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HomeMy WebLinkAboutExhibit AMembers of the Housing and Commercial Loan Committee From: Victor Turner vu+.L_ Department of Housing and Community Development Date: February 25, 2025 Subject: Grove Prosperity Partners, LLC Reference: Grand Bahamas Place Enclosures: BORROWER AND PROJECT TEAM: Grove Prosperity Partners, LLC is a Florida limited liability company created for the development of the project (or the "Borrower"). Collective Empowerment Group ("CEG"), Prospera Real Estate Collective, and Believers of Authority ("BOA") will serve as development partners. Prospera Real Estate will serve as the managing partner. BOA will participate in this development as Limited Partner. Grand Bahamas Place will be assembled from three properties: 3659 Grand Ave, 3655 Grand Ave, and 3650 Florida Ave in Coconut Grove in District 2. BOA owns 3650 Florida Ave, and 3655 Grand Ave and will contribute these lots to the Borrower entity. 3659 Grand Ave is under a Sales and Purchase Agreement between BOA (Buyer) and Stirrup Properties Inc. (Seller). BOA, in the heart of Grove Area, was founded in 1995 by Apostle Dr. John H. Chambers III and is a staple of the community with a ministry dedicated serving all people in the spirit of excellence. It operates as a prophetic deliverance ministry, whose mission is to win souls, train leaders to spread the Gospel, inspire and motivate young and elderly people and promote health. CEG is a 501©(3),509(a)(2) not -for -profit organization dedicated to increasing the public's access to educational, and economic development opportunities, credit counseling services, homebuyer training and enhancing fairness in lending practices. Founded in 2023, Prospera Real Estate Collective is a privately held real estate development company that has distinguished itself by compiling a track record of achievements in implementing residential, retail, office, institutional and transformed mixed -use projects. Ellen C. Buckley is the Founder and CEO of Prospera. Over the past two decades, she has led the execution of major projects totaling approximately $16 billion in real estate value in a full spectrum of asset classes, including multifamily workforce housing, mixed use, luxury residential, hospitality, retail, industrial, education, adaptive reuse and master planned communities throughout the Midwest, Northeast, Southeastern US and Asia. CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM PROJECT Grand Bahamas Place, which will be located at 3655-3659 Grand Ave and 3650 Florida Ave, will be a new mixed -use condo development. The project will consist of two buildings: building #1 will have 5 floors and 56 micro -condo units and building #2 will have two floors, including a religious multi -purpose space. There will be 2,950 sq. ft. of ground floor space used for retail and with another 4,000 sq. ft. used by the church. The 56 micro -condo homeownership units will be set aside for families earning up to 80% of AMI with sales prices ranging from $305,000 and $405,000. Of the condo units, (8) units will be 400 sq. ft (lbed/lbath); (8) units will be 407 sq. ft (lbed/1.5 bath); (24) units at 424 sq. ft (lbed/1.5bath); (8) units at 527 sq. ft (2-bed/lbath); and (8) units at 650 sq. ft. (2-bed/1.5 bath). BACKGROUND AND BORROWER REQUEST On February 25, 2019, the Housing & Commercial Loan Committee ("Department") issued a Request for Proposals ("RFP") in HOME Investment Partnerships Program ("HOME") funds; Community Development Block Grant ("CDBG") funds; State Housing Initiatives Partnership Program ("SHIP") funds; Affordable Housing Trust Funds ("AHTF") funds; and Miami Forever General Obligation Bonds ("GOB") for the construction and rehabilitation financing of multifamily rental housing projects. On November 19, 2024, the Developer submitted a request for gap funding in the amount of $4,200,000 for the development of Grand Bahamas Place affordable homeownership project for families earning up to 80% AMI. DEPARTMENTAL RECOMMENDATION The Department recommends the allocation of up to $4,210,0000 in Miami Forever Bonds ("GOB") funds to Grove Prosperity Partners LLC for the development of Grand Bahamas Place project. The following loan terms and conditions shall apply: 1. Use of Funds: City funds will be used for the land acquisition up to $2.2M and the remaining balance will be used for construction hard and soft costs. The land acquisition is contingent on the City receiving an appraisal acceptable to the Dept. of Housing Director for 3659 Grand Ave. 2. City Assisted Units: 56 homeownership project units shall be assisted with GOB funds for the low-income households with up to 80% AMI. 3. Eligible Buyers: (56) units will be reserved for households whose income is less than or equal to 80% of the area median income (AMI) adjusted for family size, and other Grove Prosperity Partners, LLC: Grand Bahamas Place February 25, 2025 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM conditions found in City of Miami's First -Time Homebuyer Program Guidelines (or "FTHBP"), see attached. 4. GOB Funding approval. The GOB funding allocation is subject to City of Miami Commission approval. 5. Affordability Period: an affordability period of 30 years will apply commencing from the date each homebuyer closes on their purchase of their home. 6. Loan Repayment & Interest Rate Terms: the loan will bear zero percent (0%) interest during the project construction period. Once construction is complete (and a Cert. of Completion is received), the $10,000 portion of the loan for City -incurred costs will be automatically forgiven, with the remaining $4,200,000 of the construction/acquisition loan converted into permanent first-time homebuyer loans amongst the (56) homeownership units as identified by the Developer in a proportion up to the needs of the buyers but not exceeding the FTHBP guidelines per unit levels of $82,638 (for a one -bedroom); and $100,490 (for a two - bedroom), or any higher guidelines as may be in place at the time of conveyance to each homebuyer. Each homebuyer will then take on a portion of the original acquisition/construction loan as a 2nd mortgage; at a minimum, each homebuyer's 2nd mortgage will be $75,000. Any excess beyond each $75,000 2nd mortgage needed for Downpayment Assistance will be derived from the Department's general Downpayment Assistance program (as available) not the GOB funds. Each 2nd mortgage will carry zero percent (0%) interest and will be non - amortizing. Each 2nd mortgage will be a deferred payment 30-year loan whose principal will be forgiven at the end of maturity provided that the homeowner resides in the condominium unit as their primary residence. Each homebuyer will have to comply with the complete City of Miami FTHBP guidelines. 7. Draw Disbursements: acquisition component: the City shall pay up to $2.2M of the GOB loan funds at closing for the sole acquisition of the pending property (3659 Grand Ave). Construction component: from the remaining GOB funds, the City shall not fund any draw request in an amount that exceeds the City's initial contribution percentage of the entire development cost of the project. 8. City Incurred Costs: Borrower understands and agrees that $10,000 of the GOB funds may be used by the City to cover costs incurred by the City on behalf of the project. 9. Increase in Project Costs: If the project costs increase ten percent (10%) or more of the original budget, and the Borrower is not able to secure additional funding within 60 days before the project commencement, the project will be subject to recommendation to the Housing and Commercial Loan Committee for de -obligation of the project funding. 10. Retainage(s): Five percent (5%) of each construction draw request will be retained until the City has received as part of the close-out, at the Borrower's sole cost, a Final Cost Certification prepared by an independent certified public accountant, both in form and substance acceptable to the City. 11. Commitment Fee: There will be a $5,000 commitment fee. 12. Eligible Project Costs: Eligible project costs will be effective from the date of environmental clearance. Grove Prosperity Partners, LLC: Grand Bahamas Place February 25, 2025 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM 13. Reporting Compliance: Borrower is subject to compliance reporting requirements in the process of construction and during the affordability period. 14. Development Benchmarks/Scope of Work: The project shall: (a) commence construction within six (6) months from the Effective Date['1 of the contract; (b) obtain all certificates of occupancy required for the project within 18 months from the Effective Date; and (c) have all project units rented within 12 months after the issuance of project's certificate(s) of occupancy, but in no event later than 36 months from the Effective Date. 15. Insurance Requirements: Borrower shall obtain and furnish evidence of insurance coverage as the City may require in connection with the Project. 16. Affirmative Marketing Plan: Borrower shall provide an Affirmative Marketing Plan using HUD's approved form and report to the City annually on all actions taken to comply with said plan. Borrower shall comply with the requirements of the affordable housing notice to City Officials Ordinance #13491. 17. Resident Preference: The project shall comply with the requirements of the City of Miami Ordinance 13645, Resident Preference. 18. Project Signage: Borrower shall furnish signage identifying the Project and shall acknowledge the contribution of the City by incorporating the seal of the City and the names of the City commissioners and officials in all documents, literature, pamphlets, advertisements, and signage, permanent or otherwise. All such acknowledgments shall be in a form acceptable to the City and its costs should be covered under the City Incurred Cost line item. 19. De -obligation of Funds: The City may at its sole discretion de -obligate the funding approved herein, if by no later than six (6) months from the date of approval of the City funds, the Borrower has failed to close on all funding commitments represented herein. 20. Discretionary Action by Administration: Staff shall have the discretion to approve and, by way of Memorandum, authorize the City Manager to execute any and all documents needed to further the Project Completion, provided, however, that the lien position nor the project terms are not materially affected. Due to the realities of financing affordable housing developments, the total dollar amount of this development's senior debt is subject to change. Please be advised that so long as the dollar amount of the senior debt, as listed herein, does not increase more than 9.99%, then such changes will be deemed approved by the City of Miami's ("City") Housing and Commercial Loan Committee even if such change negatively impacts the City's mortgage's lien priority. 21. Project Default: If the City determines that the project is in default, the following conditions will apply: • The highest interest rate available under the law will be applicable for the funds disbursed from date of disbursement. • The Restrictive Covenant will remain as a restriction on the Project property throughout the Affordability Period; and 111 The "Effective Date" is the date on which the contract has been signed by the City Manager and attested to by the City Clerk. Grove Prosperity Partners, LLC: Grand Bahamas Place February 25, 2025 Approved as Recommended by Staff To Include Additional Conditions or Restrictions Disapproved To Include Further Action Specify any further action, conditions or restrictions: CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM The borrower, project developer, managing partner(s) of the borrower and/or other individuals, principals and/or other entities as determined by the City will be debarred from receiving any City funding for a period of five (5) years. HOUSING AND COMMERCIAL LOAN COMMITTEE DECISION: Yes 'No I WA n Yes ❑ No [ N/A ❑ Yes ❑ No /A ❑ Yes ❑ No ® N/A ❑ ---:-JU I Chairperson or Rep HOUSING & COMMERCIAL LOAN COMMITTEE FEB 2 5 2024 APPROVED Grove Prosperity Partners, LLC: Grand Bahamas Place February 25, 2025 vi GROVE PROSPERITY PARNTERS, LLC Project Analysis: Grand Bahamas Place Market Risk According to the City of Miami's 2014-2018 Consolidated Plan, city residents have not been able to keep up with the increasing high cost of living in the Miami area, as such 67% of city residents fit the low -to -moderate income category and nearly half of city households (46%) are cost -burdened. The 56 micro -condo homeownership units will be set aside for families earning up to 80% of AMI with sales prices ranging from $305,000 and $405,000. Of the condo units, (8) units will be 400 sq. ft (lbed/lbath); (8) units will be 407 sq. ft (lbed/1.5 bath); (24) units at 424 sq. ft (lbed/1.5bath); (8) units at 527 sq. ft (2-bed/lbath); and (8) units at 650 sq. ft. (2-bed/1.5 bath). There will be 2,950 sq. ft. of ground floor space used for retail and with another 4,000 sq. ft. used by the church. The construction of this affordable homeownership project will help to create more homeownership opportunities and will contribute to the revitalization and stabilization of the area, which has been a priority redevelopment area for the City of Miami. Borrower Risk Grove Prosperity Partners, LLC, is a Florida limited liability company created for the development of the project (or the "Borrower"). Collective Empowerment Group ("CEG"), Prospera Real Estate Collective, and Believers of Authority ("BOA") will be partners in this project; Prospera Real Estate will serve as the managing member. BOA will participate in this development as Limited Partners. Project Risk Grand Bahamas Place, which will be located at 3655-3659 Grand Ave and 3650 Florida Ave, will be a new mixed -use condo development. The project will consist of two buildings: building #1 will have 5 floors and 56 micro -condo units and building #2 will have two floors, including a religious multi -purpose space. There will be 2,950 sq. ft. of ground floor space used for retail and with another 4,000 sq. ft. used by the church. All 56 units will include Energy Star appliances including dishwasher, refrigerator/freezer, microwave oven with hood vent, stove with 4 burner cooktop and conventional/convection oven and dishwasher. Each unit will have energy -efficient central air conditioning plus resilient tile flooring. Impact -resistant windows and sliding glass doors that open onto terraces with reinforced metal terrace enclosures will also be included. The borrower has provided the following financial structure: $14,947,920 (First Mortgage loan); $4,200,000 (City of Miami -General Bond Funding); $2,132.723 (investor equity). Total development cost of the project is $21,267,643. Based on the borrower's financial information the project is viable. Grove Prosperity Partners, LLC-Grand Bahamas Place Acquisition/Relocation Risk On February 25, 2019, the City of Miami issued a Request for Proposals ("RFP") inviting qualified private real estate developers to propose developments of Affordable/Workforce rental housing in the City of Miami. The goal of this application process is for the City of Miami to establish an Affordable Housing Development Pipeline intended to address the affordable housing needs. Grand Bahamas Place will be assembled from three properties: 3659 Grand Ave, 3655 Grand Ave, and 3650 Florida Ave in Coconut Grove in District 2. BOA owns 3650 Florida Ave, and 3655 Grand Ave and will contribute these lots to the Borrower entity. 3659 Grand Ave is under a Sales and Purchase Agreement between BOA (Buyer) and Stirrup Properties Inc. (Seller). Portfolio Risk The project is in the City of Miami, District 2. The owner of the project is Grand Bahamas Partners, LLC. Project addresses objectives within the City of Miami's Consolidated Plan. The proposed development is for individuals and families with a gross annual income up to seventy (80%) percent AMI adjusted for family size. The City of Miami GOB funding will be used for development cost (hard costs and soft costs) and acquisition costs. The project will yield 56 City - assisted Units. The project has a 30-year Affordability Period. The City's total average investment per unit is approximately $75,000. Development Budget: Land $2,850,000 Hard Cost $12,218,875 Soft Cost $6,198,768 Total Development Cost: $21,267,643 See attached the Budget - Cost Allocation. Grove Prosperity Partners, LLC-Grand Bahamas Place Project Information: Project Location: 3659 Grand Ave, 3655 Grand Ave, and 3650 Florida Ave Lot Area: 18,500 sq. ft. Number of Units: 56 Type of Unit: 8 units: 1 bed/1 bath: 400 sq. ft. 8 units: 1 bed/1 bath: 407 sq. ft. 24 units: 1 bed/1 bath: 424 sq. ft. 8 units: 2 bed/1 bath: 527 sq. ft. 8 units: 2 bed/1.5 bath: 650 sq. ft. Commercial Space: 2,950 sq. ft. Religious/Community Space: 4,000 sq. ft. Amenities: Project will provide 9 covered ground -level parking spaces, primarily for use by occupants and visitors of the proposed retail space. Project is located on Grand Avenue, a public bus/trolley transit corridor and is less than one block away from Douglas Rd. Building will be secured with locked impact glass entrance doors to the building lobby. Units will also have impact -resistant windows and energy efficient central air conditioning. Eco-friendly construction will be maximized as the project will seek Silver LEED Certification or equivalent in compliance with code requirements. Collateral Subordination: 1st Position- (Banesco or Florida Loan Community Loan Fund)/First Mortgage Loan in the amount of $14,947,920 2nd Position: GOB City of Miami in the amount of $4,210,000 3rd Position: Private equity investment in the amount of $2,109,723 Grove Prosperity Partners, LLC-Grand Bahamas Place Project Feasibility: MODEL UNITS Descripti on A/ C SF Sales Price (per SF) Total Sales Price Revenue A 8 1 BR/1 BA 400 $ 763 $305,000 $2,440,000 B 8 1 BR/1.5 BA 407 $ 774 $315,000 $2,520,000 C 24 1 BR/1.5 BA 424 $ 778 $330,000 $7,920,000 D 8 2 BR/1 BA 527 $ 721 $380,000 $3,040,000 E 8 2 BR/1.5 BA 650 $ 623 $405,000 $3,240,000 Totals/Avg 56 26,048 $ 732 $342,143 $19,160,000 # Units Type of Bedrooms GOB Funds invested per unit Total Funds Invested 56 1 and 2 $75,178.57 $4,210,000 Grove Prosperity Partners, LLC-Grand Bahamas Place ORGANIZATION CHART Grove Prosperity Partners LLC Joint Venture Development Entity Collective Empowerment Group (CEG) Development Partner REV. DR. JOAQUIN WILLIS CEO ANTONIO PRADO Executive Director BERNARD PHANORD Assoc. Executive Director 11 PROSPERA Rea Estate Collective Development Partner ELLEN BUCKLEY Founder & CEO Believers of Authority ( BOA) Non -for -profit church partner APOSTLE DR. JOHN CHAMBERS Senior Pastor Attachment xi. El Prospera ■ BOA ■ CEG JOINT VENTURE AGREEMENT of Grove Prosperity Partners, LLC ("GPP") This Joint Venture Agreement (the "Agreement") is entered into this 28th day of June , 2024, by and between Believers of Authority Ministries, Inc. ("BOA"), a Florida nonprofit corporation, Collective Empowerment Group of South Florida, Inc. ("CEG"), a Florida nonprofit corporation, and PROSPERA Real Estate Collective, LLC ("PROSPERA"), a Delaware Limited Liability company. BOA, CEG, and PROSPERA hereinafter sometimes referred to individually as a "Party" and collectively as "Parties." NOW, THEREFORE, in consideration of tangible and valuable consideration of money and services already exchanged between the parties, and to be further exchanged, as described below, the Parties hereby agree as follows: 1. Terms of this Agreement. a) This Agreement is intended to describe the principal business terms between the Parties. b) The Parties intend to collaborate in the development of a mixed use project (the "Project") on the following properties: • Folio: 01-4121-007-3910 (3659 Grand Avenue) - currently owned by BOA • Folio: 01-4121-007-3910 (3650 Florida Avenue) — currently owned by BOA • Folio: 01-4121-007-3970 (3659 Grand Avenue) - currently subject to a Vacant Land Contract wherein BOA is the Buyer and CEG has advanced a $100,000 escrow deposit on behalf of BOA (the "Stirrup" contract). c) The Project is further described under certain financial proformas, as revised and amended by the Parties, all of which are acknowledged by the Parties to have been received and reviewed by them. d) PROSPERA will act, for all purposes, as the Project Manager (the "Manager"), until further agreed in writing by all the Parties. 2. Contributions to the Project by the parties to this Agreement. a) BOA will contribute its two properties, as described above, and will assign its rights under the Stirrup contract. The Parties hereto further agree that all properties subject to this Agreement may be assigned to GPP, as may be appropriate and required. b) CEG will receive, in due time, the return of its escrow deposit under the Stirrup contract, and will continue to provide any further support needed to promote all human and economic development aspects of the Project. c) PROSPERA will be responsible for the coordination, negotiation, and management of all permitting, financing, and development functions required by the Project. 1 3. Distribution of benefits and profits. a) BOA will receive the following, as cash, financing, and other proceeds of the Project may allow it: • $650,000 as a cash distribution, in consideration of its contribution of land value • Approximately 4,000 Gross SF of building spaces, for church, community and/or other uses, free and clear of any debt or costs • Any additional benefits to be further agreed in the future, after written agreement by the Parties b) CEG will receive the following, as cash, financing, and other proceeds of the Project may allow it: • A portion of the Project Management Fee shown in the financial proforma, in an amount to be agreed in writing by the parties at a later date • Any additional benefits to be further agreed in the future, after written agreement by the Parties c) PROSPERA will receive the following benefits; • The Project Management Fee shown in the financial proforma, minus any portion to be allocated to CEG • Any additional benefits to be further agreed in the future, after written agreement by the Parties 4. Capital Contributions, Distributions, Management of Funds and Operations. a) All these activities and functions shall be carried out by the Manager, under its sole discretion and authority b) The Manager is hereby expressly authorized to execute any legal, financial, and other documents on behalf of GPP. 5. Amendments and Modifications. This Agreement may be further amended or modified, by written agreement of all the Parties. (SIGNATURES ON THE FOLLOWING PAGE) 2 Docusign Envelope ID: 639522B9-0AD6-4E45-9195-2922DA5DB1B0 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized representatives, as set forth below. Believers of Authority Ministries, Inc. Collective Empowerment Group Of South Florida, Inc. — DocuSigned by: 1LJ122 Chambers Senior Pastor PROSPERA Real Estate Collective, LLC By: Ellen C. Buckley Managing Member 3 By: Antonio Prado Executive Director City of Miami - Department of Community Development COST ALLOCATION REPORT Financing Sources: Specify Name Total Project % City GOB First Mortgage Loan Other: Other: Other: Equity Investment Land Acquisition 2,850,000 13% 2,200,000 650,000 Hard Costs 11,327,500 1,100,000 10,227,500 Construction (incl. Site work) 53% Construction contingency 567,375 3% 392,375 175,000 Construction: Concrete/Soil Test* 0% Appliances* 0% Construction Supervision 324,000 2% 100,000 224,000 Total Hard Costs 12,218,875 57% 1,200,000 10,843,875 175,000 Soft Costs 875,000 540,000 35,000 300,000 Arch Design, Civil Engineering 4% Impact & School Fees 178,723 1% 100,000 78,723 Permits / Fees 178,723 1% 100,000 78,723 Legal 225,000 1% - 75,000 150,000 Licenses / Environmental / Util Fees 35,000 0% 35,000 - Appraisal / Surveys 25,000 0% 25,000 - Insurance: Construction Period 389,210 2% - 389,210 - Marketing / Advertising 25,000 0% - 25,000 Loan Closing / Financing Fees 628,269 3% 628,269 Interest / Carrying Costs 1,713,248 8% 1,713,248 Title Insurance & Recording* 0% Taxes 114,000 1% - 114,000 Construction Acctg* 0% For Use by City: City incurred costs 10,000 0% 10,000 Developer's Fees & Overhead 1,425,277 7% - 1,224,000 201,277 Soft Cost Contingency 376,318 2% - 39,318 337,000 Total Soft Costs 6,198,768 29% 810,000 4,104,045 - - - 1,284,723 Total Project Cost 21,267,643 100% 4,210,000 14,947,920 - - - 2,109,723 100.0% Percent of City Funding to TDC Total Units Number of City Units Percent of City Units to Total Units City Subsidy Per Assisted Unit 19.8% 20% 56 56 1 75,179 70.3% 9.9% Total Square Footage 47,500 Total Cost per S/F 447.74 Total Livable Area 26,080 Total Livable Area of City Assisted Units Percent of City Area to Total Grand Bahamas Place, Coconut Grove, FL Sources & Uses 2/18/2025 FML/First Developer Sources and Uses Costs Mortgage Loan Mezz Equity Equity LAND COST $ 2,850,000 $ 2,200,000 $ 650,000 SITEWORK/off Site $ 350,000 $ 350,000 SITEWORK/ on Site (incl parking) $ 290,000 $ 290,000 SOFT COSTS $ 2,423,555 $ 530,109 $ 810,000 $ 1,083,446 HARD COST $ 10,111,500 $ 9,551,500 $ 560,000 HARD COST CBE EST $ 900,000 $ 900,000 HC Contingency $ 567,375 $ 392,375 $ 175,000 Loan Closing Costs $ 628,269 $ 628,269 Interest Reserve $ 1,715,297 $ 1,715,297 Project Managment Fee $ 1,431,647 $ 1,230,370 $ 201,277 TOTAL $ 21,267,643 $ 14,947,920 $ 4,210,000 $ 2,109,723 LTC 100% 70.3% 19.8% 9.9% (1) FML = First Mortgage Construction Loan (70.3% LTC) (2) MEZZ = City of Miami COB (19.8% of Total Project Cost) (3) Developer Equity = Owner/Developer Equity (4) Construction Hard Cost = 43,500 Gross SF at $225/SF PROJECT: Grand Bahamas Place Construction Financing Sources Sources Developer Equity City of Miami Bond Program Construction Loan % of TDC Amount 9.9% $ 2,109,723 19.8% $ 4,210,000 70.3% $ 14,947,920 Total Sources: 100.0% $ 21,267,643 Permanent Financing Sources Secured Sources % of Total Homebuyer Financing Amount Buyer First Mortgage Lender 33.2% $ 6,354,000 City of Miami GOB program (30-year forgivable mortgage) 22.0% $ 4,210,000 MDEAT Down Payment Assistance 8.3% $ 1,596,000 PHCD Downpayment Assistance ($35k; no repayment conditions) 10.2% $ 1,960,000 PHCD Downpayment Assistance ($80-100k) 26.3% $ 5,040,000 Total Secured Sources Buyer Financing: * 100.0% $ 19,160,000 Commercial Space Market Value $ 2,065,000 Total Secured Sources: $ 21,225,000 Development Gap/Unsecured Sources & Grants: $ 42,643 Total Permanent Financing Sources $ 21,267,643 Buyer Profile Mortage Calculation Grand Bahamas Place - Model A Profession: White Collar -1 F/T 1 person Annual Salary Purchase Price Closing Costs Comments $ 55,650 70% AMI Level (1 person)* $ 305,000 for lbed/lbath unit $ 5,000 Estimated for Recording Fees, Legal, Title, etc. Total Purchase Price Down Payment Assistance City of Miami Assistance City of Miami - Additional Down Payment Assistance MDEAT Down Payment Assistance PHCD Down Payment Assistance PHCD Down Payment Assistance $ 310,000 (75,000) 30 year forgivable mortgage if not sold prior to 30-year term (7,638) 30 year forgivable mortgage if not sold prior to 30-year term, up to $82,638 for 1 bedroom unit (28,500) (35,000) (no re -payment; check conditions) (90,000) based on income level and qualifications (ranges from $80,000- $100,000); requires monthly payment Total Downpayment Assistance $ (236,138) Mortgage Amount $ 73,862 Term at 30 years Interest at 5.25% Monthly Mortgage Payment (408) (300) $300 monthly for the PHCD (450) taxes (per online tax estimator, inclusive of homestead deduction) (200)insurance (50) HOA common area Total Monthly Payment Total Annual Mortgage Payment Annual Mortgage Payment as % of Income PCHD Salary to Mortgage Ratio Requirement: Meets Income Test (Y/N) (16,894) 30.4% 40.0% Ratio required by County Y *Note: This is representative of one possible buyer profile for this unit type that meets the income test and parameters put forth by the City of Miami and Miami - Dade County sources for homebuyer assistance. Buyer Profile Mortage Calculation Grand Bahamas Place - Model B Profession: White Collar -1 F/T 2 persons Annual Salary Purchase Price Closing Costs Comments $ 63,560 70% AMI Level (2 persons) $ 315,000 for lbed/1.5 bath unit $ 5,000 Estimated for Recording Fees, Legal, Title, etc. Total Purchase Price Down Payment Assistance City of Miami Assistance City of Miami - Additional Down Payment Assistance MDEAT Down Payment Assistance PHCD Down Payment Assistance PHCD Down Payment Assistance $ 320,000 (75,000) 30 year forgivable mortgage if not sold prior to 30-year term (7,638) 30 year forgivable mortgage if not sold prior to 30-year term, up to $82,638 for 1 bedroom unit (28,500) (35,000) (no re -payment; check conditions) (90,000) based on income level and qualifications (ranges from $80,000- $100,000); requires monthly payment Total Downpayment Assistance $ (236,138) Mortgage Amount $ 83,862 Term at 30 years Interest at 5.25% Monthly Mortgage Payment (463) (300) $300 monthly for the PHCD (450) taxes (per online tax estimator, inclusive of homestead deduction) (200)insurance (50) HOA common area Total Monthly Payment Total Annual Mortgage Payment Annual Mortgage Payment as % of Income PCHD Salary to Mortgage Ratio Requirement: Meets Income Test (Y/N) (17,557) 27.6% 40.0% Ratio required by County Y *Note: This is representative of one possible buyer profile for this unit type that meets the income test and parameters put forth by the City of Miami and Miami -Dade County sources for homebuyer assistance. Buyer Profile Mortage Calculation Grand Bahamas Place - Model C Profession: White Collar- 1 F/T 2 persons Annual Salary Purchase Price Closing Costs Comments $ 72,640 80% AMI Level (2 persons) for lbed/1.5 bath unit $ 5,000 Estimated for Recording Fees, Legal, Title, etc. $ 330,000 Total Purchase Price Down Payment Assistance City of Miami Assistance City of Miami - Additional Down Payment Assistance MDEAT Down Payment Assistance PHCD Down Payment Assistance PHCD Down Payment Assistance $ 335,000 $ (75,000) 30 year forgivable mortgage if not sold prior to 30-year term $ (7,638) 30 year forgivable mortgage if not sold prior to 30-year term, up to $82,638 for 1 bedroom unit $ (28,500) $ (35,000) (no re -payment; check conditions) $ (90,000) based on income level and qualifications (ranges from $80,000- $100,000); requires monthly payment Total Downpayment Assistance $ (236,138) Mortgage