtional ~terns, see
54 addendum}; provicled, that there exists at Ctosing no vioiation of the faregoing and nane prevent use of the Prope~ty far
35' PurpOSe{~•
36 VtEl. OCCUPAPiCY: Seifer shaA deliver occupancy of Property to Buyer at time af Ctasing unless othetwise stated herein. if Property is infended
57 ta be renfed ar occupied beyond Closing, the fact and terms thereot and the tenant(s) or occupants shafl be disc(ased pursuant to Standard F_
3B !f occupancy is ta be dei'Nered before Closing, Buyer assumes all risfcs of loss ta Properiy from date oi a:cupancy shall be responsible and fiabie
~9 for maintenancs from thaf date, and shail be deemed to have accepted Properly ~n its e~sting condition as ot tirr~e af taking occupancy_
70 EX. TYPEWRtT~EN OR FiANDWRI7TEN PROVl510NS: Typawrrtten or handwritten provisions, rid~s and addenda shall control atl printed
71 pravisions of this Canfract in conflict with them.
72' X. ASSI~NRBIUfY {CtiECK pAlLY C3NEj: Buyer 0 may assign 2Rd'thereby be released from any iurther Gabil'ety u~der this Corrtract; Q may
73' assign but n~t be released from liability under this Contract; or ~ may not assign this Contract.
74 XI. DtSGLOSI,tRES:
7S (a} O CHEGK htE~iE if the Property is subject to a special assessment lien impased by a public body payabfe in installments which
76' continue beyond Closing and, rf so, specity wha shali pay amounts due after Closing: O Seller O Buyer p Other (see addendurn).
77 (b) Aadcn is a natural4y occurring radioactive gas that when accumulated in a building in suKcient quantities may prsseni heatih risks to
78 persons who are exposed ta d cver time. Levels of radon that exceed federaf and sfate gu"sdefines have been found in buldings in F3orida_
79 Additionat information regardng radon or radon iesting may be abtained from your Couniy Pc~bCc Health unit.
80 (c} Mold is naturalfy occurcing and may cause heal~h risks or damage to property. tf Buyer is concemed or desires additionaf information
8t regarding moid, Bvyer shoufd contact an appropriate prafessional.
82 (d) Buyer acknowledges receipt of the florida Energy-Efficiency Rating Iniormation Brochure required by Section 553.996, F.S.
83 (ey K fhe real property includes pre-1978 residentiaf housing then a lead-besed paint rider is mandatory.
84 (ij if Selfer is a"fareign person' as defined by the Foreign Investment in Rea[ Property Tax Rct, the parties shatl comply with that Aet.
85 (9) BUYER SFtOULD ~t07' DCECiJ'~E 'fHIS COhfTRACT UNTiL SlIYER HAS RECEtVED AAt~ READ THE NOMEOWM1TERS'
86 ASSOCIATtOWCOMMUN['iY QISCLOSl1RE.
87 (h) PF~PERTY TAX DlSCLOSURE SUMMARY: BUYER SHQULD NOT RELY flN TFiE SEL.LER'S CEIRRENT PROPERTY TAXES AS THE AMOUNT
8B OF PROPERTY TAXES THAT THE Bl1`(EFi MAY BE OBLIGATEQ TO PAY {N THE YEAR SllSSEQUEf~IT TO PURCHASE. A CHANGE OF OWNERSHiP
89 QR PROPER~iY IMPROVEMBJFS TRIGGERS RFJ~SSESSMENTS OF THE PRQPERlY THAT CQUI~ RESULT !N HIGHER PROPERN TAXES. iF
9o YOU HAVE fWY QllESTIONS CONCERNIt~G VALUATION, CONTACT TNE C~UNTY PROPERIY APPRAISER'S OF~ICE FOR 1N~ORMATION.
91 XII. MAXIMUM REPAiR COSTS: Seiler shall nat be responsibfe ior paymenis in excess of:
92` (a} $ for treatment and repair under Starsdard D{if blank, then 1.5% of the Purchase Price).
93' {b) $ for repair and replacemenk under Standard N nat caused py Wood Destroying Organisms ~i blank, then 1.59'0
94 of the Purchase Price).
95' XlII. HOME INARRANTIf: C] Sellcr 0 Buyer D N/A wll pay tor a horna warranty plan issued by
96' ai a cost not to exceed $
97 XN. RIDERS; ADDENDA; SPECIAL CLAUSES: Ct[ECK those ridars w€~ich are applicable AND are attacf}eci to and made part of this Contract:
98' a CONDOMINfUM 0 VA~FHA C] HOMEOWi~fERS' ASSN. D LEAD-BASED PAIr1T O C~ASTAL CONSTRUCTION CONTROL LIi~E
99' O INSULATtaN Q"AS t5° ^ Other Comprehensive Rider Provisions 0 Addenda
100' Specia! Clause~s}:
701'
102'
i03"
i04 XV. STAPFDARD$ F~R REAL ESTATE TRANSACTiONS ("Standards"}: Buyer and Seilar acknawlsdge receipt of a copy of Standards A
i 0.5 through Y on the revarse side or attached, which are incorporated as part of this Contracf.
~ ~6 7NtS !S IN'['EfVDED TO BE A LEGALLY BiND1NG CONTRACT. 4F NOT FULLY IENDERSTOOD,
107 SEEK TtiE ADVICE QF AN A~TORi~lEY PRIOR TO SIG-~Itt~lG.
108 THIS FORM HP,S BEEN APPROVED BY TI-!E FLORIQA ASSOCIATION OF REALTORS• AND TFfE FLORIDA BAR.
109 Approval does not constitute an opinion that any of the terms and conditians in this ConVact s!-hauld be accepted by the parties in a
110 particular transaction. 7erms and conditions should be negotiated based upon the respective interests, objectives and bargaining
111 posfiions of all interested persons.
~ 12 A[~! ASTERfSK(') FOLLOtNfNG A LINE NUtutBER IN TF-{E MARGtN WDICATES THE LJNE CONTAINS A BL 4E~fK TO BE CQMPLETED.
1t3' CTTY OF MIAIViT (;Al?iIFNS ~~+ _
114 {BUYER) ~DATEJ {SELL EP~OP CHUBCH. (DRTE)
1t5' ~ ~ /
1 t6 (BUYH~) (DATE~ (SELLER) (D TE~
~ a ~ s k/. ~3~~«~x
117' Buysrs' address for purposes of notice 1515 Northwes t Se!lers' address for purposes of notice ~~~ ''~es t
~~g-I67th Street, Building 5, Suite 200, Miami 1 ,, Miami, FL 33054-
1~g, Gardens, Florida 33169 ~.~ 5d ) b22_RpDQ phone ~ S3oS~ (~Z (- ~Dla7 Phone
120 BR~KERS: The brokers (nduding cooperating brokers, if any~} narned befo are iF:e o bro rs entiil t c pe~sation in~~tion with
12~ this Contract: /~ I~6~~,,, S, ~
122' Name: t' ~
123 Caoperating Brolcers, if any Listing Sroker
FF~3r RA-7s Rev. 7/p4 Riders can he obtained irom Florida LawYers Suppori Services fnc. (FLSSI) ~407} 515-~501 Page 2 ot 4
..~ .+ ... r~__,,_ w_..__._..~J. .~~ ~.-..-...-.-- .,n.1 Tho Clnr.i+o Rn. All Ri/~htc GPCP/yp[1 -
~2~ SYANDARDS FOR REAl. ES7ATE TRIW3ACTfONS
'i25 A. T1TLE iNSURANCE: Th2'T~e Conunilrnent st~a9 be iss~ed by a Elaida 6censec! title ~sixer ac~eeing to issi n Buye~ upaz ceconling of ihe d~d to Buyer, an
126 ownef§ poficy of tiUe ir~,scxa~ce in the amae~t of the purchase Prioe, i~rcirg &ryer~ martcetable tftle to the Reai
~'~~Y ~1~ ~Y to rnatfers crntairied in
127 Para~aph 1~N and Sf~ose to be d'~charged by SeAe~ at or befo~e C~osirx3. Marketat+te titie sf~ be deterr~rned accordng ta appt~cabfe T~+tle Staridards adonted try
~ 28 authwity oiThe Florida Bar ~d in aa~.ordarxe with taw &rysr shafl t~ve 5 days fran date of receiving fhe T~~e Corrunitment to ~ie ft, and if tiqe is fotmcf defective.
