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Home My WebLink AboutReese, Wayne P. Warranty Deed -2002 11 25 -"Inlnf.. ft Iii lIijjjlll'lllfllftifill" .... " MARY-.E MJRSE, lUll< CF CIRCUIT CXUtJ SBlIIO.E autTY BK 04641 PG 1570 CLERK'S. 2002996164 AECfRED 12/23/2812 1..B5.45 . DEED DOC TAX .. 7. REalRDINS FEES 1... RECORDED BY .. Nolden ~ Prepared by and return to: Anthony A. Garganese, Esquire Brown, Ward, Salzman & Weiss, PA Post Office Box 2873 Orlando, Florida 32802-2873 (407) 425-9566 WARRANTY DEED THIS WARRANTY DEED executed this 25th day of November, 2002, by WAYNE P. REECE, an individual, whose address is 561 Virginia Drive, Winter Park, Florida 32789 (hereinafter called "GRANTOR"), to CITY OF WINTER SPRINGS, FLORIDA, a Florida Munidpal Corporation, whose address is 1126 East State Road 434, Winter Springs, Florida 32708 (hereinafter called "GRANTEE"). (Wherever used herein the terms "grantor" and "grantee" include all the parties to this instrument and the heirs, legal representatives and assigns of individuals, and the successors and assigns of corporations. ) WITNESSETH: THA T GRANTOR, for and in exchange of mutual covenants and other good and valuable consideration, the receipt of which is hereby acknowledged, hereby grants, bargains, sells, aliens, remises, releases, conveys and confirms unto GRANTEE, its successors and assigns, all that certain land situated in Seminole County, Florida, and being more particularly described as: Lots 1 and 12, Block 0, T ALMO SUBDIVISION, according to the plat thereof as recorded in Plat Book 9, Page 10, Public Records of Seminole County, Florida. TOGETHER WITH all of the tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining to, including all of GRANTOR'S rights, title and interest in and to all public ways adjoining the said land. TO HAVE AND TO HOLD, the same in fee simple forever, subject, however, to the following: 1. All real estate taxes, special assessments and ad valorem taxes levied, payable or assessed against the land herein conveyed subsequent to 2002. 2. Zoning, restrictions, prohibitions and other requirements imposed by governmental authority. 3. Matters of public record. 4. Any adverse ownership claim by the State of Florida, by right of sovereignty to any portion of the lands hereunder, including submerged, filled, and artificially exposed lands and accreted to such lands. 5. State road right reservations, if any. 6. Oil, gas and mineral right reservations, if any. AND GRANTOR hereby covenants with GRANTEE that GRANTOR is lawfully seized of said land in fee simplei that said land is free of all encumbrances except the matters hereinabove mentioned to which this deed is made subjecti and that GRANTOR has good right and lawful authority to sell and convey said land and hereby fully warrants the title to said land and will defend the same against the lawful claims of all persons whomsoever. :o:'""7~'7"':-~;;c'~,~~_~--'--'--"7-~~-- ~-",-:'""--'"."T^_---'" 1'}~'l'I'!'; , . FILE NUM 2002996164 OR BOOK 04641 PAGE 1571 AND the subject property is not the homestead property of the GRANTOR and/or his spouse, Diane A. Reece. IN WITNESS WHEREOF, GRANTOR has hereunder set its hand and seal the day and year first above written. Signed, sealed and dehvered in the presence of: "GRANTOR" ~P.!~~ STATE OF FLORIDA. I:e..- COUNTYOF S.e.m\ (\D I HEREBY CERTIFY that on this day, before me, an officer duly authorized in the State and County aforesaid to take acknowledgments, personally appeared wa~ p, Reece, [ ] who is personally known to me, or [~who has produced A- R. aDO-!?<J .5-33- J liV- as identification, and who executed the foregoing instrument and he acknowledged before me that he executed the same for the purposes set forth herein, and he did not swear an oath. A. WITN~ my hand and official seal in the State and County last aforesaid this d-J.~ay of ..LJ) 0 Uf=' mre r- , 2002. ~ (Notary Seal) G)"~ Johnnie Belinda Dollard i*'i ;..\ MY COMMISSION I DDlI67954 EXPIRES ~, November 19, 2005 .", N" llOHOEOlHRUTROYFAIN....,ID~..,..1NC. I"..." ..~ 2 C/) r t, <B:ti:g~y ~ fti8 ~ to C) t--< C/) t--< ~ ~ ~ I I I I I I I I I I I I o ~S;gr:ig~~p ~ ""~S!-(""8~ Vl :i!~~:!::J::ti~ bO -:6-<- :., ~"tl '-'",,0 ~o ~ ""0"" ~ r--<::j ~ :.,::;;::;; ~ ~ en Vi 00""0 ;-J 316 )( 0:" ~ ~~ ~ ~ i;{i;{~ :.,:.,"" ~~< r--....:., ~;-JVi ;-J P.O.B NW CORNER LOT 1 FND. 5/8" IR LB #4475 "0 "'0/. ....:r>. "'s. ".>--. ..0 '" ~-" ~J' .. <;;L.QL. .L'" pp~i'~~~ ~~....PlS ~ ,..,~ ~ '0. r;; ~ . ~ FND. 5/8" IR NO I :'ij DESCRIPTION LOT 1 & 12, BLOCK 0, TALMO SUBDIVISION, AS RECORDED IN PLAT BOOK 9, PAGE 10, PUBLIC RECORDS OF SEMINOLE COUNTY, FLORIDA. MORE "ARTICULARL Y DESCRIBED AS: BEGIN AT THE NORTHWEST CORNER OF LOT 1, BLOCK D, TALMO SUBDIVISION, AS RECORDED IN PLAT BOOK 9, PAGE 10, PUBLIC RECORDS OF SEMINOLE COUNTY, FLORIDA; RUN THENCE N84'06'34"E ALONG THE SOUTHERLY RIGHT OF WAY LINE OF NURSERY ROAD A DISTANCE OF 408.67 FEET TO THE NORTHEAST CORNER OF LOT 12, BLOCKK D, SAID TALMO SUBDIVISION AND TO THE WESTERLY RIGHT OF WAY LINE OF TALMO STREET; THENCE S05'39'46"W ALONG SAID WESTERLY RIGHT OF WAY LINE A DISTANCE OF 1 00.69 FEET TO THE SOUTHEAST CORNER OF SAID LOT 1 2, BLOCK D; THENCE S84'09'12"W ALONG THE SOUTHERLY LINE OF SAID LOTS 1 AND 12, BLOCK D, A DISTANCE OF 409.02 FEET TO THE SOUTHWEST CORNER OF SAID LOT 1, BLOCK D AND THE EASTERLY RIGHT OF WAY LINE OF RIDGE STREET; THENCE N05'53'47'E ALONG SAID EASTERLY RIGHT OF WAY LINE A DISTANCE OF 100.46 FEET TO THE POINT OF BEGINNING. CONTAINS 40,274 SQUARE FEET OR 0.925 ACRES MORE OR LESS. '" o Q, f rip NURSERY ROAD (50' R/W) , t'-4 > ~ o ~ SE CORNER LOT 12 SET 5/8u I.R. L8 /4475 '" <J> t N 408.60' PLAT N84'06'J4"E 408.67' MEAS SOUTHERLY R/W q ~r-- Q~ <: -, ~ ,..... ~ CI) ::-t ~~ ::J ~ a r.n C ::t:1 < tzj " / / ~a Q-' <:~ -,1\) 9 '" '" vi / p b '" 0. " "- vi vi "0 ". """0. '-"".... SOUTHERL Y LINE LOTS 1 AND 12 6' WF Jq~~ I g,.t5 ~ tJ) / !;l ~ . ~ ~ / ~ .".../ ~ :.8/ ~ 't8 ~ !~iY FND. 1/2" IR / "ci o " vi S84"09'12"W 409.02' MEAS 409.50i PLAT r-- o -, I\) r-- o -, NO # CF/sC9-10-LOTl4c2 NOTE: BUILDING TIES SHOWN ON THIS SURVEY SHOULD NOT BE USED TO RECONSTRUCT PROPERTY LINES. BOUNDARY SURVEY CERTIFIED TO: THE CITY OF WINTER SPRINGS, FLORIDA; BROWN, WARD, SALZMAN & WEISS, P.A.; OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY. ATE' OCT. 30. 20~ S A _E: l' =50' . N Y, BEARING STRUCTURE BASED ONI THE IIEST Rill LINE OF TALMO STREET. THIS SURV[Y MEETS THE 'MINIMUM TECHNICAL STANDARDS' AS REQUIRED BY CHAPTER 61G17-6 FLORIDA BOARD or LAND SURVEYORS PURSUANT TO SECTION 472.027 F'...DRlDA STATUTES, w 0 >- O....J ....J ::;Ec:r 0 W ....Jw W Z ~~~tnw~wci ::::!' w a..:;= Wu UZ Vl Q:;=zozz -l.J...<( w~wz l.J... OlOVlOI I- 0 <:~~~Cl ll::~'Vl W W VJ o IO ow"en 0 OClll::Cl l.J...CJl.J... c:r ro~ll::Zll::NWO 0 ~ ugUOg: u :5~O<(goi(fl~ W c:r c:r-1 roo Z a..wen~ "'"WO U Z I .: N g a.. :J _~NtO l.J... :J~","~O~W en 00 Cn~ I :J a.. WVl~I')OWl.J...~ o O. ....JUO 0 c:rW-1iJ') Z 0 O~l.J...&iQ~W~ ~ 0 <(Vl~~ W c:rCl WVlO....JW Cl Zc:rU W <( VlOWZl.J...<(>-l.J... a.. <(....JZWO ~tO .<(c:r~c:ro" "'" oi Z w8 W l.J... . o : ~. Z ll:: 0 is ll:: Vi;:!)~wc:rU~~ 0 -. (flwOO 0 ~tO<(c:rU....JIl.J... ro OOW~ en~O f- ro~~Vl~ .c:r :5 :JCXlc:r ~N W Z VlZO~W~~~ vi a.. o Z....J~Oc:r<( (f) 0 Z ::::!'t3w~:JZ~tn w - -1ZI O<((fl- ....J E-- 0 ~W~LL.Vl L50 Q:: 0... 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I 00. 69~ PLA r :~ S05.39 '4~~S ~if ~ ..;. .-P c' , WeST ~/H{ t'JD.,S/fr ;; -'oOoo-;--~ Sc CO!?"" 99.87' PLAT - jJ 'C!? LOT MCAs 12 Q; S .... cio a:2 -- 5' LOT 12 VACANT .07'S ~ ~ '< ~ 0 ...J ~ ;:j ). ...J ~ ~ 0 III LOT 11 ;r: ~ ). ...J i5 i!: ::J o III I-V) :5l5 Q~ at-.. - ~ - tOtO - cticri - -.JJ.5J'S ~ 00 0.27'5 'It...,. , .-- 0 L..J C'oJO ~ LL Oll) ~ ';t- oioi a ,IV) io CO ~ 10 ';t- ...,. 0 0::: , ~ ';t- = >- ~ LOT 1 C'oJ ~ <: . VACANT O'l C/) 0 0::: , :::> ...,. <: ~ V) ~ Lu ~ LOT 2 I- 3~ ~. <: ~~ CIl 0:: ~"" . 0 .,"" OU ..... ';r: 0 a... <: ~ ~ 2 . ' 0.66'S !J''' ~ --( ~ ., qV ~'1 . c" ,~I? '\ c' , ~ ~ - IJ'. ~. I- o ...J FND. 5/8" IR NO I ALSO FND. AXLE: NOI 0.J7'N 0.25'[ ~ ~ Lt) ..... ~~ -01 100.46' ME'AS ~ AQRA~;;: ;:nz 'NOT VALID MTHOUT THE SIGHATtJRf 1140 THf ORIGINAl. IWSfD SfAL Of' THIS FlORlO4 LICENSED SURVEYOR 1140 lIAPPfR.' ifff$//! 8M ! oj Orlando Inc., LB 4475 T 2012 E. Robinson St. Orlando, Florida 32803 PHONE (407) 894-6314 FAX (407) 897-3777 CALC - CALClIlATf'D ~ - CENTERLINE CLF - CHAIN LINK FENCE CONe - CONCRETE: CP - CONCRETf' PAD il - CENTRAL ANGLE: DESC - OESCRlPTION DW - DRM:WAY E/P - ED<< or PAVEMENT FHD - FOUND IR - IRON ROO MEAS - IlEASURED NetlD - NAIL ., DISK PC - POINT OF CURVATURf: P08 - POINT OF BEGINNING R - RADIUS 1YP - 1YPICAl. UE: - UTILITY EASEMENT caw - CONCRETE: BLOCK WALL CII - COHCRITE 1I0NVIIENT CO\ID - ClM'ReD CW - COHCRITE WALKWAY DE - DRAINAGE EASOENT (SAlT - FASalENT FFE - nNlSHCD FLOOR El.EVATION IP - IRON PIPE L - Me LENGTH 115 - IlETAL SHED OL - ON LINE: PItM - PlAT ., MEASURED POC - POINT or COAAICNCEMCNT R/W - RIGHT OF WAY UB - UTIIJTY 8OJ( WI" - wooo FEHCE I - NVIlBER , '. " SCHEDULE A OWNER'S POLICY SCHEDULE A AGENT FILE NUMBER: 1193 ORT FILE NUMBER: 02100964 POLICY NUMBER: SDC 419952 AMOUNT: $145,000.00 1. Policy Date: December 23, 2002, at 10:55 a.m. 2. The Insured hereunder, in whom title to the fee simple estate is vested at the date hereof, is: The City of Winter Springs, Florida, a Florida municipal corporation. 3. The land referred to in this Policy is situated in the County of Seminole, State of Florida, and described as follows: Lots 1 and 12, Block D, TALMO SUBDIVISION, according to the plat thereof as recorded in Plat Book 9, Page 10, Public Records of Seminole County, Florida. THIS POLICY VALID ONLY IF SCHEDULE B IS ATTACHED. .'- SCHEDULE B-PART I AGENT FILE NUMBER: ORT FILE NUMBER: 02100964 POLICY NUMBER: SDC 419952 This policy does not insure against loss or damage by reason of the following: 1. Easements or claims of easements not shown by the public records. 2. Any adverse ownership claim by the State of Florida by right of sovereignty to any portion of the lands insured hereunder, including submerged, filled and artificially exposed lands and lands accreted to such lands. 3. State road right reservations, if any. 4. Oil, gas and mineral right reservations, if any. 5. General or special taxes and assessments required to be paid in the year 2002 and subsequent years. Parcel 10 Nos: 33-20-30-513-0000-0010 and 33-20-30-513-0000-0120 6. Any lien provided by Chapter 159, Florida Statutes, in favor of any city, town, village or port authority for unpaid service charge for service by any water, sewer or gas system supplying the insured land. 7. Subject to matters of plat of T ALMO SUBDIVISION according to the plat thereof as recorded in Plat Book 9, Page 10, Public Records of Seminole County, Florida. 8. Covenants and Restrictions filed in Deed Book 203, Page 63 and O.R. Book 393, Page 253, Public Records of Seminole County, Florida. REVISED Closing Statement: November 25, 2002 REVISED Closing Statement: November 25, 2002 Seller: Wayne P. Reece, an individual Buyer: City of Winter Springs, Florida, a Florida Municipal Corporation Seminole County Legal Description: Lots 1 and 12, Block D, T ALMO SUBDIVISION, according to the plat thereof as recorded in Plat Book 9, Page 10, Public Records of Seminole County, Florida. SELLER'S COPY A B : BUYER'S COPY A B DUE SELLER CREDIT BUYER l DUE SELLER CREDIT BUYER 1. SELLING PRICE 0 00 I a.SELLING PRICE 0 00 *2. DOWN PAYMENT 0 00 I *b.DOWN PAYMENT 0 00 3. MORTGAGES: a.-Assumed by Buyer XXXXXX ! c. MORTGAGES: a.-Assumed by Buyer XXXXXX XX XXXXXX XX ! b. -Executed by Buyer XXXXXX XX b.