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HomeMy WebLinkAbout2006-423 ORIGINAL AGREEMENT TO PURCHASE AND SELL REAL ESTATE THIS AGREEMENT TO PURCHASE AND SELL REAL ESTATE ("Agreement") is made and entered into as of the 4th day of October, 2006 by and between Indian River County, a political subdivision of the State of Florida ("County"), and Samuel L. Adams and Gayla M. Adams, husband and wife, ("Seller"), who agree as follows : 1 . Agreement to Purchase and Sell . The Seller hereby agrees to sell to the County, and the County hereby agrees to purchase from Seller, upon the terms and conditions set forth in this Agreement, that certain parcel of real property located at 6600 4 h Street. Vero Beach, County of Indian River, State of Florida and more specifically described in Exhibit "A, " containing approximately 26, 024 square feet or 0.60 acres, zoned A- 1 , Agricultural, up to 1 unit per 5 -acres with a Land Use classification of AG- 1 , 1 unit per 5-acres, and all improvements thereon, together with all easements, rights and uses now or hereafter belonging thereto (collectively, the "Property"). 2 . Purchase Price, Effective Date . The purchase price (the "Purchase Price") for the Property shall be One Hundred Thousand Five Hundred and 00/100 Dollars ($ 100 ,500. 00). The Purchase Price shall be paid on the Closing Date. Purchase Price shall be apportioned in accordance with the price breakdown as indicated in "Point 3 " of the seller counteroffer letter dated 09/27/06 and attached as Exhibit `B". The Effective Date of this Agreement shall be the date upon which the County shall have approved the execution of this Agreement; either by approval by the Indian River County Board of County Commissioners at a formal meeting of such Board or by the County Administrator pursuant to his delegated authority. 3 . Title. Seller shall convey marketable title to the Property by warranty deed free of claims , liens, easements and encumbrances of record or known to Seller; but subj ect to property taxes for the year of Closing and covenants, restrictions and public utility easements of record provided (a) there exists at Closing no violation of any of the foregoing; and (b) none of the foregoing prevents County's intended use and development of the Property. 3 .2 County may order an Ownership and Encumbrance Report with respect to the Property . County shall, within thirty (3 0) days from receipt of the Ownership and Encumbrance Report, deliver written notice to Seller of title defects . Title shall be deemed acceptable to County if (a) County fails to deliver notice of defects within the time specified, or (b) County delivers notice and Seller cures the defects within thirty (30) days from receipt of notice from County of title defects ("Curative Period"). Seller shall use best efforts to cure the defects within the Curative Period and if the title defects are not cured within the Curative Period, County shall have thirty (30) days from the end of the Curative Period to elect, by written notice to Seller, to: (i) to terminate this Agreement, whereupon shall be of no further force and effect, or (ii) extend the Curative Period for up to an additional 90 days; or (iii) accept title subject to existing defects and proceed to closing. 4 . Representations of the Seller. 4 . 1 Seller is indefeasibly seized of marketable, fee simple title to the Property, and is the sole owner of and has good right, title and authority to convey and transfer the Property, which is the subject matter of this Agreement, free and clear of all liens and encumbrances . 4.2 From and after the Effective Date of this Agreement, Seller shall take no action which would impair or otherwise affect title to any portion of the Property-, and shall record no documents in the Public Records which would affect title to the Property, without the prior written consent of the County. T 4. 3 There are no existing or pending special assessments affecting the Property, which are or may be assessed by any governmental authority, water or sewer authority, school district, drainage district or any other special taxing district. 5 . Default. 5 . 1 In the event of a default by the County, the Seller shall be entitled, as its sole remedy hereunder, to terminate this Agreement. and neither the Seller nor any other person or party shall have any claim for specific performance, damages or otherwise against the County. 5 .2 In the event the Seller shall fail to perform any of its obligations hereunder, the County shall be entitled to : (i) terminate this Agreement by written notice delivered to the Seller at or prior to the Closing Date, and pursue all remedies available hereunder and under applicable law; (ii) obtain specific performance of the terms and conditions hereof, or (iii) waive the Seller' s default and proceed to Closing : 6 . Closing. 6 . 