Amount $ 98,862 Term at 30 years Interest at 5.25% Monthly Mortgage Payment $ (546) $ (300) $300 monthly for the PHCD $ (450) taxes (per online tax estimator, inclusive of homestead deduction) $ (200) insurance $ (50) HOA common area Total Monthly Payment $ (1,546) Total Annual Mortgage Payment Annual Mortgage Payment as % of Income PCHD Salary to Mortgage Ratio Requirement: Meets Income Test (Y/N) $ (18,551) 25.5% 40.0% Ratio required by County Y *Note: This is representative of one possible buyer profile for this unit type that meets the income test and parameters put forth by the City of Miami and Miami - Dade County sources for homebuyer assistance. Buyer Profile Mortage Calculation Grand Bahamas Place - Model D Profession: White Collar -1 F/T 3 persons Annual Salary Purchase Price Closing Costs Comments $ 71,470 70% AMI Level (3 persons) $ 380,000 for 2 bd / 1 ba unit $ 5,000 Estimated for Recording Fees, Legal, Title, etc. Total Purchase Price Down Payment Assistance City of Miami Assistance City of Miami - Additional Down Payment Assistance MDEAT Down Payment Assistance PHCD Down Payment Assistance PHCD Down Payment Assistance $ 385,000 (75,000) 30 year forgivable mortgage if not sold prior to 30-year term (25,490) 30 year forgivable mortgage if not sold prior to 30-year term, up to $100,490 for 2 bedroom unit (28,500) (35,000) (no re -payment; check conditions) (90,000) based on income level and qualifications (ranges from $80,000- $100,000); requires monthly payment Total Downpayment Assistance $ (253,990) Mortgage Amount $ 131,010 Term at 30 years Interest at 5.25% Monthly Mortgage Payment (723) (300) $300 monthly for the PHCD (450) taxes (per online tax estimator, inclusive of homestead deduction) (200)insurance (50) HOA common area Total Monthly Payment Total Annual Mortgage Payment Annual Mortgage Payment as % of Income PCHD Salary to Mortgage Ratio Requirement: Meets Income Test (Y/N) (20,681) 28.9% 40.0% Ratio required by County Y *Note: This is representative of one possible buyer profile for this unit type that meets the income test and parameters put forth by the City of Miami and Miami -Dade County sources for homebuyer assistance. Buyer Profile Mortage Calculation Grand Bahamas Place - Model E Profession: White Collar -1 F/T 1 adult with two children (3 persons) Annual Salary Purchase Price Closing Costs Comments $ 81,680 80% AMI Level (3 persons) $ 405,000 for 2 bd / 1.5 ba unit $ 5,000 Estimated for Recording Fees, Legal, Title, etc. Total Purchase Price Down Payment Assistance City of Miami Assistance City of Miami - Additional Down Payment Assistance MDEAT Down Payment Assistance PHCD Down Payment Assistance PHCD Down Payment Assistance $ 410,000 (75,000) 30 year forgivable mortgage if not sold prior to 30-year term (25,490) 30 year forgivable mortgage if not sold prior to 30-year term, up to $100,490 for 2 bedroom unit (28,500) (35,000) (no re -payment; check conditions) (90,000) based on income level and qualifications (ranges from $80,000- $100,000); requires monthly payment Total Downpayment Assistance $ (253,990) Mortgage Amount $ 156,010 Term at 30 years Interest at 5.25% Monthly Mortgage Payment (861) (300) $300 monthly for the PHCD (450) taxes (per online tax estimator, inclusive of homestead deduction) (200)insurance (50) HOA common area Total Monthly Payment Total Annual Mortgage Payment Annual Mortgage Payment as % of Income PCHD Salary to Mortgage Ratio Requirement: Meets Income Test (Y/N) (22,338) 27.3% 40.0% Ratio required by County Y *Note: This is representative of one possible buyer profile for this unit type that meets the income test and parameters put forth by the City of Miami and Miami -Dade County sources for homebuyer assistance. et B oo January 28, 2025 Ellen Buckley Founder & CEO Prosperaco.com Re: Financing the Development and Construction of a mixed use 56-unit project offering attainable home ownership, approximately 2,950 SF ground level neighborhood retail and around 4,000 SF of multi -use community spaces for the church. Property is located in the West Grove Little Bahamas area of Coconut Grove (3 parcels at 3655 and 3659 Grand Ave and 3650 Florida Ave, Coconut Grove, FI). Banesco USA is pleased to consider financing the above request for the development and construction of 56 for sale units along with retail in Coconut Grove. We have looked at some of the preliminary numbers and concept of the project and look forward to working with developer to accomplish their goals in respects to the financing piece. Based on these preliminary numbers we would be looking to finance approximately 70% of the total cost of the project or $15,100,000. This project aligns with the Bank's ECIP program which helps serve under privileged areas as well as minority owners and builders. We feel this product will be well received and help with the growing affordability problem in the county. Please feel free to contact me if you have any further questions. This is a Letter of Interest and cannot be construed as a commitment or other binding obligation of the Bank. This letter is strictly confidential and proprietary. It may not be copied or reproduced without the written permission of the Bank, except to advisors and attorneys of the Borrower and Guarantor. This letter does not constitute a commitment by the Bank to make the loan. Any commitment must be written and must state that it is a commitment and any oral or written communications shall not constitute a loan commitment. Sincerely, BANESCOCJSA f Frank Casas Senior Vice President & Corporate Loan Officer FLORIDA NM" COMMUNITY`iI LOAN FUND j February 5, 2025 Mr. Tony Prado Collective Developers Miami, FL Via email EXPERTISE AND CAPITAL TO HELP YOU'R PROJECT SUCCEED. Re: Letter of Interest ("LOI") - Construction Loan (the "Loan") for the construction of an affordable residential for -sale project known as Grand Bahamas Place consisting of 56 residential units located in West Grove/Little Bahama neighborhood of Coconut Grove, Miami -Dade County, Florida (the "Project"). Dear Mr. Prado: Thank -you for considering Florida Community Loan Fund ("FCLF") as a construction lender for the proposed project. Receipt of a formal loan application would be subject to full underwriting of the Project, Borrower and Guarantors by FCLF and, if approved, would likely offer terms in the following ranges: Borrower: Grove Prosperity Partners, LLC. Guarantors: Purpose: Lender: Loan Amount: Interest Rate: Collective Empowerment Group and any affiliated entity or partner that participates in any profit sharing arrangement in the development of the project. For the construction of a 56 unit affordable condominium project with approximately 6,950 square feet of retail and community facility space, located in the West Grove neighborhood of Coconut Grove, Miami -Dade County. Affordability requirements shall be consistent with the Borrower's stated goals of providing ownership for families at the average median income within the neighborhood. Further, all units must be sold to families at 120% AMI or less with the additional restriction that at least 50% of the units be affordable to families at 80% AMI or less. Florida Community Loan Fund. (It is contemplated that FCLF will participate approximately $8.5MM of the loan to two additional organizations, namely Solar Energy Loan Fund lending $3MM and Raza Development lending $5.5MM). $14,000,000.00 (of which FCLF would take $5.5MM with the remainder participated as described above). 7.5%. ■ Main Office: 800 N. Magnolia Ave. Suite 106 ■ Orlando, FL 32801 407.246.0846 • f: 407.246.0856 ■ www.fclf.org Orlando • Tampa ■ Fort Lauderdale Loan Term: Extension Fee: Interest Reserve: Payments: General Contractor: Construction Draws: Loan Fees: Collateral: Loan to Value: Prepayment: Partial Releases: Other Funding: Two years with two optional six-month extensions. 0.5% of the Loan Amount per six-month extension. A portion of the loan will be used to pay monthly interest. (It is anticipated that the amount initially allocated in the project budget for interest will be approximately $1.1MM) Monthly payments of interest by the Borrower. Principal shall be repaid at sale of each unit (as described in Partial Releases below).. To be reviewed and approved by the Loan Fund. A guaranteed maximum fixed -price contract between the Borrower and Contractor will be required for the Project. Funding during construction will be requested by the Borrower through periodic draw requests. All other funding sources (if any) must be identified and committed prior to closing of the loan. Loan commitment fee - .50% of the Loan Amount Customary closing costs, including third -party reports and legal fees. First mortgage lien on the land and improvements located at 3655 and 3659 Grand Avenue and 3650 Florida Avenue, Coconut Grove. The loan shall be superior to any other financing or use restrictions on the property. Total amount allowed to be drawn on each property will be limited to 80% of the "as -completed" appraised value of all residential units or the maximum sales prices allowable by any local government to qualify for first time homebuyer assistance. No prepayment penalties for early repayment. Individual units may be released from the collateral upon sale of the unit. Release prices shall be at 105% of the proportion of the square footage of each unit to the total square footage of all the residential units. Evidence that such other funding required by the project is available and sufficient to complete the project shall be required. February 5, 2025, Page 2 Documentation: All documentation regarding the project including construction documents as well as all grant and loan documents shall be available for review and acceptance by the Lenders. Third Party Reports: Required third party reports include an as built appraisal, a Plan and Cost Review and a Phase I environment report and any other report reasonably deemed necessary by Lenders. FCLF is a Community Development Financial Institution (CDFI) with a strong social conscience that shares the mission of borrowers working to improve conditions in both urban and rural low-income communities around the state. The Project will provide affordable housing primarily for families at 80% AMI or lower. We appreciate the opportunity to provide this LOI for construction financing for your Project. Sincerely, famed Vageet James Walker Community Development Loan Officer (561) 414-3933 February 5, 2025, Page 3 Grand Bahamas Place - Market Research Study Coconut Grove, FL FOR A MIXED USE AFFORDABLE HOMEOWNERSHIP PROJECT IN LITTLE BAHAMAS, COCONUT GROVE 1. MARKET COMPARABLES On a national level, home prices are now47% higher than they were in early2020, with the median sale price now five times the median household income, according to a new report from Harvard's Joint Center for Housing Studies. Combined with increased interest rates, housing affordability has become even less attainable for lower income households. In the local Coconut Grove market, there are no for -sale condo units available for the income levels we need to serve in the Little Bahama neighborhood. In fact, all recently sold units sell for significantly higher price per sf at an average of $747 PSF and they are older product. Moreover, available units are not located within the Little Bahama neighborhood. Thus, there is a non-existent supply of new affordable homeownership units within the Little Bahama neighborhood. This lack of supply indicates current residents must either move out of their neighborhood to buy affordable condo units, live in congested living conditions with family, or continue to rent and lose out on the opportunity to build home equity. Please see below local market comparables for recently sold units below $700k purchase price for reference. MARKET RESEARCH LOCALCOMPARABLES- RECENT CONDO UNITS SOLD BELOW $7001< ADDRESS PURCHASE PRICE PER PRICE SF SF BED/BA YEAR BUILT Status Date Sold 2801 Florida Ave, #410 $ 460,000 810 $ 568 1/1 1987 sold 10/14/2023 2801 Florida Ave, #409 $ 490,000 716 $ 684 1/1 1987 sold 12/29/2023 2961 Bayshore Drive, #120:. $ 680,000 710 $ 958 1/1 1998 sold 2/23/2024 2740 SW 28th Terr, #507 $ 395,000 705 $ 560 1/1 2006 sold 2/6/2024 2715 Tigertail Ave, #308 $ 475,000 660 $ 720 STUDIO 1974 sold 3/11/2024 3112 Bird Ave, #3112 $ 700,000 706 $ 992 1/1 1982 sold 12/13/2023 AVERAGE $ 533,333 718 $ 747 1989 1 Lack of Affordable Units in the Little Bahama neighborhood ,...-Douglas. 76`, Park S 2 n gling g. 3iV 2fAh SI . .Biro Oak kle f'a4+41 AM' ihdeei Ayr y1III m I111w 41611er ..?� Atka' Ibhm *2` 5W2T1Ti Lr7 gw 281 'etI T lade Pat 9y J.Ascirmt rt 9co Airy EXHIBIT A 2020 CENSUS TRACT DATA 2020 FFIEC Geocode Census Report Address: 3655 Grand Ave, Miami, Florida, 33133 MSA: 33124 - MIAMI-MIAMI BEACH-KENDALL, FL State: 12 - FLORIDA County: 086 - MIAMI-DARE COUNTY Tract Code: 0072.00 Summary Census Demo oraohic Information Tract Income Level Moderate Underserved or Distressed Tract No 2020 FFIEC Estimated MSAIMDInon-MSAIMD Median Family Income $59,100 2020 Estimated Tract Median Family Income $38,261 2015 Tract Median Family Income $31,898 Tract Median Family Income % 64.74 Tract Population 2907 Tract Minority % 87.93 Tract Minority Population 2556 Owner -Occupied Units 352 1- to 4- Family Units 824 Census Income Information Tract Income Level Moderate 2015 MSA/MD/statewide non-MSAfMD Median Family Income $49,264 2020 FFIEC Estimated MSAIMDInon-MSAiMD Median Family Income $59,100 % below Poverty Line 34.71 Tract Median Family Income % 64.74 2015 Tract Median Family Income $31,898 2020 Estimated Tract Median Family Income $38,261 2015 Tract Median Household Income $32,386 Census Poulation Information Tract Population 2907 Tract Minority % 87.93 Number of Families 521 Number of Households 1010 Non -Hispanic White Population 351 Tract Minority Population 2556 American Indian Population 0 Asian/Hawaiian/Pacific Islander Population 8 Black Population 2050 Hispanic Population 488 Other/Two or More Races Population 10 Census Housing Information Total Housing Units 1238 1- to 4- Family Units 824 Median House Age (Years) 48 Owner -Occupied Units 352 Renter Occupied Units 658 Owner Occupied 1- to 4- Family Units 297 Inside Principal City? YES Vacant Units 228 3 EXHIBIT B COMPARABLE PROPERTIES REPORT FROM SOUTHEAST FLORIDA MLS COMPARABLE PROPERTIES 1. 2801 FLORIDA AVE AFT 410 MIAMI, FL 33133-1901 Last Sale: $460,000 on 10/14/2023 ($567.90/SF) MVR: 1.181 Market Value: $389,600 2. 2801 FLORIDA AVE AFT 409 MIAMI, FL 33133-1901 Last Sale: $490,000 on 12/29/2023 ($684.36/SF) MVR: 1.34 Market Value: $365,800 Parcel ID # 01-4121-132-0500 Bedrooms: 0 Baths: 0,0 Distance: n/a Parcel ID # 01-4121-132-0490 Bedrooms: 0 Bat hs:0.0 Distance: n/a 3. 3210 WTRADE AVE #III7 MIAMI, FL 33133-3603 Last Sale: $700,000 on 01/16/2024 ($747.86/SF) MVR: 1.521 Market Value: $460,300 4. 2715 TIGERTAIL AVE APT 308 MIAMI, FL 33133-5356 Last Sale: $475,000 on 03/11/2024 ($719.70/SF) MVR: 1.406 Market Value: $337,900 5. 3339 VIRGINIA ST AFT 406 MIAMI, FL 33133-6039 Last Sale: $380,0110 on 10/30/2023 ($481.01/SF) MVR: 1.091 Market Value: 6. 2889 MCFARLANE RD # 2105 MIAMI, FL 33133-6008 Last Sale: $557,500 or 10/30/2023 MVR: 0.747 Market Value: 7. 2889 MCFARLANE RD # 1908 MIAMI, FL 33133-6008 Last Sale: $557,500 on 11/03/2023 MVR: 1.441 Market Value: 8. 2951 S BAYSHORE DR # 603 MIAMI, FL 33133-6002 Last Sale: $600,000 on 10/10/2023 MVR: 1.481 Market Value: $348,400 ($726.86/SF) $415,010 ($746.32/SF) $386,904 ($810.81/S F) $405,100 Parcel ID # 01-4116-057-0170 Bedrooms: 0 Baths: 0.0 Distance: 0.5 miles Parcel ID # 01-4121-073-0280 Bedrooms: 0 Bat hs:0,0 Distance: 0.19 miles Parcel ID # 01-4121-350-0240 Bedrooms:1 Bat hs:1.5 Distance: 0.08 miles Parcel ID # 01-4121-218-0550 Bedrooms: 1 Bat hs:2.0 Distance: 0.14 miles Parcel ID # 01-4121-218-0890 Bedrooms: 1 Baths: 2.0 Distance: 0.14 miles Parcel ID # 01-4121-194-0230 Bedrooms: 1 Baths: 1.0 Distance: 0.14 miles Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: 0 sf 810 sf 810 sf 1987 0 sf 716 sf 716 sf 1987 0 sf 936 sf 936 sf 1981 0 sf 660 sf 660 sf 1974 0 sf 790 sf 790 sf 2007 0 sf 767 sf 767 sf 2001 0sf 747 sf 747 sf 2001 0 sf 740 sf 740 sf 1998 Waterfront: Garage: Pool: Stories: Waterfront: Garage: Pool: 5tories: Waterfront: Garage: Pool: Stories: Waterfront: Garage: Pool: Stories: Waterfront: Garage: Pool: Sto ries: Waterfront: Garage: Pool: Stories: Waterfront: Garage: Pool: Stories: Waterfront: Garage: Pool: Stories: No No No 0.0 Na No No 0.0 No No No 0.0 No No No 0.0 No No No 0.0 No No No 0.0 No No N0 0.0 No 50 N0 0.0 9. 3350 SW 27TH AVE APT 1203 MIAMI, FL 33133-5326 Last Sale: $750,000 on 12/15/2023 ($837.05/SF) MVR: 1.642 Market Value: $456,800 Parcel ID # 01-4121-231-0300 Bedrooms: 1 Baths: 1.5 Distance: 0.15 miles Lot Size: Total Area: Living Area: Year Built: 0 sf Waterfront: 896 sf Garage: 896 sf Pool: 2002 Stories: No No No 0.0 10. 2951 S BAYSHORE DR # 1106 MIAMI, FL 33133-6002 Last Sale: $680,000 on 02/23/2024 ($957.75/SF) MVR: 1.609 Market Value: $422,700 11. 3112 BIRD AVE # 3112 MIAMI, FL 33133-4449 Last Sale: $700,000 on 12/13/2023 ($991.50/SF) MVR: 2.152 Market Value: $325,300 12. 3350 SW 27TH AVE AFT 1806 MIAMI, FL 33133-5327 Last Sale: 8730,000 on 12/18/2023 ($778.25/SF) MVR: 1.525 Market Value: $478,700 13. 3350 SW 27TH AVE AFT 1906 MIAMI, FL 33133-5332 Last Sale: $740,000 on 10/19/2023 ($788.91/SF) MVR: 1.503 Market Value: $492,500 14. 2740 SW 28TH TER AFT 507 MIAMI, FL 33133-3773 Last Sale: $395,000 on 02/06/2024 ($560.28/SF) MVR: 1.243 Market Value: $317,700 Parcel ID # 01-4121-194-0580 Bedrooms: 1 Baths: 1 0 Distance: 0.14 miles Parcel ID # 01-4121-266-0070 Bedrooms: 1 Bat hs: 1.0 Distance: 0.47 miles Parcel ID # 01-4121-231-0740 Bedrooms: 1 Baths: 1.5 Distance: 0.15 miles Parcel ID # 01-4121-231-0750 Bedrooms: 1 Bat hs:1.5 Distance: 0.15 miles Parcel ID # 01-4116-139-0440 Bedrooms: 1 Baths: 1.0 Distance: 0.63 miles 4 Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: Lot Size: Total Area: Living Area: Year Built: 0 sf 710 sf 710 sf 1998 0 sf 706 sf 706 sf 1982 0 sf 938 sf 938 sf 2002 0 sf 938 sf 938 sf 2002 0 sf 705 sf 705 sf 2006 Waterfront: Garage: Pool: Stories: Waterfront: Garage: Pool: Sto ries: Waterfront: Garage: Pool: Stories: Waterfront: Garage: Pool: Stories: Waterfront: Garage: Pool: 5t o ries: No No No 0.0 No No No 0.0 No No No 0.0 No No No 0.0 No No No 0.0 DocuSign Envelope ID: 9C720E69-DD2E-4F1C-A217-767E14DAD6B4 ELITE Vacant Land Contract PROPERTIES KELLERWILLIAMS. 1- 1. Sale and Purchase ("Contract"): STIRRUP PROPERTIES INC ("Seller") 2* and BELIEVERS OF AUTHORITY MINISTRIES, INC. ("Buyer") 3 (the "parties") agree to self and buy on the terms and conditions specified below the property ("Property") 4 described as: 5' Address: 3659 GRAND AVE, MIAMI, FL 33133 s* Legal Description: FROW HOMESTEAD PB B-106 LOTS 15 and 16 LESS S10FT BLK 25 LOT SIZE 100.000 X 7 90 OR 16487-0138 0694 6 COC 26504-4801 07 2008 1 8 9 i0 11 SEC 21 ITVVP ! 54 /RNG 41 of Miami -Dade County, Florida. Real Property ID No.: 01-4121-007-3970 12* including all improvements existing on the Property and the following additional property: 13 14` 2. Purchase Price: (U.S. currency) $ 2,200,000.00 15 All deposits will be made payable to "Escrow Agent" named below and held in escrow by: 16* Escrow Agent's Name: ATTORNEY TITLE PARTNERS 17* Escrow Agent's Contact Person: CHESTER BISHOP 18* Escrow Agent's Address: 2400 N University Drive, Suite 200, Pembroke Pines, FL 33024 19* Escrow Agent's Phone: (954) 680-5959 20* Escrow Agent's Email: CBishop@atpfl.com 21 (a) Initial deposit ($0 if left blank) (Check if applicable) 22* ❑ accompanies offer 23* f] will be delivered to Escrow Agent within 30 days (3 days if left blank) 24* after Effective Date $ 100,000.00 25 (b) Additional deposit will be delivered to Escrow Agent (Check if applicable) 26• ❑ within days (10 days if left blank) after Effective Date 27* ❑ within days (3 days if left blank) after expiration of Due Diligence Period $ 28• (c) Total Financing (see Paragraph 6) (express as a dollar amount or percentage) 29• (d) Other: $ 30 (e) Balance to close (not including Buyer's closing costs, prepaid items, and prorations) 31 • to be paid at closing by wire transfer or other Collected funds $ 2,100,000.00 32* (f) ❑ (Complete only if purchase price will be determined based on a per unit cost instead of a fixed price.) The 33* unit used to determine the purchase price is ❑ lot ❑ acre El square foot ❑ other (specify): 34* prorating areas of less than a full unit. The purchase price will be $ per unit based on a 35 calculation of total area of the Property as certified to Seller and Buyer by a Florida licensed surveyor in 36 accordance with Paragraph 8(c). The following rights of way and other areas will be excluded from the 37` calculation: 38 3. Time for Acceptance; Effective Date: Unless this offer is signed by Seller and Buyer and an executed copy 39* delivered to all parties on or before March 8, 2024 , this offer will be withdrawn and Buyer's deposit, if 40 any, will be returned. The time for acceptance of any counter-offer will be 3 days after the date the counter-offer is 41 delivered. The "Effective Date" of this Contract is the date on which the last one of the Seller and Buyer 42 has signed or initialed and delivered this offer or the final counter-offer. 43* 4. Closing Date: This transaction will close on September 13, 2024 ("Closing Date"), unless specifically 44 extended by other provisions of this Contract. The Closing Date will prevail over all other time periods including, 45 but not limited to, Financing and Due Diligence periods, However, if the Closing Date occurs on a Saturday, 46 Sunday, or national legal holiday, it will extend to 5:00 p.m. (where the Property is located) of the next business 47 day. In the event insurance underwriting is suspended an Closing Date and Buyer is unable to obtain property 46 insurance, Buyer may postpone closing for up to 5 days after the insurance underwriting suspension is lifted. If 49 this transaction does not close for any reason, Buyer will immediately return all Seller provided documents and 50 other items. 51 5. Extension of Closing Date: If Paragraph 6(b) is checked and Closing Funds from Buyer's tender(s) are not 52 available on Closing Date due to Consumer Financial Protection Bureau Closing Disclosure delivery requirements ( DS CDs Buy () ( ) and Sell r �r { ) ( ) acknowledge receipt of a copy of this page, which is 1 of 8 pages. VAC-14x Rev 9122 ©2022 Florida Realtors' 9eria1tt 5602sa-400170-9587719 a Form ®Simplicity DocuSign Envelope ID: 9C720E69-DD2E-4F1C-A217-767E14DAD61314 53 ("CFPB Requirements"), if applicable, then Closing Date shall be extended for such period necessary to satisfy 54 CFPB Requirements, provided such period shall not exceed 10 days. 55 5. Financing: (Check as applicable) 56* (a) p Buyer will pay cash for the Property with no financing contingency. 57* (b) ❑ This Contract is contingent on Buyer qualifying for and obtaining the commitment(s) or approval(s) 58' specified below ("Financing") within days after Effective Date (Closing Date or 30 days after Effective 59• Date, whichever occurs first, if left blank) ("Financing Period"). Buyer will apply for Financing within 60 days after Effective Date (5 days if left blank) and will timely provide any and all credit, employment, financial, 61 and other information required by the lender. If Buyer, after using diligence and good faith, cannot obtain the 62 Financing within the Financing Period, either party may terminate this Contract and Buyer's deposit(s) will be 63 returned. 64* (1) 0 New Financing: Buyer will secure a commitment for new third party financing for $ 65* or % of the purchase price at (Check one) ❑ a fixed rate not exceeding % ❑ an 66* adjustable interest rate not exceeding % at origination (a fixed rate at the prevailing interest rate 67 based on Buyer's creditworthiness if neither choice is selected). Buyer will keep Seller and Broker fully 68 informed of the loan application status and progress and authorizes the lender or mortgage broker to 69 disclose all such information to Seller and Broker. 76' (2) 0 Seller Financing: Buyer will execute a ❑first ❑ second purchase money note and mortgage to 71 ` Seller in the amount of $ , bearing annual interest at % and payable as follows: 72' 73 The mortgage, note, and any security agreement will be in a form acceptable to Seller and will follow 74 forms generally accepted in the county where the Property is located; will provide for a late payment fee 75 and acceleration at the mortgagee's option if Buyer defaults; will give Buyer the right to prepay without 76 penalty all or part of the principal at any time(s) with interest only to date of payment; will be due on 77 conveyance or sale; will provide for release of contiguous parcels, if applicable; and will require Buyer to 78 keep liability insurance on the Property, with Seller as additional named insured. Buyer authorizes Seller 79 to obtain credit, employment, and other necessary information to determine creditworthiness for the 80 financing. Seller will, within 10 days after Effective Date, give Buyer written notice of whether or not Seller 81 will make the loan. 82* (3) ❑ Mortgage Assumption: Buyer will take title subject to and assume and pay existing first mortgage to 83* 84* LN# in the approximate amount of $ currently payable at 85* $ per month, including principal, interest, ❑ taxes and insurance, and having a 86* 0 fixed ❑ other (describe) 87' interest rate of % which will ❑will not escalate upon assumption. Any variance in the mortgage 88 will be adjusted in the balance due at closing with no adjustment to purchase price. Buyer will purchase 89* Seller's escrow account dollar for dollar. If the interest rate upon transfer exceeds % or the 90' assumption/transfer fee exceeds $ , either party may elect to pay the excess, failing 91 which this Contract will terminate; and Buyer's deposit(s) will be returned. If the lender disapproves 92 Buyer, this Contract will terminate; and Buyer's deposit(s) will be returned. 93* 7. Assignability: (Check one) Buyer ❑ may assign and thereby be released from any further liability under this 94* Contract, LI may assign but not be released from liability under this Contract, or 0 may not assign this Contract. 95* 8. Title: Seller has the legal capacity to and will convey marketable title to the Property by p statutory warranty 96* deed 0 special warranty deed ❑ other (specify) , free of liens, easements, 97 and encumbrances of record or known to Seller, but subject to property taxes for the year of closing; covenants, 98 restrictions, and public utility easements of record; existing zoning and governmental regulations; and (list any 99* other matters to which title will be subject) 100 provided there exists at closing no violation of the foregoing. 1 a1 (a) Title Evidence: The party who pays for the owner's title insurance policy will select the closing agent and pay 102 for the title search, including tax and lien search (including municipal lien search) if performed, and all other 103 fees charged by closing agent. Seller will deliver to Buyer, at 104* (Check one) El Seller's 0 Buyer's expense and 105* (Check one) Ill within 45 days after Effective Date 0 at least days before Closing Date, 106 (Check one) 107* (1) ❑x a title insurance commitment by a Florida licensed title insurer setting forth those matters to be 108 discharged by Seller at or before closing and, upon Buyer recording the deed, an owner's policy in the DSJ� DS Buy r ( ) ( ) and SeIIe (Pi ) ( J acknowledge receipt of a copy of this page, which is 2 of 8 pages. VAC-14x Rev 9/22 Serial# 060293.40D170-9587718 02022 Florida Realtors® a. Form Simplicity DocuSign Envelope ID: 9C720E69-DD2E-4i=1C-A217-767E14DAD684 109 amount of the purchase price for fee simple titre subject only to the exceptions stated above. If Buyer is 110 paying for the owners title insurance policy and Selier has an owner's policy, Seller will deliver a copy to 111 Buyer within 15 days after Effective Date. 112" (2) Clan abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an 113 existing firm. However, if such an abstract is not available to Seller, then a prior owner's title policy 114 acceptable to the proposed insurer as a base for reissuance of coverage may be used. The prior policy will 115 include copies of all policy exceptions and an update in a format acceptable to Buyer from the policy 116 effective date and certified to Buyer or Buyer's closing agent together with copies of all documents 117 recited in the prior policy and in the update. If such an abstract or prior policy is not available to Seller, 118 then (1) above will be the title evidence. 119* (b) Title Examination: After receipt of the title evidence, Buyer will, within 45 days (10 days if left blank) but 120 no later than Closing Date, deliver written notice to Seller of title defects. Title will be deemed acceptable to 121 Buyer if (i) Buyer fails to deliver proper notice of defects or (ii) Buyer delivers proper written notice and Seiler 122* cures the defects within 45 days (30 days if left blank) ("Cure Period") after receipt of the notice. If the 123 defects are cured within the Cure Period, closing will occur within 10 days after receipt by Buyer of notice of 124 such cure. Seller may elect not to cure defects if Seller reasonably believes any defect cannot be cured within 125 the Cure Period. If the defects are not cured within the Cure Period, Buyer will have 10 days after receipt of 126 notice of Seller's inability to cure the defects to elect whether to terminate this Contract or accept title subject 127 to existing defects and close the transaction without reduction in purchase price. 128 (c) Survey: Buyer may, at Buyer's expense, have the Property surveyed and must deliver written notice to 129 Seller, within 5 days after receiving survey but not later than 5 days before Closing Date, of any 130 encroachments on the Property, encroachments by the Property's improvements an other lands, or deed 131 restriction or zoning violations. Any such encroachment or violation will be treated in the same manner as a 132 title defect and Seller's and Buyer's obligations will be determined in accordance with Paragraph 8(b). 133 (d) Ingress and Egress: Selier warrants that the Property presently has ingress and egress. 134 9. Property Condition: Seller will deliver the Property to Buyer at closing in its present "as is" condition, with 135 conditions resulting from Buyer's Inspections and casualty damage, if any, excepted. Seller will not engage in or 136 permit any activity that would materially alter the Property's condition without the Buyer's prior written consent. 