-Executed by Buyer i 4. RENTS, pro rated d. RENTS, pro rated 5. INTEREST, pro rated i e. INTEREST, pro rated 6. INSURANCE: Fire XXXXXX XX f. INSURANCE: Fire XXXXXX XX Unearned Unearned Premium Premium Other XXXXXX XX Other XXXXXX XX Unearned Unearned Premium Premium 7. TAXES: g. TAXES: 8.2002 City Taxes i h.2002 City Taxes 9. 2002 County Taxes i i. 2002 County Taxes 10. 2002 Personal Taxes i j. 2002 Personal Taxes I1.PROPERTY TAXES (based on 55 64 k.PROPERTY TAXES (based on 55 64 2002 taxes of $564.16; 36 days i 2002 taxes of $564.16; 36 days 12. I. 13. ! m. TOTALS 0 00 I TOTALS 0 00 14. Column "A" less Column "B" I 0 n. Column "A" less Column "B" * R.<I. T .<I. T\1rp run;- ""T T PI) 'i'i /"i4 o I 00 I * n A"-" "'1""". onR C:PT T PI) 'i'i /i4 0 00 SELLER'S EXPENSES OF SALE CHARGE SELLER I BUYER'S EXPENSES OF SALE CHARGE BUYER 15. Abstracting Charges I o. Abstracting Charges 16. Attorney Fee I p. Attorney Fees 17. Broker's Commission I q. Escrow Fees 18. Escrow Fees i r. Florida Revenue Stamps, on Note 19. Florida Documentary Surtax Stamps on Deed ~ s. Intangible Tax on Mortgage 20. Florida Revenue Stamps, on Deed i t. Recording Deed & Affidavit 15 00 21. Intangible Tax on Mortgage I u. Recording Mortgage 22. Recording Mortgage l v. Survey Charges 250 00 23. Survey Charges I w. Mortgage Transfer Fee 24. Mortgage Transfer Fee I x. Florida Doc Stamps 70 25. PROPERTY TAXES I y. Old Republic Title Policy and Commitment 810 00 I z. PROPERTY TAXES - (based on 2002 taxes of $564.16; 55 64 I 16 rI~v. - .~'i'i./i4) ~ *26. TOTAL EXPENSES TO SELLER 0 00 ! *z. TOTAL EXPENSES TO BUYER 1131 34 L-.. Seller: Omit if Paid Seller $ $ $ $ 55.64 0.00 0.00 SUMMARY: BALANCE DUE SELLER (*) (Plus) BUYER'S EXPENSES (*z) NET CASH DUE FROM BUYER NET CASH TO SELLER Buyer kpJ/qJ ~ $ $ 1.131.34 $ 1.131.34 $ 55.64 (plus) FILE NO. 02100964 REVISED/cc OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY 1971 LEE ROAD WINTER PARK, FL 32789 Phone: (407)647-1915 Fax: (407)647-1735 Agent File Number: 1193 ORT File Number: 02100964 Commitment No. REVISED COMMITMENT SCHEDULE A 1) Effective Date: October 11,2002 at 5:00 PM 2) Policy or Policies to be issued: Amount: a) AL T A Owners Policy Standard Form B 1992 (amended 10/17/92 with Florida Modifications) $TBD Proposed Insured: THE CITY OF WINTER SPRINGS, FLORIDA b) AL T A Standard Loan Policy 1992 (amended 10/17/92 with Florida Modifications) Proposed Insured: $ 3) The estate or interest in the land described or referred to in this Commitment and covered herein is a FEE SIMPLE. 4) Title to the Fee Simple estate or interest in said land is at the effective date hereof vested in: , ' WAYNE P. REECE 5) The land referred to in this Commitment is described as follows: Lots 1 and 12, Block 0, TALMO SUBDIVISION, according to the plat thereof as recorded in Plat Book 9, Page 10, Public Records of Seminole County, Florida. This Commitment valid only if Schedule B is attached. ORDOCS COMMITMENT COMM SUBDIVISION MF01149 FILE NO. 02100964 REVISED/cc SCHEDULE B - SECTION I .The following are the requirements to be complied with: 1. Payment of the full consideration to, or for the account of, the grantors or mortgagors. 2. Instrument(s) necessary to create the estate or interest to be insured must be properly executed, delivered and duly filed for record: a) Warranty Deed from WAYNE P. REECE, joined by spouse, if married, to THE CITY OF WINTER SPRINGS, FLORIDA, conveying the property described in Schedule "A" herein. 3. Other instruments which must be properly executed, delivered and duly filed for record, and/or other matters which must be furnished to the company: 4. An Affidavit in recordable form from WILLIAM A. MITCHELL, Grantor(s) in the Deeds filed in O.R. Book 4199, Page 1320 and O.R. Book 4199, Page 1334, stating that he was single at the time he executed said Deeds or the subject premises were not his homestead. SCHEDULE B SECTION illS CONTINUED ON AN ADDED PAGE ORDOCS COMMITMENT COMM SUBDIVISION MF01149 FfLE NO. 02100964 REVISEO/cc SCHEDULE B - SECTION" Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company: 1. Defects, liens, encumbrances, adverse claims or other matters, if any created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment. 2. Facts which would be disclosed by an accurate and comprehensive survey of the premises herein described. 3. Rights or claims of parties in possession. 4. Construction, Mechanic's, Contractors' or Materialmen's lien claims, if any, where no notice thereof appears of record. 5. Easements or claims of easements not shown by the public records. 6. Any adverse ownership claim by the State of Florida by right of sovereignty to any portion of the lands insured hereunder, including submerged, filled, and artificially exposed lands and lands accreted to such lands. 7. State road right reservations(s), if any. 8. Oil, gas and mineral right reservations, if any. 9. General or special taxes and assessments required to be paid in the year 2002 and subsequent years. No(s).: 33-20-30-513-0000-0010 and 33-20-30-513-0000-0120 10. Any lien provided by Chapter 159, F.S., in favor of any city, town, village or port authority for unpaid service charge for service by any water, sewer or gas system supplying the insured land. 11. Subject to matters of plat of TALMO SUBDIVISION according to the plat thereof as recorded in Plat Book 9, Page 10, Public Records of Seminole County, Florida. 12. Covenants and Restrictions filed in Deed Book 203, Page 63 and O.R. Book 393, Page 253, Public Records of Seminole County, Florida. TAX INFORMATION: PARCEL NO.: 33-20-30-513-0000-0010 2001 Taxes are PAID in the gross amount of $290.38 and WAS NOT homestead. Taxes DO NOT include more land than subject premises. PARCEL NO.: 33-20-30-513-0000-0120 2001 Taxes are PAID in the gross amount of $290.38 and WAS NOT homestead. Taxes DO NOT include more land than subject premises. ORDOCS COMMITMENT COMM SUBDIVISION MF01149 __" _--.6 GRANTOR: WAYNE P. REECE GRANTEE: CITY OF WINTER SPRINGS, FLORIDA CLOSING AGENT: BROWN, WARD, SALZMAN & WEISS, P.A. CLOSING DATE: November 25,2002 FURTHER ASSURANCES AGREEMENT For and in consideration of the Closing Agent disbursing proceeds of this transaction, and in order to insure the accuracy of settlement statements, deeds, mortgages and other documents of closing in this transaction, the undersigned do mutually agree to cooperate, adjust, initial, re-execute and re-deliver any and all closing documents if deemed necessary or desirable in the I]..asonable discretion of Closing Agent. It is the intention of the undersigned that all documentation for this transaction and all payments or disbursements made shall be an accurate reflection of the parties' agreement; that each party should pay all costs and expenses contemplated by their agreement and/or dictated by custom and usage in this area. The undersigned do hereby so agree and covenant to assure that this transaction and its documentation will conform to the parties' agreement and it is understood that Closing Agent will rely upon this agreement and the covenants herein in closing this transaction. Further, for services performed pursuant to this Agreement, GRANTOR and GRANTEE each agree to the fullest extent permitted by law, to indemnify and hold harmless the Closing Agent and its employees, officers, and attorneys from and against all claims, losses, damages, or liability (including reasonable attorneys' fees through any and all administrative, trial, post-judgment and appellate proceedings), directly or indirectly arising from the negligent acts, errors, omissions, intentional or otherwise, arising out of or resulting from the failure of either party to meet its obligation under this agreement. WITNESSES: Grantor: WAYNE P. REECE aJ~ 4:'? Grantee: CITY OF WINTER SPRINGS, FLORIDA By: .._ ,.,.,,11 STATE OF FLORIDA COUNTYOF 5emlf\Dl:e- The foregoing instrument was acknowledged before me thisJ-~y of November, 2002, bK WAYNE P. REECE Q who is personally known to me or If who produced fL (}fJD-N 5= 33-/f9-u as identification, and who did not take an oath. (Notary Seal) ~ ~ $jillmi) otary Public My Commission Expires: ~""!ft: . ~~~~" Johnnie Belinda Dollard ~*: :.r: MY COMMISSION # 00067954 EXPIRES ~. . ri.IJ November 19, 2005 "~iif..r...~- IlONOSl THRU TROY FAIN INSURANCE. INC. - STATE OF FLORIDA COUNTY OF The foregoing instrument was acknowledged before me this _ day of November, 2002, by RONALD W. McLEMORE, 0 who is personally known to me or 0 who produced as identification, and who did not take an oath. (Notary Seal) Notary Public My Commission Expires: BROWN, WARD, SALZMAN & WEISS, P.A. I ( / ~ )- f ~ Date / I Anthony A. Garganese, Esquire Brown, Ward, Salzman & Weiss, P.A. Two Landmark Center 225 East Robinson Street, Suite 660 Orlando, Florida 32802-2873 (407) 425-9566 F:\Docs\City of Winter Springs\Reece-Nursery RoadlFurther Assurance Agreement.wpd ~ .'- , ... I'onn 8283 (Rev. October 1998) Noncash Charitable Contributions OMS No. 1545-0908 Department of the Treasury Internal Revenue Service Name(s) shown on your Income tax retum v;AYNE P. REECE Note: Figure the amount of your contribution deduction before completing this form. See your tax return instructions. Section A-List in this section only items (or groups of similar items) for which you claimed a deduction of $5,000 or less. Also, list certain ublicl traded securities even if the deduction is over $5,000 (see instructions). Information on Donated Pro ert -If ou need more s ace, attach a statement. ~ Attach to your tax return If you claimed a total deduction of over $500 for a/l contributed property. ~ See separate Instructions. Attachment Sequence No. 55 Identifying number 257-42-8125 1 (a) Name and address of the donee organization (b) Description or donated property A B c - o E Note: If the amount ou claimed as a deduction for an item is $500 or less, au do not have to com lete columns (d), (e), and (t). (c) Date cI the (d) Date acquired (e) How acquired (f) Donor's cost (g) Fair market value (h) Method used to detennlne the fair contribution by donor (mo., yr.) by donor or adjusted basis market value Other Information-Complete line 2 if you gave less than an entire interest in property listed in Part I. Complete line 3 if conditions were attached to a contribution listed in Part I. 2 If, during the year, you contributed less than the entire interest in the property. complete lines a-e. a Enter the letter from Part I that identifies the property ~ . If Part II applies to more than one property. attach a separate statement. b Total amount claimed as a deduction for the property listed in Part I: (1) For this tax year ~ (2) For any prior tax years ~ c Name and address of each organization to which any such contribution was made in a prior year (complete only if different from the donee organization above): Name cI charitable organization (donee) Address (number, street, and room or suite no.) City or town, state, and ZIP code d For tangible property. enter the place where the property is located or kept ~ e Name of any person, other than the donee organization, having actual possession of the property ~ 3 If conditions were attached to any contribution listed in Part I, answer questions a - c and attach the required statement (see instructions). a Is there a restriction, either temporary or permanent, on the donee's right to use or dispose of the donated property? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b Did you give to anyone (other than the donee organization or another organization participating with the donee organization in cooperative fundraising) the right to the income from the donated property or to the possession of the property, including the right to vote donated securities, to acquire the property by purchase or otherwise, or to designate the person having such income. possession, or right to acquire? . . . . c Is there a restriction limitin the donated ro ert for a articular use? ..... . . . . For Paperwork Reduction Act Notice, see page 4 of separate Instructions. Cat. No. 62299J Form 8283 (Rev. 10-98) .. ~--_:~""'f'<' . . form 8283 Rev. 10-98) P 2 Name(s) shown 011 your income tax retum Ident~' number WAYNE P. REECE 25:-_2-8125 Section B-Appraisal Summary-List in this section only items (or groups of similar items) for which you claimed a deduction of more than $5.000 per item or group. Exception. Report contributions of certain publicly traded securities only in Section A. If ou donated art. ou ma have to attach the com lete a raisal. See the Note in Part I below. Information on Donated Pro rt -To be com leted b the tax a er and/or a raiser. 4 Check type of property: o Art. (contribution of $20.000 or more) ~ Real Estate 0 Gems/Jewelry 0 Stamp Collections o Art. (contribution of less than $20.000) 0 Coin Collections 0 Books 0 Other oArt includes paintings. sculptures. watercolors. prints. drawings. ceramics. antique furniture. decorative arts. textiles. carpets, silver. rare manuscripts. historical memorabilia. and other similar objects. Note: If your total art contribution deduction was $20,000 or more, you must attach a complete copy of the signed appraisal. See instructions. 5 (8) Description of donated property (If you need (b) If tangible property was donated. give a brief summary of the overall (e) Appraised fair more space. attach a separate statement) physical condition at the time of the gift market value A See separate statement 145,000 00 B - C D (d) Date acquired (e) How acquired (l) Donor's cost or (g) F.or bargain sales. enter see Instructions by donor (mo.. yr.) by donor adjusted basis amount received (h) Amount claimed as a (I) Average trac;ll.ng pnce deduction of securities A 03/23/01 Purchase 12.490 00 B C D . . Tax a er (Donor) Statement-List each item included in Part I above that the ap aisal identifies as p y pr havinq a value of $500 or less. See instructions. I declare that the following item(s) included in Part I above has to the best of my knowledge and belief an appraised value of not more than $500 (per item). Enter identifying letter from Part I and describe the specific item. See instructions. ~ Date ~ raiser I declare that I am not the donor. the donee. a party to the transaction in which the donor acquired the property. employed by. or related to any of the foregoing persons, or married to any person who is related to any of the foregoing persons. And. if regularly used by the donor. donee. or party to the transaction. I performed the majority of my appraisals during my tax year for other persons. Also. I declare that I hold myself out to the public as an appraiser or perform appraisals on a regular basis; and that because of my qualifications as described in the appraisal. I am qualified to make appraisals of the type of property being valued. I certify that the appraisal fees were not based on a percentage of the appraised property value. Furthermore. I understand that a false or fraudulent overstatement of the property value as described in the qualified appraisal or this appraisal summary may subject me to the penalty under section 6701(a) (aiding and abetting the understatement of tax liability). I affirm that I have not been barred from presenting evidence or testimony by the Director of Practice. Sign Here Signature ~ Business address (including room or suite no.) Title ~ Date of appraisal ~ Identifying number City or town. state. and ZIP code IiIIIII Donee Acknowledgment-To be completed by the charitable organization. This charitable organization acknowledges that it is a qualified or~anization under section 170(c) and that it received the donated property as described in Section B. Part I, above on ~ November 25, 2002 (Date) Furthermore, this organization affirms that in the event it sells. exchanges. or otherwise disposes of the property described in Section B. Part 1 (or any portion thereof) within 2 years after the date of receipt. it will file Form 8282, Donee Information Return. with the IRS and give the donor a copy of that form. This acknowledgment does not represent agreement with the claimed fair market value. Does the or anization intend to use the ro ert for an unrelated use? . . . . . . . . . . . . ~ 0 Yes 0 No Name of charitable organization (donee) Employer identification number City of Winter Springs 59-1026364 City or town. state. and ZIP code Winter S rin Title City Attorney FL 32708 Date 11/26/02 A. Garganese (j '. ATTACHMENT TO FORM 8283 Noncash Charitable Contribution Section B Part I, Information on Donated Property 5. (a) Description of donated property: Lot 1, Block "0", Talmo Subdivision, as recorded in Plat Book 9, Page 10, Public Records of Seminole County, Florida. - AND Lot 12, Block "0", Talmo Subdivision, as recorded in Plat Book 9, Page 10, Public Records of Seminole County, Florida. "-----..~,...~_:__-".'..,...,----- . ------:--.... ----.... _-0" ---"'~._"....,..,...--'-": "--.---.. "',;r-~~"' --"'"7: '=T'-:'-,"~J"";:i:; . \. .. t I COMPLETE, SUMMARY APPRAISAL OF 40,800 SQUARE FEET OF LAND LOCATED ALONG THE SOUTH SIDE OF NURSERY ROAD EAST OF U.S. HIGHWAY 17-92 IN WINTER SPRINGS, SEMINOLE COUNTY, FLORIDA PREPARED FOR MR. WAYNEP.REECE 561 VIRGINIA DRNE WINTER PARK, FLORIDA 32789 DATE OF VALUATION: DATE OF INSPECTION: DATE OF REPORT: OCTOBER 25, 2002 OCTOBER 25, 2002 OCTOBER 31, 2002 PREPARED BY PINEL & CARPENTER, INC. MARK. G. CARPENTER, MAl VICE.PRESIDENT STATE-CERTIFIED GENERAL APPRAISER LICENSE NO. RZ 0000935 02-103 COPYRIGHT 2002, PINEL & CARPENTER, INC. .t~ rl~ rl~ P~~~L ~I Ct\R-\~~trl~t\ ~/~4~~~~~ WALTER N. CARPENTER,JR" MAl St. Cert, Gen. Appr. 0001231 MARK G. CARPENTER, MAl St. Cert. Gen. Appr. 0000935 DAVID R. MCCOY. MAl St. Cert. Gen. Appr. 0001324 October 31, 2002 Mr. Wayne P. Reece 561 Virginia Drive Winter Park, Florida 32789 RE: Appraisal of 40,800 square feet of land, located along the south side of Nursery Road, east of U.S. Highway 17-92, within the city limits of Winter Springs, in Seminole County, Florida. Dear Mr. Reece: At your request, I have personally inspected and appraised the above referenced property. The purpose of this appraisal report is to estimate the market value of the fee simple interest in the subject property, under market conditions prevailing on October 25,2002. The intended use and function of this appraisal is for your use in a Donation Agreement with the City of Winter Springs. The subject of this appraisal is more fully described by both physical and legal descriptions within the text of this summary report. This is a Summary Appraisal Report, which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As such, it presents only 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 needs of the client and for the intended use stated below. The appraisers are not responsible for unauthorized use of this report. CLIENT Mr. Wayne P. Reece 561 Virginia Drive Winter Park, Florida 32789 824 NORTH HIGHLAND AVENUE. ORLANDO. FLORIDA 32803. T 407-648-2199. F 407-648-8901 . WWW.PINELCARPENTER.COM . .. ) I , 40,800 SQUARE FEET OF LAND SOUTH SIDE OF NURSERY ROAD, EAST OF U.S. HIGHWAY 17-92 IN WINTER SPRINGS, SEMINOLE COUNTY, FLORIDA APPRAISER Mark G. Carpenter, MAl Vice-President State-Certified General Appraiser License No. RZ 0000935 SUBJECT The subject property consists of 40,800 square feet of land zoned C-2, General Commercial and Industrial District, by the City of Winter Springs. The property is located along the south side of Nursery Road, approximately one block east of U.S. Highway 17-92, in Winter Springs, Seminole County, Florida. At the time of inspection, the property was a vacant, heavily wooded, unimproved site. PURPOSE OF THE APPRAISAL The purpose of this appraisal is to provide the appraisers' best estimate of the market value of the subject real property as of the effective date. Market value is defined by the federal financial institutions regulatory agencies as follows: Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition 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 own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. (Source: Office of the Comptroller of the Currency under 12 CFR, Part 34, Subpart C- Appraisals, 34.42 Definitions [f]) INTENDED USE OF REPORT The appraisal report is intended to assist the client, Mr. Wayne P. Reece in negotiations with the City of Winter Springs for donation purposes. 02-103 COPYRIGHT 2002, PINEL & CARPENTER, INC. 2 ~:"'iii:\."-';r.';:;.-< . ) ,f 40,800 SQUARE FEET OF LAND SOUTH SIDE OF NURSERY ROAD, EAST OF U.S. HIGHWAY 17-92 IN WINTER SPRINGS, SEMINOLE COUNTY, FLORIDA MARKET VALUE ESTIMATE $145,000 INTEREST VALUED Fee simple interest. EFFECTIVE DATE OF VALUE October 25,2002. DATE OF REPORT October 31, 2002. SPECIAL ASSUMPTIONS There are no special assumptions that would further limit this appraisal report other than those specified in the forthcoming limiting conditions. APPRAISAL DEVELOPMENT AND REPORTING PROCESS In preparing this appraisal, the appraisers . inspected the subject property, including the immediate subject neighborhood and the surrounding area; . gathered and confirmed information on comparable land sales throughout the subject neighborhood; . confirmed and analyzed the data, including a final value utilizing the Sales Comparison Approach. The comparable land sales have been summarized in chart form and were considered to be reliable indicators of current market activity for the subject property. This Summary Appraisal Report is a brief recapitulation of the appraiser's data, analyses, and conclusions. Supporting documentation not necessarily specified herein is retained in the appraiser's file. In my opinion, this appraisal is in conformance with the Uniform Standards of Professional Appraisal Practice (USP AP). As such, no departures from Standard 1 of USP AP were invoked during the development of this appraisal. 02-103 COPYRIGHT 2002, PINEL & CARPENTER, INC. 3 ~:'~:'o~ . - 40,800 SQUARE FEET OF LAND SOUTH SIDE OF NURSERY ROAD, EAST OF U.S. HIGHWAY 17-92 IN WINTER SPRINGS, SEMINOLE COUNTY, FLORIDA DESCRIPTION OF REAL ESTATE APPRAISED Leflal DescriDtion Lot 1 and Lot 12, Block "D", Talmo Subdivision, as recorded in Plat Book 9, Page 10 of the Public Records of Seminole County, Florida. Ownershiv According to the Public Records of Seminole County, as of the date of valuation, title to the subject property was held as follows: Wayne P. Reece 561 Virginia Drive Winter Park, Florida 32789 Three-vear Title History According to the Public Records of Seminole County, the above owner purchased the property in . March 2001 for $28,000. At the time of purchase, the property was zoned R-1AA, Residential District, by Seminole County. Subsequent to the purchase, the property owner annexed into the City of Winter Springs, filed for an amendment to the future land use designation, and requested a rezoning from R-1AA, Residential, to C-2, General Commercial and Industrial. The property owner was granted a future land use amendment and rezoning on July 8, 2002 for the C-2, General Commercial and Industrial zoning. Location & Market Area Data The rationale of the market area analysis is based upon the premise that what occurs in the surrounding market area have a direct and immediate impact on the value of the subject property. The market area is a portion of a larger community or an entire community in which there is a homogeneous grouping of inhabitants, buildings, or building enterprises. The land use patterns and available road networks detemnne the subject market area. The market area boundaries consist of properties lying along both the east and west sides of U.S. Highway 17-92 north of State Road 434 and south of County Road 427. The city of Winter Springs lies along the east side of U.S. Highway 17-92 and the city of Longwood lies along the west side of U.S. Highway 17-92 in this area. Primary uses in the neighborhood consist of highway commercial uses along the U.S. Highway 17-92 corridor. These uses include retail strip centers, automotive repair businesses, automobile dealerships, restaurants, and light industrial. U.S. Highway 17-92 north of State Road 434 in the immediate subject neighborhood is a six-lane, median-divided roadway. There is a median break at Nursery Road. Nursery Road is a two-lane, asphalt-paved road, which extends east from U.S. 02.103 COPYRIGHT 2002, PINEL & CARPENTER, INC. 4 ~-'-~~~~ '-''F--';:~1i' . I . I :..01 1 & 12, BLOCK D. TALMO SUBDIVISION, AS RECORDED IN PLAT BOOK 9, PAGE 10. PUt:lLll.: RECORDS or SEMINOLE COUNlY. FLORIDA. r~s FHO. P.lC. NNI.. rl]ggJ (50' ND J _ - -:-!!'t:c ~ 2: ".r. 1~6~~~~~ J ~ ~~ ^'f"As ~. _ ~ No ,5/6" 1R 117C.o;r _ 1;. _87' ~T~ lfW. ,~ IR NlJI LOT 12 VACANT LOT 11 >- W > 0:: . . => 0'" - lilt- !I 10 - ~:s (J) cO' - 00 ~Il. ...... - ""0 --- LA. OU) ~ 3: olo\ io 00 0 ...... ~ Q:: >- LOT 1 Q: l.U VACANT CIl 0: ::l <: LOT 2 a! '"' "-::! ~.. ...., ~~ .. '" '~lll:J' 117C..27' ~T FND. '/I!"'R -= ~ rNol ---..J . . 