HomeMy WebLinkAbout2005 03 28 Regular 503 Sale of City Owned Townhouse Located at 118 Kristi Ann Court
COMMISSION AGENDA
ITEM 503
CONSENT
INFORMATIONAL
PUBLIC HEARING
REGULAR X
March 28, 2005
Meeting
/DEPT ~
Authorization
REQUEST: The City Manager is requesting that the City Commission approve the sale of one
of the three remaining City owned townhouse located at 118 Kristi Ann Court in
Moss Cove to bidders Mark Bush, John Bush and Kay Bush.
PURPOSE: The purpose of this Agenda item is to request that the City Commission approve the
sale of the City owned townhouse located at 118 Kristi Ann Court. The proposed
buyer includes Mayor John Bush.
CONSIDERATIONS: On December 13, 2004, Public Hearing Agenda Item 404, the City
Commission approved Ordinance No. 2004-51, which authorized the City Manager to
enter into negotiations with bidders for the sale of the four properties foreclosed by the
City located at 108, 118 and 123 Kristi Ann Court and 124 Rhoden Court at fair
market value. These four properties were received by the City on November 9, 2004
through foreclosure. On December 10, 2004, Krogmann & Associates, Inc. appraised
the townhouse located at 118 Kristi Ann Court at $86,500. On January 21,2005, the
property located at 108 Kristi Ann Court was sold to Elizabeth Ducos (tenant) for
$75,000. The $75,000 price was the agreed upon purchase price in the executed
contract between Wyman Fields Foundation and Ms. Ducos. This contract was
produced by Ms. Ducos as the City of Winter Springs issued her foreclosure paper
work. Under the circumstances, the City honored Ms. Ducos' contract price of
$75,000.00. On January 31,2005 a field review was obtained from Britton Appraisal
Services, Inc. concurring with Krogmann & Associates, Inc. appraisal dated December
10, 2004. All sales hereafter will be at the appraisal price of $86,500. On March 14,
2005, a contract was submitted to the City to purchase the city owned townhouse
located at 118 Kristi Ann Court by Mark Bush, John Bush and Kay Bush for the price
of $86,500, with the stipulation that all repairs to the townhouse occur prior to
conveyance of the property to the new owners. In January of 2005, the City received
an offer to purchase 118 Kristi Ann Court in the amount of $75,000. The offer was
rejected by the City because it was well below appraised value. The City counter-
offered at $85,000. The Counter offer was not accepted. Since then, no other bids or
Regular Agenda Item 503
March 28, 2005
Page 2 of2
proposed contracts, other than the one presented, have been submitted to the City
regarding 118 Kristi Ann Court.
This sale complies with all applicable rules, regulations and contractual conditions set
out for the program. No special conditions have been offered to Mayor Bush or his
family in this proposed sale.
FUNDING: Currently, there is an outstanding balance owed to the City by Wyman Fields
Foundation of $291,914 as recorded in the Revolving Rehabilitation Fund (# 306).
The proceeds from the sale of this townhouse would be recorded in this Fund (# 306)
to offset the monies owed to the City by Wyman Fields Foundation. The sale of this
townhouse would reduce the Wyman Fields Foundation loan to $208,414, based on a
sale price of $86,500, less closing costs estimated at $3,000. Two additional units
remain to be sold with the potential of reducing the outstanding balance to
approximately $41,400. Since the City began collecting rents on these properties on
June 1, 2004, the City has collected $10,234 in rent and has spent $11,932 on repairs,
with some more repairs to be made.
RECOMMENDATION: It is recommended that the City Commission approve the sale of the
townhouse located at 118 Kristi Ann Court, a property owned by the City, to joint
bidders Mark Bush, John Bush and Kay Bush at the appraised price of $86,500.
ATTACHMENTS: Contract for Sale and Purchase the property located at 118 Kristi Ann Court
Appraisal by Krogmann & Associates, Inc. dated 12/1 0/04
Field Review by Britton Appraisal Services, Inc. dated 1/31/05
COMMISSION ACTION:
IHI::i fUHM HA::i I:U:.t:N AJ-IJ-IHUVt:U I:SY I Ht: r-LUHIUAA::i::iU(;IAIIUN Ur- Ht:ALI UH::;"" ANU I Ht: r-LUHIUA I:SAH.
Contract for Sale and Purchase
FLORIDA ASSOCIATION OF REALTORS8 AND THE FLORIDA BAR
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The Greaterprlando
Association of
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RBALTORS"
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US ("Buye"'),
D 'fL (Phone)LJOl-3(OS-8101,
roperty and personal property (collectively 'Property') pursuant to the terms and conditions of this Contract
*8
(a) Legal description of the Real Property located in
County, Florida:
10
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'12
13
14
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3210~
'~: II. :~:~~E PRICE: ..............~.........................................;................;.................U'.....i\.....6:Cfe.pfuM.(lJ[............... .........................
'17 (a) Depostt held in escrow by8 pO\J\.~ a~ '&t l \PYS e hO \ C. e,. po (Escrow Agent) in the amount of ............
'18 (b) Additional escrow deposit to be made to Esdrow Agent within ___ days after Effective Date (see Paragraph III) in the amount of
'19 (c) Subject to AND assumption of existing mortgage in good standing in favor of
20 having an approximate present principal balance 01 .. $
'21 (d) New mortgage financing with a Lender (see Paragraph IV) in the amount of $
'22 (eJ Purchase money mortgage and note to Seller (see rider for terms) in the amount of ..................... $
'23 (f) Other: $
'24 (g) Balance to close by U.S. cash or LOCALLY DRAWN cashie(s or official bank check(s), subject to adjustments or prorations....................................... $
2510. TIME FOR ACCEPTANCE OF OFFER; EFFECTIVE pATE; FACSIMILE: If this offer is not executed by and delivered to all parties OR FACT OF EXECUTION communicated in writing
126between theparties on or before (', -I j!,- 05. ,the deposit(s) will, at Buyer's option,. be retumed and this offer withdrawn. For purposes of delivery or notice 01
'0 execution, partiE!s include Buyer CiI1d SeUer Of each ofth,s respectiv~ broke~.()r attorneys. The date ()f Contract ("EffecUv8 Date-) wm be the date when.the last one of the Buyer and,Seller
28 haS signedJhis offer. A facsimile copy of this Contract and any signatures hereon shall be considered lor all purposes"" an original.
29 IV. FINANCING:
'30 0 (a) This Is a cash transaction with
'3t 0 (b) This Contract is condttioned on
'32 fixed or adjustable rate loan in the pri
'33 principal amount, and for a term
34 commi.tment and, the!eafter, to satistytermsand conditio
35 Buye(s rightsunder t~is subparagraphwithinth~tif!1efo
36 then either party thereafter, by written notice fo th~ other, may c . .. ...
'37 0 (c) The existing mortgage, descri~ in paragraph lI(c) aboye,~: O.~ vari~ble Int~re.s1
'38 interest rates ara subject to increas~; if. increased, th.~ rat~ shall not exceed..------ % per a.
39 method of payment, interest rate and status 01 mortga~e or authorize BuyerorCloslng Agenf
40 of Buyer by the mortgagee for assumption, then Buyer shail promptly obtain the necessary
'4t not to exceed $ . (1% of amount assumed ffleft blank),shaU bepaidlJY
42' are not in ac;:<:ordance with the terms. of this, GontJi;lc:t onnortg'agee makes acryarge in excess of th
43 . other party unless either elects to pay the increase .In inter~st rate or excess mortgage charges.
'44 V.l1TLE EVIDENCE: At least,.5 days belore closing date, LCHECK ONLY ONE): ~Ier shall, at
'45 expense obtain (CHECK ONLY ONE): 0 abstract 01 titte; orl!tTitle insurance commitment (with legible
46owner's policy of title insurance.
'1f1 VI. . CLOSING DATE; This transaction shall be closed and the closing documents delivered on
48 VII. RESTRICTIONS, EASEMENTS, UII!ITATlONS:9uyer shail take title subject to: comprehe
49 governrnental, authority; ,restrictions and" matters appealing. on, the plat or .otherwise, common. to ~-subd'
50 utility easements of record (easements are to bel6cated contiguous to real property lines and not mora
51 lines, unless otherwise staled herein); taxes for year 01 closing and subsequeni years; aSSUmed IJl()
'52 proVided, .that thera exists at closing no. yiolation of the foregoing and none prevent use 01 the Property lor
53 WI.OQCUPANCY: Seller warrants that there are no, parties in occupancy other than Seller, buti! Property
Sol and thetenant(s) or occupants shall be:disclosed pursuant to Stendard F. Seller shall deliver occupancy of
55 is to be deliv~red before closing, Bwer assumes allrlsks of loss to. Property lrom date of occupancy, shall
56to have accepted Property in its existing condition as oHme of taking occupancy unless othelwise stated herein.
"Ilt TYPEWRITTEN OR HANDWRmEN PROVISIONS; Typewritten or handWritt$!lProvfslons, riders and adden
saX. RIDERS: (CHECK those rid~rs which are applicable AND are attiched to. this Contract):
'59 0 COMPREHENSIVE RIDER 0 HOMEOWNERS' ASSN.
oro 0 CONDOMINIUM 0 "AS IS"
'tit 0 VA/FHA 0 LEAD-BASED PAINT
'62 XI. ASSIGNABILITY;..(9HECK ONLY ONE): Buyer 0 may assign and thereby be released from any. further liability under t
'63 under this Contract; or QQ may not assign this Contract.
