SMITH APPRAISAL SERVICES, INC....SMITH APPRAISAL SERVICES, INC. REAL ESTATE APPRAISERS - CONSULTANTS 721 A1A BEACH BLVD, SUITE 9, ST. AUGUSTINE, FLORIDA 32080 Ph (904) 471-0922 / Fax

Insurance Replacement Cost Valuation for the

Sea Winds Condominium 890 A1A Beach Boulevard

Saint Augustine, Florida 32080

SMITH APPRAISAL SERVICES, INC.

CLIENT:

Sea Winds Condominium Association

890 A1A Beach Boulevard

Saint Augustine, Florida 32080 File No. 5087

SMITH APPRAISAL SERVICES, INC. REAL ESTATE APPRAISERS - CONSULTANTS 721 A1A BEACH BLVD, SUITE 9, ST. AUGUSTINE, FLORIDA 32080 Ph (904) 471-0922 / Fax (904) 471-0921 / E – [email protected]

March 30, 2015

Sea Winds Condominium Association 890 A1A Beach Boulevard Saint Augustine, Florida 32080

Re: Insurance replacement cost valuation of specified building improvements located at the Sea Winds Condominium development, Saint Augustine, Florida.

Dear Client: As requested, I have performed a replacement cost valuation on the above-mentioned property for insurance purposes. The below values assume the buildings will be constructed to meet

all current applicable building codes if rebuilt.

It is my opinion the total estimated replacement cost of the building improvements, as specified in the report, as well as the assumptions and limiting conditions, at the subject property commonly known as the Sea Winds Condominium development, Saint Augustine, Florida, as of March 30, 2015 is:

Hazard Insurance – As Built to Current Building Code

Opinion of “Common Area” Improvement Cost: $ 10,801,000

National Flood Insurance – As Built to Current Building Code

Opinion of Total Improvement Cost: $ 14,768,000

Respectfully Submitted,

Mark T. Smith Florida State-Certified General Real Estate Appraiser Lic. No. RZ 2620

SYSTEM-GENERATED COST WORKSHEET REPORT –

BUILDING VALUE “AS IS” –

DOES NOT INCLUDE ALL APPLICABLE BUILDING CODES The information found in the System Generated Cost Worksheet Report at the end of this report is in relation to Hazard Insurance coverage for the condominium building only. The information on these worksheets is based entirely on cost data reported by Marshall & Swift/Boeckh on-line valuation service. As a State-Certified General Appraiser in the state of Florida I have not verified this cost data and therefore do not confirm its validity. Overall, this cost information is added as supportive data only to my value conclusion. The appraiser was not supplied blueprints for the buildings; therefore, the ISO fire resistive rating is an estimate only based on my inspection and/or conversations with persons knowledgeable with the property and is assumed accurate. Changes in any of the assumed information reported above could affect the opinion of value and I reserve the right to change the value conclusion if different information than what is stated in this report is found in the future. I am not a fire inspector; the ISO rating reported in the cost worksheet is an estimate/assumption only. It is highly recommended to have the building inspected by a licensed fire inspector to determine the exact building construction fire code rating. Changes in any of the assumed information reported above could affect the opinion of value and I reserve the right to change the value conclusion if different information than what is stated in this report is found in the future.

HYPOTHETICAL CONDITION

This portion of the valuation is based on the assumption that the subject building is being constructed based on its original form only and not to current building codes as of the effective date of this appraisal. Therefore, this valuation does not include the additional construction costs brought on by current building requirements of the Florida Building Code. This is considered a hypothetical condition; a condition that is contrary to what exists if the buildings were built today, but asserted by the appraiser for the purpose of analysis. In conclusion, if the

subject building(s) was constructed under the building code requirements of today, the

construction cost would be proportionately higher than what is stated in this portion of

the report.

“AS IS” COST BREAKDOWN – NO CURRENT BUILDING CODE -

HAZARD INSURANCE

Building Replacement Cost -

Description Hazard Insurance

Building - Yawl (Units 1 thru 6) $687,366

Building - Bark (Units 7 thru 14) $889,012

Building - Brigantine (Units 15 thru 20) $687,366

Building - Sloop (Units 21 thru 26) $719,391

Building - Schooner North (Units 27 thru 36) $1,231,292

Building - Clipper North (Units 37 thru 42) $926,076

Building - Clipper South (Units 43 thru 48) $926,076

Building - Schooner South (Units 49 thru 58) $1,127,295

Building - Yacht (Units 59 thru 68) $1,127,295

Building - Cutter (Units 69 thru 74) $658,807

Building - Ketch (Units 75 thru 80) $658,807

COST BREAKDOWN - "AS IS" HAZARD VALUE / PER BUILDING

Table of Contents

Title Page No.