t 29 notify Se9er fn wrmrg sp~cifying defect{s) wtrich r~nder tdle enuna~ketable. Shcer shali have 30 da~ys from ~ecetpt oi notice to 2rn~ve the defects, faTax3 whsch Buyer
130 shatl. within 5 clays after e~cpiration af the 30 day p~riod, deriver writt~ notice to SeUer e~her: (t) exter~ the tirrae for a rasos ~w period nat to exceed t 20 days
13t wiftan wEsich SeliPx shal! use ct~"gent ef~rt to rernove tl~ detects a(2) re~tin9 a refunci of cieposit(s} Paid which shaN be 2turr~ed to Biryer. !€ Buyer fails to so rmlity
132 SeNeG Buyer Shad be deemecf to have accepted the Utle as ft U~en is. SeRer st~aft, if title is iouxf unmacicetable, use d~kgenf etfart to correct detectfs) wittun !he time
133 prt~vuiad. 1!, aRer ~t eftor~ Sal~r is urx~ble to Eenely oarec.i ths defects, &ryer shaN eifk~er waive the defects, a receive a ret~md of deposit(sJ, th2reby r2teasing
134 Buyer arid Sellet tfnrtt 3@ ftatt~ obig3tior~s tx~der tltis CAntract. If Se~ is to provicle the TrEfe CantniEment and it is delivered t0 Stryer I~..ss than 5 day5 prior to Cbsing,
~ 35 Buyer rrmy e~end Cbsng sa lhaf Buyer shal fiave up to 5 days 4rom date of raceSpt to exar~e same ~ ac~ordar~ce withh tfis Standard.
13B B. PURCHASE MOt~t~1' MORTGAGE; S~CUR[TY AGREEMEI~ET TO SELLER: A purchase rnoney mortgage ar~ mortgage no4e to Se~er shall p~ovide for a
137 3p day grace period in the event of deEautt if a frrst mortgage and e 15 day grace period it a se~nd a lesser moRgage; shall provids for right of prepayment
138 in whole or in part witiwut pena[ty; shaH parmrt acceleration in ev~f of transfer oi fh= Reat Property; shalk require aH prior 6ens and encum~es to be kept
t39 in good standing; shaU forbid modiFicati~s of, or iutur~ advances u~der, prior mortgage(sy; st~ require Buye.r to maintain poficies oi irzsurance coniaining a
140 startdarci martg~ffe ctause covering all improvemerits focated on the Asaf Property against fire and afl perifs ine4uded wffhin the term 'extended coverage
f 47 endorsertients' and sucki ott~er risks and perils as Seller may reasonaG[y require, in an amount equal to tf~efr highest insurable vahle; and the mortgage, note
14Z and se~urity agreemertt shaR be otherwise in form and content required by Seiler, but Seller may ~ly require clauses and coverage customanTy famd in
143 mort9ages, mortgage notes and security agreements generally utilized by savings and ban instittttions or state or nationa( ban~cs located in ihe county wherain
144 the Rea! Property is bcated. Afl Personal Property and leasas being conve}red or assigned will, at Ss{ler's option, be subject to the lfen of a security agreement
145 evidenced by recorcfed or ~led financing statements a certificates of tiffe. If a baAoon mortgage, the final payment wiU exceed the periafic paymerrts thereon.
146 C. SURVEY: Bu~er, at Btryer"s ~cpense. within trrne a9owed to de(n+er evider~ce of title and to examine sarrse, mray have the Rsal Property s~trveyeC and certified
147 by a registe~ed Florida surveyor. ~ the s~avey dssctoses encroachments on ftie Reaf Proparty a that lmprovernents br,ated thereon encroach on setback lir~es.
i46 easements. lartds pt others or vidaie arry restrictlons, Cordrdct covetiants a applicable gwernmental rec3ulatiatis. ihe same shaJl constituis a title defect.
t 49 D. WOOD DES7RC>YING ORGl1NlSMS: "Wood Destroykg Organisrns" (WDO) shaH be deerned to a~chxJe a@ wood destro~m~g c~an;sms required fo be ra,~orted
150 ixider ihe Fbrida SEn.rchaal P~t Control Act. as art~ended. Buyer, at Buyer's expense~ may F~e the Praperty inspected try a Flaicfa Certtfied Pest Corit~al Operator
151 ('Qperffiot') wiif'an 20 da~+s after ihe Effeclivs Oate to determine tf there is any vis~'bte active VJDO inFestation or visbt~ darts~ge fnxn WDO infestation. eacCiu~ng fences.
152 Ef e'stha~' or both are tound. B~Yer may wttt~n sald 20 days {i) have ~st of Uaa~l o! active irdestation estlmated by the Operator: (2} have a~ damage irxspec.-ted
153 arxi cost of repair estimated by an appropriatey ~censed corTtracttor; and {3y repat such cost(s) to Se~{ar in K~It6~g, Setler shaN cause the treatmerit and repah o! atl
15a WDO damage to be made and pay Ihe costs ttieiaof up io the amant pm~nded in Paragr-aph XI!(a}. fF estimated costs axceed that arnouni, euyer sr,aa r,a~ sj,e
155 opiion of cancekng Ehis Contraci py giving wrtTten notice to 5efler within 2(} dzys afier ttie Ef#ective Date, or 8uyer may elect to prnceed with ttie transection and
~ ss receive a credt at Clasirg equa! to the arrxxxit providod a~ Pacagraph ?qHa}. it Suyer's lender roquires an updatecl WDO repori. then Biyer shalf, at Buyer's oxpense.
157 have the o~ortunity to have tlie Properly ~inspected tor WDO intsstation and have the cost of actNe trrfestatia~ or new dNnage estimated and reported to Satler
158 in writing at least 10 days prior to Cbsing, and Uiereafter, 5eiler sha11 cause such freatmerrt ~d repar co be made arxi pay the cost tr~ereoS: pro~,Aded, Selter's total
159 obtigation for treatment and cepair coMS reqibred txxier both the txst arxi second lnspection sha~ not exceed the amau~t provided n Parac~aph XII (6).
160 E. ftJGRESS MtD Et3RESS: Seller warrartts and represertts that there is ingress arrd egress to tt~e Real Property suffrcierit for Its Intended use as descr~bod
161 in Paragraph V[f hereof and titte to the Reai Property !s insiaable in accordarice wtth Standard A without exception for lar.J< of legal rfght of access.
t 62 F. tFASES: Seller shalt, at least t 0 dayrs before Gasing, tumish to 6uyer copies of all w+itten leases and estoppet letters from each tenerH specttyir~ the nsture
163 and duration of the tertanYs occupancy, rentai rates, edvanced rent and security deposris paid by tenarti. li Setler is unahte to obtaln such tetter trom each
1E4 tenant, ihe sarne information shan be hrnashed by 5elk~r to Buyer within that time period in the form of a Seper's atbdavtt, and Buyer may th~ea{ter contact
4 fi5 tenanF to confirm such informatbn. t1 the terms of the leases dit[er materiaffy Erom Seilsr's representations, Suyer may serminate this Contract by defrvering
186 writtsn notice to SelEer at Isast 5 days ptior to Closing. SeAer Shaft, at Closing, defrver and assign a6 arig3nat teases to 8uyer.
167 G. l.fENS: Se1{er shall fumish to Buyer at t$ne ot Clasing an affidavit attesting to the abserice, ~nless otherwlse pravided tor herein, o! any ~nancing statement,
~fi8 G2ims ot lien v potentfa( Iienors imown to SeQer and {urtt~ attesting that there have been no improvemerKs or repa'us Yo the Real Property for 90 days
169 immediatey preceding date ot Cfosing. l€?he Reat ProperEy has heen imprwed or rgpairsd wittun that time. Seiler shalE delNer reieases or waivers of constn~ctton
t70 I[ens execu[ed by aH generat cor7tractors, si~bcontract~rs, suppl"iers and maierlafrnen in addifion to 5alter's 6en a~idavft satting forth the names of aIf such general
17i contractors, subcorttractors, suppGers and maferialmen, further etfirming thai att cFisryes for impravements or repairs wt~ich ~outd serve as a basis for a
172 cortstruction Cien ar a clalm tor damaqes have been paid or ~nnll be paid at tt~ Closir~g ef this Contract.
173 H. PLACE OF CLOSING: Closing sha11 be held in the county wherain the Reaf Property Is focated at 2he otfice of the attomey or other c~osing agent ("Ciosirx~
]74 Agent'~ designated by ttte F~h' PaN~9 for t~tfe kistxancs, or. if rw title hisurance, designated by Seller.