64 XII. DISCLOSURES:
65 (a) Radon is a naturally occurring racJoactive gas that when accumulated In a building in suIiclent quantities may p""sent tfflth risks to persons who are exposed to II over time. Levels of radon
66 that exceed federal and state guidelines have been found in buildings in Florida. Ad<itionat intormation regarding Radon or Radon testing may be obtained from your County Public Health unit.
fiT (b) Buyer acknowledges receipt of the Florida Building Energy-Efficiency Rating System Brochure.
68 (c) II the real property Includes pre-1978 residential housing then a lead-based paint rider,is mandatory.
69 (d) II Seller is a "foreign person" as defined by the Foreign Investment in Real Property Tax ACt; the parties shall comply with that Act.
70 (e) If Buyer will be obligated to be a member of a homeowners' association. BUYER SHOULD NOT exECUTE THIS CONTRACT UNTIL BUYER HAS RECEIVED AND READ THE
71 HOMEOWNERS' ASSOCIATION DISCLOSURE.
72 XIII. MAXIMUM REPAIR COSTS: Seller shall not be responsible for payments in excess of:
'73 (aJ $ Iortraatrnent and repair under Standard D (it blank, then 2% of the Purchase Price).
ft74 (b) $ for repair and replacement under Standard N fd blank, then 3% of the Purchase Price).
'75 XIV. SPECIAL CLAUSES; ADDEloIDA: If additionalJerms are to be provided, attach addendum and CHECK HERE O.
76 XV. STANDARDS FOR REAL ESTATE TRANSACTIONS: Standards A through W on the reverse side or attached are incorporated as a part of this Contract.
$
$
IJ()OO.
~~Q'f-
r CHECK ONLY ONE): I!l"llfixed; 0 an adjustable; or 0 a
1 , discount and origination fees not to exceed -f:- % of
flective Date and use raasonable diligence to obtain a toan
.ensesc If Buyer falls to obtain a commitment or fails to waive
and conditions of the commitment by the closing dale,
% per annum. At tlin~oniUe transfer, some fixed
nt from each mortgagee stating .the principal balance,
greed to aS$umB a.mortgage.which requires"approval
return it to the mortgagee. My mortgagee charge(s),
mortgagee or the requirements "for assumption
ay rascind this Contract by written notice to the
modified by other provisions of this Contract.
ibitlons and other requirements imposed by
/record without right ot entry; public
and 7 1/2 feet In width as to the side
y (if additional items, see addendum);
purpose(s).
yond closing, the fact and terms thereof
othelWise stated herein. 'f occupancy
nce f/Om 1hat date; and shall be deemed
'ns of this Contract in conflict with them.
"82
83
THIS IS INTENDED TO BE A LEGALLY BlloIDlloIG CONTRACT. IF 1oI0T FULLY UloIDERSTOOD, SEEK THE ADVICE OF AloI ATTORloIEY PRIOR TO SIGNlloIG.
THIS FORM HAS BEEN APPROVED BY THE F~ORIDA ASSOCIATION OF REALTORS AND THE FLORIDA BAR.
n 0 iJon t ani I~JeraS and conditions in this Contract should be a.ccepted by the parties in a particular transaction. Terms and condftions should
be n "at a$8 u n the respective interests, objectives and bargaining posftions ofa/l interested persons.
o I 1 BY THE FLORIDA BAR AND THE FLORIDA ASSOCIATION OF REALTORS
).. ~ 3/14J()5
lDate)' (Seller) (Date)
Social Security or Tax I.D. #
.3//~t9-5-
(Dat
>85
86
(Seller)
(Date)
'8l'SocIaI S
Social Security or Tax 1.0. #
'88 Depostt under Paragraph 1I (a) received; IF OTHER. THAN CASH, THEN SUBJECT TO CLEARANCE.
89 BROKER'S FEE: The brokers narned below, inCluding listing and cooperating brokers, are the only brokers enOOed to compensation In connectfon wfth this Contract:
(Escrow Agent)
IlOOName:
91 Cooperating Brokers, If any LIsting Broker
~~~~~_ ~':.v'!.~~~ __ ____ ~1~1~R.~gA!I i3E ?J3TAINEDFROM THE FLORIDA ASSOCIATION OF REALTORS4l> OR THE FLORIDA BAR
I\AVLlQJ, (\\~J1t ,
92 ~TANLJAHU~ fUH H~AL ~~IAII: IHAN::)A\,;IIUN::)
93 A, EVIDENCE OF TITLE: (1) An abstract of title prepared or brought current by a reputable and existing abstract finn (if not existing then certified as correct by an existing finn) pUlporting
94 to be an accurate synopsis of the instruments affecting title to the real property recorded in the public records of the county wherein the real property is located through Effective Date. It
95 shall commence with the eaniest public records, or such iater date as may be customary in the county. Upon closing of this Contract, the abstract shall become the property 01 Buyer, subject
96 to the right of retention thereof by first mortgagee until fully paid. (2) A title insurance commitment issued by a Florida licensed title i~surer agreeing to issue Buyer, upon recording of the
'17 deed to Buyer, an owner's policy of title insurance in the amount of the purchase price, insuring. Buyer's title to the real property, subject only to liens, encumbrances, exceptions or
98 qualifications provided in this Contract and those to be discharged by Seller at or before closing, Seller shall convey marketable title SUbject only to liens, encumbrances, exceptions or
99 qualifications provided in this Contract. Marketable title shall be determined according to applicable Title Standards adopted by authority of The Florida Bar and in accordance with law.
100 Buyer shall have 5 days from date of receiving evidence of title to examine it. If title is found defective, Buyer shall within said 5 days notify Seller in writing specifying the defect(s). If
101 defecl(s) render title unmarketabie, Seller will have 30 days from receipt of notice to remove the defects, failing which Buyer shall, within live (5) days after expiration of the thirty (30) day
102 period, deliver written notice to Seller either: (1) extending the time for a reasonable period not to exceed 120 days within which Seller shall use diligent effort to remove the defects; or (2)
103 requesting a retund of deposit(s) paid which shall be immediately retumed to Buyer, If Buyer fails to so notify Selier, Buyer shall be deemed to have accepted the title as it then is, Seller
t04 shall, if fitle is found unmarketable, use diligent effort to correct defect(s) within the fime provided therefor. If Seller is unable to timeiy correct the defects, Buyer shall either waive the defects,
105 or receive a refund of deposit{s), thereby releasing Buyer and Seller from all further obligations under this Contract. If evidence of title is delivered to Buyer less than 5 days prior to closing,
100 Buye; .ay extend closing date so that Buyer shall have up to 5 days from date of receipt of evidence of title to examine same in accordance with this Standard.
1,07 B. PURCHASE MONEY MORTGAGE; SECURITY AGREEMENT TO SELLER: A purchase money mortgage and mortgage note to Seller shali provide for a 3O-day grace period in the event of
108 defauK if a first mortgage and a 15-day grace period if a second or lesser mortgage; shall provide for right of prepayment in whole or in part without penalty; shall pennit acceleration in event of
109 transfer of the real property; shall require all prior liens and encumbrances to be kept in good standing and forbid modifications of or future advances under prior mortgage(s); shall require Buyer
110 to maintain policies of insurance containing a standard mortgagee clause covering all improvements located on the real property against fire and all perils included within the tenn "'extended
111 coverage endorsements" and such other risks and perils as Seller may reasonably require, in an amount equal to their highest insurable value; and the mortgage, note and security agreement
112 shaH be otherwise in form and ODnteot required by Seller; but Seller may only require clauses and coverage customarily found in mortgages, mortgage notes and security agreements generally
113 utilized by savings and loan insmutions or state or national banks located in the county wherein the real property is located. All personal property and leases being conveyed or assigned wiil, at
114 Seller's option, be subject to th~ lien of a security agreement evidenced by recorded financing statements. If a balloon mortgage, the final payment will exceed the periodic payments thereon.
115 C. SURVEY: Buyer, at Buyer's expense, within time allowed to deliVer evidence of title and to examine same, may have the real property surveyed and certified by a registered Florida
116 surveyor. If the survey discloses encroachments on the real property or that improvements located thereon encroach on setback lines, easements, lands of of hers or violate any restrictions,
117 Contract covenants or applicable governmental regulation, the same shall. constitute a title defect.
118 D. TERMrrESlWOOD DESTROYING ORGANISMS: Buyer, at Buyer's expense, within the time, allowed to deliver evidence of title, may have the Property inspected by a Florida Certified Pest
1 t9 Control, Operator ("Operator) 10 detennine II there is any visible active tennite infestation or visible damage Irom tennite infestation, excluding fences. If either or both are found, Buyer shall have
120 4 days from date of written notice thereof within which to have cost of treatment, if required, eStimated by the Operator and all damage inspected and estimated by a licensed builder or genera,'
121 contractor. Seller shall pay valid costs of treatment and repair of all damage up to the amount provided in Paragraph XIII(a). If estimated costs exceed that amount, Buyer shall have the option
122 of canceling this Contract within 5 days after receipt of contractor's repair estimate by giving written notice to Seller or Buyer may elect to proceed with the transaction and receive a credll at
t23 closing on the amount provided in Paragraph XIII(a). "Tennites" shall be deemed to include all wood destroying organisms required to be reported under the Florida Pest Control Act, as amended.
124 E. INGRESS AND EGRESS: Seller warrants and represents that there is ingress and egress to the real property sufficient for its intended use as described in Paragraph VII hereof, title
125 to which Is in accordance with Standard A.
126 F. LEASES: Seiler shall, not less than 15 days before closing, fumish to Buyer copies of ail W1itten leases and estoppel ietters from each tenant specifying the nature and duration of the tenanf s
127 occupancy, rental rates, advaoced rent and security deposits paid by tenant. If Seller is unable to obtain such letter from each tenant, the same information shall be furnished by Seller to Buyer
12B within that time period in the fonn of a SeKer's alfidavi~ and Buyer may thereafter contact tenantto confinn such information. Seiter shaff, at closing, deliver and assign alt original leases to Buyer.
