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HomeMy Public PortalAbout2002 Suntrust Purchase Volume I, II, III.tifex-TC vletttam.s1S72.100s.c WEISS SEROTA HELFMAN PASTORIZA & GUEDES, P A ATTORNEYS AT LAW M TC EL A BIERMAN NINA L BONISKE JAMIE ALAN COLE EDWARD G GUEDES 5 EPHEN J HELFMAN GILBERTO PAS OR ZA JOSEPH 14 SEROTA NANCYE STROUD (CHARD JAY WE 55 DAVID M WOLPI ST VEN W ZELKOW TZ THOMASJ ANSBRO LILLIAN ARANGO DE LA HOZ ALISON 5 BIELER MITCHELL J BURNSTEIN E AINE M COHEN EL PHON VIA HAND DELIVERY MIAMI DADE OFFICE 2665 SOUTH BAYSHORE DRIVE SUITE 420 MIAMI FLORIDA 33133 TELEPHONE (305) 854 0800 TELECOPIER (305) 854 2323 WWW WSH FLALAW COM BROWARD OFFICE 3107 5 IRL NG ROAD SU TE 300 FORT LAUDERDALE FLORIDA 33312 (954) 763 4242 ECOP R (954) 764 7770 OF COUNSEL January 10 2002 Mr C Samuel Kissinger Village Manager Village of Key Biscayne 85 West McIntyre Street Key Biscayne Florida 33149 Village of Key Biscayne Purchase from SunTrust Bank DOUGLAS R GONZALES JOHN HERIN JR CHRISTOPHER F KURTZ PETER A L CHTMAN KARE L EBER MAN MATTHEW H MANDEL BERNARD 5 MANDLER ALEXANDER PALENZUELA MAURI ANTHON L REC 0 GARY I RESNICK SCOTT A ROBIN DANA J SCH NDLER GAI D SEROTA AR C 5 AP 0 JEFFREY P SHEFFEL FRANCINE OMASSTEE MAN SUSAN TREVARTHEN CA MEN I TUGENDER DANIELA WEISS Dear Mr Kissinger In connection with the captioned transaction enclosed please find a three (3) volume closing binder containing originals and copies as indicated on the index of the documents executed and delivered at closing Should you have any questions or comments concerning the foregoing please do not hesitate to contact me Very truly yours Elaine M Cohen EMC/mc Enclosure 103030 cc Richard Jay Weiss Esq (w/o encls ) raN nm Le r- r L SUNTRUST PROPERTY CHRONOLOGY VILLAGE OF KEY BISCAYNE FLORIDA January 16 2002 C SAMUEL KISSINGER VILLAGE MANAGER 85 WEST MCINTYRE STREET KEY BISCAYNE FLORIDA 33149 TEL (305) 365-5500 FAX (305) 365 8936 MISSION STATEMENT TO PROVIDE A SAFE QUALITY COMMUNITY ENVIRONMENT FOR ALL ISLANDERS THROLGH RESPONSIBLE GOVERNMENT VILLAGE OF KEY BISCAYNE - CHRONOLOGY SunTrust Property 1 January 9 1996 2 June 10 1997 3 July 1 1997 4 October 21 1997 5 November 4 1997 6 December 9 1997 7 January 13 1998 7 L. Motion Authorizing Village Manager to Present Agreement to Purchase Property Between McIntyre and the Village Green Minutes The Manager reported that SunTrust property responded to his letter and have requested to appear before Council The Manager recommended that they appear before Council at the Regular Council Meeting of July 1 1997 By Council consensus SunTrust representatives should appear before Council as recommended by the manager Minutes A report on the SunTrust Bank property by Toby Prince Brigham, Esquire Brigham Moore Gaylord Schuster Merlin & Tobin, was re scheduled for the September 9, 1997 Council Meeting Minutes Letter to Mr David R Wind, Executive Vice President SunTrust Bank, N A from Village Manager regarding the SunTrust property, dated October 2, 1997 Minutes The Manager addressed the Council regarding the Village s appraisal for the SunTrust property informing the Council that it has been completed and now awaiting for the SunTrust's appraisal to be completed and at that time both appraisals will be opened and made public Minutes The Manager reported that no progress has been made on the proposed acquisition of the SunTrust property The bidding process is being delayed due to the planning of their new building Mayor Festa requested that this item be brought back at the next Council meeting Minutes The Manager presented to Council the SunTrust/Village of Key Biscayne appraisals stating that they were 6% apart Robert Brooks President of SunTrust addressed the Council regarding this issue Councilmember Padovan made a motion to authorize the attorney to draft a contract with a firm offer to SunTrust Bank for $3 482 500 The motion was seconded by Vice Mayor Fried Councilmember Sime called the question The question was seconded by Vice Mayor Fried and approved by a 5 2 voice vote Councihnembers Broucek Han Padovan, Sime and Vice Mayor Fned voting yes Councilmember O'Reilly and Mayor Festa voting no The Padovan motion was approved by a 6 1 voice vote The vote was Page 1 of 3 n t: r 7 r is VILLAGE OF KEY BISCAYNE - CHRONOLOGY as follows Councilmembers Broucek, Han, Padovan Vice Mayor Fned and Mayor Festa voting yes Councilmember 0 Reilly voting no 8 July 1 1998 RESOLUTION NO 98 33 A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF KEY BISCAYNE FLORIDA APPROVING CONTRACT FOR PURCHASE AND SALE OF REAL PROPERTY BETWEEN SUNTRUST BANK MIAMI, N A AND THE VILLAGE OF KEY BISCAYNE PROVIDING FOR PURCHASE OF CERTAIN LANDS AND IMPROVEMENTS BY THE VILLAGE AUTHORIZING VILLAGE MANAGER TO EXECUTE THE CONTRACT ON BEHALF OF THE VILLAGE AUTHORIZING VILLAGE MANAGER TO TAKE ALL ACTION NECESSARY TO IMPLEMENT THE CONTRACT AUTHORIZING VILLAGE MANAGER AND VILLAGE ATTORNEY TO TAKE ALL ACTION NECESSARY TO CLOSE THE PURCHASE AND SALE TRANSACTION PROVIDING FOR AN EFFECTIVE DATE 9 December 22 1998 10 April 13 1999 11 April 20 1999 12 June 22 1999 The contract for sale and purchase of Real Property (with all exhibits attached thereto) was fully executed on behalf of SunTrust Bank N A a national banking association as Seller and the Village of Key Biscayne as buyer with an effective date of December 22 1998 Letter addressed to Village Manager C Samuel Kissinger from Village Attorney Flame Cohen regarding the Contract for Purchase and Sale of Real Property between the Village of Key Biscayne and SunTrust Bank Minutes The Village Attorney submitted an environmental report concerning the SunTrust site The report consisted of a letter from the Village Attorney to the Village Council dated April 13, 1999 and attached to it a letter from Clark Engineers Scientists dated April 12 1999 where they reported that they had performed a Phase I and limited Phase II Environmental Site Assessment for portions of Tract 7 and 4 MATHESON ESTATES 85 West McIntyre Street Key Biscayne Florida (letter attached for the record) There was no direction from Council, at this time to terminate the contract Buyer and Seller enter into a letter agreement pursuant to which Seller agrees to give buyer a credit m the amount of $25 000 at closing against the purchase price for all of the repairs identified in the building inspection report Page 2 of 3 VILLAGE OF KEY BISCAYNE - CHRONOLOGY 13 ORDINANCE NO 2000 6 AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE, FLORIDA ADOPTING THE ZONING MAP AS REQUIRED BY THE LAND DEVELOPMENT REGULATIONS PROVIDING FOR REZONING OF ALL PROPERTY IN THE VILLAGE OF KEY BISCAYNE IN CONFORMANCE WITH THE ZONING DESIGNATIONS CONTAINED ON THE ZONING MAP, PROVIDING FOR INCLUSION IN THE CODE AND AN EFFECTIVE DATE r r L 14 May 31 2000 15 Aprzl l0 2001 16 May 8 2001 17 October 31 2001 The Plat SunTrust Key Biscayne was approved by the Village of Key Biscayne on May 31 2000 (Z 2000 3) and recorded in Plat Book T 20723 1 NEW at Page 42E of the Public Records of Miami Dade County, Florida Letter of Understanding addressed to Building, Zoning and Planning Director, Jud Kurlancheek from Benjamin Krallev of SunTrust Bank Letter addressed to Bmldmg Zoning, and Planning Director Jud Kurlancheek from Village Attorney Elaine Cohen regarding the Village of Key Biscayne/SunTrust Transaction Letter addressed to Mr Neal Brown Miami Dade Tax Collector, from Village Attorney Elaine Cohen regarding the Village of Key Biscayne Purchase from SunTrust Bank a state bank organized under the laws of Georgia 18 January 10 2002 Index to closing binder (Complete file is available in the Office of the Village Clerk) Page 3 of 3 January 9 1996 Councilman 0 Reilly made a motion directing the Village Attorney to draft a letter to the Dade County Expressway Authonty and the Dade County Board of County Comnussioners expressing the Village s opposition to an increase in the toll fees and that a press release be prepared announcmg the Village s position on this issue The motion was seconded by Mayor Festa and adopted by a 6 0 1 voice vote The vote was as follows Councilmembers Llorente 0 Reilly Padovan Sime Sullivan and Mayor Festa voting Yes Vice Mayor Waid was absent during the vote Councilman Llorente discussed the reconsideration of the Councils December 5 1995 decision regardmg a grant request by the Key Biscayne Music and Drama Club Councilman Llorente made a motion to rescind the Council's December 5th decision regarding the organization s grant application The motion was seconded by Mayor Festa and adopted by a 5 1 1 voice vote The vote was as follows Councilmembers Llorente 0 Reilly Padovan, Sime and Mayor Festa votmg Yes Councilman Sullivan voted No Vice Mayor Waid was absent during the vote Councilman Llorente made a motion to award a $10 000 00 grant to the Key Biscayne Music and Drama Club pursuant to the organization s application The motion was seconded by Mayor Festa and adopted by 4 -3 roll call vote The vote was as follows Councilmembers Llorente 0 Reilly Sime and Mayor Festa voting Yes Councilmembers Padovan, Sullivan and Vice Mayor Waid voted No Dory Goldman and Ernestine McKay representing the Key Biscayne Music and Drama Club addressed the Council Councilman Sulhvan discussed appraisal reports prepared at the request of the Council by the Qmnlivan Appraisal firm regarding the SunTrust Bank (formerly Key Biscayne Bank) property located adjacent to the Village Green (including the bank building) and the property located on the Southwest comer of the intersection of Crandon Boulevard and McIntyre Street The Council discussed a financial analysis prepared by Rauscher Pierce Refsnes Inc dated January 3 1996 regarding the financing of $7 000 000 far the acquisition of land The following residents addressed the Council Bill Ofgant, 512 Femwood Road Heidi Archibald 881 Ocean Dnve Pauline Rivelli 607 Ocean Dnve and SlurIey BnII 550 Ocean Drive 1050, Page 5 of 9 rA June 10 1997 Conchita Suarez 201 Crandon Boulevard addressed the Council Village Attorney The Attorney gave his report under Item 10A3 Village Clerk The Clerk submitted the following informational items Thank you letter to Mayor and Members of the Village Council from Mayor Alex Penelas regarding the recent loss of his Mother dated May 22 1997 The Mayor addressed the Council and public with the results of the Special Election held today regarding the Charter amendments Councilmember Han requested to be excused from the meetmg at 8 54 p m due to a family emergency r - L r Village Manager The Manager reported that SunTrust property responded to his letter and have requested to appear before Council The Manager recommended that they appear before Council at the Regular Council Meeting of July 1 1997 By Council consensus SunTrust representatives should appear before Council as recommended by the Manager The Manager reported on the Growth Management Act Exemption Attorney Stephen Hellman addressed the Council on this issue The request was not granted but DCA has indicated that they will be wilting to enter into agreements with local governments to narrow the scope of what has to be updated in a Comprehensive Plan The Manager requested that John Little Director of Building Zoning and Planning addressed the Council giving a brief report on the Key Biscayne Geographical Information System Laura Stoddard was mtroduced at this point addressed the Council explauung what GIS is and what it does by presenting several samples to the Council and public The Manager announced that there will be an Environmental Quality Control Board Meeting on June 12 1997 at 1 30 P M at the Metro -Dade Center 111 NW 1st Street Conference Room 3 18th j Floor The County Board will permit the Village to connect by the year 2006 Stephen Helfnan n addressed the Council on this issue Carlos Pemn, CAP Engineering addressed the Council stating that completion of the sewer system is expected for the year 2000 Mayor Festa requested authorization from Council to negotiate with the Metropolitan Dade County Environmental Quality Control Board for extension of the year 2006 The Mayor was authonzed by Council consensus The Manager reported on the Public Right of way study The study is about 40% complete and reflects 286 violations Vice Mayor Padovan recommended to enforce violations as properties are sold This issue will be brought back to a next council meeting 5of7 MINUTES P. Claal VILLAGE COUNCIL MEETING VILLAGE OF KEY BISCAYNE FLORIDA TUESDAY JULY 1 1997 85 WEST MCINTYRE STREET SECOND FLOOR 1 CALL TO ORDER/ROLL CALL OF MEMBERS The meeting was called to order by the Mayor at 7 00 p m Present were Councilmembers Mortimer Fried, Gregory Han, Hugh 0 Reilly (arrived at 7 06 p m) Betty Same Vice Mayor Michele Padovan and Mayor John Festa Councilmember Chnstma Reed was absent Also present were Village Manager C Samuel Kissinger Village Clerk Conchita Alvarez and Village Attorney Richard Weiss 2 INVOCATION Reverend Jose Luis Hernando from Saint Agnes Catholic Church gave an invocation At this time Mayor Festa requested a moment of silence m memory of Jorge Portela 3 PLEDGE OF ALLEGIANCE Mayor Festa led the Pledge of Allegiance 4 APPROVAL OF MINUTES The minutes of the Local Planning Agency Meeting of June 24 1997 and the minutes of the Special Council Meeting of June 24 1997 were approved by unanmaous consent 5 AGENDA The following changes were made to the agenda Councilmember Sime requested the addition of West Mashta Sewer as Item 10A3 the Clerk requested the addition of a resolution regarding Virginia Key as Item 9B and Mayor Festa requested the addition of a bnef report on the Rickenbacker Toll as Item 10A4 There were no objections to the agenda changes 6 SPECIAL PRESENTATIONS A report on the SunTrust Bank property by Toby Prince Brigham Esquire Brigham Moore Gaylord Schuster Merlin & Tobm, was re -scheduled for the September 9 1997 Council meeting Joan Gill Blank gave a report to the Council and public on the Key Biscayne Hentage Trail James DeCocq Assistant to the Village Manager also addressed the Council on this issue JeffBronow Consultant from the firm Tischler & Associates gave a report on Impact Fees with the recommendation that impact fees not be pursued as a revenue source for the Village The Manager was directed to look into the exact amount contributed by Grand Bay to the School Board 1 of 5 r i L. APT L.40 October 21 1997 Members of the Village Council regarding the Village Clerk s election to Office to the Dade County Municipal Clerks Association as Secretary dated October 14 1997 c) Municipal Clerks Certification Institute Clearwater Flonda, November 17 21 1997 Village Manager The followmg information items were submitted to the Council The monthly departmental reports (September) September 1997 monthly report Key Biscayne Chamber of Commerce minutes from September 16 1997 workshop regarding the Long Range Beach Nourishment Plan letter to Village Manager from Henry Groschel Becker Ph D regarding the Village Beach Resources and Management Task Force dated September 19 1997 memorandum to Village Manager from Chief of Fire Rescue regarding a report on vehicle fire on September 12 1997 dated September 26 1997 memorandum to Village Manager from Chief of Fire Rescue and Fire Marshal regarding Iii Rise status update dated September 29 1997 memorandum to Village Council from Village Manager regarding the Florida Urban and Community Forestry Awards 1997 Municipal Program Award recognizing the Village of Key Biscayne dated September 29 1997 letter to Mr David R Wind, Executive Vice President SunTrust Bank N A from Village Manager regardmg the SunTrust property dated October 2 1997 letter to Mayor and Members of the Village Council regarding donation to Key Biscayne Technology Trust Foundation from Darlene Mooney Principal Key Biscayne Community School dated October 6 1997 memorandum to Village Manager from John P Little Director Building Zoning and Planning regarding 460 South Mashta Dnve code violations dated October 6 1997 memorandum to Village Manager from John C Gilbert Chief of Fire Rescue regarding Fire and Life Safety programs recognizing the Village of Key Biscayne Fire Rescue Department with a Life Safety Achievement Award for 1996 dated October 7 1997 letter to Building Zoning and Planning Director John P Little from Paul S Tischler regarding Impact Fees dated October 9 1997 Flonda League of Cities 37th Anneal Legislative Conference November 20 21 1997 Orlando Florida letter to Village Manager from Dick Cromartie Commander Post 374 Amencan Legion requesting permission to use the Village Green for a Veterans Day Ceremony on November 11 1997 vacation request from Village Manager 1997 Employee Trauung and Development Program participants dated October 9 1997 draft Agenda for Hentage Trail Dedication Ceremony 11 OTHER BUSINESS/GENERAL DISCUSSION There was no further business discussed 12 SCHEDULE OF FUTURE MEETINGS/EVENTS A schedule of future meetings and events was presented to the Council and public 13 ADJOURNMENT The meeting adjourned at 11 25 p m 8 of 9 QUINLIVAN APPRAISAL PORTION Of TRACT 4 (34-34) PORTION OF TRACT 7 (46-86) ....Lai nnwn, 'nay te moo TRACT 7 (46-86) McgTYRE STREET • n SITE LOCATION I • W SURVEYORS NOTES: p4mrl µ4¢4f drm w•. •t fpn U na nincalinina tew P lo t tens e,. 44 ♦ t Irak AO 41 ran 44, •t t( M 44404 tatty w1w14I 04 to •0 lnev • rrytn NM ♦ t Cr ook 4-N " Nettt* � n "w41 ♦0 M1rt/w ▪ 4440,444n •' ee.e 4 0 Iu1 44 elto 1 On ountr. end Fl "e o ,Troot,, " t run OO iw`u♦e x nnt tr. 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MOM Nwth e ~itr rtit• 44o v �Ir el n$.00040141, t rrn a 400 OM Onn N4in4. t el IN4.f1 Mt • p I�• f1 et 24 4.0 n fee Y tu4•N4 t 74.04,."imto� he Srh Stotn{,r+ a,,,,4 wrm/ • Thriving PM • A/FS St 214. 22 2 • VIII Sr :M✓RVAIb 74/1 4( /I/ gin • /.4;0.4T• r M..rgnr .o. •.4 OS embdermai4m• 29,133 cc 44—j .tn ah/ CI Mar ry 04 ,312 SI • Lp7 Thin m mom N..tR.t .rr vs 4 017 4(446 1*NNe.•v u11lN*040*4r 1 4 obi N•IIh re nt int NE. txnlrtr Inn! nnnt 44 non l loge ntllrl..... . " "" t n IMxxlxl "'Mr 14r • ♦ 1 wlln"r i•ef •le n /Ileil4 M Nrn L4telirrrrvte rll 41.1 ul`Iri1I. J.. 0. . 0 4. 74. 00 4y y $.. 6 yr, ..e4 nh .NY ona DRAM u00 CHECNEO .62_ APPROVED 44... PROJECT NAME: KEY BISCAYNE BANK SHEET 1111E BOUNDARY SURVEY JAM ES A YLWARO 4 AMOO.. INC. CO NSVOINO A N01NA41M. LINO W11KY tot 4 PtAN NU} 42327 N .W. 4 0T H AVE NUE . S ATZ 244 MSI01127 .-024* A t*.. % O44DA 3.1 01 4 A4 *MC 0440211473.171CnI SATE: >.o -N SC ALE• P.m PROJ . NO • 04-2o SHEET of 1 1 November 4 1997 07, The Clerk read the followmg resolution by title A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE FLORIDA, AUTHORIZING THE MAYOR TO EXECUTE AN AGREEMENT WITH THE KEY BISCAYNE ATHLETIC CLUB, PROVIDING FOR AN EFFECTIVE DATE Councilmember Fned made a motion to approve the resolution The motion was seconded by Councilmember Broucek and approved by a 6 0 voice vote The vote was as follows Councilmembers Broucek Fned Han 0 Reilly Vice Mayor Padovan and Mayor Festa voting Yes There was extensive discussion from Council on this issue Mayor Festa instructed the Manager to request from all organizations that have a contract with the Village to provide a document that indicates their expenses and revenues for the year Steve Simon 335 Harbor Lane representing the Atheltic Club addressed the Council 10 REPORTS AND RECOMMENDATIONS The following items were discussed Mayor and Councilmembers The Manager addressed the Council regardmg the Village s appraisal for the SunTrust property informing the Council that it has been completed and now awaiting for the SunTrust s appraisal to be completed and at that time both appraisals will be opened and made pubhc Robert Brooks 95 West McIntyre reiterated to the Council that the first prionty for the SunTrust Bank is to build their branch and after this is accomplished, then the SunTrust Bank will be ready to negotiate with the Village regarding the sale of the existing building Raul Llorente 345 Cypress Dnve addressed the Council There was extensive discussion from Council on this issue The Attorney also addressed the Council regarding this issue The Mayor requested that a representative from the Library Beautification Foundation address the Council regarding the Foundation Cecile Sanchez 260 Cypress Drive Alison ©wen, 1111 Crandon Boulevard addressed the Council regarding the library landscaping informing the Council that the Foundation received a donation and, therefore will no longer need the grant from the Village The Foundation requested that the Village be responsible for fertilizing the hbrary gardens three times a year and mulching twice a year 4 of 8 r Lr E c December 9 1997 spend the 57% matching funds and that the equipment purchased conforms with the goal of the Village and the Key Biscayne Technology Trust Foundation towards the ratio of 4 to 1 as stated in the agreement The letter was approved by unanimous consent Carol Mullen 0 Leary 444 Fernwood Road addressed the Council Councilmember Broucek addressed the Council regarding the Village Green Gazebo and the bus shelters The Manager addressed the Council regarding this issue Mayor Festa made a motion to hear the Attorney s report at this time The motion was seconded by Vice Mayor Fned and approved by a 7 0 voice vote The vote was as follows Councilmembers Broucek Han, 0 Reilly Padovan Sime Vice Mayor Fned and Mayor Festa voting Yes Village Attorney The Attorney addressed the Council with a request for an Executive Session Wednesday December 10 1997 at 6 00 P M The request was approved by unanunous consent The attorney addressed the issue of changing the speed limits on the Village Village Manager The Manager requested a motion to award a vehicle contract for the Police Department for three vehicles for a total of $60 612 50 Councilmember 0 Reilly made a motion to approve the contract The motion was seconded by Vice Mayor Fried and approved by a 7-0 voice vote The vote was as follows Councilmembers Broucek Han 0 Reilly Padovan Sine Vice Mayor Fned and Mayor Festa voting Yes The Manager presented to Council a revised list of the 1997 Goals and Objectives Council assignment The Manager presented to Council a request for additional staff to the Buildmg Zoning and Planning Department The new positions would be a full time Permit Clerk, a Building Assistant and a Community Assistant The following existing positions would have to be filled due to vacancy Receptionist Code Enforcement Officer and Special Inspector Vice Mayor Fried made a motion to approve the Buildmg Zoning and Planning Department s proposed re organization plan The motion was seconded by Councilmember Broucek and approved by a 6-1 voice vote The vote was as follows Councilmembers Broucek, Han 0 Reilly Padovan, Sime and Vice Mayor Fned voting Yes Mayor Festa votmg No The Manager reported that no progress has been made on the proposed acquisition of the SunTrust property The bidding process is being delayed due to the planning of their new building Mayor Festa requested that this item be brought back at the next Council meeting 6of8 66226666666.66 January 13 1998 Vice Mayor Fried made a motion to approve the resolution The motion was seconded by Councilmember 0 Reilly Mayor Festa made a motion to defer the Manager s report to 10 10 p m The motion was seconded by Councilmember Padovan and approved by a 7 0 voice vote The vote was as follows Councilmembers Broucek Han 0 Reilly Padovan Sime Vice Mayor Fried and Mayor Festa voting Yes Councilmember Padovan made an amending motion to include traffic calming modifications around the school and for staff to come back to the next meeting with an amendment to the contract Councilmember Sime seconded the motion Councilmember Sime withdrew her second to the motion The following residents addressed the Council Vera Skuhersky 205 West Enid Drive Jim Asher 381 West Heather Drive opposing contract for sidewalks The resolution was approved by a 6 1 voice vote The vote was as follows Councilmembers Broucek Han Padovan Sime Vice Mayor Fried and Mayor Festa voting Yes Councilmember 0 Reilly voting No Mayor Festa made a motion to direct staff to bring back at the next Council meeting a planning process for the circulation around the school Councilmember Han seconded the motion and it was approved by a 7 0 voice vote The vote was as follows Councilmembers Broucek Han 0 Reilly Padovan Sime Vice Mayor Fried and Mayor Festa voting Yes 10 REPORTS AND RECOIVIIVIENDATIONS The following items were discussed Villaee Manaeer The Manager presented to Council the SunTrust/Village of Key Biscayne Council regarding this issue appraisals stating that they were 6% apart Robert Brooks President of SunTrust addressed the Councilmember Padovan made a motion to authorize the attorney to draft a contract with a firm offer to SunTrust Bank for $3 482 500 The motion was seconded by Vice Mayor Fried There was extensive discussion from Council on this issue Councilmember Sime called the question The question was seconded by Vice Mayor Fried and approved by a 5 2 voice vote The vote was as follows Councilmembers Broucek Han Padovan Sime and Vice Mayor Fried voting Yes Councilmember 0 Reilly and Mayor Festa voting No 6of10 r L r L L RESOLUTION NO 98 33 A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF KEY BISCAYNE FLORIDA APPROVING CONTRACT FOR PURCHASE AND SALE OF REAL PROPERTY BETWEEN SUNTRUST BANK, MIAMI, NA AND THE VILLAGE OF KEY BISCAYNE, PROVIDING FOR PURCHASE OF CERTAIN LANDS AND IMPROVEMENTS BY THE VILLAGE, AUTHORIZING VILLAGE MANAGER TO EXECUTE THE CONTRACT ON BEHALF OF THE VILLAGE, AUTHORIZING VILLAGE MANAGER TO TAKE ALL ACTION NECESSARY TO IMPLEMENT THE CONTRACT, AUTHORIZING VILLAGE MANAGER AND VILLAGE ATTORNEY TO TAKE ALL ACTION NECESSARY TO CLOSE THE PURCHASE AND SALE TRANSACTION, PROVIDING FOR EFFECTIVE DATE WHEREAS the Village desires to purchase certain lands and improvements from the SunTrust Bank Miami N A (the Bank) and WHEREAS the Village Council finds that the approval of the Contract for Purchase and Sale of Real Property is in the best interest of the Village NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE OF KEY BISCAYNE, FLORIDA AS FOLLOWS Section 1 That the Contract substantially the form attached hereto Village Manager and Village Clerk capacities on behalf of the Village for Purchase and Sale of Real Property (the Contract) m between the Village and the Bank is hereby approved and the are authorized to execute such contract, in their respective Section 2 That the Village Manager is authonzed to take all action necessary to implement the Contract, including the expenditure of appropriated funds in accordance with the requirements of the Contract. Section 3 That the Village Manager and Village Attorney are hereby authorized to execute g all documents necessary to complete the closing of the purchase and sale transaction in accordance / CONTRACT FOR PURCHASE AND SALE OF REAL PROPERTY r This Contract is made and entered into as of the 7'2 —day of/Dec1998e by and between SUNTRUST BANK, MIAMI, N A , a national banking association ( Seller) and the VILLAGE OF KEY BISCAYNE a Honda municipal corporation ("Buyer ) In consideration of the mutual agreements herein set forth the parties hereto agree as follows 1 Definitions The following terms when used in this Contract for Purchase and Sale shall have the following meanings Fr December 31 1 1 Acceptance Date 1998 1 2 Attorneys Fees All reasonable fees charged by an attorney tor his services and the services of any paralegals legal assistants or law clerks including (but not limited to) fees charged for representation at the trial level and in all appeals 1 3 Business Day Any day that the banks in Dade County Florida are open 1 4 Buyer Village of Key Biscayne Attention C Samuel Kissinger Village Manager Buyer s mailing address is 85 West McIntyre Street Key Biscayne Florida 33149 Telephone (305) 365 5514 Telecopv (305) 365 8936 Buyer s taxpayer identification number is 65-0236174 for business 1 5 Buyer s Attorney Weiss Serota Heifman Pastoriza & Guedes P A Attention Steven W Zelkowitz Esq Buyer s Attorney s mailing address and telephone number are 2665 South Bayshore Drive Suite 420 Miami Florida 33133 Telephone (305) 854 0800 Telecopy (305) 854 2323 1 6 Buyer s Costs All costs incurred by Buyer with regard to this transacuon 1 including without limitation its costs Incurred in conducting its due diligence studies audit examinations surveys environmental structural and other exams of the Property engineering costs attorneys fees refinancing costs and any and all other expenses Incurred by Buyer in the event this Contract 3s terminated In no event shall Buyer s Costs exceed $50 000 00 Buser s Costs shall be evidenced by statements submitted to Seller s Attorney and such other reasonable information requested by Seller s Attorney 1 7 Closing The delivery of the Deed to Buyer concurrently with the delivery r. of the Purchase Price to Seller 1 8 Closing Agent. Buyer s Attorney as agent tor the Title Company shall be the Closing Agent. 1 9 Closing Date On or before sixty (60) days following the issuance of a certificate of occupancy for the Bank Branch (as defined in Section 7 below) 1 10 Contract This Contract for Purchase and Sale of Real Property 1 11 Deed The Special Warranty Deed which coneys the Land from Seller to Buyer The parties agree that the Deed may contain restrictions prohibiting the use of the Property by a financial institution for a Bank Branch so long as Seller and us successors and assigns use and occupy the Bank Branch on the Bank Branch Property (both as defined in Secuon 71 below) *substantially in the form of Exhibit H attached hereto 1 12 Effective Date The date this Contract is executed by the last of either the Buyer or Seller 1 13 Governmental Authority Any federal state county municipal or other governmental department entity authority commission board bureau court agency or anv mstrumentality of any of them 1 14 Governmental Requirement Any law enactment statute code ordinate rule regulation judgment decree writ injunction franchise permit certificate license authorization agreement or other direction or requirement of any Governmental Authority now existing or hereafter enacted adopted promulgated entered or issued i 1 15 Hazardous Material Any flammable or explosive materials petroleum or petroleum products oil crude oil natural gas or synthetic gas usable for fuel radioacuve materials asbestos polychlorinated biphenyls (PCB s) hazardous wastes or substances or toxic wastes or substances including without limitation any substances now or hereafter defined as or in the definition of hazardous substances haz rdous wastes hazardous materials toxic materials or toxic substances under any applicable Governmental Requirements 1 16 Improvements The two story office building together with and including all structures on or under the Land 1 17 Land. That certain real property located in Dade County Florida located at West McIntyre Street Key Biscayne Honda as more particularly described in Exhibit A attached hereto and made a part hereof together with all property rights easements rights of way privileges and appurtenances thereto ail leases rents and profits derned theretrom all right title and interest of Seller in and to any land Iving in the bed of any street road highway or L. avenue open or proposed public or private in front of or adjoining all or anv part of the Land to the center line therett and all right tale and interest of Seller in and to any unpaid award tor damage to the Property or any part thereof by reason of change of grade of any street road highway or avenue adjacent to the Property all strips and gores adjoining and adjacent to the Land and all oil gas and mineral rights if any The parties acknowledge and agree that the attached legal description contains both the Property and Bank Branch Property (as defined in Section 7 below) and that once separate legal descriptions are prepared pursuant to Section 7 1 the legal description for the Property shall be substituted herein as Exhibit A and initialed by the parties 1 18 Leases All leases of space located within the Improvements and upon the Land which shall include all exhibits amendments and modifications thereof A schedule of the Leases is included in the Rent Roll attached as Exhibit D 1 19 Permits All licenses permits and certificates of occupancy applicable to the Property A schedule of the Permits is attached hereto as Exhibit E 7 L hereto 1 20 Permitted Exceptions The title exceptions set forth in Exhibit B attached 1 21 Personal Property All items of Personal Property owned by Seller located on the Land and excluding therefrom the personal property that belongs to tenants Such Personal Property shall include but not be limited to (i) all fixtures furnishings machinery equipment and other articles of Personal Property attached or appurtenant to the Land or used in connection with the use or operation therewith including any drawings as built plans and specifications and all Permits m the possession of Seller and (u) all appliances lighting fixtures doors elevators spunkier plumbing heating air conditioning electrical ventilating light ng incinerating vacuum cleaning refrigerating and cooling systems carpets floor covermas together with all parts and supplies pertaining thereto An inventory of the Personal Property is attached hereto as Exhibit C The parties acknowledge that Seller owns a vault located within the Improvements Following further mvestiagation if possible the vault shall remain within the Improvements and be included as part of the Personal Property If Seller elects to remove the vault it shall do so without damage to the Property 1 22 Property The Personal Property Land Leases and Improvements 1 23 Property Records Copies of all the following documents in the Seller s possession or control relating to the Property Any and all Leases Permits Service Contracts Warranties paid tax bill for the year 1997 tax assessment notices tide insurance policies surveys site plans as built plans and specifications (if in Seller s possession) construction drawings engmeering reports plats soil reports and compaction tests environmental audits engineering reports and similar technical data and information and material correspondence (which shall mean correspondence other than attorney/client privileged correspondence which discloses claims allegations or adverse information regarding the Property or claims allegations or adverse information that the Property violates any Governmental Requirements that there is 3- Hazardous Material on or about the Property or that there are defects deficiencies or hazardous conditions in or on the Property) 1 24 Purchase Price The sum of Three Million Four Hundred Eighty Two Thousand Five Hundred and 00/100 Dollars ($3 482 500 00) 1 25 Rent Rental shall include but not be limited to all base rent minimum rent additional rent percentage rent common area maintenance charges taxes insurance operating expenses parking fees late fees and any other payments for miscellaneous senic>s performed by Seller under any Lease 1 26 Rent Roll A complete and correct list of all the Leases certified as t e and correct by the Seller setting forth with respect to each of the Leases the tollo« g information (a) the name of the tenant and the names of any assignees and subtenants (b) d -e date of the Lease (c) any modifications amendments or assignments to or ot the Lease and ary subtenancies thereunder (d) the term of the Lease and any subleases thereunder (e) renewal options if any (t) the Rent payable under the Lease including reference to anv delincLe is r- amounts due (g) the amount of the security deposit if any (h) the square footage ot the leased premises and (i) reference to any leasing commissions due free rent or concessions thereunde and any tenant improvements to be paid for by the landlord The current Rent Roll for tre Property is attached hereto as Exhibit D 1 27 Seller SunTrust Bank Miami NA a national banking associano- Seller s mailing address is 777 Brickell Avenue Miami Florida 33131 Seller s taxpa e identification number is 59 0358340 1 28 Seller s Attorney Bergman & Jacobs P A Attention Mark A Jacoos Esq Seller s Attorney s mailing address is 777 Brickell Avenue Miami Florida 331-1 Telephone (305) 577 9733 Telecopy (305) 577 9730 129 Service Contracts All service contracts maintenance agreements employment agreements man gement agreements and any other agreements aftecnng the Property A schedule of the Service Contracts is attached hereto as Exhibit G 1 30 Title Commitment An ALTA Title Insurance Commitment from the Title Company agreeing to issue the Title Policy to Buyer upon satisfaction of the Buyer s obligations pursuant to this Contract 1 31 Title Policy An ALTA owner s title insurance polic\ in the amount of ^e Purchase Price insuring Buyer s title to the Land subject only to the Permitted Exceptions -4 1 32 Title Company First American Title Insurance Company Chicago Tide Insurance Corporation or such other nationally recognized title insurance company licensed to write title insurance in the State of Florida approved by Buyer 1 33 Warranties All warranties and guarantees relating to the Property including all warranties and guarantees of the Improvements and Personal Property by general contractors subcontractors suppliers and manufacturers if any 2 Purchase and Sale Seller agrees to sell and coney the Property to Buver and Buyer agrees to purchase and acquire the Property from Seller on the terms and conditions hereinafter set forth I 3 Purchase Price The Purchase Price shall be paid as tollows 3 1 Deposit Simultaneously with the execution of this Contract Buver has deposited into escrow in an interest bearing account opened by the law firm of Weiss Serota Helfman Pastoriza & Guedes P A ( Escrow Agent) an earnest money deposit of One Hundred Dollars and 00/100 Dollars ($100 00) Interest on the Deposit shall accrue to the benefit of the Buyer unless the Deposit is delivered to the Seller as liquidated damages pursuant to Section 19 1 below in which event such interest shall accrue to the benefit of the Seller and be delivered to Seller as part of the Deposit For purposes of reporting earned interest with respect to the Deposit Buyer s and Seller s Federal Tax Identification Numbers are respectively set forth m Sections 1 4 and 1 27 above 3 2 Cash to Close On the Closing Date as part of the Closing Buyer shall pay to Seller by wire transfer of immediately usable wired funds to a bank account or bank accounts designated by Seller in a notice to Purchaser to be given at least one day prior to Closing the Purchase Price The Purchase Price shall be adjusted for any credits debits or prorations required to be made under this Contract (the Cash to Close ) The Deposit shall be part of the Cash to Close 4 Buyer s Inspection of the Property 4 1 Seller s Delivery of Property Records If Seller has not previousl% delivered the Property Records to Buyer Seller shall deliver the Property Records to Buyer as they become available Seller shall have a continuing obligation to deliver to Buyer the Property Records and if Seller obtains or becomes aware of any additional Property Records Selle represents and warrants that it shall immediately deliver such additional Property Records to Buyer 5 4 2 Buyer s Inspection of the Property Commencing upon the Effective Date and until the Closing Date Buyer or its authorized agents personnel employees or independent contractors shall be entitled to enter upon the Land during reasonable business hours for the purpose of making physical inspections of the Property including but not limited to any and all Improvements and Personal Property Buyer may make inspections of all Improvements and Personal Property including but not limited to all roofs structures electrical systems plumbing systems mechanical systems paving termite infestation and heating ventilating and air conditioning systems Buyer may also make all inspections and investigations of the Land which it may deem necessary including but not limited to soil borings percolation tests enginee mg environmental and topographical studies zoning and availability of utilities All inspections shall be made at Buyer s expense Fee L 4 2 1 Buyer s inspection nghts shall include the right to inspec the Improvements and Personal Property contained within each tenant space Buyer shall cooperate with Seller in the scheduling of inspections of the individual tenant space 4 3 Indemnification Buyer hereby agrees to indemnify Seller and hold Selle harmless against all claims demands and liability including Attorneys Fees tor nonpavmerit for services rendered to Buyer for mechanics liens or for damage to persons or property arising ou of Buyer s investigation of the Property This indemnification and agreement to hold harmless shall survive the termination of this Contract or the Closing 4 4 Termination Notice Notwithstanding anything to the contrary in mis Contract Buyer shall have the right for any reason or no reason to elect (in its sole and absolute discretion) to terminate this Contract by delivering written notice to Seller or Seller s Attorney to that effect no later than the sixtieth (60th) day following the Effective Date (the Expiration Date ) If Purchaser so delivers said notice not later than the Expiration Date then (a) this Contract shall be terminated and of no further force and effect except for those provisions wh.cn expressly survive termination, (b) the Escrow Agent shall deliver the Deposit to Buyer and (c) the parties shall have no further liability to one another under this Contract 5 Evidence of Title 5 1 Delivery of Prior Owner s Policy It Seller has not already done so prior `"' to its execution of this Contract simultaneously upon its execution of this Contract Seller shall "4 deliver to Buyer a copy of its prior owner s policy covering the Property updated to a date a close to the Effective Date as possible together with copies of all instruments listed as exceptions to tide therein 455 IV r^ girfak 5 2 Marketable Title At closing Seller shall convey to Buyer marketaole tee simple title to the Land subject only to the Permitted Exceptions 6 5 3 Title Commitment Buyer has previously obtained the Title Commitment and examined same The Title Commitment and a list of Permitted Exceptions are attached hereto as Exhibit B The title policy to be issued pursuant to the Title Commitment shall insure that any and all restrictions and conditions have not been violated and that any future violation will not result in a forfeiture or reversion of title shall contain no survey exception shall contain no printed exceptions and shall affirmatively insure access to the Property 5 4 Additional Exceptions If Buyer receives notice of or otherwise discovers any exceptions ( Additional Exceptions ) other than the Permitted Exceptions after of the Effective Date and prior to the Closing Date Buyer shall notify Seller in writing of the Additional Exceptions to which Buyer reasonably objects within ten (10) days atter Buyer receives notice ot such Additional Exceptions 5 5 Additional Exceptions Curable by the Payment of Money Seller shall be required to cure or remove all Additional Exceptions which can be cured or removed by Me payment of money prior to the schedule Closing Date 5 6 Additional Exceptions Not Curable by the Payment of Money Seller shall have a period of sixty (60) days after notice from Buyer to commence to cure any Additional Exceptions to which Buyer reasonably objects and which are not curable by the payment ot money and the Closing Date shall be postponed if necessary to aftord Seller the full sixty (60) days to commence to cure Additional Exceptions Seller shall exercise due diligence and goon faith in curing the Additional Exceptions which shall include the institution of any necessary lawsuit If Seller is unable to cure any Additional Exceptions by the Closing Date Buyer shall have the following options 5 6 1 Buyer may postpone the Closing Date to afford Seller time to cure the Additional Exceptions 5 6 2 Buyer may waive the uncured Additional Exceptions and accept title in its existing condition or 5 6 3 Buyer may terminate the Contract by sending written nonce to Seller Seller shall pay to Buyer Buyer s Costs and except as specifically set forth in this Contract neither Buyer nor Seller shall have any further rights or obligations hereunder 5 7 Postponement of Closing Date If the Closing Date has been postponed beyond the originally scheduled Closing Date to afford Seller additional time to cure the Additional Exceptions the Closing shall take place twenty (20) days after Seller sends Buve written notice that all Additional Exceptions have been eliminated or otherwise cured 1 7 6 Survey 6 1 Dehvery of Survey Seller has previously provided Buyer with a survey sketch of the Property and Bank Branch Property (as defend in Sermon 7 I below) prepared by James Aylward & Assoc Inc under Project No 97143 dated October 21 1997 (the "Pao - Survey") Buyer has examiner and accepted the Pnor Survey Following such plan approval of the Bank Branca (as defined m Sccnon 7 1 below) and preparation of legal desenpnons for it and the Property Buyer may cause to be prepared at its expense an mkt,- and revision of the Prior Survey (the Survey ) of the Land and all Improvements thereon, which deletes the Bank Branch Property prepared by a land surveyor or engmeer registered and licensed in the Starr of Florida The Survey shall be prepared m accordance with the Minimum Tr-hnieal Sranrtards for survey m the State of Florida 6 2 Survey Defects Buyer shall have fourteen (14) days from the date of receivmg the Survey to - amin- same If the Survey shows any encroachment on the Term or that any Improvement located on ttie T -Irv' encroaches on the land of others or if the Surve shows any other defect which would affect the marketability of tale to the Property that is not shown on the Prior Storey Buyer shall notify Sella of such derect within fourteen (14) days efts, receipt of the Survey and such encroachment or defect shall be treated m the same mamaer as ntie defects are treated under this Contract r 7 int 7 Closmi Connmgercies 7 1 Seller s Closing Conanmencies Seller's obucgaanon to close this wansacuon and sell the Property to Buyer is expressly subject to and conrrnsent upon seller abtaming all governmental development approvals and development permits from Governmental Authorities including but not /united to site plan approval bmldmg pe=ars ana ccrni.rares of occupant} and/or use as applicable (collectively the 'Development Approvals') to use and occupy the real property edge= and con iguous to the Property (the Bank Branch Property ) ror the re{ocanon of its bank branch currently located on the Property substantially m accordance with the me plan attached hereto as Exhibit F (the 'Bank Branch ) Commencing upon the later of the Expiraaon Date or the expiration of the period during whir. a referendum may be uncured and ultlruiatoly resolved with respect m the ordinarrP authonang the bond issue that is adopted simultaneously with the approval of this Agiesm by the Council of the Vitiige of Key Biscayne (the Commeieemn't Date") Seller shall apply for and obtain any and ail Development Approvals from the appropriate governmental manes and upon receipt of a building permit, shall commence or cause to be commenced arms -traction of the Bank Branch. Seiler shall in good faith apply for and pursue the applications for the Development Approvals and diligently pursue the construction of the Bank Branch If the Seller is unable to complete construction of the Bank Branch and obtain the Development Approvals wi.wn duns (30) months following the Comma rrment Date upon written notice to Seller Buser shall ha e 8 die right to (i) reequnt Seller to close this traasamim within thirty (30) days of said written nottee or (u') provide Seller with additional time to obtam the Development however if Seiler has not received the DevelopmentApprovais t Approvals Pmviona time period Bayer shall have the -ig r to require a Seller to dose dm t transaction of the required al herein, If Buyer elects its taasg Buyer as requiree eto ller p�uant to a wig �agreement � e precedmg � e� c m the lease pond not to exe=d six (6) month and at a Property - for Notwtthstandmg the foregoing, if Seller is legally prohibred f le, market value real Approvals due to matters beyond its control, Seller shall have rite near to the Development by �g nonce to Bu this thebasis Contact yet or Buyer's Atttaruy to tar elreCL therefor Foflowmg receipt of such nice, ten (a) elm Canna shall be Yeti and of basis f arther vet theand. effect, (b) Seller shall reimburse Biqa for Buyer's Cosa, (c)Escrow Deposit to Buyer and (d) the parties shall harem tither sent under this Contact except for obligations expressly surviving Imply habiltty to one another Approvals and e t cocoopeate with Seiler in filing Seller's applications for the Development emceed with in good faith process said apphcanoia to order to 211°"" Seiler to �nstntcuon of the Bank Branch as required bairn_ The panics acknowledge that the area of the Bank Bathe I'r pay may need to be increased to meet permimng requirements getting -1- regulations If tonal area is needed. for the Rank' Branch Property Seiler has the option for a penod of s (6) months following the Expiration Date upon nonce to Bayer to delete up to a maximum of one half acre from the Property and add It to the Bank Branch Property Said deletion from the Property shaft be m an area apron hereunder Immediately aa� and contiguous to the Bank Branch property if Steer exnses its eleted from the ho Purchase Pace shall be reduced by $36.50 /preach square foot of area de p pesty Additionally, efle at us cost and ems, shall prepare or cause to Iegal tons for the Property and Bank Branch legal description for the Prupciiy shall l be used for the prepa of Survey ly The reed e e parties acknowledge and agree that the property and the Bank Branch Property will re wire a replat or waiver of m ng P Followmg a deter matron by Seller as whether it will exeti*se us opto n the Ba paragraph (and if exercised, followmg pitparanon of revised legal applicable Buyer shall will til pare or cause to be prepared the replat or waiver of plat as P��Seller shall pay all costs and expenses with approval mquired for the foregoing n+ bit nor rl+ the fo*egoitig roses � to engineering and Pig fees application fees and attorneys' fits and Cosa* All of _ expenses shall be promptly paid by Seiler upon nonce inciter? priate invoices and/or theteimmaanoa of tins Agreereceipts m The obhgaton to pay such costs and expenses snail survive * Iliy'er agrees that prior to incurring any costs or expenses relative to the re -plat for which Seller is responsible Buyer will first provice Seller with an estimated costs breakdotin including attorneys' 'Fees Seller shall have the right to either approve said or proceed to have the property re-platted costs and expenses on its own thereby releasiixr the Buyer of its requirement to do so -9- unless Seller is legally prohibited from obtaining the Development Approvals due to matters beyond its control 7 2 Buver s Closing Contingencies Buyer s obligation to close this transaction and purchase the Property is expressly subject to and contingent upon Buyer obtaining all final non appealable governmental approvals and exercises of authority of Governmental Authorities including but not limited to approval by the Council of the Village of Key Biscayne and anv referendum (collectively the Governmental Approvals ) to purchase the Property and finance the acquisition thereof all of which shall be obtained by the Commencement Date Buyer shall have up to and including the Commencement Date to obtain anv and all Governmental Approvals Buyer shall in good faith apply for and pursue the Governmental Approvals It the Buyer is unable to obtain the Governmental Approvals within sixty (60) days of the Effective Date upon written nouce to Seller the Buver shall have the right to (i) terminate this Agreement or (u) waive this contingency and proceed to close this transaction Ir this Agreement is terminated by Buyer upon the expiration of the Governmental Approvals period the Escrow Agent shall promptly return to Buyer the Deposit and the parties hereto shall thereafter be relieved of all rights and obligations hereunder except for those rights and obligations which expressly survive the termination of this Agreement Seller and Buyer shall reasonably cooperate in processing and obtaining the necessary Governmental Approvals 8 Seller s Operations L 'gm* L. 8 1 Prior to Closmg Between the Expiration Date and the Closing Date or earlier termination of this Contract Seller covenants and agrees as follows 8 1 1 Seller shall maintain and operate the Property in the ordinary course of business and m a manner substantially consistent with Seller s maintenance and operation thereof durmg the twelve (12) month period preceding the Effective Date and in accordance with all applicable federal state and local laws ordinances and requirements 8 1 2 Seller shall not knowingly do any act or omit to do any act or knowingly permit any act or omission which will cause a breach or default of this Contract. 8 1 3 Except for (a) honoring the currently existing renewal extension expansion or refusal rights of tenants under the Lease and (b) entering into new Leases extensions modifications renewals or expansions with Buyer s prior written consent (not to be unreasonably withheld or delayed and to be deemed given if Buyer fails to respond within five (5) business days after written notice from Seller accompanied by the proposed new Lease extension modification renewal or expansion) Seller shall not modity or enter into any new Leases extensions modifications renewals or expansions Any of same entered into by Seller in accordance with subsections (a) or (b) above are sometimes hereinafter reterred to as the Permitted Leases and shall thereafter be included within the term Leases as used in this 10 Contract Nothing in the foregoing or elsewhere in the Contract shall preclude Seller (or constitute a default by Seller under this Contract) from filing notices of commencement in connection with tenant improvements under existing Leases or Permitted Leases provided that in no event shall any notice of commencement be a Permitted Exception 8 1 4 Except with respect of the Permitted Leases Seller shall not (a) incur any new leasing commissions or (b) undertake or commence any material or substantial renovations of or alterations to the Property or any pa t thereof unless necessary or advisable to remedy violations or preserve or protect the Property or comply with any obligation of Seller under this Contract 5 Subject to express provisions of this Contract to the contrary and except to the extent such maintenance is the obligation of tenants under the Leases Seller shall maintain the physical condition of the Property in substantially the same condition existing at the Effective Date reasonable wear and tear excepted but Seller shall have no obligation to make capital improvements pa r i 816 Except for (a) renewals or modifications of existing Service Contracts (or new Service Contracts in lieu thereof) on terms consistent with their existing terms but which shall be cancelable without penalty on not more than thirty (30) days notice and/or (b) agreements necessary to preserve or protect the Property from imminent damage or persons thereon from imminent injury or loss of life Seller shall not modify or enter into any new Service Contracts without Buyer s prior written consent (not to be unreasonably withheld or delayed and to be deemed given if Buyer fails to respond within five (5) business days after written notice from Seller) 8 1 7 Seller shall not remove any item of Personal Property described in Exhibit C hereto from the Property unless the same is replaced by Seller with an article of equal suitability and value free and clear of any lien or security interest 8 1 8 Seller shall maintain any and all insurance coverage presently in effect with respect to the Property including policies of public liability property damage and fire insurance instruments accordance any portion 8 1 9 Seller shall comply with all Leases Service Contracts of record and shall timely pay all taxes assessments and utility charges 8 1 10 Except for business invitees occupying or using the with past practice Seller shall not permit anyone to occupy or use the thereof for any reason whatsoever except pursuant to the leases and with all Property in Propem or 04 8 1 1 1 Seller shall observe and keep in force and effect all permits necessary or required to carry on the present business being conducted upon the Property 9 Seller s Representations 9 1 Representations and Warranties Seller hereby represents and warrants to Buyer as follows 9 1 1 Seller s Existence Seller is a national banking association duly organized existing and in good standing under the laws of the United States Seller has full power and authority to own and sell the Property and to comply with the terms ot this Contract 9 1 2 Authority The execution and delivery ot this Contract by Seller and the consummation by Seller of the transaction contemplated by this Contract are within Seller s capacity and all requisite action has been taken to make this Contract valid and binding on Seller in accordance with its terms 9 1 3 No Legal Bar The execution by Seller of this Contract and the consummation by Seller of the transaction hereby contemplated does not and on the Closing Date will not (a) result in a breach of or default under any indenture agreement instrument or obligation to which Seller is a party and which affects all or any portion of the Property or (b) to Seller s knowledge constitute a violation of any Governmental Requirement 9 1 4 Litigation There are no actions suits proceedings or investigations (including condemnation proceedings) pending or to the knowledge of Seller threatened against Seller relating to the Property or the Property and Seller is not aware of any facts which might result m any such action suit or proceeding If Seller is served with process or receives notice that litigation may be commenced against it, Seller shall promptly notify Buyer 9 1 5 Hazardous Material (a) Seller has conducted no activity on the Property involving the generation treatment storage or disposal of Hazardous Material (b) No portion of the Property is now being used or to the best of Seller s knowledge has ever been used to treat store generate or dispose of Hazardous Material (c) Seller has received no written notice that any previous owner or tenant conducted any such activity (d) Seller has received no written nonce of any discharge spill or disposal of any Hazardous Material on or under the Property (e) Seller has received no written notice from any Governmental Authority or any other party of any Hazardous Material violations concerning the Property or any portion thereot nor is Seller aware of any such violation, (0 Seller has received no written nonce as to any locations ort the Property where Hazardous Material generated by or on the Propene have been treated stored deposited or disposed of and (g) Seller has no knowledge of the presence of am Hazardous Materials upon the Property Seller Agrees that it will indemnify defend and hold harmless Buyer from any and all claims judgments liabilities losses damages actions causes 12 of actions suits response costs remediauon costs fines penalties fees and expenses (including reasonable attorneys fees and expenses incurred at both the trial and appellate levels) arising out of or in any way relating to the existence use or misuse handling or mishandling storage spillage discharge or seepage into the ground in water bodies or the ground water (including aquifers) at any time prior to Closing of any Hazardous Materials in on under at or used upon the Property 9 1 6 Parties in Possession Except for tenants under the Leases there are no parties other than Seller in possession of any portion of the Land or Improvements as lessees tenants at sufferance or trespassers There is no merchant s association in existence affecting the Property 9 1 7 Adverse Information Seller has no information or know. ledge of (a) any action by adjacent landowners or (b) any other fact or condition of anv king or character which could materially adversely affect the current use or operation of the property 9 1 8 Compliance with Laws The Property and the present uses thereof are m compliance with all applicable Governmental Requirements and the requirements of any Insurance Policy board of fire underwriters or any board exercising similar functions 9 1 9 Leases The Leases described on the Rent Roll comprise all of the Leases presently existing and each is in full force and effect as of the date hereof None of the Leases have been modified altered or amended in any respect and no tenant has the right to cancel or terminate its Lease except as set forth in the Rent Roll No tenant has any right to renew or extend its Lease nor any interest in the Property other than a leasehold possessory interest Except as specified on the Rent Roll all of the Leases are the result of bona fide arms length negotiations between the parties There are no leases tenancies or other rights or occupancy or use for any portion of the property other than as set forth in the Rent Roll The Leases embody all contracts between Seller and tenants implied or otherwise and there are no lF other contracts or obligations between Seller and tenants either oral or written Neither Seller nor any tenants are in default under any Lease and no event has occurred that with the giving of notice or passage of time or both would constitute a default thereunder Except as specified on the Rent Roll each of the tenants under the Leases are in possession of their respective premises No tenant has any offsets defenses claims or causes of actions against Seller arising out of 7 matters occurring prior to Closing There is no tenant contesting any tax operating costs or other escalation payments or occupancy charges or any other amounts payable under its specific Lease All tenants have furnished insurance certificates indicating that the insurance coverage required by their respective Leases is in full force and effect 9 1 10 Performance of Landlord s Obligations All pamnng repairs alterations and other work expressly required to be performed by the Seller as landlord under the Leases and all other obligations of the landlord required to be performed thereunder have been 13- fully performed and paid for in full or will be fully performed and paid for on or before the Closing Date All representations on the part of the landlord contained m the Leases are true and correct The Seller as landlord has not waived any default under any Lease 9 1 11 Rents The Rents and other charges set forth in the Rent Roll are the actual Rents and other charges presently being collected by the Seller under the Leases for the calendar month immediately preceding the Effective Date No tenant under any of the Leases is enutled to any free rent concessions rebates or refunds except as specified on the Rent Roll No tenant has prepaid any Rents or other charges for more than one month in advance except as specified on the Rent Roll None of the Rents or other charges billed to or collected from anv tenant violates any applicable Governmental Requirement The information contained in the Rent Roll is true and complete in all material respects 9 1 12 Leases Unencumbered None of the Leases and none of the rents or other amounts payable thereunder have been assigned pledged or encumbered except as set forth in the Permitted Exceptions 9 1 13 Leasing Commissions No brokerage or leasing commissions (including any renewals or residuals) or other compensation are due or payable to any person firm corporauon or other entity with respect to or on account of any of the Leases except as specified on the Rent Roll 9 1 14 Sales Tax All sales tax required to be paid or collected by Seller in the operation of the property has been collected and paid to the appropriate Governmental Authority through a current date Merl 9 1 15 Rights of Tenants No tenant or other occupant under any of the Leases and no other person firm corporation or other entity has any right or option to acquire the Property or any portion thereof or lease any additional space 9 1 16 Service Contracts The schedule of Service Contracts attached to this Contract constitutes a list of all of the Service Contracts affecting the Property and there are 110 other Service Contracts with respect to the Property All of the Service Contracts are in full force and effect and there is no default by any party under any Service Contract and no event has occurred that with the giving of notice or passage of time or both would constitute a default thereunder Seller has received no nonce that any party to any Service Contract intends to cancel or terminate its Service Contract There are no other agreements (written or oral) other than the Leases or Service Contracts affecting the Property 9 1 17 Assessed Valuation Seller is not currently contesting anv real estate tax assessments for the Property 14- 9 1 18 The Improvements All Permits required by all Governmental Authorities having jurisdiction and the requisite certificates of the local board of fire underwriters (or other body exercising similar functions) have been issued for the Improvements have been paid for and are in full force and effect Certificates of occupancy have been issued for each ot the premises that are subject to the Leases No additional certificates of occupancy licenses or other permits are required for the current use or operation of the Property There are no structural defects in any of the Improvements The heating electrical plumbing air conditioning building equipment and other Personal Property are free from defects and in good condition and working order and adequate in quantity and quality for normal operations The roofs of all of the Improvements are free of physical leaks and are watertight 9 1 19 Notices Seller has received no written notice trom any Governmental Authority any tenant under the Leases any insurer or any other party (a) that either the Property or the use or operation thereof is currently in violation of any zoning environmental or other land use regulations and to Seller s knowledge no such notice has been issued (b) that Seller is currently in violation or with the passage of time will be in violation of the requirements of any ordinance law or regulation or order of any Governmental Authority (including without limitation the local building department) or the recommendations of any insurance carrier or board of fire underwriters affecting the Property that any investigation has commenced or is contemplated regarding any such possible violation or (c) asserung that Seller is required to perform work at the Property and to Seller s knowledge no such notices hatie been issued If Seller receives such a notice or a violation is issued or filed prior to Closing Seller shall promptly notify Buyer and shall be responsible to cure any such violation 9 1 20 Pending and Certified Liens Certified governmental hens and pending governmental liens for which work has been substantially completed shall be paid by the Seller and other pending hens shall be assumed by the Buyer 10 Buyer s Representations Buyer represents and warrants to Seller as of the Effective Date and as of the Closi a Date as follows 10 1 Buyer s Existence Buyer is a municipal corporation duly organized existing in good standing and qualified to do business under the laws of the State of Florida Buyer has full power and authority to purchase the Land and to comply with the terms of this Contract L a� 11 Survival of Representations All of the representations of Buyer and Seller set forth in this Contract must be true upon the execution of this Contract and must be true as of the Closing Date The representations warranues and agreements ot Buyer or Seller set forth in this Contract shall survive for a period of one hundred and eighty (180) days following the Closing 15 12 Closmg Subject to all of the provisions of this Contract Buyer and Seller will close this transaction on the Closing Date commencing at 10 00 a m The Closing will take place at the office of Buyer s Attorney unless otherwise agreed by the parties 12 1 Conditions Precedent to Closing Each of the following shall constitute a condition precedent to the obligation of the parties to close the transaction contemplated hereby each of which must be fulfilled or waived at or prior to Closing r^ r 9 12 1 1 Seller and Buyer shall have delivered all documents and the Purchase Price as required by this Contract to be delivered by the respecnve parties 12 1 2 Seller and Buyer shalt have delivered all document and the Purchase Price as required by this Contract to be delivered by the respective parties at Closing 12 1 3 All of the representations and warranties of Seller and Buyer contained in this Contract shall be true and correct on the Closing Date in all material respects 12 1 4 This Contract shall not have been termmated in accordance with any of its terms and 12 1 5 Seller shall have delivered to Purchaser estoppel certificates dated no earlier than thirty (30) days before the Closing Date in a form prescribed by Buyer { Estoppel Certificates ) from all of the tenants under the Leases and Buyer shall have approved any matenal modifications made by such tenants to such form (other than modifications made to conform such Estoppel Certificates to the forms if any required to be delivered by the tenant under the Lease in question) and any information inserted by such tenants which is a variance with the information contained m the List of Leases and Rent Roll (as updated by Seller pursuant to the provisions of this Contract) which approval shall not be unreasonable withheld or delayed and shall m any event be deemed to have been given if Buyer proceeds to Closing Seller shall use all reasonable good faith efforts to obtain Estoppel Certificates from all tenants under the Leases 1i Seller is unable after all reasonable good faith efforts to obtain Estoppel Certificates from all of the tenants Seller shall provide an affidavit for tenants from who Seller has been unable to obtain Estoppel Certificates Said affidavit shall include all information that would have been included in the applicable Estoppel Certificates Seller shall deliver to Purchaser not less than five (5) business days prior to Closing all Estoppel Certificates then received by Seller and any other written statements or notices from tenants received by Seller after the Execution Date Thereafter Seller shall deliver to Purchaser prior to Closing any Estoppel Certificates subsequently received by Seiler prior to Closing and any other written statements or notices form tenants subsequenth received by Seller prior to Closing If Seller provides Seller s Affidavit and Seller thereafter (within ninety (90) days 01 the Closing Date) obtains an Estoppel Certificate complying with the provisions of this Contract from any tenant covered by a Seller s Affidavit then the Estoppel Certificate shall be substituted for the Seller s Affidavit as to such tenant and Seller shall have no 16 continuing liability on the Seller s Affidavit as to such tenant In the event of any material discrepancy between information set forth in the List of Leases and Rent Roll and the information contained in any Estoppel Certificate or Seiler s Affidavit shall use all reasonable efforts proceeding in good faith to resolve the discrepancy so that the Estoppel Certificate or the Seller s Affidavit as the case may be will be consistent with the List of Leases and Rent Roll 13 Seller s Closing Documents At Closing Seller must deliver the following documents ( Seller s Closing Documents ) to Buyer 13 1 Deed The Deed which must be duly executed and acknowledged by Seller so as to convey to Buyer good and marketable fee simple title to the Land free and clear of all liens encumbrances and other conditions of title other than the Permitted Exceptions 13 2 Bill of Sale An absolute bill of sale with full warranty of title conveying the Personal Property to Buyer free and clear of all liens encumbrances and security interests 13 3 General Assignment A General Assignment conveying the Intangible Personal Property to Buyer free and clear of all hens encumbrances and security interests 13 4 Seller s No Lien Gap and FIRPTA Affidavit An affidavit from Seller attesting that to the best of Seller s knowledge as follows (a) no individual or entity has any claim against the Land under the applicable contractor s hen law (b) except for Seller no individual or entity is either m possession of the Land or has a possessory interest or claim in the land and (c) no improvements to the Land have been made for which payment has not been made within the immediately preceding ninety (90) days The affidavit will mclude language sufficient to enable the Title Company to insure the gap i e delete as an exception to the Title Commitment any matters appearing between the effective date of the Title Commitment and the effective date of the Title Policy The Affidavit will also include the certification of non -foreign status required under Section 1445 of the Internal Revenue Code to avoid the withholding of income tax by the Buyer r' 13 5 Assignment of Leases An Assignment of I gases together with possession of the original Leases and any guarantees thereof and any tenant keys and security codes to the extent any of the foregoing are m the Seller s possession or control and an update of the rent roll 13 6 Assignment of Service Contracts An Assignment of the Service Contracts together with possession of any original Service Contracts in Seller s possession or control 13 7 Closing Statement A closing statement setting forth the Purchase Price and all credits adjustments and prorations between Buyer and Seller 13 8 Form 1099 Such federal income tax reports respecting the sale of the Land as are required by the Internal Revenue Code 17 13 9 Authorizing Resolutions Certificates of Seller s corporate resolutions authorizing the entering into and execution of this Contract and the consummation of the transaction 13 10 Tenant Letter A Letter to each tenant under the Leases advisno such tenant of the sale to Buyer of the Property and directing the tenant to pay all rentals accruing under its Lease from and after the Closing Date to Buyer and to recognize Buver as landlord under its Lease 13 11 Disclosure Affidavit Seller shall also deliver to Buver at least ten (10) days prior to Closing an affidavit in recordable form as required by the provisions of Section 286 23 Florida Statutes 13 12 Unless otherwise noted copies of Seller s closing documents shall be delivered to Buyer s attorney for review not less than seven (7) days prior to the Closing Date 14 Buyer s Closing Documents At Closing Buyer shall deliver the following documents ( Buyer s Closing Documents ) to Seller 14 1 Authorizing Resolutions Certificates of Buyer s municipal resolutions evidencing authorizing the entering into and execution of this Contract and the consummation ot r the transaction 14 A Reciprocal Easements *See Insert on Page 18A 15 Closing Procedure The Closing shall proceed in the following manner 1 re - 15 1 Delivery of Documents Buyer will deliver Buyer s Closing Documents and Seller will deliver Seller s Closing Documents to the Closing Agent Buyer will deliver the Purchase Price to the Closing Agent 15 2 Disbursement of Funds and Documents Once the Tide Company has insured the gap i e endorsed the Tide Commitment to delete the exception for matters appearing between the effective date of the Title Commitment and the effective date of the Title Policy and provided all other obligations to close have been fulfilled Closing Agent will record the Deed and disburse Buyer s Closing Documents and the Purchase Price to Seller and Seller s Closing Documents to Buyer 16 Proration and Closing Costs 16 1 Prorauons The following items will be prorated and adjusted be keen Seller and Buyer as ot the Closing Date except as may be otherwise specified 18 * At Closing (i) Buyer agrees to grant to Seller for the benefit of the Bank Branch Property a perpetual non exclusive easement for ingress and egress for pedestrian and vehicular access over and across a portion of the Property in the approximate size and location of Ingress Egress Easement #2 (the City Parcel Ingress/Egress Easement ) as shown on the survey of the Property and the Bank Branch Property prepared by James Aylward & Associates Inc Project No 97-143 dated 10/21/97 last revised 11/5/98 a copy of which is attached hereto as Exhibit F 1 (the Revised Survey ) and (u) Seller agrees to grant to Buyer for the benefit of the Property a perpetual non-exclusive easement for ingress and egress for pedestrian and vehicular access over and across a portion of the Bank Branch Property in the approximate size and location of Ingress Egress #1 (the Bank Parcel Ingress/Egress Easement ) as shown on the Revised Survey The intent of the City Parcel Ingress/Egress Easement and Bank Parcel Ingress/Egress Easement (together the Ingress/Egress Easements ) is explained in the notation on the cover page of Exhibit F 1 The exact size and location of the Ingress/Egress Easements may change in accordance with the final approved site plan for the Property and the Bank Branch Property The form of the Ingress/Egress Easements shall be reasonably satisfactory to Buyer s and Seller s counsel r - 18A - 16 1 1 Taxes Seller acknowledges and agrees that the Property is being purchased by an exempt governmental entity and that Seller must comply with Secuon 196 295 Florida Statutes regarding real estate taxes 16 1 2 Utility Deposits Seller shall receive a credit for any deposits with utility companies to the extent such deposits are assignable and are assigned to Buyer 16 1 3 Utilities Water sewer electricity gas and other utility charges if any shall be prorated on the basis of the fiscal period for which assessed except that it the e are utility meters for the Property apportionment at the Closing shall be based on the las available reading r 4. 16 1 4 Pending, and Certified Liens Certified hens levied by anv Governmental Authority for which the work has been substantially completed and which are currently due and payable in full will be paid by the Seller Pending hens and certified hens that are payable on an installment basis such as monthly semi annually annually or bi annually or tor which the work has not been substantially completed will be assumed by the Buyer 16 1 5 Rents Seller shall be entitled to all Rents for the period prior to the Closing Date Buyer shall be entitled to all Rents accruing as or the Closing Date and receive a credit at Closing therefore However if at the time of Closing there shall be any delinquent Rents owing from tenants covering any period of time or any obligation incurred prior to the Closing Date Buyer shall use reasonable efforts to collect such delinquent Rents and snail promptly remit the same to Seller upon receipt by Buyer but shall have no obligation to institute any proceedings Any Rents collected by Buyer shall be applied first to current Rent due ano thereafter to delinquent Rents Buyer agrees to pursue at Seller s expense the collection of any accrued and unpaid Rents and Seller agrees to cooperate with Buyer in its collection efforts Buyer may deduct its reasonable collection expenses from Rents collected prior to remitting such rents to Seller If at the time of Closing any tenants owe Seller any money Seller shall have the right subsequent to the Closing to collect such sums directly from the tenants including bnnging lawsuits against the tenants (at Seller s sole expense) for such collection provided however Seller agrees that it shall not bring any such action for a period of ninety (90) days from and after the Closing Date and that any such legal action or collecuon shall not include any disturbance of the possession use or occupancy of the tenants or any right to evict the tenants whether pursuant to the specific Lease provisions or otherwise and Buyer shall not be obligated to join in anv suer proceeding This provision shall expressly survive the Closing 16 1 8 Security Deposits and Prepaid Rentals Buyer shall be green credit against the Purchase Price for all security deposits and prepaid rentals collected In Seile under the Leases 19 16 1 9 Other hems All other items required by any other pros isions ot this Contract to be prorated or adjusted or absent express reference thereto in this Contract items normally prorated in the county where the Land is located will be prorated in accordance with the standards prevailing in the county in which the Land is located 16 2 Seller s Closing Costs Seller shall pay for the following items prior to or at the time of Closing Title Commitment Documentary stamps and surtax on the Deed Cost of recording any corrective instruments Cerutied and pending governmental special assessment hens tor which the work has been substantially completed as pros ided herein 16 3 Buyer s Closing Costs Buyer shall pay for the tollowmg items prior to or at the time of Closing Recording of Deed Tide Policy Survey Pending special assessment hens tor which the work has not been substantially completed as provided herem Any costs and fees in connection with any financing 16 4 Reprorations At the Closmg the above referenced items shall be prorated and adjusted as indicated If subsequent to the Closmg taxes for the year of Closing are determined to be higher or lower than as prorated a reproranon and adjustment will be made at �^^ the request of Buyer or Seller upon presentation of actual bills and any payment required as a result of the reproration shall be made within ten (10) days following demand therefor All other prorattons and adjustments shall be final If any refund of real property taxes is made atter the Closing Date for a period prior to the Closing Date the same shall be applied first to the cost incurred in obtaming same and second to the refunds due to tenants by reason of the provisions of their respective Leases the balance if any shall be paid to Seller (for the period pnor to the Closing Date) and to Buyer (for the period commencing with the Closing Date) The pros isions of this Section shall expressly survive the Closing 17 Possession Buyer shall be granted hill possession ot the Prooe-' a Closing subject to the Leases -20 18 Condemnation and Damage by Casualty 18 1 Condemnation In the event of the institution of any proceedings by any Governmental Authority other than Buyer which shall relate to the proposed taking ot any portion of the Property by eminent domain prior to Closing or in the event of the taking of any portion of the Property by eminent domain prior to Closing Seller shall promptly notify Buver and Buyer shall thereafter have the right and option to terminate this Contract by giving Seller written nonce of Buyer s election to terminate within thirty (30) days after receipt by Buyer ot the notice from Seller Seller hereby agrees to furnish Buyer with written notice of a proposed condemnation within two (2) business days after Seller s receipt of such notification Should Buyer terminate this Contract then except as otherwise provided for herein the parties here o shall be released from their respective obligations and liabilities hereunder Should Buster elect not to terminate the parties hereto shall proceed to Closing and Seller shall assign all of its right title and interest in all awards in connection with such taking to Buyer 18 2 Damage by Casualty rR 4 r� L Ow, 18 2 1 Damage Not in Excess of $200 000 00 If after the Effective Date but prior to the Closing Date any damage occurs from fire windstorm or oche casualty to the Property and the cost to repair such loss or damage does not exceed Two Hurdred Thousand Dollars ($200 000 00) then in such event the Closing shall be consummated as provided for herein and Seller shall cause said damage to be repaired and the Property to be restored to the condition in which it existed immediately prior to such damage Seller shall effect such repair and restoration before the Closing Date and if such damage cannot be repaired by the Closing Date then at the Buyer s option (a) the Closing Date shall be postponed until such repairs have been completed or (b) the reasonable cost of such repairs as estimated by the Buyer shall be withheld from the Purchase Price and paid over to the Seller upon completion of the repairs and delivery to the Buyer of satisfactory evidence that all mechanics labors and materialmen providing services or materials m connection therewith have been paid m full and the Seller s obligation to complete such repairs promptly shall survive the Closing hereunder 18 2 2 Damage in Excess of $200 000 00 If the cost to repair such damage or destruction exceeds $200 000 00 Buyer shall be required to close this transacuon in accordance with the Contract and Seiler shall assign unto Buyer any and all insurance proceeds If such msurance proceeds are insufficient or unavailable to repair such damage Seller shall pas to Buyer at closing such additional amounts to cure such insufficiency and/or unavailability and Buyer s obligation to close shall be contingent upon receipt of such payment 19 Default. 19 1 Buyer s Default In the event that this transaction fails to close due zo a refusal or default on the part of Buyer the sole right of the Seller shall be to recover and the * The sale by Seller to Buyer is being made as an alternative to any eminent domain action by the Buyer against Seller in order to obtain title to the Property Bch is being conveyed by Seller to Buyer -21- Ara 112, sole liability of the Buyer shall be to pay to Seller the Deposit as agreed upon liquidated damages and thereafter except as otherwise specifically set forth in this Contract neither Buyer nor Seller shall have any further obligation under this Contract Buyer and Seller acknowledge that it Buver defaults Seller will suffer damages in an amount which cannot be ascertained with reasonable certainty on the Effective Date and the amount of the liquidated damages to be paid to Seller most closely approximates the amount necessary to compensate Seller in the event of such default Buyer and Seller agree that this is a bona fide liquidated damages provision and not a penalty or forfeiture provision The Seller shall not be entitled to any other remedy against Buyer 19 2 Seller s Default In the event that this transaction fails to close due to a refusal or default on the part of Seller Buyer shall have the option to terminate the Contract in which event Seller shall reimburse Buyer for Buyer s Costs and thereafter neither Buyer nor Seller shall have any further obligation hereunder or in the alternative Buver shall ha \,e the right to seek specific performance against Seller 20 Real Estate Commission Seller represents and warrants to Buver and Buyer represents and warrants to Seller that there are no brokers salespersons or finders oh ed in this transaction Seller and Buyer (to the extent permitted by law) agree to indemnity and hold each other harmless from any and all claims for any brokerage fees or similar commissions asserted by brokers salespersons or finders claiming by through or under the indemnifying party The provisions of this Section shall expressly survive the Closing or termination ot this Contract 21 Notices Any notice request demand instruction or other communication to be given to either party hereunder except where required to be delivered at the Closing shall _, be in writing and shall be hand -delivered or sent by Federal Express or a comparable overnight mail service or mailed by 15 S registered or certified mail return receipt requested postage prepaid to Buyer Seller Buyer s Attorney and Seller s Attorney at their respective addresses set forth in Section I of this Contract Notice shall be deemed to have been given upon receipt or refusal of delivery of said notice Notices may be given by telecopy provided a hard copy of such notice is mailed in accordance with this Section on the next business day following such telecopv delivery The addressees and addresses for the purpose of this paragraph may be changed bv giving notice Unless and until such written notice is received the last addressee and address stated herem shall be deemed to continue in effect for all purposes hereunder 22 Assignment This Contract may only be assigned by Buyer with Seller s prior written consent such consent not to be unreasonably withheld or delayed The purpose ot any assignment by Buyer shall be for the purpose of developing and/or financing its intended use of the Property Upon any permitted assignment Buver shall be relieved of all obligation hereunder provided that Buyer s assignee shall be obligated to close under this Contract in the same manner as Buyer In the event of permitted assignment of this Contract bv Buver a dui\ executed Assignment of this Contract shall be delivered to Seller on or before the Closing Date 79 23 Miscellaneous 23 1 Counterparts This Contract may be executed in any number of counterparts any one and all of which shall constitute the contract of the parties and each of that shall be deemed an original 23 2 Section and Paragraph Hearings The section and paragraph headings herein contained are for the purposes of identification only and shall not be considered in construing this Contract 23 3 Amendment No modification or amendment of this Contract shall be of any force or effect unless in writing executed by both Seller and Buyer 23 4 Attorneys Fees If any party obtains a judgment against any other party by reason of breach of this Contract Attorneys Fees and costs shall be included in such judgment 1 Ibrre 23 5 Confidentiality During the term of this Contract neither Seller nor Buyer or their respective officers or employees shall divulge or communicate any of the particular terms of this Contract or the existence of this Contract or any matters related to this transaction to any third party (except for counsel) Buyer may communicate with professional agents or consultant who are necessary for advising Buyer regarding any inspections or due diligence items set forth in this Contract Neither Seller nor Buyer shall divulge any information to third parties without specific written consent of the other party After closing Seller may disclose any information that is m the public records and Buyer may disclose any information that it desires to disclose 23 6 Governs p Law This Contract shall be interpreted in accordance with the internal laws of the State of Florida both substantive and remedial 23 7 Entire Contract. This Contract sets forth the entire agreement between Seller and Buyer relating to the Property and all subject matter herein and supersedes all prior and contemporaneous negotiations understandings and agreements written or oral between the parties 23 8 Time is of the Essence Time is of the essence in the performance of all obligations by Buyer and Seller under this Contract 23 9 Computation of Time Any reference herein to time periods of less than six (6) days shall exclude Saturdays Sundays and legal holidays in the computation thereof - 23 Any time period provided for m this Contract which ends on a Saturday Sunday or legal holiday shall extend to 5 00 pm. on the next full business day pie r itedt c c. 23 10 Successors and Assigns This Contract shall inure to the benetit of and be binding upon the permitted successors and assigns of the parties hereto 23 11 Survival All representations and warranties of Seller set forth in this Contract shall survive the Closing 23 12 Acceptance Date This Contract shall be null and void and of no further force and effect unless a copy of same executed by Seller is delivered to Buyer by the close of business on the Acceptance Date 23 13 Construction ot Contract. All of the parties to this Contract have parucipated freely in the negotiation and preparation hereof accordingly this Conn -act shall not be more strictly construed against any one of the parties hereto 23 14 Gender As used in this Contract the masculine shall include the feminine and neuter the singular shall include the plural and the plural shall include the singular as the context may require 24 Notice Regarding Radon Gas Radon is a naturally occurring radioactive gas that when it has accumulated in a building in sufficient quantities may present health risks to persons who are exposed to it over time Levels of radon that exceed federal and state guidelines have been found in buildings in Florida Additional information regarding radon and radon testmg may be obtained from your county public health unit 25 Escrow Agent. Escrow Agent agrees to perform its duties as required in this Contract In the event Escrow Agent is in doubt as to its dunes or liabilities under the provisions of this Contract Escrow Agent may in its sole discretion continue to hold the Deposit which has been delivered to it until the parties mutually agree as to the disbursement or distribution thereof or until a judgment of a court of competent jurisdiction determines the rights of the parties thereto alternatively Escrow Agent may deposit the Deposit then being held pursuant to the terms of this Contract with the Clerk of the Circuit Court of Dade County Florida and upon notifying all parties concerned of such action Escrow Agent shall have no liability by reason of its acting as escrow agent hereunder except to the extent of accounting. for any of the Deposit previously delivered out of escrow In the event of any suit between Seller and Buyer in which Escrow Agent is made a party by virtue of its acting as ate escrow agenr hereunder or in the event of any suit in which Escrow Agent deposits the Deposit or any other funds being held pursuant to the terms ot this Agreement in any interpleader action Esc ow Agent shall be entitled to recover its costs in connection with such suit including reasonable attorneys fees in all trial appellate and bankruptcy court proceedings which shall be pavable b) 24 r Wy r-� E 4.a 44,4( letr the non prevailing party All parties hereto agree that Escrow Agent shall not be liable to any party or person whomsoever for the failure of any fmancial institution in which the Escrow Agent places all or a portion of the Deposit or for mtsdeltvery to Seller or Buyer of the Deposit or other funds held pursuant to the terms of this Contract unless such misdehvery shall be due to willful breach of this Agreement or gross negligence on the part of the Escrow Agent Nothing heretr contained shall preclude Escrow Agent from representing Buyer in connection with this sale purchase transaction or any dispute or litigation arising out of this Contract [THE REST OF THIS PAGE WAS INTENTIONALLY LEFT BLANK ] 25 pfc IN WITNESS WHEREOF the parties have executed this Contract as of the dates indicated below SELLER n a. Approved as to legal form and sufficiency 41.4 .d SUNTRUST BANK MIAMI N A a national banking association By * k cte Name —,c-0 4.3 y,1 Inc,-.1/4e,� Title C2A+'-c,.,ta-t N- Cep Date "t)cce.v.,..\+-A. 2 2 t4S 3s BUYER VILLAGE OF KEY BISCAYNE a Florida municipal corporation By Name C Samuel Kissinger Title Village Manager Date -Decr,v.t 1')f Jg9P - 26 SCHEDULE OF EXHIBITS 4 r� L also kir EXHIBIT A EXHIBIT B EXHIBIT C EXHIBIT D EXHIBIT E EXHIBIT F EXHIBIT F 1 EXHIBIT G EXHIBIT H Legal Description of the Land Title Commitment and List of Permitted Exceptions Inventory of Personal Property Rent Roll Schedule of Permits Site Plan of Bank Branch Revised Survey Schedule of Service Contracts Form of Deed Restncttve Covenant 103001 Contract between SunDust and Key Biscayne Draft No 4 Clean - 27- P^" 03/ 4(01 FRI (5 00 FAX 305 854 2323 L L. -IAN ARANOO DE A HDZ PA R CIA M BALOYRA M CHELL A a E MAN NINA L EON.)(E ELAINE M COHEN JAM ALAN COLE CAN EL H CouLTO MICME LE M OA LARDO JENNI ER GOM ERG DOUGLAS R GONZALES EDWARD a OL2EDE TEPHEN J ELFMAN JO N R ERN R ROBERT HOLLAND ILL A JARKESY C R STOPHER F KURT2 GILBER O PAS ORliq ANCT RUB N GAIL ..EROTA JOS NH SEROTA JD FREY P SHEFFE JANIE A WE SS 'CHARD JAY WEISS DAVID 14 WO PIN STEVEN W -ELKOWIT2 WEISS SEROTA & HELEN IN Wt SS SEROTA HELY-LAN PASTORIZA 8c GI Ei DES P A ATTCRNEYS AT LAW 2665 SOU —c4 6AYSHORE ❑RIVE SUITE 420 MIAMI FLORIDA X3135 TEL pRoNE (305) 654 0600 TCL CORI R (305) 054 2353 Ayer/45H FLALAW COM April 13 1999 BROWARD 0 CC 1132 soon-, AS SECOND AV NU FOR LAD ER A E F DR DA 33316 O (W54) 763-4542 T eco (a5a) 794 777o 4 M B EACR OFF C 2 2 sou HNES I> - R ET BOCA RA ON FLO Da 33466 0 f56ll 392 8762 TEL CO [ (5611 392 755 CD❑ S L Mr C Samuel Kisswger Village of Key Biscayne 85 West McIntyre Street Key Biscayne Florida 33149 Contract for Purchase and Sale of Real Property dated as of December 22 1993 entered into by and between SunTrust Bank Miami N A ( SunTrust ) as Seller and the Village of Key Biscayne (the Village ) as Buyer as amended by letter agreement dated February 16 1999, as further amended by letter agreement dated February 26 1999 as further amended b letter a reement dated March 16 1999 the Contract Dear Mr Kissinger Pursuant to the terms of the Contract the Village has the right to terminate the Contract in its sole discretion by delivering written notice to SunTrust or SunTrust s attorney no later than April 2i 1999 As part of the Village s due diligence investigations the Village has completed its building and environmental inspections of the subject property At our meeting with SurTrust s representatives last week SunTrust agreed to give the Village a $25 000 credit at closing for the repairs identified in the Village , building inspection report That agreement will be reflected in a letter agreement to De entered into between the Village and SunTrt.st Since petroleum contamination was found at the gas station site located at 530 Crandon Boulevard Key Biscayne Florida (the Citgo Site ) which is immediately south of the proposed Bank Branch sue and east of the proposed City Parcel site the Village s environmental a,idttor �o09 O8 24 01 FRI to 01 FAX 305 854 2323 WEISS SEROTA & HELF\La\ t 2003 Mr C Samuel Kissinger April 13 1999 Page 2 Edward E Clark Engineers Scientists Inc ( Clark ) completed a Phase I and Iumtea Phase II Environmental Site Assessment of the subject property (the ESA ) As art of investigations of the subject property indoor air Duality testirg and asbestos lead inspections were also e formed part environmental ins the indoor air sorry testing The results of (a) the asbestos lead paintand radon (nproeeindoo located rquality at the zsng didect nor rreveal any env once and radon surveys to and II environmental the ESAl concerns with l boric so andthe installation of groundwater monitoring wells yin orde to determinee included sal bonny contamination in soil or groundwater at the sir s it there was any petroleum ot the ESA report dated February subject property A summary of the results bit concluded that the results ofthelimited Phase II investiis attached as gation failed failed to identie ESA f y a y significant petroleum contamination in the soil or ry) Clark groundwater ` The Florida Department of Environmental Protection ( FDEP ) has found the Citgo Site eligible for state funded remediation assistance under the Florida Petroleum Liability and Restoration Insurance Program However since the Citgo Site nas a low ranking score or eleven (11) it could be years before that site will be cleaned up the State Although the ESA did not reveal any significant soil or groundwater petroleum contamination of the City Parcel at thus time it is possible that the City Parcel could become contaminated m the future with emanating from the petroleum coot the .FDEP(the animated Cago Site We have obtained a comfort letpollutants erl, o m Lr� Comfort Letter ) regarding FDEP s enforcement policy toward a property . owner whose property has been contaminated with pollutants emanating from an adjacent source property A copy of the Comfort Letter is attached as Exhibit B The Comfort Letter states that the state will pay the cost of cleanup if the petroleum contamination has migrated onto adjacent properties Please be advised however that the Comfort Letter is only informational and does not confer any rights on the contaminated non source property owner Any construction activities conducted at the non source property owner s site must not exacerbate or spread the contamination and any construction activities involving digging should `� with involvingFDEP s Southeast District FDEP sec utheast Di In the vent the City i Dadeasue becomes con be coordinated EEnvironmental ntal ,.1 ce d County Department ofd with th petroleum L in the future the owner of the City Parcel site would need to demonstrate to FDEPC that the source of the petroleum contamination was the Cap:, Site and that the petroleum contamination migrated r onto the City Parcel Clark has concluded that the potential for a future impact from the leaking underground storage tank at the Citgo I" undergrounground in go Site is believed to be low s the area is primarily vertical due to tidal influences since the movement of Section 9 1 5 of the Contract contains an indemnity Ire period of one hundred eighty from SunTspec st which recce for a g ty (180) days following closing with respect to the existence use or misuse handling or mishandling storage spillage discharge or seepage into the ground in water i See page 2 of the ESA Summary Wriss SEEOTA ElELFMA'*r PASTOr3r7A ec GLEDES P Oa/ d/01 FRI 15 01 FAY 30a 854 '323 WEISS SEROTA & HELFMAN 2004 w 7 L, r 1r C Samuel Kissinger April 13 1999 Page 3 bodies or the ground water at any time pnor to closmg of any Hazardous Materials (as defined w the Contract) m on under at or used upon the subject property (the Hazardous Materials Indemnification ) The Village intend, to update the Phase closing The Hazardous Materials Indemnification contained in environmental audit prior y Hazardous Materials located at the subject property the Contract will apply updated environmental audit p p y prior to disclosed Y CO any However SunTrust will not agree closingwhich are dlhe Ha byrc the Materials Indemnification to cover any future petroleum contamination atto expand the H emanating from the Ciro azardous g Site which may occur after closmg tazzunation of the City Parcel Accordingly this matter should be placed on the agenda for the next Village meeting in order for the Council to make a determination as to whether or not it wants to g period under the Contract terminate the Contract prior to expiration of the due diligence t Council t Very truly yours Elaine M Cohen EMC/jcc 103030 CC Richard 1 Weiss Esq WEISS SEROTA HELFM$} PAsroRiza & Gt7EDES PA April 20 1999 PTIL (letter attached for the record) There was no direction from Council at this time to terminate the contract At this time Item 11A Mayor and Councilmembers was heard Mayor and Councilmembers Councilmember Broucek addressed the Council regarding the 12 month evaluation of the Village Clerk making a motion to increase and adjust the Clerk s salary effective April 1 1999 to $50 000 The motion was seconded by Mayor Rasco Councilmember Bass made an amending motion to increase the Clerk s salary to $47 500 The motion was seconded by Vice Mayor Han and failed by a 1 6 voice vote The vote was as follows Councilmember Bass voting Yes Councilmembers Broucek Fein Fned Oldakowski Vice Mayor Han and Mayor Rasco voting No Camille Guething 260 Seaview Dnve Michael Kahn 881 Ocean Dnve and Ed Stone 145 Hampton Lane addressed the Council regarding the Clerk s evaluation The main motion was approved by a 7-0 voice vote The vote was as follows Councilmembers Bass Broucek Fein Fred Oldakowski Vice Mayor Han and Mayor Rasco voting Yes Councilmember Oldakowski made a motion to rescind the action taken by the Village Council on instructing the Village Manager to notify 744 property owners of nght of -way violations as defined by the Miami Dade County swale ordinance The motion was seconded by Councilmember Broucek L. and approved by a 7-0 voice vote The vote was as follows Councilmembers Bass Broucek Fein Fned, Oldakowski Vice Mayor Han and Mayor Rasco voting Yes Mayor Rasco made a motion to approve the appointment of a committee for the selection of the architect for the design and construction of the Police Station The motion was seconded by Vice Mayor Han and approved by a 7 0 voice vote The vote was as follows Councilmembers Bass Broucek Fein Fned Oldakowski Vice Mayor Han and Mayor Rasco voting Yes Mayor Rasco made a motion to approve the appointment of the Year 2000 Census Committee The motion was seconded by Councilmember Broucek The motion was approved by a 7 0 voice vote The vote was as follows Councilmembers Bass Broucek Fein Fned Oldakowski Vice Mayor Han and Mayor Rasco voting Yes It was the consensus of Council to appoint Councilmember Broucek as the liaison for this committee r Councilmember Oldakowski made a motion to approve additional hours for the Key Biscayne hbrary The motion was seconded by Councilmember Fein and approved by a 7-0 voice vote The 12 of 14 r Ler 11 VILLAGE OF KEY BISC.AYNE v r< ] i IUs a Aiayo CtgryCH V Alai �[ th Fda Lein n ak M t, M m 4.1 d Rob a Oldty, 1 vlla8 M nicer C S m 1X g r Mark Jacobs, Fsq Bergman and Jacoos I) A 777 Bnckell Avenue Suite 780 Miami l L 33131 RE SunTrust Bank Building Dear Mr Tacobs Office of the Village Manager ham 22 1999 Enclo cd please find executed copy of the June 22 1999 letter Phis letter was also executed by Mr Da nd Wind from SunTrust Bank Miami Inc This executed letter relates b the 125 000 at closing afamst the purchase pace for all repairs adLntfied m the Building In..pection Report lfyuu have -my questions pleasc feel free to contact my office Thank you Vet)/ truly yours C Samuel Kassinger Village Manager C'SKladv enclosure cc E1a Cohen Esa 85 West McIntyn e Street Key Biscayne Florida 33149 (305) 365 5 i31 FIX (305) 36, S936 G GI 70 4 >7G I — — ^ ^ /+ NMEN1 S£0 Yr7 W V3d E Ycif W n 10 A En ntl  May 1099 ( f" Village of Key Biscayne 85 West McIntyre Street Key Biscayne I lorida 33149 Attu Mr C Samuel Kissinger Village Manager Contract for Purchase and Sale of Real Property entered into between SunTrust Bank Miami N A ( Seller ) and the Village of Key Biscayne ( Buyer ) dated as of December 22 1998 as amended by letter agreement dated February 16 1999 as further amended by hitter agreement dated February 26 1999 as further amended by letter noreement dated March 16, 1999 (collecavcly the Contract ) Deal Sir Pxcept as otherwise specified heron all defined terms used in this letter agreement shall bavt. the meaning ascribed to such terms ui the Contract Buyer has inspected the Improvements as part of Buyer s due diligence investigations of the Property The results of the building inspections performed by Buyer are set forth in the report dated February 5 1999 from Mr Eugenie M Santiago Chief l3uildmg Official a copy of which is attached hereto as Exhibit ' A (the Building Inspection Report ) This letter shall sc. rve to confirm. th.rt Seller has agreed to give Buyer a credit in the amount $25 000 at Closing agauzst the Purchase Price for all of the repairs identified in the Building Inspection Report Except with respect to the repairs idunnfied in the Building Inspection Report this letter iu agreement shall not be deemed to limit or otherwise affect any of the oohgattons or rcpresentauous and warranties of Seiler under the. Contract This letter shall also serve to confirm that pu suant to the terms of the Contract the Commencement Date und..r the Contract is kpril 23 1999 r Sf  1 FVCr d PIA i Sa07Yf8 441 4 9 , 4 n,4nn >n AR nu Mr C Samuel Kissinger May 1999 Page 2 If this letter conforms with your understanding then please execute a copy of this letter an behalf of Buyer acknowledging Buyer s agreement to the foregoing and return the signed copy to Seller s Attorney via facsimile (fax no (305) 577 9730) Facsun In copies of this lcrtir and all signature.. hereon shall be considered for all purposes as originals Very truly yours SUNTRUST BANK MIAMI N A a national banking association Acknowledged and Agreed to this ZZ day of 1999 L VILLAGE OF KEY BISCAYNE, a Florida mumupal corporation By C Samuel issinger Village Manager 103030 C) rum J b9R S3^ Y 7 141647e e-i0a., 4,0o 70 6s f0 JOY MAI EXHIBIT A COPY OF BUILDING INSPECTION REPORT r" CIO J PI/C1 d 49A I eemv W 4VWgg n44 WJnn PPP lss Lro- Ir 4, 11 r° hua P L VILLAGE KEY BISCAYNE ID 305-365-5556 rasa, cm le jnpl k' M» Groyury C Him Wet *nrr $�f EIA4 M=r ha Ade-Lhn amuck Akre 14 P4 Mwrlm r P led Rohe alt k iw.kl Dior to Jud Xu (n k Alt? rtn UD VILLAGE OF KLY BISCAYNE Department of Building Inning* and Planning VILLAGE AND BANK BUILDING INSPECTION REPORTS BUII DING A Root Inspection shows the following 1 Roof dry and watertight A/C Condensing units - steel frame shows some signs of rust and corrosion should be 9eraped and prime coated N W corner - vent needs to be mpatched and scaled - tnembrane has lifted up Roof drains 2 graters musing (R Y }3 Electra, Meter Room -- rear of b utldtnl, 1 Door needs seal and threshold 2 Walls and roof need to be sealed with firestopping materials 2 ACC C Parkinl,Lot Psi king pavement shows signs of wear Should be patched and sealed handicap parking stalls ramp and signs not to code need to upgrade Exterior fighting not to code must meet Dade County Ordinance irrc/sr D 13utidtng Permit Office. 