137 (a) inspections: (Check (1) or (2)) 138* (1) 0 Due Diligence Period: Buyer will, at Buyer's expense and within 30 days (30 days if left blank) 139 ("Due Diligence Period") after Effective Date and in Buyer's sole and absolute discretion, determine 140 whether the Property is suitable for Buyer's intended use. During the Due Diligence Period, Buyer may 1a1 conduct a Phase 1 environmental assessment and any other tests, analyses, surveys, and investigations 142 ("inspections") that Buyer deems necessary to determine to Buyer's satisfaction the Property's 143 engineering, architectural, and environmental properties; zoning and zoning restrictions; subdivision 144 statutes; soil and grade; availability of access to public roads, water, and other utilities; consistency with 145 local, state, and regional growth management plans; availability of permits, government approvals, and 146 licenses; and other inspections that Buyer deems appropriate. If the Property must be rezoned, Buyer will 147 obtain the rezoning from the appropriate government agencies. Seller will sign all documents Buyer is 148 required to file in connection with development or rezoning approvals. Seller gives Buyer, its agents, 149 contractors, and assigns, the right to enter the Property at any time during the Due Diligence Period for 150 the purpose of conducting Inspections, provided, however, that Buyer, its agents, contractors, and assigns 151 enter the Property and conduct Inspections at their own risk. Buyer will indemnify and hold Seller 152 harmless from losses, damages, costs, claims, and expenses of any nature, including attorneys' fees, 153 expenses, and liability incurred in application for rezoning or related proceedings, and from liability to any 154 person, arising from the conduct of any and all Inspections or any work authorized by Buyer. Buyer will 155 not engage in any activity that could result in a construction lien being filed against the Property without 156 Seller's prior written consent. If this transaction does not close, Buyer will, at Buyer's expense, (i) repair 157 all damages to the Property resulting from the Inspections and return the Property to the condition it was in 158 before conducting the Inspections and (ii) release to Seller ail reports and other work generated as a 159 result of the Inspections. 160 Before expiration of the Due Diligence Period, Buyer must deliver written notice to Seller of Buyer's 161 determination of whether or not the Property is acceptable. Buyer's failure to comply with this notice 162 requirement will constitute acceptance of the Property as suitable for Buyer's intended use in its "as is" 163 condition. If the Property is unacceptable to Buyer and written notice of this fact is timely delivered to 164 Seller, this Contract will be deemed terminated, and Buyer's deposit(s) will be returned. Buye ( T '( ) and Sell r pi) ) ( ) acknowledge receipt of a copy of this page, which is 3 of 8 pages. VAC-14x Rev 9122 02022 Florida Rea[fotsm senate: 060293-400170-9587719 Form 5implicity DocuSign Envelope lD: 9C720E69-DD2E-4F1C-A217-767E14DAD6B4 165' (2) ❑ No Due Diligence Period: Buyer is satisfied that the Property is suitable for Buyer's purposes, 166 including being satisfied that either public sewerage and water are available to the Property or the 167 Property will be approved for the installation of a well and/or private sewerage disposal system and that 168 existing zoning and other pertinent regulations and restrictions, such as subdivision or deed restrictions, 169 concurrency, growth management, and environmental conditions, are acceptable to Buyer. This 170 Contract is not contingent on Buyer conducting any further investigations. 171 (b) Government Regulations: Changes in government regulations and levels of service which affect Buyer's 172 intended use of the Property will not be grounds for terminating this Contract lithe Due Diligence Period has 173 expired or if Paragraph 9(a)(2) is selected. 174 (c) Flood Zone: Buyer is advised to verify by survey, with the lender, and with appropriate government agencies 175 which flood zone the Property is in, whether flood insurance is required, and what restrictions apply to 176 improving the Property and rebuilding in the event of casualty. 177 (d) Coastal Construction Control Line ("CCCL"): If any part of the Property lies seaward of the CCCL as 178 defined in Section 161.053, Florida Statutes, Seller will provide Buyer with an affidavit or survey as required 179 by law delineating the line's location on the Property, unless Buyer waives this requirement in writing. The 180 Property being purchased may be subject to coastal erosion and to federal, state, or local regulations that 181 govern coastal property, including delineation of the CCCL, rigid coastal protection structures, beach 182 nourishment, and the protection of marine turtles. Additional information can be obtained from the Florida 183 Department of Environmental Protection, including whether there are significant erosion conditions associated 184 with the shore line of the Property being purchased. 185 • ❑ Buyer waives the right to receive a CCCL affidavit or survey. 186 10. Closing Procedure; Costs: Closing will take place in the county where the Property is located and may be 187 conducted by mail or electronic means. If title insurance insures Buyer for title defects arising between the title 188 binder effective date and recording of Buyer's deed, closing agent will disburse at closing the net sale proceeds to 189 Seller (in local cashier's check if Seller requests in writing at least 5 days before closing) and brokerage fees to 190 Broker as per Paragraph 21. In addition to other expenses provided in this Contract, Seller and Buyer will pay the 191 costs indicated below. 192 (a) Seller Costs: 193 Taxes on deed 194 Recording fees for documents needed to cure title 195 Title evidence (if applicable under Paragraph 8) 196 Estoppel Fee(s) 197* Other: 198 (b) Buyer Costs: 199 Taxes and recording fees on notes and mortgages 200 Recording fees on the deed and financing statements 201 Loan expenses 202 Title evidence (if applicable under Paragraph 8) 203 Lender's title policy at the simultaneous issue rate 204 Inspections 205 S u rvey 206 Insurance 207* Other: 208 (c) Prorations: The following items will be made current and prorated as of the day before Closing Date: real 209 estate taxes (including special benefit tax liens imposed by a CDD), interest, bonds, assessments, leases, and 210 other Property expenses and revenues. If taxes and assessments for the current year cannot be determined, 211 the previous year's rates will be used with adjustment for any exemptions. 212 (d) Special Assessment by Public Body: Regarding special assessments imposed by a public body, Seller will 213 pay (i) the full amount of liens that are certified, confirmed, and ratified before closing and (ii) the amount of the 214 last estimate of the assessment if an improvement is substantially completed as of Effective Date but has not 215 resulted in a lien before closing; and Buyer will pay all other amounts. If special assessments may be paid in 216* installments, ❑ Seller ® Buyer (Buyer if left blank) will pay installments due after closing. If Seller is 217 checked, Seller will pay the assessment in full before or at the time of closing. Public body does not include a 218 Homeowners' or Condominium Association. 219 (e) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT 220 PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO 221 PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY r--(-D5Y� os Buyet( �") (G ) and Self (V ) ( ) acknowledge receipt of a copy of this page, which is 4 of 8 pages. VAC-14x Rev 9/22 02022 Florida Realtors* Seria14: 0 E 0293-400170.9587719 15,1 Form Simplicity DocuSign Envelope ID: 9C720E69-DD2E-4F1C-A217-767E14DAD6B4 222 IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER 223 PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE 224 COUNTY PROPERTY APPRAISER'S OFFICE FOR FURTHER INFORMATION. 225 (f) Foreign Investment in Real Property Tax Act ("FIRPTA"): If Seller is a "foreign person" as defined by 226 FIRPTA, Seller and Buyer will comply with FIRPTA, which may require Seller to provide additional cash at 227 closing. 228 (g) 1 031 Exchange: If either Seller or Buyer wish to enter into a like -kind exchange (either simultaneously with 229 closing or after) under Section 1031 of the Internal Revenue Code ("Exchange"), the other party will cooperate 230 in all reasonable respects to effectuate the Exchange including executing documents, provided, however, that 231 the cooperating party will incur no liability or cost related to the Exchange and that the closing will not be 232 contingent upon, extended, or delayed by the Exchange. 233 11. Computation of Time: Calendar days will be used when computing time periods, except time periods of 5 days 234 or less. Time periods of 5 days or less will be computed without including Saturday, Sunday, or national legal 235 holidays specified in 5 U.S.C. 6103(a). Other than time for acceptance and Effective Date as set forth in Paragraph 236 3, any time periods provided for or dates specified in this Contract, whether preprinted, handwritten, typewritten or 237 inserted herein, which shall end or occur on a Saturday, Sunday, or national Iegal holiday (see 5 U.S.C. 6103) 238 shall extend until 5:00 p.m. (where the Property is located) of the next business day. Time is of the essence in 239 this Contract. 240 12. Risk of Loss; Eminent Domain: If any portion of the Property is materially damaged by casualty before closing 241 or Seller negotiates with a governmental authority to transfer all or part of the Property in lieu of eminent domain 242 proceedings or an eminent domain proceeding is initiated, Seller will promptly inform Buyer. Either party may 243 terminate this Contract by written notice to the other within 10 days after Buyer's receipt of Seller's notification, 244 and Buyer's deposit(s) will be returned, failing which Buyer will close in accordance with this Contract and 245 receive all payments made by the governmental authority or insurance company, if any. 246 13. Force Majeure: Seller or Buyer will not be required to perform any obligation under this Contract or be liable to 247 each other for damages so long as the performance or non-performance of the obligation is delayed, caused, or 248 prevented by an act of God or force majeure. An "act of God or "force majeure" is defined as hurricanes, 249 earthquakes, floods, fire, unusual transportation delays, wars, insurrections, and any other cause not reasonably 250 within the control of Seller or Buyer and which by the exercise of due diligence the non -performing party is unable 251 in whole or in part to prevent or overcome. All time periods, including Closing Date, will be extended for the period 252 that the act of God or force majeure is in place. However, in the event that such act of God or force majeure event 253 continues beyond 30 days, either party may terminate this Contract by delivering written notice to the other; and 254 Buyer's deposit(s) will be returned. 255 14. Notices: All notices will be in writing and delivered to the parties and Broker by mail, personal delivery, or 256 electronic means. Buyer's failure to timely deliver written notice to Seller, when such notice is required by 257 this Contract, regarding any contingency will render that contingency null and void, and this Contract will 258 be construed as if the contingency did not exist. Any notice, document, or item delivered to or received by 259 an attorney or licensee (including a transactions broker) representing a party will be as effective as if 260 delivered to or received by that party. 261 15. Complete Agreement; Persons Bound: This Contract is the entire agreement between Seller and Buyer. 262 Except for brokerage agreements, no prior or present agreements will bind Seller, Buyer, or Broker unless 263 incorporated into this Contract. Modifications of this Contract will not be binding unless in writing, signed or 264 initialed, and delivered by the party to be bound. Electronic signatures will be acceptable and binding. This 265 Contract, signatures, initials, documents referenced in this Contract, counterparts, and written modifications 266 communicated electronically or on paper will be acceptable for all purposes, including delivery, and will be binding. 267 Handwritten or typewritten terms inserted in or attached to this Contract prevail over preprinted terms. If any 268 provision of this Contract is or becomes invalid or unenforceable, all remaining provisions will continue to be fully 269 effective. Seiler and Buyer will use diligence and good faith in performing all obligations under this Contract. This 270 Contract will not be recorded in any public record. The terms "Seller," "Buyer," and "Broker" may be singular or 271 plural. This Contract is binding on the heirs, administrators, executors, personal representatives, and assigns, if 272 permitted, of Seiler, Buyer, and Broker. 273 16. Default and Dispute Resolution: This Contract will be construed under Florida law. This Paragraph will survive 274 closing or termination of this Contract. 275 (a) Seller Default: If Seller fails, neglects, or refuses to perform Seller's obligations under this Contract, Buyer 276 Eraay elect to receive a-eturn of Buyer's deposit(s) without thereby waiving any action for damages resulting G Buye( �'') ( ) and Selle ( .) ( ) acknowledge receipt of a copy of this page. which is 5 of 8 pages. VAC-14x Rev 9122 ©2022 Florida Realtors° Senel#: 060293.400170-9587719a. Form Iii.Simplicity DocuSign Envelope ID: 9C720E69-DD2E-41=1C-A217-767E14DAD6134 277 from Seller's breach and may seek to recover such damages or seek specific performance. Seller will also be 278 liable for the full amount of the brokerage fee. 279 (b) Buyer Default: If Buyer fails, neglects, or refuses to perform Buyer's obligations under this Contract, 280 including payment of deposit(s), within the time(s) specified, Seller may elect to recover and retain the 281 deposit(s), paid and agreed to be paid, for the account of Seller as agreed upon liquidated damages, 282 consideration for execution of this Contract, and in full settlement of any claims, whereupon Seller and Buyer 283 will be relieved from all further obligations under this Contract; or Seller, at Seller's option, may proceed in 284 equity to enforce Seller's rights under this Contract. 285 17. Attorney's Fees; Costs: In any litigation permitted by this Contract, the prevailing party shall be entitled to 386 recover from the non -prevailing party costs and fees, including reasonable attorney's fees, incurred in conducting 387 the litigation. This Paragraph 17 shall survive Closing or termination of this Contract. 288 18. Escrow Agent; Closing Agent: Seller and Buyer authorize Escrow Agent and closing agent (collectively 289 "Agent") to receive, deposit, and hold funds and other items in escrow and, subject to Collection, disburse them 290 upon proper authorization and in accordance with Florida law and the terms of this Contract, including disbursing 291 brokerage fees. "Collection" or "Collected" means any checks tendered or received have become actually and 292 finally collected and deposited in the account of Agent. The parties agree that Agent will not be liable to any person 293 for misdelivery of escrowed items to Seller or Buyer, unless the misdelivery is due to Agent's willful breach of this 294 Contract or gross negligence. If Agent interpleads the subject matter of the escrow, Agent will pay the filing fees 295 and costs from the deposit and will recover reasonable attorneys' fees and costs to be paid from the escrowed 296 funds or equivalent and charged and awarded as court costs in favor of the prevailing party. 297 19. Professional Advice; Broker Liability: Broker advises Seller and Buyer to verify all facts and representations 298 that are important to them and to consult an appropriate professional for legal advice (for example, interpreting this 299 Contract, determining the effect of laws on the Property and this transaction, status of title, foreign investor 300 reporting requirements, the effect of property lying partially or totally seaward of the CCCL, etc.) and for tax, 301 property condition, environmental, and other specialized advice. Buyer acknowledges that all representations 302 (oral, written, or otherwise) by Broker are based on Seller representations or public records. Buyer agrees to 303 rely solely on Seller, professional inspectors, and government agencies for verification of the Property 304 condition and facts that materially affect Property value. Seller and Buyer respectively will pay all costs and 305 expenses, including reasonable attorneys' fees at all levels, incurred by Broker and Broker's officers, directors, 306 agents, and employees in connection with or arising from Seller's or Buyer's misstatement or failure to perform 307 contractual obligations. Seller and Buyer hold harmless and release Broker and Broker's officers, directors, 308 agents, and employees from al! liability for loss or damage based on (1) Seller's or Buyer's misstatement or 309 failure to perform contractual obligations; (ii) the use or display of listing data by third parties, including, but not 310 limited to, photographs, images, graphics, video recordings, virtual tours, drawings, written descriptions, and 311 remarks related to the Property; (iii) Broker's performance, at Seller's or Buyer's request, of any task beyond the 312 scope of services regulated by Chapter 475, Florida Statutes, as amended, including Broker's referral, 313 recommendation, or retention of any vendor; (iv) products or services provided by any vendor; and (v) expenses 314 incurred by any vendor. Seller and Buyer each assume full responsibility for selecting and compensating their 315 respective vendors. This Paragraph will not relieve Broker of statutory obligations. For purposes of this 316 Paragraph, Broker will be treated as a party to this Contract. This Paragraph will survive closing. 317 20. Commercial Real Estate Sales Commission Lien Act: if the Property is commercial real estate as defined by 318 Section 475.701, Florida Statutes, the following disclosure will apply: The Florida Commercial Real Estate Sales 319 Commission Lien Act provides that when a broker has earned a commission by performing licensed services 320 under a brokerage agreement with you, the broker may claim a lien against your net sales proceeds for the 321 broker's commission. The broker's lien rights under the act cannot be waived before the commission is earned. 322 21. Brokers: The licensee(s) and brokerage(s) named below are collectively referred to as "Broker." Instruction to 323 closing agent: Seller and Buyer direct Closing Agent to disburse at Closing the full amount of the brokerage 324 fees as specified in separate brokerage agreements with the parties and cooperative agreements between the 325 Brokers, except to the extent Broker has retained such fees from the escrowed funds. This Paragraph will not be 326 used to modify any MLS or other offer of compensation made by Seller or listing broker to cooperating brokers. 327 Lawrence Wilson -3% • 3368715 Bernard Phanord - 3% 3386248 328 Seller's Sales Associate/License No. Buyer's Sales Associate/License No. DS p-05 BuyerIC: `" 1 ( ) and Sell r (PP ) ( ) acknowledge receipt of a copy of this page, which is 6 of 8 pages. VAC-14x Rev 9122 02022 Florida Realtors® Serial1 060293.400170.9587719 Farm Simplicity DocuSign Envelope ID: 9C720E69-DD2E-4F1C-A217-767E14DAD6S4 374* 375* 376* 377* 329* 330 331 332' 333 334 335* 336 337 338* 339 Iawilson realty@gmail.com Seller's Sales Associate Email Address (786) 731-5427 Seller's Sales Associate Phone Number Keller Williams Listing Brokerage Listing Brokerage Address bernardp@kw.com Buyer's Sales Associate Email Address (786) 352-7014 Buyer's Sales Associate Phone Number Keller Williams Elite Properties Buyer's Brokerage Buyer's Brokerage Address 340 22. Addenda: The following additional terms are included in the attached addenda and incorporated into this Contract 341 (Check if applicable) 342' ❑ A. Back-up Contract 343* ❑ B. Kick Out Clause 344 * 0 C. Other 345* 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 23. Additional Terms: This contract is further subject to Buyer's obtaining approval of one or more City of Miami grants, which added to financing commitments from banks, CDFIs, Social Impact Funds, and/or other financial institutions, under terms and conditions acceptable to Buyer in ways that will be adequate to allow Buyer to close the purchase of the property with all needed funding from such sources. Seller agrees to join Buyer in all such needed applications for the said grants and financing commitments, and to join Buyer in any and all other requests to the City of Miami necessary in conjunction with the proposed project Additional addendums stipulated in separate proposed addendum V2 COUNTER-OFFER/REJECTION 362* ❑ Seller counters Buyer's offer (to accept the counter-offer, Buyer must sign or initial the counter -offered terms and 363 deliver a copy of the acceptance to Seller). 364* 0 Seller rejects Buyer's offer 365 This is intended to be a legally binding Contract. If not fully understood, seek the advice of an attorney before 366 signing. ,. DocuSgnedby: 367* Buyer: 368* Print name: 369' Buyer: Date: 370* Print name: 371 Buyer's address for purpose of notice: 372* Address: 373` Phone: r—nne,,signrdhy. Fax: Email: Seller: vaho, P6vt_V' Date:3/4J2024 1 10:09 GMT 3EE.1H 0 R F.AUTHORITY MINISTRIES, INC. P. O. Box 557035 Miami, FL 33255 Date:3 '4/2024 ] 4:48 EST Print name: ',--3a7s8023ng524ca.. STIRRUP PROPERTIES, INC. Seller: Date: Print Buy r () ( .) and Selle�t V� } ( ) acknowledge receipt of a copy of this page. which is 7 of 8 pages. VAC-14x Rev 9/22 ©2022 Florida Reallorso Serial#' 06D293-400170.9587719 f Form Simplicity DocuSign Envelope ID: 9C720E69-0D2E-4F1C-A217-767E14DAD6B4 378 Seller's address for purpose of notice: 379* Address: 3619 PERCIVAL AVE MIAMI, FL 33133 380* Phone: Fax: Email: Florida REALTORS` makes no representation as to the legal validity or adequacy of any provision of this form in any specific transaction. This standardized form should not be used in complex transactions or with extensive riders or additions. This form is available for use by the entire real estate Industry and is not intended to identify the user as REALTOR'9 REALTOR' is a registered collective membership mark which may be used only by real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS' and who subscribe to its Code of Ethics. The copyright laws of United Stales (17 U.S. Code) forbid the unauthorized reproduction of this form by any means including facsimile or computerized forms. DS /--05 Buy r ) and Sella „.(PP ) { ) acknowledge receipt of a copy of this page, which is 8 of 8 pages. VAC-14x Rev 9/22 02022 Florida Realtorse, Serial#: 06n293.400170-9587719 Form Simplicity ____ FLORIDA AVE Is 0 Level Retail (soft) Parking Units Gross Area (sift) Rentable Area (soft) 1 2,948 9 - 11,100 2,948 2 14 8,100 6,512 3 14 8,200 6512 4 14 8,100 6,512 5 14 8,100 6,512 Total 2,948 9 56 43,500 28,996 I0ADIN�, RETAIL I @e7F RELIGIOUS MULTI -PURPOSE SPACE MO SF T5.1.0TOMPAGEI LANDSCAPE BUFFER ~ L J CUM GRAND AVE GROUND FLOOR PLAN FLORIDA AVE sc ao• T3-R Gross Area Level Parking (soft) 1 2 2,500 2 1,500 Total 2 4,000 GRAND AVE RELIGIOUS MULTI -PURPOSE SPACE (6%cr C/t0HD ru 2ND FLOOR PLAN borge arri, t:ct: + associates GRAND AVE APARTMENTS - ZONING STUDY FLOOR PLANS SCALE: I/16" / 07-01-24 A-001 FLORIDA AVE 57'1' 1S-0 Level Retail (sqft) Parking Units Gross Area (sqft) Rentable Area (soft) 1 2,948 9 11,100 2,448 2 14 8,100 6,512 3 14 MOO 6,512 4 14 8,150 6,512 5 14 8,100 6,512 Total 2,948 9 56 43,500 28,996 3 17, 2':, 14 UNITS -1(i0e1 tri z LEVEL 1. GRAND AVE 3RD, 4TH & 5TH FLOOR PLAN, TYP. • eta WIACK • 3. Mr. SAWN. k 14 APTS. 1 —1 ad' mr.er 3011.14 RELIGIOUS MULTI -PURPOSE SPACE 'LCIRDA AW. !9 14 APTS. . I f.rsx 14APTS. %TAR ) T3-* T. DIAGRAM SECTION AXONOMETRIC MASSING DIAGRAM borge+associates teLs GRAND AVE APARTMENTS - ZONING STUDY FLOOR PLANS & DIAGRAM SECTION SCALE 1 /16" / 07-01-24 A-002 SLUE DATE No. Dale Dew ipt,on 1.2.3.3.9929.32 borge+architgccs assoaates 3.99.1223. 3939.91939.3 uNntla r III WCA. A.,. IA. floor 14.64rni PI* "Ili PRELIM'NAT( NOT roi CONS I' FiIiCTON wave Pr,. GRAND AVE APARTMENTS DM F,GaiOAAVE, iJBM GRAND Na :air. r. FgIPN.oarr 248000 onw., Na+a 30 VfEWS oaw,N,ax A-001 !SEW P DATE No. Dale Descr';plon borgevaz, M PRELIM'NARY NOT FOR CONSTRUCTION Pm,: Timm GRAND AVE APARTMENTS DDODFLDRIDA AVE. JEST A 3633 D W.ND AVE DtAN` FL 9'53 P.geq D.3DA, 248000 Drrq Nor. SD VIEWS Dnrn3 N,Tter A-002 1n bowery Appraisal Report 3659 Grand Avenue Miami, Florida 33133 Development Site Bowery Report No. JOB-2500038388 REQUESTED BY Ms. Ellen Buckley Grove Prosperity Partners, LLC 1825 Ponce de Leon #379 Coral Gables, FL 33134 DATE OF VALUE As Is Market Value: February 18, 2025 PREPARED BY Harry C. Newstreet, MAI it bowery 1200 University Blvd., Suite 104, Jupiter, FL 33458 78 SW 7th Street, Suite 09-127, Miami, FL 33130 121 S. Orange Ave., Suite 1500, Orlando, FL 32801 100 South Ashley Dr., Suite 600, Tampa, FL 33602 February 18, 2025 Ms. Ellen Buckley Grove Prosperity Partners, LLC 1825 Ponce de Leon #379 Coral Gables, FL 33134 Re: Appraisal File No. JOB-2500038388 Development Site 3659 Grand Avenue Miami, Florida 33133 Dear Ms. Buckley, In accordance with your request, we have completed an appraisal of 3659 Grand Avenue in Miami, Florida. The purpose of this appraisal is to provide the As Is Market Value of the fee simple interest as of February 18, 2025. To report the assignment results, we use the Appraisal Report option of Standards Rule 2-2(a) of USPAP. The subject is located on the north side of Grand Avenue, east of Douglas Road, in Miami, Florida. The vacant site, zoned T5-O, is approximately 9,000 square feet / 0.21-acres in size. The subject is currently under contract for $2,200,000 between the current owner, Stirrup Properties Inc., and Believers of Authority Ministries, Inc. Our analyses, opinions and conclusions were developed, and this report has been prepared, in conformance with the Standards of Professional Practice and Code of Professional Ethics of the Appraisal Institute, the Uniform Standard of Professional Appraisal Practice (USPAP), Grove Prosperity Partners, LLC's appraisal guidelines, and applicable state appraisal regulations. To report the assignment results, we use the Appraisal Report option of Standards Rule 2-2(a) of USPAP. This appraisal is also prepared in compliance with Title XI (with amendments) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), as well as the Interagency Appraisal and Evaluation Guidelines dated December 2, 2010. After carefully considering all available information and factors affecting value, our opinion is: Market Value Opinion Value Interest Appraised Date of Value Conclusion Land Value As Is Fee Simple Interest February 18, 2025 $3,125,000 As with any appraisal, the reader is reminded that the opinion of value is only valid as of the effective date(s). Our conclusions are predicated on the attitudes and expectations prevalent in the subject submarket and market on the date(s) of value. Bowery Valuation continuously monitors the markets where we are active and appropriate steps have been taken to ensure our analysis is based on the most recent, relevant data available. Changes in market conditions or associated with other unanticipated future events, could impact value. it bowery 1200 University Blvd., Suite 104, Jupiter, FL 33458 333 SE 2nd Avenue, Suite 2000, Miami, FL 33131 121 S. Orange Ave., Suite 1500, Orlando, FL 32801 3001 N. Rocky Point Drive E., Suite 200, Tampa, FL 33602 Ms. Ellen Buckley Page 2 February 18, 2025 The value conclusions are subject to the following Extraordinary Assumptions1 that may affect the assignment results. If the assumption is found to be false as of the effective date of the appraisal, we reserve the right to modify our value conclusions. • None. The value conclusions are based on the following Hypothetical Conditions2that may affect the assignment results. • None. The opinion of value expressed herein is subject to the certification, assumptions and limiting conditions, and all other information contained in the following written appraisal report. Sincerely, Harry C. Newstreet, MAI Senior Vice President State Certified General Real Estate Appraiser RZ2278 harry.newstreet@boweryval uation.com (954) 461-4073 The definition of Extraordinary Assumptions can be found in the Glossary of Terms, which is located in the Addenda. 2 The definition of Hypothetical Conditions can be found in the Glossary of Terms, which is located in the Addenda. Summary of Salient Facts & Conclusions Property Identification Salient Facts Parcel ID Site Area (sq. ft./ acres) SWOT Analysis 01-4121-007-3970 9,000± / 0.21 ± The subject is located on the north side of Grand Avenue, east of Douglas Road, in Miami, Florida. The vacant site, zoned T5-0, is approximately 9,000 square feet / 0.21- acres in size. The subject is currently under contract for $2,200,000 between the current owner, Stirrup Properties Inc., and Believers of Authority Ministries, Inc. Zoning T5-0 Flood Hazard Zone Zone X Exposure Time 6-9 months Marketing Time 6-9 months Date of Inspection February 18, 2025 Date of Report February 18, 2025 Strengths / Opportunities • The subject is located within a zone that permits a base maximum density of 65 units per acre. The Federal Reserve Board met from December 17-18, 2024 and voted to cut its benchmark interest rate by 25 basis points to 4.25% - 4.50%. This was their third reduction of 2024 and the latest sign that policymakers believe that inflation is finally under control, and that the labor market has slowed. The Fed also updated its projections, with the benchmark rate expected to reach a range of 3.75% to 4.00% by the end of 2025. Threats / Weaknesses • Rising unemployment and overall economic risk. Conclusions Market Value Opinions Approach Value Interest Appraised Date of Value Conclusion Cost Approach N/A N/A N/A Not Applied Income Approach N/A N/A N/A Not Applied Sales Approach Land Value Fee Simple Interest February 18, 2025 $3,125,000 Final Value Conclusion Value Interest Appraised Date of Value Conclusion Land Value As Is Fee Simple Interest February 18, 2025 $3,125,000 The value conclusions are subject to the following Extraordinary Assumptions3 that may affect the assignment results. If the assumption is found to be false as of the effective date of the appraisal, we reserve the right to modify our value conclusions. • None. The value conclusions are based on the following Hypothetical Conditions4that may affect the assignment results. • None. The opinion of value expressed herein is subject to the certification, assumptions and limiting conditions, and all other information contained in the following written appraisal report. The definition of Extraordinary Assumptions can be found in the Glossary of Terms, which is located in the Addenda. 