129 G. LIENS: Seller shall fumish to Buyer at time of closing an affidavit attesting to the absence, unless otherwise provided for herein, of any financing statement, claims of lien or potential
130 lienorsknown to Seller and further attesting that there have been no. improvements or repairs to the real property for 90 days immediately preceding date of closing. " the real property has
131 been improved or repaired within that time, Seller shall deliver releases or waivers of construction liens executed by all general contractors, subcontractors, suppliers and materialmen in
t32 addlllon to Seller's lien affidavit setting forth the names of all such general contractors, subcontractors, suppliers and materiafmen, further affinning that all charges for improvements or
133 repairs which ,could serve as a basis for a construction lien or a claim for damages have been paid or will be paid at the closing of this Contract.
134 H. PLACE OF CLOSING: Cfosing shall be held in t~e county wherein the real property i$ located a,t the.cffice of lhe attomey or othar closing agent ("ClOsing Agenr) designated by Seller.
135 I. TIME: In computing time penods of less lhan six (6) days, Saturdays, Sundays and state or national legal holidays shalt be 'excluded. Any time periods provided for herein which shall
136 end on a Saturday, Sunday, or a legal holiday shall extend 10 5:00 p.m. of the next business day. TIme is of the essence In this Contract.
t37 J. CLOSING DOCUMENTS: Seller shall fumish the deed, bill of sale, construction lien affidavit, owner's possession affidavit, assignments of leases, tenant and mortgagee estoppel letters
138 and corrective instruments. Buyer shaff fumish closing statement, mortgage, mortgage note, security agreement and financing statements.
139 K. EXPENSES: Documentary stamps on the deed and recording of corrective instruments shall be paid by Seller. DOC1Jmentary stamps and intangible tax on the purchase money mortgage
140 and any mortgage assumed, mortgagee'title insurance commitment with related fees, and recording of purchase money mortgage to Seller, deed and financing statements shaff be paid
141 by Buyer. Unless otherwise provided by law or nder to this Contract, charges for the following refated tiffe services, namely mle or abstract charge, titfe examination, and settlement and
142 closing fee, shalt be paid by the party responsible for fumishing the titie evidence in accordance with Paragraph V.
t4:l L PRORATIONS; CREDITS: Taxes, assessments, rent, interest, insurance and other expenses 01 the Property shaff be prorated through the day before cfosing. Buyer shall have the option
t44 of taking over existing policies of insurance, lIassumabie, in which event premiums shallbe prorated. Cash at closing shall be increased or decreased as may be required by prorations to
145 be made through day pnor to closing, or occupancy, if OCC\Jpancy occurs before closing. Advance rent and secunty deposits will be credited to Buyer. Escrow deposits held by mortgagee
146 will be credited to Seiter. Taxes shall be prorateq based on the current year's tax with due allowance made for maximum allowable disco,unt, homestead and other exemptions. If closing
147 occurs at a date when the current year's miflageis not fixed and. current year's Msessment Is available, taxes will be prorated based upon such assessment and pnor year's millage. If
148 current year's assessment is not available, then taxes will be prorated on prior year's tax. If there are COmpleted improvements on the real property by January 1 st of year of closing, which
149 improvements were not in existence on January 1 st of prior year, then taxes shall be prorated based upon prior year's millage aOO at an equitable assessment to be agreed upon between
150 the parties: failing which, request shall be made to the County Property Appraiser for an informal assessment taking Into account available exemptions. A tax proration based on an estimate
151 shalt, at request of either party, be readjusted upon receipt of tax bill on condition that a statement to that effect is signed at closing.
152 M. SPECIAL ASSESSMENT LIENS: Certified, confinned and ratified special assessment liens as of date of closing (not as of Effective Date) are to be paid by Seller. Pending liens as of
153 date of dosing shall be assumed by Buyer. If the improvement has been substantially compteted as of Effective Date, any pending lien shall be considered certified, confirmed or ratified
154 and Seller shall, at closing, be charged an amount equal to the last estimate or assessment for the improvement by the public body.,
155 N. INSPECTION, REPAIR AND MAINTENANCE: Seller warrants that the ceiling, roof (including the fascia and SOffits) and exterior and interior waifs, foundation, seawalfs (or equivalent) and
156 dockag~ do not have any Visible Evidence of leaks, water damage or structural damage and that theseplic tank. pool, aNappl,lances, mechanical items, heating,cqoling, electrical, plumbing
t57 systems and machinery are in Working Condition. The fOregoing warranty shall be limited to the lIems specified unless otherwise provided in an addendum. Buyer may, at Buyer's expense, have
t58 inspectlons made of those lIerns within 20 days after the Effective Date, by a finn or individual specializing in hoIne.if1$Ileclions and holding an OCC\Jpationallicense for such purpose (if required)
159 or by an app"",riately licensed Rorida contractor, and Buyer shall, prior to Buyer's occupancy but not more th8~ 20 days after Effective Date, report in W1iting to Seller such lIems that do not meet
160 the above staildards as to defects. Unless Buyer timely reports suchdefects, Buyer shall be deemed to have waived Seller's wal1llf1lies as to defects not reported. tI repairs or replacements are
161 required to comply with this Standard, Seller shall cause them to be made and shall pay up to the amount provided in ParagraPh XIII(b). Seller Is not required to make repairs or replacements of
162 a Cosmetic Condition unless caused by a defect Seller Is responsible t9 repa~ or replace. tithe .C!>Stforsuch repair or replacement exceeds the amount provided in Paragraph XIII(b), Buyer or
163 Seller may efect to pay such excess, failing which either party may cancel this Contract. tl5efier Is unabiato cotrec! the defects priorto closing, the cost thereof shail be paid Into escrow at closing.
164 SeHer shall, upon reasonable notice, provide utiIitfes service and access to the Property for inspecttons,incfuding a wal~.through prior to closing, to confinn ,that aB lIems of personal property are
165 on the real property and, subject tothe foregoi1g, that elf required repairs and replacements have oo;;nmade aOO that the Property, including, but not limited to, lawn, stmJbbery and pool, if any,
166 has been maintained in the condition existing as of Effective Date, ordi~ry wear and tear excepted. For purposes of this Contract: (a) 'Working Condition" means opemting In the manner in,which
167 the item was designed to operate; (b) "Cosmetic Condition" means .aesthetic Imperfections that do not affect the working condition of the item, including, btJt nolllmited to: pitted marcite; missing
168 or tom screens; fogged _ws: tears, worn spots, or discoloration of floor coverings, wallpaper, or window treatments; naB holes, scratches, dents, scrapes, chips or caulking in ceilings, walls,
169 flooring, fixtures, or mirrors; and minor cracks i1 floors, tiles, windows, dliveways, sidewalks, or pool decks; and (c) cracked roof tiles, curling or wom shingles, or imited roof life shall not be
110 consldered detects Seller must repair or replace, so long as th,ere Is no evidence of actual leaks or leakage or structural damage, btJt missing tiles will be Seller's responsibility to replace or repair.
171 O. RISK OF LOSS: ,If the Property is darrlaged by fire or other casuaftybefore closing and cost of restoration does not exceed 3% of the assessed valuation of the Property so damaged,
m, cost of restoration shall be an obligation of Seller and closing shall proceed pursuant to the tenn.s of this Contract wllh restoration costs escrowed at closing. If the cost of restoration exceeds
173, 3% of the assess.ed valuation of the Property so damaged, Buyer shall have the option of either taking the Property as Is, together with either the 3% or any insurance proceeds payabfe
174 by virtue of such loss or damage, or of canceling this Contract and receiving retum of the deposit(s).
175 P. PROCEEDS OF SALE; CLOSING PROCEDURE: The deed shall be recorded upon clearance of tunds. If an abstracl of title has been fumished, evidence 01 title shall be continued at
176 Buyer's expense to show title in Buyer, without any encumbrances or change which would render Seller's title unmarketable from the dete of the last evidence. 'All closing proceeds shall
177 be held in escrow by Seller's attomey or other mutually acceptable escrow agent for a period 01 not more than 5 days after closing date. If Seller's title is rendered unmarketable, through
178 no fault 01 Buyer, Buyer shall. within the 5.day period; notify Seffer in writing of the defect and Seller shall have 30 days from date of receipt of such notification to cure the defect. If Seller
179 fails to timely cure the defect, all deposll(s) and closing funds shall, upon written demand by Buyer and within 5 days after demand, be retumed to Buyer and, simultaneously with such
100 repayment, Buyer shall retum the personal property, vacate the real property and reconvey the Property to Seller by special warranty deed and bill 01 sale. If Buyer fails to make timely
18t demand for refund, Buyer shall take title as is, waiving all rights against Seller as to any intervening defect except as may be availabfe to Buyer by virtue of warranties contained in the deed
182 or bill of sale. If a portion of the purchase price is to be derived from institutional financing or refinancing, requirements of the lending institution as to place, time of day and procedures for
183 closing, and for disbursement of mortgage proceeds shall control over contrary proviskm in this Contract. Seller shall have the. right to require from. the lending institution a written
184 commitment that it will not withhold disbursement of mortgage proceeds as a result of any title defect attributable to Buyer.mortgagor, The escrow and closing procedure required by this
185 Standard shall be waived if the title agent insures adverse matters pursuant to Section 627.7841, ES., as amended.
186 Q. ESCROW: Any escrow agent (<lAgenr) receiving funds or equivalent is authorized and agrees by acceptance of them to deposit them promptly, hold same in escrow and, subject to
11ll clearance, disburse them in accordance with tenns and conditions of this Contract. Faliure of funds to clear shalf not excuse Buyer's perfonnance. If in doubt as to Agenfs duties or liabilllies
188 under the provisions of this Contract, Agent may, at Agenfs option, continue to hold the subject matter of the escrow until the parties hereto agree to its disbursement or until a judgement
189 of a court of competent jurisdiction shall detennine the rights of the parties, or Agent may deposit same with the clerk of the circuit court having juriSdiction of the dispute. Upon notifying all
1W parties concemed of such action, all liability on the part 01 Agent shalf fully tenninate, except to the extent of accounting for any lIems previously delivered out of escrow. If a licensed real
191 estate broker, Agent will comply with provisions of Chapter 475, F.S., as amended. Any suit between Buyer and Seller wherein Agent is made a party because of acting as Agent hereunder,
192 or in any suit wherein Agent interpleads the subject matter of the escrow, Agent shall recover reasonable attorney's fees and costs incurred with these amounts to be patd from and out of
193 the escrowed funds or equivalent and charged and awarded as court costs in favor of the prevailing party. The Agent shalf not be liable to any pany or person for misdelivery to Buyer or
194 Seller of items subject to the escrow, unless such misdelivery is due to willful breach of the provisions of this Contract or gross negligence 0' Agent.