175 L TIME: ln cz~mputing tirne pe~lods af less than sbc (61 days. 5ariadays, Sundays and state or rcational legaf tw~idays shal! ba exch~ded. Any time Pe~iods Drovided
176 fw herein v+tvcti sha6 erid on a Saturday, Sinday. or a{egal ho8day stzal extend !0 5~00 p.m. of the next business day Time is af the essence fn thts Conhact.
177 J. CLOStNG DOCUMENTS_ SeYer shatf furnish the deed, b~ of sale, certificate of Mie, oonstri~on ben af~avit. awria'S passessiort afiidavi~ assigrw~r~ents ot leases,
178 tenant arxi mortgag3e estopg~el lett~s and carective trtstnxnerns. &ryer shaA f~rn'sh mortgage. mortgage note, secxrst~' a9reerr~nt arxi firandng sEaternestts.
179 K. EXPENSES: Documentsry stamps on the deed and recordUx3 of correctnre instrumer~ts shalt be paid by Se9er. All costs oi Buyer's ioan (whether otrtained
1 BO from S~ler or third party}, including, but not ~rnfted to, documentary starr~s and 'miarx}ible tax on the pur~hase money mortgage and any mortgage assumed,
i8i mortgagae titla Insur~rx~,e ~ammitment with related fees, and recording o( pumhase rr~oney mortgage to Seller, deed and financing statemenis sha)I be paid by
~82 BuYer. Unless ott~erwise provided by law or rider to Uils Contract, charges ior #he foHowing related title services, nameiy tltle evidence, title examination, and
i83 closing iee fncluding preparaSion of closing statement~, shall be paid by the party responsible for fumishing the titie evldsnce in accordance with Paragraph V.
184 L PRORATIONS; CREDCfS: Taxes, assessments, rer~t, interest, insurance and other e~q~enses Q1 the Properiy stsan be prorated through tha day betore C-asing.
l85 Buyer shall have the opiion ot taking over existing policies ot insurance, H assumab4a, o~ wfiicfi event pmmiums shall be prerated. Cash at Gtosing shatl be
186 fne~eased or dec.reased as may be rec}uired by prorations to be made ttuough day prior to Closing, or occupancy, it occupancy occurs beiere GosU~g. Advance
187 r~r+t and securiFy deposifs wit! be credlted to $uyer. Escrow depasits held by mortgagee will be crecfited to Sellsr Taxes shall ~ prorated based on the current
18B year's tax wiEh due ailowance made fa maximum atlowable cfiscount, homestead and other exemptions. If Cbsing occurs at a date whsn the currant year's
t89 miflage is not fuced and current year§ assessrrient is av2ilable, taxes witi be prora5ect based upon such assessmerri and prior yaaPs miltage. ft current year's
t90 assessment is not avallable, tt~en taxes ~nn'0 be prorated on pr~r year's tax tf th~e are completed improvements on the Re~ Property by Jaruary 7st of year ot
191 Cbsing, wfvch improvements were nof in exu#er~ce on January 1 st of prior ys~r, then taxes shaB be prDrated based upon prpr year's millage and at an equitable
192 ~ssessment to be agreed upon beN+reen ihe parties; failing which, requP„st shall be made to fhe Courty f'roperty Appraiser tor an intomcat sssessment taking
1~3 into account availahle exemptior~s. A i~ proratitm based on an estimaie sha~1, at req~~est oi either party, be rea~justed upon receipt of currenE year's tax bill.
t94 M. SPECtAL ASSESSMENT LIEHS: Except as.set torth in Paragraph Xt{a), certified, confirmed and riified sper:iat assessmeni 6ens impesed by public bodies
i95 as oi Closing are to be paid by Selfer. Pending Gens as of Ciosing sha!f be assumed by Buyer. If the improvement has been subsEanlialy compleied as of
196 Efle~tive Date, any pending lien sh~tl be considered certified, canfirmed or rati(~ect and Seller shafl, at Closing, be charged an amount equat to the last estimate _
197 or assessment ~or the improvement by th~ public bcdy.
FARBAR-7s Aev. 7/64 B 20Da Florida fLssociation of REr.~;oR~ and The Ftorida Ear A,Ii Rights Reserv~d Page 3 of A
Fj ~ 3TAfiDARDS FOR REAt. ESTATE TRAl~tBACTtON3 (CONTENUED)
y N. t#~fSPECi'tON AND f2EP,413i~ Seiler +nrarrants ihat the ceiling. rooi (uicl~rtg the tascia and saf~tsj, exterior and 'slferior walis, foundation, and dockage of
0 the Property da not have arry visibls evidence oS leaks, water damage, or structurai damage and tFrat the septic tank, poo~ all aRpLances. mechanical i!ems.
1 heating. cooling, electricat, Plumbir~g systems. and machinery are in Working Condtion. The foregoirx} warranty shaD be iimited io the items specified uniess
2 atheswise prowded in an addendum. Buyer may inspsct, or, at &ryer's expense, have a Frrm or indfvidual special¢ing in home inspections and holdirx~ an
3 occupaiionat license ior such purpose (1 requiredj. or by an ~propriatefy {;censed Roricta contraetor. make inspectio~s oi, those dems within 20 days after the
4 Eftactive Date. Buyer shall, prior ta Buyer's occupancy but nof more than 20 days after Eifective E7ate, report +n w~iting to Sefter such items that do not meet
b ths above standards as to defects. Unless Buyer fimelyr reports such defecfs, Buyer shaii be deemecl Eo have waived Seller's war~anties as to defects not
8 reported tf repaics or replacements are rec}uired to comply wiEh ttus Standard. Sefier sha[I cause tham to be made and sha~ pay up to ihe amouM pravided in
=7 Paragraph Xl! (b). Seller is not req~vred to make repairs or replacamenfs of a Cos~natic Condition unless caused by a defect Seller is respwis7ble to repair or
~6 replace. K#he cost for such repair or repiacement exceeds the arnount provided in Para~h Xli (b}, Buyer cx Se4er may eled to pay such excess, fa~irsg which
~9 e~ther party may cancel this Gontract. If Seller is ~ab4e to carect t~e defects prior to Cbsing, the cost thereof shalt be paic4 into escrow at Ctosing. For purposes
0 ot this Co~tract: (t }'Worlcing C~tion° means operating a~ fE~ manner in whkh the item was da~gned Eo operate; (2} "Cosmetic Cond'rtion" means aesU'ietic
t impertections that do r~t affect f!'ie Working Conciition ot the rtem, inckid~~ng, but r~at Gmited t~ piried marcite or ottier pooi tinishes m'~ssing or tom screens:
2 foggec! wirxinws, tears, wom spots, or d'~scobrat~on of floor coveriix,~s, wallpaper, or window tseatments; naH hotes, scratches, derrts, scrapas, chiGs or caulking
3 in cB@ings, walls. nooring. fixiures. or mirrors: and minor cracks in floors, tiles. windows. drivev,rays, sidawalks, a pool decks: and {3) cracked roof tiles, curling
4 a worn shingles, or limited roof life shalt not be considersd defects Sefler must rep~tr or reptace, sa long as there is no evidence o( act~f lea}cs or feakage or
5 structural damage, but missing [iias wiEl be 5ellsr's respansibility ta repiace or repair.
6 O. RtSK ~ LOSS: tf ihe Praperty is darr~ed by fire cx other casualty before Closing and cos[ af restoration does rtot exceed 1.59'0 of the P~rchase Price, cost
7 of rest~ration straq bs an obtlgaiion of Selier and Closing shaN proceed purs~arri to the terms ot this Contrad wilh restoration costs escrowed at Giosing. ~ t'~e
B cost of rest~atlon euceeds 1.59'0 of ihe Purchase Price. Buyer shatl eiFher take the Property as is, logether wfth eittier tlie 1.596 or arry iruurance proceeds
9 payable by virtue of such foss or damage, or receive a r~fund o[ deposft(s), tEiereby releasing &ryer ar~d Se~ler from a9 iurtr~er obligations usder thfs Cantract.
'0 P. GL4SiNG PROCEDURE: The dsed shalf be racorded upon cieara~r,e of funds. tf the titie agent insures acfverse matters pursuant to Sectlon fi27.7841, F.S..