OVERVIEW OF VALUATION ASSIGNMENT --------------------------------------------------- 1

IDENTIFICATION OF THE SUBJECT PROPERTY ---------------------------------------------------------- 1

PURPOSE OF THE VALUATION --------------------------------------------------------------------------- 1

INTENDED USE/USER OF THE REPORT ------------------------------------------------------------------ 1

DATE OF PROPERTY INSPECTION / EFFECTIVE DATE / REPORT DATE OF APPRAISED VALUE --- 1

DEVELOPMENT AND REPORTING PROCESS ------------------------------------------------------------- 1

DEFINITION OF REPLACEMENT COST VALUE ---------------------------------------------------------- 2

HIGHEST AND BEST USE --------------------------------------------------------------------------------- 2

GENERAL ASSUMPTIONS ---------------------------------------------------------------------------- 3

SPECIAL ASSUMPTIONS ------------------------------------------------------------------------------ 4

GENERAL LIMITING CONDITIONS -------------------------------------------------------------- 4

DESCRIPTION OF IMPROVEMENTS ------------------------------------------------------------- 5

BUILDING CONSTRUCTION – CONDOMINIUM BUILDINGS -------------------------------------------- 6

BUILDING CONSTRUCTION – CLUBHOUSE ------------------------------------------------------------- 6

BUILDING CONSTRUCTION – POOL BUILDING --------------------------------------------------------- 7

BUILDING CONSTRUCTION – ENTRANCE BUILDING -------------------------------------------------- 7

UNIT TYPE BREAKDOWN --------------------------------------------------------------------------------- 8

BUILDING AREA – MISCELLANEOUS BUILDINGS ------------------------------------------------------ 8

BUILDING AREA – CONDOMINIUM BUILDINGS -------------------------------------------------------- 8

BUILDING AREA – CONDOMINIUM BUILDINGS -------------------------------------------------------- 9

BUILDING AREA – CONDOMINIUM BUILDINGS ------------------------------------------------------- 10

COMPLEX SITE MAP ------------------------------------------------------------------------------------- 11

COUNTY SITE MAP --------------------------------------------------------------------------------------- 12

FLOOR PLAN - TWO-BEDROOM FLAT ------------------------------------------------------------------ 13

FLOOR PLAN - TWO-BEDROOM TOWNHOUSE -------------------------------------------------------- 14

FLOOR PLAN - THREE-BEDROOM (STYLE A) --------------------------------------------------------- 15

FLOOR PLAN - THREE-BEDROOM (STYLE B) --------------------------------------------------------- 16

AERIAL VIEW - CLOSE ----------------------------------------------------------------------------------- 17

AERIAL VIEW - FAR -------------------------------------------------------------------------------------- 18

LOCATION MAP - CLOSE -------------------------------------------------------------------------------- 19

LOCATION MAP - FAR ----------------------------------------------------------------------------------- 19

SUBJECT PHOTOGRAPHS --------------------------------------------------------------------------- 20

SUBJECT PHOTOGRAPHS -------------------------------------------------------------------------- 21





















VALUATION PROCESS ------------------------------------------------------------------------------- 45

ESTIMATE OF REPLACEMENT COST NEW ------------------------------------------------------------- 45

COST BREAKDOWN – AS BUILT TO CURRENT BUILDING CODE ------------------------------------ 49

COST BREAKDOWN – AS BUILT TO CURRENT BUILDING CODE ------------------------------------ 50

RECONCILIATION OF REPLACEMENT COST VALUES ---------------------------------- 51

HAZARD INSURANCE -------------------------------------------------------------------------------------- 51

NATIONAL FLOOD INSURANCE --------------------------------------------------------------------------- 51

SYSTEM-GENERATED COST WORKSHEET REPORT – ---------------------------------- 52

BUILDING VALUE “AS IS” – ------------------------------------------------------------------------ 52

DOES NOT INCLUDE ALL APPLICABLE BUILDING CODES ---------------------------- 52

“AS IS” COST BREAKDOWN – NO CURRENT BUILDING CODE - HAZARD

INSURANCE----------------------------------------------------------------------------------------------- 53

CERTIFICATE OF VALUATION ------------------------------------------------------------------- 75

ADDENDUM------------------------------------------------------------------------------------------------ 1

QUALIFICATIONS ------------------------------------------------------------------------------------------ 2

SMITH APPRAISAL SERVICES INC.

1

OVERVIEW OF VALUATION ASSIGNMENT

IDENTIFICATION OF THE SUBJECT PROPERTY

The subject of this insurance replacement cost valuation is a condominium property that includes 80 units in eleven (11) two and three-story condominium buildings with attached garages; a clubhouse building; pool building; entrance building, in-ground pool, tennis courts and auto entry gates. It is commonly known as the Sea Winds Condominium development. The complex is located directly on the Atlantic Ocean in St. Johns County in northeast Florida. It has a physical address of 890 A1A Beach Boulevard, Saint Augustine, Florida 32080. PURPOSE OF THE VALUATION

This valuation is to provide an opinion of replacement cost value for the building improvements for insurance purposes. The improvements valued in this report have been separated to show a value for all of the building improvements, including interior finishes of the units; and a second “common area” valuation of the exterior building frame (to finished side of drywall), interior partitioned walls including interior plumbing and electrical, HVAC system (including duct work) and specified common improvements. The term “improvements” are all building components specified in this report. Items such as landscaping and paved surfaces outside of the buildings are not valued in this report. INTENDED USE/USER OF THE REPORT

This valuation is intended for insurance purposes based on an opinion of the replacement cost of specified improvements described in the report. The intended user is the client specified in this report.

DATE OF PROPERTY INSPECTION / EFFECTIVE DATE / REPORT DATE OF APPRAISED VALUE

March 30, 2015 DEVELOPMENT AND REPORTING PROCESS

In preparing this valuation, I

• Inspected the improvements, physically measured the improvements, and/or examined the building plans (blueprints-if any), and/or information from the complex governing documents (if any), and/or conversed with persons knowledgeable with the property.

• Utilized actual costs obtained from similar quality structures constructed in the area, and/or conversed with local builders/developers, and/or utilized the Marshall and Swift Valuation Service and/or the RS Means Cost Service in determining the estimation of replacement cost for the improvements specified in this report.


2

This appraisal and report has been prepared in compliance with the requirements of the Uniform Standards of Professional Appraisal Practice (USPAP). Per agreement with the client, I have prepared this Restricted Appraisal Report format in conformance with Standards Rules 2-2(b). The Restricted Use Appraisal Report is for the client’s needs. As such, the report presents summarized or limited discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser’s opinion of value. Supporting documentation has been retained in the appraiser’s file. The appraiser’s opinions and conclusions set forth in the report may not be understood properly without the additional information in the appraiser’s file. The depth of discussion contained in this report is specific to the needs of the client and for the intended use stated in this report. The appraiser is not responsible for unauthorized use of this report.

DEFINITION OF REPLACEMENT COST VALUE

Replacement cost is the estimated cost to construct, at current prices as of the effective appraisal date, a building with utility equivalent to the building being appraised, using modern materials and current standards, design, and layout. The valuation parameters are based on data found in the current Florida Statute 718.111 in relation to insurance and condominiums. The definition of Replacement Cost is taken directly from the Appraisal Institute: The Appraisal of Real Estate 13th Edition.

HIGHEST AND BEST USE

The Highest and Best Use of a property is defined in the Appraisal Institute: The Appraisal of Real Estate 13th Edition as:

The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible and results in the highest value. Considering the physical nature of the subject property building improvements it is my opinion the Highest and Best Use of the improvements is for a multi-family use, its current use. This is an insurance replacement cost valuation. It is not a market value appraisal and land is not considered in the appraisal. Therefore, a sales comparison approach or income approach are not utilized in this valuation. Only the Cost Approach is utilized in the appraisal.

COMPETENCY OF THE APPRAISERS

The appraiser has the knowledge and experience to value the property type and within geographic market area, which is the subject of this valuation.


3

GENERAL ASSUMPTIONS • Information and data furnished by others is usually assumed to be true, correct and reliable. When such information and data appears to be dubious and when it is critical to the analysis, a reasonable effort has been made to verify all such information; however, the consultant assumes no responsibility for its accuracy.

• It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. No responsibility is assumed for such conditions or for engineering, which may be required to discover them.

• It is assumed that there is full compliance with all-applicable federal, state and local environmental and structural regulations and laws unless noncompliance is stated, defined and considered in this report.

• I am not expert in determining the presence or absence of hazardous substances, defined as all hazardous or toxic materials, wastes, pollutants or contaminants (including, but not limited to, asbestos, PCB, UFFI, or other raw materials or chemicals) used in construction, or otherwise present on the property. I assume no responsibility for the studies or analyses, which would be required to determine the presence or absence of such substances or for loss as a result of the presence of such substances.

• The appraiser is not a licensed builder and does not profess to be such. The information obtained to perform this cost valuation is based on information from construction cost services, builders and developers, and is assumed accurate.


4

SPECIAL ASSUMPTIONS

• The majority of the building data and square footage stated in this report is based on information taken from the original condominium governing documents and conversations with persons knowledgeable with the property and is assumed accurate.