195 R. An-ORNEY'S FEES; COSTS: In any litigation, including breach, enforcement or interpretation, arising out of this Contract, the prevailing party in such litigation, which, for purposes of
196 this Standard, shall Include Seller, Buyer and any brokers acting in agency or nonagency refationships authorized by Chapter 475, F.S., as amended, shall be entnled to recover trom the
197 non-prevailing party reasonable attorney's fees, costs and expenses.
198 S. FAILURE OF PERFORMANCE: If Buyer fails to perfo"" this Contract within the time specified, including payment of alf deposits. the deposit(s) paid by Buyer and deposll(s) agreed to
t99 be pafd, may be recovered and retained by and for the account of Seller as agreed upon liquidated damages, consideration for the execution 01 this Contract and in fulf settlement of any
200 claims; whereupon, Buyer and SelleJ shall be relieved of all obligations under this Contract; or Seller, at Seller's option, may proceed in equity to enforce Seller's rights under this Contract.
201 If for any reason other than failure of Seller to make Seller's title marketable after diligent effort, Seller fails, neglects or refuses to perfonn this Contract, Buyer may seek specific performance
202 or elect to receive the retum of Buyer's deposit(s) without thereby waiving any action for damages resulting from Seifer's breach.
203 T. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOnCE: Neither this Contract nor any notice of it shall be recorded in any public records. This Con1ract shall bind and inure
204 to the benem of the parties and their successors in Interest. Whenever the context pennits, singular shall incfude plural and one gender shall include all. Notice given by or 10 the attomey
205 tor any party shalf be as effective as II given by or to that party.
2OS- U. CONVEYANCE: Seller shall convey tide to the real property by statutory warranty, trustee's, personal representative's or guardian's deed, as appropriate to the status of Seller, subject
"JjJf only to matters contained in Paragraph VII and those otherwiSe accepted by Buyer. Personaf property shalf, at the request of Buyer, be transferred by an absolute bill of sale with warranty
2al of title, subject only to such matters as may be otherwise provided for herein.
209 V. OTHER AGREEMENTS: No prior or present agreements or representations shall be binding upon Buyer or SeUer unless included in this Contract. No modification 10 or change iri this
210 Contract shall be valid or binding upon the parties unless in writing and executed by the party or parties intended to be bound by it.
211 W. WARRANTY: SeUer warrants that there are no facts knoWfl 10 Seller matenally affecting the value at the Property which are not readity observable by Buyer or which have nol been
~~ ;;r:.Jt~ _'h ) ~~_SeIIE!r ( )( ) acknowledge receipt of a copy_of this page.
Addendum No. -L to the Contract dated
Tfte Qd-~ J lDimrJl SfrtVCjS
and ~Qrt A .o\Jsh j QV\cl J() nV\ ~ k~(j?J\!Sh I ~lJSbevtd ~ (ulft
between
(Seller)
(Buyer)
concerning the property described as:
Il~
Krist-; At\VI ct.) W,derSpr1V\.3\S 1 FL
D210~
( the "Contract"). Buyer and Seller make the following terms and conditions part of the Contract:
.All
-to
reV\61f ClD'OY)G -to U r\ 'L+ ]D
b\J~et!s n$~-bt,MdiOYL J~
~t e()IY\~le-te J
closlTI '
"DtJe '. B\Jj€r:
Date: Buyer:
Date: Buyer:
Date: Seller:
Date: Seller:
This form is available for use by the entire real estate industry and is not intended to identify the user as a REALTOR@. REALTOR@isa registered
collective membership mark which may be used only by real estate licensees who are members ofthe NATIONAL ASSOCIATION OF REALTORs<ID and
who subscribe to its Code of Ethics.
The copyright laws of the United States (17 U.S. Code) forbid the unauthorized reproduction of this form by any means including facsimile or computerized forms.
ACSP-2 Rev. 6/94 191994 Florida Association of REALTORs@ All Rights Reserved
P.O. Box 725025, Orlando, FL 32872-5025 ba ~
RECEIVED
DEe 1 4 2004
CITY Of WINTER SPRINGS
City Manager
APPRAISAL OF REAL PROPERTY
LOCATED AT:
116 KRISTI ANN COURT
LOT 2, BLK 6, MOSS COVE, PB 56, PG 64
WINTER SPRINGS, FL 32706-3006
FOR:
CITY OF WINTER SPRINGS
1126 E. SR 434, WINTER SPRINGS, FLORIDA 32706
AS OF:
12/1012004
BY:
JOHN G. KROGMANN
Fonn GAl- "TOTAl. for Windows' appraisal software by a Ia mode, ioo. -l-800-ALAMODE
A~ClQ/h(\1{r1 + 2-
Valuation "'ection FileNo. 0412037
ESTIMATED SITE VALUE = $ 30 000 Comments on Cost Approach (such as, source of cost estimate, sile value,
ESTIMATED REPRODUCTION COST-NEW-OF IMPROVEMENTS: square foot calculation and for HUD, VA and FmHA, the estimated remaining
Dwelling 929 Sq. Ft. @$ 60.86 = $ 56,539 economic life of the property):
Sq Ft. @$ = Extras: 5 547 (PORCH STOOP STORAGE)
_ SEE COMMENTS. = 5,547 Total: 5547
Garage/Carport _ Sq. Ft. @$ 0.00 = MARSHALL & SWIFT/OFFICE FILES/BUILDER'S RECORDS
: Total Estimated Cost New = $ 62,086 WERE USED FOR THE COST APPROACH. SEE ATTACHED
. Less Physical Functional External SKETCH FOR THE GROSS LIVING AREA CALCULATION.
Depreciation 6,2111 1 =$ 6,211 ESTIMATED SITE VALUE BY EXTRACTION. ESTIMATED
Depreciated Value of Improvements =$ 55 875 REMAINING LIFE IS 42 YEARS.
'As-is' Value of Sile Improvements =$ 2500
INDICA TED VALUE BY COST APPROACH ROUNDED ~~ 88,375
ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
118 KRISTI ANN COURT 128 RHODEN LANE 102 RHODEN LANE 537 GREEN SPRING CIR
Address WINTER SPRINGS FL WINTER SPRINGS FL WINTER SPRINGS FL WINTER SPRINGS FL
Proximitv to Subiect 0.27 MILES NORTH 0.27 MILES NORTH 0.47 MILES SOUTHEAST
Sales Price ~ NA 1$ 84 500 1$ 87 500 h 106.000
Prico/Gross Livinn Area $ 93.11 ,/, $ 94.10 '/d 97.66 ,/ d $ 94.64 1/'1"'< '.
Data antVor INSPECTION VISUAL VISUAL VISUAL
Verification Source PUBLIC RECDS MLS/PUBLlC RECORDS MLS/PUBLlC RECORDS MLS/HUD STATEMENT
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION : + ( - 1$ Adiust. DESCRIPTION : + (-)$ Adlust. DESCRIPTION : + (-)$ Adiust.
