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HomeMy WebLinkAboutLetter5TRALBAN6 August 9tt', 2007 David Wilson VIA EMAIL Re: Dear David: CUSTOMER AUTHORIZATION LETTER Appraisal report for seven lots containing a combined 53,000SF located throughout the City of Miami, including the value for two completed single family residences located at 1275 NW 58TH Street ancl 1283 NW 58TH Terrace in Miami, Florida. This will confirm your authorization for TotalBank (the °Bank") to order an appraisal of the above referenced real properties, in the following terms and conditions: The Bank will order an appraisal to be made of the subject premises by a State -Certified general appraiser or a State -Certified residential appraiser, whom the Bank believes to be qualified to render such an appraisal. However, the Bank does not warrant or guarantee the qualifications of the appraiser so selected or that the appraisal report rendered by the appraiser, or the appraiser's estimate of value contained therein, will be found to be acceptable by the Bank. Acceptance of the appraisal or the appraiser's estimate of value by the Bank, or the 3atik's revision of the appraisers estimate of value does not necessarily mean that the loan or other extension of credit that you applied for will be approved by the Bank. 2. The Appraisal report will be addressed to the Bank and will constitute the Bank's properly when received. You will be provided with a copy of the report at that time, If the Bank accepts the appraisal report but the loan or extension of credit you applied for is not approved, the Bank will relinquish its ownership of the appraisal report to you and deliver the balance of any copies to you. On the other hand, if the appraisal report is not accepted by the Bank -whether or not your loan or extension of credit is ultimately approved-- the Bank will relinquish its ownership of the appraisal report to you, deliver the balance of any copies to you and either return the appraisal fee to you or apply it to a new, acceptable appraisal obtained with your approval. 3. The fee for the appraisal will be $1,950.00, and is to be remitted to the Bank by you with fhe return of a copy of this letter indicating your acceptance of the terms hereof. The fee will be held in escrow by the Bank and will not be disbursed to fhe appraiser unless and until the appraisal report is found to comply with applicable law and appraisal standards, as indicated under paragraph below. 4. The appraisal report must comply with the Real Estate Appraisal Regulation of the U.S. Comptroller of the Currency. 12 C.F.R. 34 44(a), and the provisions of the Uniform Standards of Professional Appraisal Practice Applicable to Federally Related Transactions excerpted in Appendix A to 12 C.F.R. Part 34, as well as the terns of the Bank's engagement letter with the appraiser --all as determined by the Bank's internal review appraiser or a designated tending officer--. The review may result in acceptance of the report, rejection of the report or modification of the report, including revision, up or down, of the appraiser's estimate of value of the subject premises. 5. The appraisaf report of the subject premises is due one week from the date of engagement. 6. You agree to grant the appraiser prompt access to the subjeel premises for purposes of inspection and to make yourself readily available to the appraiser to answer any questions concerning the property. 7. The appraisal report will be done by: Southeast Appraisers, Inc. Rene Iglesias (305) 567-2707 If the foregoing is acceptable to you, please indicate your agreement with the terms of this letter by signing in the space provided below returning it along with a check for the aforementioned $1,950.00 fee payable to TotalBank at the address listed below: TOTALBArIK 2720 Coral Way 4`" Floor Miami, Florida 33145 Attn: Gabriel Castro, Vice President abriel Castro Vice -President ACCEPTED AND AGREED THIS BORROWER: RERG Development, LLC B-y: David Wilson, Managing Member , day of, , 2007. 2 of?