1 Lxtt signs - needs adjustment B5 West McIntyre Street Key Biscayne Florida 33149 (305) 465 5511 Pax C3Q5)'65 8936 ILISTIfN XI' TENON' "TO FAO R G C Q k ryglµkl )N V PWIWNM 1 .OR 1 fl rt Ott GGKR M NT IPS Sic a flign i tqA L s6aN18 Wirt12 R Wn a w.rin fa VILLREE KEY IITSCAYNE ID 305-355-5556 rtti va 77 71. Exit door needs automatic closer/panic bar needs to be tightened up I landicnp toilets need second grab bar behind cud! L Etevatni lobby stairs Elevator cab -needs ADA upgrade with emergency phone and braille panel Stair I/andrads nerd to bc extended to meet code and add one hand rail to other side \ ` Emergency steel stairs ut cast side of building Ce 'f anding at top higher than '/r2 above finished floor Must be level n Cc'i j Storrs not to code - must meet NAPA standards handrails and__ - guardrails. not to code G Hurrn,ane prote inn is required for all Lxterior openinbs II Rear doors if required. exit does not meet ADA Party walls are not constructed to code '1 Cnanl separations have not been protected properly Inspections of the plenum indicate improper penetration without proper fire stopping All party walls must bc inspected and corrected in both ilooit FLFCTRICAL INSPECTION FOR BUILDING PURCHASP. r cl e t ec4 C Cr f ! Village Office Putmrt Section - 85 W McIntyre 12C `(' _ "R ' - - (c) ran tights at front door not worlunt <W Resupport exit light at rear door/water damage (Mt.) Fixtures with two lights working have bulb or ballast problem Carafi & Inondo Real Estate- R7 W McIntyre Cc.) No exit slim at front door or rear door elt 4 Ft/ln 64R I 2 r— VILLf}GE KEY EISCAYNE ID 305-365-5555 FED ua 77 L . v Village Office Inspection 89 W McIntyre Major problem with panel buss or breaker at 7 10 Am cech rimming a ttmer or actor starts throwing n load into panel causing a riming or busing noise either in the bus or breaker Possible A/C tinter 1•ixtures with lamp of jlftj; problem Entry to Elevator Lobby (t) A/C closet exposed— hi vohabe wires and missing cover on A/C Junctions box. Trust Department 2"d Floor () Pxit lights not working A/C ft1 Closet upstairs hall (e) Tune clock not grounded A/C #F2 Closed (e) Open, K 0 in panel needs panel fillers CL) Exposed wire thru panel cover AJC #2 Upstairs (t} tJnground metal case on tunes Hallway 2"d floor Cc) No exit sign to elevator lobby from the Village Of iic (cannot be seen) beyond Village door In hallway Park Department Ca') Exit fixture not working Council C) 4 rl/RM 9,1A —I can dr, kW, r 4- VILLRGE KEY BISCAYNE ID 305-355-555e CAC (L) f xlt fixture not working Village Offices VCQ (,c.) Exit fixture pat working to Exit hyht not visible in vestibule entrance from office ilea (3L) Loo e light switch 1n vestibule Sunhank Cr.) Safety deposit roo lust outlet covers (c) Rear office area ex ighis not working, a) Ak closet opt n K.O exposed buss IA Abandoned panel to be secured (t) Fniployec kitchen exposed wires under sink (t) Missing covers on kitchen outlets I oof Support conduit with straps Identify all A/C units and switches (s) flme clock on big unit not grounded Strap conduit to building sign der Room (d) Fire stop holes (c) Correct violation on building neutral/bond and line gutter foi main #2 of Z (V-) Wires doubled in lugs corrosion from water leak into wires (c) Wires loose in lugs 1 D ail disconnect and meters Main ffl of 2 neutral ground bypass of main No bonding of gutter Remark mains A/C feed to 85 W McIntyre, is a main Switches in meter -oo-ishould hemail' of3 2 of3 3of3 I/RQ i USA 4 $HMYf4 Ukh^}I F wn4 iN e r ti 7 VILLAGE KCY BISCRYNE ID 30S-365-5556 rtz v' rxtcrior of all switches in meter rooms roof top AIC rooms need normal main cnancc `or rust and internal corrosion Separately metered conductor requires fire stops between offices PLUMBING INSPECTION FOR PURCHASE OF QUIT DING 1 85 W McIntyre Village of Key Biscayne Zoning and Permit Sccnon Bathrooms Qt. XY) Men s Room — Watercioeet leaks on ground from toilet tank when toilet is flushed (Need to repair Icak) 2 Toilet room meets handicap requirements 1 Women s Room— Okay 2 Toilet Room meets handicap requirements 2 87 W McIntyre — l arafa & Iriundo (!l) CO 2 Bathroom watercloset not mounted to floor properly no closet bolts toilets cemented to floor Need to reset toilet properly Bathroom does not meat present handicap requirements 3 39 W McIntyre VilIagc of Key Biscayne Inspection and Plan Review Department Cc) 3 Bathroom — Witterciosct does not flush properly rocotnmend replacement oftorlet tank parts Lavatory falling off wall needs to be re hung and grouted Bathroom does not meet present handiuip requirements 4 Sun Bank I° Floor Four inch cleanout in wall needs to have cleanout — cover plate 5 C r 4 04/11 d 4qA I tamers wvwww a vow wA 1 Moi t,. 7 YILLnGE KFY BISCAYNE ID 305-365-5556 r co 2 Two bathroom., in private offices - akal 3 Handicap Public Mut s and Ladies Bathrooms - okay Cc)6 Servree sunk has no vacuum breaker an faucet 5 Sun Bank 2" - Trust Department Bathrooms 1 res Bathroom C¢) Pop up drain assemblies for lavatories not working (am) ` Lavatory faucets - corroded and pitted chrome tmrsh - recommend - replacement of lavatory faucet and pop up assemblies Cr) Trap primer for floor drain missing ID Toilets okay Cc.) E Bathroom dots not meet present handicap requirements 2 Men s Hathroom CR) CRl H [c) D 1 avatory faucets pitted and corroded finish pop up assemblies not working -recommend replacement of lavatory fuuxis One lavatory - chipped enamel lavatory needs ro be replaced Toilets okay Bathroom does not meet present handicap requirements 6 tad Floor - Village Mites - Halfway Bathroom Cc.) Cc.) 2 CIC Cl/II A 5yA I Men s Batltroum 1) 1 avatortcs chipped enamel, faucet pop up assemblies not working recommend replacement of chipped lavatories and lavatory faucets Toilets okay No trap primer for floor dram Bathroom does not meet present handicap rtqu ^ef^sgts Ladies Bathroom avatory counter top coming loose from wall - must be e vuppottcd G �sOJPr7 N4N7h e hQva W pn 7n as 1 w 7 L. Ittai r win VILLAGE KEY f3iSCAINE ID 305-355-5556 Cn CO E rcr v, l ivaterios chipped enamel faucet pop up as5emhli`s not working, Reeomrnend replacement oc chipped Javarnnct and lavatory faucets No trap (rimer on floor drain Toileti okay Bathroom does not meet present handicap requirements 7 Oc.nerat Building Plumbing Existing huildirn, main cold water service is galvanized steel piping and drainage waste and vent piping is cast iron, no hub CM) ,� There are some places zn rear of building wheat galvanized water piping is connected to copper water piping and is causing leaks on watcrprping All leaks need to be raptured CO Irrigation Irrigation lines m front flowcrbcd's not installed to code hose bilks 3n front and rear of building must have vacuum hreakei s installed There is not hot water heaters or hot water piping in bwldmg C9-,/5 ) On the roof— two beehive strainers are missing from the roof drains VILLAGE AND BANXC MErHANICAL INSPECTION REPORTS MECHANICAL 1 Main Office —Building Department Unit,.eems to he satisfactory condition and at this tine is working properly 2 Real Estate Office — same as 41 3 Building Departnieut— inspectors section same as 111 4 Sun Bank downstairs — office and teller areas are — all okay 5 Sun Bank air handling unit next to elevator — ail okay CZ Air handling unit 2" floor next to elevator this unit sounds as if the bearings for the squirrel cage fans are about to go — also the side panel is off and most of the air 15 not being filtered — the coils probably need creating 7 he condensate dry wells at rear of building need cleaning 8 of top units CI) the insulation on the refrigerant lines has deteriorated — should be replaced Cg) £b) The 2°d condensing unit from the west is not properly secured to the. stand P' 7 laned enr e /n A E4 r� Mint IILLPGE KEY EISCR 1E ID 305-365-5555 I—LI WV Cool breete A/C Company lc the company that services the A/C to this building 1 informed them that thew service man evidently left the asdu panel off of the air handling unit next to the elevator on the 2°d floor and that is must be replaced as soon as possible— Bill of dos usmpany said it will be done no later that 1 27-99 I I 7 L 7 s 7 7 r r L ORDINANCE NO 2000 6 AN ORDINANCE OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, ADOPTING THE ZONING MAP AS REQUIRED BY THE LAND DEVELOPMENT REGULATIONS, PROVIDING FOR REZONING OF ALL PROPERTY IN THE VILLAGE OF KEY BISCAYNE IN CONFORMANCE WITH THE ZONING DESIGNATIONS CONTAINED ON THE ZONING MAP, PROVIDING FOR INCLUSION IN THE CODE AND AN EFFECTIVE DATE WHEREAS the Villages Land Development Regulations require the preparation of an official zoning map to implement the Land Development Regulations and WHEREAS, the Village has held numerous Workshop Meetings and obtained extensive input and participation by the public through these meetings and WHEREAS a new zoning map has been prepared by the Director of Building Zoning and Planning for the proper preservation of the public peace health safety and welfare of the Village and WHEREAS the Village Council sitting as the Local Planning Agency has held a public hearing upon the Zoning Map and has recommended adoption of the Zoning Map to the Village Council and WHEREAS the Village Council has held public heanngs upon the adoption of the Land Development Regulations pursuant to this Ordinance and WHEREAS in accordance with the Village s procedures and Section 166 041 Fla Stat public notice has been given of the public hearings for the proposed passage of this Ordinance adopting the Zoning Map as required by the Land Development Regulations NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, AS FOLLOWS Section 1 Recitals Adopted That the recitals set forth above are hereby adopted and incorporated herein Section 2 Adoption of Zoning Map That the Zoning Map attached as Exhibit A is adopted as the -official zoning map of the Village of Key Biscayne and that all property within the Village is hereby rezoned in accordance with the Zoning Map METROPOLITAN DADE COUNTY PLAT COMMITTEE NOTICE OF ACTION Plat No T -20723 -1 -NEW Sec 5 Twp 55 S Rge 42 E Municipality KEY BISCAYNE ' Name SUN TRUST KEY BISCAYNE Zoning BU -1 Location by streets Crandon Boulevard and McIntyre St Owner Suntrust Bank of Florida Inc 777 Brickell Ave Miami FL 33131 r Surveyor r- L Aylward Engineering & Surveying 925 NW 197 Ave Pembroke Pines FL 33029 Phone (305)579-7405 Phone (954)430-6020 This is to advise you that on June 16 2000 the Dade County Plat Committee reviewed the above plat and that the same was Approved as a Tentative Plat the requirement for platting has not been waived subject to the conditions indicated on the attached action copy Approved subject to conditions indicated on action copy Deferred for reasons indicated below Not approved for the reasons indicated below Prepared by Subdivision Control Department of Planning Development I and Regulations Call (305)375-2141 for information regard_ng this —notice of action 1 MEMORANDUM r0 Subdivision and Platting Section L FFZOtd Public Works Department Office of Plan Review Services Department of Environmental Resources Management AGENDA DATE (2,2-2 .7 TENTATIVE PLAT NO 7/2,7 —in r- This office has reviewed the referenced plat and recommends the followi ( A public water supply must be utilized to serve this entire subdivision Plans for the extension of the existing water mains to serve this property must be approved by this department prior to the recordation of this plat aA Il public sewerage system must be utilized to serve this entire subdiv aim Plans for the extension of the existing sanitary sewer system to serve this property must be approved by this department prior to the recordation of this plat OA I APPROVAL public water supply must be utilized to serve this entire subd vision This department has approved plans for extension of existing water mains Therefore we have no objection to the recordation of this plat # OA i APPROVAL public sewerage system must be utilized to serve this entire subdivision This department has approved plans for the extension of the existing sanitary sewer system Therefore we have no objection to the recordation of this plat # 21 Existing public water lines must be utilized to sense this subd vision This office has no objection to the recordation of this plat IO Existing public sewer lines must be utilized to serve this subdivis on This office has no objection to the recordation of this plat 0 The use of septic tanks is acceptable for this subdivision O Individual wells for potable use are acceptable for this subdivision Tr O A restnchve land use covenant must be executed with this office prior to the recordabon of this plat Forms for this covenant may be obtained at this office at 111 NW 1st Street Suite 1010 Miami Flonda il 0 Development information not furnished ,n I 1 This Department has performed a concurrency review for water and sewer on the above subject Development Order Based on currently available information the following determinations have been made 1 Public Water Existing faalities and services meet We Level of Service (LOS) standards set forth in the CDMP Furthermore the proposed development order if approved will not result in a reducton in the LOS standards subject to compliance with the conditions stipulated by DERM for this proposed development order if any 2 Public Sanitary Sewer Existing facilities and services meet the Level of Service (LOS) standards set forth in the CDMP Furthermore the proposed development order if approved will not result in a reduction in the LOS standards subject to compliance with the conditions stipulated by DERM for this proposed development order if any Please note that this concurrency determination does not constitute a final concurrency statement on the proposed development order as provided for in the adopted methodology for concurrency review One or more additional concurrency determinations will be required 3 O Concurrency Issued by the Municipality Please note that the regional sewer system is operating under a capacity allocation program in accordance with the First Partial Consent Decree between Miami Dade County and the United States of America (Case NO 93 1109 CN Moreno) Under the terms of this Consent Decree this approval does not constitute an allocation or certification of adequate treatment and transmission system capacity which will be eyalua ed and determined at the time of ages' review of the building permit plans or the referenced project L f^ 1a Date Reviewed UG 192/(72) By r6^ ktts feb Bush Governor Lillian Rivera RN MS Acting Director To Control Section Subdivision Dade County Department of Public Works From Honda Department of Health District XI On Site Sewage Disposal System AGENDA DATE TENTATIVE PLAT No WAIVER OF PLAT No 20 /a3-/ Robert G Brooks M D Secretary Bu 1 [] A public water and sewer system must be utilized to serve this entire subdivision 2 [ ] A public water supply must be utilized to serve this entire subdivision Plans showing the design and locations of the proposed septic tank systems must be approved by this office prior to issuance of individual building permits 3 j Individual wells for potable use are acceptable for this subdivision Plans showing the design and location of the proposed septic tank systems and the well must be approved by this office prior to issuance of individual building permits 4 [ ] Other Efrain Lopez Engineer III Date Sa D MS PE E v on nental Adm strato Mt D d Cot ayHeal(' D parts u/Ct fro et 114 1th 172)N W 167 St e t M n t to da 3 0)6 TLI (304) 623 3)00 FAX (30 ) 623 3)02 C z 1 sa et ( ,idol state() us t%ebs t dad 1 calth o Jeb Bush Governor Robert G Brooks M D Secretary Lillian Rivera RN MS Acting Director To Control Section Subdivision Dade County Department of Public Works From Florida Department of Health District XI On Site Sewage Disposal System AGENDA DATE TENTATIVE PLAT No CI 7a 3-/ WAIVER OF PLAT No �sG G-- 7L v& 5 `> O 2 C 1 [Cj A public water and sewer system must be utilized to serve this entire subdivision 2 [ ] A public water supply must be utilized to serve this entire subdivision 3 [ Plans showing the design and locations of the proposed septic tank systems must be approved by this office prior to issuance of individual building permits j Individual wells for potable use are acceptable for this subdivision Plans showing the design and location of the proposed septic tank systems and the well must be approved by this office prior to issuance of individual building permits 4 [ ] Other Efrain Lopez Engineer III Date S 0 MS 1 E En tro n tai Ad untstr w M D td Co try Heatti Depart nc ufEn iro u ent 1 1-1 tth 1726 N W 167 are t M Flo da 330)6 TLL{306) 623 3)00 FAX (30 ) 623 3602 r -tI sa r_I ©dohsttoflis W bs t d d i aid o DEPARTMENT OF ENNPONMENTPI RESOURCES MANAGEMENT Natural Resources Division Memo Date 6 15 00 To Tony Toledo Plat Review Section From J frt.)Joyner Biologist 1 Fo}}es Resources Program Subject Tentative Plat T 20723 1 5 55 42 The above referenced site contains a specimen sized (Trunk diameter 18 or greater) tree According to Section 24 60 of the Code of Miami Dade County specimen sized trees must be preserved on site whenever reasonably possible Any future development plans must take into consideration the preservation of said trees Please be advised a Miami Dade County Tree Removal Permit is required prior to the removal or relocation of any tree on the subject property Please contact the Forest Resources Program at (305) 372-6585 for information regarding tree permits ra AlsoM ti r°� --SUN TRUST ICY 151 SCAYNE 1ENTATIVE PLAT NO dS 20723 - 1 !SS S it 42 L M P I iy KEY si .../4YNE r dal >II OVID —kb W 1) /,,A ua 1 um r I l `®I ROVED b —I lo 00 -lam D I uN C k'ryt u 1x It Rq d Y ^G d aPl PI 1 TI t tt pi t ppra l s Id( 1204) r bo b t II of d ncy xp nl ppr Id s 1 11 ly gt mite rl I ill t 14 d s d I6 r dm g f 11 a I 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I ❑ Asi drd 6 I I l ly n 1 b 10 ti furlplt d rad t tl t rsc t f d ❑ All p 1 ds to b constru t d t m t M a D d Co y Ro d St d d (P W D p m t rcq d) d t b u1 m t d cco d UM D U Co ry mbe g yst m ❑ S L d 1 ft (fro t I l ty c p s r q cd ❑ Lit f tarty p Les apl g va u f lb 1 q rdpnrt r [ pl c ❑ All m f gal cl rs nun] 11 to dpr rwf al pl l ❑ P r to I f II 1 bl front g lots to b 1 1 I d I 11 r 1pl t 11 d s 6 of deco 1 b IYx HI dlyd PI iCo a p 1 rulplt ❑ All I 1 1 I re 1 ❑ T i t b lard d Lot d ❑1 ks t b h d 1 ly f p u 1 fd M t pi ❑ A unit d pl t retn t nq dl 1 g I 61 f 1 ly p or f 1 p it ❑ P pc ty 0 rs Ass c t n tr m fo u ex f p 1 El d o o d16 q d ❑ P A'cScl ofsl 1 b dd td d r t d) ce tpl t ❑ Lot. u 1 pn t req cd f tl Dpt fPInn 6 t / 6 d b w 1 ti d Tr d by Dnpl f Pla St t Lo s I D C RM p f I pl t T n 11 r Slnrt 7 Ic.1 11 Ip1a1 ❑ It 111v. ssary to esl bl sl r 61 is d 51 p 1 1 16 t1 11 d) malt t1 fin l pl 1 ❑ A dj It 11. direr I b b ddso 1 p d 1 1 td d sclva 6 f 1 1 1 1. d/ anal � ❑ CI ss III per t rat e t f o Wier C t 1 f el l fi2'Appro d beat 11 gayer ViillOge oC keg a tscagne ®% 6 l.... S 1 lied DERM m n d 1 m a t l co tc 4 equ em rs d 1 rcq ru t I eked bolo r a( 1 Q^a\pp oval M Ur PI fo m) d dO alb me t ly M I 0 S 11 PI (.1 W tc hi gemcnt D tr t pp I r q red p g and do lm6c plan rcqu red and subject to Inc mq et 1 ch el d b to 1 A spc al 1 x 6 d st ot lust be created for str 1161n ng ar cif r 1 dscp go publ glt f nay ❑fast Tnk pp ds b) cc to ppro al 1P bl c11 6 1t.,1ppl at N d pins prep d by d 0 0 1 en y ppol 1 b) t ilt M unit pal l gp y ab eld rap m 11 d d C ty b1 al d qw b I 15d brio (Co y' - p city 1 Cyr 1 CI d llCty Slat &Cou ty roads r se ved at tl s t m)win o ppro 1 ❑ 4m f lad I b c1 g d d b u d p 1 I t Co tact S bd C t I fo s I et o 1 q dp t r l pl t cv ❑ Da dPubl A ss stbepo ddprorl 4t f pit rX//C cu cy rip cityres at n Bo V///crp 7 a"cnt1 PIIN T shallb cc rid dp to ll of 4(J//2/SCQL(/)P ft alt plt✓l pt t dt ofd spl 0' ❑^Yubl I 1 f Out y cq red d t 6 d t p bl I t f nay s tob al d by 11 pl 1 ❑r'"^ d los gent 1 st be pp o d by tl C tty C is. s ao_I 3 bl oad p or1or IpI 1 r J"®A 25 foot u 1 to b 1 d r 1 pi t t II d S a h d no S t nu b I bit ❑ SURs r dp rt r Ipl I /r((%QTer &XienS/on Pc 7u/hey/ 7°@`M Ik b Id II y g u r q d t 71 dreq df p bl dra 6 ❑ Na d ry y co ccl ns n, p nit d t A g eem t d pl St t t d is if u m il ❑e i m n rp pcnypt i a n t a la f rod. 6 p t LI bI t g per a Amounts Due SunTrust From The Village Of Key Biscayne Prepared By Ben Kral)ev Numbei Descr tro ion Amount Detail/Documentation 1 Expanded Sidewalk From 6 0 to 10 0 $ 4 000 00 See Attached Change Order # 1 Dated 02/14/01 See April 10th 2001 Letter From Sam Kissinger item # 1 2 12 Perimeter Fixtures @ $3 900 Each $ 46 800 00 See Attached Page # 3 of that Standard Form Of Agreement Between Owner and Contractor By and Between Suntrust Bank and The Tower Group dated October 10th 2000 See April 10th 2001 Letter From Sam Kissinger Item # 2 3 Amount Above $15 000 for Crandon Road Catch Basin $ 4 670 00 See Attached Change Order # 3 for $19 670 Dated 06/12/2001 See April 10th 2001 Letter From Sam Kissinger Item # 3 4 Banner Assembly for 12 Perimeter Fixtures $ 5 268 00 See Attached Change Order #3 for $9 168 ($9 168 $3 900 = $5 268) Verbal Approval Given By Jud Kurlancheek Total Due SunTrust From The Village Of Key Biscayne $ 60 738 00 (Through Change Order # 4) s I L I j n I 1 [ ) i l t J [ __F ENT BY KEY BISCAYNE B Z P a- y 305 365 5558 APR 19 01 3 11PM tlISCAYNE 5 Z P #996 PAQE 2 PAGE 2/3 r 04/17/01 09 59 FAX, 407 237464., SunTrust Banks of Florida Inc Mail Code 0-3024 135 West Central Blvd svae 300 Orlando Florida 3280t Tel (4071237-5313 Fax (407) 237-9643 SUNTRUST SWRC Beelandn E Krallev Vice President (Z002 SU RUSlSUNTRUJST REAL ESTATE CORPORATION April 10 2001 COPY FOR ARDED TO jt(Ara gy noel ( Revised 04/16/01 Acr ON 0412- o(0 I Jud Kurlancheek AMP A4 ,9 0- cr - r= Y-2 Director Village of Key Biscayne (3 a a/ 85 West McIntyre Street 0 Lr �� ` �/ Key Biscayne Florida 33I49 (����r .�M Dear Ind FILE CO Re SunTntat Bank, 520 Crandon Blvd Key Biscayne Plonda Letter of Understanding In accordance with our rneeung last week, and consistent with your meeting with Robert Marsden and David Wind yesterday please accept the following recap/disposition of the issues 1) The additional cost of S4 025 00 to expand the sidewalk along Crandon Blvd in front of the new SunTrust building from six feet wide to ten feet wide shall be paid by the Village of Key Biscayne, 2) Assuming the recently revised site lighting fixtures can be purchaNed and installed for $3 900 00 per fixture, there will be no additional cost to SunTrust or the Village However the Village has agreed to reimburse SunTrust for the site hghtrng fixtures which are to be placed along Village Greenway (It Is anticipated there will be approximately 9 to 10 penmetcr fixtures the, exact number yet to be determined pending a revised photometric study) 3) SunTrust will agree to pay a maxrmutn of $15 000 00 towards the cost of the catch basins associated with the new access road off Crandon The Village shall pay any amotmts beyond the $15 000 00 (The panics shall mutually agree as to the overall puce and installing contractor) 4) It is understood the Village will not close McIntyre Street prior to the rssuanci, of the Certificate of Occupancy for the new SunTrust Building In addition the Village agrees to coordinate any subsequent temporary road closure/realignment of McIntyre Road with SumTrust In the event of such temporary road closureireabgnmem, the Village shall provide temporary access from McIntyre Road to the SunTrust budding Ultnnnteiy, permanent access from McIntyre will be granted to SunTrust m a routing that is mutually acceptable by SwiTrust and the Village 5) SunTrust has agreed to allow the Village temporary use of the back lot portion of the property currently used for staging purposes by the Tower Group A parking plan will be developed and agreed upon by the Village and SunTrust. Subject to the relocation of the fill dirt located in the desired parkmg area, SunTrust anticipates occupancy by the Village on or about Apnl 21, 2001 SENT BY KEY BISCAYNE B Z P 04/17/01 09 :9 FAX 407 237464 305 365 5556, sd StJNTR(JST SWRE APR 19 01 3 12PPd FACIE a PAGE 3'3 4J us F 4., Page Two Mr Kurlancheek April 10 2001 6) The Village has agreed to grant SunTrust two wall signs to be placed on the Sun trust buildwg m accordance with the regulations as set forth in the Zoning and Land Development Regulations One sign will be located on the second floor wall to the nght of the new dnvc-nn canopy as you face the building with the gas station behind you the second wall sign will be located over the SunTrust building entrance facing onto Crandon Blvd SunTrust will be allowed to retain and refurbish the existing low profile monument sign Sunrrust will also be allowed to turn the sign 90 degrees (or perpendicular to Crandon Blvd) The Village has agreed to workwith SunTrust to maintain a clear Line of vision between any large streetscape trees and the second SunTrust wall sign referenced above Provided the Village concurs with the disposition of the issues as outlined above please have an authorized representative from the Village of Key Biscayne sign and date where indicated below Please return a signed copy of thin letter via fax at your earliest convenience Jud 1 would like to thank you and the Village for your contmued cooperation on these matters Sincerely Benjamin E Kraljev Vice President PROJECT MANAGEMENT ADMINISTRATION Terms Accepted By C Samuel Kissinger for The Village of Key Biscayne cc Willy Fernandez —The Tower Group Mike Garcia— SunTrust Jose Cardillo — RRW Mark Jacobs — Sim I rust Robert A. Marsden SunTrust Doug Sinclair - SunTrust David Wind - SunTrust Date PROJECT t�e OWNER Q ARCHITECT 0 CONTRACTOR El FIELD 0 OTHER Q Srmtrust ® Key Biscayne 520 Crandon BLvd Key Biscayne Florida CONTRACTOR The Tower Group, bit 10145 NW 19 Street Mawr FL33172 The Coaract s changed as news Rem # Descnphon 1 an CHANGE ORDER NUMBER. 1 DATE_ 2/14/2001 ARCHITECTS PROJECT NO 0057 CONTRACT DATE C O Amount Approved RCO #2 - See attached copy (Extended GC) $2,835 00 Approved RCO #4 See attached copy (Change paver sidewalk to 104wide) S4 WO 00 Approved RCO #5 See attadied Copy (Add 1 ungafon line/change sewer pipe matenal add corp stop at Mc mtyre street) S13,310 00 Subtotal 517,310 00 Contractor Fee 15Y S 2596.50 Total 2/15/2001 Page # 2 522,74150 0057COwOG _ 4 3 Unit pnces if any are as follows All light poles & fixtures shown on the plans & specification e mcluded inrithe contract sum of 52,109.200 00 For each additional fight pole and fixture matenal & labor will be an added cost of S3.900 00 `i � / C ix(9- - fa ARTICLE 5 PAYMENTS 5 1 PROGRESS PAYMENTS 5 1 1 Based upon Applications for Payment submitted to the Architect by the Contractor and Certificates for Payment issued by the Architect the Owner shall make progress payments on account of the Contract Sum to the Contractor as provided below and elsewhere in the Contract Documents 5 1 2 The period covered by each Application for Payment shall be one calendar month ending on the last day of the month or as follows N/A 5 1 3 Provided that an Application for Payment is approved by the Architect is received by the Architect Owner not later than the 30th day of a month, the Owner shall make payment to the Contractor not later than the 15th day of the following month If an Application for Payment approved by the Architect is received by the Architect Owner after the application date fixed above payment shall be made by the Owner not later than 15 days after the Architect feCCIVCa approves the Application for Payment 5 1 4 Each Application for Payment shall be based on the most recent schedule of values submitted by the Contractor in accordance with the Contract Documents The schedule of values shall allocate the entire Contract Sum among the vanous portions of the Work The schedule of values shall be prepared in such form and supported by such data to substantiate its accuracy as the Architect may require This schedule unless objected to by the Architect shall be used as a basis for reviewing the Contractor's Applications for Payment 5 1 5 Applications for Payment shall indicate the percentage of completion of each portion of the Work as of the end of the penod covered by the Apphcation for Payment 5 1 6 Subject to other provisions of the Contract Documents the amount of each progress payment shall be computed as follows 1 Take that portion of the Contract Sum properly allocable to completed Work as determined by multiplying the percentage completion of each portion of the Work by the share of the Contract Sum allocated to that portion of the Work in the schedule of values less retainage of Ten percent (10 51) Pending final determination of cost to the Owner of changes in the Work, amounts not in dispute shall be mcluded as provided in Subparagraph 7 3 8 of AIA Document A201 1997 „o. 2 Add that portion of the Contract Sum properly allocable to matenals and equipment delivered and suitably stored at the site for subsequent incorporation in the completed construction (or if approved in advance by the Owner suitably stored off the site at a location agreed upon in wnting) less retamage of Ten percent (10 /a) r L E 3 Subtract the aggregate of previous payments made by the Owner and 4 Subtract amounts if any for which the Architect has withheld or nullified a Certificate for Payment as provided in Paragrapha 9 5 of AIA Document A201 1997 Upon (5O%)lat percent comoletionsflhh project retainaoe ll fjyg oercentaatiagisEa1 oreviously withheld retainaoe shall,bg releasedlg Contractor t lnof issuancesttb Certificate,St Occuoancvjg accordanres1hf r tasnaae release nrovislin_s I Ownermayatb& discretion hold macitel equal to 1150%\ sae hundred percentstEtbg valued any outstanriinn Punchlist itemssialit comoletionSL same Nalue to be determined by Architect). 5 1 7 The progress payment amount determined in accordance with Subparagraph 5 1 6 shall be further modified under the following circumstances 1 Add upon Substantial Completion of the Work, a sum sufficient to increase the total payments to the full amount of AIA DOCUMENT A101 -OWNER CONTRACTOR AGREEMENT 1997 EDITION AIA COPYRIGHT 1997 THE AMERICAN INS rrUTEaOdF ARCHITECTS 1735 NEW YORK AVENUE N W WASHINGTON D C 20006 5292 WARNING Unl ceased photocopying violates US copyngh t lawswill subject the violator to legal prosecution This document was electronically produced with permission of the AIA and can be reproduced without vi lab n until the date ofexpirnbonas noted below Electronic Format A101 1997 User Document AIA — I0/18/2000 AIA License Number 116966 which expires on 5/1/2001 Page #3 CHANGE ORDER ALI DOCUMENT C701 OWNER ARCHITECT CONTRACTOR FIFI n OTHER El 0 d Q ITOWSZ ICROJP PROJECT Suntrust @ Key Biscayne 520 Crandon BLvd Key Biscayne Flonda —CONTRACTOR, The Tower Group Inc. 10145 NW 19 Street Miami FL 33172 The Contract is clamed as foBows. _Item # Description_ L CHANGE ORDER NUMBER 3 DATE 6/12/2001 ARCHITECTS PROJECT NO 0057 CONTRACT DATE Additional light pole & fixture per contract unit pnce and banner assembly for the 12 permiter light poles per approved RCO# 7 39 168 Catch basin structure and drainage @ Village Greenway as per owner direction RCO# 8 Additional manhole structure @ crandon sewer extension per WASA due to existing traffic signal conflict per approved RCO#9 Additional fire alarm battery panel as per electrical code requirements and approved RCO#10 �-t -2'4 $I967000 "(5(— ec $7,333 00 S1 549 00 Payment & Performance Bond Cost for Change Orders 1 3 (1 / of Cost) Total Cost of Change Orders 1-3 $69 397 90 $693 98 WASA conflict pre -payment as per RCO#13 $6 04702 Subtotal Sot 461 00 Contractor Fee 15% S 6,66915 Total S51 13035 Cr>i sht#2 go, RECEIVED 6/ 6/01 12 36PM >KEY BISCAYNE B Z P #774 PAGE 2 JUN -06-2001 WED 01 10 PM NINA L BONISKE JAMIE ALAN COLE EDWARD G GUEDES STEPHEN J HELFMAN GILBERTO PASTORIZA JOSEPH H SERGI A R CHARD JAY WE! 5 DAVID M WOLPIN STEVEN W ZE KOWITZ THOMASJ ANSBRO LILL AN ARANGO DE LA HO A 15014 5 B ELER MITCH LA BIERMAN +"a MITCH LL J BURNSTEIN ELAINE M COHEN °-^ DOUGLAS R GONZALES GERALD T 14 FERNAN VIA FACSIMILE FAX N0 P 02 WEISS SEROTA HELFMAN PASTORIZA & GUEDES, PA ATTORNEYS AT LAW MIAMI DADE OFFICE 2665 SOUTH BAYSHORE DRIVE SUITE 420 MIAMI FLORIDA 33133 TELEPHONE (305) 854 0600 TELECOP ER (3051 854 2323 WWW WS H FLALAW C014 BROWARD OFFICE 3107 5T RUNG ROAD SUITE 300 FORT LAUDERDALE F OR DA 33312 TE HON (954) 763 4242 TELECO ER (954) 764 7770 Mr Jud Kurlancheek Director of Building Zoning & Planning Village of Key Biscayne 85 West McIntyre Street Key Biscayne Florida 33149 OF COUNSEL May 8 2001 Village of Key Biscayne/SunTrust Transaction Dear Mr Kurlancheek JOHN R HERIN JR CHRISTOPHER F KURTZ DAV D LE BOWITZ PETER A LICHTMAN KAREN LIEBERMAN MATTHEW H MANDEL BERNARD S MANDL R ALEXANDER L PALENZUELA MAURI GARY I R SNICK NANCY RURIN GAIL D SEROTA DANA5 SCHWARTZ ARI C SHAPIRO JEFFREY P SHEFFEL NANCY E STROUD SUSAN L TREVARTHEN CARMEN TUGENDER DANIEL A WEISS You have inquired as to whether McIntyre Street and Village Greenway must remain open as part of the SunTrust transaction The Contract for Purchase and Sale of Real Property dated as of December 22 1998 (the Contract ) entered into between SunTrust Bank Miami NA (the Bank ) as Seller and the Village of Key Biscayne (the Village ) as Buyei specifically contemplates that the Bank branch parcel will have direct access to Village Greenway and McIntyre Street Section 7 1 of the Contract provides that the Bank s obligation to close is expressly contingent on the Bank obtaining all governmental development approvals and permits for the relocation of the Bank branch substantially in accordance with the conceptual site plan attached as Exhibit F to the Contract The Bank has now obtained final site plan approval and the building permit for the Bank branch has been issued Section 14 A and Exhibit F I to the Contract provide that the Village agrees to grant to the Bank for the benefit of the Bank branch parcel a perpetual ingress/egress easement over and across the Village parcel which easement is intended to access the Bank branch from McIntyre Street The Contract further provides that the RECEIVED 6/ 6/01 12 36P{M7 JUN -06-2001 WED 01 10 PM >KEY BISCAYNE B Z P #774 PAGE FAX NO 3 P 03 r L.- rs EMC/Jo 103 030 cc Richard Jay Weiss Esq Mr Jud Kurlancheek May 8 2001 Page 2 exact location of the reciprocal ingress/egress easements to be granted between the Village and SunTrust may change m accordance with the final approved site plan The final approved site plan specifically shows access to the Bank branch parking lot from two locations from Village Greenway Please call me if you have any further questions iegarding this matter Verrytruly � yours a We (CIAOM Elaine M Cohen WEISS SEROTA HELEMAN PASTORIZA & GUEDES PA NOV-16-2001 FRI 03 49 PM FAX NO P 02 Pa 1 L. M NA HOMISKC AM E ALAN COLE EOWARO G SUEDES STERN N J ELFMAN GIta RTO PA 0 )ZA 5E134 EROTA ❑ICH a JAY W 58 DAV M WO N TEYEN W ;ELK W TZ THOMAS J AN ORO LILLA ARANCO E LA 02 A 50N s of LER M CHE L A BIERMA M TCH LL J m NSW ELA E H CO EN OOLGLA R GON.ALE3 G RA C T E FERRAN WEISS SEROTA HELFMAN PASTO$IZA 8c GITEDES, PA ATTORNEY$ AT LAW TE HON VIA HAND DELIVERY Mr Neal Brown Malin Dade County Tax Collector 140 W Flagler Street 14th Floor Miami Florida M AM CADE antler 2655 SOUTH 6AYSHORE OPIv: SUITE 420 MIAMI FLORIDA 33133 TELEPHONE (305) G64 0900 TELECOPIER (3oB) 864 2323 WWW WSH FLALAW CC eROWARO a FIGS 3 i07 STIRL No n040 .0 E 300 FART LAUDEROAL FLOP OA 33312 (954) 763 4242 COP ER (9$dl }6q 7770 OF COUNSEL October 31 2001 O R HRH R C R STORMER KURT* ETERA LGHTMAN NA EN L BERM MATT 'W M MANDEL BE ARC S MA a ER ALLTANOER L PALENZUELAJIAURI ANTH NYL R CI0 GAR RE H CK N CYRv N 0 AS CMWARTZ GA O ZERO A AR 0 BNAP RO lEFFRCY SHEFFEL AN NETMOMA5srccLMAN NANrE STRava SUSAN TREvARTME CARMEN FUGEN ER DANE WE S5 Re Village of Key Biscayne purchase from SunTrust Bank a stare bank organized under the laws of Georgia Folio Number 24-5205 062 0020 Dear Mr Brown Please be advised that on October 31 2001 the Village of Key Biscayne purchased certain real property from SunTrust Bank a state bank organized under the laws of Georgia evidenced by a copy of that certain Warranty Deed enclosed herewith The Warranty Deed has been sent for recording in the Public Records of Miami Dade County Florida Pursuant to the requu-ements of Section 196 295 Flonda Statutes, enclosed is our firm s trust account check m the amount of 547 864 27 payable to Miamt Dade County Tax Collector This eamouned t represents the prorated taxes for said folio number as indicated in the proration letter feren by the Department of Property Appraisal a copy of which is also enclosed for your NOV- E-2001 FPI 03 40 PM FAX NO P 03 9 - 7 Mr Neal Brown October 31 2001 Page 2 me Should you have any questtons or comments regarding the foregoing please contact EMOsmc 103 030 Enclosures Very truly Yours Elaine M Cohen cc Mark Jacobs Esq (w/encl copy of check only) W EISS SEROTA HELF.AN' FASTORIZA&GLEDES PA NOV- E-2001 FRI 03 4C Ph! FAX NO P 04 1 atri r. .F Falk ,44 rP Ames 4e WEISS SEROTA HELFMAN PASTORIZA & GUEOES PA IOTA TRUST ACCOUNT 28w5 SOUTH BAYSHORE ID RIVE SUITE 4,0 MIAMI FL 33133 PAY TO THE ORDER OF OR *******47,8fi4 DOLLARS AND 27 CENTS*** Miami —Dade County Tax Collector 140 W Flagler Street 14th F1 Miami FL 33130 3 0 MELLON UNFfEO NATIONALBANK 53- 48i0 3 10/30/2001 0003 21,011 """^c mp. i•UCN M P0655 blow - 11a M*6E 10670096461 005504 LRq 2u DATE 0032 N0 $47,664 27 AMOUNT La. NOV- 8-2001 FRI fle 49 PM 33 F404f-Rc4CU,A:f 1JA000S 1 DADE COUNTY FLORIDA Ain MT( BENIAMINE I RPLIEV SUNIRUST BANKS Op FLORIDA INC 135 WEST CENTRAL BLVD SUITE 300 ORLANDO FL 32801 FAX NO RE 24-5205 062 0020 TRACT it TO WHOM IT MAY CONCERN As per your request we have calculated the pro rayed tax amount for 2001 The amount however is i trued on a closing date of 11/1/01 lithe closing date differs from what is mdmated taxes must be recalculated to the actual date of closet tune of closing so that there will not be a shortage with the collectors offs Special about the Pro rated thetune is not included t this any)g Additional taxes Of pecial be collected at prorarion 7 teal Taxing I L--. The taxes due based upon a closing date of 11/I/01 is 547,864 27 You clay contact our office a new pro ration when the actual closing date is determined If you have any questions or further additional information please feel Free to contact our office at 375-4060 n f a0s STT 9730 P 05 i 6a5 P 03/03 F 157 STEPHEN P Cie LARK CENTER QE'' ARTMn4r OF PROPERTY APPRAISAL ADMINISTRATIVE DIVISION SUITE 77a 111 NW 1Zr STRMt MIAMI R oRJDA 12a 1884 (305737a -400a FAX (705} 3753024 www ea ndamI-lode fl uslea 10/5/01 Sincerely ' Mina Ruiz Property Appraiser Supervisor WEISS SEROTA HELFMAN PASTORIZA & GUEDES, PA ATTORNEYS AT LAW r - r L. n MITCHELL A BIERMAN N NA L BON SKE JAMIE ALAN COLE EDWARD G GUEDES STEPHEN J HELFMAN GILBERTO PASTORIZA JOSEPH H SEROTA NANCYE $ ROUD RICHARD JAY WEISS DAVID M WOLPIN STEVEN W ZELKOWITZ THOMAS J ANSBRO LIL IAN ARANGO DE LA HOZ ALISON 5 BIELER MITCHELL J BURNSTEIN ELAINE M COHEN MIAMI DADEO FILE 2665 SOUTH BAYSHORE DRIVE SUITE 420 MIAMI FLORIDA 33133 TELEPHONE (305) 854 0800 TELECOPIER (305) 854 2323 WWW WSH FLALAW COM BROWARD OFFICE 3107 STIRLING ROAD SUITE 300 FORT LAUDERDALE FLORIDA 33312 TELEPHO E (954) 763 4242 TE ECO ER (954) 764 7770 VIA HAND DELIVERY Mr C Samuel Kissinger Village Manager Village of Key Biscayne 85 West McIntyre Street Key Biscayne Florida 33149 0 COUNSEL January 10 2002 Village of Key Biscayne Purchase from SunTrust Bank I Dear Mr Kissinger L. L r^ r L In connection with the captioned transaction enclosed please find a three (3) volume closing binder containing originals and copies as indicated on the index of the documents executed and delivered at closing Should you have any questions or comments concerning the foregoing please do not hesitate to contact me DOUGLAS R GONZALES JOHN R HERIN JR C RISTOPHER F KURTZ PE ER A L CHTMAN KAREN LIEBERMAN MATTHEW H MANDE BERNARD 5 HANDLER ALEXANDER L PALENZUELA MAURI ANTHONY L RECIO GARYI RESNICK SCOTTA ROB N DANAJ SCHINDLER GAI D SERO A AR C SHA IRO JEFFREY P SHEFFEL FRANCINE THOMAS STEELMAN SUSAN L TREVARTHEN CARMEN 1 TUGENDER DANIELA WEISS EMC/mc Enclosure 103030 cc Richard Jay Weiss Esq (w/o enels ) Very L 'truly yours Elaine M Cohen Complete file is located in the Office of the Village Clerk INDEX TO CLOSING BINDER This Closing Binder contains documents w connection with the closing for the purchase by the Village of Key Biscayne a Flonda municipal corporation ( Buyer ) from SunTrust Bank (the Seller ) The closing was held on October 31 2001 at the offices of Bergman and Jacobs P A 777 BrickeII Avenue Suite 780 Miami Florida 33131 The following documents contained herein in connection with the closing are originals unless otherwise noted VOLUME I - PURCHASE AND SALE AGREEMENT AND RESOLUTION Contract for Purchase and Sale of Real Property dated as of December 22 1998 entered into between Buyer and SunTmst Bank (copy) 2 Letter Agreement dated as of February 16 1999 regarding extension of Expiration Date (copy) 3 Letter Agreement dated as of February 26 1999 regarding extension of Expiration Date (copy) 4 Letter Agreement dated as of March 16 1999 regarding extension of Expiration Date (copy) 5 Letter Agreement dated as of May 18 2000 regarding outside date for Seiler to obtain Development Approvals and complete Bank Branch (copy) 6 Resolution No 98 33 adopted by Village Council on July 1 1998 authorizing transaction (certified copy) VOLUME 11 - CLOSING DOCUMENTS 7 Special Warranty Deed dated October 29 2001 recorded on October 31 2001 in Official Records Book 19987 at Page 2658 of the Public Records of Miami Dade County Florida 8 Settlement Statement 9 First American Title Insurance Company Owner s Policy No FA 35 566191 10 Bill of Sale 11 Disclosure Affidavit dated October 29 2001 recorded on October 31 2001 in Official Records Book 19987 at Pa,e 2682 of the Public Records of Miami Dade County Florida 12 Seller s Affidavit (copy) 13 Survey Affidavit (copy) 14 General Assignment 15 Assignment of Leases 16 Letters to Tenants (2) (copies) 17 Certified Rent Roll 18 Lease Agreement dated June 20 2000 entered into between Seller as Landlord and Key Biscayne Chamber of Commerce as Tenant and the Village of Key Biscayne as prospective Buyer (copy) 19 Business Property Lease dated June 9 1998 entered into between SunTrust Bank Miami N A as Landlord and Thomas H Wakefield Law Firm as Tenant (copy) 20 Receipt of Lease Agreements (copy) 21 Certificate of Authority and Incumbency of Seller 22 Declaration of Easements Covenants Conditions and Restrictions recorded on October 31 2001 in Official Records Book 19987 at page 2661 of the Public Records of Miami Dade County Florida (the Declaration ) (copy) 23 Letter Agreement supplementing Declaration regarding temporary relocation of the Temporary Ingress/Egress Easement to McInytre Street (copy) 24 Tax Proration Letter to Miami Dade County Tax Collector dated October 31 2001 (copy) 25 Receipt for keys plans and drawings for building (copy) 26 Appraisal dated Ma} 2 1997 prepared by Blazejack & Company (copy) VOLUME III - ENVIRONMENTAL REPORTS AND APPRAISAL r C 27 Appraisal dated as October 8 1997 prepared by Quinlivan Appraisal P A 28 Letter dated February 16 1999 from Clark Engineers - Scientists regarding Phase I and limited Phase II Environmental Site Assessment (copy) 29 Phase 1 and Phase II Environmental Site Assessment prepared by Clark Engineers - Scientists dated February 15 1999 30 Letter dated April 12 1999 from Clark Engineers - Environmental Site Assessment Report (copy) Scientists regarding 31 Comfort letter dated February 8 1999 from the Honda Department of Environmental Protection ( FDEP ) regarding FDEP s enforcement policy towards a property owner whose property has been contaminated with pollutants emanating from an adjacent source property (copy) 32 Letter dated September 7 2001 from Clark Engineers - Scientists regarding sampling of wells at property F 1103030\I dex t Clos g Do umena 12 12 01 do 2 INDEX TO CLOSING BINDER This Closing Binder contains documents in connection with the closing for the purchase by the Village of Key Biscayne a Florida municipal corporation ( Buyer ) from SunTrust Bank (the Seller ) The closing was held on October 31 2001 at the offices of Bergman and Jacobs P A 777 Bnckell Avenue Suite 780 Miami Flonda 33131 The following documents contained herein in connection with the closing are originals unless otherwise noted VOLUME I - PURCHASE AND SALE AGREEMENT AND RESOLUTION 1 Contract for Purchase and Sale of Real Property dated as of December 22 1998 entered into between Buyer and SunTrust Bank (copy) 2 Letter Agreement dated as of February 16 1999 regarding extension of Expiration Date (copy) 3 Letter Agreement dated as of February 26 1999 regarding extension of Expiration Date (copy) 4 Letter Agreement dated as of March 16 1999 regarding extension of Expiration Date (copy) 5 Letter Agreement dated as of May 18, 2000 regarding outside date for Seller to obtain Development Approvals and complete Bank Branch (copy) 6 Resolution No 98 33 adopted by Village Council on July 1 1998 authorizing transaction (certified copy) VOLUME II - CLOSING DOCUMENTS 7 Special Warranty Deed dated October 29 2001 recorded on October 31 2001 m Official Records Book 19987 at Page 2658 of the Public Records of Miami - Dade County Florida 8 Settlement Statement 9 First Amencan Title Insurance Company Owner s Policy No FA 35 566191 10 Bill of Sale 11 Disclosure Affidavit dated October 29 2001 recorded on October 31 2001 in Official Records Book 19987 at Page 2682 of the Public Records of Miami Dade County Florida 12 Seller s Affidavit (copy) 13 Survey Affidavit (copy) 14 General Assignment 15 Assignment of Leases 16 Letters to Tenants (2) (copies) 17 Certified Rent Roll 18 Lease Agreement dated June 20 2000 entered into between Seller as Landlord and Key Biscayne Chamber of Commerce as Tenant and the Village of Key Biscayne as prospective Buyer (copy) 19 Business Property Lease dated June 9 1998 entered into between SunTrust Bank Miami N A as Landlord and Thomas H Wakefield Law Firm as Tenant (copy) 20 Receipt of Lease Agreements (copy) 21 Certificate of Authority and Incumbency of Seller 22 Declaration of Easements Covenants Conditions and Restrictions recorded on October 31 2001 in Official Records Book 19987 at page 2661 of the Public Records of Miami Dade County Florida (the Declaration ) (copy) 23 Letter Agreement supplementing Declaration regarding temporary relocation of the Temporary Ingress/Egress Easement to McInytre Street (copy) 24 Tax Proration Letter to Miami Dade County Tax Collector dated October 31 2001 (copy) 25 Receipt for keys plans and drawings for building (copy) 26 Appraisal dated May 2 1997 prepared by Blazejack & Company (copy) VOLUME III - ENVIRONMENTAL REPORTS AND APPRAISAL 27 Appraisal dated as October 8 1997 prepared by Quinlivan Appraisal P A 28 Letter dated February 16 1999 from Clark Engineers - Scientists regarding Phase I and limited Phase II Environmental Site Assessment (copy) 29 Phase I and Phase II Environmental Site Assessment prepared by Clark Engineers - Scientists dated February 15 1999 30 Letter dated April 12 1999 from Clark Engineers - Scientists regarding Environmental Site Assessment Report (copy) 31 Comfort letter dated February 8 1999 from the Flonda Department of Environmental Protection ( FDEP ) regarding FDEP s enforcement policy towards a property owner whose property has been contaminated with pollutants emanating from an adjacent source property (copy) 32 Letter dated September 7 2001 from Clark Engineers - Scientists regarding sampling of wells at property F \103030llndex Lo Closing Documents 12 12 01 doc c 2 CONTRACT FOR PURCHASE AND SALE OF REAL PROPERTY /December This Contract is made and entered into as of the �Zday of 1998 by and between SUNTRUST BANK, MIAMI, N A , a national banking association ( Seller ) and the VILLAGE OF KEY BISCAYNE a Florida municipal corporation ( Buyer ) In consideration of the mutual agreements herein set forth the parties hereto agree as follows 1 Definitions The tollowing terms when used in this Contract tor Purchase and Sale shall have me ioliowing meanings 11 December 31 Acceptance Date 1998 1 2 Attorneys Fees All reasonable- fees charged by an attorney tor his > services and the services of any paralegals legal assistants or taw clerks including (but not glued to) fees charged for representation at the trial level and in all appeals 1 3 Business Day Any day that the banks in Dade County Florida are open for bus mess 1 4 Buyer Village ot Key Biscayne Attention C Samuel Kissinger Village Manager Buyer s mailing address is 85 West McIntyre Street Key Biscayne Honda 331-19 Telephone (305) 36.E 5514 Telecopv (305) 365 8936 Buyer s taxpayer identificarion number is 65-0236174 1 5 Buyer s Attorney Weiss Serota Helfman Pastoriza & Guedes P k Attention Steven W Zelkowitz Esq Buyer s Attorney s mailing address and telephone rumber are 2665 South Bayshore Drive Suite 420 Miami Florida 33133 Telephone (30D) 8M4 0800 Telecopy (305) 854 2323 1 6 Buyer s Costs All costs incurred by Buyer with regard to this transaction including without limitation its costs incurred in conducting its due diligence studies audit examinations surveys environmental structural and other exams ot the Property engineering costs attorneys fees refinancing costs and any and all other expenses incurred by Buyer in he event this Contract c terminated In no event shall Buyer s Costs exceed $50 000 00 Butler s Costs shall be evidenced by statements submitted to Seller s Attorney and such otner reasonable information requested by Seller s Attorney 1 7 Closing. The delivery ot the Deed to Buyer concurrently wnn the delive of the Purchase Price to Seller 1 8 Closing Agent Buyer s Attornes as agent tor the Tide Company shall be the Closing Agent 1 9 Closma Date On or before sixty (60) days following the issuance of a certificate of occupancy for the Bank Branch (as defined in Section 7 below) 1 10 Contract This Contract for Purchase and Sale of Real Prope-ry 1 11 Deed The Special Warranty Deed which coneys the Lana from Seller to Buyer The parties agree that the Deed may contain restrictions prohibiting the use or the Property by a financial institution for a Bank Branch so long as Seller and its successors and assigns use and occupy the Bank Branch on the Bank Branch Property (both as defied in Sec ion 71 below) *substantially in the form of Exhibit H attached hereto 1 12 Effective Date The date this Contract is executed by the las ot e the the Buser or Seller 1 13 Governmental Authority Any federal state county munic pal or ofte governmental department enuty authority commission board bureau court agenc1 or any instrumentality of any of them 1 14 Governmental Requirement Any law enactment statute coce crania -ice rule regulation judgment decree writ injunction franchise permit certificate tic=ase authorization agreement or other direction or requirement ot any Governmental Author ty now existing or hereafter enacted adopted promulgated entered or issued 1 15 Hazardous Material Any flammable or explosive materials petroleum or petroleum products oil crude oil natural gas or synthetic gas usable for fuel radioactive materials asbestos polychlorinated biphenyls (PCB s) hazardous wastes or substances or toxic wastes or substances including without limitation any substances now or hereafter defined as or m the defimnon of hazardous substances hazardous wastes hazardous materials tox c materials or toxic substances under any applicable Governmental Requirements 1 16 Improvements The two story office building together with and induct rg all structures on or under the Land 1 17 Land That certain real property located in Dade County Florida located at West McIntyre Street Key Biscayne Florida as more particularly described in Exhibit k attached hereto and made a part hereof together with all property rights easemerts nahrs ot way pnvileges and appurtenances thereto all leases rents and profits derived tl-eret 07 c. 1 right title and interest of Seller in and to any land lying in the bed ot any street road hign s as e avenue open or proposed public or private in tront of or adjoining ail or any part of the Lana to the center line thereot and all right title and interest of Seller m ana to any unpaid awa_d or damage to the Property or any part thereof by reason ot change of grade ot any sine roac highway or avenue adjacent to the Property ail strips and gores adjoining and adjacent to the Land and all oil gas and mineral runts it anv The patties acknowledge and agree that the attached legal description contains both the Property and Bank Branch Property (as defined in Sec ion 7 below) and that once separate legal descriptions are prepared pursuant to Section 7 1 the legal description for the Property shall be substituted herein as Exhibit k and in ualea by the parties 1 18 Leases All leases of space located within the Improvements and upon the Land which shall include all exhibits amendments and modifications thereof A schedule of the Leases is included in the Rent Roll attached as Exhibit D 1 19 Pe nits All licenses permits and certiticaLes of occupancy aopticao e to the Property A schedule of the Permits is attached hereto as Exhioit E 1 20 Permitted Exceptions The title exceptions set torth in Exhibit B anacned hereto 1 21 Personal Property All items of Personal P-ope- y owned by Seller Ioca ed on the Land and excluding therefrom the personal property that belongs to tenants Such Pe sonal Property shall include but not be limited co (i) all fixtures furnishings macnire-v equipment and other articles of Personal Property attached or aopurenant to the Land or used n connection with the use or operation therewith including anv drat vings as built plans and specifications and all Permits in the possession of Seller and (u) all appliances lignuing t 'cures doors elevators sprinkler plumbing heating air conditioning electrical ventilating hght.ng incinerating vacuum cleaning refrigerating and cooling systems carpets floor cove lugs together with all parts and supplies pertaining thereto An inventory of the Pe sonal Property is attached hereto as Exhibit C The parties acknowledge that Seiler owns a vault located within the Improvements Following further investigation it possible the vault shall remain within the Improvements and be included as part of the Personal Property If Seller elects to remove the vault it shall do so without damage to the Property 1 22 Property The Personal Property land Leases and Improvements 1 23 Property Records Copies of all the following documents in the Seller s possession or control relating to the Property Any and all Leases Permits Service Consacts Warranties paid tax bill for the year 1997 tax assessment notices title insurarce policies surveys site plans as built plans and specifications (if m Seller s possess on) construction drawings engineering reports plats soil reports and compaction tests env rormental audits engineering reports and similar technical data and information and materta& cor esDo ce^c= (which shall mean correspondence other than aaorneviclient privileged corresoorcence nicr discloses claims allegat ons or adverse intormation regarding the Prooem or claims al e;a o s or adverse intormation that the Property violates any Governmental Requirements tha 2- e 3 Hazardous Material on or about the Property or that there are defects def ciencies or haza.do is conditions in or on the Property) 1 21 Purchase Price The sum of Three Million Four Hundred Eighty Tcvo Thousand Five Hundred and 00/100 Dollars ($3 482 500 00) 1 25 Rent Rental shall include but not be limited to all base rent min ru� rent additional rent percentage rent common area maintenance charges taxes ins -la operating expenses parking fees late fees and any other payments for miscellaneous se-i,Ices performed by Seller under any Lease 1 26 Rent Roll A complete and correc list ot all the Le es cer ii ed as and cor ect by the Seller setting forth with respect to each of the Leases the to lo information (a) the name of the tenant and the names ot any assigrees arc subtenants (b) ,`c date of the Lease (c) any modifications amendments or assignments to or ot tne Le —se and subtenanctes thereunder (d) the term ot the Lease and any subleases the eunder (e) e = a1 options if any (0 the Rent payable under the Lease including retererce to any de rcue L amounts due (g) the amount of the security deposit if any (h) the sq.iare tootage ot the lea_eu premises and (i) reference to any leasing commissions due free rent or concessions theresrce and any tenant improvements to be paid for by the landlord The current Rent Roll nor - -Property is attached hereto as Exhibit D 1 27 Seller SunTrust Bank Miami N A a national oanking asRoc al- or Seller s mailing address is 777 Brickell Avenue M ami Florida 33131 Seller s taxna e identification number is 59 0358340 1 28 Seller s Attorney Bergman & Jacobs P A Attention Mark A Jarocs Esq Seller s Attorney s mailing address is 777 Brickell Avenue Miami Honda Telephone (305) 577 9733 Telecopy (305) 577 9730 129 Service Contracts All service contracts maintenance agreeme-'r employment agreements management agreements and any other agreements arec mg the Property A schedule of the Service Contracts is attached hereto as Exhibit G 1 30 Title Commitment An ALTA Tide Insurance Commitment trop the T ti= Company agreeing to issue the Title Policy to Buyer upon satisfaction of ire Buyer s obiigar or pursuant to this Contract 1 31 Tale Policy An ALTA owner s tale insurance polic in tre arot o Purchase Price insuring Buyer s tide to the Land subject only to the Perm ed Exceptio 4 1 32 Title Company FtrsL American Title Insurance Company Chicago Title Insurance Corporation or such other nationally recognized title insurance company licensed to write tide insurance in the State of Florida approved by Buver 1 33 Warranties All warranties and guarantees relating to the Property including all warranties and guarantees of the Improvements and Personal Property by general contractors subcontractors suppliers and manufacturers it any 2 Purchase and Sale Seller agrees to sell and convey the Property to Buver and Buyer agrees to purchase and acquire the Property from Seller on the terms and condit ons here nafter set forth 3 Purchase Price The Purchase Price shall be paid as toliows 3 1 Deposit Simultaneously with the execut or of this Contract Buve nas deposited into escrow in an interest bearing account opened by the law firm ot Weiss Seroa Helfman Pastoriza & Guedes P A ( Escrow Agent ) an earnest money deposit of One Hundred Dollas and 00/100 Dollars ($100 00) Interest on the Deposit shall accrue to the benefit oL the Buyer unless the Deposit is delivered to the Seller as liquidated damages pursuant to Section 19 1 below in which event such interest shall accrue to the benefit of the Seller and be delivered to Seller as part of the Deposit For purposes of reporting earned interest with respect to the Deposit Buyer s and Seller s Federal Tax Identification Numbers are respectively set forth m Sections 1 4 and 1 27 above 3 2 Cash to Close On the Closing Date as part of the Closing Buyer snail pay to Seller by wire transfer of immediately usable wired funds to a bank account or ban& accounts designated by Seller in a nonce to Purchaser to be given at least one day prior to Closing the Purchase Price The Purchase Price shall be adjusted for any credits debits or proration required to be made under this Contract (the Cash to Close ) The Deposit shall be part of the Cash to Close 4 Buver s Inspection of the Property 4 1 Seller s Delivery of Property Records IL Seller has not previously delivered the Property Records to Buver Seller shall deliver the Property Records to Buyer a_ they become available Seller shall have a continuing obligatior to deliver to Buve the Propert Records and if Seller obtains or becomes aware ot ans additioral Property Records S -Ile represents and warrants that it shall immediately aelner sucn aca tional P ooerry Records to Buyer 5 / 4 2 Buyer s Inspection ot the Property Cotmnencmg upon the Effective Date and until the Closing Date Buyer or its authorized agents personnel employees or independert contractors shall be entitled to enter upon the Land during reasonable business hours for we purpose at making physical inspections of the Property mcludmg but not limited to any and a Improvements and Personal Property Buyer may make inspections of all Improvements arc Personal Property including but not limited to all roots structures electrical systems ptu-no n: systems mechanical systems paving termite mtestat on and heatirg vent -Hanna and a conditioning systems Buyer may also make all inspections and investigations or the Land vvr c it may deem necessary including but not limited to soil borings percolation tests engmee ng environmental and topographical studies zoning and availability of utilities All inspecuons cha be made at Raver s expense 4 2 1 Buyer s inspection runt, shall include the right to inspec u -e Improvements and Personal Property conta ned within eaLn tenant space Buyer shall coore a with Seller in the scheduling of inspections of the individual tenant space 4 3 Indemnification Buyer hereby agrees to irde'nniry Seller and hold Stile harmless against all claims demands and liability mcludirg Arornevs Fees tor nonpavmer io services rendered to Buyer for mechanics liens or tor danage to persors or property ar sir: ou of Buyer s investigation of the Property This mdemmfication and agreemert to hold hat —'es shall survive the termination ot this Contract or the Closing 4 4 Termination Nonce Notwithstanding anything to the cortrary m u Contract Buyer shall have the right for any reason or no reason to elect (in its sole and aosoiu discretion) to terminate this Contract by delivering written notice to Seller or Seller s Anorre\ tc that effect no later than the sixtieth (60th) day following the Etrective Date (the Exnira Tor Date ) If Purchaser so delivers said nonce not later than the Expiration Date then (a) L. s Contract shall be terminated and of no further force and of ect except for those provisions whir - expressly survive termination (b) the Escrow Agent shall deliver the Deposit to Buyer and (c the parties shall have no further liability to one another under this Contract 5 Evidence of Title 5 1 Delivery of Prior Owner s Policy It Seller has not already done sop 10 to its execution of this Contract simultaneously upon its execunor or this Contract Selle sra deliver to Buyer a copy of its prior owner s policy cove mg the Property updated to a ca_e close to the Effective Date as possible together with copies of all instruments listed as eecep o to title therein 2 Marketable Title At closing Seller shall corvev CO Buve nark.- Lao - Lac simple title to the Land subject only to the Permitted Exceptions 5 3 Title Commitment Buyer has previously obtained the Title Commitment and examined same Tne Title Commitment and a list of Permitted Exceptions are attached hereto as Exhibit B The title policy to be issued pursuant to the Tide Commitment shall insure that any and all restrictions and conditions have not been violated and that any future violation will not result in a forfeiture or reversion of title shall contain no survey exception shall contain no printed exceptions and shall affirmatively insure access to the Property 5 4 Additional Exceptions If Buyer receives notice of or otherwise discovers any exceptions ( Additional Exceptions ) other than the Permitted Exceptions after of the Effective Date and prior to the Closing Date Buyer shall notify Seller in writing ot the Addit anal Exceptions to which Buyer reasonably objects within ten (10) days a ter Buser receives rot toe of such Additional Exceptions 5 5 Additional Exceptions Curable by the Payment of Money Seller shall be required to cure or remove all Additional Exceptions which can be cured or removed bs tl-e payment of money prior to the schedule Closing Date D 6 Additional Exceptions Not Curable by the Payment ot Money Seller shat have a period of sixty (60) days after nonce from Buyer to commence to cure any Addit ona. Exceptions to which Buyer reasonably objects and which are not curable by the pavire^t of money and the Closing Date shall be postponed if necessary to afford Seller the rull sin (60) days to commence to cure Additional Exceptions Seller shall exercise due diligence and coot faith in curing the Additional Exceptions which shall include the institution ot any nececsai lawsuit It Seller is unable to cure any Additional Exceptions by the Closing Date Buser snail have the following opuons 5 6 1 Buyer may postpone the Closing Date to afford Seller tine to cure the Additional Exceptions 5 6 2 Buyer may waive the uncured Additional Exceptions and accept ti le in its existing condition or 5 6 3 Buyer may terminate the Contract by sending written nonce to Seller Seller shall pay to Buyer Buyer s Costs and except as specifically set forth in this Contract neither Buyer nor Seller shall have any further rights or obligations hereunder 5 7 Postponement of Closing Date If the Ciosirg Date has been posmonec beyond the originally scheduled Closing Date to afford Seller additional tine to cu e ire Additional Exceptions the Closing shall take place twenty (20) aays afte Selle secs Bsv- written notice that all Additional Exceptions hase been eliminated or otherwise curea 6 Sur 6 1 Deheery of Survey Sete* has previously provided Buyer with a s.ne sketch of the Property and Bank Branch Property (as dcfincd m fl on 7 1 below) p epard bs James Aylward & Assoc Inc under Project No 97 143 datail October 21 1997 (the "ano Survey) Buyer has exa. nod and accepted the Prior Surrey Following site plan approval of the Bank Branca (as defined m Secnon 7 1 below) and preraranon of legal descnpnons fora ara the Property Buyer may rause to be prepared at its exuense an update and revision or me Prcr Survey (the Survev ) of the Land and all Improvements thereon, winch delc.cs the fanlr Branca Property prepared by a late surveyor or engine=- registered and licensed in me Stare of Fiona,. Toe Survey shall be prepared in arrnrdanct with the Mmimum Tr'hnir'al Swords for scene m the State of Honda 6 2 Survey De'tcts aver shall have fourteen (14) dais from the care of receivmg the Survey to examiir same If the Server shows any encroachrrPnt on the Lauc or that an/ Improvement lrrared on d -e Las encroacie- s on the land ei others or if the hL+e shows any other defect winch world affect the markcaoi'_ty of title to the Property Mai is race shown on the Pnor Surrey Buyer shall notify Seller or such derecr within fourteen (14) da. ..ire. receipt of the Survey and Sara encroachment or deft* shah be treated in the same m rm as rtte defors are treated under this Contract 7 Closet¢ Contingencies 7 1 Seller s Closing Contingencies Seller s obligation to close this gansaacnon and sell the Property to Buyer is expressly subject to and contingent upon Sat- obtainrr_ aL governmental des eminent approvals and development permits from Gosernmarrr.i Aithortes mchiding bin not limited to site plan approval building pea and certi‘Tcat s of oceimancs and/or use as applicable (collrMtvely the Development Approvals ) to use and occupy the rep. piuperty adiacent and contiguous to the Psuizrty (the Bank Branch Property ) for the relocacou of its bank branch currently located on the Property subcannally in accordai , with tbe site plan attached bere.o as Exhibit F (the 'Bank Branch j Commencing upon the later of file Expiration Date or the ewiranon of the orlon during whrcn a refi.i-1.'lwn may he =oaten and ulrfrntery resolved wail resvect to the orrlirrra auMerivina the bond issue that is acopted suaniltaneousiv with the approval or this Agreemen by the Council of the Village of Key Biscayne (the Commeement Date) Scaler shall app v for and obtain any ailed all Deveicpuirnt Approvals from the apDropnare govcsaetaal canes upon receipt of a building:, pew rhino commence or cause to be rrnnmencec caastivcaon of e Bank Branch. Seller shall in good faith apply for and pursue the applications for the DeselooL ent Approvals and diligently pursue the construction of the Bank Stanch It the Seller is is able to complete construction of the Bane Branch and ootain the Development Approvals win mar - (30) months following the Corr -mars Dare upon writma notice to Selle Buser shat na e 8 1 * the relit to (1) require Seiler to close th.s transaton wwtn thirty (30) days of said written nonce' or (n') provide q-` a with adcmonal rime to obtain the 1' opment Approvals proviced however if Ssi1et a not received the Des. eiopmcntApprovals uj'the expiration of the additional tine period Buver shall have the -ight to require St to time thus transaction as recurred herein If Buyer elects its option in A upon closmg Buyer shall lease to Seiler pursuant to a wrmen lease agreement the spa= Seller ta»ly occupies m the Property far a period not to ascent at (6) month and at a coxmntamafy =sonabIe tnark*r value rent. Notwfthsrandtng the foregoing if Seller is legally prolnlm=1 from obtaining the Develt: arnt Approvals due to matters beyond us control., Seller shall have the nghr to tem:imare this Comm= by deitve.-mg written notice to Buyer or Buyer s Attarcy to that effect spertfyi g the basis therefor Following receipt of suca nonce then (a) this Contract shall be terrn+narad and of no firth= force and effect, (b) Sell= shall reimburse Buyer for Buts Costs, (c) Escrow Agent shall deliver the Deposit to Buyer and (d) the parties shall hie m farther hamhty to one another under this Contract except for obligations expressly sarvtvmg t> iron Buver agrees to rip -I arP wish Seiler n fiime Seller's applications for Lhe Developer= Approvals and Buyer shall in good faith process said apphcatiois m order to allow. Seder to proceed with the caastntcnon of the Bank Branch as required bairn. The parties acknowledge that the area of the Bank Branch Pauper Ly may need to be increased to meet permimng regrmevents cr•T+ar>r regulations If adchnonal area is rim for the Bank Branch Pronerry e-fler bas the option for a period of six (6) months fallowing the Expiration Date upon nonce to Buyer to delete up to a mauaatm of one half acre from the Property and add It to the Bank Branch Property Said deletion from the Property shall be m area tmmeMitarrly adjacent and contiguous to the Bank Brash Property If Seise: exgrises is option hereunder the Ptuehase Price shall be reduced by 33650 for each square foot of area deleted from the Property Additionally genre at its cost and expense, shalt prepare or cause t0 be prepared revised legal descripnons for the Property and Bank Branch Prcc y The e'nsed legal description for the liu .e ty shall be used for the preparation of the Survey The parses acknowledge and agree that the Property and the Bank Branch Property will require a replat or waiver of plat Following a derr.winafon by Seller as whether tt will ===se its option iii the preceding paragraph (and if exercised. following preparation of revised descriptions) Buyer will prepare or cause to be prepared the replat or waiver of plat as applicable Buyer shall file all documeuianon required for the approval of the replat or waiver or plat Seller shall pay all costs acrd expenses associated vrtm the foregong including but not limited to engineering and plam+mo fees avocation fees and attorneys' fees and costs* All of the foregoing costs and expenses shall be promptly paid by Seller tmoa race =chid= appropriate invoices and/or receipts The obhgaton to pay such costs and expenses snail survive the tetmmauoa of this Agieemeat * Bayer agrees that Prior to incurring are costs or expenses relat-ie to the re -plat for which Seller is responsible Bt,rer will f_rst prc'i.ce Seller with an est *hated costs brea,cdot'n uiclLdirc atternevs tees Seller shall have the ricrit to eitl-er approve sa_a costs arc vcperses or proceed to have the property re -platted on its own tt'ereb r releas tic the Buyer of its requirement to do so -9- ** unless Seller is legally prohibited from obtaining the Development Approvals due to matters beyond its control 7 2 Buver s Closing Contingencies Buyer s obligation to close this transaction and purchase the Property is expressly subject to and contingent upon Buye obtaining all final non appealable governmental approvals and exercises of authority of Governmental Authorities including but not limited to approval by the Council of the \'silage of Key Biscayne anc any referendum (collectively the Governmental Approvals ) to purchase the Property and tinanc- the acquisition thereof all of which shall be obtained by the Commencement Date Buyer shall have up to and including the Commencement Date to obtain ars arc all Governmental Approvals Buver shall in good faith apply for and pursue the Go\e mental Approvals It the Buyer is unable to obtain the Governmental Approvals within sixtv (60) ea s of the Effective Date upon written notice to Seller the Buser shall have the right to (i) te ^ nate this Agreement or (u) waive this contingency and proceed to close this transact or I to s Agreement is terminated by Buyer upon the expiration ot the Governmental Approvals period the Escrow Agent shall promptly return to Buyer the Deposit and the parties hereto shall the ea-- tie relieved of all rights and obligations hereunder except for those rights and obligat ons whit expressly survive the termination of this Agreement Seller and Buyer shall reasonably cooperate in processirg and obtai^i--_ the necessary Governmental Approvals 8 Seller s Operations 8 1 Prior to Closing Between the Expiration Date and the Closing Da e et earlier termination of this Contract Seller covenants and agrees as follows 8 1 1 Seller shall maintain and operate the Property in the ordmars course of business and in a manner substantially consistent with Seller s maintenance and operation thereof during the twelve (12) month period preceding the Eftectr e Dare and it accordance with all applicable federal state and local laws ordinances and requirements 8 1 2 Seller shall not knowingly do any act or omit to do any act or knowingly permit any act or omission which will cause a breach or default of this Contract 8 1 3 Except for (a) honoring the currently existing renewal exLe sior expansion or refusal rights of tenants under the Lease and (b) entering into new Leases extensions modifications renewals or expansions with Buver s prior written consent (not o be unreasonably withheld or delayed and to be deemed given if Buyer fails to respond within f'.e (D business days after written notice trom Seller accompanied by the p1oposed new Lease ex e sior modification renewal or expansion) Seller shall not modify or ente into are ne s Lease extensions modifications renewals or expansions Anv ot same entered into bs Sere 1 accordance with subsections (a) or (b) above are sometimes he einatter rete red Loa th- Permitted Leases and shall thereatter be included within the te m Leases as used in thi 10 y � / Contract Nothing m the foregoing or elsewhere in the Contract shall preclude Seiler (or constitute a default by Seiler under this Contract) from filing notices of commencement in connection with tenant improvements under existing Leases or Permitted Leases provided that in no event shall any notice of commencement be a Permitted Exception 8 1 4 Except with respect of the Permitted Leases Seller shall not (a) incur any new leasing commissions or (b) undertake or commence anv material or sLostant al renovations ot or alterations to the Property or anv pat thereof unless necessary or adv sable to remedy violations or preserve or protect the Property or comply with any obliga ion o, Setle under this Contract 8 1 o Subject to express provisions ot this Contract to the contr._-y arc except to the extent such maintenance is the obligation of tenants under the Leases Se'le s all maintain the physical condition of the Property in substantially the s,me condition exisnr= a ne Effective Date reasonable wear and tear excepted but Seller shall have no obligation to maze capital improvements 8 1 6 Except for (a) renewals or modifications of exis ng Seri, ce Contracts (or new Service Contracts in lieu thereof) on terms consistent with their ex,stirg to but which shall be cancelable without penalty on not more than thirty (30) days nonce andior Co) agreements necessary to preserve or protect the Property from imminent damage or parsons thereon from imminent rmury or loss ot life Seiler shall not modify or enter into anv new Ser\ ce Contracts without Buyer s prior written consent (not to be unreasonaoly withneld or delaied and to be deemed given if Buyer fails to respond within five (5) business days after written not ce from Seller) 8 1 7 Seller shall not remove any item of Personal Property descr bed in Exhibit C hereto from the Property unless the same is replaced by Seller with an article of equal suitability and value free and clear of any lien or security interest 8 1 8 Seller shall maintain any and all insurance coverage presently in effect with respect to the Property including policies ot public liability property damage and fl e insurance 8 1 9 Seller shall comply with all Leases Service Contracts and Aid- all instruments of record and shall timely pay all taxes assessments and utilin charges 8 1 10 Except tor business invitees occup',ing or using the P ooe— it acLordance with past practice Seller shall not permit am, one to occup'Y or ,ise the P z o any portion thereof for anv reason whatsoever except pursuant to the leases 11 8 1 11 Seller shall observe and keep in force and effect all pe mils necessary or required to carry on the present business being conducted upon the Propem 9 Seller s Representations 9 1 Representations and Warranties Seller hereby represents and wartarrs to Buyer as follows 9 1 1 Seller s Existence Seller is a national banking association dui\ organized existing and in good standing under the laws of the United States Seller has full power and authority to own and sell the Property and to comply with t-ie terms ot this Cortrac 9 1 2 Authority The execution aria delivery ot this Corr -au by Selle and the consummation by Seller of the transaction contemplated by this Contract are within Seger s capacity and all requisite action has been taken to make this Contract valid and binding on Seale in accordance with its terms 9 1 3 No Legal Bar The execution by Seller of this Contract and the consummation by Seller of the transaction hereby contemplated does nor and on the Closing Date will not (a) result in a breach of or default under any indenture agreement instrLrren or obligation to which Seller is a party and which affects all or any portion of the Property or (b) to Seller s knowledge constitute a violation of any Governmental Requirement 9 1 4 Litigation There are no actions suits proceedings or investigat ons (including condemnation proceedings) pending or to the knowledge of Seller threatened against Seller relating to the Property or the Property and Seller is not aware. of any facts whicn might result in any such action suit or proceeding If Seller is served with process or receives not ce that litigation may be commenced against it Seller shall promptly notify Buyer 9 1 5 Hazardous Material (a) Seller has conducted no activity or the Property involving the generation treatment storage or disposal of Hazardous Material (o) No portion of the Property is now being used or to the best of Selle s knowledge has ever been used to treat store generate or dispose of Hazardous Material (c) Seller has received no wri ten notice that any previous owner or tenant conducted any such activity (d) Seller has rece vec no written notice of any discharge spill or disposal of any Hazardous Material on or uncle the Property (e) Seller has received no written notice from any Governmental Authorit, or any other party of any Hazardous Material violations concerning the P operry or any porno•+ thereof ror is Seller aware of any such violation (0 Seller has received no written not ce as to any loca or of the Property where Hazardous Material generated by or on the Property hay e bee^ ea -d stored deposited or disposed ot and (g) Seller has no knowledge of the prese^ce or am Hazardous Materials upon the Property Selle Agrees that it will indemnify aeiend 2'c ho4a harmless Buyer from any and all claims judgments liabilities losses damages act ons cases 12 of actions suits response costs remediation costs fines penalties fees and expenses (includira reasonable attorneys fees and expenses incurred at both the trial and appellate levels) arising of or in any way relating to the existence use or misuse handling or mishandling storage spillage discharge or seepage into the ground in water bodies or the ground water (including aquifers) at any time prior to Closing of any Hazardous Materials in on under at or used Lim, - the Property 9 1 6 Parties in Possession Except for tenants under the Leases there ate no parties other than Seller in possession of any portion of the Lard or Improvements as le«ee� tenants at sufferance or trespassers There is no mercnant s association in existence aftecun_ the Property 9 1 7 Adverse Information Seller has no information or kno v Ied_e et (a any action by adjacent landowners or (b) any other tact or condition of anv kind or cnara-te which could materially ad\ersely affect the current use or operation ot the propern 9 1 8 Compliance with Laws The Property and the present uses me nor are in compliance with all applicable Governmental Requirements and the requirements ot any Insurance Policy board of fire underwriters or any board exercis ng similar functions 9 1 9 Leases The Leases described on the Rent Roll comprise a'.l or the Leases presently existing and each is in full force and effec as of the date hereot Nore of the Leases have been modified altered or amended in any respect and no tenant has the ngrit. to cancel or terminate its Lease except as set forth in the Rent Roll No tenant has and, rtgni to renew or extend its Lease nor any interest in the Property other than a leasehold possesRorti interest Except as specified on the Rent Roll all of the Leases are the result of bona fine a -m length negotiations between the parties There are no leases tenancies o other r ghts o occupancy or use for any portion of the property other than as set ford in the RenL Roll The Leases embody all contracts between Seller and tenants implied or otherwise and there are no other contracts or obligations between Seller and tenants either oral or written Ne the1 Seller nor any tenants are in default under any Lease and no event has occurred that with me givinz oL notice or passage of time or both would constitute a default thereunder Except as specuied on the Rent Roll each of the tenants under the Leases are in possession of their respective premises No tenant has any offsets defenses claims or causes of actions against Seller arising ou of matters occurring prior to Closing There is no tenant contesting any tax operating cons or ome escalation payments or occupancy charges or any other amounts payable unde its specific Lease All tenants have furnished insurance certificates indicating that the insurance cove ag- rem. rec o\ their respective Leases is in full force and etfect 9 1 10 Pertormance of Landlord s Obligations All pair_ ng Da alterations and other work expressly required to be performed by the Seller as landlord L-ce the Leases and all other obligations of the landlord required to be performed thereunde ha e ben 13 fully performed and paid for in full or will be fully performed and paid for on or be ore the Closing Date All epresentations on the part of the landlord contained in the Leases are true and correct The Seller as landlord has not waived any default unde any Lease 9 1 11 Rents The Rents and other charges set forth in the Rent Roll are the actual Rents and other charges presently being collected by the Seller under the Leases for the calendar month immediately preceding the Effective Date No tenant under any of the Leases is entitled to any free rent concessions rebates or refunds except as specified on the Re Lt Roll No tenant has prepaid any Rents or other charges for more than one month in advance except as specified on the Rent Roll None of the Rents or other charges billed to or collected from any tenant violates any applicable Governmental Requirement The information contained m d'e Rent Roll is true and complete in all material respects 9 1 12 Leases Unencumbered None of the Leases and none of d -e Len s or other amounts payable thereunder have been assigned pledged or encumbered except as se forth in the Permitted Exceptions 9 1 13 Leasing Commissions No brokerage or leasing comr'issions (including any renewals or residuals) or other compensation are due or payable to am person firm corporation or other entity with respect to or on account of any of the Leases exceoi_ as specified on the Rent Roll 9 1 14 Sales Tax All sales tax required to be pa d or collected ov Seiler in the operation of the property has been collected and paid to the appropriate Governrnerual Authority through a current date 9 1 15 Rights of Tenants No tenant or other occupant under am or the Leases and no other person firm corporation or other entity has any right or option to CA,quire the Property or any portion thereof or lease any additional space 9 1 16 Service Contracts The schedule of Service Contracts attactied to this Contract constitutes a list of all of the Service Contracts affecting the Property and there are no other Service Contracts with respect to the Property All of the Service Contracts are in full force and effect and there is no default by any party under any Service Contract and no ent has occurred that with the giving of notice or passage of time or both would constitute a de alit thereunder Seller has received no notice that any party to any Service Contract interds to cartel or terminate its Service Contract There are no other agreements (written or oral) crier man me Leases or Service Contracts affecting the Property 9 1 17 Assessed Valuation Seller is not currently contes ng a v Leal estate tax assessments for the Property 14 y 9 1 18 The Improvements All Permits required by all Governmental Authorities having jurisdiction and the requisite certificates of the local board ot fire underwriters (or other body exercising similar functions) have been issued for the Improvements have been paid for and are in full force and effect Certificates of occupancy have been issued for cacti ot the premises that are subject to the Leases No additional certificates of occupancy licenses or other permits are required for the current use or operation of the Property There are no structural defects in any of the Improvements The heating electrical plumbing air conditioning building equipment and other Personal Property are free fron defects and n good condition and working order and adequate in quantity and quality for normal operations Tne roofs of all of the Improvements are free of physical leaks and are watertight 9 1 19 Notices Seller has received no written notice fron are Governmental Authority any tenant under the Leases any insdrer or any othe party (a) tra eithe the Property or the use or operation thereof is currently in violation of any zoning environmental or other land use regulations and to Seller s knowledge ro such nonce has beer issued (b) that Seller is currently in violation or with the passage of time will be in violation or the requirements of any ordinance law or regulation or order of any Governmental Aathorit, (including without limitation the local building department) or the recommendations of any insurance carrier or board of fire underwriters affecting the Prope ty that any investigation has commenced or is contemplated regarding any such possible violation or (c) asserting that Seller is required to perform work at the Property and to Seller s knowledge no such notices have bee?i issued If Seller receives such a notice or a violation is issued or filed prior to Closing Selle shall promptly notify Buyer and shall be responsiole to cure any such violatior 9 1 20 Pending and Certified Liens Certified governmental hens and pending governmental liens for which work has been substantially completed shall be paid by the Seller and other pending hens shall be assumed by the Buyer 10 Buyer s Representations Buyer represents and warrants to Seller as or the Effective Date and as of the Closing Date as follows 10 1 Buyer s Existence Buyer is a municipal corporation duly organized existing in good standing and qualified to do business under the laws of the Stare of Florida Buyer has full power and authority to purchase the Land and to comply with the terms or this Contract 11 Survival of Representations All ot the representations of Buve and Selle se forth in this Contract must be true upon the execution ot this Contract and must be true as o the Closing Date The representations warranties and agreements ot Bu)er or Sege se tortn r !-is Contract shall survive tor a period ot one hundred and eighty (180) dai,s following the CIos n_ 15 12 Closing. Subject to all of the provisions ot this Contract Buyer and Seller will close this transaction on the Closing Date commencing at 10 00 a m The Closing will take place at the office of Buyer s Attorney unless otherwise agreed by the parties 12 1 Conditions Precedent to Closing Each of the following shall constitute a condition precedent to the obligation of the parties to close the transaction contemplated hereby each of which must be fulfilled or waived at or prior to Closing 12 1 1 Seller and Buyer shall have delivered all documents and the Purchase Price as required by this Contract to be delivered by the respecuve parties 12 1 2 Seller and Buyer shall have delivered all document ate the Purchase Price as required by this Contract to be delivered by the respective parties at Closing 12 1 3 All of the representations and warranties ot Selle and Buve contained in this Contract shall be true and correct on the Closing Dare in all material respects 12 1 4 This Contract shall not have been terminated in accordance with any of its terms and 12 1 5 Seller shall have delivered to Purchase estoppel certificates dated no earlier than thirty (30) days before the Closing Date in a form prescrioed by Buyer ( Es pope& Cernficates ) from all of the tenants under the Leases and Buyer shall have approved any material modifications made by such tenants to such form (other than modifications made to conform such Estoppel Certificates to the forms if any required to be delivered by the tenant under the Lease in question) and any information inserted by such tenants which is a variance with the information contained in the List of Leases and Rent Roll (as updated by Seller pursuant to the provisions of this Contract) which approval shall not be unreasonable withheld or delayed and shall in any event be deemed to have been given if Buyer proceeds to Closing Seller shall use all reasonable good faith efforts to obtain Estoppel Certificates from all tenants under the Leases I Seller is unable after all reasonable good faith efforts to obtain Estoppel Certificates from all ot the tenants Seller shall provide an affidavit for tenants from who Seller has been unable to obtain Estoppel Certificates Said affidavit shall include all information that would haw been included in the applicable Estoppel Certificates Seller shall deliver to Purchaser not less than fire 0) business days prior to Closing all Estoppel Certificates then received by Seller and any othe written statements or notices from tenants received by Seller after the Execution Date Thereafter Seller shall deliver to Purchaser prior to Closing any Estoppel Cert ficates subsequently rece ed by Seller prior to Closing and any other written statements or notices form tenants subsecuen received by Seller prior to Closing It Seller provides Seller s Aridawt and Seller Inc eaf.e (within ninety (90) days of the Closing Date) obtains an Estoppel Ce iticate compilemg w it'1 the provisions of this Contract from any tenant covered by a Seller s Affidavit then me Estoppel Certificate shall be substituted for the Seller s Affidavit as to such tenant and Seller shall have no 16 r � continuing liability on the Seller s Affidavit as to such tenant In the event of any material discrepancy between information se forth in the List of Leases and Rent Roll and the information contained in any Estoppel Certificate or Seller s Affidavit shall use all reasonable efforts proceeding in good faith to resolve the discrepancy so that the Estoppel Certificate or the Seller s Affidavit as the case may be will be consistent with the List of Leases and Rent Roll 13 Seller s Closing Documents At Closing Seller must deliver the follow ma documents ( Seller s Closing Documents ) to Buyer 13 1 Deed Tne Deed which must be duly executed and acknowledged by Seller so as to convey to Buyer good and marketable fee simple title to the Land free and clear of all hens encumbrances and other conditions of title other thar the Permitted Exceptions 13 2 Bill of Sale An absolute bill of sale with full warranty of title conveti na the Personal Property to Buyer free and clear of all liens encumbrances and security interests 13 3 General Assignment A General Assignment convening the Intangible Personal Property to Buyer free and clear of all liens encumbrances and security interests 13 4 Seller s No Lien Gap and FIRPTA Affidavit An affida zit from Seller attesting that to the best of Seller s knowledge as follows (a) no individual or entity has any claim against the Land under the applicable contactor s hen law (b) except for Se11ei no individual or entity is either in possession of the Land or has a possessory inte est or claim in the Land and (c) no improvements to the Land have been made for which payment has not beer made within the immediately preceding ninety (90) days The affidavit will include language sufficient to enable the Title Company to insure the gap i e delete as an exception to the Title Commitment any matters appearing between the effective date of the Title Commitment and the effective date of the Title Policy The Affidavit will also include the certification of non fore gn status required under Section 1445 of the Internal Revenue Code to avoid the wunholding or income tax by the Buyer 13 5 Assignment of Leases An Assignment of Leases together with possession of the original Leases and any guarantees thereof and any tenant keys and security codes to the extent any of the foregoing are in the Seller s possession or control and an update of the rent roll 13 6 Assignment of Service Contracts An Assignment of the Service Contracts together with possession of any original Service Contracts in Seller s possession or control 13 7 Closing Statement A closing statement se ring forth the Purcnase Pr c - and all credits adjustments and proration between Buyer and Seller 13 8 Form 1099 Such tederal income tax reports respecting the sale o the Land as are required by the Internal Revenue Code 17 13 9 Authorizing Resolutions Certificates of Seller s corpora e resolut ors authorizing the entering into and execution of this Contract and the consi.mmation or the transaction 13 10 Tenant Letter A letter to each tenant under the Leases advis ng such tenant of the sale to Buyer of the Property and directing the tenant to pay all rertal, accru lg under its Lease from and after the Closing Date to Buye and to recognize Buver a, landlord under its Lease 13 11 Disclosure Affidavit Se'le shall also deliver to Buyer at. leas ter (i0) days prior to Closing an affidavit in recordable form as required by the provisions o Sec or 286 23 Florida Statutes 13 12 Unless otherwise noted copies of Seller s closing documents r al' be delivered to Buyer s attorney for review not less than seven (7) days prior to the Dos ng Da e 14 Buyer s Closing Documents At Closing BLyer shall delive± tne 'o 'ow ins - documents ( Buyer s Closing Documents ) to Seller 14 1 Authorizing Resolutions Certificates of Buver s municipal reRo1u fors evidencing authorizing the entering into and execution of this Contract and the corsumraao i of the transaction 14 A Reciprocal Easements *See Insert on Page 18A 15 Closing Procedure The Closing shall proceed in the following manne- 15 1 Delivery of Documents Buyer will deliver Buver s Closing Doc.ime^t, and Seller will deliver Seller s Closing Documents to the Closing Agent Buver will del vel Lhe Purchase Price to the Closing Agent 15 2 Disbursement of Funds and Documents Once the Tide Comca-v has insured the gap i e endorsed the Title Commitment to delete the exception tor mate appearing between the effective date of the Title Commitment and the effective date of the Tide Policy and provided all other obligations to close have been fulfilled Closing Agent will 1ecora the Deed and disburse Buyer s Closing Documents and the Purcnase Price to Sel'e and Sel'e s Closing Documents to Buyer 16 Prorations and Closing Costs 16 1 Prorations The foltowmg items will be prorated and adds. ed be Seller and Buyer as of the Closing Date except as may be otherwise specified 18 * At Closing (i) Buyer agrees to grant to Seller for the benefit of the Bank Branch Property a perpetual non exclusive easement for ingress and egress for pedestrian and vehicular access over and across a portion of the Property in the approximate size and location of Ingress Egress Easement #2 (the City Parcel Ingress/Egress Easement ) as shown on the survey of the Property and the Bank Branch Property prepared by James Aylward & Associates Inc Project No 97 143 dated 10/21/97 Last revised 11/5/98 a copy of which is attached hereto as Exhibit F 1 (the Revised Survey ) and (ii) Seller agrees to grant to Buyer for the benefit of the Property a perpetual non exclusive easement for ingress and egress for pedestrian and vehicular access over and across a portion of the Bank Branch Property in the approximate size and location of Ingress Egress #1 (the Bank Parcel Ingress/Egress Easement ) as showy on the Revised Survey The intent of the City Parcel Ingress/Egress Easement and Bank Parcel Ingress/Egress Easement (together the Ingress/Egress Easements ) is explained in the notation on the cover page of Exhibit F 1 The exact size and location of the Ingress/Egress Easements may change in accordance with the final approved site plan for the Property and the Bank Branch Property The form of the Ingress/Egress Easements shall be reasonably satisfactory to Buyer s and Seller s counsel 18A 16 1 1 Taxes Seller acknowledges and agrees that the Property is being purchased by an exempt governmental entity and that Seller must comely with Section 196 293 Florida Statutes regarding real estate taxes 16 1 2 Utility Deposits Selle shall receive a credit for any deposits wir.