Sales or Financing CONVENTIONAL : CONVENTIONAL : CONVENTIONAL :
Concessions NONE SELLER PAID -500 NONE
Oate of Salen1me 06/04 CLOSED 08/04 CLOSED : 12/04 CLOSED
Location SUBURBAN SUBURBAN : SUBURBAN SUBURBAN
Leaseholrl/Fee Simnle FEE SIMPLE FEE SIMPLE FEE SIMPLE FEE SIMPLE
Sile 458 SF+- 615 SF+- : NO ADJ 615 SF+- NO ADJ 1 868 SF+- -2000
View RES/AVERAGE RES/AVERAGE RES/AVERAGE RES/POND/GO -3000
Desinn and Anneal TOWNHSElAVG TOWNHSElAVG TOWNHSE/AVG TOWNHSElAVG
Qualm, of Construction CBS/SDG/AVG CBS/AVG+ -500 CBS/AVG+ -500 SIDING/AVG +1000
Ane 18 YEARS 18 YEARS) 18 YEARS\ 17 YEARS\ NO ADJ
Cgndilion AVERAGE AVERAGE) AVERAGE) A VERAGE\
Above Grade Total : Bdrms: Baths Total : Bdrms: Baths : Total : Bdrms: Baths Total : Bdrms: Baths :
Room Count 4 2 1.5 4 : 2 : 1.5 : 4 : 2 : 1.5 4 2 : 2.5 -3,000
- Gross Livinn Area 929 Sn. Ft. 898 Sn. Ft. : 0 896 Sn. Ft. : 0 1120 Sn,Ft.: -11460
- Basement & Rnlshed NONE NONE : NONE NONE
- Rooms Below Grade NONE NONE : NONE NONE
Functional Utilitv AVERAGE AVERAGE AVERAGE AVERAGE
- Heatinn/Coollnn : :
. CENTRL CAC CENTRL CAC CENTRL CAC CENTRL CAC
. Enernv Efficient Items AVERAGE AVERAGE : AVERAGE : AVERAGE :
Garane/Camort 2 RES PADS 2 RES PADS 2 RES PADS : 2 RES PADS :
- Porch, Patio, Deck, SCRN PORCH SCRN PORCH SCRN PORCH PATIO +1,000
:
Fire lacelsl etc, NONE NONE NONE NONE
Fence Pool etc. NONE NONE NONE NONE :
EXTRAS EXTRAS SUPERIOR : -400 SIMILAR SUPERIOR -400
Net Adi. Itotan I 1+ 1X1-~ 900 I + IX1 -$ 1000 I 1+ 1X1-$ 17860
Adjusted Sales Price Net 1.1 ~I Net 1.1 1.1 Net 16.8 ~,I
of Comnarable GTOS,S 1.1 %h 83,600 . Gross 11 %h 86 500 GrosS2J),6%h 88,140
Comments on Sales Comparison Qncluding the subject property's compatibility to the neighborhood, etc.): ALL COM PARABLES ARE FROM WITHIN THE
SUBJECTS IMMEDIATE MARKET AREA. COMPARABLE #3 HAS A SUPERIOR SITE THAT BACKS TO A POND AND CONSERVATION
AREA. COM PARABLES #1 AND #3 HAVE SUPERIOR EXTRAS INCLUDING A MICROWAVE AND OTHER LESS SIGNIFICANT ITEMS.
THE SUBJECT IS HAS EXTERIOR FINISH INCLUDING STUCCO OVER BLOCK AND SIDING. COM PARABLES #1 AND #2 ARE SLIGHTLY
SUPERIOR HAVING FULL STUCCO. COMPARABLE #31S SLIGHTLY INFERIOR HAVING FULL VINYL SIDING FOR THE EXTERIOR.
ITEM SUBJECT COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
Date, Price and Data NO PRIOR SALE NO PRIOR SALE NO PRIOR SALE NO PRIOR SALE
Source, for prior sales WITHIN 3 YEAR WITHIN 1 YEAR WITHIN 1 YEAR WITHIN 1 YEAR
within vear of annraisal PUB RECORD PUBLIC RECORDS PUBLIC RECORDS PUBLIC RECORDS
Analysis of any current agreement of sale, option, or listing of subject property and analysis of any prior sales of subject and comparables within one year of the date ot appraisal:
THIS APPRAISAL IS FOR THE PURPOSE OF OBTAINING AN ESTIMATE OF VALUE. THE SUBJECT IS NOT LISTED AND IS NOT
UNDER CONTRACT. THERE HAS BEEN NO PRIOR SALE WITHIN THE LAST 3 YEARS AND NO LISTING WITHIN THE LAST YEAR.
INDICATED VALUE BY SALES COMPARISON APPROACH $ 86 500
INDICATED VALUE BY INCOME APPROACH (If ADnlicablel Estimated Market Rent $ NA /Mo. x Gross Rent Multlnljer NA -$ NA
This appraisal is made I I "as is" IXI subject to the repairs, alterations, inspections or conditions listed below I I subject to completion per plans & specifications.
Conditions of Appraisal: SUBJECT TO REPAIRS. SEE ADDENDUM. SEE ATTACHED LIMITING CONDITIONS. THIS IS A COMPLETE
SUMMARY APPRAISAL REPORT.
Final Reconciliation: THE SALES COMPARISON APPROACH BEST REFLECTS THE ACTIONS OF BUYERS AND SELLERS IN THE OPEN
MARKET. THE COST APPROACH LENDS SUPPORT TO THE SALES COMPARISON APPROACH.
~ The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingent
and limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439/FNMA form 1004B (Revised 6/93 ).
I (WE) ESTIMATE THE MARKET VALUE. AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OFTHIS REPORT, AS OF 12/10/2004
~ (WHICH IS THE DATE OF INSPjN AND THE/ZIVE DATE OF THIS REPORT) TO BE $ 86,500
APPRAISER: . A. SUPERVISORY APPRAISER (ONLY IF REQUIRED):
Sjnnature t-. /J .I, ~AA ~ _~, J Sianature 1 I Old [, I Did Not
Name JOHN G. K,,*ffMANN If Name Inspect Property
Date Renort Sinned /12.113/2004 V Date Renort Sinned
State Certification iA AA. CERT. RES. REA #2679 State FL State Certification # State
Or State License # State Or State License # State
Freddie Mac Form 70 6/93
UNIFORM RESIDENTIAL APPRAISAL REPORT
PAGE 2 OF2
Form UA2 - "TOTAL for Windows" appraisal software by a la mode, Inc. - 1-800-ALAMODE
Fannie Mae Form 1004 6-93
DEFINITION OF MARKET VALUE: The most probable plice which a property should bling in a competitive and open market under all condrtions
requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the plice 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 each acting in what he considers his 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 soid unaffected by special or creative financing or sales concessions' granted by anyone associated with
the sale.
. Adjustments to the comparables must be made tor special or creative financing or sales concessions. No adjustments are necessary
for those costs which are normally paid by sellers as a resurt of tradition or law in a market area; these costs are readily identifiable
since the seller pays these costs in virtually all sales transactions. Special or creative financing adjustments can be made to the
comparable property by comparisons to financing terms offered by a third party institutional lender that is not already involved in the
property or transaction. Any adjustment should not be calcuiated on a mechanical dollar for dollar cost of the financing or concession
but the dollar amount of any adjustmenf should approximate the market's reaction to the financing or concessions based on the
appraiser's judgement.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report is subject to the following
conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect erther the property being appraised or fhe titie to it. The appraiser assumes that
the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible
ownership.
2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included oniy to assist
the reader of the report in visualizing the property and understanding the appraiser's determination of rts size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted
in the appraisal report whether the subject site is located in an identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes
no guarantees, express or implied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangemenfs to do
so have been made beforehand.
5. The appraiser has estimated the value of fhe land in the cost approach at its highest and best use and the improvements at their contributory value. These
separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used.
6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic
substances, etc.) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in pertorming
the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or
adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the property more or less valuable, and
has assumed that there are no such conditions and makes no guarantees or warranties, express or impiied, regarding the condition of the property. The
appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such
conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an
environmental assessment of the property.
7. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from sources that he or she considers to be
reliable and believes them to be true and correct. The appraiser does not assume responsibility for the accuracy of such items that were furnished by other
parties.
8. The appraiser will not disciose the contents of the appraisal report except as provided for in the Uniform Standards of Professional Appraisal Practice.
9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory completion, repairs, or
alterations on the assumption that completion of the improvements will be pertormed in a workmanlike manner.
10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal report can distribute the appraisal report
(including conclusions about the property value, the appraiser's identity and professional designations, and references to any professional appraisal
organizations or the firm with which the appraiser is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage
insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any department, agency, or instrumentality
of the United States or any state or the District of Columbia; except that the lender/client may distribute the property description section of the report only to data
coilection or reporting servlce(s) without having to obtain the appraiser's prior written consent. The appraiser's written consent and approval must aiso
be obtained before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other media.
Freddie Mac Form 439 6-93
Page 1 of 2
Fannie Mae Form 1004B 6-93
Krogmann & Associates, Inc. Office (407) 327-6502
Form ACR - "TOTAL for Windows' appraisal software by a la mode, inc. - 1-800-ALAMODE
Building Sketch (Page - 1)
Borrower/Client CITY OF WINTER SPRINGS
Prooertv Address 118 KRISTI ANN COURT
Citv WINTER SPRINGS Countv SEMINOLE State FL Zin Code 32708-3006
Lender CITY OF WINTER SPRINGS
3.2'7.0'
a: :r:
()
,.... a a:
CX) f- a 15.2'
(j) a.
15.2'
BEDROOM
KITCHEN
0:> .5 (j) '"
0) a:
N BATH ~ BATH ,...
(j) f- C')
a: (j)
~ LIVING
(j) BEDROOM
6.0'
,...
"<:t 15.2'
6.0'
STOOP
SkeICh by Apu 11('"
Comments:
AREA CALCULATIONS SUMMARY
Code Description Size Net Totals
GLA1 FIRST FLOOR 454.48 454.48
GLA2 Second Floor 474.24 474.24
PIP Porch 56.70 56.70
OTH STOOP 24.60
Storage 25.92 50.52
TOTAL LIVABLE (rounded) 929
LIVING AREA BREAKDOWN
Breakdown Subtotals
FIRST FLOOR
15.2 x 29.9 454.48
Second Floor
15.2 x 31.2 474.24
2 Calculations Total (rounded) 929
Form SKT.8IdSkl- "TOTAL for Windows" appraisal software by a la mode, inc. -1-800-ALAMODE
Borrower/Client CITY OF WINTER SPRINGS
Prooertv Address 118 KRISTI ANN COURT
Citv WINTER SPRINGS Countv SEMINOLE State FL Zin Code 32708-3006
Lender CITY OF WINTER SPRINGS
Supplemental Addendum
Rle No 0412037
CONDITIONS OF APPRAISAL
THE SOLE INTENDED USE OF THIS REPORT IS TO SUPPORT AN ESTIMATE OF MARKET VALUE AND THE INTENDED
USER IS THE CITY OF WINTER SPRINGS.