40,800 SQUARE FEET OF LAND SOUTH SIDE OF NURSERY ROAD, EAST OF U.S. HIGHWAY 17-92 IN WINTER SPRINGS, SEMINOLE COUNTY, FLORIDA Highway 17 -92 approximately one-quarter mile to its western terminus III a residential neighborhood. The immediate surrounding neighborhood consists of industrial properties along the north and south sides of Nursery Road within the fIrst block east of U.S. Highway 17-92 and single-family and apartments further east along Nursery Road. Uses along the north and south sides of Nursery Road, just east of U.S. Highway 17-92 include office/warehouse and outside industrial storage. The majority of these businesses are automotive repair businesses. Located just north of the subject property along the north side of Nursery Road is a vacant parcel, which is zoned Industrial, which is planned to be improved with office/warehouses. Located further east of the subject property along the south side of Nursery Road is an apartment complex known as Golf Terrace. The main entrance for Golf Terrace is located along the north side of State Road 434. There is no entry for the apartment complex along Nursery Road. Located south of the subject property along Talmo Street and Ridge Street are medium income, single-family residences. A portion of Talmo Street south of Nursery Road is paved along the west side of the apartment complex; however, the balance of the road south of the apartment complex is unpaved gravel. Ridge Street, which extends along the west side of the subject property south of Nursery Road is an unpaved dirt road, which accesses 'single-family residences. Located along the west side of U.S. Highway 17-92 in the immediate subject neighborhood is the entrance to the Longdale Industrial Park, which is located within the city of Longwood. This is a well-established industrial park with office/warehouse and distribution facilities. In summary, the subject market area is a well-established commercial/industrial/residential district within the Winter Springs and Longwood area of Seminole County. There are very few available vacant commercial and industrial tracts available in the marketplace. Generally, the occupancies for commercial and industrial have remained high in the neighborhood. Overall, the subject neighborhood is considered to be stable in character. SITE DESCRIPTION The subject site has approximately 408::1: feet of frontage along the south side of Nursery Road by a depth of 100::1: feet, containing 40,800 square feet. The property has 100::1: feet of frontage along Talmo Street and 100::1: feet of frontage along Ridge Street. Nursery Road and Talmo Street are paved in front of the subject property and Ridge Street is unpaved. Refer to the survey on the facing page. A physical inspection of the site indicates that the land is generally level and at road grade. The land appears to be adequately drained with no known poor soil conditions. Further, my inspection disclosed no unusual adverse conditions affecting the land, but no responsibility is accepted for discovering or evaluating subsoil, hidden, or unusual conditions or the existence of any contamination to the soil due to hazardous waste on the property. 02-103 COPYRIGHT 2002, PINEL & CARPENTER, INC. 5 . , 40,800 SQUARE FEET OF LAND SOUTH SIDE OF NURSERY ROAD, EAST OF U.S. HIGHWAY 17-92 IN WINTER SPRINGS, SEMINOLE COUNTY, FLORIDA A review of the Flood Hazard Map indicates the subject property is not located in a flood prone area. The subject property is found on Flood Insurance Map No. 121 17C-0130E, for Seminole County. A copy of the Flood Map is included in the Addendum section of this report. All utilities are available to the site. Water lines are located immediately adjacent to the property and is provided by the City of Longwood. Sewer is located approximately 300 feet east of the property at the Golf Terrace apartment complex. There is a lift station located on the apartment site and the City of Winter Springs provides sewer. Florida Power Corporation provides electrical service to the property. There are no known easements or encroachments, which would adversely impact the use or marketability of the property. Zoninf! & Future Land Use The subject property is zoned C-2, General Commercial and Industrial District, by the City of Winter Springs. This district is to be used by a variety of commercial and industrial operations. The purpose of this district is to permit the normal operation of a majority of industrial uses under such conditions of operation as will protect abutting residential and coriunercial uses and abide by the performance standards of the County, the State, and the U.S. Government. Permitted uses within the C-2, General Commercial and Industrial District include but are not limited to automotive body repair and painting, building and plumbing supplies, contractors equipment and storage yards, junk yards, lumber and building supplies, and other related uses. A copy of the zoning ordinance is included in the Addendum to this report. The subject property was annexed into the city of Winter Springs from unincorporated Seminole County on July 8, 2002. The future land use designation and the zoning was changed from R- lAA, Residential District, by Seminole County, to C-2, General Commercial and Industrial District, by the City of Winter Springs. The zoning and industrial future land use designation is consistent with surrounding properties to the west and northwest along Nursery Road, east of U.S. Highway 17-92. Real Estate Assessments and Taxes The subject property is assessed and taxed by Seminole County as Parcel Nos. 20-30-33-513- ODOO-00I0 and 20-30-33-513-0DOO-0120. As of the date of valuation, the subject property was still assessed as two vacant, single-family lots. The 2001 total assessment for both lots was $31,200. The 2001 millage rate was 18.614 and gross taxes were $580.76. 02-103 COPYRIGHT 2002, PINEL & CARPENTER, INC. 6 . , 40,800 SQUARE FEET OF LAND SOUTH SIDE OF NURSERY ROAD, EAST OF U.S. HIGHWAY 17-92 IN WINTER SPRINGS, SEMINOLE COUNTY, FLORIDA HIGHEST AND BEST USE "As ThoUflh Vacant" An analysis of highest and best use considers four criteria, which are: 1) Physically Possible 2) Legally Permissible 3) Economically Feasible 4) Maximally Productive The subject property is a 40,800-square foot industrial site located in a small industrial area in the northwest quadrant of U.S. Highway 17-92 and State Road 434 within the city of Winter Springs. The property is a long, narrow site having approximately 408::1: feet of frontage along the south side of Nursery Road by a depth of 100 feet. Surrounding land uses include industrial, commercial, single-family, and multifamily. The property is zoned C-2, General Commercial and Industrial District, by the City of Winter Springs. Land uses within the immediate subject area include commercial along U.S. Highway 17-92 and industrial and wholesale commercial uses east and west of U.S. Highway 17-92 north of State Road 434. The most established industrial park in the immediate area is the Longdale Industrial Park, located along the west side of 17-92 just north of State Road 434. The commercial and industrial occupancies in the immediate subject neighborhood have maintained high levels. Road infrastructure within the area, being U.S. Highway 17-92 and State Road 434 are able to handle high volumes of traffic counts. There are several automotive dealerships along the U.S. Highway 17-92 corridor from the city of Maitland north to the city of Sanford. As such, several related automotive businesses, such as automotive repair, used car sales, tires, and other related types of automobile related businesses are located in the area. Additionally, several light industrial and distribution uses are located within the Longdale Industrial Park, in close proximity to the subject property. Water is available to the property and sewer would need to be extended approximately 300 feet west to the site for development purposes. Therefore, based upon the above and taking into consideration the physically possible, legally permissible, economically feasible, and maximally productive use for the site, I have estimated the highest and best use of the property as General Commercial and Industrial, consistent with the uses permitted under the City of Winter Springs Zoning. VALUATION METHODOLOGY As discussed, the subject property consists of vacant land. As such, the primary approach to value is considered the Sales Comparison Approach. The Income Approach was not utilized due to the lack of land leases for properties comparable to the subject. Also, the Cost Approach was not utilized as there are no improvements contributing to value. 02-103 COPYRIGHT 2002, PINEL & CARPENTER, INC. 7 40,800 SQUARE FEET OF LAND SOUTH SIDE OF NURSERY ROAD, EAST OF U.S. mGHW A Y 17-92 IN WINTER SPRINGS, SEMINOLE COUNTY, FLORIDA SALES COMPARISON APPROACH The Sales Comparison Approach is based on the asswnption that a potential and knowledgeable investor would pay no more for a property than the cost of acquiring an existing property with basically the same utility. In this approach, market value is estimated by comparing the recent sales of other properties to the subject property. The advantages and disadvantages of each sale are taken into account in the form of adjustments. These adjustments may be quantitative or qualitative. A sales search was made of the immediate subject area for recent sales of properties considered similar to the subject property. The results of my research provided several sales throughout the area. Some were eliminated because of location, size, and other factors, which decreased their comparability to the subject property. The remaining sales were then further analyzed, confirmed, and compared to the subject property on an individual basis. On the following facing page is a summary tabulation of the sales utilized for this analysis. A location map and my comparative analysis and conclusions by the Sales Comparison Approach follow the Sales Chart. In this case,' I have utilized a Relative Comparison Analysis, wliich analyzes the relationships between the sale property and the subject property. A comparison is indicated by market support and reasoning without the estimation of quantitative adjustments. 