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HomeMy WebLinkAbout2001 07 23 Regular B Purchase and Sale Agreement COMMISSION AGENDA ITEM B CONSENT INFORMATIONAL PUBLIC HEARlNG REGULAR X July 23,2001 Meeting ~ IDEPT ~ Authorization REQUEST: Utility/Public Works Department Requesting Authorization for the City Manager to Execute a Purchase and Sale Agreement for the Acquisition of approximately 8.7 acres platted as the Hartman Industrial Park from James D. and Martha R. Hartman. PURPOSE: The purpose of this Board item is to request Authorization for the City Manager to Execute a Purchase and Sale Agreement for the Acquisition of approximately 8.7 acres platted as the Hartman Industrial Park from James D. and Martha R. Hartman for $332,500 funded from the Utility Enterprise Fund for the future purpose of a Utility/Public Works Compound. CONSIDERA TIONS: This approval is needed to allow the acquisition of property, which will provide sufficient area and an appropriate location for the future construction of a consolidated Utility/Public Works compound. The current Public Works compound on the comer of First Street and Fairfax Avenue is located within a residential area targeted for redevelopment. It is not compatible with the surrounding land uses particularly with the development ofTorcaso Park and the increase in pedestrian traffic. The Utility field group primarily operates out ofWTP#1 on Northern Way. This location is also not compatible with the surrounding residential and park land uses. An evaluation of the space requirements over the next ten years for the Utility, Public Works and Stormwater groups identified the need for a parcel of 4 to 5 acres in size to relocate and consolidate these functions. The property was platted as Hartmans Industrial Park in 1985, contains 8.727 acres and is located within the City on Old Sanford/Oviedo Road with 40 feet of frontage. The 40' access is between the existing Orlando Plastics and Taylor Made busjnesses. The upland portion is Regular Agenda Item B July 13,2001 Page 2 J ~ ::0 rn U'l "tl -I rn G> ::0 o < rn \ \ \ \ \ \ \ \ \ well defined and estimated at 5.5 acres. The Zoning is C-2 and Future Land Use is Industrial. The owners are James D. and Martha R. Hartman of Winter Springs. The contract purchase price is $332,500 ($1.45 a net square foot) which is less than the appraised value. A copy of the appraisal is attached. The adjacent property to the west is vacant and predominately wetlands. The property to the east is the proposed Respite Center of which approximately 120 feet of the common property line is upland. The northern third of the property is wetlands and adjacent to the Spring Hammock preserve area. The contract provides for a 90 day due diligence period. We will be procuring an Environmental Audit, Boundary Survey, Topographic Survey, Wetlands Delineation, and obtaining Title Insurance during that time. If all areas checkout, we will proceed to closing. FUNDING: The funding needed for this acquisition is estimated at $350,000. The source of funds would be the 1997 Construction Fund of the Utility Enterprise Fund (3630-56310). Future funding of the construction improvements would be available from the 2000 Construction Fund of the Utility Enterprise Fund where $1,000,000 has been set aside. Additional funds for construction may also be available from the Transportation Improvement Fund and Stormwater Fund for construction related to those activities, Regular Agenda Item B July 13,2001 Page 3 RECOMMENDATION: It is recommended that the City Commission Authorize the City Manager to Execute a Purchase and Sale Agreement for the Acquisition of approximately 8.7 acres platted as the Hartman Industrial Park from James D. and Martha R. Hartman for $332,500 funded from the 1997 Construction Fund of the Utility Enterprise Fund (3630-56310) for the future purpose of a Utility/Public Works Compound. IMPLEMENTATION: Staff will proceed with the requirements of the due diligence period upon approval of the contract for execution by the City Commission. ATTACHMENTS: 1. Purchase and Sale Agreement 2. Property Appraisal COMMISSION ACTION: A TT ACHMENT NO. 1 PURCHASE AND SALE AGREEMENT THIS PURCHASE AND SALE AGREEMENT (hereinafter "Agreement") is entered into by and between CITY OF WINTER SPRINGS, a Florida municipal corporation, whose address is 1126 North State Road 434, Winter Springs, Fl 32708, (hereinafter "Buyer"), and JAMES D. HARTMAN and MARTHA R. HARTMAN, husband and wife, whose address is 220 Stoner Road, Winter Springs, FL 32708, (hereinafter "Seller"). WITNESSETH: WHEREAS, Seller is the owner of real property (hereinafter "Property") situate and being In Seminole County, Florida, and legally described as follows: SEE EXHIBIT "A" ATTACHED HERETO WHEREAS, Buyer desires to purchase the Property from Seller; NOW, THEREFORE, in consideration ofthe mutual covenants, representations, warranties and agreements herein contained, and in consideration of the sums to be deposited or paid as contemplated by this Agreement, Seller agrees to sell and Buyer agrees to buy the Property upon the following terms and conditions: 1. PROPERTY AND APPURTENANCES: The Property, as more particularly described herein above, is vacant. The Property will be sold to Buyer by Seller together with all tenements, hereditaments and appurtenances thereunto belonging, all of which shall be deemed part and parcel of the Property. Prior to closing, Seller shall remove or have removed all personal property located on the Property including, but not limited to, any vehicles, trailers, boats, or other items not permanently affixed to the ground. To the extent the same exist on the Effective Date and are transferable and without any representation or warranty express or implied, the Property shall be deemed to include all licenses, permits, orders, authorizations and other governmental permissions of all governmental authorities havingjurisdiction thereof(whether federal, state or local) owned or held by Seller which appertain or relate to the Property and which are transferrable or assignable. 2. PURCHASE PRICE AND METHOD OF PAYMENT: The purchase price of the Property (hereinafter "Purchase Price") shall be Three Hundred Thirty-Two Thousand Five Hundred and noli 00 ($332,500.00) Dollars. The Purchase Price shall be payable as follows: (a) A deposit (hereinafter "Deposit") in the amount of Thirty-Three Thousand Two Hundred Fifty and nolI OOths ($ 33,250.00) Dollars shall be paid upon the execution hereof by Buyer, to be held in escrow by BROWN, WARD, SALZMAN & WEISS, P.A. (hereinafter "Escrow Agent"), which will become non-refundable at the end of the Feasibility Determination Period described below. (b) . The balance of the Purchase Price, shall be paid in cash, cashier's check, Page I of 12 . attorney's trust check drawn on a reputable financial institution, or by wire transfer through the Federal Reserve System, at Closing as hereinafter defined. 