4 The definition of Hypothetical Conditions can be found in the Glossary of Terms, which is located in the Addenda. Table of Contents Introduction 6 Purpose & Date of Value Opinion 6 Identification of the Client 6 Intended Use and User 6 Property Rights Appraised 6 Property History 6 Exposure Time 6 Definition of Market Value 6 Scope of the Appraisal 7 General Assumptions 7 Data Sources 8 Neighborhood & Demographic Overview 9 Zoning Summary 14 Appraiser's Conclusion on Conformity 14 Current Taxation & Assessment Description 15 Projected Taxes 15 Site Description 16 Highest & Best Use 18 As Vacant 18 As Improved 18 Appraisal Valuation Process 19 Land Value 20 Comparable Sales 20 Reconciliation & Final Value Opinion 28 Certification 29 Addenda 31 Contingent & Limiting Conditions 31 Subject Property Photos 34 Provided Documents 35 Miami -Dade County Area Analysis 43 Bowery Valuation JOB-2500038388 5 Introduction Purpose & Date of Value Opinion The purpose of the appraisal is provide an opinion of the as is market value of the fee simple interest of the subject property as of February 18, 2025. Identification of the Client Grove Prosperity Partners, LLC has engaged us and is our client for this assignment. Intended Use and User The intended use of the of the appraisal report is for the purpose of providing a loan. The intended users of the appraisal report are the client Grove Prosperity Partners, LLC, its affiliates and its capital partners as specified by the Client. Property Rights Appraised The subject is appraised on the basis of Fee Simple Interest. Property History The current owner of the parcel according to public record is Stirrup Properties, Inc.. The property has not traded within the past three years. The property is currently under contract for $2,200,000 between the current owner, Stirrup Properties Inc., and Believers of Authority Ministries, Inc. The subject was briefly openly marketed; however, the owners of the adjacent property quickly made an offer that was accepted. We are not aware of any other bids or offers for the subject property. Based on our concluded opinion of value, it appears the subject is under contract for well below market value. Exposure Time5 It is our opinion that a normal exposure time for the subject property is between six and nine months. This conclusion is predicated on interviews with brokers and other real estate industry sources and on information obtained in the verification process. The value reported herein presumes such an exposure time. Marketing Time5 It is our opinion that a normal marketing time for the subject property is between six months and nine months. This conclusion considers the property's relative market position, as well as our market value conclusion. As we foresee no significant changes in market conditions in the near term, it is our opinion that a reasonable marketing time for the subject is likely to be the same as the exposure time. Definition of Market Value According to Code of Federal Regulations, Title 12, Chapter I, Part 34.42[g]; also Interagency Appraisal and Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77472, the following definition is used by agencies that regulate federally insured financial institutions in the United States: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: The definition of Exposure Time and Marketing Time can be found in the Glossary of Terms, which is located in the Addenda. Bowery Valuation JOB-2500038388 6 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Scope of the Appraisal Within the course of this assignment, we have: • Inspected the site. • Researched and investigated the location in terms of its economic activity, development patterns, and future trends and related their impact on the market. • Researched the subject's zoning, specifically as it pertains to its location within a redevelopment zone. Determined the Highest and Best Use of the subject property based on an analysis of all relevant factors. • Researched and analyzed sales of competitive assets and applied the techniques of the sales comparison approach in advancing opinions of value. • Researched and analyzed sales of competitive land development sites Reconciled in order to estimate the final value estimate of the subject property based on the purpose of this appraisal. Advanced an opinion of the market value of the identified interest. The scope of work is deemed sufficient to produce credible results General Assumptions This opinion of value reported herein assumes that the data provided are the most recent and accurate. We note that our appraisers are not experts in the following domains: • Technical Environmental Inspections: No recent Environmental Site Assessment report was provided in conjunction with this appraisal. We recommend the services of a professional engineer for this purpose. If a report is commissioned and there are any environmental issues uncovered, they could affect our opinion of value reported. • Zoning Ordinances: We recommend an appropriately qualified land use attorney be consulted if a definitive determination of compliance is required. • Building Inspections: We recommend a building engineer or professional property inspector for the inspection. Any immediate expenditures that a trained professional may determine are needed, could affect our opinion of value reported. Easements, Encroachments, and Restrictions: We did not do a title search and have assumed the title is free and clear. This appraisal also assumes any easements, encroachments and restrictions on the property are typical and will not have an adverse impact on value. Bowery Valuation JOB-2500038388 7 Data Sources The data contained within this appraisal was compiled from market analysis utilizing the following sources (unless otherwise noted): the county property appraiser, CoStar, Federal Reserve, and FEMA. When possible, we have confirmed the reported data with parties to the transactions or those who are intimately familiar with their critical details. Sources of Data Site Data SourceNerification: Site Size Public Record Comparable Sales Public Record; Primary Source Bowery Valuation JOB-2500038388 8 Neighborhood & Demographic Overview r East Coast Buffer Water Preserve Area • North Miami Lakes (E 4) L823) Hialeah Gardens Medley Dora! Sweetwater 836 Fontainebleau Kendale Lakes 94 The Hammocks "szs Three Lakes 4 Zoo Miami 9 Palmetto Bay azs South Miami Heights 3/ re�E) Opa-locks Hialeah 953 Miami Springs al Westchester Coral Gables Beach 6 North Miami yy 0 Miami Shores LITTLE HAVANA nee South Miami Pinecrest INYNVODD Bal Harbour Surtside ami Beach Miami Beach SOUTH BEACH at Miami Fisher Island Virginia Key Key Biscay Source: Google Maps Coconut Grove at a Glance Coconut Grove is a historic and vibrant neighborhood located in the city of Miami, Florida. Geographically, it is situated just south of downtown Miami and to the west of Biscayne Bay. It is one of Miami's oldest neighborhoods, known for its lush greenery, tree -lined streets, and relaxed atmosphere, making it an attractive alternative to the bustling, more urban parts of the city. Coconut Grove is located within Miami -Dade County and is considered an integral part of Miami's urban fabric, offering a blend of urban and suburban characteristics. Its proximity to downtown Miami, Coral Gables, and Brickell makes it an ideal location for both residents and businesses seeking access to the broader city amenities while maintaining a more peaceful, residential setting. The housing stock in Coconut Grove is diverse and reflects the area's history and natural beauty. It is home to a wide range of housing types, including historic homes, luxury condominiums, townhouses, and single-family homes. Many of the homes in the Grove are older, charming residences, often Mediterranean -style or with modern updates, nestled amid tropical gardens and trees. Over the years, Coconut Grove has undergone rapid development, including high -end, modern condominium buildings and mixed -use developments, particularly along the waterfront and near major roads. The neighborhood is known for its higher -than -average property values, with homes and condos often appealing to professionals, retirees, and families seeking a quiet, upscale community with close access to the vibrant city life in Miami. Retail and business activity in Coconut Grove is concentrated along major corridors such as Bayshore Drive and Grand Avenue, where a mix of small, locally owned businesses, boutiques, and restaurants create a distinct and lively commercial atmosphere. The neighborhood is home to several popular shopping centers and retail strips, including the CocoWalk, an open-air mall offering a variety of dining, shopping, and entertainment options. National tenants such as Starbucks, CVS, and local restaurants are prevalent in the area, with a focus on upscale and boutique retail, catering to the needs of the affluent residents. Coconut Grove also benefits from its proximity to Coral Gables, which offers even more retail, office, and dining options, further adding to the convenience and desirability of the area. Bowery Valuation JOB-2500038388 9 Recreational activities in Coconut Grove are centered around its beautiful parks, marinas, and cultural attractions. The neighborhood is home to the Coconut Grove Playhouse, a landmark theater that hosts a variety of performances, from plays to musical productions. Residents and visitors can also enjoy the nearby Vizcaya Museum and Gardens, an Italian Renaissance -style villa and gardens that serve as a cultural and historical attraction. Additionally, the neighborhood is home to several parks, including Kennedy Park, which offers a range of outdoor activities such as sports fields, picnic areas, and playgrounds. Coconut Grove's waterfront location allows for recreational boating, and there are marinas offering access to Biscayne Bay, perfect for sailing and watersports. The lush greenery and tropical environment provide an idyllic backdrop for jogging, biking, and other outdoor activities. Coconut Grove's cultural richness, coupled with its natural beauty, makes it a prime location for both recreation and relaxation. The area is well-connected to other parts of Miami via major roads and public transportation. Major roads like US- 1 (also known as South Dixie Highway) and the MacArthur Causeway run through or near the neighborhood, providing easy access to downtown Miami, Brickell, and the Miami International Airport (MIA), which is about 7 miles away. Coconut Grove is also served by the Miami Metrorail system, with the Coconut Grove station offering access to downtown and other parts of the city. Public buses also serve the area, and bike -sharing services like CitiBike are available for easy, eco-friendly transportation. The neighborhood's walkability is another attractive feature for residents, with many destinations within walking distance or a short bike ride away. Population and Households The following demographic profile, created with data from the U.S. Census Bureau, reflects the subject's municipality and market. Population estimates for Coconut Grove reflect the sum of population estimates for census tracts that overlap its geographic boundaries. Current population estimates for Coconut Grove and Miami reflect data from the most recent 5-year American Community Survey (ACS) and the 2020 Census, respectively. Population Population Growth Area 2010 Census 2022 Estimate Annual % Change Coconut Grove Miami 47,637 399,457 48,325 0.3% 442,241 1.2% The household size in Coconut Grove tends to be smaller than those in Miami. Households in Coconut Grove have an average size of 1.64 people, compared to 2.47 people in Miami. 1 person households account for the largest share in both Coconut Grove and Miami. 30% 20% 10% 0% 2 Households by Household Size • Coconut Grove Miami • 5 6 7+ Source: U.S. Census Bureau Households in Coconut Grove have a higher median income than those in Miami. Households in Coconut Grove have a median income of $94,696, compared to $39,049 for households in Miami. The chart below indicates the share of households by income brackets. In Coconut Grove, the largest share of households has a household income of $200k or higher, compared to under $10k for Miami. Bowery Valuation JOB-2500038388 10 Households by Household Income • Coconut Grove ® Miami 15% 10% ks>e„AD4Z, 99�"�'AS>2 �j�so ,,s2°�coo OaOo0oOo°aO'go o0p"O°""Oo 0°`OOa0aQa00a0 0 a479747V:SA9a° A • DA•9• 9AA A AAA A 9 9 9 A 9 99 D D 9 Source: U.S. Census Bureau Housing Single-family homes, followed by townhomes then properties with 50+ units account for the most common forms of housing in Coconut Grove. 48% of the housing units in Coconut Grove are occupied by their owner. This percentage of owner -occupation is higher than the Miami level of 32%. 40% 30% 20% 10% 0% 60% 40% 20% 0% Housing Units by Units in Structure • Coconut Grove Miami i ■ II 6-i;) to, Qv%3�US/0'9U2� SO 9/F�es ives, 9U 4� its 90V 0adhodnis "rrs/y�es"o?i Occupied Housing Units by Tenure • Coconut Grove Miami Renter Occupied Owner Occupied Source: U.S. Census Bureau Source: U.S. Census Bureau Bowery Valuation JOB-2500038388 11 Homes in Coconut Grove have a median value of $699,182, compared to $317,700 for Miami. In Coconut Grove, the largest share of homes have a value between $500k - $749k, compared to between $300k - $399k for Miami. Owner Occupied Housing Units by Value • Coconut Grove • Miami 15% 5% ;70.7,0.7,6,'7,1, .72S 7,0 70,5, 7,0.750.7,0 4;,0 960 7Aa 9i0 . 7,2 $75, .75 'S2p °8�,,. J`o `."Yo Oa, ,„�„ ,r, ,r, 'T2 -00 00 00 00 00 00 00 00 OQ o0 00 00 00 00 SO 00 `r0 OO 00 00 00 00 00 000 S00 000 o g q o 0 0 o a, g o 0 0 0, o 0 0 0 0 0 0 0 0 '�9 9A 2�-O .A -0 ,'9A 90//}}�9p 9A 9989A 99_UJ2g4 7-j�!<A �g .0pongyD� Q� 9000 000 00° 99 99 99 99 CO 99 °O A9 99 A9 AD 99 5- L %9 9 L L 9 9 9 "5Ty 'Ap A Ay Ag 09 AA Ap Ap AQ Ag Ay AA A 9D , 10% Source: U.S. Census Bureau Homes in Coconut Grove have a median year built of 1974, compared to 1973 for Miami. In Coconut Grove, the largest share of homes were built between 2000-2009, compared to between 2000-2009 for Miami. Housing Units by Year Structure Built • Coconut Grove Miami 20% 10% 0% 1.I 79 79 ,9 79 79 �9 2O 2O 20 79�9 44.79 SO,19 64.7y ,O.'9 80,7y 9D T9 OO�O �p?O ��, 4g S9 69 �9 89 99 09 73 Source: U.S. Census Bureau Transportation In Coconut Grove, the majority of residents drive alone with 71% choosing to do so. The second most popular method is work from home with 7%. Commuters in Coconut Grove have a median commute time of about 27 minutes. In Coconut Grove, the largest share of commuters have a commute between 20-24 minutes, compared to 30-34 minutes for Miami. Bowery Valuation JOB-2500038388 12 20% 15% 10% 5% 0% 60% 40% 20% 0% Travel Time to Work • Coconut Grove Miami rS S9 /0, �S. c0. �S �20 ' s 40, qS 60- 9 M;nLt@SM;,)G��s/sr�n` en4 P,n� 947. P11/4. e,11,/ �sr,�/n4 e91�� 69"� e4jhUtes s s s s s s Source: U.S. Census Bureau Travel Mode to Work Poie Carp pub/� a/fie Orke 5�EV 4/ory p/EV Trd g d, soo a//on n� dome Transportation Methods Walk Score: 88 (Very Walkable) U.S. Route 1 serves as the northern border of Coconut Grove. Source: U.S. Census Bureau cpCoconut Grove is served by the Miami Metrorail at Vizcaya (SW 32nd Road and U.S. 1), Coconut Grove (SW 27th Avenue and U.S. 1), and Douglas Road (SW 37th Avenue and U.S. 1). IR Coconut Grove is served by Metrobus throughout the area. Metrobus' Coconut Grove Connection connects at Coconut Grove and Douglas Road stations, going to many popular areas within the Grove, including CocoWalk and Peacock Park. .., Coconut Grove is roughly 5.3 miles from the Miami International Airport. Conclusion Coconut Grove is a neighborhood in Miami, Florida with access to interstate highways, public transportation, and recreational amenities. It has experienced moderate population growth over the past decade, a trend that is expected to continue in the near -term. Bowery Valuation JOB-2500038388 13 Zoning Summary The subject site is located within the T5-0 zoning district in the City of Miami. Property Jurisdiction Existing Zoning Classification Authority Special permitting or condition(s): (i.e., site plan approval, PUD, or other variance) Allowed Uses single family residences, community residences, multifamily residences, offices, recreation and religious facilities, research facilities, etc. Lot Area 1,200 sq. ft. - 40,000 sq. ft. Minimum Lot Width 16 feet Maximum Lot Coverage 80% Frontage at Front Setback 70% minimum Maximum Height 3 stories Green/Open Space minimum of 10% of lot area Density 65 Du/Acre max (13 units) T5-O City of Miami None Noted Appraiser's Conclusion on Conformity The subject property is currently vacant and is conforming with regard to allowable uses and bulk regulations. Bowery Valuation JOB-2500038388 14 Assessed Values 3 Beal Estate Taxes Assessed Values & Real Estate Taxes The subject is designated by the Miami -Dade County Property Appraiser as parcel ID: 01-4121-007-3970. In the State of Florida, all real property is subject to reassessment every year, with January 1 establishing the statutory date for reassessment. By statute, real property is to be assessed at "just value", which is market value; although, for mass appraisal practices this is market value less personal property and transaction costs. Commercial properties (and all non -homesteaded properties) are subject to a 10% cap, which limits the increase of a real property assessment at 10% each year. This applies to all taxing authorities except the school board, which is based on just value (market value), not the capped assessed value. A prospective buyer should consider that taxes will reset to market value and the cap will reset when the property sells or when renovations performed result in a greater than 25% increase in property value. In Florida, the sale of a property does not automatically trigger a reassessment; however, any sale of a property at a price well above or below the prior assessed value has a high probability of reassessment during the next tax year. The preliminary assessed values are not made public until sometime between August and September of the tax year. Millage rates are not finalized until October. Taxes are not due until the end of March of the next calendar year. The maximum discount of 4.0 percent for early payment is available in November of the tax year, and months thereafter are eligible for discounts on a sliding scale (December at 3%, January at 2% and February at 1%). A prudent investor will take advantage of the full 4% discount, which we factored it into our analysis. Current Taxation & Assessment Description While commercial real estate is assessed at market value, the mass appraisal process allows assessors to deduct for selling costs and items not associated with the sale of the real estate. As such, we often see assessments fall between 70% and 90% of market value. We project real estate taxes based on the contract price, an 85% assessment ratio the current millage & direct assessments, and the 4% discount for early payment. The subject's tax assessment history is presented in the table below: Subject Assessment & Taxes Tax Parcel # 01-4121-007-3970 Site Area (SF) 9,000 9,000 Tax Year 2024 2023 Assessor's Value $980,100 $891,000 Millages (Effec., per $1,000) 20.03320 20.55640 Ad Valorem Taxes $25,048 $21,391 Non -Ad Valorem Taxes �0 �0 Total Taxes $25,048 $21,391 Assessment per SF $108.90 $99.00 Ad Valorem Taxes per SF $2.78 $2.38 Projected Taxes Projected Assessment & Taxes Site Area (SF) 9,000 Projected Assessment $2,656,250 Est. Millages (Effec., per $1,000) 20.03320 Est. Ad Valorem Taxes $53,213 Non -Ad Valorem Taxes $0 Total Taxes $53,213 Less Discount for Early Pmt. 4.0% -$2,129 Estimated Taxes $51,085 (rounded) $51,000 Bowery Valuation JOB-2500038388 15 Site Description Location Surrounding Land Uses Easements, Encroachments, and Restrictions Site Area Shape Frontage Topography Drainage Access Paving Street Drainage Street Lighting Utilities & Services Hazardous Substances Flood Hazard Status° The subject is located on the north side of Grand Avenue, east of Douglas Road, in Miami, Florida. Surrounding land uses include primarily residential uses. Our valuation assumes typical easements exist on the property and none that would have an adverse impact on value. This appraisal further assumes the subject has clear and marketable title. 0.21 ± acres / 9,000± square feet Rectangular Grand Avenue (97.0 feet) The site is level and at street grade. Assumed adequate The site is accessed from Grand Avenue. All roads are paved with asphalt and are in average condition. Street drainage is collected by gravity into the local sewer storm system mains. Adequate Water/Sewer- Municipal Police & Fire Protection - Municipal Electric - FP&L We observed no evidence of toxic or hazardous substances that require remediation during our inspection of the site. Located in "Zone X" on the National Flood Insurance Program Rate Map dated September 11, 2009 Community Panel 12086C0457L. Flood Zone X are areas 6 The flood map can be found in the Map Gallery, which is located in the Addenda. Bowery Valuation JOB-2500038388 16 determined to be outside 500-year floodplain determined to be outside the 1% and 0.2% annual chance floodplains. Inspection We did not observe any hazardous substances on the improvements or adverse environmental or physical conditions. The scope of the property inspection was sufficient to form informed opinions regarding the marketability of the subject property. Improvements The property is currently unimproved and vacant. Conclusion The site is like others in the vicinity, and there are no negative external factors. Based on its current use, it is adequate. Bowery Valuation JOB-2500038388 17 „cc Highest Highest & Best Use In determining highest and best use, we have considered the current trends of supply and demand on the market, current zoning regulations and other possible restrictions, and neighboring land uses. It is to be recognized that in cases where a site has existing improvements on it, the highest and best use may be determined to be different from the existing use. The existing use will continue, however, unless and until land value in its highest and best use exceeds the total value of the property in its existing use. In estimating highest and best use, alternative uses', such as the legally permissible use, the physically possible use, the financially feasibility, and the highest and best use, are considered and tested for the subject site. As Vacant Legally Permissible Physically Possible Financially Feasible Maximally Productive/ Highest and Best Use The subject is in a T5-O zone, which permits single family residences, community residences, multifamily residences, offices, recreation and religious facilities, research facilities, etc. The site is of good size. The lot has 9,000 total square feet with frontage on Grand Avenue (97.0 feet). The physical characteristics of the site do not appear to impose any unusual restrictions on development, and we are not aware of any easement or encroachments that would impact development. The site appears functional for residential development or an agricultural use. The subject is located within a residential area. Based on our analysis of the market, there is sufficient demand for residential properties. All legally permissible, physically possible, and financially feasible uses of the site, as vacant, have been presented and examined. We considered the legal issues related to zoning and legal restrictions. We also analyzed the physical characteristics of the site to determine what legal uses would be possible and considered the financial feasibility of these uses to determine the use that is maximally productive. Considering the site's physical characteristics and location, as well as the state of the local market, it is our opinion the Highest and Best Use of the subject is for development with a residential use built to the highest allowable density. As Improved Th subject is currently unimproved and vacant. The definitions of these alternative uses can be found in the Glossary of Terms, which is located in the Addenda. Bowery Valuation JOB-2500038388 18 Appraisal Valuation Process There are three approaches to value we consider: The Cost Approach, the Sales Approach, and the Income Approach. The Cost Approach is traditionally a good indicator of value when properties being appraised are new or close to new. The subject is unimproved; thus, the cost approach is not applicable. The Income Approach is a strong indicator of value when market rents, vacancy rates, stabilized expenses, capitalization/discount rates are based on reliable market data. However, the property does not generate any income and is unimproved. The income approach is not applicable. The Sales Comparison Approach is reliable when few differences exist between the comparable sales and the subject, and the sales data collected is credible and accurate. Similar property types in competitive locations tend to sell within a consistent range, and this factor makes valuation on a per square foot basis a strong predictor of value. In advancing an opinion of the value of the subject, we only considered the Sales Comparison Approach to real estate valuation. The Cost and Income Approaches are not used because the improvements are at the end of their economic life and no longer contribute any value to the underlying land. Bowery Valuation JOB-2500038388 19 Land Value In the Sales Comparison Approach, an opinion of market value is provided by comparing the subject property to transactions of competitive assets. A major premise is the principle of substitution which holds market value is directly related to the prices of comparable properties as a knowledgeable investor will pay no more for a substitute property. The steps taken to apply this approach include: • Research, confirm and verify all pertinent data for the most relevant sales of vacant land or redevelopment sides which within the defined market area. • Analyze the sales considering appropriate adjustments for material difference in comparison to the subject property. • Reconcile the range of adjusted sales data into an opinion of value. In order to analyze comparable sales, it is necessary to convert the sale prices to an appropriate unit of comparison, a process which facilitates price comparisons between properties of different sizes, and it also enables adjustment for qualitative differences. Since investors typically purchase land based on their price per buildable unit, we have applied this unit of comparison. The following map and table summarize the comparable data used in the valuation of the subject site. Comparable Sales Comparable 3 929 SW 29th Ct. Murcti, FL 33135 Cora/ Cables Subject 3559 :ra:...d A.ve. M arni. rL 32133 Comparable 4 2150 Coal W Coral Gables. FL 33145 "NN Comparable 1 3400-3422 Flonda Aw M ami. F-_ 33"33 Comparable 2 2930 Coconut Ave h4ami. FL 33133 Bowery Valuation JOB-2500038388 20 Grantee Grantor Document Number Zoning Comparable Sale 1 1 3400-3422 Florida Ave. Miami, FL 33133 3400-3422 THS, LLC Grove Nassau 2, LLC 34479-3793 T4-O Parcel ID 01-4121-007-3470, 3480, 3490 Site Area (SF) Buildable Units 15,000 12 Sale Date 10/29/2024 Sale Price $2,700,000 Price Per Buildable Unit $225,000 This is the sale of a development site located at the southwest corner of Elizabeth Street and Florida Avenue in Coconut Grove, Miami, Florida. The property is zoned T4-O, with a permitted maximum density of 36 units per acre, equating to 12 buildable units based on the site area of 15,000 square feet. The property sold with no site plans or entitlements in place. This comparable most recently sold in October of 2024 for $2,700,000, or $225,000 per buildable unit. This sale was researched on CoStar, with pertinent details confirmed via the Miami -Dade County property appraiser. Bowery Valuation JOB-2500038388 21 Grantee Grantor Document Number Zoning Comparable Sale 2 2 2930 Coconut Ave. Miami, FL 33133 Cabsha Corp. Angela Bonilla 34468-2450 T4-R Parcel ID 01-4116-029-0390 Site Area (SF) Buildable Units 7,500 6 Sale Date 10/17/2024 Sale Price Price Per Buildable Unit $1,530,000 $255,000 This is the sale of a redevelopment site located at the southwest corner of Coconut Avenue and Whitehead Street in Coconut Grove, Miami, Florida. The property is zoned T4-R, with a permitted maximum density of 36 units per acre, equating to 6 buildable units based on the site area of 7,500 square feet. The property sold with no site plans or entitlements in place. The property sold improved; however, these improvements represent an interim use that will partially offset any demolition costs. This comparable most recently sold in October of 2024 for $1,530,000, or $255,000 per buildable unit. This sale was researched on CoStar, with pertinent details confirmed via the Miami -Dade County property appraiser. Bowery Valuation JOB-2500038388 22 Comparable Sale 3 3 929 SW 29th Ct. Miami, FL 33135 Grantee Grantor Document Number Zoning Parcel ID Site Area (SF) Buildable Units LMGA MANAGEMENT GROUP LLC SOLO ASSET GROUP LLC 34400-4536 T4-R 01-4109-019-0070 Sale Date 9/6/2024 5,200 Sale Price 4 Price Per Buildable Unit $1,550,000 $387,500 This is the sale of a redevelopment site located on the east side of SW 29th Court, north of SW 10th Street, in Coconut Grove, Miami, Florida. The property is zoned T4-R, with a permitted maximum density of 36 units per acre, equating to 4 buildable units based on the site area of 5,200 square feet. The property sold with no site plans or entitlements in place. The property sold improved; however, these improvements represent an interim use that will partially offset any demolition costs. This comparable most recently sold in September of 2024 for $1,550,000, or $387,500 per buildable unit. This sale was researched on CoStar, with pertinent details confirmed via the Miami -Dade County property appraiser. Bowery Valuation JOB-2500038388 23 Grantee Grantor Document Number Zoning Comparable Sale 4 ..W12.n:1:), ST,A10,CORAL WJAIFS+.. 