02-103 COPYRIGHT 2002, PINEL & CARPENTER, INC. 8 l~ 7 8lQGE~~ ur '-<-1-0 l6 ...--J.. . NORTH FlOGE-' w BAY MEADOW RD , ""L ". ~": ,""Ow:, 0 ~~,,,_",-"____-------'O"""""9..'^'" t ~ . " 0 ' .... , :> ~ ,,' ~' , : H1LL.lOPS_l,Jf:JSET ~, ',;~ I,: ., __:L..,-:.~ ']race Lake \! . SHADYLN ~; , z ' i ~ ~ M;. . >- LAMON-r-- "P' - . .Gl .0' l1..~:LA ~,u{j i-;C~..[,,~_ -; '.I""4m, $',%.8::-' ~ ~, i i! .CHELTANIW<1 :-.~; ',/"'l'~ - .,' ~ 0 r~Q ~:-- i r,i ,,; i R,i;\ <S>a I ,~ '7,>- };OV.sjiILL ~ '- ! ! -;..'8( ...J.f.NllRY "'i j-'--'O?'SJ ~'".' '-ACE!:#<E . \ i ,'1i. CRUI,i' -I i ' ,oG-.' ,. '. ci ~ \- g-,.....; ~T . 1_ ' W ,~,~: w ~ ~....HEA-THE~;- m ,.., ~/ (fI~' ';>' . I~' I J:::l' (f) ,YT,REcRD ~\~\~; ~r ~ ~ON'NiETRL -~'a/ c , ion I..r- lWlr,_ ~ ~i lu -:.E:!!! " i ~ 5 ~ P 5 \ SONOAA;;:t ::E I L :::.~ West Lake "'~ ,/ 'f- (/l! eOVENTRY j";' ~"""-l-l.....: ,- '5. ,-,O! , 'x.r /' -CHELSEA.RO' r--e~W-2-0/ It., , <l! 11' ~W.I I ocr \ Z CAMBBIDc;e-r uJ r- ' ~~'- ~u>.-o~. ~ b ~ '.' ' ( , > ", ,- <( ~,r,(, ;A,A ,~...!.~i. f::'.-"'\~i 0'" 10, .......,. oi i~""" J: .....).@..;:.-1l> \~ , >-! ~~' "VI IVS I ....-..- \ yr.... a 'j:l 0...., -f-- . \.~ 1,1-1. IRed... u :r. La" S i\ '?,.,.A ~ I 0 o<?):!S" \ 0<( r-/ "e earr:) ~ "'\'A ~r&-' <?'-"" ;t~ 1.J' :t I ~ IJ: ~~~~a .....! 0'.'. !. "'{. oc!'1 a., I ;:> oY ./';:~'=:S-"... ! ::1: iE '. '" 0, ~;n C>.l.c.'0~~ I' ffi.i wi 'SCf~\.~. t#j( U\I ;;:, '~~,op,:(A'\ ,Ss:.z- , /"~ ifu.. s~" a. , a. "C'l~ " \ ~.. FL..QillQ. ; ~ ^ -:iAuTUMN BROOK ,~~ \. , 0/ n,2 ...../ '- ~\ \_AM13ER~Ll'l i ~/ i W WARREN-~ ;' , -t'Gi ~ " /;~1, I =--- ! ~l /' ~ r-w \ ,.",1 \ . \g\ I- , ;---'! 51/ ~ W. PINE E PINE \ : ii;\' r-\ \ \ I \ ~J: a.'-;- , ml, 434 434' f-; \";ARii z, -.,. E MAl ~l $;/ ~;._.$~/ iE: 0; COA.1M u: L.-........ ',~€WAY B~!i;.rZ/ J"(~~. ,/1' , \ ( 1 ; I O~ ~ G""-S)--~ Ol.l~~~ ~Q~f K\ _ QU"BUCKIE .. 3 Z "i':.\>AR ~~~1Y' l;-~~~IOs:.: ~ ~~i'l-\E.,.. ".~i \ ~+-ffi~ \ it. FORE~"- ~ lD <( -;""'p,tl '-J~:::""'X~< ct~ /' ,~~ SHANE ; 0 ANHINGA Q c.\. 0, -;r---.;::f v ~i E ~I \ B C'l :> ,:Il -hi (f) U I ~z~ h 0:1 oi ;:: I f Q.; t-I ~ -' ~l 131 "~ '~rlni~/ a. III I ~ I 'I Comparable Land Sales Local Road - Major Connector - State Route 40,800 SQUARE FEET OF LAND SOUTH SIDE OF NURSERY ROAD, EAST OF U.S. HIGHWAY 17-92 IN WINTER SPRINGS, SEMINOLE COUNTY, FLORIDA Land Sales Analvsis As shown, the land sales transacted between May 1998 and July 2000 and range in size between .43:i: to 2.12:i: acres, or 18,750 square feet to 92,129 square feet. Prior to the necessary adjustments, the land sales provided a range in value for the subject property between $3.09 and $4.34 per square foot. After analysis of the various land sales, as well as discussions with local brokers and investors within the marketplace, it appears the land acquisitions are typically based on a price paid per square foot of land area. Thus, for this analysis, I would conclude a value indication for the subject property based on a price per square foot. Sale No.1 reflected $3.42 per square foot and, overall, this sale was considered similar to the subject. The property is located in an industrial area, west of County Road 427, which was considered superior. This sale was adjusted upward due to the larger size. This sale's availability of utilities and zoning/development potential was considered similar to the subject. Thus, I would consider the subject's unit value indication to be supported by this sale. . Sale No.2 reflected $4.34 per square foot and, overall, this sale was considered superior to the subject. The sale's location in a more established industrial area, just west of County Road 427, was considered superior to the subject. The land size, utilities, and zoning/development potential were all considered similar. Thus, I would consider the subject's unit value indication to be below the value indication of this land sale. Sale No.3 reflected $4.17 per square foot and was considered superior to the subject. The sale's location in a more established industrial area, west of County Road 427, was considered superior to the subject. The sale's size, availability of utilities, and zoning/development potential was considered similar. Thus, I would consider the subject's unit value indication to be below the indication of this land sale. Sale No.4 reflected $3.09 per square foot and, overall, this sale is considered inferior to the subject property. The sale's location in an older section of Longwood was considered inferior to the subject property's location. The sale's size, availability of utilities, and zoning/development potential was considered similar. Thus, I have considered the subject's unit value indication to be above the indication of this land sale. Sale No.5 reflected $4.13 per square foot and, overall, this sale is considered superior to the subject property. This sale's frontage along County Road 427 was considered superior to the subj ect property. The sale's size, availability of utilities, and zoning/development potential was considered similar. Thus, I would consider the subject's unit value indication to be below the indication of this sale. 02-103 COPYRIGHT 2002, PINEL & CARPENTER, INC. 10 40,800 SQUARE FEET OF LAND SOUTH SIDE OF NURSERY ROAD, EAST OF U.S. HlGHW A Y 17-92 IN WINTER SPRINGS, SEMINOLE COUNTY, FLORIDA Summary Based on the above, I have estimated the value of the subject property at $3.50 per square foot. Therefore, based upon the subject property's land size, the following is the estimated market value of the subject property. 40,800 SF @ $3.50/SF = $142,800 RTO $145,000 Your attention is directed to the Underlying Assumptions and Limiting Conditions, which are considered typical for this type of assignment. ASSUMPTIONS AND LIMITING CONDITIONS 1. This is a Summary Appraisal Report, which is intended to comply with the reporting requirements set forth under Standard Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As such, it might not . include full discussions of the date, 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 information contained in this report is specific to the needs of the client and for the intended use stated in this report. The appraisers are not responsible for unauthorized use of this report. 2. No responsibility is assumed for legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated in this report. 3. The property is appraised as if free and clear of any or all liens and encumbrances unless otherwise stated in this report. 4. Responsible ownership and competent property management are assumed unless otherwise stated in this report. 5. The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy. 6. All engineering is assumed to be correct. Any plot plans and illustrative material in this report are included only to assist the reader in visualizing the property. 7. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. 02.103 COPYRIGHT 2002, PINEL & CARPENTER, INC. 11 40,800 SQUARE FEET OF LAND SOUTH SIDE OF NURSERY ROAD, EAST OF U.S. HIGHWAY 17-92 IN WINTER SPRINGS, SEMINOLE COUNTY, FLORlDA 8. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws otherwise stated in this report. 9. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless nonconformity has been stated, defmed, and considered in this appraisal report. ' 10. It is assumed that all required licenses, certificates of occupancy or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained in this report are based. 11. Any sketch in this report may show approximate dimensions and is included to assist the reader in visualizing the property. Maps and exhibits found in this report are provided for reader reference purposes only. No guarantee as to accuracy is expressed or implied unless otherwise stated in this report. No survey has been made for the purpose of this report. 12. It is assumed that the utilization of the land and improvemerits is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless otherwise stated in this report. 13. The appraisers are not qualified to detect hazardous waste and/or toxic materials. Any comment by the appraisers that might suggest the possibility of the presence of such sub- stances should not be taken as confirmation of the presence of hazardous waste and/or toxic materials. Such determination would require investigation by a qualified expert in the field of environmental assessment. The presence of substances such as asbestos, urea-formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. The appraisers' value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value unless otherwise stated in this report. No responsibility is assumed for any environmental conditions or for any expertise or engineering knowledge required to discover them. The appraisers' descriptions and resulting comments are the result of the routine observations made during the appraisal process. 14. Unless otherwise stated in this report, the subject property is appraised without a specific compliance survey having been conducted to determine if the property is or is not in conformance with the requirements of the Americans with Disabilities Act. The presence of architectural and communications barriers that are structured in nature that would restrict access by disabled individuals may adversely affect the property's value, marketability, or utility. 15. Any proposed improvements are assumed to be complete in a good, workmanlike manner in accordance with the submitted plans and specifications. 02-103 COPYRIGHT 2002, PINEL & CARPENTER, INC. 12 1~','~.':" ;-"?: :;-fl!':f:.~ic 40,800 SQUARE FEET OF LAND SOUTH SIDE OF NURSERY ROAD, EAST OF U.S. HIGHWAY 17-92 IN WINTER SPRINGS, SEMINOLE COUNTY, FLORIDA 16. The distribution, if any, of the total valuation in this report between land and improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 17. Possession of this report, or a copy thereof, does not carry with it the right of publication. Any person other than the party to whom it is addressed without the written consent of the appraisers, and in any event, only with proper written qualification and only in its entirety may not use it for any purpose. 18. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or the firm with which the appraisers are connected) shall be disseminated to the public through advertising, public relations, news sales, or other media without prior written consent and approval of the appraisers. 02.103 COPYRIGHT 2002, PINEL & CARPENTER, INC. 13 40,800 SQUARE FEET OF LAND SOUTH SIDE OF NURSERY ROAD, EAST OF U.S. HIGHWAY 17-92 IN WINTER SPRINGS, SEMINOLE COUNTY, FLORIDA CERTIFICATION We certify that, to the best of our knowledge and belief: 1) The statements of fact contained in this report are true and correct. 2) The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3) We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. 4) We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 5) Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 6) Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. 7) Our analyses, oplIDons, and conclusions were developed, and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice. 8) Mark G. Carpenter made a personal inspection of the property that is the subject of this report. 9) . lcant real property appraisal assistance to the person signing this Mark G. Carpenter Vice-President State-Certified General Appraiser License No. RZ 0000935 02-103 COPYRIGHT 2002, PINEL & CARPENTER, INC. 14 ADDENDUM SUBJECT PHOTOGRAPHS STATE LOCATION MAP LOCATION MAP . TAX MAP LOCATION AERIAL PHOTOGRAPH FLOOD MAP TOPOGRAPHICAL MAP SOIL MAP ZONING DESCRIPTION QUALIFICATIONS OF APPRAISERS 02-103 COPYRIGHT 2002, PINEL & CARPENTER, INC. ''i.., ~:".,.;I';' '>1'7""':; --';-""t~'~f':'':!,!