3. FEASIBILITY DETERMINATION and ENVIRONMENTAL AUDIT: Buyer shall have ninety (90) days from the Effective Date herein to determine the feasibility of Buyer's purchase of the Property. It is expressly acknowledged and agreed that, except as and to the extent expressly provided in this Contract (or in the closing documents, including the deed, delivered in connection with closing) to the contrary: (a) Seller makes no warranty or representation whatsoever as to (i) the condition or suitability of the Premises (whether title (except as set forth in paragraph 8), physical condition suitability for use or otherwise) for Buyer's purposes (including, without limitation, NO WARRANTY OF MERCHANTABILITY, OF FITNESS FOR ANY PARTICULAR PURPOSE OR RELATING TO THE ABSENCE OF LATENT OR OTHER DEFECTS) or (ii) whether or not hazardous waste materials are now or were heretofore located on or generated from the Property) or which are permitted to be made with respect to the Property; and (b) upon acceptance of the deed to the Property at Closing, Buyer shall be conclusively deemed to have accepted the Property in its "AS IS" condition as of Closing. Seller makes and has made no warranty, express or implied, with regard to the accuracy of any information furnished to Buyer and Seller shall not be bound by any statement of any agent of Seller. During the ninety day Feasibility . Determination Period, Buyer may undertake, at Buyer's expense, such physical inspections, tests and other investigations as may be deemed necessary by the Buyer in order for Buyer to evaluate the feasibility of the Buyer's purchase of the Property. Such investigations to include an Environmental Audit up to Level II ifBuyerdetermines it necessary after having received the results of a Level 1 Environment Audit. For purposes of undertaking physical inspections, tests or investigations of the Property, Seller hereby grants to Buyer, their agents, and professionals engaged by Buyer, the right to enter upon the Property and any part thereof during the Feasibility Determination Period. Said right of entry is conditioned upon (a) the Buyer giving Seller reasonable notice, and (b) such entry being during normal business hours. The presence on the Property of such personnel shall only be for the purpose of conducting such inspections, tests or. investigations, and no other personal activity shall be permitted. Any alterations or changes to the Property that are a direct result of the inspecting, testing and investigations will be repaired and replaced by Buyer if a closing does not occur. To the extent permitted by law, Buyer shall indemnify Seller against any loss or damages to the Property arising out, of or in connection with, any inspection, testing or investigation of the Property by Buyer, including but not limited to, nonpayment of services rendered to or for the benefit of Buyer or mechanics' liens or liability for damage to persons or property arising from any activity permitted hereunder or any change in the existing condition of the Premises by Buyer or its agents, servants, employees, contractors or representatives. This indemnification and agreement to hold harmless shall survive Closing or termination of this Contract. Without limiting the generality of the foregoing, but in addition thereto, in the event this Contract is terminated under circumstances which entitle Buyer to return of its Deposit (or any portion thereof or any other monies delivered by Buyer to Seller) prior to return of such Deposit (or any portion thereof or any other monies delivered by Buyer to Seller), Buyer shall furnish proof reasonably acceptable to Seller (in the form of affidavits, lien waivers or releases, paid invoices and the like) that the Prernises have been returned to the condition in which they were prior to Buyer's inspections and that all Buyer's agents, servants, employees, contractors and representatives who have entered upon the Premises for the purpose of inspection, tests or otherwise have been paid in full so that a lien could not be validly filed against Page 2 of 12 the Prernises. The foregoing is not intended to apply to matters created by or resulting from acts by Seller or their agents, servants, ernployees, contractors and representatives. The provisions of this subparagraph of numbered paragraph 3 shall survive any termination of this Contract. The Buyer's indemnification of the Seller will not include any loss or damage due to pre-existing conditions, problems or deficiencies of the Property that are discovered through the inspection, testing and investigation authorized herein. The decision as to whether it is feasible to purchase the Property shall be at the sole discretion of the Buyer. If the Buyer determines that it is not feasible to purchase the Property, then Buyer may terminate this Agreement and obtain a refund of the Deposit (together with any interest earned thereon), the total of which shall forthwith be paid to Buyer and the parties shall have no further liability hereunder. This provision shall not affect any other rights of the Buyer under this Agreement including, but not limited to the right to inspect the title of the Property. Buyer hereby unconditionally, irrevocably and absolutely assigns to Seller all of Buyer's rights with respect to any governmental permits or approvals related to the Property, which assignment shall become null and void and of no further force or effect upon closing, but shall otherwise remain effective and survive any termination of this Contract. In the event closing fails to occur for any reason whatsoever, Buyer agrees, promptly on request, to turn over to Seller copies of all investigations performed in connection with the Premises by or on behalf of Buyer and to return to Seller all materials and information furnished by Seller to Buyer in connection with the transaction contemplated by this Contract, all without charge, cost or expense to Seller, and the provisions of this paragraph shall survive any termination of this Contract. 4. TITLE EVIDENCE: At least thirty (30) days before expiration of the Feasibility Determination Period, Buyer, at Buyer's expense, shall obtain a Title Insurance Commitment (hereinafter "Commitment") issued by a company (hereinafter "Company") reasonably acceptable to Buyer and/or Buyer's Counsel, with the fee owner's title insurance policy premium to be paid by Buyer. The Commitment shall commit the Company to issue to Buyer, upon recording of the deed conveying title to the Property to Buyer, a fee owner's policy of title insurance, (AL T A Owner's Policy 10-17-92, Florida Modified), in the amount of the Purchase Price of the Property, subject only to those exceptions reasonably acceptable to Buyer's Counsel and the so called standard exceptions contained in the standard AL T A Form of owner's title insurance commitment. The Commitment shall provide that the applicable standard exceptions will be deleted by the Company upon the furnishing of an ownership and lien affidavit in form required by Company (and Seller agrees to furnish such Affidavit as part of the Closing). Buyer shall have fifteen (15) days from the date of their receipt of the Commitment to examine the same and to notify Seller in writing specifying any defects or reasonable objections to Seller's title. Seller shall reply within ten (10) days after actual receipt of Buyer's written title objections, if any, stating which objections Seller will cure at or prior to Closing and those which Seller will not cure. [n the event Buyer timely notifies Seller of any title objections, Seller may at its option, either: (i) terminate the