? 1 as ament}ed, the escrow and cbsirig proCedure required by ihis Standard shatl be waivect. Unless waived as set forth above the foliowing ctosirig procedures
~2 shall appfy: (t} afi closirzg proce~ds shall be tseid in escrow by ihe Ctosing Agent tnr a period of not more than 5 days after C~osing; (2) it Seller5 titie is rendered
>3 tnmaticeteble, throi~h no fautt of Bvyer, Buyer shaR, withit~ the 5 day period, notity SeNer in writing ot tt~e defec[ and SeAer shal! have 30 d2ys frorrt dats of receipt
?4 of such +~otificat+on to cure the defect; (3) iE Seiler fails #o timely curs the defect, ali deposits arxi cbsfng furxis shaA, upa~ written demand by Buyer and wittun 5
?S da~s after demand, be raSumed to &ryer and, simuflaneousty wiEh such rapaYmerrt. BuYer shatt retum the Personal Property, vacate the Reat Pro~erty and recornrey
?6 the Property to Seller by sp~ia[ warranty deed and b~ll of sale: and {4) if Suyer Falls to malce tirnety derr~and for relimd, Buyar shaff take tl~e as 1s, waiving a6 rights
_'7 against Setfer as to any inten+ening de#ect except as may be ava~'IaB43 to Buyer by virtua of warr~u~E~es cont~-ined in ihe deed or bBl of sale.
?8 Q. ESCROIM: Arry Closing Agerd or es~row ag~t {coUactively AgenC'} recc~tving funds or equ'walent is a~orized and agrpes by accePtanoe of [herr~ Fo deposit
?9 tliem prompt}~r, hoid sarne in esr,row and, subject to cSearance. disbLase thern in accoKlance with teFms arxl conditions o( tMs Ca~iracL Faifcxe of fimds to dear shatl
io not excuse &ryer`s perfamancs. If in da~t as to Aget*Ys duties or Gabilities under ihe provisions of this Coniract, Agent may, at AgenYs opuon, cor,nr,Ue to now me
3 t s~tbjeci matter of the escraw e~iil the parUes h~eto agrae to its d~.sburserr~ent or until a fudgment of a court of compatert ju+tsdicxiori shaN determina the rights oF the
32 parties, ar Agent may deposit sarrie with the cferfc of the draxt court hav~g jurisdiction of the d'~spute. M attorney who repr~er~ts a paRy arx2 atso acts as Agerd
33 may represent such parry in such ~. Upon notitying a~ parties concemed aE such action. a9 Babif~ty on the part of Agent shaG fuly tercn~ate, excepi to ttie extent
34 of accounttrg for any items previoi~~-y dekvered aut ot escrow. 8 a ~icensed reaf estats bro4cer, Agent wi6 cor~tpy wiih provisions of Chapter 475, F.S., as amended.
35 Arry suft between &ryer arxt S~'ler vvhere~ Agent is made a~arty because of ac6ng as f~„gent hereunder. or in arry s~t wt~in Agenf a cterpleads tFfe subject matter
36 of ths escrow, P~r~t shatt n3cover reasonable attorney's faes and costs irxxxured with Viese arncxints So be paKi lrom and o~1 of ihe escrowed hu~ds a equnralert
37 and chargeci arxl awarded as court casis in iavor of ihe prsva7ng party, The Agent sFmG not be Sabfe to any parry or person ior misdeinrery Eo Bv~rer or Ssller af rTerns
38 subject to the ascrow. uniess such misdeSNery is due to williul bisach ol the pravisiaZS of tliis Contract or cyoss negfigence of Ac~t.
39 R AT'TORNEY'S FEES; CQSTS: In ary Ittigation, including breach, eriforcemer~t or intEVpretation, arising a.~t of this ConVact, fhe prevalla~g party in such
~0 litigatlon, which, ior purposas d this Standard, shall include Sefler, Bvyer and arry brokers acFing in agency or nonagency reJaifortshtps authorized by Chapter
4i 475, FS., as amended, shall be entitleci to recover irom the non-prevaBing party reasonable atiomey's fees, costs and expenses.
42 S. FAILURE OF PERFORMANCE: tE Buyer fals to perform this Contract wdhin the time specified, including payment of all deposits, ihe cieposit(s) paid by
43 Btryer and depos+t(s) agreed to be paid, may be re~overed arid retainsd by and for ihe accaurt of Selter as agrsed upon liquidated damages, consideratiorr fot
44 the execuFion of this Cortiraci and In !uU ssttfement of arry claims; whereupon. Buyer and Seller shail be relieved of all obl'~gafsons ~dar thls Contract; or Setler,
45 at SeUer's opfion, may proceed in equity io ~niorca Seller's dghis under this Contract. ff for arry reason ottr.~r thart fa~lure of Seller to make Sefler's title marketable
46 after dil'~gent eftort, Ssller fails, neglscts or r2tuses to perform this Contract, Buy~ may seek s{~ecfic parformance a elect ta rece'rve [he ratum of Buyer's
47 deposit{s} without tt~ereby wa'rving any action fw damages resulfing from Setler's breach.
48 T. CONTRAGT NOT RECORDABLE; PERSONS BOUND; NOTICE; FACSiMILE: N~tt~r thls Ccntract nor any natice of it shalt be recorded in any pubiic
49 records. This ConUact shalf bind and inure to the benefii of the par6es and their si.~ccessors in interast. Whenever the cantext permRs, sngular shall incSude
50 pktraf arK1 orte gender sha11 include ali. Notice and delivery given by or to the attomey ar broker representirg ariy party shall ba as eNective as rf given by or to
5t tha! party. All notices must be in wrising and may be made by mail, personaf deSivery or electro~ic media. A tegble Facsimile copy of this Contract and any
52 signatures hereon shalt be considered tor att purposes as an original.
53 U. GOtJVEYANCE Seller shafi convey marketab~ title ro the Reaf Property by staiutory wananty, Vustee S, personat reprESentative's, or guardan's dead. as
54 appropriate fo the status of Sefter. subject onty to mariers contained in Paragraph VII and tl'sose otharwise accepted by Buyer. Personal Praperty shalt, at the
55 l2CjG85t 6f BUy6f, be transferred by an absoluEe bill of sate with warranty of title, subject oniy Fo such matters as may be otherwise prov;ded tor hereln.
56 V. OTHER AGREEMEN'iS: No prior cr present ag~ements or represerrtations shatl be binding upon Buyer w Seller unless included ln this Contract. No
57 modificatian to or change in this Contract shall be va(id or binding upon the paRies unless in writing and executed by the parties irtended to be beund by it.
58 W. SEILER dISCLOSURE: There are no facts known Eo Seller materiaJty aSectirig the value ot Fhe Properry wttich ~re not readily abservabfe by Buyer or which
58 have not been d3sclosed to Buyer.
60 X. PROPERTY MAINTENANCE; PROPEaTY ACCESS; REPAtR STAt1DARDS; ASSIGNMEtJ7 OF CONTRACTS AND WARRANTIES: Se11er shalf mairtain
fi1 the Properry, including, but not limited Eo lawn, shrubbery, and poot in the condition exisYvig as nt Effectnte Date, artlinary wear and tear excep[ed. 5etter shall,
62 upon rsasorrable notiCe, provide uti~ties service and access to the Property for appraisal and inspections, indudng a walk-through pria to Closing, to confirm
63 that ap items of Persort~ Property are on ihs Aeal Property and, subject to the foregoing, that aN required repairs and replacements have been made, and that
64 the Pmperty has been malntained as required by this Standard A- repairs and replacements shatl be completed in a good and workmantike manner, in
E5 accordanCe wiih aIf requirements of law, and shad consist of maFeriats or items ot ouality, value, capacity and pertamance comparable to, a betler than, thai
66 existing as ot ftie ESective Date. 5etler K-ill assign all assignabls repair and Sreatment contracts and waRanties to 6uyer a? Closing.
E7 Y. t 031 DCCHAN~E: {f either S~ler or Buyer wish [o enter into a like-kind exchange {eithar simultaneous with Cbsing ar detemed} with 2spect to the Property
69 under Section 1037 of the internal R?venu2 Code ("ExChange'~, l~ other party shall cooperate in atl reasonable respects Eo effectuete ihe Fxchange, inciudi~g
69 the execution ot documents; provided It) the cooperatir.g party shad incur no Iiabiliry or ex.pense related to the Exchange and {2J the Closmg shalf not be
70 contingEnt upon, nor e~endai or delayed by, such Exchanoe.
