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Stephen I Boyle, MAI <br />State -certified General <br />Real Estate Appraiser RZ699 <br />Stephen@ boyledrake.com <br />June 3, 2016 <br />Mr. Ralph L, Poppell <br />BHP of Vero, LLC. <br />1925 98th Avenue <br />Vero Beach; Fl. 32966 <br />Boyle & Drake, Inc. <br />Real Estate Appraisers and Consultants.' <br />3790 7d Terrace, Ste 202 <br />Vero Beach, Fl 32960 <br />Telephone: (772) 778-7577' <br />Fax: (772) 778-7868. <br />info�@boyledrake.com <br />aoa�-o�5 <br />Paul P. Drake; NIAI, SRS. <br />State -Certified General, <br />Real Estate Appraiser RZ27 <br />ppdmaiCgate.net <br />Re: Restricted appraisal report of the 7.09 -Acres of land located along the west side of 98th <br />Avenue at S.R.-60, Vero Beach, Fl. 32966 <br />Dear Mr. Poppell <br />In accordance with your request, we have made an investigation and analysis of the above <br />referenced property, We will describe the subject real property in the accompanying <br />restricted appraisal report, of which we hereby make this letter a part of and incorporate <br />therein. <br />According. to our engagement for service, the purpose of this investigation and analysis was <br />to estimate the Market Value of the Fee Simple Interest of the subject property, as described <br />in the following Restricted Appraisal Report, that consists of 43 pages, including the <br />addenda.. <br />The intended user of this appraisal report is our Client; Mr. Ralph L. Poppell. The intended; <br />use of this appraisal report is to assist our Client in determining a pro -rata value of the <br />,property for internal business purposes: Pursuant to our Cl'ient's request, in order to effect <br />_fine requested analysis/valuation,. we have partitioned the overall parcel into three (3) <br />separate parcels that would yield equal values, as well as dividing the parent or overall <br />parcel into two (2) parcels of equal value. <br />This is "a Restricted Appraisal report that complies with the reporting requirements set <br />forth under Standard Rule 2-2(b) of the Uniform Standards of Professional Appraisal <br />Practice [USPA.P] for a Restricted Appraisal Report.. As such, it does not include' <br />discussions of the data, reasoning, and analyses that we used in the appraisal process; <br />to develop our opinion of value. Moreover,, use of this report is expressly limited to our <br />client, and`we warn our client that the rationale for how we arrived at the opinions and <br />conclusions set forth in this report` may not be understood properly without additional <br />information in the appraiser's work file. <br />)VA -1 <br />