Contract and return the Deposit to Buyer, or (ii) attempt to cure the defect, and if necessary, extend the time for Closing for up to 60 days to give Seller time within which to attempt to cure. In the event Seller elects to attempt to cure the defect, Seller shall have no liability or obligation in the event Seller is unsuccessful in curing same. Moreover, Seller shall in no event be required to expend any money or institute any legal proceedings in connection with the curing of any title defects. [n the event Seller does not cure the defect or Sellcr notifies Buycr in writing that the defect will not bc cured, Buycr may. within fifteen Page J or 12 (15) days after the receipt of such notice from Seller: (l) accept title in its then existing condition without reduction of the Purchase Price or cash to close or (2) terminate this Contract and receive return of its Deposit. If Buyer fails to notify Seller of Buyer's election within said fifteen (15) day time period, Buyer shall be deemed to have elected to accept title in its then existing condition without reduction of the Purchase Price or cash to close as provided in this paragraph. 5. RESTRICTIONS. EASEMENTS, AND LIMIT A nONS: The Buyer shall take title subject to: zoning, restrictions, prohibitions and other requirements imposed by governmental authority, restrictions and matters appearing on the plat or otherwise common to the subdivision, public utility easements of record, taxes for the year of closing and subsequent years. 6. SURVEY: Buyer, at Buyer's expense, within the Feasibility Determination Period, may have the Property surveyed and certified by a registered Florida surveyor. If survey shows encroachment on the Property or that improvements located on the Property encroach on set back lines, easements, lands of others or violate any restrictions, covenants or applicable government regulation, the same shall constitute a title defect. Buyer shall address such title defect, if any, in the same manner as other title defects as set forth in paragraph 4 above. The parties agree that Buyer may substitute the surveyed legal description of the Property for the legal description contained on Exhibit "A" for closing purposes. 7. APPRAISAL: Buyer, at Buyer's expense, within the Feasibility Determination Period, may have the Property appraised by a certified registered Florida appraiser. If said appraisal does not value the Property for at least the Purchase Price, then Buyer may terminate this Agreement by notifying Seller in writing on or before the expiration of the Feasibility Determination Period and, as long as Buyer does so, obtain a refund of the Deposit (together with any interest earned thereon), the total of which shall be forthwith paid to Buyer and the parties shall have no further liability hereunder. 8. SELLER REPRESENTATIONS: Seller hereby represents to Buyer based on Seller's actual knowledge, without investigation: (a) That Seller has good, marketable, and indefeasible title to, and is in possession of, the Property, free and clear of all liens, security interests and encumbrances, excluding only those (i) which may be satisfied or released at Closing, (ii) to which the Buyer's title shall be subject as otherwise provided in this Agreement, (iii) liens for taxes not yet due and payable, and (iv) statutory liens not yet delinquent. (b) That there is no condemnation, eminent domain, zoning, or other land use proceeding instituted, or pending on the Property. (c) That there is ingress and egress to the Property sufficient for its current use. (d) That there is no litigation or proceeding pending or threatened against or relating to the Property arising by, through or under Seller, and Seller does not know ofany basis for such action nor are there any special assessments of any nature with respect to the Property or any portion thereof, nor has Seller received any notice of any special assessment being contemplated. I'ag(;tlof 12 (e) That Seller has full power and authority to enter into and perform this Agreement in accordance with its terms, and the completion of this transaction will not violate any law, regulation or agreement"affecting Seller. (f) That there are no: (i) pending litigation or disputes involving the location of the boundaries of any part of the Property; and/or (ii) physical interruptions or obstructions to physical access to any part of the Property. (g) Seller has disclosed to Buyer that not all of the Property may be usable given environmental (wetland) conditions. Theextent to which part of the Property may not be usable has yet to be determined by the St. Johns River Water Management District or other applicable government agency. Seller makes no representation or warranty with respect to the amount of usable acreage. Further, Seller's representations and warranties in paragraphs 8(a) through (f) are subject to this clause. Paragraph 8 shall survive the closing. 9. POSSESSION: Seller shall deliver possession of the Property to Buyer at the time of Closing. 10. CLOSING: (a) Closing Date: The closing of this Agreement, and the transfer of title and possession of the Property, shall occur on or before the 120th day after the Effective Date (hereinafter "Closing Date") unless otherwise extended by the terms herein. Closing shall be held in the county where the Property is located at the office of the attorney or other closing agent designated by Buyer. At Buyer's discretion, Buyer may extend the Closing up to thirty (30) days by providing three (3) days advance written notice to Seller. (b) Conveyance: Seller shall convey to Buyer marketable title to the Property by Statutory Warranty Deed; and transfer of licenses, permits, orders, authorizations and other governmental permissions by Assignment to the extent transferable without any warranties or representations express or implied. (c) Documents For Closing: Buyer shall furnish the Closing Documents including, but not limited to, the Deed, Bill of Sale,'Assignments, Ownership and Lien Affidavit, Certificate of Non-Foreign Status, satisfaction and release ofliens or mortgages, and Closing Statement. (d) Allocation of Expenses: Buyer shall pay the premium for the owner's ALTA Owner's Policy 10-17-92 (Florida Modified) Title Insurance Policy, charges for related title services including but not limited to title or abstract charge, title examination, and settlement and closing fee, the cost of recording corrective instruments and Florida Documentary Stamps to be affixed to the Deed. Buyer shall also pay documentary stamps and intangible tax on any mortgage, mortgagee title insurance commitment with related fccs, rccording of mortgagc and any financing statcrnents. Buyer shall pay thc cost of I'agl: 5 of 12 recording the Deed. Each party shall pay their respective attorney's fees. (e) Prorations: Real property taxes, special assessments and ad valorem taxes for the year of closing and any other pro-ratable iterns shall be prorated as of the Closing Date with due allowance made for maximum allowable discount. All real property taxes, special assessments and ad valorem taxes for prior years shall be paid by Seller. In the event the current assessment and mileage are not available, all taxes for the year of Closing shall be based on the previous years assessment and