� utility companies to the extent such deposits are assignable and are assigned to Buyel 16 1 3 Utilities Water sewer electricity gas and other utility cha `ec if any shall be prorated on the basis of the fiscal period tor which assessed except that it the e are utility meters for the Property apportionment at the Closing shall be based on the las available reading 16 1 4 Pending and Certified Liens Ce tified 1 ens levied b\ ar Governmental Authority for which the work has been substantially completed and which are currently due and payable in full will be paid by the Seile Pending liens and ce dried hers ma are payable on an installment basis such as monthly semi annually annually or bi annually or io which the work has not been substantially completed w ill be assumed by the Buyer 16 1 5 Rents Seller shall be entitled to all Rents for the period prior to the Closing Date Buyer shall be enuded to all Rents accrung as of the Closing Date and rece ve a credit at Closing therefore However if at the time of Clos ng the e shall be any aelinc er Rents owing from tenants covering any period of time or any obligation incurred pr or to the Closing Date Buyer shall use reasonable efforts to collect such delinquent Rents and snail promptly remit the same to Seller upon receipt by Buye but snall have ro obligation to ws_ru e any proceedings Any Rents collected by Buyer shall be applied first to current Rent due anc thereafter to delinquent Rents Buyer agrees to pursue at Seller s expense the collection or any accrued and unpaid Rents and Seller agrees to cooperate with Buyer in its collecuon efrorts Buyer may deduct its reasonable collection expenses from Rents collected prior to rem'tnng cuc rents to Seller If at the time of Closing any tenants owe Seller any money Seller shall have the rign subsequent to the Closing to collect such sums directly from the tenants including bring ng lawsuits against the tenants (at Seller s sole expense) tor such collection provided however Setter agrees that it shall not bring any such action for a period of ninety (90) days from and a-te- the Closing Date and that any such legal action or collection stall not include any disturbance o the possession use or occupancy of the tenants or any right to evict the tenants wnethe pt.r a� to the specific Lease provisions or otherwise and Buyer shall rot be obligated to join it am Esc proceeding This provision shall expressly survive the Closing 16 1 8 Security Deposits and Prepaid R='itals Buye share be g e credit against the Purchase Price for all secu itv deposits and prepaia rentals collected ov Se le under the Leases 19 16 1 9 Other Items All other items required by any other pro\isions of this Contract to be prorated or adjusted or absent express reference thereto in this Contract items normally prorated in the county where the Land is located will be prorated in accordance w th the standards prevailing m the county in which the Land is located 16 2 Seller s Closing Costs Seller shall pay tor the following. items prior o o at the time of Closing Tide Commitment Documentary stamps and surtax on the Deed Cos. of recording any corrective instruments Certified and pending gove nmental special assessment liens to' ion cu t -c work has been substanually completed as pro\ ided herein 16 3 Buyer s Closing Costs Buyer shall pay for the following items prior o o at the time or Closing Recording of Deed Title Policy Survey Pending special assessment liens tor whicn the work has not been substantially completed as provided here n Any costs and fees in connection with any finarcmg 16 4 Reprorations At the Closing the above refererced items shall be proL =d and adjusted as indicated If subsequent to the Closing taxes tor the yea of Clos ng a e determined to be higher or lower than as prorated a reproration and adjustment will be made a the request of Buyer or Seller upon presentation of actual bills and any payment requree as a result of the reproranon shall be made within ten (10) days following demand theretor All othe proration and adjustments shall be final If any refund of real property taxes is mace are rc Closmg Date for a period prior to the Closing Date the same shall be applied first to the cost incurred in obtaining same and second to the refunds due to tenants by reason of the provisiors or their respective Leases the balance if any shall be paid to Seller (tor the period piior to me Closing Date) and to Buyer (for the period commencing with the Closing Date) The pro\ is o^ of this Section shall expressly survnve the Closing 17 Possession Bu;er shall be grarted h.D poscesaion or th- P-oee-- Closing subject to the Leases 20 18 Condemnation and Damage by Casualty 18 1 Condemnation In the event of the institution of anv proceedings by any Governmental Authority other than Buyer which shall relate to the proposed taking ot any portion of the Property by eminent domain prior to Closing. or in the event of the taking of anv portion of the Property by eminent domain prior to Closing Seller shall promptly noun/ BLye and Buyer shall thereafter have the right and option to terminate this Contract by giving Se le written notice of Buyer s election to terminate within thirty (30) days afte receipt by Buyer or the notice from Seller Seller hereby agrees to furnish Buyer with written notice ot a p opoed condemnauon within two (2) business days after Seller s receipt of such notification Snoila Buyer terminate this Contract then except as otherwise prodded tor herein the parties he e o snail be released from their respective obligations and liabilities hereunde Snouid Bute e& -«t not to terminate the parties hereto shall proceed to Closing and Seiler shall assign ail of its is L Lie and interest in all awards in connection with such taking to Buyer * 18 2 Damage by Casualty 18 2 1 Damage Not in Excess of $200 000 00 Ir ar-e ire Effective Date but prior to the Closing Date any damage occurs trom fire windstorm or ot'e casualty to the Property and the cost to repair such loss or damage does not exceed Two Frk.rdred Thousand Dollars ($200 000 00) then in such event the Closing shall be consummated cs provided for herein and Seller shall cause said damage to be repaired and the P opernto Pe restored to the condition in which it existed immediately prior to such damage Seller shall erect such repair and restoration before the Closing Date and if such damage cannot be repaired b\ the Closing Date then at the Buyer s option (a) the Closing Date shall be postponed until such repo_ s have been completed or (b) the reasonable cost of such repairs as estimated by the Buye shall be withheld from the Purchase Price and paid over to the Seller upon completion of the repa.m and delivery to the Buyer of satisfactory evidence that all mechanics labors and mate 'alr^en providuig services or materials in connection therewith have been paid in full and the Seller s obhgauon to complete such repairs promptly shall survive the Closing hereunder 18 2 2 Damage in Excess of 5200 000 00 If the cost to repo r such damage or destruction exceeds $200 000 00 Buyer shall be required to close this transaction in accordance with the Contract and Seller shall assign unto Buyer anv and all insu ance proceeds If such insurance proceeds are insufficient or unavailable to repair such damage Seller shall pa to Buyer at closing such additional amounts to cure such insufficiency andior unava labiln arc Buyer s obligation to close shall be contingent upon receipt of such payment 19 Default 19 1 Buyer s Detautt In the event that this transaction tails to close d._e o a refusal or default on the part ot Buyer the sole right ot the Seller shall be to reco er a -a c e * The sale by Seller to Buyer is being made as an alternative to cry errunent domain action by the Buyer against Seller in order to onta_r t_tle to the Property which is beiria conveyed by Seller to Bayer -21- sole liability of the Buyer shall be to pay to Seller the Deposit as agreed upon liquidated dariages and thereafter except as otherwise specifically set forth in this Contract neither Buver nor Seller shall have any further obligation under this Contract Buyer and Seller acknowledge that it Buver defaults Seller will suffer damages in an amount which cannot be ascertained with reasonable certainty on the Effective Date and the amount of the liquidated damages to be paid to Selle most closely approximates the amount necessary to compensate Seller in the event or such defaLl Buyer and Seller agree that this is a bora fide liquidated damages provision and not a peraliv of forretture provision The Seller shall not be entitled to any other remedy against Buver 19 2 Seller s Default In the event that this transaction fails to close cue to a refusal or detault on the part of Seller Buver shall have the option to terminate the Contract in which event Seller shall reimburse Buyer for Buver s Coss and thereafter neithe Buyer nor Seller shall have any further obligation hereunder or in the alternative Buver shall have the Inc- t to seek specific pe formance against Seller 20 Real Estate Commission Seller represents and warrants to Bu\e d Buyer represents and warrants to Seller that there are no brokers salespersons or finde s ir\olvea in this transaction Seller and Buyer (to the extent permitted by law) agree to indemnity ana hoic each other harmless from any and all claims for any broke age fees or similar commission.) asserted by brokers salespersons or finders claiming by through or under the indemr'ivirc party The provisions of this Section shall expressly survive the Closing or termination or tr s Contract 21 Notices Any notice request demand instruction or other commnnlcaLon to be given to eithe party hereunder except where required to be delivered at the Closing shall be in writing and shall be hand -delivered or sent by Federal Express or a comparable ove mgnt mail service or mailed by 0 S registered or certified mail return receipt requested postage prepaid to Buyer Seller Buyer s Attorney and Seller s Attorney at their respective aderesseR set forth in Section 1 of this Contract Notice shall be deemed to have been given upon rece pt or refusal of delivery of said notice Notices may be given by telecopy provided a hard copy of such notice is mailed in accordance with this Section on the next business day following such telecopv delivery The addressees and addresses for the purpose of this paragraph may be chard bc. giving notice Unless and until such written notice is received the last addressee and address stated herein shall be deemed to continue in effect for all purposes hereunder 22 Assignment This Contract may only be assigned by Buyer with Sege prior written consent such consent not to be unreasonably withheld or delayed The purpose of any assignment by Buyer shall be for the purpose of developing and/or financing its irterced us - of the Property Upon any permitted assignment Buver shal be relieved or a I on _aoo hereunder provided that Buyer s assignee shall be obligated to close under this Cont act '-t 1 same manner as Buyer In the event of permitted assigrment of this Contract DV Bul.ar a dull. executed Assignment of this Contract shall be delivered to Seller on or befo e the Closing Da e 77 23 Miscellaneous 23 1 Counterparts This Contract may be executed in any number of counterparts any one and all of which shall constitute the contract of the parties and each of the shall be deemed an original 23 2 Section and Paragraph Hearings Tne section and paragraph headirgs herein contained are for the purposes of identification only and shall not be corside ed m construing this Contract 23 3 Amendment No modification or amendment of this Contract shaii be of anv torce or eftect unless in writing executed by both Seller and Buver 23 4 Attorneys Fees It any party obtains a judgment against cn oche party by reason of breach of this Contract Attorneys Fees and costs shall be mcluded m sac' judgment 23 5 Confidentiality During the term of this Contract neither Sege nor Buyer or their respective officers or employees shall divulge or communicate any o` the parncula_ terms of this Contract or the existence of this Contract or any matters related to this transacnor to any third party (except for counsel) Buver may communicate with protessional agerts or consultant who are necessary for advising Buyer regarding any inspections or due diligence items set forth m this Contract Neither Seller nor Buyer shall divulge any information to third parses without specific written consent of the other party After closing, Seller may disclose any information that is in the public records and Buyer may disclose any information that it desires to disclose 23 6 Governing Law This Contract shall be interpreted in accordance with the internal laws of the State of Honda both substantive and remedial 23 7 Enure Contract. This Contact sets forth the entire agreement between Seller and Buyer relating to the Property and all subject matter herein and supersedes all prior and contemporaneous negotiations understandings and agreements t ritLen or oral ber.een the parties 23 8 Time is of the Essence Time is or the essence in the pe iormarce o all obligations by Buyer and Seller under this Contract 23 9 Computation of Time Any reterence herein to time pe iods o les than six (6) days shall exclude Saturdays Sundays and legal holidays in the computation the eoL 23 Any time period provided for in this Contract which ends on a Saturday Sunday or legal hot dap shall extend to 5 00 pm on the next full business day 23 10 Successors and Assigns This Contract shall inure to the be -eft ot and be binding upon the permitted successors and assigns of the parties hereto 23 11 Survival All representations and warranties of Seller set tor -Lb it this Contract shall survive the Closing 23 12 Acceptance Date This Contract shall be null and sold and o no furthe force and effect unless a copy of same execs. ed by Seller is delivered to Buve b the close of business on the Acceptance Date 23 13 Construction ot Contract All of the parties to this Cont act ra e participated freely in the negotiation and preparation hereof accordingly this Contract shall ror be more strictly construed against any one of the parties hereto 23 14 Gender As used in this Contract the masculine shall include tae feminine and neuter the singular shall include the plural and the plural shall include the strguia. as the context may require 24 Notice Regardmg Radon Gas Radon is a naturally occurring radioac fve gas that when it has accumulated in a building in sufficient quantities may present nealth risti to persons who are exposed to it over time Levels of radon that exceed federal and stare guide -'es have been found in buildings in Florida Additional mformauon regarding radon and raeor testing may be obtained from your county public health unit 25 Escrow Agent. Escrow Agent agrees to perform its duties as requirea it this Contract In the event Escrow Agent is in doubt as to its dunes or liabilities uncle the provisions of this Contract Escrow Agent may in its sole discretion continue to hold the Deposit which has been delivered to it until the parties mutually agree as to tne disoursene-it or distribution thereof or until a judgment of a court of competent jurisdiction determines the rights of the parties thereto alternatively Escrow Agent may deposit the Deposit then being held pursuant to the terms of this Contract with the Clerk of the Circuit Court or Dade Court Florida and upon notifying all parties concerned of such action Escrow Agent shall hay= ro liability by reason of its acting as escrow agent hereunder except to the extent of accoun rg o any ot the Deposit previously delivered out of escrow In the event of any suit beta ten Se ie arc Buver in which Escrow Agent is made a pare by urn.e or its acting as an escro c nr hereunder or in the event of any suit in which Escro& Agent deposits the Depos or \ o_ e funds being held pursuant to the terms ot this Agreement in any irate -pleader ac on E o Agent shall be entitled to recover its costs in connection with such suit includ rg rea 0-1c.D e attorneys fees in all trial appellate and bankruptcy court proceedings which shall oe pa\aole o% 24 the non prevailing party All parties hereto agree that Escrow Agent gin?' not be liable to am party or person whomsoever for the failure of any financial institution in which the Escrow Acre - places all or a portion or the Deposit or for =delivery to Seller or Buyer of the Deposit or otne funds held pursuant to the terms of this Contract unless such misdeinery shall be due to willf& breach of this Agreement or gross negligence on the part of the Escrow Agent Nothing he e contained shall preclude Escrow Agent from representing Bu er in connection with this sale purchase transaction or any dispute or litigation arising out of this Contract [THE REST OF THIS PAGE \i kS INTENTIONALLY LEFT BL-kNk l 7D IN WITNESS WHEREOF the parties have executed this Contract as of the dates indicated below SELLER SUNTRUST BANK MIAMI N A a national banking association By `r (—„_ sh-�- ,� u Name Cn'&...r Title <-t o Date n - BUYER VILLAGE OF KEY BISCAYNE a Florida municipal corporation L? u�B/^0 By �/..cumg id (cC Approved as to legal form and sufficiency Name C Samuel Kissinger Title Village Manager Date 'Decer,.kr in: )9q? 26 SCHEDULE OF EXHIBITS EXHIBIT A EXHIBIT B EXHIBIT C EXHIBIT D EXHIBIT E EXHIBIT F EXHIBIT F 1 EXHIBIT G EXHIBIT H Legal Description of the Land Title Commitment and List of Permitted Exceptions Inventory of Personal Property Rent Roll Schedule of Permits Site Plan of Bank Branch Revised Survey Schedule of Service Contracts Form of Deed Restnctive Covenant 103001 Contract between SunTrust and Key Biscayne Draft No 4 Clean - 27 EXHIBIT A City Parcel That part of Tracts 7 and 4 MATHESON ESTATES according to the plat recorded m Plat Book 46 at Page 86 of the Dade County Public Records more particularly described as follows Commence at the Northeast corner of the South 247 33 feet of said Tract 7 thence run due West along the North line of the South 247 33 feet of said Tract 7 for 17) 00 feet to the Point of Beginning thence continue due West along the North line of the South 247 33 feet of said Tract 7 for 26) 43 feet to the Northwest corner of the South 247 33 feet of said Tract 7 said point 15 on a circular curve concave to the Southeast having a radius of 1666 37 feet said point bears N67 53 06 W from the center of said curve thence run Southwesterly along the arc of said cure e through a central angle of 11 35 02 for an arc distance of 336 90 feet to a point of compound curvature with a circular curve concave to the Northeast and having a radius of 25 00 feet thence run Southerly and Wes erly along the arc of said curve through a central angle of 100 31 35 for an arc distance of 43 86 feet to a point of tangency thence run due East for 260 71 feet thence run due North for 105 00 feet to the South ime of said Tract 7 thence L munue due North for 44 00 Poet thence run \20 99 49 E for 216 61 feet to the Point of Beginning 42E4 = 2 /73tAc,egs 7s-; EXHIBIT B TITLE COMMITMENT & PERMITTED TITLE EXCEPTIONS d[,k ae1El) Ga 2f RIC E G PER C 'El, ' 8931 r First Amencan Tale Insurance Company Age_t s Pfle Na 27233/rdp Ccmmzmeiic No Fs -CC SCEiEDGTLL A Date Issued ;tile 9 I998 Dat Etthre May 28 1998 at 6 OQ A M Poke/ es Pohczes to be issued %round o` Paley V. 482 500 00 (a, A LTA Own__ Polley Forn 00 7 1992)(with Foroa Meafica c 4 P -Dosed lrsured VILLAGE OF KEY BISCAYNE a Florian mmrncma c8ttoraLon (b) AI. TA Loan Poky Arc mt o poLcy SIN A (1e-171992)(wit Fonds Moe -fa mers) Proposed lammed N/A 3 The estate er iater= 1rz rbe land deeerbe4 or retired to .a ,h.s Coar tme- ..ltd a /e - harm is at =tae or uttor-st des 2ixr1 4.5 follows Fee Simple 4 Tile to the escale or _merest m .he inid descrthed o r°fecl to in thts Cor• rrr,b t sod _.ve c_ hmeat (aid desz Rd ss i,.dsaa?d m No 3 amen) is at the cf&oti ft dae lieec' es rd i_ KLY BISCAYNE BANK AND TRLST COMPANY a Fionaa bank ng cotporatxon 5 The Land teemed ro is th.s Commatmec is n the State et Fionda Counry a flare. 03 arta dart acd as follows See EXED3IT 'A' attached hereto and made a par bettor WEISS SEYOTA HE_LFMAN P4STORIZA & GLEDES P at Asthonztd Ster;mrd 1- 98(W n) 08 is KI PD 0 P_RriC TMI it )d 89-. P First Amencan Title Insurance Company Agent s File No ?7233frdp CaaT.aa No PA -CC EXHIBIT ' A' Parcel 1 The Sot.tb 24' 33 feet ai Tact 7 MATHESON ESTATE according to the Plat the --of recorded in Plat Book 46 Page 86 of the Public Records of Kam Dade County Flonda as measured at rght angles to the Soothe 1y boundary of said Trac 7 and Parcel 2 A portion of Tract 4 M &itiESON ESTATE according to the Pry iereor -aca-da r is Plat Baok 34 Page 34 of the Public 'accords of Miami Dade County Flonda ir,.^.re part_cnlarly descnoed as follows BEGIN ar the Southeast comer of Tract 9 of a subdivision of a ccraon o- MATHESON ESTATE according to the Plat thereof recorded m Plat Book 46 Page 86 of the Public Records of Miami Dade County Florida thence run Due East along toe South boundary hr;e of Trac 7 of the aforesaid Plat of MATHESON ESTATE according to the Pa ter of recorded is Plat Book 46 Page 86 of die Public Records of Miami Dade County Florida for a distance of 269 45 feet to apaint thence run Due South along a line tor a ctsrance of 105 feet to a pome on the North right-of-way line or West McIntyre Street as shawa on the Plat at TROPICAL ISLE HOMES SUBDIVISION accordmg to the Plat thereof recatded a Pat Bcok a0 Page 64 of the Public Records or Miami -Dade Ceuta Florida and a_ o being described in Deed Book 3358 Page 279 of the Pablzc Records of Miami Dade County Ftonea then= run Due West along the 1' ortn nght-of-way bac of the aforesaid West McIntyre St -eat fa- a distance of 250 71 feet to the be rmmg of a. tangential c rwiar curve thence -ta -a a Northwesterly and Northerly direction along said ctrcz.lar curve havfna a radius or 25 fee - through a central angle of 100'31 53 for an arc distance of 43 86 fee to a norm of cormourd curvature and point on the Easterly right-of-way line of Fernwood Roac as shost.n c- the aforesaid Plat of TROPICAL ISLE HOMES SZ7BOIVISION hence tt.a m a Norieas=. duration along the Easterly right-of-way line of said Fernwood Road bad be.ng a c rn.la- ci -ve having a radius of 1. 666 37 feet through a central ang e of 02'39 01 far an arc disrn ce or 77 08 feet to the PONT OF BEGDIYING i r SBth U) US 2& RIP sf " FEiC r T^[, 4 024 3331 1, (6, First American Tztle Insurance Company Aart[ s bik Na 272331rdp SCHEDULE B t tRgwncnenls) ri foliow�b are too mquiremcts to be contp(u$ wut Corrmmeat Pia FA -CC 1 Payreot to or for le accotu4 of the grantors er t is tgagr's of - ful ars.dca_tvt "a me ester cr zmte.esrto be Wound '- tsyuienr of all axes assesamenm leveed and assessed agmnsc -Uhler ar ens.= whz± ate &LC rd payaale Setif aetory wtdence „alt be prude= that all to r^wseats author =gal= or alt_ -tars th rte ..-c c.cnoleted taat conzaa.,r suLccaractor laoo and --Latemdm=n er.. i1 041 to *tat 4 ILsnum ats in rsurnnle form ghtch m st be popery exerattel deLvered aed dtly ft roe ord a. Warranty Deed from SUNTRUST BANK a nannnat bark*ng as octane= formerly known as KEY BISCAYNE BANK ana KEY BISCAYNE BA,NX AND TRUST COMPANY a Florida bank -mg comar_non to VILLAGE OP KEY BISCAYNE a Flonda rnnnrcipa1 cornoraton In corriecton wish such deed we will further require from SUNIRUST BANK (LUIess stared to the contzary below) (1) Product on of a copy or the articles of tti;,,crxratlon with an affica. affixed thereto estohshma that (e) it is a true copy of the articles or incarporation. and alb amendments thereto and (u) the corporation has no been dissolved (2) Certified copy of a Board of Dire -tors resolution -sew forth the terms concinons and cons deratior for which the corporannn is authorized CO convey its property The resolunon most rsrther identfy the ofnccr authorized to exerulP tae deed and other closing do'-rine^ts on beha f of the corporation (3) Certified mcumbency certificate. showing the _denncv of the afficrrs autno^tzed to execute the conveyance on behalf of the corporation toge.he with examples of their striates (4) KEY BISCAYNE BANK and KEY BISCAYNE BANK AND TRUST COMPANY must have been -mimed prior to Deceriber 13 t96c t5) Current Certfficate from the Secretary of State of sa.d corior_ro'a current good standing Satisfactory evidence of compliance with all regL1 ements regard..ng converrg carporanoa praperry conta.ned to tee at- cles or tnccrpara_on &hcdule 33 I Pa-.. 1 at - -,r SBIht��� uh 29 RH 'D D P_RCIC TEL 1 324 83 1 r First American Title Insurance Company Agent File No 27233lydp Corn>nrtmea. No FA -CC The Company reserves the nght to make such further requirements as it dc= nr-t an after restewmg any of the eocumcatanon required above 5 With regard to that portion of Parcel 1 described as all of Trace 7 of kLATHESON ESTATE according to the Plat the caf rcorded in Plat Boo[ 46 Page 86 LESS the South 150 feet thereof please be advised that questions have arisen ui h regard to the chain of title based on the following deeds Pusuant to that Warran-y Deed recorded Dune^ 11 1973 m Orac.sl Reccrr_. Book 8530 Page 783 C B REBOZO and ROBERT 11 ABPLANALP toed t tie to that portion of Parcel 1 descnood above Tbe-eafter ROBERT P ABPLANALP toned by his wife JOSEPFJNE 4 ABPLAN4..P convened the in erest of ROBERT H ABPLANALP to PRECISION VALVE CORPORATION a New York ccrporabo'i pursuant to that Warranty deed datr1 February 1. 1975 rerordel Asni 28 1975 in Orficial Re ds Book 8973 Page S90 Thereafter by Sprrial Warranrr. Deed C C REBOZO a nzarrxed man conveyed his =crest to 1?;EY BiSCAYNE B 4 NK AND "CREST COMPANY a Florida bzabng ear:oratton dared December 31 1990 recorded January 4 1991 in Official Records Book 14841 Page 620 Scbcegtenaly C G REBOZO and PRECISION VALVE CORPORATION a New York cornorat on cons eyed then interests m .he property deanabed above ..o C C REBOZO a single man pursuant to that Warranty Deed aced July 25 1083 recorded Augs t 22 1991 in Official Records Book 15160 Page 247$ In order to remove all gLestions with regard to the execution and recraing of the final dead described above we will feature the following a Evidence of the corporate existence in good staadmg from 197a through and including 1991 for PRECISION VALVE CORPORATION from. the Secretary of State of the State of New York and An affidaat of THOMAS E WAKEFIELD Es' oust the prepa.er of tut Warranty Decd given by C G REBOZO, a single man and PRECISION VALVE CORPORATION a New York comorattoa, to C G REBOZO a sing a man dated July 25 1983 recorded August 22 1991 in Official Re-o-da Book 15I60 Page 2478 confi-mmg the actual date of uncondit o-ial delivery of said deed and explain= the reason for the delay in recording sa.d deer for ayp.uxim*tely eight (8) years 6 With regard to Parcel 2 we will recur= proof of pavmet or the fol owing a Lien for delinquent Waste Fees ,n the emoaat of 5544 80 as eviden...ed try _sr Lien dated January 17 199 rerorded in Official Records EoaK 151-s Page 964 ann Sebedlie 9 t P g 2 - "lh UI E18 iu H1 ll U r„Wt L L ti s 8 9 r First American Tale Insurance Company Agent a Fie No 27233hdp Camrirct *vo FA CC' b Lien far delmeseat Waste Fees m the ameuat of $544 80 as evidenced by twat Lien dated 7anu. y 17 199 recorded in Official Records Beck 15 r -a Page 996 and the recording of a release of Par -el 2 from that Notice of Lis Penders fi1.d in Case Number 91 36534 CA 3D m Jhe Circuit Court or the 11th Judicial Circuit in and of Dade County Florida s`y1 METROPOLITAN DADE COUNTY a poht__ai subdivision of the Sate of Flcrida Pta."rtff va CERTAIN LANDS UPON WIiUCr ASSESSMENTS ARE DELLNQUE_tiT (COMMERCIAL) Defendants recorded August S 1591 in Official Records Bank 15I43 Page 891 and Page 893 7 We will require the scarce and review of all Setts and other hers w. an _re evidenced by name searches of those parses and tin sues -ors n mm-est was sale heir title to the properties described m Schedule A Upnn comp anon of such cesrch -Pc renew a revision to this comma .eutt w-tl be issued The Comtiany reserves the r-rI to make additional requirements and exceptions upon completion of such se rill a: c review 8 We will require proof of pavtrent of C/TY OF ICE i' BISCAYNE man cmai 1 en.. aid assessments if any 9 We will require wrtttea evide-ice from appropriate govemmennal authomes that euv county and other SOe.'.i81 assessment distract liens and amity rhares web 1 net ware water and sewer gas and trash removal charges if any have been pars 10 Upon receipt of a survey cerrssed m ac :crdar with Section 472 027 Wlonda Stators and which otherwise meets the requirements cf Sccuon 627 7842 Florida Stan.trc me survey ex eeption and unrecorded casement cxc-pticn seak be deleted Toe Poii_; Issued he^nunder will be subject to a Special Exception tor adve se mattezc disclose: by said sure ey 11 Upon receipt of an Affidavit of possession and no -hens pursuant to Se_eon 627 7852 Flonda Statutes the parties m poasessron exception and the nernamcs hen =taut= chart be deleted The Policy issued bere..nder will be subject to _ Special Exce-ton or the rights of parties disclosed by =aid Aildavit Seject:1la &I or - Jilt 'as,t UI Lx lu H'( U ll ?E' JIU I'LL 1 -'Y 8uS r it First Amencan Title Insurance Company a� 5FIE No 27233/rdp Cemrtner No FA -CC 12 The Company will insure the period of time hew= the last ode exam, floor and the recording or the deed giving n e to the interest being muffed provided a The Company updates title at or near the time of dosing an such update is satisfactory to the Company h The Seller provides an Affidavit =tab!! him that then: -re no mattes the coo a rite rise to a teen that would attach to the p onerry between die ef-e_^ve dote harem- and recording of the mic tst to be msur_d and c The deed to be mane,. recorded as soon as possible aft_- closing Sc—c-duL, 3 i Pa e 4 " Jut 1 r 9i ttihih ' aU Kit 11 J NcKLIL First Amencan Title Insurance Company Agee s Ftle No 27233trdp St r_l)ULE B -II (Etnc mats) Crr`-nlrar he FA CC Se'iedale B of the policy or voltres to be _median 1 e:ntan eeneolaons to the foilowi-t: csaz-r 11:1(..z t _ sc..= Arc dtaposed of to the saasfantnn of .hn Company Demers titers, t cznbram_rs, advent. Jaim or ther inzttr._ irary -rand rust anpe c: u to the h e- a. =thing stbsccpr it m die effective date h 'att pner to the re t moms -a rr —d 3cgczax cr Va re.atd the mar- or mter= cr morith,e thccc cove -d by this +hems= r3 '— Rata, or cheers o' perttea re poasvtnr not aeon by .h.. nut is meads Earner= or clatters of csememts itt shown ty the public r orris Ecemacbments, oystiape bat ndary Itre dispuma cr odic manta vetch would br dCc s- `y ay aw'-a.. stir or inspect= of the premises 5 Azy hen or nght to a ila for sctL s Isbor err rracrul hector —a or t'ereaftr ^ari n _ wrier d'v i swan nor shown by the pubis =this. 6 Any adverse claim to any person of siad land wbiah las ben ant.ffi by araccal r11.14 or has ac..tet n ny —_ porcon so tested and apart= righ... Tar)/ 7 Tama or spec 4 neessmerna which are err mown as wise- ten, cy ibe putdm 8 \ftams Dade &maw goon taxed for the year 998 and subsequen years wined are not ye due ^sear payable. (Parcels 1 and 2) 9 Matters contained in Plat' of MATHESON ESTATE recorded in Plat Hoak 34 Pa_r (Parcel 2) 10 Matters contained in Pla of MATHS ON ESTATE rrcord=d n Plat Book 46 Pages •6 (Parcel 1) 11 Restnctious established by that Unity of Title recorded January 12 197' ui Records Bock 9555 ?age 1877 (Parcels 1 and 2) 12 Restrictions established by that Unity of Ttie recorded DecQmber 20 19'7 in Doan Records Book 9892 Page 2337 as affect= by mat Patna. Release or Unity of TiI recorded. January 25 1991 m Official R.ards Book 14873 Pa= 890 (Par_e1s 1 a, : 2 13 Conswuctton ooligations and restrictions established by that Declaration of Restrict Covenants m favor of METROPOLITAN DADE COUNTY a poh tical subd& nston or dx_ Stare of Florida recorded MarcL 25 1985 in Official Records Book 12-54 Page 5_2 (Parcels 1 and 2) 14 Terns cofenana conditions rest -tenons and the ..tf xmativc rcaiirenae-t to make a_1 tenants aware of such provision_ establis_ed by that CovenantIt= Land E. favor of MMMROPOLITAN DADE COUNTY excu..r on bah -if KEY IS BANK & TRUST CO recorded April 15 1992 m Official Records Bads 154"' -- Page 145 (Parcels 1 and 2) Seheltl B -A Peg c A 7,211? J? J; --rtt1. U L Y.'(L L ltL i s 4 57Ji First Amerman Title Insurancet2ompany Agent s File No 27233frdp Camn anent Na FA CC - 15 Terms cnvenanra rrn+dlhons, construction obtigarrons and restrictions establisher. by that Covrnanr Rurnmg with the Lard between KEY BISCAYNE FANS AND TRLST COMPANY a Florida banhiw =pennon, and METROPOLITAN DADE COUNTY a poltncal subdivision of the Stare of Flonda recorded 4nr? 15 1993 to Orfrcal Records Book 15880 Page 3434 (Pa.ce1s 1 and 2) 16 Terms covenants and cendrnon_ conralred in that Office Building tease as elidene.-d by that Memorandum of 1 rear Aareerrenr by and between KEY BISCAYNE EANt( AND TRUST COMPANY a Florida corporation -s 1 nrttard and THE VILLAGE OF KEY BISCAYNE a Honda mumc pal corporation. as Tenant recorded May 24 1993 m Of is al Records Book 15924 Page 397 (Parses 1 and 2) 17 Terms covenants candrnons and the recluses= to connect to _an ary ssczc cmilec c-i and transnzssron system estabhsned by Board Order No 97 49 of the METROPOLITAN DADE COUNTY ENVIRONMENTAL QUALITY CONTROL BOARD recorder. August 7 1597 m Official Records Book 17743 Page 4289 (Parcels 1 and 21 ALL OF THE PUBLIC RECORDS OF MIAMI DADE COUNTY FLORIDA schceule B t Da,-, = c FATIC 700 ENDORSEMENT NO 1 ISSUED BY FIRST AMERICAN TITLE INSURANCE COMPANY Issuing Office File No 27233/rdp Attached to [X] Comnutment [j Policy No The Commitment is hereby amended as follows 1 The Effective Date set forth m Schedule A is updated from May 28 1998 at 6 00 A M to June 22 1998 at600AM 2 Schedule 13 I Item 7 is deleted m its entirety and the followmg is substituted m its place We will require either satisfaction of or proof by affidavit making proper reference to the property described m Schedule A and stating facts and circumstances showmg that the following matters are against someone other than SUNTRUST BANK MIAMI N A successor by merger to SUN BANK MIAMI N A and KEY BISCAYNE BANK & TRUST COMPANY the present owner of the property described m Schedule A a Notice of Federal Tax Lien Under Internal Revenue Laws m the amount of $1 137 06 filed agamst WILKINS L TOW RALPH 09631003 SUN BANK MIAMI NA Tax Identifymg Number 59 6609493 recorded February 26 1992 in Official Records Book 15401 Page 3731 b Certified Final Judgment of Garnishment m the amount of $6 657 10 m Case Number 94 03624 CA 15 m the Circuit Court of the Eleventh Judicial Circuit m and for Dade County Florida styled R M EQUIPMENT INC a Florida corporation vs LILIAM CHESTNUT Defendant the terms of which establish a judgment against Garnishee SUNTRUST BANK MIAMI N A f/k/a SUNBANK/MIAMI N A rendered February 24 1998 a certified copy of which was recorded February 24 1998 in Official Records Book 17991 Page 1842 together with a statement of the Affiant that SUNTRUST BANK MIAMI N A successor by merger to SUN BANK MIAMI N A and KEY BISCAYNE BANK & TRUST COMPANY have never been adjudicated bankrupt and that there are no other certified judgments tax hens or liens of any nature filed against SUNTRUST BANK MIAMI N A successor by merger to SUN BANK MIAMI N A and KEY BISCAYNE BANK & TRUST COMPANY Endorsement No 1 Page 1 of 2 FATIC 700 ENDORSEMENT NO 1 ISSUED BY FIRST AMERICAN TITLE INSURANCE COMPANY Issuing Office File No 27233/rdp Attached to [X] Commitment [1 Policy No In addition to the judgments described above the following unsatisfied judgments have been filed against each respective entity described below (1) KEY BISCAYNE BANK AND TRUST COMPANY 6 uncertified garnishment judgments and (2) SUN BANK OF MIAMI 64 uncertified garnishment judgments Based on the foregoing we will require the withholding of all net sale proceeds payable to the seller until the deed is recorded and a title update is obtained evidencing that no certified copies of any of the uncertified judgments have been recorded pnor to the recording of the deed of conveyance The Company reserves the right to add requirements upon receipt and review of such title update All other matters remam unchanged This endorsement is made a part of the policy and is subject to all of the terms and provisions thereof and of any prior endorsements thereto Except to the extent expressly stated it neither modifies any of the terms and provisions of the pohcy and any pnor endorsements nor does it extend the effective date of the policy and any prior endorsements nor does it mcrease the face amount thereof This endorsement shall not be valid or binding unless signed by either a duly authorized officer or agent of the Company Issue Date July 6, 1998 FIRST AMERICAN TITLE INSURANCE COMPANY By Authorized Signatory O first AmencanTitleInsurance Company Br PRESIDENT At A J 60042744,Z. (14-ne "z SECRETARY Endorsement No 1 Page 2 of 2 DEG 10 98)PHU) 15 48 rATIC 70a FIRST A\IERICAN TITLE TEL a0a a°1 6154 p 0r1 ENDORSEMENT NO 2 ISSUED BY FIRST AMERICA'V TITLE INSURANCE CMIPANY Issung Office File No 27233fJR/da Alta 1 d to [X] Commitment [J Pot cv ',o Item 5 of Schedule A is hereby amended to read as follows That part of Tracts 7 and 4, MATHESON ESTATES, according to the Plat racorcdctin Plat Book 46, at Page 86, of the Dade County Public Records, more particularly described as follows Commence at the Northeast corner of the South 247 33 feet of said Tract 7, thence run due West along the North hne of the South 247 33 feet of said Tract 7 for 175 00 feet to the Point of Beginning, thence continue due West along the North line of the South 247 33 feet of said Tract 7 for 265 43 feet to the Northwest corner of the South 247 33 feet of said Tract 7, said point is on a circular curve, concave to the Southeast having a radius of 1 666 37 feet, said point bears North 67° 53 06 West from the center of said curve, thence run Southwesterly along the arc of said curve through a central angle of 11 35' 02" for an are distance of 336 90 feet to a point of compound curvature with a circular curve, concave to the Northeast and having a radius of 25 00 feet, thence run Southerly and Westerly along the arc of said curve through a central angle of 100° 31' 35" for an arc distance of 43 86 feet to a point of tangency, thence run due East for 260 71 feet thence run due North for 105 00 feet to the South line of said Tract 7 thence continue due North for 44 00 feet, thence run North 20° 09' 49" East for 216 61 feet to the Point of Beginning Schedule B -U is hereby amended to add the following 18 Unrecorded Easement granted to Florida Power and Light Company dated February 11, 1964, a copy of which is attached hereto 19 Unrecorded Easement granted to Florida Power and Light Company dated July 24, 1978, a copy of which is attached hereto This endoisement is made a part of the policy and is subject to all or the terms and provisions thereof and of any prior endorsements thereto Except to the extent expressly stated it neither modifies any of the terms and provisions of the pohc f t:d any pnor endorsements nor does it extend the effective date of the policy and any prior endorsements nor does a Increase .ne fa e am si thereof Continues on next page DEC 10 98(THUI 15 48 FIRST AMERICAN TITLE TEL a0a 081 6'i4 F C CONTE UATION OF ENDORSEMENT NO 2 Agent s File No 27233/TR/da This endorsement shall not be valid or binding un Issue Date November 16 1998 FIRST AMERICAN TITLE INSURANCE COMPANY By ye G--/' et Authorized Signatory PAGE TWO leas signed by either a duty au honed officer or agent of th Campan j Furst imrrraaT klasurmieeCmrpary 0 HY 6C41-1<e't-4 HYTH ' 1,74.44- £ [ SECazMY PRZWEAT DEC 10 48iTHU) 1a 48 FIRST RERIGASI TITLE TEL 300 381 6104 EAs EMPNT SEX Rt _6 P 071 awo/SSa No 10 Ea No r {%9 Pole No FLORIDA POWER & LIGHT COMPANY Miami, Florida GENTLEMEN! TCWNSRIP SS —S RANGE —t to consideration of the payment to us by you of $ 100 and other good end valuable consideration which we have received, we and those holding through ua, grant and give to you and yaut auccesaors the right to an aerial encroachment and, an anchor and down gay with a 20' (Poet) lead extending East slang the north property line from the vats property line, and the right to permit the attachment of wires of say other Company glom the right to cut, trim and keep clot- all trata, brush and undergrowth chat might endanger the proper construction, operation and maintenance of said lines, en our property deacribed as follows The north six feet of the east 145' of that portion of Tract 4 of Matheson Estate, Plat Book 34, Page 34, lying north of West Mc Intyre Street between Crandon Boulevard and Fanwood Road, the property owned by Standard Oil Comany of Kentucky, ail tom an &halt A dated December 18, 1963 attached karate and made a part hereof STANDARD =PFAFF In the presence of / - (Tr,. `ia- ` in Yo„4 ) 0-1.2 i �y.�. i re/ (Corporate Seal) Vice Pras.delt Attest Aasistantti Sec-etary KEtma aver* meern eraraim COUNTY nF JEFFERSON PEG 10 98fTHWJI 1a 49 FIRST AMERICO TITLE Aaminguss TEL 003 381 6734 P CO3 sa EASEMENT DATE July 24, 1978 SECS TWP55S RG6 & in consideration of the payment to melua by Florida Power & Light Company of SI CO and other gocd end valuable consideration which I/we brie racatred, ilava ind thane holding through me/us, grant ind give to Florida Power & Light Company and its wccsaors end assigns an teaament for the earxsructlon operetlon end main. tenants of electric utility facilities (including wirer, poles, guys, tables, eoreluhr transformer enclosers end appurtenant equipment) to be installed from time to time, with the right to reconstruct, improve add m, change the size of or remove such facilities or any of them, to perms: the attachment of conduits, wires or obits 0 any other Company or parson, also, to cut, trim and keep ;leer ell ten brush and undergrowth cr otheroh:tn.:eons that might endanger ar Inparfire with said facilities, on tar upon under, and egos* my/our property dear. abed es follows, The 10' feat of track 768 of eubdiviaioa of a portion of Madsen tacsoa plat book 46 page 86 of to records of Dada Cauaty, ]Tondo, as shown and described in the Ylorida Paver & Ltgit Company drawing dated July 13, 1978, attached herto sad made a part bare of sad marked Exhibit 11L" in the presence of• } 0/ i i STATE OF FLORIDA AND COUNTY OF DADE IcgY BISCA BANK =: , TRUST Ce*+2 ANY 1HEREBY CERTIFY that before me personally appeared C C REBOZD Thomas If respwcnvefy enraged erteWake fxaitteaetary of KEY BISCAYNE SANK AND TRUST CCt'WANY a Catperatian arganlxad under the lanai the State of Florida to ere known to be the person dame ed in and who executed the foregoing lnatryment end aerwaily nknawtadgea thenecutian thereof to be their free as' and dead is suet officers for the uxa and papas thrrn mentioned end that they VMS thereto the of tidal aeei of atd carparation and that sa'd instrument is the act and dad of add ea poretian WITNESS rnyhand and official seat inmid County end Stara this 7th day of AugU9t tg 73  FIRST AMERICA`I TITLE TEL 305 381 6'o4 P 0P, DEP 10 98ITHU) 15 49 vA R t w Y t a 1 r t a i 8 L. II t�� 'i 6 ��. i ����` s ?it 14 la .751. Y 11 3 PptOp F.puet REF E.RE NCee 1 Rtwo 4Z=41. t SSo EXH1ailT '4.' EAsa t- i G.S-cT Fa F- P 1 t - Co ov8F.1-4Fex, E.Lcc's P C. awl- Cs C.i L.("rt e_r9 C Mn w. o.. MM. 0 r " " rim DEG -10 981THU) 15 49 FIRST AMERICAN TITLE TE1 30a 381 6'34 P 037 TO fROO 4VNtCT Right -of -Way Department "Rum DISTRt1Q7IC $YN WUTS /8I0/TWC R No _ / � 'n Ps''gi LOC;TIOM orri E OATS e j7� caret TOR 1 L� dva.04,Asi+ni} rime '.was The attached easements vare required for the subject job fleas' record and charge to the 'object job Under this job casemen6 acquisition costa chargeable to Account 360 were included in the amount off?+, f✓ No monies were included in Account 360 for easement acquisition costs and we have forearded Form 159 so that Treasury will accept recording charges These easements were acquired from Grantor Date Ki y 4 I c,5 f4.tt /S,9Mk 4-4,4 .1Sf� C. C rQG/ a z n Ass/tat 6i f a .00J�S W4JJrs F1 01-0 trade wy EXHIBIT C PERSONAL PROPERTY SunTrust Bank Key Biscayne EXHIBIT C INVENTORY as of September 30 1998 1 1 Air Conditioning Equipment 14 Compressor units roof mounted from West to East 1 Rheem compressor Model RAKA 060JAS Ser 49871442927,4_ RLA 28 9/ LRA 169 Mfg 10/92 2 Weather King. compressor Model SFCR10191 A Ser 4720M3091S911 RLA 9 6/ LRA b4 Mfg 7/91 3 York compressor Model H1DA060S06B Ser ECCM1378-,0 RLA 31 5/ LRA 147 Mfg 1997 4 Camer compressor no details new compressors 1992 5 Carrier compressor no details new compressors 1992 6 Carrier compressor no details new compressors 1992 7 Camer compressor no details new compressors 1992 8 Trane compressor Model TTA042C300AO Ser H122666)G RLA 14 9 Mfg 3/93 9 Trane compressor Model TT k042C300AO RLA 14 9 Mfg 3/93 10 Rheem compressor Model RAKA 0243A8 RLA 11 5/ LRA 61 Mfg 3/93 11 Rheem compressor Model RAKA 030JAS RLA 14 7/ LRA 7D Mfg 3/93 12 Rheem compressor Model RAKA 030JAS RLA 14 7/ LRA 7D Mfg 3/93 Ser I -11226664T Ser 4900M119 780 Ser 4951M99'862 Ser 49)1M129_=04) EXHIBIT C page 2 13 York 2 compressors Model D2CE120A2)A Ser NKAM1b2164 RLA 167/ LRA 1.)0 Mfg 9/92 14 Rheem compressor Model RSNE 0.j6J Ser 506)F3',9j 1620 RLA 20 2/ LRA 97 6 Mfg 9/93 Air Handlers Bank 1 Rheem ceiling mounted storage room around floor 2 No brand floor mounted dual air handler F781897 (north hall) 3 Carrier floor mounted dual air handler #A694502 (motor repl 1994) Electronic timer (second floor next to bathrooms) 4 Carrier floor mounted dual air hardier #D89290., (1992) nex to ele ate second floor No brand floor mounted single air handler (lower level elevator lobb'v) Tenant space 6 Rheem ceiling mounted Village Zoning Dept ground floor (1994) 7 Rheem ceiling mounted Tenant Space ground floor (1992) 8 Rheem ceihng mounted Village corner ground floor (1 990) Vault Door Diebold 3 6 W X 6 7 H vault door dual combination with timer clock (1964) Elevator Miami Elevator two stop 2 500 lb capacity elevator and motor (19-2) Grounds sprinkler system Rambird model RC 7C covering the West and north perimeters of the park na lot (1997) EXHIBIT C page 3 Flagpole (1) Drive through facility Two Lefebure pneumatic omerhead tube dnve through systems Installed 199.. One is currently installed other equipment is in storage Diebold Bulletproof commercial window drive up facility with single drawe- (ca 1975) Walk up facility Two Diebold walk up bulletproof stations with single dower (ca 197)) Night Depository Diebold through the wall safe single combination w/ key #Y7891 (ca 197)) _ Water fountain Halsey Taylor ADA approved water fountain model HAL 8FS serial 9303271-'9 (1993) Ground floor north halfway Window/door treatment Wood slat Venetian blinds at main bank floor 7 floor to ceiling (South windows ground floor) 4 1/4 length (South windows ground floor) 3 %2 width (2 at north doors 1 at south rear office) 1 Picture window (North office) Metal Venetian blinds 30 picture window South second floor 1) North 4 bathroom windows 2 rear door North ground floor Awnings North entrances 1 double door 1 picture window 3 single door Teller counter and cabinets 7 window teller counter (West wall) and cabinets u _, EXHIBIT C page 4 Planter/dividers (3= 12 feet and 1= 7 feet long) bank ground floor Second Floor Kitchen Water Heater Rheem Ceiling mounted Kenmore two cycle Dishwasher Kenmore Ice maker Kenmore 16 cf Refrigerator built in cabinets f EXHIBIT D LEASES AND RENT ROLL 1U17/a5 1U 18 aJUo 3b1 8U..3 stN111CJY ttX b1J LC1UU.6 SunTrust Bank Key Biscayne Exhibit D Schedule of leases and rent roll as of December 14 1998 Tenant- Village of Key Biscayne Lease dated April 1 1992 Term three years First Amendment July 1 1995 for additional premises Second Amendment December 4 1996 for additional premises Third Amendment October 1 1997 for additional prenuses Term three years endmg October 1 1998 Per modification of Oc.ober] 1997 Current Rent $8 048 19 per month current Lectsmg commissions None Security deposit Nom - Subleases None Renewal in process Tenant Law Offices of Thomas Wakefield Lease dared June 9 1998 Term seven months ending January 31, 1999 Current Rent S 1 021 48 per month, current Leasing commissions None Secunry deposit None Subleases Nook. Renewal in process lease tk,1,n one year Tenant Tarafa & inondo Realtors Lease dated January 24 1998 Tenn one vtar ending December 31 1998 Current Rent S 1 730 32 per month current Leasmg commissions None Security deposit $1 623 43 held by Landlord Subleases None Renewal in process lease term one year As at Oecembcr 14 1998 DEC -f2 -19E 10 `.6 p 02 OFFICE BUILDING LEASE T. Bank a addres Key Bi Florid purpos Florid s is a Lease Agreement (the Lease ) between Key Biscayne Trust Company a Florida corporation ( Landlord ), whose for the purpose of this Lease is 95 West McIntyre Street, :ayne, Florida 33149 and the Village j of Key Biscayne a municipal corporation ( Tenant ), whose address for the of this Lease is 85 West McIntyre Street Key Biscayne, 33149 LEASED PREMISES 1 1 Subject to and upon the terms and cond_tions set forth 4 this Lease and in consideration of the performance and obsery nce by each party of the duties and obligations of the otner under Isis Lease Landlord leases, to Tenant and Tenant leases from L mdlord those certain premises (the Premises or Leased Premis ) in the office building (the Office Building ) which at date o J this Lease is known as the Key Biscayne Bank and Trust Buiidi more particularly described as follows a portion of the first st) floor of the Office Building comprising 1,312± square feet o et Rentable Area (defined below) as outlined in red on the floor arts of the Leased Premises attached to and made a part of this L 4se as Exhibit A 1 2 The term 'Net Rentable Area," as used in this Lease, refers o all space within the inside surface of the outer glass or finish column walls enclosing the tenant occupied portion of the floor ��ggd measured to the m_dpoint of the walls separating areas leased .y or held for lease to other tenants or from areas devoted to co idors, elevator foyers, rest rooms, service areas and otner similar facilities for the use of all tenants on the particular floor 21 LEASE TERM (the on the Date ) descri comple 2 3, a Commen 1, 199 busine last terming a tweiir Year sh the fi 2 1 This Lease shall be for a term of three (3) years ase Term or Term ) to commence (the ;Commencement Date ) arlier of (a) thirty (30) days after the date (the Notice andlord notifies Tenant that the Landlord s Work, as d in Section 5 and Subsection 2 2, has been substantially d subject only to the punch list described in Subsection d such work is in fact substantially completed which went Date shall under no circumstances be later than March or (b) the day Tenant opens for or begins operation of its from the Leased Premises The Lease Term shall end on the of the third Lease Year (defined below) unless sooner ed or extended as provided in this Lease Lease Year is calendar month period, provided, however the first Lease 11 begin on the Commencement Date and shall also include t partial calendar month if the Commencement Date does not DEC -0G -19a8 10 35 l� P 03 fall o that t months calenda follow Landlo March Lease the first day of a calendar month even if the result is first Lease Year is more than twelve (12) full calendar Each subsequent Lease Year shall be twelve (12) full months commencing with the first day of the calendar month g the last calendar month of the preceding Lease Year If is unable to deliver the Leased Premises on or before 1992, then Tenant may, in its sole discretion, cancel this 2 2 Landlord s Work shall be deemed complete on the earlie date on which all of the following conditions have been met 2 2 1 A certificate of occupancy or completion (tempo hry or final) has been issued by the aopropr_ate govern ntal entity permitting Tenant s use of the Leased Premises for th purposes for which they have been leased, if a temporary certif ate of occupancy is issued Landlord Shall be responsible for ob ining a permanent certificate of occupancy as soon as reason Y4ly possible, been s in Sub interf of no necess corrid condit facile availa the Le shall Leased prompt of Ten aforem Landlo of suc discov Tenant Within shall Tenant extend Premis 2 2 2 Landlord s Work in the Leased Premises has bstantially completed subject to the punch list described e tion 2 3 , the noncompletion of which1does not materially with Tenant s use of the Leased Premises or the conduct business therein 2 2 3 All means of access and all facilit_es to Tenant s occupancy of the Leased Premises, including elevators and stairways and heating, vent_lating, air- ing, sanitary water and electricalllighting and power s have been installed and are in good&operating order and to Tenant in accordance with Landlord s obligations under 2 3 Within one (1) month of taking possession, Tenant rnish Landlord with a punch list(s)1af defects in the emises and Landlord shall rectify such punch list items as as practicable and in any event within thirty (30) days t s notice In addition to the items set forth in the boned lists Tenant shall have the right to require d to repair or complete additional items if such items are h nature which would not normally permit the defects to be led within the one (1) month punch list period, provided g ves Landlord prompt notice after discovery of such items a reasonable time after receiving Tenant's list(s), Landlord 1 ce all such items in condition reasonably satisfactory to 2 4 Tenant shall have the right at its option, to t e Lease Term for all Leased Premises (including the Option s as defined in Section 26) for an additional two (2) year - 2 - DEC -08-1998 12 37 F 04 N._I period Extension Term ), Lease rm, upon the terms amount f annual Rent and term) Notice of Tenant writin and delivered to advancb of the expiration following the expiration of the initial specified in this Lease (other than the with appropriate adjustments as to the s exercise of thisIoption shall be in Landlord at least ninety (90) days in of the initial Lease Term 2 5 Notwithstanding any -thing to the contrary Tenant has the unu ditional right to cancel this Lease after the second Lease Year by providing Landlord with 120 days prior written notice and the pa ent of $10 000 00 This figure shall be adjusted in the same m riper as the Rent under Section 3 2 of this Lease 3 RENT 3 1 Tenant shall pay to Landlord as Rent for the Premix the annual rent of Twenty Nine Thousand Six Hundred and 00/100 oilers ($29,600 00) payable in equal monthly installments of Thousand Four Hundrea Sixty -Seven and 00/100 Dollars ($2 46 00), commencing six months after the Commencement Date Tenant hall not be obligated to pay any Rent for the first six months f the first Lease Year Said Rent shall be payable to Landlor at the address shown on page one of this Lease Notwit standing anything to the contrary in this Lease the first monthl installment of Rent shall be reduced by $1,500 00 3 2 The Rent has been calculated on the assumption that titelcost of Landlord s improvements as set forth in Section 5 of thi ease is $25,000 00 In the event than upon completion of Landlo s improvements the actual cost of the improvements exceed 25,000 00 the equal monthly installments of Rent shall be increa in accordance with the following formula I c ease in = Actual cost of landlord s improvements - $25,000 m hly rent 30 s less t shall D m each m other author subse leased theref larly, if the actual cost of Landlord s improvements is n $25,000 then the equal monthly installments of Rent reduced in accordance with the following formula ease in = $25,000 - actual cost of landlord s improvements n`thly rent 30 3 3 In addition to Rent Tenant shall pay to Landlord r_th a sum equal to any sales tax, tax on rents, and any mparable charges imposed by governmental or regulatory , taxes and/or impositions now in existence or tly imposed based upon the privilege or renting the space ander this Lease or upon the amount of rent collected r 3 4 Commencing with the second Leased Year and each year - 3 - DEC -09-199G 10 32 P therea adjust define Price urban all it promul Depart annual proves the ti the se Compar Year a shall fracti Index, an equ r during the Lease Term, the annual Rent shall be , in accordance with changes in the Price Index as in this section The Price Index shall' mean the Consumer dex for "all items shown on the U S city average for e earners and clerical workers (including single workers), s groups subgroups and special groups of items as ed by the Bureau of Labor Statistics of the U S nt of Labor using the year 1967 as is base of 100 The ent shall be adjusted in accordance'with the following -s - 3 4 1 the Price Index as of the last month of st Lease Year shall be designated the Base Price Index 3 4 2 the Price Index as of the first month of Ind and subsequent Lease Years shall) be designated the sion Price Index 3 4 3 promptly after the end of the first Lease at the end of each Lease Year thereafter, the annual Rent adjusted by multiplying the originalHannual Rent by the n which has a numerator of the most recent Comparison Price and has a denominator of the Base Price Index Written as tion this computation is as follows 0$Lginal annual Rent X the most recent Comparison Price Index Base PricefIndex 3 5 In the event the Price Indexi referred to above ceases o incorporate a significant number ofithe items currently set fo h in it or if a substantial change is made in the method of est lashing such Price Index, then the Price Index shall be adjust 1 to the figure that would have resulted had no change occurr d in the manner of computing such Price [Index In the event tnat s dh Price Index (or a successor or substitute index) is not avail le, a reliable governmental or other nonpartisan publication evaluating the information previously used in determining the Price Index all be used in lieu of the Price Index 3 6 Notwithstanding anything to the contrary in this Lease, he adjustment to Rent under this Section 3 4 shall not exceed % in any one year i 4 TIME OF PAYMENT Tenant agrees that Tenant shall prompt pay said Rent at the times and place stated above, that Tenant hall pay charges for work performed on order of Tenant and any of r charges that accrue under this Lease that if any mart of sad rents or above mentioned charges shall remain due and unpaid for ten (10) business days after written notice from Landlo to Tenant, Landlord shall have all (rights and remedies avail e to it under this Lease, at law and in equity - 4 - DEC —©9-1498 10 3a F 0cz \I LANDLORD IMPROVEMENTS AND SERVICES 5 1 Landlord shall improve tne Leased Premises, in accord nce with internal design development drawings (the Design Develo ent Plans ) consisting of (a) a partition plan, (b) demoli on plan (c) new work plan, (d) reflective ceiling plan and ( ) finish schedule each of which sha}.1 be delivered to Landlo by Tenant within 10 days of the execution of this Lease 5 2 Landlord shall furnish to the Premises water and electr cal outlets adequate to serve Tenant s use and design as shown the Design Development Plans Should the Tenant need more or di f rent than standard electrical circuits, sack' circuits must be app ved by the Landlord All electric current to the Premises should a separately metered and the payment fdr which shall be the respon bilsty of the Tenant Failure by Landlord to any extent to furnis or any stoppage of these defined services resulting from causes beyond the control of Landlord shall not render Landlord liable in any respect for damages to either person or property, nor work a abatement of Rent nor relieve Tenant from fulfillment or any co nant or agreement hereof The Premises are on the around floor the Office Building the entrance ofiwhich is at 91 West McInty Street, Key Biscayne, Florida and elevator service to tne second loor will be available at all times Other than outside lighte signs, Landlord shall furnish certain outside lighting in common with other Tenants which will be furnished at such times as is uni orm for all Tenants Landlord will maintain the sidewalk in front 4 the Premises and Office Building in the same manner which is mai thined for all ground floor Tenants including plantings and shrubb 6} REPAIR OF LEASED PREMISES 6 1 Tenant will, at Tenant s own cost and expense, repair replace any damage or injury done to the Office Building or an part thereof caused by Tenant or Tenant s agents, employ s, invitees, or visitors If Tenant fails to make such repair r replacements promptly, Landlord may,' at its option make such airs or replacements and Tenant shall repay the cost thereo to Landlord on demand Tenant will notfcommit or allow any waste damage to be committed on any portion of the demised Premis =, and shall, at the termination of the Lease, by lapse of time 0 otherwise, deliver up said Premises to Landlord in as good coedit cn as at date of possession of Tenant, ordinary wear and tear a 2 damage by fire or windstorm alone excepted, and upon such termin lion of lease Landlord shall have the right to re-enter ana resume possession of the Premises 7 INDEMNIFICATION Tenant will indemnify and save harmle g Landlord of and from any and all fines suits claims, demand and actions of any kind by reason of any breach - 5 - DEC -08.1q°8 .. 10 39 F 07 violet c�n or non-performance of any conditions hereof on the part of Tennt, its agents or employees Tenant is, or will become famili 34 with the Premises, acknowledges that the same are receives by Teak t in good state of repair, accepted by Tenant in the condit4c4n in which they are now or shall be when ready of occupa dy 8 DAMAGE OR DESTRUCTION 8 1 In the event the Leased Premises shall be partially or wholly damaged or destroyed by fire or other cause during the Lease rm and such damage or destruction results in the Leased Premise being untenantable or unsuitable for its intended use then Lk dlord shall have the right, but not the obligatior, to render uch Leased Premises tenantable by repairs within one hundre twenty (120) days therefrom If Landlord so elects not to rebuil , after damage as described in the preceding sentence, then Tenant y elect that this Lease shall cease and come to an end as of th date of such damage or destruction' and all Rent and Additi al Rent owed up to the time of such damage or destruction shall a paid by Tenant If Landlord elects not to rebuild Tenant shall ve the right to cancel this Lease within sixty (60) days from d of notice of sucn election or ninety (90) days from date of fir or casualty whichever is later Landlord shall given Tenant ritten notice of its decisions estimates or elections under is Section 8 1 within thirty (30) days after any such damage r destruction If the Lease Premises and Building are not render fully tenantable within one hundred twenty (120) days then a her Tenant or Landlord may terminate this Lease as of the date of the fire or casualty by written notice to Landlord or Tenant espectively, given within one week of such 120 day period 8 2 During any time that the Leased Premises are untena able due to causes set forth in this Section 8 2, the Rent or a 3 t and fair proportion of it shall be abated If more than twenty- ive percent (25%) of the Leased Premises are rendered untena able by any of the events described in this Section 8 2, all of he Leased Premises shall be deemed untenantable and all Rent all abate Landlord shall, subject to rights of cancel tion described in this Section 8 2, 'restore the Leased Premis and Office Building, full Rent shall recommence upon comple on of restoration of the Leased Premises and Building 9 EMINENT DOMAIN If there shall be taken (including purcha in lieu of condemnation) during the Lease Term any part of the Lka ed Premises or Office Building, other than a part nct interfe4ing with maintenance, operation or use of the Leasea Premise , Landlord or Tenant may elect, by giving notice to Te*tart withinitinety (90) days of the date of such taking, to terminate this hse or to continue it in effect If Landlord and Tenant elect tp continue the Lease the rent shall be reduced in tre proportion of the area of the Leased Premises so taken to tie - 6 - DEC -02-144'3 10 40 p no entire eased Premises (or, in the event property outside the Leased remises is taken, rent shall be !equitably adjusted theref ) and Landlord shall repair any damage to the Leased Premss or Office Building resulting from such taking If twenty- five p cent (25%) or more of the Leased Premises is untenantable as a r ult of such taking, then all of the Leased Premises shall be deem d untenantable If all of the Leased Premises is taken by conde tion or eminent domain, this Lease shall terminate on the date o taking All sums awarded (or agreed upon set forth in its notice which date shall not be less than tent (10) nor more than sixty 0) days after the date of such notice, this Lease shall then t rminate at noon of such cancellation date, unless all of such a reements shall have been duly tendered meanwhile as if sucn cancel atson date were the expiration date, anddLandiord shall halie no fu her obligation to Tenant hereunder except to return ary monies previously paid by Tenant to Landlord under this Lease 1Q. ASSIGNMENT AND SUBLETTING 10 1 With the written consent of Landlord first obtained in ea h case, which consent may not be unreasonably withheld Tenant Tay assign transfer, or otherwise encumber or dispose of this L se or sublease all or any part of the Leased Premises or permit 11 or any part of the Leased PremsseS to be occupied by other rsons Notwithstanding the foregoing, Tenant shall be absolu ly prohibited from assigning subletting or otherwise transf ring this Lease to any bank or financial institution 10 2 If Tenant desires to sublease all or part of the Leased remises or to assign this Lease or to grant occupancy rights o other than Tenant, Tenant shall submit to Landlord a writte request for the consent of Landlord to such subletting or asst nt or occupancy Landlord shall have the option within five ( days of receipt of such notice to approve or disapprove the pro osed subtenant or assignee or occupant, or such approval shall a deemed given 11. DEFAULT Landlord and Tenant agree that if Tenant shall fail t perform any of the material terms, provisions covenants or conditions of this Lease on Tenant s part to be performed then and in any such event at the option of Landlord thirty (30) days after Landl r has given Tenant notice, in the manner provided in this Lease, f such act, condition or default, provided Tenant has not cured s ch act, condition or default within such thirty (30) days peril) r Tenant has begun and is diligently proceeding to cure such condition or default, Tenant agrees immediately then (a) to pa ent through the date Tenant vacates the Leased Premises, and (b) to quit and surrender said Leased Premises to Landlord The re edies and options of Landlord described in this section shall t impair or affect Landlord s rightlto maintain summary proce d ngs of the recovery of the possession of the Leased Preens a in all cases provided for by law 7 DEC-©8-1aa3 1© 41 P 22C 1 its La LIEN FOR PAYMENT OF RENT Landlord expressly waives ord lien 1 RIGHT OF ENTRY Upon prior notice duly given by Landlord to Tenant, Landlord, or any of its agents, shall have the right o enter the Leased Premises during all treasonable hours to examin t or to make such repairs, additions or alterations as may be dee necessary for the safety, comfort orfpreservation of the Leased remises or of the Office Building, or to exhibit the Leased emises at any time within one hundred eighty (180) days before 4he expiration of this Lease Landlord shall use good effort to interfere as little as possible with Tenant s bus_ness 1 NOTICE Any notice given Landlord as provided for in this L se shall be in writing and sent to Landlord by hara delive or overnight mail (or nationally recognized overnight delive service) addressed to Landlord at the Premises Any notice to be ven Tenant under the terms of this Lease unless stated otherw s in this Lease, shall be it writing and shall be sent by hand d 1 very or overnight mail (or nationally recognized overnight delive service) or personally delivered to Village of Rev Bzsca , 85 West McIntyre Street, Key Biscayne Florida 33144 Attn illage Manager, with a copy to Weiss Serota & Heitman, P A 65 So Bayshore Dr , Suite 204, Miamil FL 33133 Either party, rom time to time, by such notice, may specify another addres Ito which subsequent notice shall be 'sent or delivered Notice s all be deemed given on the date it is actually received or on the to receipt is refused 11 arisen any oft Lease servic the co in any reason person incurr relati event unless OVER Lease is soo Premis Build' casual ATTORNEYS AND ACCOUNTANTS FEES In any litigation out of Tenant or Landlord defaults inithe performance of he terms provisions covenants and conditions of this by reason of such default Landlord or Tenant employs the of any attorney or accountant to enforce performance of ants or to perform any service basedlupon defaults, then f said events the prevailing party shall be entitled to le attorneys (Including paralegal and similar support 1) and accountants fees and all expenses and costs by it pertaining to such matters (including costs and fees to any appeal) and in enforcement of any remedy In the a settlement, each party shall bear its own expenses therwise agreed in writing CONDITION OF PREMISES ON TERMINATION OF LEASE AND HOLDING Tenant agrees to surrender to Landlord, at the end of the or upon the earlier termination of this Lease, whichever r the Leased Premises in as good condition as the Leased were at the time Tenant first occupied the Office , ordinary wear and tear, and damage by fire or other not caused by Tenant s negligence, excepted - 8 - DEC -0S -199S 10 42 c in 1 SIGNAGE Landlord agrees to pernmit:Tenant to install a wall s4 n or window sign at Tenant s expense pat a location along the e rior frontage of the Leased Premisesi Said sign shall comply ith all applicable governmental regulations Additionally, Landlo grants to Tenant the right at Tenants sole cost to install a pylo sign on the existing pole located within the planted area immedi ely in front of the Premises Said sign shall comply with all ap icable governmental regulations 1 PARKING Landlord shall provide Tenant with the nonexc sive use of 10 parking spaces and thef exclusive use of 2 parkin spaces The exclusive spaces shall be at a cost of $15 per month r space The spaces shall be appropriately marked For Tenant use however, Landlord does not assume the responsibility to mon or, control or otherwise police the usage Tenant shall be permitted to post No Parking/Towing signs on the exclusive spaces 1 the Co with a the u unders for mu limite as nee and re 2 utilit shall shall air co from t 2 covena person unenfo such circ unenfo provis enforc shall Fiore be Da 22 the pa to al Lease COMPLIANCE WITH CODES Landlord shall be obligated as o: encement Date to bring the Office Building in to compliance Federal State and local laws and regulations governing and occupancy of the Office Building with the express nding that the Premises is to be used as a public building Icipal government This obligation includes, but is not to, the requirement that the Office Building be retrof_ttec d to comply with all Federal, State and focal codes laws lations governing handicapped accessibility UTILITIES The cost of electricity, telephone and other service as well as janitorial services to the Premises the sole responsibility of the Tenant Separate meter_no provided by Landlord for each of these' services, including itioning which will be provided through a system separate Office Building system INVALIDITY OF PROVISION If any !terms, provision, or condition of this Lease or the application of it to any or circumstance shall, to any extent be invalid or eable, the remainder of this Lease or the application of rm, provision covenant or condition to persons or ances other than those as to which it is held invalid or eable shall not be affected thereby and each term n, covenant or condition of this Lease shall be valid and ble to the fullest extent permitted by law This Lease construed in accordance with the laws of the State of The venue for any lawsuit arising out of this Lease shall County Florida TIME OF ESSENCE It is understood and agreed bet&ee-t ies to this Lease that time is oz the essence with respect the terms, provisions, covenants and conditions of this - 9 - DEC -08-1998 1@ /13' P 11 coma MISCELLANEOUS The terms 'Landlord and Tenant as n in this Lease shall include singular and plural mascu a e feminine and neuter heirs, successors, executors, adman s rators personal representatives and assigns, wherever the conte t so requires or admits The terms, provisions covenants and co itions of this Lease are expressed in the total language of this L se Agreement The section headings are inserted solely for the c enience of the reader and shall not by deemed to limit or expan ny of the provision of this Lease Any formally executed adden to or modification of this Lease, shall be e deeme ncorporated in this Lease by reference _ contrary intent n is clearly stated in such addendum or modificationtrary 2 ENTIRE AGREEMENT This Lease contains the entire agreem t between the parties to this Lease and all previous negoti ions leading to the execution of this Lease This Lease may be odified only by an agreement in writing, signed and sealed by Lan ord and Tenant 25 BROKERAGE Tenant and Landlord ,each represents and warrant to each other that it has dealt with no broker agent salespe son, finder or other person in connection with this transa ion and that no broker, agent or other person brought about this t nsaction 2 FORCE MAJEURE Neither Landlord nor Tenant shall be requir to perform any term, condition, or coyenant in this Lease so long as its own respective performance is delayed or prevented by For a Majeure which shall mean labor controversies, strikes and lo outs (whether lawful or not) either industry -wide or with third ties other than Landlord and Tenant respectively acts of God, m erial or labor unavailability, inability to obtain fuel or power tastrophes national or local emergencies, restrictions by any go rnmental authority, civil riots, flcods, and any other causes of reasonably within the control of Landlord or Tenant, as applic le and which by the exercise of due diligence Landlord and Tenant respectively is unable wholly or in part to prevent or overco Lack of money shall not be deemed Force Majeure 2 SHORT FORM LEASE Upon request by Landlord or Tenant the of party shall execute a short form lease in recordable form settin forth the name of the parties the Lease Term the provis ns of this Lease and the description of the Leased Premis _. OH/P OF PARTIES Nothing ase shall deemed lor construed by Landlord and/or iTenant ne in for byhis e any third ty to create the relationship of orinclipal and agent or of partner ip or of joint venture or of any association whatsoever betwee Landlord and Tenant it being expressly understood and agreed hat neither the computation of rent nor any other provis s contained in this Lease nor any actor acts of Landlord - 10 - DEC -O8-1999 113 -13 P 12 or T n nt shall be deemed to create any relationship between Landl tenan d and Tenant other than the relationship of landlord and EXPANSION SPACE (the ti29 1 Tenant shall have the right during the Initial Term Area on Right ) to lease 2,150+ square feet of Net Rentable space on the second floor of the Office Building as shown on Ex 1 it B (the Option Premises ), on the following terms 29 1 1 Tenant must give notice to Landlord of its intent to exercise the option Right before February 1, 1992 1 29 1 2 The leasing of the Option Premises shall commence on the day on which the Option Premises are delivered to Tenant with Landlord s buildout 1(in accordance with Section 29 1 5) substantially completed (the Option Commencement Date ), 29 1. 3 29 1 4 If Tenant exercises: its Option Right, then effective as of the Option Commencement Date the Option Premises shall be included in the Net Rentable Area leased under this Lease, the terms 'Leased Premises and Premises' used in this Lease shall include the Option Premises and Tenant shall be entitled to additional nonexclusive parking spaces to maintain the same ratio of parking spaces to square feet of Net Rentable Area in the Leased Premises The term for the Option Premises shall be the same as for the Leased Premises and all applicable provisionslof this lease shall govern the Option Premises including Landlord s obligation to comply with all codes and regulations as set forth in paragraph 19 as it relates to the Option Premises /f Tenant exercisesiits Option Rights then the Option Premises shall be rent free until March 1, 1993 Subject to the CPI adjustments in Section 3, the Base Rent shall be $10 00 per square foot of Net Rentable Area for each Lease Year thereafter and shall be paid as provided in the Lease EEC —Q9-1995 13 41 P 111 29, th the Le except comple descri LeAse Dade C $T 29 1 5 Landlord shall, at its cost, build out the option Premises according to Landlord s then -standard work letter which shall not exceed $9 30 per square foot In the event Tenant requests a buildout which e'ccee s $9 30 per square foot, Tenant shall be responsible for that additional cost 29 2 If Tenant exercises its rights under this Section the Option Premises, as applicable, shall become a part of d Premises, and all provisions of this Lease shall apply hose specifically modified in this Section 29 upon the on of such Option Premises pursuant to the standards in this Lease for the initial buildout LORD and TENANT have signed sealed and delivered this multiple copies, all of which constitute but one Lease at nty, Florida as of the day and year first above written 1 %0TAT FU : L STATE OF FL0PI71 AT LARGE -MY 02,41 S• 10 f EXPIRES JLLY 0 1992 Eo-)' ' H'U CKLcRERRY & ASSOCIATES stew/ .. .. sta3nsUeeamx3 San 103001 LANDLORD KEY BISCAYNE BANK. A$ta- TAU2T Co a Florida- GGr oration, By TENAI4T htrt L Vireo` Y r PZeident [ CORPt EATk SEM1 F VILLAGE OF KEY BISCAYNE, a Florida municipal corporation BY Ra.aei Conte, Mayor - 12 - DEC -0S-1998 10 44 F 14 ,-p.0Locfce n 2'to pct.e. aw tz ' i} c t F4 T OF( LKt Ctt.(ritpd) Oi.- ttcc &y t "14`t Chth4CTL& rleozol L WFQ l f7 ° (Fcrial- P'-zDirge c (Warr Iiittg tat) (A6Hr i'rrve_g, (Pw ,c &a) Ct..E,Ri ZePleptstset ' 1.11n11/4 47vc re44tficrtc ytr!!s wcQ r~xttn&J t (�)k *Usi C�t.IST ct- I "Elxhtbt t A." pAg2 l op 6144 tea-' pvtp-Swit4i crcht cts sGK -,o wife &CtStltIE+ t7)02. DEC-09-1a9S 10 45 P '�.. ;law PTCn'noMtifi WAaannM er-Pals, }4 4cr jS -t 4 1 t Tf U„sr pcPnarFrn r (4q M/ Key &s*ay..c 2.4 Ft .. Wy-2 31.*ISp S7 fret Par wr.sH F .. 0 Yr e r r 4 rr r' " 1r DEC -09-1998 10 46 F 17 FIRST AMENDMENT TO LEASE AGREEMENT TH S FIRST AMENDMENT TO LEASE AGREEMENT (the Amendment ) is made an entered into as of the 1st day of July, 1995 by and between EY BISCAYNE BANK AND TRUST COMPANY a Florida corporation ( Landl rd ) whose address for the purpose of this Amendment is 95 W McIn re Street Key Biscayne Florida 33149 and the VILLAGE OF KEY BIS DYNE, a Florida municipal corporation ( Tenant ) whose address f r the purpose of this Amendment is 85 W McIntyre Street Key Bis ne Florida 33149 RECITALS La lord and Tenant entered into that certain Lease Agreement comment g on approximately April 1 1992 (the Lease ) with regard to the ije se of the Leased Premises (as defined in the Lease) from Landior to Tenant La dlord and Tenant desire to amend the Lease in order to include ertain additional premises as part of the Leased Premises (which a ditional premises shall be subject rto the terms and conditi s of the Lease) subject to the provisions of this Amendme set forth below NO THEREFORE in consideration of the premises and the mutual onuses and agreements set forth herein and other good and valuabl consideration the receipt and sufficiency of which is hereby cknowledged, the parties hereto agree as follows 1 RECITALS Landlord and Tenant acknowledge and agree that the abo Recitals are true and correct and are incorporated herein by this eference 2 DEFINED TERMS All defined terms nbt defined in this Amendm n shall have the meanings ascribed to them in the Lease 3 AMENDMENT CONTROLS In the event of any conflict between this e dment and the Lease the parties agree that the provisions of thi endment shall control 4 THE LEASE All references in this Amendment and in the Lease this Lease shall include this Amendment 5 ESTOPPEL The Lease is a sole agreement pertaining to Tenant use and occupancy of the Leased Premises and has not beer previo ly modified or amended Neither party has given a notice of def 1lt under the Lease to the other party Neither party is in defaul in the performance of any of its obligations under the Lease or do any circumstances exist which with the gning of notice c$r the passage of time would ripen into a default under the Lease DEC -08-1998 10 47 p 1E 6 LEASED PREMISES 6 1 The Leased Premises defined In; Section 1 1 of the Lease a e amended to include certain additional premises (the Addit. nal Leased Premises ) as rnore particularly described as follow a portion of the first floor of 'the of the Office Busidi comprising 765± square feet of Net Rentable Area (inclu ng an office conference room and bathroom) as shown on the Floor Plan and Location Plan of the Additional Leased Premises attach to and made a part of this Amendment as Exhsbit A Landlo shall deliver possession of the Additional Leased Premises to Ten It on July 1 1995 The Additional Leased Premises shall be subjec jto all terms and conditions of the Lease including but not lia)ted to the Lease Term and Extension Term All references in the ease to the Leased Premises or Premises shall include the Additional Leased Premises Additi Leased which 7 Leased 1995 3 of Dollar compar taxes based Amendm amende remain end of Lease 8 provid provid front Buiidi 9 Amendm confi 6 2 Landlord shall have no obligation to prepare the pal Leased Premises for Tenant s use and occupancy S 3 Landlord and Tenant acknowledge that the Additional remises are served by a separate air conditioning unit s separately metered RENT As consideration for the lease of the Additional 'remises by the Landlord to Tenant commencing on July 1 ach monthly installment of Rent payableIpursuantto Section ILease is increased by One Thousand Six Hundred and 00/100 ($1,600 00) plus sales tax tax on rents and any other ble charges Imposed by governmental or regulatory authority d/or impositions now in existence or subsequently imposed n the privilege of renting the space leased under this t or upon the amount of rent collected therefor The total monthly installment of Rent is Five Thousand •• .. for the 4r of the current Lease Year subject to adj stment at the the applicable Lease Year pursuant to Sectio 3 4 2 of the PARKING In addition to the parking spaces curre y pursuant to Section 18 of the Lease, Landlord shall Tenant with four additional parking spaces (two in the the Office Building and two in the rear of the Office adjacent to the Additional Leased Premises LEASE PROVISIONS Except as may be modified in this t all terms and conditions of the tease are ratified, d and remain in full force and effect DEC -08-1448 10 48 P 13 IN WETNESS WHEREOF LANDLORD and TENANT have signed sealed and del 4ered this Amendment in multiple copies all of which constit t one Lease at Dade County Florida as of the 1st day of July 1.9 WITNES -:S 1 � r J f,,Me Name 674 d ?c7z 7/✓ ame Yo Gal no Go az Name G 103Q01/Iwe d e H Inzuanzc. Jr E2 LANDLORD KEY BISCAYNE BANK AND TRUST COMPANY a Florida corporation, By Robert L = oo Jr Preside [CORPORATE SEAL] TENANT VILLAGE OF KEY BISCAYNE a Florida municipal corporation By - 3 - ncr_no_ coo n 0 c _C SunTrust Eta nktf%am N A 3 37 N W 87 h Pvenue M ami F 3a" 2416 Tel (205) 591 6 4 Fax (305) 50 6 00 Roger F Lowe Exec i✓e ire e ic40 SU U T Decemb 12 1996 C Same Kissinger Village ger VILLA OF KEY BISCAYNE 85 Wes cIntyre Street Key Bi ne Flonda 33149 D Enclos lease find executed document of the Second Amendment to I ease Agreement betwee unTrust Bank Miami N A and the Village of Key Biscayne for your files Should u have any additional questions on the above please call me at 591-6344 Sincere Roger Y Lowe DEC-OB-1' 9E 10 ,19 P ,SECOND AMENDMENT TO .LEASE..AGREEMENT SECOND AMENDMENT TO LEASE ACREEMENT (the Amendment ) is made an entered into as of this Ll a` day of &m ,„ ltu 1996 by and betwee SUNTRUST BANS MIAMI N A a Florida corporations ( Landl d ) whose address for the purpose of this Amendment is 95 W Moir re Street Key Biscayre Florida 33149 and the VILLAGE OF KEY EI ?ENE a Florida municipal corporation ( Tenant ) whose address or the purpose of this Amendment is 85 ry McIntyre Street Key B_ ckyne Florida 33149 L commencli to the Landlo RECITALS lord and Tenant entered into that certa_n Lease agreement g on approximately April 1 1992 (the Lease ) with regard ase of the Leased premises (as defined in the Lease) fror to Tena--t L dlord and menant enterea into a First Amendment To _ease Agreem commencing on the 1st day of July 1995 (the First Amendm t To The Lease ) w_th regard to the lease of the Leased Premis s (as defined in the Lease) from Landlord to Tenant L milord and Tenant desire to amend the Lease in order to includ certain additional premises as part of the Leased Premises (which additional premises shall be subject to the terms ara coedit ons of the Lease) subject to the provisions of th_s Second Amendm At as set forth below N THEREFORE _n consideration of the premises ara the mutual p omises and agreements set forth here_n and other good and valuab consideration the receipt and sufficiency of wnicn is hereby acknowledged the parties hereto agree as follows 1 RECITALS Lanalord and Tenant acknowledge and agree that the ab ve Recitals are true and correct and are incorporated herein by thi reference 2 DEF/NED TERMS All def_ned terms not defined _n th_s Amendm rt shall have the meanings ascribed to then in the Lease 3 AMENDMENT CONTROLS In the event of any conflict between th_s A dment and the Lease the parties agree that the provisicns of thi Amendment shall contro,. 4 Lease 5 Tenant previo of def defaul Lease notice Lease THE LEASE All references in this amerdment ara _n this Lease shall _nclude tnis Amendment $STOPPEL The Lease _s a sole agreement pertain_ -g to use and occupancy of the Leased Premises and has rot teen ly modified or amended Neither party ras gi1ie^ a notice It under the Lease to the ocher partv Ne__her cart✓ _s _r in the performance of any o: _ts obligations i._raer tie of do any c_rcumstarces exist which w_th the tiring of Mir the passage of t_me would ripen into a default ricer the DEC -D2 -1a°8 10 X19 r p 22 LEASED PREMISES 6 1 The Leased Premises as dR_ined in Section 1 1 of tee Lease -i in Section 6 1 oz the First Amendment To T1 -e Lease are amende to include certain add_tiona] premises (the Add_tional Leased remises ) as more particularly described as follows a confer n e room on the second floor of the building comprisirg approxi ately 468 square feet of Net Rentable Axea as shown on t'ie Floor lan of the Add_tional Leased Premises attached to and made a part f this Second Amendment as Exhibit A Landlord shall delive ossession of the Additional Leased Premises to Tenant immedi t ly The Additional Leasea Premises shall be subject to all to and conditions of the Lease incluaing but not limited to th lease Term and Extension Tereus All references _n t"e Lease g eement to the Leased Premises or Premises shall _rclLae the Ad clonal Leased Prert_ses 6 2 Landlord shall hake ro obligation to prepare t' -e Additiohi'a1 Leased Premises for Tenants use and occupancy RENT Beginning July 1 1996 the monthly rent for the demised premise not including the conference room as described it Section 6 1 ab ve was $6 216 28 per month Upon, occupancy oz the confere ce room space aescribed in Section 6 1;above the monthl,r rent w 11 be increased by $423 54 per month /468 square feet X $10 86 er square foot per year - 12 months) for an adjusted re-` of $6 6 9 82 per month 8 j TERM of the confere conditi force a The Tenant and Landlora mutually agree to extend the tern Lease for the entire demise prem_ses includ_ng t' -e e room descr_bed um Section 6 1 above to Jure 30 1998 LEASE PROVISIONS. Except as may be modified in tris Amendment all terrs and s of the lease are rat_fiea conrirmed and remain in full effect DEC -a8-1998 10 50 SR 23 I and del constit ofe WI SS ,PiLf9-� Name ! Name 7- Na Name Name I; WITNESS WHEREOF LANDLORD and TENANT have signed sealed yered this Amendment in multiple copies all of which ,e one Lease at Daae County Florida as of the L aav , 1996 LANDLORD SUNTRTUST SANK MIAMI N A Y, CCAVstb£, A Florida Corporation 16/ n UeC K,ss ii 0[% VAIDIAL Name no e varona Village By rl Roge F Lowe EV1) TENANT VILLAGE OF KEY BISCAvVL' a F'lcr_aa Murici•-1 corporation By By F Fes C Samuel singer Village Manager Key Biscayne Florida Resolution No 96-36 Adopted November 14 1996 DEC —QS -1995 117 59 F 24 SunTr+st Bak Miami N.A 3737 N W F h vent= Man FL 30 7 2416 Tel (.305) 501 4 Fe (305) 591 6 60 Roger F Lowe c ecU VG V,cP a es dent SLmiInusT November 1 Mr C Sam Village Ma Village of K 85 West M.I Key Btsca, 1996 1 Kissinger er y Biscayne tyre Street Florida 33149 Dear Mr E1 stager Enclosed y) will find Exhibit A of the lease which contains a diagram of the second floor conference rom space If you have 4ny questions please do not hesitate to contact me at 591 6344 Sincerely *rats` gil Roger F Lo xc Lease Dbcument File EXHIBIT A ( -H -0 T 1 SLCOND FLOOR PLAN (EAST HALF) 1/4 rivrtarra 0 coy �J 0 0 0 0 o wwintrainigintel J00 (3 I 0 C 1 0nr p' c ^oe n o o3 1 11 n 03 G1 ry (11 �I 10 44* DEC -OS -149S 10 51 P 25 fS and emoted r MIAMI N is 05 W BISCAYNII Amendmen THIRD AMENDM EN f fOLEASFAGREFMENT AM.F,NDMEN T TO LLASE AGREEMI+ NT (the Amendment ) is made o as ofthis I sr day of' pcat close 1997 bs and between STINTRLST BANK, a Flonda corporation ( Landlord ) whost. addtesstor the purpose of this amendment c,Intyre Stteet Key Biscayne Honda 33149 and rNr. 'VILLA( 1, OF K} 1 a Honda municipal corporation ('Tenant ) whose address for the purpost. ot tlt_s 85 W McIntyre Street Rev Biscayne Flonda 3..149 RLCIr4LS d and Tenant enterea into that certain Lease Agreement commencwg on approximat i} Apnt 1 1992 (the Lease ) with regard to the lease of the Leased Premises (as defined in the Leas )fiom Landlord to Tenant L rd and Tenant entered into a First Amenament To Lease Agreement commencing on the 1st day July 1995 (the `First Amendment To The 1 ease ) with regard to the lease. ot Leased Pt emises (s efined in the Lease) from Landlord to Tenant L rd and Tenant entered into a Second Amendment To Lease Agreement commends= on the 4th a of December 1996 (the `Second Amendment To The Lease ) with regard to the lease of Leased rinses (as defined m the Lease) from Landlord o Tenant Laid ord and Tenant desire to amend the Lease m order to include certam additional premises as part of tie Leased Premises (wluch additional premises shall be subject to the terms 4.nd condmons of the Lea c subject to the provisions of this Second Amendment as set forth below N T}TEREFORE m consideration of the premises and the mutual prormses and agi eement et forth herein and other good and valuable consideration the receipt and sufficiency of which 1 ereby acknowledged, the parties hereto agree as follows 1 FFFCTFALS. landlord and 1 enant acknowledge and agree that the above Ree talc are true d correct and are incorporated herem by this reference 2 the meannls DEFINED TERMS Ali defined terms not defined in this Amendmcit shall ha e ascribed to themm the Lease 3 AMENDMENT CONTROLS In the esent of any conflict between thus Amendm n and the Lease the parties agree that the provisions of .his Amendment ithall cost 4 + 1 Lts I EASE All iefe ences m this amendment and m the Lease to 'this Lease shall include tli}es Amendment 5 FS COPPEI The Lease is a sole aaicement pettaiamg to Tenants use aLa DEC -OS -1°°S 10 52 P 27 demised pr 9 are ratifier of the First A are amende particularly c Street comps of the Additi A Landlor rs understo Improveme. The Addmc but not lima the I eased Tenants us occupancy o. has given a performance giving ofno c Leased Premises and has not been previously modified or amended Neither party n tice of default under the Lease to the other party Neither party is m default m the o any of its obligations under the Lease nor do any circumstances exist which, with th.. r or the passage of time would ripen into a default under the Lease 6 LEASED PREMISES 6 1 The Leased Pretenses as defined m Section 1 1 of the Lease and m Section 6 1 eudment To Tim Lease and in Section 6 1 of tht. Second Amendment To The Lease 3 o include certain additional premises (the Additional Leased Premises ) as more ecuibed as follows a suite of offices located on the second floor of 91 West McIntyre s'mg of apps oeimately 940 square feet of Net Rentable Arca as shown on the Floor Plan of1al Leased Premises att ached to and made a part of this Second Amendment as Exhibit d Lhail deliver possession of the Addition 111 eased Premises to Tt nant rnmediatelx It od that the pretenses will be dehvreo in clean condition with no improvements at are for the account of the Tenant afrau written proposal and approval by Lanalord_ n 1 Leased Pit wises shall be subject to all terms and conditions of the lease meluding tc to the h. Ise Term and Extension Terms All references m the Lease Agreement to nemtses or rictuses shall mclude the Additional Leased Premises 6 2 Landlord shall have no obhgation to prepare the Additional Lea ed Premises for li.d occupancy 7 RENT 8 I j TFRIM The tenant and Landlord rm tnally agree to extend the term of the lease for the entire es, including the suite of offices described in section 6 1 above to October 1 1998 LEASE PROVISIONS Except as may lit modified m this Amendment all tenths and conditions of the lease on firmed and remain in full force and effect DEC-09-1P+Q9 10 52 P 29 the Amen the 1sT aANESS WHFRKOF,LANDLORD laidTENANT hatesped sealed and delis. ered eut in multiple copies, all of which constitute one Lease at Dade County Honda as of ay of p c -T l tr 1997 WITNESISES n Nana, 5r-mCe Nltne C Name Name rev -,0 4) 9e -- S CANDLURD SUNTRUST BANK MIAMI, N .-L. A I'londl Corporation Robert 4:> ekes SVP TENANT VILLAGE 01 KEY BISCAYNE a Ilnnda Minna t al corporation age Manager age of Key Biscayne Florid't Resolution No 97-43 Adopted August 26 1997 01 -- 9 #OI— CI a9 16 r, I 11— a1 #17 /a1 1 4- nb 01 11/411 C I ea tri N a 0 BUSINESS PROPERTY LEASE i THIS LEASE, executed this 1- day of January , 199/5/i between SIINTRILST st,NkLmumi.,-AIa\. . (hereinafter referred to as the Landlord) and TARAFA & IRI0ND0 CORPORATION (hereinafter referred to as the Tenant) WITNESSETii: That in Co sideration of the rents, covenants and conditions herein set fo h, Landlord and Tenant, do hereby covenant, promise and agree as follows PREMISES Subject to the terms and conditions hereof, Landlord does hereby lease and demise unto Tenant and Tenant does take from Landlord for the lease term the following described premises, situated lying and being within the building known as SUNTRUST BANK BUILDING (hereinafter referred to as the Building) in the Village of Key Biscayne, McIntyrefStDade Stte Key Biscayne of Florida, the FL 33149 address of which is (hereinafter referred to as the Premises) FURNISHINGS: Furnishing in the Premises include NONE PARKING SPACES Tenant shall have the during the Lease term which regular business hours No PERMITTED USE Tenant shall use and occupy the conduct of a realty nffice&relared* Tenant the permitted use only and for no other written consent of Landlord use of 4 assigned parking spaces parking spaces may be used only during overnight parking is permitted Premises solely for the will use the Premises for*servi purpose without the prior Landlord does hereby lease the Premises to Tenant for a period of one year commencing the ttr day of .innuary A D 19 9/8 and continuing to and including the 11at day of December A D 19978 (hereinafter referred to as the Lease Term) / RENTAL PAYMENTS AND CHARGES: Tenant shall during the Lease Term pay to Landlord, as such place as set forth herein or as Landlord shall designate in writing from time to time, a total rent of F ___ ous 4D £Ev f31NBRED ELXTT us SIX AND 24L100 Dollars ($aq,66 2 applicable sales tax thereon, which rent shall be payable to Landlord as follows 1) Equal monthly payments in the amount of La 730 plus applicable sales tax thereon, shall be payable in advance on the first day of each month commencing on January 1 1997 8 and continuing through ➢ecember 31. 