• The appraiser was not supplied the architectural drawings (blueprints) for the buildings at the subject property and therefore assumptions were made concerning building construction materials. Building materials stated in this report are based on my visible inspection and/or conversations with persons knowledgeable with the property and is assumed accurate.

Changes in any of the assumed information reported above could affect the opinion of

value and I reserve the right to change the value conclusion if different information than

what is stated in this report is found in the future.

GENERAL LIMITING CONDITIONS 1. The appraiser will not be required to give testimony or appear in court because of

having made this analysis, with reference to the property in question, unless arrangements have been previously made thereof.

2. Possession of the report, or copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the consultant, and in any event only with proper written qualifications and only in its entirety.

3. Neither all nor any part of the contents of this report, or copy thereof, shall be conveyed

to the public through advertising, public relations, news, sales or any other media without written consent and approval of the consultant. Nor shall the consultant, firm or professional organization of which the consultant is a member is identified without written consent of the consultant.

4. Neither my name nor report may be used in conjunction with any financing plans, which would be classified as a public offering under state or federal securities laws.

5. Acceptance of and/or use of this report constitutes acceptance of the foregoing General Assumptions and General Limiting Conditions.


5

DESCRIPTION OF IMPROVEMENTS

IMPROVEMENT DESCRIPTION

The condominium improvements are summarized briefly below:

• There are 80 residential units in eleven (11) two and three-story condominium buildings with attached garages, and covered front and rear decking. Units have one, two and three-story floor plans that house a living room with fireplace, kitchen, dining area, two or three-bedrooms, and two, two-and-one-half, or three-and-one-half bathrooms.

St. Johns County reports the condominium buildings were constructed in 1982, 1989 and 1990.

Of Note: Unit owners may or may not have added fixtures or finishes to the original building. For valuation purposes any added fixture or finished area is considered the unit owners’ responsibility and is not valued in this report. However, all original building finishes are considered in the valuation.

Common Improvements The common improvements are summarized briefly below:

• The clubhouse is a single-story post and beam constructed building with overall average quality finish. It has an octagon shape and features a covered front entry and extensive screen enclosed rear decking. The interior houses a large gathering room with high interior tongue and groove wood ceilings, a kitchen area, two restrooms, office, and storage area.

• Pool Area - There is a pool area at the complex that includes a single-story building, and an in-ground pool and spa. The pool building consists of 497± square feet of total enclosed building area that houses two finished restrooms, unfinished storage area, and mechanicals rooms. A drinking fountain is attached to the building and there is a covered entry area at the restrooms. Adjacent to the pool building is a 1,442± square foot (53,000± gallon) in-ground swimming pool with 3’to 6’6”depths. Adjacent to the pool is 480± gallon multi-person in-ground spa. Concrete decking surrounds the pool and spa. Pool area fencing is not valued in this report type.

• A small (57± SF) building at the entrance gate of the complex. The building appears to have been utilized as a guard station at one time but currently is utilized for storage. A complex sign is attached to the building.

• There are two regulation size tennis courts at the development. The courts are affixed to one another and feature 10’ high chain-link perimeter fencing.


6

BUILDING CONSTRUCTION – CONDOMINIUM BUILDINGS

Description Material

Exterior Wall Finish Stucco

Exterior Wall Frame Wood Frame

Party Wall Frame Concrete Block

Roof Style Gable

Roof Covering Asphalt or Fiberglass Shingle

Roof Decking / Frame Wood / Wood

Floor Frame 1st Floor - Concrete / 2nd & 3rd Floor - Wood

Gutters Aluminum

Insulation Assumed Adequate Materials

Foundation Concrete

Doors Metal / Glass / Wood

Windows Single-Hung / Fixed

HVAC Centralized Heating and Cooling System per Unit

Electrical / Plumbing Assume Adequate Materials

Fire Sprinkler System None Noted / Reported

Walls Wood Frame - Drywall Finish

Ceiling Wood Frame - Drywall Finish

Floors Carpet / Tile / Vinyl

Cabinetry Wood / Prefabricated Material

Interior - Assumed All Units Are Similar:

BUILDING CONSTRUCTION – CLUBHOUSE


Exterior Wall Finish Stucco and Wood


Roof Style Hip



Floor Frame Wood

Gutters Adequate Overhang

Foundation Concrete

Doors Metal / Wood / Glass

Windows Slider

HVAC Wall Unit & Centralized Heating and Cooling System

Electrical / Plumbing / Insulation Assume Adequate Materials

Fire Sprinkler System None Noted


Ceiling Wood Frame - Drywall & Wood Finish

Floors Carpet / Vinyl / Tile

Cabinetry Wood / Prefabricated Material

Interior - Finished Areas:


7

BUILDING CONSTRUCTION – POOL BUILDING


Exterior Wall Finish Stucco Finish


Roof Style Gable



Floor Frame Concrete

Foundation Concrete

Doors Metal & Wood

Windows Fixed

Plumbing Assume Adequate Materials

Electrical Assume Adequate Materials




Floors Painted Concrete


BUILDING CONSTRUCTION – ENTRANCE BUILDING


Exterior Wall Finish Stucco Finish


Roof Style Gable



Floor Frame Concrete

Foundation Concrete

Doors Wood

Windows Slider

Electrical / Plumbing Assume Adequate Materials


Walls Wood Frame - Wood Panel Finish



Of Note: The appraiser was not supplied building plans (blueprints) for the subject property and therefore assumptions were made concerning building construction materials. Building materials stated in this report are based on my visible inspection and/or conversations with persons knowledgeable with the property. Changes in any of the assumed information reported above could affect the value conclusion and I reserve the right to change the value conclusion if different information than what is stated in this report is found in the future.


8

UNIT TYPE BREAKDOWN

Unit Type Area No. of Total

Breakdown (Sq. Ft.) Units Area (SF)

Unit Type - 2 Bedroom / 2 Bath - Flat 1,224 28 34,272

Unit Type - 2 Bedroom / 2.5 Bath - Townhouse 1,232 30 36,960

Unit Type - 3 Bedroom / 2.5 Bath - Style A 1,492 6 8,952

Unit Type - 3 Bedroom / 3.5 Bath - Style B 1,600 16 25,600

80 105,784Total Units and Unit Area (SF)

BUILDING AREA – MISCELLANEOUS BUILDINGS

57

497

1,164

Entrance Building - Enclosed Area

Clubhouse Building - Heated and Cooled Area

Pool Building - Enclosed Area

Miscellaneous Common Buildings

BUILDING AREA – CONDOMINIUM BUILDINGS

Condominium Building Area No. of Total

Description (Sq. Ft.) Units Area (SF)

Building Name - Yawl (Units 1 thru 6)


6 7,392

1,200

8,592



Building Name - Bark (Units 7 thru 14)


8 9,856

1,600

11,456



Building Name - Brigantine (Units 15 thru 20)


6 7,392

1,200

8,592

Garage Area (6 One-Car Stalls @ 200 SF)

Unit Totals:

Building Total:

Unit Totals:


Building Total:


Building Total:

Unit Totals:


9




Building Name - Sloop (Units 21 thru 26)



6 7,912

1,200

9,112



Building Name - Schooner North (Units 27 thru 36)



10 13,360

2,000

15,360



Building Name - Clipper North (Units 37 thru 42)


6 9,600

1,200

10,800



Building Name - Clipper South (Units 43 thru 48)


6 9,600

1,200

10,800


Unit Totals:

Unit Totals:


Building Total:

Unit Totals:


Building Total:

Building Total:

Unit Totals:


Building Total:


10




Building Name - Schooner South (Units 49 thru 58)



10 12,992

2,000

14,992



Building Name - Yacht (Units 59 thru 68)



10 12,992

2,000

14,992



Building Name - Cutter (Units 69 thru 74)


6 7,344

1,200

8,544



Building Name - Ketch (Units 75 thru 80)


6 7,344

1,200

8,544

80 105,784

121,784

Unit Totals:


Building Total:

Unit Totals:


Building Total:


Building Total:

Unit Totals:

Unit Totals:


Building Total:

Total Building Area:

Total Units and Unit Area (SF):

Of Note: The majority of the unit square footage stated is based on information taken from the complex governing documents and is assumed accurate. Changes in any of the assumed information reported above could affect the value conclusion and I reserve the right to change the value conclusion if different information than what is stated in this report is found in the future. Drawings, maps and photographs of the subject are presented on the following pages.


11

COMPLEX SITE MAP


12

COUNTY SITE MAP


13

FLOOR PLAN - TWO-BEDROOM FLAT


14

FLOOR PLAN - TWO-BEDROOM TOWNHOUSE


15

FLOOR PLAN - THREE-BEDROOM (STYLE A)


16

FLOOR PLAN - THREE-BEDROOM (STYLE B)


17

AERIAL VIEW - CLOSE


18

AERIAL VIEW - FAR


19

LOCATION MAP - CLOSE

LOCATION MAP - FAR


20

SUBJECT PHOTOGRAPHS

Typical Condominium Building



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SUBJECT PHOTOGRAPHS




22

SUBJECT PHOTOGRAPHS




23

SUBJECT PHOTOGRAPHS




24

SUBJECT PHOTOGRAPHS




25

SUBJECT PHOTOGRAPHS




26

SUBJECT PHOTOGRAPHS




27

SUBJECT PHOTOGRAPHS




28

SUBJECT PHOTOGRAPHS




29

SUBJECT PHOTOGRAPHS




30

SUBJECT PHOTOGRAPHS




31

SUBJECT PHOTOGRAPHS




32

SUBJECT PHOTOGRAPHS




33

SUBJECT PHOTOGRAPHS




34

SUBJECT PHOTOGRAPHS




35

SUBJECT PHOTOGRAPHS




36

SUBJECT PHOTOGRAPHS

Clubhouse Building

Clubhouse Building


37

SUBJECT PHOTOGRAPHS

Clubhouse Building

Clubhouse Building


38

SUBJECT PHOTOGRAPHS

Clubhouse Building (Older Photo)

Clubhouse Building (Older Photo)


39

SUBJECT PHOTOGRAPHS

Pool Building

Pool Building


40

SUBJECT PHOTOGRAPHS

Pool Building

Pool Building


41

SUBJECT PHOTOGRAPHS

Entrance Building

Entrance Building


42

SUBJECT PHOTOGRAPHS

Pool Area

Pool Area


43

SUBJECT PHOTOGRAPHS

Pool Area

Pool Area


44

SUBJECT PHOTOGRAPHS

Tennis Courts

Tennis Courts


45

VALUATION PROCESS

These are existing building improvements, however, for this replacement cost valuation, the improvements are considered new. This valuation is to provide an opinion of building replacement cost value for insurance purposes. The values stated in this report have been separated to show an estimated cost for all of the vertical building improvements, including interior finishes of the units; and a second estimated cost for “common areas” of the building, which is the total cost of the vertical building excluding the foundation and specific interior unit finishes. Interior exclusions for the units include finished floor, wall, and ceiling coverings, electrical fixtures, appliances, water heaters, water filters, built-in cabinets and countertops, and window treatments, including curtains, drapes, blinds, hardware, and similar window treatment components, or replacements of any of the foregoing. The term “improvements” are all building components specified in this report. Items such as landscaping, below grade building materials (outside of foundations), signs, fencing, docks, lighting (outside of the buildings), walkways, streets and parking areas are not valued in this report. Unit owners may or may not have added fixtures or finishes to the original building. For valuation purposes any added fixture or finished area is considered the unit owners’ responsibility and is not valued in this report as common area. However, the original building structure is considered in the common area valuation. ESTIMATE OF REPLACEMENT COST NEW

In this valuation, actual costs obtained from similar quality buildings constructed in the area and national cost services are used to estimate the replacement cost new of the subject improvements. The cost service utilizes cost figures adjusted to the immediate market and therefore, are applicable to the subject building improvements. Replacement cost is the estimated cost to construct, at current prices as of the effective appraisal date, a building with utility equivalent to the building being appraised, using modern materials and current standards, design, and layout.

Of Note: If a building improvement is required to be rebuilt this portion of the valuation

assumes it will be constructed to meet all current applicable building codes. The

additional costs associated with replacing the condominium building to meet today’s

construction codes in relation to its “as is” state is considered on the following pages.

Subsequently, the subject condominium buildings are valued in their “as is” state further

within the report.


46

The following table is a guide to help identify Common Area (Hazard Insurance) coverage responsibilities for unit owners and the condominium association based on compliance with Florida Statute 718.111.

Hazard Insurance Hazard Coverage Hazard Coverage

Florida Statute 718 - Condominium Building Building Inclusions Building Inclusions

Construction Materials Unit Owner Responsibility Condo Association Responsibility

Exterior - Wall Frame to Interior Drywall Included

Exterior - Wall Finish Included

Exterior - Windows and Doors Included

Exterior - Roof (All Construction Components) Included

Exterior - Foundation N/A N/A

Interior - Wall Frame (Metal/Wood Studs, Concrete, etc.) Included

Interior - Wall Frame (Insulation, Plumbing, Electrical, etc.) Included

Interior - Wall Frame Finish (Drywall, Plaster, Plywood, etc.) Included

Interior - Wall Covering (Paint, Wallpaper, Tile, Stucco, etc.) Included

Interior - Ceiling Frame (Metal/Wood Studs, Concrete, etc.) Included

Interior - Ceiling Frame (Insulation, Plumbing, Electrical, etc.) Included

Interior - Ceiling Frame Finish (Drywall, Plaster, Plywood, etc.) Included

Interior - Ceiling Covering (Paint, Wallpaper, Stucco, Tile, etc.) Included

Interior - Floor Frame (Metal/Wood Studs, Concrete, etc.) Included

Interior - Floor Frame (Insulation, Plumbing, Electrical, etc.) Included

Interior - Floor Frame Finish (Unfin Wood, Composite, Metal, etc.) Included

Interior - Floor Covering (Carpet, Wood, Tile, Finished Wood, etc.) Included

Interior - Bathtub, Shower Enclosure, Sink, Commode, etc.) Included

Interior - Built-in Cabinets and Countertops Included

Interior - Appliances (All) Included

Interior - Electrical Fixtures Included

Interior - Window Treatments (Drapes, Blinds, Hardware, etc.) Included

HVAC (Heating, Cooling, Ventilation, etc.) Included

Water Heaters, Water Filters, etc. Included


47

The following table is a guide to help identify Flood Insurance coverage responsibilities for unit owners and the condominium association based on the National Flood Insurance Program Guidelines.