mileage. If any substantial difference (i.e., over $500.00 dollars) occurs in the actual tax bills when issued for the year of Closing, the parties hereto agree to rnake adjustments based on such tax bills when they become available. (f) FIRPT A Acknowledgment: At Closing, the Seller shall execute and deliver to Buyer two (2) original counterparts of the Certification of Non-Foreign Status in form reasonably satisfactory to Buyer. In the event (a) Seller does not so execute and deliver to Buyer such Certification of Non-Foreign Status, or (b) such Certification of Non-Foreign Status in not fully and properly completed and executed as of the Closing Date, or (c) Buyer is not entitled to rely upon such Certification, then, in any of such events, Buyer shall withhold ten percent (10%) of the Purchase Price and pay the withheld amount to the Internal Revenue Service pursuant to Internal Revenue Code Section 1445. Any amount thus withheld by Buyers shall be deemed to have been paid by Buyer in cash at Closing as part of Buyer's obligation to pay the Purchase Price hereunder. (g) Ownership and Lien Affidavit: Seller shall furnish to Buyer at the time of closing an affidavit attesting to the absence, unless otherwise provided for herein, of any Notices to Owner or Claims of Lien of potentiallienors known to Seller and further attesting to the unquestioned ownership by Seller of the Property and further attesting that there have been no improvements to the Property for 90 days immediately preceding the Closing Date for which payment has not been made in full, or for which payment has not been secured or provided for, all in form acceptable to Seller, Buyer and Company. If Property has been improved or repaired within 90 days at the request of and authorization by Seller immediately preceding the Closing Date, Seller shall deliver releases or waivers of construction liens executed by all general contractors, subcontractors, suppliers, and materialmen in addition to Seller's lien affidavit setting forth the names of all such general contractors, subcontractors, suppliers and materialmen and further affirming that all charges for improvements or repairs which could serve as a basis for a construction lien or a claim for damages have been paid or will be paid at closing of this Agreement. (h) Proceeds of Sale and Closing Procedure: Upon clearance of funds, the deed of conveyance and other closing documents (hereinafter "Closing Documents"), each duly executed, shall be delivered to the authorized agent of Company at closing. Following examination by the agent of the public records of Seminole_County, Florida, from the effective date of the Cornmitrnent up to Closing Date (hereinafter "Gap Period") and delivery to Buyer of the Commitment marked in order to show compliance with all conditions of Closing and marked to insure the Gap Period all of which shall occur on or before closing, the net sales proceeds shall be promptly disbursed to Seller by Company or the authorized agent of Company at closing. Page () of 12 (i) Further Acts, etc.: At the closing and up to thirty (30) days thereafter, Seller and Buyer agree to execute and deliver such other and further instruments and to take such further actions as either of them or their counsel may reasonably request of the other in order to fully irnplement the terms of this Agreement and the closing thereof as long as said request is consistent with the respective obligations of the parties as set forth in this Agreement. This paragraph shall survive the closing. 1 I. DEFAULTS: (a) Notice of Default: No default as to any provision of this Agreement shall be claimed or charged by either party hereto against the other until notice thereof has been given to the defaulting party in writing, and such default remains uncured for a period of five (5) days after the defaulting party's receipt of such notice. Notwithstanding the above, the Closing Date shall not be changed, delayed, postponed or extended by this requirement for notice of default. (b) Default by Buyer: If Buyer defaults on its obligations to purchase under this Agreement, without fault on the part of the Seller, Seller may terminate this Agreement and as Seller's remedy for default, the Deposit paid to the Escrow Agent, shall be paid over by Escrow Agent to Seller and retained by" Seller as its liquidated damages in full and final settlement of all claims Seller may have against Buyer for breach ofthis Agreement. In the event that Buyer defaults, Buyer shall join with Seller in any written request made by Seller to the Escrow Agent for payment to Seller of the Deposit. Alternatively, Seller may seek specific performance against Buyer. (c) Default by Seller: If Seller defaults on its obligation to sell under this Agreement, without fault on the part of the Buyer, Buyer may terminate this Agreement and retain the Deposit. Further, Seller shall reimburse Buyer for all actual costs and expenses. incurred by Buyer in preparing for closing including, but not limited to, costs associated with the Feasibility Determination, survey costs, title inspection and commitment costs and appraisal fees, as its liquidated damages in full and final settlement of all claims Buyer may have against Seller for breach of this Agreernent. In the event that Seller defaults, Seller shall join with Buyer in any written request made by Buyer to the Escrow Agent for payment to Buyer of the Deposit. Alternatively, Buyer may seek specific performance against Seller. (d) Application of Deposit Upon Default: In the event of a dispute between Buyer and Seller with regard to whether or not a default has occurred by either party, or to whorn the Deposit, together with any interest thereon should be transmitted, the Escrow Agent shall have the rights accorded it hereunder, including the right to interplead the Deposit, together with any interest thereon, into the registry of the Clerk orthe Circuit Court of Seminole County, Florida. 12. BROKER'S COMMISSION: Each party hereto represents and warrants unto the other party hereto that there are no brokers, real estate sales persons or agent involved with respect to the transaction conternplatcd herein and that there are no fees, or comrnissions due as a result of Page 7 of 12 their respective execution of this Agreement or which will be due as a result of the closing as contemplated hereby by virtue of their respective acts, inactions, conduct or otherwise. Each party hereto does hereby agree to indemnify and hold the other harmless from any breach of their respective representations and warranties as set forth in this Paragraph. The provisions of this Paragraph shall survive the Closing. 13. TIME OF THE ESSENCE: Time, and timely performance, is of the essence of this Agreement and of the covenants and provisions hereunder. 14. TIME: Time periods herein ofless than 6 days shall in the computation exclude Saturdays, Sundays and state or national legal holidays, and any time period provided for herein which shall end on Saturday, Sunday or a legal holiday shall extend to 5:00 p.m. of the next business day. 15. EFFECTIVE DATE AND TIME FOR ACCEPTANCE: The date of this Agreement ("Effective Date") shall be that date upon which the last one of the Buyer and Seller has signed this Agreement. 