199Y$ 2) A rental payment of $ 0 ** plus applicable sales tax thereon, is due and payeDle simi ltapeously i'ith the execution of tal ls Lease which and last month oflithe leasenterm along with a t represents rent for the first security deposit in the amount of $ 0 *K 3) Beginning in January of the calendar year immediately subsequent to the calendar year in which this Lease commences and continuing during each calendar year thereafter throughout the term ** Tenant has previously paid $1 623 43 as a security deposit which is held by the Landlord hereof the Tenant shall also pay to Landlord its proportionate share of any increase in annual real estate taxes assessed against the Building (which proportionate share of such increase is hereinafter referred to as the "Tenant's Proportionate Share") in twelve equal monthly installments (to be paid simultaneously with the payment of rent on the dates set forth above in Paragraph 1) Tenant's Proportionate Share shall be determined annually for each calendar year in which the payment thereof is required and shall be calculated by subtracting the annual real estate taxes assessed against the entire Building in the calendar year immediately preceding the calendar year during which this Lease commenced (hereinafter referred to as the "Base Year") from the annual real estate taxes assessed against the entire Building during the calendar year immediately preceding the calendar year for which the calculation is being made and multiplying the difference obtained by a fraction the numerator of which shall be equal to the square footage of the Premises and the denominator of which shall be equal to the total rentable square footage of the entire Building The aforesaid calculation shall be performed with due allowance for the 4% discount for early payment of taxes It is understood and agreed that no adjustment shall be made for any decrease in annual real estate taxes below the amount assessed during the Base Year For purposes hereof, the real estate taxes assessed against the entire Building shall also include the real estate taxes assessed against the adjacent parking areas SECURITY DEPOSIT The aforesaid security deposit shall be held by Landlord without liability for interest, as security for the faithful performance by Tenant oflall the terms of this Lease If any of the rent herein reserved or any other charge payable by Tenant to Landlord shall be overdue and unpaid or should Landlord make payments on o e the terms of thisbh of the nt, or if lease, thenenant should Landlo d may,fail to at its perform any option and withoutn prejudice appropriate andrapplydsa which Landlord deposit, have on account thereof, app p or so much thereofent of ent,badditionale ycharge to morn n loss or damage toward the paym sustained by landlord due to such breach on the part of Tenant, an d Tenant shall forthwith upon demand restore said security to the original sum deposited Should Tenant comply with all of said terms and promptly pay all of the rent as it falls due and all other charges payable by Tenant to Landlord said deposit shall be returned in full to Tenant at the end of the lease term In the event of bankruptcy or other credit -debtor proceedings against Tenant, all security deposits shall be deemed to be applied to the payment of rent and other charges due Landlord for all periods prior to the filing of such proceedings CHARGES FOR LATE PAYMENT AND BAD CHECK There shall be an admiInistdraativ if the of r en percent payment (10 ist)nof of the monthly rental payment received within five (5) days of the date when due at the office designated as the location of the Landlord to which payments are to be made The above fees are necessitated by the additional administrative and legal expenses incurred in the handling, processing and collection of charges not received whendue shPayment ent of any administrative fees incurred due to late payment negate the fact that the lease was in default due to the payment thaththenaboven hargesB relate toe administrative expenses understood it is receivd when e pensesincurred prior to any litigation and are not in any manner an off -set against legal fees to be borne by Tenant in the event of litigation of any kind and for any reason There shall be an administrative fee in the amount of $25.00 due if the rental t with abad check,h d may at is made wit a bad check If Tenant any rental Landlord's payment 2 J option, require Tenant to pay all future rental payments by cash money order or cashiers check ed The rental payment specified herelnabothee greatershal be ofad(u)t COST OF LIVING INCREASE an annually on the anniversary date hereof by amount equal to the percentage Increase in the Consumer Price Index during the prior year's Lease Term The Consumer P d ricen Ithendex be computed by reference to the statistics p ublisLabor Review by the United States Department of Labor, Bureau of for ll urban wage earners and clerical al workers, Udesignatedci avera e„(1967=100), or (b) Live percent clerical workers, U S city g year's (5 0%) over the amount of rent charged during the prior Lease Term Landlord grants to Tenant the OPTION TO RENEW: option to renew this Lease, under the same terms and conditions as contained herein, forone successive period of two years at an increased total rental price which total rental price shall be calcucitldd above aIn ce the hd the Cost of Living Increase of at ca spe fe n selculation option term and again at the beg beginning of the first year beginning of the second year of the option term Tenant shall give Landlord written notice of its electi nr �o exeexerciseratlon its renewal he option no later than sixty (60) days p riooriginal Lease Term In the event Tenant shall fall to give Landlord hereinabove, such option shall nthen to ebe and become nullxercise its and as ro and provided and of no further fo'ce and effect UTILITIES If Tenant for°alleutilities,first w thin ten days ofthe receiptofBuilding Tenant shall pay lied by Landlord If bill except for water which shall be supplied Tenant shall Tenant is located on t withintendaysor f ofle receipt nofLbill, except pay for all yutilities,and a by for electicity and water which shall be supplied ledges with and assigns unto Landlord all the d LANDLORD'S LIEN Tenant derexy P goodss and chattels of Tenant which mayebe buughtuor put on the ePremises, as security for the pa ym hnc of t bought or p hereunder CONSTRUCTION OF IMPROVEMENTS= es that the Premises have been Tenant hereby acknowledg received in thoroughly good order, tenantable condition and repair Tenant further acknowledges that no representations as ors to the condition of the Premises has been made by the Landlord, Landlord's agent, and that Landlord shall not be required to do any work, repair or ipecifically agrees to takevement in or to the rthesproperty ines on ntas behalf and Tenant spec p Is" condition AFFIRMATIVE COVENANTS OF TENANT Tenant hereby agrees 1 To comply with all requirements of any of the Fe deral constituted S public authorities, and with the terms of any n lStatee to Tenant statute or local ordinance or regulation apP from or its use of the Premise ad ave Land s lordrhar less from expenses penalties, fines, costs, failure to do so 2 To give Landlord pr»mpt written notice of any accident, fire or damage occurring on or to the Premises 3 That all loading and unloading of goods shall be done only at such times in the cheaur nosesthrough such by Landlord ances as may Trailers or be designated for such p P 3 tt ed to remain arked trucks shall not be perms whether loaded or unloaded overnight in any area of the Building, 4 To keep all garbage and refuse thesame i the kind duof container r specified by Landlord and to place Premises, prepared for collection in the manner and at the times and places specified by Landlord and in accordance with municipal regulations 5 To keep the outside areas immediately adjoining the Premises clean and not to burn, place or permit any rubbish, obstruction or merchandise in such areas 6 To keep the Premises clean, orderly, sanitary and free from objectionable odors and from insects, vermin or other pests eir ehicles only in thosegportionsaof'the s maforesaid parkingployees to ark harea vassigned for use by the Tenant 8 To conduct its business in the Premises in all respects in a dignified manner in accordance with high standards of office operations 9 To comply with all reasonable rules and regulations of Landlord in effect at the time of the execution of this ease se or at any time or times, and from time to time promulgated Landlord which it in its sole discretion it shall deem necessary in connection with the Premises, re i es, thein Building u 1d ion of which the Premises are a p as Landlord such fire extinguisher and other safety equipment may reasonably require 10 To pay all liens of contractors, subcontractors mechanics, laborers, mnify1Landlord against allitems legal costs character, and indemnify and charges bond premiums for release of liens, including attorney's fees incurred in and about thedefenseeof aense of nymsuit in discharging the said Premises or any part liens judgments, or encumbrances caused or suffered by ween the thatntthet is costs e and o charges d and rabove eed etreferred parties to reshall be considered as rent due and shall be included in aany lien for rent The Tenant herein shall not have any create any liens for labor or mateoriealton and theallndlord's s P interest in the above described propertY re per, or er contracting with the Tenant for the alteration, other improvement on the above described Premises and all and la rers, are y chargedl withnoticeCthat� they must mechanicsFlo k to t he Tenant and to the Tenant's interests only to secure the payments of any bill for work done or material furnished 11 Not to enter into, execute or deliver any financing agreement that can be considered as having priority over any mortgage or deed of trust and in the event Tenant does on so uch part of execute d the Tenantshall begconsidered�asbreach tofnthe terms and as are prov ided vides for herein entitling Landlord to such remedies 12 To be responsible for and to pay before delinquency all municipal, county or state taxes assessed during the term of this eksn againste by or replaceddin,tupontorrab utonal the property any kind owned by by the Tenant 13 To exercise ridors atoiletsreasonable othercare fixtures and partsused halls stairs, in common with other tenants which may be necessary for the 4 comfort of the other Tenants and preservation of the Premises and Building of which the Premises is a part NEGATIVE COVENANTS OF TENANT: withoTeant utn thepriorywrgrees that it itten consent ofll not do any of the following Landlord 1 Use or operate any machinery that, in Landlord's opinion, is harmful to the building or disturbing er tenaall nts in the building of which the Premises is a part, nor use any loudspeakers, televisions phonographs radios or of other devises in a manner so merchandise on the exterior aofethe the Premises nor display Premises either for sale or for promotional purposes 2 Do or suffer to be done, any act, matter or insuthnng objectionable to the insurance companies aced on the Brans n or any e now in force or hereafter to be p part thereof, or on the Building of which the Premises may be a part shall become void or suspended, or whereby the same shall be rated as a more hazardous risk than at the date when Tenant receives possession hereunder In case of a breach of this covenant in addition to alll other Landlord aedies of s additional rend hereunder, Tenant agrees to pay as on an rent any and all increase or increases of premiums art thereof, or carried by Landlord on the Premises or any p on the building of which the Premises may be a part caused in any way by the occupancy of Tenant 3 Attach any awnings, antenna or other projections to the roof or outside walls of the Premises of the Building of which the Premises are a part 4 Conduct any auction, fire, bankruptcy, or selling -out sale on or about the Premises 5 Execute or deliver any security interest in any trade fixtures or other property placed upon the Premises at any time 6 Solicit business, display merchandise, or common areaeribute anf handbills or other use any advertising commonmatter area in any manner for the the Building, conduct of Tenant's business 7 permit or suffer any noise, disturbance or nuisance whatsoever on the Premises detrimental to same or annoying to other tenants PERFORMANCE OF TENANT'S COVENANTS Tenant covenants and agrees that it will perform all agreementsw poly herein expressedreceipt of written rt to be notice offnon-performance it d, and that h will promptly p of thereof, comply with the requirements with c euchicnotice fto the that if Tenant shall not comply satisfaction of Landlord within ten (10) days after delivery thereof, Landlord may, at its option, do or cause to be done any or d notie and in shallfhavethenrightBtofcause itsi gents, odoing the thigs employees to enter upon the Premises and in such event shall have no liability to Tenant for any loss or damage resultingin any n demand way from such incurred action; and Tenant Landlordgrees toin taking such action p any such sum expenses lectible by from be collectible from Tenant as additional rent hereunder Landlord reserves the following rights with respect to the RIGHTS OF LANDLORD, Premises 1 At all reasonable times by itself or its duly authorized 5 agents to go upon and inspect the Premises and every part thereof additionsa to athetsPremises tomake the rBuilding epairs, alterations nd option of which the Premises are a part 2 To display a "For Rent" sign at any time, and also, after o notice fromimether withinrty of three(3)ention monthstpriormtoathete texpiration of his Lease, t or this Lease, a "For For Rent" sign, and such sign shall be placed upon such part of the Premises as Landlord shall require except on display windows or door or doors leading into the Premises Prospective purchasers or tenants authorized by Landlord may inspect the Premises at reasonable hours 3 To install or place upon, or affix to, the roof and exterior walls of the Premises equipment, signs displays antenna, and any other object or structure of any kind, provided the ofsatheh l not buildi g a orsaint rferelly impair withthe stTenant's ructural integrity occupancy TENANT'S REPAIR BAND MAINTENANCE: and is responsible for maintaining the Tenant ag providing all repairs to the Premises in good condition and p toe bysthe Landlord asxcet for therein he aprovided and reasonir and maintenance able wear land tear d Structural changes exterior with alterationsswritten or additions onse s to the Premises may be made onlyy LANDLORD'S REPAIR AND MAINTENANCE Landlord covenants to keep the exterior and common areas of the Building of which the Premises are a part in satisface tory condition Such exterior plumbing system, electrical ssystem of throofr conditioning system, p exterior walls, foundation, structural components as well as ceilings, floors, interior walls and windows located in common areas used by all Tenants Tenant shall give to the Landlord seven (7) days written notice of needed repairs and the Landlord shal have a reasonable time thereafter to make them For purposes hereof, "satisfactory condition" shall be defined to be any condition that is such so asf the of u resasonably interfere with Tenant's use and enjoyment LOSS OR DAMAGE OF TENANT AND OTHERS damage to property of Landlord shall not be liable for any or daage or of others located te ofnthe Tenante oireof por for others theloss ltheftf or damage to any property ur or damage to otherwisen Landlordresulting shall from not be liable explosion, falling plaster, any property water, rain or leaks from any part of the steam gas, electricity, appliances or plumbing works from the roof Premises or for ubs pipes,a rPP other place or by dampness roof street or subsurface or from any or by any other cause of whatsoever nature Landlord shall not be liable for any such damage caused by other tenants s or c,c pans f the Building, or of any adjacent property, or the he , public or caused i- by operations in construction of any private All public work Landlord shall not beoli f which fortanyyfoat a defect in the Premises or in the Building property of Tenant kept or stored on the Premises shall be so kept or stored at the risk of Tenant only and Tenant shallmage hold the Landlord harmless from any claims arising including subrogation claims by Tenant's insurance carrier,unless s such damage shall be caused by the willful act or g sof Landlord CASUALTY INSURANCE: Landlord shall not be liable for any damage to furniture, fixtures merchandise or personal property of Tenant caused by fire 6 f T 4 / rd be le to or other or her insurable hazards, attributable butable to the oinab litybof Tenantato for damages abusing carry on its business on the Premises by reason of such casualty Tenant does hereby expressly release Landlord of and from all liability for such damages Tenant hereby agrees to carry and pay the premiums for a public liability insurance policy carrying the Landlord aindividual saco- insured in amounts of not less than $100,000 00 for any or single instance and $300,000 00 with respect to multiple claims RECONSTRUCTION: part thereof, shall at In the event the Premises, or an any other elements as to be time be destroyed or so damaged by fire unfit for occupancy or use by the Tenant then and in that event the Landlord shall have the option (1) to terminate thisrents lease, (2) to repair and rebuild the said premises, reducingeof, cording to the eby reserved to a fair and just proportion e damage e o sustained, and usehe and id n the event the Landlord elees are reinstated cts to faX for occupancy air and the same shall be done andreompleted within the option ta reo asonable timeild, and comp EMINENT DOMAIN appropriated or In the event the entire Premises shall be or quasi - taken under the power of eminent domain by quasi - public authority, this andLease Landlord and Tenant and shalplthereuponthe be date of such taking, released from any further liability hereunder 1 EVENT OF DEFAULT: of the following shall constitute an The occurrence of any event of default hereunder 1 Discontinuance by Tenant of the conduct of its business in the Premises 2 The filing of a petition by or against Tenant for adjudication as a bankrupt or insolvent, or for itee s reorganization or for the appointment of a receivrocer or rgarustee of Tenant's property, any reorganization or pt Tenant for der the Federal Bankruptcy Law, and assgnM of the pforere benefit of creditors or the taking possession urpopt to of Tenant by any governmental officer or agency p statutory authority for the dissolution or liquidation of Tenant 3 Failure of Tenant to pay when due any rental payment hereunder or any other sum herein required to be paid by Tenant the 4 Vacation or desertion of the Premises or permitting same to be empty and unoccupied 5 Tenant's removal or attempt to remore,or erty from manifesting out of an intention to remove Tenant's goods or property the Premises otherwise than in the ordinary and usual course ofo business which may ing first become due during the aid and isfied entireLandlord term of for all rent which may this Lease 6 Tenant's failure to perform any other covenant or condition of this Lease within ten (10) days after written notice and demand RIGHTS OF LANDLO4D UPOM DEFAULT 3Y TENANT: in the event Tenant fails to pay the rents herein atlthetime and in the manner stated, or shall fail to keep and pm other condition stipulation or agreement herein contained, on the 7 F � � at part of 's Lion,Tenanterm natebe ept and and end pthiso ease anddre Landlord upon Landlord's option, the property, whereupon the term hereby granted, and at the Landlord's option, all right, title and interest under it shall end and the Tenant become a tenant at sufferance In addition, Landlord may, at Landlord's option, elect to declare the entire rent for the balance of the term, , r any collect thereof, due and payable forthwith, and may proceed same by distress or otherwise, and thereupon said term shall terminate, at the option of the Landlord The entire rent for the balancee of the term d by the Tenant ifor the full n shall nterm of all f the Leasethe , es however,e be paid payments that shall have been made pursuant to less, any the terms of the Lease Furthermore, Landlord may take possession of the Premises and rent the same for the account of the Tenant The exercise of any of said options herein contained shall not be deemed the Landlord's exclusive remedy Tenant agrees to pay all costs and expenses of collection and reasonable attorney's fees on any part of said rental that may and be collected by an attorney, suit distress or foreclosure and fully rfor, in evewiththat eachtenant and every condition and covenant perform and comply hereunder rney and ayelmatter is turned over to andlo d a reasonable attorney's ofee splus ocosts tenanthr shall pay ri where necessary, whether 'suit is instituted or not THE PARTIES HERETO SHALL AND THEY HEREBY DO WAIVE TRIAL OF BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHERTHE ATHE PARIESRISINGTOUT HOFEOR AGAINST ZANY W OTHER Y CONNECTED WITH MATTERS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, TENANT'S USE OR OCCUPANCY OF THE PREMISES, AND/OR ANY CLAIM OR INJURY OR DAMAGE IN THE EVENT LANDLORD COMMENCES ANY PROCEEDINGS FOR NONPAYMENT OF RENT OR ANY OTHER OUNTS DE, TENANT WHATEVER NATUREUOR DESCRIPTION LINOANYNS SUCH PROTERPOSECEE N GCOUNTERCLAIM THIS SHALL RIGHT SUCH HCOLAIMS� N ANYS SEPARATEA ACTION OR ACTIONS BROUGHT BY ASSERT WAIVER THE BY THE TENANT TENANT HEREBY EXPRESSLY WAIVES ANY AND ALL RIGHTt OF REDEMPTION GRANTED BY OR UNDER ANY PRESENT OR FUTURE LAWS IN THE EVENT EFNTBEING LANDLORDOBTAINING EVICTED DISPOSSESSED THEEVENT O POSSESSION OF THE PREMISES EY REASON OF VIOLATION BY TENANT OF ANY OF THE COVENANTS OR CONDITIONS OF THIS LEASE, OR OTHERWISE INDEMNIFICATION, LIABILITY AND OTHER INSURANCE: Tenant shall indemnify ll dsave claims harmless the actions,' damages fromnd and against any under this Lease for any personal injry causes of action arising ro ert sustained in or injury, loss of life and/or Teason ore asa result of the Tenant's boup the leased Premises, by judgments, occupancy thereof, and from and against any orders, and/or decrees which may be entered thereon, and from and against allb costs,h counsel of any suchenses and claim and theilities investigation thereof about the de SUBORDINATION, agrees that this Lease shad be subject and Tenantt hereby subordinate to any mortgage or deed of trust now onreai8edrloaneto or which may hereafter be made on account of any p po be placed on said Premises by the Landlord to to any ullnewaextent aof extension all debts and chargeslor securedp hereof, which said Landlord may extension of all or any p 8 hereafter at any time elect to place on said Premises, and d Tenant agrees upon request to hereafter execute necessaryaypaper acropapers rs which the counsel for the Landlord may deem that end, and in default of the Tenant's so doing papers in the t the Landlord is hereby empowered to execute such paper or p p name of authority eisenant and declared as the act deed of id tobe coupled withan in and this revocable ASSIGNMENT AND SUBLETTING PROHIBITED: Tenant may not assign this Lease in whole orprohibition part, nornr sublet any portion of the Premises This assignment or subletting shall be construed tooperation n u of a prohibition against any assignment or subletting by law Furthermore, to the full extent permitted by law, Landlordmay o arbitrarily and unreasonable withhold consent to a proposed assignment or subletting Landlord's consent to any assignment, subletting, occupation or use by another persons shall not be deeoccupationmed to be a upoconsent a tato to any subsequent assignment subletting other person or the waiver p of any rovisions hog t of Landlord to deny such consent pursuant to the If this Lease be assigned or the Premises or any part thereof be underlet or occupied by any party other than Tenant Landlord may collect ee, apply the net ramount ent ocollected m the ston subtenant the renthe einorreserved, butand such assignment, underletting, occupancy or collection shall be deemed a waiver of this covenant, or the acceptance of the ants as Tenant or a release of Tenant from e,subtenant rte a performance by Tenant of the covenants on the part from the further of Tenant herein contained ASSIGNMENT BY LANDLORD n by way of security or otherwise this Lease Landlord may g right hereunder without Tenant's o o any part thereof or any Landlord of its entire interest consent, and any such assignment by furthern in the Premises, assignment) shall relieve Landlord of a any (other then a security obligation hereunder except for obligations accrued at the time of such assignment, if the assignee rd he ass r umes and agrees to perform the o ations f e EXPIRATION OF TERM and all At the expiration or earlier termination with any Lease Tenant shall surrender the Premises, part thereof, in alterations, additions and improvements thenwear nd Tenant good order and condition except for ttoerd nary eaof Tenant'stear property nt shall repair all damages caused by from the Premises HOLDING OVER: agreement In the absence of any written agr the Tenant should remain in occupancy n Tenant expiration of the lease to double the daily Tenant and as such shall pay ac month the Premises fromBand after such for each day that o date occut py to the contrary if Premises after the shall be a holdover rent paid during the Tenant continues to SIGNS: sole Landlord may erect and appropriate maintain such si s as it in Building ofswhich discretion, may deem appro P the Premises are a part Tenant will not exhibit, i:acribe, paint or a?fix any sign, advertisement, notice or other lettering on any part of the outside of the Premises or of the Building of which the Premises are a part, or inside Premises if ible from the outside, w first Tenant obtaining Landlord's writtenapproval thereof, and 9 further agrees to maintain such sign, lettering etc as may be approved in good condition and repair at all times PUBLIC UTILITIES: prior to the Tenant will pay all rgo the Tenant shall obtainpublic utility sent of Landlord d installation of any taxes est u thereon telephone serviceutilities not mores thane ten (10) days afterthe sameushag same shall become due and payable authorities shall at any time PERSONAL PROPERTY TAXES: leasehold In the event that the taxing affixed to during the term of this Lease assess personal property, improvements and any other tangible p the Premises, whether owned by Landlord or Tenant, the taxes thus assessed shall be paid by Tenant within ten (10) days of receipt NOTICES AND PLACE 08 RENTAL PAYMENTS: YMENTS demands, requests and other All notices, aimed by the other c certified or registered United makingammngications hereunder shad be in writing, the samestage prepaid nd shall be saddreent ssee States mail, p TO LANDLORD AttnBlViceNPresidentBANK & Tand CashierCOMPNY 95 West McIntyre Street Key Biscayne, Fl 33149 TO TENANT TARAFA & IRIONDO CORPORATION 87 West Mcln0yre St Key Biscayne FL 33149 be designated in writing or h rh other heretorss as may either party The time and date on which mail is p shall be the time and date on which such communication is deems to have been n ll rental above shall bemade to the Landlord atthe address setforth ab BROKERAGE and hold harmless Landlord against and Tenant shall andemnify losses liabilities and expenses i which respect of any and all claims, any broker or other which may be asserted against Landlord by person on the basis of any arrangements otx agreements made or alleged to have been made by or on behalf of Tenant in respect of the transactions herein contemplated EQUITABLE REMEDIES: otherwise provided Tenant agrees that Except as specifically specific Tenant's obligations hereunder shall be enforceable by P performance and that Landlord shall be entitled to restraint by covenants, conditions, provisions or injunction of the violation of attempted or threatened violation of any of the Lease terms, agreements Except where stated to be exclusive or sole, t he specified remedies to which the Landlord may resort under the terms of sother remedies orcumulative meansand of redress to which the Landlord may ended to be exclusive ° any entitled in case of any breach or threatened breach of be lawfully any provision of this Lease NO WAIVER: The failure rformanceLandlord nof eobservancer of more ces ist upon strict p remedy, privilege covenants or conditions hereof or to exercise any or option herein conferred upon or reserved to the Landlord, shall not operate or be construed as a relinquishment or waiver for the a option, right but orc same future of such covenant or condition or of the right to enforce he he same or to exercise such privilege P The receipt by shall continue in full force and effect paymentp required Landlord of rent or additional rent or ytother shall not be a to be made by the Tenant or any p a ant then nor shall waiver of any other additional rent or payment yp 10 of the breach of any covenant oruch receipt, though with knowledgeor of the provisions condition hereof, operate as or be deemed tc be a waiver of such the Landlord of any privileges or breach, and no waiver by remedies, ohption hereunderr any of the Landlord's toghta, shall No surrender of the Premises tedfor the the by options dlord irwriting e deemedltbe val d unlesahave been eaccepss ma e the Lan remainder of the term hereof shall Landlord in writing LANDLORD'S RIGHT TO CURE* perform any of its in addition to any other remedies provided In the event Tenant should fail o at its option, here drobligations hbyelaw, Landlord shall have the right, time hereunder or by to perform such obligations behalf of Tenant at any to Tenant (except uin ten (10) days prior required) following when no notice shall be aditional rental cases h ve of Tenantemrgency a the Landlord, Landlord, hereunder, a shall pay expenses so incurred by Including, all costa and 8 fees upon demand All such amounts shaluding reasonable attorney eighteen (18 0%) percent per shall bear interest at the rate of annum from the date such amounts are incurred until paid corporation and if any transfer sale, pledge TRANSFER OF CONTROL: If Tenant is a p of the common stock ofed Tenant Tenants l or other disposition voteof any be oshall m power to said Landlord and shall Landlordg shall have dayst notify on five (5) right, immediately to terminate this Leaseand if any transfer noticegh, at its option, partnership, in disposition of partnership interestLandlordnant to Tenant If Tenant is a p notify sale,s d ha pledge or other Tenant Landlord occur, then Tenant shall immediately t "iets option, to terminate this Leaseouponhf1Veh(5) days nothe tice to Tenant Lease up EXCULPATION: agrees that Tenant shall look solely to Landlord's Tenant inte of which the Premises are a part and Landlord in the Building used in connection therewithte form the Landlord's personal property judgment or decree requiring s nt oftiofey byye a any claim, default hereunder, and no other Landlord based on any its affiliates, successors, of money assigns, shall bec subjectr property or assets of subsidiaries or assig rocedures for the partners, shareholders, too levy, execution suor other ch claim, 7 dgmentennjt unction or decree satisfaction of any RELATIONSHIP he PARTIES: as constituting Landlord Nothing OF PARein contained shall be deemed or construed by ther ai partiesr hereto nor by any third parties a of principal and agent or joint ventures partner of Tenant in the conduct of Tenant's bus=ses creating the relationship r parties hereto, it being the intention of the parties heretobewen thatas p between them is and shall at all times during therelationship by and remain that of Landlord and Tenant only USE TAX* Tenant shall also pay to Landlord an SALES AND the State of With each rental payment, on rent received by Flamoridunt equal to any rsales, overnmentalX authority ivied by Florida or any other g Landlord hereunder Tenant represents and warrants that the Premises shall not at HAZARDOUS MATERIAL* any time during the term of thosalLease of hazardous wast the materials, transportation or hereuy indemnity and agree to storage, or costa (including In connection therewith am t 's fees) that the Landlord the abightove mnincur ad defend and hold Landlord harmless from any oee ace cost of any attorney result of any use of the Premises for any purposes 11 radioactive gas that, when it RADON GAS: occurring quantities, may present Radon is a naturally in sufficient has accumulated in person who building are exposed to it over time Levels of healthon risks to p al and guidelines have in radon ngat in Florida dfaderAdditionaltinormation regarding healtha unit buildings Flayibe obtained from you county public testing may arising from the existence or In no event shall Landlord be liable for direct or indirect, consequential or incidental damages discovery of radon in the Premises CAPTIONS: captions and headings throughout this Lease are for The caP and the words containeddescribe shallconv lnience and reference held or only,emed to define, limit, in, no way amplify or add to the interpretation, construction or mean, gmodify,o ny provision of or the scope or intent of this Lease or meaning or in any way affect this Lease This Lease, and each and every provision AND ASSIGNS: revision hereof, shall be and binding upon and shall inure to the benefit of the Landlord agrees Tenant, their respective successors, successors -in -title, t legal h its successors, successors -in -title, legal representatives, heirs and assigns, and each p instruments reon behalf of itself, to execute any representatives, heirs ed assigns, ate to carry out and execute the whichr may necessary or appropriate authorizes and representatives purposes and intentions of this Lease, and hereby to eteoute any and all such instruments Bach directs its successors, successors -in -title, legal h rs and assigns, arty hereto whether ouch successor in i:terest to any party of gift, purchase, and every acquires such interest by successor ac o by any other method, shall hold such interest foreclosure, provisions of this Lease subject to all of the terms and S�nABILITYs revision of this Lease is held to be invalid In the event aable, such invalidity or unenforceabolher provision affect % shall not r nfoe validity or enforceability of any the hereof No change or modification of this Lease shall be valid or tion binding upon the parties signed by the party against rwhom ithe asame lehase be in writing is sought to be enforced Whenever required by the context, the singular number shall NUMBER AND GENDER: include the plural and the masculine gender shall include the feminine and neuter APPLICABLE LAW: and construed in accordance This Lease shall be governed by with the laws of the State of Florida agreement between the parties RNTIAT is Lease�NT: stipulations not This containeagreeemeetnts, oditions party hereto and r promises, agreements, on either p Y contained herein shall be binding p artier on the dates This Lease has been executed by the p indicated below: Exeoued by Landlord in �J the' presence ot: Zu t n , rt ?� s Print Name LANDLORD Kra �f.._�---�— 12 j46L2 (-�te� f a ei 1-1)N z, /av79/ 8 Date Print Name Executed by Tenant in the presences of Print Name 13 BUSINESS PROPERTY LEAS$ June 1998 THIS LEASE executed this __Mb_ day of (hereinafter referred between ,SUNTRUST BANK MTAMT N A 4. to as the Landlord) and Thomas_H. Wakefield Law Firm (hereinafter referred to as the Tenant) WITNESSETHt That in consideration of the rental covenant; conditionsand herein forth, andlord and Tenant, do hereby covenant promise and agree PREMISES Subject to the terms and conditions hereof, Landlord does hereby l unto nt and Tenant does take Landlord efor the demise term the a from following g described premises situated, lying and being within the building known as sninusm . BANK BUILDING (hereinafter referred to as the Building) in the Village of Key Biscayne, County of Dade, State of Florida the address of which is Suite 202 (3 rooms). 91 West Mcrntyre Street. (hereinafter referred to as the Premises)Key Biscayne, Florida 33149 FURNISHINGS Furnishing in the Premises include All personal property therein excepting carpeting PARKING SPACES parking spaces Tenant shall have+the use of one assigned p g P king aces may be used regulartbusinesys hours which No overnight ght parking only during isduring he Lease term permitted PERMITTED USE Tenant shall use and occupy the Premises solely for the conduct of law nffire Tenant will use the Premises for the permitted use only and for no other purpose without the prior written consent of Landlord TERM Landlord does hereby lease the prest ise toTenant e antJulfor a period of ❑even commencing the day _ A D 19 9 $and continuing to anal including the 31st day of _ January y , A D 19 9f1 (hereinafter referred to as the Lease Term) RENTAL PAYMENTS AND CHARGES Tenant shall during the Lease Term pay to Landlord as such place as set forth herein or as Landlord shall designate in writing from time to time a total rent of TKKIALE_lflonsku -B m -� UdD plus EUE -ANa 767409__ __________ Dollars ($$_l ..25� applicable sales tax thereon, which rent shall be payable to Landlord as follows 1) Equal monthly payments in the amount of S 1.n2 plus applicable sales tax thereon shall be payable in advance on the 1st day of each month commencing on my 1, 199/$ and continuing through January 31,_199 2) A rental payment of $ -0- plus applicable sales tax thereon is due and payable simultaneously with the execution of this Lease which rental payment represents rent for the first and last month of the lease term along with a security deposit in the amount of $ -0- 3) Beginning in January of the calendar year immediately subsequent to the calendar year in which this Lease commences and continuing during each calendar year thereafter throughout the term hereof the Tenan shall also pay to Landis 7 its proportionate share of any increase in annual real estate taxes assessed against the Building (which proportionate share of such increase is ) in hereinafter eferred to as the tmonthly installments(to paidosimultaneouslyrtionate " twelveequal with the payment of rent on the dates set forth above in Paragraph 1) Tenant's Proportionate Share shall be determined annually for each calendar year in which the payment thereof is required and shall be ual real agatnstt the gentiresBu Buildsutrcting ing innthe calendars taxeste year immediately preceding the calendar year during which this Lease commenced (hereinafter referred to as the "Base Year") from the annual real estate taxes assessed against the ring the calendar year immediately p entire Building receding thecalendaryear foruwhich the calculation is being made and multiplying the difference obtained by a fraction the numerator of which shall be equal to the square footage of the Premises and the denominator of which shall be equal to the total rentable square footage of the entire Building The aforesaid calculation shall be performed with due allowance for the discount of taxes It is no adjustmentlshallmbetmade for any decreases in agreedd and annual real estate that taxes below purposes hereof the real estate staxes dassessed t against the s entire Building shall also include the real estate taxes assessed against the adjacent parking areas SECURITY DEPOSIT The aforesaid security deposit shall be held by Landlord without liability for interest, as security for the faithful performance by Tenant of all the terms of this Lease If any of the rent herein reserved or any other charge payable by Tenant to Landlord shall be overdue and unpaid or should Landlord make t or if p ail to erforments any ofon ehalf of the the terms of this nlease then Landlord nant should fLandlord may at its option and without prejudice to nn} other remedy which Landlord may have on account thereof, appropriate and apply said entire deposit, to or so much thereofent of rent badditionale ycharge mornsate n loss or damage toward the paym sustained by landlord due to such breach on the part of Tenant, and Tenant shall forthwith upon demand restore said security to the original sum deposited Should Tenant comply with all of said terms and promptly pay all of the rent as it falls due and all other charges payable by Tenant to Landlord said deposit shall be returned in full to Tenant at the end of the lease term In the event of bankruptcy or other credit -debtor proceedings against Tenant all security deposits shall be deemed to..be applied to the payment of rent and other charges due Landlord for all periods prior to the filing of such proceedings CHARGES FOR LATE PAYMENT AND BAD CHECK There shall be an administrative fee of ten percent (10 01) of the monthly rental payment due if the rental payment is not received within five (5) days of the date when due at the office designated as the location of the Landlord to which payments are to be made The above fees are necessitated by the additional administrative and legal expenses incurred in the handling, processing and collection of charges not received when due Payment of any administrative fees incurred due to late payment shall not negate the fact that the lease was in default due to the payment not having been received when due Additionally, it is understood plriort to above litigation elate and are administrative ayemannerSes incurred he charges an off -set against legal fees to be borne by Tenant in the event of litigation of any kind and for any reason There shall be an administrative fee 1n the amount of $25 00 due if the rental payment is made with a bad check If Tenant makes any rental payment with a bad check Landlord may at Landlord's 2 option require Tenant to pay all future rental payments by cash, money order or cashier's check COST OF LIVING INCREASE The rental payment specified hereinabove shall be adjusted annually on the anniversary date hereof by the greater of (a) an amount computed po the year'sc Lease Term increase The iConsumerConsumer Price Index shall during the prior be computed by reference to the statistics published in the Monthly Labor Review by the United States Department of Labor, Bureau of Labor Statistics, designated "CP1-W" for all urban wage earners and five (5clerical over kthe amount lof rent c or the during the) percent s Lease Term OPTION TO RENEW: Landlord grants to Tenant the option to renew this Lease under the same terms and conditions as contained herein, for one successive period of two years at an increased total rental price which total rental price shall be calculated in accordance with the Cost of Living Increase calculation specified above and adjusted at the beginning of the ..first year of the option term and again at the LLandlordgwrittenof thesnots eecondyofear of its the electtionnterm exercise Tenant shall its renewal option no later than sixty (60) days prior to the expiration of the original Lease Term In the event Tenant shall fail to give Landlord written notice of its provided hereinabove such option shall then be and be come null and void and of no further force and effect UTILITIES of If Tenant 1foroalleut litres first within ten days the receipt of Tenant shall pay supplied by Landlord If bill, except for water which shall be Tenant is located on the second floor of the Building, Tenant shall for electicityland1water1which tshall en ybeosupplied f tbyf except Landlord LANDLORD'S LIEN the Tenant hereby pledges o ithnand dhassignss ountof Tenant,whichmay be furniture and fixtures, g i of rent bought or put on the Premises as security for the payment hereunder CONSTRUCTION OF IMPROVEMENTS: Tenant hereby acknowledges that the Premises have been received in thoroughly good order, tenantable condition and rto epair Tenant further acknowledges that no represent the nsans to, the condition of the Premises has been made by Landlord's agent, and that Landlord shall not be required to do any behalf and orimprovement specifically agrees to take rthe sproperty es on einn"as is" condition AFFIRMATIVE COVENANTS OF TENANT Tenant hereby yyagrees 1 uirements the tituted publicoauthorities, and with the terms of any of wi all ofanyState ofFederal statute or local ordinance or regulation applicable to Tenant or its use of the s, and less from penalties, fines, e costs,ex save expenses or damages dresuiting from failure to do so 2 To give Landlord prompt written notice of any accident fire or damage occurring on or to the premises 3 That all loading and unloading of goods shall be done only at such times in the areas and through such enLandlord ances Trailers as may be designated for such purposes by r 3 be tted to trucks Building, whether remain-parked add or unloaded overnight in 4 To keep all garbage and refuse in the kind of container specified by Landlord and to place the same outside of the Premises prepared for collection in the manner and at the times and places specified by Landlord, and in accordance with municipal regulations 5 To keep the outside areas immediately r perinitadjoiningadjoin ththe Premises clean and not to burn, place o obstruction or merchandise in such areas 6 To keep the Premises clean, orderly, sanitary and free from objectionable odors and from insects, vermin or other pests 7 To require Tenant's employees to park their vehicles only in those portions of the aforesaid parking area assigned for use by the Tenant 8 To conduct its business in the Premises in all respects in a dignified manner in accordance with high standards of office operations 9 To comply with all reasonable rules and regulations of Landlord in effect at the time of the execution of thispromulgated se or at any time or times, and from time to time, by Landlord which it in its sole discretion it shall deem necessary in connection with the ecludi Premises, ti s he t uilg adiniog of n of which the Premises are a part equipment as Landlord such fire extinguisher and other safety eq p may reasonably requite 10 To pay all liens of contractors subcontractors, mechanics, laborers, m iLandiord against allalmen and other elegal costs character, of like and to indemnify and charges, bond premiums for release of liens, including attorney's fees incurred in and about thedefenseeof anse of nysuit m any in discharging the said Premises or any part liens judgments or encumbrances caused or suffered by Tenant It is understood and agreed between the parties hereto that the costs and charges above referred to shall be cons ed rent1derThe aT Tenant herein shall not haves ford in any lien e an shall be any authority to create any liens for labor or material on eLandlord's s interest in the above described p P y and all re dpersons r, or contracting with the Tenant for the alteration, p other improvement on the above described Premises and all materialmen, contractors, mechanics must look to laborers, Tenante hereby charged with notice that they of any bill the Tenant's interests only to secure the payments for work done or material furnished 11 Not to enter into, execute or deliver any financing priority that can be considered as having mortgage or deed of trust and in the eve t, such action on nt t does so execute or deliver such financing agree the part of the Tenant shall be considered a breach of the terms and conditions ae de s for hereinseentitling Landlord to such es s 12 To be responsible for and to pay before delinquency all municipal, county or state taxes assessed during the term of this Lease against any leasehold interest or personal property of any kind owned by or placed in, upon or about the Premises by the Tenant 13 To Pxercise all reasonable care in the use of halls stairs, corridors witho toilets otherto ants which may be necessary es and parts sed in the 4 comfort of the other Tenants and preservw4ion of the Premises and Building of which the Premises is a part NEGATIVE COVENANTS OF TENANT Tenant hereby wag e en consent of Landlord do gany of the following without the prior 1 Use or operate any machinery that in Landlord's opinionin , is the building of which the Premises ful to the building or tisb norother ing to a part norshallaTentsnant use any loudspeakers, televisions phonographs, radios or devises in a manner so as to be heard or seen of theePremises, nor display merchandise on the exteriors ofethe Premises either for sale or for promotional purposes 2 Do or suffer to be done, any act, matter or thing objectionable to the insurance companies whereby any insurance now in force or hereafter to be placed on the Premises or any part thereof or on the Building of which the Premises may be a part shall become void or suspended, or whereby the same shall be rated as a more hazardous risk than at the date when Tenant receives possession hereunder In case of a breach of this covenant in addition to all Landlord adies add of Landlor lord t hereunder Tenant agrees to pay 1 any and all increase or increases of premiums thinsuranreof ce carried by Landlord on the Premises, or any part on the b b lding of which the occupancythe Premises may be a part, caused in any way by Attach any awnings antenna or other projections to the roof or outside walls of the Premises of the Building of which the Premises are a part 4 Conduct any auction, fire bankruptcy or selling -out sale on or about the Premises 5 Execute or deliver any security Interest in any trade fixtures or other property placed upon the Premises, at any time 6 SOiICIt business display merchandise or distribute any he of handbells or other oruse any advertising commonmatter area in tany ma ner a fors the the Building, conduct of Tenant's business 7 Permit or suffer any noise disturbance or nuisance whatsoever on the Premises detrlhental to same or annoying to other tenants PERFORMANCE OF TENANT'S COVENANTS Tenant covenants and agrees that it will perform all agreements herein expressed on its part to be performed, and that it will promptly upon receipt of written notice of non-performance thereof, comply with the requirements of such such notand ice and further, that if Tenant shall not comply days after delivery thereofthereofctLan of Landlartits optionithin , don (or)cause to be done any yoor aheroof Landlord may all of the theirs specified etofcause its agents, employeesoandlcontractors to havee the rig inany way 1i enter upon the Premises loss or damage resultingli a e no liability to Tenant for any pay promptly upon demand any expenses such action and Landlordenant ginetaki g ch action, any such sum top be collectible incurred by to be from Tenant as additional rent hereunder RIGHTS OF LANDLORD Landlord reserves the following rights with respect to the Premises 1 At all reasonable times by itself or its duly authorized 5 agents to go upon and inspe ct the Premi--es and every part thereof,, and at its option to make repairs, alof r which the ns and additions to the Premises or the Building Premises are a part 2 To display a "For Rent" sign at any time, and also, after expiration notice from either party of intention to terminate this ease, or at any time w)thin three (3) months aprisuch the xpira be of this Lease, a For Rent" sign, placed upon such part loaf the Pre ors s as sr ot doorsLandlord shall 11 purchasers or tenants require, except on display into the Premises Prospective p authorized by Landlord may inspect the Premises at reasonable hours 3 To Install or place upon, or affix to, the roof and exterior walls of the Promises equipment, signs, displays, antenna, and any other object or structure of any kind, provided the ofsame the shall building a or iainterferer withthe stTenant' s ructural integrity occupancy TENANT'S REPAIR AND MAINTENANCE' responsible for maintaining the Tenant agrees to and is reap agreed Premises in good condition and providing all repairs to the Premises, except for the repair and maintenance specifically to by the Landlord as herein provided and reasonable wear and tear Premis changes alterations d to the be made only with Landlord's written consent Premiseses may LANDLORD'S REPAIR AND MAINTENANCE Landlord covenants tb keep the exterior and comm co on areas satisfactory the Building of which the Premises are a part system, roof, condition Such exteri�lumbirig �Ostemareas shall consist of the air conditioning system, structural components as well as exterior walls, foundation, areas floors interior walls and Tenant shallwgive to theated in common Landlord seven (7) used by all Tenants days them For purposes written notice of needed repairs and the Landlord shall haver a reasonable time condition"e thereafter shall be definenterfere wid to be th y hereof "satisfactory Tenant'snuseat is and enjoyment of the Premises unreasonablych so as to not OTHERS damage to property of LOSS OR E h TENANT beAND liable Landlord shall located ed liable rem any theft or damage or of others party ofnthe Tenante or ofnothers by yn tdheft to damage to any property from fire explosion falling plaster, otherwise Landlord shall not be liable for any j art of the any property resulting steam gas, electricity water, rain or leaks from any from the appl_ances or plumbing nthe roofoomises or from ube pipes, lace or by damp ss street eor subsurface or from any other p rd shall not be or r any other cause of whatsoever nature other tenants earthmen occupants of liable for any such damage caused by or the public, or caused or of any adjacent property, public or aas- bhe Building, private, by operations n construction of any P latent defect in of which they form a part All public work Landlord shall not be liable for any pee Premises n t the Building and Tenant shall ll Landlord kept property of Tenant kept or stored on the Premises shall be so kept hor stored at the nys of claimsant only arising out of damage to the same, including subrogation claims by Tenant's Insurance carrier, unless such damage shall be caused by the willful act or gross negligence of Landlord CASUALTY INSURANCE damage to furniture Landlord shall not be onal e property anyf Tenat caused by fixtures merchandise or personal p P 6 1 nt for ther orodamagess arising or attributable b tablae to ll at ae oinability ble to a of Tenant to carry on its business on the Premises by reason of such casualty Tenant does hereby expressly release Landlord of and from all liability for such damages Tenant hereby agrees to carry and pay the premiums for a public liability insurance policy carrying the Landlord as a co- insured in amounts of not less than $100,000 00 for any individual or single instance and $300,000 00 with respect to multiple claims RECONSTRUCTION: thereof, shall at any In the event the Premises, or any part time be destroyed or so damaged by fire o other Tenant, then elements nd in is aseto be unfit for occupancy or use by the is e repair Landlord and rebuild the option terminate said premises, rents lease, to hereby reservd to a far and to the damageesustainedi until]the ustsaid Premises h are reinstated and made fit for the and o repair and use and in =he rebuild event the samethe lord shalllbets to done exercise the option and completed within a reasonable time EMINENT DOMAIN appropriated or In the event the entire Premises shallbe prr quasi - public taken under the power of eminent domain by any public public authority this Lease shall terminate and expire as of the date of such taking, and Landlord and Tenant shall thereupon be released from any further liability hereunder EVENT OF DEFAULT The occurrence of ahy of the following shall constitute an event of default hereunder 1 Discontinuance by Tenant of the conduct of its business in the Premises 2 The filing of a petition by or against Tenant for adjudication as a bankrupt or insolvent, or for its reorganization or for the appointment of a receiver or trustee of Tenant's property, any reorganization or proceedings under the Federal Bankruptcy Law, and assignment by Tenant for the benefit of creditors, or the taking possession of the property of Tenant by any governmental officer op agency pursuant to statutory authority for the dissolution or liquidation of Tenant 1 Failure of Tenant to pay when due any rental payment hereunder or any other sum herein required to be paid by Tenant the 4 Vacation or desertion of the Premises or permitting same to be empty and unoccupied 5 Tenant's remo'al nr attempt to remove erty from or out of or manifesting an intention to remove Tenant's goods or prop the Premises otherwise than first n he ordid nary satisf usual course rd of business without having Pa for all rent which may become due during the entire term of this Lease 6 Tenant's failure to perform as oths er covenantr or recondition of this Lease within ten (10) Y and demand RIGHTS OF LANDLORD UPON DEFAULT BY TENANT= In the event Tenant fails to pay the rents herein at the time and in the manner statea or shall fail t toro keepcand reed perfoon the other condition, stipulation or ag 7 part of the Tenant to be kept and performer Landlord may at Landlord's option terminate and end this Lease and re-enter upon the property, whereupon the term hereby granted, and at the Landlord's option all right, title and interest under it shall end and the Tenant become a tenant at sufferance In addition Landlord may, at Landlord's option, elect to declare the entire rent for the balance of the term, or any part thereof, due and payable forthwith, and may proceed to collect the same by distress or otherwise, and thereupon said term shall terminate, at the option of the Landlord The entire rent for the balance of the term as used herein shall mean all of the rent prescribed to be paid a by the nt for the full term of the s l to less,, however, r, any payments thatshall have been made pursuant the terms of the Lease Furthermore Landlord may take possession of the Premises and rent the same for the account of the Tenant The exercise of any of said options herein contained shall not be deemed the Landlord's exclusive remedy Tenant agrees to pay all costs and expenses of collection and reasonable attorney's fees on any part of said rental that may be collected by an attorney suit distress or foreclosure and further in the event that tenant fails to promptly and fully perform and comply with each and every condition and covenant hereunder and te rney, landlo d a reasonable attorney's landlord's matter is turned over to feeplusocosts tenant shall pay where necessary, whether suit is instituted or not THE PARTIES HERETO SHALL AND THEY HEREBY DO WAIVE TRIAL BY JURY IN ANY ACTION PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER ON ANY MATTERS WHATSOEVER ARISING OUT OF OR TN ANY WAY CONNECTED WITH THE LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, TENANT'S USE OR OCCUPANCY OF THE PREMISES AND/OR ANY CLAIM OR INJURY OR DAMAGE IN THE EVENT LANDLORD COMMENCES ANY PROCEEDINGS FOR NONPAYMENT OF RENT OR ANY OTHER AMOUNTS DUE, TENANT WILL NOT INTERPOSE ANY COUNTERCLAIM OF WHATEVER NATURE OR DESCRIPTION IN ANY SUCH PROCEEDINGS THIS SHALL NOT, A ERT SUCH HOWEVER, BE CONTRUED AS N ANYS SEPARATEAACTION OR WAIVER E ACTIONS BROUGHT RIGHT OBYSSTHE TENANT TENANT HEREBY EXPRESSLY WAIVES ANY AND ALL RIGHTS OF REDEMPTION GRANTED BY OR UNDER ANY PRESENT OR FUTURE LAWS IN THE EVEN]. OF TENANT BEING EVICTED OR DISPOSSESSED FOR ANY CAUSE OR IN THE EVENT OF LANDLORD OBTAINING POSSESSION OF THE PREMISES BY REASON OF VIOLATION BI TENANT OF ANY OF THE COVENANTS OR CONDITIONS OF THIS LEASE, OR OTHERWISE INDEMNIFICATION LIABILITY AND OTHER INSURANCE Tenant shall indemnify and save harmless the said Landlord from and against any and all claims suits, actions damages, and/or causes of action arising under this Lease for any personal injury, loss of life and/or damage to property sustained in or about the leased Premises, by reason or as a result of the TTeennaant's occupancy thereof, and from and against any orders, and/or decrees which may be entered thereon and from and against all costs, counsel fees, expenses and liabilities incurred in about the defense of any such claim and the investigation thereof SUBORDINATION Tenant hereby agrees that this Lease shall be subject and subordinate to any mortg e or deed of made on accountofany proposed trust now Premises, or may to which hereafter b be placed on said Premises by the Landloaddtoto the full stand all of x debts and charges secured part thereof, which said Landlord may extension of all or any part 8 hereafter at any time elect to place on said Premises, and said Tenant agrees upon request to hereafter execute any paper or papers which the counsel for the Landlord may deem necessary to accomplish that end, and in default of the Tenant's so doing that the Landlord is hereby empowered to execute such paper or papers in the name of the Tenant and as the act and deed of said Tenant and this authority is declared to be coupled with an interest and not revocable ASSIGNMENT AND SUBLETTING PROHIBITED Tenant may not assign this Lease in whole or in part, nor sublet any portion of the Premises This prohibition against assignment or subletting shall be construed to include a prohibition against any assignment or subletting by operation of law Furthermore, to the full extent permitted by law, Landlord may arbitrarily and unreasonable withhold consent to a proposed assignment or subletting Landlord's consent to any assignment, subletting, occupation or use by another persons shall not be deemed to be a consent to any subsequent assignment subletting, occupation or use by any other person or the waiver of any right of Landlord to deny such consent pursuant to the provisions hereof If this Lease be assigned or the Premises or any part thereof be underlet or occupied by any party other than Tenant, Landlord may collect rent from the assignee subtenant or occupant, and apply the net amount collected to the rent herein reserved but no such assignment underletting occupancy or collection shall be deemed waiver of this covenant or the acceptance of the assignee, subtenant or occupants as Tenant or a release of Tenant from the further performance by Tenant of the covenants on the part of Tenant herein contained ASSIGNMENT BY LANDLORD Landlord may assign by way of security or otherwise this Lease or any part thereof or any right hereunder without Tenant's consent and any such assignment by Landlord of its entire interest in the Premises and its entire rights under the Lease (other than a security assignment) shall relieve Landlord of any further obligation hereunder, except for obligations accrued at the time of such assignment, if the assignee assumes and agrees to perform the obligations of the Landlord hereunder EXPIRATION OF TERM At the expiration or earlier termination of this Lease, Tenant shall surrender the Premises, together with any and all alterations additions and improvements then a part thereof, in good order and condition except for ordinary wear and tear Tenant shall repair all damages caused by the removal of Tenant's property from the Premises HOLDING OVER In the absence of any written agreement Tenant should remain in occupancy of the expiration of the lease term, then Tenant Tenant and as such shall pay double the daily last month of this Lease for each day that occupy the Premises from and after such date to the contrary, if Premises after the shall be a holdover rent paid during the Tenant continues to SIGNS: Landlord may erect and maintain such signs as it in its sole discretion may deem appropriate to advertise the Building of which the Premises are a part Tenant will not exhibit inscribe, paint or affix any sign, advertisement, notice or other lettering on any part of the outside ^f the Premises or of the Building of which the Premises are a part or inside the Premises if visible from the outside without first obtaining Landlord's written approval thereof, and Tenant 9 as may be further agrees to maintain such sign, lettering, etc approved in good condition and repair at all times PUBLIC UT/LITIES Tenant shall obtain the consent of Landlord prior to the installation of any public utility Tenant will pay all charges and taxes thereon for all utilities installed at Tenant's request including telephone service, not more than ten (10) days after the same shall become due and payable PERSONAL PROPERTY TAXES: In the event that the taxing authorities shall at any time during the term of this Lease assess trade fixtures, leasehold improvements and any other tangible personal property affixed to the Premises, whether owned by Landlord or Tenant, the taxes thus assessed shall be paid by Tenant within ten (10) days of receipt NOTICES AND PLACE OF RENTAL PAYMENTS All notices, elections, demands, requests and other communications hereunder shall be in writing, signed by the party making the same and shall be sent by certified or registered United States mail, postage prepaid addressee TO LANDLORD TO TENANT KEY BISCAYNE BANK & TRUST COMPANY Attn Vice President and Cashier 95 West McIntyre Street Key Biscayne, Fi 33149 or such other address ad may hereafter be designated in writing by either party hereto The time and date on which mail is postmarked shall be the time and date on which such communication is deemed to have been given All rental payments shall be made to the Landlord at the address set forth above BROKERAGE Tenant shall indemnify and hold harmless Landlord against and in respect of any and all claims, losses, liabilities and expenses which may be asserted against Landlord by any broker or other person on the basis of any arrangements or agreements made or alleged to have been made by or on behalf of Tenant in respect of the transactions herein contemplated EQUITABLE REMEDIES Except as specifically otherwise provided, Tenant agrees that Tenant's obligations hereunder shall be enforceable by specific performance and that Landlord shall be entitled to restraint by in,unction of the violation or attempted or threatened violation of any of the Lease terms, covenants, conditions, provisions or agreements Except where stated to be exclusive or sole, the specified remedies to which the Landlord may resort under the terms of this Lease are cumulative and are not intended to be exclusive of any other remedies or means of redress to which the Landlord may be lawfully entitled in case of any breach or threatened breach of any provision of this Lease NO WAIVER The failure of the Landlord in one or more instances to insist upon strict performance of observance of one or more of the covenants or conditions hereof or to exercise any remedy, privilege or option herein conferred upon or reserved to the Landlord, shall not operate or be construed as a relinquishment or waiver for the future of such covenant or condition or of the right to enforce the same or to exercise such privilege, option, or remedk, but the same shall continue in full force and effect The receipt by the Landlord of rent or additional rent or any other payment required to be made by the Tenant, or any part thereof, shall not be a waiver of any other additional rent or payment then due, nor shall 10 such receipt though with knowledge of the breach of any covenant or condition hereof, operate as or be deemed to be a waiver of such breach and no waiver by the Landlord of any of the provisions hereof, or any of the Landlord's rights, remedies, privileges or options hereunder shall be deemed to have been made unless made by the Landlord in writing No surrender of the Premises for the remainder of the term hereof shall be valid unless accepted by the Landlord in writing LANDLORD'S RIGHT TO CURE: In the event Tenant should fail to perform any of its obligations hereunder in addition to any other remedies provided hereunder or by law, Landlord shall have the right, at its option, to perform such obligations on behalf of Tenant at any time following ten (10) days prior written notice to Tenant (except in cases of emergency when no notice shall be required) In such event, Tenant shall pay the Landlord, as additional rental hereunder, all costs and expenses so incurred by Landlord, including reasonable attorney's fees upon demand All such amounts shall bear interest at the rate of eighteen (18 O%) percent per annum from the date such amounts are incurred until paid TRANSFER OF CONTROL If Tenant is a corporation and if any transfer, sale, pledge or other disposition of any of the common stock of Tenant shall occur or power to vote said stock shall be changed, then Tenant shall immediately notify Landlord and Landlord shall have the right at its option to terminate this Lease upon five (5) days notice to Tenant If Tenant is a partnership, and if any transfer, sale pledge or other disposition of partnership interest in Tenant shall occur, then Tenant shall immediately notify Landlord and Landlord shall have the' right, at its option, to terminate this Lease upon five (5) days notice to Tenant EXCULPATION Tenant agrees that Tenant shall look solely to Landlord's interest in the Building of which the Premises are a part and Landlord's personal property used in connection therewith for the satisfaction of any claim judgment or decree requiring the payment of money by Landlord based on any default hereunder and no other property or assets of Landlord, its affiliates, successors partners, shareholders, subsidiaries or assigns, shall be subject to levy, execution or other enforcement procedures for the satisfaction of any such claim, judgment, injunction or decree RELATIONSHIP OF PARTIES Nothing herein contained shall be deemed or construed by the parties hereto nor by any third parties as constituting Landlord a partner of Tenant in the conduct of Tenant's business, or as creating the relationship of principal and agent or joint ventures between the parties hereto, it being the intention of the parties hereto that the relationship between them is and shall at all times during the term of this Lease by and remain that of Landlord and Tenant only SALES AND USE TAX With each rental payment Tenant shall also pay to Landlord an amount equal to any sales, use or excise tax levied by the State of Florida or any other governmental authority on rent received by Landlord hereunder HAZARDOUS MATERIAL Tenant represents and warrants that the Premises shall not at any time during the term of the Lease be used for the handling, storage, transportation or disposal of hazardous waste materials In connection therewith Tenant does hereby indemnify and agree to defend and hold Landlord harmless from any loss or costs (including the cost of any attorney's fees) that the Landlord might incur as a result of any use of the Premises for any of the above mentioned purposes 11 RADON GAS Radon is a naturally occurring radioactive gas that, wi has accumulated in a building in sufficient quantities, may present health risks to person who are exposed to it over time Levels of radon that exceed federal and state guidelines have been found in buildings in Florida Additional information regarding radon and radon testing may be obtained from you county public health unit In no event shall Landlord be liable for direct or indirect, consequential or incidental damages arising from the existence or discovery of radon in the Premises CAPTIONS: The captions and headings throughout this Lease are for convenience and reference only, and the words contained therein shall in no way be held or deemed to define, limit, describe, explain, modify, amplify or add to the interpretation, construction or meaning of any provision of or the scope or intent of this Lease or in any way affect this Lease SUCCESSORS AND ASSIGNS hereof, shall be This Lease and each and every provision binding upon and shall inure to the benefit of the Landlord and Tenant their respective successors, successors -in -title, legal representatives heirs and assigns, and each party hereto agrees, on behalf of itself, its successors, successors -in -title legal representatives heirs and assigns, to execute any instruments which may be necessary or appropriate to carry out and execute the purposes and intentions of this Lease, and hereby authorizes and directs its successors, successors -in -title, legal representatives heirs and assigns, to execute any and all such instruments Each and every successor in interest to any party hereto, whether such successor acquires such interest by way of gift, purchase, foreclosure or by any other method shall hold such interest subject to all of the terms and provisions of this Lease SEVERABILITY In the event any provision of this Lease is held to be invalid or unenforceable, such invalidity or unenforceability shall not affect the validity or enforceability of any other provision hereof MODIFICATION No change or modification of this Lease shall be valid or binding upon the parties hereto unless such change or modification shall be in writing and signed by the party against whom the same is sought to be enforced NUMBER AND GENDER: Whenever required by the context the singular number shall include the plural and the masculine gender shall include the feminine and neuter APPLICABLE LAW This Lease shall be governed by and construed in accordance with the laws of the State of Florida ENTIRE AGREEMENT This Lease contains the entire agreement between the parties contain d herein shall ,beagreements, uponconditions partystipulations not and no promises hereto This Lease has been executed by the parties on the dates indicated below Executed by Landlord the pre�C Print Name in Pienes3if / »loan 12 / f LANDLORD lay .L...rR[(_v Executed by Tenant in the pram n C Print� Chr iC,oti i a Print Name Date Thomas II Wakefield Law Firm ie TENANT Thomas H y cefield Date -sv.re. is -1048 a 13 4, koSo P ---- 0 13••••44' 1104 t. EXHIBIT E PERMITS AND LICENSES f � y SunTrust Bank Key Biscayne Property EXHIBIT E Schedule of Licenses permits and certificates of occupancy as of September 30 1998 SunTrust Bank Key Biscayne Occupational License Number L98990 Miami Dade Co Occupational License Number 04094-, 8 Tarafa & Iriondo Realtors Key Biscayne Occupational License Numbe L98992 Miami Dade Co Occupational License Number (Th13)9 9 Lan Offices of Thomas H Wakefield Key Biscayne Occupational License Number L98993 Miami Dade Co Occupational License Number 020736 Village of Key Biscayne Key Biscayne Occupational License Miami Dade Co Occupational License Number L9930b Number N/A Note Seller will provide certificate of occupancy for the Improvements when obtained Business t AA COUNTY TAX COLLECTOR 140 R,AGLER Sr 14th FLOOR MIAMI, FL 33130 1999 CCCUPATtCNAA: _ICE SE TAX ,999 INAMFOADE COUNTY sure OF FLORIDA ES SEPT AMR must BE DISPPLAYEED AT PLACE OF BUSINESS PURSLLANTTO COUNTY CODE D4APTEa 9A ART Sale 3867E8-5 BUSINESS INANE )LOCATION SUNTRUST BANK MIAMI NA 33149 5 it EKEY BISCAYNE OWNER SUNTRUST BANK MIAM/ NA Sec. Type of &wines* 219 BANK/TRUST CCMPANY THIS I9 AN OCDOP T10NAL TAX ONLY R DOES NOT PERM T IRE; rn.csF in T'10LA ANY EXLSTOW REGULATORY CR WHIM Laws 0 THE COMM/ CR DRIES NOR DOES R EXEMPT THE Info . FROM AN OTHER LICENSE OR ERWT REWIRED ST LAW WORM NOT CERU. ROAR N OF TIE 110XNSEES OuusICA. P `MEW ecEIVED DADE COUNTY TAX COLLECTM M0pp9/28//q11,,.,9�98 SEE OTHER SIDE rto -CLASS US. POSTAGE PAID MAW R PERMIT NO 231 RENEWAL LICENSE r40 040945-3 00 NOT FORWARD SUNTRUST BANK MIAMI NA JOSE GARCIA 37M?AMINW FL833AVE 178 'i1111N1111111111111111i1111111 11111111111111111 IilEtiiti tit 1(11 1 1 11111 1998 1999 OCCUPATIONAL LICENSE VILLAGE OF KEY BISCAYNE FLORIDA 85 West McIntyre Street Key Biscayne Flonda 33149 Occupational License No FOR THE PERIOD COMMENCING OCTOBER 1 1998 AND ENDING SEPTEMBER 30 1999 THE FOLLOWING 15 LSCENSED TO ENGAGE IN THE FOLLOWING BUSINESS Business Name SUN BANK / MIAMI NA Location 95 WEST MCINTYRE ST Financial Institutions S93 75 BANK License Fee - Lic slug BUILDING ZON!NC AND PLANNING 1 002904 L989°0 93 75 Jr 1998 1999 OCCUPATIONAL LICENSE VILLAGE OF KEY BISCAYNE FLORIDA 002904 PENALTY IS IMPOSED FOR FAILURE TO KEEP THE ATTACHED LICENSE DISPLAYED CONSPICUOLSLY This license is an occupational tax ooly tt does not p mit the licensee to violate anv existing regulator or zoning lags f ,be ate county or village nor does It exempt the licensee from anv other license or p rants that may be requireddbv la This fee must be paid by October 1 1998 r you will be ha Zed a 10' p nalt for the month (October and an add! anal penalty for each month ofd linq e c tb reaft r at t exc d 25 S of ,h license f Business 1998-1999 OCCUPATIONAL LICENSE VILLAGE OF KEY BISCAYNE FLORIDA 85 West McI ntyre Street Key Biscayne Florida 33149 Occupational License No TOR TU E PERIOD COMMENCINC OCTOBER 1 1998 AND ENDING SOW -NW 90 1999 11 W rOLWWING IS LICENSED TO ENGAGE 04 11I VOIL OWING BUSINESS Business Ilan" TARAFA & IRIONDO CORP Location 87 WEST MCINTYRE STREET Profession al Management 837 50 REAL ESTATE CORP 003723 ucenstromd BUILDING ZONING AND PLANNING L98992 DAM COUNTY TAX *PLt241011 VW W rLA 1YMJ1 ST 140. 1.0011 .LIMA, PL WM INS OCCUPATIONAL ucstu ni 1N1 INAIE-1MXl COUNTY STATE or FUEINDA EAPPATIII NT ME DI Ma . OP NWT ODDNES S IUIRMUMUTO eosin 000* C Urtrtt M A11T O S 10 051359-9 ■LIS INEae Nan/ LO CATIO N TARAFA WCMDO TRIONCORPORATION ST 3149 VILLAGE OF KEY BISCAYNE OWNER TARAFA f IRIONDO CORPORATION Sat Typo of IAwNIn. ill o 12 REAL ESTATE FIRM ttWM U 1An OILY 11Nw O 3100Il00 to i0 00 OA 001170n0 a tali nw MOON on .l fl O01 A OM MM 0! YN wen G UA LIPICA- wort AIC w ot to wn 1AA 00/20bb/1990 25000oonoortno Set O T11en 510E PO ST.CtAt6 U .S. P06TAG6 ►W ►t1WW0 0. nl RENEWAL Lan 051359-9 STATE 8000266218 DO NOT FORWARD TARAI"A C IRTONDO CORPORATION 07 W MC INTYRr ST Kf Y BISCAYNE FL 33149 l$llll1Illl llllltll11111/lllllllllil111lllllillllllil111111t11 — S._oT9E9BE 9E IT S o6T/S0/0I uUNOThI B y2Ve71 1998 1999 OCCUPATIONAL LICENSE 003724 t ILLAGE OF KE1 BISC 11 \E FLORIDA 83 West McInt\ c Strcet hey 8isca\ne Fior d t 33149 Occupational License No FOR THE PERIOD COMM& NC INC 0 011FR 1 199 {\L F \DI\C SEPTEMBER 30 1999 T E FOL OWP\( 15 I IC \SFI1 10 FNG GE I\ TH., OL OIt INC dLSI\cSS Business Name WAKEFIELD THOMAS Location 91 WEST MCINTYRE STREET Business Professional Occupation $37 50 ATTORNEY License -e L9899: 37 DO ,f Lcensut N_Lm 1998 1999 OCCUPATIONAL LICENSE l ILLAGE OF KE\ BISCAt NE FLORIDA BUI_1 I r ZrrttLI, 11C2 ' u 1 j 003724 PENALTY IS IMPOSED FOR FAILURE TO KEEP THE ATT,CHED LICENSE DISPLA\ ED CONS 1( I OLD 1 This license is ar occ spat onal ta\ onl count or dilla c nor does t This fee must be patd by Oct ber pe laity for each Mailing Address 1t doe no permit the licensee o tome am e'ttsun re 1 c r r nu 'temp the licensee from an other It en r of perm is that t t be r e 1 1998 or you Il be harged a In De ial for the month of U n r and a a 1 MO tth 1 delinquent'', thereafte not to e\ceed 25,o of the 1 r e ee WAKEFIELD THOMAS 91 WEST MCINTYRE STREET KEY BISCAYNE FL 33149 I I Certificate of Lse Number NO CERT OF L SE 1998 1999 OCCUPATIONAL LICENSE VILLAGE OF KEY BISCAYNE FLORIDA 85 West McIntyre Street Key Biscayne Florida 33149 Occupational License No FOR THE PERIOD COMMENCING OCTOBER 1 1998 AND ENDING SEPTEMBER 30 1999 THE FOLLOWING IS LICENSED TO ENGAGE IN THE FOLLOWING BUSINESS Business Name VILLAGE OF KEY BISCAYNE Location 85 W MCINTYRE STREET Business License Fee 002972 L99305 0 00 aw 7t -A(.>. 44'1 "' a� y 'G"f1j r 4t I .u�F 7 GOVERMENT EXEMPT BISILD'I'G ZONING A;'D 1998 1999 OCCUPATIONAL LICENSE VILLAGE OF KEY BISCAYNE FLORIDA 002972 PENALTY IS IMPOSED FOR FAILURE TO KEEP THE ATTACHED LICENSE DISPLAYED CONSPICUOUSLY This license is an occupational tax only It does not permit the licensee to violate any existing regulatory or zomn Laws of the s ate county or village nor does It exempt the licensee from any other license or permits that may be required by law — This fee must be paid by October 1 1998 or you will be charged a 10% penalty for the month of October and an additional a°' penalty for each month of delinquency thereafter — not to exceed 25% of the license fe Marling Address VITT AGE OF KEY BISCAYNE 85 W MCINTYRE ST 85 W MCINTYRE STREET 33149 it Certificate of TJse Number 930 i2288 EXHIBIT F SITE PLAN EXHIBIT F 1 REVISED SURVEY i 1 I I 1 The City Parcel Ingress/Egress Easement is intended to access the proposed new bank site from McIntyre Street This ingress and egress from McIntyre will allow bank customers and employees vehicular and pedestrian access to bank parking and the drive through teller operation The City Parcel Ingress/Egress Easement will extend from the curb cut on McIntyre north to and including the proposed Village Green traffic circle and then east to the Bank Branch Property paralleling Crandon Boulevard The curb cut on McIntyre Street will be located to the west of the western property line of the existing gas station and after the required landscaped setback between the gas station property line and the edge of the proposed roadway pavement The McIntyre Street access will be a two lane roadway (code required roadway width) extending from the curb cut to the traffic circle This roadway will be landscaped and paved in accordance with the existing standards (or beyond) of the Village of Key Biscayne The Bank Parcel Ingress/Egress Easement is intended to access the Property from Crandon Boulevard The Bank Parcel Ingress/Egress Easement from Crandon will allow Village of Key Biscayne building patrons access via a two lane roadway segment extending from the Crandon Boulevard curb cut to the eastern edge of the Village Green Traffic Circle The proposed curb cut centerline on Crandon (west) will be aligned with the centerline of the existing curb for the Grand Bay Development on Crandon (east) The entry on Crandon Boulevard will be widened beyond the required two lane width in order to provide a more generous roadway section and greater visual connection with the Village buildings to the west This roadway will be landscaped and paved in accordance with the standards (or beyond) of the Village of Key Biscayne 103030\ exhibit f 1 EXHIBIT G SERVICE CONTRACTS 1_ 1t NAY 10 GU t31Th Sea 90La SU�IKUJ1 1±X b1J c uuJ SunTrust Bank Key Biscayne EXHIBIT G SERVICE AGREEMENTS as of December 14 1998 Monthly Service Fee *Jaffer Associates Inc Imganon for landscaping Dated June 18 1998 Part of master contract for SunTrust Bank Miami, N A not specific to Key Biscayne Blue Planet Gardens Intcnor Plant Service (bank mtenor & Common area) No contract monthly billing *Cool Breeze Air Conditioning Part of master contract for SunTrust Bank Miami N A not specific to Key Biscayne *Miami Elevator Company Elevator Service (1 unit) Dated Dec 8 1978 Until terminated by the bank with 90 days nonce Coverall Cleaning Service Jamtonal for bank and common areas Putt of master contract for SunTrust Bank Miami N A not specific to Key Biscayne Sunbrite Window Co Window cleaning for building Part of master contract for SunTrust Bank Miami N A not specific to Key Biscayne $ 00 S 143 08 S 260 00 S 153 63 S1 05d 35 $ 21300 12/11/28 70 20 t30a 361 00—a J SOIRUS1 KEY BIS .0004 SunTrust Bank Key Biscayne EXHIBIT G - continued Pest pohce/Advancc Pest control (bank) No contract monthly !anima *Acolite-Claude Sign Co Sign maintenance (Bank) Dated Novi -tuber 1 1996 Part of master contract for SunTrust Bank Miami N A not specific to Key Biscayne Waste Management Trash removal & recycling (bank & Tenants) Part of master contract for SunTrust Bank Miami N A not specific to Key Biscayne Farmboy Landscaping Bxtenor landscaping matn`enance Part of master contract for SunTrust Bank Miami N A not specific to Key Biscayne *Service Contracts attached S 120 00 S 206 70 S 263 35 S 260 00 NOTE All SunTrust Bank Miami N A havt, 30 day termination clauses Rene.%a1s of the contracts speetfic to the Key Biscayne property will also contain the cancellation without penalty clause rupg'sat ayc j Ltd Dade (305) Broward 3937 Fax (305) Nj (� _:•.S--t-W Sit FireSysIens Re avery W e Was Tawrent mu kryv we+semmces CC #11033 odorg 57Cr7363 (954) 523-6669 Jaffer Associates 2801 N W 6th Avenue Ai Miami Flonda 33127 Water 573 8711 FAX (305) 592-2386 �/� P 0 Box 370277 piswgfATEe.t=4.FE GARCIA Miami Honda 33137-0277 PROPOSAL SUBMITTED TO SUNTRUST BA�dK/MIAMI N A PHONE PH (305) 593-7015 CATE ( 6/18/98 STREET 8840 N W 24Th TERRACE JOB NAME SUNTRUST BANK/MIAMI NA CITY STAT- AND ZIP CODE MIAMI FL 33172 JOB LOCATION 8840 N W 24TH TERRACE ARCHITECT DATE OF PLANS MIAMI FL 33172 JOB PHONE W her by bra pe f d t m tes i MONTHLZ MAINTENANCE ON THE LAWN BRANC S (17 IN TOTAL) 4INCLUDES"ALL CONTROLLERS) APPLICABLE SALES PRICE LOCATIOINS 9000 COLLINS AVENUE (BAL HARBOR) 8820 SW 136 STREET (BRIAR BAY) 20295 SOUTH DIXIE HIGHWAY (CUTLER 12125 SW 152 STREET (DEERWOOD) 8699 NW 36 STREET (DORAL) 1576 NE 163 STREET (N MIAMI 100 1W 12 AVENUE (RIVERSIDE) 11291 BIRD ROAD (WEST DADE) 1740 9IEST 49TH STREET (WESTLAND) SPRINKLER SYSTEMS AT THE BELOW STATED SUNTRUST LLABOR MATERIALS- (EXCEPT FOR PUMPS, TAX INSURANCE AND MULTIPLE SERVICE CALLS, $1,445 ($85 41700 00 NW 67 DALL ALLt1DDR RIDGE) 8300 BIRD ROAD 1400 NW 20TH STREET 100 MIRACLE MILE (BEHIND BEACH, 14695 SW 10 10695 NW 12itTREETIINTERNATIONAL 95 WEST MCTIR$ STREI�(KEY - s BANK QECK VALVES AND IF REQUIRED 00/PER MONTH 00 PER BRANCH) (MIAMILAKES)- (MIAMI WEST) (MIDTOWN) BLD/DRIVETHRU) (HAMMOCKS) MALL) BISCAYNE) - v- M ,.... ,... - _ e 1 rnpuse hereby to furnish material and labor — complete in accordance with above AS ABOVE 3 3 '.. dollars spec ($ ftcatlons for the sum of AS ABOVE ) P yme t to b made as follows NET 10 MONTHLY Alm 1g d t S peed ed AI w k to b anpletad workman) k man d g to d dpac A yaitera d a fpm abovespec1 bon ref g t w cuted ly po w tte Ors dwillbec ine irs h g re d b vet t ma Ail ag eements t g i p rakes accidents il l y by 0 co f ow t ryi t a doh ecessary ITS rance.0u work rs testy ve ed by W m C rape sat 1 an I �l „( t ..--- Authonzed , 4 Egnature Note Th s proposal may w thdrawn by us rf nok accepted with TEN be days n // cAcrE#3tant2 uf Proposal_ The above pnces spec f cat o s and co d bons a e s t f tory a d a e he eby ac pted You a autho zed to do the work as spec f ed Payme t w it be made a Dint ed abo e Date of Acc ptance — // 7 r S gnature E gnature 7 /�////C'/ �'J% ,74 Ccti_0-ecze � Oyr-prCG� Air Conditioning Corp AIR CONDITIONING EQUIPMENT AGREEMENT EQUIPMENT LOCATION _,UN1r'UcT BAN' 95 W McINTYRE STREET KAY BISCAYNL. FL THE FOLLOWING MAJOR SYSTEMS ARE INCLUDED IN THE SERVICE DESCRIBED IN THIS AGREEMENT TYPE OF COVERAGE COOL-BRCCLE WILL PROVIDE LABOR CONTRACT TERM OF AGREEMENT THE INITIAL TERM OF THIS AGREEMENT SHALL BE 1 YEAR BEGINNING ON ti — t t, tt+? AND SHALL RENEW YEARLY BEGINNING ON t, ttt9 WHICH SHALL BE THE ANNIVERSAPY DATE 0r AGREEMENT PRICE AND PAYMENT CUSTOMER SHALL PAY US $ 260 00 PAYABLE MONTHLti IN ADVANCE (DL'JS TAX I`" APPLIC4B1 L ) FIR T MONTH TO BE PAID UPON EVELUTION 4Nf CELIVERY OF THIS AGREEMENT PERSONNEL INUER T-IIS AGREEMENT WE WILL PERFORM ALL SERI/ICES USING P R-ONN L WHO ARC SPECIALIST`' IN HVAC REFRIGERATION AND LI EC rQON LC S I STEM MAINTENANCE AND SERVILE INSPECTIONS I i Drr'rOFfl A 'iINLt U1 0= 1" INCPE( FIOMO SDPLTTONAI 1 11 r tf) Nh 11 H F1 T' T Co ®TCGzp Air Conditioning Corp INSPECTION CHECKLIST 1 CHECK COMPRESSOR OIL LEVEL CHECK FOR PROPER REFRIGERANT CHARGE CHECK CONDITION AND SETTINGS ON PANEL CONTROLS OPERATING CONTROLS AND SAFETI CONTROLS 4 VERIFY PROPER EQUIPMENT OPERATION THRU ANALYSIS OF AVAILABLE LOG READINGS OR READINGS TAKEN DURING INSPECTION 5 CHEC'` CONDITION Of THERMOMETERS AND GAUGES TO INSURE VALIDITY Or LOG READINGS ( CHECK PPO°ER OPERATION OF BELTS PULLE{5 VALVES 7 LUBrICATE ALL MOVING PrPTS AS NEEDED 8 INSPECT AIR FILTERS 9 CHECK AIR COOL CONDENSER AND EVAPORATOR 10 CHECK INCOMING ELECTRIC POWER AND CIRCUIT 11 CHEC" DRAIN PANS INSPECTION REPORT 4 DETAILED REPORT OF EACH INSPECTION WILL BE ISSUED TO ThE CUCTOMCR THIS REPORT WILL INCLUDE EQUIPMENT LOG READINGS TAKEN DURING INSPECTION A REPORT ON THE CONDITION OF THOSE ITEMS INSPECTED A LISTING OF RECOMMENDED REPAIR-) AND RECOMMENDATION ON REDUCING ENERG1 CONSUMPTION SUPPLEMENTAL SERVICES ADDITIONAL SERVICE, WILL BF FURNICHED UPON REQUEST AND PROPS° AUIHOPIZATION FROM THE CUSTOMER ALL ADDITIONAL SERVICES WILL BE INJOICED Bi U° AND 'AYABLE BY THE CUSTOMER F c 0 mein Air Conditioning Corp EXISTItC CONDITIONS PRIOR FO OS UPON ACCEPTANCE OF THIS AGREEMENT COOL -BREEZE A:F CONDIIIONINC (ORP SHALL PERFORM A THOROUGH INSPECTION O Ate_ EQUIPMENT LIcTED IN SCHEDULE A A REPO°T DEVAILINC DEE-ILIENCIES cOUND DURING THIS INSPECTION .DHALL BE PROVIDED -0 T1F LANDLORD OR HIS AUTHORIZED REPRESENTATI1E THESE DEFILIFNCrES A -J DETAILED SHALL Br E<CLUDED 'ROM THIS CONTRALT AGREEMENt CUSTOMER RESPONSIBILITIES IN ORDER TO PERMIT COOL -BREEZE TO PROPERLY PERFORM TPE SE° ICES INCLUDED IN THIS AGREEMENT CUSTOMER AGREEC 1 TO PROVIDE REASONABLE AND TIMELY ACCESS TO ALL EQUIPMENT LOJERED B( THIS AGREEMENT 2 TO ALLOW COOL -BREEZE TO STARF AND STOP FHE EQUIPMENT AS NEC L E -,A(> ( DURING NORMAL WORKIN( HOUR° OR OTHE°'JISE ®rte SAP D%Czz e Air Conditioning Corp TERMS ANC CONDITIONS 1 THIS AtRE�MENT DOLS NOT INCLUDE DUCTWORK INSULATION O_l CLE l 4IML PIPING NOT IN )TAG_L D 8 f COOL -BREEZE Wt, STE DRAINL =N CRr,NE DOPES GASKETS HAEDWARE SHELVING DRIPPANS AND L , SC (ONO 1S O4 ( 1ILIERS SUBJECT TO INTERNAL WATER DAMACE OF PIE- TO OTHER ' PTS OF SYSTEM A_ A RESULT OF WATER ENTERING PROM CONDENSERS OR CHILLERS CHANGES AND RELOCATION OF EQUIPMENT RE'AI S DIJE TG LOSSES OR DAMAGES AS A RLSULT OF 'IRE WATE WINDSTORMS VANDALISM THEFT RIOTS CIVIL COMMOTION ACT OF u0L ,TrI`E LOCKOUTS PICKETS INADEQUATE OR FLUCTUATING CONDITION.. O' T J- UTII ITY COOL BREEZE SHALL NOT BE LIABLE 'OR INJURIES TO PERSONS 0^ DAMACCS TO PROPERTY EXCEPT THO,E DUE TO THE NEGLIGENT ACTS OR OMISSIONS OF COOL -BREEZE EMPLOYEES IN NO EVENT SHALL COOL -BREEZE E' LI'1c319 'OR ANY FORM OF DAMAGES EXCEPT TO THE EQUIPMENT LISTED TN THIS AL,,E EVENT 3 11F MAI TERMINATE THIS AGREEMENT UPON THIRTY (''0) DAYS WRITTEN u) I C TO CU TOMEr IN THE EVENT THAT (1) ANY SUMS OR MONIES DUE '- VG P^}ABLE UNDER THIS AGREEMENT ARE NOT PAID WHEN DUE OR (2) ALTS P , T I ON > ADDITION` OR REPAIRS ARE MADE 10 C O JCRED EQUIPMENT BY OTHERS EITHER PARTY MAY TERMINATE THIS AGREEMENT UPON TH ANNIVERSAP( DATE OF THIS AGREEMENT PROVIDED HOWEVER 11AI WRITTEN NOTICE OF SUCH TERMINATION IS RECEI4ED BY THE NON- TERMINA1INr PARTY AT LEAST THIRTY (30) OAFS PRIOR TO THE NNIVET ARY DATE NEITHER PARTY SHALL BE LIABIE TO THE OTHER PM' Y FOP ANf REA ON BECAUDE OF SUCH TERMINATION AT THE HPINIVFP5APY DATE 4 8} ANY REASON OF DEr^tLf OR B -REACH OF AN{ PROVI_,ICN Of THIS (JNTR-itT of PURCHASER COOL -BREEZE EMPLOYS AN ATTORNEf TO ENFORCE THIS A( RLEMENT PURCHASER AGREE° TO PAY ALL COURT COJTS AND PLS>SONABLE ATTORNEf S FEES INCURRED OR EXPENDED COOL -BREEZE 5 IF COOL -BREEZE IS REQUIRED TO MAKE LERAIRS OCCASIONED BI M FOr _f OPERA I ION DkMtGE CAUSLD BY ELECTROL (TIC A(T SON l EITHER SHifCR ACTION OR STRA( (UP^ENTS NEGLIGENCE 0; MISUSE OF T ( ( JIP l> PJl OR DUE TO ANY CAUSE BEYOND OUR CONTROL PURL HAS _-2 JHfl_L 481 E 03 ,_-8R.__r OP THE E RINSE NC 3R ED fl l^ 149 SLG [` L I)ND"T`TDOf IHAF REPLA^ElENT JF EQUIFMENT OR MrJ0m I ,J i' J T'= OF ATEJ Lr E NOSURE GE OR BR'-YKAU t3 (ON crMrL REPAIR OR UNAVAILABILITY OF REPLACEMENT PAQf ARE Nor LN JVLD IN THIS AGREEMENT ;L^EEMF of IJ SL'JECT 5Cl TO THE TERMS ANC CJNDf(IONS _I 0 n IN THI AGREEMENT c GEPTEo BY PG/STONER ACCEPTED BB`YY' COOL -BREEZE AIR CONDI7 (vING 99RP 6 Alt February 25 1998 MIAMI ELEVATOR COMPANY Mr Mike Garcia SunTrust Bank 8840 N W 24th Terrace Miami FL 33172 2422 Tel (305) 593 9376 Fax (305) 592 2386 Dear Mr Garcia P 0 Box 520217 Miami Florida 33152 7481 N W 66th Street Miami Honda 33166 Office (305) 592 7722 Facsimile (305) 592 9742 Enclosed please find a hst of items covered by the Miami Elevator Company Elevator Maintenance Agreement for your review Our contract as most elevator contract are written described the items excluded clearly Please see below a hst of items covered by our agreement elevator control relays door timers hydraulic AC pump motor motor belts pit spnng buffers all wiring mcludmg travel cables mechanical safety edges door clutches door operator belts & lmkage door gibs signal fight bulbs hoistway landing system ropes (cables) generator brushes governor ropes -car alarm phase monitors motor starters & contacts hydraulic pump hydraulic silencer pit channels slide or rollers guides door operators door hangers & tracks door operator motor -exhaust fans microprocessor boards piston hoist machmes & sheaves hoist motors -counterweights rectifiers reversing contactors hydraulic control valve any exposed piping pit stop switch photo electric eyes pickup roller assemblies -door rollers hoistway switches emergency lights & batteries signal pushbutton assemblies platen plates & bolts motor generators governors tape guide Please do not hesitate to call with any questions or if I can be of any assistance We look forward to working with you and SunTrust Bank. Sincerely Miami Elevator Company Wolfgang Mendez WM/em 02259 lrt cZ SERVING FLORIDA SINCE 1941 12 15,4E 2 17 MECO SALES -. 30546362284 SAES LEG SMB G53 Pt C`t PIS"* ' CP FOR NC 465 722 r a CE 11,E r ,ct' E LL M} +4k# ELEV'At CEO "ATOR ,16 f 7 e_a r KEX BISCAYNE BANK E TRUST 93 W McI FITSEE ST KEY BISCAYNE, FLORIDA I UEe n isza frqd keeine 4c o T Biy?I w.th u Te x " 5r fi a rt .1. :4(4.6dlrJ ,4 BUILDING MIAMI ELEVATOR COMPANY ►tuvusyvinvvviiIuuuuVVIIU IINQ Throughout Florida and the Caribbean r 41�f1f 0/1(d TOTAL INVESTMENT PROTECTION FOR YOUR ELEVATORS PURCHASER: EY 1-( 521 �/Lu�CLcfii S.gnC,uN of a III flood &clot MIAMI ELE OR COMPANY ydaard H Coburn DATE 12/8/78 APPROVED BY TITLF AT:ry/»17r TITIF Dr�514_ 12/2,./78 1 Pc rG/15/8 2 19 MECO SALES -. 3a5453EEEa TERMS AND CONDITIONS `O 455 ;2 - MIAMI ELEVATOR COMPANY assumes no responsibility for any part of the elevator egLlpment except hat pcn wnr.h work has been dare unde this contract No work service examination er I rob hry on our part o he thou Cher speci'rcelly menrone° herein is Included or intended Purchaser shall shut down the equipment immediately upon manrfestctrolt of ony irregularities in operanor or appearance in the equipment ratify the MIAMI ELEVATOR COMPANY at an a aria keep the equipment down until the completion of the repo rs and further the Purchaser shall keep the a ur survel!lance by tamperer q Fmenr shut exonno on The Purchaser personal to oerect such irregularities between periods of companies mer under continuance shall give the MIAMI ELEVATOR COMPANY written nonce wrthrn ten oafs afterac_uren e of ony accident r or about the elevator MIAMI ELEVATOR COMPANY shall nor be he'd responsible for cry lass damage Iniury ale'ay or detention of persons Cr propertry caused by acts of government civil or and tery authorities `mar civil commotion theft vandalism labor tioubjes explosion f re power failure wate damage storms lightning nor rc( or puel c catastrophe acts of God or by any other cause which is unavoidable or beyond our reasonable control ono in any event we shell not be iieb'e for consequential damages It is agreed that in consideration enumerated herein rhot nothing rn this agreement shall be comstrvea to or its representaTlves assumes an Ilabr mean that MIAMI � of the services Y Irty whatsoever an account of accidents triunes delay o detention t persons or property Purchaser rherefore remens liable for oft accidents to persons or ro delay o deridinonto being in or about the eleva ors er associated area rrres e v property WhI a riding on operation mainherence or condition of the elevators Pon a of s1 hatther such rs) dents agreeret from he use and hold harmie s MIAMI ELEVATOR COMPANY I l molar roans} ces and r and to aide and its directors officers a Tnif f demands judgements awards Iiaoilities and costs on ^ irrespec from all claims cause af the occident account of any such occident of the actual Purchaser agrees to notify MIAMI ELEVATOR COMPANY in writing of any change In ownership lasso lessee or management of the premises at leest thirty 1301 days prior to such changes Should you foil a de so you w II remain responsible far payment of all further charges aril any liability incurred by us P.Jrcneser Shalt Pay es an addition ro the price stated a sum equal to the amount of any taxes which may now ar hereafter be exacters from purchaser or seller on eccounr nereof Repairs replacement Pita 24 hour emergency cull back patrons af this agreement automahcai(y lapse if pa men is overdue 30 days or more Y In the event the Purchaser toils to make payments due ranee thts agreement within forty five (45 d the due date heretofore described MIAM! ELEVATOR COMPANY shall have the option to terming e this contract w thaw notice In the event an one ney is engaged ro enfore one calla ) days from de as herund with or without suit Purchaser ag ees to pay all costs thereof together withpreaso ay tbleuattorneys feeereithe No agent or employee shall have the authority to wetve or modify any of the terms of this agreement WORK NOT INCLUDED Purchaser to proviae suitable mach ne morn Inc(udrny secured doors waterproofing lighting ventilation and heor to meintatn the room of a temperature oil 50°F minimum to 100°F max mum MIAMI ELEVATOR COMPANY HYDRAULIC ELEVATORS ELECTRIC ELEVATORS DUMBWAITERS HOMELIFTS SPECIALTIES 12/ 5/5E 2 15 MECO Snl_ES - 32154636594 v 'OE COMPLETE ELEVATOR €OUIPMENT .1TECTIOff1 MIAMI ELEVATOR CO MAINTENANCE SaV10E are If be pro. dud for the following described t6veterl Ore (1} r1cv3r rnrinn rq4 011drauhe Passenger Elevator Z500 lb , 2 -story I your b !ding Iocored at 93 {,1 $tlntire St ICey Biscayne Florida Miam 81° owl Co w II tea to the al ea deyvto ea 'Omens as hen aft. de vlbad en the terms and condl 1 o sub eau ily sat fanh We wdl u!e fro nod me directly empteyed a d s per teed by u They will be tauaf f eel to keep your equ pee t properly ealusted and they 1.11 use all easanabie cats le mummy" the elevator equip"' nt n p pe entreating condition W. w 11 regular y a d sysremoticaily seamne adlust end lubr cans as repel ed and f conditions warrant we w 11 repo r Or ,place alt Pie are parts and d.yleas sp bonne , cludrd by th s centavo la oddnan to the regular exam' at on wt w II pe faun annual no lead te t and has year lull load int of tract on els stars or annual red d pre; ore test of hydrate' c elevators and we w 11 make any Ins m repairs replacements r teamme I on* such as are o de d ro be ea a ably necessary during the you ,e of the txaminat on m a de to keep the ele are ea ipm r atop ape ming mndf@on 5 gnol Light Bulbs w I! be replaced during regular service vas is To turn ;h special 1 bricanh which are compo nded under our supervision The stems et ells aro equipment we laded trem th t can rant ate The 1 n h ng npa 1 g or replacement of car enclosure he &tardy door panels door frames sa., car flooring floor co sting Ilghtlng f :tures f es light bulbs and tubes mein In paws sw tch. breaker feeders te con troll, hyd a ! elevate io k outer cos rig underground piping end of gnment of eiewarer glade rolls If s entInd l t , ate 7107 requueel re make renewals or repo rs necessitated by reason of negligence or mouse of the eq v by reason of any other muss i ry wear end tint equlred re m.mll new attachments an the *1 vararras recemme dad or dire tad by pal shall rim Oa run dent mutt opal or other ouch die. Insurance companies go ern The rams 1 Strad on the schedule below show tem derablt wee and veil; hove to be replaced in tit eta future To p oy de you w ih the maximum of service from she stem we are arteptrng them In them Pe. nt fond to w rh the understanding that you are to pray In addvrlan To the base amount of this contract on NOM at the r me the IT I red art f ti saluted The charge For thia replannte t will be den nod by pro a rig the tefal con a eplr emenm of the male dual items To are to pay for that panian of Ike nem need prior re Th. date of this contraeh and we are To 901f that pane ;indents the dote al tills comma SCHEDULE OF PANTS TO it RIO HATED The Purchaser agrees to r port Immediately any condition which may ndlcaie the need fa cwt briars ne r egulo eepminatlan Too ggree la aepar aw lodgment o to the mean. and °G n ed any corrective work under ansidemnan methods to be em>gayed far any 111 fed as o be pe fa mod during regular Working hos of our regular working days unless orhemn e Th carman in I des emerge cy m ear adjustment caffback sonde du ng regular work ng hours. Fa a y onrrhne 9work uaiuested0by th purchase ray ogre la pay us for t✓ difference bones( regular end °tan"' lobo at f 4 This sere cm wall be /urn shed from DCee.nber-, J i92'[T y e %ad and e eonhn 0 until terminated provided herein atter na are price a harem naiad a and we 111th year er at the end al any ubse uenl gi ng may reran pony nin agreement days either at ne end of the 9 yea by the other pony ninety (901 days pr or serf tten acmes The p Ice of th sere ca as herein &feted shell be SIXTY-FOUR anti 78 /I10 Dello s IS 54 78 1 Pet Month payable monthly In 4d•anw pen pre woman ef an 0 ca The contract p ce shall b adtuted inn °fly bold an the pe aemoge of nerecse a dense a In the straight time ha fly tabor cop for elevator exam nets For purposes of this agreement straight rime ass rly lobo cost shall mean the ma at, time hew iy ate paler to elevate .xern era plus hinge benefit; and upon welfare granted in 1 eu of a n aad(hart to hou ly rare increase Fr rage benefits include but am not I m led lb pe plan a at on Paid holtaoys group Ofe Ins a et s,ckne,l and acddsnt insurance a d ho pfml sof on haw ant Th r ac e Went '• the et ms and oc en ,,ens hn and odd 11 al term and d e via k wantv-n d Tau acceptance ef finis al rnent and is aprw p ai by an test r n office of MIAMI ELEVATOR co erfll con sat ex 1w. rely and 7 rely the agreement far the .mist here descr bed All ether prior epeangr on 0 agreements .,h.tfe ...men or erbol wilt be dawned to be me Red herein and no other changes In or eddIRon t 1h s agreement will be eepyn zed union mode m we II ng and praperty .xecufd by both Parfits The proposal end orarad Is hereby accepted; NO 455 ;r_ 1. 111 s s. a N MMIN 1 thANCL AGFHEEiL I, E`r&ACULITE & CLAUDE UNITED SIGN CO, INC $ !, tit N*,e4.r4cState oert•Ea A000099 tLtt4c:av 4 PO Box 522517 +Miami FL, 33152 f' - "5 r'53 • r'Hia t r sr main') (305) 362-3333 / Broward (954) 522-6008 / Fax (305) 819-7777 CUSTOMERSlitiAM& !<SUNTRUSTTSANR%MIAMIiv 1r \I 114 "I i ADDRESS 1' 8840 N.W. 24TH TERRACE; MIAMI." FLi' 33172rELEPHONE 305-593-7065 This agreement shall be effective 'NOVEMBER` it 19 196; between Acoilte & Claude United Sign Co , Inc hereinafter referred to as the contractor and the customer above named r�1 p�gg� rig y 1 PSricbU Vi r+�r let t k 4i �artlwrtg { �Y Igo i fi �� 10 $ r per month plus $ } 330 : B5 1 > Florida sales tax payable upon presentation of contractors monthly statement which shall be for normal (nalntepan�ce and the last two months of contract in advance 11 4 to l:Rz ,tr'.t{ �^�' frdw>• 4 �c. � r.Yi4i>HH' q'1>vi'�8 0 ! 4 2 H the signs are ImproperlN worWng noyr g W IIrxist $ i t I write pone r) 04! Tlav> i 1. 4,4 ,4 Included )n the intenance anther for ond A sti r r r 'yes � w f t t i, ,s qty d > 1 w1.41t i„gmtiime Ciock(s) , es .R%e w 004.0„,....„ OFlasher(s) es 11 No X , r r in I Std 1 1rc t r + t fel u ra 2 , 1 a I A: i s. r er ti 3 in consideration of the aforesaid payments, the contractor agrees to render the following sery ces That It will repair the signs hereinafter described at no cost or expense to the customer for rspisaement parts or labor if the same shall be rendered inoperative by reason of any one or more of the following REPAIRS 1 Neon tubes or fluorescent lamps REPLACEMENT 2 Bumeo out transformers or ballasts AND LABOR 3 Broken tube supports or sockets 4 Broken electrodes or housings F 5 Defective high or low tension wiring within sign(s) And further the contractor shall periodically paint out of the neon crossover sections The contractor shall be obliged to make such repairs or replacements of parts unless such damage resulted from fire hurri cane windstorm war earthquake flood labor disturbances riots customers acts or acts of any other person which shall contribute to or proximately cause such damage Neither damage to or deterioration of structural steal nor damage to plexiglass or a relatively comparable material shall be an obligation of the contractor to repair or replace Any damage caused or sustained by reason of age normal wear and tear rust corrosion or similar deterioration which shall render any of the hereinafter signs or any components thereof such as rotating units flashers or time clocks Inoperative and irreparable shall not be an obligation of the contractor to replace or repair - Supports and iron work for any signs hereinafter set forth shall not be an obligation of the contractor to repair or replace under any circumstances , '. It is agreed that electric wiring distribution boxes fuses and control equipment placed before the display and/or fixture power junction are not a part of this agreement, It is mutually agreed by the parties that the customer shall be fully responsible for the furnishing of any payment for all electrical energy used by said display t a , The contractor acknowledges that It has workman s compensation Insurance and public liability and property damage insurance of $100 000 00 and $300 000 00 for personal injury or property damage which may be sustained by any person by reason of the con tractor heron upon the nremisas of the customer lathe nertormance of Its nhunatlons.bereunder. I i r ', #` a k 7 to repair to b7#i4 paid upon completion (11 no repairs area needed l EXHIBIT H FORM OF DEED RESTRICTIVE COVENANT �'EC -16-48 04 40 PM BERG 505 577 9750 P 02 Restrictive Covenant This conveyance of the property ( Property ) as legally described on the attached Exhibit A is subject to the covenants and restrictions hereinafter set forth aid said covenants and restrictions shall run with the land and shall be enforceable against every person or entity who now or in the future owns any portion or portions of said Property as described in Exhibit 'A' The Property is restricted and no portion thereof shall be used as a saving� and loan association bank industrial savings bank trust company international bank agency or representative office credit union entities dealing in the sale of securities branch banking facility or the operation of an automated teller machine or cash dispenser (hereinafter collectively referred to as Financial Institution ) These restrictions shall also prohibit any tenant of Grantee under a lease of the property entered into after the closing of the transaction contemplated herein trom subletting assigning or selling a sublease to any Financial Institution and all leases entered into after the Closing of the transaction contemplated herein between Grantee and any tenant shall include a provision that (a) prohibits the subletting assignment or sale of the sublease to any Financial Institution and (b) permits the Grantor to enforce any breach by the tenant of this restriction If the Property is sold Grartee agrees that any conveyance will be subject to this restrictive covenant until sucn time as the property as described on the attaches Exhibit B ceases to be used as a Financial with Institution he n These lrrestrictions ns shall be deemed covenants running and inure to the benefit of all owners of the Property or any portion thereof their respective heirs representatives lessees successors and assigns and shall continually encumber the property from the date of the recordation of this Deed in the Public Records of Miami -Dade County Florida until such time as the property described on the attached Exhibit B ceases to be used as a Financial Institution at which time these covenants and restrictions shall terminate In the event of any violation of the foregoing restrictive covenants the Grantor shall have the right (in addition to and not in limitation of any other available rights or remedies) as an admitted equity and as a matter of absolute right to the issuance by a Court of competent jurisdiction of an injunction (mandatory (Jr otherwise) prohibiting any such violation and requiring any such violation Lo be eliminated All costs incurred by the Grantor including reasonable attorneys fees shall be deemed recoverable damages in the event of a violation of these restrictions FEB— —9, 04 15 PM BERGM N & JACOBS FEL 9 94 FRII la 39 ST tiiErLTf1E OFFICES Bane Er VILLAG 0 liav GI60WN6 305 M205; riL,s. L I.rr lnet Lae MQ'r oC HON t..M`y &WDr M to raer ud INPuc.k Main IT Rth tt4 akowdl vici i^ C &Any 1 Ka N. 305 577 9730 TELv 09 319 Ilt 17 00 19 93A% F' 02 F GGl Pkga alt 1/LU CL t7P KEY HTBCAYNE Office of The Village Manager Februbiy lb 1999 VIA FACSIMi11 SunTtust Beak b(tsrnr N A c/o Bergman St 7t.ixibe PA 777 Brad Avenue Miami FL 33131 in (305)577 9730 ContiacSulk rt for arid the VLAase c) Arta ne (R) er't datedt ) f La of Di.i.cmher 22 1.9011 (the Contract '1 Qentlemen Pict?' as othere. SSC apcaifled herein all defined tents use4t m this letter ag➢eenti.n shall WO thm meaning ascribed to Mb terms iu the Caramel Th a letter will sumo to cwenn the i3uyet turd Wet haw .grecd to extend the rxplrntron pate under the tantrum to Marsh 10 er 199n fa `'one% ltemrn the sired copy to RuyerLOpy ur letter an ii of t Stier nelRlr3'eltleade(ax ler >30r) 154 71 1) ec b PCbtuuy 19 1901> .,to fa s.mde (Pax no (305) 854 1173) on or Tors Ftlday, Except as as= dad and =dated by this later asteemeat, dl the terms navanants eoadihons and agreements of the Contract shall tentam m fuli force and e1Ti,l:t 6 MX ➢6 b31I RFVr'ahlllxer 056 RS +�.*L Aletnhl*e street ACV EisLayrte Florida 33149 f309) 364 55t1 Fax Ci0!) 9yd Mil IN rdrnu➢ur ^L Pl4. 