Flood Insurance Flood Coverage Flood Coverage

National Flood Insurance - Condominium Building Building Inclusions Building Inclusions

Construction Materials Unit Owner Responsibility Condo Association Responsibility

Exterior - Wall Frame to Interior Drywall Included

Exterior - Wall Finish Included

Exterior - Windows and Doors Included

Exterior - Roof (All Construction Components) Included

Exterior - Foundation Included

Interior - Wall Frame (Metal/Wood Studs, Concrete, etc.) Included

Interior - Wall Frame (Insulation, Plumbing, Electrical, etc.) Included

Interior - Wall Frame Finish (Drywall, Plaster, Plywood, etc.) Included

Interior - Wall Covering (Paint, Wallpaper, Tile, Stucco, etc.) Included

Interior - Ceiling Frame (Metal/Wood Studs, Concrete, etc.) Included

Interior - Ceiling Frame (Insulation, Plumbing, Electrical, etc.) Included

Interior - Ceiling Frame Finish (Drywall, Plaster, Plywood, etc.) Included

Interior - Ceiling Covering (Paint, Wallpaper, Stucco, Tile, etc.) Included

Interior - Floor Frame (Metal/Wood Studs, Concrete, etc.) Included

Interior - Floor Frame (Insulation, Plumbing, Electrical, etc.) Included

Interior - Floor Frame Finish (Unfin Wood, Composite, Metal, etc.) Included

Interior - Floor Covering (Carpet, Wood, Tile, Finished Wood, etc.) Included

Interior - Bathtub, Shower Enclosure, Commode, etc.) Included

Interior - Built-in Cabinets and Countertops Included

Interior - Appliances (All) Included

Interior - Electrical Fixtures Included

Interior - Window Treatments (Drapes, Blinds, Hardware, etc.) Included

HVAC (Heating, Cooling, Ventilation, etc.) Included

Water Heaters, Water Filters, etc. Included


48

In the cost on the following pages the condominium building is valued based on dollar per-square-foot rate the covers all interior and exterior finish for a total building area replacement value. A cost is then deducted for the specified interior finish on the privately owned areas (unit area) to conclude to a common area replacement value as specified in the report. The cost multiplier for interior finish is based on all units having similar quality. The decking, entries and other attached fixtures are considered when determining the cost per square foot rate for the condominium building. The estimated cost for the common area improvements outside the condominium building is reported collectively and no deduction for interior cost is applied. A cost for debris removal/demolition is also estimated. Due to the different levels of possible damage in relation to costs of debris removal/demolition, the cost reported below is based on the majority of the being building leveled with no hazardous material removal. A cost for foundations is shown separately. Items such as landscaping, below grade building materials (outside of foundations) and paved surfaces are not valued in this report. OF NOTE: It should be noted that the cost rate (per square foot) applied to each building is based on each building being constructed separately and not all of the buildings collectively. Based on the economies of scale, buildings constructed collectively typically cost less to construct than when one building is constructed separately, considering all other characteristics are similar. The cost rate per building may vary because of quality and features, but also because of the economies of scale. The cost rate (per square foot) applied to each building also takes into consideration the size, and area being built, of each building. Based on the economies of scale, larger buildings typically cost less to construct than a smaller building when built individually.


49

COST BREAKDOWN – AS BUILT TO CURRENT BUILDING CODE

Building Total Rate Per Replacement Cost - Deduction For Interior Replacement Cost -

Description Area (SF) Square Foot Flood Insurance Exclusions Est. @ $33 Per SF Hazard Insurance

Building - Yawl (Units 1 thru 6) 7,392 $128.00 $946,176 $243,936 $702,240

Garage Area 1,200 $26.00 $31,200 N/A $31,200

$33,264 N/A N/A

$1,010,640 $733,440

Building - Bark (Units 7 thru 14) 9,856 $125.00 $1,232,000 $325,248 $906,752

Garage Area 1,600 $26.00 $41,600 N/A $41,600

$44,352 N/A N/A

$1,317,952 $948,352

Building - Brigantine (Units 15 thru 20) 7,392 $128.00 $946,176 $243,936 $702,240

Garage Area 1,200 $26.00 $31,200 N/A $31,200

$33,264 N/A N/A

$1,010,640 $733,440

Building - Sloop (Units 21 thru 26) 7,912 $126.00 $996,912 $261,096 $735,816

Garage Area 1,200 $26.00 $31,200 N/A $31,200

$35,604 N/A N/A

$1,063,716 $767,016

Building - Schooner North (Units 27 thru 36) 13,360 $127.00 $1,696,720 $440,880 $1,255,840

Garage Area 2,000 $26.00 $52,000 N/A $52,000

$60,120 N/A N/A

$1,808,840 $1,307,840

Building - Clipper North (Units 37 thru 42) 9,600 $132.00 $1,267,200 $316,800 $950,400

Garage Area 1,200 $26.00 $31,200 N/A $31,200

$43,200 N/A N/A

$1,341,600 $981,600

Building - Clipper South (Units 43 thru 48) 9,600 $132.00 $1,267,200 $316,800 $950,400

Garage Area 1,200 $26.00 $31,200 N/A $31,200

$43,200 N/A N/A

$1,341,600 $981,600

Building - Schooner South (Units 49 thru 58) 12,992 $122.00 $1,585,024 $428,736 $1,156,288

Garage Area 2,000 $26.00 $52,000 N/A $52,000

$58,464 N/A N/A

$1,695,488 $1,208,288

Building - Yacht (Units 59 thru 68) 12,992 $122.00 $1,585,024 $428,736 $1,156,288

Garage Area 2,000 $26.00 $52,000 N/A $52,000

$58,464 N/A N/A

$1,695,488 $1,208,288

Building - Cutter (Units 69 thru 74) 7,344 $125.00 $918,000 $242,352 $675,648

Garage Area 1,200 $26.00 $31,200 N/A $31,200

$33,048 N/A N/A

$982,248 $706,848

Estimated Foundation Cost

Total:

Total:

Total:






Total:

Total:

Total:


Total:


Total:


Total:


Total:


50

COST BREAKDOWN – AS BUILT TO CURRENT BUILDING CODE

Building Total Rate Per Replacement Cost - Deduction For Interior Replacement Cost -