16. ASSIGNMENT: consent of Seller. This Agreement may not be assigned except upon the prior written 17. ESCROW AGENT: BROWN, WARD, SALZMAN & WEISS, P.A., (the "Escrow Agent"), the recipient of the Deposit hereunder, is authorized and agrees by acceptance thereof to hold the same in escrow and to disburse it at closing in accordance with the terms and conditions of this Agreement. In the event it is in doubt as to its duties or liabilities under the provisions of this Agreement, the Escrow Agent may in its sole discretion, continue to hold the monies which are the subject ofthe escrow until the parties mutually agree to the disbursement thereof, or until ajudgment of a court of competent jurisdiction shall determine the rights of the parties thereto, or it may deposit all the monies then held pursuant to this contract with the Clerk of the Circuit Court of Seminole, Florida, or such other court having jurisdiction of the dispute, and upon notifying all parties concerned of such action, all liability on the part of the Escrow Agent shall fully cease and terminate, except to the extent of accounting for any monies theretofore delivered out of escrow. In the event of any suit between Buyer and Seller wherein the Escrow Agent is made a party by virtue of acting as such Escrow Agent hereunder, or in the event of any suit wherein Escrow Agent interpleads the subject matter of the escrow, the Escrow Agent shall be entitled to recover a reasonable attorney's fee and costs incurred, said fees and costs to be charged and assessed as court costs in favor of the prevailing party. All parties agree that the Escrow Agent shall not be liable to any party or person whomsoever for misdelivery to Buyer or Seller of monies subject to its Escrow, unless such misdelivery be due and willful breach of this contract or gross negligence on the part of the Escrow Agent. 18. MISCELLANEOUS: (a) Radon Gas: Pursuant to Fla. Stat. Sec. 404.056(8), Radon is a naturally occurring radioactive gas that when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in building in Florida. l'ag<.:Xof 12 (b) Binding Effect; Successors and Assigns: This Agreement shall be binding upon and inure to the benefit of Seller, Buyer and their permitted successors and assigns, ifany. (c) Captions: The captions for each paragraph or sub-paragraph of this Agreement are for convenience and reference only and in no way define, describe, extend, or limit the scope or intent of this Agreement, or the intent of any provision hereof. (d) Severability: If any provision of this Agreement, the deletion of which would not materially adversely affect the material benefits receivable by any party hereunder or substantially increase the burden of any party hereto, shall be held to be invalid or unenforceable to any extent, the same shall not affect in any respect whatsoever the validity or enforceability of the remainder of this Agreement. ( e) Execution of Documents: Each party hereto covenants and agrees that they will at any time and from time to time do such acts and execute, acknowledge and deliver such documents, including corrective instruments, reasonably requested by the Company, the parties hereto, or their counsel, necessary to carry out fully and effectuate the purchase and sale herein contemplated and to convey good, marketable and insurable title to the Property and all parts thereof as long as the request is consistent with the respective obligations of the parties as set forth in this Agreement. (t) Counterparts: This Agreement may be executed in two or more counterparts, each of which shall be, and shall be taken to be, an original, and all collectively deemed one instrument. (g) Facsimile: Telephonically transmitted facsimile copies of this Agreement, and any signatures thereon, shall be considered for all purposes as originals. (h) Litigation and Attorney's Fees: In the event it shall be necessary for either Party to this Agreement to bring suit to enforce any provision hereof (before or after Closing) or for damages on account of any breach of this Agreement, the prevailing party shall be entitled to recover frorn the other, in addition to any darnages or other relief granted as a result of such litigation, all costs and expenses of such litigation and reasonable attorney's fees (including attorney's fees and costs of appeals) as fixed by a court of competent jurisdiction. (i) Entire Agreernent; Amendments: This Agreement contains the entire and sole understanding between the parties hereto relative to the purchase and sale of the Property and it may only be amended or modified by an agreement in writing executed by Buyer and Seller with the same formalities as this Agreernent. (j) Notices: All notices and correspondence shall be sent or delivered by registered or certified mail to the parties hereto, return receipt requested, with copies forwarded to their respective attorneys, at the addresses set forth below or at such other addresses as the parties hereto shall designate to each other in writing: I'ag(; <) of 12 (i) if to Seller, to: James D. Hartrnan and Martha R. Hartman 220 Stoner Road Winter Springs, FL 32708 with copies to: W. Charles Shuffield, Esquire Zimmerman, Shuffield, Kiser & Sutcliffe, P.A. P.O. Box 3000 Orlando, Florida 32802 (ii) if to Buyer, to: Mr. Ronald W. McLemore, City Manager City of Winter Springs 1126 East S. R. 434 Winter Springs, FL 32708 with copies to: Anthony A. Garganese, Esq., City Attorney Brown, Ward, Salzman & Weiss, P.A. r 0 Box 2873 Orlando, FL 32802-2873 Any notice or demand so given, delivered or made by United States Mail shall be deemed so given, delivered or made three (3) days after the same is deposited in the United State mail registered or certified, return receipt requested, addressed as above provided, with postage thereon prepaid. Any such notice, demand or document not given, delivered or made by registered or certified mail as aforesaid shall "be deemed to be given, delivered or made upon receipt of the same by the party to whom the same is to be given, delivered or made. (k) Interpretation: This Agreernent has been subrnitted to the scrutiny of each party hereto and each party has had opportunity to have it reviewed by legal counsel. This Agreement shall be given fair and reasonable interpretation in accordance with the words used herein without consideration or weight being given to its having been drafted by either party hereto or their respective counsel. (I) Applicable Law: This Agreement is to be construed according to the laws' of the State of Florida. (m) Non-Waiver: No covenant, term, or condition, (or the breach thereof), shall be deemed waived, except by written consent of the party against whorn the waiver is claimed. A waiver of any covenant, tern1, or condition (or breach thereof) shall not be deerned to be a waiver of any other covenant, term or condition (or breach thereof). (n) Terminology: Whenever used herein, the terms "Buyer" and "Seller" shall be construed in the singular or plural as the context may require or adrnit and shall be further construed to include the agents of the Buyer and Seller. (0) No Recording: Neither this Agreement, nor any notice of it, shall be Page 10 or 12 recorded in any public records. (p) Tvpewritten or Handwritten Provisions: Typewritten or handwritten provisions, either as additional terms and conditions or alterations to existing terms and conditions, shall control all printed provisions in conflict with them. 19. CONDITION PRECEDENT. Approval of this Agreement by the City Commission of Winter Springs within 45 days of the Effective Date shall be a condition precedent to the parties obligations under this Agreement. If the City Commission of Winter Springs does not approve this Agreement on or before such date, this Agreement shall be terminated and Buyer's deposit shall be returned to Buyer, at which time neither Buyer nor Seller shall have any further obligations to the other. IN WITNESS WHEREOF, the parties hereto have caused this contract to be executed on the dates accompanied by their respective executions. -~--:. ~ ~~ ~i _. 