101 Serf QUALM' J3k41L irtr INv ILbM5114 Ft R NI- 3135 577 9730 P 03 FEB-1r-9` 04 16 PM BERGMAN & JACOBS '`rtb 9 ",RII lI a9 st E"I,TI\E UFFII:EC sot By VLG4AilF Cr KEY E1ISCAYNc 305 3asa6ae, 419 LAC! OF SLY atEC11YNE Stuarust Bank, Miami N A primary 16 1999 Page 2 TEL a 319 F UG' Pep tE 06 3 FAPM Page 313 Facsimile copies of this latter and 411 signatures It reon shall be onaldered for all purpc cb as Originals. Very trtt'y yams VILLAGE OF Kt] BISCAYNE a Honda mun eipat corporation CSTQeme Acknowledged and Agteni rn th,a ` j,4' Aa.' of February 1999 SVNTRLSTBANE: 141041 Iv A. a national Waling association By Nume L4;v-0 ca -4-441 Tttha et C%/ N1]pI T r-AmN&U -1 t1 flO 1» AIRY WT. 1 Will LNYIRO MEN rOR AL11 A+ POL1THR 1 11 L.SM A 3 t C r1l' M'N1 ov ba J 3T P ie ' j MAD al Joe f Rate, Mre ' repot Cra. L, 4 Alan F� ,� fm14 Nat( raq Via Nun red Rub Clid.kUWAI V16gv Alogage C Sim IA Kiss oar VIA FACShi11LF SunTrust Bank, Miami N A c% Bergman ,4c Tacobt P A 717 Bnckell Avenue Miami FL 33131 Atm MarL A. Jacobs Esq Fax (305) 57' 9730 LI.AGE OFK Bj—�—�_ office of the V +tlage Manager F. brttar) 26 1999 RE Contract for Purchase lad Sale of Real Property between SunTrust flank Miami N A. ( Seller") and the Village ofKey Biscayne ( B&.yet-') dated as of December 22 r 998 as amendexl by Iertcr agreement dated February 16 1999 (the Con raet ) Gentler/4m Except a -s othen Ise specired herein t 1 defined terms u cc in this Lrre1 grr- neat strait have the meaning ascribed to Ouch terms in .he Contract This letter will eery to confirm that Buyer ..nil Seller have a Date t inter the Contract to kpn1 16 1999 d to this further extend the Expiration Seller acktwwle-dgtng Seiler s agreement to the fore lmasc execute a copy of uts lent on behalf of Srn ey via facsimile (fax no (305) boq 2323) and return the vtgned 323) on or before F*,day March 3 1594 copy to Buyer , Attorney h't ' 4 amended and modified by this letter agreement all the terms covenants co Winona uricagreements of the Co-ttract shall remain in full forge and effect 85 west 3tclnt;re Street ke; 8lscayne, Fbiala 33149 (305) 365 „11 Fruc (305) }bs 8436 MS TIM TO PROVlb r Alai rt11441A rY llmyhM hT M K PIA NU uvu o„.ytc tie, ntivAi rrr Z0 d 022.6 LLS COS saootlr S NtlWO?J3a Wd Z0 Z0 66-80—eleW Clio aa9gbdC -en 9 Bd 13 32 Fa4e 3 VtI LACE 4F KEY RISC 1YNE SunTTL3t Bank &Lam! N 4 kebruary 26 1999 tage 2 Facsimile copies of dug letter and all signakt-cs hereon shall be considered for all purpose as originals CST, ferric Acknowledged and Agreed to this SUNIRLST BANK, MIAMI N A a national banlang association R3 "Itme Tule E'er Very truly yours VILLAG.eOF IcrY UISCAVNIF a Florida municipal corporation By amlle ISE Village Manage day of March, 1999 MISSION T4TFSIEN r III PROVIDE A MATE QQLALRY COMM aNITY ENYIkuSNEtiT rnR ALL ISaNbI q5 THROLGH Rh5PVNSIEL (civEKYMF % I 20 d 022.6 LLS n02 S800e'r N0WD2128 Wd 30 30 66-00-21e;W rage 2 3 Itike I*( R rRa t rrgrry t Ff. 4 r SzaR /lira Murl F eek MR he tl Mo my Id Ro&c Q,Jacuwak Aim G S,mue Kisd krr Sun rrust Et* Miallli NA, c'n R/ 78rilan & Jacobs P A 77' Rnckell Avenue Maim 1133131 Attic Mirk A Jacobs Lap Fut No (305) )77 9730 Ofnce of the —vi ~ - Y L+ March k5 1999 Lollar in tai Purchase ( Sealer and Salt of Real Property between Simi rust As Seller and the Village of Key Biscayne f Bayer ) dated as a nut Bank emb by agreemult dated kebrvl men Miami '3A agreement dated kebruary26 1999 tr 16 1999 ar f Drxa 22 1998 (the Contract mended by letter UU 1tlL,men Excc apt lied herein meaning as other .tto suchttertps in th all defined terms used Ln this letter agrk ng ascribed e Contract cntt.nt shall liar fins lever will serve e the to confirm flat Bu y9 and Seller hive a greedDate under the Contract to Apt tl 2 Date under P east execute a L o f 0 l L i eer tc the Expl gtng Sc11er s agreement to rte„ n ac nowfacsmite g S no the fortgotrg and return h halt of Seib f 305) 854 2123) nn or Friday the signed 99lry to gl k 12dreF 26 1999 ltr. At•o'ney Cxcc�a as atucndcd and inidlfled by this lever agnmttent ail the t aggrtemcnts of the, Contract shall remain m fort full tu'rrls tc vcnarts audit no, 1 , e and (Area tj 85 west McIntyre Street Key Biscayne Florida 33545 (305) rem YT rOARM1 nl 11Rr'jL IrY PAIMUNI Y6Rry k WriTN 1369 55]1 Fax (305) 365 8936 tow RWrl IRCsln11C{L Lio F 111111NT 30 d 0£L6 LLS 0£ S803Ht NRiW5e138 WO 0Z 60 66-8T—deW Se s ,_ny VILLAGE OF KEY BIS..A E 105 3658036 Mar 1f/t 051, Page 3 3 141 LAt F OF KEN BISCAYNE SuuTrust Rank M,anu N A M tech lb 1999 Page 2 Fai,simile Lupus of this lett r and all signatures hereon snail be LonsiderLd for all putpuces any origin -11s Very truly >ours VILLAGE OF KEY BISCAYNE A Florida mumKLpat corporation CSLomc '&cknotsledg.d aril Avteed to this r %� ay of Mach 144) SLINTRLSTBANK \1IA.'s1J NA - a nauonal banking association 1)h S-lTEMLNT TO RtWtDE i%4FL QtAWTYWMMt NI T7 rN41W. NNENT FUR Alt. 4LANUEA I 1101.01A RESIR1%SII1 E CU% RNMENr 20 d 02L6 LLS 50£ saooar 8 NtW52I3a WO 'CZ 60 66 -8I -NSW 'ON 1 00 0A 32PM FROM BERGMAN t-UCOBS 305 577 9730 T-122 P 02/03 F 291 VILLAGE OF KEY J3ISCAYNE Mee of the Village Manager Maw Con& lac 1 Rana. Moir Morelia 1 do -teem Broutok. VltMAnyo Senn Bin Aim H Fain Mme ma Fn d anrgory G Flan RdreR Oldakowalu Whir Mawr? C &mud Kiarnrr Douglas S Lona, Vice President SunTrust Bank Miami N A Mail Code 1031 777 Brickell Avenue Miami FL 33131-2803 May 18 2000 11B Contract far Purchase and Sale of Real Property dated as of December 22, 1998, entered into by SunTrust Bank Miami, N.A as Seller and the Village of Key Biscayne, as Buyer, as amended by letter agreement dated February 16, 1999, as 1 irther amended by letter agreement dated Febrnnry 26, 1999, as further amended by letter agreement dated March 16, 1999, as turther amended by letter agreement dated March 29, 2000 (collectively the "Contract") Dear Mr Lona Unless indicated to the contrary herein all deigned tutus used herein shall have the meaning ascnbed to such tonna in the Contract. This letter shall can£um that Buyer has agreed that the outside date for Seiler to complete the Bank Branch and obtain the Development Approvals as provided in Section 7 1 of the Cpntraet is hereby extended to thirty five (35) months following the Commencement Date if the foregoing conforms with your understanding, please execute this letter in the space provided therefor below and returned a signed copy to the undersigned R5 \Wiest McIntyre Strut Kry Biscayne. Florida 33149 (305) 65-5514 1 aX (305) 365-1036 JUN 1 _ 00 04 33PM FROM-BERGMAN FJACOB3 305 577 9730 - T 122 P 03/03 F 291 vILLAGG of 1i EY RISCAYNF Douglas S Lona Vice President May 18, 2000 Page 2 Please call me !Typo have any questions Very truly yours VILLAGE OF KEY BISCA YNB By Agreed to this Zr day of May 2000 SUNTRUST BANK, ]h` By cc Mark Jacobs, Esq G 4noltsulgeii It s Manager ��.y Office of the Village Clerk Villas Council John F Fest Mayor Mort mer Fned VS Mayor Martha Fde Leon Broucek Gregory C Han Hugh TORefly M chele Padovan Betty Sime Village Clerk Conch t H Alvarez CERTIFICATION STATE OF FLORIDA COUNTY OF DADE I Conchita H Alvarez duly appointed Village Clerk of the Village of Key Biscayne Florida, do hereby certify that the attached is a true and correct copy of Resolution 98 33 adopted by the Village Council on July 1 1998 IN WITNESS WHEREOF I hereunto set my hand and affix the Seal of the Village of Key Biscayne Flonda this 8th day of July 1998 cd&lafh, ri 41aaLez Clerk e of Key Biscayne Florida 85 West McIntyre Street KeyBiscayne Flonda 33149 (305) 365 5506 Fax (305) 365 8936 Internet hap //vkb key biscayne$us MISSION STATEMENT TO PROVIDE A SAFE QUALITY COMMUNITY ENVIRONMENT FOR ALL ISLANDERS THROUGH RESPONSIBLE GOVERNMENT RESOLUTION NO 98 33 A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF KEY BISCAYNE, FLORIDA, APPROVING CONTRACT FOR PURCHASE AND SALE OF REAL PROPERTY BETWEEN SUNTRUST BANK, MIAMI, N A AND THE VILLAGE OF KEY BISCAYNE, PROVIDING FOR PURCHASE OF CERTAIN LANDS AND IMPROVEMENTS BY THE VILLAGE, AUTHORIZING VILLAGE MANAGER TO EXECUTE THE CONTRACT ON BEHALF OF THE VILLAGE, AUTHORIZING VILLAGE MANAGER TO TAKE ALL ACTION NECESSARY TO IMPLEMENT THE CONTRACT AUTHORIZING VILI AGE MANAGER AND VILLAGE ATTORNEY TO TAKE ALL ACTION NECESSARY TO CLOSE THE PURCHASE AND SALE TRANSACTION, PROVIDING FOR EFFECTIVE DATE WHEREAS the Village desires to purchase certam lands and improvements from the SunTrust Bank Miami NA (the Bank) and WHEREAS the Village Council finds that the approval of the Contract for Purchase and Sale of Real Property is in the best interest of the Village NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OFF THE VILLAGE OF KEY BISCAYNE, FLORIDA AS FOLLOWS Section 1 That the Contract for Purchase and Sale of Real Property (the "Contract) m substantially the form attached hereto between the Village and the Bank is hereby approved and the Village Manager and Village Clerk are a..tno*red o e"ec to such con ac , ,n ,he— eapect ✓e capacities on behalf of the Village Section 2 That the Village Manager is authonzed to take all action necessary to implement the Contract, including the expenditure of appropnated funds m accordance with the requirements of the Contract Section 3 That the Village Manager and Village Attorney are hereby authonzed to execute all documents necessary to complete the closing of the purchase and sale transaction m accordance with the Contract and the Village Manager is authorized to execute all closmg statements and other instruments necessary to close the transaction Section 4 That this resolution shall become effective upon its adoption PASSED AND ADOPTED this lst day of July 1998 OR JOHN F FF-STA ATTEST (4*AS/oh; CONCHITA H ALVAREZ, VILLAGE CLERK APPROVED AS TO FORM AND LEGAL SUFF F'LOR&fi f'l INDEX TO CLOSING BINDER This Closing Binder contains documents in connection with the closing for the purchase by the Village of Key Biscayne a Florida municipal corporation ( Buyer ) from SunTrust Bank (the Seller ) The closing was held on October 31 2001 at the offices of Bergman and Jacobs P A 777 Brickell Avenue Suite 780 Miami Florida 33131 The following documents contained herein in connection with the closing are originals unless otherwise noted VOLUME I - PURCHASE AND SALE AGREEMENT AND RESOLUTION 1 Contract for Purchase and Sale of Real Property dated as of December 22 1998 entered into between Buyer and SunTrust Bank (copy) 2 Letter Agreement dated as of February 16 1999 regarding extension of Expiration Date (copy) 3 Letter Agreement dated as of February 26 1999 regarding extension of Expiration Date (copy) 4 Letter Agreement dated as of March 16 1999 regarding extension of Expiration Date (copy) 5 Letter Agreement dated as of May 18 2000 regarding outside date for Seller to obtain Development Approvals and complete Bank Branch (copy) 6 Resolution No 98 33 adopted by Village Council on July 1 1998 authorizing transaction (certified copy) VOLUME II - CLOSING DOCUMENTS 7 Special Warranty Deed dated October 29 2001 recorded on October 31 2001 in Official Records Book 19987 at Page 2658 of the Public Records of Miami Dade County Flonda 8 Settlement Statement 9 First American Title Insurance Company Owner s Policy No FA 35 566191 10 Bill of Sale 11 Disclosure Affidavit dated October 29 2001 recorded on October 31 2001 in Official Records Book 19987 at Page 2682 of the Public Records of Miami Dade County Florida 12 Seller s Affidavit (copy) 13 Survey Affidavit (copy) 14 General Assignment 15 Assignment of Leases 16 Letters to Tenants (2) (copies) 17 Certified Rent Roll 18 Lease Agreement dated June 20 2000 entered into between Seller as Landlord and Key Biscayne Chamber of Commerce as Tenant and the Village of Key Biscayne as prospective Buyer (copy) 19 Business Property Lease dated June 9 1998 entered into between SunTrust Bank Miami N A as Landlord and Thomas H Wakefield Law Firm as Tenant (copy) 20 Receipt of Lease Agreements (copy) 21 Certificate of Authority and Incumbency of Seller 22 Declaration of Easements Covenants Conditions and Restrictions recorded on October 31 2001 In Official Records Book 19987 at page 2661 of the Public Records of Miami Dade County Florida (the Declaration ) (copy) 23 Letter Agreement supplementing Declaration regarding temporary relocation of the Temporary Ingress/Egress Easement to McInytre Street (copy) 24 Tax Proration Letter to Miami Dade County Tax Collector dated October 31 2001 (copy) 25 Receipt for keys plans and drawings for building (copy) 26 Appraisal dated May 2 1997 prepared by Blazejack & Company (copy) VOLUME III - ENVIRONMENTAL REPORTS AND APPRAISAL 27 Appraisal dated as October 8 1997 prepared by Quinllvan Appraisal P A 28 Letter dated February 16 1999 from Clark Engineers - Scientists regarding Phase I and limited Phase II Environmental Site Assessment (copy) 29 Phase I and Phase II Environmental Site Assessment prepared by Clark Engineers - Scientists dated February 15 1999 30 Letter dated April 12 1999 from Clark Engineers - Scientists regarding Environmental Site Assessment Report (copy) 31 Comfort letter dated February 8 1999 from the Florida Department of Environmental Protection ( FDEP ) regarding FDEP s enforcement policy towards a property owner whose property has been contaminated with pollutants emanating from an adjacent source property (copy) 32 Letter dated September 7 2001 from Clark Engineers - Scientists regarding sampling of wells at property F \1030301Index to Closing Documents 12 12 01 doe 2 OFF REC C!( 19987P62558 rr I 16 _irlL Err 7. i- 5E 'wt r -`x a_ urn fr 1 Retum to Elaine M Cohen Weiss Serota Helfman Pastonza & Guedes P A 2665 South Bayshore Dnve Suite 420 Miami Flonda 33133 This Instrument Prepared by BERGMAN AND JACOBS P A 777 Bnckell Ave Suite 780 Miami FI 33131 Property Appraiser Parcel I D (Folio) Number 24 5205 062 0020 Grantee(s) Tax Id # 65 0236174 SPECIAL WARRANTY DEED nod THIS SPECIAL WARRANTY DEED Made the 07 day of October A D 2001 by r c'JtTh y LE urn: SUNTRUST BANK a State Bank organized under the laws of Georgia as successor by merger to SUNTRUST BANK MIAMI N A as successor to KEY BISCAYNE BANK AND TRUST COMPANY a Honda Banking Corporation Address 777 Bnckell Avenue Miami FI 33131 hereinafter called the Grantor to VILLAGE OF KEY BISCAYNE a Florida municipal corporation Address 85 West McIntyre Street Key Biscayne Flonda 33149 hereinafter called the Grantee (Wherever used herein the terms Grantor and Grantee include all the parties to this instrument and the heirs legal representatives and assigns of individuals and the successors and assigns of corporations) N01 2 6 1NNO1 r Ltd  iairr riWun I9987PS2659 WITNESSETH That the Grantor for and in consideration of the sum of $10 00 and other valuable considerations receipt whereof is hereby acknowledged hereby grants bargains sells aliens remises releases conveys and confirms unto the Grantee all that certain land situate in MIAMI DADE County Flonda TRACT B OF SUNTRUST KEY BISCAYNE according to the Plat thereof as recorded in Plat Book 157 at Page 75 of the Public Records of Miami Dade County Florida SUBJECT TO Plat of MATHESON ESTATE recorded in Plat Book 34 at Page 34 of the Public Records of Miami Dade County Flonda SUBJECT TO Plat of MATHESON ESTATE recorded in Plat Book 46 Page 86 of the Public Records of Miami Dade County Flonda SUBJECT TO PLAT OF SUNTRUST KEY BISCAYNE as recorded in Plat Book 157 at Page 75 of the Public Records of Miami Dade County Flonda SUBJECT TO Easements restrictions and reservations of record if any not intending to reimpose same SUBJECT TO Taxes for the year 2002 and all subsequent years SUBJECT TO The following use restnctions as to TRACT B of SUNTRUST KEY BISCAYNE according to the Plat thereof recorded in Plat Book 157 at Page 75 of the Public Records of Miami Dade County Ronda The use of Tract B is restricted and no portion thereof shall be used as a savings and loan associatior ba-ik commercial bank industrial savings bank trust company international bank agency or representative office credit union entities dealing in the sale of securities branch banking facility or the operation of an automated teller machine ( ATM') or cash dispenser (hereinafter collectively referred to as Financial Institution) These restrictions shall be effective as to the Grantee and any tenant located on said Tract B under a lease of the property entered into after the recordation of this Deed and further prohibits any party from subletting assigning or selling a sublease to any Financial Institution and all leases entered into after the recordation of this Deed between Grantee and any tenant shall include a provision that (a) prohibits the subletting assignment or sale of the sublease to any Financial Institution and (b) permits Grantor or any subsequent owner of Tract A to enforce any breach by the Grantee or tenant of TRACT B of this restriction If Tract B is sold Grantee agrees that any conveyance will be subject to this restrictive covenant until such time as Tract A ceases to be used as a Financial Institution These restrictions shall be deemed covenants running with the land shall be binding and inure to the benefit of all owners and grantees of Tract A and/or Tract B of SUNTRUST KEY BISCAYNE as recorded in Plat Book 157 at Page 75 of the Public Records of Miami Dade County Flonda or any portion thereof their respective heirs representatives lessees successors and assigns and shall continually and perpetually encumber both Tract A and Tract B from the date of the recordation of this Deed in the Public Records of Miami Dade County Flonda until such time as Tract A ceases to be used as a Financial Institution at which time these covenants and restrictions shall terminate In the event of any violation of the foregoing restnctive covenants Grantor or subsequent owner of Tract A shall have the right (in addition to and not in limitation of any other available nghts or remedies) as an admitted equity and as a matter of absolute nght to the issuance by a Court of competent jurisdiction of an injunction (mandatory or otherwise) prohibiting any such violation and requiring any such violation to be eliminated All costs incurred by Grantor or any subsequent owner of Tract A including reasonable attorneys fees shall be deemed recoverable damages in the event of a 2 I F .0 ,..1..w. .. OFT FEC$R 19987PG2660 violation of these restnctlons TOGETHER with all the tenements hereditaments and appurtenances thereto belonging or in any way appertaining TO HAVE AND TO HOLD the same in fee simple forever AND the Grantor hereby covenants with said Grantee that the grantor is lawfully seized of said land in fee simple that the Grantor has good right and lawful authority to sell and convey said land and hereby warrants the title to said land and will defend same against the lawful claims of all persons claiming by through or under the said Grantor except taxes accruing subsequent to December 31 2001 IN WITNESS WHEREOF the said Grantor has signed and sealed these presents the day and year first above written Signed sealed and delivered in our presence (,iQ-li C thauL ) SUNTRUST BANK a State Bank organized under the laws of Gaorgia By Witness Signature Print ocwq l a s S,kJ.� Print __cta c. ki C014 en As its WI Print STATE OF FLORIDA COUNTY OF MIAMI DADE The foregoing instrument was acknowledged before me this 29 day of October 2001 by �v rt orgMi�FS r S oic/oa r as St V Thes of SUNTRUST BANK a State Bank lzed under the laws of Georgia on behalf of the bank He/she ( mss personally known to me or ( ) has produced as identific F \1030301Sp ial W rra ty D ed2 d NOTAR Print Com F CORDED M OcROAL REcMos 80044 OF DACE cOR4TY RARCA0. RECORD VERIFIED HARVEY RUVIN CLERK CIRCUIT COURT 3 1111N1illo Jac04s, 1+,ar, le,ceT 200,7A 77-:* "cif°-,* IlCC96O295 r -,p�� T�9,mtlea ��OQ r r'L/c STAR &Rs,.�--r-- — ADDENDUM TO SETTLEMENT STATEMENT BY AND BETWEEN CHICAGO DEFERRED EXCHANGE CORPORATION, AS SELLER, AND VILLAGE OF KEY BISCAYNE, AS BUYER Charges for Change Orders to Construction as requested by the Village of Key Biscayne $60 738 00 Rent Due for October 2001 8 048 19 LESS CREDIT FOR REPAIRS PER INSPECTION REPORT ($25 000 00) TOTAL DUE SUNTRUST BANK FOR CONSTRUCTION CHANGE ORDERS AND RENT SUNTRUST BNK By tee` 7 AS K SIN LAIR As it Senior Vice President $43 786 19 VILLAG !F , Y BISCAYNE By C SAMUEL r"ISSINGER As its Village ager I A Sett ement Statement US D D m I H g d U b 0 Ipm t OMB N 2502 0265 -ir B Type of Loan 1 ❑ FHA 2 0 FmHA 3 0 Cony Urns 4 ❑ VA 5 ❑ Conv Ins File Number 4312 Loan Number Mortgage Insurance Case Number C NOTE This form is furnished to give you a statement of actual settlement costs Amounts paid to and by the settlement agent are shown Items marked p o c were paid outside of closing they are shown here for informational purposes and are not included in the totals D NAME AND ADDRESS OF BORROWER E NAME AND ADDRESS OF SELLER (Seller TIN ) F NAME AND ADDRESS OF LENDER VILLAGE OF KEY BISCAYNE 85 W McIntyre Street Key Bicayne Florida 33149 SUNTRUST BANK 1431 N E 26th Street Wilton Manors Florida 33305 G PROPERTY 85 W McIntyre Street LOCATION Key Biscayne Fl 33149 H SETTLEMENT AGENT WEISS SEROTA & HELFMAN P A PLACE OF SETTLEMENT 2665 South Bayshore Drive Suite 420 Miami Honda 33133 I SETTLEMENT DATE J SUMMARY OF BORROWER S TRANSACTION K SUMMARY OF SELLER S TRANSACTION 100 GROSS AMOUNT DUE FROM BORROWER 400 GROSS AMOUNT DUE TO SELLER of co 1 p 3 482 500 00 401 0 1 t i p 3 482 500 00 102 P I p p y 402 P I p p y 103 S 1 I m h g t b w (I m 11 1400) 11 396 25 403 1 4 404 05 405 ADJUSTMENTS FOR ITEMS PAID BY SELLER IN ADVANCE 106 Cty/ w t t ADJUSTMENTS FOR ITEMS PAID BY SELLER IN ADVANCE 406 Giy/t w rant 0 07 C y t 407 C y t 106 A m o 409 A am 11 09 409 1 0 Change Orders 410 Change Orders 411 2 412 120 GROSS AMOUNT DUE FROM BORROWER 3 493 896 25 420 GROSS AMOUNT DUE TO SELLER 3 482 500 00 200 AMOUNTS PAID BY OR IN BEHALF OF BORROWER 500 REDUCTIONS IN AMOUNT DUE TO SELLER 20 D p ar m y 100 00 50 Ex d p 1( ) 202 P p I m 0 I WI O 502 S itl m t h g area (I a 1400) 168 517 02 203 E I g 1 O k b) 503 E g I O k bl 1 204 504 P y II ft m 99 1 205 505 P y ft 1 dm g g I 206 506 207 507 206 508 209 509 ADJUSTMENTS FOR ITEMS UNPAID BY SELLER 210 C y/ w t ADJUSTMENTS FOR ITEMS UNPAID BY SELLER 510 City/t w 21 C y 1 1 51 C ty ax 1 212 A m t 512 A m 213 513 214 514 215 515 216 5 6 217 517 216 518 219 5 9 220 TOTAL PAID BY/FOR BORROWER 100 00 520 TOTAL REDUCTIONS IN AMOUNT DUE SELLER 168 517 02 300 CASH AT Stl I LEMENT FROM/TO BORROWER 600 CASH AT SETTLEMENT TO/FROM SELLER 301 Gross amount due from borrower (line 129) 3 493 896 25 601 Gross amount due to seller (line 420) 3 482 500 00 302 Less amount paid by/for borrower 'line 220) 100 00 602 Less reduct ns 1n amt due seller(line 520) 168 517 02 303 CASH ( ; FROM) ( 1 TO) BORROWER 3 493 796 25 603 CASH ( !TO) ( , FROM) SELLER 3 313 982 98 October 31 2001 HUD 1 (3 86) RESPA HB 4305 2 PAGE 1 HUD (H 3/86) L OMB N 2502 0265 SETTLEMENT CHARGES 700 TOTAL SALES/BROKER'S COMMISSION BASED ON PRICE @ DIVISION OF COMMISSION (LINE 700) AS FOLLOWS 701 702 5 703 C mm 704 800 ITEMS PAYABLE IN CONNECTION WITH LOAN 80 L p t 1 96 802 L d W 803 App I1 1 8 4 C d p 805 L d p t I 006 M q q ppl 1 0 807 A mp I 808 809 0 0 81 900 ITEMS REQUIRED BY LENDER TO BE PAID IN ADVANCE 90 1 1 m 1 @$ ld Y 902 M q q p m m I on 903 H d p m m I y 904 Fl d p on m t Y 905 1000 RESERVES DEPOSITED WITH LENDER PAID FROM BORROWERS FUNDS AT SETTLEMENT PAID FROM SELLER 5 FUNDS AT SETTLEMENT p d t1 m 001 H d 002 M q q 1003 C 004 C y p 005 A 1 006 Fl d on th @ $ m h @ m 1h @ $ m h @ $ m th @$ m th @ 5 p m h m h @ $ in h @ $ p m th p m th p m th p m th p m th p m 1h 0 9 007 p on th 1008 1p09 Aggregate Accounting Escrow Adjustment 1100 TITLE CHARGES 50 00 1 0 s l m 1 of WEISS SEROTA & HELFMAN 100 00 102 Ab 103 T I 104 T11 111 h 1ST AMERICAN TITLE INSURANCE CO 1ST AMERICAN TITLE INSURANCE CO 75 00 b d t 1105 D m p p 1108 N y f 07 A y ( I d b on N mb 1108 T01 ( I d b 109 L d 9 $ 1 0 Ow q $ 11 112 BERGMAN AND JACOBS 2 A 81 200 00 11 3 GREENBERG TRAURIG 1200 GOVERNMENT RECORDING AND TRANSFER CHARGES 1201 R d gf 0 e $ 15 00 M tg g $ RI $ 15 00 2➢2 City/ ty 1 / m2 0 d $ 20 895 00 M tg q $ 20 895 00 203 SI I t x/ mp D d$ M g g $ 1204 Surtax Deed 15 671 25 205 Record Declaration of Easements 96 00 1300 ADDITIONAL SETTLEMENT CHARGES 30 S y l 1302 Pt p 1 303 304 2001 REAL ESTATE TAKES 47 864 27 305 RECORD AFFIDAVIT 10 50 1306 307 1400 TOTAL SETTLEMENT CHARGES 11 396 25 168 517 02 2 655 00 h my e w B w f Ily w d th HUD I S 111 m by m th VILLA OF KEY :ISCAYNE St m d 1 th b i t my k wl dg d b l f t I f h t f y h 1 1 h Th HUD t S tl m t St m l wh ch I h p p d w th h m t d py I th HUD S 111 m 5 I D t 10/31/01 Ag D S 11 Ag d 1 St 1 m S RSTpST RANK m t 11 p dd b m t m d D 10/31/01 D tl i h ct 1 h D S t 1 m Ag d wll h I d b d b d Abu_ Coe,- WEISS SEROTA HELFMAN P A WARNING 1 m k w giy m k 1 1 ton h U d S th y h m I m P al p m F d 1 T1 US. Cod 5 0 d S 01 d 10/31/01 Id I d mp Shepard s/McGraw Hdl (800) 522 1050 HUD 1 (Rev 3/86) PAGE 2 FATIC 524 Policy No FA -35- 566191 ISSLED BY First An2erican Title insurance Company SUBJECT TO THE EXCLUSIONS FROM COVERAGE THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS FIRST AMERICAN TITLE -INSURANCE COMPANY a California corporation herein called the Company insures as of Date of Policy shown in Schedule A against loss or damage not exceeding the Amount of Insurance stated in ScheduleA sustained or incurred by the Insured by reason of 1 Title to the estate or interest described in Schedule A being vested other than as stated therein 2 Any defect in or hen or encumbrance on the title 3 Unmarketabitity of the title 4 Lack of a right of access to and from the land The Company will also pay the costs attorneys fees and expenses incurred in defense of the title as insured but only to the extent provided in the Conditions and Stipulations first Arnerca n Title Insurance Company BY ATTEST PR StDEi LI/f'L Li✓✓iY.,,,_ SECRETARY OP 10/99) ALTA Owner's Policy (10-17 92) (With Ronda Modifications) EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage costs, attorneys fees or expenses which anse by reason of L (a) Any law ordinance or governmental regulation (including but not hinted to building and zoning laws ordinances or regulations) restnctmg, regulating prohibiting or relating to (r) the occupancy use or enjoyment of the land (n) the haracter dimensions or location of any improvement now or hereafter erected on the land (m) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land s or was a part or (tv) env ronmental protection or the effect of any v,latr n of these laws ord nances or governmental reg I tions except to the extent th t a not ce of th nforc ment th reof o not ce of a defe t hen or encumbrance resulting from a violation or alleged v olation affecting the 1 lid has been recorded in the p bhc re ords at Date of Policy (b) Any governmental poi ce power not ex luded by (a) above except to the xtent that a notice of the exercise ill reof or not ce of a d feet hen o enc mbrance resulting from a ioiat on or alleged viol tion affect ng the land has been re orded in the p blrc re ords at Date of Policy 2 Rights of eminent domain unless notice of the exerc se ther of has been re orded in the p bhc records at Date of Policy but not xclud ng from coverage any taking which has occurred pr o to Date of Pol cy which would be binding on the nghts of a purchaser for alue without knowledg 3 Defects hens ncumbrances, adverse cla ms or other matters (a) created suffered, assumed or agreed to by the insured cla mant (b) not known to the Company not recorded in the public records at Date of Policy b t known to the msu ed laimant and not disclosed m writ ng to the Company by the ins red cla ,ant pr or to the date th ins red cla ,ant be ame an moil d under this policy (c) res lung in no loss or damage to the ins red claimant (d) attaching or created s bsequent to Dale of Policy or (e) resulting m loss or damage which wo Id not have b en s stained rf the ns red cl imant had pa d val e for the tate o nterest nsured by th s policy 4 Any cla m which nses o t of th trans coon vest,, in the ms d the estate or inte 54 ms red by this poi cy by ason of the operat on of f deral bankruptcy stat moot ency or similar creditors tights laws, that is based on (a) the transa bon creating th estat or inter st nsured by this policy being deemed a fraudulent onveyance o fraud I nt transfer or (b) the tra ton creatmg the estat or int rest ,lured by th s policy being d med a preferential tran fer exc pt wh the pr ferent al tran fer res Its from the failure 0 to t m ly record the nstrument of t nsfer or (n) of s h record tion to impart not c to a p r haser for value or a judgment or 1 en cred tor 1 DEFINITION OF TERMS The following terms when used m th s policy m an (a) n ured the ins red named m Schedule A and s bject to ny r ght or def nses th Company would hav had against th n med insured thos who s eed to the rote est of th named msu ed by op ratio of law as distingu shed from porch se in lud ng, but not Iimrt d to heirs distr b tees, devisees s ry vors personal represe t [Ives, next of kin, or corporate or fiduciary s cesso s ns red cl imant an in red claiming loss or damage. (c) know! dge or known actual know! dge not constructive knowledge or nonce wh ch may be imputed to an sured by reason of th publ c reco d s defined m th s policy r any other re ords which mpart construct ve nonce of matters affecting the I nd d) 1 rid th land desc bed or r ferred to n Se edui (A) and improv ments £fixed thereto wh ch by law constit to reaf p ppaerty The term 1 nd do s not Ind d any property beyo d the lines of the ar a described or referred to , Sched le A n r any nght title mtere t estat or eas me 1 m ab fling streets roads, av nues alleys lanes w ys or waterw ys but nothing here n shall modify o limit th extent to which a nght of access to rid from the la d is ns red by this policy (e) mortg g mortgage d d of trust trust de d or oth r sec r ty instrument (t) publ c records records established nde state at tutes at Date of Policy for the purpos of impart ng constructive not ce of matt rs relating to r al prop rty to purchasers for v l e ad w tho t knowledg W th respect to Section 1( )(iv) of the Excl ions From Cov rage ubl c records sh 11 al o Jude etivironmentai prot ct on 1 ns fl dm the record of th clerk of the Un led Stales distr ct ourt for the di trtct in which the land is located (g) unmark tab bay of the title an alleged or apparent matter affect, the t tle to the land not excluded or e c pled ff m co erage wh ch would entitle a purchas r of th estate or interest descr bed in Schedule A to be released from the obligation to purchase by roue of a coot actual cond lion requiring the delivery of m rketabl title 2 CONTIUATION OF INSURANCE AFILA CONVEYANCE OF TITLE. The coverage of this policy sh 11 continue in force as of Date of Policy n favor of an ms red only so long as the insured reta its an est t or nter st n the land o holds n and lit dness red by pu h se m ney mortgag given by a porch s r from the sured or only so long as the ins red sh 11 have liability by rea on of coven tits of warranty made by the sured m a y transfer o conveyance of the e tate or nterest Ttu poi y sh 11 not continue m force in fa or of a y p r haser from the insured of either (I) an estate or mteresl in the land or (ii) an nd btednes sec d by a p rchase money mortgagegrven to th insur d 3 NOCE, OF CLAIM TO BE GIVEN BY INSURED CLAIMANT The insured shall notify the Company romptly in writing () m case of any 1 ligation a set forth m Section 4(a) below ( ) in, case knows dge shall come to art insured liere nder of any claim of tit] or t rest wh ch s adverse to the title to the estate or rote e t as nsured CONDITIONS AND STIPULATIONS All information designated as confident 1 by the ns red cl imant prov ded to th Company p rs ant to this Se non shall not be d losed to others nless, m the r asonable judgment of the Company it is necessary n the administration of the cla m Fa 1 re of th insured cla ,ant to subm t for examination under oath produce oth r reasonably requested informal on or grant permiss on to secure sonably neces ary reformat on fr m third parti s as required in th s paragraph shall tens ate any Itab 1 ty of the Comp ny under this poll y as to that I im 6 OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS TERMINATION OF LIABILITY In ase of cla m nde th s pob y th Comp ny shall have the following additional options (a) To P v o Tender Payne t of th Amo tit of 1 ranee O To pay or t der payment of the amount of ms rice nd r th s policy together w th any costs art rneys f es rid exp nses ncurred by the insured claim nt, wh h we utho zed by th Company p to the t me of p yment or tender of paym nt and wh ch the Company is obi gated to pay (n) Upon the exerc by th Comp ny of this opt on, all h bit ty rid obi g t ons to the nsured rider this policy oth r than to mak the p yment required shall terminate mcl d ng any habil ty or ob 1 gation to defend prosecute or continue any litigation and the policy shall be s n ndered to the Comp ny for cancellation (b) To P v o Otherw Settl With P dies Oth r th n the Insured or W th the In red Cla mant () top y or oth rw se tie with oche parties for or in th nam of a ins red laima t any cl Ira its red ag rust nder this poll y tog ther with any costs, attorneys fees and expenses incurred by th insured cla m nt which were authonz d by the Company p to th hme of p yment and which the Company is obi gat d to p y o (n) to pay r oth rwise s the with the nsured claim nt the loss or damage provided for under th s poi cy together with any costs ttomeys fees, and expenses incurred by th msur d cla m nt whi h were authorized by the Company up to the t m of payment and which the Company is obligated to pay Upon th exe rise by the Company of either of the opt ons provided for in par graphs (b)() or (n) the Comp ny s obhgat o to th ins red nder this poi y f r the 1 imed loss o d mag othe th n the p yme is req it d to be mad shall term nate ndudmg any 1 bilny or obi g bon to defend prosecute or ontnue ny l t g 1100 7 DETERMINATION EXTENT OF LIABILITY AND COINSURANCE. This policy is a contract of indemnity aga nst act I monetary loss o damag susia n d or ncurred by the insured claim nt who has suffered loss o damage by reason of matt rs n ured gamst by this policy and only to the xtent h re descr bed (a) Th 1 ability of the Company under th poi y shall not exceed the I ast of (i) the Amount of Ins ranee stated in Schedule A or If I ss sho Id result from any act of the nsured 1 ima t as st ted abo e th t act shall not void this policy b t the Compa y rn that event shall be required to pay only that part of any to ses nsured against by th poi cy winch shall exceed the amo tit if any lost to the Company by reason of the impairment by the nsured claimant of the Company s nght of s brogation (b) Th Como ny s R ghts Agai 1 Non-insured Ob ors Th Company s tight of subrogat n against non moor d obi goys shall ex st nd sh II nci de witho t I mitat o the rights of the insured to ndemn t es guaranties other p bcies of m urance or bonds notwithst ndmg ny terms or cond t ons contained in rhos instruments which pr ide for s brogat on rights by reason of this policy 14 ARBITRATION Unless p olubated by applicable law arbitration pursuant to th Title Insuran Arbitration Rules of the American Arbitration Association may b demand d f agreed to by both the Company and the Insured Arb treble matt s may nclud but a e not hind d to any contra ersy or lawn betwe n th Company and the Insured arcs,(out of o relating to this policy and service of the Company n connection w th its issuance o the b a h of a poi cy provision o other obbgatwn Arbitration pu suant to this policy and and r the Rules in ff ct on the date the demand for arbitration is made or at the option of the Insured, th Rules in ffect at Date of Pot ty shall be bunt ng upon th p rk Th award may n lode attorneys fe only f the laws of th stat n w/u h the land ,s located permit a court to ward attorney fees to a preva hng party Judgment upon the award rendered by the Arbatrator(s) may be ntered n any court hav ng farad tion th reof The law of the onus f the 1 nd shall apply to an arbitration under the Title Insurance Arbitrat on Rules A copy of the R les may be obtained from the Company upon request 15 LIABILITY LIMITED TO THIS POLICY POLICY ENTIRE CONTRACT (a) This policy to ether with all endorsements if any attached h r to by the Comp ny s th enn p 1 cy and contract b tween th insured and ill Company In mterpretmg ny p o iston of this p hey this policy shall be construed as a whole (b) Any claim of loss or damage whether or not based on n ghgence and which ans s o t of the tatus of the title to the estate or nit rest cov red h reby or by any a non a see ng such claim shall be restncted to this policy (c) No amendment of o ndorsement to this pol cy can b made xcept by wntmg odors d hereon o ttach d h reto gned by ither th Pres d nt a Vi President the Se retary an As tant Secretary or validati g officer or a thorned signatory of the C mpany FATIC 521 Owner s Policy FIRST AMERICAN 111LE INSURANCE COMPANY SCHEDULE A Issumg Office File No 103030 Policy No FA 35 566191 Date of Policy October 31 2001 at 2 59 p m 1 Name of Insured VILLAGE OF KEY BISCAYNE a Florida municipal corporation 2 The estate or interest m the land which is covered by this pohcy is Fee Simple Amount of Insurance $3 482 500 00 3 Title to the estate or interest m the land is vested m VILLAGE OF KEY BISCAYNE a Florida municipal corporation 4 The land referred to in this policy is described as follows Tract B of SUNTRUST KEY BISCAYNE according to the Plat thereof recorded in Plat Book 157 Page 75 of the Public Records of Miami Dade County Florda WEISS SEROTA HELFMAN PASTORIZA & GUEDES P A By Erew ALL Ca___ - Elaine M Cohen Esq Authonzed Signatory FATIC 521 Owner s Policy FIRST AMERICAN TITLE INSURANCE COMPANY Issuing Office File No 103030 Policy No FA 35 566191 EXCEPTIONS FROM COVERAGE This policy does not insure against loss or damage (and the Company will not pay costs attorneys fees or expenses) which arise by reason of 1 Rights or claims of parties in possession not shown by the public records 2 Easements or claims of easements not shown by the public records 3 Encroachments overlaps boundary line disputes or other matters which would be disclosed by an accurate survey or inspection of the premises 4 Any lien or right to a lien for services labor or material heretofore or hereafter furnished imposed by law and not shown by the public records 5 Any adverse claim to all or any part of the land which is now under water or which has previously been under water but filled or exposed through the efforts of' man 6 Taxes or special assessments which are not shown as existing liens by the public records NOTE Exceptions Numbered 1 through 6 inclusive above are hereby deleted Special Exceptions 7 Miami Dade County property taxes for the year 2001 and> subsequent years which are not yet due and payable 8 Restrictions conditions reservations easements and other matters contained on the Plat of SunTrust Key Biscayne recorded in Plat Book 157 Page 75 9 Restnctions dedications and easements contained in Plat of MATHESON ESTATE recorded in Plat Book 34 Page 34 10 Restrictions dedications and easements contained in Plat of MATHESON ESTATE recorded in Plat Book 46 Page 86 11 Declaration of Restnctive Covenants in favor of Metropolitan Dade County a political subdivision of the State of Florida filed March 25 1985 in Official Records Book 12454 Page 952 12 Covenant Running with the Land m favor of Metropolitan Dade County executed on behalf of Key Biscayne Bank & Trust Co filed April 15 1992 m Official Records Book 15474 Page 145 13 Metropolitan Dade County Environmental Quality Control Board Order No 97 49 filed August 7 1997 m Official Records Book 17743 Page 4289 14 Declarations of Easements Covenants Conditions and Restnctions recorded October 31 2001 in Official Records Book 19987 Page 2661 FIRST AMERICAN !TILE INSURANCE COMPANY Issuing Office File No 103030 Pohcy No FA 35 566191 15 Rights of the lessees under unrecorded leases as follows (i) Lease Agreement dated June 20 2000 entered into between Suntrust Bank as Landlord and Key Biscayne Chamber of Commerce as Tenant and the Village of Key Biscayne as prospective Buyer (ii) Busmess Property Lease dated June 9 1998 entered into between SunTrust Bank Miami N A as Landlord and Thomas H Wakefield Law Firm as Tenant 16 Unrecorded Easement granted to Honda Power and Light Company dated July 24 1978 a copy of which is attached hereto ALL IN THE PUBLIC RECORDS OF BROWARD COUNTY FLORIDA UNLESS OTHERWISE NOTED FATIC 521 Owner s Policy Issuing Office File No 103030 FIRST AMERICAN TITLE INSURANCE COMPANY Policy No FA 35 566191 Service Ouahty and Availability First American Title Insurance Company cares about its customers and their availability to obtain information and services on a convenient timely and accurate basis A qualified staff of service representatives is dedicated to serving you A toll free number is available for your convenience m obtaining mformation about coverage and to provide assistance in resolving complaints 1 800 929 7186 Office hours are from 8 30 a m through 5 30 p m Monday through Friday 07/26/01 THU 10 26 Fax 1 888 741 8212 07/09/01 MON 16 36 FAX 305 854 2025 ROI n Lt v 9 FATICO PENSACOLA wErss SEROTA & HELFMAN b is- ---� FATICO SLNRISE 001 016 rPt j Dactinguus r EASEMENT DATI! JAY 24, 197a SEC $ - MOSS RGEA2-E In consider/Gan of she paym It to melw by Florida Power & Light Company of St 00 and other pod and valuable ct}nslderatlon which I/we hate rammed, I/we and those holding through maim, mind Diva to Florida Power & Light Company and rte tummy: and assigns an moment for the oonstruetion apentien rd main- tenance of electric utility facrlltla fintiuding wino, palm guy= stables, conduits, tnruforirr enciayrn end appurtenant eelurmsnt) to bit installed ham time m time, with the right to raeortrvuct, Improve, add tn, change the trite of er remove wait laclltttea or any of thorn, to perms Ma attachment of conduits wires or tables of.ny ether Company or parson, also, to cut. trim end keep clearall tress, brush end undergrowth er eater obstructions that might endanger or interfere with said facihtee, art aver upon under, and across my/cur property der, Ihd u follewe, Tha 101 late of track 7144 of eubdiviaioa a: s portico at tsacteuaoa Elates plat beak AG page 86 of the vacates of bads Conley, Tlasidt, as shales and deettsibad in the "Lerida Better A Li -SAL Ceaspany graving. dated JulY 13, 1978, attached harts and made a part hers of anal =shad Txhihitt "A" In the norm ef• IC? SISCA a BANK TWIST CVO. ANY r /r , STATE of FLORIDA AN: CtuNTY OF DADE I HEREBY CERTIFY that began ma personally apparel Thomas R PrealdvntoreWaketsaic/inturyef KEY 8lSGA1'NE a».znc AID TRUST C©OANY s Carparation ertgnlard under the Laawsal th$Staff at Florldia to err known to ha the pmeet drsatya: in and who ..cn ei tits farogolne Inatnmrr and Meta Try acknowtedgc tits vacation thanaf m be thin? fra• ■e and 4ead 14 Sall efftsars for ?ha uses ird puroeaaa mantel Mentioned and thin they ;thud thence tPa of halal IS at slid eargarettan and that lard (ntru meat es theist and 4 sad of said eseparatton WtTNESSmyhand and aMaya, sad insaid County and Swami, 7th day ef Auras t la t3mm. tr3Oanwsty, C G RERC20 LULA WEISS SEROTA & RELFMAN ILL V 11 Cu u1NK ln UUL Lit 017 U(/LO/U1 lnu lU z/ rAA 1 btiti /41 OLIG 07/09/01 NON 16 37 FAX 305854 2323 i t ni YAlun' U k U Lib EXH I btT "AI Z✓ Fa= FP i Co OVEF.F-i1w4p aL,talF�I et "PIM ■ 0 041111019,e e ...r r• rot.* REF E.REN GE PLda .sZae4 . I 650 and which might cause loss or damage for which the Company may be liable by virtue of this policy or (n ) if title to the estate or interest as ms red is rejected as unmarketable If prompt notice shall not be given to the Company then as to the nsured all habil ty of the Company shall t rmmate with regard to the matter or matters for wh ch prompt notice is required provided however that fadure to not fy the Company sh 11 m no case prejudice the rights of any insured under this policy unless the Cyyompany shall be preto the extent of thepjjudiced by the failure d then onl4 ejud ce DEFENSE AND PROSECUTION OF ACTIONS DUTY OF INSURED CLAIMANT TO COOPERATE. (a) Upon written req st by the insured nd s b71 et to the options contained In Sect on 6 of these Con Mons and Stipulations the Company at its own cost nd without unre sonable d lay shall pro ide for the d fense of n insured in lit g lion n which ny th rd party a serts a cl im adve a to th title o rot rest a insured b t only as to those st ted ca s of action alleging a defect, lien or encumbrance o other matt r ins red against by this policy The Company sh 11 have the right to select co nsel of its choice (subject to the nght of th ins red to object for rea onable cause) to epresent th insured as to those tated ca ses of action and shall of be 1 abl for and will not pay the fees of any oth r counsel Th Comp ny w 11 not pay any fees costs r expense incurred by the ns r d n th dfens of those ca s of ado which 11 ge m tt rs n t insured ag lost by th policy (b) The Company shall have th right, t its own cost to minute and prosecute ny ad on or proce ding o to do ny othe t wh ch n its op n n may b necess ry or des bl to establ h the t tl to the e t t or t rest as ins ed or tope t or red loss o d mag to the insured Th Comp ny may tak any app opnate [ton under the terms of this poi cy whether or not t shall be liable hereunder a d shall not thereby concede h brhTy or w IV any provision of this poi y If th Company h 11 exerts is rights d r th s p r graph 0 shall do sod 1 gently (c) Wh ne er th Compa y shall h e b o ghi an action or lit rposed a d f nse as qurred perm tted by the pro isions of this pot cy the Company may pars e a y litigation to final det rm nation by a co rt of competent jurisd et on nd e pr ssly reserves the right m is sole d scret n to appeal from any adv rse judgment or ord r (a) In all cases whe this pot y p rm is or requ the Comp ny to p os t o po de fo the defens of any act on or proceeding the sured sh 11 secu t the Comp ny the ght to so pros ute or pro de d f nse the tion or p weeding and all app als th r in a d permit the Company to s at its option the name of the insured fo this purpos Whenev r q est d by the Comp ny the r d at th Compa y xpe shall giv th Comp y II rea nbleadQina y non proce ding se ring e d nce obt ming w tnesse prosecuting or defend ng the act on or pro eed ng or effe ling settlement and (d) in any other lawful 1 which n the op n on of the Comp ny may be necessary or des ble to establ h the t tl to the e t te o interest as ns ed. If the Company is prej d ced by th failu e of th insured to fum sh th requ r d ooper non th Company s obi nations to the nsured unde the pot y shall terminate it 01 ding any hab 1 ty or obl g non to defend, prosecute or continue any litigat on with regard to the matte or matt rs req ring s h co0perot on 5 PROOF OF LOSS OR DAMAGE In ddihon to d after ill notices qurred nder Sect on 3 of thes Cond t o and Stipulatio s have been provided the Company a proof of 1 ss or damage signed nd sworn to by the insured d imant sh 11 be furnished to the Comp ny w thin 90 days after the ans red cl imant sh 11 scerta n th facts giving n to the to or dam g The p oof of loss or dam g shall describe the d f ct m or 1 en or encumb a ce on th title or oth r matter nsur d aga nst by this policy whi h const tote th bas s of loss or d mage and ha11 st te, to the extent possible the bas s of calculating the amount of th loss or dam g If the Company is prej diced by the f ilure of th nsur d la mat to p ovide the requ red proof of 1 ss or d mage th Companys obl g bons to th ins red and r th pol cy shall terminate includ g any 1 ability or obligat on to defend prosecute or continue any litigat on, with regard to the matter or matters requiring such proof of to s or dam g In dd t th ins red 1 imam m y reaso bly be req d to s bran to exam n ton nd r oath by any authorized rep ntative of the Company nd shall prod ce f r xammat n, inspect n and copy ng t such reason ble times d places may b d s gnat d by any authon d representat e of the Company all records books ledgers ch ks, corresponden e and memorand whether bearing a dat before r after Date of Policy which r sonaby p rain to the loss or damag Furth if req e t d by any a th razed repres lit ti e of th Company the n ured I im t shall grant its permission in writing for any ihonzed repr sentat ve of th Company to exam n nsp et and copy all r cords, books ledgers checks correspondenceand memoranda in the custody or control of a third party which reasonably pertain to the loss or damage (11) the d fference between the value of the insured estate or interest as insured and the value of the insured estate or interest subject to the defect hen or encumbrance ins red against by this policy (b) (This paragraph deahng with Co nsurance was remo d from Florida pohaes) (c) The Company will pay only those costs attorneys fees and expenses incurred in accordance with Section 4 of these Conditions and Shp lations 8 APPORTIONMENT If the land described n Schedule A consists of two or more parcels which are not used as a single s te and a loss is established affecting one or more of the parcels but not all the loss shall be computed and settled on a p o rata b sis as if the amo nt of msuranc under this policy was divided pro rata as to the val e on Date of Poll y of each separate parcel to the whole exclusive of any mprovements made subsequent t Date of Policy unless a liability or value has otherwise been greed upon as to each parcel by the Company and the insured at the time of the issuance of this policy and shown by an express st tement or by an endorsem lit attached to this poll y 9 LIMITATION OF LIABILITY (a) 0 the Comp ny establishes the t tle or remo s the alleged defect 11 n or enc mbrance or cures th lack of a r ght of access to or from th land o cures the claim of nmarket bitty of title all as insured in a rea onably diligent m nner by ny method includ g 1 t g non and the comp) [ton of any ppeals therefrom it shall ha e f Ily perform d its obl gat ons with r spect to that m tt r a d hall not b liable fo any loss or dam g ca sed th reby (b) In the ev t of any 1 t gation, cl ding I ligation by the Compa y or with th Company onsent the Comp ny shall ha no 1 b lity for lo or damag unt 1 th re ha been final det rminauon by a co rt of competent j nsd et on and d position of 11 appeal therefrom advers to the t tl s ins red (c) Th Comp ny shall not be 1 alai for loss or damage to ny ns red for Itabl ty volunt my ass m d by th ms red in settl ng ny cia m r suit without the prior wr tten co nt of the Company 10 REDUCTION OF INSURANCE REDUCTION OR TERMINATION OF LIABILITY All p yment nder this policy exc pt paym nts mad for co is atto ys fees nd expe ses shall red ce th amo t of the ns rance p o Canto 11 LIABILITY NONCUMULATIVE. It is expressly d rstood th t the am unt of ns rance under this policy h 11 be d ed by any amo nt the Company may pay nder any policy nsunng a mortg g to which except on is tak n m Schedul B or to which the ns red has gr ed assumed or taken subject or which is hereaft r exec red by an ins red and wh ch is a charge or hen on th estate or rote est described or referr d to in Schedule A, and the amount so pa d shall be deemed a paym nt nd r th s policy to the insur d own r 12 PAYMENT OF LOSS (a) No payment sh 11 b made without prod clog this pol cy for e dorsement of the payment unless the pot cy h s been lost o d troyed n whi h case proof of los or de traction h 11 be fu rushed to the tisfact on of th Compa y (b) When 1 bully and th extent of loss or dam ge has been d fin tely fxed n acco d nc with these Condit ons and St p lattons th loss o dam ge shall be payable with n 30 days th reafter 13 SUBROGATION UPON PAYMENT OR SETTLEMENT (a) Th Comp nv s R alit of S bran ton Wh n ver th Compa y shall hay ettled a d paid a cl im under th s policy all n ht of s brogat on hall vest m the Company naffected by any et of the insured cla mant The Company shall b subrog ted to and be ent tied to all rights and remedi s which the ins red la mant wo Id have had against any person or property in respe t to the cl rm h d this pol y not been sued If requ sted by the Company th insured cl imam shall transfer to the Company all rights and r medies ag lost ny person or property necessary in o de to perfect this right f subrogation The insu ed claimant sh II permit the Company to sue compromise or s [tie m the name of the insured cl imant and to se the name of the insured claimant in any transact o or it gation involving these nghts or remedies If a payment on account of a claim does not fully co er the loss of the insured claimant the Comp ny shall be s brogated to these nghts nd remed es in the proportion which the Company s payment bears to the whole amount of the loss 16 SEVERABILITY In the event any pro i81on of the policy is held invalid or unenforceable under applicable law the policy shall be deemed not to include that provision and all other provisions shall remain in full force and effect 17 NOTICES WHERE SENT All notices required to be given the Company and any statement in writing requ red to be furnished the Company shall mcl d the n mber of this policy and shall be addressed to th Comp ny Att rho CIa m Department 1 F rst Amencan Way Santa An California 92707 merican Title Insurance Company BILL OF SALE KNOW ALL MEN BY THESE PRESENTS, That, SUNTRUST BANK, a State Bank organized under the laws of Georgia ("SunTrust"), 777 Brickell Avenue, in the City of Miami, County of Miami -Dade, State of Florida, of the first part, for and in consideration of the sum of TEN ($10.00) Dollars lawful money of the United States, to it paid by VILLAGE OF KEY BISCAYNE, a Florida municipal corporation, 85 West McIntyre Street, Key Biscayne, Miami -Dade County, Florida, of the second part, the receipt whereof is hereby acknowledged, has granted, bargained, sold, transferred and delivered, and by these presents does_ grant, bargain, sell, transfer and deliver unto the said party of the second part, its executors, administrators and assigns, the following good and chattels: All items of personal property owned by SunTrust and as located on the property described as Tract "B", of SunTrust Key Biscayne, according to the Plat thereof, as recorded in Plat Book 157 at Page 75 of the Public Records of Miami -Dade County, Florida (the "Land"), excluding the personal property of tenants, including, but not limited to (i) all fixtures, furnishings, machinery, equipment, and other articles of personal property attached or appurtenant to the Land or used in connection with the use or operation therewith, including any drawings, as -built plans and specifications and all licenses, permits and certificates of occupancy applicable to the Land and the improvements located thereon in the possession of Seller; (ii) all appliances, lighting fixtures, doors, elevators, sprinkler, plumbing, heating, air conditioning, electrical, ventilating, lighting, incinerating, vacuum cleaning, refrigerating and cooling systems, carpets, floor coverings, together with all parts and supplies pertaining thereto; and (iii) all property set forth on Exhibit "A" attached hereto. TO HAVE AND TO HOLD the same unto the said party of the second part, its executors, administrators and assigns forever. AND it does, for it and its heirs, executors and administrators, covenant to and with the said party of the second part, its executors, administrators and assigns, that it has good right to sell the same aforesaid, and that it will warrant and defend the sale of the said property, goods and chattelshereby made, unto the said party of the second part its executors, administrators and assigns against the lawful claims and demands of all persons whomsoever. ri IN WITNESS WHEREOF, it has hereunto set its hand and seal this day of October, 2001. Signed, sealed and delivered in presence of: SUNTRUST BANK a State Bank organized under the laws of Georg' By: Witness Signature Print: Print €( i !(,a(pi�/l As its: __„- STATE OF FLORIDA COUNTY OF MIAMI-DADE '..0v hel foregoing umg�t�was ackno asdged b ote ri thism- ° day of October, SUNTR ST BANK,001, by a State Bank o "nized under the laws of Georgia, on behalf of the bank. He/she ( !s personally known to me; or ( ) has produced as identification. F:\ 103030\Billsale. doc NOTA PUB Print me: Co issio l96i1N/lJl etassIoro % a• �4�aich 7,200 ,...• Z Sox; #00980295 �•a.. Sondetttl 2 EXHIBIT SunTrust Bank Key Biscayne INVENTORY as of September 30, 1998 Air Conditioning Equipment 14 Compressor units, roof mounted from West to East: 1. Rheem compressor; Model RAKA-060JAS, Ser.. 4987M42927543 RLA 28.9/ LRA 169; Mfg 10/92 Weather King compressor; Model SFCR10191A, Ser. 4720M30918911 RLA 9.6/ LRA 154; Mfg 7/91 3. York compressor; Model H1DA060S06B, Ser. ECCM137850 RLA 31.5/ LRA 147; Mfg 1997 4. Carrier compressor; no details; new compressors 1992 5. Carrier compressor; no details; new compressors 1992 6 Carrier compressor, no details; new compressors 1992 7. Carrier compressor; no details; new compressors 1992 8. Trane compressor, Model TTA042C300A0, Ser. H1226665G RLA 14.9; Mfg 3/93 9. Trane compressor; Model TTA042C300A0, Ser. H1226664T RLA 14.9; Mfg 3/93 10. Rheem compressor; Model RAKA-024JAS. Ser. 4900M1193780 RLA 11.5/ LRA 61; Mfg 3/93 11. Rheem compressor; Model RAKA-030JAS, Sc. 4951M9938623 RLA 14.7/ LRA 75; Mfg 3/93 12. Rheem compressor; Model RAKA-030JAS, Ser. 4951M12932045 RLA 14.7/ LRA 75; Mfg 3/93 13. York 2 compressors; Model D2CE120A25A, Ser. NKAM152164 RLA 167/ LRA 150; Mfg 9/92 14. Rheem compressor; Model RSNE-036J, Ser. 5065F35931620 RLA 20.2/ LRA 97.6; Mfg 9/93 Air Handlers Bank: 1. Rheem ceiling mounted - storage room ground floor 2. No brand floor mounted dual air handler; #781897 (north hall) 3. Carrier floor mounted dual air handler, #A694502 (motor repl 1994) Electronic timer (second floor next to bathrooms) 4. Carrier floor mounted dual air handler; #D892903 (1992) next to elevator second floor. 5. No brand floor mounted single air handler (lower level elevator lobby) Tenant space: 6. Rheem ceiling mounted - Village Zoning Dept ground floor. (1994) Vault Door Elevator 7. Rheem ceiling mounted - Tenant Space ground floor. (1992) 8. Rheem ceiling mounted - Village comer ground floor. (1990) Diebold 3'6"W X 6'7"H vault door, dual combination with timer clock. (1964) Miami Elevator two story. 2,500 lb capacity elevator and motor. (1972) Grounds sprinkler system Rainbird model RC -7C, covering the West and north perimeters of the parking lot. (1997) Flagpole (1) Drive through facility: Two Lefebure pneumatic overhead tube drive through systems. Installed 1993. One is currently installed, other equipment is in storage. Diebold Bulletproof commercial window drive up facility with single drawer (ca 1975) Walk up facility: Two Diebold walk up bulletproof stations with single drawer (ca 1975) Night Depository: Diebold through the wall safe, single combination w/ key. #Y7891 (ca 1975) _ Water fountain: Halsey Taylor ADA approved water fountain;. model HAL SFS; serial 930327159 (1993) Ground floor north hallway. Window/door treatment: Wood slat Venetian blinds at main bank floor. 7 floor to ceiling (South windows, ground floor) 4 1/4 length (South windows, ground floor) 3 % width (2 at north doors; 1 at south rear office) I Picture window (North office) Metal Venetian blinds: 30 picture window South second floor. I5 91 North « 4 bathroom windows 2 rear door North ground floor Awnings North entrances. 1 double door: 1 picture window: 3 single door. Teller counter and cabinets: - 7 window teller counter (West wall) and cabinets. Planter/dividers - (3= 12 feet and 1= 7 feet long) bank ground floor. Second Floor Kitchen: - Water Heater: Rheem; Ceiling mounted - Kenmore two cycle Dishwasher - Kenmore Ice maker - Kenmore 16 cf Refrigerator - built in cabinets 9987PG2682 This instrument prepared by and after recording return to: Elaine M. Cohen, Esq. Weiss Serota Hellman Pastoriza & Guedes, P.A. 2665 South Bayshore Drive Suite 420 Miami, Florida 33133 STATE OF FLORIDA SS: COUNTY OF MIAMI-DADE AFFI )AVIT _? 1R6006 16 2001 CCT 31 14:52 BEFORE ME, an officer duly authorized in the State and County aforesaid to take acknowledgements, personally appeared "Affiant"), who being first duly sworn upon oath, depose and 1. That the Affiant is the st , 4, e as. of SunTrust Bank, a State Bank organized under the laws of Georgia ("Owner") which is the fee simple owner of the following described property: TRACT "B" OF SUNTRUST KEY BISCAYNE, according to the Plat thereof, as recorded in Plat Book 157 at Page 75 of the Public Records of Miami -Dade County, Florida. 2. That the Owner is a wholly owned subsidiary of SunTrust Banks, Inc. ("STI"). 3. That STI is an entity registered with the Federal Securities Exchange Commission and the shares of Owner are publicly traded on the New York Stock Exchange. 4. That this Affidavit is given in compliance with the disclosure requirements of Section 286.23, Florida Statutes. 5. This Affidavit is made under oath, subject to the penalties prescribed for perjury. FURTHER AFFIANTS SAYETH NAUGHT. Dated: October ;9, 2001 STATE OF FLORIDA )SS: COUNTY OF MIAMI-DADE A The foregoing instrument was acknowledged before me this j4 day of October, 2001, who is personally known to me or who has produced as identification. F: \ 103030\ Disclosure Affidavit. doc X09•' T 'fled Vf 94pd .a :." '... (Title or rank) f��t!!jic Fltlll O `4` gtk k Jacoesi . acA 7�, s'tog; Signatu in'. *Name o #CC98O298 (Serial number, if any) RECORDED IN OFF COL RECORDS BOOK op flan; aYJNTY, FLORIDA, RECORD VERIFIED HARVEY RUVIN CLERK C/RCUIT COURT 2 SELLER'S AFFIDAVIT STATE OF FLORIDA ) COUNTY OF MIAMI-DADE ) authority,BEFORE ME, the undersigned OUGLAS K. SINCLIR, as Senior Vice Pre identt off SUNTRUST BANK, a StateBank organi ed under the laws ofDGeorgia, who, after having been duly sworn by me, under oath, deposes and says: 1. That the Affiant is the Senior Vice President of SUNTRUST BANK, which owns (the "OWNER"), the following described property (the 'PROPERTY"), to wit: TRACT "B" of SUNTRUST KEY BISCAYNE, according to the Plat thereof, as recorded in Plat Book 157 at Page 75 of the Public Records of Miami -Dade County, Florida. and its enjoyment thereof has been peaceable and undisturbed and its title to the PROPERTY has never been disputed or questioned to my knowledge, nor do I know of any facts by reason of which the title to, or possession of, the adversely to the OWNER. PROPERTY might be disputed or questioned, or by reason of which any claim to the PROPERTY might be asserted 2. Affiant represents to the best of his knowledge and belief that there are no unsatisfied or unreleased judgements, decrees, Federal tax liens, State tax liens, or Statements of Claim of record in the State of Florida, against The OWNER. 3. Affiant represents to the best of his knowledge and belief that he knows of no action or proceeding relating to the PROPERTY which is now pending in any State or Federal Court in the United States nor does he know of any State or Federal Judgement or any State or Federal Lien of any kind or nature whatsoever which now constitutes a lien or charge upon the PROPERTY . 4. Affiant represents to the best ofhis knowledge and belief that no proceedings in bankruptcy have ever been instituted by, or against, the OWNER, and the OWNER has never made an assignment for the benefit ofcreditors. 5. OWNER, in the operation of said building and PROPERTY, complied in all respects with the Sales Tax Law of the State of Florida. 6. To the best of OWNER's knowledge, there are no violations of Municipal Ordinances pertaining to the above described PROPERTY. 7. There are no mechanic's, material men's, or laborer's liens against the above described PROPERTY. 8. Exhibit "A". There are no tenants other than those certain tenants under unrecorded leases as listed on the attached 9. This affidavit is made for the purpose of inducing VILLAGE OF KEY BISCAYNE, a Florida municipal corporation, to purchase said PROPERTY from OWNER. 10. It is agreed that in the event the current real estate and personal PROPERTY taxes vary in amount from figures used in making the prorations at closing, a new proration and a correct and proper adjustment will be made upon demand and proof of the actual assessed taxes. OWNER indemnifies and holds the VILLAGE OF KEY BISCAYNE harmless for personal property taxes for the year 2001 and alt prior years. 11. There have been no notices of intention to claim a lien, Notices to OWNER, or other cautionary notices of any kind filed or served on the OWNER regarding labor or services performed or material furnished to the PROPERTY in accordance with the Mechanic's Lien Law of the State of Florida. 12. There are no unpaid bills or claims for labor or services performed or materials furnished or delivered during the last ninety days for alterations, repair work, improvements, or new construction an the PROPERTY except: NONE. 13. The OWNER has not conveyed, transferred or encumbered the PROPERTY between June 17, 2001 at 2:30 p.m. (insert date of last title evidence) and the date hereof to any person, firm or corporation, nor will OWNER execute any instruments from and after June 17, 2001 at 2:30 p.m that will adversely affect title to the property or prevent vesting of title in the VILLAGE OF KEY BISCAYNE, except for that certain Declaration of Easements, Covenants Conditions and Restrictions by and between the OWNER. and the VILLAGE OF KEY BISCAYNE. 14. The PROPERTY is free and clear of all liens, taxes, encumbrances and claims of every kind, nature and description whatsoever, except for the Mortgage Lien, if any, to (NONE) and real and personal property taxes for the year 2002. 15. This affidavit is being made for the purpose ofinduv;ing VILLAGE OF KEY BISCAYNE, to purchase said PROPERTY and for WEISS, SEROTA, HELFMAN, PASTORIZA & GUEDES, P.A., as agent for First American Title Insurance Company to issue a title insurance policy on the PROPERTY without the possibility of: (1) unfiled mechanic's liens and material men's liens appearing; (2) unfiled leases appearing; and (3) persons, other than the undersigned being in or claiming possession of the PROPERTY and with the knowledge that any Mortgagee, the OWNER, Title Agent and Title Company will rely upon the statements and representations herein made at the closing thereof and/or issuing a title insurance policy. 16. There are no matters pending against OWNER that could give rise to a lien that would attach between June 17, 2001 at 2:30 p.m. and the recording of the Special Warranty Deed to the VILLAGE OF KEY BISCAYNE. 17. The OWNER is aware of the provisions of the Deficit Reduction Act, and the I.R.S. Regulations implementing said Act, referring to the withholding tax on the disposition of United States real PROPERTY interests by foreign persons and foreign corporations. Transferor (OWNER) is either exempt from said Act or this transaction is not subject to the provisions of the Act for one of the following reasons: a) Transferor is not a foreign person U.S. Taxpayer Identification Number to the Transferee (TIN-59-0358340)foreign corporation and furnishes herewith its 2 Given under my hand and seal this (7 /a - day of October, 2001. SUNTRUST BANK a State Bank organized under the laws o Georgia By: LAS K. SIiv(CLAIR As its: Senior Vice President STATE OF FLORIDA ) COUNTY OF MIAMI-DADE ) #The foregoing instrument was acknowledged before me this e29 day of October, 2001, by DOUGLAS K. SINCLAIR, as Senior Vice President of SUNTIUST BANK, a State Bank organized under the laws of Georgia, on behalf of the bank. He/she ( �) is personally known to me- or ( ) has produced as identification. C:\Maj\Copy\ V ILLAGESellers Afiid HNAL.doc wunrp ‘1atkA.J3o 6.11 ci° al %2 '°t N ♦•le #C0980295 ; z ` ='9' /4 Fa ' T •1P) •ti CYFaRygll�'exS) EXHIBIT "A" 1. Village of Key Biscayne 2. The Key Biscayne Chamber of Commerce 3 Thomas H. Wakefield Law Firm 4 Survey Affidavit STATE OF FLORIDA COUNTY OF MIAMI-DADE ) l' ic FFORE ME, the undersigned au si r! Sr.iaa, 0 as SO, (ate s Bank ganized under the laws of Georgia, who, after deposes and says: 1. That the Affiant is the S. (Z t r ars following described property (the "Property"), to th rity, this day personally appeared S of SUNTRUST BANK, a State having been duly sworn by me, under oath, of SUNTRUST BANK, which owns the wit: TRACT "B" of SUNTRUST KEY BISCAYNE, according to the Plat thereof, as recorded in Plat Book 157 at Page 75 of the Public Records of Miami -Dade County, Florida. 2. Attached hereto as Exhibit "A" and made a part of this affidavit is a copy of that certain survey prepared by James Aylward & Associates, Inc., Project No. 97-143, dated October 21, 1997, last revised November 5, 1998 (the "Survey"). 3. The Property is a portion of the land shown on the Survey. 4. Affiant reviewed the Survey and there have been no structures, additions, pools, fences or similar type improvements made on the Property that are not shown on the Survey. 5. Affiant has no knowledge of any boundary disputes with adjoining landowners or of any structure, addition, pools, fences or other similar type improvements belonging to any adjoining landowner overlapping or encroaching within the boundaries of the Property. 6. Affiant understands and agrees that this affidavit will be relied upon by First American Title Insurance Company for the purpose of affording title insurance coverage to Affiant. FURTHER AFFIANI` SAYETH NAUGHT. 4 ~ Dated: October eta , 2001 STATE OF FLORIDA COUNTY OF MIAMI-DADE ) The foregoing instrument was acknowledged before me this is personally known to me or who has produced F:11030301Survey Affidavitdoc )SS: oniiiiiiiiitio .a. 7'2co Q9L tr- S N *• S.•e :* i Q •. #CiC9 0295 . Q a (Sign.tur- •f p (Name of ac w day of October, 2001, who entification. acknowle ment) typed, printed or stamped) (Title or rank) (Serial number, if any) EXHIBIT "A" ATTACH COPY OF PRIOR SURVEY GENERAL ASSIGNMENT THIS GENERAL ASSIGNMENT ("Assignment") is made as of the 31' day of October, 2001, by SUNTRUST BANK, a State Bank organized under the laws of Georgia, whose address is 777 Brickell Avenue, Miami, Florida 33131 ("Assignor"), in favor of the Village of Key Biscayne, a Florida municipal corporation, whose address is 85 West McIntyre Street, Key Biscayne, Florida 33149 ("Assignee"). RECITALS: A. Assignor has this date conveyed to Assignee the real property described on Exhibit "A" located in Miami -Dade County, Florida attached hereto (the "Real Property") and the improvements located thereon (the "Improvements") (the Real Property and the Improvements together the "Property"). B. In connection with the conveyance of the Property, Assignor and Assignee intend that, to the extent assignable, all of Assignor's right, title, interest, powers and privileges in and under all intangible personal property, guaranties, warranties, permits, licenses, approvals, certificates, plans and specifications, books, records and other matters stated herein pertaining to the Property be assigned and transferred to Assignee. NOW THEREFORE, in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Assignor, to the extent assignable, hereby assigns, conveys, transfers and sets over to Assignee the following: 1. All of Assignor's right, title, interest, powers, and privileges in, to and under all of the intangible personal property used in connection with or relating to the ownership, use, development, operation, management, occupancy or maintenance of the Property (specifically. excluding, however, the name "SunTrust", any derivative thereof or any name which includes the word "SunTrust" or any derivative thereof). 2. All of Assignor's right, title, interest, powers and privileges in and to all public and private contract rights and development or usage rights of Assignor with respect to the Property. 3. All of Assignor's right, title, interest, powers and privileges in and to (i) the "as built" plans and specifications used in the construction of the buildings and other Improvements located on the Real Property (including driveways, walkways, landscaping and mechanical, electrical and plumbing systems) and (ii) all books, records and documents relating to the ownership, use, development, operation, management, occupancy or maintenance of the Property. 4. All of Assignor's right, title, interest, powers and privileges in, to and under all of those existing guaranties, warranties and indemnities from any person, party or entity relating to the Property. 5. All of Assignor's right, title, interest, powers and privileges, to the extent permitted by law, in and under any notices of completion, environmental and utility permits and approvals, licenses, permits, authorizations, consents, variances, waivers, use, occupancy and operating permits and licenses, and all other permits, approvals, and certificates obtained in connection with the use, occupancy and operation of the Property, from any federal, state, county, municipal or other governmental or quasi -governmental body, agency, department, board, commission, bureau or other entity or instrumentality. To the extent such interests and items are assignable, Assignor has good right, title and authority to assign, convey, transfer and set over to Assignee the interests and items set forth above. IN WITNESS WHEREOF, Assignor has executed this General Assignment as of the date set forth above. Signed, sealed and delivered in the presence of: SUNTRUST BANK a State Bank organized under the laws Georgia By: Witness Signature Print: cCavve l(•C tle" Print As its: STATE OF FLORIDA COUNTY OF MIAMI-DADE 60 trd la S F • .Cvc%/» The foregoing instrument was acknowledged before e this p29 P day of October, 2001, by p l%S k Sea it , as Se: 4.; roes of SUNTRUST BANK, a State Bank org4ized under the laws of Georgia, on behalf of the bank. He/she ( personally known to me; or ( ) has produced as identification. iHiiPB9ibilq'/`/a` \SSIO 06g 4, c -13 o ®mom :a ••••:-'• • #CC980295 o P:\ 103030\ General Assignment.dac Print Name: Commission Number: EXHIBIT "A" LEGAL DESCRIPTION TRACT "B" OF SUNTRUST KEY BISCAYNE, according to the Plat thereof, as recorded in Plat Book 157 at Page 75 of the Public Records of Miami -Dade County, Florida. 3 ASSIGNMENT OF LEASES KNOW ALL MEN BY THESE PRESENTS: THAT, SUNTRUST BANK, as "Assignor", in consideration of the sum of TEN DOLLARS ($10.00), and other valuable considerations, received from or on behalf of the VILLAGE OF KEY BISCAYNE, as "Assignee", the receipt whereof is hereby acknowledged, does hereby assign, transfer and set over unto the said Assignee, the following leases (the "Leases") as same relate to tenants occupying portions of the premises located at 85 West McIntyre Street, Key Biscayne, Florida, to wit: ALL OF THE FOLLOWING LEASES ARE ON A MONTH TO MONTH BASIS: THOMAS H. WAKEFIELD LAW FIRM: BASE RENT- $1,021.47 KEY BISCAYNE CHAMBER OF COMMERCE: BASE RENT- $1,560.00 VILLAGE OF KEY BISCAYNE: BASE RENT- $8,048.19 Assignor hereby represents and warrants to Assignee that the Tenant under the Thomas H. Wakefield Law Firm lease is on a month to month basis and is not presently under a lease renewal period. To Have and to Hold the same unto the Assignee, from the date hereof for all the rest of the term of said leases, subject to the rents, covenants, conditions and provisions therein also mentioned. The Assignee hereby assumes the performance of all of the terms, covenants and conditions of the Leases accruing or arising from and after the date hereof. net In Witness Whereof, I have hereunto set my hand and seal, this #7 day of ®ail; A.D., 2001. SUNTRUST BANK Witness Signature Print: C (Gyre U. Cd1Aer By: DO LAS K. SINCLAIR As its: Senior Vice President STATE OF FLORIDA COUNTY OF MIAMI-DADE The foregoing instrument was acknowledged before me thistOO day of October, 2001, by DOUGLAS SINCLAIR as Senior Vice President of SUNTRUST BANK, on behalfofthe bank. He/she ( is personally known to me or ( ) has produced as identification. NOT Prin Comm'.' c' Number: E OF FLORIDA SunTrust Bank Mail Code FL - Wilton Man - 2021t_ 1431 NE 26th Street Wilton Manors, FL 33305 Tel 954/766-7003 Fax 954/766-7017 Yanella Lopez Real Estate Analyst SuNffRusr October 3, 2001 Law Offices Thomas H. Wakefield Attorney Account 91 West McIntyre Street Key Biscayne, FL 33149 Attn: Thomas H. Wakefield Re: New Landlord Dear Thomas, This letter is a notification that SunTrust Bank will no longer be the landlord of the building. The Village of Key Biscayne will be your new landlord effective November 1, 2001 rent payment. Their contact information is stated below: The Village of Key Biscayne 85 West McIntyre Street Key Biscayne, FL 33149 Contact: Samuel Kissinger Phone Number: 305/365-5514 If you have any questions, please contact me at the number at top. It was -a pleasure having you as a tenant. Sincerely, cc: Lauren Fox anella Lopez Vanella Lopez Mail Cost Bank ' ail ode FL -Wilton Man - 202',,i —ii Real Estate Analyst 1431 NE 26th Street Wilton Manors, FL 33305 Tel 9541766-7003 Fax 954/766-7017 October 5, 2001 The Key Biscayne Chamber of Commerce 328 Crandon Boulevard No. 217 Key Biscayne, FL 33149 Attn: Robert L. Brookes Re: Notification of New Landlord Dear Robert, This letter is a notification that SunTrust Bank will no longer be the landlord of the building located at 95 W McIntyre Street. The Village of Key Biscayne will be your new landlord effective November 1, 2001 rent payment. Their contact information is stated below: The Village of Key Biscayne 85 West McIntryre Street Key Biscayne, FL 33149 Contact: Samuel Kissinger Phone Number: 305/365-5514 If you have any questions, please contact me at the number at top. It was a pleasure having you as a tenant. SunTrust Bank Tenant Rent Roll Key Biscayne Tenant Name Location SF Commencement Termination Renewal Monthly Sales fax Total Rent Security bate Date Base. Rent Deposit Thomas N. Wakefield Law Firm 81 W. McIntyre St, Sulie 202, Key Biscayne, FL 33149 NIA July 1, 1995 Mo-to-Mo None 1,021,47 66.40 $ 1,087,87 None Key Biscayne Chamber of Commerce 95 West McIntyre SI., Key Biscayne, FL 33149 710 July 1, 2000 Mo-to-Mo None 1,560.00 101.4 $ 1,881.40 None The Village of Key Biscayne - 85 West McIntyre St, Key Biscayne, FL 33149 940 March 1, 1992 Mo-to-Mo None 8,046.19 N/A $ 6,048.19 None 0) a z re m 0 0 Vi 0 O LEASE AGREEMENT THIS LEASE AGREEMENT is made and entered into this o2'" day of J t c -rE , 2000, by and between SunTrust Bank, a state bank organized under the laws of Georgia ("Landlord") and Key Biscayne Chamber of Commerce ("Tenant") and Village of Key Biscayne, prospective Buyer under the Contract for Purchase and Sale of Real Property, dated December 22, 1998. WITNESSETH: 1. Lease Premises. Subject to and upon the terms, provisions, covenants and conditions hereinafter set forth, and each in consideration of the duties, covenants and obligations of the other hereunder, Landlord does hereby lease, demise and let to Tenant and Tenant does hereby lease, demise and let from Lessor those certain premises ("Premises") in the SunTrust Bank Building located at 95 W McIntyre Street, Key Biscayne, FL 33149, such leased premises being more particularly described as follows: Approximately 710 square feet located on the first floor of the building with an address of 87 West McIntyre Street, Key Biscayne, FL 33149. 2. Term. The term of the Lease ("Tenn") shall commence on July 1, 2000, and extend through June 30, 2001. Following the initial one year term, Tenant shall continue to Lease the Premises on a month to month basis, upon the same terms and conditions of the Lease, until such a time as the sale of the building to the Village of Key Biscayne has been completed. At that time, all liabilities and responsibilities of SunTrust Bank shall cease completely, as though they never existed, and the Tenant shall look solely to the Village of Key Biscayne for enforcement of the Lease provisions herein stated and/or for continued tenancy within the building. 3. Rent. Beginning July 1, 2000, the rent payable by Tenant to Landlord under this Lease shall be Eighteen Thousand Dollars ($18,000.00) per annum plus applicable sales taxes thereon (i.e. a total of $19,170.00). This rent shall be payable by Tenant to Landlord, without notice or demand, in equal monthly installments of Fifteen Hundred Dollars ($1,500.00) plus applicable taxes thereon (i.e. a total of $1,597.50). Beginning on the first anniversary date and each anniversary date thereafter, the annual base rent shall increase by four percent (4%). 4. Initial Payments/Security Deposit. At the time this Lease is executed, Tenant shall pay to Landlord the sum of $1,597.50, representing the first month's rent and taxes thereon (which will be applied to the rent owed for the month of July 2000). No Security Deposit will be required. 5. Services. Landlord shall cause to be provided to Tenant, HVAC and water and sewer utility services to the Premises, and all standard repairs and maintenance in the common areas of the Building and Tenant shall pay no additional amounts for these items, provided that Tenant's operations at the Premises are limited to normal and customary general office hours and Tenant's consumption of such utility services is normal and customary for its permitted use. Tenant shall pay for its own electricity, telephone service, janitorial service and all Premises specific repair and maintenance items. 6. As Is Condition. The Premises are being rented to Tenant in their existing condition, as is, without any representations or warranties by Landlord. Tenant acknowledges that it has inspected the Premises and is satisfied with their condition. Landlord will replace existing light lenses and interior office door hardware. Premises will be in operating condition prior to Lease commencement. 7. Parking. Tenant shall have two (2) parking spaces directly in front of the Premises storefront. Landlord shall be responsible for stenciling Tenant name on car stops in those spaces. 8. Use. Tenant agrees to use the Premises as a general office, specifically for the purpose of the Village of Key Biscayne Chamber of Commerce office and for no other purpose. 9. Signs. Tenant may place the business name and hours of operation on the front door to the Premises in such a manner that it does not contrast with the other door fronts on the property. No other signage may be placed in the storefront windows at any time. 10. Indemnity. The Tenant shall indemnify the Landlord against and hold the Landlord harmless from, all claims, demands and/or causes of action, including all reasonable costs, expenses and attorneys' fees of the Landlord incident thereto, for injury to, or death of, any person or loss of, or damage to, any property, where such claims, demands and/or causes of action arise from the use of the Premises by the Tenant, save to the extent that such claims, demands and causes of action result from the negligence, omission, intentional act, or breach of contractual duty of or by the Landlord or anyone for whom it is responsible. The Landlord will indemnify the Tenant against and hold the Tenant harmless from, all claims, demands and/or causes of action, including all reasonable costs, expenses and attorneys' fees of the Tenant incident thereto, for injury to, or death of, any person or loss of, or damage to, any property, where such claims, demands and/or causes of action arise from the from the negligence, omission, intentional act or breach of contractual duty of or by the Landlord or anyone for whom it is responsible, save to the extent that such claims, demands and causes of action result from the use of the Premises by the Tenant. 11. Insurance. Tenant shall maintain in force with insurance companies authorized to do business in the State of Florida, at all times while this lease is in force, comprehensive general liability insurance (including premises, products, independent contractors and a broad form comprehensive general liability endorsement) with limits of not less than One Million Dollars ($1,000,000.00) combined single limit of liability for bodily injury and property damage, which policy shall be exhibited to Landlord at any reasonable time upon request and which policy shall name Landlord as an Additional Insured. The Tenant agrees that it will, at its cost and expense, obtain and keep in force and effect in the names of the Landlord and Tenant as their interests may appear, a fire and extended coverage insurance policy or policies protecting the improvements on the Premises from loss or damage within the coverage of such insurance policy for a sum not less than full replacement value thereof. The Tenant will furnish to the Landlord reasonable evidence of its compliance with the provisions of this Section 11, such as Certificates of Insurance. 12. Assignment and Subletting. Tenant shall not have the right to assign or sublet any portion of the Premises without the express written consent of Landlord, which consent may be withheld at the sole discretion of the Landlord. 13. Default. Tenant shall be in default under this Lease in the event it fails to pay any installment of rent on the date it is due and said failure continues for a period of five (5) days. In the event Tenant fails to comply with or perform any other covenants of Tenant under this Lease, then Landlord shall so notify Tenant in writing (the "Non-compliance notice) and if tenant fails to correct such non-compliance within thirty (30) days after its receipt of such Non-compliance Notice, then Landlord may take such action as Landlord deems reasonably necessary to cure such non-compliance and the Tenant shall be obligated to reimburse the Landlord all of Landlord's reasonable costs and expenses incurred in curing such non-compliance, plus a ten percent (10%) administrative fee. Such payment will be made by Tenant within fifteen (15) days after receipt of a written notice from the Landlord specifying the costs and expenses incurred by Landlord, accompanied by documentation thereof. If any default occurs, other than in the payment of money, which cannot with due diligence be cured within a period of thirty (30) days, and if the Tenant commences to eliminate the cause of such default within said thirty (30) day period and proceeds diligently and with reasonable dispatch to take all steps and do all work required to cure such default and does so cure the default within a reasonable time, then the Landlord shall not have the right to exercise any remedy by reason of such default. 14. Attorneys' Fees. The Landlord and Tenant agree that in the event either receives a judgment against the other, the unsuccessful party shall pay all court costs, including the other party's reasonable attorneys' fees at both trial and appellate levels, that may be incurred because of any adjudicated breach by either party or any condition or covenant in this Lease. 15. Waiver. The failure of the Landlord or Tenant to insist upon prompt and strict performance of any of the terms, conditions or undertakings of this Lease, or to exercise any option herein c conferred, in any one or more instances, shall not be construed as a waiver of the same or any other term, condition, undertaking or option. 16. Notices. Any notice required to be given to the Tenant under the terms of this Lease shall be in writing and given to Tenant at 87 W McIntyre Street, Key Biscayne, FL 33149 or to such other addresses as the Tenant may furnish to the Landlord in writing, and save as specifically provided otherwise in this Lease shall only be effective upon actual receipt by Tenant. Any notice and the rental payments required to be given to the Landlord under the terms of this Lease shall be in writing and given to Landlord at 1431 NE 26th Street, Wilton Manors, FL 33305, or to such other address as the Landlord may furnish to the Tenant in writing, and save as specifically provided otherwise in this Lease shall only be effective upon actual receipt by Landlord. 17. Entire Agreements Modification; Severability. This Lease, and any attachments hereto, contain the entire Agreement between the parties hereto and no representations, inducements, promises or agreements, oral or otherwise, entered into prior to the execution of this Lease, will alter the covenants, agreements and undertakings herein set forth. This Lease shall not be modified in any manner except by an instrument in writing executed by both parties. If any term or provision of this Lease or the application thereof to any person or circumstance shall, to any extent, be invalid or: unenforceable, the remainder of this Lease, or the application of such term or provision to persons or circumstances other than those to which it is held invalid or unenforceable, shall not be affected thereby and each term and provision of this Lease shall be valid and enforced to the fullest extent permitted by law. 18. Approvals. In the event any situation arises where Landlord must obtain approval or consent from the Village of Key Biscayne under the Contract for Purchase and Sale of Real Property, Tenant shall be required to obtain such approval or consent from both Landlord and the Village of Key Biscayne, and Landlord shall have no liability to Tenant in the event the Village of Key Biscayne withholds its approval. 19. Contingency. The validity and effectiveness of this Lease, once executed by Landlord and Tenant, are contingent upon the execution and approval of it by the Village of Key Biscayne under the Contract for Purchase and Sale of Real Property. IN WITNESS WHEREOF, the parties hereto have caused this Lease to be duly exe - . as of the day and year first above written. Signed in the presence ed Name: Lauren A. Fox Title: Assistant Vice President Date: June , 2000 Key Biscayne Cha By: 1t° e T L- ,>q Printed Name: rc Title: 5«+-& V ,ce 4-1) 'rec. T.`' Date: APPROVAL BY VILLAGE OF' KEY BISCAYNE The undersigned, being the prospective Buyer under an existing Contract for Purchase and al of Real Property, joins in the execution of this document to indicate its approval of , as a Tenant and to consent to this Le Village of K Bisca By: Printed Name: C. Samuel Ki•ai ger Title: Village Manager Date: -3 Co--< I 1 .OQ BUSINESS PROPERTY LEASE THIS LEASE, executed this _J UL. day of June , 199/8 between ,SUNTRLIST BANK'MTnlT. an R ' (hereinafter referred ci to as the Landlord) and Thomas..H.. Wakefi el rl Law w41-411 (hereinafter referred to as the Tenant). WITNESSETFi: That in consideration of the rents, covenants and conditions herein set forth, Landlord and Tenant, do hereby covenant, promise and agree as follows: PREMISES: Subject to the terms and conditions hereof, Landlord does hereby lease and demise unto Tenant and Tenant does take from Landlord for the lease term the following described premises, situated, lying and being within the building known as 3t1NTRUsT.. BANK BUILDING (hereinafter referred to as the Building) in the Village of Key Biscayne, County of Dade, State of Florida, the address of which is suite.202 (3 rooms). 91 We_st MrTntvre Strppt, (hereinafter referred to as the Premises)Key Biscayne, Florida 33149 FURNISHINGS: Furnishing in the Premises include: All personal property therein excepting carpeting. PARKING SPACES: Tenant shall have the use of one assigned parking spaces during the Lease term which parking spaces may be used only during regular business hours. No overnight parking is permitted. PERMITTED USE: Tenant shall use and occupy the Premises solely for the conduct of law office . Tenant will use the Premises for the permitted use only and for no other purpose without the prior written consent of Landlord. Iv TERM: Land1or oes hereby lease the Premises to Tenant for a period of ( seven/ Itiv' commencing the 1st day of July .19 and continuing to anti including the 31st day of _ January , A.D. 19 99'9(hereinafter referred to as the Lease Term). RENTAL PAYMENTS AND CHARGES: Tenant shall during the Lease Term pay to Landlord, as such place as set forth herein or as Landlord shall designate in writing from time to time, a total rent of LIF,_13QUSAaHUNDRER FIFTY sEEvoi-AND- q4W4G9 Dollars ($ ) plus applicable sales tax thereon, which rent shall be payable to Landlord as follows: 1) Equal monthly payments in the amount of /-46-a21 18 plus applicable sales tax thereon, shall be payable in advance on the 1st day of each month commenting on my 1, 199 and continuing through January 3l,_.199f3'4 40 2) A rental payment of $ -0- plus applicable sales tax thereon, is due and payable simultaneously with the execution of this Lease which rental payment represents rent for the first and last month of the lease term along with a security deposit in the amount of $ -0- 3) Beginning in January of the calendar year immediately subsequent to the calendar year in which this Lease commences and continuing during each calendar year thereafter throughout the term h,crer' Tenant-, all also pay to Landlc.' its proportionate sh e increase in annual real estate taxes assessed against _ding (which proportionate share of such increase is .after referred to as the "Tenant's Proportionate Share") in 4elve equal monthly installments (to be paid simultaneously with the payment of rent on the dates set forth above in Paragraph 1). Tenant's Proportionate Share shall be determined annually for each calendar year in which the payment thereof is required and shall be calduiated by subtracting the annual real estate taxes assessed against the entire Building in the calendar year immediately preceding the calendar year during which this Lease commenced (hereinafter referred to as the "Base Year") from the annual real estate taxes assessed against the entire Building during the calendar year immediately preceding the calendar year for which the calculation is being made and multiplying the difference obtained by a fraction the numerator of which shall be equal to the square footage of the Premises and the denominator of which shall be equal to the total rentable square footage of the entire Building. The aforesaid calculation shall be performed with due allowance for the 4% discount for early payment of taxes. It is understood and agreed that no adjustment shall be made for any decrease in annual real estate taxes below the amount assessed during the ,Base Year. For purposes hereof, the real estate taxes assessed against the entire Building shall also include the real estate taxes assessed against the adjacent parking areas. SECURITY DEPOSIT The aforesaid security deposit shall be held by Landlord, without liability for interest, as security for the faithful performance by Tenant of all the terms of this. Lease. If any of the rent herein reserved or any other charge payable by Tenant. to Landlord shall be overdue and unpaid or should Landlord make payments on behalf of the Tenant, or if Tenant should fail to perform any of the terms of this lease, then Landlord may, at its option and without prejudice to any other remedy which Landlord may have on account thereof, appropriate and apply said entire deposit, or so much thereof as may be necessary to compensate Landlord, toward the payment of rent, additional charge,�or loss or damage p sustained by landlord due to such breach on the art of Tenant; and Tenant shall forthwith upon demand restore said security to the original sum deposited. Should Tenant comply with all of said terms and promptly pay all of the rent as it falls due and all other charges payable by Tenant to Landlord, said deposit shall be returned in full to Tenant at the end of the lease term. In the event of bankruptcy or other credit -debtor proceedings against Tenant, all security deposits shall be deemed to -be applied to the payment of rent and other charges e Landlord for all periods prior to the filing of such proceedings. CHARGES FOR LATE PAYMENT AND BAD CHECK: There shall be an administrative fee of ten percent (10.0%) of the monthly rental payment due if the rental payment is not received within five (5) days of the date when due at the office designated as the location of the Landlord to which payments are to be made. The above fees are necessitated by the additional administrative and legal expenses incurred in the handling, processing and collection of charges not received when due. Payment of any administrative fees incurred due to late payment shall not negate the fact that the lease was in default due to the payment not having been received when due. Additionally, it is understood that the above charges relate to administrative expenses incurred prior to any litigation and are not in any manner an off -set against legal fees to be borne by Tenant in the event of litigation of any kind and for any reason. There shall be an administrative fee in the amount of $25.00 due if the. rental payment is made with a bad check. If Tenant makes any rental payment with a bad check, Landlord may, at Landlord's 2 ,option, require Ten_,_..t to pay all future ren.._ 2ayments by cash, money order or cashier's check. COST OF LIVING INCREASE: The rental payment specified hereinabove shall be adjusted annually on the anniversary date hereof by the greater of: (a) an amount equal to the percentage increase in the Consumer Price Index during the prior year's Lease Term. The Consumer Price Index shall be computed by reference to the statistics published in the Monthly Labor Review by the United States Department of Labor, Bureau of Labor Statistics, designated "CP1-W" for all urban wage earners and clerical workers, U.S. city average (1967=100), or (b) five percent (5.0%) over the amount of rent charged during the prior year's Lease Term. OPTION TO RENEW: Landlord grants to Tenant the option to renew this Lease, under the same terms and conditions as contained herein, for one successive period of two years at an increased total rental price which total rental price shall be calculated in accordance with the Cost of Living Increase calculation specified above and adjusted at the beginning of the first year of the option term and again at the beginning of the second year of the option term. Tenant shall give Landlord written notice of its election to exercise its renewal option no later than sixty (60) days prior to the expiration of the original Lease Term. In the event Tenant shall fail to give Landlord written notice of its election to exercise its option as provided hereinabove, such option shall then be and become null and void and of no further force and effect. UTILITIES: If Tenant is locatred on the first floor of the Building, Tenant shall pay for all utilities, within ten days of receipt of bill, except for water which shall be supplied by Landlord. If Tenant is located on the second floor of the Building, Tenant shall pay for all utilities, within ten days of receipt of bill, except for electicity and water which shall be supplied by Landlord. LANDLORD'S LIEN: Tenant hereby pledges with and assigns unto Landlord all the furniture and fixtures, goods and chattels of Tenant, which may be bought or put on the Premises, as security for the payment of rent hereunder. CONSTRUCTION OF IMPROVEMENTS: Tenant hereby acknowledges that the Premises have been received in thoroughly good order, tenantable condition and repair. Tenant further acknowledges -that no representations as to the condition of the Premises has been made by the Landlord, or Landlord's agent, and that Landlord shall not be required to do any work, repair or improvement in or to the Premises on Tenant's behalf and Tenant specifically agrees to take the property in "as is" condition. AFFIRMATIVE COVENANTS OF TENANT: Tenant hereby agrees: 1. To comply with all requirements of any of the constituted public authorities, and with the terms of any State of Federal statute or local ordinance or regulation applicable to Tenant or its use of the Premises, and harmless from penalties, fines, a d costs, expenses or damages resulting from failure to do so. 2. To give Landlord prompt written notice of any accident, fire or damage occurring on or to the Premises-. 3. That all loading and unloading of goods shall be done only at such times, in the areas and through such entrances as may be designated for such purposes by Landlord. Trailers or 3 trucks shall i ae permitted to remain ' ed overnight in any area of the\..ailding, whether loaded v&inloaded. 4, To keep all garbage and refuse in the kind of container specified by Landlord and to place the same outside of the Premises, prepared for collection in the manner and at the times and places specified by Landlord, and in accordance with municipal regulations. 5. To keep the outside areas immediately adjoining the premises clean and not to burn, place or permit any rubbish, obstruction or merchandise in such areas.. 6. To keep the Premises clean, orderly, sanitary and free from objectionable odors and from insects, vermin or other pests. • 7. To require Tenant's employees to park their vehicles only in those portions of the aforesaid parking area assigned for use by the Tenant. 8. To conduct its businessin the Premises in all respects in a dignified manner in accordance with high standards of office operations. 9. To comply with all reasonable rules and regulations of Landlord in effect at the time of the execution of this Lease or at any time or times, and from time to time, promulgated by Landlord which it in its sole discretion it shall deem necessary in connection with the Premises, the Building of which the Premises are a part, including the installation of such fire extinguisher and other safety equipment as Landlord may reasonably require. 10. To pay all liens of contractors, subcontractors, mechanics, laborers, materialmen and other items of like character, and to indemnify Landlord against all legal costs and charges, bond premiums for release of liens, including attorney's fees incurred in and about the defense of.any suit in discharging the said Premises or any part thereof from any liens, judgments, or encumbrances caused or ehffered by Tenant. It is understood and agreed between the parties hereto that the costs and charges above referred to shall be considered as rent due and shall be included in any lien for rent. The Tenant herein shall not have any authority to create any liens for labor or material on the Landlord's interest in the above described property and all persons contracting with the Tenant for''Ithe alteration, repair, or other improvement on the .above described Premises and all materialmen, contractors, mechanics, and laborers, are hereby charged with notice that they must look to the Tenant and to the•Tenant's interests only to secure the payments of any bill for work done or material furnished. 11. Not to enter into, execute or deliver any financing agreement that can be considered as having priority over any mortgage or deed of trust and in the event Tenant does so execute or deliver such financing agreement, such action on the part of the Tenant shall be considered a breach of the terms and conditions of this Lease entitling Landlord to such remedies as are provided for herein. 12. To be responsible for and to pay before delinquency all municipal, county or state taxes assessed during the term of this Lease against any leasehold interest or personal property of any kind, owned by or placed in, upon or about the Premises by the Tenant. 13. To exercise all reasonable care in the use of halls, stairs, corridors, toilets and other fixtures and parts used in common with other tenants which may be necessary for the 4 comfort of the er Tenants and preserve' :of the Premises • and Building of` Aich the Premises is a p- ) NEGATIVE COVENANTS OF TENANT: Tenant hereby agrees that it will not do any of the following without the prior written consent of Landlord: 1. Use or operate any machinery that, in Landlord's opinion, is harmful to the building or disturbing to other tenants in the building of which the Premises is a part; nor shall Tenant use any loudspeakers, televisions, phonographs, radios or other devises in a manner so as to be heard or seen outside of the Premises, nor display merchandise on the exterior of the Premises either for sale or for promotional purposes. 2. Do or suffer to be done, any act, matter or thing objectionable to the insurance companies whereby any insurance now in force or hereafter to be placed on the Premises or any part thereof, or on the Building of which the Premises may be a part shall become void of suspended, or whereby the came shall be rated as a more hazardous risk than at the date when Tenant receives possession hereunder. In case of a breach of this covenant, in addition to all other remedies of Landlord hereunder, Tenant agrees to pay to Landlord as additional rent any and all increase or increases of premiums thinsurance ce carried by Landlord on the Premises, or any part on the building of which the.Premises may be a part, caused in any way by the occupancy of Tenant. 3. Attach any awnings, antenna or other projections to the roof or outside walls of the Premises of the Building of which the Premises are a part. 4. Conduct any auction, fire, bankruptcy, or selling -out sale on or about'the Premises. 5. Execute or deliver any security interest in any trade fixtures or other property placed upon the Premises, at any time. 6. Solicit business, display merchandise, or distribute any handbills or other advertising matter in the common areas of the Building, or use any common area in any manner for the conduct of Tenant's business. 7. Permit or suffer any noise, disturbance or nuisance whatsoever on the Premises detriM ntal to same or. annoying to other tenants. PERFORMANCE OF TENANT'S COVENANTS: Tenant covenants and agrees that it will perform all agreements herein expressed on its part to beperformed, and that it will promptly upon receipt of written notice of non-performance thereof, comply with the requirements s ofsuchith suchoice; and and further, that if Tenant shall not comply satisfaction of Landlord within ten do (100)or cadadays eto abefter ro delivery ry thereof, Landlord may, its option, all of the things specified in said notice and in soadoingnLandtord shall have the right to cause its agents, employees s to enter upon the Premises and in such event shall have no liability to Tenant for any loss or damage reslltingin n demnd way from such action; and Tenant agrees to pay pro any promptly P expenses incurred by Landlord in taking such action, any such sum to be collectible from Tenant'as additional rent hereunder. RIGHTS OF LANDLORD: Landlord reserves the following rights with respect to the Premises: 1. At all reasonable times, by itself or its duly authorized 5 agents to go t % ''.and inspect the Premi r and every part thereof, and at option to make repairs,` lterations and additions to the Premises or the Building of which the premises are a part. 2. To display a "For Rent" sign at any time, and also, after notice from either party of intention to terminate this Lease, or at any time within three (3) months prior to the expiration of this Lease, a "For Rent" sign, and such sign shall be placed upon such part of the Premises as Landlord shall require, except on display windows or door or doors leading into the Premises. Prospective purchasers or tenants authorized by Landlord may inspect the Premises at reasonable hours. 