1 The closing of the transaction contemplated herein ("Closing" and "Closing Date") shall take place within 45 days following the Effective Date of this Agreement. The parties agree that the Closing shall be as follows : (a) The Seller shall execute and deliver to the County a warranty deed conveying marketable title to the Property, free and clear of all liens and encumbrances and in the condition required by paragraph 3 . (b) The Seller shall have removed all of its personal property and equipment from the Property and Seller shall deliver possession of the Property to County vacant and in the same or better condition that existed at the Effective Date hereof. (c) If Seller is obligated to discharge any encumbrances at or prior to Closing and fails to do so, County may use a portion of Purchase Price funds to satisfy the encumbrances. (d) The Seller shall deliver to the County an affidavit, in form acceptable to the County, certifying that the Seller is not a non-resident alien or foreign entity, such that the Seller and such interest holders are not subject to tax under the Foreign Investment and Real Property Tax Act of 1980. (e) The Seller and the County shall each deliver to the other such other documents or instruments as may reasonably be required to Close this transaction. 7. Prorations . All taxes and special assessments which are a lien upon the property on or prior to the Closing Date (except current taxes which are not yet due and payable) shall be paid by the Seller. 8 . Miscellaneous . 8 . 1 Controlling Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Florida. Venue shall be in Indian River County for all state court matters, and in the Southern District of Florida for all federal court matters. 8 .2 Condemnation. In the event that all or any part of the Property shall be acquired or condemned for any public or quasi-public use or purpose, or if any acquisition or condemnation proceedings shall be threatened or begun prior to the Closing of this transaction, County shall have the option to either terminate this Agreement, and the obligations of all parties hereunder shall cease, or to proceed, subj ect to all other terms, covenants, conditions, representations and warranties of this Agreement, to the Closing of the transaction contemplated hereby and receive title to the Property; 2 receiving, however, any and all damages, awards or other compensation arising from or attributable to such acquisition or condemnation proceedings . County shall have the right to participate in any such proceedings. 8 . 3 Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to this transaction and supersedes all prior agreements, written or oral, between the Seller and the County relating to the subject matter hereof. Any modification or amendment to this Agreement shall be effective only if in writing and executed by each of the parties . 8 .4 Assignment and Binding Effect. Neither County nor Seller may assign its rights and obligations under this Agreement without the prior written consent of the other party. The terms hereof shall be binding upon and shall inure to the benefit of the parties hereto and their successors and assigns . 8 . 5 Notices. Any notice shall be deemed duly served if personally served or if mailed by certified mail , return receipt requested, or if sent via "overnight" courier service or facsimile transmission, as follows: If to Seller: Seller: Samuel L. and Gayla M. Adams Address : 6600 4a' Street City, State, Zip : Vero Beach, Florida 32968 If to County: Indian River County 1840 25"' Street, Vero Beach, FL 32960 Attn: Ron Callahan/Engineering Division Either party may change the information above by giving written notice of such change as provided in this paragraph. 8 .6 Survival and Benefit. Except as otherwise expressly provided herein, each agreement, representation or warranty made in this Agreement by or on behalf of either parry, or in any instruments delivered pursuant hereto or in connection herewith, shall survive the Closing Date and the consummation of the transaction provided for herein. The covenants , agreements and undertakings of each of the parties hereto are made solely for the benefit of, and may be relied on only by the other party hereto, its successors and assigns, and are not made for the benefit of, nor may they be relied upon, by any other person whatsoever. 8 .7 Attornev' s Fees and Costs . In any claim or controversy arising out of or relating to this Agreement, each party shall bear its own attorney' s fees, costs and expenses . 8 . 8 . Counterparts . This Agreement may be executed in two or more counterparts, each one of which shall constitute an original . 8 . 9. County Approval Required : This Agreement is subject to approval by the Indian River County as set forth in paragraph 2 . 8 . 10 Beneficial Interest Disclosure : In the event Seller is a partnership, limited partnership, corporation, trust, or any form of representative capacity whatsoever for others, Seller shall provide a fully completed, executed, and sworn beneficial interest disclosure statement in the form attached to this Agreement as an exhibit that complies with all of the provisions of Florida Statutes Section 286 .23 prior to approval of this Agreement by the County. However, pursuant to Florida Statutes Section 286.23 (3)(a), the beneficial interest in any entity registered with the Federal Securities and Exchange Commission, or registered pursuant to Chapter 517, Florida Statutes, whose interest is for Section 286.23 (3)(a) , the beneficial interest in any entity registered with the Federal Securities and Exchange Commission, or registered pursuant to Chapter 517 , Florida Statutes, whose interest is for sale to the general public, is exempt from disclosure ; and where the Seller is a non-public entity, that Seller is not required to disclose persons or entities holding less than five (5 %) percent of the beneficial interest in Seller. 