4 2150 Coral Way Miami, FL 33145 ALPHATUR INC OCEAN CORAL WAY INC 34376-0392 T5-O Parcel ID 01-4115-012-0680 Site Area (SF) Buildable Units Sale Date 8/16/2024 14,625 Sale Price 21 Price Per Buildable Unit $5,200,000 $247,619 This is the sale of a redevelopment site located on the south side of Coral Way, east of SW 22nd Avenue, in Coconut Grove, Miami, Florida. The property is zoned T5-O, with a permitted maximum density of 65 units per acre, equating to 21 buildable units based on the site area of 14,625 square feet. The property sold with no site plans or entitlements in place. The property sold improved; however, these improvements represent an interim use that will partially offset any demolition costs. This comparable most recently sold in August of 2024 for $5,200,000, or $247,619 per buildable unit. This sale was researched on CoStar, with pertinent details confirmed via the Miami -Dade County property appraiser. Bowery Valuation JOB-2500038388 24 Land Value Location Comparable Sales Summary8 Price Per Buildable Sale Date Zoning Buildable Units Sale Price Unit 1 3400-3422 Florida Ave., Miami, FL 33133 Oct-24 T4-O 12 $2,700,000 $225,000 2 2930 Coconut Ave., Miami, FL 33133 Oct-24 T4-R 6 $1,530,000 $255,000 3 929 SW 29th Ct., Miami, FL 33135 Sep-24 T4-R 4 $1,550,000 $387,500 4 2150 Coral Way, Miami, FL 33145 Aug-24 T5-O 21 $5,200,000 $247,619 Min 4 $1,530,000 $225,000 Max 21 $5,200,000 $387,500 Average 11 $2,745,000 $278,780 Median 9 $2,125,000 $251,310 Adjustments for the comparable sales have been considered based on comparison to the subject for financing terms, conditions of sale, market conditions (time), location, size, utility, zoning, and entitlements. e The outlines of each of the comparable sales and the comparable sales map can be found in the Addenda. Bowery Valuation JOB-2500038388 25 Land Value Property Rights Appraised Financing Terms The purpose of this adjustment is to account for differences in the property rights which were transferred with the sale. All sales were acquired for re -development purposes. No adjustments were required. The purpose of adjusting for financing terms is to determine cash equivalent sale prices for the comparable sales in accordance with the definition of market value for this report. To the best of our knowledge, all the sales or future sales were cash transactions or financed at market rates. No adjustments were required. Conditions of Sale Conditions of sale refers to the motivations of the buyer and seller involved in a particular transaction. However, all sales used in this analysis are considered to be "arm's-length" market transactions between both knowledgeable buyers and sellers on the open market. Therefore, no adjustments were required. Market Conditions (Time) The purpose of this adjustment is to account for changes in market conditions. Given the recent interest rate environment over the time period in which the comparables sold, no adjustments for market conditions have been applied. Location An adjustment for location is required when the locational characteristics of a comparable property differ from those of the subject property. The subject is located on the north side of Grand Avenue, east of Douglas Road, in Miami, Florida. Comparables 3 and 4 are located north of the subject, closer in proximity to Downtown Miami. Each is rated superior, and adjusted downward 10%. Size We applied adjustments for size based on the understanding that smaller sites typically sell for more on a price per buildable unit basis when compared to otherwise similar larger sites, according to principles of economies of scale. The following table illustrates the size adjustments applied. Zoning Subject Buildable Units Adjustment 1 2 3 4 13 12 6 4 21 0% -5% -5% 5% The subject is zoned T5-O. This zone permits a maximum Du/acre (base density without bonuses) of 65 units. We have made the following adjustments based on the maximum Du/acre in the subjects' zone compared to the zones in which each of the comparables are located, as follows: Subject 1 2 3 4 Du/Acre I 65 36 36 36 65 Adjustment 5% 5% 5% 0% Utility All sales share similar development utility; thus, no adjustments were required. Entitlements The subject does not have an approved site plan for development. Land values are considerably higher once the approval process has been completed. None of the comparables sold with entitlements. As such, each is rated similar and no adjustments were warranted. Other Comparables 2, 3, and 4 each sold with existing improvements. These improvements will require demolition (and associated costs) prior to the sites being development ready. The existing improvements provide an interim use that will partially offset demolition costs. As such, each is rated inferior and adjusted downward 5%. Bowery Valuation JOB-2500038388 26 Land Value Comparable Sales Adjustment Grid Sale No. Subject 1 2 3 4 Address: 3659 Grand Avenue 3400-3422 Florida 2930 Coconut Ave. 929 SW 29th Ct. 2150 Coral Way Ave. Sale Date: 10/29/2024 10/17/2024 9/6/2024 8/16/2024 Adjusted Sale Price: $2,700,000 $1,530,000 $1,550,000 $5,200,000 Buildable Units 13 12 6 4 21 Price Per Buildable Unit $225,000 $255,000 $387,500 $247,619 Property Rights: Fee Simple Interest 0% 0% 0% 0% Financing Terms: Market 0% 0% 0% 0% Conditions of Sale: None 0% 0% 0% 0% Market Conditions (Time): 2/18/2025 0% 0% 0% 0% Price Per Square Foot $225,000 $255,000 $387,500 $247,619 Location: Size (SF): Zoning: Utility: Entitlements: Other: Total Adjustments: Adjusted Price Per Buildable Unit 9,000 SF / 13 units 0% 0% -10% -10% 0% -5% -5% 5% 5% 5% 5% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 5% 5% 5% 5% 5% -5% 0% $236,250 $267,750 $368,125 $247,619 Unadjusted Adjusted Low $225,000 Low $236,250 High $387,500 High $368,125 Average $278,780 Average $279,936 Median $251,310 Median $257,685 After adjustments, the comparable sales exhibited a range between $236,250 and $368,125 per buildable unit with an average of $279,936 and a median of $257,685 per buildable unit. We place primary weight on Comparable 1 as it sold most recently, is the closest comparable to the subject, and sold vacant/ready for vertical construction. Secondary weight is placed on the remaining comparables. Our opinion of market value of the land per buildable unit is $240,000. Application results in a land value indication for the subject property as follows: As Is Market Value Date of Value Value Final Value (Rd) Concluded Value Per Buildable Unit $240,000 Buildable Units 13 As Is Market Value of the Land February 18, 2025 $3,120,000 $3,125,000 Bowery Valuation JOB-2500038388 27 Q PH-1 y1,HA Opinion Reconciliation & Final Value Opinion The estimated values arrived at by the approaches to value used in this report are as follows: Market Value Opinions Approach Value Interest Appraised Date of Value Conclusion Cost Approach N/A N/A N/A Not Applied Income Approach N/A N/A N/A Not Applied Sales Approach Land Value Fee Simple Interest February 18, 2025 $3,125,000 The Sales Comparison Approach is reliable when few differences exist between the comparable sales and the subject, and the sales data collected is credible and accurate. Similar property types in competitive locations tend to sell within a consistent range, and this factor makes valuation on a per square foot basis a strong predictor of value. The sales used to advance an opinion of value of the subject property were comparable in most respects and were good indicators of value. Final Value Opinion Value Interest Appraised Date of Value Conclusion Land Value As Is Fee Simple Interest February 18, 2025 $3,125,000 The value conclusions are subject to the following Extraordinary Assumptions9 that may affect the assignment results. If the assumption is found to be false as of the effective date of the appraisal, we reserve the right to modify our value conclusions. • None. The value conclusions are based on the following Hypothetical Conditions10that may affect the assignment results. • None. The opinion of value expressed herein is subject to the certification, assumptions and limiting conditions, and all other information contained in the following written appraisal report. 9 The definition of Extraordinary Assumptions can be found in the Glossary of Terms, which is located in the Addenda. 1 ° The definition of Hypothetical Conditions can be found in the Glossary of Terms, which is located in the Addenda. Bowery Valuation JOB-2500038388 28 Certification We certify to the best of our knowledge: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. • We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved. • We have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the agreement to perform this assignment. • We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. • Our engagement in this assignment was not contingent upon developing or reporting predetermined results. • Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. • Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice and the current version of the FIRREA of 1989, including its Title XI regulations. • Harry C. Newstreet, MAI, of Bowery Valuation has made a personal inspection of the property that is the subject of this report on February 18, 2025. • Matthew Dailey, State -Registered Trainee Real Estate Appraiser #RI25616, under the supervision of Harry C. Newstreet, MAI State -Certified General Real Estate Appraiser #RZ2278 provided significant real property appraisal assistance to the appraiser(s) signing this certification, including verifying rent and sale comparables, interviewing brokers for appropriate market rent, capitalization rates and sale prices for the subject and similar property type. It is noted that the responsibilities of parties providing assistance is not considered to be significant in terms of any value determination. All parties conducted assistance under the direct supervision of the appraisers signing this report in compliance with State regulations. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • The reported analyses, opinions and conclusions were developed, and this report has been prepared in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute. • As of the date of this report, Harry C. Newstreet, MAI has completed the continuing education program for Designated Members of the Appraisal Institute. • We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. • Our analyses, opinions, or conclusions were developed and this report has been prepared in conformity with the requirements of the State of Florida for State -certified appraisers. • The use of this report is subject to the requirements of the State of Florida relating to review by the Real Estate Appraisal Subcommittee of the Florida Real Estate Commission. Bowery Valuation JOB-2500038388 Harry C. Newstreet, MAI Senior Vice President State Certified General Real Estate Appraiser RZ2278 harry.newstreet@boweryyaluation.com (954)461-4073 Bowery Valuation JOB-2500038388 Addenda Contingent & Limiting Conditions 1. Any legal description or plats reported herein are assumed to be accurate. Any sketches, surveys, plats, photographs, drawings or other exhibits are included only to assist the intended user to better understand and visualize the subject property, the environs, and the competitive data. We have made no survey of the property and assume no responsibility in connection with such matters. 2. The appraiser has not conducted any engineering or architectural surveys in connection with this appraisal assignment. Information reported pertaining to dimensions, sizes, and areas is either based on measurements taken by the appraiser or the appraiser's staff or was obtained or taken from referenced sources and is considered reliable. No responsibility is assumed for the costs of preparation or for arranging geotechnical engineering, architectural, or other types of studies, surveys, or inspections that require the expertise of a qualified professional. 3. No responsibility is assumed for matters legal in nature. Title is assumed to be good and marketable and in fee simple unless otherwise stated in the report. The property is considered to be free and clear of existing liens, easements, restrictions, and encumbrances, except as stated. 4. Unless otherwise stated herein, it is assumed there are no encroachments or violations of any zoning or other regulations affecting the subject property and the utilization of the land and improvements is within the boundaries or property lines of the property described and that there are no trespasses or encroachments. 5. Bowery Real Estate Systems, Inc. assumes there are no private deed restrictions affecting the property which would limit the use of the subject property in any way. 6. It is assumed the subject property is not adversely affected by the potential of floods; unless otherwise stated herein. 7. It is assumed all water and sewer facilities (existing and proposed) are or will be in good working order and are or will be of sufficient size to adequately serve any proposed buildings. 8. Unless otherwise stated within the report, the depiction of the physical condition of the improvements described herein is based on visual inspection. No liability is assumed for the soundness of structural members since no engineering tests were conducted. No liability is assumed for the condition of mechanical equipment, plumbing, or electrical components, as complete tests were not made. No responsibility is assumed for hidden, unapparent or masked property conditions or characteristics that were not clearly apparent during our inspection. 9. If building improvements are present on the site, no significant evidence of termite damage or infestation was observed during our physical inspection, unless so stated in the report. No termite inspection report was available, unless so stated in the report. No responsibility is assumed for hidden damages or infestation. 10. Any proposed or incomplete improvements included in this report are assumed to be satisfactorily completed in a workmanlike manner or will be thus completed within a reasonable length of time according to plans and specifications submitted. 11. No responsibility is assumed for hidden defects or for conformity to specific governmental requirements, such as fire, building, safety, earthquake, or occupancy codes, except where specific professional or governmental inspections have been completed and reported in the appraisal report. 12. Responsible ownership and competent property management are assumed. 13. The appraisers assume no responsibility for any changes in economic or physical conditions which occur following the effective date of value within this report that would influence or potentially affect the analyses, opinions, or conclusions in the report. Any subsequent changes are beyond the scope of the report. Bowery Valuation JOB-2500038388 14. The value estimates reported herein apply to the entire property. Any proration or division of the total into fractional interests will invalidate the value estimates, unless such proration or division of interests is set forth in the report. 15. Any division of the land and improvement values estimated herein is applicable only under the program of utilization shown. These separate valuations are invalidated by any other application. 16. Unless otherwise stated in the report, only the real property is considered, so no consideration is given to the value of personal property or equipment located on the premises or the costs of moving or relocating such personal property or equipment. 17. Unless otherwise stated, it is assumed that there are no subsurface oil, gas or other mineral deposits or subsurface rights of value involved in this appraisal, whether they are gas, liquid, or solid. Nor are the rights associated with extraction or exploration of such elements considered; unless otherwise stated. Unless otherwise stated it is also assumed that there are no air or development rights of value that may be transferred. 18. Any projections of income and expenses, including the reversion at time of resale, are not predictions of the future. Rather, they are our best estimate of current market thinking of what future trends will be. No warranty or representation is made that these projections will materialize. The real estate market is constantly fluctuating and changing. It is not the task of an appraiser to estimate the conditions of a future real estate market, but rather to reflect what the investment community envisions for the future in terms of expectations of growth in rental rates, expenses, and supply and demand. The forecasts, projections, or operating estimates contained herein are based on current market conditions, anticipated short-term supply and demand factors, and a continued stable economy. These forecasts are, therefore, subject to changes with future conditions. 19. Unless subsoil opinions based upon engineering core borings were furnished, it is assumed there are no subsoil defects present, which would impair development of the land to its maximum permitted use or would render it more or less valuable. No responsibility is assumed for such conditions or for engineering which may be required to discover them. 20. Bowery Real Estate Systems, Inc. representatives are not experts in determining the presence or absence of hazardous substances, defined as all hazardous or toxic materials, wastes, pollutants or contaminants (including, but not limited to, asbestos, PCB, UFFI, or other raw materials or chemicals) used in construction or otherwise present on the property. We assume no responsibility for the studies or analyses which would be required to determine the presence or absence of such substances or for loss as a result of the presence of such substances. Appraisers are not qualified to detect such substances. The client is urged to retain an expert in this field. 21. We are not experts in determining the habitat for protected or endangered species, including, but not limited to, animal or plant life (such as bald eagles, gophers, tortoises, etc.) that may be present on the property. We assume no responsibility for the studies or analyses which would be required to determine the presence or absence of such species or for loss as a result of the presence of such species. The appraiser hereby reserves the right to alter, amend, revise, or rescind any of the value opinions based upon any subsequent endangered species impact studies, research, and investigation that may be provided. 22. No environmental impact studies were either requested or made in conjunction with this analysis. The appraiser hereby reserves the right to alter, amend, revise, or rescind any of the value opinions based upon any subsequent environmental impact studies, research, and investigation that may be provided. 23. The appraisal is based on the premise that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless otherwise stated in the report; further, that all applicable zoning, building, and use regulations and restrictions of all types have been complied with unless otherwise stated in the report; further, it is assumed that all required licenses, consents, permits, or other legislative or administrative authority, local, state, federal and/or private entity or organization have been or can be obtained or renewed for any use considered in the value estimate. Bowery Valuation JOB-2500038388 24. Neither all nor any part of the contents of this report or copy thereof, shall be conveyed to the public through advertising, public relations, news, sales, or any other media, without the prior written consent and approval of the appraisers. This limitation pertains to any valuation conclusions, the identity of the analyst or the firm and any reference to the professional organization of which the appraiser is affiliated or to the designations thereof. 25. Although the appraiser has made, insofar as is practical, every effort to verify as factual and true all information and data set forth in this report, no responsibility is assumed for the accuracy of any information furnished the appraiser either by the client or others. If for any reason, future investigations should prove any data to be in substantial variance with that presented in this report, the appraiser reserves the right to alter or change any or all analyses, opinions, or conclusions and/or estimates of value. 26. If this report has been prepared in a so-called "public non -disclosure" state, real estate sales prices and other data, such as rents, prices, and financing, are not a matter of public record. If this is such a "non- disclosure" state, although extensive effort has been expended to verify pertinent data with buyers, sellers, brokers, lenders, lessors, lessees, and other sources considered reliable, it has not always been possible to independently verify all significant facts. In these instances, the appraiser may have relied on verification obtained and reported by appraisers outside of our office. Also, as necessary, assumptions and adjustments have been made based on comparisons and analyses using data in the report and on interviews with market participants. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. Bowery Valuation JOB-2500038388 Subject Property Photos All subject photos were taken on the date of value of this appraisal. Subject Site Subject Street Subject Site Subject Site y000sn:m N. l� 7-511116 OW. w.nsm - r Bowery Valuation JOB-2500038388 Provided Documents DacuSign Envelope ID:9C720E69-DD2E-4F1C-A217-767E14DAD6B4 Vacant Land Contract 1* 1. 2* 3 4 5* 6* 7 B 9 10 Sale and Purchase ("Contract"): STIRRUP PROPERTIES INC. ("Seller") and BELIEVERS OF AUTHORITY MINISTRIES, INC. ("Buyer") (the "parties") agree to sell and buy on the terms and conditions specified below the property ("Property") described as: Address: 3659 GRAND AVE, MIAMI, FL 33133 Legal Description: FROW HOMESTEAD PB B-106 LOTS 15 and 16 LESS S10FT BLK 25 LOT SIZE 100.000 X 90 OR 16487-0138 0694 6 COC 26504-4801 07 2008 1 11` SEC 21 1TWP 154 /RNG 41 of Miami -Dade County, Florida. Real Property ID No.: 01-4121-007-3970 12* including all improvements existing on the Property and the following additional property: 13 14" 2. Purchase Price: (U.S. currency) $ 2,200,000.00 15 All deposits will be made payable to "Escrow Agent" named below and held in escrow by: 16* Escrow Agent's Name: ATTORNEY TITLE PARTNERS 17* Escrow Agent's Contact Person: CHESTER BISHOP 16* Escrow Agent's Address: 2400 N University Drive, Suite 200, Pembroke Pines, FL 33024 19* Escrow Agent's Phone: (954) 680-5959 20* Escrow Agent's Email: CBishop@atpfl.com 21 (a) Initial deposit ($0 if left blank) (Check if applicable) 22` ❑ accompanies offer 23* 1 will be delivered to Escrow Agent within 30 days (3 days if left blank) 24* after Effective Date .................................................... $ 100,000.00 25 (b) Additional deposit will be delivered to Escrow Agent (Check if applicable) 26* ❑ within days (10 days if left blank) after Effective Date 27* ❑ within days (3 days if left blank) after expiration of Due Diligence Period ....... $ 28" (c) Total Financing (see Paragraph 6) (express as a dollar amount or percentage) 29* (d) Other: $ 30 (e) Balance to close (not including Buyer's closing costs, prepaid items, and prorations) 31* to be paid at closing by wire transferor other Collected funds $ 2,100,000.00 32* (f) ❑ (Complete only if purchase price will be determined based on a per unit cost instead of a fixed price.) The 33* unit used to determine the purchase price is E lot 0 acre 0 square foot 0 other (specify): 34' prorating areas of less than a full unit. The purchase price will be $ per unit based on a 35 calculation of total area of the Property as certified to Seller and Buyer by a Florida licensed surveyor in 36 accordance with Paragraph 8(c). The following rights of way and other areas will be excluded from the 37* calculation: 38 3. Time for Acceptance; Effective Date: Unless this offer is signed by Seller and Buyer and an executed copy 39* delivered to all parties on or before March 8, 2024 , this offer will be withdrawn and Buyer's deposit, if 40 any, will be returned. The time for acceptance of any counter-offer will be 3 days after the date the counter-offer is 41 delivered. The "Effective Date" of this Contract is the date on which the last one of the Seller and Buyer 42 has signed or initialed and delivered this offer or the final counter-offer. 43* 4. Closing Date: This transaction will close on September 13, 2024 ("Closing Date"), unless specifically 44 extended by other provisions of this Contract. The Closing Date will prevail over all other time periods including, 45 but not limited to, Financing and Due Diligence periods. However, if the Closing Date occurs on a Saturday, 46 Sunday, or national legal holiday, it will extend to 5:00 p.m. (where the Property is located) of the next business 47 day. In the event insurance underwriting is suspended on Closing Date and Buyer is unable to obtain property 48 insurance, Buyer may postpone closing for up to 5 days after the insurance underwriting suspension is lifted. If 49 this transaction does not close for any reason, Buyer will immediately return all Seller provided documents and 50 other items. 51 5. Extension of Closing Date: If Paragraph 6(b) is checked and Closing Funds from Buyer's lender(s) are not 52 available on Closing Date due to Consumer Financial Protection Bureau Closing Disclosure delivery requirements Ds x/�� e—DS Buy r ('��') ( ) and Belle r (VP ) ( ) acknowledge receipt of a copy of this page, which is 1 of B pages. VAC-14x Rev 9/22 Serial#: 080243-460170.9587719 P2022 Florida Realtors° Form Simplicity Bowery Valuation JOB-2500038388 DocuSign Envelope ID: 9C720E69-DD2E-4F1 C-A217-767E 14DAD6B4 53 ("CFPB Requirements"), if applicable, then Closing Date shall be extended for such period necessary to satisfy 54 CFPB Requirements, provided such period shall not exceed 10 days. 55 6. Financing: (Check as applicable) 56` (a) 0 Buyer will pay cash for the Property with no financing contingency. 57* (b) 0 This Contract is contingent on Buyer qualifying for and obtaining the commitment(s) or approval(s) 58* specified below ("Financing") within days after Effective Date (Closing Date or 30 days after Effective 59• Date, whichever occurs first, if left blank) ("Financing Period"). Buyer will apply for Financing within 60 days after Effective Date (5 days if left blank) and will timely provide any and all credit, employment, financial, 61 and other information required by the lender. If Buyer, after using diligence and good faith, cannot obtain the 62 Financing within the Financing Period, either party may terminate this Contract and Buyer's deposit(s) will be 63 returned. 64* (1) ❑ New Financing: Buyer will secure a commitment for new third party financing for $ 65* or % of the purchase price at (Check one) ❑ a fixed rate not exceeding % 0 an 66* adjustable interest rate not exceeding % at origination (a fixed rate at the prevailing interest rate 67 based on Buyer's creditworthiness if neither choice is selected). Buyer will keep Seller and Broker fully 68 informed of the loan application status and progress and authorizes the lender or mortgage broker to 69 disclose all such information to Seller and Broker. 70 * (2) 0 Seller Financing: Buyer will execute a ❑ first ❑ second purchase money note and mortgage to 71* Seller in the amount of $ , bearing annual interest at % and payable as follows: 72* 73 The mortgage, note, and any security agreement will be in a form acceptable to Seller and will follow 74 forms generally accepted in the county where the Property is located; will provide for a late payment fee 75 and acceleration at the mortgagee's option if Buyer defaults; will give Buyer the right to prepay without 76 penalty all or part of the principal at any time(s) with interest only to date of payment; will be due on 77 conveyance or sale; will provide for release of contiguous parcels, if applicable; and will require Buyer to 78 keep liability insurance on the Property, with Seller as additional named insured. Buyer authorizes Seller 79 to obtain credit, employment, and other necessary information to determine creditworthiness for the 80 financing. Seller will, within 10 days after Effective Date, give Buyer written notice of whether or not Seller 81 will make the loan. 82* (3) ❑ Mortgage Assumption: Buyer will take title subject to and assume and pay existing first mortgage to 83* 84* LN# in the approximate amount of $ currently payable at 85* $ per month, including principal, interest, 0 taxes and insurance, and having a 86 * ❑ fixed 0 other (describe) 87* interest rate of % which 0 will Elwin not escalate upon assumption. Any variance in the mortgage 88 will be adjusted in the balance due at closing with no adjustment to purchase price. Buyer will purchase 89* Seller's escrow account dollar for dollar. If the interest rate upon transfer exceeds % or the 90* assumption/transfer fee exceeds $ , either party may elect to pay the excess, failing 91 which this Contract will terminate; and Buyer's deposit(s) will be returned. If the lender disapproves 92 Buyer, this Contract will terminate; and Buyer's deposit(s) will be returned. 93* 7. Assignability: (Check one) Buyer ❑ may assign and thereby be released from any further liability under this 94* Contract, O may assign but not be released from liability under this Contract, or ❑ may not assign this Contract. 