3. To install or place upon, or affix to, the roof and exterior walls of the Premises equipment, signs, displays, antenna, and any other object or structure of any kind, provided the same shall not materially impair the structural integrity of the building or interfere with Tenant's occupancy. TENANT'S REPAIR AND MAINTENANCE: Tenant agrees to and is responsible for maintaining the Premises in good condition and providing all repairs to the Premises, except for the repair and maintenance specifically agreed to by the Landlord as herein provided and reasonable wear and tear. structural changes, exterior alterations or additions to the Premises may be made only with Landlord's written consent. LANDLORD'S REPAIR AND MAINTENANCE: Landlord covenants to keep the exterior and common areas of the. Building of which the Premises are a part, in satisfactory condition. Such exterior and common areas shall consist of the air conditioning system, plumbing system, electrical system, roof, exterior walls, foundation, structural components as well as ceilings, floors, interior walls and windows, located in common areas used by all Tenants. Tenant shall give to the Landlord seven (7) days written notice of needed repairs, and the Landlord shall have a reasonable time thereafter to make them. F purposes hereof, "satisfactory condition" shall be defined to be any condition that is such so as to not unreasonably interfere with Tenant's use and enjoyment of the Premises. LOSS OR DAMAGE OF TENANT AND OTHERS: Landlord shall not be liable fottany damage to property of Tenant or of others located on the Premises, nor for:the loss of or damage to any property of Tenant or of others by theft or otherwise. Landlord shall not be liable for any injury or damage to any property resulting from fire, explosion, falling plaster, steam, gas, electricity, water, rain or leaks from any part of the Premises or from the pipes, appliances or plumbing works from the roof, street or subsurface or from any other place or by dampness or r.., any other cause of whatsoever nature. Landlord shall not be liable for any such damage caused by other tenants or occupants of the Building, or of any adjacent property, or the public, or caused by operations in construction of any private, public or quasi - public work. Landlord shall not be liable for any latent defect in the Premises or in the Building of which they form a part. All property of Tenant kept or stored on the Premises shall be so kept or stored at the risk of Tenant only and Tenant shall hold Landlord harmless from any claims arising out of damage to the same, including subrogation claims by tenant's insurance carrier, unless such damage shall be caused by the willful act or gross negligence of Landlord. CASUALTY INSURANCE: Landlord shall not be liable for any damage to furniture, fixtures, merchandise or personal property of Tenant caused by fire 6 .or -other insurable ',xis; nor shall Landlord a,iable to Tenant t" for damages arising o=- 'attributable to the inars„ty of Tenant to carry on its business on the Premises by reason of such casualty. Tenant does hereby expressly release Landlord of and from all liability for such damages. Tenant hereby agrees to carry and pay the premiums for a public liability insurance policy carrying the Landlord as a co- insured in amounts of not less than $100,000.00 for any individual or single instance and $300,000.00 with respect to multiple claims. RECONSTRUCTION: In the event the Premises, or any part thereof, shall at any time be destroyed or so damaged by fire or other elements as to be unfit for occupancy or use by the Tenant, then and in that event, the Landlord shall have the option (1) to terminate this lease, (2) to repair and rebuild the said premises, reducing rents hereby reserved to a fair and just proportion thereof, according to the damage sustained, until the said Premises are reinstated and made fit for occupancy and use; and in the event the Landlord elects to exercise the option to repair and rebuild, the same shall be done and completed within a reasonable time. EMINENT DOMAIN: In the event the entire Premises shall be appropriated or taken under the power of eminent domain by any public or quasi - public authority, this Lease shall terminate and expire as of the date of such taking, and Landlord and Tenant shall thereupon be released from any further liability hereunder. EVENT OF DEFAULT: The occurrence of any of the following shall constitute an event of default hereunder: 1. Discontinuance by Tenant of the conduct of its business in the Premises. 2. The filing of a petition by or against Tenant for adjudication as a bankrupt or insolvent, or for its reorganization or for the appointment of a receives or trustee of Tenant's property; any reorganization or proceedings under the Federal Bankruptcy Law; and assignment by Tenant for the benefit of creditors, or the taking possession of the property of Tenant by any governmental officer or agency pursuant to statutory authority for the dissolution or liquidation of Tenant. 3. Failure of Tenant Eo -pay when due any rental payment hereunder or any other sum herein required to be paid by Tenant. 4. Vacation or desertion of the Premises or permitting the same to be empty and unoccupied. 5. Tenant's removal or attempt to remove, or manifesting an intention to remove Tenant's goods or property from or out of the Premises otherwise than in the ordinary and usual course of business without having first paid and satisfied Landlord for all rent which may become due during the entire term of this Lease. 6. Tenant's failure to perform any other covenant or condition of this Lease within ten. (10) days after written notice and demand. RIGHTS OF LANDLORD UPON DEFAULT BY TENANT: In the event Tenant fails to pay the rents herein at the time and in the manner stated, or shall fail to keep and perform any other condition, stipulation or agreement herein contained, on the 7 part of the Tenant ' be kept and performed ;Landlord may, at Landlord's option, tE.,-=iinate and end this Lease d re-enter upon the property, whereupon the term hereby granted, and at the Landlord's option, all right, title and interest under it shall end and the Tenant become a tenant at sufferance. In addition, Landlord may, at Landlord's option, elect to declare the entire rent for the balance of the term, or any part thereof, due and payable forthwith, and may proceed to collect the same by distress or otherwise, and thereupon said term shall terminate, at the option of the Landlord. The entire rent for the balance of the term as used herein shall mean all of the rent prescribed to be paid by the Tenant for the full term of the Lease, less, however, any payments that shall have been made pursuant to the terms of the Lease. Furthermore, Landlord may take possession of the Premises and rent the same for the account of the Tenant. The exercise of any of said options herein contained shall not be deemed the Landlord's exclusive remedy. Tenant agrees to pay all costs and expenses of collection and reasonable attorney's fees on any part of said rental that may be collected by an attorney, suit, distress, or foreclosure; and further, in the event that tenant fails to promptly. and fully perform and comply with each and every condition and covenant hereunder and the matter is. turned over to landlord's attorney, tenant shall pay landlord a reasonable attorney's fee plus costs where necessary, whether suit is instituted or not. THE PARTIES HERETO SHALL AND THEY HEREBY DO WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER ON ANY MATTERS WHATSOEVER ARISING OUT OF 'OR TN ANY WAY CONNECTED WITH THE LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, TENANT'S USE OR OCCUPANCY OF THE PREMISES, AND/OR ANY CLAIM OR INJURY OR DAMAGE. IN THE EVENT LANDLORD COMMENCES ANY PROCEEDINGS FOR NONPAYMENT OF RENT OR ANY OTHER AMOUNTS DUE, TENANT WILL NOT INTERPOSE ANt COUNTERCLAIM OF WHATEVER NATURE OR DESCRIPTION IN ANY SUCH PROCEEDINGS THIS SHALL NOT, HOWEVER, BE CONSTRUED AS A WAIVER THE TENANT'S RIGHT TO ASSERT SUCH CLAIMS IN ANY SEPARATE ACTION OR ACTIONS BROUGHT BY THE TENANT. TENANT HEREBY EXPRESSLY WAIVES ANY AND ALL RIGHTS OF REDEMPTION GRANTED BY OR UNDER ANY PRESENT OR FUTURE LAWS IN THE EVENT OF TENANT BEING EVICTED OR DISPOSrSESSED FOR ANY CAUSE, OR IN THE EVENT OF LANDLORD OBTAINING POSSESSION OF THE PREMISES BY REASON OF VIOLATION BY TENANT OF -ANY OF THE COVENANTS OR CONDITIONS OF THIS LEASE, OR OTHERWISE. INDEMNIFICATION, -LIABILITY AND OTHER INSURANCE: Tenant shall indemnify and save harmless the said Landlord from and against any and all claims, suits, actions, damages, and/or causes of action arising under this Lease for any personal injury, loss of life and/or damage a to propproperty sustainedus rn otor r about the leased Premises, by r asa Tenant's occupancy thereof, and from and against any orders, judgments, and/or decrees which may be entered thereon, and from and against all costs, counsel fees, expenses and liabilities incurred in and about the defense of any such claim and the investigation thereof. SUBORDINATION: Tenant hereby agrees that this Lease shall be subject and subordinate to any mortgage or deed of trust now on'said Premises, or which may hereafter be made on account of any proposed loan to be placed on said Premises by the Landlord to the full extent of any renewals and eall dets xtension ofdallaoreSany part thereof, whichsecure thereb; an tosaid Landlord may 8 f- hereafter at any elect to place on sal emises, and said Tenant agrees upon request to hereafter execute`e.ny paper or papers which the counsel for the Landlord may deem necessary to accomplish that .end, and in default of the Tenant's so doing, that the Landlord is hereby empowered to execute such paper or papers in the name of the Tenant and as the act and deed of said Tenant and this authority is declared to be coupled with an interest and not revocable. ASSIGNMENT AND SUBLETTING PROHIB/TED: Tenant may not assign this Lease in whole or in part, nor sublet any portion of the Premises. This prohibition against assignment or subletting shall be construed to include a prohibition against any assignment or subletting by operation of law. Furthermore, to the full extentpermitted by law, Landlord may arbitrarily and unreasonable withhold consent to a proposed assignment or subletting. Landlord's consent to any assignment, subletting, occupation or use by another persons shall not be deemed to be a consent to any subsequent assignment subletting, occupation or use by any other person or the waiver of any right of Landlord to deny ouch consent pursuant to the provisions hereof. If this Lease be assigned or the Premises or any part thereof be underlet or occupied by any party other than Tenant, Landlord may collect rent from the assignee, subtenant or occupant, and apply the net amount collected to the rent herein reserved, but no such assignment, underletting, occupancy or collection shall be deemed a waiver of this covenant, or the acceptance of the assignee, subtenant or occupants as Tenant, or a release of Tenant from the further performance by Tenant of the covenants on the part of Tenant herein contained. ASSIGNMENT BY LANDLORD: Landlord may assign by way of security or otherwise this Lease or any part thereof or any right hereunder without Tenant's consent, and any such assignment by Landlord of its entire interest in the Premises, and its entire rights under the Lease (other than a security assignment) shall relieve Landlord of Sony further obligation hereunder, except for obligations accrued at the time of such assignment, if the assignee assumes and agrees to perform the obligations of the Landlord hereunder. EXPIRATION OF TERM: At the expiration or earlier termination of this Lease, Tenant shall surrender the Premises, together with any and all alterations, additions and improvements then a part thereof, in good order and condition except for ordinary wear and tear. Tenant shall repair all damages caused by the removal of Tenant's property from the.Premises. HOLDING OVER: In the absence of any written agreement Tenant should remain in occupancy of the expiration of the lease term, then Tenant Tenant and as such shall pay double the daily last month of this Lease for each day that occupy the Premises from and after such date. to the contrary, if Premises after the shall be a holdover rent paid during the Tenant continues to SIGNS: Landlord may erect and maintain such signs as it in its sole discretion, may deem appropriate to advertise the Building of which the Premises are a part. Tenant will not exhibit, inscribe, paint or affix any sign, advertisement, notice or other lettering on any part of the outside of the Premises or of the Building of which the Premises are a part, or inside the Premises if visible from the outside, without first obtaining Landlord's written approval thereof, and Tenant • 'further agrees to-,, Intain such sign, letter..;_ ;' etc... as may be 'approved in good condition and repair at all times. PUBLIC UTILITIES: Tenant shall obtain the consent of Landlord prior to the installation of any public utility. Tenant will pay all charges and taxes thereon for all utilities installed at Tenant's request including telephone service, not more than ten (10) days after the same shall become due and payable. PERSONAL PROPERTY TAXES: In the event that the taxing authorities shall at any time during the term of this Lease assess trade fixtures, leasehold improvements and any other tangible personal property affixed to the Premises, whether owned by Landlord or Tenant, the taxes thus assessed shall be paid by Tenant within ten (10) days of receipt. NOTICES AND PLACE OF RENTAL PAYMENTS: All notices, elections, demands, requests and other communications hereunder shall be in writing, signed by the party making the same and shall be sent by certified or registered United States mail, postage prepaid addressee: TO LANDLORD: KEY BISCAYNE BANK & TRUST COMPANY Attn: Vice President and Cashier 95 West Mcintyre Street Key Biscayne, F14 33149 TO TENANT: or such other address as may hereafter be designated in writing by either party hereto. The time and date on which mail is postmarked shall be the time and date on which such communication is deemed to have been given! All rental payments shall be made to the Landlord at the address set forth above. BROKERAGE: Tenant shall indemnify and hold harmless Landlor,against and in respect of any and all claims, losses, liabilities and expenses which may be asserted against Landlord by any broker or other person on the basis of any arrangements or agreements made or alleged to have been made by or on behalf of Tenant in respect of the transactions herein contemplated. EQUITABLE REMEDIES: Except as specifically otherwise,provided, Tenant agrees that Tenant's obligations hereunder,shall be enforceable by specific performance and that Landlord Shall be entitled to restraint. by injunction of the violation or attempted or threatened violation of any of the Lease terms, covenants, conditions, provisions or agreements. Except where stated to be exclusive or sole, the specified remedies to which the Landlord may resort under the terms of this Lease are cumulative and are not intended to be exclusive of any other remedies or means of redress to which the Landlord may be lawfully entitled in case of any breach or threatened breach of any provision of this Lease. NO WAIVER: The failure of the Landlord in one or more instances to insist upon strict performance of observance of one or more of the covenants or conditions hereof or to exercise any remedy, privilege or option herein conferred upon or reserved to the Landlord, shall not operate or be construed as a relinquishment or waiver for the future of such covenant or condition or of the right to enforce the same or to exercise such privilege, option, or remedy, but the same shall continue in full force and effect. The receipt by the Landlord of rent; or additional rent or any other payment required to be made by the Tenant, or any part thereof, shall not be a waiver of any other additional rent or payment then due, nor shall 10 -such receipt, thou with knowledge of the h_.'` 'h of any covenant ,or condition hereof» operate as or be deemed to -be a waiver of such breach, and no waiver by the Landlord of any of the provisions hereof, or any of the Landlord's rights, remedies, privileges or options hereunder shall be deemed to have been made unless made by the Landlord in writing. No surrender of the Premises for the remainder of the term hereof shall be valid unless accepted.by the Landlord in writing. LANDLORD'S RIGHT TO CURE: In the event Tenant should fail to perform any of its obligations hereunder, in addition to any other remedies provided hereunder or by law, Landlord shall have the right, at its option, to perform such obligations on behalf of Tenant at any time following ten (10) days prior written notice to Tenant (except in cases of emergency when no notice• shall be required). In such event, Tenant shall pay the Landlord, as additional rental hereunder, all costs and expenses so incurred by Landlord, including reasonable -attorney's fees upon demand. All such amounts shall bear interest at the rate of eighteen (18.00) percent per annum from the date such amounts are incurred until paid. TRANSFER OF CONTROL: If Tenant is a corporation and if any transfer, sale, pledge or other disposition of any of the common stock of Tenant shall occur, or power to vote said stock shall be changed, then Tenant shall immediately notify Landlord and Landlord shall have the right, at its option, to terminate this Lease upon five (5) days notice to Tenant. If Tenant is a partnership, and if any transfer, sale, pledge or other disposition of partnership interest in Tenant shall occur, then Tenant shall immediately notify Landlord and Landlord shall have the right, at its option, to terminate this Lease upon five (5) days notice to Tenant. EXCULPATION: Tenant agrees that Tenant shall look solely to Landlord's interest in the Building of which the Premises are a part and Landlord's personal property used in connection ,therewith for the satisfaction of any claim, judgment or decree requiring the payment of money by Landlord based on any default hereunder, wand no other property or assets of Landlord, its affiliates, successors, partners, shareholders, subsidiaries or assigns, shall be subject to levy, execution or other enforcement procedures for the satisfaction of any such claim, judgment, injunction or decree. RELATIONSHIP OF PARTIES: Nothing herein contained shall be deemed or construed by the parties hereto nor by any third:parties as constituting Landlord a partner of Tenant in the conduct of Tenant's business, or as creating the relationship of principal and agent or joint ventures between the parties hereto, it being the intention of the parties hereto that the relationship between them is and shall at all times during the term of this Lease by and remain that of Landlord and Tenant only. SALES AND USE TAX: With each rental payment, Tenant shall also pay to Landlord an amount equal to any sales, use or excise tax levied by the State of Florida or any other governmental authority on rent received by Landlord hereunder. HAZARDOUS MATERIAL: Tenant represents and warrants that the Premises shall not at any time during the term of the Lease be used for the handling, storage, transportation or disposal of hazardous waste materials. In connection therewith, Tenant does hereby indemnify and agree to defend and hold Landlord harmless from any loss or costs (including the cost of any attorney's fees) that the Landlord might incur as a result of any use of the Premises for any of the above mentioned purposes. 11 RADON GAS: Radon is a naturally occurring radioactive- as that, when it has accumulated in a building in sufficient quantities, may present health risks to person who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from you county public health unit. In no event shall Landlord be liable for direct or indirect, consequential or incidental damages arising from the existence or discovery of radon in the Premises. CAPTIONS: The captions and headings throughout this Lease are for convenience and reference only, and the words contained therein shall in no way be held or deemed to define, limit, describe, explain, modify, amplify or add to the interpretation, construction or meaning of any provision of or the scope or intent of this Lease or in any way affect this Lease. SUCCESSORS AND ASSIGNS: This Lease, and each and every provision hereof, shall be binding upon and shall inure to the benefit of the Landlord and Tenant, their respective successors, successors -in -title, legal representatives, heirs and assigns, and each party hereto agrees, on behalf of itsalf, its successors, successors -in -title, legal representatives, `heirs and assigns, to execute any instruments which may be necessary or appropriate to carry out and execute the purposes and inteltions of this -Lease, and hereby authorizes and directs its successors, successors-in-title,'legal representatives, heirs and assigns, to execute any and all such instruments. Each and every successor in interest to any party hereto, whether such successor acquires such interest by way of gift, purchase, foreclosure, or by any other method, shall hold such interest subject to all of the terms and provisions of this tease. SEVERABILITY: In the event any provision of this Lease is held to be invalid or unenforceable, such invalidity or unenforceability shall not affect the validity or enforceability of any' other provision hereof. MODIFICATION: No change or modification of this Lease shall be valid or binding upon the parties hereto unless such change or modification shall be in writing and signed by the party against whom the'same is sought to be enforced. hj NUMBER AND GENDER: Whenever required by the context, the singular number shall include the plural and the masculine gender shall include the feminine,and neuter. APPLICABLE LAW: This Lease :shall be governed by and construed in accordance with the laws of the State of Florida. ENTIRE AGREEMENT: This Lease contains the entire agreement between the parties hereto, and no promises, agreements, conditions or stipulations not contained herein shall be binding upon either party hereto. This Lease has been executed by the parties on the dates indicated below: Executed by Landlord in the presen Print Name: 12 LANDLORD . -3 Print Na /i '„_jug t Si, C-6.0 Executed by Tenant 'in the prey nr s o Print CAE, s .Goh y a. c. - Print Name: Date: Thomas, H. Wakefield Law Firm Bvd1444/"(001 TENANT Thomas H. V i'kefield Date: Jv.rt !S1 t 1 4 8 13 8 RECEIPT OF LEASE AGREEMENTS The undersigned does hereby acknowledge receipt of the following lease agreements: SUNTRUST BANK AND KEY BISCAYNE CHAMBER OF COMMERCE SUNTRUST BANK AND THOMAS H. WAKEFIELD LAW FIRM Dated this WV day of October, 2001. VILLAGE OF KEY BISCAYNE BY: C. SAMUEL KI ,L9 GER Village Manage CERTIFICATE OF AUTHORITY AND INCUMBENCY l; Cathy Homo, Arther, Assistant Corporate Secretary of SunTrust Bank, hereby certify that Douglas Sinclair is the duly -elected Senior Vice President of SunTrust Bank, South. Florida.. a division of SunTrust Bank and that pursuant to the authority granted under the Bylaws of SunTrust Bank, he has the authority to enter into agreements and execute instruments, including, but not limitedto, all agreements, indentures, mortgage, deeds, conveyances, transfers, certificates, declarations, receipts, discharges, releases, satisfactions, settlements, petitions, schedules, accounts, affidavits, and other instruments on behalf of SunTrust Banc: and that same authority remains in hill force and effect. IN WITNESS WHEREOF, 1 have subscribed my name and affixed the seal of the SunTrust Bank Cathy F.lorna Arther Assistant Corporate Secretary (BANK 5€4L) State of Florida Count of Orange The foregoing instrument was acknowledged before me this 1 i `h day of October 2001 by Cathy Boma Arther, Assistant Corporate Secretary of SunTrust Bank, a state bank She is personally known to me. L----- Notary Public �" I Hernandez # #Mr Commission cc7eam My Commission Expires: rt J,rl/zan %mot Expires November 14, 2002 OFF. AEC BK. 19987PG2661 This instrument was prepared by: MARK A. JACOBS, ESQUIRE Bergman and Jacobs, P.A. 777 Brickell Avenue, Suite 780 Miami, FL 33131 0 186006 17 2001 OCT 31 14=58 DECLARATION OF EASEMENTS, COVENANTS CONDITIONS AND RESTRICTIONS THIS DECLARATION OF EASEMENTS, COVENANTS, CONDITIONS AND RESTRICTIONS ("Declaration") is made and entered into this 3/srday of October, 2001, by SUNTRUST BANK, a State Bank organized under the laws of Georgia, ("SUNTRUST") whose address is 777 Brickell Avenue, Miami, Miami -Dade County, Florida 33131 and the VILLAGE OF KEY BISCAYNE, a Florida Municipal Corporation, ("VILLAGE"), whose address is 85 West McIntyre Street, Key Biscayne, Fl. 33149 . RECITALS: A. SUNTRUST was previously the' owner of that certain real property ("Property") situated in Miami -Dade County, Florida more particularly described on Exhibit "A" attached hereto and incorporated herein by this reference (referred to as the "SUNTRUST KEY BISCAYNE PLAT"). The said Plat of SUNTRUST KEY BISCAYNE having been recorded on July 27, 2001, in Plat Book 157 at Page 75 of the Public Records of Miami -Dade County, Florida. The Plat consist of two parcels legally described on Exhibit "A" and referred to herein as "Tract A" and "Tract B". Both Tract "A" and Tract "B" are shown and depicted on the SUNTRUST KEY BISCAYNE PLAT, Exhibit "A". B. SUNTRUST has built and operates a commercial bank upon Tract "A" and has sold to the VILLAGE, the property depicted as Tract "B". SUNTRUST and the VILLAGE agree that the use of said Tract "B" shall be for public purposes, however, subject to the terms of this Declaration. C. SUNTRUST and VILLAGE desire to impose upon Tract "B" and provide for the benefit of Tract "A" certain easements and further establish certain covenants, conditions and restrictions with respect to both said Tract "A" and Tract B", for the mutual and reciprocal 1 Bergman and Jacobs, F.A. 777 BRICKELL AVENUE, SUITE 780. MIAMI. FLORIDA 33131 OFF. REC». d9987PS2662 benefit and complement of Tract "A" and Tract "B" together with the present and future owners thereof, on the terms and conditions hereinafter set forth. NOW, THEREFORE, in consideration of the premises and the covenants herein contained, the Declarant hereto agrees as follows: AGREEMENT: I. The above recitals are true and correct and are further incorporated herein by reference. 2. DEFINITIONS. For purposes hereof: (a) The terms "Owner" or "Owners" shall mean SUNTRUST and VILLAGE and any and all successors or assigns of such person or persons as the owner or owners of the fee simple title to all or any portion of the Property covered hereby, whether by sale, assignment, inheritance, operation of law, trustee's sale, foreclosure, or otherwise, including the holder of any lien or encumbrance on such Property. (b) The term "Tract" or "Tracts" shall mean each sepa-ately identified parcel of real property now or hereafter constituting a part of the SUNTRUST KEY BISCAYNE PLAT subjected to this Declaration, those being, Tract "A" and Tract "B", and any future subdivisions thereof. (c) The term "Permittees" shall mean the Owner, tenant(s) or occupant(s) of a Tract, and the respective employees, agents, contractors, customers, invitees, and licensees of (i) the Owner of such Tract, and/or (ii) such tenant(s) or occupant(s). 3. EASEMENTS. 3.1. Grant of Easements. Subject to any express conditions, limitations or reservations contained herein, the VILLAGE and any subsequent Owner of Tract "B" grants to SUNTRUST and any subsequent Owner of Tract "A" and its Pernittees the following non-exclusive and perpetual easements: (a) Until completion of construction by the VILLAGE of the roadways within the Permanent Ingress/Egress Easements (hereinafter defined) a temporary easement for reasonable access, ingress and egress for vehicular and pedestrian access and passage over all paved driveways, roadways, and walkways as presently or hereafter constructed within the Temporary Ingress/Egress Easements depicted on the crosshatched areas on Exhibit "B" and as legally described on Exhibit 2 Bergman and Jacobs, P.A. 777 BRICKELL AVENUE, SUITE 780, MIAMI, FLORIDA 33131 OFF.REeBL 9 9987P62663 "B" which is attached hereto and made a part hereof (the "TEMPORARY INGRESS/EGRESS EASEMENTS") so as to allow the passage of motor vehicles and pedestrians between Tract "A" and Tract "B", and to and from abutting streets or rights of way which furnish access to such Tracts. It is the intent of the parties that the Owner of Tract "B" shall at all times provide to the Owner of Tract "A" a perpetual easement for ingress and egress from both Crandon Boulevard and McIntyre Street to Tract "A". At no time shall the Owner of Tract "B" ever terminate or interfere with said access from either Crandon Boulevard or McIntyre Street to Tract "A". (b) Upon completion of construction by the VILLAGE of the roadways within the Permanent Ingress/Egress Easements, a perpetual easement for reasonable access, ingress and egress for vehicular and pedestrian access and passage over all paved driveways, roadways and walkways as presently or hereafter constructed within the Permanent Ingress/Egress Easements depicted as the crosshatched areas on Exhibit "C" and as legally described on Exhibit "C" which is attached hereto and made a part hereof (the "PERMANENT INGRESS/EGRESS EASEMENTS") so as to allow the passage of motor vehicles and pedestrians between Tract "A" and Tract "B" and to and from abutting streets or rights of way which furnish access to such Tracts. It is the intent of the parties that the Owner of Tract "B" shall at all times provide to the Owner of Tract "A" a perpetual easement for ingress and egress from both Crandon Boulevard and McIntyre Street to Tract "A". At no time shall the Owner of Tract "B" ever terminate or interfere with said access from either Crandon Boulevard or McIntyre Street to Tract "A". The VILLAGE and all subsequent Owners of Tract "B" do hereby agree that the "TEMPORARY INGRESS/EGRESS EASEMENTS" are granted to SUNTRUST pending final completion of construction by the VILLAGE. During the construction phase by the VILLAGE, SUNTRUST shall have temporary ingress/egress through and across the TEMPORARY INGRESS/EGRESS EASEMENTS. Upon completion of construction by the VILLAGE, it is agreed that the Ingress/Egress Easements granted to SUNTRUST and subsequent Owners of Tract "A" shall automatically be relocated to the PERMANENT INGRESS/EGRESS EASEMENTS. (c) Except as otherwise specifically provided in this Declaration, the Owner of Tract "B" agrees and recognizes that the easements granted hereby shall not and can not be relocated or otherwise modified since same are the sole access for ingress and egress to Tract "A". The granting and perpetual existence of said easements are a material inducement for any conveyance by SUNTRUST to the VILLAGE of Tract "B". (c) The VILLAGE, shall be responsible to complete all construction of all roadways 3 Bergman and Jacobs, P.A. 777 BRICKELL AVENUE, SUITE 780, MIAMI, FLORIDA 33131 19987P62664 as depicted on Exhibit "C".Until such time as the construction of the easements shown on Exhibit "C" are completed the TEMPORARY INGRESS/EGRESS EASEMENTS shown on Exhibit "B" shall continue to be in full force and effect. 4. MAINTENANCE. 4.1 General. Each Owner shall be solely and exclusively responsible, at its own expense, to maintain its respective Tract, including but not limited to, allroadways and easements, buildings and/or common area improvements in a safe, clean and neat condition and shall take such measures as are necessary to control grass, weeds, blowing dust or dirt and litter or debris. Notwithstanding anything to the contrary contained herein, the VILLAGE shall have the right to temporarily close off portions of the TEMPORARY INGRESS/EGRESS EASEMENTS or the PERMANENT INGRESS/EGRESS EASEMENTS for maintenance purposes (i.e. for repairing or restriping of the roadways), however, in no event shall both the easement from Crandon Boulevard and McIntyre Street be closed at the same time. Following the construction of improvements on either Tract, maintenance of a respective Tract shall include, without limitation, maintaining and repairing all sidewalks and the surface of the parking and roadway areas, removing all papers, debris and other refuse from and periodically sweeping all parking and road areas to the extent necessary to maintain the same in a clean, safe and orderly conditions, maintaining appropriate lighting fixtures for the parking areas and roadways, maintaining marking, directional signs, lines and striping as needed, maintaining landscaping, and performing any and all such other duties as are necessary to maintain each Tract in a clean, safe and orderly condition. 5. RESTRICTIONS. 5.1 General: Each Tract shall be used for lawful purposes in conformance with all restrictions imposed by all applicable governmental laws, ordinances, codes and regulations and no use or operation shall be made, conducted or permitted on or with respect to all or any portion of a Tract which is illegal or conflicts, unreasonably interferes, or is otherwise inconsistent with the terms of this Declaration. 5.2 Specific Restrictions: The conveyance of Tract "B" is subject to the covenants and restrictions hereinafter set forth and said covenants and restrictions shall run with the land and shall be enforceable against every person or entity who now or in the future owns any portion or portions of said Tract "B". The use of Tract "B" is restricted and no portion thereof shall be used as a savings and loan association, bank, commercial bank, industrial savings bank, trust company, international bank Bergman and Jacobs, P.A. 777 BRICKELL AVENUE, SUITE 780, MIAMI, FLORIDA 331 31 19987PG2665 agency or representative office, credit union, entities dealing in the sale of securities, branch banking facility or the operation of an automated teller machine ("ATM") or cash dispenser, (hereinafter collectively referred to as "Financial Institution"). These restrictions shall be effective as to the Owner and any tenant located on said Tract "B" under a lease of the property entered into after the recordation of this Declaration and further prohibits any party from subletting, assigning or selling a sublease to any Financial Institution, and all leases entered into after the recordation of this Declaration between Owner and any tenant, shall include a provision that (a) prohibits the subletting, assignment or sale of the sublease to any Financial Institution and (b) permits SUNTRUST or any subsequent Owner of Tract "A" to enforce any breach by the Owner or tenant of TRACT "B" of this restriction. If Tract "B" is sold, VILLAGE agrees that any conveyance will be subject to this restrictive covenant until such time as Tract "A" ceases to be used as a Financial Institution. These restrictions shall be deemed covenants running with the land, shall be binding and inure to the benefit of all Owners of Tract "A" and/or Tract "B" of SUNTRUST KEY BISCAYNE, as recorded in Plat Book 157 at Page 75 of the Public Records of Miami -Dade County, Florida or any portion thereof, their respective heirs, representatives, lessees, successors and assigns, and shall continually and perpetually encumber both Tract "A" and Tract "B" from the date of the recordation of this Declaration in the Public Records of Miami -Dade County, Florida until such time as Tract "A" ceases to be used as a Financial Institution, at which time these covenants and restrictions shall terminate. In the event of any violation of the foregoing restrictive covenants, SUNTRUST or subsequent Owner of Tract "A" shall have the right (in addition to and not in limitation of any other available rights or remedies) as an admitted equity and as a matter of absolute right, to the issuance by a Court of competent] urisdiction of an injunction (mandatory or otherwise) prohibiting any such violation and requiring any such violation to be eliminated. All costs incurred by SUNTRUST including reasonable attorneys' fees, shall be deemed recoverable damages in the event of a violation of these restrictions. In addition to this Declaration, the deed of conveyance of Tract "B" to the VILLAGE shall include this restrictive covenant language. 6. NO DEDICATION. Nothing contained herein shall be deemed to be a gift or dedication of any portion of the TEMPORARY INGRESS/EGRESS EASEMENTS or the PERMANENT INGRESS/EGRESS EASEMENTS to the general public or for any public use or purposes whatsoever. Notwithstanding anything to the contained in this Declaration, the VILLAGE shall 5 Bergman and Jacobs, P.A. 777 BRICKELL AVENUE, SUITE 780, MIAMI. FLORIDA 33131 plf RBCB$. I9987PG2666 have the right to close off portions of the TEMPORARY INGRESS/EGRESS EASEMENTS and the PERMANENT INGRESS/EGRESS EASEMENTS (together the "Easements") for such minimum periods of time as may be legally necessary to prevent the acquisition of prescriptive rights by anyone, provided, however, during such minimum period of time the VILLAGE shall provide to the Owner of Tract "A" an alternate means of ingress and egress through Tract "B" to Tract "A" from both Crandon Boulevard and McIntyre Streets. 7. REMEDIES AND ENFORCEMENT. 7.1 All Legal and Equitable Remedies Available. In the event of a breach or threatened breach by any Owner or its Permittees of any of the terms, covenants, restrictions or conditions hereof, the other Owner(s) shall be entitled forthwith to full and adequate relief by injunction and/or all such other available legal and equitable remedies from the consequences of such breach„ including payment of any amounts due and/or specific performance. 7.2 Remedies Cumulative. The remedies specified herein shall be cumulative and in addition to all other remedies permitted at law or in equity. 7.3 No Termination For Breach. Notwithstanding the foregoing to the contrary, no breach hereunder shall entitle any Owner to cancel, rescind, or otherwise terminate this Declaration. No breach hereunder shall defeat or render invalid the lien of any mortgage or deed of trust upon any Parcel made in good faith for value, but the easements, covenants, conditions and restrictions hereof shall be binding upon and effective against any Owner of such Parcel covered hereby whose title thereto is acquired by foreclosure, trustee's sale, or otherwise. 8. TERM. The covenants, conditions, easements and restrictions contained in this Declaration shall be effective commencing on the date of recordation of this Declaration in the office of the Miami -Dade County, Recorder and shall continue in perpetuity, unless this Declaration is modified, amended, canceled or terminated by the written consent of all then record Owners of Tract "A" and Tract "B". 9. MISCELLANEOUS. 9.1 Attorneys' Fees. In the event an Owner or other party institutes any legal action or proceeding for the enforcement of any right or obligation herein contained, the prevailing party shall be entitled to recover its costs and reasonable attorneys' fees incurred in the preparation and prosecution of such action or proceeding, including all appellate fees and costs. 9.2 Amendment. (a) SUNTRUST and VILLAGE agree that the provisions of this Declaration may be modified or amended, in whole or in part, or terminated, only by the written consent of all record Owners of Tract "A" and Tract " B", evidenced by a document that has been fully executed 6 Bergman and Jacobs, P.A. 777 BRICKELL AVENUE, SUITE 780, MIAMI, FLORIDA 331 31 1 9987PG2661 and acknowledged by all such record Owners and recorded in the Official Records of the County Recorder of Ivliami-Dade County, Florida. 9.3 Consents. Wherever in this Declaration the consent or approval of an Owner is required, unless otherwise expressly provided herein, such consent or approval shall be in the Owner's sole discretion. Any request for consent or approval shall: (a) be in writing; (b) specify the section hereof which requires that such notice be given or that such consent or approval be obtained; (c) be accompanied by such background data as is reasonable necessary to make an informed decisions thereon. 9.4 No Waiver. No waiver of any default of any obligation by any party hereto shall be implied from any omission by the other party to take any action with respect to such default. 9.5 No Agency. Nothing in this Declaration shall be deemed or construed by either party or by any third person to create the relationship of principal and agent or of limited or general partners or of joint ventures or of any other association between the parties. 10. COVENANTS TO RUN WITH LAND. It is intended that each of the easements, covenants, conditions, restrictions, rights and obligations set forth herein shall run with the land and create equitable servitudes in favor of the real property benefitted thereby, shall bind every person having any fee, leasehold or other interest therein and shall inure to the benefit of the respective parties and their successors, assigns, heirs, and personal representatives. 11. GRANTEE'S ACCEPTANCE. The grantee of any Tract or any portion thereof, by acceptance of a deed conveying title thereto or the execution of a contract for the purchase thereof, whether from an original party or from a subsequent owner of such Tract, shall accept such deed or contract upon and subject to each and all of the easements, covenants, conditions, restrictions and obligations contained herein. By such acceptance, and such grantee shall for himself and his successors, assigns, heirs and personal representatives, covenant, consent, and agree to and with the other party, to keep, observe, comply with, and perform the obligations and agreements set forth herein with respect to the property so acquired by such grantee. 12. SEVERABILITY. Each provision of this Declaration and the application thereof to Tract "A" and Tract "B" are hereby declared to be independent of and severable from the remainder of this Declaration. If any provision contained herein shall be held to be invalid or to be unenforceable or not to run with the land, such holding shall not effect the validity or enforcability of the remainder of this Declaration. In the event the validity or enforcability of any provision of this Declaration is held to be dependent upon the existence of a specific legal description, the parties agree to promptly cause such legal description to be prepared. 13. TIME OF ESSENCE. Time is of the essence of this Declaration. 14. NOTICES. Any notice required or permitted to be given hereunder must be in writing and 7 Bergman and Jacobs, P.A. 777 BRICKELL AVENUE, SUITE 760, MIAMI, FLORIDA 33131 19981PG266$ given (a) by depositing same in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested; (b) by delivering the same in person to such party; (c) by transmitting a facsimile copy to the correct facsimile phone number of the intended recipient; or (d) by depositing the same into the custody of a national overnight commercial delivery service addressed to the party to be notified. In the event of mailing, notices shall be deemed effective three (3) days after posting; in the event of overnight delivery, notices shall be deemed effective on the next business day following deposit with the delivery service; in the event of personal service or facsimile transmission, notices shall be deemed effective when received, except if facsimile transmission is used, then a duplicate original must also be sent out by overnight courier service for next -day delivery. For the purpose of notice, the addresses of the parties shall be as follows: TO: SUNTRUST BANK, Alin: Douglas K. Sinclair, 1431 N.E. 26"' Street, Wilton Manors, Fl. 33305. TO: VILLAGE OF KEY BISCAYNE, Attn. VILLAGE MANAGER, 85 West McIntyre Street, Key Biscayne, Fl. 33149. Facsimile No: (305) 365-8936 From time to time either party may designate another or additional addresses for all purposes of this Declaration by giving the other party no less than ten (10) days' advance notice of such change of address in accordance with the notice provisions hereof. 14. ENTIRE AGREEMENT. This Declaration contains the complete understanding and agreement of the parties hereto with respect to all matters referred to herein, and all prior representations, negotiations and understandings are superseded hereby. 15. GOVERNING LAW. The laws of the State of Florida shall govern the interpretation, validity; performance, and enforcement of this Declaration. 16. WAIVER OF TRIAL BY JURY: SUNTRUST, VILLAGE AND ALL OWNERS, THEIR SUCCESSORS AND ASSIGNS DO HEREBY IRREVOCABLY, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION BASED HFREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS DECLARATION, AND ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, 8 Bergman and Jacobs, P.A. 777 BRICKELL AVENUE, SUITE 760. MIAMI, FLORIDA 33131 I9987PG2689 OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF EITHER PARTY. SUNTRUST BANK a State Bank organized under the laws of Georgia .It,C2` C.CtfCw._ By: Witness Signature Print: E (o,` ,ter U , (ej pn As its: Senior Vice President Witness Signature Print: act 1nre LitColA /\ LAS K. SINCLAIR VILLAGE OF KEY BISCAYNE a Florida Municipal Corporation By: C. SAMUEL KISSIN As its: Village Manager WiVVV(Li eiona n.) JVL t t to, 9 R Bergman and Jacobs, P.A. 777 BRICKELL AVENUE, SUITE 780, MIAMI. FLORIDA 331 31 RECBK. 19987?&2fi70 STATE OF FLORIDA ) COUNTY OF MIAMI-DADE ) The foregoing instrument was acknowledged before me this/7 day of October, 2001, by DOUGLAS. K. SINCLAIR, as Senior Vice President, of SUNTRUST BANK, a State Bank organized under the laws of Georgia, on behalf of the bank. He (✓(is personally known to me or ( ) has produced as identification a NOT Prin Co STATE OF FLORIDA ) COUNTY OF MIAMI-DADE ) .y� The foregoing instrument was acknowledged before me this 3Ot?ay of October, 2001, by C. SAMUEL KISSINGER , as Village Manager, of THE VILLAGE OF KEY BISCAYNE, a Florida Municipal Corporation, on behalf of the Village. He (V) is personally known to me or ( ) has produced as identification a ery yo; #00980295 %i91 Y'^?;;0aite.,: jot S For ooSsfONe . \cn 7.2p 98, * _. ARY PyJB NOT LIC, STATE OF FLORIDA Print Name: Commission 10 Nu, onion. OTT/Zs/Swig MINOMLYN SOMODEVRI.A NOTARY PUBLIC STATE OF FLORIDA COMMISSION NO. Cr%aa45 MY COMMISSION EXP. SEPT 132003 Bergman and Jacobs, P.A. 777 BRICKELL AVENUE, SUITE 780, MIAMI. FLORIDA 33131 OFf. RECM, i9987PG267J. EXHIBIT "A" LEGAL DESCRIPTION OF PROPERTY TRACT "A" AND TRACT "B", OF SUNTRUST KEY BISCAYNE, AS RECORDED IN PLAT BOOK 157 AT PAGE 75, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA 11 Bergman and Jacobs, P.A. 777 BRICKELL AVENUE, SUITE 780, MIAMI, FLORIDA 3313 I 9987PG2672 EXHIBIT "B" DIAGRAM AND LEGAL DESCRIPTION OF TEMPORARY INGRESS/EGRESS EASEMENTS 12 Bergman and Jacobs, P.A. 777 BRICKELL AVENUE, SURE 780, MIAMI. FLORIDA 33131 SUNTRUST KEY BISCAYNE TEMPORARY INGRESS/EGRESS EASEMENTS x 1 /i0"y¢ I 4 1 PRY R�11,07 �1 43A1' • PORTION OF TRACT 7 MATHESON ESTATE (P,B. 46, PG.86) NUO'00'OO'E 440.43' UNE SOUTH 247.33' TRACT 7 (41-11) TRACT B *11,1 MARS INGRESS/ EGRESS \\ EASEMENT No. 2 Pear_ ]11.]1T - McINTYRE STREET PRY CB 334, P . 34nocr ) (P QP o J 1 / Q • poi PRY mad p PORTION OF TRACT 4 MATHESON ESTATE KEY BISCAYNE (P,8. 34, PG. 34) OFF. REC8K. 19987P62674 LEGAL DESCRIPTION TEMPORARY INGRESS/ EGRESS EASEMENT No. 1 A portion of Tract B of SUNTRUST KEY BISCAYNE as recorded in Plat Book 157, page 75 of the Public Records of Miami -Dade County, Florida, more particularly described as follows: COMMENCE at the Northeast corner of said Tract B; said point of being on the arc of a circular curve concave to the northwest which bears South 65 degrees 24 minutes 53 seconds East from the center; thence run Southeasterly along the East line of said Tract B and the arc of said curve, having a radius of 1,765.00 feet arc length of 50.04 feet, being subtended by a chord of South 25 degrees 23 minutes 41 seconds West for a distance of 50.03 feet to the POINT OF BEGINNING; THENCE North 61 degrees 20 minutes 11 seconds West for a distance of 49.71 feet to the point of curvature of a circular curve; THENCE along a curve to the left having a radius of 74.00 feet and an arc length of 37.02 feet, being subtended by a chord of North 75 degrees 40 minutes 10 seconds West for a distance of 36.63 feet to a point of tangency; THENCE North 90 degrees 00 minutes 00 seconds West for a distance of 99.92 feet to a point; THENCE South 00 degrees 00 minutes 00 seconds East for a distance of 26.00 feet; THENCE North 90 degrees 00 minutes 00 seconds East for a distance of 25.00 feet to a point of curvature; THENCE along a curve to the right having a radius of 14.50 feet and an arc length of 11.03 feet, being subtended by a chord of South 68 degrees 11 minutes 55 seconds East for a distance of 10.77 feet to a point on the North line of said Tract A; THENCE North 90 degrees 00 minutes 00 seconds East along the North line of said Tract B for a distance of 33.98 feet to a point on a circular curve which bears North 43 degrees 39 minutes 23 seconds West from the center; THENCE along a curve to the right having a radius of 14.50 feet and an arc length of 11.05 feet, being subtended by a chord of North 68 degrees 10 minutes 18 seconds East for a distance of 10.78 feet to a point of tangency; THENCE North 90 degrees 00 minutes 00 seconds East for a distance of 20.93 feet to a point of curvature of a circular curve; THENCE along a curve to the right having a radius of 48.00 feet and an arc length of 24.01 feet, being subtended by a chord of South 75 degrees 40 minutes 05 seconds East for a distance of Page 1 of 2 OFF, OROK. 1998- PG2.675 23.76 feet to a point of tangency; THENCE South 61 degrees 20 minutes 22 seconds East for a distance of 51. line of said Tract B and a point on a circular curve which bears North 62 deg seconds West from the center; THENCE along the East line of said Tract B and a curve to the right having feet and an arc length of 11.17 feet, being subtended by a chord of North 26 37 seconds East for a distance of 11.17 feet to a point of reverse curvature; THENCE along the East line of said Tract B and a curve to the left having a feet and an arc length of 14.85 feet, being subtended by a chord of North 26 36 seconds East for a distance of 4.85 feet to the POINT OF BEGINNING; Said property contains 0.11 acres. more or less. Prepared By: Aylward Engineering & Surveying, Inc. LB No. 5183 925 NW 197'h Avenue Pembroke Pines, Florida 33029 954-430-6929 October 22, 2001 Page 2 of 2 34 feet to the East rees 56 minutes 45 a radius of 1266.37 degrees 25 minutes radius of 1765.00 degrees 27 minutes 8Ff. RECOIL I9987PG2676 LEGAL DESCRIPTION TEMPORARY INGRESS/ EGRESS EASEMENT No. 2 A portion of Tract B of SUNTRUST KEY BISCAYNE as recorded in Plat Book 157, page 75 of the Public Records of Miami -Dade County, Florida, more particularly described as follows: COMMENCE at the most Southeasterly corner of said Tract B; THENCE North 90 degrees 00 minutes 00 seconds West along the South line of said Tract B for a distance of 14.64 feet to the POINT OF BEGINNING; THENCE continue North 90 degrees 00 minutes 00 seconds West along the South line of said Tract B for a distance of 23.76 feet; THENCE North 00 degrees 06 minutes 34 seconds West for a distance of 152.06 feet; THENCE North 00 degrees 00 minutes 00 seconds East for a distance of 24.05 feet to the West line of Tract A of SUNTRUST KEY BISCAYNE as recorded in Plat Book 157, page 75 of the Public Records of Miami -Dade County, Florida; THENCE South 00 degrees 00 minutes 00 seconds East along the West line of said Tract A and its Southerly projection for a distance of 152.06 feet to the South line of said Tract B and the POINT OF BEGINNING; Said property contains 0.08 acres more or less. Prepared By: Aylward Engineering & Surveying, Inc. LB No. 5183 925 NW 197t Avenue Pembroke Pines, Florida 33029 954-430-6929 September 19, 2001 Page 1 of 1 " 1998?PG26 7 EXHIBIT "C" DIAGRAM AND LEGAL DESCRIPTION OF PERMANENT INGRESS/EGRESS EASEMENTS 13 Bergman and Jacobs, P.A. 777 BRICKELL AVENUE, SUITE 750, MIAMI, FLORIDA 331 31 SUNTRUST KEY BISCAYNE INGRESS/EGRESS EASEMENT 'INGRESS/ EGRESS EASEMENT McINTYRE STREET PORTION OF TRACT 7 MATHESON ESTATE (P.B. 46, PG.86) aroo4 440.43' PCP POROON TMCT 4 (P.9. 34. PO. 34) Q� 1 P 20 PRY Zi f PCP / 4/ era u). PORTION OF TRACT 4 MATHESON ESTATE KEY BISCAYNE (P.B. 34, PG. 34) Oft AEG BK. }9981PG2679 LEGAL DESCRIPTION INGRESS/ EGRESS EASEMENT A portion of Tract B of SUNTRUST KEY BISCAYNE as recorded in Plat Book 157, page 75 and a portion of Tract 7 of MATHESON ESTATE as recorded in Plat Book 46, Page 86 of the Public Records of Miami -Dade County, Florida, more particularly described as follows: COMMENCE at the Northeast corner of said Tract B; said point of being on the arc of a circular curve concave to the northwest which bears South 65 degrees 24 minutes 53 seconds East from the center; thence run Southeasterly along the East line of said Tract B and the arc of said curve, having a radius of 1,765.00 feet arc length of 50.04 feet, being subtended by a chord of South 25 degrees 23 minutes 41 seconds West for a distance of 50.03 feet to the POINT OF BEGINNING; THENCE North 61 degrees 20 minutes 11 seconds West for a distance of 49.71 feet to the point of curvature of a circular curve; THENCE along a curve to the left having a radius of 74.00 feet and an arc length of 37.02 feet, being subtended by a chord of North 75 degrees 40 minutes 10 seconds West for a distance of 36.63 feet to a point of tangency; THENCE North 90 degrees 00 minutes 00 seconds West for a distance of 135.27 feet to a point of curvature of a circular curve; THENCE along a curve to the right having a radius of 9.50 feet and an arc length of 9.62 feet, - being subtended by a chord of North 60 degrees 59 minutes 04 seconds West for a distance of 9.22 feet to a point of reverse curvature; THENCE along a curve to the left having a radius of 33.00 feet and an arc length of 108.99 feet, being subtended by a chord of South 53 degrees 25 minutes 19 seconds West for a distance of 65.79 feet to a of reverse curvature; THENCE along a curve to the right having a radius of 9.50 feet and an arc length of 9.54 feet, being subtended by a chord of South 12 degrees 25 minutes 13 seconds East for a distance of 9.14 feet to a point of reverse curvature; THENCE along a curve to the left having a radius of 2085.00 feet and an arc length of 303.77 feet, being subtended by a chord of South 12 degrees 10 minutes 34 seconds West for a distance of 303.50 feet to a point on the South line of said Tract B; THENCE North 00 degrees 00 minutes 00 seconds East along the South line of said Tract B for a distance of 26.98 feet to a point on a circular curve which bears South 80 degrees 07 minutes 13 seconds West from the center; Page 1 of 3 DFF REG:BK. 199811'62680 THENCE along a curve to the right having a radius of 14.50 feet and an arc length of 4.58 feet, being subtended by a chord of North 00 degrees 49 minutes 25 seconds West for a distance of 4.56 feet to a point of compound curvature; THENCE along a curve to the right having a radius of 2059.00 feet and an arc length of 126.87 feet, being subtended by a chord of North 07 degrees 59 minutes 51 seconds East for a distance of 126.85 feet to a point; THENCE South 78 degrees 14 minutes 15 seconds East for a distance of 9.45 feet; of 36.48 feet to the est istance line THENCE f Tract A of SUNTRUST KEY BISCAYNE as recordedain Plat B Book 157, Page 75 of the Public Records of Miami -Dade County; THENCE North 00 degrees 00 minutes 00 seconds East along the West line of said Tract A for a distance of 25.00 feet; THENCE North 90 degrees 00 minutes 00 seconds West for a distance of 36.00 feet; THENCE North 77 degrees 33 minutes 07 seconds West for a distance of 4.68 feet to a point on a circular curve which bears North 77 degrees 33 minutes 07 sections West from the center; THENCE along a curve to the right having a radius of 2059.00 feet and an arc length of 139.83 feet, being subtended by a chord of North 14 degrees 23 minutes 37 seconds East for a distance of 139.80 feet to a point of compound curvature; THENCE along a curve to the right having a radius of 9.50 feet and an arc length of 9.71 feet, being subtended by a chord of North 45 degrees 36 minutes 26 seconds East for a distance of 9.29 feet to a point of reverse curvature; THENCE along a curve to the left having a radius of 33.00 feet and an arc length of 24.71 feet, being subtended by a chord of North 53 degrees 25 minutes 14 seconds East for a distance of 24.14 feet to a point of reverse curvature; THENCE along a curve to the right having a radius of 9.50 feet and an arc length of 9.62 feet, being subtended by a chord of North 60 degrees 59 minutes 04 seconds East for a distance of 9.22 feet to a point of tangency; THENCE North 90 degrees 00 minutes 00 seconds East for a distance of 60.35 feet to a point of curvature; THENCE along a curve to the right having a radius of 14.50 feet and an arc length of 11.03 feet, being subtended by a chord of South 68 degrees 11 minutes 55 seconds East for a distance of Page 2 of 3 OFF. RE BK. 9987P626 1 10.77 feet to a point on the North line of said Tract A; THENCE North 90 degrees 00 minutes 00 seconds East along the North line of said Tract B for a distance of 33.98 feet to a point on a circular curve which bears North 43 degrees 39 minutes 23 seconds West from the center; THENCE along a curve to the right having a radius of 14.50 feet and an arc length of 11.05 feet, being subtended by a chord of North 68 degrees 10 minutes 18 seconds East for a distance of 10.78 feet to a point of tangency; THENCE North 90 degrees 00 minutes 00 seconds East for a distance of 20.93 feet to a point of curvature of a circular curve; THENCE along a curve to the right having a radius of 48.00 feet and an arc length of 24.01 feet, being subtended by a chord of South 75 degrees 40 minutes 05 seconds East for a distance of 23.76 feet to a point of tangency; THENCE South 61 degrees 20 minutes 22 seconds East for a distance of 51. line of said Tract B and a point on a circular curve which bears North 62 deg seconds West from the center; THENCE along the East line of said Tract B and a curve to the right having feet and an arc length of 11.17 feet, being subtended by a chord of North 26 37 seconds East for a distance of 11.17 feet to a point of reverse curvature; THENCE along the East line of said Tract B and a curve to the left having a feet and an arc length of 14.85 feet, being subtended by a chord of North 26 36 seconds East for a distance of 4.85 feet to the POINT OF BEGINNING; Said property contains 0.42 acres more or less. Prepared By: Aylward Engineering & Surveying, Inc. LB No. 5183 925 NW 197th Avenue Pembroke Pines, Florida 33029 954-430-6929 October 22, 2001 Page 3 of 3 34 feet to the East rees 56 minutes 45 a radius of 1266.37 degrees 25 minutes radius of 1765,00 degrees 27 minutes RECORDED IN QCFICIAL RECORDS SOCK OF DADE CO1fi7Y, FLCROA. RECORD VERIFIED HARVEY RUVIN. CLERK CIRCUIT COURT 1 LETTER AGREEMENT This Letter Agreement entered into and the VILLAGE OF KEY BISCAYNE ("VIof the 31" day of October, 2001, by LLAGE") between SUNTRUST BANK ("SUNTRUST") shall modify and supplement the terms of that certain DECLARATION OF EASEMENTS, COVENANTS, CONDITIONS AND RESTRICTIONS ("DECLARATION") entered into this same date for the specific purpose of agreeing in concept to the relocation of the Temporary Ingress/Egress Easement to McIntyre Street. This temporary relocation shall be during the periods of construction of the sanitary sewer and roadway construction of McIntyre Street. The VILLAGE shall give to SUNTRUST reasonable prior notice of its intent to temporarily relocate the Temporary Ingress/Egress Easement to McIntyre Street during such periods of construction and the estimated times of said relocation. During these relocation periods, the VILLAGE shall provide alternative access for ingress/egress from Tract "A" to Fernwood Drive. It is further agreed by all parties that at no time shall there not be ingress/egress access to Tract "A" from either McIntyre Street or Fernwood Drive. It is further agreed that this temporary relocation of easement shall only affect the McIntyre Street access and not the Crandon Boulevard Ingress/Egress Easement. Except as otherwise defined herein all terms herein shall have the defined terms as set forth in the DECLARATION. SUNTRUST BANK a State Bank organized under the laws of Georgia Witness Signature Print: elet),\ t By: 0 LAS K. SIN LAIR As its: enior Vice President Bergman and Jacobs, P.A. 777 BRICKELL AVENUE. SUITE 780, FLORIDA 331 31 Witness Signature Coke, Print: ECettr.e Witness Print: VILLAGE OF KEY BISCAYNE a Florida Municipal Corporation By: C. SAMUEL KIS GER As its: Village Manager Bergman and Jacobs, P.A. 777 BRIGKELL AVENUE. SUITE 780. MIAMI. FLORIDA 33131 W' ASS SEROTA HEL,,MAN PASTORIZA & GUEDES, P.A. ATTORNEYS AT LAW NINA L. BONISKE JAMIE ALAN COLE EDWARD G. GUEDES STEPHEN J. HELFMAN GILBERTO PASTORIZA JOSEPH H. SEROTA RICHARD JAY WEISS DAVID M. WOLPIN STEVEN W. ZELKOWITZ THOMAS J. ANSBRO' LILLIAN ARANGO DE LA HOZ' ALISON 5. BIELER MITCHELL A. BIERMAN MITCHELL J. BURNSTEIN ELAINE M. COHEN DOUGLAS R. GONZALES GERALD T. HEFFERNAN* MIAMI-DADE OFFICE 2665 SOUTH BAYSHORE DRIVE SUITE 420 MIAMI, FLORIDA 33133 TELEPHONE (305) 854-0800 TELECOPIER (305) 854-2323 W W W.WSH-FLALAW.COM BROWARD OFFICE 3107 STIRLING ROAD, SUITE 300 FORT LAUDERDALE, FLORIDA 33312 TELEPHONE (954) 763-4242 • TELECOPIER (954) 764-7770 VIA HAND DELIVERY Mr. Neal Brown Miami -Dade County Tax Collector 140 W. Flagler Street, 14th Floor Miami, Florida 'OF COUNSEL October 31, 2001 JOHN R. HERIN, JR. CHRISTOPHER F. KURTZ PETER A. LICHTMAN KAREN LIEBERMAN* MATTHEW H. MANDEL BERNARD 5. MANDLER' ALEXANDER L. PALENZUELA-MAURI ANTHONY L.RECIO GARY I. RESNICK* NANCY RUBIN' DANA 5. SCHWARTZ GAIL D. SEROTA* ARI C. SHAPIRO JEFFREY P. SHEFFEL FRANCINE THOMAS STEELMAN NANCY E. STROUD* SUSAN L. TREVARTHEN CARMEN I.TUGENDER DANIELA. WEISS' Re: Village of Key Biscayne purchase from SunTrust Bank, a state bank organized under the laws of Georgia Folio Number: 24-5205-062-0020 Dear Mr. Brown: Please be advised that on October 31, 2001 the Village of Key Biscayne purchased certain real property from SunTrust Bank, a state bank organized under the laws of Georgia, evidenced by a copy of that certain Warranty Deed enclosed herewith. The Warranty Deed has been sent for recording in the Public Records of Miami -Dade County, Florida. Pursuant to the requirements of Section 196.295, Florida Statutes, enclosed is our firm's trust account check in the amount of $47,864.27 payable to Miami -Dade County Tax Collector. This amount represents the prorated taxes for said folio number as indicated in the proration letter provided by the Department of Property Appraisal, a copy of which is also enclosed for your reference. Mr. Neal Brown October 31, 2001 Page -2- Should you have any questions or comments regarding the foregoing, please contact me. Very truly yours, Elaine M. Cohen EMC\smc 103.030 Enclosures cc: Mark Jacobs, Esq. (w/encl., copy of check only) WEISS SEHOTA HELFMAN PASTOKIZA & GUEDES, P.A. MELLON UNITED NATIONAL BANK 63-964/670 5 WEISS SEROTA HELFMAN PASTORIZA & GUEDES, P.A. 1.O.T.A. TRUST ACCOUNT 2665 SOUTH BAYSHORE DRIVE, SUITE 420 MIAMI, FL 33133 PAY TOME ORDER OF ****47 864 DOLLARS AND 27"CENTS*** Miami -Dade County Tax Collector 140 W. Flagler Street 14th Fl Miami FL 33130 FOR 103.030. Prorated 00; Taxes 11.003 240'1' 1:067009646': 005504 LE9 26' 003240 NO. $47,864.27 AMOUNT .39 FROM-BERGMAN &JACOBS ,1 -DARE COUNTY; --6141DA Past44? Fax Note 7671 To MR_ BENJAMIN E. KRALJEV SUNTRUST BANKS OF FLORIDA, INC 135 WEST CENTRAL BLVD. SUITE 300 ORLANDO, FL 32801 TO WHOM IT MAY CONCERN 305-577-973II RE: 24-5205-062-0020 TRACT# T-689 P 03/03 F-157 %iiP STEPHEN P. CLARK CENTER DEPARTMDZT OF PROPFRrY APPRAISAL ADMINISTRATIVE oIVMSlcN SUITE 710 111 NIA/1ST Ftr-kt MIAMI FLORIDA 33128-1984 (305) 375-4008 FAX (305) 3753024 www,co.mlami-dade.fl.0stpa 10/5101 As per your request we have calculated the prorated tax amount for 2001. The amount however is based on a closing date of 11/1/01. If the closing date differs from what is indicated above the pro -rated taxes must be recalculated to the actual date of closing. Additional taxes (if any) should be collected at the time of closing so that there will not be a shortage with the collectors office. Speri3l Taxing District is not included in this proration. The taxes due, based upon a closing date of 11/1/01 is $47,86427. 'You may contact our office again for a new pro -ration when the actual closing date is determined. If you have any questions or further additional information please feel flee e to contact our office at 375-4060. Sincerely, J� 11lirta Ruiz Property Appraiser Supervisor Return to: Elaine M. Cohen Weiss Serota Helfman Pastoriza & Guedes, P.A. 2665 South Bayshore Drive, Suite 420 Miami, Florida 33133 This Instrument Prepared by: BERGMAN AND JACOBS, P.A. 777 Brickell Ave., Suite 780 Miami, Fl. 33131 Property Appraiser Parcel I.D. (Folio) Number. 24-5205-062-0020 Grantee(s) Tax Id.#: 65-0236174 SPECIAL WARRANTY DEED THIS SPECIAL WARRANTY DEED, Made the 07 day of October, A.D., 2001 by: SUNTRUST BANK, a State Bank organized under the laws of Georgia, as successor by merger to SUNTRUST BANK, MIAMI, N.A. as successor to KEY BISCAYNE BANK AND TRUST COMPANY, a Florida Banking Corporation Address: 777 Brickell Avenue Miami, Fl. 33131 hereinafter called the Grantor, to: VILLAGE OF KEY BISCAYNE, a Florida municipal corporation Address: 85 West McIntyre Street Key Biscayne, Florida 33149 hereinafter called the Grantee: (Wherever used herein, the teens "Grantor" and "Grantee" include all the parties to this instrument and the heirs, legal representatives and assigns of individuals, and the successors and assigns of corporations) WITNESSETH: That the Grantor, for and in consideration of the sum of $10.00 and other valuable considerations, receipt whereof is hereby acknowledged, hereby grants bargains, sells, aliens, remises, releases, conveys and confirms unto the Grantee, all that certain land situate in MIAMI-DADE County, Florida: TRACT "B" OF SUNTRUST KEY BISCAYNE, according to the Plat thereof, as recorded in Plat Book 157 at Page 75 of the Public Records of Miami -Dade County, Florida. SUBJECT TO: SUBJECT TO: SUBJECT TO: SUBJECT TO: Plat of MATHESON ESTATE, recorded in Plat Book 34 at Page 34 of the Public Records of Miami -Dade County, Florida. Plat of MATHESON ESTATE, recorded in Plat Book 46, Page 86, of the Public Records of Miami -Dade County, Florida. PLAT OF SUNTRUST KEY BISCAYNE, as recorded in Plat Book 157 at Page 75 of the Public Records of Miami -Dade County, Florida. Easements, restrictions and reservations of record, if any, not intending to reimpose same. SUBJECT TO: Taxes for the year 2002 and all subsequent years. SUBJECT TO: The following use restrictions as to TRACT "B" of SUNTRUST KEY BISCAYNE, according to the Plat thereof, recorded in Plat Book 157 at Page 75 of the Public Records of Miami -Dade County, Florida: The use of Tract "B" is restricted and no portion thereof shall be used as a savings and loan association, bank, commercial bank, industrial savings bank, trust company, international bank agency or representative office, credit union, entities dealing in the sale of securities, branch banking facility or the operation of an automated teller machine ("ATM") or cash dispenser, (hereinafter collectively referred to as "Financial institution"). These restrictions shall be effective as to the Grantee and any tenant located on said Tract "B" under a lease of the property entered into after the recordation of this Deed and further prohibits any party from subletting, assigning or selling a sublease to any Financial Institution, and all leases entered into after the recordation of this Deed between Grantee and any tenant, shall include a provision that (a) prohibits the subletting, assignment or sale of the sublease to any Financial Institution and (b) permits Grantor, or any subsequent owner of Tract "A" to enforce any breach by the Grantee or tenant of TRACT "B" of this restriction. If Tract "B" is sold, Grantee agrees that any conveyance will be subject to this restrictive covenant until such time as Tract "A" ceases to be used as a Financial Institution. These restrictions shall be deemed covenants running with the land, shall be binding and inure to the benefit of all ownersand grantees of Tract "A" and/or Tract "B" of SUNTRUST KEY BISCAYNE, as recorded in Plat Book 157 at Page 75 of the Public Records of Miami -Dade County, Florida or any portion thereof, their respective heirs, representatives, lessees, successors and assigns, and shall continually and perpetually encumber both Tract "A" and Tract "B" from the date of the recordation of this Deed in the Public Records of Miami -Dade County, Florida until such time as Tract "A" ceases to be used as a Financial institution, at which time these covenants and restrictions shall terminate. In the event of any violation of the foregoing restrictive covenants, Grantor or subsequent owner of Tract "A" shall have the right (in addition to and not in limitation of any other available rights or remedies) as an admitted equity and as a matter of absolute right, to the issuance by a Court of competent jurisdiction of an injunction (mandatory or otherwise) prohibiting any such violation and requiring any such violation to be, eliminated. All costs incurred by Grantor or any subsequent owner of Tract "A", including reasonable attorneys' fees, shall be deemed recoverable damages in the event of a 2 violation of these restrictions. TOGETHER with all the tenements, hereditaments and appurtenances thereto belonging or in any way appertaining. TO HAVE AND TO HOLD, the same in fee simple forever. AND the Grantor hereby covenants with said Grantee that the grantor is lawfully seized of said land in fee simple; that the Grantor has good right and lawful authority to sell and convey said land, and hereby warrants the title to said land and will defend same against the lawful claims of all persons claiming by, through or under the said Grantor, except taxes accruing subsequent to December 31, 2001. IN WITNESS WHEREOF, the said Grantor has signed and sealed these presents the day and year first above written. Signed, sealed and delivered in our presence: SUNTRUST BANK a State Bank organized under the laws of Cyeorgia By; Witness Signature Print: Print (• -• ki • Colt -a As its: STATE OF FLORIDA COUNTY OF MIAMI-DADE • S,.e/.� The foregoing instrument was acknowledged before me this ) 9 day of October, 2001, by �Vt t SNdo J' as Sal ?»rs of SUNTRUST BANK, a State Bank organized under the laws of Georgia, on behalf of the bank. He/she ( 4-sris personally known to me; or ( ) has produced as identific F1103030Special Warranty Deed/dm NOTAR STA • F FLOR AiHuli%��� Print - •-: ‘,0A.Jaco�, Com i .ion Numbe �'` . $Sl0N . 3 `- o accseoaes ; �. daeeacT` 'o f`f4f /6747 ii+i ot"° ` I ttE RECEIPT The undersigned does hereby acknowledge receipt of the following items: Plans and drawings for building 85 W. McIntyre Street. Box of keys to building and accessories at 85 W. McIntyre Street. Dated this J5/srday of October, 2001. VILLAGE OF KEY BISCAYNE BY: C. SAMUEL i SINGER Village Mana APPRAISAL OF REAL PROPERTY SunTrust Bank Branch and Excess Land located at 95 W. McIntyre Street Key Biscayne, Dade County, Florida 33149 Appraisal No. 97037 PREPARED FOR Ms. J. Lynn Murphy, MAI Vice President SUNIRUST BANK, MIAMI, N.A. 777 Brickell Avenue Miami, Florida 33131-2803 Phone: (305) 579-7326 Fax: (305) 579-7311 PREPARED BY BLAZEJACK & COMPANY 655 SW Miami Place Miami, Florida 33130-3008 Phone: (305) 372-0211 Fax: (305) 374-1948 B LAZEJACK &COMPANY REAL ESTATE COUNSELORS May 2,1997 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER Ms. J. Lynn Murphy, MAI Vice President SUNTRUST BANK, MIAMI, N.A. 777 Brickell Avenue Miami, Florida 33131-2803 Subject: Appraisal of Real Property - Assignment No. 97037 SunTrust Bank. Branch and Fxrecs Land located at 95 W. McIntyre Street Key Biscayne, Dade County, Florida 33149 Dear Ms. Murphy At your request, we have completed and are submitting herewith an appraisal of the Market Values of the Leased Fee and Fee Simple Interests in the above referenced property. Please be advised that the appraisal states our opinion of the property's Market Value subject to various Assumptions and Limiting Conditions attached hereto. The physical inspection and analysis that form the basis of the report have been conducted by the undersigned. The appraisal report includes pertinent data secured in our investigation, exhibits and the details of the processes used to arrive at our conclusion of opinion and value. The report has been prepared in conformance with the Uniform Standards of Professional Appraisal Practice (USPAP). As a result of our examination and study, it is our opinion that the Market Value "as iS' of the leased fee and fee simple interests in the property, as of April 16, 1997, the date of value, is as follows: FIVE MILLION TWO HUNDRED FORTY THOUSAND DOLLARS ($5,240,000) The fee simple value of the one -acre proposed bank site fronting Crandon Boulevard is: ONE MILLION SIX HUNDRED FIFTY FIVE THOUSAND DOLLARS ($1,655,000) The market value of the remaining 2.097 acres, including the existing bank building, is: THREE MILLION FIVE HUNDRED NINETY THOUSAND DOLLARS ($3,590,000)' Respectfully submitted, BLAZEJACK & COMPANY soffri omas J. Blazejack, MAI Vice President State -Certified General Appraiser License No. 0001015 obis Tambuvala, MAI Senior Consultant State -Certified General Appraiser License No. 0001403 655 S.W. Miami Place • Miami, Florida 33130-3008 • (305) 372-0211 Broward 462-4170 SUMMARY OF FACTS AND CONCLUSIONS Property Appraised: Existing bank branch building and excess land Location: Property Type: Ownership: Interest Appraised: Assessor's Folio Numbers Land Area: Zoning: Neighborhood: Flood Insurance: Highest and Best Use: As Vacant: As Improved: Date of Appraisal Report: Date of Inspection: Market Value Estimate: As Is: Value of the One -Acre Proposed Bank Site: Value of the Remaining 2.097 Acres, Include the Existing Building: Estimated Marketing Time: 95 W. McIntyre Street Key Biscayne, Dade County, Florida A 17,177 -square foot bank branch on a 50,505 -square foot site, and excess land Key Biscayne Bank and Trust Company Fee Simple and Leased Fee 24-4232-001-0070; 24-4232-002-0170/0172/0173 3.097 acres; 134,899 Square Feet BU -1; Neighborhood Business, Key Biscayne The site is located on Key Biscayne, an island situated east of Brickell Avenue and developed with primarily residential projects and some retail use. The property lies within Zone AE, areas determined to be within the 100 -year floodplain, according to FIRM, Community Panel No. 12025C -0281J. Commercial use to include a combination of retail/office use Existing use as an office building May 2, 1997 April 16, 1997 S5,240,000 S1,655,000 $3,590,000 12 months BLAZEJACK&COMPANY REAL ESTATE COUNSELORS EXECUTIVE SUMMARY The subject improvements are located on Key Biscayne, an island situated just southeast of downtown Miami. The 3.09 -acre site is developed with a 17,177 - square foot, two-story office building. The project is 100 percent occupied and the major tenants include SunTrust Bank (branch office) and' the Village of Key Biscayne. The site has frontage on Crandon Boulevard, McIntyre Street and Fernwood Road, and is adjacent (south side) to The Village Green, a 9.5 -acre park. The Grand Bay (a luxury residential development) is situated to the east of the subject across from Crandon Boulevard. The existing office building has been constructed on a 50,506 -square foot site at the northeast corner of West McIntyre Street and Fernwood Road. This site area includes the building, paved parking area and landscaped area. This equates to an FAR. of 0.34 and includes 65 parking spaces. Based on the current zoning ordinance, the remaining land (84,393 square feet, or 1.937 acres) is considered to be excess since it can be sold off separately without impacting the current improvements. Our scope of the assignment included valuing the property under three separate scenarios as follows. (1) "As IC which is the existing building and total 3.09 acres of land. (2) The existing building with 2.09 acres of land. (3) One -acre tract fronting Crandon Boulevard. It should be noted that under the second scenario, excess land (40,833 square feet) still exists because that portion, with frontage along Fernwood Road can be developed separately from the other parcels. Preliminary plans indicate construction of an 11,000 -square foot SunTrust Bank branch on a one -acre tract. fronting Crandon Boulevard. The remaining land with the existing building will be used by the Village of Key Biscayne for their offices and community center. The location of the site is very good, with easy access and excellent frontage along Crandon Boulevard, the main north -south thoroughfare on Key Biscayne. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS TABLE OF CONTENTS CERTIFICATE OF VALUE ASSUMPTIONS AND LIMITING CONDITIONS IDENTIFICATION OF PROPERTY 3 PURPOSE, DATE AND FUNCTION OF APPRAISAL 3 SCOPE OF THE ASSIGNMENT 3 DEFINITION OF VALUE AND INTEREST APPRAISED » •••• -••4 HISTORY OF THE PROPERTY 5 CURRENT FINANCING 5 INVESTMENT CRITERIA 6 LEGAL DESCRIPTION 8 REGIONAL ANALYSIS 8 NEIGHBORHOOD ANALYSIS 10 SITE DESCRIPTION 14 DESCRIPTION OF IMPROVEMENTS 16 ZONING 18 REAL PROPERTY TAXES AND ASSESSMENTS 20 HIGHEST AND BEST USE 22 VALUATION PROCESS 25 LAND VALUATION 25 COST APPROACH 33 SALES COMPARISON APPROACH 35 INCOME CAPITALIZATION APPROACH 45 RECONCILIATION AND FINAL VALUE ESTIMATE 56 1 ADDENDA A) Photographs of Subject Property B) Regional Analysis C) Comparable Commercial Land Sales D) Comparable Improved Sales E) Qualifications of the Appraisers 2 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS CERTIFICATE OF VALUE We certify that, to the best of our knowledge and belief, .. . 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, unbiased professional analyses, opinions, and conclusions. we have no present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved our compensation is not contingent on an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation, and the requirements of the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute and with the requirements of the State of Florida for state -certified appraisers. Thomas J. Blazejack and Zenobia Tambuvala have made a personal inspection of the property that is the subject of this report. the use of this report is subject to the requirements of the Appraisal Institute and the State of Florida relating to review by the Appraisal Institute and the Real Estate Appraisers Sub -Committee of the Florida Real Estate Commission. this appraisal assignment was not made, nor was the appraisal rendered on the basis of a requested minimum valuation, specific valuation, or an amount which would result in approval of a loan. as of the date of the report, Thomas J. Blazejack and Zenobia Tambuvala have completed the requirements of the continuing education program of the Appraisal Institute. BLAZEJACK & COMPANY 740* Thomas J. Blazejack, MAI Vice President State -Certified General Appraiser License No. 0001015 nobia Tambuvala, MAI enior Consultant tate-Certified General Appraiser License No. 0001403 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER ASSUMPTIONS AND LIMITING CONDITIONS The appraisal is subject to the following assumptions and limiting conditions: 1. No survey of the subject property was undertaken. 2. The subject property is free and clear of all liens except as herein described. No responsibility is assumed by the appraiser for matters which are of a legal nature, nor is any opinion on the title rendered herewith. Good and marketable title is assumed. 3. The information contained herein has been gathered from sources deemed to be reliable. No responsibility can be taken by the appraiser for its accuracy. Correctness of estimates, opinions, dimensions, sketches and other exhibits which have been furnished and have been used in this report are not guaranteed. The value estimate rendered herein is considered reliable and valid only as of the date of the appraisal, due to rapid changes in the external factors that can significantly affect the property value. 4. This study is to be used in whole and not in part. No part of it shall be used in conjunction with any other appraisal. Publication of this report or any portion thereof without the written consent of the appraiser is not permitted. 5. The appraisers, herein, by reason of this report, are not required to give testimony in court with reference to the property appraised unless notice and proper arrangements have been previously made therefore. 6. The value estimate assumes responsible ownership and competent management. The appraiser assumes no responsibility for any hidden or inapparent conditions of the property, subsoil, or structures which would render it more or less valuable. No responsibility is assumed for engineering which might be required to discover such factors. 7. Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations, news, sales or other media without the written consent and approval of the author, particularly as to valuation conclusions, the identity of the appraiser or firm with which he is connected, or any reference to the Appraisal Institute. 8. Site and building data were provided by the client and assumed to be accurate. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS 2. IDENTIFICATION OF PROPERTY The property under analysis in this report is an existing office building and excess land identified by street address as 95 West McIntyre Street, and located on the west side of Crandon Boulevard, within the Village of Key Biscayne, Dade County, Florida. The subject property is an irregular shaped parcel containing 134,899 square feet or, 3.097 acres. The property is currently improved with a 17,177 -square foot office building, on a 50,506 -square foot tract. PURPOSE, DATE AND FUNCTION OF APPRAISAL The purpose of this report is to conduct a market analysis and evaluation of the subject property in order to (1) estimate the market value as is of the leased fee and fee simple interests in the subject property under economic . conditions prevailing on April 16, 1997, the date of value, (2) market value of the fee simple interest in the one -acre proposed bank site and (3) the market value of the remaining 2.097 acres, including the existing bank building. The function of this report is to assist the lender in their internalvaluation purposes, and to establish market value for a potential sale. SCOPE OF THE ASSIGNMENT This is a complete appraisal presented in a self-contained format. The scope of this appraisal is to inspect the property, consider market characteristics and trends, collect and analyze pertinent data, and develop a conclusion about the property's Market Value. During the course of this assignment, we researched and verified current land sales, improved sales and rental comparables. Our physical inspections included a walk-through of the property, and we visited the comparable land sale properties, improved sales and rental comparables. AlI the three approaches to value have been. In the Cost Approach to Value, we researched and verified current comparable commercial land sales. Our estimate of the replacement cost new of the improvements has been obtained from BLAZEJACK &COMPANY REAL ESTATE COUNSELORS Marshall Valuation Service (MVS), to arrive at an indication of value via the Cost Approach. The Sales Comparison Approach to Value is based upon examination of transactions involving office property sales in Dade county. Typically, an office building is an income -producing property and the Income Capitalization Approach has been considered appropriate to the subject's valuation. During the course of this assignment, rental information was obtained from interviews with leasing agents. Thus, most reliance has been placed on the Income Capitalization Approach. The other two approaches provide support to the valuation process, and have been considered in our final value estimate. Site and building data was obtained from a survey prepared on May 5, 1994 by James Aylward & Associates, Inc., and prior appraisal reports. No historical operating statements were available. This appraisal report summarizes the pertinent data which has been collected and analyzed. It is the written result of our findings and analyses in developing a conclusion about the property's market values. t DEFINITION OF VALUE AND INTEREST APPRAISED According to the Code of Federal Regulations, Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), market value is defined as follows: Market Value The most probable price which a property should being in a competitive and open market under all conditions requisite to 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: buyer and seller are typically motivated; b) both parties are well informed or well advised, and acting in what he/she considers his/her own best interests; a reasonablemarketing period is allowed for exposure in the open market; BLAZEJACK&COMPANY' REAL ESTATE COUNSELORS payment is made in terms of cash in U.S. dollars, or in terms and financial arrangements comparable thereto; and, e) the price represents a normal consideration for the property sold unaffected by special or creative financing, or sales concessions granted by anyone associated with the sale. The interests under appraisal are the fee simple and leased fee (estates). It is defined in the Dictionary of Real Estate Appraisal, Third Edition, Appraisal Institute, as follows: Fee Simple Estate Absolute ownership unencumbered by any other interest or estate; subject only to the limitations imposed by the governmental powers of eminent domain, escheat, police power, and taxation. Leased Fee Estate An ownership interest held by a landlord with the rights of use and occupancy conveyed by lease to others. The rights of the lessor (the leased fee owner) and the leased fee are specified by contract terms contained within the lease. HISTORY OF THE PROPERTY The property, according to tax records, is owned by Key Biscayne Bank and Trust Company, whose mailing address is 95 West McIntyre Street, Key Biscayne, Florida 33149. The bank was acquired by SunTrust Bank in December 1995. We are not aware of any other listings, contract or sales on the property in the past five years. CURRENT FINANCING Current permanent financing without equity participation for Class B suburban office properties, is at about 2.0 to 3.0 points above the corresponding T - bill rate for terms of 2 to 10 years. Payments are based on amortization periods ranging from 15 to 30 years. The maximum loan -to -value ratio is typically 70 to 75 percent. The required debt service ratio is typically 1.25 to 1.5 times. Many lenders 5 BLAZEJACK &COMPANY REAL ESTATE COUNSELORS are currently seeking product for new loans in South Florida. The current interest rate at major banks is 8.50 percent. INVESTMENT CRITERIA The following summary for office properties was published in the first quarter, 1997 issue of The Korpacz Real Estate Investor. Survey, the quarterly news letter published by Peter F. Korpacz and Associates, Inc. The investment survey reports the expectations of major investors for the current quarter in the urban office market. SOUTHEAST FLORIDA OFFICE -MARKET FIRST QUARTER, 1997 Range Change from Average Previous Quarter Free & Clear Equity Yield (IRR) 10.50 - 18.00% 12.36% -3 Going -In Cap Rate 7.50 - 12.00 9.68 0 Market Rent Growth 2.00 - 7.00 3.79 -7 Expense Growth 3.00 - 4.00 ' 3.50 0 Terminal Cap Rate 9.00 - 11.50 10.14 0 Marketing Time (months) 10.20 According to the survey, Southeast Florida is enjoying an economic boom. Miami is drawing a majority of the firms relocating to Southeast Florida due to its position as the regional center for international trade and finance. Most office investors are concentrating on suburban office markets, with some interest in the Miami CBD. Other vacancy assumptions are as follows. Months Vacant Average Tenant Retention Average Vacancy & Credit Loss Average 2 to 18 7.2 months 50to75% 61.43% 3.0 to 15.0% 8.0% BLAZEJACK&COMPANY REAL ESTATE COUNSELORS A summary of investor parameters from the National Investor Survey, Third Quarter 1996, published by CB Commercial is presented below. SUBURBAN OFFICE MARKET (CLASS B) THIRD QUARTER, 1996 Range Average Overall Cap Rates Going -In 9.0 - 12.5% 10.2% Terminal 9.8 -12.5 10.7 Discount Rate 12.0 - 18:0 13.7 Market Rent Growth 2.0:- 8.0 4.0 General Inflation Growth 2.8'- 4.0 3.5 Marketing Period 55 -18.0 mths 8.4 Suburban offices remain the number one property type preference among the investors surveyed. The stabilized vacancy rate range from 3 to 15 percent with an average of 7.7 percent. The renewal probability ranges between 40 and 80 percent, with an average of 62 percent.. Additional investment parameters for suburban office properties as detailed in the Real Estate Outlook, Winter 1996, published by Cushman & Wakefield, Inc., are presented as follows: SUBURBAN OFFICES CLASS B Going -In Cap Rate Low High Terminal Cap Rate Low High Internal Rate of Return Low High Income Growth Rate Low High Expense Growth Rate Low High Range 9.0 - 12.0% 9.0 -12.0 9.0 - 10.4 9.50 -11.0 10.50 -18.0 11.0 - 18.0 0.0 - 5.0 2.0 - 8.0 2.0 - 4.30 3.0 - 5.0 7 Average 10.2% 10.7 • 9.8 10.2 12.0 12.5 3.4 4.5 3.41 3.7 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER LEGAL DESCRIPTION The property is legally described as follows, based on a survey prepared by James Aylward & Associates, Inc., dated May 5, 1994 (Job No. 94-110): The South 247.33 feet of Tract 7, MATHESON ESTATE, according to the Plat thereof, as recorded in Plat Book 46, Page 86, of the Public Records of Dade County, Florida, as measured at right angles to the Southerly boundary of Tract 7. A complete legal description is presented on the facing page. REGIONAL ANALYSIS The subject property is located in Dade County. The County encompasses a total of approximately 1,955 square miles with 84 miles of frontage along the Atlantic Ocean. A complete regional analysis which outlines the demographic trends, migration patterns, buying power, labor force estimates, housing trends, and transportation networks of the county is included herein in the Addenda. BLAZEJACK &COMPANY REAL ESTATE COUNSELORS Neighborhood Map Bear Cut Bridge NEIGHBORHOOD ANALYSIS The subject site is located on a 4.5 -square mile barrier island off the east coast of Florida known as Key Biscayne. It is seven miles southwest of the City of Miami. With half of its acreage reserved for parks, Key Biscayne has maintained a tropical island atmosphere despite ongoing development and proximity to the Miami central business district. The Village of Key Biscayne covers only 1.25 square miles of the total area. Access to the island is via the Rickenbacker Causeway and the William M. Powell Bridge, a fixed span which was completed in 1986. Previous to the bridge's construction, an old and sometimes unreliable draw bridge, which opened periodically for boat traffic made access more difficult, especially on weekends when visitor traffic peaked. Completion of the span is believed to have had an upward influence on real estate values on the Key. According to I user Scan Systems of Miami, the average sales price persquare foot of a single family home on the Key rose from $111.93 in 1986 to $164.21 in 1988, a 46.7 percent increase. The Rickenbacker Causeway leads into Crandon Boulevard, the main thoroughfare on the Key, which terminates at Cape Florida State Park at the Key's southern tip. The eastern or Atlantic Ocean side of Crandon Park is improved with beaches and picnic areas, and Key Biscayne Golf Course a quality public course, which recently hosted a PGA Seniors tour event. Just south of the golf course is the International Tennis Center, home to the Lipton International Players Championship. With these recreational amenities and miles of streets lined with lush tropical foliage, it is no surprise that residents refer to the Key as Paradise Found. It is a small group of these same residents, however, who have banned together and formed the Key Biscayne Council, an organization of activists who are dedicated to preserving the Key by attempting to stop development. Some of the estimated 12,000 permanent residents fear that further development will overburden roads and parks and are, therefore, opposed to all new development or expansion of facilities on the Key. 10 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS The (August 1992) hurricane which affected Dade County, impacted Key Biscayne. Although homes were damaged because of the storm, the most severe damage was to the lush landscaping that can be found throughout the island. The Cape Florida State Park and the beaches were severely impacted. All three hotels on the island were damaged. The Sonesta Hotel reopened on October 1, 1993, and the Sheraton Key Biscayne was torn down. At a Dade County Commission meeting on June 5, 1990, approval was given to permit Key Biscayne residents to vote on forming their own city government. Since then, the Council submitted its plan for incorporation' to the County and presented its case to the Metro Planning Advisory Board. A vote by the residents was held on November 6, 1990, which was in favor of their own government. The Village of Key Biscayne was created as a result of the November elections. The island offers seven shopping centers (232,682 square feet), which includes grocery stores, restaurants and other personal services. The Miami Marine Stadium and the Miami Seaquarium are both located at the northern portion of the island. The Miami Seaquarium attracts local residents and visitors to Key Biscayne. The Marine Stadium has remained closed since the hurricane. According to information researched by Goodkin Research, the resale home prices average over $400,000, while resale condominiums average $422,000 in price. Virtually 90 percent of the island is developed, with only two major parcels vacant for future commercial/residential development. A brief description of the two projects is presented in the following paragraphs. The Ocean Club - developed on a 52 -acre oceanfront site, this project includes 11 mid- and high-rise towers containing 832 units. All, residents will have waterfront views. Amenities will include 1,000 feet of beachfront, a 200,000 -square foot beach club with health spa, fine dining,nine swimming pools, a six -court tennis center with pro shop, jogging trails, covered parking and 24 -hour security. Unit sizes will range from. 2,000 to 5,000 square feet and in price from $370,000 to over $2.0 million. Developers of this project have donated a two -acre beachfront park and a 0.75 -acre lake park to the Village of Key Biscayne for use by all its residents. Grand Bay is a mixed -use project which will include a first-class hotel, two condominium towers containing 225 units and 57 single-family residences. The 44 - acre site will feature lush landscaping and 1,250 feet of sandy beach. The 11 BLAZEJACK &COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER 1990 Census Data Total Population Total Households Average Household Size Total Housing Units Family Households 1990 Median Household Income Median House Value Average House Value Housing Units Detached 1, Attached 2 3 - 4 5._ 9 10 - 19 20 - 49 50+ 8/854 3,826 2 31 5,716 64.10% $45,170 $312,500 $353,774 22.600 :3.90°% 0.10% 0.20% 0.20% 3.00% 12:300 56.90% Median Years Education 15.4 Population Type White 98.10% Black 0.40% Other 0.90% Hispanic as a % of total 42.80% Median Age 40 Housing Units Built between .1970 - 1980 between 1960 - 1969. between 1950-`1959 52.80% 25.00% 20.300 * The zip code inc udes the Village of Key Biscayne development offers a gated entrance, state-of-the-art security and private key - operated elevators. Average unit size is about 3,300 square feet; floor plans range from 2,160 to 8,295 square feet, priced from $692,000 to $3.3 million. The' Grand Bay Hotel will feature a European spa, a 12 -court lighted tennis center with pro shop, restaurants, 9,100 square feet of banquet and meeting space, and two ballrooms. Single family homes will range from 3,500 square feet to more than 4,500 square feet. Prices begin at $1,000,000. The smallest model features four bedrooms and six baths. All homes will have their own swimming pool and two -car garage. In summary, given the limited supply of available land (basically none for future residential development other than a 1.4 -acre parcel), the two projects will provide a product alternative to resales of 15- to 20 -year old condominium units. At that point, it is likely that values will continue to rise in the same manner that current resales have. Single-family home prices are expected to continue a spectacular increase as new housing stock replaces the existing 50 - 60's vintage Mackle Homes. Key Biscayne has a population of about 8,854 with 3,326 households. The median age is 40.0 years and the average household income is $92,604. The total housing units are estimated at 5,724, of which 1,567 are single-family homes and 4,157 are multi -family units (mostly condominiums). A demographic profile is presented on the facing page. The Village has two parks; Village Green with 9.5 acres has a jogging path and a children's playground; Calusa Park comprising 7.5 acres contains a recreation center and four public tennis courts. The Key Biscayne Elementary School serves 505 children and employs 33 teachers. Public services such as Fire Rescue, Police, Public Works, Building, Zoning and Planning are provided by the Village of Key Biscayne. Most of the commercial developments are located along Crandon Boulevard. Two grocery stores (Hyde Park and Winn Dixie), and several restaurants and other retail stores are located primarily between Ocean Lane and W. Mashta Drive, on the west side of Crandon Boulevard. 12 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS i Conclusion The neighborhood is considered prime South Florida real estate. The tropical setting and excellent recreational amenities coupled with the proximity to a major metropolitan area and international airport make it especially unique. Property values are rising and there is evidence of demand for luxury housing and hotel accommodations. Retail projects to accommodate the demand of the local residents is also required. However, due to the shortage of vacant commercial land, major retail developments are not likely to occur. The Council's efforts to have Key Biscayne become a self governing community was successful. As a result, the Village has adopted a Master Plan as of May 1994. The land uses under the Master Plan restrict high -density condominium developments and promote low -density hotels and single-family homes. Despite the physical and locational factors which make Key Biscayne so desirable for development, the political process may make it more and more difficult for. proposed developments, especially those required changes in zoning or Master Land Use Plan to become reality. All of which translates to increases in prices for land with development rights in place. 13 BLAZEJACK&COMPANY REAL ESTATE. COUNSELORS LICENSED REAL ESTATE BROKER r 1 I'ONIION 01 1RACI 4 (34 - 74) P0111ION Or TRACI 7 (16-86) \r•�toI l ISM 10.1 I .41. IHACI / (/6 •84) n y>irrrir i .IY.W itainainn r.n+ w tilt , • .4 a Ile McIN1U 'SIRLL1 - r r SURVEYORS `1D1E5: ta,. r.lnva O —I I.4- .MY+w-n.". .. ..... MM I.N. W▪ IY H••.•N."MII].1.4-.n.. 4.0 1 ww n w .11^M�f {NY Y 111M....N 1.. 1 ♦. •.... ]] QWY.ti YI . MY 11. 1 '1.'..M l YA11 YN .▪ .N• .Y 1 1♦ MII. 1 11 1 W Y 1 .yy.. 11 I44 'YI —4' - W W M l H N'b4 to 1 ]M-Y]U11W 1 TIiI.1Y W 'u' -N 1N \. 4YH N MI.+M. 4.4.040 $.•• wr l.n IB+M.y Oa' Y- 4,4 A.r , ?it Sr 0 .. Lil •••i•] i Fir .N • 10 00 .. 1 n Y... . . s• , i..... , 1';.::!,.i• .. 0 101,. Va_f giipr ONCx[0 JL AYPAOWD 41_ PROtC1 NANO KEY BISCAYNE DANK T011E DDUNDARY SURVEY JAM. AKWARO s AMOC., ea. 110 ooMwnw waawat 4.b satvwa PLAIMO P Inn MM. 99111 AWM. lung w -add IANp, r1Yn9A *min Pea) us-Il19 Oat wrY $CA1t. 1•.j1 PRDA 110. ISHII. SITE DESCRIPTION The subject site consists of a vacant parcel of land containing 134,899 square feet, or 3.097 acres and situated on the westerly line of Crandon Boulevard, on the north side of West McIntyre Street in the Village of Key Biscayne. The subject is commonly referred to by street address as 95 West McIntyre Street. A sketch of survey can be found on the facing page. Location: Shape and Frontage: Topography and Soli Conditions: Drainage: Access: Utilities• Flood Insurance: Site Improvements: The subject is at the southern boundary of the Crandon Boulevard corridor on the west side and on the north side of McIntyre Street. The subject is a quadrilateral parcel which fronts 269 feet along Crandon Boulevard, 337 feet along Fernwood Road, 261 feet along West McIntyre Street, and 440 feet along the northern boundary. 134,899 square feet, or 3.097 acres. The total area required for a proposed bank branch is 1.0 acres, or 43,560 square feet. The existing improvements are constructed on a 50,506 -square foot tract. No unusual site conditions were noted which would adversely impact development of this site in a manner consistent with that allowed by zoning Presently, site run-off drains into the ground on -site.' Drainage of the tract appears to be adequate. Access to the subject is from Crandon Boulevard, a median divided thoroughfare for southbound motorists. Additional access for south and northbound motorists is from West McIntyre Street. Access is also available from Fernwood Road. Water and sewer are provided by the Miami -Dade Water and Sewer Authority. However, at S' the present time, the existing improvements. have their own septic tank. <" The proposed bank branch would have to extend sewer lines from Crandon Boulevard.. Telephone service is from Southern Bell telephone Company and electrical power is from Florida Power and Light Company. All utilities are currently available to the site. The property lies within.. Zone AE; base flood elevations determined (100 -year flood zone), according to FIRM, Community Panel No. 12025CO281J, dated March 2, 1994. - :It is . our understanding that properties located within the flood zone require flood insurance. The subject property is improved with an existing office building, and surface parking. A portion of the land is vacant. 14 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER .sinwn RACE -1 (Rt1tTlpq ,Jr !nwq 4./,ia .}t M Dothan I 1.1 CAPE FLORIDA GU' ' i STATE PARK Street Improvements: Crandon Boulevard: Is asphalt paved with a dedicated width of 120 feet Crandon Boulevard contains two northbound and two southbound lanes with a landscaped median. There ' are sidewalks, curbs, and street lighting along this roadway. W. McIntyre Street Is asphalt paved with a dedicated width of 50 feet. W. McIntyre Street contains one eastbound and one westbound lane. Fernwood Road: Is asphalt paved with a dedicated width of 50 feet. Fernwood Road contains one northbound and one southbound lane. Land Use Restrictions There does not appear to be any easements, encroachments or restrictions, other than normal utility easements. A title report was not available for our review. Summary: Overall, the site is considered to be functionally adequate and well suited for commercial use. It isa good location along Crandon Boulevard, the major north -south artery on the island. Housing and transportation linkages are convenient to the property. 15 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER PROPERTY mg /TOTAL SITE AREA . 3.097 ACRES i '11 AREA REQUIRED FOR 11,080 B.P. SUNTRUST DRAWN r 1.0 AMR AREA REMASSMQ FOR DEVELOPMENT 2.097 ACRES EXISTING BUILDINGI. SPILLIS CANDELA & PARTNERS X1.0 ACRE SUNTRUST BRANCH SITE McINTYRE STREET SUNTRUST BANK - KEY BISCAYNE ; SCAIE 1• . 