9. Additional Terms and Conditions : (a) Owner states there are no drainage problems as of the date of the agreement. Drainage on the property shall be as good or better upon completion of the road project. (b) Continued zoning classification of Agricultural shall remain with the property. IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above . SELLER: INDIAN RIVER COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Name : Samuel L. AdamsBy: ° 41•floa , (��1 G - By : � w� Ck^ Gary' CEJ C . T�eeler Chairman Date Signed : Date Signed: ATTEST: J.K. Barton, Name : Gayla M. Adams By: Deputy Clerk By : L� Date Signed : /,2 d. 0 . 06 Date Signed: p � ' IBy : P", b . (?06X u %_) Ronald L. Callahan Real Estate Acquisition Agent Date Signed: 161ghmo i/ APPROVED AS TO FOR AND LEGAL SU!f FI BY WILLIAM4 . D KRAAL ASSISTANT COUNTY ATTORNEY 4 4 EXI � � � Do w5 a 120 D 60 120 . � mol or C ti ul ADAMS, SAMUEL L & GAYLA M N of GRAPHIC SCALE O _— P , D , B , 78-33-39-00001 -0080- 00005 . 0 `o 1 ( IN FEET ) . 0 3p ' (O. R.©. 691 , Pg , 1373) 0 � j 1 inch = 120 ft. .cP. ani fL cc PARCEL 2 6 b. , Exist R /W Line 30 ' 1 f 66TH AVENUE S . E . Corner s60. s ' t (C .) Section Line & East Line Tract 8 —of N . E . 1 / 4 PARCEL 1 LEGAL DESCRIP110N The West 40 feet of the East 65 feet of the South 1 /2 of the East 10 . 39 acres of Tract 8 , LESS the South 30 feet thereof . ALSO that parcel described as beginning 30 feet North of and 105 feet west of the S . E. corner of the N . E . 1 /4 of Section 18 , and run East ❑ distance of 40 feet to a point; thence run North a distance of 40 feet to a point ; thence run Southwesterly a distance of 56 . 6 feet , more or less , to the POINT OF BEGINNING . o All lying in Section 18 , Township 33 South , Range 39 East according to the last general plat of the lands v of the Indian River Forms Company recorded in Plat Book 2 , Page 25 of the Public Records of o Containing 26 , 024 square feet , more or less , or 0 . 60 acres . NOTA T Now lying in Indian River County, Florida . 1 . This sketch and description is not valid CERTIFICATION without the signature and the original a raised seal of the Florida registeredSurve or and Mapper in responsible charge EGEfD Surveyor and Mapper named hereon . > Q 9 A —Acres 2 . This sketch and description meets or � — �- 7 , N /17 /z' - 2S' p� C .'—' Calculated exceeds all applicable Pequirements of David Silon P . S . M . Date O . R . B . = Official Record Book the Minimum Technical Standards as Florida Registration No . LS 6139 Pg . — Page established in Chapter 61G17 - 6 , Florida >9 Assistant Indian River County Surveyor R/W= Right— of — Way Administrative Code . P . O . B . = Point of Beginning 3 . This sketch and description and adjoining !1I parcels may be subject to easements , TRIS IS NOT A BOUNDARY SURVEY restrictions , reservations , or right — of - ways o th d i found ounn e SKETChI TO ACCOMPANY LEGAL DESCRIPTION not shown and may Q PREPARED FOR INDIAN RIVER COUNTY ENGINEERING DEPARTMENT Public Records . NDIAN RIVER COUNTY ADMINISTRATION BUILDING DRAWN �' SECTION tB SHEET iNO/AN R/vER COUNTY SKETCH AND DESCR/PT/ON OF leao zsm sraeET B. ROA CF/ VERO BEACH, FL 32960 OBpadment of Public wori(S APPROVED BY; TOWNSHIP .3,�'S / (»z> 6s�—eoo0 0 Englnaering Division d. SIL RANGE 39E 66TH AYE/8TH ST R/IY ACOU/S/T/ON �F 1 Samuel L. & Gayla M. Adams 6600 4th Street Vero Beach, Fla. 32968 562-5132 Home 562-4164 Work September 27, 2006 Indian River County 1840 25"' Street Vero Beach, Fla. 32960 Attention: Ron Callahan / Engineering Division Subject: Sale of right away on 66' Ave. and 4th Street This is a counter proposal on purchase of right of way for 6e Ave. and 4th Street on the property belonging to Samuel L and Gayla M. Adams. I was pleasantly surprised at the offer that we received; it was fairly realistic on certain points. There are three areas of contention that I have with this offer. Point 1 : The property appraisal that you used was for the value of 4- 10 acre parcels. The actual purchase will be for a .60 acre, roughly over 1/2 acre. You are looking to purchase an area equivalent to a rather large residential lot. I feel that the correct price would be substantially higher. I would be willing to sell this strip of land for $65,000 as part of the total price. Point 2: The amount of money offered for my fence replacement was very low. I would not have to replace my fence if there was no road. The least expensive fencing would cost $8.25- 8.75 per lin. Ft. I have to replace 630 and 401in ft. of fencing at a cost of $5 ,527.50 at the least expensive. That price does not include the cost of clearing a right a way for the new fence. Point 3 : Our main concern with the sale of this property is access to drainage. On the east side of the property, we currently have 2 drains (culverts), displacing water to the drainage ditch to our east. We