FAR~B.4R-7s Rev. r`IGa r9 2004 Rcrida P~cso~ation of RES~rorxs" and The Florida Bar All Righ[s Reserved Page 4 of 4
EXHIBfT "A"
Tr~c# A, less the East 140 Feet fhereof, Block 24 BUNCH~
PARK, according to the Plat thereof, recorded in the Plat
Boak 50, af Page 20 of the Pubfic Records of Dade County,
~lorida
Toge#her vrith:
t~at 40 in Block 36 of BUNCHE PARK, according ta the Ptat
thereafi as recorded in Plaf Book 50, Page 20 af fhe Pubfic
Records of Miami-Dade County, Florida
~~h~ b~ t-~-
VALUATION ANALYSIS OF
Property I.D. # 34-2115-004-2380
And
Property I.D. #34-21150003-6470
APPRAISAL ANALYSIS PREPARED FOR
Genuine Love Family Ministries
4859 N.W. 183~d Street
Miami, Florida 33055
PREPARED BY
Donald Muncy, LLC
Charles D. Muncy, President
State certified general appraiser #RZ0000105
224 E. Commercial Blvd., Suite #204
Lauderdale by the Sea, FI 33308
Phone:(954) 772-2203 fax: 772-2209
Toll free: 1-800-213-6060
Donald Muncy, LLC
Charles D. Muncy, President
State certified general appraiser #RZ0000105
224 E. Commercial Blvd., Suite #204
Lauderdale by the Sea, FI 33308
Phone:(954) 772-2203 fax: 772-2209
Toll free: 1-800-213-6060
March 28, 2007
Genuine Love Family Ministries
4859 N.W. 183~d Street
Miami, Florida 33055
Attn: Pastor Charles Thompson
Re: Property located at 2245 W. Bunche Park Drive, Opa Locka, Florida 33054
15620 W. Bunche Park Drive, Opa Locka, Florida 33054
Dear Pastor Thompson,
As per our prior discussions I am submitting an appraisal report of the above referenced
property.
I have prepared a complete self-contained appraisal in summary format in conformance with the
Uniform Standards of Professional Appraisal Practice of the above referenced property.
The purpose of this appraisal is to estimate the market value of unencumbered fee simple
interest in the subject property. Market Value is defined in the body of this report.
Enclosed herewith is my report, plus exhibits, of which this letter forms a part, outlining the data
and conclusions upon which this appraisal is prepared.
After due consideration of all the pertinent facts, it is my opinion that the Market Value of the
subject property appraised as of March 26, 2007 is:
ONE MILLION FOURTY ONE THOUSAND AND SIX HUNDRED DOLLARS
$1,041,600 O
Respectfully submitted,
Charles D. Muncy
State Certified General Appraiser
CERTIFICATION
I certify that, to the best of my kno~vledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and
are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.
3. I have no present or prospective interest in the property that is the subject of this report, and no personal interest with
respect to the parties involved.
4. I have no bias with respect to the property that is the subject of this report or to the parties involved in with this assignment.
5. My engagement in this assignment was not contingent upon developing or reporting predetermined results.
6. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined
value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated
result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.
7. My analyses, opinions, and conclusions have been developed to be in compliance with the Uniform Standards of Professional
Appraisal Practice.
8. I have made a personal inspection of the property that is the subject of this report.
9. No one provided significant real properiy appraisal assistance to the person signing this certification.
After due consideration of all the pertinent facts, it is my opinion that the Market Value of the subject property as of 12/28/06 is:
March 26, 2007 is:
ONE MILLION FOURTY ONE THOUSAND AND SIX HUNDRED DOLLARS
$1,041,600 O
Respectfully submitted,
Date:
Charles D. Muncy
TABLE OF CONTENTS
Title Page ~
Transmittal Letter ~~
Certification iii
Table of Contents iv-v
Owner of Record ~
Property Location ~ ~
Date(s) of Inspection ~
Owners Who Accompanied the Appraiser ~
Size ~
Purpose, Intended User, Intended Use of the Appraisal 2
Type of Appraisal and Report Format 2
Effective Date of Appraisal and Date of Report 2
Definition of Market Value 2
Property Rights (Interest~ Appraised 3
Scope 3
Appraisal Problem 3
PRESENTATION OF DATA
Location 4
Legal 4
Property Owner Name and Address 4
Area and Neighborhood Analysis 5
Description of the Property, Photographs, Sketches
Description of Property s
Ingress/Egress 7
Drainage 8
Soil Characteristics $
Utilities 8
Easements, Encroachments or Restrictions $
Exhibits 9
Zoning 10
Assessed Value, Taxes and Special Assessments 10
History of Property '10
Public and Private Restrictions 11
ANALYSIS OF DATA AND CONCLUSIONS
Highest and Best Use Analysis ~ 2
Valuation Methodology '14
Approaches to Value Used and Excluded 16
Market Approach to Value 17
Correlation and Final Estimate ~$
ADDENDA
Deeds/Legal Description of subject
Comparable Sales
Miami-Dade County Area information
Assumptions and Conditions
Qualifications of the Appraiser
Owner of Record
MT Hermon Ame Church
Propertv Location
2245 W. Bunche Park Drive (church)
Opa Locka, FI 33054-6965
15620 W. Bunche Park Drive (residence/office)
Opa Locka, FI 33054-6965
Date(s) of Inspection
March 26, 2007
Persons Who Accompanied the Appraiser
Pastor Charles Thompson accompanied the appraiser on inspection of the subject
property.
Parent Tract:
Land:
31,798.8 S.F. - Church
7 500 S.F. (75' X 100') - residence/office
39,298 .8 S.F.
Improvements:
6,554 S.F. - Church
886 S.F. - Residence/office
7,440 S.F.
Above sizes taken from Miami-Dade County Property Appraiser's Office and Plat
Maps.
2
Purpose Intended User, Intended Use of the Appraisal
The purpose of this appraisal report is to estimate the Market
Value of the subject property. The intended user is Pastor Charles Thompson,
Genuine Love Family Ministries and the intended use is for possible purchase of the
subject property.
Type of Appraisal and Report Format
This appraisal is a Summary Report and is intended to be in
compliance with the Uniform Standards of Appraisal Practice.
Effective Date of Appraisal and Date of Report
March 26, 2007
Definition of Market Value
The following definition is from Uniform Standards Professional Appraisal Practice
2002 edition:
"The most probable price which a property should bring in a competitive and open
market under all conditions requisite to a fair sale, the buyer and seller each acting
prudently and knowledgeably, and assuming the price is not affected by undue
stimulus. Implicit in this definition are the consummation of a sale as of a specified
date and the passing of title from seller to buyer under conditions whereby:
1: Buyer and seller are typically motivated;
2. Both parties are well informed or well advised and acting in what they consider
their best interest.
3. a reasonable time is allowed for exposure in the open market:
4. payment is made in terms of cash in the United States dollars or in terms of
financial arrangements comparable thereto; and
5. the price represents the normal consideration for the property sold unaffected
by special or creative financing or sales concessions granted by anyone
associated with the sale. "
Source• Advisorv Opinion 8 of the Uniform Standards of Professional Appraisal Practice, 2002
edition.
3
Propertv Riqhts (Interest) Appraised
The appraisal will be based on fee simple title. Fee simple title
is defined by the Dictionary of Real Estate Appraisal, Appraisal Institute 4th Edition,
2002 as follows: "absolute ownership, unencumbered by any other interest or
estate, subject only to the limitations of eminent domain, escheat, police power, and
taxation."
Scope (Extent of Process of Collectinq, Confirminq and Reportinct Data)
The scope of this real estate appraisal includes an investigation into the real
estate market for factors, which create market value. The scope of the
appraisal included the following:
* Physical inspection of the subject property: March 26, 2007.
• Analysis of physically possible uses, legally permissible uses, and all feasible
uses in order to estimate the highest and best use of the subject.
The scope of this appraisal will entail the Cost Approach to Value as well as
the Market Approach. Research will include a search of the Property
Appraiser's office, viewing of data provided by the owner, as well as general
research for market transactions of religious properties.
Appraisal Problem
The appraisal problem is to estimate Market Value of the
subject property as defined further in this report.
4
PRESENTATION OF DATA
Identification of Propertv and Leaal Description
Location
2245 W. Bunche Park Drive- Church
Opa Locka, FI 33054
15620 W. Bunche Park Drive- residence/office
Opa Locka, FI 33054
Leqal
CHURCH
"15 52 41 .73 ac BUNCHE PARK PB 50-20 TR A LESS E 140 FT BLK 24 ..."
PLEASE REFER TO THE DEED CONTAINED IN THE ADDENDA OF THIS
APPRAISAL REPORT FOR A MORE DETAILED DESCRIPTION.
OFFICE/RESIDENCE
"BUNCHE PARK PB 50-20 LOT 40 BLK 36 LOT SIZE SITE VALUE OR 13064-1825
1086 1 F/A/U 30-2115-004-2380"
PLEASE REFER TO THE DEED CONTAINED IN THE ADDENDA OF THIS
APPRAISAL REPORT FOR A MORE DETAILED DESCRIPTION.