9U'.0` MARCH ]I, 1997 1 DESCRIPTION OF IMPROVEMENTS The subject improvements are a two-story office/bank building located on the north side of West McIntyre Street. The building is rectangular in shape .and is in generally good condition. The first floor contains the S.unTrust Bank branch, the offices of the Village of Key Biscayne and a real estate office. The second floor houses the SunTrust Bank Trust office, the former operations center (which is now used as a storage area), an investment company, an attorneys office, and the administrative offices of the Village of Key Biscayne. A corridor on the second floor provides access to the various offices. There is an elevator in the center of the building which provides access to the second floor. There are three drive -through lanes at the west end of the building. Parking is provided at the front, east and rear of the building for a total of 93 spaces. The northern portion of the land is vacant. Overall the building is functional for its intended users. The improvements were built in three phases from 1966 through the mid -1970s. The following description of improvements was based on our inspection of the proper, and information provided by the client. Construction Details Gross Leasable Area: 17,177 square feet Gross Building Area: 18,039 square feet Building Height: Two stories Foundation: Steel reinforced poured concrete spread footings in excavation trench Floors: Concrete slab Exterior Walls: 8' masonry concrete block with stucco finish and painted. Some brick finish on the first floor facade. Fenestration: Plate glass in aluminum frames for doors and windows Roof Structure: Flat, built-up composition. The roof was completely redone about two years ago. 16 BLAZEJACK &COMPANY REAL ESTATE COUNSELORS Mechanical Detail Heating and Cooling: Individual air-conditioning system with electric heat and roof -mounted condensers for the first floor suites. Central air-conditioning for the second floor. Electrical Service: Standard according to code Fire Protection: Not sprinklered Elevator: One elevator in the center of the building Interior Detail Floor Covering: Carpet or tile floor covering Walls: Gypsum on metal studs or concrete block, finished in paint or wall coverings Ceilings: 2' x 2' and 2' x 4' acoustic tile in a drop ceiling typically 9' high., painted ceiling in the common areas Lighting: Recessed fluorescent lighting Other: The building has three drive -through lanes Site Improvements On -Site Parking: Site plan indicates a total of 93 spaces, or 5.47 spaces per 1,000 square feet Landscaping: Trees and plantings on buffers in parking lot, which is adequate Comments The improvements appear to be in good condition and functionally adequate. No major items. of deferred maintenance were noted during our inspection. The property was renovated after the hurricane in 1992. The building and interior space is very functional and suitable for small local tenants. We have estimated the effective age to be 27 years with 23 years remaining. 17 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS ZONING The subject property is zoned BU -1, Neighborhood Retail. The Village of Key Biscayne adopted the Dade County Zoning which was in place when the Village was incorporated. The intent of' the BU -1 district is to provide for retail and service convenience facilities which satisfy the essential and frequent needs of the adjacent neighborhood. The zoning allows a wide variety of office, retail and restaurant uses. Residential uses may be permitted as a combination of permitted business uses and residential uses housed in the same building; the floor area of the residential use shall not exceed 50 percent of the floor area of the building. Other zoning requirements under the BU -1 zoning are as follows. Setbacks Front Yard: 20 feet Side and Rear Yard Not less than 10 percent of the average width of the lot from a minimum of five feet to a maximum of 7.5 feet. Minimum Lot Area 5,000 square feet, or 7,500 feet for corner site. Parking Office: One space per 400 feet of gross floor area. Retail: One space per 300 feet of gross floor area. Floor Area Ratio: The floor area ratio shall be 0.4 at one story and shall be increased by 0.11 for each additional story. Height No higher than two stories not to exceed 35 feet in height Landscaped Open Space For lots one to five acres improved at one story a minimum of 16 percent of the net lot area shall be landscaped open space. The minimum landscaped open space shall be increased 1.5 percent for each additional story or part thereof. Minimum Lot Coverage 40 percent Under the current zoning, the existing and proposed use would be allowed. On August 16, 1994, the Master Plan was adopted by the Village of Key Biscayne. A Master Plan is designed to guide a local government in issues related to future 18 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS development and growth. Every local government in the State of Florida is required to develop, adopt and administer a Master Plan. In October 1995, the State of Florida found the Villages' Master Plan to be in compliance with all regulations and applicable State statutes. Implementation of the plan required the formulation of Land Development Regulations which were adopted in 1996. According to the Master Land Use Plan, the uses under the BU -1 zoning would be allowed. The subject's current use is in compliance with the zoning ordinance. 19 BLAZEJACK &COMPANY REAL ESTATE COUNSELORS REAL PROPERTY TAXES AND ASSESSMENTS The subject property is assessed under the jurisdiction of Dade County, Florida. The assessment for the property is established each year as of January 1st by the Dade County Property Appraiser's Office at 100 percent of "Just Value." Just Value has been equated to market value less closing costs. While the state of Florida requires real estate to be assessed at 100 percent of Just Value, in reality, the ratio of the assessed value to sales price is generally below 100 percent. The 1996 calendar year is the most recent year for which assessed valuation and property tax information is available. The assessed value and taxes for the property as shown below: Folio No. Land Assessment Building Assessment Total Assessment Taxes 24-4232-001-0070 $ 856,822 $504,864 $1,361,686 $30,398.36 24-4232-002-0170 525,040 11,800 ` 536,840 11,970.71 24-4232-02-0172 107,100 107,100 2,402.98 24-4232-002-0173 664,752 - 664,752 14,800.05 Total $2,153,714 $516,664 $2,670,378 $59,572.10 The taxes include a special assessment of $81.80. The millage rate for 1996 was 22.2640. Taxes on a per square foot of building equates to $3.47. The taxes are high because of the high land -to -building ratio (7.85:1). In the Income Capitalization Approach, only taxes reflected in Folio Number 244232-001-0070 were used since they reflect taxes for the existing improvements. This equates to $1.77 per square foot.. The Key Executive Building and 240 Crandon Boulevard office buildings had a tax burden on a per square foot basis of $1.59 and $1.42, respectively. For the stabilized year, we have used taxes of $29,182, or $1.70 per square foot, which reflects a four percent discount for early payment. Taxes are payable in November at which time a four percent discount is allowed, decreasing to a one percent discount in March. Taxes become delinquent on April lst. BLAZEJACK &COMPANY 20 REAL ESTATE COUNSELORS According to information provided by public records, the subject's taxes for 1996 have been paid on December 5, 1996 There are no delinquent taxes for the subject folios. 21 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS HIGHEST AND BEST USE According to The Dictionary of Real Estate Appraisal, Third Edition, a publication of the Appraisal Institute, the highest and best use is defined as: The reasonably probable and legal use of vacant land or improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum profitability. Highest and best use is analyzed under two separate applications or scenarios: (1) highest and best use of the site as though vacant and (2) highest and best use of the property as improved. The highest and best use of the site as though vacant assumes that a parcel of land is vacant or can be made vacant by demolishing any improvements. In this manner, uses that create value can be identified in keeping with the fundamental concept of valuation theory which holds that land will be put to its maximally productive use and this use will determine the highest site value. Highest and best use of the property as improved determines what use or type of occupancy will create the highest value for the entire property, given the existing improvements. There are two reasons why this is done. The first is to identify the property use that can be expected to produce the highest overall return for each dollar of capital invested which information is important to. a buyer who is economically motivated and fully informed. The second is to help identify comparables for use in both the sales comparison and income capitalization approaches to value. In the analysis of both land as though vacant and property as improved, the highest and best use must meet four criteria: (1) physically possible, (2) legally permissible, (3) financially feasible, and (4) maximally productive. Because the subject is improved, the highest and best use of the property as vacant and as improved will be analyzed. The following analysis addresses the highest and best use of the site as vacant. 22 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS Highest and Best Use of the Site as Vacant Physically Possible The first test is what is physically possible. As described in the "Site Description," the site's size, configuration, soil, topography, access, and availability of utilities are typical of the market and in no way physically limit the use of the site. The subject is well located along the Crandon Boulevard corridor and enjoys excellent access to major employment centers and transportation linkages in the area. A 134,899 -square foot site is large enough to accommodate almost all uses, including office, retail, hotel, or residential. Legally Permissible The second test concerns permitted uses. The BU -1 Zoning district permits retail/office use as detailed in the Zoning Section of this report, as well as multi- family residential development. Financially Feasible and Maximally Productive The third and fourth tests are, respectively, what is feasible and what will produce the highest net return. The neighborhood is developed with a combination of retail and residential uses. Properties fronting Crandon Boulevard, the major north -south artery on Key Biscayne, are primarily developed with .commercial/retail uses. All of the retail centers, bankbranches, office buildings are located along Crandon Boulevard to take advantage of the visibility. Most of the office buildings and retail centers are occupied by local tenants to serve the needs of the residents. Because of the scarcity of vacant commercial land on Key Biscayne, no new major commercial projects are planned. Two recent vacant sites along Crandon Boulevard will be developed withan owner -user office building and a residential project with some retail. Based on the demand in the area, location of the site and frontage, we are of the opinion that commercial use would be the highest and best use of the site as 23 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS vacant. Retail use could be developed on the site fronting Crandon Boulevard, and office use on the west side of the site. Preliminary plans of the site indicate construction of an approximate 11,000 - square foot, one-story bank branch fronting Crandon Boulevard, and the remaining site to be used by the Village of Key Biscayne for their offices and community center.. Conclusion of Highest and Best Use of the Site as Vacant Based on the factors cited herein, the highest and best use of the subject property as vacant is concluded to be for a commercial development as planned. Highest and Best Use as Improved The site is situated along Crandon Boulevard and the south 1.16 acres are improved with a two-story office/bank building. The property was constructed in phases from 1966 through the mid -1970s, and is in average/good condition. The building is 100 percent occupied. The improvements are functional and comparable to other similar age office buildings. Based on the above factors, the existing use is considered feasible. The excess land could be developed with commercial/retail use. Conclusion of Highest and Best Use as Improved Based on the above factors, the highest and best use of the property as improved is the continued use as a bank/office building with regular maintenance. 24 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS VALUATION PROCESS There are three recognized approaches considered in the valuation of real property: Cost Approach, Income Capitalization Approach, and the Sales Comparison or Market Data Approach. The type and age of the property, and the quantity of available data affect the applicability of each approach in a specific appraisal situation. In this instance, all three approaches have been considered in the estimation of market value. The appraisal process is concluded by a review and re-examination of each of the approaches to value that have been employed. Consideration is given to the type and reliability of data used and the applicability of each approach. These factors are reconciled and a final value estimate is made. LAND VALUATION The Sales .Comparison Approach is used to estimate land value. The methodology includes an analysis of what buyers in the area are paying for similar sites. The value of the subject is derived from salesof comparable sites. It is necessary to evaluate factors such as time of sale, location, size, density, frontage, access, plottage and other factors when making the comparison. To estimate the fee simple interest, the Sales Comparison Approach is used. The Sales Comparison Approach produces an estimate of value for real estate by comparing recent sales of similar properties in the surround or competing area to the subject property. Inherent in this approach is the principle of substitution which holds that when a property is replaceable in the market, its value tends to be set at the cost of acquiring an equally desirable substitute property, assuming that no costly delay is encountered in making the substitution. By analyzing sales which qualify as arm's length transactions between willing, knowledgeable buyers and sellers, price trend can be identified from which value parameters may be extracted. Comparability in physical, locational and economic 25 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS characteristics is an important criterion in evaluating the sales in relation to the subject property. A search of the public records and a field investigation were undertaken to uncover recent transfers of land comparable to the subject. Due to the lack of sufficient transactions of comparable sales in the immediate neighborhood, we extended the boundaries of the land sale search to include other comparable commercial areas within Dade County, mostly the Brickell Avenue corridor. The Village of Key Biscayne is almost 90 percent built -out with virtually no vacant land available for commercial use. Two recent land sales within the neighborhood provide a good indication of value for the subject site. Discussions with participants and brokers in the market indicated that purchase and sell decisions for commercial land are made by a comparison of prices on a per -square foot basis. This analysis attempts to emulate the actions and the thinking of the market. Hence, the value conclusion for the subject site is made on the same basis. Although the sales under analysis were similar to the subject in most respects, there were some inherent differences requiring adjustments. In making comparisons, factors such as favorable financing, market conditions (time), location, size, topography, density, frontage, access, plottage, and others were considered and evaluated. When adjustments were necessary, they were based on market indications. The rationale behind the adjustment process is to reflect the differences in behavior of buyers and sellers based upon certain characteristics inherent in the site_ Reference is made to the following land sales which have been relied upon in estimating the value of the subject. Discussion of Commercial Land Sales After analysis of property transfers in the local market, we have selected seven sales to provide a reliable data base for this analysis. The sales provided the best indications for estimating the market value of the subject. Specific data on the BLAZE)ACKECOMPANY REAL ESTATE COUNSELORS 26 sales is presented in the Addenda. The seven sales ranged in price from $32.00 to $50.29 per square foot; and in date of sale from September 1994 to April 1997. Two of the sales are situated on Key Biscayne, three of the sales are located within the Brickell Avenue submarket, one on Claughton Island (Brickell Key) and one along South Dixie Highway near Coral Gables. The sales are summarized on the following pages. According to a survey prepared by the Keyes Company, sale of commercial sites in South Florida increased in 1996. There were 786 purchases in 1986, a 12.8 percent increase over 1995. Total volume in the three counties in 1996 was $643.5 million, of which $419.7 million was in Dade County. The median price in Dade was $10.89 per square foot compared to $5.02 per square foot in Broward and $5.89 per square foot in Palm Beach. The following table summarizes the price per square foot for commercial land in Dade County. Year Median Price Per Square Foot 1996 $10.89 1995 9.30 1994 8.53 1993 8.48 1992 823 1991 9.18 1990 7.66 1989 7.59 1988 - 7.40 27 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER 97037LND SUMMARY OF COMPARABLE LAND SALES Commercial Use is tin 1 1 Crandon Boulevard, Key Biscayne, Dade County 2 200 Crandon Boulevard Key Biscayne, Dade County Claughton Point on the South Side of Claughton Isl. Miami, Dade County 4 NE corner of US 1 and SW 37 Avenue, Miami Dade County 5 200 SW 13 Street Miami Dade County 6 SE corner of Brickell Ave and SE 13 Street Miami, Dade County 04/14/97 BU -1 30,000 $960,000 $32.00 $1,393,926 The buyers plan to construct an office 0.69 building for their own use. Site is an irregular shaped parcel. 03/15/97 BU -1 61,420 $2,300,000 $37.45 $1,631,195 The buyer plans to construct a mixed -use 1.41 project to include rental units, townhomes and some retail. 1/17/97 O/SD-19 230,868 $11,000,000 $47.65 $2,075,472 The purchaser already owns 35 of the 44 acres 5.30 on the island & has developed offices, condos, & rentals. No specific plans for the site. 12/17/96 C-5 42,602 $1,575,000 $36.97 $1,610,417 This is the sale of the former Royal Palm Ice 0.98 property for redevelopment with a 13,905 sf freestanding Walgreens Drug Store. 9/4/96 0 to 42,644 $1,650,000 $38.69 $1,685,442 The site was purchased for a free standing be changed 0.98 Walgreens Drug Store. Site is situated just to C-1 west of the Brickell Avenue corridor. 10/17/95 SD -5 73,579 $3,700,000 $50.29 $2,190,462 This vacant L-shaped site wraps around the 1.69 Esperito Santo Bank. It is located in the heart of the Brickell Avenue corridor. 7 NW corner of S. Miami Ave 9/16/94 SD -7 and SW 14 Street Miami, Dade County Subject NW corner of Crandon Blvd., and W.Mclntyre Street, Key Biscayne, Dade County BU -1 37,750 $1,300,000 $34.44 $1,500,079 Site was purchased by Helm Bank who has an 0,87 adjacent bank branch. The property has an irregular configuration. 134,899 3.10 Subject site Cl ��Oland-Par :sca .e amia '�L 1.^ / ) Hagler Memorial Library of •� �� i aG hc- ter . t ackson emon il-M °' san Marco,Tslan J__ an e eung&Ian-Coerse� " '��.,�. ?Pant I�!emabonakMI Miami s 1a� 1 .NG... Mpg Cenrer( 19it/� NE tSrH •yn .an. FfI 'C Crraceland-Her&tits-Park amr= ver r 14 Chamber_Of Commerce. ES )•av) _P5 .�►i i�v'.WNHt 95 �i '. 4`\ Flagla Memonsl.Me6ument �T'(EST _sg' 1 71�:-.� aly \y '>•: _ � 395 � a •arson Park\ a. a'epd eol SttearShopping Ctr. est=Flegler-Kende C ntrr Galte-Och_: i us= r -C. or -Par The -Pine Sale No. 4 Blanche -Par the drove Shenandoah beam ooah-Park ilye -Bluff Estate iShoppi g Plz- tsceyneYaefitClub doe ut Grove Bay Front Park., Beac 01995 DeLorme. DbmerKey C ay, ide-Market-Pla �!M iarniArena Sale No. 7 nt Sale No. 6 ickel Hammock may Hospital Sister Banks Deering Channel S Vs(and Main C e .lands Seaquaqu ; Marioe�Stedium irgima Vvginia CountyPai sS Virginia. Beach University Of Miami (Marine Lab)o B rCur Bear Cut Bridge ortbwest Point ndo arina Sale No. 1 ..�', ,Biscayne . t ' O„Key{Bisc�ayneGalleria gyl�ar Ar Potnti r ''�, },�.� Fduurr r•.a�ne!Fi kat s u n`g`� Subject Site 1 Sale No. 1 is the recent purchase of a 30,000 -square foot site located along the east side of Crandon Boulevard. The parcel was the site of a former gas station that was demolished. According to a representative of the grantor, there are no environmental problems. The site was approved by DERM for any new construction: The sale occurred in April 1997 for $32.00 per square foot. The site was purchased by the Pankey Institute for their own offices and educational institute. The site under the Master Land Use Plan allows for high -density residential only. Thus commercial developments will not likely be approved. This irregular site has about 200 feet of frontage along Crandon Boulevard. In location, this site is considered comparable; however upward adjustments are warranted for access, and utility of the site. Sale No. 2 was for a 1.41 -acre site located at 200 Crandon Boulevard. The site is situated across from Key Colony and is being developed with apartments, townhomes and retail. The site backs onto Fernwood Road and is generally rectangular in shape. The sale price was $2,300,000, or $37.45 per square foot. The buyers have filed the necessary applications to have the Master Plan changed from office to mixed -use to allow for the proposed development. In location, this sale is considered comparable to the subject. Sate No. 3 is a current transfer of an irregular site located at the south end of Brickell Key. It represents Swire Company's acquisition of the last available parcel on the island located just east of the Brickell commercial corridor. The site is reportedly suitable for up to 800,000 square feet of development. In relation to the subject, the. sale was adjusted upward for physical features, primarily shape, and downward for the utility of the site. Sale. No. 4 is the sale of a 0.98 -acre tract located along South Dixie Highway at 37th Avenue. The site was purchased in December 1996 for 51,575,000, or $3697 per square foot. A 13,905 -square foot free-standing Walgreens Drug Store is currently under construction: An upward adjustment for location is deemed appropriate. Sale No. 5 has also been acquired for a Walgreens Drug Store. The site is situated just west of the Brickell Avenue corridor, and adjacent to two grocery stores.: The September 1996 sale was for 0.98 acres and the price paid was $1,650,000, or 538.69 per square foot. A slight upward adjustment for location is warranted. Sale No. 6 is a transfer of an L-shaped property adjacent to the Esperito Santo Bank along Brickell Avenue. The site was marketed for a number of years, and it was acquired for interim surface parking with eventual office or hotel development. In relation to the subject, its acquisition price was adjusted upward slightly for shape and location. However, significant downward adjustment is warranted for the utility of the site and zoning. Sale No. 7 is the acquisition of adjacent land by a small foreign banking entity that expects its South Florida presence to grow. Prior to this acquisition, Helm Bank and purchased a' small branch building facility situated on the corner of South Mlami Avenue and 13th Street. This sale represents their acquisition of adjacent land for eventual possible expansion. The location and shape of the site is inferior to that of the subject. Downward adjustment was made for zoning and development potential.: Overall, upward adjustment was made to the sale. 29 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER 97037LGD COMMERCIAL LAND SALES RATING GRID (3.10 Acres) 24 -Apr -97 04:33 PM 1 $32.00 2 $37.45 3 ::$47.65 4 $3637 5 $38.69 6 $50.29 7 $34.44 Subject Rating Importance of category Comparison to subject 1 =Very inferior 2 =Inferior/larger size 3=Similar 4 =Superior/smaller size 5 Most superior * Adjustments equal % difference with subject average of 3 $0.00 '. . $32.00. 3.0 3.0 1.5 ` 4.0 2,5 .2.64 12% $0,00 $37.45 3.0 3.0 <.2 5 15 3.5 3:05 -2% $0.00 $47:65 3.0 5M 3.5 2.5 4.0 3!75 -25% $0.00 $36.97 3.Q- 2.5 3.5 4.0 2.5. 298 1%'. $0.00 - $38,69 3.0 2.5 7.5 4.0 2.5 '' 2.98 I%f. $0.00 ` $50.29 _.' 3.0 5.0 4.0 3.5 - 4.0 . .3.95 - -32% $0.00 $34.44, 2.0 2:5 3.5 4.0 4.0 3.09 -3% 3.0 3.0 3.0 3.0 3.0 3.0 5.0 5:0 5.0 2.0 5.0- .22.0 $35.88 $36.88 $35.74 $37.25' $38.98 $34:29 $33.40 The seven sales range in unadjusted price from $32.00 to $50.29 per square foot. Adjustments were made to location, shape, size, zoning and development potential. It should be noted that the subject site is only one of two vacant sites that allow commercial use under both the Zoning Ordinance and the Master Land Use Plan. Based on, the adjustments presented on the facing and following pages, we conclude the values of the various components as follows: The 3.09 -acre site includes the 50,506 -square foot tract that is developed with the office building. This 1.16 -acre tract is situated at the northeast corner of West McIntyre Street and Fernwood Road. The remaining 84,393 -square foot site is considered excess land. A portion of this site has frontage and access from Crandon Boulevard. The value of the two components is as follows. Folio No. 24.4232-001-0070 50,506 SF x $34.00 = $1,717,204 Rounded = $1,717,000 The value of the 84,383 square feet of excess land is estimated at, $36.00 per square foot based on frontage, size, utility of the site and access. Therefore, the value is: Folio No. 24-4232-002-0170/72/73 84,393 SF x $36.00 = $3,038,148 Rounded = $3,038,000 The 2.09 -acre tract is comprised of a 50,506 square foot improved tract and 40,833 square feet of excess land. Both these parcels have no frontage along Crandon Boulevard and access from it unless an easement is granted. Based on the BLAZEJACK &COMPANY REAL ESTATE COUNSELORS 30 LICENSED REAL ESTATE BROKER COMMERCIAL LAND SALES RATING GRID (2.10 Acres) 24 -Apr -97 04@8 PM 1 $32.00 $0.00 $32.00 2 $37.45 $0.00 $37.45 3 $47,65 $0.00 $47.65 4 $36.97 $0.00 536.97 5 $38.69.. 50.00 $38.69 6 $50.29 $0.00 550.29 7 $34.44 50.00 $34.44 Subject Rating Importance of catego Comparison to subject 1 =Very inferior 2=Inferior/larger size 3 -Similar 4 =Superior/smaller size 5 =Most superior * Adjustments equal % difference with subject average of 3 3.0 3.0 3.0 3.0 3.0 3.0 2.0 3.0 3.0 5,0 2.5 2.5 5.0 2.5 3.0 3.5 4.0 3.5 3.5 4.0 3.5 3.5 3.0 2.0 3.5 3.5 3.0 3.5 2.5 .,2.93 2% 532.73 3.5 3.23 -8% 534.61 .4.0 3.82 •27% : 534.65 2.93 2% 537.81 2.5 2.93 2% 539:57 4.0 3.91 -30% 535.05 4.0 3.05 -2% $33.92 3.0 3.0 3.0 3.0 3.0 3.0 5.0 5.0 5.0 2.0 _ 5.0 22.0 sales, utility of the site and location, we estimate a price per square foot of $34.00. The values equate to: 50,506 SF x $34.00 = $1,717,204 Rounded = $1,717,000 Excess Land 40,833 SF x $34.00 = $1,388,322 Rounded = $1,388,000 The 1.0 -acre tract fronts Crandon Boulevard, and is considered to be a prime property in the submarket. Based on the utility of the site (retail use), size and location, we have concluded a value of $38.00 per square foot as follows. 43,560 SF x $38.00 $1,655,280 Rounded $1,655,000 BLAZEJACK &COMPANY 31 REAL ESTATE COUNSELORS 24 -Apr -97 COMMERCIAL LAND SALES RATING GRID (1.0 Acre) 04;31 PM 1 $32.00 50.00 $32.00 3.0 3.0 2,0 3.0 2.5 2.66 1I% $35.64 2 537.45 50.00 $37.45 3.0 3.0 3.0 3.0 3.5 3.11 -4% 536.03 3 $47.65 50.00 $47.65 3.0 5.0 3.5 1.0 4.0 3.61 -20% 537.90 4 $36.97 50.00 $36.97 3.0 2.5 3.0 3.0 3,0 2.89 4% 538.37 5 $38.69 50.00 $38.69 3.0 2.5 3.0 3.0 3.0 2.89 4% $40.16- 6 .$50.29 50.00 $50.29 3.0 5.0 4.0 3.0 - 4.0 3.91 -30% $35.05 7 534.44 50.00 $34.44 2.0 2.5 3.0 3.0 4.0 2.89 4% $35.74 Subject Rating Importance of category Comparison to subject 1 --Very inferior 2=Inferior/larger size 3 ^Similar 4 =Superior/smaller size 5 =Most superior Adjustments equal %difference with subject average of 3 3.0 3.0 3.0 3.0 3.0 3.0 5.0 5.0 5.0 2.0 5.0 22.0 COST APPROACH Methodology This approach consists of an analysis of the property's physical value. The principle of substitution, the underlying rationale of this approach, holds that no prudent person will pay more for a property than the price of a site and the cost of constructing, without undue delay, an equally desirable and useful property. In the Cost Approach, the following steps are typically employed to reach an estimate of value: estimate land value as if vacant; estimate the improvements' replacement cost new, including indirect costs; estimate the necessary developer's overhead and profit for the type of property being appraised; (4) add land value, replacement cost new, and profit to calculate the total cost new of the property; estimate accrued depreciation, if any, from physical, functional, and/or external causes; and (6) deduct accrued depreciation from the total cost new of the property to calculate its current value as indicated by the Cost Approach. (5) Cost of Improvements In arriving at our estimate of replacement cost, the subject improvements were evaluated in terms of type of construction, design and building materials. The cost estimates are inclusive of indirect costs such as architect's fees, contractor's overhead and profit. Interim construction interest and loan fees are also considered. Our estimate of the replacement cost new of the subject improvements is based on current market standards determined from discussion with local developers, contractors, architects • and information obtained from the Marshall and Swift Valuation Service. Improvements such as the bank vault door, an automatic teller machine, safe deposit boxes and teller equipment are considered to be furniture, fixtures and equipment (FF&E) and are excluded from this analysis. According to Marshall and Swift, base structure costs for an average construction Class "C' office building is $49.05 per square foot. To the basic structure cost was added the cost of site improvements which includes asphalt paving, landscaping, curbing, exterior sidewalks and lighting. These costs were estimated at $4.16 per square foot. 33 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER 97037CSM COST APPROACH SUMMARY Property Name: Property Owner: Address: City, State, ZIP: Surveyed by: Date of Survey: Occupancy:. Floor Area: Class:: Cost rank:; Cost as of: SunTrust Bank Building Key Biscayne Bank & Trust Company 95 West McIntyre. Street Key Biscayne, Dade County, Florida 33149 T. Blazejack/Z.Tambuvala 03/01/97 100% Office 18,039 square feet Class C Average 01/01/97 Heating and Cooling: Package Unit Elevators: 1 Gross Sa.Ft Basic structure cost 18,039 Site Improvements Soft Costs: Real Estate Taxes /Insurance Permit Fees Loan Commitment Fee Marketing Professional Fees. Contigency & Other Costs Total Soft Costs: Building. Cost New: Developer's Profit @ 10% Total Replacement Cost: Depreciation; Physical:' Economic Obsolescence Total Depreciation: Depreciated Cost New Land Value Indicated "As Stabilized" Value Less: Costs to achieve stabilization Indicated ".As 1?' Value. 52,304.647 5127.76 Rounded 52,300,000 5127.50 Cost data from subject developer and Marshall & Swift; Analysis. by Blazejack & Co. Number of stories:. Average Story Height Effective age:. Unit Cos% 20 years /Gross Am21mt. 2 10 549.05.. 5884,813 549.05 575,000 54.16 525,000 550,000 58,848 570,000 530,000 517.696: 5201 544 51,161,357 5116.136 51,277,493 54.0%.- $689,846 0.0% 50 5689.846 51.39 52.77 50.49 53.88 51.66 50.98 511.17 564.38 $6_44 570.82 538.24 50.00 538.24 5587.647 532.58 $1.717,000 595.18 52,304,647 5127.76 50 50.00 Other soft costs were added which totaled $201,544. The developers profit was added to arrive at a replacement cost new of $1,277,493, or $70.82 per square foot. Estimate of Accrued Depreciation Accrued depreciation is the difference between the cost new of the improvements and the present worth of thoseimprovements measured as of the date of the appraisal. Depreciation includes loss in value from three basic categories; physical deterioration, functional obsolescence, and locational or economic obsolescence. Physical deterioration is the loss in value caused by deterioration or impairment of condition as a result of normal wear and tear and the actual aging of the physical components. It may be curable or incurable. Functional obsolescence is the adverse effect on valueresulting from defects in design that impair utility. It can be caused by changes over the years that have made some aspects of the structure, material, or design obsolete by current standards. It can also be caused by a.super adequacy, an excess in the capacity or quality of a structure determined by market standards. External obsolescence is the adverse effect on value resulting from influences outside the property itself. This includes changing property or land -use patterns, shifting retail districts, or adverse economic climate. The building was constructed between 1966 and 1975, thereby having a chronological age of about 27 years. Based on Marshall & Swift data for buildings of this quality, type and age, the average life of a structure of this type is 50 years. Based on a straight-line depreciation via the age -life method, the property is approximately 54 percent depreciated (27/50). Based on our visual inspection, this estimate is considered reasonable. The property does not suffer from functional or external obsolescence, based on our inspection of the improvements and consideration of the neighborhood. After deducting for depreciation, our estimated land value is added to arrive at a stabilized value indication by the Cost Approach of $2,304,647, or $2,300,000 rounded. A summary of the Cost Approach is presented on the facing page. BLAZEJACK &COMPANY 34 REAL ESTATE COUNSELORS SALES COMPARISON APPROACH Methodology In the Sales Comparison Approach, the appraiser estimates the value of a property by comparing it with similar, recently sold properties in the surrounding or competing ,area. Inherent in this approach is the principle of substitution, which holds that when a property is replaceable in the market, its value tends to be set at the cost of acquiring an equally desirable substitute property, assuming that no costly delay is encountered in making the substitution. By analyzing sales that qualify as arm's -length transactions between willing and knowledgeable buyers and sellers, market value and price trends can be identified. The sold properties must be comparable to the subject in physical, locational, and economic characteristics. The basic steps of this approach are. (1) (2) (3) research recent, relevant property sales and current offerings throughout the competitive area; select and analyze properties that are similar to the subject, giving consideration to the date of sale, any changes in economic conditions that may have occurred between the sale date and the date of value, and other physical, functional, or locationai factors; identify sales that include favorable financing and calculate the cash equivalent price; and (4) reduce the sales price to a common unit per square foot of building area, gross income multiplier, etc.; (5) make appropriate adjustments to the prices of the comparable properties; and (6) interpret the adjusted sales data and draw a logical value conclusion. The most widely used and market -oriented unit of comparison for properties such as the subject is the sales price per square foot. All comparable sales have been analyzed on this basis. On the following pages are a summary of the improved, sold properties that are compared with the subject property, and a map showing their locations. 35 SLAZEJACK&COMPANY. REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER 970371MP .4 1 Fist Union Bank 6400 SW 8 Street Miami, Dade County 2 First Union Bank 2401 Ponce de Leon Blvd. Coral Gables, Dade County 4 Chase Federal Bank 8941 SW 136 Street Unincorporated Dade County 5 Former Flagler Federal S&L Bldg 8898 SW 144 Street Unincorporated Dade County 6 Pan American Bank 2760 SW 27 Avenue Miami, Dade County 7 Vacant Building 810 East 25 Street Ilialeab, Dade County SUBJECT SunTn,st Bank Building 95 West McIntyre Skeet, Key Biscayne, Dade County COMPARABLE IMPROVED SALES Jul -96.. 1954 . 12,000. 0.28 Apr -96 1939 5,944 Renov. 0.14 1978 3 First Union Bank 1050 Alton Road Miami Beach, Dade County 6,500 $1,550,000 Feb -96 1941 16,988 2.2 :1. 7,783 0.39 May -94 1987 22,126 0.51 Jul -94 1980 24,394 5.5 :1 4,401 0.56 6.0 :1 Mar -94 1954 8,500 2.4 :1 . 3,518 0.20 Jan -94 1958 45,000 - 9.0 :1 1.03 $109.21 $850,000 30 -Apr -97 02:00 PM This is the acquisition of a bank branch by another financial institution Tor also a bank branch.. Purchase of a two-story bank branch located within the City of Coral Gables. Budding was vacant at the time of sale. Subsequent to the sale, the property was renovated and divided into two bays. Occupying the space is Mt. Sinai Hospital and a French bakery. 3,684 $865,000 $234.80.- This is a sale of the improvements being used as a bank branch wlh three drive-tluu tellers. Property is in overall good condition. $850,000 $193.14 This building was vacant at the time of sale; however according to the brokers a bank will occupy a 100 percent of the. building $502,200 $142.75 Theproperty was purchased by the bank and includes onedrive-0uu facility. The improvements were in average condition. 5,000 5607,000 $121.40- Improvements consist of two buildings, one of which is occupied by Sir Speedy and the other was being leased to Miami Subs restaurant. 1966 50,506 2.9 :I 17,177 1.16 Subject Property Two sets of sales are included in this analysis. The first set of sales are for branch bank buildings located in Dade County, and the other set of sales are of comparable small office buildings located in areas comparable to the subject such as Coral Gables. These sales provide a good indication of value for the subject. Analysis of Sales Seven sales of branch banks in Dade County have been selected to provide an indication of the value indication of the subject. The unit prices indicated by these sales vary widely, generally the result of different building size, age, quality, land -to -building ratio and location, as well as income characteristics. Since 1989, many sales of branch banks have involved foreclosed and distressed properties and transactions that are not arm's -length. All selected sales are considered to be cash equivalent, arm's -length transactions. Details are in the Addenda. These sales, because of their size, generally set the upper limit of the range in price. Sale No. 1 is the July 1996 sale of a former First Union Bank branch located along SW 8 Street. The sale price for the 7,900 -square foot building was $107.59 per square foot. The two-story building was constructed in 1954 and in average condition at the time of sale. In location, condition, land -to -building ratio and quality of improvements, significant upward adjustments are required when compared to the subject. However, downward adjustment for building size is warranted. Sale No. 2 is also the sale of a First Union Bank branch located in Coral Gables. The April 1996 sale was for $238.46 per square foot. Upward adjustments are required for land -to -building ratio and quality of improvements. A downward adjustment was made for its use and building size. Sale No. 3 was the February 1996 sale of a First Union Bank branch located in Miami Beach. This property was occupied by First Union until they moved one BLAZEJACK&COMPANY 36 REAL ESTATE COUNSELORS Comparable Improved Sales rat n ! _ .�n lu5m = —_ Paradise Pon Avenue Park nut Grove Bay Front Parks Four- WayChannel Entrada Channel tonacn' 1-. oaore. Tahiti Beach sunset Sunsetlslan yne Park Rivo Alto ]an DiR:UA = alio Sale No. 3 3r ten,: Miami Beat watse���o . r n Lummus sort Far annef er ail4 AsodfiL ch �y iam §O`jhore twit lPier Park r€OY8fl eon.Q9. Pisheclsla{na' Toms eut Harbor Poin Southwest Poin nir Yugtni$e/ y 4Vi i arrBeach County Park Vircdinia. Beach ear Cut win ndon Marina pe Florida State Park cape Florida block north into a larger building with a more desirable location on Lincoln Road. Subsequent to the sale, the improvements were renovated and divided into two bays. Occupying the space is Mount Sinai Hospital and a French bakery. Upward adjustments are warranted for location, condition, and quality of improvements. Downward adjustment for building size was required. Sale No. 4 is the sale of the Chase Federal Bank, located at 8941 SW 136 Street. It is an outparcel of the Briar Bay Shopping Center. It sits on a 0.510 -acre site and was constructed in 1987. There is a drive -through facility on the building's north side. An upward adjustment for location is required, and a downward adjustment for overall quality, condition, building size and land -to -building ratio. Sale No. 5 was sold by the RTC in July 1994 for $850,000, or $193.14 per square foot. the building, constructed in 1980, was vacant at the time of sale: However, it was to be occupied within fourmonths by a bank. The site is an outparcel of a shopping center located to the south of the subject property. Downward adjustments are warranted for land -to -building ratio, and upward for size and location. Sale No. 6 is the sale of Pan American Bank at 2760 SW 27 Avenue in Miami, Florida. This 3,518 -square foot building was purchased for $502,200, or $142.75 per square foot of building area. This property has one drive -through teller lane, and it is considered inferior in location, frontage, access, visibility and quality of construction. However, downward adjustment is required for size. Sale No. 7 is the sale of two buildings totaling 5,000 square feet at 810 East 25 Street in Miami, Florida. The sale price was $607,000, or $121.40 per square foot of building area. The smallest building was a 1,500 -square foot bank branch with three drive -through teller lanes. This building was vacant at time of sale and is now a Sir Speedy print shop. Lease negotiations for the largest building, a 3;500 -square BLAZEJACK&COMPANY REAL ESTATE COUNSELORS 37 ram -. . =•+! =' G� � � e9pitol uaresn � � ate 1I � �i r r. es�l=eelp nna :c C Ile MN � -tortriiin- - - ' 1'�I��i . Fy�•T� •• � F • fir' C a~ =ss =ca$ vl VGl mC om10 i 651 � a•iiGerSe I: A-vr f\kell Hammack Y G H na s\i==nSla s ,, ec = u .Y t r Co h d .ns Ir :.ryIV�, • tikeilsrelm eum z. toms irinoirari `\r •J C. r1 J '-. %LL ly fayFraatP& . Dinner Key Ck our- . W ay fradu.Channel OWes Waiem ay mptryPark aglerM caiel Munwni n Poh b m+§ . lR^d on Ce nter 4tk Miami Point View y OF Miami ( Marine ah)p Bear Gut Bridge • Mla I;Beac Norris C 1 6 rgl le Beach -Pain S ubject Site Cape Florid a Chu vnel Bi yn e Chan nel orth est Pai nt :1d01 porn Ma Slate Park Gaga Florida Old Lighthouse To wer ape Florid a " foot structure were completed with Miami Subs. This property is considered inferior in location, frontage, access, visibility, occupancy at sale and quality. However, it is considered superior in size and land -to -building ratio. All the sales have been considered in valuing the site. A value of around $125 to $150 per square foot of leasable area is deemed to be applicable. The resulting value indication, as of April 16, 1997, is: 17,177 SF @ $125/SF Rounded 17,177 SF @ $150/SF Rounded 38 $2,147,125 $2,100,000 $2,576,550 $2,600,000 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER 30 -Apr -97 97037108 236 Valencia Avenue Coral Gables, Dade County 2 300 Sevilla Avenue Coral Gables; Dade County 3 3251 Ponce de Leon Blvd. Sep -96 1966 8,000 0.7 :1 10,963 $1,300,000 $118.58 9.2% 6.84 This is an acquisition of an office building 0.18 located along Ponce by an owner/user.' Coral Gables, Project is in overall good condition. ,bade County 4 Commercial Bank Building Aug -96 1971 10,000 0.7 :1 14,478 $2,150,000 $14830 9.2% 7.35 This property fronting Sunset Drive was 0.23 purchased by a bank for then branch office, 1533 Sunset Drive - Coral Gables, Dada County 5 3850 SW 87 Avenue .Aug -96 1990 33,238 1,7 :1 20,000 $1,900,000 $95.00 9.7% 6.25. This transaction was the result of a fore - 76 Unincorporated Dada County property at a discount. closure sale in which Ocean Bank sold the COMPARABLE IMPROVED OFFICE BUILDING SALES SUNTRUST BANK BUILDING, KEY BISCAYNE, FL 03:07 PM 6 Grove Forest -Plaza 2937 SW 27 Avenue Miami, Dade County Apr -97 1958 10,535 1.2 :I 9,100 $980,000 8107.69 9.9% 6.48 This is an older building located within 0.24 Coral Gables. Property was in average cpnditiorrntthe time of sale. Dec -96 1969 22,500 0.8 :1 26,793 $2,280,000 $85.10 8.3% 6.00 This is an older budding located within Coral Gables. Properly was in average condition 0.52 ' at the time of sale. Multi -tenant facility. Apr -96 1985 28,500 0.7 :1 39,586 $4,710,000 $118.98 9.2% 7.27 This is a listing of a good quality small 0.65 office building located in Coconut Grove. Property has been leased 100 percent. 8UB3ECf SunTmst Bank Building 1966 50,506 2.9 :1 17,177 Subject Building 95 West McIntyre Street, Key -.1975 1.16 Biscayne, Dade County Five sales and one listing of office buildings were analyzed. These sales occurred between April 1997 and August 1996, and ranged in price from $85.10 to $148.50 per square foot. Four of the sales are located in Coral Gables, and one in Dade County. Details of the sales are included in the Addenda of this report. Sale No. 1 was the April 1997 sale of a 9,100 -square foot office building located on Valencia in Coral Gables. The sale price wad $980,000, or $107.69' per square foot. The building is currently being occupied by a single tenant. In quality, condition and land -to -building ratio, this sale is considered inferior to the subject Sale No. 2 was a multi -tenant, 26,793 -square foot office building located at 300 Sevilla Avenue in Coral Gables. The December 1996 transaction had a sale price of $2,280,000, or $85.10 per square foot. In gnality, condition and land -to -building ratio, this sale is considered inferior. Sale No. 3 is a two-story office building located along Ponce de Leon Boulevard. The 10,963 -square foot property was sold in September 1996 for $1,300,000, or $118.58 per square foot. The 1996 built property was in average conditionat the time of sale. The buyer occupies 100 percent of the property for their own offices. In condition and land -to -building ratio, this sale is considered inferior. Sale No. 4 was purchased by Commercial Bank in August 1996 for $2,150,000, or $148.50 per square foot. The bank occupies about 3,428 square feet and the remaining space is leased at an average rent of around $18.00 per square foot. The property fronts Sunset Drive, and is east of U.S. L Built in 1971, the project is in good condition. In land -to -building ratio, upward adjustments are required. Sale No. 5 was sold in August 1996 for $1,900,000, or $95.00 per square foot. This transaction is the result of a foreclosure sale in which Ocean Bank sold the property at a discount. Built in 1990, the improvements are in generally good condition. The three-story building contains, 20,000 square feet In Location and conditions of sale, upward adjustments were warranted. Listing No. 6 is of the Grove Forest Plaza located along SW 27 Avenue in Coconut Grove. The 39,586 -square foot property is being listed for $118.98 per square foot. The building has been leased 100 percent and is in good condition. BLAZEJACK&COMPANY 40 REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER 97037GRD COMPARABLE RATING ANALYSIS CHART IMPROVED SALES SUNTRUST BANK BUILDING, KEY BISCAYNE 1 107.69 ,. 3.0 2.5 1.0 2.0 2 85.10 _ 3.0 _ 2.5 3.0 2.0 3 - 118.58 3.0 3.0 3.0 2.0 - 3.0 4 148.50 3.0 3.0 3.0 3.0 3:0 5 `' 95.00 2.0 > 1.0 3.0 3M 2.5 6 118.98 3.0 2.5 3.0 - 3.5 2.5 Subject Rating Importance of category Comparison to subject 1.=Very inferior 2 =Inferior/larger size 3 =Similar 4=Superior/smaller size. 5=Most superior * Adjnslments equal %.difference with subject average of 3 2.0 2.0 1.0 1.0 1.0 2.0 1.0 2.5 2.5 3.5 2.0 3.0 2.0 3.0 2.0 2.5 2.27 1.95 2.47 2.77 2.14 2.59 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 2.55 3.0 5,0 - 3.0 3.0 5.0 5.0 4.0 33 4 Subject 3 6 1 5 $13.61 $12.37 $10.95 $10.74 $10.62 $9.20 $7.02 $148.50 Markel $118.58 $118.58 $I07.69 $95.00 $85.10 $120.61 $110.83 $122.22 $136.33 $113.19 $116.89 Conclusion of Value We have rated the sales based on various qualitative factors as presented on the facing page. The table adjusts for different characteristics by rating each factor to that of the subject. The subject is given an average rating of three in all categories. The comparables are rated against that where a rating of one is inferior and a rating of five is superior. Adjusted sale prices range from $110.83 to $136.33 per square foot. It is our opinion that the subject value, at stabilization is at the upper end of the range, or $130 00 per square foot. Based on the quality of the building, its location and condition, we estimate the value as follows: 17,177 SF $13'0.00" _ $2,233,010 Rounded $2,200,000 The rounded value is $2,200,000 Net Income Analysis In order to quantify the market perception in the differences between the subject property and the comparable sales, we have compared the comparable and subject net operating incomes on a ratio basis.; This ratio is then multiplied by the comparable price per square foot to arrive at a value indication per square foot for the subject. The theory behind this analysis is that it takes into account all factors affecting desirability of occupancy and overall performance. Office properties are typically purchased for economic return on invested capital: Consequently, expected income generated fromthe properties is considered the most important adjustment in this analysis. The following calculation was made to; the comparables. 41 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER 97037CTS SUNT RUST BANK BUILDING, KEY BISCAYNE NET INCOME ANALYSIS SALES PRICE SQUARE FOOTAGE NET OPERATING INCOME OVERALL RATE $107.69' $85.10 $980,000- 9,100.` 596,650 $2,280,000 26,793 $188,219 9.86*: 8.26% $1,300,000 10,963 $120,000 9.23% $4,710,000 39,586 $425,057 $2,150,000 14,478 ` 5197,000 9.1694 $1,900,000 20,000 5184,000 9.68% $118.98 $/SF • NORSE $12.37 $10.62 $7.02 5118.58 $10.95 5148.50 $13.61 $95.00 59.20 510.74 NOIANALYSIS S/SF $125.39. . $149.80 $133.97 $134.96_,: 5127.69 $137.03 SUBJECT ESTIMATES OF VALUE SQ. FT. VALUE CONCLUSION: 17,177 X 17,177 X $125.00: 5150.00 52,147,125 52,576,550 52,300,000 Per SF 5133.90 NOI Subject Sale Price of Comparable NOI Comparable The table on the facing page details the adjusted prices for the comparables which range from $125.39 to $149.80 per square foot. We conclude that the indicated valueby this method per square foot is as follows: foot.. 17,177 SF 17,177 SF $125.00 $150.00 $2,147,125 $2,576,550 We have reconciled the value at around $2,300,000, or $133.90 per square Summary of Stabilized Value via Effective Gross Income Multiplier Analysis of effective gross income and the resultant effective gross income multiplier (EGIM), as indicated by the Sales Comparison Approach, has been utilized as -a third indication of value for the subject property. The EGIM serves as an indicator of market value as expressed by the relationship between the sale price of a property and its effective gross income. This unit of comparison is commonly utilized in the subject area by participants active in the real estate market. A significant strength of this analytical technique is that it represents a direct factor of rental income as reflected by the market, and therefore, require no adjustment. The derivation of the EGIM considers the perceived quality of. the income stream, as well as the operating expenses. The net operating expense ratio for the subject building, as estimated in the Income Capitalization Approach is 38.3 42 BLAZE)ACK&COMPANY REAL ESTATE COUNSELORS percent. Expense ratios at the'comparables range from 32.6 to 50.5 percent. The EGIMs are presented below. Sale Number EGIM Expense Ratio 4 7.35 32.6% 6 7.27 34.4 1 6.48 36.1 3 6.84 36.8 5 6.25 395 2 6.00 505 The sales displayed a range from 6.00 to 7.35. Based on the above, we have selected an EGIM 6.50, which is within the range of the comparables. Utilizing this method, the industrial building displays the following value. $344,150 6.5 = $2,236,975 Rounded = $2,200,000 BLAZEJACK &COMPANY 43 REAL ESTATE COUNSELORS Reconciliation We used three methods to value the subject property within this approach. They produced the following value indications: Value Indication Existing Building Comparable Rating Analysis $2,100,000 to 2,600,000 Net Income Analysis 2,300,000 EGIM 2,200,000 Reliance is given to the first method, the ratings grid, because it is more independent of the income estimates estimated in the Income Capitalization Approach and used in the other two methods. All three of these methods were considered and they produce a stabilized value estimate. Therefore, the "as is" estimated value as of April 16, 1997 is concluded at: $2,300,000. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS INCOME CAPITALIZATION APPROACH Methodology The Income Approach is a procedure in appraisal analysis whereby anticipated economic benefits to be derived from property ownership are converted into a value estimate through a capitalization process. The principle of anticipation underlying this approach holds that a prudent investor recognizes relationship between income and asset value. The process of forecasting anticipated economic benefits from a particular property requires the estimation of potential income and expense, and the selection of the most appropriate capitalization method. The two most commonly utilized methods of processing net income into value are: direct capitalization, where an overall rate is extracted directly from market sales in which the net income is known or can be closely approximated and applied to the subject; and the discounted cash flow methodology, whereby the anticipated net income streams and a reversionary value are discounted to a net present value estimate. In the valuation of the subject property, it is our opinion that the Direct Capitalization method is most appropriate, because most of the leases are for a short-term (one year). Market Rent As part of our analysis, we surveyed six bank properties in South Florida, in order to estimate market rent for the subject bank space. A rent summary is presented on the following facing page. Lease rates very depending on the location, the type and quality of the building, exposure to traffic, accessibility, strength of the anchor tenants in the shopping center, and the general competitive environment. All of the rents, except for Rental No. 1, are net of real estate taxes and utilities with the tenant paying a pro -rata share of common area maintenance expenses if located within a shopping center. 45 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS,, LICENSED REAL ESTATE BROKER 97037BRNT BANK LEASES ANALYSIS 1. Intercontinental Bank 3663 S. W. 8th Street Miami, Florida 2. Chase Federal Bank 8941 SW 136 Street Dade County,. Florida 3. Great Western Bank 15101 S. Dixie Highway Dade County, Florida 4. Barnett Bank . 2250 Glades Road Palm Beach County, Florida 5. Barnett Bank 100 JFK Circle, Atlantis, Palm Beach County, FL 6, Barnett Bank 900 West Sample Road Broward County, Florida 3,847 2,896 Available From Sep -96 From Oct -85 To Oct -10 From Apr -94 To Mar -04 $22.44 $30.00 $236,730 Gross $19.17 $73,747 Triple Net $64,986.. Triple Net This branch bank space with drive-in teller is located on the ground floor of this two- story office building: The space was occupied formerly by intercontinental Benkk. Tenant is occupying 100% of the building under the tenus of the absolute net lease, expenses to the landlord are minimal. This is a renewal lease for a 10 -year period. The gross building area is 2,896 square feet. Full CPI increase alter 5 years. 7,815 From $22.44 $175,369 .Triple Net Escalations are 50% of CPI with 3% floor, Apr -90 7% ceiling for increase. Tenet pays all To expenses. Formerly First American Apr -98 Bank branch, lease was renogatiated. 5,297 From, 521.71 $114,998 Triple Net Landlord responsible for structural items Apr -94 and common areas. Tenant pays all other To. - . expenses. Apr -99 4,268 From $22.45 $95,817 Triple Net Lease rate is 5100,000/year with 5 months Jul -94 _ free rent; 2 ® commencement, t per year To for the next 3 years. Escalations are fixed Jul -04 for the fast 5 years of the lease. Rental No. 1 is for the Intercontinental Bank space located along SW 8 Street. The 7,891 -square foot building is being offered for $30.00 per square foot on a gross basis. This sets the upper limit since it is the asking price. Rental No. 2 is a one-story Chase Federal Bank. This is a 25 -year lease agreement encumbering a net rental area of 3,847 square feet at a base rate of $19.17 per square foot. The rent is triple net, with the tenant responsible for all operating expenses. Rental escalations are based on the consumer Price Index (CPI). The facility is considered superior in condition; however it does not have frontage along U.S. 1. Rental No. 3 is a one-story facility, occupied by Great Western Bank, along South Dixie Highway in South Dade. The bank renewed the lease in April 1994 for a 10 -year period at $22.44 per square foot. The tenant is responsible for operating costs. The rent will increase at CPI after the fifth year of the base period. Rental No. 4 is occupied by Barnett Bank with a lease that began in April 1990. The current base rate is $22.44 per square foot, for a term of eight years with two 10 -year renewal options. Rental escalations are as per the Consumer rice Index (CPI). The tenant is responsible for utility expenses, as well as interior maintenance, real estate taxes and insurance. This branch bank had been previously occupied by First American Bank. Rental No. 5 is a one-story Barnett Bank building. This is a five-year lease agreement at an annual rental rate of $21.71 per square foot, on a triple net basis, with tenant responsible for all operating expenses. The indicated rental rates represent current rent in effect at the time of the lease start. The facility has three drive -through lanes with an ATM. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS 46 Rental No. 6 is a one story facility occupied by Barnett Bank in the Crystal Lake strip center in Pompano Beach. There are drive -through tellers available at this property. Rental measures are based on the Consumer Price Index (CPI). Current rental is at $22.45 per square foot on a triple net basis, with tenants responsible for operating costs. The rent is fixed for the first five years of the lease, beginning July 1994, with five months free rent, two months at commencement and one month per year for the next three years. Effective rent is $22.45 per square foot. Based on the data examined, branch bank rents generally range from the high teens to the mid- to high -twenties on a per square foot basis depending on location (traffic counts and. demographics), and quality of interior finish. In our opinion, a rent of around $28.00 per square foot on a gross basis for the first floor space is reflective of market. A representative of a major financial institution involved in the leasing of branch bank space in Dade and Broward Counties indicated that bank rents range from about $20.00 to $30.00 per square foot, with the highest rate paid for prime locations such as Aventura in northeast Dade and southern Dade County, with high density, high income demographics. In addition to the bank leases previously included, we have surveyed the local market to determine the current rent levels in the area. Three properties located on Key Biscayne were analyzed. Two of these facilities are office buildings and one is a retail center with office space on the second floor. The rents range from $19.00 to $22.00 per square foot. It should be noted that space on the first floor at retail centers average about $30.00 per square foot. The three comparables are summarized as follows. BLAZE)ACK&COMPANY REAL ESTATE COUNSELORS 47 Name Size (Sq. Ft.) Rent Per SF Rent Type Adjusted Gross Rent Key Executive Building 25,000 $20.00 Gross $20.00 240 Crandon Boulevard 45,880 22.00 Mod. Gross 24.00 Key Biscayne Galleria 52,000 19.00 Mod. Gross 21.00 The modified gross rent for Comparables 2 and 3 indicate that utilities are paid directly by the tenant. Based on the subject's location, condition, drive -through facilities and frontage, our estimate of $28.00 per square foot for first floor space is justified. The rent for bank's second floor space is estimated at $18.00 per square foot on a gross basis. 48 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS RENTAL OFFICE BUILDING PROPERTY NUMBER 1 Building Name:. Folio Number. Address: County. Area: Leasing Agent Physical Description: Land Area: Gross Building Area: Rentable Area: Number of Stories: Year Built: Average Floor Plate: Column Spacing Construction Type: Rental Data: Quoted Rents($/SF): Rent Type: Common Area Factor(%): Length of Lease: Finish Allowance: Sub -Lease Policy: Expense Pass -through: Escalator Clause: Renewal Option: Concessions Percentage Leased Other. Parking Parking Comment: Amenities: Comments:. Survey Date: Key Executive Building 24-4232-011-0020 104 Crandon Boulevard Key Biscayne, FL, Dade Key Biscayne Research Management Corp. Joy McKenna 32,320 SF or 0.74 Acres 25,000 SF 25,000 SF 4 1971 11,000 SF Varies Average; CBS $20.00 Full Service 15-17%a 1 year Negotiable; minimum (painting and carpet cleaning) Not applicable None Generally CPI At market None 95.00% 65 Spaces 2.600/1,000 SFRA Adequate Beauty salon on fast floor, enclosed parking The first 2 floors contain a parking garage. Typical suites range in size from 150-1,500 SF. The office area is subdivided into a total of 52 spaces for an average size of 480 SF. This is the only office building -on Key Biscayne that offers office suites starting at 150 SF. Most tenants are local who have occupied the space for more than 5 years. According to the leasing agent all leases are written for a 1 -year term with annual renewals. Most of the refurbishments on the property in the past few years have been on the operating systems. Minor aesthetics will also be done this year. Tenants are Biscayne Realty, attorneys, Islander News. April 21, 1997 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS Key Executive Building 104 Crandon Boulevard Key Biscayne, Dade County, Florida 1 RENTAL OFFICE BUILDING PROPERTY NUMBER 2 Building Name: Folio Number. Address: County: Area: Leasing Agent Physical Description: Land Area: Gross Building Area: Rentable Area: Number of Stories: Year Built: Average Floor Plate: Column Spacing: Construction Type: Rental Data: Quoted Rents($/SF): Rent Type: Common Area Factor(%): Length of Lease: Finish Allowance: Sub -Lease Policy: Expense Pass -through: Escalator Clause: Renewal Option: Concessions: Percentage Leased: Other: Parking. Parking Comment: Amenities: Comments: Survey Date: 240 Crandon Boulevard 24-4232-002-0070 240 Crandon Boulevard Key Biscayne, FL, Dade Key Biscayne Botannica Development Associates, Inc. Steve McCoy 80,600 SF or 1.85 Acres 54,000 SF 45,880 SF 2 1980 23,000 SF N/A Good; CBS $22.00 Gross Basis 15% 3 - 5 years Negotiable Upon approval Utilities paid by the tenant CPI Yes; rates increase with CPI Negotiable - One month free rent per each year of the lease. 78.01% 138 Spaces 3.008/1,000 SFRA Ample Bank and beauty salon There is approximately 10,000 square feet of space available in the building. Tenant size varies from 350 to 1,300 SF. The building has a courtyard in the center with offices around it. Pankey Institute is a major tenant at this building. Overall, this property is in good condition. No major renovations are planned. April 24, 1997 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS OFFICE BUILDING PROPERTY NUMBER 3 Building Name: Folio Number. Address: County: Area: Leasing Agent Physical Description: Land Area: Gross Building Area: Rentable Area: Number of Stories: Year Built: Average Floor Plate: Column Spacing Construction Type: Rental Data: Quoted Rents($/SF): Rent Type: Common Area Factor(%): Length of I ease: Finish Allowance: Sub -Lease Policy: Expense Pass -through: Escalator Clause: Renewal Option: Concessions: Percentage Leased: Other. Parking Parking Comment: Amenities: Comments: Survey Date Key Biscayne Galleria 24-4232-002-0132 328 Crandon Boulevard Key Biscayne, FL, Dade Key Biscayne Peramco, Inc: Maria 137,209 SF or 3.15 Acres 60,400 SF 52,000 SF 2 1990 26,000 SF N/A Good $19.00 Full Service 15% 1- 3 years Generally by tenant (minimum provided only painting and carpet cleaning) With approvals Utilities paid by tenant CPI Yes, at market None 97.00% Spaces 0.000/L000 SERA Adequate Retail stores and bank This building contains retail stores on the ground floor and offices on the second floor. Retail rents on the first floor are 533.00 to $35.00 per square foot; rent for second floor space is $19.00. Tenants are an art gallery, real estate offices, fitness center, attorneys, Eckerd Drugs, restaurants and other professional offices At the present time only two bays each containing 750 square feet are available. The property is in good condition. April 22, 19971- BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER, TENANT SUMMARY OF RENT ROLL FLOOR SIZE ANNUAL RENT RENT PER SQ. FT. Village of Key Biscayne Tarafa & Iriondo Thomas Wakefield Centurion Investments SunTrust Bank Suntrustt Bank TOTAL First/Second First Second Second First Second 4,715 $ 785 $ 665 $ 940 $ 4,910 $ 5,162 $ 17,177 $ 79,677.84 $ 22,116.00 $ 13,054.44, $ 17,018.76 $ 137,480.00 $ 92,916.00 $ 16.90 28.17 19.63 18.11 28.00 18.00 362,263.04 $ 21.09 Potential Gross Income The subject property is comprised of a two-story bank branch/office building which is currently being occupied by SunTrust Bank and other tenants. To determine rents for the subject, reliance has been placed on the survey conducted of comparable buildings in the area and rents in place for the leased space. In the pro -forma income and expense analysis, it is assumed that the subject would rent on a gross basis. The first floor tenant is responsible for their own utilities. The property is currently 100 percent occupied by five tenants. The table on the facing page presents a summary of the current rent roll. The average rent equates to $21.00 per square foot. The gross potential rent is $362,263. Vacancy and Collection Loss Both the investor and the appraiser are primarily interested in the annual revenue an income property is likely to produce over a specified period of time, rather than the income it could produce if it were always 100 percent occupied and all tenants were paying their rent in full and on time. It is normally a prudent practice to expect some income loss as tenants vacate, fail to pay rent, or pay rent late. An average annual vacancy and collection loss of five percent is estimated because of the quality of the tenants and the size of the property, the overall occupancy of the local market, and demand for office space. Expenses The annual operating expenses of the subject property are projected in this analysis from a review of the historic operating statements of, similar office buildings, and the 1997 budget for the subject. The subject building was acquired by SunTrust Bank in December 1995 as part of the acquisition of Key Biscayne Bank and Trust Company. A separate expense allocation to the subject was not done until mid- to late -1996. Hence, no historical statements for the subject was available. The budget is based on the actual performance for the first three months. 52 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE. BROKER 97037HST SUMMARY OF EXPENSES Annual Budget 1997 Expense Amount Percent Per Sq.Ft. Real Estate Taxes $ 41,153 ` 30.0% $ 2.40 Insurance $ 3,004- 2_2% $ 0.17 Total Fixed Expenses $ 44,157 32.2% $ 2.57 Utilities $ 38,483 28.0% $ 2.24 Repairs & Maintenance Interior $ 9,233 6.7% $ 0.54 Exterior $ 11,546 8.4% $ 0.67 HVAC $ ` 10,652 7.6% $ 0.62 Trash Removal $ 4,443 3.2% $ 0.26 Grounds $ 1,739 1.3% $ 0.10 Janitorial $ 17,068 12.4% $ 0.99 Total Operating Expenses $ 93,163 67.8% $ 5.42 Total Expenses $ 137,320 100.0% $ 7.99 Budget is based on actual expenses for the first quater and are annualized. A discussion of our estimates is presented below. * Real Estate Taxes - were estimated previously at $29,812. This expense is for the office building only and does not include the other parcels. * Insurance —based on the comparable data, we estimated this expense at $0.20 per square foot, or $3,435. Repairs & Maintenance - was estimated at $1.50 per square foot, or $25,766 ion a stabilized. basis.. This is based on actual expenses for the first three months of 1997, condition of the building and layout.;; * Utilities - Electricity, Water and Sewer costs for the property were estimated to be $2.00 per square foot. This expense at comparable properties in the area average $150 to $2.00 per square foot. * Grounds/Landscaping was estimated based on square foot, or $1,718. * Janitorial - expenses are primarily cleaning contracts and were estimated at $1.00 per square foot, or $17,177 based on the comparable data and budget. * Trash Removal - was estimated at $0.25 per square foot, or $4,294 based on the budget. * Management Fee - The management fee was estimated at four percent of effective gross income, which is a typical level for this type of building and occupancy in the south Florida market. * Miscellaneous - was budgeted at $0.02 per square foot, or $344. * Reserves - for replacement of capital items was budgeted at $0.10 per square foot. A majority of the building was redone after the hurricane in 1992,. and is in overall good condition. Total operating expenses were estimated. at $131,735, or $7.67 per square foot of rentable area. This total level appears reasonable based on the budget, comparable data, as well as the total expenses estimates provided by the leasing agents interviewed. Capitalization Direct capitalization is a technique of converting stabilized anticipated net operating income into an indicated value by the use of an Overall Rate of Return. This overall rate of return (OAR) or capitalization rate is derived from an analysis BLAZEJACK&COMPANY REAL ESTATE COUNSELORS 53. LICENSED REAL ESTATE BROKER 01 -May -97 04:50 PM SUNTRUST BANK BUILDING COMPARABLE BUILDING OPERATING STATEMENTS & BUDGETS DOLLARS PER SQUARE FOOT OF RENTABLE AREA Statement Year Income Gross Rental Income $14.43 $21.45 $13:79 $7.60 $13.23:'. $21.09 Recovery Income $0:00 $1.86 - $7A4 $3.69 $0.00 - $0.00 Other Income' $0_19- $2.01 $0.00 $0.00. $0.01 $0.00 'DOTAL INCOME - $14.62 $25.32 $21.23 $11.29 $13.24: $21.09 Com I. Comy2 Comp 3 Conm 4 Comn 5 Subject 1993 1994 1995 1993 1996' Projection Expenses Real Estate Taxes Insurance $1.86. $1.59 $1.60 $1.97 $1.26 $1.70 $0.12 $0.58 $0.11 $0.11 $0.25 $0.20 General & Administrative $0.41 $1.52. $0.71 $0.28 $1.17 $0.00 Repairs & Maintenance $1.02 $0.89 50.90 50.91 $0.75 $1.85 Janitorial $083 $0.91 $1.15 $0.66 $0:77 $1.00 Utilities $1.79 $0.65 $1.31' $1.71 $1.85 $2.00 $0.00 $0.41 $1.66 50.19 $0.13 $0.00 Miscellaneous - $0.00 50..00 $0.00 50.00r 50.07 $0.02 Manag ment - Manegemem - $0.74 - $0.99 $0.00 $0.51 $0.00. - $0.80 Reserves $0_00 $0.00 $0.00- $0.00. $0_00 $010 TOTAL EXPENSES $6.76 .$7.53 57.44 $6.33 $6.25 $767 NET OPERATING INCOME - $7.86 $17.79 $13.79 54.96 $7.00 $13.42 of actual market sales. It is computed by dividing the anticipated net operating income by the cash equivalent sales price. Current surveys of investor criteria indicate a range of capitalization rates for investment quality property centering on a 7.5 to 12 percent range. We have cap rated data on two older sales which took place. in South Florida. Both sales were sales/lease-back transactions for investment purposes. Most recent sales have been for vacant bank branch buildings from which cap rate indications cannot be derived. Bank/Location Sale Date Size (SF) Sale Price Capitalization Ambassador Federal 3/90 11,579 $3,000,000 10.0%' 8201 N. University Drive Dadeland Bank(1) ' 3/93 3,430 800,000 9.0% 8895 SW 136 Street Dade County, Florida (1) Based on NOI(prior to sale The: capitalization rate at comparable office buildings ranged from. 8.3 to 9.9 percent. The subject is considered tobe a good quality facility with excellent location on Key Biscayne. Based on the condition, location and quality of income m place, we have used a 9.5 percent capitalization rate. Based on the location of the subject and the strength of the office market on Key Biscayne, it appears our 9.5 percent estimate is justified. It should be noted that some space on the second floor, formerly occupied as the operations center for the bank, remains vacant and is currently used as a storage area. Because of the location of the space and connection to the other facilities of the bank, this space cannot be leased unless significant renovations are completed. 54 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER Date of Assignment: Job Number: Apr -97 97037 SUNTRUST BANK BUILDING, KEY BISCAYNE, FL LEASED FEE STABILIZED INCOME AND EXPENSE STATEMENT INCOME: S.F.. $/S.F. $ TOTAL AS % OF EGI PER S.F. LEASED SPACE 17,177 $21.09 $362,263 105.26% $21.09 VACANT SPACE 0 $0.00 $0 0.00% $0.00 17,177 $21.09 362,263 105.26% $21.09 EXPENSE RECOVERY: $0 0.00% $0.00 OTHER INCOME: 22 0.00% 50=00 GROSS INCOME $167 263 105.26%q $21 09 LESS VACANCY 5.00% $18,113 5.26% $1.05 EFFECTIVE, GROSS INCOME $344 150 100 00°/g $20 04 EXPENSES: REAL ESTATE TAXES $29,182 8.48% $1.70 INSURANCE $3,435 1.00% $0.20 TOTAL FIXED EXPENSES: 532,617 9.48% $1.90 REPAIRS & MAINTENANCE $25,766 7.49% $1.50 UTILITIES $34,354 9.98% $2.00 GROUNDS/LANDSCAPING $1,718 0.50% $0.10 JANITORIAL $17,177- 4.99% $1.00 TRASH REMOVAL $4,294 1.25% $0.25 MANAGEMENT I.hb 4.00% $13.766 4.00% 50_80 TOTAL RECOVERABLE EXPEN 129,692 37.68% 57.55 MISCELLANEOUS EXPENSES $344 0.10% 50.02 RESERVES $1700 0.49% 50.10 TOTAL EXPENSES 5131 735 38'28%q 57.67 NET OPERATING INCOME $2.1.2.414. 61.72°/q .5 2 37 CAPITALIZED (a3 CAPITALIZED @ CAPITALIZED @ 9.00% 9.50% 10.00% 52,360,160 5137.40 52,235,941 5130.17 52,124,144 5123.66 INDICATED "STABILIZED VALUE" 52,200,000 5130.17 LESS: LEASING COMMISSIONS $0 $0.00 RENT LOSS 50 $0.00 TENANT IMPROVEMENT $0 $0.00 TOTAL LEASE UP COSTS 50 S0.00 INDICATED VALUE "AS IS = . 52,200,000 5128.08 ROUNDED. SAY $2.200.000 5128.08 Conclusion of Value On the facing page is a summary of our fee simple analysis for the subject. Using a capitalization rate of 9.5 percent results in a market value estimate of the leased fee interest of $2,235,941, or $2,200,000 (rounded). An equivalent capitalization rate of 9.5 percent is indicated, which appears in line with rates observed in the market. Therefore, the as is value of the office building, as of April 16, 1997, is: $2,200,000. BLAZEJACK&COMPANY 55 REAL ESTATE COUNSELORS RECONCILIATION AND FINAL VALUE ESTIMATE In the preceding sections of this report, market value was estimated based on three separate approaches. The following is a summary of the conclusions reached: Cost Approach $2,300,000 Sales Comparison Approach $2,300,000 Income Capitalization Approach $2,200,000 The Cost Approach is based on the unit cost of materials and labor to which are added indirect costs of construction, other fees, plus overhead and profit. Current land sales in the immediate area were available to arrive at a meaningful conclusion. The Cost Approach was considered in our final value estimate, but was given less weight than the other approaches because of the age of the property and amount of depreciation. In our Sales Comparison analysis, we evaluated the sales of similar one-story bank branches, as well as smaller office buildings in comparable locations. These sales varied widely in building quality, location and buyer/seller motivation. Because of the lack of comparable sales, we have placed less emphasis on this approach than the Income Capitalization Approach. The Income Capitalization Approach is normally considered to be the most credible of the three approaches because it most closely parallels the thinking of buyers and. sellers who actively seek quality investment property. Based on current leases in place and market rents for the bank spaces, the gross revenues were determined. Expenses were based on budget at subject and historical operating levels at comparable facilities. Our discussions with leasing agent and owners confirms that leases of this type are typical. BLAZEJACK&COMI ANY 56 REAL ESTATE COUNSELORS Considering all three approaches, with heavier weight given to the Income Approach, results in an as is market value conclusion for the property, as of April 16, 1997, as follows: The value conclusion of the 3.09 -acre tract, which comprises of a 50,506 - square foot tract improved with a 17,177 -square foot office building and 84,393 square feet of excess land is as follows. Folio No. 24-4232-001-0070 Existing Office Building = $2,200,000 Folio No. 24-4232-002-0170/72/73 Excess Land = 3.038.000 Total = $5,238,000 Rounded Value = $5,240,000 The value of the 2.09 -acre tract includes the existing office building and 40,833 square feet of excess land. The value is as follows. Existing Office Building = $2,200,000 Excess Land = 1.388,000 Total $3,588,000 Rounded Value = $3,590,000 The value of the vacant 1.0 -acre tract has been concluded at $1,655,000. 57 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS ADDENDA BLAZEJACK&COMPANY REAL ESTATE COUNSELORS Exhibit A Photographs of Subject Property BLAZEJACK&COMPANY. REAL ESTATE COUNSELORS SUBJECT PROPERTY PHOTOGRAPHS Fernwood Road looking north Fernwood' Road looking south sdEBJECT PROPERTY PROTOGRAr iS McIntyre Street looking east View of site looking east --SUBJECT PROPERTY PHOTOGRFc'ES View of site looking southeast View of the building looking east from the intersection of McIntyre Street and Fernwood Road t I• nu,�nueaanmuiNmm/1/lNl/1///!//1///////1/IfJOIY�fJJJ/s _ ■ oasom 9UILOING SUBJECT PROPERTY PHOTOGRArHS View of the second floor corridor for the Trust Department and Centurion Investments View of typical suite finishes T Exhibit B Regional Analysis BLAZEJACK&COMPANY REAL ESTATE COUNSELORS OVERVIEW Dade County, Florida is located in the southeast corner of the state along the Atlantic Ocean. Its major city is Miami, but there are 28 total municipalities including Hialeah, Miami Beach, North Miami and Coral Gables. It is a very large county, encompassing 1,955 square miles, or twice the size of Rhode Island. The entire metropolitan area contains almost 2 million people. Combined with Fort Lauderdale, the Miami -Fort Lauderdale metropolitan area is the eleventh largest metropolitan area in the country. The population is concentrated close to the Atlantic coast because most of the western portion, approximately 416,000 acres or 650 square miles, comprises Everglades National Park. The population is of heavy Hispanic origin with a large segment of Cuban Americans. As the closest major metropolitan area in the United States to Latin America, and with its large population of Hispanic speaking people, Miami with Dade County has become a leader in Latin American trade. Tourism is an important industry with 84 miles of Atlantic coastline and a sub- tropical climate. Its beaches are favorite destinations for tourists from Europe and Latin America, as well as from the states. Miami Beach, and especially that portion known as South Beach, has become one of the premiere modeling and film spots in the world. As such, it attracts a cosmopolitan tourist business different from competing centers such as Orlando. The area tourism industry is working to upgrade its image and compete more directly with Orlando and the Caribbean. Although, Miami's image as a dangerous city and a number of high profile tourist killings have dealt a major setback to local tourism, international travelers and businesses continue to positively affect Miami's leading industries. DADE COUNTY REGIONAL ANALYSIS Population According to the 1995 Sales and Marketing Management Magazine, Dade County had a population of 2,036,000 in 1994, an increase of 150,100 people, or 5.8 percent over the 1989 population, five years earlier. This level of growth .is expected to flatten over the next decade. Projections by the Metro -Dade Planning Department indicate an average growth of 08 percent annually in the 1990's. According to the Planning Department, the slowing population growth rate is primarily due to the maturing of the metropolitan area, and out -migration to neighboring counties. BLAZEJACK &COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE. BROKER Table 1 shows Dade County population and household trends and projections. Table 1 Dade. County Population Groot=. 1470 - 7000 1 Year People Per Pupated= Hatt Household 1970 1,267,792 428,026 2.87 1980. 1,625,000 609,830 2-55 1990 1,937,094 692,355 2.51 1995 2,034,100. 802,629 2.53 2000 2,200,000 842,760. 2.61 Source: 1990 US Census Dade County Planning Depertmenr Bureau of F2ouomie & Business Research,. Projections of Florida Population by County. 1989-2020 and US. Department of Commerce. The 1990 Census reveals populationorigins as follows: Hispanic' 953,407 492% African -American 397,687 20.5% White (not including Hispanic) 463,310 23.9% Other (Asian, Pacific Islanders) 122,690 63% Total 1,937,094 100.0% White (including Hispanic) Hispanic includes all races 1,413,015 73.0% The age composition is as follows: 1 to 17 years old. 24% 18 to 24 years old 10% 25 to 44 years old 32% 45 to 64 years old 20% 65 years and over 14% Employment & Unemployment Keeping pace with the rise in population, Dade's labor force increased 14 percent over the past 10 years. Total employment decreased 1.2 percent between 1994 and 1995. The Dade County unemployment rate for 1995 stood at 6.8 percent. Table 2 summarizes changes in Dade County's civilian labor force since 1984. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS. LICENSED REAL ESTATE BROKER Table 2 Employment its OvWian Labor Mace 1%4 to 1995 Unempfo meat Year Labor Fars PLDFbyment Rate (%) 1984 864,911 800,674 6.8 1985 379,291 813,606 7.5 1986 892,907 833,197 6.7 1987 913,179 860,296 . 5.8 1988 942,086 891,788 5.3 1989 944,628 884,427 _ 6.4 1990 952,318 888,469 6.7 1991 962,089 878,603 8.7 1992 900,158 810,142 10.0 1993 996,700 906,300 9.1 1994 1 nak751 978,696 7.7 1995 1,037,915 966,876. 62 Source Florida Department of Labor and Employment Security, Bureau of labor Market Information, Annual Averages Labor Fors Summaiy, 1984-1995. Employment Sectors Historically dependent on retirees and tourist dollars, Dade County continues to evolve into a cosmopolitan community with a diversified economic base. Non- agricultural employment grew by 8.8 percent from 1990 to 1995. As of 1995, 966,876 persons were employed in all jobs. Table 3 provides an indication of changes in major industry segments of Dade County's work force between 1993 and 1995 on an annualized basis, Table 3 Dade Comity Mao& Employment By Sector Sector 1993 % 1994 % 1995 % Change From 1993-1995 % Manufacturing 81,700 8.9 79,900 8.8 76,900 83 (5.9) Construction. 38,900 4.2 35,800 19 36,600 19 (5,9) Transport/Pub. !Ails. 73,900 8.0 74,500. , 82 77,500 83. 4.9 Wholesale Trade 73,400. 8.0 74,400 82 77,200 83- 5.2 Retail Trade - 171,000 18.6 164,300 18.0 164,700 17.7 (3.7) Finance/Ins/Real Est. 64,800 7.0 66,400 73 66,400.. 7.1 2S Services 284,700 30.9 282,300 31.0 298,900 32.1 5.0 Government - 132,760 14.1 132203 145 133,100 143 03 Total.. 921,100 :. 100.0 909,800 100.0 931.700 100.0 1.2 urea: Fonda Department of Lebo and Employment Security, BLS Annual Report on Employment, Hours and Earnings, 1993.1995 3 BLAZEJACK &COMPANY REAL ESTATE COUNSELORS 1 LICENSED REAL ESTATE BROKER The table shows that retail trade and services are the two largest employment sectors in the county. Although there was a decrease in retail trade, services has shown an increase in 1995. The growth in these two sectors over the past five years has outstripped that of all private sectors, indicating their relative impor- tance to the local economy. Manufacturing has fallen off as other sectors have developed. This sector is largely made up of apparel and textile firms. Growth in the apparel industry is the result of geographic location with access to inexpensive labor markets in South and Central America and the Caribbean. Further, local governments offer special tax incentives that encourage textile and garment manufacturers to base operations in Miami. Also, the construction sector decreased between 1993 and 1995. However, international banking continues to be an important segment of the economy as Latin American trade expands. Table 4 shows the largest employers for the private and public sectors. Table 4 Largest Employers for Private & Public Seams Dale Coma Largest Private Scalar Employes Company Name 1 Florida Power & light. Company. 2 Bell South 3 Public Supermarkets, Inc. 4 Burger King Corporation 5 University of Miami 6 Burdines Department Stores 7 American Airlines 8 Carnival Cruise Lines 9 Viacom Group, Inc. 10 Royal Caribbean Cruises Ltd. 4 Total Employees 12269 10,019 9,410 7,000 7,000 5,400 5,400 4,910 4,500 4;061 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER Table 4 (Continued) Dade amity Largest Public Seam Employ= Rank Company Name Total Employees 1 Dade County Public Schools 38,310 2 Metropolitan Dade County 21,000 3 - U.S. Federal Government 18,400 4 State of Florida - 14,900 5 Jackson Memorial Hospital 8,120 6 City of ,Mianu 4,700 7 Miami -Dade Community College 2,526 8 VA Medial Center 2,400 9 Florida International University 2,350. 10 Gty of Hialeah 1,500 Source The Beattie Counci, Research Department Buying Power Table 5 shows Dade County's household income distribution for 1989 through 1994. It indicates that median household income for 1994 was $31,618 and has increased an average of 2.5 percent per year for the past six years. Table $ Dade County Homehoid Income Distolvution and Maim Buying Income MI) 1989-1994 EBI 1989 19% 1992 1993 1994 No. of Roaneholda 726.4 %18 702.7 7078 7158 $10,000$19999 1613 1852 1342. 1246 - 1195 4,999 1848 1815 171.5 W17 1568 $35,000349.99¢ , 1138 118.2 1152 1194 1195 550300 & Over 149.7 1717 1518 1833 2054 Medan HoaQbold EBI $24,701 S7b,243. $27408 2988 $31,618 Some. Saks 3 Marketing Management Survey of Buying Power knuary 1995 5 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER TRANSPORTATION Miami International Airport (MIA) Miami International Airport is handled approximately 33 million passengers and more than three million tons of cargo in 1995. MIA is ranked first in the U.S. in the number of international aircraft operations and second in the number of international passengers and total volume of international cargo transported. A one billion dollar expansion program is planned so that by the target of Year 2000, the facility will accommodate 45 million passengers a year. The Miami International Airport ranks eighth in the nation .in passenger traffic throughout the airport. A five-year summary of growth of passengers is as follows: Table 6 Annual Passenger Summary Miami Internatlonal Airport Year Passengers Annual Change (%) 1.991 26,591,000 29 1992 26,484,000 (0.01) 1993 28,255,000 6.7 1994 30,203,269 13.24 1995 33,235,658 9.90 The Port of Miami The Port of Miami, is the number one passenger cruise port in the world. It is home to more than 20 passenger ships, over one-third of the world's cerise ship fleet. Port passenger traffic in 1995 was 3.2 million passengers, up 7.6 percent from 1994. Freight shipped topped 5.85 million tons in 1995. The Port of Miami has a nearly $6.7 billion impact on the South Florida economy.; Under the present $250 million expansion program, the goal for the Year 2000 is to accommodate 16 million tons of cargo a year. The Port of Miami is in the final planning stages for expansion of the pasenger terminals. Four additional terminals are planned for 1996-1997. The following table presents a summary of passengers served by the Port of Miami for the past five years. 6 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER Table 7 Annual Passenger Summary Port of Miami Year Passengers Annual Change (%) 1990 2,734,816 - 1991 2,928,532 7.1 1992 3,095,487 5.7 1993 3,157.130 2.0 1994 2,967,081 (6.4) 1995 3,192,804 7.6 Rail Systems The Florida East Coast Railway and the Seaboard Coast Line are major rail freight carriers serving Dade County. Passenger service is provided by the Tri- Rail, Metroraii and the Metromover systems. Major Roads The major interstate highways serving Dade County are I-95 which runs north - south and I-75 which runs east -west and connects Dade and Broward Counties with Florida's west coast. The Florida Turnpike is a six -lane toll highway running north -south through the county. BLAZEJACK &COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER DADE COUNTY REAL ESTATE Office Market Dade County has 33.0 million rentable square feet of office space in 13 submarkets as follows: Table 8 Dade County Office Mart Summary of Inventory, Vacancy, Rates and Absorption c,,;,. ,�-�.... Inventory vacancy%/13 Weighted Average Rent (2) Abcotptian Year-to-date (SF) Brickell Avenue. (3) 4,726,573 27.3 52827 64,796 Downtown (3) 4116,646. 213 25.26 -54,728 Total CBD (3) 11,083,219 24.0 N/A 10,068 Coral Gabler 3,573,754 9.8 24.43 -3,462 Airport/West Dade 6,009,078 16.1 22.28 Coral Way 591,616 45 0.00. -149,095 9,262 Kendall/South Dade . 2,897,788 12.4 20.86.. 8,610 Northeast Dada 1,704,506 155 25,89 ?A729 Biscayne Corridor 1,556,719 185 0.00• 111,427 Miami Lakes 1,166,263 223. 1854 -57,277 Coconut Grove 925,447 4.6 2438 -8,756 South Miami 1,355,060 8.0 0.00' 49,294 East Airport 920,217 11.3 0.00• 27,832 Miami Beach 827,660. 11.6 . 28.00 43,584 Total Non-CBD 20:729.108 - 132 N/A 399.984 GRAND TOTAL 32,611,327 16.9 25.63 66,216 1) Vacancy includes space available for sublease 2) Average rents are on a gross or full -service basis. 3) The Brickell Avenue & Downtown submarkets comprise the CBD submarket. * No Class A space available in this submarket. Source: Cushman & Wakefield - Fourth Quarter 1995 Office Market Report This market is slowly recovering from drastic overbuilding in the 1980's as well as the recession of the early 1990's and the failures of two major financial institutions headquartered in Miami (CenTrust Savings and Southeast Bank). 8 BLAZEJACK&COMPANY REAL ESTATE. COUNSELORS LICENSED REAL ESTATE BROKER The following table shows additions to inventory by year and the resulting affect on occupancy. Table 9 GREATER MIAMI OFFICE MARKET HISTORICAL ADDmONS TO. SUPPLY AND ABSORPTION Approximate Annual S+ Vacancy Estimated Year Addition to Inmatoc7. Percent Absorption 1984 2,900,000 . 143 1.200,000 1985 2,300,000 202 1,900,000 1986 3,400,000 22:0 2,200,000. 1987 3,200,000 243 1,8130,000 1988 1,100,000 223 1,600,000. 1989 1,500,000 21.9 1,090,000 1990 600,000 24.9 158,000 1991 752,000 233 640,000 1992 200000 189 1,300,000 1993 315,000 17.4 588,000 1994 276,894 17.6 410,000 Total 16,443,884 12,786,1300 Source: Property Appraiser's Office, Clark Biondi/Grubb & Ellis, Cushman& Wakefield, and Hunter Moss Table 9 shows little addition to inventory in the 1990's, resulting in a decline in vacancy drop from 24.9 percent in 1990 to 17.6 percent as of 1994. Table 8 shows that the suburban office markets are outperforming the Central Business District (CBD), with a 132 percent vacancy rate, compared to 24.0 percent for the CBD. Absorption slowed in 1995 to 66,215 square feet compared to 588,000 square feet absorbed in 1993. Nevertheless, a turnaround has occurred in the market, with suburban occupancy rising to where some large space users have had to look elsewhere because they could not find large contiguous blocks of space in the suburbs. Very little new space is planned and occupancy is expected to strengthen over the next several years. Strong submarkets include the airport west area, which is expected to grow and prosper, especially in the Waterford Park area along Red Road. This area may challenge Coral Gables's position as the most prestigious suburban office 9 BLAZEJACK &COMPANY REAL ESTATE COUNSELORS, LICENSED REAL ESTATE BROKER submarket in Dade County. - The Miami Lakes build -to -suit market is expected to continue to grow. Industrial Market According to the "Major Industrial Parks Market Summary - Fourth Quarter 1995", prepared by Cushman & Wakefield, a total of 32,331,909 square feet exists in five major submarkets in Dade County. The overall vacancy for distribu- tion/manufacturing space is 7.4 percent and 113 percent for office service/flex space. The following table presents a summary of warehouse space in major Dade County submarkets. 10 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER Table 10 Summary a Warelnoa Space Dade. County Industrial Park Total SF Avail. SF 4th Qtr. '95 Vac. 3rd Qtr. '95 Vac. Under Cnst/ Proposed Rent Range Airport Bus. Ctr. 414,114 136,513 33.0% 25.1% - 55.75-630 Gross America's Gateway 889,393 31,748 3.6 72 93,100 5.75-6.75 Grass. Beacon. Centre 1,736,061 w444.44 19.4 14.6 - 6.95-9.75 Gross Beacon Industrial 465,100 99,200 213 11.7 167,450 6.50-6.60 Gross Miami Airport Center 448,000 14,000- 3.1 112 64,000 6.95-725. Gross MICC 3,170,000 193,920 6.1 5.9 - 5.65-6 50 Gross Milani Comm.Park 334,000 30,000 9.0 9.7 - 4.95 Gross Subtotal. 7,456,668 841,729 11.3% 9.99E 324,550 54.95-9.75 Gross West Dade Gran Park 2,072,200 22,400 1.1% 13% - $5.95-6-50 Gross.:. Gran Park at McCahill 304,000 0 0.0 0.0 90,000 5.35 Gross Subtotal Medley 5,301,07'7 97,580 1.8% 3.1% .90,008. 4.10-7.00 Gross 1 Gratigny Central/ 5,691,017 104,300 L8% L1% 25,000. 3330-3.95 Gross Seaboard 4.00Net Miami Dale/ - 1,761,136 333,24 18.9 6.0 - Lejeune Douglas - 4.00-5.00 Gros 2.75 Net Ope Locka 981,816 95,449 9.7 9.7 - 3.25-4.27Gross Subtotal 8,433,969 532,949 6.3% 3.1% 25,000 5325-4.80 Gross N. Central Da& 2.75-4.00 Net Palmetto Lakes 3,470475 148,455 43% 4.3% - $4.50-6.00 Gress 3.75439 Net Sunshine State 4,720,923 526,952 112 10.1 - 325-730 Gross 195-6.00 Net Subtotal N. Dade ! 8,191,598 675,407 8:2% 7.7% - 53.25-73 s 0 Gross 3.756.00 Net I ".: Miami Lakes 2,948,597 246,156 83%. 4.6% - 5.25-5.95 Gross Grand Totals 32,331,909 2,393,821 7.4% 5.9% 439,550 53.25-9.75 Gross Source: Cushman & Wakefield of Florida, Inc., Market Research Department; December1995. 11 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER There are three categories of industrial space: distribution/manufacturing, office service and flex uses. The quoted rental rates for the industrial market range from 52.00 to 512.50 per gross square foot. A breakdown by space type is as follows: Table 11 Rent Range by industrial Property Type Description Rent Range Distribution/Manufacturing $4.95 - $ 9.75 Office Service 56.50 - $14.70 Flex $6.50 - $14.70 Source: Cushman & Wakefield, Industrial Market Survey, 4th Quarter, 1995 The local industrial market strengths lie in supplying goods and services internationally, primarily to the Caribbean, Central and South Americas and the growing European segment. Dade County is the third largest garment manufac- turing center in the United States after Los Angeles and New York. The result is that proximity and ease of access to Miami International Airport and the Port of Miami are prime determinants in rent and price ranges. Despite the recent sewer restrictions, Dade County's industrial market is enjoying a tremendous growth and expansion, especially in the West/Dade Airport areas. BLAZEJACK &COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER Retail Market Dade County's retail market has generally expanded over the past five years. The following table shows population, households, effective buying income and retail expenditures as estimated by Sales & Marketing Magazine's Survey of Buying Power. A breakdown of retail sales by various categories is presented on the facing page. Table 12 Estimated Retail Expenditures 19R9 . 1994 Year Population Households EBI Retail Expenditures 1994 2,036,000 715,800 $31,618,000 S19,846,656 1993 2,001,700 707,800 28,612,356 517,971,017 1992 1,995,100 702,700 25,776,680 16,360,144 1990, 1,963,000 701,800 25,533,002 15,113,192 1989 1,885,900 726,400 24,874,652 13,459,450 Inventory According to Terranova's Spring 1995 Dade County Shopping Center Update (latest available), Dade County has 23,226,849 million square feet of retail space in 159 shopping centers. Overall vacancy is 7.23 percent, or nearly 2.0 million square feet. Absorption totaled nearly 1,029,722 square feet. With an estimated 1995 population of 2,056,000, retail space per capita 11.27 square feet per person. B1AZE)ACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER The following table presents a breakdown of retail space and rents in Dade County's major submarkets. Table 13 Dade County Retail Market Summary of Inventory, Vacancy, Rates and Absorption January 1994 -January 1995 (latest available) Submarket Inventory Vacancy (%) Rental Rates (Average) Absorption (SF) Northeast Dade 4,120,000 10.21 S13.72 2,980 Hialeah/Miami Lakes 4,400,000 11.89 14.76 25,393 Coral Gables/South Miami 467,789 2.94 22.68 9,256 West Flagler 3,470,000 3.05 14.52 465,026 Bird Road/Coral Way 2,700,000 5.64 13.18 60,778, Kendall 3,900,000 531 16.67 145,000 Cutler Ridge/Perrine 2,550,000 5.99 15.48 289,054 Homestead/Naranja 700,129 7.91 13.56 102,L. Overall Dade County 23,226,849 7.23 14.66 1,029,722 New Construction New construction of retail space completed in 1994 were Homestead Town Square, The Plaza at Beacon Centre, and the 136th Street Plaza. These three centers added 745,000 square feet, and only six percent of this space remained available as of March 1995. Expansions at The Prado, Kendall Mall and Las Americas No. 2 added 62,000 square feet to the market. New .names in the market include Sam's Wholesale Club, Rooms To Go, Incredible Universe and Borders Bookstore. Some of the existing companies that expanded in Dade County were Winn -Dixie, Pet Stuff, Bed, Bath and Beyond, Ross Dress for Less, Sports Authority and Target Stores. With no significant square feet of retail space entering the market in 1995, we expect supply to tighten in many areas of Dade County, thereby, moving up the rental rates. 