Description Area (SF) Square Foot Flood Insurance Exclusions Est. @ $33 Per SF Hazard Insurance Building - Ketch (Units 75 thru 80) 7,344 $125.00 $918,000 $242,352 $675,648

Garage Area 1,200 $26.00 $31,200 N/A $31,200

$33,048 N/A N/A

$982,248 $706,848

$14,250,460 $10,283,560

Clubhouse Building 1,139 $163.00 $185,657 N/A $185,657

Pool Building 497 $169.00 $83,993 N/A $83,993

$6,100 N/A $6,100

$137,000 N/A $137,000

$10,000 N/A $10,000

$78,000 N/A $78,000

$17,000 N/A $17,000

$14,768,210 $10,801,310

$49,000

$64,000

$53,000

$85,000

$63,000

$83,000

$49,000

$18,000

Estimated Debris Removal/Demolition Cost Only - Condo Building Schooner S & Yacht - Per Building

Estimated Debris Removal/Demolition Cost Only - Condo Building Cutter and Ketch - Per Building

Estimated Debris Removal/Demolition Cost Only - Condo Building Bark

Estimated Debris Removal/Demolition Cost Only - Condo Building Sloop

Common Buildings

Estimated Debris Removal/Demolition Cost Only - Condo Building Schooner North

Estimated Debris Removal/Demolition Cost Only - Condo Building Clipper North & South - Per Building

Entrance Building

Miscellaneous Improvements

Pool / Associated Fixtures

Miscellaneous Common Buildings


Total:

Opinion of Total Condominium Building Cost:

Auto Entry Gates and Motors

Opinion of Total Building Improvement Cost:

Estimated Debris Removal/Demolition Cost Only - Condo Building Yawl and Brigantine - Per Building

Spa

Tennis Courts - Associated Fixtures


51

RECONCILIATION OF REPLACEMENT COST VALUES The below values indicate my estimate of replacement cost for the condominium building without specified interior finishes, but including common improvements, and an additional value indicating a total replacement cost including the foundation. The below values assume

the buildings will be constructed to meet all current applicable building codes if rebuilt. It is my opinion the total estimated replacement cost of the building improvements, as specified in the report, as well as the assumptions and limiting conditions, at the subject property commonly known as the Sea Winds Condominium development, Saint Augustine, Florida, as of March 30, 2015 is:

HAZARD INSURANCE – As Built to Current Building Code

Opinion of “Common Area” Improvement Cost: Condominium Buildings $ 10,283,560 Miscellaneous Common Buildings $ 275,750 Miscellaneous Common Improvements $ 242,000 $ 10,801,310

Rounded to: $ 10,801,000

NATIONAL FLOOD INSURANCE – As Built to Current Building Code

Opinion of Total Improvement Cost: Condominium Buildings $ 13,774,432 Foundation – Condominium Buildings $ 476,028 Miscellaneous Common Buildings $ 275,750 Miscellaneous Common Improvements $ 242,000 $ 14,768,210

Rounded to: $ 14,768,000

Of Note: Due to the continually changing costs in construction materials it is recommended that the client have the property re-evaluated on an annual basis to insure proper coverage.


52

SYSTEM-GENERATED COST WORKSHEET REPORT –

BUILDING VALUE “AS IS” –

DOES NOT INCLUDE ALL APPLICABLE BUILDING CODES The information found in the System Generated Cost Worksheet Report on the following pages is in relation to Hazard Insurance coverage for the condominium building only. The information on these worksheets is based entirely on cost data reported by Marshall & Swift/Boeckh on-line valuation service. As a State-Certified General Appraiser in the state of Florida I have not verified this cost data and therefore do not confirm its validity. Overall, this cost information is added as supportive data only to my value conclusion. Due to the fact that the cost service is targeted at the condominium building unit area only; costs for items such as attached garages, decking, entries, and other common finishes are valued separately or considered in the quality adjustment within the report. The appraiser was not supplied blueprints for the buildings; therefore, the ISO fire resistive rating is an estimate only based on my inspection and/or conversations with persons knowledgeable with the property and is assumed accurate. Changes in any of the assumed information reported above could affect the opinion of value and I reserve the right to change the value conclusion if different information than what is stated in this report is found in the future. I am not a fire inspector; the ISO rating reported in the cost worksheet is an estimate/assumption only. It is highly recommended to have the building inspected by a licensed fire inspector to determine the exact building construction fire code rating. Changes in any of the assumed information reported above could affect the opinion of value and I reserve the right to change the value conclusion if different information than what is stated in this report is found in the future. Various buildings are identical; therefore, one worksheet is presented to represent these buildings.

HYPOTHETICAL CONDITION

This portion of the valuation is based on the assumption that the subject building is being constructed based on its original form only and not to current building codes as of the effective date of this appraisal. Therefore, this valuation does not include the additional construction costs brought on by current building requirements of the Florida Building Code. Therefore, this is considered a hypothetical condition; a condition that is contrary to what exists if the buildings were built today, but asserted by the appraiser for the purpose of analysis. In

conclusion, if the subject building(s) was constructed under the building code

requirements of today, the construction cost would be proportionately higher than what is

stated in this portion of the report.


53

“AS IS” COST BREAKDOWN – NO CURRENT BUILDING

CODE - HAZARD INSURANCE

Building Replacement Cost -

Description Hazard Insurance

Building - Yawl (Units 1 thru 6) $687,366

Building - Bark (Units 7 thru 14) $889,012

Building - Brigantine (Units 15 thru 20) $687,366

Building - Sloop (Units 21 thru 26) $719,391

Building - Schooner North (Units 27 thru 36) $1,231,292

Building - Clipper North (Units 37 thru 42) $926,076

Building - Clipper South (Units 43 thru 48) $926,076

Building - Schooner South (Units 49 thru 58) $1,127,295

Building - Yacht (Units 59 thru 68) $1,127,295

Building - Cutter (Units 69 thru 74) $658,807

Building - Ketch (Units 75 thru 80) $658,807

COST BREAKDOWN - "AS IS" HAZARD VALUE / PER BUILDING


54

Commercial Building Valuation Report

Policy : ESTIMATE-517354 3/30/2015

INSURED Sea Winds Condominium Assoc Effective Date: 3/30/2015

890 A1A Beach Boulevard Expiration Date:

Saint Augustine, FL 32080 Cost as of: 12/2014

BUILDING Yawl and Brigantine


Saint Augustine, FL 32082

Location Adjustments

Climatic Region: 1 - Warm

High Wind Region: 1 - Minor Damage

Seismic Zone: 0 - No Damage

SECTION 1

SUPERSTRUCTURE

Occupancy: 100% Condominium, w/o Interior Finishes

Story Height: 9 ft.