I AM NOT A LICENSED BUILDING CONTRACTOR, PROFESSIONAL BUILDING INSPECTOR OR SPECIALIZED ENGINEER
OF ANY TYPE; THEREFORE, AN "EXTRAORDINARY ASSUMPTION" EXISTS WITH THE OPINION OF MARKET VALUE
BASED ON WHAT IS READILY OBSERVABLE. ANY UNKNOWN OR ADVERSE CONDITION(S) WHICH COULD BE
UNCOVERED BY SOIL EXPERTS OR ANY OTHER SPECIALIZED INSPECTOR(S) ARE NOT CONSIDERED IN THE
OPINION OF MARKET VALUE IN THIS APPRAISAL
SCOPE OF THE APPRAISAL
THE SCOPE OF THE APPRAISAL INCLUDES: A PERSONAL INSPECTION OF THE SUBJECT AND SURROUNDING
NEIGHBORHOOD; AN INSPECTION OF THE IMPROVEMENTS; A PERSONAL EXTERIOR INSPECTION OF ALL
PROPERTIES USED IN THE SALES COMPARISON APPROACH; RESEARCH AND REVIEW OF PUBLIC RECORDS; DATA
FROM VARIOUS SALES SERVICES AND PARTICIPANTS WHO HAVE KNOWLEDGE OF THE MARKET.
NEIGHBORHOOD ANALYSIS
THE IMMEDIATE NEIGHBORHOOD IS PRIMARILY COMPRISED OF A MIX OF TOWNHOUSES, APARTMENTS, ATTACHED
AND DETACHED HOUSES. THERE ARE ALSO MANUFACTURED HOUSES.
REQUIREMENTS
THE SUBJECT NEEDED REPAIRS AT THE TIME OF INSPECTION. THESE INCLUDE: REPLACE ALL CARPETS, INSTALL
A REFRIGERATOR AND DISPOSAL, REPAIR ALL HOLES AND DEFECTIVE ITEMS, RESTORE MECHANICAL AND
ELECTRICAL SYSTEMS TO AVERAGE OR GOOD WORKING CONDITION.
THE EXTERIOR HAD A LARGER THAN TYPICAL CRACK/SEPARATION IN THE CONCRETE BLOCK WALL THAT
SEPARATES THE FRONT STOOPS OF THE 2 UNITS. THIS REPORT IS SUBJECT TO A SATISFACTORY INSPECTION
THAT THIS WALL IS STRUCTURALLY SOUND AND ALSO THAT THE CRACK.IS REPAIRED
THE PHYSICAL OBSERVATION OF THE COMMON GROUNDS REVEALED THAT THERE ARE AREAS OF THE DRIVEWAY
THAT ARE CRACKED AND SLIGHTLY SUNKEN. A REPAIR OF THESE ITEMS IS NOT REQUIRED BUT IT IS REQUIRED
THAT THE MANAGEMENT COMPANY STATE THAT THERE ARE ADEQUATE RESERVES TO REPAIR SUCH ITEMS. LACK
OF ADEQUATE RESERVES COULD POSSIBLE ADVERSELY AFFECT UNITS OBTAINING NEW MORTGAGES AND THIS
COULD AFFECT THE VALUE.
THE NET ADJUSTMENT FOR COMPARABLE #3 EXCEEDS GUIDELINES. THIS IS DUE TO THE ADJUSTMENT FOR THE
SITE SIZE AND THE GROSS LIVING AREA. COMPARBLE #3 WAS UTILIZED AS ONE OF THE BEST AVAILABLE SALES
AS OTHER SALES WOULD HAVE HAD GREATER AND LESS DESIRABLE ADJUSTMENTS.
Form TADD - "TOTAL for Windows" appraisal soltware by a la mode, inc. -1-800-ALAMODE
Borrower/Client CITY OF WINTER SPRINGS
PrQR!)rtv Address 118 KRISTI ANN COURT State FL liD Code 32708-3006
City WINTER SPRINGS Countv SEMINOLE
Lender CITY OF WINTER SPRINGS
QUALIFICATIONS OF
.JOHN C. KROGMANN
Krogmann & Associates, Inc.
Tax ID number: 59-3499295
PROFESSIONAL EXPERIENCE
Professi(lIwi cxpericnce includes (nOrc than 23 yew"); of quality real cswtc and
C1ppraisal service. A solid base of appraisal knowledge is coupled with extensivc
real eSlUte sales and propcrty management experience to include: rcsidcnti;i1
homes. condominiun", new construction, vacant land, 2-4 units, hislOl"ic
pmperlies, estates, desk and ficld reviews. relocations, foreclosures. and
wCllcrfronl properties.
STATE LICENSE
SWle Catificd ResldcIHial Appraiser
Slate uf Florida #2671.)
FHA Approved
PROFESSIONAL ASSOCI.<\. TIONS
Greater Orlundo Association of Reallors
Nat iOllal Associarion or Reallors
GENERAL EDUCA nON
Virginia Polytechnicallnstitule
Bachelor of Science, Business Managcmenl
APPRAISAL EDUCATION
The FHA and the Appraisal Process
IVI"rshall &. Swift FUl"ln
/\ppr"i',,1 Renwl !'ropertles
Re,,' ESI;rle Investment 1 "nd II
Expert Witness
Environmental Feasibility Analysis
Appraisal Prospecl & Interrelationships
Rules, Regulatiolls, and FHA Forms
Elhics oi" Fai,' Housing
A P I)!"; II s"J SWlistics
LJnif(JI"In Si;1I1darcls
ProlCssional Practice
Capital izalion Theory and Techniques B
Applied Residential ProperlY Valuation n
Introduction of Appraising Real Estate I
20m
~OO~
19%
1')95
1994
1995
1993
1993
1992
1992
11.)\>0
19R9
19RR
191'4
19XO
Form MAP.LOC - "TOTAL for Windows' appraisal software by a la mode, inc. -1-800-ALAMODE
Krogmann & Associates, Inc. Office (407) 327-6502
ro n Ale No. 0412037
Prooertv Address 118 KRISTI ANN COURT Citv WINTER SPRINGS State FL lin Code 32708-3006
Lenal Oescrintion LOT 2 BLK 6 MOSS COVE PB 58 PG 84 Countv SEMINOLE
Assessor's Parcel No. 0321 30 520 0600 0020 Tax Year 2004 R.E. Taxes $ 1 283.00 Snecial Asse'sments $ 0.00
Borrower CITY OF WINTER SPRINGS Current Owner WYMAN FIELDS FOUNDATION IN Occuoant: I I Owner I I Tenant tX1 Vacant
.. Pronertv rinhts annraised !XI Fee Simnle I I Leasehold Proiect Tvoe IXI PUD I I Condominium IHUDNA onlv\ HOH 85 /Mo.
Neiohborhood or Prolect Name MOSS COVE Man Reference S03 T21 R30 Census Tract 0214.04
Sale Price $ NA Date of Sale NA O.scnntion and $ amount of loan charne'/concessions to be naid bv seller NA
Lender/Client CITY OF WINTER SPRINGS Address 1126 E. SR 434 WINTER SPRINGS FLORIDA 32708
Annraiser JOHN G. KROGMANN Address 14 SHERRY AVENUE WINTER SPRINGS FL 32708
Location ! I Urban [>:J Suburban I Rural Predominant Sin~e family hOUSi~ Presenlland use % Land use change
Buiit up ~ Over 75% I I 25-75% I Under 25% occupancy PRI AG One family ~ [>:J Not likely Inl Likely
I $(000) (yrs)
Growth rate ! I Rapid [>:J Stable I Slow ~ Owner 95 _~ Low~ 2-4 family ~ I . lln process
Property values [>:J Increasing I i Stable I Declining [ I Tenant 250+ Hinh 35+ Muiti-family ~ To: NA
Demand/suppiy I I Shortage ~ In balance I Over supply M Vacant (0-5%) jPredominantT Commercial 5
Marketinn time I I Under 3 mos. 3-6 mos. I Over 6 mos. Vac.lnver ~'i,1 135 20 VAC/LAKE 7
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood boundanes and characteristics: BOUNDARIES ARE STATE ROAD 434 TO THE NORTH HAYES ROAD TO THE EAST LA VISTA
DRIVE TO THE SOUTH AND MOSS ROAD TO THE WEST. SEE ADDENDUM.
- Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.):
NO ADVERSE FACTORS AFFECTING MARKETABILITY WERE NOTED. GENERAL MARKET CONDITIONS APPEAR IN BALANCE AND
.. EMPLOYMENT IS STABLE. THERE IS MEASURABLE DEMAND FOR NEW AND RESALE HOMES WITH FINANCING READILY
AVAILABLE. THE SUBJECT HAS AVERAGE ACCESS TO EMPLOYMENT TRANSPORTATION AMENITIES AND OTHER SUPPORT
SERVICES INCLUDING SHOPPING. MARKET APPEAL IS AVERAGE.
Market conditions In the subject neighborhood (including support for the above conclusions related to the trend of property values, demand/supply, and marketing time
-- such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.):
MARKET IS ACTIVE WITH SALES OF EXISTING AND NEW HOMES. INTEREST RATES ARE STABLE AND FINANCING IS READILY
AVAILABLE. DEMAND AND SUPPLY ARE IN BALANCE AND LOAN CHARGES/CONCESSIONS PAID BY SELLER CAN TYPICALLY
RANGE FROM 0-5%.