3D- HARTMAN, SELLER CITY OF WINTER SPRINGS, a Florida municipal corporation, Buyer By: Date: '1-)9.-o{ RONALD W. MCLEMORE CITY MANAGER Date: t~ RTHA R. HARTMAN, SELLER Date: ;P-/?-c7-wt>>/ "ESCROW AGENT" The undersigned hereby acknowledges the receipt of the sum of $ as the Escrowed Funds referred to in this Agreement and hereby agrees to hold and disburse such Escrowed Funds in accordance with the terms hereof. BROWN, WARD, SALZMAN & WEISS, P.A. By: Anthony A. Garganese, Esq. Page II () r 12 EXHIBIT" A" Legal Description All of Hart mans Industrial Park as platted in Plat Book 32, Page 99, including Lots 1 through 8 and Hartman Lane. Description COMMENCE A TTHE SOUTHEAST CORNER OF LOT 2, ENTZMINGER FARMS ADDITION NO.2, AS RECORDED IN PLAT BOOK 5, PAGE 9, OF THE PUBLIC RECORDS OF SEMINOLE COUNTY, FLORIDA. SAID POINT BEING ON THE NORTH RIGHT OF WAY LINE OF OLD SANFORD OVIEDO ROAD. THENCE N 00017' W ALONG THE EAST LINE OF SAID LOT 2 A DISTANCE OF 250.00 FEET TO THE POINT OF BEGINNING; THENCE RUN N 70043' W 250.00 FEET; THENCE S 00017' E 250.00 FEET TO THE AFOREMENTIONED NORTH RIGHT OF WAY OF OLD SANFORD OVIEDO ROAD. THENCE N 70043' W ALONG SAID RIGHT OF WAY LINE A DISTANCE OF 42.46 FEET; THENCE LEAVING SAID RIGHT OF WAY LINE RUN THE FOLLOWING COURSES: N 00017' W 250.00 FEET; THENCE N 70043' W 239.80 FEET; THENCE N 02016' W 735.78 FEET; THENCE S 69030' E 563.65 FEET TO SAID EAST LINE OF LOT 2; THENCE S 00017' E 713.58 FEET TO THE POINT OF BEGINNING. CONTAINING THEREIN 8.727 ACRES MORE OR LESS. F:\DOCS\City of Winter Springs\Hartman\Final Contracl.kj Page 12 of 12 j. File #AOI-34.VL Copyright 200 I A TT ACHMENT NO. 2 A COMPLETE, SUMMARY APPRAISAL 8.11 Gross/5.5 Net Upland Acres of Vacant Land North Side of Old-Sanford Oviedo Road At Platted Hartman Lane Winter Springs, Seminole County, Florida 32708 PREPARED FOR Mr. Alan Hill City of Winter Springs 1126 E. State Road 434 Winter Springs, FL 32708 DATE OF VALUATION June 26,2001 DATE OF REPORT July 3, 2001 PREP ARED BY PROPERTY VALUATION & CONSULTING, INC. John A. Robinson, MAr, CCrM State-Certified General Appraiser Florida Certi fication #RZ00004l7 Heather R. Lodge State-Registered Assistant Appraiser Florida Certification #RIO005528 / I I I I PropertIj Valuation & Consulting, Inc. John A. Robinson, MAl, CCIM State-Certified General Appraiser #RZOO004 I 7 Heather R. Lodge State-Registered Assistant Appraiser #RroOOS528 P.o. Box 617048 Orlando, FL 32861-7048 (407) 877-0200 FA.X (407) 877-8222 www.PropertyValue.com E-mail: pvcjrss@msn.com July 3, 2001 Mr. Alan Hill City of Winter Springs 1126 E. State Road 434 Winter Springs, FL 32708 RE: 8.11 Gross and Approximately 5.5 Net Upland Acres of Vacant Land Located on the North Side of Old-Sanford Oviedo Road at Platted Hartman Lane Winter Springs, Seminole County, Florida 32708 Assessor's ID: 34-20-30-529-0000-0010, 0020, 0030, 0040, 0050, 0060, 0070 & 0080 and 34-20-30-529-0S00-0000 In accordance with the client's request, we have completed an appraisal of the above-captioned property. The information contained in this report is based on more complete data, analyses and conclusions retained in our office files. Nature of the Assignment We have been requested by the city of Winter Springs to estimate the "as is" market value of the fee simple estate in the appraised property. The estimated marketing and exposure period for the subject is 12-18 months. Purpose and Intcndcd Usc of thc Rcport In accordance with the client's request, this report has been prepared to provide a basis for acquisition purposes. It is entirely inappropriate to lIse this report for any purpose other than the one stated. Furthermore, our appraisal services and related appraisal report have been prepared in accordance with the requirements of Title XI of thc Financial Institutions Reform, Recovery and Enforcement Act of 1989 ("FIRREA") with respect to real estate related financial transactions, as we understand these rcq 1I ircll1cnts. 2 Effective Date of the Appraisal The effective valuation date of the appraisal is June 26, 200 l. Effective Date of the Report The effective date of this report is July 3, 2001. Inspection Date The property was inspected on June 26, 2001. Appraisal Development and Reporting Process This summary appraisal report complies with the reporting requirements as set forth under Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice ("USP AP") for a Summary Appraisal Report. As such; it presents summary discussions of the data, reasoning and analyses that were used in the appraisal process to develop the appraisers' opinion of value. Supporting documentation concerning the data, reasoning and analyses is retained in the appraisers' file. The depth of discussion contained in this report is specific to the client's needs and for the intended use as stated. The appraisers are not responsible for any unauthorized use of this report. To develop the opinion of value, the appraisers applied one of the three traditional approaches to value (the sales comparison approach). The sales comparison approach is considered .the only applicable approach to value for the subject if available for sale on the open market as the property is vacant, undeveloped land. Therefore, we have performed a complete appraisal process as defined by The' Appraisal Foundation. The sales comparison approach analyzes recent sales of similar properties as a basis for comparison with the subject in order to determine an appropriate unit, of comparison for estimating the subject's market value. The research tasks performed to estimate the value, as defined herein, involved a thorough search for comparable land sales suitable for industrial development. Comparable data were researched by investigations of public records and discussions with local brokers, and local real estate professionals. The data were verified, in most cases, with other real estate professionals and/or the grantor, grantee, or their representatives. This summary appraisal report is a recapitulation of the appraisers' data, analyses and conclusions. Supporting documentation is retained in the office file. Properllf Vall/atioll ((. COl/sl/lti 11(/. fllc. .., .) Definition of Value and Property Interest Appraised The value result reported herein reflect the "as is" market value of the subject property. Market Value can be defined as the most probable price 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 is 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 interests; (3) A reasonable time is allowed