currently also have a large volume of water from 0 street exiting onto our property. We have a drainage point on the southwest corner of the property into a ditch on our west property boundary that drains under 4th street. The major concern we have is that this drainage ports will not be altered, which will increase our flooding possibility. Our assurance of adequate drainage needs to be mentioned in the contract, along with the continued Ag zoning on the property. We would be willing to sell this right away to the county for: $65 ,000.00 actual property $30,000 .00 wooded landscape replacement " B " " $5 ,500.00 fence replacement Total $ 100,500.00 If the above proposal is acceptable please prepare a new contract and we will move forward with our plans of accommodating the county with our fence replacement and other matters that we need to tend to prior to road construction. Sincerely, Samuel L. Adams Gayla M. Adams 4 COMPLETE APPRAISAL ANALYSIS - SiJMMARY APPRAISAL, 38956 T Fila N , REP LAND APPRAISALREPORTpeosus Trect509A2 Map Riderance 33-39-18 Borrower OWNER OF RECORD - A AMS SAMUEL L & GAYLA M ap code 32963 Prooam Ai Emas 6 0047 ST GroomINDIAN RIVE INDIA 'r cm V�RO BEACH OR BK 691 PP 1373 Da MaN*:a POo PmI Rields Aalson etl X Fee Leasmda 0 Legal Deamgwrr INDIAN RNER FARMB C,O SUB PBS 2oa2^rS�12NOF E 10.39 OF TRACT 8 LE55 RIW S3 UA sem form s NIA Date of sale NIA Loan merges m m Pam M sere. S NIA oTasalss mncsasivre N/A U. Address 1840 25TH ST VER BEACH FL 32960 r Aeon Reel Flare rmea S 2756 2005 (x ) ur 33-39-1600001-0080-00005.0 c xmmbbint f INDIAN RINE COUNTY -- Irapuc6om mAporm Appreiur ARMFIELD WAGNER r>ooa Avg Fair boor ourPant OWNER R�--� Uman XX '� SlLurban ❑ Unter 25% EmPloYmem Suety ❑ �' ❑ LoceM°n ❑ Over 75% LJ 25% mi5% EllConvertienm to C-mploymanl Built UP ❑ FuxY 09V R Pm © SmeOy J Mng ConVeniaMe m EInPPln9 ❑'�I O ❑ Growh Rale E Increasing O Smile Decoh ❑ ❑ ❑ Property Vakas "'Feara" O Over SugpN Convenkrcem Smoot+ hBemnm Ovm6Mos. Atlagua & Public Transportation O � O � NMman UWIY ❑ a4 Mos. Mareslig Time Under 9 on. ❑ ❑ O ❑ % 2d Fem % AW 5 % Cmtlo _ % Canrmrdal AaeWacYmUfiNes p pmsmt Lana Um 80 % 1Femlly __ O % ItduaMal 35% vacant % Pronem Cgnmlmxm 1—.. y.. ❑ ❑ 0 � Likeh C) TaUrg Plem ('1 LJ ­TN --El To—_ pmmcXoniran OemmenmlCamixorre ❑ ❑ ❑ ❑ Charge In Pre9m[ Lana Use L Fmn <1 % Verna Puree and Flre PmmeYan ❑ r, ❑ ❑ _ Days Tenant assnaml Appearance o1 PMOm 8 u rV peawnhenl Occomoloo J300,000 ❑' C ❑ t_J 3 125000 toy 900000 forex nrknlvemaE M 1mlAarket Zsingle FeMh Pricer parrga to 35 YFa_ Pretlocxoa+[ Age 10 M. APpae single Family Age 1 Pa. mhadn maarshi le.g. able Para. amoda "ore°/ NEIGHBORHOOD CONSISTS OF A SEE Cavrnenm kWudng genre (adnrs. lawreble or un(avoreMe, 9 ROAD AREA EAST OF I-95 AND WEST OF 58TH AVENUE SOU7H OF 20TH STREET TO BEYOND 9TH STREET SW. ` DDITIONAL COMMENTS "' comer Ld 4.5617RE present r pmeado pdrnnmrmmzomng regmaMmn iortng LlaulXm qi AGRICULTURE oTar (apecih) SEE ATT_ ACFiED Highest am and use: Pnaent uee LJ Topa OFFSITE IMPROVEMENTS Public DTer (Deamaal OPubxc ❑Pmma SNe Sbaels MA Elan. o Suaere MARL �OPB Gas ❑ MaMmnen®: Public dMa Vlem Cwater ❑ WELL PUB AV ❑ smrm saYa ❑ CuaAGuher OMIM98 _�� No '. yes m . Haze sen. sewer❑ SEPTIC ❑ Balk ❑ snot Ughts Is to popem mrmmd h a HUD ldenMiW Sp SEronal A DITI NA J ❑ UMargmmm FkcL E Tau. - - conanents Imwmbe a Infaw,alda mdudre any °p°018n1 adreae eaumar2, arxroedlmanw or Omer aawma cmdaan) , "' BEE ADDITIONAL COMMENTS e ro srbacl antl has mrrsideretl Tem in Ta nnrkal enmyes. The descrighel undudbe a boor is The untlealryca I racged III rerenl safe m WPPerues mrgl NrrAer aM proaMrnt ea If a elgNrrmm Xan In Te cmnperakClir naMr mry or kas Iwrmabk atlNaTnnt reXecEng rinMet babm m those Imms of slg"Mmm VadeMe on,himawear Ta augashosted adantica BWe Of prWare anoto Xmie�abpd prn. MaPhm (1 dlous,eann A+rt-) e Nutribin* Is meVnVne redoCnaof ue o1 tlONinigeaWe Of Mlecl: IIasI9^Mmrrl Mem In Ta camperaCl• flover" COMPARABLE NO. 1 COMPARABLE NO- COMPPRPBLE N0. 3 trent 'ed fora em 0204TH ST Address 800 4TH BT 80150 13EA FENCES L 205 49TH STREET RO BEACH FL 32968 ERO BEACH VERO BEACH FL 3296 ERO BEACH FL 32987 1 MILE WEST 1 5 MILES WEST MILES NORTH 00 E 500 000 PrmdnMmsuq 'r 5350000 E 330 81818 E 51 759. m sates from S NIA a 73 AM 91 S 681 . ' C From E �S UB ne RECORDS CLOSED D,m seam NSPECTIONISURVE LS " a - oEscwPnoN DESCRIPTION ' (- E DESCRIPTION '18 20 osscRlPDct+ 2620 012 05 2710 11106120 5 < _ pk Adju and /21/2005 INE HAMMOCK r Tina Adjulmmnt URRENT -35 00 UBURBAN11 a Loaaaon UBURBAN HRE FNCS SUB IIIESIDNAC LAND smrmew BIDNAC LAND ESIDNAC LAND AC .66 sge Area .561 ACRES 75 ACC 32X632 33X1252 a 12X635 40X6 8 PAVED ACCESS f AVSD ACC S CCESS NEAR PAVD AVED ACCESS BARN -20000 75,00 IZE Bales or Rnancky - 710 X PLn MhuE 9320 C "dom X Pure kmrue $ pHs Mmm E -8 80 GROSS 18.6% Net art. (TOM : GROSS 17.5% GROSS 14.3% ET 18. o S 3 Indmma Value S N . 