Propertv Owner Name and Address
Mt. Hermon African Methodist Episcopal Church of Opa Locka
2101 N.W. 58th Street
Miami, Florida 33142-7816
Area and Neiqhborhood Analvsis
Please refer to the Addenda of this report for a detailed area description.
A neighborhood may be defined as:
"a portion of a larger community, or an entire community, in which there is a
homogenous grouping of inhabitants, buildings, or business enterprises.
Inhabitants of a neighborhood usually have a more than casual community of
interest. Neighborhood boundaries may consist of well defined natural man-made
barriers or they may be more or less well defined by a distinct change in land use or
the character of the inhabitants."
The subject neighborhood is located in the northeastern section
of Opa Locka, Florida. The general boundaries are considered to be N.W. 156tn
Street on the south, N.W. 27'h Avenue on the west, the Palmetto Expressway on the
north and N.W. 17t" Avenue on the east.
This immediate neighborhood is largely residential with
modestly priced homes.
Bunche Park Elementary School is located in the subject
neighborhood as well as North Dade Junior High School. Also, there is a active park
located immediately across from the subject.
Good access to shopping as well as other amenities is provided
by N.W. 22"d Avenue as well as N.W. 27th Avenue and the Palmetto Expressway.
The City of Opa Locka has been encouraging redevelopment for
some time and this is beginning to impact overall on the general real estate market.
6
Description of the Propertv Photoqraphs, Sketches
The subject property is a church containing 6,554 S.F. located
on a lot of 31,798 S.F. The land is triangular in shape with frontage along East
Bunche Park Drive in Opa Locka.
Also included in this appraisal report is a small residence/office.
The total square footage of this property is 886 S.F. and it is of CBS construction
with a built-up tar and gravel roof. This is a smaller residence that has been
converted to an office and is used in conjunction with the church. This smaller
residence has a nice interior, newer tile floors, kitchen has been removed and there
is air-conditioning as well as good lighting. This residence is used as an office.
The main structure is a large church with high ceilings for the
most part throughout. This church has capacity for a large congregation and also
has paved and striped parking. The smaller residence/office is a short walk to the
main structure and is felt to be part of the Parent Tract. The office/residence is
included in this appraisal and Pastor Thompson stated that he would be purchasing
same and it is used as offices for the church. Therefore, this smaller residence/office
even though it does not adjoin the main church is still considered a part of the Parent
Tract. It should be noted that this extra lot has a unity of use as well as a unity of
title.
The church has a larger conference area and sanctuary that
accommodates several people. The pews are cloth covered chairs and not standard
row type pews; however, they are equally as functional.
~
The church has tile floors throughout and two large restrooms
as well as one smaller restroom. This church was built 1955 and has an actual age
of fifty-three years; however, based on inspection this church has an effective age of
forty years.
Overall the church is felt to be in fair to good condition as there
is some deferred maintenance.
There is newer central air-conditioning.
Parent Tract:
Land:
31,798.8 S.F. - Church
7 500 S F(75' X 100') - residence/office
39,298 .8 S.F. TOTAL
Improvements:
6,554 S.F. - Church
886 S.F. - Residence/office
7,440 S.F. TOTAL
Above sizes taken from Miami-Dade County Property Appraiser's Office and Plat
Maps.
Inctress/Eqress:
Access to the church as well as the residence/office is via W.
Bunche Park Drive and N.W. 22"d Avenue.
8
Drainaqe:
No ponding, or puddling was noted at the time of inspection.
Soil Characteristics:
Though no soil samples were taken, the site appears to have
typical Florida sand with sufficient load bearing qualities enough to support the
subjects highest and best use.
Utilities
FEATURES YES NO
Sewer X
Electric Services X
Telephone Services
Public Water X
X
Well Water X
Other Water Su I X
Curbs X
Public sidewalks X
Paved streets X
Easements Encroachments or Restrictions and Their Effect or Limitation
There are no easements, encroachments, or restrictions that
would either inhibit or enhance the value of the subject property.
EXHIBITS
AERIAL VIEW OF SUBJECT PROPERTY
*PHOTO TAKEN FROM WEBISTE: http://gisims2.co.miami-dade.fl.us/MyHome/propmap.asp
AERIAL VIEW OF
RESIDENCE/OFFICE
Map
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Page 1
BHOWING FRONT OF SUBJECT LOOKING ACROSS BUNCHE PARK DRIVE
SHOWING SUBJECT
~,,,~ , ~ .
u ~ -~, . _
~~ ' _
SHOWING REAR OF SUBJECT PROPERTY
SHOWING CONFERENCE HALL
SHOWING SMALL SHED IN REAR
SHOWING SMALL RESIDENCE/OFFICE
10
Zonin
The church is zoned "3100 Four Family Apartments by Miami-
Dade County and the residence/office is zoned "0100 Single Family Residence" also
by Miami-Dade County.
The subject properties are considered to be in conformance with existing zoning.
Assessed Value, Taxes and Special Assessments
Assessed Value and Taxes (Information taken from the
Miami-Dade County Property Appraiser's Office)
Folio Number:
Land Assessment:
Improvements Assessment:
Total Assessment:
Taxes:
34-2115-003-6470 (church)
$178,609.00
$360,571.00
$538,640.00
Church - exempt
Folio Number:
Land Assessment:
Improvements Assessment:
Total Assessment:
Taxes:
Historv of Propertv
34-2115-004-2380 (residence/office)
$42,325.00
$58,225 .00
$100,460.00
$479.68 (non-advalorem)
Neither the church nor residence/office has sold within the last 5 years
Yes [ ] No [x]
The church has been listed on Multiple Listing Service on two separate occasions
and these listings can be found in the Addenda of this appraisal report.
11
Public and Private Restrictions
There are no public or private restrictions noted which would
either inhibit or enhance the value of the subject property.
12
ANALYSIS OF DATA AND CONCLUSIONS
Hiahest and Best Use Analvsis
In estimating the value of real estate, the analysis of the Highest
and Best Use to which the property may be put is a prime item of consideration. The
Highest and Best Use must be estimated both as if vacant and available for
development in analyzing the value of the land; and also must be estimated based
upon the way the property is presently improved to determine if the present
improvements contribute to the value of the property. According to "The Appraisal of
Real Estate,
12T" Edition, 2002", published by The Appraisal Institute, Highest and Best Use is
defined as:
"the reasonably probable and legal use of vacant land or improved properties,
which is physically possible, appropriately supported, financially feasible, and
that results in the highest value".
The following factors need to be addressed when determining
the highest and best use of the property and will be discussed on the following page.
Physically Possible Uses of the Property
Legally Possible Uses of the Property
Financially Feasible Uses of the Property
Maximally Productive Uses of the Property
The subject property is currently improved with a church and a
small residence that was converted to an office. The highest and best use of the
property is felt to be as improved. The property meets the physically adaptable
13
requirement as the land is of sufficient size to accommodate the improvements and
has sufficient soil bearing qualities.
14
Valuation Methodology
In estimating the value of real property, it is appraisal procedure to assemble as much
factual information from the market as possible. This information is then used to support an
estimate of value for the property appraised by the use of the normally accepted appraisal
methods or approacl~es to value, namely:
Sales Comparison or Market Approach
Cost Approach
Income Approach
The Sales Comparison or Market Approach, is an analysis of
known sales of properties which are considered similar to the property being appraised.
Direct comparison is made between the subject and the sales for variables such as location,
time of sale, conditions of sale, terms of financing, as well as any differences in physical
characteristics. Any measurable differences are then adjusted to arrive at a value estimate for
the subject property. Normally, when using the Sales Comparison Approach, units of
comparison are found which are relevant for the properties in the class and type of the
subject. Most units of comparison are directly involved with physical characteristics of the
properties and/or their improvements.
The Cost Approach to value is based on the principle of substitution.
This approach assumes that a property should sell for no more than the cost of building an
equally desirable substitute. The basis for this approach is to estimate the cost to reproduce
the improvements on the property new. From the cost new is deducted any visible
depreciation which can take the form of physical wear and tear due to the aging process,
15
functional obsolescence caused by changes in construction practice, or aesthetic tastes and
external factors which detract from value and are factors outside the property itself.
After deducting the observed depreciation from the cost of the
improvements new, the land value as if vacant and available for development to its highest
and best use is added to provide an indication of value for the entire property.
The Income Approach to value is an estimate of value based upon the
income which a property should produce. This approach is used with commercial, industrial ,
and multi-family rental properties primarily, and is a method of analyzing potential rental
income which a property should produce, deducting normal operating expenses and
capitalizing the resulting estimate of net income to provide an indication of the value for the
property.