95 • 8. Title: Seller has the legal capacity to and will convey marketable title to the Property by l statutory warranty 96* deed 0 special warranty deed 0 other (specify) free of liens, easements, 97 and encumbrances of record or known to Seller, but subject to property taxes for the year of closing; covenants, 98 restrictions, and public utility easements of record; existing zoning and governmental regulations; and (list any 99* other matters to which title will be subject) 100 provided there exists at closing no violation of the foregoing. tot (a) Title Evidence: The party who pays for the owner's title insurance policy will select the closing agent and pay 102 for the title search, including tax and lien search (including municipal lien search) if performed, and all other 103 fees charged by closing agent. Seller will deliver to Buyer, at 104* (Check one) 0 Seller's 0 Buyer's expense and 105* (Check one) ❑x within 45 days after Effective Date ❑ at least days before Closing Date, 106 (Check one) 107* (1) ❑x a title insurance commitment by a Florida licensed title insurer setting forth those matters to be 108 discharged by Seller at or before closing and, upon Buyer recording the deed, an owner's policy in the (Des' DDS Buy r ( ) ( ) and Seller ) ( )acknowledge receipt of a copy of this page, which is 2 of 8 pages. VAC-14x Rev 9f22 ©2022 Florida Realtors• S vial#'. 060293-400170.9569719 Form Simplicity Bowery Valuation JOB-2500038388 DocuSign Envelope ID: 9C720E69-DD2E-4F1 C-A217-767E 14DAD6B4 109 amount of the purchase price for fee simple title subject only to the exceptions stated above. If Buyer is 11 o paying for the owners title insurance policy and Seller has an owners policy, Seller will deliver a copy to 111 Buyer within 15 days after Effective Date. 112* (2) 0 an abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an 113 existing firm. However, if such an abstract is not available to Seller, then a prior owner's title policy 114 acceptable to the proposed insurer as a base for reissuance of coverage may be used. The prior policy will 115 include copies of all policy exceptions and an update in a format acceptable to Buyer from the policy 116 effective date and certified to Buyer or Buyer's closing agent together with copies of all documents 117 recited in the prior policy and in the update. If such an abstract or prior policy is not available to Seller, 118 then (1) above will be the title evidence. 119* (b) Title Examination: After receipt of the title evidence, Buyer will, within 45 days (10 days if left blank) but 120 no later than Closing Date, deliver written notice to Seller of title defects. Title will be deemed acceptable to 121 Buyer if (i) Buyer fails to deliver proper notice of defects or (ii) Buyer delivers proper written notice and Seller 122* cures the defects within 45 days (30 days if left blank) ("Cure Period") after receipt of the notice. If the 123 defects are cured within the Cure Period, closing will occur within 10 days after receipt by Buyer of notice of 124 such cure. Seller may elect not to cure defects if Seller reasonably believes any defect cannot be cured within 125 the Cure Period. If the defects are not cured within the Cure Period, Buyer will have 10 days after receipt of 126 notice of Seller's inability to cure the defects to elect whether to terminate this Contract or accept title subject 127 to existing defects and close the transaction without reduction in purchase price. 128 (c) Survey: Buyer may, at Buyer's expense, have the Property surveyed and must deliver written notice to 129 Seller, within 5 days after receiving survey but not later than 5 days before Closing Date, of any 130 encroachments on the Property, encroachments by the Property's improvements on other lands, or deed 131 restriction or zoning violations. Any such encroachment or violation will be treated in the same manner as a 132 title defect and Seller's and Buyer's obligations will be determined in accordance with Paragraph 8(b). 133 (d) Ingress and Egress: Seller warrants that the Property presently has ingress and egress. 134 9. Property Condition: Seller will deliver the Property to Buyer at closing in its present"as is" condition, with 135 conditions resulting from Buyer's Inspections and casualty damage, if any, excepted. Seller will not engage in or 136 permit any activity that would materially alter the Property's condition without the Buyer's prior written consent. 137 (a) Inspections: (Check (1) or (2)) 138* (1) ® Due Diligence Period: Buyer will, at Buyer's expense and within 30 days (30 days if left blank) 139 ("Due Diligence Period") after Effective Date and in Buyer's sole and absolute discretion, determine 140 whether the Property is suitable for Buyer's intended use. During the Due Diligence Period, Buyer may 141 conduct a Phase 1 environmental assessment and any other tests, analyses, surveys, and investigations 142 ("Inspections") that Buyer deems necessary to determine to Buyer's satisfaction the Property's 143 engineering, architectural, and environmental properties; zoning and zoning restrictions; subdivision 144 statutes; soil and grade; availability of access to public roads, water, and other utilities; consistency with 145 local, state, and regional growth management plans; availability of permits, government approvals, and 146 licenses; and other inspections that Buyer deems appropriate. If the Property must be rezoned, Buyer will 147 obtain the rezoning from the appropriate government agencies. Seller will sign all documents Buyer is 148 required to file in connection with development or rezoning approvals. Seller gives Buyer, its agents, 149 contractors, and assigns, the right to enter the Property at any time during the Due Diligence Period for 150 the purpose of conducting Inspections, provided, however, that Buyer, its agents, contractors, and assigns 151 enter the Property and conduct Inspections at their own risk. Buyer will indemnify and hold Seller 152 harmless from losses, damages, costs, claims, and expenses of any nature, including attorneys' fees, 153 expenses, and liability incurred in application for rezoning or related proceedings, and from liability to any 154 person, arising from the conduct of any and all Inspections or any work authorized by Buyer. Buyer will 155 not engage in any activity that could result in a construction lien being filed against the Property without 156 Seller's prior written consent. If this transaction does not close, Buyer will, at Buyer's expense, (i) repair 157 all damages to the Property resulting from the Inspections and return the Property to the condition it was in 158 before conducting the Inspections and (ii) release to Seller all reports and other work generated as a 159 result of the Inspections. 160 Before expiration of the Due Diligence Period, Buyer must deliver written notice to Seller of Buyer's 161 determination of whether or not the Property is acceptable. Buyer's failure to comply with this notice 162 requirement will constitute acceptance of the Property as suitable for Buyer's intended use in its "as is" 163 condition. If the Property is unacceptable to Buyer and written notice of this fact is timely delivered to 164 Seller, this Contract will be deemed terminated, and Buyer's deposit(s) will be returned. D5 0os Buyerif 1 ( ) and Sell 1 1) ( ) acknowledge receipt of a copy of this page, which is 3 of 8 pages. VAC-14x Rev 9122 ©2022 Ronda Realtors• Serial#'. 060293-400170.9569719 5 . Form `Simplicity Bowery Valuation JOB-2500038388 DocuSign Envelope ID: 9C720E69-DD2E-4F1 C-A217-767E 14DAD6B4 165* (2) 0 No Due Diligence Period: Buyer is satisfied that the Property is suitable for Buyer's purposes, 166 including being satisfied that either public sewerage and water are available to the Property or the 167 Property will be approved for the installation of a well and/or private sewerage disposal system and that 168 existing zoning and other pertinent regulations and restrictions, such as subdivision or deed restrictions, 169 concurrency, growth management, and environmental conditions, are acceptable to Buyer. This 170 Contract is not contingent on Buyer conducting any further investigations. 171 (b) Government Regulations: Changes in government regulations and levels of service which affect Buyer's 172 intended use of the Property will not be grounds for terminating this Contract if the Due Diligence Period has 173 expired or if Paragraph 9(a)(2) is selected. 174 (c) Flood Zone: Buyer is advised to verify by survey, with the lender, and with appropriate government agencies 175 which flood zone the Property is in, whether flood insurance is required, and what restrictions apply to 176 improving the Property and rebuilding in the event of casualty. 177 (d) Coastal Construction Control Line ("CCCL"): If any part of the Property lies seaward of the CCCL as 178 defined in Section 161.053, Florida Statutes, Seller will provide Buyer with an affidavit or survey as required 179 by law delineating the line's location on the Property, unless Buyer waives this requirement in writing. The 180 Property being purchased may be subject to coastal erosion and to federal, state, or local regulations that 181 govern coastal property, including delineation of the CCCL, rigid coastal protection structures, beach 182 nourishment, and the protection of marine turtles, Additional information can be obtained from the Florida 183 Department of Environmental Protection, including whether there are significant erosion conditions associated 184 with the shore line of the Property being purchased. 185* ❑Buyer waives the right to receive a CCCL affidavit or survey. 186 10. Closing Procedure; Costs: Closing will take place in the county where the Property is located and may be 187 conducted by mail or electronic means. If title insurance insures Buyer for title defects arising between the title 188 binder effective date and recording of Buyer's deed, closing agent wit disburse at closing the net sale proceeds to 189 Seller (in local cashier's check if Seller requests in writing at least 5 days before closing) and brokerage fees to 190 Broker as per Paragraph 21. In addition to other expenses provided in this Contract, Seller and Buyer will pay the 191 costs indicated below. 192 (a) Seller Costs: 193 Taxes on deed 194 Recording fees for documents needed to cure title 195 Title evidence (if applicable under Paragraph 8) 196 Estoppel Fee(s) 197* Other: 198 (b) Buyer Costs: 199 Taxes and recording fees on notes and mortgages 200 Recording fees on the deed and financing statements 201 Loan expenses 202 Title evidence (if applicable under Paragraph 8) 203 Lender's title policy at the simultaneous issue rate 204 Inspections 205 Survey 206 Insurance 207* Other: 208 (c) Prorations: The following items will be made current and prorated as of the day before Closing Date: real 209 estate taxes (including special benefit tax liens imposed by a CDD), interest, bonds, assessments, leases, and 210 other Property expenses and revenues. If taxes and assessments for the current year cannot be determined, 211 the previous year's rates will be used with adjustment for any exemptions. 212 (d) Special Assessment by Public Body: Regarding special assessments imposed by a public body, Seller will 213 pay (i) the full amount of liens that are certified, confirmed, and ratified before closing and (ii) the amount of the 214 last estimate of the assessment if an improvement is substantially completed as of Effective Date but has not 215 resulted in a lien before closing; and Buyer will pay all other amounts. If special assessments may be paid in 216* installments, ❑ Seller p Buyer (Buyer if left blank) will pay installments due after closing. If Seller is 217 checked, Seller will pay the assessment in full before or at the time of closing. Public body does not include a 218 Homeowners' or Condominium Association. 219 (e) PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT 220 PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO 221 PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY (DS o0s Buye (C `) ( ) and Sellt r ) ( )acknowledge receipt of a copy of this page, which is 4 of 8 pages. VAC-14x Rev 922 Svial#'. D60293-400170.9569719 ©2022 Florida Realtors• -`' Form Simplicity Bowery Valuation JOB-2500038388 DocuSign Envelope ID: 9C720E69-DD2E-4F1C-A217-767E14DAD6B4 222 IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT COULD RESULT IN HIGHER 223 PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION, CONTACT THE 224 COUNTY PROPERTY APPRAISER'S OFFICE FOR FURTHER INFORMATION. 225 (f) Foreign Investment in Real Property Tax Act ("FIRPTA"): If Seller is a "foreign person" as defined by 226 FIRPTA, Seller and Buyer will comply with FIRPTA, which may require Seller to provide additional cash at 227 closing. 228 (g) 1031 Exchange: If either Seller or Buyer wish to enter into a like -kind exchange (either simultaneously with 229 closing or after) under Section 1031 of the Internal Revenue Code ("Exchange"), the other party will cooperate 230 in all reasonable respects to effectuate the Exchange including executing documents, provided, however, that 231 the cooperating party will incur no liability or cost related to the Exchange and that the closing will not be 232 contingent upon, extended, or delayed by the Exchange. 233 11. Computation of Time: Calendar days will be used when computing time periods, except time periods of 5 days 234 or less. Time periods of 5 days or less will be computed without including Saturday, Sunday, or national legal 235 holidays specified in 5 U.S.C. 6103(a). Other than time for acceptance and Effective Date as set forth in Paragraph 236 3, any time periods provided for or dates specified in this Contract, whether preprinted, handwritten, typewritten or 237 inserted herein, which shall end or occur on a Saturday, Sunday, or national legal holiday (see 5 U.S.C. 6103) 238 shall extend until 5:00 p.m. (where the Property is located) of the next business day. Time is of the essence in 239 this Contract. 240 12. Risk of Loss; Eminent Domain: If any portion of the Property is materially damaged by casualty before closing 241 or Seller negotiates with a governmental authority to transfer all or part of the Property in lieu of eminent domain 242 proceedings or an eminent domain proceeding is initiated, Seller will promptly inform Buyer. Either party may 243 terminate this Contract by written notice to the other within 10 days after Buyer's receipt of Seller's notification, 244 and Buyer's deposit(s) will be returned, failing which Buyer will close in accordance with this Contract and 245 receive all payments made by the governmental authority or insurance company, if any. 246 13. Force Majeure: Seller or Buyer will not be required to perform any obligation under this Contract or be liable to 247 each other for damages so long as the performance or non-performance of the obligation is delayed, caused, or 248 prevented by an act of God or force majeure. An "act of God or "force majeure" is defined as hurricanes, 249 earthquakes, floods, fire, unusual transportation delays, wars, insurrections, and any other cause not reasonably 250 within the control of Seller or Buyer and which by the exercise of due diligence the non -performing party is unable 251 in whole or in part to prevent or overcome. All time periods, including Closing Date, will be extended for the period 252 that the act of God or force majeure is in place. However, in the event that such act of God or force majeure event 253 continues beyond 30 days, either party may terminate this Contract by delivering written notice to the other; and 254 Buyer's deposit(s) will be returned. 255 14. Notices: All notices will be in writing and delivered to the parties and Broker by mail, personal delivery, or 256 electronic means. Buyer's failure to timely deliver written notice to Seller, when such notice is required by 257 this Contract, regarding any contingency will render that contingency null and void, and this Contract will 258 be construed as if the contingency did not exist. Any notice, document, or item delivered to or received by 259 an attorney or licensee (including a transactions broker) representing a party will be as effective as if 260 delivered to or received by that party. 261 15. Complete Agreement; Persons Bound: This Contract is the entire agreement between Seller and Buyer. 262 Except for brokerage agreements, no prior or present agreements will bind Seller, Buyer, or Broker unless 263 incorporated into this Contract. Modifications of this Contract will not be binding unless in writing, signed or 264 initialed, and delivered by the party to be bound. Electronic signatures will be acceptable and binding. This 265 Contract, signatures, initials, documents referenced in this Contract, counterparts, and written modifications 266 communicated electronically or on paper will be acceptable for all purposes, including delivery, and will be binding. 267 Handwritten or typewritten terms inserted in or attached to this Contract prevail over preprinted terms. If any 268 provision of this Contract is or becomes invalid or unenforceable, all remaining provisions will continue to be fully 269 effective. Seller and Buyer will use diligence and good faith in performing all obligations under this Contract. This 270 Contract will not be recorded in any public record. The terms "Seller," "Buyer," and "Broker" may be singular or 271 plural. This Contract is binding on the heirs, administrators, executors, personal representatives, and assigns, if 272 permitted, of Seller, Buyer, and Broker. 273 16. Default and Dispute Resolution: This Contract will be construed under Florida law. This Paragraph will survive 274 closing or termination of this Contract. 275 (a) Seller Default: If Seller fails, neglects, or refuses to perform Seller's obligations under this Contract, Buyer 276 may to recei feturn of Buyer's deposit(s) without thereby waiving any action for damages resulting Buye ( ') () and SeIIe (VP ) ( ) acknowledge receipt of a copy of this page, which is 5 of 6 pages. VAC-14x Rev 9f22 Serial#'. 060293-400170.9587719 02022 Florida Realtors. Form Simplicity Bowery Valuation JOB-2500038388 DocuSign Envelope ID: 9C720E69-DD2E-4F1 C-A217-767E 14DAD6B4 277 from Seller's breach and may seek to recover such damages or seek specific performance. Seller will also be 278 liable for the full amount of the brokerage fee. 279 (b) Buyer Default: If Buyer fails, neglects, or refuses to perform Buyer's obligations under this Contract, 280 including payment of deposit(s), within the time(s) specified, Seller may elect to recover and retain the 281 deposit(s), paid and agreed to be paid, for the account of Seller as agreed upon liquidated damages, 282 consideration for execution of this Contract, and in full settlement of any claims, whereupon Seller and Buyer 283 will be relieved from all further obligations under this Contract; or Seller, at Seller's option, may proceed in 284 equity to enforce Seller's rights under this Contract. 285 17. Attorney's Fees; Costs: In any litigation permitted by this Contract, the prevailing party shall be entitled to 386 recover from the non -prevailing party costs and fees, including reasonable attorney's fees, incurred in conducting 387 the litigation. This Paragraph 17 shall survive Closing or termination of this Contract. 288 18. Escrow Agent; Closing Agent: Seller and Buyer authorize Escrow Agent and closing agent (collectively 289 "Agent') to receive, deposit, and hold funds and other items in escrow and, subject to Collection, disburse them 290 upon proper authorization and in accordance with Florida law and the terms of this Contract, including disbursing 291 brokerage fees. "Collection" or "Collected" means any checks tendered or received have become actually and 292 finally collected and deposited in the account of Agent. The parties agree that Agent will not be liable to any person 293 for misdelivery of escrowed items to Seller or Buyer, unless the misdelivery is due to Agent's willful breach of this 294 Contract or gross negligence. If Agent interpleads the subject matter of the escrow, Agent will pay the filing fees 295 and costs from the deposit and will recover reasonable attorneys' fees and costs to be paid from the escrowed 296 funds or equivalent and charged and awarded as court costs in favor of the prevailing party. 297 19. Professional Advice; Broker Liability: Broker advises Seller and Buyer to verify all facts and representations 296 that are important to them and to consult an appropriate professional for legal advice (for example, interpreting this 299 Contract, determining the effect of laws on the Property and this transaction, status of title, foreign investor 300 reporting requirements, the effect of property lying partially or totally seaward of the CCCL, etc.) and for tax, 301 property condition, environmental, and other specialized advice. Buyer acknowledges that all representations 302 (oral, written, or otherwise) by Broker are based on Seller representations or public records. Buyer agrees to 303 rely solely on Seller, professional inspectors, and government agencies for verification of the Property 304 condition and facts that materially affect Property value. Seller and Buyer respectively will pay all costs and 305 expenses, including reasonable attorneys' fees at all levels, incurred by Broker and Broker's officers, directors, 306 agents, and employees in connection with or arising from Seller's or Buyer's misstatement or failure to perform 307 contractual obligations. Seller and Buyer hold harmless and release Broker and Broker's officers, directors, 306 agents, and employees from all liability for Toss or damage based on (i) Seller's or Buyer's misstatement or 309 failure to perform contractual obligations; (ii) the use or display of listing data by third parties, including, but not 310 limited to, photographs, images, graphics, video recordings, virtual tours, drawings, written descriptions, and 311 remarks related to the Property; (iii) Broker's performance, at Seller's or Buyer's request, of any task beyond the 312 scope of services regulated by Chapter 475, Florida Statutes, as amended, including Broker's referral, 313 recommendation, or retention of any vendor; (iv) products or services provided by any vendor; and (v) expenses 314 incurred by any vendor. Seller and Buyer each assume full responsibility for selecting and compensating their 315 respective vendors. This Paragraph will not relieve Broker of statutory obligations. For purposes of this 316 Paragraph, Broker will be treated as a party to this Contract. This Paragraph will survive closing. 317 20. Commercial Real Estate Sales Commission Lien Act: If the Property is commercial real estate as defined by 318 Section 475.701, Florida Statutes, the following disclosure will apply: The Florida Commercial Real Estate Sales 319 Commission Lien Act provides that when a broker has earned a commission by performing licensed services 320 under a brokerage agreement with you, the broker may claim a lien against your net sales proceeds for the 321 broker's commission. The broker's lien rights under the act cannot be waived before the commission is earned. 322 21. Brokers: The licensee(s) and brokerage(s) named below are collectively referred to as "Broker." Instruction to 323 closing agent: Seller and Buyer direct Closing Agent to disburse at Closing the full amount of the brokerage 324 fees as specified in separate brokerage agreements with the parties and cooperative agreements between the 325 Brokers, except to the extent Broker has retained such fees from the escrowed funds. This Paragraph will not be 326 used to modify any MLS or other offer of compensation made by Seller or listing broker to cooperating brokers. 327" Lawrence Wilson -3% 3368715 Bernard Phanord - 3% 3386248 328 Seller's Sales Associate/License No. Buyer's Sales Associate/License No. (DS DS Buyer" g ( ) and SeIlt) ( ) acknowledge receipt of a copy of this page, which is 6 of 6 pages. VP VAC-14x Rev 922 Serial#'. 060293400170.9569719 ©2022 Florida Realtors• 14 Form Simplicity Bowery Valuation JOB-2500038388 DocuSign Envelope ID: 9C720E69-DD2E-4F1 C-A217-767E 14DAD6B4 329* 330 331 332 * 333 334 335* 336 337 338* 339 lawilsonrealty@gmail.com Seller's Sales Associate Email Address (786) 731-5427 Seller's Sales Associate Phone Number Keller Williams Listing Brokerage Listing Brokerage Address bernardp@kw.com Buyer's Sales Associate Email Address (786) 352-7014 Buyer's Sales Associate Phone Number Keller Williams Elite Properties Buyer's Brokerage Buyer's Brokerage Address 340 22. Addenda: The following additional terms are included in the attached addenda and incorporated into this Contract 341 (Check if applicable) 342* ❑ A. Back-up Contract 343* 0 B. Kick Out Clause 344* ❑ C. Other 345* 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 23. Additional Terms: This contract is further subject to Buyer's obtaining approval of one or more City of Miami grants, which added to financing commitments from banks, CDFIs, Social Impact Funds, andlor other financial institutions, under terms and conditions acceptable to Buyer in ways that will be adequate to allow Buyer to close the purchase of the property with all needed funding from such sources. Seller agrees to join Buyer in all such needed applications for the said grants and financing commitments, and to join Buyer in any and all other requests to the City of Miami necessary in conjunction with the proposed project Additional addendums stipulated in separate proposed addendum V2 COUNTER-OFFER/REJECTION 362* ❑ Seller counters Buyer's offer (to accept the counter-offer, Buyer must sign or initial the counter -offered terms and 363 deliver a copy of the acceptance to Seller). 364* ❑ Seller rejects Buyer's offer 365 This is intended to be a legally binding Contract. If not fully understood, seek the advice of an attorney before 366 signing. ,—oncuSgnedby: 367* Buyer: Date:3/4/2024 1 4:48 EST 368' Print name: ilEVEER3S343FAUTHORITY MINISTRIES, INC. 369* Buyer: Date: 370' Print name: 371 Buyer's address for purpose of notice: 372* Address: P. O. Box 557035 Miami, FL 33255 373* Phone: Fax: Email: 374* Seller: 375* Print name: 376' Seller: 377* Print Vtw.th PoA r k-3a769o23aa52eca.. STIRRUP PROPERTIES, INC. nx Date:3/4/2024 1 10:09 GMT Date: ( ue—• Buy r [� l ( ) and SelleP ) ( ) acknowledge receipt of a copy of this page, which is 7 of 8 pages. VAC-14x Rev 9f22 02022 Florida Realtors. SerialN'. 060293.400170.9569719 -`' Form Simplicity Bowery Valuation JOB-2500038388 DocuSign Envelope ID: 9C720E69-DD2E-4F1 C-A217-767E 14DAD6B4 378 Seller's address for purpose of notice: 379* Address: 3619 PERCIVAL AVE MIAMI, FL 33133 380' Phone: Fax: Email: Florida REALTORS` makes no representation as to the legal validity or adequacy of any provision of this tome in any specitc transaction. This standardized form should not be used in complex transactions or with extensive riders or additions. This form is available for use by the entire real estate industry and is not intended to identify the user as REALTOR'. REALTOR' is a registered collective membership mark which may be used only by real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS' and who subscribe to its Code of Ethics. The copyright laws of United States (17 U.S. Code) forbid the unauthorized reproduction of this form by any means including facsimile or computerized forms. (Da OS Buy r (_) ( ) and Seller) ( ) acknowledge receipt of a copy of this page, which is 8 of 8 pages. VAC-14x Rev 9f22 52022 Florida Realtors• Svial#'. D60293-400170.9569719 FL: Form Simplicity Bowery Valuation JOB-2500038388 \cldenda. Miami -Dade County Area Analysis The following analysis includes pertinent aspects of the surrounding region as it pertains to the subject property. This report was compiled using data as of 2024 Q4 unless otherwise noted. Data is from a number of sources including the U.S. Bureau of Labor Statistics ("BLS"), the U.S. Bureau of Economic Analysis ("BEA"), and the U.S. Census Bureau. 