}:~-;';If:-':','T:;,''~if::._ ''''''. . . '" j. .. View of the subject property looking southwest from the comer of Nursery Road and Talmo Street. All pictures taken October 25,2002. View of Nursery Road looking west towards U,S. Highway 17-92. The property is located on the left side of the photograph. 02.103 COPYRIGHT 2002, PINEL &. cARPENTER, INC. "<{!;J~$N~;!~~1f.' View of Talmo Street looking south from Nursery Road. The property is located on the right side of the photograph. View of the subject property looking southeast from Nursery Road and Ridge Street, at the northeast comer of the property. 02-103 COPYRIGHT 2002, PINEL & CARPENTER, iNC. . . . View of Nursery Road looking east towards Talmo Street. The subject property is located on the right side of the photograph. View of Ridge Street looking south from Nursery Road along the west side of the property. 02-103 COPYRIGHT 2002, PINEL & CARPENTER, INC. --.,-----:;'2~~~':''',.,:__ I , , / / A , , / I L ~ ~ 1999 DeLonne. Str~et Atlas USA State Map .~ --- I _________~_ _L-____ Major Road - Limited Access )~".. ! lit Luke Irislt Ravenna Park . UH~:,~,,~:~ .":u ~ __, . Country cJl Manor . Wynwood l- ' r- .New Upsala 4. 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'\; ..:It>U::: 7071'21l : j 6'J I: ..l /;... 0_0000 Ii ..... 6~ 66 67 F f O~~ 0 il o ~ o I I~ :y ,.'~"\ 0 Ii '), .-<, 'P'~" ~ ~~" !ll" 0003 '. ~ \ ~ " ~ ~lJJ., tR o ,:~'~ . ~~ 'j < \ ""', o o ~ ~. \ ti L-J' 1-\\ " 11' 0 , \lIIoO ..0 \~ 0\ , ~~,.. ,~, -~ ,..1t~ 51 c (.)\ ,~. """'-- ,~", Tax Map Location ;,.i,:'?""7".----"--,.--,-:'>;,->.;-,~ r'~rf,.'!l\i$?'itI\!A:~,t~ "'5*'__':', "-""':~ Aerial Map . : i I, ; r ' AE 91 29 / t':;>~",== . ,y ~l?r " ,;'? l~i .,:;1 _! i \: ZONEAE) tElS41 ' i ".._...,~_,.___.=_..__.,___._,.~~I!I(YJA!- ,,, ..~r.;!'$~_VANAL.. ___ .. _ _'_, _ ;:,::-~.7."i.'T-""7~~- -- .y ..~, Seminole County I Unincorporated Areas , 120289 City of Longwood 1202~ \L_ ,----_._-~---- , Ii " ;'/ /i 'I ~~, '<:"'.-:" ..:-. \\ \\ 'I .. .., City of Winter Springs 120295 ZONE X STUDY , ~~~::;;. ji Effective Date; Aprll17,1995 . ",CUt --=,--.f;~~\ ""'-~ }>" ~~'w'q.---- ';(~1l ,._-..;'~\ \-~ ~lUATtE \\ "_'" \r~~.2\\. \\; - <, ;~ ElOWAH.\~, '-~',~ ~.~A,,' ...., \o~ ;, · 0 Community-Panel Number 12117C 0130 E Flood Plain Map ,\!'~~i"""'--- ----,~--- -'c"R'9:'" - ""I'''''Olj,I'' "'-'~"-T'7~- ~;-',"r,...:~-"'V.,_,,,~"l!'1!lI':.;,, . , I Ht J ~~~/fir; !~ ~ fJ".~~'7){)/ -;-.7 ~. ~~ pvlrif.:l1f:lJ.1l)., ~ 'kJ. 7J 4~ ('l"J4) ~"i .-...... .... :'1 _ ..rr~i~ ''. .~( " . ~111''!'I,!' 't: \, . ,~~, . - {i \ '. lij · II J.,i;'... 'l.f", , ~ I~ ;>;~'.,: iti ~ i~ N\::- - ~ < ._ .1- \ .-./ ..:. ,L ( ~I / '\ CJ ~ -'0,-- ~ \ I ..T~~~~r~{{ ,'s::< '\ ~ ~.." ..T~2 "~ V:l~~i~l~ ~ ~ ':' ~l '(Ll \!f · ;'t~, r > , ~ ~'_ ;~,:-~~N~ ~;~ ..~? ;>>-. ~ 1 I. ':' . . ( . . . 1~..6 . .. - --~ " . L~ ~. ~ · ,#,., t .' ~/II /~ \~~ 3.0 TopoQuads Copyright@ 1999 Delorme Yarmouth, ME 04096 Source Data: USGS F'" ft Scale: 1 : 10,400 Detail: 14.3 Datum: WGS84 :-._": i '.. ~ -...: 1 , ..,. II" ,'J Fa. RIDA . . .il '" .,.. T"< " ~: 4,~\ i'1l::t; y J · ~..... !t:lt; ~;....-, >{' ,!:I!~' . "" $:;~-;;~~!{%':~~;, · -',. __ i_' - . ,J.:-{@ ij 8~ ~~L ..~. : ~ .e. ..~... . .... J.....I .,4 =~ . f 'J! ... ...... ~" f II. ~ '..~~~. ~ ~i I ~ [\.. ~ .. ' -;::.. u ~ -- - '- .....- ~'" ....~f ..~. \ ....,... . . . r;-; --- " , " - ),_ 1.{-_ ~ .~ II \ t \ , \ . . - '( . .. ~. 1,.- · .. .... . . -. .- . .*" . l. it~-'J'~~-"t#j>'i<<:;:'~i ::<~"~~:r.t~l});;':'ii;~~< ' --:';~~-"<:""ITT't.::'-:'7"~-:;::."f;_71~ift:, Soils Map . , . . ,it however, that when the frontage in one (1) block is located partly in C-l Neighborhood Commer- cial Districts and partly in a residential or multiple- dwelling district, then the front yard requirements of the residential district or multiple-dwelling dis- trict shall apply to the C-l Neighborhood Com- mercial Districts. (b) Side yard. None required except on that side of the lot abutting upon the side of a lot zoned for residence purposes, in which case there shall be a side yard of not less than thirty (30) feet. In all other cases a side yard, if provided, shall not be less than three (3) feet. (Ord. No. 44, ~ 44.51, 1-8-68) Sec. 20-238. Off-street parking regulations. Section 9-276 et seq. as to off-street parking regulations in C-l Neighborhood Commercial Dis- tricts shall apply. (Ord. No. 44, ~ 44.52, 1-8-68) Sees. 20-239-20-250. Reserved. DIVISION 8. C-2 GENERAL COMMERCIAL AND INDUSTRIAL DISTRICTS Sec. 20-251. In general. The lands of the C-2 General Commercial and Industrial Districts are to be used by a variety of commercial and industrial operations. The pur- pose of this district is to permit the normal opera- tion 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 U.S. government. (Ord. No. 44, ~ 44.53,1-8-68) Sec. 20-252. Uses permitted. Within C-2 General Commercial and Industrial Districts, no building, structure, land or water shall be used except for one (1) or more of the following uses: (1) Any use permitted in C-l Neighborhood Commercial Districts; (2) Automotive body repairing and painting; -~-""-"'.'-':.::.-:"'-_.--:<~~7.". ZONING S 20-252 (3) Automotive glass, vinyl tops and seat covers: (4) Automotive sales and service; (5) Automotive renting and leasing; (6) Automotive tires; (7) Baker, wholesale; (8) Boats, sales and service; (9) Bottling and distribution plants; (10) Building and plumbing supplies; (11) Bus terminal; (12) Cabinetmakers; (13) Clothing manufacturing; (14) Cold storage and frozen food lockers; (15) Contractors' equipment, storage yards; . (16) Convenience markets and stores; (17) Drive-in theaters; (18) Feed stores; (19) Flea markets, open air; (20) Gas, bottled; (21) Grocers, wholesale; (22) Ice, wholesale; (23) Industrial trade and vocational schools; (24) Junkyards; (25) Kennels; (26) Laboratories for testing materials and chemi- cal analysis; (27) - Lumber and building supplies; (28) Manufacturing and assembly of scientific and optical precision instruments; (29) Mobile homes, sales and service; (30) Movers; (31) Nurseries, plants, trees; wholesale; (32) Outdoor advertising signs .equipment; (33) Pest control (exterminating); (34) Printers, commercial; 1215 .' " . I ~'. !i 20-252 WINTER ,SPRINGS CODE (35) Public maintenance buildings; (36) Recreational vehicles; (37) Roofmg; (38) Sheet metal shops; (39) Swimming pool contractors, equipment storage; (40) Taxicabs; (41) Warehouses; (42) Wholesale meat and produce distributors. (Ord. No. 44, ~ 44.54, 1-8-68; Ord. No. 265, ~ 1, 7..,13-.82) Sec. 20-253. Building 'Site ;area regulations. No bai1aing 'or ;5tr:w:ture :shall ,exceed fifl;y :(:50) feet in l1eight. (Ord. No..44, ~44:'i5~ 1-'8-:68') Sees. 20-25~20-265. Reserved:- DMSION 9. R-U RURAL URBAN DWELLING DISTRICTS Sec. 20-266. .In general. The lands included within the R-U Rural Urban Dwelling Districts are those developed or used predominantly for agriculturalpur,poses .and gov- ernment or public service facilities with single- family dwellings as the primary residential use. The sites are intended to be those which would normally have large tracts of land adjacent or contiguous to residential locations. (Ord. No. 44, ~ 44.56, 1-8-68) Sec. 20-267. Uses permitted. Within any R-V Rural Urban Dwelling District, no building, structure, land or water shall be used except for one (1) or more of the following uses: (1) Forests, groves, farms and trUck.garden- ing, including usual farm building struc- tures and livestock; (2) Nurseries and greenhouses; (3) Public recreation areas and facilities; (4) Private clubs, including golf courses and recreational uses; except skeet and gun clubs or commercial amusement enterprises op- erated entirely for private profit; (5) Puolic schools and private educational in- stitutions having a curriculum the same as ordinarily given in public schools. Other schools not having a curriculum may be operated, provided a permit therefor is first obtained from the board of adjustment; (6) Home occupations; (7) Single-family dwellings, but a building permit for such dwelling shall not be issued until there shall be fIled with the building offi- cial, a certificate signed by the plumbing inspector, attesting that the lot upon which the dwelling structure is to be erected, has a satisfactory minimum standard of im- provements; (8) Accessory buildings and uses customarily incident to the above uses not involving the conduct of a business; (9) Commercial riding stables'and commercia] dog kennels, when located on a tract of land of not less than five (5) acres and pro- vided that no structure, pen or corral hous- i:ng animals shall be closer than two hun- dred (200) feet from any property line; (10) Roadside stands offering for sale only prod- ucts which are produced on the premises, provided such structure is set back at least thirty-five (35) feet from the front or.side- line of the property. (Ord. No.. 44, ~ 44..57, 1-8-68) Sec. 20-268. Conditional uses. (a) There shall be no conditional use within R-D Rural Urban Dwelling Districts except the following:- (1) Churches with their attendant educational buildings and recreational facilities; (2) Public utilities and public service structures; (3) Commercial amusement enterprises oper- ated entirely for private profit; (4) Government service facilities. (b) Before a conditional use may be granted within the classification, the board of adjustment ~........ / 1216 . .....l.. )l 9 20-252 WINTER SPRINGS CODE (35) Public maintenance buildings; (36) Recreational vehicles; (37) Roofmg; (38) Sheet metal shops; (39) Swimming pool contractors, equipment storage; (40) Taxicab!!!; (41) Warehouses; (42) Wholesale meat and produce distributors. (Ord. No. 44, ~ 44.54, 1-8-68; Ord. No. 265, ~ 1, 7-.lS.82) Sec. 20-:253. Building -site .area regulations. No builaing 'or ;-s:tr:t!tCtu:re shall .exceed .fifty :(:5U) feet.m 1height. (Ord. No,'44, ~44;'5'5~ 1-'8-:68' Sees. 20-254-20-265. Reserved:- DMSION 9. R-U RURAL URBAN DWELLING DISTRICTS Sec. 20-266. .In general. The lands included within the R-U Rural Urban Dwelling Districts are those developed or used predominantly for agricultural pUl:'poses .and gov- ernment or public service facilities with single- family" dwellings as the primary residential use. The sites are intended to be those which would normally have large tracts of land adjacent or contiguous to residential locations. (Ord. No. 44, ~ 44.56, 1-8-68) Sec. 20-267. Uses permitted. Within any R-U Rural Urban Dwelling District, no building, structure, land or water shall be used except for one (1) or more of the following uses: (1) Forests, groves, farms and trUck "garden- ing, including usual farm building struc- tures and livestock; (2) Nurseries and greenhouses; (3) Public recreation areas and facilities; (4) Private clubs, including golf courses and recreational uses; except skeet and gun clubs or commercial amusement enterprises op- erated entirely for private profit; (5) Public schools and private educational in- stitutions having a curriculum the same as ordinarily given in public schools. Other schools not having a curriculum may" be operated, provided a permit therefor is first obtained from the board of acljustment; (6) Home occupations; (7) Single-family dwellings, but a building permit for such dwelling shall not be issued until there shall be fUed with the building offi- cial, a certificate signed by the plumbing inspector, attesting that the lot upon which the dwelling structure is to be erected, has a satisfactory minimum standard of im- provements; (8) Accessory buildings and uses customarily incident to the above uses not involving the conduct of a business; . (9) Commercial riding stables and commercial dog kennels, when located on a tract of land of not less than five (5) acres "and pro- vided that no structure, pen or corral hous- i~g animals shall be closer than two hun- dred (200) feet from any property line; (10) Roadside stands offering for sale only prod- ucts which are produced on the premises, provided such structure is set back at least thirty-five (35) feet from the front or.side- line of the property. (Ord. No.. 44, ~ 44..5'7,1-8-68) Sec. 20-268. Conditional uses. (a) There shall be no conditional use within R- U Rural Urban Dwelling Districts except the following:- (1) Churches with their attendant educational buildings and recreational facilities; (2) Public utilities and public service structures; (3) Commercial amusement enterprises oper- ated entirely for private profit; (4) Government service facilities. (b) Before a conditional use may be granted within the classification, the board of adjustment ~,~ / 1216 . 