0 E 3 10 asw ed ORE SIM R1m AFTER ZE ANDD IVEN MORENT' WEIGIAL' HT . F 2 ARE NALECONCLUIS ON OFBPARENT TRACT LAND VALUE SSI 32AN b 000 OR 71 256 P R ACRE �I NONE Comrmnm eM CantlXlonsm APPre Z Q U Fl"al Rerondllagan'. JUST COMPENSATION FOR PARTIAL TAKING IS ESTIMATED AT 73 530. SEE A ACHED 0 cul mea SSEE ABOVE w 2006 Q. R vnppElrly a9 of FEBRUARY 24 Did py NolPMryimlry hnPed prpP°aY 1 E9rIMATE TIE IMrafET WeiIS OEFlNED, DF 6UB.E� RaNTy APPanall( SOdmme) Appralmrls) Slgnamre pale Maneive oma 031062006 Name Nerve PETER D. ARMF ELD n LimI M Constantino x ST CERT NR pile Nv. 95fi ADDITIONAL COMMENTS Bmi6D"r or pa mr OWNER OF RECORD - ADAMS SAMUEL L 8 GAYLA M p�dy pddBss 66004TH ST �� FL Ln coda 32968 cav VER0 BEACH cv INDIAN RIVER L rwcl',W IN IA RIV RCO INTENDED USE OF THE APPRAISAL HE IN ONS TO ACQUIRE THEWAYIBY PURCDHAUSE OF THE APPRAISAL SES OF A PART OF THES TO AID T SUBJECT FOR THERIMPROVEMTENTI OF 66TH AVENUE. RIGHT OF INTENDED USER - THEIR THE INTENDED USER OF THE AND CHARGED WITH ACQUISITION OF RIGHT OF WAY FOR STREETTIMPROVEMENTS . P REPRESENTATIVES REPORT JUST COMPENSATION D , IN CONDEM N AV ON , AS THE AMOUNT OF LOSS FOR WHICH JUST COMPENSATION IS DEFINEE PROPERTY Is COMPENSATED WHEN HIS A POSITION PECUN ARILY AS HE OR SHE WOUOR HER RLD BE IF THE PROPERTY HAD NOT OWNERINAS GOOD BEEN TAKEN ; GENERALLY HELD TO BE MARKET VALUE, BUT COURTS HAVE REFUSED TO RULE THAT IT IS ALWAYS EQUIVALENT TO MARKET VALUE. SOURCE: THE DICTIONARY OF REAL ESTATE APPRAISAL , APPRAISAL INSTITUTE , 1993 , PAGE 194 , SCOPE OF THE APPRAISAL SER'S OPINION OF THE FOCUS OFOVIDE PARTIAL TAKING E APPRAISAL IS TO THE SUBJECT AS IF PART T A HE CONDEMNATION PRECEDING .ST COMPENSATION FOR THE SCOPE OF THIS ASSIGNMENT CONSISTS OF COLLECTING AND ANALYZING DATA REGARDING THE PROPERTY COMPARISONSNG APPRAISED . JUDGEMENTS ARE MADE REGARDING ITS ARE MADE ARKET APPEAL AND THEN USING STANDARD APPROACHES VAL UA -THE COST APPROACH AND MARKET APPROACH. A THIRD TYPE OF APPROACH THE INCOME APPROACH IS NOT GENERALLY USED IN USE THE APPRAISAL OF MOST RESIDENCES BECAUSE OF THE PRIMARY DWELLINGS , AND THE SCARCITY OF DATA AVAILABLE TO SUPPORT THIS APPRROACH . MARKET DATA AS OWNER OCCUPIED SUPPORTING THE MARKET APPROACH CONSISTS OF SALES AND LISTING DATA FROM LOCAL MLS , PUBLIC RECORDS , BROKERS , AND INFORMATION FROM PRIOR APPRAISALS MADE . COST DATA IS SUPPORTED BY PUBLISHED COST DATA FOUND TO HAVE LOCAL RELEVANCE AND FROM ANALYZED KNOWN COSTS OF LOCAL RESIDENCES . LAND VALUES ARE ESTIMATED BASED ON COMPARISONS TO SALES OF VACANT SITES AND SITE VALUES INDICATED INHERENT IN IMPROVED SALES. THE DATA USED IS LIMITED TO MARKETS WITHIN INDIAN RIVER COUNTY. _ FOR THE SUBJECT PROPERTY, THE PART TAKEN IS THEEASTERLY40 FEET. THE MAIN EFFECT ON THE SUBJECT IS ESTIMATED TO BE THE LOSS OF THE LAND TAKEN , THE IMPROVEMENTS IN THE PART TAKEN , AND ANY SEVERANCE DAMAGE TO THE REMAINDER OF THE SITE. THE SUBJECT HOUSE IMPROVEMENTS ARE LOCATED SUCH THAT NEITHER THE TAKING NOR THE IMPLACEMENT OF THE PROPOSED ROAD IMPROVEMENTS IS ESTIMATED TO EFFECT THEIR CONTRIBUTORY VALUE TO THE SITE . THUS JUST COMPENSATION CAN BE ESTIMATED DIRECTLY BY ANALYSIS OF THE THE SITE AND SITE IMPROVEMENTS ONLY. THE APPRAISAL PROCESS WILL CONSIST THEN OF VALUATION OF THE LAND VALUE OF THE PART TAKEN , THE CONTRIBUTORY VALUE OF THE IMPROVEMENTS WITHIN THE PART TAKEN , AND SEVERANCE DAMAGES , IF ANY . THIS CONTAINS SOME ESTABLISHED SUBDIVISIONS LIKE PINE TREE PARK AND INDIAN RIVER AEROROF . BUTER MENT TO RANCHETTE WITHDA MINIMUM IOF ABOUT 5RACRES YTO 1J0 OR MORE PACRES . THE EASTERN EDGE USUALLY EDGE OF THE NEWER OCONOVENTIIONAL SINGLE FAMILY DEVELOPMENTS GROWTH WHERE DEVELOPMEN S ARE BEING DEVELOPED . SUPPLY AND DEMAND CONDITIONS OVER RECENT YEARS HAVE SUPPORTED A ROBUST MARKET THAT HAS STIMULATED NEW DEVELOPMENT AND CONSTRUCTION IN A CLIMATE OF AFFORDABLE BORROWING RATES AND RISING REAL ESTATE AND CONSTRUCTION PRICES , THE MARKET HAS MODERATED SOMEWHAT IN THE LFWITH A INDICATIONS THAT MARKET PRICES A EBEGINNING TO STABILTED LIIZEREASE IN SALES PACE AND HIGHEST AND BEST USE SUBJECT SITE AS IF VACANT PRIOR TO TAKING THE SUBJECT SITE IS A RANCHETTE HOMESITE LOCATED SOUTHWEST OF VERO BEACH AT THE NORTHWEST CORNER OF 4TH STREET AND 66TH AVENUE. THE HIGHEST AND BEST USE OF THE SITE AS IF VACANT PRIOR TO THE TAKING IS ESTIMATED TO BE TO IMPROVE WITH A GOOD QUALITY RANCHETTE RESIDENCE IN KEEPING WITH NEIGHBORHOOD DEMAND. FNe No. 3 966 10 smrawr ro+ner OWNER OF RECORD - ADAMS SAMUELLS GAYLAM pm" DD 4 T smie FL zio cme 2968 0W VER EACH ^ 1 DIAN RI R Le rorc"mt I R Col INT VACANT SUBJECT SITE BELOW THE MIN MUMES ZEJRE QUIIRED WILLBE NE At ZONING NG CODE - HOWEVER , THE COUNTY HAS INDICATED THAT AS A PART OF THE TAKING , THE RIGHT TO UTILIZE THE SUBJECT SITE AS AN INDEPENDENT SITE UNDER THE Al ZONING CODE WILL BE GRANTED AS A PERPETUAL RIGHT TO THE PARCEL. THIS WOULD ALSO INCLUDE THE PROVISION FOR BEING ABLE TO KEEP 5 HORSES ON THE SITE . THERE ARE IMPROVEMENTS WITHIN THE PART TAKEN THAT INCLUDE WSCREEN COMPRISED OF IRE FENCING . LANDSCAPE ATER THE PROPERTY UNDER 66TH AVENUE TREES , ODRAINAGE AVENUE TO ADRAINAGE DITCH ONTHE WEST 5 DEA OFDTHE HSTREE . FR EM HIGHEST ACE OF ALL OFNDHESSE S TEAM ROVEMENTSG THE COSTS OF IMPLEMENTING H USEFTER THE WOULD INCLUDE A PLAN TO SUCHA PLANWOULD BUTORY UE OF THE . THEREFORE THERE SSNE T MATETD TO BIE SOMEHSEVERANCETHE I DAMAGES TLO THE PROPERTSYY DUE TO THE PARTIAL TAKING . HIGHEST AND BEST USE OF THE SUBJECT PROPERTY AS IMPROVED THE OPERTY AS HIGHEST USLY CONTINUED PRESENT USE ASJACRESIDENTIAL RANCHETO EEDAFTER RTAKING TAKING OBV ONG THE HIGHEST