Construction Type: 100% Frame (ISO 1) Number of

Stories: 2

Gross Floor Area: 7,392 sq. ft. Irregular Adjustment: Very

Irregular

Construction Quality: 2 - Average

Adjustments

User Adjustment Factor:

1.09 Decking/Garages

Hillside Construction: Degree of Slope: Level Site

Accessibility: Fair

Site Position: Unknown Soil Condition: Good

Fees

Architect Fees: 7% is included

Profit and Overhead:

20% is included

SUMMARY OF COSTS User Specified System Generated

Replacement Exclusion

SUPERSTRUCTURE


55

Site Preparation

844

Foundations

19,507 33,234

Foundation Wall

Interior Foundations

Slab On Ground

Exterior

234,940

Exterior Wall

25% Wall Openings

Exterior Wall 100% Siding, Wood on Frame

Structural Floor

Roof

Material 100% Shingles, Asphalt

Interior

160,714

Floor Finish

Ceiling Finish

100% Drywall

Partitions

Length

1,056 ft.

Structure

100% Studs, Girts

Finish

100% Drywall

Mechanicals

213,634 20,923

Heating 100% Heat Pump

Cooling 100% Heat Pump

Fire Protection

Plumbing 72 Total Fixtures

Electrical

100% Average

Built-ins

58,571

TOTAL RC SECTION 1

$687,366 $55,001

TOTAL RC BUILDING Yawl and Brigantine

$687,366 $55,001

Replacement sq. ft. $/sq. ft.

VALUATION GRAND TOTAL $687,366 7,392 $92.99

VALUATION SUMMARY: ESTIMATE-517354

BUILDING: SUPERSTRUCTURE Replacement sq. ft. $/sq. ft.


56

Section 1: 100% Condominium, w/o Interior Finishes

$687,366 7,392 $92.99

BUILDING: SUBSTRUCTURE Replacement sq. ft. $/sq. ft.

SECTION 1:

$0 0 $0.00

Section Totals Replacement sq. ft. $/sq. ft.

SECTION 1:

100% Condominium, w/o Interior Finishes

$687,366 7,392 $92.99

BUILDING TOTAL, Yawl and Brigantine $687,366 7,392 $92.99

BUILDING INSURANCE SUMMARY

100% Co-insurance Requirement $687,366


MS/B costs include labor and material, normal profit and overhead as of date of report. Costs represent general estimates which are not to be considered a detailed quantity survey. These costs include generalities and assumptions that are common to the types of structures

represented in the software.

© 2011 Marshall & Swift/Boeckh, LLC and its licensors

Detailed BVS-C


57






BUILDING Bark







SECTION 1

SUPERSTRUCTURE


Story Height: 9 ft.


Stories: 2


Irregular


Adjustments




Accessibility: Fair


Fees



20% is included



SUPERSTRUCTURE


58

Site Preparation

1,126

Foundations

26,009 38,806

Foundation Wall


Slab On Ground

Exterior

288,515

Exterior Wall

25% Wall Openings


Structural Floor

Roof


Interior

211,549

Floor Finish

Ceiling Finish

100% Drywall

Partitions

Length

1,408 ft.

Structure

100% Studs, Girts

Finish

100% Drywall

Mechanicals

284,845 27,897



Fire Protection


Electrical

100% Average

Built-ins

78,094

TOTAL RC SECTION 1

$889,012 $67,829

TOTAL RC BUILDING Bark

$889,012 $67,829






59


$889,012 9,856 $90.20


SECTION 1:

$0 0 $0.00


SECTION 1:


$889,012 9,856 $90.20

BUILDING TOTAL, Bark $889,012 9,856 $90.20







Detailed BVS-C


60






BUILDING Sloop







SECTION 1

SUPERSTRUCTURE


Story Height: 9 ft.


Stories: 2


Irregular


Adjustments




Accessibility: Fair


Fees



20% is included



SUPERSTRUCTURE


61

Site Preparation

904

Foundations

20,879 34,469

Foundation Wall


Slab On Ground

Exterior

246,513

Exterior Wall

25% Wall Openings


Structural Floor

Roof


Interior

171,439

Floor Finish

Ceiling Finish

100% Drywall

Partitions

Length

1,130 ft.

Structure

100% Studs, Girts

Finish

100% Drywall

Mechanicals

217,869 20,923



Fire Protection


Electrical

100% Average

Built-ins

62,691

TOTAL RC SECTION 1

$719,391 $56,296

TOTAL RC BUILDING Sloop

$719,391 $56,296






62


$719,391 7,912 $90.92


SECTION 1:

$0 0 $0.00


SECTION 1:


$719,391 7,912 $90.92

BUILDING TOTAL, Sloop $719,391 7,912 $90.92







Detailed BVS-C


63






BUILDING Schooner North







SECTION 1

SUPERSTRUCTURE


Story Height: 9 ft.


Stories: 3


Irregular

Construction Quality: 2.1 - Average +

Adjustments




Accessibility: Fair


Fees



20% is included



SUPERSTRUCTURE


64

Site Preparation

1,070

Foundations

24,726 38,649

Foundation Wall


Slab On Ground

Exterior

408,810

Exterior Wall

25% Wall Openings


Structural Floor

Roof


Interior

302,912

Floor Finish

Ceiling Finish

100% Drywall

Partitions

Length

1,908 ft.

Structure

100% Studs, Girts

Finish

100% Drywall

Mechanicals

383,482 36,685



Fire Protection


Electrical

100% Average

Built-ins

111,363

TOTAL RC SECTION 1

$1,231,292 $76,404

TOTAL RC BUILDING Schooner North

$1,231,292 $76,404


VALUATION GRAND TOTAL $1,231,292 13,360 $92.16




65


$1,231,292 13,360 $92.16


SECTION 1:

$0 0 $0.00


SECTION 1:


$1,231,292 13,360 $92.16

BUILDING TOTAL, Schooner North $1,231,292 13,360 $92.16


100% Co-insurance Requirement $1,231,292





Detailed BVS-C


66






BUILDING Clipper North and South







SECTION 1

SUPERSTRUCTURE


Story Height: 9 ft.


Stories: 3


Irregular

Construction Quality: 2.1 - Average +

Adjustments




Accessibility: Fair


Fees



20% is included



SUPERSTRUCTURE


67

Site Preparation

769

Foundations

17,767 32,368

Foundation Wall


Slab On Ground

Exterior

323,189

Exterior Wall

25% Wall Openings


Structural Floor

Roof


Interior

221,085

Floor Finish

Ceiling Finish

100% Drywall

Partitions

Length

1,371 ft.

Structure

100% Studs, Girts

Finish

100% Drywall

Mechanicals

284,013 27,514



Fire Protection


Electrical

100% Average

Built-ins

80,021

TOTAL RC SECTION 1

$926,076 $60,651

TOTAL RC BUILDING Clipper North and South

$926,076 $60,651






68


$926,076 9,600 $96.47


SECTION 1:

$0 0 $0.00


SECTION 1:


$926,076 9,600 $96.47

BUILDING TOTAL, Clipper North and South $926,076 9,600 $96.47







Detailed BVS-C


69






BUILDING Schooner South & Yacht







SECTION 1

SUPERSTRUCTURE


Story Height: 9 ft.