for exposure in the open market; (4) Payment is made in terms of cash in 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. The land and improvements were valued as if offered in the open market for a reasonable period of time in which to find a buyer. The fee simple estate in the property has been appraised. It is assumed the property is available for development to its highest and best use, free and clear of all liens and encumbrances. Fee simple estate is defined as the absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat. Marketing and Exposure Period The marketing and exposure period for the subject is estimated at 12-18 months based on sales of similar properties and discussions with local brokers. Properllj -l7011l0riOIl (( COl/slIltif/(j. II/C. 4 Sales History The subject property is currently owned by James D. and Martha R. Hartman. There have been no known sales, contracts, listings or additional conveyances on the subject property within the last three years. Location Description The subject property is located an within the city limits of Winter Springs in Seminole County, with 40 feet of frontage along the north side of Old Sanford-Oviedo Road. The subject neighborhood is an established area convenient to State Road 434/419, U.S. Highway 17-92, State Road 427, the Central Florida GreeneWay, employment centers, schools and shopping. There is a considerable amount of vacant land available for development in the subject's immediate area. The economic outlook for both the immediate and long-term future of the Orlando SMSA is favorable due to strong employment and population growth. The neighborhood is considered to be convenient to most parts of the Orlando area. The subject's immediate neighborhood is characterized by the industrial development along State Road 419 with primarily single family residential housing south of this roadway. As a result of the convenient access to major roadways and employment centers, demand for residential development (single-family homes) is good in the neighborhood. The neighborhood experienced moderate growth from the 1970's through the present, particularly within the past five to ten years. More jobs have been created in or near the neighborhood over this time period, resulting in a good demand for housing, both single family and multifamily. The subject is specifically located on the north side of Old Sanford-Oviedo Road at platted Hartman Lane. Direct access to the subject is from Old Sanford-Oviedo Road. Zoning The subject is zoned C-2 (General Commercial and Industrial) by the city of Winter Springs. This district is composed of lands and structures used by a variety of commercial and industrial operations. The purpose of this district is to permit the normal operation of the majority of industrial uses under such conditions of operation as will protect abutting residential and commercial uses and abide by the performance standards of the county, the state and the U.S. government. Pr"operty Description Land Size (SF or Acres) 8.11 gross (according to the Seminole County Property Appraiser's Office)/5.5 net upland acres (estimated by Kip Lockcuff, Director of Public Works for the city of Winter Springs and view of aerial photograph) Propatv -Valflatlon (.(. COllsflltill(!. Illc. 5 Shape Irregular (parallelogram with 40-foot by 250-foot access strip on the south) Frontage 40 feet along the north side of Old Sanford-Oviedo Road Topography The site has a gentle slope toward the north (toward Lake Jessup) with approximately 2.61 acres of estimated wetlands. The remaining 5.5 acres is considered usable uplands, has been filled, is basically cleared and at or slightly below road grade. Drainage Appeared adequate on the day of inspection Utilities The site requires a septic tank to provide sewer and water is provided by the city of Winter Springs Florida Power Corporation provides electrical service BellSouth provides telephone service . I Apparent Easements, Encroachments or Restrictions No adverse easements, encroachments or restrictions noted Soil and Subsoil Conditions Suitable for normal building loads as evidenced by the surrounding improvements .1 1 Flood Map Information According to Flood Hazard Boundary Map No. 12117C 0135 E, effective April 17, 9995. published by the Flood Insurance Administration of the Department of Housing and Urban Development, the majority of the subject appears to be primarily located within a Zone "X" (non-shaded) designated area. Zone "X" (non-shaded) is an area determined to be outside the 500-year flood plain. However, the northernmost portion of the property appears to lie within Zone "X" (shaded). Zone "X" (shaded) is an area determined to be within the SOD-year flood plain, with areas of the I DO-year flood with average depths of less than I foot or with drainage areas less than 1 square mile. A current survey by a registered engineer is recommended for the purpose of determining the flood zone(s) the subject lies in and whether or not flood insurance is required. Asscssmcntrrax Data The subject property is assessed and taxed by Seminole County and is identified as tax parcels 34-20-30- 529-0000-0010, 0020, 0030, 0040, 0050, 0060, 0070 & 0080 and 34-20-30-529-0S00-0000. The subject has a total current assessment of $35, 136 and a millage rate of.O 1846425, indicating real estate taxes Propertv Valuat/on &. Consulting. fnc. 6 of $648.76. The assessment appears reasonable compared to other assessments of unimproved land in the area; however, it is low in relation to our estimate of market value. Highest and Best Use as if Vacant The highest and best use of the subject site as if vacant considers uses that are physically possible, legally permissible, financially feasible, and maximally productive. The subject site is physically capable of supporting development as evidenced by the surrounding improvements. However, due to the presence of wetlands on the property (which seem to outline the property for the most part), development is limited to those areas that contain fill or are natural upland areas. Since the configuration of these uplands forms a contiguous area for the most part at the center of the property, the impact of these wetlands is somewhat minimal. Legally permitted uses include a number of commercial and industrial uses. The subject has limited exposure, which limits potential commercjal uses, with adequate access. The use that would be feasible and result in the highest return to the land would be for industrial use due to the current zoning, physical layout and nearby land uses. Therefore, the highest and best use of the subject site as if vacant is for industrial use. Valuation Process In the appraisal of the subject property, one of the commonly accepted approaches to value was considered: the sales comparison approach. The sales comparison approach is considered an appropriate valuation approach for the subject if available for sale on the open market, as the property is currently vacant land. The sales comparison approach analyzes recent sales of similar properties as a basis for comparison with the subject in order to determine an appropriate unit of comparison for estimating the subject's market value. Land Value The sales comparison approach was used to estimate the value of the subject