The final step in the Appraisal Process is the reconciliation of the values indicated by
the different approaches to value into a final conclusion of value. This final reconciliation
compares the basic value methods or approaches which have been used, and the quality and
quantity of data which was available for each. These value indications are then reconciled
into a single value estimate.
16
Approaches to Value Used and Excluded
The Market Approach or Sales Comparison Approach to Value will be
used in this appraisal report.
17
Market Approach to Value
The following sales are all church properties and are felt to be
reflective of values for these type structures.
The unit of comparison will be a price per square foot of building
area that will include the land.
SALE DATE SIZE PRICE PRICE/S.F.
SUBJECT n/a LAND: 31,798.8 SF N/A N(A
IMP: 7,440 S.F.
MD07-11 1/2007 LAND: 87,982 SF $3,600,000 $129.751S.F.
205 N.E. 87T" ST IMP: 27,746 SF
EL PORTAL
MD07-12 6/2006 LAND: 16,300 SF $490,000 $187.02/S.F.
2390 NW 87T" ST IMP: 2,620 SF
MIAMI
BC07-22 1112006 LAND: 37,770 SF $1,360,000 $274.41/S.F.
201 SE 15T" ST IMP: 4,956 SF
DANIA
BC06-114 1/2005 LAND: 16,400 SF $900,000 $152.54/S.F.
5541 SW 20T" ST IMP: 5,900 SF
WEST PARK
Sale MD07-11 is a recent sale of an older church but has
enjoyed some renovations recently, and it was the Rader Memorial Methodist Church
with a seating capacity of over six hundred people and had a Pastors Office and
support staff office suites. This sale also included a large auditorium with full kitchen
facilities for banquets. There were also multiple classrooms. This comparable sale
has much more land than subject and is also felt to be in a superior location. Also,
this sale being substantially larger would tend to reflect a lower price per square foot
in relation to the other sales.
18
Sale MD07-12 soid in June 2006 is a smaller property with less
land and would tend to sell for a higher per unit value as indicated by the
$187.00/S.F. In comparison to the subject, this comparable enjoys a similar location,
is smaller and has less land and a negative adjustment for size is necessary.
Sale BC07-22 is a new church with considerable modern
improvements inside such as movable walls. This property is only two years old and
considerably superior to the subject.
Sale BC06-114 is a church located in a similar neighborhood as
the subject properly and having a total 5,900 S.F. which is fairly similar to the
subject. This property selling for $152.00/S.F. of building including land is reasonably
similar to subject although it is in slightly better condition.
Based on all the above sales it is the appraiser's opinion that the
subject property has a value of $140.00/S.F.
7,440 S.F. X $40.00/S.F. _ $1,041,600.00
APRAISER'S REFERENCE NO.: MD07-11
LOCATION:
BRIEF LEGAL DESCRIPTION:
PROPERTY I.D.#:
GRANTOR:
PROPERTY TYPE: CHURCH
205 N.E. 87t" Street
El Portal,
SEE ATTACHED DEED
18-3206-021-0110/0151
Fulford United Methodist Church, Inc.
GRANTEE• Provincial Realty Associates
APPRAISER'S REFERENCE NO.: MD07-11
PROPERTY DATA:
SIZE:
LAND: 87,982 S.F.
IMPROVEMENT: 27,746 S.F.
UTILITIES:
PRICE: $3,600,000
PRICE/S.F.: $129.75/S.F. (building including land)
OR BOOK/PAGE:
PROPERTY RIGHTS CONVEYED:
TERMS:
VERIFICATION:
CONDITIONS OF SALE:
PRESENT USE:
HIGHEST AND BEST USE:
PROPERTY TYPE: CHURCH
ZONING: "8000, Government and
Institutions
All utilities are available
DATE OF TRANSACTION: 1/25/07
DATE OF INSPECTION: 2/2007
25349/2304
Fee Simple
No effect on sale price
CONFIRMED WITH: Public Records
MLS
CONFIRMED BY: Charles D. Muncy
Arm's length transaction
Church
As Improved
COMMENTS:
APRAISER'S REFERENCE NO.: MD07-12
LOCATION:
BRIEF LEGAL DESCRIPTION:
PROPERTY I.D.#:
GRANTOR:
GRANTEE:
PROPERTY TYPE: Church
2390 N.W. 8~th Street
Miami, Florida
SEE ATTACHED DEED
30-3110-000-0150
The House of God
Cornerstone Bible Fellowship
Church, Inc.
APPRAISER'S REFERENCE NO.: MD07-12
PROPERTY DATA:
SIZE:
LAND: 16,300 S.F.
IMPROVEMENT: 2,620 S.F.
UTILITIES:
PRICE: $490,000
PRICE/S.F.: $187.02/S.F. (building ii~cluding land)
OR BOOK/PAGE:
PROPERTY RIGHTS CONVEYED:
TERMS:
VERIFICATION:
CONDITIONS OF SALE:
PRESENT USE:
HIGHEST AND BEST USE:
PROPERTY TYPE: Church
ZONING: "0100 Single family
All utilities are available
DATE OF TRANSACTION: 6/30/06
DATE OF INSPECTION: 2/2007
24815/3276
Fee Simple
No effect on sale price
CONFIRMED WITH: Public Records
MLS
CONFIRMED BY: Charles D. Muncy
Arm's length transaction
Church
As Improved
COMMENTS:
PRAISER'S REFERENCE NO.: BC07-22
LOCATION:
BRIEF LEGAL DESCRIPTION:
PROPERTY I.D.#:
GRANTOR:
GRANTEE:
PROPERTY TYPE: Church
201 S.E. 15th Street
Dania, Florida
"ST JAMES PARK NORTH
3-33 B LOT 19, 20, & N 1/2
OF VAC POR OF .........."
SEE ATTACHED DEED
5142 03 07 0350
First Baptist Church of
Dania Holding Company
New Bethany Baptist Mission, Inc.
APPRAISER'S REFERENCE NO.: BC07-22
PROPERTY DATA:
SIZE: 37,770 S.F.
IMPROVEMENT: 4,956 S.F.
PROPERTY TYPE: Church
ZONING: "BRT-25" by Hollywood
UTILITIES: All utilities are available
PRICE: $1,360,000
PRICE/S.F.: $274.41//S.F. (building including land)
OR BOOK/PAGE:
PROPERTY RIGHTS CONVEYED:
TERMS:
VERIFICATION:
CONDITIONS OF SALE:
PRESENT USE:
HIGHEST AND BEST USE:
COMMENTS:
DATE OF TRANSACTION: 11/06
DATE OF INSPECTION: 1/2007
43141/1410
Fee Simple
No effect on sale price
CONFIRMED WITH: Public Records/MLS
CONFIRMED BY: Charles D. Muncy
Arm's length transaction
Church
As improved
APPRAISER'S REFERENCE NO.: BC06-114
LOCATION:
BRIEF LEGAL DESCRIPTION:
PROPERTY I.D.#:
GRANTOR:
PROPERTY TYPE: CHURCH
5541 S.W.20th Street
West Park, Florida 33023
"CARVER RANCHES REV PLAT
21-8 B LOT 1 LESS W 15..."
SEE ATTACHED DEED
5142 19 02 2440
Koinonia Worship Center, Inc.
GRANTEE: Sure Foundation Ministries
APPRAISER'S REFERENCE NO.: BC06-114
PROPERTY DATA:
LAND SIZE:
IMPROVEMENT: 5,900 S.F.
UTILITIES:
PRICE: $900,000
PRICE/S.F.:
$152.54/S.F. (building area including land)
OR BOOK/PAGE:
PROPERTY RIGHTS CONVEYED:
TERMS:
VERIFICATION:
CONDITIONS OF SALE:
PRESENT USE:
HIGHEST AND BEST USE:
COMMENTS:
PROPERTY TYPE: CHURCH
All utilities are available
DATE OF TRANSACTION: 1 /18/05
DATE OF INSPECTION: 9/2006
38913/558
Fee Simple
No effect on sale price
CONFIRMED WITH: Public Records
CONFIRMED BY: Joseph T. DePrimo
Arm's length transaction
Church
As improved
Assumptions and Limiting Conditions
The foregoing appraisal and valuation certificate are made subject to the following contingent
conditions and assumptions.
1. No responsibility is assumed for the legal description or for matters including legal or title
considerations. Title to the property is assumed to be good and marketable unless otherwise stated.