AND BEST USE IS SIMILAR EXCEPT AS THE SITE IMPROVEMENTS DISCUSSED ABOVE . THE JUST COMPENSATION IS SUBJECT SITE , THEEESTIMATED DIRECTLY LAND VALUE OF THE PART TAKENCONS CONSIDERED AS A PART O THE WHOLE SITE , CONTRIBUTORY VALUE OF SITE IMPROVEMENTS WITHIN THE TAKING , AND SEVERANCE DAMAGES . LAND VALUE - THE PART TAKEN THE SUBJECT PART TAKEN 19 A STRIP 40 FEET WIDE ALONG THE EAST BOUNDARY ACRE . THUS THE PART TAKEN AS APART OFTTHE WHOLE HAS ANESTIMATED VIALUEOOF CONTAINS .6 $42,798 ROUNDED TO $42 , 800_ SITE IMPROVEMENTS WITHIN THE TAKING PROVE RE TTHE OP STRAND OF BITE IMARBED WIRE ,MTWO PIPEDENTS HDRAINAGE TAKINGIN THE 0 NECTIONS TO THE DI CIH ON THE EAST IS DE OF 66TH AVENUE , AND LANDSCAPING CONSISTING OF TREES AND PLANTS . TREES ARE MIXED AGES CONSISTING MOSTLY OF CABBAGE PALMS , PINES , AND OAKS . THIS WOODED STRAND PROVIDES A NATURAL SCREEN FOR THE. PROPERTY FROM BOTH AVENUE AND INCREASES PRIVACY . CONTRIBUTORY VALUE OF LANDSCAPING IS ESTIMATED BASED SOLELY ON THE EXPERIENCE OF THE EALL TE VALUE . FOR THE SUBJECT THIS WOULD IAPPRAISER TO BE A MAXIMUM OF 15 % OF OV NDICATE A MAXIMUM OF ABOUT $50.000- THE STRANDIOF LAND CAP NG WITHIN THE TAKING WHICH ANGULAR AREA AT THE INCLUDES THE STRIP ALONG THE SUBJECT' S WEST LINE AND A TRIINTERSECTIONS STIMATE TO OF UE LANDSCAPING WHICH IS ESTIMATED O ED AT 60% OR $30 .000, THE TREE COU EPRESENT MORE THAN HALF OF THE TW THIN T ERPARTLTAKEEN - ROUNDEDAMOUNTS TO 100 TREES RY WHICH WHICH IS WITHIN REASONABLE RA GEBASED IONTTHE APPRA SES A IER' SXPPERIENC EF $300 PER TREE THE FENCE THAT IS IN THE AREA OF THE TAKING CONSISTS OF 635 FEET ALONG THE EAST LINE AND AN ADDITIONAL 40 FEET ALONG THE SOUTH LINE AT THE CORNER . BASED ON FENCE COSTS AS INDICATED BY MARSHALL AND SWIFT, A NATIONAL COST INFORMATION SERVICE , SUBJECT FENCE TYPE COSTS $4 PER FOOT TO INSTALL. THUS COST NEW IS ESTIMATED AT 675 FEET TIMES $4 IFT. OR $2,700 . SUBJECTTHE TH SFENCE IS ESTIMATED A TR HAVE DEPRECIATION VAUEO 8 F AT LEAS30% BASED ON OBSERVED CONDITION WITHIN THE TAKE IS LSO 40 FEET OF ODRORAIL SS FENCING THAT IS ESTIMATED TO HAVE A CONTRIBUTORY VALUE OF 50 PER FOOTR $340 THE DRAINAGE CONNECTIONS WITHIN THE TAKING ARE NOT INCLUDED IN THE ESTIMATE OF JUST COMPENSATION . THIS IS BECAUSE THE COUNTY WILL INCLUDE THE UTILITY OF THIS DRAINAGE SYSTEM WITHIN THE ROAD IMPROVEMENTS PLANS SUCH THAT THE FUNCTIONALITY OF THE DRAINAGE AFTER THE TAKING AND IMPROVEMENT OF THE ROAD, WILL BE EQUAL TO OR BETTER THAN THAT EXISTS PRIOR TO THE TAKING . IN SUMMARY THE CONTRIBUTORY VALUE OF SITE IMPROVEMENTS WITHIN THE TAKING 15 ESTIMATED AT $ 32 , 230 WHICH REFLECTS $30 , 000 FOR LANDSCAPING WOODED SCREEN , $ 1 , 890 FOR WIRE FENCING , AND $340 FOR WOOD FENCING , SUMMARY OF JUST COMPENSATION ARMFIELD 8 WAGNER Flo No, i. x +lF� i J eonwxa0++br OWNEROFRECORD - ADAMS SAMUELLBGAYLAM prow Am ws 6600 TH ST �� FL iro cone 32968 am' cnr VERO BEA H cINDI N RIVE Iemerncumi 1 D GOUNTY JT COMPENSAMATED CONSIIDERED ASIA PART OFI THE WHOLE DIRECTLY VALUE PLUS THE CONTRIBUTORY VA UEOF SITE IMPROVEMENTS WITHIN THE TAKING AS SHOWN BELOW E42 , 800 LAND VALUE OF THETAKEN S S32 230 )D GO T IS11TORY VA VALUE n 0 TOTAL ESTIMATED JUST COMPENSATION ARMFIELD & WAGNER File NO. 38956 DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a opmpetitive and Open market under all conditions requisite to a fair sale, Me buyer and seller, each acting onsuffprodelly, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition Is the cyPons(;medon of a sale as of a specified data end the passing of ffile from seller to buyer under conditions where 1 buyer and seller are typically motivated; (2) both Parties are well Informed or well advised, and each acting In what he cOmils made dus his own best interest: (3) a reasonable lime is allowed for exposure in Me open market; (4) payment aynce represents the terms of financial arrangements comperapia Maroon; and (5) the pri of cash in U.S. dollars or m creative financing or sales concessions' granted normal consideaeon for Me property sold unaffected by apodal or c by anyone associated with Me sale. -Adjustments M the comparables must be made for special or creative financing or sales concessions. No adjustments are necessary for Moae costs which are normally paid by sellers as a result of tradition or law In a market ctal or these costs ars readily Identifiable since the seller pays these Posts invirtuallyoY c�omparlsons sales to firmayngs terms Offered creative financing adjustments can be made to the Po - moaable profor transaction. Any adjustment by a third party Institutional lander that is not already Involved In Me Property should mel be calculated on a mechanical dollar far dollar Post of the financing or concessions but Me duller amount of any adjustment should approximate Me markets reaction to the financing or concessions based on Me appraiser's judgment. STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION CONTINGENT AND LIMITING CONDITIONS: The appraisefa carnecatich Mat appears in the appraisal report is subject to the fdlowing conditions: 1 . The appraiser will not be responsible for matters Of a legal nature Mat affect alther the property being appraised or the Mie to it. The appraiser assumes that the title is good and marketable and, therefore. will not antler any opinions about the tltie. The property is appraised on Me basis of It being under responsible ownership, rs 2. The appraiser has provided a sketch In the appraisal report to show approximate dinnommi s Of the add Imantlingothe and the . sketch is included only to assist Me reader of no report in visualizing Me property appraisefa determination of Its size. 3. The appraiser bas examined the available flood maps Met are provided by Me Federal Emergency Management s) and has noted In Me appraisal report whether Me subject site is located in an Agency (or other data source r she rakes no guarantees., identified Spaelal Flood Hazard Area. Because the appraiser Is not a surveyor, he o express or Implied. regarding this determination. 