'lilt., ,LJ... ... QUALIFICATIONS OF APPRAISER MARK G. CARPENTER BUSINESS ADDRESS Pinel & Carpenter, Inc. 824 North Highland Avenue Orlando, Rorida 32803 EDUCATION University of Florida; Bachelor of Science Degree in Business Administration, majoring in Finance, 1982. PROFESSIONAL EDUCATION The following courses have been completed under the direction of the American Institute of Real Estate Appraisers: 1. Real Estate Appraisal Principles 2. Residential Valuation 3. Capitalization Theory & Techniques, Part A 4. Capitalization Theory & Techniques, Part B 5. Basic Valuation Procedures 6. Case Studies in Real Estate Valuation 7. Valuation Analysis & Report Writing 8. Standards of Professional Practice (with SPP Exam) 9. Litigation Valuation 10. Real Estate Disclosures SEMINARS ATTENDED 1. Florida Condemnation Valuation and Appraisal Liability 2. The Internet & Appraising 3. Data Confirmation 4. Core Law Update 5. Understanding Limited Appraisals 6. Evaluations 7. Appraising Troubled Properties 8. Easement Valuations 9. Standards of Professional Practice Update 10. Multifamily HUD PROFESSIONAL ORGANIZATIONS Member of the Appraisal Institute, holding the MAl designation, Certification No. 7698. LICENSES State-Certified General Appraiser - License No. RZ 0000935. Florida Real Estate Broker - License No. 0394171. ,. .. ... ..' '14.a. .,.. QUALIFICATIONS OF APPRAISER (Contd.) EXPERIENCE Vice-President, Pinel & Carpenter, Inc., 1988 to. date. Pinel & Carpenter, Inc. (farmerly Rex-McGill Appraisal Ca., Inc.), 1983 to. date. Active in real estate investments in Orlanda area and in real estate appraising since 1983. Campleted appraisals af residential, cammercial, and industrial properties, special purpase properties, including subdivisians, affice buildings, shapping centers, service statians, restaurants, apartments, warehauses, condaminiums, and medical. facilities, prepared far lending institutians, pensian funds, Fortune 500 campanies, gavernmental agencies, attarneys, accaunting firms, and individuals since 1983. MAJOR APPRAISALS & CLIENTS Disney Develapment, SunTrust, Citrus Bank, NationsBank, AmSauth, SauthTrust, First Unian, RTC, FDIC, ZOM Campanies, Greater Orlanda Aviatian Autharity, Lennar Hames, Inc., (Waterfard Lakes Praperties), William C. Webb Campany, HBJ Land CampanylBusch Praperties, GulfstreamPraperties, Del American Praperties, Victaria Equities, Whitemark Inc., Universal Studias af Florida, Kana Develapment, FDOT 5th District (State Raad 436), Orlanda-Orange Caunty Expressway Autharity (Sauthern Cannectar and Western Beltway), Orange Caunty (Oak Ridge Raad, Fairbanks Avenue, Hiawassee Raad, Canray Raad, Old Wmter Garden Raad, Farsyth Raad andLandstreet Raad). Seminale Caunty (Caunty Raad 427 Phases V and VI), Green Swamp Land Autharity. Active in candemnatian appraising in Central Florida primarily with Orange County, FDOT 5th District, Seminole Caunty, Orlanda-Orange Caunty Expressway Autharity, City af Orlanda, Greater Orlanda Aviatian Autharity (GOAA), and individual praperty awners. Qualified expert witness in Orange Caunty Circuit Caurt, Semina Ie Caunty Circuit Caurt, and Federal Bankruptcy Caurt. PROFESSIONAL AND COMMUNITY SERVICE 1. Special Tax Master Orange County, Value Adjustment Board, 1991 and 1994 2. Director of the Alpha Tau Omega Alumni Association of Central Florida. 3. Member of the Planning & Zoning Committee:' Greater Orlando Association of Realtors, 1989. 4. Business Consultant for the Applied Economics Course, Junior Achievement of Central Florida, Inc. 1989 to 1991. 5. Board of Director, Institute for Professional Youth Ministry 1994/95. 6. Eagle Scout, Boy Scouts of America Owner's Policy American Land Title Association Owner's Policy 10-17-92 with Florida modifications Policy Number SDC 419 9 5 2 ~*~ * ~ * ~ **~ SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY, a Minnesota corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land. The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided in the Conditions and Stipulations. IN WITNESS WHEREOF, the said Old Republic National Title Insurance Company has caused its corporate name and seal to be hereunder affixed by its duly authorized officers as of the date shown in Schedule A, the policy to be valid when countersigned by an authorized officer or agent of the Company. BROWN, WARD, SALZMAN 8 WEISS, P.A. 225 E. ROBINSON ST., SUITE 660 ORLANDO FL 32801-4322 Issued through the Office of: Authonied Signatory ORT Form 331 ALTA Owner's Policy 10-17-92 with Florida modifications OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY A Stock Company 400 Second Avenue South, Minneapolis, Minnesota 55401 (612 371-1111 ~ ~~ By v ~ v V '~ ~ ~~ Attest ~7~-"-'"'~` - President Secretary computed and settled on a pro rata basis as if the amount of insurance under this policy was divided pro rata as to the value on Date of Policy of each separate parcel to the whole, exclusive of any improvements made subsequent to Date of Policy, unless a liability or value has otherwise been agreed upon as to each parcel by the Company and the insured at the time of the issuance of this policy and shown by an express statement or by an endorsement attached to this policy. 9. Limitation of Liability la- If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures the lack of a right of access to or from the land, or cures the claim of unmarketability of title, afl as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused thereby. (b) In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals therefrom, adverse to the title as insured. Ic- The Company shall not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company. 10. Reduction of Insurance; Reduction or Termination of Liability All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto. 11. Liability Non-cumulative. It is expressly understood that the amount of insurance under this policy shall be reduced by any amount the Company may pay under any policy insuring a mortgage to which exception is taken in Schedule B or to which the insured has agreed, assumed, or taken subject, or which is hereafter executed by an insured and which is a charge or lien on the estate or interest described or referred to in Schedule A, and the amount so paid shall be deemed a payment under this policy to the insured owner. 12. Payment of Loss. la) No payment shall be made without producing this policy for endorsement of the payment unless the policy has been lost or destroyed, in which case proof of loss or destruction shall be furnished to the satisfaction of the Company. Ibl When liability and the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipulations, the loss or damage shall be payable within 30 days thereafter. 13. Subrogation Upon Payment or Settlement. (a) The Company's Right of Subrogation. Whenever the Company shall have settled and paid a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant. The Company shall be subrogated to and be entitled to all rights and remedies which the insured claimant would have had against any person or property in respect to the claim had this policy not been issued. If requested by the Company, the insured claimant shall transfer to the Company all rights and remedies against any person or property necessary in order to perfect this right of subrogation. The insured claimant shall permit the Company to sue, compromise or settle in the name of the insured claimant and to use the name of the insured claimant in any transaction or litigation involving these rights or remedies. If a payment on account of a claim does not fully cover the loss of the insured claimant, the Company shall be subrogated to these rights and remedies in the proportion which the Company's payment bears to the whole amount of the loss. If loss should result from any act of the insured claimant, as stated above, that act shall not void this policy, but the Company, in that event, shall be required to pay only that part of any losses insured against by the policy which shall exceed the amount, if any, lost to the Company by reason of the impairment by the insured claimant of the Company's right of subrogation. (b) The Company's Rights Against Non-Insured Obligors. The Company's right of subrogation against non-insured obligors shall exist and shall include, without limitation, the rights of the insured to indemnities, guaranties, other policies of insurance or bonds, notwithstanding any terms or conditions contained in those instruments which provide for subrogation rights by reason of this policy. 14. Arbitration. Unless prohibited by applicable law, arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association may be demanded if agn:ed to by both the Comparry and the insured. Arbitrable matters may include, but an: not limited to, any controversy or claim between the Company and the insured arising out of or relating to this policy, arty service of the Company in connection with its issuance or the breach of a policy provision or other obligation. Arbitration pursuant to this policy and under the Rules in effect on the date the demand for arbitration is made or, at the option of the insured, the Rules in effect at Date of Policy shall be binding upon the parties. The award may include attorneys fees only if the laws of the state in which the land is located permit a court to award attorneys fees to a prevailing parry. Judgment upon the award rendered by the Arbitratorls) may be entered in any court having jurisdiction thereof. The law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules. A copy of the Rules may be obtained from the Company upon request. 15. Liabililty Limited to this Policy; Policy Entire Contract. la- This policy together with all endorsements, if any, attached hereto by the Company is the entire policy and contract between the insured and the Company. In interpreting any provision of this policy, this policy shall be construed as a whole. Ib- Any claim of loss or damage, whether or not based on negligence, and which arises out of the status of the title to the estate or interest covered hereby or by any action asserting such claim, shall be restricted to this policy. (c) No amendment of or endorsement to this policy can be made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or validating officer or authorized signatory of the Company. 16. Severability In the event any provision of the policy is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision and all other provisions shall remain in full force and effect. 17. Notices, Where Sent. All notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this policy and shall be addressed to the Company at its home office, 400 Second Avenue South, Minneapolis, Minnesota 55401,1612) 371-1111. EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which may arise by reason of: 1. laj Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any impro t e~f., ~ d on the land; (iii) a separa,~ipr~ i~ vyners~aip,-p a,~f~artgg in f e.