- Project Information for PUDs (If applicable) - - Is the developer/builder in control of the Home Owners' Association (HOA)? I I Yes 1XI No
Approximate total number of units in the subject project 36 Approximate total number of units for sale in the subject project 0
Describe common elements and recreational faciltties: GREEN AREAS STORAGE, DRIVEWAYS OFF STREET PARKING.
Dimensions 15.2 X 30.1 +- Topography BASICALLY LEVEL
Site area 458 SF+- Comer Lot I I Yes [>:J No Size AVERAGE
Specific zoning classification and description RESIDENTIAL Shape RECTANGULAR
Zoning compliance I I Legal II I Legal nonconforming (Grandfathered use) I I Illegal I I No zoning Drainage APPEARS ADEQUATE
Hinhest & best use as imnroved: I Present use I I Other use /exnlainl View RESIDENTIAUAVERAGE*'
Utilities Public Other Off-site Improvements Type Public Private Landscaping AVERAGE
Electricity ~ Street ASP HAL T M Driveway Surface CONORETE
Gas I I NONEITYPICAL CUrb/gutter CONCRETE/CONCRETE ~ Apparent easements UTILlTYITYPICAL
Water ~ Sidewalk CONCRETE [>:J FEMA Special Flood Hazard Area IJ Yes t><J No
Sanitary sewer ~ Street lights ELECTRIC M FEMA Zone X Map Date 4/1711995
Storm sewer Allev NONE/TYPICAL FEMA Man No. 12117C0135E
Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use, etc.): NO ADVERSE
EASEMENTS. *'THE SUBJECT'S SITE BACKS TO PARKING A GREEN AREA AND A 1 STORY COMMERCIAL BUILDING. A WALL AND
GREEN AREA PROVIDE AVERAGE NOISEIVIEW ABATEMENT. NO ADJUSTMENT WARRANTED.
GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNOA nON BASEMENT INSULA nON
No. of Units 1 UNIT Foundation SLAB Slab CONCRETE Area Sq. Ft. NONE Roof _II
No. of Stories 2 STORY Exterior Walls CBS/SIDING Crawl Space NONE % Finished NONE Ceiling _ I I
Type (Det.! Att.) ATTACHED Roof Surface COMP SHING Basement NONE Ceiling NONE Walls_I.1
Design (Style) TOWNHSE Gutters & Dwnspts. ALUM Sump Pump NONE Walls NONE Floor _II
ExistingIProposed EXISTING Window Type ALUM SLIDING Dampness NONE Roor NONE None _ II
Age (Yrs.) 18 YEARS Storm/Screens SCREENS Settlement NONE Outside Entry NONE Unknow~ 1><1
Effective Ane (Yrs.1 10 YEARS Manufactured House NO Infestation NONE
ROOMS Fover Livino Dinino Kitchen Den Familv Rm. Rec. Rm. Bedrooms # Baths Laundrv Other Area So. Ft.
Basement NONE
Levell 1 1 .5 454
- Level 2 2 1 474
-
. Finished area above orade contains: 4 Rooms' 2 Bedroom/sl' 1.5 Bathlsl' 929 Sn uare Feet of Gross Livino Area
INTERIOR Matenals/Condition HEATING KITCHEN EQUIP. ATTiC AMENITIES CAR STORAGE:
- Floors CRPTNINYUAVG Type CNTRL Refrigerator ~ None I I Rreplace(s) # _ I I None II
Walls DRYWALUAVG Fuel GAS Range/Oven ~ Stairs I I Patio II Garage # of cars
Trim/Finish WOOD/AVERAGE Condition A VG Disposal ~ Drop Stair I I Deck I I Attached
Bath Floor VINYUAVERAGE COOLING Dishwasher [><1 Scuttie [>:J Porch SCREENED I I Detached
Bath Wainscot CERAMIC TILElAVG Central CAG Fan/Hood ~ Floor I I Fence I I Built-In
Doors WOOD/AVG Other NONE Microwave I I Heated I i Pool r I Carport
Condition A VG Washer/Orver i I Finished Drivewav 2 RES SPA
Additional features (special energy efficient items, etc.): EXTRAS INCLUDE AN EXTERIOR STORAGE AREA. THE SUBJECT HAS 2 RESERVED
PARKING SPACES.
Condition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction, remodeling/additions, etc.:
THE SUBJECT IS IN AVERAGE OVERALL CONDITION. PHYSICAL DEPRECIATION IS DUE TO NORMAL WEAR AND TEAR OVER THE
CHRONOLOGICAL LIFE OF THE SUBJECT. SUBJECT TO REPAIR REQUIREMENTS AND VERIFICATION REQUIREMENTS. SEE
- ADDENDUM.
Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the
immediate vicinity of the subject property.: NO ADVERSE ENVIRONMENTAL CONDITIONS WERE OBSERVED OR KNOWN TO THE
APPRAISER WITHIN THE IMMEDIATE NEIGHBORHOOD.
UNIFORM RESIDENTIAL APPRAISAL REPORT
Freddie Mac Fonn 70 6/93
PAGE 1 OF 2
Form UA2 - "TOTAL for Windows" appraisal software by a la mode, inc. - 1-800-ALAMODE
Fannie Mae Fonn 1004 6/93
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have researched the subject market area and have selected a minimum of three recent sales of properties most similar and proximate to the subject property
for consideration in the sales comparison analysis and have made a dollar adjustment when appropriate to reflect the market reaction to those items of significant
variation. If a significant item in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce
the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or less favorable than the subject property, I have made
a positive adjustment to increase the adjusted sales price of the comparable.
2. I have taken into consideration the factors that have an impact on value in my developmenf of the estimate of market value in the appraisal report. I have not
knowingly withheld any significant information from the appraisal report and I believe, to the best of my knowledge, that all statements and information in the
appraisal report are true and correct.
3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclusions, which are subject only to the contingent
and limiting conditions specified in this form.
4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or prospective personal interest or bias with
respect to the participants in the transaction. I did not base, either partially or completely, my analysis amI/or the estimate of market value in the appraisal report
on the race, color, religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the present
owners or occupants of the properties in the vicinity of the subject property.
5. I have no present or contemplated future interest in the subject property, and neither my current or future employment nor my compensation for pertorming this
appraisal is contingent on the appraised value of the property.
6. I was not required to report a predetermined value or direction in value that favors the cause of the client or any related party, the amount of the value estimate,
the attainment of a specific result, or the occurrence of a subsequent event in order to receive my compensation amI/or employment for pertorming the appraisal. I
did not base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan.
7. I pertormed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were adopted and promulgated by the Appraisal
Standards Board of The Appraisal Foundation and that were in place as of the effective date of this appraisal, with the exception of the departure provision of those
Standards, which does not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the definition of market value
and the estimate I developed is consistent with the marketing time noted in the neighborhood section of this report, unless I have otherwise stated in the
reconciliation section.
8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties listed as comparables in the appraisal report.
I further certify that I have noted any apparent or known adverse conditions in the SUbject improvements, on the subject site, or on any site within the immediate
vicinity of the subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value to the extent that
I had market evidence to support them. I have also commented about the effect of the adverse conditions on the marketability of the subject property.
9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied on significant professional
assistance from any individual or individuals in the pertormance of the appraisal or the preparation of the appraisal report, I have named such individual(s) and
disclosed the specific tasks pertormed by fhem in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to pertorm
the tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change is made to the appraisai report, I will take
no responsibility for it.
SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she certifies and agrees that:
I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal report, agree with the statements and conclusions of the appraiser,
agree to be bound by the appraiser's certifications numbered 4 through 7 above, and am taking full responsibility for the appraisai and the appraisal report.
ADDRESS OF PROPERTY APPRAISED: 118 KRISTI ANN COURT, WINTER SPRINGS, FL 32708-3006
APPRAISER:
"A,J~
/i, N 0
SUPERVISORY APPRAISER (only if required):
Signature:
Name: JOHN G. KR
Date Signed: 12/1 0
State Certification #: S1: CERT. RES.
or State License #:
State: FL
Expiration Date of Certification or License:
REA #2679
Signature:
Name:
Date Signed:
State Certification #:
or State License #:
State:
Expiration Date of Certification or License:
11/30/2006
I I Did
I I Did Not Inspect Property
Freddie Mac Form 439 6-93
Page 2 of 2
Fannie Mae Form 1004B 6-93
Form ACR - "TOTAL for Windows" appraisal software by a la mode, inc. - 1-800-ALAMDDE
LICENSE
Borrower/Client CITY OF WINTER SPRINGS
Prooertv Address 118 KRISTI ANN COURT Slate FL ZiD Code 32708-3006
Cilv WINTER SPRINGS County SEMINOLE
Lender CITY OF WINTER SPRINGS
-_._--_.."------------------~--.
AC# 1 73 785 9
'-------~.
11/09 2004 040424200 RD2679
The CERTIFIED RESIDENTIAL APPRAISER
Named below IS CERTIFIED
Under the provisions of Chapter 475 FS.
Expiration date: NOV 30, 2006
STATE OF FLORIDA
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
FLORIDA REAL ESTATE APPRAISAL BD SEQ#L041109D364
: . : - LICENSE NBR
KROGMANN, JOHN G
14 SHERRY AVENUE
WINTER SPRINGS
FL 32708
JEB BUSH
GOVERNOR
DISPLAY AS REQUIRED BY LAW
DIANE CARR
SECRETARY
-_.~----_._----~----_._--------------_.._.".-
Form MAP.LOC - "TOTAL for Windows" appraisal software by a la mode, inc. - 1-800-ALAMOOE
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."