4. The appraiser will not give testimony or appear in court because he or she made an Appolhai Of the property in question, unless specific arrangements to do so have been made beforehandMe . he 5. The appraiser has estimated the Blue of Me The Serpens W1n s pr valuationof g the at Its highest and Past use and t eland and Improvements must not he impmvements at their contributory used in conjunction with any other appabel and are invalid ff they are so used. 6. The appraiser has noted In the 9PPral5al report any adverse conditions (such as, needed repairs, depredation, the presence of hazertlous wastes, toxic substances, eic.) Observed during no inspection of Me subject property or that he or she became aware of during the normal research involved In performing Me appaisel. Unless otherwise stated In the appmtsel raped, the appraiser has no knowledge or any hidden or unapparenl conditions of the property or adverse envlamnemal conditions (includleg the presence of hazardous wastes, toxic substances. etc.) that would make the PrOPIMY more or less valuable, and has assumed that Mere are no such conditions and makes no guarantees or warranties, express IN implied, regarding the condition of Me property. The appraiser will not be asponlble for any such conditions that do exist or for any engineering or testing that might be required M discover whether such conditions exist. Because the appraiser Is not an expert in the too of environmental hazards, Me appaisel report must not be considered as an environmental assessment of the property. J. The apprelser obtained the inforrnetkrr, estimates, and opinions Mal were expressed In the appraisal report from sources not he or she considers to be reliable and believes Mem M los line and Poorest The appalser does not assume responsibility for Me arx:aacy of such items that were furnished by other parties. 8. The appraiser will not disclose the contents of Me appraisal report except ad provided for in Me Uniform Standards of Professional Appraisal Practice. 9. The apealser has based his or her appaisel report end valuation condusion for an OPPoisal Mat Is subject to satisfactory completion, repairs. or sla anshe on the assumption Mel completon of the Improvements will be performed In a workmanlike manner. 10. The appraiser must provide his or her prior written consent before the lender/client specified che in a PPMIS81 report can distitbule the apPrelsai report (including conclusions ahold the Properly value, Ideality and profaealonel designations, and references to any patesslonal appraisal organizations or the flim with which the appraiser is associated) to anyone ether than the borroweC the mortgagee or he succesaam and assigns: Me mortgage Insurer; consufter- W professional appaisel organizations: any state Or fedeally approved financial institution; or any department, agency. or Instrumentality of the United States or any state or MeUled ctt of Columbiaa colection or a repoexct rting the lenderldient may distribute the property deecdpction tion seof thOnly e report Ys written consent and sersde(s) without having M obtain the appraisers Prior written cement. The eppaise approval must alas be obtained before the appraised can be conveyed by anyone to the Pudic through advertising, public relations, news, ease. or other machl. Freddie Moo Form 439 6-B3 Page 1 of 2 Fannie Mae Form 1004B 693 File No. 38956 APPRAISERIS CERTIFICATION: The Appraiser certifies and agrees that imum of three meant OF er mast 1 , I have researched the subject id prof area for consideratiove n in athe nsa�s comparison analysis s and phave msmade a similar and proximate to Me subject property if a dotter adjustment when approFnate t reflect the market reaction to those items Of signlfirant vacation have made signifiCeOt Nem in a comparable property is superior to, or more favorable than, the subject Prop rty. comparable ark. 'rf a significant It a negative adjustment t III Me adjusted sales once of WE eincrease e Item in a cOe property Is i himor to, or less favorable than the subject property, I have made a positive adjustment to ese the adjusted sales price of the cOMPamble. 2. 1 have taken int considemtiOrt Me factions Mat have an Impact on value in my development of me estimate of market value in Me appraisal report I have not knowingly wimheld any significant in formefion from the aPPmisal ration and I believe, in the best of my knowedge, that all atatemanis and Information In the appraisal report are mile and correct. 