41 I yens Fe/rig Irnnxrkalee B0nna Springs Ave Nix n North Nap. es 1'i�e lher aple 75, Big'Cypress ' National Preserve Everglades National Park 1 nuyr rtur wi5 Beach Delray Beach Boca Raton 411611.1 Bi Ui fig Pompano Beach =dess Fort Y]e' ' Lauderdale ear? et a a ldlife Hollywood CID rrp� Hialeah !t4. Doral Miami r& + y Biscayne National Park o CD Homestead 8-4 fp 826 e- , North Key Cargo Key Largo Key, Largo Tavernie Source: Google Maps Miami -Dade County at a Glance Miami -Dade County, FL, is located in the southeastern part of Florida, bordered by the Atlantic Ocean to the east, the Everglades National Park to the west, and the Florida Keys to the south. Geographically, Miami -Dade is part of the Miami metropolitan area, which is one of the largest and most populous urban centers in the United States. The county includes both urban and suburban areas, with the city of Miami serving as the county seat and its primary urban hub. Miami -Dade is a dynamic and diverse region that is renowned for its multicultural population, thriving tourism industry, and status as a major financial and cultural center in the U.S. The local economy in Miami -Dade is highly diverse, with key industries including tourism, international trade, finance, healthcare, and technology. The region's economy benefits from its status as an international gateway, with Miami acting as a hub for trade and commerce, particularly with Latin America. The Port of Miami is one of the largest cargo ports in the world, and Miami International Airport is one of the busiest international airports in the U.S. Finance, real estate, and construction are also significant contributors to the local economy, with a growing presence of tech companies in the area, particularly in neighborhoods like Wynwood and Brickell. The labor market in Miami -Dade is diverse, with opportunities in both high -skill industries like finance and technology, and low -skill sectors like hospitality and retail, which are supported by the region's strong tourism industry. Bowery Valuation JOB-2500038388 Miami -Dade County's housing stock is varied, catering to a range of residents. The urban areas of Miami feature high-rise condominiums, luxury apartments, and multi -family units, while the suburban areas, such as Coral Gables, Kendall, and Aventura, offer single-family homes and townhouses. The housing market is diverse and offers something for various income levels, though housing prices have risen in recent years due to increased demand driven by population growth, tourism, and real estate investment. The luxury segment, particularly in areas like Miami Beach, Brickell, and Coconut Grove, continues to attract affluent buyers and investors, while more affordable options are available in other parts of the county. Retail and business options in Miami -Dade are extensive, with both local and national tenants represented throughout the county. Major shopping centers like the Aventura Mall, Dolphin Mall, and the Brickell City Centre provide a mix of high -end retailers, national brands, and local boutiques. Miami is also home to a thriving dining scene, with a wide range of international and local restaurants reflecting its diverse population. National retailers like Target, Walmart, and Costco have a presence in various shopping districts and suburban areas, ensuring that residents have access to all types of goods and services. Miami -Dade is also home to a growing number of businesses in the tech, healthcare, and finance sectors, particularly in the downtown Miami area and the Brickell Financial District. Recreational activities in Miami -Dade are plentiful, owing to the county's tropical climate and coastal location. The county offers numerous parks and green spaces, such as the vast Oleta River State Park, Virginia Key, and the Miami Beach Botanical Garden. The region's beaches, including South Beach, Key Biscayne, and Sunny Isles Beach, are major attractions for both residents and tourists, offering opportunities for swimming, water sports, and sunbathing. Miami is also home to several cultural institutions, including the Perez Art Museum Miami, the Frost Art Museum, and the Adrienne Arsht Center for the Performing Arts. Sports enthusiasts can enjoy major league teams like the Miami Heat (NBA), Miami Marlins (MLB), and Miami Dolphins (NFL), as well as a variety of recreational sports leagues and fitness centers throughout the county. Major corridors in Miami -Dade include Interstate 95, which runs north -south through the county, providing access to key areas in Miami, Fort Lauderdale, and beyond. U.S. Route 1 and the Florida Turnpike also serve as important transportation routes. Public transportation in Miami -Dade is provided by the Miami -Dade Transit system, which operates a network of buses, the Metrorail (light rail), and the Metromover (a free elevated rail system serving downtown Miami). Miami -Dade is also well -served by major highways, including the Palmetto Expressway and the Dolphin Expressway. For air travel, Miami International Airport (MIA) is one of the busiest international airports in the U.S., providing access to domestic and international flights. Miami is also within driving distance of Fort Lauderdale -Hollywood International Airport (FLL), offering additional flight options. Area Fundamentals 5 Year Annualized Attribute County Level Value Growth Rate Relative to Baseline (MSA) Employment 1,347,960 -0.1% Slower than MSA GDP $192.8 billion 3.2% Slower than MSA Population 2,686,867 -0.2% Slower than MSA Per Capita Personal Income $75,182 8.4% Slower than MSA Labor Market Conditions According to the latest data from the Q2 2024 Quarterly Census of Employment and Wages, Miami -Fort Lauderdale -West Palm Beach employed 2,451,474 private employees, with establishments in the Trade, Transportation, & Utilities, Professional & Business Services, and Education & Health Services industries accounting for the top three employers. These industries employ 614,435 (25.0%), 453,046 (18.4%), and 436,299 (17.8%) private sector workers in the Metro, respectively. Bowery Valuation JOB-2500038388 MSA Private Employment Composition & Wages by Industry (2024 Q2) Miami -Fort Lauderdale -West Palm Beach Trade, Transportation, & Utilities Weekly Wage: $1,226 ofessional & Business Services eekly Wage: $1,654 Education & Health Services Weekly Wage: $1,246 Leisure & Hospitality Weekly Wage: $800 Construction Weekly Wage: $1,335 Financial Activities Weekly Wage: $2,138 Manufacturing Weekly Wage: $1,415 Other Services Weekly Wage: $976 1 Source: U.S. Bureau of Labor Statistics The latest data from the 2024 Q2 Quarterly Census of Employment and Wages, Miami -Dade County employed 1,233,903 employees. Establishments in the Trade, Transportation, & Utilities, Education & Health Services, and Professional & Business Services industries accounted for the top three employers. These industries employ 310,646 (25.1%), 261,569 (21.2%), and 184,870 (14.9%) workers in the County, respectively. County Employment Composition & Wages by Industry (2024 Q2) Miami -Dade County Trade, Transportation, & Utilities Weekly Wage: $1,244 Education & Health Services Weekly Wage: $1,299 Professional & Business Servic Weekly Wage: $1,717 Leisure & Hospitality Weekly Wage: $917 Construction Weekly Wage: $1,271 Financial Activities Weekly Wage: $2,221 Weekly Wage: $1 268 nformation Weekly Wage: $2,580 Source: U.S. Bureau of Labor Statistics At the onset of the pandemic last spring, Miami -Dade County area employers shed 22.8% of their workforce, expanding the unemployment rate from 2.1% in February 2020 to 11.1% just two months later. The unemployment rate in Miami -Dade County has expanded over the past year to the current rate of 2.5%, just slightly below the Miami -Fort Lauderdale -West Palm Beach rate of 2.8%. As of 12/24, total employment is down 1.2% on a year -over -year basis. The unemployment rate remains above its pre -pandemic level (Feb 2020) of 2.1%. Bowery Valuation JOB-2500038388 Addenda 10% 5% — — Miami -Dade County Unemployment Rate Miami -Fort Lauderdale -west Palm Beach (MSA) Florida 20% 10% 0% - 10% - 20% Annual Employment Growth 12/19 12/20 12/21 12/22 12/23 12/19 12/20 12/21 12/22 12/23 Source: U.S. Bureau of Labor Statistics According to the latest data from the Q2 2024 Quarterly Census of Employment and Wages, Miami -Fort Lauderdale -West Palm Beach Metro has experienced private employment expand 7.8% (178,244) in total over the last five years. During that time, the Financial Activities, Construction, and Education & Health Services industries saw the strongest growth, expanding 12.1%, 10.9%, and 10.6%, respectively. Meanwhile, the Information Industry has experienced employment collapse of 2.0% over the previous five years. 10% 5% 0% -5% • tofO%n . aho Private Employment Growth by Industry (MSA) (2024 Q2) 5 Year Growth • 1 Year Growth • • • • • • • hP des ;ay Nate Sao „ Far coo F�a rsc� „ $ y Trao a/,pes `fao� Qss"Doa cab°/? st/lt pa/q 'cis °SA spO o ,r� / $ y n et/ ,, . a� �rar/On ces A�j 6Ls�ess Pa/rh Se {Ps V / �`'9 Sew ticPS ti tes „, Source: U.S. Bureau of Labor Statistics According to the latest data from the Q2 2024 Quarterly Census of Employment and Wages, Miami -Dade County has experienced private employment expand 8.9% (90,884) in total over the last five years. During that time, the Financial Activities, Education & Health Services, and Professional & Business Services industries saw the strongest growth, expanding 14.8%, 13.0%, and 12.3%, respectively. Meanwhile, the Other Services Industry has experienced employment collapse of 0.7% over the previous five years. Bowery Valuation JOB-2500038388 10% 5% 0% -5% • Qther Sa�C as Private Employment Growth by Industry (County) (2024 02) 5 Year Growth • 1 Year Growth Economic Production $1906 $180B $1706 $160B $150B • • • • • • • • des Aay Cap Mat Nat„ poi F,yL y°s a TFaosp ro9 `fa�srh a/Rasov ass 'a/ Cdtron Ac o,ran 9 gas Q es Gross Domestic Product 410,/19 sSS,eryc 6a�cPs aS Source: U.S. Bureau of Labor Statistics — 0— Miami -Dade County (L) --- - Miami -Fort Lauderdale -West Palm Beach (MSA) (R) $420B $400B $380B $360B $3406 2016 2017 2018 2019 2020 2021 2022 2023 Source: U.S. Bureau of Economic Analysis Demographics Going back ten years, Miami -Dade County's population has expanded 0.3% per annum to the 2023 count of 2,686,867. Over the past five years, growth has declined, contracting 0.2% per annum since 2018. This growth rate falls short of the Nation, which has expanded 0.6% per year over the last five years. Going back five years, Miami -Dade County residents' per capita personal income has expanded 8.4% per annum to the 2023 level of $75,182. Over the past three years, growth has expanded, growing 11.1% per annum since 2020. This growth rate exceeds the Nation, which has expanded 5.8% per year over the last three years. Bowery Valuation JOB-2500038388 580k S70k S60k $50k • United States Miami -Fort Lauderdale -West Palm Beach (MSA) ■ Miami -Dade County Per Capita Personal Income • /I"/ 2017 2018 2014 2020 2021 2022 2023 Infrastructure Annualized Income Growth 6.04% 8-48% 8.37 5 Years Transportation Methods 5 80% 1 277 Source: U.S. Census Bureau Major roads serving Miami -Dade County include 1-75, 1-95, 1-195 / SR 112,1-395 / SR 836, US 1, US 27, US 41, US 441, SR A1A, Florida's Turnpike, SR 826, SR 874, SR 878, and SR 924. GBPublic transit in Miami -Dade County is operated by Miami -Dade Transit and is the largest public transit service in Florida. Miami -Dade Transit operates a heavy rail metro system Metrorail, an elevated people mover in Downtown Miami, Metromover, Brightline and Tri-Rail. IR In terms of bus services, Miami -Dade County is served by Miami -Dade Transit, which operates a network of bus routes throughout the county. ,4i. Miami -Dade County is served by Miami International Airport (MIA), which is one of the largest airports in the United States, as well as several smaller airports such as Miami Executive Airport and Opa-Locka Executive Airport Housing In 2021, historically low mortgage rates, the desire for more space, and the ability for many to work from home, led to an increase in demand for housing. This, combined with historically low inventory levels, accelerated the growth in values, pushing the medium listing price in the US to a peak of $413,000 in June 2022. However, with persistent inflation, the Fed hiked interest rates at a record pace over the 2nd half of 2022 and for much of 2023, eroding housing affordability and dropping demand considerably. With demand decreasing across many metros, values have either declined or experienced limited growth in 2023. Demand has improved since though, with growth in values aided by limited inventory in some metros. In Miami -Dade County, Realtor.com data points to negative growth in values over the past year. As of 12/2024, the median home list price sits at $629,000, a decrease of 9.5% compared to a decrease of 7.9% for the Miami -Fort Lauderdale -West Palm Beach Metro, and a decrease of 2.2% across the Nation over the past year. The county median list price has experienced a decrease of 0.1% over the past 3 months, compared to a decrease of 1.0% for the Miami -Fort Lauderdale -West Palm Beach Metro in the same period. Bowery Valuation JOB-2500038388 ■ United States ■ Miami -Fort Lauderdale -West Palm Beach (MSA) ■ Miami -Dade County Median Home List Price Annualized MLP Growth $700k $600k I 4.14% 3.01 % 2-0 7'5 -1.93% $500k v $400k $300k 2018 2019 2020 2021 2022 2023 2024 2025 3 Years Outlook -9.50% -9 90% 1 Year -0 07% 48% -5.29% 3 Months Source: Realtor.com The United States economy has recovered from the pandemic, but, with persistent levels of inflation, the Fed repeatedly reaffirmed its commitment to fighting inflation by raising rates, softening economic growth. While the economy remains strong, their actions have led to a slowdown in growth, setting the stage for a mild recession in 2024. The current unemployment rate in Miami -Dade County of 2.5% is below its five-year average. By contrast, that rate is also below the state rate of 3.4%, and below the national rate of 4.1%. Although Miami -Dade County has experienced population decline of 0.2% per year annually over the past five years, growth has returned to positive levels with a most recent one-year growth rate of 0.5%. Considering its strong positive growth relative to the nation as a whole over the five years prior to the pandemic, its diversified economy, and its recently growing population, the county boasts all the attributes necessary for near- and long-term growth. Bowery Valuation JOB-2500038388 Flood Map 120639 Flood Zone X J ' g�7�LC4`12081C0176L� efi.9/11/2009 Bowery Valuation JOB-2500038388 adr_.eru' ,. Harry C Newstreet, MAI Senior Vice -President Experience Harry C Newstreet is a Senior Vice -President at Bowery Valuation who joined the firm in June 2021. Mr. Newstreet can perform a wide variety of real estate services that cover the entire spectrum of the real estate appraisal field including property appraisal, acquisition, feasibility, development and counseling, as well as in specialized areas such as expert witness testimony in condemnation for right-of-way, valuation, tax problems and other real estate matters. Mr. Newstreet has completed both form and narrative appraisals of nearly every variety of residential and commercial property, including a specialty in outdoor advertising. Before joining Bowery, Mr. Newstreet owned and operated his own appraisal firm. He is qualified as an expert witness in Federal and State Courts in Florida, North Carolina and Pennsylvania and has performed appraisal services in the following states; Florida, Georgia, New York, New Hampshire, North Carolina, South Carolina, Tennessee, Kentucky, Washington, Alabama, Pennsylvania, Texas, Virginia, Wisconsin and Michigan. Education Florida State University Bachelor of Science - December 1989 Appraisal Institute Numerous appraisal related seminars and classes Certified by the Appraisal Institute for Continuing Education Instructor Florida Atlantic University Former Adjunct Professor, College of Business, Real Estate Section Publications and Lectures Appraisal Journal Smoothing Wrinkles in the Spread: Special Assessment Issues, April 2000 SFWMD Seminar The Development Timeline, May 2004 FAR Convention Appraisal Issues in CRA's, September 2004 Certifications & Professional Designations Appraisal Institute Certified General Real Estate Appraiser Experience 1993-1994 1995 1996-1998 1998-2004 2005 - 2011 2011-2015 2015-2016 2016-2021 2021 - Present MAI, Designated Member Florida RZ2278 Pederson & Trask Rex Consulting Real Property Analysts, Inc. Newstreet-Miller & Associates Harry C. Newstreet & Associates, LLC Integra Realty Resources Cushman & Wakefield Harry C. Newstreet & Associates, LLC Bowery Valuation Bowery Valuation JOB-2500038388 Licenses Harry C. Newstreet, MAI, State Certified General Appraiser- Florida Ravi DrSafti% Gowrnw STATE OF FLORIDA Ne+rnic S c..+'rirt Sec c la.), dbpr DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD THE CERTIFIED GENERAL APPRAISER HEREIN IS CERTIFIED UNDER THE PROVISIONS OF CHAPTER 475. FLORIDA STATUTES NEWSTREET, HARRY C 1200 UNIVERSITY BLVD SUITE 104 JUPITER FL 3345 4 LICENSE NUMBER: R22278 EXPIRATION DATE. NOVEMBER 30.2026 Always verify licenses online at HyFIorkdaLitense.com ISSUED 10/24/2024 Do not alter this document in any form. This Is your license. It is unlawful for anyone other than the licensee to use this document. Bowery Valuation JOB-2500038388 Letter of Engagement Engagement Letter For Professional Valuation Service Date of Agreement: 2/12/2025 Parties To Agreement: Client: Grove Prosperity Partners, LLC (if 1825 Ponce de Leon #379 Coral Gables, FL 33134 305-215-6767 Appraisers: Bowery Valuation ("Bowery Valuation") 1200 University Blvd, Suite 104 Jupiter, FL 33458 Phone: 212.634.9397 1 bowery Pursuant to the terms of this agreement ("Agreement") between Bowery Valuation and the Client, Bowery Valuation is hereby engaged to complete an appraisal assignment (the "Appraisal Report") as follows: Property Identification 3659 Grand Avenue (the "Property") Miami, FL 33133 Property Type(s) Mixed Use (Residential and Commercial) Interest Valued Fee Simple Interest Intended Users The Intended Users of the Appraisal Report are the Client with its affiliates, and its capital partners as specified by Client. Intended Use The Intended Use of the Appraisal Report is for the purpose of providing a loan. Type Of Value / Value Premise(s) The Appraisal Report shall provide the current Market Value As Is. Date(s) Of Value The Appraisal Report shall include the current date (date of transmittal), the date of site inspection/As Is value and other dates specifi ed herein associated with retrospective or prospective value scenarios per assignment value premises requested. Bowery Valuation 1 Bowery Valuation JOB-2500038388 Payment To Bowery Valuation $ 3000 1e bowery Payment Due Date Bowery Valuation shall invoice the Client for services rendered pursuant to this Agreement based upon the fees specified in this Agreement. The fee is due prior to the start of the Appraisal Report. Delivery date 7 days from the date payment is received and confirmed by Bowery Valuation. This delivery date is contingent upon timely receipt of pertinent due diligence information requested herein (Exhibit A). In the event of delays, Bowery Valuation will promptly inform the client. Delivery Method The Appraisal Report will be delivered as PDF via email. Hypothetical Conditions, Extraordinary Assumptions Appraisal limiting conditions and assumptions, including any necessary extraordinary assumptions or hypothetical conditions, will be stated, within the Appraisal Report, and used in accordance with USPAP requirements. Use of or reliance on all extraordinary assumptions and hypothetical conditions will be discussed with the client during the appraisal process. Applicable Requirements Other Than The Uniform Standards Of Professional Appraisal Practice (USPAP) The Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute and all applicable state licensing regulations. IF client is a federally regulated institution, This appraisal shall also prepared in compliance with Title XI (with amendments) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), as well as the Interagency Appraisal and Evaluation Guidelines dated December 2, 2010 Anticipated Scope Of Work Site inspection: Full interior and exterior inspection where possible. Bowery Valuation will inform the Client of the level of inspection made possible and limitations if any that may impede the appraisal process. Valuation Approaches As part of this Appraisal Report, Bowery appraiser(s) shall develop all approaches necessary to provide a credible opinion of value. All three approaches will be considered and used as/where applicable: The Sales Comparison Approach,the Cost Approach, and the Income Capitalization Approach. Bowery Valuation 2 Bowery Valuation JOB-2500038388 Appraisal Report Type Report option as per USPAP: Appraisal Report option in accordance with Standard Rule 2-2(a) of USPAP 1t bowery Property Access, If Applicable Client shall provide primary contact information for arranging access to the Property, as well as for obtaining requested information and materials in Exhibit "A". Contract For Sale If the property appraised is currently under contract for sale, Client shall provide an executed copy of said contract including all addenda to the Appraiser(s). Proposed Improvements If the property appraised consists of proposed (not yet constructed/partially constructed) improvements, Client shall provide plans, specifications, detailed costs/budget or other documentation sufficient to identify the extent and character of the proposed improvements to the Appraiser(s). Additional Documentation Client agrees to provide Appraisers with additional documentation as needed and as available. Examples of these documents are listed in the due diligence section at the end of this letter. When Bowery Valuation's Obligations Are Complete Bowery Valuation's obligations pursuant to this Agreement are complete when the Appraisal Report in the form specified in this Agreement is delivered to Client pursuant to this Agreement. Appraisers agree to be responsive to Client's reasonable legitimate inquiries regarding the contents of the Appraisal Report after initial delivery. Confidentiality Bowery Valuation shall not provide a copy of the written Appraisal Report to, or disclose the results of the appraisal prepared in accordance with this Agreement to, any party other than Client, unless Client authorizes, except as stipulated in the Confidentiality Section of the Ethics Rule of the Uniform Standards of Professional Appraisal Practice (USPAP). Data Usage Notwithstanding anything to the contrary, Client acknowledges and agrees that Bowery Valuation (i) will have access to certain diligence data in connection with the engagement (e.g. address, unit number) that does not itself identify the individual owner ("Diligence Data') and (ii) Bowery Valuation may use, share, and distribute, such Diligence Data in whole or in part without restriction for business purposes. Use Of Employees Or Independent Contractors Bowery Valuation may use employees or independent contractors at Bowery Valuation's discretion to complete the assignment, unless otherwise agreed by the parties. Notwithstanding the foregoing sentence, Bowery Valuation shall sign the written Appraisal Report and take full responsibility for the services provided as a result of this Agreement. Services Not Provided The fees set forth in this Agreement apply to the appraisal services rendered by Bowery Valuation as set forth in this Bowery Valuation 3 Bowery Valuation JOB-2500038388 1t bowery Agreement. Unless otherwise specified herein, Bowery Valuation's services for which the fees in this Agreement apply shall not include meetings with persons other than Client or Client's agents or professional advisors; Appraisers' deposition(s) or testimony before judicial, arbitration or administrative tribunals; or any preparation associated with such depositions or testimony. Any additional services performed by Bowery Valuation not set forth in this Agreement will be performed on terms and conditions set forth in an amendment to this Agreement, or in a separate agreement. Testimony Or Other Proceedings Unless otherwise stated in this Agreement, Client agrees that Appraisers' assignment pursuant to this Agreement shall not include Appraisers' participation in or preparation for, whether voluntarily or pursuant to subpoena, any oral or written discovery; sworn testimony in a judicial, arbitration or administrative proceeding; or attendance at any judicial, arbitration or administrative proceeding relating to this assignment. Changes To Agreement Any changes to the assignment as outlined in this Agreement shall necessitate a new Agreement. The identity of the Client, intended users, or intended use; the date of value; type of value; or property appraised cannot be changed without a new Agreement. Cancellation The Client may cancel this Agreement at any time prior to Bowery Valuation's delivery of the Appraisal Report upon written notification to Bowery Valuation. Work completed on assignment, billed at $500 per hour, prior to Bowery Valuation's receipt of written cancellation notice, may be collected unless otherwise agreed upon by all parties, in writing. Governing Law And Jurisdiction This Agreement shall be governed by the law of the state in which Bowery Valuation's office as specified in this Agreement is located, exclusive of that state's choice of law rules. The parties agree that any legal proceeding brought by either party to interpret or enforce this Agreement, or to enforce an arbitration award entered pursuant to this Agreement, shall be brought in a state or federal court having jurisdiction over the location of Bowery Valuation's office as specified in this Agreement, and the parties hereby waive any objections to the personal jurisdiction of said court. Appraiser Independence Appraisers cannot provide a value opinion that is contingent on a predetermined amount. Appraisers cannot guarantee the outcome of the assignment in advance. Appraisers cannot ensure that the opinion of value developed as a result of this Assignment will serve to facilitate any specific objective of Client or others or advance any particular cause. Appraisers' opinion of value will be developed competently and with independence, impartiality and objectivity. Notices Any notice or request required or permitted to be given to any party shall be given in writing and shall be delivered to the receiving party by: a) registered or certified mail, postage prepaid; (b) overnight courier, such as Federal Express, United Parcel Service or equivalent; or (c) hand delivery. The address for delivery of any notice shall be the address for the party as specified in this Agreement, or at such other address as party may designate by written notice to the other party in conformance with this paragraph. Unless otherwise specified herein, notice shall be effective the date it is postmarked or given to a third party for delivery to the receiving party, whether or not the receiving party signs for or accepts delivery of such notice. Bowery Valuation 4 Bowery Valuation JOB-2500038388 1t bowery No Third -Party Beneficiaries Nothing in this Agreement shall create a contractual relationship between Bowery Valuation or Client and any third party, or any cause of action in favor of any third party unless otherwise noted herein. This Agreement shall not be construed to render any person or entity a third party beneficiary of this Agreement, including, but not limited to, any third parties identified herein. Mediation And Arbitration In the event of a dispute concerning the subject matter of this agreement, the parties shall in good faith attempt to resolve such dispute by negotiation between the parties' principals, or, if such negotiation is unsuccessful, by mediation conducted by a third -party mediator. If such mediation results in an impasse, the parties shall submit their dispute to binding arbitration. Such mediation or, if necessary, binding arbitration shall be conducted pursuant to the mediation procedures or the commercial arbitration rules of the american arbitration association. Any arbitration shall be conducted in the city in which bowery valuation's office as specified herein is located. The parties shall share equally the costs of any mediation. In the event of binding arbitration, the arbitrators shall, in addition to any relief appropriate to be awarded to the prevailing party, enter an award in favor of the prevailing party for that party's costs of the arbitration, including the party's reasonable attorneys' fees and arbitration expenses incurred in prosecuting or defending the arbitration proceeding. Subject to the right of the prevailing party to recover its share of the costs of the arbitration services pursuant to the arbitrator's award, the costs of the arbitration services shall be borne equally by the parties. If the prevailing party seeks judicial confirmation of any arbitration award entered pursuant to this agreement, the court shall, in addition to any other appropriate relief, enter an award to the prevailing party in such confirmation proceeding for its reasonable attorneys' fees and litigation expenses incurred in confirming or successfully opposing the confirmation of such an award. Special Or Consequential Damages Neither party shall under any circumstances be liable to the other party for special, exemplary, punitive or consequential damages, including, without limitation, loss of profits or damages proximately caused by loss of use of any property, whether arising from either party's negligence, breach of the Agreement or otherwise, whether or not a party was advised, or knew, of the possibility of such damages, or such possibility was foreseeable by that party. In no event shall Appraisers be liable to Client for any amounts that exceed the fees and costs paid by Client to Appraisers pursuant to this Agreement. Assignment Neither party may assign this Agreement to a third party without the express written consent of the other party, which the non -assigning party may withhold in its sole discretion. In the event this Agreement is assigned by mutual consent of the parties, it shall become binding on the assigning party's permitted assigns. Seve ra bi lity In the event any provision of this Agreement shall be determined to be void or unenforceable by any court of competent jurisdiction, then such determination shall not affect any other provision of this Agreement and all such other provisions shall remain in full force and effect. Duty To Indemnify A breaching party (the "Breaching Party") agrees to defend, indemnify and hold harmless the non -breaching party (the "Non -Breaching Party) from any damages, losses or expenses, including attorneys' fees and litigation expenses at trial or on appeal, arising from allegations asserted against the Non -Breaching Party by any third party that if proven to be Bowery Valuation 5 Bowery Valuation JOB-2500038388 1t bowery true would constitute a breach by the Breaching Party of any of the Breaching Party's obligations, representations or warranties made in this Agreement, or any violation by the Breaching Party of any federal, state or local law, ordinance or regulation, or common law (a "Claim"). In the event of a Claim, the Non -Breaching Party shall promptly notify the Breaching Party of such Claim, and shall cooperate with the Breaching Party in the defense or settlement of any Claim. The Breaching Party shall have the right to select legal counsel to defend any Claim, provided that the Non -Breaching Party shall have the right to engage independent counsel at the Non -Breaching Party's expense to monitor the defense or settlement of any Claim. The Breaching Party shall have the right to settle any Claim, provided that the Non -Breaching Party shall have the right to approve any settlement that results in any modification of the Non -Breaching Party's rights under this Agreement, whose approval will not be unreasonably withheld, delayed or conditioned. Representations And Warranties Each Party represents and warrants to the other that (1) it has all right, power and authority to enter into this Agreement; and (2) it's duties and obligations under this Agreement do not conflict with any other duties or obligations assumed by Client under any agreement between Client and any other party; and Client represents and warrants to Bowery Valuation that Client has not engaged Bowery Valuation, nor will Client use Bowery Valuation's Appraisal Report, for any purposes that violate any federal, state or local law, regulation or ordinance or common law. Extent Of Agreement This agreement represents the entire and integrated agreement between the client and bowery valuation and supersedes all prior negotiations, representations or agreements, either written or oral. This agreement may be amended only by a written instrument signed by both client and bowery valuation. This agreement includes the appendices (if any), which are incorporated into, and made a part of this agreement. Expiration Of Agreement This agreement is valid only if signed by both an agent for bowery valuation and client within five (5) days of the date of agreement specified. Agreed And Accepted Bowery Valuation 6 Bowery Valuation JOB-2500038388 As Agent for Bowery: By Client: 1e bowery (Signature) (Signature) David