SUbject Photo Page
Borrower/CIiert CITY OF WINTER SPRINGS
I ~ Address 118 KRISTI ANN COURT
CiIv WINTER SPRINGS Counlv SEMINOLE Stale FL Zin Code 32708-3006
Lender CITY OF WINTER SPRINGS
Subject Front
118 KRISTI ANN COURT
Sales Price NA
Gross Living Area 929
Total Rooms 4
Total Bedrooms 2
Total Bathrooms 1.5
L~n SUBURBAN
VieW RES/AVERAGE
Site 458 SF+-
~~~ CB&SD~AVG
Age 18 YEARS
Subject Rear
Subject Street
Form P1CPDCSR - 'TOTAL for Windows' appraisal software by a Ia mode, inc. -1-800-ALAMODE
Comparable Photo Page
BorrowerJCliert CITY OF WINTER SPRINGS
Prooertv Address 118 KRISTI ANN COURT
City WINTER SPRINGS Counlv SEMINOLE SlaIe FL liD Code 32708-3006
Lender CITY OF WINTER SPRINGS
Comparable 1
128 RHODEN LANE
Prox. 10 Subject 0.27 MILES NORTH
Sale Price 84,500
Gross Living Area 898
Total Rooms 4
Total Bedrooms 2
Total Balhrooms 1.5
Location SUBURBAN
VIeW RES/AVERAGE
Site 615 SF+-
Qualily CBS/AVG+
Age 18 YEARS)
Comparable 2
102 RHODEN LANE
Prox. 10 Subject 0.27 MILES NORTH
Sale Price 67,500
Gross Living Area 896
Total Rooms 4
Total Bedrooms 2
Total Balhrooms 1.5
Location SUBURBAN
VIeW RES/AVERAGE
Site 615 SF+-
Quality CBS/AVG+
Age 18 YEARS)
Comparable 3
537 GREEN SPRING CIR
Prox.1o Subject 0.47 MILES SOUTHEAST
Sale Price 106,000
Gross Living Area 1 , 120
Total Rooms 4
Total Bedrooms 2
Total Bathrooms 2.5
Location SUBURBAN
View RES/POND/GO
Site 1,868 SF+-
Quality SIDING/AVG
Age 17 YEARS)
Form PICPIX.CR - 'TOTAL for Windows' appraisal software by a Ia mode, inc. - 1-800-ALAMODE
A\tMhf0tVl t- :)
File No. 5179 Page #1
Residential Appraisal Field Review Report
File No. 5179
The purpose of this review is to determine the completeness and accuracy of the data in an appraisal report and to verify the accuracy of the market value estimate as of the effective
date of the original appraisal. The appraisal review must address all factual, judgmental, and appraisai technique discrepancies. This field review is a spot-check on the original
appraisal report as part of a mortgage quality review. Il is not intended to be used as a new appraisal. (Please attach a copy of the original appraisal report to this report)
Prooertv Address 118 KRIST! ANN COURT City WINTER SPRINGS State FL Zip Code 32708
Leoal Description LOT 2 BLOCK 6 MOSS COVE PB 58 PG 84
Propertv Riahts Appraised FEE SIMPLE Client Reference Number
Effective Date of Oriainal Appraisal and Field Review DECEMBER 10, 2004/ JANUARY 29, 2005
Borrower OWNER: QTY OF WINTER SPRINGS
Review Aooraiser KEIlli W. BRrlTON Company Name BRrlTON APPRAISAL SERVICES, INC.
Address 3551 W. LAKE MARY BLVD, SUITE 210, LAKE MARY, FL 32746
Teleohone Number (407) 977-9777 Soc. Sec. or Tax 10. Number 59-3415544
Instructions: The review appraiser must personaliy inspect (by, at least, driving by) the exterior of the subject property and the comparabies used in the analysis. Photographs
are required for: the front of the comparables: the front of the subject; and a street scene of the subject property. Additional photographs are suggested if any adverse conditions that
were not noted in the original appraisal report are observed. (NOTE: The review appraiser is not required to inspect the interior of the subject property. The review appraiser should
verify the data in the original appraisai report, using the assessment records, the real estate broker, or any other source that he or she considers to be reliable and reasonably
available.) Based on the exterior inspection of the subject and the comparables, a thorough desk review of the appraisal report, and a review of the relevant market data for the subject
market area, respond to the following questions, form an opinion about the appropriateness of the appraisal methods and techniques that were used, and indicate any areas of
disagreement (giving reasons for the differences). Do not limit your responses to the space provided; attach an addendum, if necessary:
1. Provide a sales and refinance history for the subject property for the last three years (if it is reasonably available from a data source that the review appraiser considers to be reliable.)
Conveyance Sales Price Asking Price Mortgage Grantor/Grantee Data Source
Record Date Amount
11/04 300000 - BULK N/A N/A WYMAN FIELDS FOUNDATION, INC PRSC
2. is the appraiser's overall description of the neighborhood complete and accurate [location, general market conditions (Le., plant closings, crop failures, etc.), property values,
demand/supply, marketing time, general appearance of properties, appeal to market, etc.]? ~ Yes o No
(if no, explain.)
3. Is the appraiser's overall description of the site complete and accurate (zoning compliance, apparent adverse conditions, apparent environmental hazards, size, flood hazard, etc.)?
IZl Yes o No (If no, explain.)
.. ;
4. Is the appraiser's overall description of the improvements complete and accurate (property description, depreciation, condition, apparent environmental hazards, etc.)?
IZl Yes o No (If no, explain.)
5. Are the design and appeal, quality of construction, and size of the subject property similar to others in this area? ~ Yes 0 No
(if no, how is the subject differenl?)
6. Are the comparables used in the analysis truly comparable to the subject property, representative of the subject market,and were they the best ones available as of the effective
date of the appraisal? IZl Yes 0 No (If no, explain and provide an adjustment grid with the appropriate comparabies and adjustments on addendum.)
7. (a) Can the date of sale (contract date and/or closin(llsettlement date), sales price, and sates or financing concessions for the comparabies be confirmed through the data source
that the appraiser indicated? IZl Yes o No (If no, explain.) COMP 1 SOLD FOR $84,900 PER TAX RECORDS.
(b) Were the comparables actual closed or settted sales as of the effective date of the original appraisal? IZl Yes o No (If no, explain.)
Freddie Mac Form 1032 11189
Page 1 of 2
Fannie Mae Form 2000 11189
Residential Appraisal Field Review Report
File No
File No. 5179 Page #2
5179
8. Is the specific data for the comparables accurate (time, location, design & appeal, quality of construction, age, condition, size, sales or financing concessions, etc.)?
IZI Yes o No (If no, explain.)
9. Are the individual adjustments to the comps. reasonable and supported (time, location, design and appeal, quality of construction, age, condition, size, sales or financing
concessions, etc.)? IZI Yes o No (If no, explain.)
10. If the sUbject property is a small residential income property (2-4 unit) or a single-family investment property, are the comparable rental and expense data accurate and reasonable?
o Yes o No IZI N/ A (If no, explain.)
11. If the subject property is an individual unit in a condominium or PUD project, is the project description complete and accurate?
o Yes o No IZI N/ A (If no, explain.)
12. Is the estimate of market value for the subject property reasonable as of the effective date of the appraisal? IZI Yes o No [If no, provide an appropriate
estimate of market value for the subject property and state the assumptions (exterior inspection only, property description and condition, etc.) that the opinion is subject to.]
ESTIMATED MARKET VALUE APPEARS REASONABLE BASED ON THE MARKET DATA FROM THE AREA.
13. Has there been a substantial change in the base economy in the area since the effect. date of the appraisal? DYes IZI No (If yes, please explain.)
14. If the subject property is a cooperative unit, the review appraiser must address the completeness and accuracy of the original appraiser's description and analysis of the cooperative
project and specifically comment on the accuracy of: (a) the number of shares attributable to the unit; (b) the pro-rata share of the blanket mortgage payments; and (c) the
treatment of the monthly assessments of the comparable sales.
N/A
THIS FIELD REVIEW WAS PREPARED ON BEHALF OF THE OTY OF WINTER SPRINGS
BY KEITH W. BRITTON - ST CERT RES REA # 0000340
I certify that, to the best of my knowledge and belief, the facts and data used herein are true and correct; that I personally inspected the exterior of the subject property and the
comparables used in the report; that the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal,
unbiased professlOllal analyses, opinions, and conclusions; that I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest
in or bias with respect to the parties involved; that my compensation Is not contingent on any action or event resulting from the analyses, opinions, or conclusions in, or the use of,
this report; and that mv analvSes, ooinions, and conclusions were develooed, and this report was prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
Signature of Review Appraiser I Date
/"'~~ JANUARY 29, 2005
Review Underwriter's Comments
Signature of Review Underwriter I Date
Freddie Mac Fonn 1032 11189
Page 2 of 2
Fannie Mae Fonn 2000 11189
Subject Photos
File No. 5179 Page #3
Borrower/Client OWNER: OTY OF WINTER SPRINGS
Address 118 KRlSTl ANN COURT
City WINTER SPRINGS
Lender/Client OTY OF WINTER SPRINGS
County
Oesigned by United Systems Software Company (800) 969-8727
Unit No. N/A
State FL Zip Code 32708
Front View
Rear View
street View
Comparable Photos
File No. 5179 Page # 4
Borrower/Client OWNER: CI1Y OF WINTER SPRINGS
Address 118 KRISTI ANN COURT
City WINTER SPRINGS
Lender/Client CI1Y OF WINTER SPRINGS
County
Designed by United Sys1ems Software Company (800) 969-8727
Unit No. N/A
State FL Zip Code 32708
Sales Comparable 1
Front View
Sales Comparable 2
Front View
Sales Comparable 3
Front View