2. The property is appraised free and clears of any or all liens or encumbrances unless otherwise stated.
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others is believed to be reliable. However, no warranty is given for its
accuracy.
5. All engineering is assumed to be correct. The piot plans and illustrative material in this report are
included only to assist the reader in visualizing the property.
6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures
that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for
engineering studies that may be required to discover them.
7. It is assumed that there is full compliance with all applicable federal, state, and local environmental
regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report.
8. It is assumed that all applicable zoning and use regulations and restrictions have been complied with,
unless nonconformity has been stated, defined, and considered in the appraisal report.
9. It is assumed that afl required licenses, certificates of occupancy, consents, or other legislative or
administrative authority from any local, state, or national government or private entity or organization have
been or can be obtained or renewed for any use on which the value estimate contained in this report is
based.
10. It is assumed that the utilization of the land and improvements is within the boundaries of property
lines of the property described and that there is no encroachment or trespass unless noted in the report.
11. The distribution, if any, of the total valuation in this report between land and improvements applied
only under the stated program of utilization. The separate allocations for land and buildings must not be
used in conjunction with any other appraisai and are invalid if so used.
12. Possession of this report, or a copy thereof, does not carry with it the right of publication.
13. The appraiser, by reason of this appraisal, is not required to give further consultation, testimony, or be
in attendance in court with reference to the property in question unless arrangements have been
previously made.
14. Neither all nor any part of the contents of this report (especially any conclusions as to value, the
identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the
public through advertising, public relations, news, saies, or other media without the prior written consent
and approval of the appraiser.
QUALIFICATIONS OF
CHARLES D. MUNCY. APPRAISER
PROFESSIONAL EDUCATION
B.A., Charleston University, Charleston, West Virginia (1962)
Ameriean Institute of Real Estafe Appraisers:
Appraisal Principles, Methods and Techniques (Course I-A)
Capitalization Theory and Techniques (Course I-B)
Urban Properties (Course II)
Litigation Valuation (Course IV)
Society of Real Estate Appraisers:
Course 101 (by examination)
Course 102 (by examination)
Course 201 (by examination) and Course 202
Numerous seminars, including:
Standards of Professional Practice, Part C
Real Property and Condemnation Law Principles
Florida Department of Transportation Appraisal Principles
ASA Small Business Seminar
30 Hours of Continuing Education USPAP/FLORIDA LAW UPDATE:
11/2005 "Florida State Law for Real Estate Appraisers"
12/2005 "7 Hour National USPAP Update Course"
2/2006 "What Clients Would Like Their Appraisers to Know: How to Meet
Their Expectations"
9/2006 "Appraising the Tough Ones"
9/2006 "Appraisal Consulting: A Solutions Approach for Professionals"
PROFESSIONAL EXPERIENE'E
West Virginia Department of Highways, StaffAppraiser (1964-1972)
Florida Department of Transportation (1972-1974)
Independent Fee Appraiser (1974 to present)
Qualified in nu~nerous West Virginia Courts as expei-t witness.
Qualified in Broward, Collier, Dade, Duvall, Hillsborough, Lee, Leon, Manatee, Marion, Palm
Beach and Sarasota counties, Florida as expert witness.
CLIENTS SERVED (Partial List)
State of Florida Department of Transportation
Florida Department of Natural Resources
West Virginia Department of Transportation
Broward County, Florida
Broward County Community Development Board
Miami-Dade County
Metropolitan Dade County Mass Transit Authority
City of.• Davie Fort Lauderdale Coconut Creek
Hollywood Boynton Beach Riviera Beach
Margate Lauderhill Oakland Park
Pembroke Pines Coral Springs Deerfield Beach
Gas companies: Amoco, Exxon, Shell, Texaco and independents.
Attorneys
Developers
Lenders
Private individuals.
TYPES OFPROPERTIESAPPRAISED
Agricultural Sites a~~d Acreage Marinas
Apartment Buildings Medical Buildings
Apartment Sites Mobile Home Parks
Asphalt Plants Office Buildings
Cemeteries Plant Nurseries
Churches Railroad Rights of Way
Commercial and Industrial Residences
Acreage Sites Restaurants/Lounges
Concrete Plants Retail Stores
Condominium Apartment Buildings Rock and Sand Pits
Goss-Florida Barge Canal R.O.W. Service Stations
Easements Shopping Centers
Environmentally Sensitive Land Special Purpose Parks
Factories Special Purpose
Highway Rights of Way Properties
Industrial Buildings Strip Stores
Warehouses Race tracks
Federal Tax I.D.#65-0269137
STATE C?F FLt3(~1D:+4
MU~+7CY CFYARLES D
1.2 CA.~'UGA RD
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I?'$P19~R~T OF STTS~N~Sas' A1~iI3
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~xgizatioe dtte~ ~~ 3~a ~~~Q LAG10T4g71fi
~~TACH HERE
' ~,c~ ~ ~ l ~ ~ ~ ~ STa4T~ C}F ~~URIE3A
' D~PARTl~NT t?F HUSINS~S AND PRQFSSSIO~T~I, ftEGLTLAT~t3N
FLURIT3~4 RSAL I~STAT~ .~P~RAISAL ~D SEQ#no~loa~aal~4 !
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~iratian date: N~Y 3Q, ~008
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~tJ~iTTERNdR pl~~'!~Y P,S ~~Qt1~RED BY l,J~W S~CE~~TAFtY
Property Information Map
My Home
Miami-Dade County, Florida
Gu~ c~ ~~' • '
Property Information Map
Page 1 of 1
MIAMI~DADE
~
Summary Details:
This map was created on 6/13/2007 1:13:36 PM for reference purposes only.
Web Site OO 2002 Miami-Dade County. All rights reserved.
~"
'~:~~OS~B .
Folio No.: 4-2115- 0 -647
Pro e: 245 W BUNCHE PARK DR
Mailing MT HERMON AME CHURCH
ddress: PA LOCKA
15620 W BUNCHE PARK DR
OPA LOCKA FL
33054-6965
Property Information:
Primary 3100 FOUR-FAMILY
one: PARTMENTS
CLUC: 044 RELIGIOUS
Beds/Baths: /0
Floors: . 1
Livin Units:
dj Sq 554
Foota e: ,
Lot Size: 31,798 SQ FT
ear Built: 1955
15 52 41 .73 AC BUNCHE
PARK PB 50-20 TR A LESS
Legal E140FT BLK 24 LOT SIZE
Description: 31798 SQUARE FEET OR
17473-1546 1296 4 F/A/U 30-
115-003-6470
Sale Information:
Sale O/R:
ale Date: 12/1996
Sale Amount: 0
Assessment Information:
ear: 2006 2005
Land Value: $178,069 127,192
Buildin Value: $360,571 345,856
Market Value: $538,640 $473,048
ssessed Value: $538,640 473,048
otal Exem tions: $538,640 473,048
axable Value: $0 $0
http://gisims2.miamidade.gov/myhome/printmap.asp?mapurl=http://gisims2.miamidade.go... 6/ 13 /2007
Digital Orthophotography - 2006 0 120 ft
Miami-Dade My Home
My Home
t~~'.~1~. : . : w •~
Show Me:
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Search By:
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Summarv Details:
Folio No.: 34-2115-004-2380
Pro e: 15620 W BUNCHE PARK DR
Mailing MT HERMON AFRICAN
ddress: METH EPIS CH
901 NW 162 ST MIAMI FL
3054-6859
Prooertv Infnrmation:
Primary 100 SINGLE FAMILY
one: RESIDENCE
LUC: 0001 RESIDENTIAL- SINGLE
FAMILY
Beds/Baths: /1
Floors: 1
Livin Units: 1
d~ S4 86
Foota e:
Lot Size: SQ FT
ear Built: 1950
BUNCHE PARK PB 50-20
LOT 40 BLK 36 LOT SIZE
Legal ITE VALUE OR 13064-1825
Description: 1086 1 F/A/U 30-2115-004-
380
Sale Information:
ale O/R: 130641825
ale Date: 10/1986
ale Amount: 40,000
Assessment Information:
ear: 2006 2005
Land Value: $42,235 $37,840
Buildin Value: $58,225 $44,858
Market Value: $100,460 $82,698
ssessed Value: $100,460 $82,698
otal Exem tions: $100,460 $82,698
axable Value: $0 $0
MIAMI•DADE
~ ~ ~ ~ ~ ~ ~~~ ~
~
0
1~3TN
~...
Digital Orthophotography - 2006
0 112 ft
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http://gisims2.miamidade.gov/myhome/propmap.asp 7/20/2007