~imensions or area of the ,.+,., ~. land of~an , arc~l~o~f ati~i~ .`the I~a~d is ot_yd~s,,~, part; or (iv) ertvlroi~~m'~~t~t p'rt7t~cti~~,' ~'~ tfi2'e~fAct ofi ~n>>~'v9olation of these laws, ordinances or governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental police power not excluded by la) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens, encumbrances, adverse claims or other matters: laj created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy; (c) resulting in no lass or damage to the insured claimant; (d) attaching or creating subsequent to Date of Policy; or le) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. 4. Any claim, which arises out of the transaction vesting in the insured the estate or interest insured by this policy, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on: (a) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer, or (b) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer results from the failure: (i) to timely record the instrument of transfer; or Iii) of such recordation to impart notice to a purchaser for value or a judgment of lien creditor. CONDITIONS AND STIPULATIONS 1. Definition of Terms. The following terms when used in this policy mean: (a) "insured": the insured named in Schedule A, and, subject to any rights or defenses the Company would have had against the named insured, those who succeed to the interest of the named insured by operation of law as distinguished from purchase including, but not limited to, heirs, distributees, devisees, survivors, personal representatives, next of kin, or corporate or fiduciary successors. Ibl "insured claimant": an insured claiming loss or damage. (c) "knowledge" or "known": actual knowledge, not constructive knowledge or notice which may be imputed to an insured C • ~ by reason of the public records as defined in this policy or any other records which impart constructive notice of matters affecting the land. (d) "land": the land described or referred to in Schedule A, and improvements affixed thereto which by law constitute real property. The term "land" does not include any property beyond the lines of the area described or referred to in Schedule A, nor any right, title, interest, estate or easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways, but nothing herein shall modify or limit the extent to which a right of access to and from the land is insured by this policy. (e) "mortgage": mortgage, deed of trust, trust deed, or other security instrument. (f) "public records": records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without knowledge. With respect to Section 11a)liv) of the Exclusions from Coverage, "public records" shall also include environmental protection liens filed in the records of the clerk of the United States District Court for the district in which the land is located. (g) "unmarketability of the title": an alleged or apparent matter affecting the title to the land, not excluded or excepted from coverage, which would entitle a purchaser of the estate or interest described in Schedule A to be released from the obligation to purchase by virtue of a contractual condition requiring the delivery of marketable title. 2. Continuation of Insurance After Conveyance of Title. The coverage of this policy shall continue in force as of Date of Policy in favor of an insured only so long as the insured retains an estate or interest in the land, or holds an indebtedness secured by a purchase money mortgage given by a purchaser from the insured, or only so long as the insured shall have liability by reason of covenants of warranty made by the insured in any transfer or conveyance of the estate or interest. This policy shall not continue in force in favor of any purchaser from the insured of either (i) an estate or interest in the land, or Iii) an indebtedness secured by a purchase money mortgage given to the insured. 3. Notice of Claim to be Given by Insured Claimant. The insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 41a) below, Iii) in case knowledge shall come to an insured hereunder of any claim of title or interest which is adverse to the title to the estate or interest, as insured, and which might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if title to the estate or interest, as insured, is rejected as unmarketable. If prompt notice shall not be given to the Company, then as to the insured all liability of the Company shall terminate with regard to the matter or matters for which prompt notice is required; provided, however, that failure to notify the Company shall in no case prejudice the rights of any insured under this policy unless the Company shall be prejudiced by the failure and then only to the extent of the prejudice. 4. Defense and Prosecution of Actions; Duty of Insured Claimant to Cooperate. (a) Upon written request by the insured and subject to the options contained in Section 6 of these Conditions and Stipulations, the Company, at its own cost and without unreasonable delay, shall provide for the defense of an insured in litigation in which any third party asserts a claim adverse to the title or interest as insured, but only as to those stated causes of action alleging a defect, lien or encumbrance or other matter insured against by this policy. The Company shall have the right to select counsel of its choice (subject to the right of the insured to abject for reasonable cause) to represent the insured as to those stated causes of action and shall not be liable for and will not pay the fees of any other counsel. The Company will not pay any fees, costs or expenses incurred by the insured in the defense of those causes of action which allege matters not insured against by this policy. (b) The Company shall have the right, at its own cost, to institute and prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the title to the estate or interest, as insured, or to prevent or reduce loss or damage to the insured. The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable hereunder, and shall not thereby concede liability or waive any provision of this policy. If the Company shall exercise its rights under this paragraph, it shall do so diligently. (c) Whenever the Company shall have brought an action or interposed a defense as required or permitted by the provisions of this policy, the Company may pursue any litigation to final determination by a court of competent jurisdiction and expressly reserves the right, in its sole discretion, to appeal from any adverse judgment or order. (d) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding, the insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, and all appeals therein, and permit the Company to use, at its option, the name of the insured for this purpose. Whenever requested by the Company, the insured, at the Company's expense, shall give the Company all reasonable aid (i) in any action or proceeding, securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any other lawful act which in the opinion of the Company may be necessary or desirable to establish the title to the estate or interest as insured. If the Company is prejudiced by the failure of the insured to furnish the required cooperation, the Company's obligations to the insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation. 5. Proof of Loss or Damage. In addition to and after the notices required under Section 3 of these Conditions and Stipulations have been provided the Company, a proof of loss or damage signed and sworn to by the insured claimant shall be furnished to the Company within 90 days after the insured claimant shall ascertain the facts giving rise to the loss or damage. The proof of loss or damage shall describe the defect in, or lien or encumbrance on the title, or other matter insured against by this policy which constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. If the Company is prejudiced by the failure of the insured claimant to provide the required proof of loss or damage, the Company's obligations to the insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such proof of loss or damage. In addition, the insured claimant may reasonably be required to submit to examination under oath by any authorized representative of the Company and shall produce for examination, inspection and copying, at such reasonable times and places as may be designated by any authorized representative of the Company, all records, books, ledgers, checks, correspondence and memoranda, whether bearing a date before or after Date of Policy, which reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the insured claimant shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect and copy all records, books, ledgers, checks, correspondence and memoranda in the custody or control of a third party, which reasonably pertain to the loss or damage. All information designated as confidential by the insured claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim. Failure of the insured claimant to submit for examination under oath, produce other reasonably requested information or grant permission to secure reasonably necessary information from third parties as required in this paragraph shall terminate any liability of the Company under this policy as to that claim. 6. Options to Pay or Otherwise Settle Claims; Termination of Liability. In case of a claim under this policy, the Company shall have the following additional options: (a) To Pay or Tender Payment of the Amount of Insurance. To pay or tender payment of the amount of insurance under this policy together with any costs, attorneys' fees and expenses incurred by the insured claimant, which were authorized by the Company, up to the time of payment or tender of payment and which the Company is obligated to pay. Upon the exercise by the Company of this option, all liability and obligations to the insured under this policy, other than to make the payment required, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, and the policy shall be surrendered to the Company for cancellation. (b) To Pay or Otherwise Settle With Parties Other than the Insured or With the Insured Claimant. (i) to pay or otherwise settle with other parties for or in the name of an insured claimant any claim insured against under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay; or (ii) to pay or otherwise settle with the insured claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees and expenses incurred by the insured claimant which were authorized by the Company up to the time of payment and which the Company is obligated to pay. Upon the exercise by the Company of either of the options provided for in paragraphs (b~li) or (iii, the Company's obligations to the insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute or continue any litigation. 7. Determination, Extent of Liability. This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the insured claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent herein described. lal The liability of the Company under this policy shall not exceed the least of: (i) the Amount of Insurance stated in Schedule A, or, (ii) the difference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy. Ibl The company will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of the Conditions and Stipulations. 8. Apportionment. If the land described in Schedule A consists of two or more parcels which are not used as a single site, and a loss is established affecting one or more of the parcels but not all, the loss shall be