Savoff Ellen Buckley Feb 13, 2025 Feb 12, 2025 Bowery Valuation 7 Bowery Valuation JOB-2500038388 EXHIBIT A Data Requested 1t bowery Please provide the following information/documentation upon receipt of this engagement letter if applicable and available. Survey and/or Plat Map Copy of Title Policy Copy of latest Deed and Legal Description Site plan Building Plans/Floor plans (includes square footage) Unit Mix (includes unit sizes and asking rents) Detailed rent roll with square footage breakdown (if applicable) Executed Lease Agreements (if applicable) - Occupancy History (last 3 to 5 years) - Three year historical operating statements and current budget Other property information (marketing brochures, broker package, other details/data for consideration) Current tax bill - Recent Capital Expenditures/Construction costs (if constructed within last 3 years) - Current listing information, executed contract of sale including all addenda, and/ or recent acquisition details, including the deed if a sale has occurred within the past three (3) years - Past third -party reports - appraisals, environmental reports, BPOs, market studies - If the property to be appraised involves proposed improvements, Client shall provide plans, specifications, or other documentation sufficient to identify the extent and character of the proposed improvements. This should also include a detailed cost budget. Additional information may be requested during the course of the assignment. Bowery Valuation 8 Bowery Valuation JOB-2500038388 Glossary of Terms Unless otherwise noted, The Dictionary of Real Estate Appraisal, 6th edition (Chicago: Appraisal Institute, 2015) is the source of the following definitions. As Is Market Value: The estimate of the market value of real property in its current physical condition, use, and zoning as of the appraisal date." Note: The use of the "as is" phrase is specific to appraisal regulations pursuant to FIRREA applying to appraisals prepared for regulated lenders in the United States. Condominium: A multiunit structure, or a unit within such a structure, with a condominium form of ownership. Deferred Maintenance: Items of wear and tear on a property that should be fixed now to protect the value or income -producing ability of the property, such as a broken window, a dead tree, a leak in the roof, or a faulty roof that must be completely replaced. These items are almost always curable. Depreciation: A loss in property value from any cause; the difference between the cost of an improvement on the effective date of the appraisal and the market value of the improvements on the same date. Direct Capitalization: A method used to convert an estimate of a single year's net operating income expectancy into an indication of value in one direct step, either by dividing the income estimate by an appropriate rate or by multiplying the income estimate by an appropriate factor. This technique employs capitalization rates and multipliers extracted from sales. Only the first year's income is considered. Yield and value change are implied, but not identified overall. This method is most useful when the property is already operating on a stabilized basis.12 Discounted Cash Flow: The procedure in which a discount rate is applied to a set of projected income streams and a reversion. The analysis specifics the quantity and timing of the reversion, and discounts each to its present value at a specified yield rate. Effective Date: (1) The date on which the appraisal or review applies. (2) In a lease document, the date upon which the lease goes into effect. Effective Gross Income: The anticipated income from all operations of real property adjusted for vacancy and collection losses. Entrepreneurial Profit: (1) A market -derived figure that represents the amount an entrepreneur receives for his or her contribution to a project and risk; the difference between the total cost of a property (cost of development) and its market value (property value after completion), which represents the entrepreneur's compensation for the risk and expertise associated with development. An entrepreneur is motivated by the prospect of future value enhancement (i.e., the entrepreneurial incentive). An entrepreneur who successfully creates value through new development, expansion, renovation, or an innovative change of use is rewarded by entrepreneurial profit. Entrepreneurs may also fail and suffer losses. (2) In economics, the actual return on successful management practices, often identified with coordination, the fourth factor of production following land, labor, and capital; also called entrepreneurial return or entrepreneurial reward. Equity Dividend: The portion of net income that remains after debt service is paid; this is returned to the equity position. Exposure Time: (1) The time a property remains on the market. (2)The estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. Note: Exposure time is a retrospective. Extraordinary Assumption: An assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser's opinions or conclusions. Fee Simple Interest: Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. Financial Feasibility: An analysis to determine which of those uses deemed possible and legal can provide a net return to the owner of the site. 11 Interagency Appraisal and Evaluation Guidelines (Federal Deposit Insurance Corporation: 2010) 12 The Appraisal of Real Estate, 14th Edition (Appraisal Institute: 2013) Bowery Valuation JOB-2500038388 Gross Building Area: Total floor area of a building, excluding unenclosed areas, measured from the exterior of the walls of the above grade area. This includes mezzanines and basements if and when typically included in the market area of the type of property involved. Highest and Best Use: (1) The reasonably probable use of property that results in the highest value. The four criteria that the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. (2) The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible. The highest and best use may be for continuation of an asset's existing use or for some alternative use. This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid.13 (3) [The] highest and most profitable use for which the property is adaptable and needed or likely to be needed in the reasonably nearfuture.14 Hypothetical Condition: A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results but is used for the purpose of analysis. Leased Fee Interest: The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires. Leasehold Interest: The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease. Legally Permissible Use: An investigation into existing zoning regulations, lease terms, and deed restrictions on the site to determine which uses are legally permitted. Marketing Time: An opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of an appraisal. Marketing time differs from exposure time, which is always presumed to precede the effective date of an appraisal. Market Rent: The most probable rent that property should bring in a competitive and open market reflecting the conditions and restrictions of a specified lease agreement, including the rental adjustment and revaluation, permitted uses, use restrictions, expense obligations, term, concessions, renewal and purchase options, and tenant improvements (Tls). Net Operating Income: The anticipated net income remaining after all operating expenses are deducted from effective gross income. Net Rentable Area: For office or retail buildings, the tenant's pro rata portion of the entire office floor, excluding elements of the building that penetrate through the floor to the areas below. The rentable area of a floor is computed by measuring to the inside finished surface of the dominant portion of the permanent building walls, excluding any major vertical penetrations of the floor. Alternatively, the amount of space on which the rent is based; calculated according to local practice. Physically Possible Use: An analysis to determine those uses of the subject which can be deemed physically possible. Potential Gross Income: The total potential income attributable to the real property at full occupancy before operating expenses are deducted. It may refer to the level of rental income prevailing in the market or that contractually determine by existing leases. Property Rights Appraised: The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires. Prospective Opinion of Value: A value opinion effective as of a specified future date. The term does not define a type of value. Instead, it identifies a value opinion as being effective at some specific future date. An opinion of value as of a prospective date is frequently sought in connection with projects that are proposed, under construction, or under conversion to a new use, or those that have not yet achieved sellout or a stabilized level of long-term occupancy. Replacement Costs: The estimated cost to construct, at current prices as of a specific date, a substitute for a building or other improvements, using modern materials and current standards, design, and layout. 13 Parker, David. International Valuation Standards (John Wiley & Sons, Ltd: 2016) 14 Uniform Appraisal Standards for Federal Land Acquisitions (The Appraisal Foundation: 2016) Bowery Valuation JOB-2500038388 Reproduction Costs: The estimated cost to construct, at current prices as of the effective date of the appraisal, an exact duplicate or replica of the building being appraised, using the same materials, construction standards, design, layout, and quality of workmanship and embodying all the deficiencies, super -adequacies, and obsolescence of the subject building. Reversion: A lump -sum benefit an investor expects to receive upon the termination of the investment. Stabilized Income: (1) An estimate of income, either current or forecasted, that presumes the property is at stabilized occupancy. (2) The forecast of the subject property's yearly average income (or average- equivalent income) expected for the economic life of the subject property. (3) Projected income that is subject to change but has been adjusted to reflect an equivalent, stable annual income. Stabilized Occupancy: (1) The occupancy of a property that would be expected at a particular point in time, considering its relative competitive strength and supply and demand conditions at the time, and presuming it is priced at market rent and has had reasonable market exposure. A property is at stabilized occupancy when it is capturing its appropriate share of market demand. (2) An expression of the average or typical occupancy that would be expected for a property over a specified projection period or over its economic life. Yield Capitalization: The capitalization method used to convert future benefits into present value by discounting each future benefit at an appropriate yield rate. This method explicitly considers a series of cash flows (net income over a holding period) over time together with any reversion value or resale proceeds. Since this technique explicitly reflects the investment's income pattern, it is especially suited to multi -tenant properties with varying leasing schedules as well as properties that are not operating at stabilized occupancy.15 15 The Appraisal of Real Estate, 14th Edition (Appraisal Institute: 2013) Bowery Valuation JOB-2500038388 City of Miami Department of Housing & Community Development First -Time Homebuyer Program The City's First -Time Homebuyer Program provides assistance up to the Basic Subsidy limits based on the number of bedrooms of the home being purchased, as annually determined by the U.S. Depait,uient of Housing & Urban Development (HUD) under the Basic Subsidy Mortgage Limits (Sec. 221 (d)(3) and 234 of the Federal Register). See attached "Snapshot" for details. This assistance can be used as down payment and closing cost assistance for eligible families to buy their first home. To be eligible, you must: 1. Have an income less than or equal to 80% of the area median income, adjusted for family size. 2. Not have owned a home in the past 3 years (exceptions will be made to single parents who are displaced homemakers). 3. Must not have filed bankruptcy within the past 24 months. 4. Purchase a property in the City of Miami with a maximum sales price of $451,000 for existing or new construction homes (eff. Sept. 1, 2024). 5. Be able to secure a mortgage with a participating lending institution (bank). How Do I Get Started? 1. Pick up an application package at the Department of Housing & Community Development (444 SW 2 Ave., Ninth Floor, Miami, FL 33130) or at any of the City's District Offices. Call 311 to find the District Office nearest you. You can also send an e-mail to sergiogarcia@miamigov.com to request a copy via e-mail. 2. Attend a Homebuyer Counseling workshop. See list of approved "Homebuyer Counseling Agencies" attached in the application package. 3. Contact any of the "Participating Lenders," included in the application package to obtain a loan commitment and to be pre -qualified for a mortgage loan, subject to the City's down payment amount. 4. Search for a home in the City of Miami based on your pre -approved loan amount and within the maximum sales price limit of $451,000 for existing or new construction homes. Note: All properties within City limits with have a folio number that starts with 01. 5. Return to your lender to have them provide you with a full mortgage commitment based on the eligible property you have identified. 6. Fill out the First-time Homebuyer Program application, gather all documents listed in the "First - Time Homebuyer Checklist" (attached to this package) under the header "Provided by Homeowner," and submit them to your lender. Your lender will add these to the required documents they (lender) must provide as indicated in the "First-time Homebuyer Checklist." Have your lender submit all the required documents to the City in one loan package. The assistance will be provided on a first -ready, first -served basis. The City of Miami reserves the right to cancel any and all applications based on lack of funding availability. For further information on the First -Time Homebuyer Program, please call 305-416-2080. Revised on 1/25 (SG_CB) First -Time Homebuyer Checklist Please check every item submitted herein or provide an explanation and an anticipated date of submission. All of the documents listed in the table above must be submitted to the City of Miami in one package by the lender, for your file to be reviewed. Failure to submit a complete file will result in delays or rejection of the file. If you have any questions regarding any of the documents listed below, please call our offices at 305-416-2 49. Included Document Provided by Homebuyer Provided by Lender Reservation Letter Application for Homebuyer Assistance ✓ Uniform Residential Loan Application (URLA 1003) properly signed by the applicant(s). Uniform Underwriting and Transmittal Summary (form 1008) Good Faith estimate and Truth in Lending forms (signed) Credit report Verification of Employment (VOE) - required ✓ Proof of income: paystubs (last 60 days), social security award letter, pension statement, etc. Verification of applicant's funds available for minimum down payment contribution. Income Tax returns for the past two (2) years Affordability Study Bank statements for the last six (6) months. ✓ Rent verification (canceled rental payment checks or letter from landlord) Sales contract Commitment letter from all other lenders Copy of property appraisal 1, Certificate of Completion: Homebuyer Counseling Workshop Copy of Social Security card for all adult (18 years and older) household members Copy of State issued ID cards or Birth Certificates for all members of the household Subordinate Commitment Letters to be received within 30 days of the City's Conditional Approval /j J Revised on 1/25 (SG_CB) Snapshot of First -Time Homebuyer Program Guidelines Income Limits: Current year's income limits for this program are as follows: Eligible Properties: Eligible Buyers: Maximum Sales Price: Loan Terms: Income Limits (80% AMn Number of persons in household 1 2 3 4 5 Maximum income limit $63,550 $72,650 $81,700 $90,800 $98,100 'Effective: June 1, 2024 • Single Family Residences; • Townhomes; • Condominiums; • Property must be located in the City of Miami; • Property must meet Housing Quality Standards as per 24 CFR 982.401. • Must not have owned a home in the past 3 years; • Household income less than or equal to 80% of the area median income adjusted for family size. • Must be able to afford a monthly payment based on income and debt; • Must contribute at least $500 of personal funds towards down payment/ closing costs. $451,000 for existing properties or new construction homes.* *Amount effective as of September 1, 2024, as determined annually by U.S. HUD. • Maximum Amount of Assistance: Varies based on the number of bedrooms of the home being purchased and the financing needs of the applicant. The current maximum limits as determined by U.S. HUD under the Basic Statutory Mortgage Limits (Sec. 221 (d) (3) and 234, Federal Register) are listed in the chart below. Basic Statutory Mortgage Limits Number of bedrooms 0 1 2 3 4 Basic Subsidy $72,088 $82,638 $100,490 $130,002 $142,701 • 0% non -amortizing; • Deferred payment 30-year loan; • Payment of principal will be forgiven at end of maturity period provided that the homeowner resided in the house as their primary residence. Security: The loan will be secured by a second mortgage on the property. First Mortgage Restrictions: Other Restrictions: Resale Restrictions: Term of the loan must be 30 years; fixed interest rate & cannot exceed more than 150 basis points over Freddie Mac's weekly average 30-year rate, as published in the Primary Mortgage Market Survey (" PMMS"); no prepayment penalties; Total percentage charged for Discount, Origination & Broker fees must not exceed 2 points; all other lending fees must be reasonable and cannot exceed $500 or 0.5% of the loan amount, whichever is greater. Applicant must reside in purchased unit at all times. The loan will be due at sale, transfer of property or if the unit ceases to be the main residence of the applicant. If the owner sells and/ or transfer the house before the end of the City's mortgage term, the following provisions will apply: 1) The borrower will be required to repay the original amount given as assistance. 2) The City shall share in any `gain' realized, based on its pro -rated share of participation in the original purchase. Furthermore, if the sale occurs within the first 3 years, the City shall keep 100% of its pro -rated share of the `gain', from year 3 up to year 20, the City's share of its pro -rated `gain' shall decrease by 5% every year, while in turn, the owner's share shall increase by 5% each year. At year 20, up to the City's loan maturity, the owner shall retain 100% of the City's `gain'. 3) This above share gain proposal terminates in the event of a foreclosure, with the lender required to provide the City the right of first refusal to purchase the loan at a negotiated price. In the event of a foreclosure, the City will recapture any amount of net proceeds available from the sale of the property. Revised on 1/25 (SG_CB) Housing & Community Development CITY OF MIAMI FIRST TIME HOMEBUYER PROGRAM PARTICIPATING BANKS PRESTAMISTAS PARTICIPANTES EN EL PROGRAMA PARA COMPRADORES DE VIVIENDA POR PRIMERA VEZ DE LA CIUDAD DE MIAMI Mr. Gamel Burrell Centennial Bank 8630 NW 25 St. Doral, FL 33122 786-762-4845 (office) gburrell@my100bank.com Ms. Susana Proenza Eastern National Bank 799 Brickell Plaza, 10th Floor Miami, FL 33131 (305) 808-2243 (office) (305) 347-1511 (fax) sproenza@enbfl.com Ms. Marla Oiz CHASE 1908 SW 8 St., Floor 1 Miami, FL 33135 (786) 740-7913 (office) (786) 740-7913 (cell) marla.oiz@chase.com Mr. Julio Andino City National Bank 2855 S. Le Jeune Rd., 4th FI. Coral Gables, FL 33134 (786) 620-8078 (cell) julio.andino@citynational.com Ms. Rosie Gaston Banking Mortgage Serv. Corp. 5820 Bird Road South Miami, FL 33155 (305) 445-9003 (office) (786) 257-3369 (fax) rgaston@bmscorp.net Mr. Ernst Joseph One United Bank 3275 NW 79 St. Miami, FL 33147 (305) 696-0700 X 2245 (office) (305)696-3492 (fax) ejoseph@oneunited.com Ms. Michele Collie City National Bank 1995 E. Hallandale Beach Blvd Hallandale Beach, FL 33009 (954) 761-4264 (office) (786) 393-8646 (cell) michele.collie@citynational.com Ms. Brigida Billini Loan Depot 2901 SW 149 Ave., Suite 100 786-307-9085 (cell) 855-337-0463 (fax) bbillini@loandepot.com Flor Vasquez Unlimited Financial 13200 SW 128 St., Suite D-2 Miami, FL 33186 305-221-2136 (office) 786-253-5742 (cell) flor@unlimitedfinancial.net Mr. Timothy Barnes Centennial Bank 1403 N. Federal Highway Ft. Lauderdale, FL 33304 954-548-3485/786-316-9797 (cell) tbarnes@my100bank.com Ms. Leticia Nin Guardian Financial Network 2224 NW 82 Ave. Doral, FL 33122 1-888-309-2005 (office) Inin@gfnlending.org Ms. Martha Garcia Seacoast Bank 396 Alhambra Circle, Suite 255 Coral Gables, FL 33134 (800) 706-9991 (office) (305) 992-7372 (cell) magarcia@myprobank.com Mr. Louis Morera Citibank N.A. 2001 Biscayne Boulevard Miami, FL 33132 (305) 216-5996 (office) 1-844-830-3709 (fax) louis.morera@citi.com Enrique Vasquez Unlimited Financial 13200 SW 128 St., Suite D-2 Miami, FL 33186 305-221-2136 (office) 305-308-8950 (cell) enrique@unlimitedfinancial.net Update: 8/2024 First Time Homebuyer Program Homebuyer Counseling Agencies Agencias de Conserjeria Relacionadas al Programa de Compradores por Primera Vez Centro Campesino Farmworkers Center, Inc. 35801 SW 186 Ave. Florida City, FL 33034 305-245-7738, ext. 228 (office) 305-245-2101 (fax) Trinity Empowerment Consortium 11885 SW 216 St., Suite A Miami, FL 33170 305-248-4553, ext. 700 (phone) 877-769-3912 (fax) Neighborhood Housing Services of South Florida 300 NW 12th Avenue Miami, FL 33128 305-751-5511 (office) 305-751-2228 (fax) Real Estate Education & Community Housing, Inc. 7875 NW 12 St., Suite 101 Doral, FL 33126 786-260-6821 (office) 305-675-0858 (fax) Cuban American National Council, Inc. 1223 SW4 St. Miami, FL 33135 305-642-3484, ext. 129 (office) 305-642-4005 (fax) Opa Locka Community Dev. Corp. 490 Opa Locka Blvd. Opa Locka, FL 33054 Ph: 305-687-3545 NID-HCA Florida 610 NW 183 St. Miami Gardens, FL 33169 305-652-7616 (office) Money Management International — Miami Branch www.moneymanagement.orq 866-232-9080 (office) Haitian American Community Development Corporation 181 NE 82 Ave., Suite 100 Miami, FL 33138 786-230-3785 (office) 305-754-9200 (fax) NACA (Neighborhood Assistance Corp. of America) 656 NE 125 St. North Miami, FL 33161 305-341-0791 (office) 877-329-6222 (fax) Operation Hope 1740 W. 49 St. Hialeah, FL 33012 1-888-388-HOPE (4673) Housing Foundation of America 381 N. Krome Ave., Suite 203 Homestead, FL 33030 Ph: 786-842-3843 Last updated October 2024 City of Miami Dept. of Housing & Community Development Application for First -Time Homebuyer Assistance (Application — Page 1 of 3) I. PROPERTY INFORMATION Subject Property Address (street, city, state & ZIP) Apt. No. II. APPLICANT INFORMATION Applicant Co -applicant Applicant's Name (First Name, Middle Initial, Last Name) Co -Applicant's Name (First Name, Middle Initial, Last Name) Applicant's Address (street, city, state & ZIP) Co -Applicant's Address (street, city, state & ZIP) Home Phone (include area code) Work Phone (include area code) Home Phone (include area code) Home Phone (include area code) III. EMPLOYMENT INFORMATION Applicant Co -Applicant Applicant's Employer Co -Applicant's Employer Employer Address (street, city, state & ZIP) Employer Address (street, city, state & ZIP) Monthly Income Dates (from — to) Monthly Income Dates (from — to) IV. OTHER INFORMATION Applicant Co -Applicant 1. Have you owned a home in the last three years? (a mobile home is titled as personal property & not considered a home) 2. If you answered YES above, are you a displaced homemaker? ❑ YES ❑ NO ❑ YES ❑ NO ❑ YES ❑ NO ❑ YES ❑ NO If you answered YES to both questions above, attach a divorce decree showing the method of disposition of the marital home. 3. Have you declared bankruptcy in the last two years? ❑ YES ❑ NO ❑ YES ❑ NO V. HOUSEHOLD INFORMATION Name Date of Birth SSN Relationship to Applicant Total Cash Value of Assets 1 Applicant S 2 $ 3 $ 4 $ 5 $ 6 $ 7 $ Total $ Revised on 1/25 (SG_CB) (Application continuation — Page 2 of 3) VI. ANNUAL HOUSEHOLD INCOME ■ Name Wages/ Salary** Benefits/ Pensions Public Assistance Other Income Annuallncome 1 $ $ $ $ $ 2 $ $ $ $ $ 3 $ $ $ $ $ 4 $ $ $ $ $ 5 $ $ $ $ $ 6 $ $ $ $ $ 7 $ $ $ $ $ Total $ $ $ $ $ ** include tips, commissions, & bonuses Disclosure of Information for Income Verification I hereby authorize the City of Miami to verify my past and present employment records, bank statements, stock holdings and any other asset balances that are needed to process this application. I further authorize the City to order consumer credit reports and verify other credit information, including past and present landlord references. It is understood that a copy of this form will also serve as authorization. The information obtained here is only used to ascertain my eligibility to receive down payment and closing cost assistance. I further irrevocably grant to the City of Miami, its assigns and successors, my consent and full right to, use my name, photograph, likeness, image, voice, and biography in any and all media, publications, advertising, and publicity, in connection with my participation in the First -Time Homebuyer Program and any program related activity or project. I certify that (i) neither I, the applicant, or the co -applicant is employed by the City of Miami or by any agency/ developer which built the "Subject Property" in this application utilizing funds provided by the City of Miami, and that (ii) neither I, the applicant, or the co -applicant is related to any employee of the City of Miami or of the agency/developer which built the "Subject Property" in this application utilizing funds provided by the City of Miami. Warning: Florida Statute 817 provides that wilful false statements or misrepresentation concerning income and assets or liabilities relating to financial condition is a misdemeanor of the first degree and is punishable by fines and imprisonment provided under §775.082 or 775.83 All persons age 18 and over in the applicant's household (HH) must sign below indicating their understanding of the Disclosure above. Name of Applicant (Print) Name of Co -Applicant (Print) Name of other HH member age 18 and above (Print) Name of other HH member age 18 and above (Print) Signature of Applicant Date Signature of Co -Applicant Date Signature of other HH member age 18 and above Date Signature of other HH member age 18 and above Date Revised on 1/25 (SG_CB) (Application continuation — Page 3 of 3) NOTICE OF COLLECTING SOCIAL SECURITY NUMBER FOR GOVERNMENT PURPOSE The City of Miami collects your social security number for a number of different purposes. The Florida Public Records Law (specifically, Section 119.071(5), Florida Statutes) requires the City to give you this written statement explaining the purpose and authority for collecting your social security number as part of this application. Your Social Security Number is being collected for the purposes of income certifying you for the City's First-time Homebuyer Program, which requires third -party verification of assets, employment, and income. In addition, this information may be collected to verify unemployment benefits, social security/disability benefits, and other related information necessary to determine income and assets, and your eligibility for this Program that is funded by local, Federal, and/or State program dollars. Your household's social security number(s) will not be used for any other intended purpose other than verifying your household's eligibility for the City's First-time Homebuyer Program. Authorization to Collect Social Security Number ❑ 24 CFR 5.609, referred to as "Annual Income" - Code of Federal Regulations ❑ 24 CFR 92.203 Income Determinations for HOME Program — Code of Federal Regulations ❑ U.S. HUD Technical Guide for Determining Income and Allowances for the HOME Program (Third Edition (HUD-1780-CPD, January 2005) ❑ State Housing Initiatives Partnership Program — SHIP Program Manual (Revised July 2008) ❑ City of Miami Housing Program Policies and Procedures PUBLIC RECORDS DISCLOSURE AND ACKNOWLEDGMENT Information provided by the applicant(s) may be subject to Chapter 119, Florida Statutes, regarding Open Records. Information provided by you/your household that is not protected by Florida Statutes can be requested by any individual for their review and/or use. This is without regard as to whether or not you qualify for funding under the program(s) for which you are applying. Having been advised of this fact prior to finalizing the application for assistance or supplying any information, your signature below indicates that: • I/We agree to hold harmless and indemnify the City of Miami, any govemmental agency, its officers, employees, stockholders, agents, successors and assigns from any and all liability and costs that may arise due to compliance with the provisions of Chapter 119, Florida Statues. • I/We agree that the City of Miami does not have any duty or obligation to assert any defense, exception, or exemption to prevent any or all information given to the City of Miami in connection with this application, or obtained by them in connection with this application, from being disclosed pursuant to a public records law request. • I/We agree that the City of Miami does not have any obligation or duty to provide me/us with notice that a public records law request has been made. • I/We agree to hold harmless the City of Miami or any governmental agency, its officers, employees, stock holders, agents, successors and assigns from any and all liability that may arise due to my/our applying for any grant or mortgage or my/our purchase of any real estate, or any matter arising out of any housing rehabilitation project funded by the City of Miami. Name of Head of Household (Print) Name of Co -Head of Household (Print) Name of Household Member Age 18+ (Print) Name of Household Member Age 18+ (Print) Name of Household Member Age 18+ (Print) Signature of Head of Household Date Signature of Co -Head of Household Date Signature of Household Member Age 18+ Date Signature of Household Member Age 18+ Date Signature of Household Member Age 18+ Date Revised on 7/24 (SG_CB)