3. 1 stated In the appraisal report only my own personal, unbiased. and professional analysis, opinions, and '.. conclusions, which are subject only In Me contingent and limiting conditions specified in MIs form. 4. I have no present or prospective interest in Me property that is Me subject to this report, and I have no present or prospective personal interest or bias with respect t the perfidpams in me hamaasal l report on me rete color,did 'rot base, either partially or completely, my analyses anmor the estimate of market value in the apprair religion, sex, handicap, familial stems, or national originof either Me pmsPEI Owners IX Oa4LPanLS of the s11 b1eL1 property or Of Me Present owners Or occupants of the pfoperties in the vicinity of the subject property. 5. 1 have no present or contemplated Were interest in Me subject property, and neither my current or Wltie employment nor my compena llon for pertrming this appraisal Is comma ent an me apprelsad value of Me property 6. I was not required to report a predetermined value or direction in value that favors marc usthe p f then a ofWe r any railed party. the amount of the value estimate, me attainment of a specific result, compensation andI employment for performing the appmisai, I did not subsequent event in order to receive my base the appraisal report an a requested minimum value lion, a specific valuation, or me need t approve a specific mortgage loan. T. 1 pertorroed miss appraisal In coMmmity with the Uritim Standards of Professional Appraisal Practice that were adopted and promulgated by Me Appraisal Standards Bland of The APPIEI FOundallOn and that were in Plea Qoes of lM1e Effective date of this as appraisal, what Me exception of the departure provision of Mose Standards, not apply. I acknowledge that an astlmals of a reasonable time for exposure in the open market le a condition In Me tlefinlgon of market value and the estimate I developed Is consistent wim Me marksIng time noted In Me nelghborhaod section of this report, unless 1 have otherwise stated in the reconcitiedon section. e. I have personally Inspected Me Interior and exterior areas of the subject property and Me extemor Of all Properties failed as comperables in Me appralsal report. I further cerfify Mal I have noted any apparent or known adverse candidness in the subject Improvements. an Me subject aIle, or on any site within Meimmediate vic ty Ofs e subject property of which I am aware and have made adjustments for these adverse cOddMOns in my Me property value to Me extent Mat I had market Evidence to support Mem. I have also commented about WE effeU of the adverse conditions on Me marksesepity, of the subject property_ B. 1 personally prepared all conclusions and opinions about Me real "late that were set With In the appraissal repof `he rform If I reified on sassistance lgrificent professional from any Individual or Individuals in the pe report, 1 have named such individual(s) and disclosed the spedflc tasks appraiser or Me preparation of ma ePPmrsal pertormed by themthe reconciliation section of WE appraisal report. tartly that nem ny individual ED �eretres qualified t Pedo^n the seeks. have not authorized anyone to make a change ro any clan unauttronzed change is made to the appraisal report, I will take no responsibility for It. SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed pro appraisal aced he or appraisal she he certlfies and a9reas met: I dini superyort, ise the appraiser who prepared Me appraisal rep report, agree with the statements end conclusions; of the app shear, agate t be bound by the appraiser's codifications numbered 4 through ] above, and am taking full responsibility to appraisal and the appraisal report ADDRESS OF PROPERTY APPRAISED: 66004TH ST VERO BEACH FL 32968 APPRAISER: `�(r /� SUPERVISORY APPRAISER (only If required): StgnaNre' SigndWre: Name: Name: PETER D. ARMFIELO Date signal Daresgned: MARCH6 2006 State CeMfinalion #: sultaeedi4cation #_ STCERTGENREAft000D524 or state License V. or State L'x:ense #. state' Slate: FL Expiration Date of Gaif or License: Expimtlon Date of CedRaUon or Liconse: '1113012006 D Old � d Not Nol aspect Property Freddie Mae Form 439 6'93 Pa13e 2 ort Fannie Mae Form 10068 6-93 m e s r � u f o � i m t� o a d � , 0 a y ¢ - = 4 Z - -.t L OQ r O ° g 6 $ > aOL q File No 69$6 SITE FLAN eononeraroxnar OWNER OF RECORD - ADAMS SAMUEL L & GAYLA M pmpeM1Y Aaareea 66004THST daze FL 24 Cotle 32968 cnr VERO BEACH Counb INDIAN RIVER Lemeror Cm,t IND) N RIVE COUNTY s I � 00001 ' I -- v� 0006 00 .1 OgO 0080 1 0000200 00003.0 2041 AC " c 9;77 AC 8.13 AC 000080 _ 00006A I 270 _< m 4.48 AC oaooi tide r ooeo � 0000a.o 1b4 AC it fiA11fi . • . . , . r 1 Pu 2 I'f tp Y ILL Mf L �t w. .FI , M l e f `VIVS d J ICYL . . . 11 4 _ fY r � d• S:.sy t , Olt . • . lr t �A PI f T' �1 1 P, : fjr ILI Y . , .,. ,I, < : ` dd4' P lq 61 LL i '5 0*; a7s ' p .�4� '� �ty x . . , , • f�i II, Y �� , H'1kM ...a. . ^ 'a ; re - IL ,:F I'LL sILI . ILL IL +"+P"' •4 ,f LW'F ' ivy~ x'�, -I' S Flew 6 PHOTOGRAPH ADDENDUM O)mmrp • RECORD - ADAMS, ' 66004THS 32968 VERO BEACH co 0 • I DIANRIVERCOUNTY 6600 4TH ST �� xx INTERIOR � i.. J y � J � �� • lg 7 �. f _k 1F'