site and sales of vacant industrial zoned tracts will be presented. This process is a method of comparison of the subject property with recent sales of similar tracts in the subject neighborhood or in comparable areas suitable for development with an industrial use. Sales were chosen which are the most comparable to the subject property features including location, zoning, size, and other property characteristics. Adjustments are made for any major differences between the market sales and the subject property. The indications of value for the various market sales arc then correlated into a final land/site value estimate for the subject 'PrOperllj -V'a/fiat/oil ((. Co I/SfIItil/(l. II/c. 7 site. Land Sales Sales targeted for this analysis were less than IS-acre parcels. The primary sales search was targeted for recent land sales zoned for industrial use within or near the subject neighborhood. ,All of the transactions occurred over a period of time from February 1999 through April 2001. The five comparables varied in size from a low of 1.41 to 13 gross acres and 1.41 to 10.637 net upland acres. The sales were all purchased for industrial use. Based upon discussion with local brokers and market participants in the local market, it appears that the local vacant industrial land market has been relatively stable over the last two years. It was difficult to extract a conclusive market based adjustment for increase in value over time for the subject neighborhood/area. Based upon these discussions, it appears that there has been no measurable. appreciation rate in the subject area over the past several years. No adjustment for change in market conditions was applied. The location of the sales in relation to the subject and detailed descriptions of each comparable are provided in Exhibit D. A land sales adjustment grid follows along with a brief discussion of the concluded land value. PrOperllj Valuation & Co lI.m I Ii Il(/. 11le. 3 SUMMARY OF COMPARABLE LAND SALES. 8.11 GROSS ACRES 5ub'ect Sale No. 1 Sale No.2 Sal~ NO.3 Sale NO.4 ! .':;]l~ ~1:J. -i I Loc.J.tion North side of Old Nonh side of Old Sanford ! South side of Old Wesl side of Lonqwood SOUUl side of I No,../> ';Oe of Ch"'cn I S.anford..Qviedo Ro.ad .at O.,;edo Rd.. adjacent I Santoro.Ov;eoo Rd. Lak.e Mary P.oad McCrak.en Rd.. east 5<., ..veit ct C~ I planed Hartm.an Lane 10 east 01 subject . just east of subject NW 01 CR 427 of W. Airpon Blvd. ~ 5/Monroe Ro. Winter Springs, Seminole Co. VVinter Springs. Seminole Co. I Wll'lter Springs, Seminole County SeminOle County Seminole County S~f':1:r.ole C.Jl:nty t ! Sale Dlla I Jun..ol May.QO Apr.ol F't>-OO I Sep-CO I F~o-';9 I Appr:illis... I I I I , i I Cash Equivalent Sale Price NfA S240,OOO S 160,000 S653,5oo S440.000 1 5.,7,OCC I (Ad'usted-S1BO,OOO actual oncel i Gross Siu {Acres} a.lt 7,8 I 1.41 13 10.537 I 7.J5 I 1 1 I I I , I I Gross Siz.e (SF) 353,272 339,768 61,420 565.230 '53.348 320. ~oo I I I I I I I I Net Size (Acres) 5,50 3.24 1.4 1 9.74 :0.537 I 7.:15 I Y. of Uplands 68"1. 42% 100% 75% 100% I ~OC% I , ; Net Upland SI:e (SF) I 2J9.580 141,134 I 61,420 424.274 I J63.~48 I ~~O. ~ 66 I I , Shape Irregular Rectangular Rectangular !fTe~ular Basically Rectangular I RectanlJular i I ! I Zoning I C-2, General Commerdal I C-Z. G.meral Commercial I C-2. G~neral Commercial M.~, inOustrial I ;..t-l. industrial I u U'. . l I ,.IP., .,gn Inten"" I I dnd Industrial and lnduslIial I ana Industrial :isl:ict :);s:ri~ ?~<J~netj ~~'1eIOpm~nt i , I I I i I Utilities Water only Water only I Water only 'lJa;e,r 3. Saw<'!:r Watu ! S-awer 'Nater e. S~w.]:- I I I I : I , I : Frontage 40' on Old 310' on Old I 150.100' jLongw""o LJ<. Mary Rol \rtcCra;';en Road C;'u~r_' St:-01<;!( j I Sanford-0viedo Road I Sanford-Qviedo Road I on Sanford-Oviedo Aoad ! Price per Gross Acre NfA S30,769 -, 5113,474 I 550.259 I S.s1.J65 ! t56.735 i , I I I , Price per Gross SF N/A 50.71 S2.61 51.15 50.95 i )1.:10 I i , I Price per Net Acre N/A >74.074 5113.474 S67.094 541.365 S5d.:::!5 ; ! I ! i Price per Net SF NfA S 1.70 52.61 51.54 50.95 I il.JC I Financino - 0%1 0%1 0% '~~I "'''1 CASH EQUIVALENT SALE P~ICE' SO.71 52.61 I S1.15 50.95 ! ~1. ~~ ; Conditions ot sale 0'1'. O%T 0% 0'1',1 ';~:I ADJUSTED SALE PRICE SO.71 52.61 ' 51.15 50.95 ; :; :0, ADJUSTME.NTS Mar1(at COnditions Months Sine., Closin Net Time Ad'ustmQnt TIME ADJUSTED SALE PRICE 13 0'1'. 50.71 1 2 0% S2.61 16 Q'Y. 51,15 ~, u~i SO.9S I ';3 ! ~ ~ .:: ; Phvskal Ad'ustments location 0%1 0% 0% 00/,' J", Size (land Area' 0% .20% 5%1 0'1'./ :....i % of UOIands 15% .20% 0'1'. .20~' -':-:":' AccesslShaoolUlilitv .5'1'. .5% 0'1'. 0,," .il', Utilities 0% 0'1'. .5% .5%1 .:. ;.~; lonlna O'!'. 0% 0% O~I :,......: Net Ph....sical Ad'ustmentl 10% -45,.. 0% .;:5'101 ':::'..; INDICA TED UNIT VALUE PER GROSS SF 50.76 S 1,"3 51.15 50,~' J', ,. Nel U and Acrea e Anal SIS TIME ADJUSTED SALE PRICE (PER NET SF) Nel Pn sica. Act"uIlmanls eltCludln Wetlandl dd ustmentl INDICA Tr:D UNIT VALUE PER NE T SF 51.10 .5.... SI.62 1 52.61 .25% S'.95 51.54 0% S1.S" 50.95 I .~'I 50,90 ; .1i):',1 ~ 1 "7 ; Value/SF EstImate: 353,272 Gross SF 239,580 Nol SF @ S 1.00 Per Gross SF @ S 1.45 Per Net SF S353,272 S347,391 SJ50,OOO Correlated Valu6 Condusion: 9 After making adj ustments for all meaningful items of comparison, the land sales reflect a range of value from $0.71 to $1.43 per gross square foot and $0.90 to $1.95 per net square foot. Approximately equal weight was placed on each of the sales, as they were all purchased for similar uses as the subject and located in similar areas. Consideration of all pertinent information results in a value of $1.00 per gross square foot and $1.45 per net upland square foot for the subject land. Therefore, the value of the subject land via the sales comparison approach is calculated as follows: 353,272 Gross SF @ $1.00/Gross SF = $353,272 u 239,580 Net SF @ $1.$5/Net SF = $347,391 Correlated Value Conclusion $350,000 Propatv 17alllartoll (( COII.mltill(i. file, 10 Reconciliation In the final determination of market value, the sales comparison' approach was the only applicable approach to value. Based upon the investigation summarized and the premise defined herein, the "As Is" Market Value of the Fee Simple Estate in the property appraised as of June 26, 2001 is estimated to be: THREE HUNDRED FIFTY THOUSAND DOLLARS ($350,000). Our appraisal serVIces and related appraisal report have been prepared in accordance with the requirements of Title XI of the Financial Institution's Reform, Recovery and Enforcement Act of 1989 ("FIRREA") with respect to real estate related financial transactions, as we understand these requirements. Our appraisal services and related appraisal report have been designed to conform to USP AP. This report was prepared in accordance with, and is subject to, our Assumptions and Limiting Conditions and General Service Conditions, which are attached to and form an integral part of this report. No investigation was made of the title to or any liabilities against the property appraised. Respectfully submitted, PROPERTY VALUATION & CONSULTING, INC. ~~~CCIM State-Certified General Appraiser License No. RZ0000417 Heather R. Lodge State-Registered Assistant Appraiser License No. RlO005528 July 3, 2001 Job !tAO 1-34. VL Propary -/Jafllat/on ((. (:ollslIft/nq. file.