Stories: 3


Irregular


Adjustments




Accessibility: Fair


Fees



20% is included



SUPERSTRUCTURE


70

Site Preparation

989

Foundations

22,856 36,190

Foundation Wall


Slab On Ground

Exterior

380,862

Exterior Wall

25% Wall Openings


Structural Floor

Roof


Interior

280,416

Floor Finish

Ceiling Finish

100% Drywall

Partitions

Length

1,856 ft.

Structure

100% Studs, Girts

Finish

100% Drywall

Mechanicals

340,219 31,965



Fire Protection


Electrical

100% Average

Built-ins

102,943

TOTAL RC SECTION 1

$1,127,295 $69,144

TOTAL RC BUILDING Schooner South & Yacht

$1,127,295 $69,144






71


$1,127,295 12,992 $86.77


SECTION 1:

$0 0 $0.00


SECTION 1:


$1,127,295 12,992 $86.77

BUILDING TOTAL, Schooner South & Yacht $1,127,295 12,992 $86.77


100% Co-insurance Requirement $1,127,295





Detailed BVS-C


72






BUILDING Cutter & Ketch







SECTION 1

SUPERSTRUCTURE


Story Height: 9 ft.


Stories: 2


Irregular


Adjustments




Accessibility: Fair


Fees



20% is included



SUPERSTRUCTURE


73

Site Preparation

839

Foundations

19,380 33,118

Foundation Wall


Slab On Ground

Exterior

233,863

Exterior Wall

25% Wall Openings


Structural Floor

Roof


Interior

159,704

Floor Finish

Ceiling Finish

100% Drywall

Partitions

Length

1,049 ft.

Structure

100% Studs, Girts

Finish

100% Drywall

Mechanicals

187,671 17,436



Fire Protection


Electrical

100% Average

Built-ins

58,190

TOTAL RC SECTION 1

$658,807 $51,393

TOTAL RC BUILDING Cutter & Ketch

$658,807 $51,393






74


$658,807 7,344 $89.71


SECTION 1:

$0 0 $0.00


SECTION 1:


$658,807 7,344 $89.71

BUILDING TOTAL, Cutter & Ketch $658,807 7,344 $89.71







Detailed BVS-C


75

CERTIFICATE OF VALUATION The undersigned do hereby certify that, to the best of my knowledge and belief: 1. The statements of fact contained within this report are true and correct.

2. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions, and is my personal, impartial, unbiased professional analyses, opinions and conclusions.

3. I have no present or prospective interest in the property that is the subject of this valuation, and have 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 valuation or to the parties involved with this assignment.

5. My compensation is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this valuation.

6. I have made a personal interior (if required) and exterior inspection of the property that is the subject of this report.

7. I do not authorize out-of-text quoting from or partial reprinting of this valuation report; and neither all nor part of this valuation report shall be disseminated to the general public or for use by any public communications media without the prior written consent of the undersigned appraiser.

8. This appraisal report has been signed with an electronic facsimile of my signature. Electronically affixing a signature to a report carries the same level of authenticity and responsibility as an ink signature on a paper copy report. This signature can only be affixed to, or removed from, the appraisal report by the signatory himself. No other individual has any knowledge of the password or is authorized to affix or delete such digital signature from the appraisal report or any attachments thereto. The appraiser certifies that safeguards for the protection and affixation of the signature dictated by USPAP have been observed.

Smith Appraisal Services, Inc.

Mark T. Smith Florida State-Certified General Real Estate Appraiser License # RZ 2620


ADDENDUM


QUALIFICATIONS


MARK T. SMITH

LICENSING

• State-Certified General Real Estate Appraiser – Florida License #RZ 2620 (Expires November 30, 2016)

• FHA Approved Appraiser – HUD #0409

EXPERIENCE

Owner, Smith Appraisal Services, Inc., St. Augustine, Florida 2002-Present

• Manage day to day operations of the company • Appraise commercial, residential and vacant properties on a daily basis

Commercial Appraiser, Crenshaw •••• Williams Appraisal Co., Jacksonville, Florida 2001-

2002

• Appraise commercial, and vacant properties on a daily basis

Co-owner, Northern Michigan Real Estate Consultants, Inc., Traverse City, Michigan.

1999-2001

• Manage day to day operations of the company • Appraising residential and commercial properties

Residential Appraiser, Northern Michigan Real Estate Consultants, Inc. 1991-1999

• Managed Residential Division of company • Appraised residential and small income properties on a daily basis

Residential Appraiser (On Staff), Republic Bank, Detroit, Michigan 1989-1991

• Appraised residential properties on a daily basis

Residential Appraiser, Wilbanks Real Estate Appraisers, Detroit, Michigan 1988-1989

• Appraised residential properties on a daily basis


Qualifications of Mark T. Smith (Continued)

Page Two

GENERAL CREDITS

• Member – Northeast Florida Builders Association

• Main and/or guest speaker for Michigan State University, Home Builders Association, Women’s Council of Realtors, Board of Realtors and various lending institutions

• Expert Court Witness

• Trained five appraisers who are now full time real estate appraisers

REAL ESTATE AND APPRAISAL EDUCATION

• Economics and Real Estate – 2013 • Florida Condominiums 2011 • Residential Construction 2011 • Florida Law / Supervisory Appraiser 2010 • Hotel Appraising / New Techniques (Appraisal Institute) 2010 • Appraising Retail Properties (Appraisal Institute) 2009 • Quality Assurance / Risky Appraisals (Appraisal Institute) 2008 • Florida Law 2008 • Liability Management (Appraisal Institute) 2007 • FHA And The Appraisal Process (Appraisal Institute) 2006 • Subdivision Valuation (Appraisal Institute) 2006 • Residential Design (Appraisal Institute) 2005 • Appraisal Review (Appraisal Institute) 2004 • Advanced Applications (Appraisal Institute) – April 2002 • Basic Capitalization Course (Appraisal Institute) – March 2001 • Narrative Report Writing – October 2000 • Surveying, Planning and Zoning – July 1999 • Appraising Residential Properties From Blueprints / Specifications I-II 1998 • Leases/Appraiser Litigation – May 1996 • Secondary Market Requirements – May 1993 • Standards Professional Practice (Appraisal Institute) – May 1994, April 1994 • Uniform Standards (Appraisal Institute) – August 1991 • Residential Valuation (Appraisal Institute) – September 1990 • Real Estate Appraisal Principles (Appraisal Institute) – January 1990 • USPAP/Standards of Practice (Appraisal Institute) – Updated as necessary in accordance to standards)

• Over 500 Real Estate Appraisal classroom hours and 80 Real Estate Salesperson classes

Documents

SMITH APPRAISAL SERVICES, INC....SMITH APPRAISAL SERVICES, INC. REAL ESTATE APPRAISERS - CONSULTANTS 721 A1A BEACH BLVD, SUITE 9, ST. AUGUSTINE, FLORIDA 32080 Ph (904) 471-0922 / Fax