14 BLAZEJACK &COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER Housing Market According to the Fourth Quarter 1995 Quarterly Housing Report of Reinhold P. Wolff Economic Research, Inc., the housing market of Dade County improved somewhat from the second quarter to the third quarter of 1995. During the third quarter of 1995 a total of 2,752 new housing units were absorbed, up 4.8 percent from the 2,625 absorbed in the second quarter of 1995, and a slight 0.5 percent above the 2,738 absorbed in the third quarter of 1994. Used housing sales activity increased also, increasing from 9,104 units in the second quarter of 1995 to 9,326 in the third quarter of 1995, a 2.4 percent gain. Used housing sales during the third quarter of 1995, however, were 8.6 percent below the 10,201 of the third quarter of 1994. New condominium unit sales declined in the third quarter of 1995 as the 898 units deeded were 17.2 percent below the 1,084 sold in the second quarter of 1995 and 16.2 percent less than the 1,072 sold in the third quarter of 1994. Through September 1995 the 3,013 new unit sales were 38.8 percent above the 2,171 sold during the same period of 1994. During the third quarter of 1995 sales declined in seven of the 11 geographic areas by which the data was examined and increased in four areas. New condominium developments experienced an average of 2.3 sales per month per project during the third quarter of 1995 and the overall median price of a new unit sold was $86,448, up 14.6 percent from the $75,454 median of the second quarter of 1995. A total of 3,336 used condominium units were sold during the third quarter of 1995, down 2.0 percent from the 3,405 sold during the second quarter of 1995 and 10.2 percent below the 3,713 sold in the third quarter of 1994. The 9,944 used condominium sales in Dade County through September 1995 is 13.0 percent below the 11,429 sold during the same period of 1994. The median price of a used unit sold in the third quarter was $64,257, up 4.9 percent from the $61,250 median of the preceding quarter. New single family home sales increased by 7.0 percent during the third quarter of 1995, but the 1,159 homes deeded were 11.6 percent less than the 1,311 sold in the third quarter of 1994. The 3,431 new homes sold through September 1995 represents a 13.3 percent decline from the 3,959 sales for the same period of 1994. New home sales increased during the quarter in 10 of the 16 geographic submarket areas examined and declined in six area. The average monthly sales rate per single family development in the third quarter of 1995 was 2.1 units and the overall median selling price was $120,557. The median price is 0.5 percent below the $121,181 of the second quarter of 1995: 15 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL. ESTATE BROKER A total of 5,990 used single family homes were sold in the third quarter of 1995, up 5.1 percent from the 5,699 sold in the second quarter of 1995, but 7.7 percent below the 6,488 sold in the third quarter of 1994. The 16,723 used single family homes sold in Dade County through September 1995 was 15.1 percent less than the 19,706 sold during the same period of 1994. The median price of a used home sold in the third quarter was $93,917, up 4.4 percent from the $90,000 median of the preceding quarter. New rental apartment absorption continues to increase in response to increased development activity. During the third quarter of 1995 a total of 695 new apartment units were absorbed, 51.7 percent more than the 458 absorbed in the preceding quarter and 95.8 percent more than the 355 absorbed in the third quarter of 1994. Through September 1995 a total of 1,400 new apartments were absorbed, 2.9 times the 482 absorbed during the same period of 1994. The vacancy rate in rental apartment developments completed for 18 or more months was unchanged at 4.3 percent from August to November 1995. The November 1995 rate is somewhat higher than the 3.9 percent rate found in November 1994. The overall average monthly rent for apartments is starting to increase following a long period of stagnation caused by the high level of increase following Hurricane Andrew. The overall average rent of $699 in November 1995 is 44.00 higher than in August, but is still 0.9 percent below the level of November 1994. New housing construction during the third quarter of 1995, as indicated by building permit data, increased by 9.4 percent more than in the third quarter of 1994. Multiple family starts in the third quarter of 1995 were 17.4 percent lower than the level of the second quarter of 1995, and were 5.5 percent less than hi the third quarter of 1994. Single family starts in the third quarter of 1995 were 44.2 percent more than in the second quarter of 1995 and 25.8 percent above the third quarter of 1994. A total of 10,326 housing units were started in 1994, up 18.0 percent over the 8,753 of 1993. It is estimated that about 12,131 housing units were started in 1995, up 17.5 percent from the total of 1994. Single family starts are estimated at 5,977 units, 11.0 percent more than the total for 1994. Multiple family starts in 1995 are estimated to have totaled 6,154 units, up 24.5 percent from the 4,942 of 1994. It is forecast that in 1996, a total of 11,540 housing units will be started representing a 4.9 percent decline from the estimated total for 1995: Single 16 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER family home starts are forecast. at 5,820 units, down 2.6 percent from the estimated total for 1995, while multiple family starts are forecast to total 5,720, down 7.1 percent from 1995. Building Permits During the third quarter of 1995, a total of 3,188 new housing units were authorized by building permits in Dade County, up 7.8 percent from the 2,956 units permitted in the second quarter of 1995 and 9.4 percent more than the 2,913 of the third quarter of 1994. The 9,011 housing units permitted through September 1995 is 13.1 percent greater than the 7,966 permitted during the same period of 1994. Table 14 Residential Building Permits Dade County and Miami 1985 -1995 Dade County Single Multi - Family Family Total 1985 5,680 9,425 15,105 1986 7,455 23,050 30,505 1987 6,425 7,618 14,043 1988 2,277 3,699 5,976 1989 1,325 4,897 6,222 1990 935 1,599 2,534 1991 4,229 3,148 7,377 1992 5,526 2,797 8,323 1993 5,792 3,233 9,025 1994 5,384 4,942 10,326 1995* 4,367 4,644 9,011 Miami Single- Multi - Family Family Total 123 478 601 126 609 735 119 1,164 1,283 107 1,192 1,299 102 792 894 77 874 951 69 374 443 87 466 553 39 389 428 N/A N/A N/A 21 379: 400 • Through Third Quarter 1995 Source: University of Florida, Bureau of Economic and Business Research It is forecast that 12,131 housing units will have been started in Dade County when the final data for the year is available. This represents a 17.5 percent increase over the 10,326 of 1994. It is forecast that 11,540 housing units will be started in 1996 representing a 4.9 percent decline from the estimated total for 1995. Multiple housing starts are estimated to have totaled 6,154 in 1995 represent- ing a 24.5 percent increase over the 4,942 of 1994 and the fourth consecutive year 17 BLAZEJACK &COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER. '.. of increase. The 1996 forecast is for 5,720 multi -family units representing a 7.1 percent decline from the estimated total for 1995. The 5,977 single family homes estimated to have been started in 1995 represents an 11.0 percent increase over the 5,384 of 1994. In 1996 it is expected that 5,280 single family homes will be started, down 2.6 percent from the estimated total for 1995. TOURISM Nearly 9.4 million tourists visited Miami -Dade County in 1995, an increase of about 7.1 percent over 1994. The total tourist expenditures in 1995 was 58,369,850,000, an increase of 21 percent over 1994. The outlook for 1996 is continued for growth. The visitor mix is moving back in the direction off a 50/50 split between domestic and international visitors. Of the 5.0 million international visitors, more than 3.5 million arrived from Latin American countries, perhaps attracted to Miami's diverse amenities and commitment to serving the needs of Latin American visitors. Visitors from Canada and European countries also represented a significant portion of international tourists and reflect Miami's global appeaL Tourist safety also became a prime concern in 1993. As a result, visitors are finding a number of tourist -friendly changes, including added road signs to assist visitors in finding their way on Dade County streets. A variety of brochures and public -awareness campaigns also have been produced and are geared to make Miami a home away from home for the area's vital tourism industry. BANKING The banking industry remains one of Miami's most vital economic resources. Indeed, the Miami skyline is sprinkled with the names of some of the leading financial institutions in the United States. Global banking also plays an important role. In total, about 150 commercial banks, thrift institutions, Edge -Act banks and foreign banks comprise the. Miami banking industry and account for more than $45 billion in deposits. Domestic Banking. Sixty commercial banks, with 385 branches, comprise Miami's domestic banking scene and account for more than $23 billion in deposits. While First Union National Bank retained its number -one status in 1993, Barnett Bank's 18 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE. BROKER acquisition of Glendale Federal in 1994 had some impact on its number -two status. Miami-Dade's thrift institutions boast 144 offices and more than $10.6 billion in deposits in 1993. Chase Federal almost doubled its number of deposits in 1993 to join Great Western Bank and Coral Gables Federal as the three leading thrift institutions, each with assets of more than 51 billion (in the number -one position, Great Western holds more than $2.7 billion in deposits). Growth is expected to continue as South Florida financial institutions merge both local and nationally with other institutions to take on added importance in the U.S. financial scene. International Banking With 43 foreign bank agencies and 11 Edge Act banks, financial institutions which originate from Latin America, Europe and Asia are a key component in the structure of the Miami banking industry. A foreign bank agency is a state -licensed local office of a foreign bank. It may accept deposits from non-residents and may make loans to local and foreign borrowers. While loans to local borrowers are limited to use for international business, foreign borrowers may use their loans however they wish. An Edge Act bank is a federally licensed subsidiary of a foreign or U.S. domestic bank holding company authorized to carry out only international transactions. An Edge Act. bank may lend to domestic and overseas customers and take deposits from non-residents. In 1993, 11 Edge Act banks held deposits of more than $3.8 billion. Summary and Conclusion With a significant global presence in such industries as tourism, banking, trade, services, retail, real estate and manufacturing, Miami's economy is flourishing. In addition, leading economic indicators predict that the business of doing business will only get better. Miami's superior reputation around the globe is one of the reasons the economy is on an upswing. International travelers and businesses heavily affect each of Miami's leading industries. American Airlines, for example, increased its Miami workforce from 6,800 to 8,200 in 1993, making it Dade County's largest private employer. International trade, meanwhile, remains one of the area's most active sectors, with more than 26 percent of the market. 19 BLAZE JACK &COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER The lack of a state income tax and Florida's status as a "right-to-work" state are among the reasons why Dade County boasts such a large. workforce. More than 918,000 people were employed in Dade County in 1993, an increase of more than 17,000 since the U.S. census was taken in 1990. Such statistics also have been influenced by Miami's focus on the international business community, as hundreds of major corporations around the globe have based either all or part of their operations in the Miami -Dade County area. Japan's Sony Electronics, Germany's Lufthansa Airlines, and Switzerland's Credit Suisse are among the international businesses that boast Miami -Dade County offices. In addition, regional and national firms - including more than 75 Fortune 500 service and industrial companies - also play a key role in Miami -Dade County's economic makeup. Indeed, Miami -Dade County is sprinkled with such major names as Honeywell, Motorola, Georgia-Pacific, Pitney Bowes and Texaco. And while the spirit of entrepreneurship which has fortified Miami since its inception, has resulted in thousands of small and medium-sized firms, other private -sector employers are responsible for employing vast numbers of Dade county's workforce. Utilities play a vital role: Florida Power & Light employed more than 4,100 people. in 1993, while Southern Bell and BellSouth Telecommu- nications combines employed almost 11,000 people. Retail chains were also among the top private employers: K -Mart Corporation and Publix Super Markets, for example, employed 3,000 each in 1993. Finally, the healthcare industry also served as a major source of employment: Mount Sinai Medical Center boasted almost 2,800 employees, Baptist Hospital employed more than 2,600 people, and Cedars Medical Center had more than 1,800 individuals on its payroll. Overall, the economy of Dade County indicates a positive trend with most sector showing an improvement. The real estate markets in most areas of Dade County are growing and we expect those market to continue to expand in the near future due to the continuing business with the Caribbean & Latin America. 20 BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER Exhibit C Comparable Commercial Land Sales BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER COMMERCIAL LAND SALE NUMBER 1 PROPERTY IDENTIFICATION Location: Folio Number: Brief Legal: Submarket: TRANSACTION DATA Date of Sale: Grantor: Grantee: Interest. Conveyed: O.R. Book & Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: PROPERTY DESCRIPTION Land Area: Zoning: Shape: Topography Utilities: Access: Frontage: Visibility. Highest and Best Use: 1 Crandon Boulevard Key Biscayne, Dade County, FL 24-4232-002-0060 North 150 feet of West 200 feet of Tr 2, PORTION OF MATHESON ESTATE according to Plat thereof, recorded in Plat Book 46, Page 86 of the Public Records of Dade County, Florida. Key Biscayne April 14, 1997 Anna and Robert Matheson, et al. L.D. Pankey Dental Foundation, Inc. Fee Simple 17600-2182 $960,000 $960,000 Cash to seller N/A 30,000 SF or 0.69 Acres BU -1A Irregular Generally level All available to site From Crandon Boulevard Approximately 200 feet along Crandon Boulevard Good Commercial/Residential Use Price per SF: $32.00 COMMENTS The buyers plan to construct a new headquarters building for their offices and educational facilities. The site was improved with a gas station which was demolished. There are no environmental issues on the site. The Village of Key Biscayne has assigned residential use under the Master Plan which is different from the BU -1A Zoning. The site is at the northern edge of the area (middle portion) developed on Key Biscayne and adjacent to residential developments. The site was sold in an "as is" condition. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER. COMMERCIAL LAND SALE NUMBER 2 PROPERTY IDENTIFICATION Location: Folio Number: Brief Legal: Submarket: TRANSACTION DATA Date of Sale: Grantor: Grantee: Interest Conveyed: O.R. Book & Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: PROPERTY DESCRIPTION Land Area: Zoning Shape: Topography: Utilities: Access: Frontage: Visibility: Highest and Best Use: Price per SF: 200 Crandon Boulevard Key Biscayne, Dade County, FL 24-4232-002-0090 The South 150' of the North 350' of Tr 3, SUBDIVISION OF A PORTION OF MATHESON ESTATE, according to Plat thereof, as recorded in Plat Book 46, Page 86 of the Public Records of Dade County, Florida Key Biscayne March 15, 1997 200 Palms Corporation Fininvest Investments Fee Simple Not available $2,300,000 $2,300,000 Cash to seller Approximately one year 61,420 SF or 1.41 Acres BU -1 Irregular Generally level All available From Crandon Boulevard 154 feet along Crandon Boulevard and 153 feet along Fernwood Road Very good from Crandon Boulevard Commercial and residential $37.45 COMMENTS The buyers plan to construct a mixed -use project to include apartment units and townhomes with some retail. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER COMMERCIAL LAND SALE NUMBER 3 PROPERTY IDENTIFICATION Location: Folio Number: Brief Legal: Submarket: TRANSACTION DATA Date of Sale: Grantor: Grantee: Interest Conveyed: O.R. Book & Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: PROPERTY DESCRIPTION Land Area Zoning. Shape: Topography: Utilities: Access: Frontage: Visibility: Highest and Best Use: Claughton Point on the south side of Claughton Island (Brickell Key) Miami, Dade County, Florida 01-4206-054-0010-002 Tract F, BRICKELL KEY ON CLAUGHTON, PB 140, Pg 95 Brickell January 17, 1997 Trustee for Edward Claughton, Jr. Swire Properties, Inc. Fee Simple Not yet recorded $11,000,000 $11,000,000 Cash to seller N/A 230,868 SF or 530 Acres O-Office/SD-19, City of Miami Irregular, following adjacent roadway and seawall Level, fronting along the Biscayne Bay All available Via S.W. 8th Street Along an interior cul-de-sac serving the island Good Land banking and eventual mixed -use development with a dominant commercial component. Price per SF: $47.65 COMMENTS This property is located on the southern tip of Claughton Island, and represents the last remaining tract of developable land on the 44 -acre man made island which is situated at the mouth of the Miami River. The purchaser already owns 35 of the 44 acres and has developed offices, condiminiums and rental units to date. Although no specific plans have been formulated for this site, -preliminary concepts call for hotel, condominium and/or office development. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER COMMERCIAL LAND SALE NUMBER 4 PROPERTY IDENTIFICATION Location: Folio Number: Brief Legal: Submarket: TRANSACTION DATA Date of Sale: Grantor. Grantee: Interest Conveyed: O.R. Book & Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: PROPERTY DESCRIPTION Land Area: Zoning: Shape: Topography: Utilities: Access: Frontage: Visibility:. Highest and Best Use: Price per SF: Northeasterly corner of U.S. 1 and S.W. 37th Avenue (former Royal Palm Ice property) Miami, Dade County, FL 01-4121-000-0030& 01-4121-006-0220 Lots 26 & 27 of MUNDY SUBDIVISION, PB 15 Pg 29 and a portion of Sec. 21 Twp. 54, Rng, 41 South Dixie December 17, 1996 Southeastern Public Service Company W -Ice, Ltd., (Trion Ventures -Ken Barber) Fee simple 175004285 $1,575,000 $1,575,000 Cash to seller. Seller to provide property with a "no further action" letter from DERM. The buyer will bear the cost of demolishing and removing the old ice plant (estimated at $37,000 including minor asbestos removal). Buyer obtained a construction loan of $2.84 MM from Barnett Bank. NA 42,602 SF or 0.98 Acres C-5 Irregular due to corner at Douglas Road and U.S. 1. Site generally measures 340' by 120' Improved with an old ice plant at sale. The building contained about 15,400 square feet. All available Via U.S. No. 1 (South Dixie Highway) and S.W. 37th Ave. (Doug as Road) About 340' on the northwesterly side of U.S. 1 and about 120' on the east side of Douglas Road Very good Commercial redevelopment $36 97 COMMENTS This is the sale of the former Royal Palm Ice property for redevelopment with a 13,905 square foot freestanding Walgreens Drug Store: The price paid equates to $112.91 per square foot. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER., COMMERCIAL LAND SALE NUMBER 5 PROPERTY IDENTIFICATION Location: Folio Number: Brief Legal: Submarket: TRANSACTION DATA Date of Sale: Grantor: Grantee: Interest Conveyed: O.R. Book & Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: PROPERTY DESCRIPTION Land Area: Zoning: Shape: Topography. Utilities: Arress: Frontage: Visibility Highest and Best Use: Price per SF: $38.69 COMMENTS 200 S.W. 13th Street Miami, Dade County, FL 01-4138-051-0640 MIAMI HGTS PB 5-29, Lot Less E10' and N10' Blk 93, Lot size 65.000 X 140 OR 12543.455 0785 2 West Brickell September 4; 1996 Inversora Atlanca Co. Walbrick Ltd. Fee simple 17343-476 $1,650,000 $1,650,000 Cash to seller The site has been marketed for over two years. 42,644 SF or 0.98 Acres 0; will be changed to C-1 Irregular (Triangular) Level and at street grade All available Via S.W. 13th Street Along S.W. 13th Street Very good Commercial development A freestanding Walgreen Drug Store is planned for the site. The site is situated just west of the Brickell Avenue corridor. A Publix grocery store is located to the east and a Hyde Park grocery store is situated to the west. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER COMMERCIAL LAND SALE NUMBER 6 PROPERTY IDENTIFICATION Location: Folio Number: Brief Legal: Submarket: TRANSACTION DATA Date of Sale: Grantor: Grantee: Interest Conveyed: O.R. Book & Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: PROPERTY DESCRIPTION Land Area: Zoning. Shape: Topography: Utilities: Access: Frontage: Visibility: SEC of Brickell Avenue and S.E. 13th Street Miami, Dade County, FL 01-4139-042-0010 Tract A, UCP SUBDIVISION, PB 121, Pg 93 Brickell October 17, 1995 Marianopolis Corporation Estoril, Inc. Fee Simple 16960-3014 $3,700,000 $3,700,000 Cash to seller; $2 M conventional mortgage at market rates Not available 73,579 SF or L69 Acres SD -5, City of Miami L-shaped; overall dimensions are about 242' X 427' Level and at street grade All available to site Via Brickell Avenue and S.E. 13th Street 60 feet along the east side of Brickell Avenue and 427 feet along the south side of S.E. 13th Street Good Highest and Best Use: Land banking with eventual mixed -use development with a dominant commercial component Price per SF: $50.29 COMMENTS This vacant, L-shaped site wraps around the Esperito Santo Bank of Florida. It is located in the heart of the Brickell Office Corridor and will most likely be developed with an office when demand warrants. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER COMMERCIAL LAND SALE NUMBER 7 PROPERTY IDENTIFICATION Location: Folio Number: Brief Legal: Submarket: TRANSACTION DATA Date of Sale: Grantor: Grantee: Interest Conveyed: O.R. Book &Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: PROPERTY DESCRIPTION Land Area Zoning. Shape: Topography: Utilities: Access: Frontage: Visibility: Highest and Best Use: At the northwest corner of South Miami Avenue and S.W. 14th Street Miami, Dade County, FL 01-02095-001-020; -030, -170 and -171 The N. 100' of Lot 4 less the N. 10', Lot less the N. 10', Lots 18, 19 and 20, Block 95, MIAMI SOUTH, PB B Pg 41 Brickell September 16, 1994 Frank and Wayne Rotolante and Ruth Morat Helm Bank and Credit Bank and Trust Company Fee simple 51,300,000 $1,300,000 Cash to seller NA, had been listed for several years. This purchase is an exercise of right of first refusal. 37,750 SF or 0.87 Acres SD -7 Irregular, L-shaped - wrapping the property already owned by the buyer. Level, jsut above street grade. There is a small house on one portion of the property. All available. Via South Miami Avenue, S.W. 13th St. and S.W. 14th St. 155' on the west side of South Miami Avenue, 100' on the south side of S.W. 13th Street and 155 feet along S.W. 14th Street Good. Land banking and eventual mixed use development. Price per SF: 534.44 COMMENTS This property has an irregular configuration. According to the selling broker, the site was marketed for approximately six years. Helm Bank has an adjacent branch bank which assembles nicely with this property to create a fairly regular property with a corner on 13th Street, a principal east -west thoroughfare connecting Brickell with Coral Gables. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER Exhibit D Comparable Improved Sales BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER BANK SALES BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER BANK BUILDING SALE NUMBER 1 PROPERTY IDENTIF Building Name: Address: Folio Number: Brief Legal: Submarket: CATION TRANSACTION DATA Date of Sale: Grantor: Grantee: Interest Conveyed: O.R. Book & Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: Occupancy at Sale: PROPERTY DESCRIPTION Land Area: Year Built: Gross Building Area: Rentable Area: Floor Area Ratio: Number of Stories: Parking Construction Type: First Union National Bank of Florida 6400 Southwest 8th Street West Miami, Dade County, FL 15-4012-045-0160 FAIRLAWN SEC B PB 13-55 Lots 21 thru 24 Little Havana July 30, 1996 First Union National Bank of Florida Intercredit Bank Fee Simple 17299-3572 $850,000 $850,000 Cash to seller N/A 0% 12,000 SF or 0.28 Acres 1954 11,493 SF 7,900 SF 0.66: 1 2 spaces or 0.000 spaces/1,000 SFRA CBS; APPRAISAL INDICATORS Price per SFRA: $107.59 COMMENTS The grantee intends to use the property as a bank branch. The site has frontage along S.W. 8th Street. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER BANK BUILDING SALE NUMBER 2 PROPERTY IDENTI Building Name: Address: Folio Number: Brief Legal: CATION Submarket: TRANSACTION DATA Date of Sale: Grantor: Grantee: Interest Conveyed: O.R. Book & Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: Occupancy at Sale: PROPERTY DESCRIPTION Land Area: Year Built: Gross Building Area: Rentable Area: Floor Area Ratio: Number of Stories: Parking: Construction Type: APPRAISAL INDICATORS Price per SFRA: COMMENTS First Union National Bank of Florida 2401 Ponce deLeon Boulevard Coral Gables, Dade County, FL 03-4117-005-0471 CORAL GABLES CRAFTS SEC PB 10-40 LOT 1 AND LOT 2 Less E 10' 81k 3 Coral Gables April 18, 1996 First Union National Bank of Florida Larus Real Estate Fee Simple 17176-755 $1,550,000 $1,550,000 Cash to seller N/A 0% 5,944 SF or 0.14 Acres 1939/78 7,453 SF 6,500 SF 1.09: 1 2 spaces or 0.000 spaces/1,000 SFRA CBS; $238.46 BLAZEJACKB.COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER BANK BUILDING SALE NUMBER 3 PROPERTY IDENTIFICATION Building Name: Address: Folio Number: Brief Legal: Submarket: TRANSACTION DATA Date of Sale: Grantor: Grantee: Interest Conveyed O.R. Book & Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: Occupancy at Sale: PROPERTY DESCRIPTION Land Area: Year Built: Gross Building Area: Rentable Area: Floor Area Ratio: Number of Stories: Parking: Construction Type: APPRAISAL INDICATORS Price per SFRA: COMMENTS First Union National Bank of Florida 1050 Alton Road Miami Beach, Dade County, FL 02-3234-025-0250,-0240 THIRD COMM, PB 7-160, Lots 6 and 7 South Beach February 1, 1996 First Union National Bank of Florida M L H Investments, Inc. Fee simple 17090-1601 $850,000 $850,000 Cash to seller N/A 0% 16,988 SF or 039 Acres 1941 8,093 SF 7,783 SF 0.46: 1 1 20 spaces or 2.570 spaces/1,000 SFRA Average quality CBS construction. $109.21 This property was occupied with a First Union branch until they moved less than one mile north into a larger building with a more desirable location on Lincoln Road. Subsequent to the sale, the improvements were renovated and divided into two bays. Occupying the space will be Mount Sinai Hospital and a French bakery. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER BANK BUILDING SALE NUMBER 4 PROPERTY IDENTIFICATION Building Name: Chase Federal Bank Address: 8941 S.W. 136th Street Miami, Dade County, FL Folio Number: 30-5016-033-0070 Brief Legal: Tract M, Briar Bay Urban Park Section 3 as recorded in Platbook 99-41 of the Public Records of Dade County, FL Submarket: Briar Bay TRANSACTION DATA Date of Sale: Grantor: Grantee: Interest Conveyed: O.R. Book & Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: Occupancy at Sale: PROPERTY DESCRIPTION Land Area: Year Built: Gross Building Area: Rentable Area: Floor Area Ratio: Number of Stories: Parking Construction Type: May 18, 1994 Alec P. Courtelis Cornwalis Properties Leased fee 16372-1934 $865,000 $865,000 Cash to seller N/A 100% 22,126 SF or 0.51 Acres 1987 3,684 SF 3,684 SF 0.17: 1 1 20 spaces or 5.429 spaces/1,000 SFRA CBS APPRAISAL INDICATORS Price per SFRA: $234.80 COMMENTS This bank building has a three -lane drive -through facility located on the north side of the structure. An outparcel of Briar Bay Shopping center; located 1/4 mile west of U.S. 1. Chase Federal had a land lease on the property. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER BANK BUILDING SALE NUMBER 5 PROPERTY IDENTIFICATION Building Name: Address: Folio Number: Brief Legal: Submarket: TRANSACTION DATA Date of Sale: Grantor: Grantee: Interest Conveyed: O.R. Book & Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: Occupancy at Sale: PROPERTY DESCRIPTION Land Area: Year Built: Gross Building Area: Rentable Area: Floor Area Ratio: Number of Stories: Parking: Construction Type: APPRAISAL INDICATORS Price per SFRA: Formerly Flagler Federal Savings & Loan Building 8898 SW 144 Street Miami, Dade County, FL 30-5021-000-0371 21-55-40 0.56 acres AC M/L Beg 35 Ft S & 99.85 Ft W of NE cor of SE 1/4 W 150 Ft .... to POB South Miami July 29, 1994 RTC KB Partners Limited (Marvin Sheldon) Fee Simple Not available $850,000 $850,000 Financing obtained is a $765,000 first mortgage with Metro Bank of Dade county Not applicable (auctioned by RTC) Vacant (0% occupied) 24,394 SF or 0.56 Acres 1980 4,880 SF 4,401 SF 0.18: 1 1 spaces or 0.000 spaces/1,000 SFRA CBS construction $193.14 COMMENTS This building is vacant, but the broker said that there is a bank who will occupy 100 percent of the building by mid -November 1994. This is an outparcel sale in a shopping center. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER BANK BUILDING SALE NUMBER 6 PROPERTY IDENTIFICATION Building Name: Address: Folio Number: Brief Legal: Submarket: TRANSACTION DATA Date of Sale: Grantor: Grantee: Interest Conveyed: O.R. Book & Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: Occupancy at Sale: PROPERTY DESCRIPTION Land Area: Year Built: Gross Building Area: Rentable Area: Floor Area Ratio: Number of Stories: Parking. Construction Type: APPRAISAL INDICATORS Price per SFRA: COMMENTS PanAmerican Bank 2760 S.W. 27th Avenue Miami, Dade County, FL 014116-035-0130 Lots 1 through 4, Block 3, COMMERCIAL SILVER BLUFF as recorded in Platbook 14-59 of the Public Records of Dade County, FL South Dade March 31, 1994 Daniel A. Kavanaugh PanAmerican Bank Fee simple 16304.4585 5502,200 $502,200 Cash to seller 45 days 100% 8,500 SF or 0.20 Acres 1954 3,518 SF 3,518 SF 0.41: 1 1 20 spaces or 5.685 spaces/1,000 SFRA CBS 5142.75 This property was leased to PanAmerican Bank prior to sale at a rate of $25.00/SF. It was initially offered to PanAmerican Bank by the grantor prior to placement on the open market. PanAmerican declined at that time but came back to the table shortly after property was listed. This propery has one drive -through teller lane. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS UCENSED REAL-ESTATE BROKER 810 E. 25th Street Hialeah, Dade County, FL 04-3108-002-2050 Lots 1 through 3, Block 97B, HIALEAH 13TH ADDITION AMMENDED PLAT as recorded in Platbook 34-26 of the Public Records of Dade County, FL Hialeah January 5, 1994 Federal Deposit Insurance Corporation Jonnico Corporation Fee simple 16208-1692 $607,000 $607,000 Cash to seller N/A 0% 45,000 SF or 1.03 Acres 1958 5,000 SF 5,000 SF 0.11:1 1 spaces or 0.000 spaces/1,000 SERA CBS $121.40 BANK BUILDING SALE NUMBER 7 PROPERTY IDENTIFICATION Building Name: Address: Folio Number: Brief Legal: Submarket: TRANSACTION DATA Date of Sale: Grantor: Grantee: Interest Conveyed: O.R. Book & Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: Occupancy at Sale: PROPERTY DESCRIPTION Land Area: Year Built: Gross Building Area: Rentable Area: Floor Area Ratio: Number of Stories: Parking: Construction Type: APPRAISAL INDICATORS Price per SERA: COMMENTS Improvements consist of two buildings totaling 5,000 square feet. The smaller of the two was a 1,500 square foot bank branch with three drive -through teller lanes. This building was vacant at time of sale and is now houses the purchaser's Sir Speedy print shop. Lease negotiations for the larger of the two buildings, a 3,500 square foot structure, are currently underway with Miami Subs. No details of lease terms or rates were made available. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER OFFICE SALES BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER OFFICE BUILDING SALE NUMBER 1 PROPERTY IDENTIFICATION Building Name: Address: Folio Number: Brief Legal: Submarket: TRANSACTION DATA Date of Sale: Grantor: Grantee: Interest Conveyed: O.R. Book & Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: Occupancy at Sale: PROPERTY DESCRIPTION Land Area: Year Built: Gross Building Area: Rentable Area: Floor Area Ratio: Number of Stories: Average Floor Plate: Number of Elevators: Parking: Parking Comment Construction Type: 236 Valencia Avenue Coral Gables, Dade County, FL 03-4117-005-2420 Lots 13 through 14, Block 10, CORAL GABLES CRAFTS SECTION as recorded in Plat Book 10, Page 40 of the Public Records of Dade County, Florida Coral Gables April 1, 1997. Paul J. Herald 236 Valencia Ltd Fee Simple 17585-2555 $980,000 $980,000 Cash to seller Approximately one year 0% 5,000 SF or all Acres 1958 10,535 SF 9,100 SF 1.82: 1 2 5,268 SF 0 8 spaces or 0.879 spaces/1,000 SFRA Fully secured garage Average quality concrete block and stucco exterior BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER Office Building Sale No. 1 (continued) FINANCIAL DATA (based on discussion with ceiling broker and appraiser's estimate) Gross Revenues: $159,250 Less Vacancy & Loss: $8.000 Effective Gross Income: $151,250 Less Expenses: $54,600 Net Operating Income: $96,650 Less Debt Service: $ Cash Throw Off: $96,650 APPRAISAL INDICATORS Price per SERA: Effective Gross Income Multiplier: Overall Rate: Equity Dividend Rate: Anticipated IRR: Other Acquisition Assumptions: COMMENTS $107.69 6.48 9.86% 9.86% or $1750/SERA or $0.88/SERA or $16.62/SFRA or $6.00/SFRA or $10.62/SFRA or $0.00/SERA or $10.62/SERA This two-story, single -tenant mediterranean style office building has eight parking spaces in a fully secured garage area behind building. BLAZEJACK &COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER 236 Valencia Avenue Coral Gables Dade County, Florida OFFICE BUILDING SALE NUMBER 2 PROPERTY IDENTIFICATION Building Name: Address: Folio Number: Brief Legal: Submarket: TRANSACTION DATA Date of Sale: Grantor: Grantee: , Interest Conveyed: O.R. Book & Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: Occupancy at Sale: PROPERTY DESCRIPTION Land Area: Year Built: Gross Building Area: Rentable Area: Floor Area Ratio: Number of Stories: Average Floor Plate: Number of Elevators: Parking Parking Comment: Construction Type: 300 Sevilla Avenue Coral Gables, Dade County, FL 03-4117-005-4820 Lots 18 through 34, Block 17, CORAL. GABLES CRAFTS SECTION as Recorded in Plat Book 10, Page 40 of the Public Records of Dade County, Florida Coral Gables December 24, 1.996 Tableton Corporation C. G. Rebozo, Trustee Leased Fee 17473-1723 $2,280,000 $2,280,000 Cash to seller N/A Approximately 95% 22,500 SF or 052 Acres 1969 28,576 SF 26,793 SF 1.19: 1 2 14,288 SF 1 61 spaces or 2.277 spaces/1,000 SFRA Covered and surface parking adequate Average quality concrete blodc with stucco exterior BLAZEJACKB.COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER Office Building Sale No. 2 (continued) FINANCIAL DATA (based on appraiser's estimate) Gross Revenues: $400,000 Less Vacancy & Loss: $20.000 Effective Gross Income: $380,000 Less Expenses: $191.781 Net Operating Income: $188,219 Less Debt Service: Cash Throw Off: $188,219 APPRAISAL INDICATORS Price per SFRA: Effective Gross Income Multiplier: Overall Rate: Equity Dividend Rate: Anticipated RR: Other Acquisition Assumptions: COMMENTS $85.10 6.00 8.26% 8.26% or or or or or or or $14.93/SFRA $0.75/SFRA , $14.18/SFRA $7.16/SFRA . $7.02/SFRA $0.00/SFRA $7.02/SFRA This contemporary styled multi -tenant office building has 61 parking spaces located on the ground -level beneath building. Tenants include a variety of professional accountants, attorneys and real estate mortgage and title firms in approximately 17 suites. 15LAZEJACK&COMPANY REAL ESTATE COUNSELORS. LICENSED REAL ESTATE BROKER OFFICE BUILDING SALE NUMBER 3 PROPERTY IDENTIFICATION Building Name: Address: Folio Number: Brief Legal: Submarket: TRANSACTION DATA Date of Sale: Grantor. Grantee: Interest Conveyed: O.R. Book & Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: Occupancy at Sale: PROPERTY DESCRIPTION Land Area: Year Built: Gross Building Area: Rentable Area Floor Area Ratio: Number of Stories: Average Floor Plate: Number of Elevators: Parking: Parking Comment: Construction Type: 3251 Ponce deLeon Boulevard Coral Gables, Dade County, FL 03-4117-007-0320 Lots 1 through 3, Block 6, COCONUT GROVE SECTION PART ONE OF CORAL GABLES as Recorded in Plat Book 14, Page 25 of the Public Records of Dade County, Florida Coral Gables. September 11; 1996 Prahl Brothers, Inc. Ravenscroft Holdings, Inc. Fee Simple 17348-4196 $1,300,000 $1,300,000 Purchase money mortgage in the amount of $975,000 N/A 100% 8,000 SF or 0.18 Acres 1966 16,032 SF 10,963 SF 1.37: 1 2 8,061 SF 1 18 spaces or 1.642 spaces/1,000 SFRA Underground parking Average quality concrete block and reinforced concrete with stucco exterior and clear glass fenestration BLAZEjACKS.COMPANY REAL ESTATE COUNSELORS ' LICENSED REAL ESTATE BROKER Office Building Sale No. 3 (continued) FINANCIAL DATA (based on discusstion with seller and appraiser's estimate) Gross Revenues: $200,000 Less Vacancy & Loss: $10.000 Effective Gross Income: $190,000 Less Expenses: $70.000 Net Operating Income: 5120,000 Less Debt Service: 5 Cash Throw Off: $120,000 APPRAISAL INDICATORS Price per SERA: Effective Gross Income Multiplier: Overall Rate: Equity Dividend Rate: Anticipated IRR: Other Acquisition Assumptions: COMMENTS 5118.58 6.84 9.23% 9.23% or $18.24/SFRA or $0.91/SFRA or $17.33/SFRA or $6.39/SFRA or $10.95/SFRA or $0.00/SFRA or $10.95/SFRA This owner user building including underground parking was formerly occupied by the seller and purchased by a Coconut Grove shipping company who sought their own adminsitrative building in Coral Gables. Purchase decision analysis was said to have been based upon prices paid per square foot for comparable buildings. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER t a 3251 Ponce de Leon Boulevard Coral Gables Dade County, Florida OFFICE BUILDING SALE NUMBER 4 PROPERTY IDENTIFICATION Building Name: Address: Folio Number: Brief Legal: Submarket TRANSACTION DATA Date of Sale: Grantor. Grantee: Interest Conveyed: O.R. Book & Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: Occupancy at Sale: PROPERTY DESCRIPTION Land Area: Year Built: Gross Building Area: Rentable Area: Floor Area Ratio: Number of Stories: Average Floor Plate: Number of Elevators: Parking: Parking Comment: Construction Type: 1533 Sunset 1533 Sunset Drive Coral Gables, Dade County, FL 03-4130-009-1500 Lts 29 & 30, Blk 204, Lts 11 & 12, less E 19 Lt 28 less E 19' and all Lt 29, B1k205,PB28,Pg32 Coral Gables August 29, 1996 Commercial Bank of Florida 1533 Sunset Ltd Fee Simple 17333-3871 $2,150,000 S2,150,000 Cash to seller N/A 95% 10,000 SF or 0.23 Acres 1971 18,147 SF 14,478 SF 1.45: 1 2 7,000 SF 1 36 spaces or 2.487 spaces/1,000 SERA Adequate Concrete block BLAZEJACK &COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER Office Building Sale No. 4 (continued) FINANCIAL DATA (based on discussion with grantee and appraiser's estimate) Gross Revenues: Less Vacancy & Loss: Effective Gross Income: Less Expenses: Net Operating Income: Less Debt Service: Cash Throw Off: APPRAISAL INDICATORS Price per SFRA: Effective Gross Income Multiplier: Overall Rate: Equity Dividend Rate: Anticipated IRR: Other Acquisition Assumptions: $307,900 $15.400 $292,500 $95,500 $197,000 $197,000 $148.50 735 9.16% 9.16% or $21.27/SFRA or $1.06/SFRA or $20.20/SFRA or $6.60/SFRA or $13.61/SFRA or $0.00/SFRA or $13.61/SFRA COMMENTS This is a multi -tenant facility with the bank occupying about 3,428 square feet, and the remaining space being occupied by seven tenants. The property is currently 100 percent occupied. Other tenants include Guardian Title & Insurance company and other professional local offices. No major renovations were required after the sale. - BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER COMMERCIAL BANK.OF FLORIDA Commercial Rank Building 1533 Sunset Drive Coral Gables, Dade County, Florida OFFICE BUILDING SALE NUMBER 5 PROPERTY IDENTIFICATION Building Name: Address: Folio Number: Brief Legal: Submarket: TRANSACTION DATA Date of Sale: Grantor: Grantee: Interest Conveyed: 0.1L Book & Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: Occupancy at Sale: PROPERTY DESCRIPTION Land Area: Year Built: Gross Building Area Rentable Area: Floor Area Ratio: Number of Stories: Average Floor Plate: Number of Elevators: Parking: Parking Comment: Construction Type: On the west side of 87th Avenue north of Bird Road Unincorporated, Dade County, FL 30-4016-007-0181,-0182,-0520 BIRD ROAD HIGHLANDS, PB 20-31, Lots 44-47 and 126-129 West Dade August 27, 1996 Ocean Bank Edward C. Gelber Fee Simple 17335-2231 $1,900,000 $1,900,000 The property was purchased from Ocean Bank at a discount subsequent to foreclosure. Ocean Bank also financed the mortgage. Approximately five months 100 33,238 SF or 0.76 Acres 1990 20,991 SF 20,000 SF 0.60:1 3 6,667 SF 2 80 spaces or 4.000 spaces/1,000 SFRA Adequate surface parking Good quality concrete block construction BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER Office Building Sale No. 5 (continued) FINANCIAL DATA (based on discussion with seller) Gross Revenues: $320,000 Less Vacancy & Lass: $16,000 Effective Gross Income: $304,000 Less Expenses: $120.000 Net Operating Income: $184,000 Less Debt Service: �0 Cash Throw Off: $184,000 APPRAISAL INDICATORS Price per SFRA: Effective Gross Income Multiplier: Overall Rate: Equity Dividend Rate: Anticipated IRR: Other Acquisition Assumptions: COMMENTS 595.00 6.25 9.68% 38.74% or $16:00/SERA or $0.80/SFRA or $15.20/SFRA or $6.00/SFRA or $9.20/SFRA or $0.00/SFRA. or $9.20/SFRA The transaction is the result of a foreclosure sale in which Ocean Bank sold the property at a discount. Representatives of both the grantor and grantee indicated that appraisals of the property resulted in value estimates $200-400K above the purchase price. In addition, a representative of the grantor also indicated that the foreclosure on the property was the result of the property being mismanaged. BLAZEJACK &COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER 3850 SW 87 Avenue Unincorporated Dade County Florida OFFICE BUILDING SALE NUMBER 6 (listing) PROPERTY IDENTIFICATION Building Name: Address: Folio Number: Brief Legal: Submarket: TRANSACTION DATA Date of Sale: Grantor: Grantee: Interest Conveyed: O.R. Book & Page: Nominal Sales Price: Cash Equivalent: Terms of Sale: Marketing Time: Occupancy at Sale: PROPERTY DESCRIPTION Land Area: Year Built: Gross Building Area: Rentable Area: Floor Area Ratio: Number of Stories: Average Floor Plate: Number of Elevators: Parking: Parking Comment: Construction Type: Grove Forest Plaza 2937 SW 27th Avenue Coconut Grove, Dade County, FL 01-4115-031-0020 Lot 2 'Triangle Co Rep" as recorded in PB 32, Pg 79, Dade County Coconut Grove Listing (April 1997) Forest Grove LC Listing Fee Simple N/A $4,710,000 $4,710,000 Cash to seller N/A 100% 28,500 SF or 0.65 Acres 1985 40,590 SF 39,586 SF 1.39 :1 3 12,000 SF SF 2 100 spaces or 2526 spaces/1,000 SFRA Two parking levels CBS with reflective glass panels BLAZE)ACK&COMPANY REAL ESTATE. COUNSELORS LICENSED REAL ESTATE BROKER Office Building Sale No. 6 (listing) (continued) FINANCIAL DATA (based on ) Gross Revenues: Less Vacancy & Loss: Effective Gross Income: J ecs Expenses: Net Operating Income: Less Debt Service: Cash Throw Off: APPRAISAL INDICATORS Price per SERA: Effective Gross Income Multiplier: Overall Rate: Equity Dividend Rate: Anticipated IRR: Other Acquisition Assumptions: COMMENTS $650,049 $2.208 $647,841 $222.784 $425,057 1 $425,057 $118.98 7.27 9.02% 9.02% or $16.42/SFRA or $0.06/SFRA or $1637/SFRA or $5.63/SERA or $10.74/SFRA or $0.00/SFRA or $10.74/SERA This property located in Coconut Grove has maintained 100 percent occupancy for several years. The property comprises of a three-story, 35,900 -square foot structure, and a 3,500 -square foot, two-story historical home which was renovated for offce use in 1979/1995. The buildings contain 19 suites ranging in size from 799 to 5,877 square feet. Minimum TI is offered to new tenants and usually includes only painting and carpet cleaning. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER Grove Forest Plaza 2937 SW 27 Avenue Miami, Dade County, Florida Exhibit E Qualifications of the Appraisers. BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER QUALIFICATIONS THOMAS J. BL 2EJACK, MAI Vice President Blazejack & Company Academic Northwestern University, BA Society of Real Estate Appraisers Courses 101. 201, & 202 Appraisal Institute Course 2-1 - Case Studies in Real Estate Valuation Course 2-2 - Valuation Analysis and Report Writing Course 2-3 - Standards of Professional Practice Course 4 - Litigation Valuation Course 6 - Computer Assisted Investment Analysis Numerous Seminars Experience Mr. Blazejack has been active as a real estate appraiser/ analyst on a full time basis since 1979. During this period, his real estate experience included highest and best use analyses, market studies and evaluation of offices, hotels/ motels, apartments, condominiums, warehouses, vacant land, single-family homes, shopping ranters, mobile home parks, recreational property and special purpose property. These assgrpmemts were conducted in six states with extensive work throughout Florida. Prior to joining Blazejack & Company (formerly affiliated with Slack, Slack Roe & Blazejack, Inc), Mr. Blazejack was a Senior Appraiser with Cushman & Wakefield of Florida, a Senior Appraiser with 5onrh.acr Mortgage Company and an Appraiser with Real Estate Research Corporation.. He was also a Staff Appraiser with E. Roger Budny and Associates. Mr. Blazejack served on the 1983-84 Board of Directors of the Greater Mrami. Chapter of the Society of Real Estate Appraisers and was a member of the Society's 1984 & 1985 Young Advisory Councils. Designations and Licenses MAI Member, Appraisal Institute, Certificate Number 7115, currently certified. Registered Florida Real Estate Broker State -Certified General Real Estate Appraiser, License Number 0001015. BLAZEJACK &COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER ZENOBIA TAMBUVAIA, MAI Senior Consultant Blazejack & Company Academic Florida International University, M.S. Hospitality Management Florida International University, BS. Hotel and Restaurant Management Appraisal Institute Course Course Course Course Course Course Course Experience IA -1 - Real Estate Appraisal Prindples 1A-2 - Basic Valuation Procedures 1B A - Capitalization Theory & Techniques, Part A 1B -B - Capitalisation Theory & Techniques, Part B 2 -1 - Case Studies in Real Estate Valuation 2-2 - Valuadon Analysis and Report Writing 2 -3 - Standards of Professional Practice Ms. Tambuvalaa's consulting experience includes appraisals, market analysis and feasibility studies, financial projections and evaluations of hotels, resorts, mixed -use developments, marinas, golf courses, retail outlets, apartments and office buildings. These assignments were conducted throughout Florida, is Lonktnna Tenn-19re, Georgia, West Virginia, and the Caribbean - Prior to joining Blazejack & Company, Ms. Tambuvala was a senior consultant with Pannell Kerr Forster Real Estate Advisory Services. Designations and Licenses MAI Member, Appraisal Institute, Certificate Number 10421, currently certified. Registered Florida Real Estate Salesman State -Certified General Real Estate Appraiser, License Number 0001403 Affiliations Florida International University Alumni Association BLAZEJACK&COMPANY REAL ESTATE COUNSELORS LICENSED REAL ESTATE BROKER WEISS SEIiOTA HELFMAN PASTORIZA & GUEDES, P.A. ATTORNEYS AT LAW MITCHELL A. BIERMAN NINA L. BONISKE JAMIE ALAN COLE EDWARD G. GUEDES STEPHENJ. HELFMAN GILBERTO PASTORIZA JOSEPH H. SCROTA NANCY E. STROUD RICHARD JAY WEISS DAVID M. WOLPIN STEVEN W. ZELKOWITZ THOMAS J. ANSBRO• LILLIAN ARANGO DE LA HOZ* ALISON 5. BIELER MITCHELL J. BURNSTEIN ELAINE M. COHEN MIAMI-DADE OFFICE 2665 SOUTH BAYSHORE DRIVE SUITE 420 MIAMI, FLORIDA 33133 TELEPHONE (305) 854-0800 TELECOPIER (305) 854-2323 WW W. WSH-FLALAW.CO M BROWARD OFFICE 3107 STIRLING ROAD, SUITE 300 FORT LAUDERDALE, FLORIDA 33312 TELEPHONE (954) 763-4242 • TELECOPIER (954) 764-7770 VIA HAND DELIVERY Mr. C. Samuel Kissinger Village Manager Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida 33149 *OF COUNSEL January 10, 2002 Village of Key Biscayne Purchase from SunTrust Bank DOUGLAS R. GONZALES JOHN R. HERIN, JR. CHRISTOPHER F. KURTZ PETER A. LICHTMAN KAREN LIEBERMAN* MATTHEW H. MANDEL BERNARD 5. MANDLER' ALEXANDER L. PALENZUELA-MAURI ANTHONY L. RECIO GARY I. RESNICK.' SCOTT A. ROBIN DANA J. SCHINDLER GAIL D. SEROTA' ARI C. SHAPIRO JEFFREY P. SHEFFEL FRANCINE THOMAS STEELMAN SUSAN L. TREVARTHEN CARMEN I. TUGENDER DANIEL A. WEISS* Dear Mr. Kissinger:, In connection with the captioned transaction, enclosed please find a three (3) volume closing binder containing originals and copies, as indicated on the index„ of the documents executed and delivered at closing. Should you have any questions or comments concerning the foregoing, please do not hesitate to contact me. Very truly yours, Elaine M. Cohen EMC/mc Enclosure 103030 cc: Richard Jay Weiss, Esq. (w/o encls.) INDEX TO CLOSING BINDER This Closing Binder contains documents in connection with the closing for the purchase by the Village of Key Biscayne, a Florida municipal corporation ("Buyer") from SunTrust Bank (the "Seller"). The closing was held on October 31, 2001 at the offices of Bergman and Jacobs, P.A., 777 Brickell Avenue, Suite 780, Miami, Florida 33131. The following documents contained herein in connection with the closing are originals, unless otherwise noted: VOLUME I - PURCHASE AND SALE AGREEMENT AND RESOLUTION 1. Contract for Purchase and Sale of Real Property dated as of December 22, 1998, entered into between Buyer and SunTrust Bank (copy). 2. Letter Agreement dated as of February 16, 1999 regarding extension of Expiration Date (copy). 3. Letter Agreement dated as of February 26, 1999 regarding extension of Expiration Date (copy). 4. Letter Agreement dated as of March 16, 1999 regarding extension of Expiration Date (copy). 5. Letter Agreement dated as. of May 18, 2000 regarding outside date for Seller to obtain Development Approvals and complete Bank Branch (copy). 6. Resolution No. 98-33 adopted by Village Council on July 1, 1998 authorizing transaction (certified copy). VOLUME II - CLOSING DOCUMENTS 7. Special Warranty Deed dated October 29, 2001 recorded on October 31, 2001 in Official Records Book 19987 at Page 2658 of the Public Records of Miami - Dade County, Florida. 8. Settlement Statement. 9. First American Title Insurance Company Owner's Policy No. FA -35-566191. 10. Bill of Sale. 11. Disclosure Affidavit dated October 29, 2001 recorded on October 31, 2001 in Official Records Book 19987 at Page 2682 of the Public Records of Miami - Dade County, Florida. 12. Seller's Affidavit (copy). 13. Survey Affidavit (copy). 14. General Assignment. 15. Assignment of Leases. 16. Letters to Tenants (2) (copies). 17. Certified Rent Roll. 18. Lease Agreement dated June 20, 2000 entered into between Seller, as Landlord, and Key Biscayne Chamber of Commerce, as Tenant, and the Village of Key Biscayne, as prospective Buyer (copy). 19. Business Property Lease dated June 9, 1998 entered into between SunTrust Bank, Miami, N.A., as Landlord, and Thomas H. Wakefield Law Firm, as Tenant (copy). 20. Receipt of Lease Agreements (copy). 21. Certificate of Authority and Incumbency of Seller. 22. Declaration of Easements, Covenants, Conditions and Restrictions recorded on October 31, 2001 in Official Records Book 19987 at page 2661 of the Public Records of Miami -Dade County, Florida (the "Declaration") (copy). 23. Letter Agreement supplementing Declaration regarding temporary relocation of the Temporary Ingress/Egress Easement to McInytre Street (copy). 24. Tax Proration Letter to Miami -Dade County Tax Collector dated October 31, 2001 (copy). 25. Receipt for keys, plans and drawings for building (copy). 26. Appraisal dated May 2, 1997 prepared by Blazejack & Company (copy). VOLUME III - ENVIRONMENTAL REPORTS AND APPRAISAL 27. Appraisal dated as October 8, 1997 prepared by Quinlivan Appraisal, P.A. 28. Letter dated February 16, 1999 from Clark Engineers - Scientists regarding Phase I and limited Phase II Environmental Site Assessment (copy). 29. Phase I and Phase II Environmental Site Assessment prepared by Clark Engineers - Scientists dated February 15, 1999. 30. Letter dated April 12, 1999 from Clark Engineers - Scientists regarding Environmental Site Assessment Report (copy). 31. Comfort letter dated February 8, 1999 from the Florida Department of Environmental Protection ("FDEP") regarding FDEP' s enforcement policy towards a property owner whose property has been contaminated with pollutants emanating from an adjacent source property (copy). 32. Letter dated September 7, 2001 from Clark Engineers - Scientists regarding sampling of wells at property. F:\103030\Index to Closing Doe/news 12-12-01.doc 2 MILO to. .93,; itding an Yd Sine .:: LOCATED AT: 95 WEsr MCINTYRE STREET KEY BISCAYNE, FLORIDA PREPARED FOR: VII I AGE OF KEY BISCAYNE 85 WEsr MCINTYRE STREET KEY BISCAYNE, FLORIDA. As OF: OCTOBER 8, 1997 PREPARED BY:. QUINLIVAN APPRAISAL, P. A. 5730 S.W. 74rEt STgEE'.r - SUITE 300 SOUTH MIAMI, FLORIDA 33143 7 QUTINLIVAN APPRAISAL A PROFESSIONAL ASSOCIATION REAL ESTATE APPRAISERS 8e CONSULTANTS 5730 S.W. 74TH STREET, SUITE- 300 SOUTH MIAMI, FLORIDA 33143 r T J. MARK QOINLIVAN, MAI STATE-CERT-IF/ED GENERAL APPRAISER RZ 0000112 October 30, 1997 TELEPHONE (305) 663-6611 FAX (305) 665-4921 GREGORY R. GUN TER, MAI STATE -CERTIFIED GENERAL APPRAISER RZ 0000438 THOMAS F. MAGENHEIMER, MA/ STATE -CERTIFIED GENERAL APPRAISER RZ 0000553 C. Samuel Kissinger, Village Manager Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida 33149 Dear Mr. Kissinger: In accordance with your request and authorization, we have prepared this Appraisal Report covering the following described property: Two-story office building and 1.937 vacant land site located at 95 West McIntyre Street, Key Biscayne, Florida. The purpose of this Appraisal is to estimate the Market Value of the described property as of October 8, 1997, being one of the dates of personal inspection. The narrative Appraisal Report that follows sets forth the identification of the property, the assumptions andlimiting conditions, pertinent facts about the area and the subject pluperty, comparable data, the results of the investigations and analyses, and the reasoning leading to the conclusions set forth. F'\ C. Samuel Kissinger, Village Manager Village of Key Biscayne October 30, 1997 Page 2 Based on the inspection of the property and the investigation and analyses undertaken, we have formed the opinion that, as of October 8, 1997, the subject property has a Market Value of: Office Building $2,200,000 Excess Land Site $2,700,000) Allocation of Excess Land Site Fad site (43,560 S.F.). West site (40,833 S.F.) Respectfully submitted, Mark Quinlivan, MAI State Certified General Appraiser Certification Number: RZ0000112 Thomas F. Magenheimer, MAI State. Certified General Appraiser Certification Number: RZ0000553 JMQ/nlm (97-125A) $1,525,000 $1,175,000 TABLE OF CONTENTS PAVE TRANSMITTAL LEI IIi u CERTIFICATION OF VALUE 1 SUMMARY OF SALIENT FACTS AND CONCLUSIONS 3 INTRODUCTION Identification of the Property 4 Location 4 Purpose and Date of Appraisal 4 Function of Appraisal 4 Legal Description 4 Property Rights Appraised 4 Definition of Market Value 5 Assessment and Taxes 6 Owner of Record and Address 6 History of Title 6 Estimated Exposure Time 6 Estimated Marketing Period 7 LOCATION ANALYSIS County Data 8 Neighborhood Data 19 SITE DATA Dimensions and Shape 21 Area 21 Topography and Drainage 21 Flood Zone 21 Soil and Subsoil 21 Utilities 22 Street Improvements 22 ZONING 23 HIGHEST AND BEST USE 25 QUINLIVAN APPRAISAL 7" TABLE OF. CONTENTS PACE DESCRIPTION OF IMPROVEMENTS 29 SCOPE OF THE APPRAISAL 31 LAND VALUE 34 COST APPROACH TO VALUE 45 INCOME APPROACH TO VALUE 51 SALES COMPARISON APPROACH TO VALUE 69 RECONCILIATION AND VALUE CONCLUSION f?v ADDENDUM Assumptions and Limiting Conditions 88 Qualifications 90 Legal Description 96 7 QUINLIVAN APPRAISAL CERTIFICATION.OF _ VALUE The undersigned hereby certifies that, to the best of our knowledge and belief: (A) The statements of fact contained in the report are true and correct. (B) The reported analyses, opinions and conclusions are limited only by the assumptions and limiting conditions set forth, and --are our personal, unbiased professional analyses, opinions and conclusions. (c) We have no present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved. (D) The appraisers' compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. Furthermore, the appraisal assignment was not based on a requested minimum valuation, a specific valuation or the approval of a loan. (E) The appraisers' analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice, and the requiieinents of the 'State of Florida for state -certified appraisers. (F) 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. (6) J. Mark Quinlivan and Thomas F. Magenheimer have made a personal inspection of the property that is the subject of this report. (11) No one provided significant professional assistance to the person signing this report. QUINLIVAN APPRAISAL 1 As of the date of this report, J. Mark Quinlivan and Thomas F. Magenheimer have completed the requirements under the continuing education program for The Appraisal Institute. Based on the inspection of the property and the investigation and analyses undertaken, subject to the assumptions and limiting conditions set forth in the Addendum of this report, we have formed the opinion, as of October 8, 1997, the subject property has a Market Value of: Office: Building $2,200,000 Excess Land Site $2,700,000 Allocation of Excess Land Site East site (43,560 S.F.) $1,525,000 West site (40,833 S.F.) $1,175,000 7 QUINLIVAN, MAI aSATR CERTIFIED GENERAL APPRAISER Moth CATION NUMBER: RZ0000112 THOMAS F. MAGENHJ$ML R, MAI STATE CERTIFIED GENE APPRAISER CERTIFICATION NUMBER: RZ0000553 QUINLIVAN APPRAISAL SUMMARY OF SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal Property Rights Appraised Location Land Size Improvements Age Zoning Highest and Best Use Estimated Land Value Office Site Excess Site Allocation of Excess Site East site (43,560 S.F.) West site (40,833 S.F.) Indications of Value (Office): Cost Approach Income Approach Sales Comparison Final Estimate of Value: Office Building Excess Land Site Date of Value Estimate Market Value Leased Fee 95 West McIntyre Street Key Biscayne, Florida Office Site: 50,506 Sq. Ft. Excess Site: 84,393 Sq. Ft. Two-story office/bank building, containing a rentable area of 17,177 square feet. 1966 BU -1, Neighborhood Business District Commercial usage $1,615,000 $2,700,000 $1,525,000 $1,175,000 $2,160,000 $2,250,000 $2,200,000 $2,200,000 $2,700,000 October 8, 1997 QUINLIVAN APPRAISAL 3 LOOKING NORTHWESTERLY AT SUBJECT OFFICE BUILDING FROM W. MCINTYRE STREET. LOOKING NORTHEASTERLY AT SUBJECT OFFICE BUILDING FROM W. MCINTYRE STREET. QUINLIVAN APPRAISAL QUINLIVAN APPRAISAL QUINLIVAN APPRAISAL LOOKING NORTHWESTERLY AT EXCESS SITE FROM CRANDON BOULEVARD. QUINLIVAN APPRAISAL f QUINLIVAN APPRAISAL INTRODUCTION IDENTIFICATION OF THE PROPERTY Office building containing approximately 17,177 square feet of rentable area and excess land site containing 1.937 acres. LOCATION 95 West McIntyre Street Key Biscayne, Florida PURPOSE AND DATE OF APPRAISAL The purpose of this Appraisal is to estimate the Market Value of the property as of October 8, 1997, being one of the dates of personal inspection. FUNCTION OF APPRAISAL The function of this appraisal is to aid in determining an acquisition price. LEGAL DESCRIPTION Lengthy legal. A portion of Tracts 7 and 9, MATHESON ESTATE, according to the Plat thereof, as recorded in Plat Book 46, Page 86, of the Public Records of Dade County, Florida. See full legal description in Addendum of the report. PROPERTY RIGHTS APPRAISED Ionred Fee: A property held in fee with the right of use and occupancy conveyed by lease to others. A property consisting of the right to receive rentals over a period of time, plus the right of ultimate repossession at the termination of the lease. QUINLIVAN APPRAISAL DEFINI'IZON OF MARKET VALUE Market Value means 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 and 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: r (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised and acting in what they consider their own best interest; (3) a reasonable time is allowed for exposure to 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 a normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. QUINLIVAN APPRAISAL 24-4232-001-0070 $1,161,638 ASSESSMENT AND TAXES -1997 The subject property is assessed under the jurisdiction of the Village of Key Biscayne. The assessment for the property is established each year as of January 1st by the Dade County Property Appraiser's Office at 100% of "Just Value." Just Value has been equated to Market Value less closing costs. While the State of Florida requires real estate to be assessed at 100% of Just Value, in reality the ratio of the assessed value to sales price is generally below 100%. B[uuurc f. AssEssmENr <. $504,864 $1,666,502 $30,398.38 24-4232-002-0170 $721,930 $11,800 $733,730 $11,970.71 24-4232-002-0172 $142,800 $0 $142,800 $ 2,402.98 24-4232-002-0173 $914,034 $0 $914,034 $14,800.05 OWNER OF RECORD AND ADDRESS Key Biscayne Bank and Trust Co. Suntrust Bank Miami, N. A. P. O. Box 524209 Miami, Florida 33172 FIVE-YEAR HISTORY OF TITLE A review of the Public Records of Dade County indicates no sale transfers of the subject property over the past five years. FSTIMA1'Ei) EXPOSURE TIME Exposure time is defined as the estimated length of time 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; a QUINLIVAN APPRAISAL retrospective estimate based upon an analysis of past events assuming a competitive and open market. The overall concept of reasonable exposure encompasses not only adequate, sufficient and reasonable time but also adequate, sufficient and reasonable effort. In estimating a reasonable exposure time for the subject property, the appraisers have taken the following steps: • Discussion with buyers, sellers and brokers of vacant and office sites in the area related to historic marketing periods. Based on the above sources, exposure time is estimated to have been 12 months for the subject property. ESTIMATED MARKETING PERIOD The estimated value of the subject is predicated upon a normal marketing period. A normal marketing period is generally defined as the most probable amount of time necessary to expose and actively market a property on the open market to achieve a sale. Implicit in this definition are the following assumptions: (A) The property will be actively exposed and aggressively marketed to potential purchasers through marketing channels commonly used by sellers and buyers of similar type properties. (B) The property will be offered at a price reflecting the most probable markup over market value used by sellers of similar type properties. (C) A sale will be consummated under the terms and conditions of the definition of Market Value required by the regulation. In order to estimate the marketability of this property, the sales activity in this market area is reviewed over the past three years, multiple listings are reviewed and real estate brokers who operate in this area are interviewed. Based on the above sources, the subject property could be sold within a 12 month time period. QUINLIVAN APPRAISAL QUINLIVAN APPRAISAL POPULATION KEY 100,000 tbv 50,000fe 100,000 ® 25-0001o50,000 ® 20,00010 25,000 m 10,00010 20,000 a 5,000 to 10,000 ° 7,000fa5,000 Undwr 1,000 T1RUS ra 4LaM J oalsbl rarer SUMTCR LacbwY °�u0ua lwvweis Wkw°°d A alit. Leans wJm.rt ropl )SEMIN°OLE xERNM100 d Oviedo A ae0o L mho m .9wwhr Pak ;fr.SCO . a°.a wmtaw,w„y' Orlando •pSGp A ..rf�. ORANGE POLK AlGssimmee w Pat mNwY °O eta °SL _p ed 0 d HILLSBOROUGH��Ojp Jd s&aieh E4 Hdopa. Mat CAL ® o°�io. LL Made 0,6% 0Uadee afll� w. ;Cott" AC., `a ven OSCEOIA bt Tamp Kam& om %aLake WAec COUNTY DATA Dade County - Ltration and Size Dade County, which comprises the metropolitan area of Miami, is situated on the southeast tip of the state of Florida. It is bordered on the east by the Atlantic Ocean, on the west by Monroe and Collier Counties, on the north by Broward County, and on the south by Monroe County (the Florida Keys). Dade County, the largest county in area and population in the state of Florida, covers an area of 2,054 square miles with an altitude ranging from sea level to 25 feet. Water covers 354 square miles of the County. Although the County is relatively large, approximately half of the total area is comprised of the Everglades, which is a natural area that will not be developed. Therefore, only the eastern section of Dade County encompasses the area which is currently developed or available for future development. Dade County's location, its southern latitude and proximity to the Gulf Stream provide for mild winters and pleasant summers. Population The state of Florida has increased rapidly in population from 6,791,400 in 1970 to 9,740,000 in 1980 and 12,937,926 in 1990. The 1995 population of Florida was estimated at 14,108,500. Dade County's population increased from 1,626,000 in 1980 to 1,937,094 in 1990, reflecting an average annual compounded growth rate of 1.77%, compared with 2.88 % for the state of Florida. By 1996, Dade County's population increased to approximately 2,087,000. Dade County's population growth during the last four decades has been dramatic especially in relation to national trends. From 1950 to 1990 the United State's population increased by 60% while the population of Dade County has almost quadrupled from 495,084 to 1,937,000. During this period, the state of Florida was elevated from the 20th most populous state to the 4th in 1990. ROM O-, The population growth rate in Dade County has shown greater fluctuations than the national rates. The Dade County rate of population change was 84.9% during the period 1940 to 1950; 88.9% from 1950 to 1960; 35.6% from 1960 to 1970 and 28.2% from 1970 to 1980. In the period from 1980 to 1990, the rate of population change was 16%. The average annual change from 1990 to 1995 was approximately 1.5%. QUINLIVAN APPRAISAL m I AV During the 1960's, the major increase in Dade County's population was due to the large immigration of Cubans. Today, Cuban and other Spanish speaking people comprise almost over 55% of Dade County's population. The increase in Hispanic population has had favorable effects on the local economy and has helped to create a multi -national cultural environment in the area. The recent influx of political and economic refugees from Cuba, Haiti and Nicaragua has put an abnormal strain on public services and has affected the population data in a dramatic manner. However, a recent increase in population growth of people from Latin American, as well as from Europe and Canada, coupled with the increases in population from those people leaving the northern sections of the United States, indicate a positive prospect for the Dade County area in the future. The overall population of Dade County is well dispersed throughout the entire area, yet has several key areas of concentration. During the 1960's, several sub -areas accounted for approximately 70% of the growth. These areas include Hialeah, northern Dade County, the Beach area, the Miami River area, the area southwest of Miami International Airport, as well as the Kendall and Cutler Ridge areas. In the first half of the 1970's, population growth continued in an uneven fashion especially in the urban fringes. Since 1970, approximately three -fourths of the total population growth for the County has occurred in the unincorporated areas. The older centrally located cities such as Miami, Miami Beach and Coral Gables have grown at modest rates from 1970 to 1990. Unincorporated Dade County has evidenced the most rapid growth which continues to occur in areas in northeast Dade County, as well as the currently expanding southwest area, especially in sections of Flagler Street, S.W. 8th Street and North Kendall Drive. Population trends indicate that most of the population growth in Dade County during the second half of the 1990s will occur in outlying areas such as North Miami Beach, the Golden Glades area, the Kendall area west of the Florida Turnpike, the S.W. 8th Street and Palmetto Expressway areas, the Hialeah -Miami Lakes area, as well as those areas both east and west of U.S. Highway 1 between Sunset and Coral Reef Drives, and Cutler Ridge and the Goulds area. QUINLIVAN APPRAISAL Employment Trends The dominant characteristic of Dade County is that it is primarily trade and service based. Personal, business and repair services have had a substantial increase in importance in the economic base over the last decade. The major sectors of the economy include services, wholesale and retail trade, transportation, communications, public utilities, government and manufacturing. The most dominant industries which form the County's economic base are construction and tourism. Tourism is Dade County's biggest industry with an estimated 9.575 million visitors in 1996 contributing to more than 50 percent of the area's economy. Aviation and related industries are responsible for another large segment of the economy. The garment industry ranks third in the nation after New York and Los Angeles. Table 1 shows the distribution of the non-agricultural work force in Dade County. TABLE 1 ANNUAL AVERAGE NON-AGRICULTURAL EMPLOYMENT 1992, 1993, 1994 AND 1995 CLASSIFLCATION TOTAL ALL INDUSTRIES 857.4 894.5 909.8 931.7 MANUFACTURING 83.5 81.9 79.9 76.9 CONTRACT CONSTRUCTION 31.5 38.3 35.8 36.6 TRANSPORTATION, COMMUNICATION AND UTILITIES 66.6 72.1 74.8 77.5 TRADE 227.2 234.9 238.8 241.9 FINANCING, INSURANCE AND. REAL ESTATE 63.3 63.7 663 66.4 SERVICE, MISCELLANEOUS AND MINING 258.3 275.3 281.6 299.3 GOVERNMENT I26.8 128.5 132.7 133.1 Source: Florida Department of Labor & Employment Security, Bureau of Labor Market Information The largest employer in Dade County is the Dade County School Board, followed by Metro -Dade County, Federal Government, State of Florida, American Airlines, University of Miami, Jackson Memorial Hospital, Bell South, and Florida Power and Light. Assuming additional importance is the growing prominence of Dade County as a center for international trade, finance and tourism. The establishment QUINLIVAN APPRAISAL of Miami as the "Gateway of the Americas" should provide the area with a much needed degree of economic diversification. This should enable Dade County to weather slowdowns in the national economy by an increase of trade through the Port of Miami, growth of international arrivals at the airport, opening of the Free Trade Zone, and the substantial foreign investment in the local economy, particularly in real estate. Unemployment showed a major drop from the 10% average in 1992 to 7.7% in 1993, increasing to 8.0% in 1994, but decreasing to 7.7% by September 1996. The volatility of the unemployment rate is tied to a large degree to the construction industry. While construction has never been among the county's employment leaders, lay-offs have had substantial effects on employment in other construction- related industiies,_particularly within the manufacturing category, which was the second hardest hit. The increases in the unemployment rate from 1991 to 1992 were due to the loss of Eastern and Pan Am Airlines, as well as major banks such as Southeast and Amerifirst. Income Over the past few years, the average per capita personal income in Dade County has been slightly lower than the per capita income for Florida, as well as the nation. TABLE 2 PER CAPITA PERSONAL INCOME SELECTED YEARS (CURRENT $) 991 1992 19 UNITED STATES FLORIDA IAMI MSA 21,696 21,655 20,014 Source: U.S. Dept. of Commerce, Bureau of Economic Analysis and Dade Coun y Planning Department QUINLIVAN APPRAISAL Table 3 reveals a steady increase in the number of tourists visiting Dade County since 1984. The decline of international visitors to Dade County in the mid 1980s is attributable to negative exchange rates for Latin American currencies. However, the number of international visitors increased approximately 200% from 1985 to 1994. Due to the soft domestic economy, the number of domestic visitors had declined from 1989 to 1993; however, since 1994 there has been an average annual increase of 10.4%. TABLE 3 ESTIMATES OF DADE COUNTY TOURIST TRENDS 1984 1990 1991 1992 1993 1994 1995 TNT ATIONA 1,703,354 3,455,000 4,024,558 4,673,600 5,400,000 5,028,700 5,061,600 I 5,113,200 OMESTIC D . . . . .. ..... . . . . . . . . . ...... . . . . . 3,556,067 4,617,500 4,377,442 3,823,800 3,400,000 3,728,600 4,317,600 4,462,000 Source: Greater Miami Convention and Visitors Bureau, Tourism Facts and Figures Tot 5,259,421 8,072,500 7,717,500 8,497,400 8,800,000 8,757,300 9,379,200 9,575,200 Preliminary figures for 1996 indicate a record 9.575 million overnight visitors came to Dade County, a 9.3% increase from 1994. Table 4 shows that the bulk of international visitors to Dade County originate from Central and South American Countries (46.2% in 1996), followed by European Countries (25.0% in 1996) and Caribbean Countries (14.6% in 1996). England and Germany accounted for the largest proportion of European visitors. QUINLIVAN APPRAISAL In 1995 there were a total of 2,974,703 passengers passing through the Port of Miami and 33,235,658 through Miami International Airport. During 1994, the number of Port of Miami passengers increased .3% from 1994, and Miami International Airport increased 10.0% from 1994. TABLE 4 ESTIMATES OF INTERNATIONAL VISITORS BY REGION . REGION :: EUROPEAN COUNTRIES 1995 22.5% 1994 25.0% CARIBBEAN COUNTRIES 17.9% 16.7% 14.6% CENTRAL AMERICAN COUNTRIES 14.3% 9.2% 7.7% SOUTH AMERICAN COUNTRIES 38.5% CANADA 8.1% OTHER COUNTRIES. 2.5% 38.5% 9.9% 3.2% 38.5% 11.6% 2.5% TOTAL 100% 100% 100% Source: Greater Miami Convention and Visitors Bureau, Tourism Facts and Figures There are an estimated 47,465 motel and hotel rooms in Greater Miami and the Beaches. The hotel -motel occupancy rate for 1996 of 71.2% was above the rates for 1994 and 1995 of 66.5% and 70.0%, respectively. 1992 enjoyed an average occupancy rate of 75.3% mainly due to Hurricane Andrew. Dade Financial Resources Dade County's financial resources are strong, with Miami claiming more Edge Act Banks than any other city in the United States, except New York. Foreign banks are permitted to conduct business in Florida, and currently approximately 60 international banks have offices in Miami. QUINLIVAN APPRAISAL 13 Banking and Finance Operations in Dade County include approximately 525 bank and savings and loan association facilities with approximately 25,000 employees. While the savings and loan associations and banks have suffered financial losses due to the softening real estate market, there have been intrastate and interstate mergers of distressed financial institutions which benefit the industry over the long term. Transportation Dade County has an extensive expressway system with access to all points in the County. However, due to the rapidly increasing population, some of the expressways, especially I-95, are becoming overburdened. In 1984 Dade County completed a 20.5 mile elevated rapid transit system. This system extends southward from downtown Miami to Dadeland, paralleling U.S. Highway 1 and northwesterly from downtown Miami to Hialeah. In conjunction with this system, there is a downtown people mover system which encircles the central business district of Miami and extends south to the Brickell area and north to the Omni area. Dade County is served by the CSX and Florida East Coast Railroads for freight and Amtrak Rail, Greyhound and Trailways Interstate bus lines for passenger service. Miami International Airport, one of the nation's largest and busiest, had approximately 33 million arrivals and departures in 1996. Moody's Investor Service, a major bond -rating company, recently ranked the airport Aa (the second highest rating an airport can enjoy). Only Los Angeles International Airport shares this ranking; no U.S. airport has ever attained the highest ranking of Aal.. According to Moody's, a key factor in the ranking is the airport's "market value as an international gateway with its own strong organization -and -destination base". The airport is currently undergoing a $2.5 billion expansion. Miami has become a port of embarkation for airlines and ships bound for Central and South American Countries. The Port of Miami, besides being the largest passenger port in the nation, is also important as a cargo center with a 1996 annual tonnage of approximately 1,668,308. Miami's comprehensive transportation system and its strategic location have enabled it to become an important international transportation center, providing commercial access to Latin America and the Caribbean. QUINLIVAN APPRAISAL Government Dade County is comprised of unincorporated areas, as well as twenty-seven municipalities, the largest of which is the city of Miami. Dade County is governed under a modified two-tier metropolitan government. The purpose of this type government was to establish one governing body for the county, and to establish one supply of services such as fire, police, etc. for the county. The upper tier is the County, which provides broad "regional" or county functions, such as metropolitan planning, welfare, health and transit services. The twenty-nine municipalities represent the lower tier of government, providing a varying array of services within their jurisdictional boundaries. The County also maintains lower tier functions, such as the provision of municipal -type services, including police and fire, to the unincorporated areas and certain municipalities on a negotiated basis. The County operates under the Commission -Manager form of government. Legislative and policy -making authority is vested in the elected thirteen -member Board of County Commissioners; the Commission appointed County Manager is the chief administrator. Dade County has operated under the metropolitan form of government since 1957, when the Home Rule Charter was passed by the local electorate. Prior to Home Rule, the County had to rely on the State Legislature for the enactment of its laws. County government had not been able to respond to the tremendous demand for municipal services in this rapidly urbanizing area, which is larger than the State of Rhode Island or Delaware. The need to combine services duplicated by the County and numerous cities was also clearly evident. The Charter permitted the limited County government to reorganize into a general purpose "municipal -type" governmentcapableof performing the full range of public functions into an area wide operation. Real Estate As of December, 1996, the Dade County Office Market contained approximately 42.5 million square feet of office space. Approximately 26% of this space is located in the Miami central business district and adjacent Brickell Avenue. QUINLIVAN APPRAISAL 15 There was a decrease in the occupancy rate of office buildings in Dade County from 92% in 1981 to 77.6% in 1991. Since 1992, there was an increase in occupancy to 81.4% and to 86.2% in 1996. There is an estimated two to three years supply of office space. Due to the oversupply of space during the early 1990s, many rental concessions had been given to tenants. Since there has been little new construction, the office market has shown improvement. Office rental rates in new buildings typically range from $14.00 to $28.00 per square foot. The low end of the range is for office space in the suburban markets. The upper end of the range is for first class office space in Downtown Miami, Brickell Avenue, Coconut Grove and Coral Gables. The Greater Miami Industrial Market, as of the Third Quarter of 1996, consisted of approximately 148,000,000 square feet of industrial space. The approximate percentage location of this space is as follows: MARKET AREA AIRPORT WEST • MARKET SPACE 28.0% HIALEAH/MEDLEY 12.1% CENTRAL DADE 12.9% MIAMI LAKES/NORTH DADE 22.4% SOUTH DADE 4% OTHER 12.6% TOTAL 100% The major use of industrial space is warehousing/distribution which accounts for approximately 65% of the occupied space. Manufacturing and high technology occupy the remainder of the space accounting for approximately 25% and 15% of the industrial space, respectively. The Miami Industrial Market experienced a gradual increase in the vacancy factor in the first three years of the 1980s. In 1983, Miami experienced a sharp increase in the vacancy factor with the county's occupancy falling from a high of 98% in 1980 to 85% in 1983. This sharp decrease was due to an oversupply of industrial space and a ten-year low absorption rate of 500,000 square feet. The heightened economic crisis in Latin America, causing a contraction of the import/export business, was also a major factor to the increase in vacancy rate. During 1986 and 1987, the county's occupancy rate rebounded to approximately 90%. The vacancy rate for the overall Dade County industrial market for the Third Quarter of 1996 QUINLIVAN APPRAISAL 16 was 5.85%. Industrial rental rates generally range from $3.00 to $7.00 per square foot. The median sale price per square foot in 1989 for industrial space in Dade County was $31, but by the First Quarter of 1995 it had decreased to $28.32 per square foot. In 1996, the median sale price for a warehouse reached an all time high at $35.61 per square foot. It is forecasted that the Dade County industrial market will be an area of steady growth and moderate absorption. The Airport West area is expected to experience the most growth due to its central location and availability of land. Vacancy rates will remain fairly constant. "Flex -Space" projects will continue to show growth and moderate absorption. The Airport West, North Dade and Hialeah/Medley markets will remain the most active. The number of single family residential permits increased from 7,187 in 1987 to 10,325 in 1989, a 43.7% increase. However, the number of permits dropped from 10,325 in 1989 to 3,826 in 1996, 48% less than the 7,364 permitted during 1995. Multi -family permits declined from a high of 12,375 units in 1989 to 2,581 units in 1992, a significant drop. Permits for 2,669 multi -family units were issued in 1996, down 64% from the 7,425 permitted during 1995. The average sale price of a newresidence in Dade County in 1996 was $129,099 up 7% from $120,699 in 1990. According to data from the Department of Business and Professional Regulation, Dade County has approximately 220,475 licensed rental apartment units, as of April 1994. Reinhold P. Wolff Quarterly Housing Report shows a vacancy rate of 4.9% in February of 1997, an increase of 1% over the same period in 1996. The vacancy rate has been declining steadily since 1991, but the decline accelerated after August 1992; this is attributable to Hurricane Andrew. Most of the hurricane's victims have since returned to their now habitable houses, hence an increase in 1994/95. The vacancy rateis expected to stabilize around 5% over the next year. New suburban rental apartments have average rental rates of $643 per month for a one bedroom apartment and $795 per month for a two bedroom apartment. The condominium apartment market experienced an all-time high inventory of 15,722 units in October of 1986. The inventory has decreased to 6,944 units as of February of 1997. The high inventory caused the average sale price of a new condominium unit to decline from $112,604 in 1982 to $87,990 in 1987. However, the average sale price increased dramatically to $162,752 in 1991, declining to $130,545 in 1994 but again dramatically increasing to $185,780 in 1996. QUINLIVAN APPRAISAL 17 The Dade County retail market contains approximately 49.5 million square feet in buildings over 20,000 square feet. The major retail markets in Dade County include Hialeah, Coral Gables/South Dade and Kendall. Rental rates typically range from $10.00 to $25.00 per square foot. The overall Dade County vacancy rate for 1996 was approximately 6.95%, the lowest in five years. The vacancy level is lowest in super regional malls and highest in unanchored strip centers. Conclusions In the future, one of the principal growth areas for Dade County is expected to be the international sector. Dade County, because of its geographic location and excellent transportation facilities, is well -suited to attract both businessmen and tourists from Latin America. It is already one of the principal shopping markets for Central. and South Americans visiting the United States and one of the principal export points for goods and services destined for Latin America. A major consideration to future real estate development in Florida will be compliance with the new State's concurrency law mandated by the Growth Management Act. This law requires developers to build sufficient infrastructure. Concurrency requires that basic facilities and services be in place or the money to build the same be available before the construction of new development is granted approval. The existence of major financial institutions, retail outlets, corporations and other business entities, coupled with its geographic location, transportation systems and planned international trade centers give Dade County an excellent opportunity for continued growth as an international center. QUINLIVAN APPRAISAL 18 RIGHBORHOOD QUINLIVAN APPRAISAL 007 Q 1 b 1 1 NEIGHBORHOOD DATA The subject property is located within the Village of Key Biscayne in Metropolitan Dade County, Florida. Key Biscayne is an island located south and east of the City of Miami. The east side of Key Biscayne fronts along the Atlantic Ocean. The west side of Key Biscayne fronts on Biscayne Bay. Access to Key Biscayne is via the Rickenbacker Causeway. The Rickenbacker Causeway is a four lane divided road that crosses three fixed bridges. Key Biscayne was a part of the unincorporated area of Dade County until June of 1991 when it became incorporated. Key Biscayne is approximately four miles in length and approximately one mile in width. The north end of Key Biscayne contains Crandon Park, a Dade County public park. Cape Florida State Park occupies the southern end of the key. This park has been left primarily in its natural state with beaches along the Atlantic Ocean. The center part of the island is comprised of single family residences, multi -family apartments, hotels and commercial facilities. T arge ocean fronting condominiums located east of Crandon Boulevard include Commodore Club (570 units), Towers of Key Biscayne (538 units), Mar Azul (127 units), Casa del Mar (237 units), The Sands (120 units), and Key Colony (1,050 units). The area west of Crandon Boulevard is comprised of single family residences. The majority of these homes were constructed in the early 1950s. Sale prices of these homes range from $200,000 to $350,000. Cape Florida, a water fronting subdivision of newer single family residences, located at the south end of the center section, has sale prices ranging from $500,000 to $2,000,000. The west side of Crandon Boulevard between Harbor Drive and West Mashta Drive, contains commercial properties. These properties include shopping centers (Harbor Plaza, Key Biscayne Shopping Center, The Square at Key Biscayne and L'Esplanade), service stations, restaurants, bank/savings and loan, and office buildings. Key Biscayne experienced a high growth rate during the early and mid -1970s. During these years, Key Biscayne grew in population at an annualized rate of 9.2%. The current full-time population on Key Biscayne is estimated to be 9,000. QUINLIVAN APPRAISAL During 1980-1985, the growth rate of Key Biscayne had declined sharply. Accordingly, there was a decrease in demand for residential and commercial properties with a decline in values over these years. However, during the later part of the 1980s and early 1990s, the values of residential properties have risen rapidly. At this time, the island is almost entirely developed except for two multi -family residential sites (the former Key Biscayne Hotel site and the Sheraton Royal Biscayne Hotel site) which are currently undergoing development. r QUINLIVAN APPRAISAL 20 QUINLIVAN APPRAISAL N L. 4444(// PORTION OF TRACT 7 (46-86) IDIF MCINTYRE STREET , PORTION Of TRACT 4 34-34) SHEET 11TLE BOUNDARY SURVEY SITS LOCATION I • SURVEYORS NOTES; tl FM e.3* « ia:". Winn ah[MR DAM era! ex watt N µrt(iuMtn LOOS M141ma MISSAL 2777 33.(M t of treat 7.In A i mo Y utuo. a3C4NINato M vltt to em et Mato Muni e( Fe as aa f, ma•ota it rya 0. right wt III IMO. tam f rant hr . r 4 of x44eta 4 M Mle4 ~ of at I*Nmt722* 1 !v4 „447`43* at ( !mom a my mom om 1y0W4n WN,N *2*4 4 41 txe *Iuenrm4**4 plot a xa lu4e ue2724M(u N :22o:127m Fw4 =2: :Lit,: lotee 14 7404 Me.)e 4114 1 m2N 4 ,ti44 M a wat, uma t • sat w Itu ems( wets l�alntln acoorete 4.n1 ant 4447 I'S.I tale rot N unrnr. ear r % ortl 1n 1143 WI n. 4t p3*• u 4444 MI Yu Flat ate a! 04 Gwn4Y. Iµ414 4m elm MIN Mae4CM In Mod MY JIM 4 rvtl4aft µ WLe Melt. 41 er Cm*N. IIMIa, .•" alma t3* x473* N01 ;mmi Ilm IPA Nay M4ae ;Nn,fln • tan N IY annul r(atl n to . *,.tt ..tone .N pa.,i*Nlie auealmi 1" u~af no sl •f.3* f e[u•4 u•MUM '' r.1*N 0.M•_ M 0.0474, r1 ~044,4 of watts 4444444 nit en nett Ian 4YN1v 413*, 4t 4•••.••••••,1• <Yae4t1•n Jw* 7114 a4.22µ.11.171 * •rnw4 awf W NIN • 3*4�lat ontx MOM ..r3* e••••ter 4n art diktat,. 27. ( ue ( 1M Mtn N114(414I_ 4 3*M .- Containing Len Oren my or Iowa 6fle Ant )y'• *ea* Thar/ /drkmyy Arai • SA IA3 Sr Brae. Area 1,430 Sr t4nds tos Ana. 7 4,.,_{ a: %a/ sear. sr . /44444 Fbrh,ng Mot O 34 Sloade A fore/ aV4n•,24333.8' fora/ 24,393 5t • .2142a. iaT 4.3* NNr7N'1 7Nt1110111N 11•, •411( 414the »II•, • t••y.a 1•• • • �.Itx.n4.e nano tM i ••1110 011 Ian any tan ar• @W 1� 4 II•�lu . :22 •1 t•3* 4nn•1 3. alit: •may .44 •N•i11.11inn i1I1 Lmn r. • u 4442. 4'•24 6,er.✓.4 7/2,47 PATE DRAWN a CHECNEO sac APPRO7tD_d1.. PRO,ECT NAME: KEY BISCAYNE BANK JAM[t AYLWARD C ASSOC.,INC. i002IULTNO 124414901 9. LAND sunvnorts..1./.IMG. 10327 41.00. 40134 AVEIU[. N11[ LM MWII LAMB. FLORIDA 33014 (304) 427.221O cow r•cgngiV1aR SCALE: 1••y' PRO. NO SEM OF 1 1 Srii DATA Dimensions and Shape: The total site is generally rectangular in shape. The site fronts 268.9 feet, more or less, along the west side of Crandon Boulevard with a depth westerly of 260 feet, more or less, along the north side of West McIntyre Street and a depth of 440.43 feet, more or less, along the north property line. Area: Office Site 50,506 sq. ft., or 1.160 acres Excess Land Site 84,393 sq. ft., or 1.937 acres Source: Boundary survey prepared by James Aylward & Assoc., Inc., dated 5/5/94. Topography and Drainage: The site is level and approximately at street grade. Flood Zone: Map N2 125098 0281 F emael HAW Sol and Subsoil: Special flood hazard area inundated by the 100 -year flood; base flood elevation nine to ten feet) The immediate area of the subject site appears to have no unusual soil or subsoil conditions. Unusual conditions would be brought out by test borings. QUINLIVAN APPRAISAL 21 Utilities: Water: Miami -Dade Water and Sewer Authority Sewer: Miami -Dade Water and Sewer Authority Electricity: Florida Power & Light Company Telephone: Southern Bell Telephone Company Street Improvements: Crandon Boulevard is asphalt paved with a dedicated width of 120 feet. Crandon Boulevard contains two north bound and two south bound lanes with a landscaped median. Sidewalks, curbs, and street lighting are in place along Crandon Boulevard. West McIntyre Street is asphalt paved with a dedicated width of 50 feet. West McIntyre Street contains one east bound and one west bound lane. Fernwood Road is asphalt paved with a dedicated width of 50 feet. Fernwood Road contains one north bound and one south bound lane. QUINLIVAN APPRAISAL 22 r°~ OMR QUINLIVAN APPRAISAL ZONING Under Ordinance of Village of Key Biscayne. Classification: BU -1 Neighborhood Business District The purpose of the district is to provide for retail and service convenience facilities which satisfy the essential and frequent needs of the adjacent residential neighborhood. Permitted Uses include antique shops, apparel stores, art stores, banks, beauty parlors, bakery shops, barber shops, bicycle shops, ice cream shops, drugstores, grocery stores, hardware stores, jewelry stores, leather shops, newsstands, office buildings, paint stores, restaurants, schools, shoe stores, sporting goods stores, tailor shops, tobacco shops, and variety stores. Building Regulations Maximum Floor Area Ratio: Maximum Building Height: Minimum Open Space: Up to one acre - One to five acres - Five to 20 acres - More than. 20 acres - Offstreet Parking. Commercial - Restaurants - Office - Building Setbacks: Front - Side and rear - .40 at one story increased .11 for each additional story Two stories and 35 feet 18% of lot area 16% of lot area 14% of lot area 12% of lot area one space per 300 square feet one space per 50 square feet of dining area and one space per four employees one space per 400 square feet 20 feet 10% of lot width greater than five feet, but not to exceed 7.5 feet QUINLIVAN APPRAISAL 23 Minimum Lot Frontage: Old subdivision - 50 feet New subdivision - 50 feet and 75 feet for corner site Minimum Lot Area: Old subdivision - New subdivision 5,000 square feet 5,000 square feet and 7,500 square feet for corner site Maximum Lot Coverage: 40% QUINLIVAN APPRAISAL QUINLIVAN APPRAISAL HIGHEST AND BEST USE Fundamental to the concept of value is the theory of highest and best use. Land is valued as if vacant and available for its highest and best use. The Appraisal Institute in The Appraisal of Real Estate, Ninth Edition, defines highest and best use as follows: The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and results in the highest value. Land has limited value unless there is a present or anticipated use for it; the amount of value depends on the nature of the land's anticipated use, according to the concept of surplus productivity. Among all reasonable, alternative uses, the use that yields the highest present land value, after payments are made for labor, capital, and coordination, is generally regarded as the highest and best use of the land as though vacant. The highest and best use of a property as improved refers to the optimal use that could be made of the property including all existing .structures. The implication is that the existing improvement should be renovated or retained as so long as it continues to contribute to the total market value of the property, or until the return from a new improvement would more than offset the cost of demolishing the existing building and constructing a new one. In estimating the highest and best use there are essentially four stages of analysis: 1. Possible Use. What uses of the site being appraised are physically possible? 2. Permissible Use (Legal) What uses are permitted by Zoning and Deed Restriction, if any? 3. Feasible Use. Which possible and permissible uses will produce a net return to the owner of the site? 4. Maximally Productive. Among feasible uses, which use will produce the highest net return to the owner of the site? QUINLIVAN APPRAISAL 25 The highest and best use of the land (or site), if vacant and available for use, may be different from the highest and best use of the improved property. This is true when the improvements are not an appropriate use, but make a contribution to the total property value in excess of the value of the site. The following four point test must be met in estimating the Highest and Best Use. The use must be legal. The use must be probable, not speculative or conjectural. There must be a profitable demand for such use and it must return to the land the highest net return for the longest period of time. These tests have been applied to, the subject property. In arriving at the estimate of Highest and Best Use, the subject site was analyzed as vacant and available for development, and as improved. Possible Use The total site has approximately 268 feet of frontage on Crandon Boulevard and frontage on W. McIntyre Street and Fernwood Road. Therefore, the subject site has adequate access and good exposure on a major traffic artery. The subject site is generally rectangular in shape, having good functional utility. All necessary utility services are available along existing street right-of-ways. The site is filled to street grade and does not appear to have any drainage or subsoil deficiencies. The total site is approximately 134,899 square feet in size, which equates to 3.097 acres. The size of the subject site would allow many uses. The physical characteristics of the subject site would not restrict any residential or commercial use of the site. Permissible Use Permissible or legal uses are those uses which are permitted by zoning or deed restrictions. There are presently no known private deed restrictions of record. The subject site is zoned for business use. The zoning of the site permits retail and service establishments, offices and restaurants. QUINLIVAN APPRAISAL Feasible Ilse/Maximally Productive Use The physical characteristics and zoning of the subject property permit a wide range of potential uses. The possible and permissible uses of the subject site include retail and service establishments, offices and restaurants. Similar properties fronting along the west side of Crandon Boulevard include shopping centers, service stations, restaurants, bank/savings and loan associations and . office buildings. These commercial facilities are retail and service establishments serving the needs of the residents of Key Biscayne. In 1980 and 1981, two shopping centers were constructed on Key Biscayne. The Square at Key Biscayne, located northerly of the subject property, contains approximately 50,400 square feet. L'Esplanade, located at the south end of Key Biscayne, contains approximately 32,400 square feet. Both shopping centers were marketed as condominiums. Many of the stores in L'Esplanade have been foreclosed and few units are occupied in this center. The Square at Key Biscayne originally experienced a high number of vacancies, but is currently 100% occupied, A large part of L'Esplanade's problems were caused by its interior mall design and non-commercial location, as well as the downturn of the real estate market on Key Biscayne. In 1990, the English Pub property was removed and replaced with a two-story shopping center known as Key Biscayne Galleria. This building contains approximately 52,000 square feet. There are three office buildings on Key Biscayne which contain a total of approximately 80,000 square feet. The demand for office space is somewhat limited. Due to Key Biscayne's isolated location, office users are primarily Key Biscayne residents. The occupancy rate for the Dade County office market is estimatedto be 78%. Conclusion (As If Vacant) Based on the above factors, the Highest and Best Use of the site, as if vacant, is estimated to be for commercial usage. QUINLIVAN APPRAISAL f Highest and Best Use. As Improved The south 1.16 acres of the site is improved with a two-story office/bank building. The building was constructed in 1966 and is in average to good condition. The building is 100% occupied. A large percentage of the building has been occupied by Key Biscayne Bank since the completion of the building in 1966. SunTrust recently acquired the Key Biscayne Bank and occupies the bank branch in the building. The design, layout and construction of the building is in conformity with other office buildings of' similar age. The improvements are functional in design and appear to comply with zoning regulations. No similar office buildings located on Key Biscayne have been demolished for a redevelopment of the respective sites. The value of the subject property as improved far exceeds the land value, indicating that the improvements contribute value to the site. Based on a careful analysis of the property, the existing office building is estimated to be the Highest and Best Use of the south 1.16 acres of the site. The remaining 1.937 acres of the site is an excess site to the office building. The excess site is not necessary to the function of the office building. A portion of the excess site is paved and utilized as parking for the office building. The parking area on the excess site is not necessary for the function of the office building. According to the City Manager of -Key Biscayne, a previous zoning covenant granted by Dade County prohibits access to the excess site from Fernwood Road. The zoning covenant restricts access of the excess site to Crandon. Boulevard or through the parking lot of the office building. QUINLIVAN APPRAISAL QUINLIVAN APPRAISAL DESCRIPTION OF IMPROVEMENTS r^ r Age and Condition According to the Public Records of Dade County, the building improvements were constructed in 1966. From personal inspection of the property, the improvements appear to be in average to good condition. Description The subject site is improved with a two-story office/bank building. The building is rectangular in shape running parallel to West McIntyre Street. The first floor of the building contains Key Biscayne Bank, the Village of Key Biscayne and a real estate office. There is an elevator in the front center of the building providing access to the second floor. On the west end of the building is a drive-thru teller for Key Biscayne Bank. The bank space is of good quality construction. The second floor of the building contains the former trust office and computer/operations department for Key Biscayne Bank, a law office, an investment company and the administrativeoffices for the Village of Key Biscayne. There are four rest rooms on the second floor. There is asphalt paved parking along the front and east side of the building, with the majority of the parking spaces in the rear (north side) of the building. There are a total of 65 parking spaces. There is an additional parking area with 28 parking spaces located northeast of the office building, which is considered as part of the excess land site. Size Gross Building Area 18,039 Square Feet Rentable Area 17,177 Square Feet Details of Construction Foundation: Steel reinforced poured concrete spread footings in excavation trench QUINLIVAN APPRAISAL Exterior Walls: Windows: Roof: 8" concrete block stucco -painted and brick 14" fixed plate glass in aluminum frame Flat, built-up composition (re -roofed approximately three years ago) Interior Walls: Plaster and Drywall, painted or wall covering; wood paneling Ceiling: 2' x 2' and 2' x 4' acoustical tiles in suspended metal grid Floors: Carpet, tile and vinyl tile in offices and hallways, ceramic tiles in rest rooms; all over poured concrete slab Lighting: Recessed fluorescent fixtures Equipment and Fixtures Central Air conditioning and heat One elevator (2,500 lb. capacity) The bank equipment is considered personal property and is not included in this report. Site or Yard Improvements Asphalt paved parking Landscaping QUINLIVAN APPRAISAL 30 F SCOPE OF PHE APPRAISAL The appraisal of real estate is generally valuated by means of one or more of the following approaches: (1) The Cost Approach (2) The Income Approach (3) The Sales Comparison Approach The Cost Approach In the Cost Approach, land and building are valued as though they are separate entities. The land value is first estimated as if vacant. Then, by consulting various cost services, local building contractors and by knowledge of construction costs, an estimate of the replacement cost new of the building is determined. Accrued depreciation from all sources including physical deterioration, functional and economic obsolescence must be deducted from this cost. The estimated land value is then added to the depreciated cost of the building to give the "depreciated replacement cost" of the property. The Cost Approach is based on the premise that the value of a thing tends to be set by the cost of acquiring an equally desirable substitute. Applied to real estate, the assumption is that a person would not likely pay more for a property than it would cost him to acquire a suitable site and place an equally desirable building upon it. Costs would include direct cost of construction, indirect costs such as fmancing costs, land and developer's profit. In this report, sales of vacant land within the Village of Key Biscayne are gathered and analyzed. The sales information is gathered from various sale services and verified through Public Records and/or with a party to the transaction, when possible. The subject property is divided into two parcels; the site on which the. building is located and the adjacent excess land site. The land value of each parcel is estimated separately. The current owner of the property proposes to sell the property to the Village of Key Biscayne and retain approximately one acre of the excess; site for the construction of a branch bank building. The remainder (west site) will contain approximately 0.937 acres. The appraisers have been requested to allocate the value of the excess site to the proposed bank site (east site of 43,560 square feet) and to the west site (40,833 square feet). QUINLIVAN APPRAISAL 31 The cost new estimate is based on information from Marshall Valuation and cost comparables. In this situation, depreciation was based on an age/life method and an abstraction from comparable sales. Income Approach The Income Approach is based on the premise that the value of a property may be determined by the amount of net income it can reasonably produce over its remaining economic life. The rationale of the approach is that the present worth of a future income stream is equivalent to the value of the property which produces that income. Four basic steps comprise the Income Approach: (1) Estimate the reasonable expectable annual gross income the property will likely produce. (2) Deduct an allowance for vacancy and collection loss to arrive at the effective gross income. Deduct the annual expense of operation from the effective gross income to arrive at the annual net income. (3) (4) Capitalize the annual net income into an indication of value. The subject property is currently 100% occupied. Therefore, only a Stabilized Market Value is estimated based on a direct capitalization method. In this section of the report, a comprehensive market rent survey is conducted in order to estimate the Market Rent for the subject property and to estimate a stabilized occupancy rate. A current rent roll and a 1996 operating statement of the subject property is reviewed and analyzed. After deducting the operating expenses from the effective gross income, the net operating income is capitalized by an overall rate abstracted from comparable sales and a Band of Investment method. QUINLIVAN APPRAISAL The Sales Comparison Approach The Sales Comparison Approach is an attempt to measure the reactions of typical buyers and sellers. In this approach, a direct comparison is made between the property being appraised and comparable properties which have sold recently. These sales are compared for degrees of comparability such as location, size, age, zoning, time, the conditions of sale, financing and other pertinent data which would affect value. Adjustments are made for these factors in order to arrive at a reliable estimate of value. In this report, sales of office buildings in the subject and competitive locations are gathered and analyzed. Comparable locations are considered to be near downtown Miami, the Coral Way and the Coral Gables market areas. Reconciliation After applying the three approaches, three separate indications of value will be obtained. The indicated values obtained from each approach must be correlated into one final conclusion of value. Usually one approach will be considered more significant than the rest, either because of the reliability of the data, or because of the type of property involved. Reconciliation is the process by which each approach is objectively weighted according to its importance. QUINLIVAN APPRAISAL LAND VALUE A land value estimate is concluded by comparing the subject site to comparable land sales. Generally, the comparable land sales are adjusted by time, property, and location to indicate the Market Value of the subject site as though unimproved. This process is known as the Direct Sales Comparison Method. The Direct Sales Comparison Method is a process of analyzing sales of similar recently sold land parcels in order to derive an indication of the most probable sales price of the site being appraised. The reliability of this approach is dependent upon the availability of comparable sales data, the verification of the sales data, the degree of comparability and the absence of non -typical conditions affecting the sale. F 4 The following pages contain sales of similar land sites which have recently sold. Several other sales are considered, but are not included because there is too wide a difference in physical factors, location and time. In comparing the sales to the subject, consideration is given to .factors of time, location, property characteristics, and terms and conditions of the sale. As indicated previously, the commercial area of Key Biscayne is located primarily on the west side of Crandon Boulevard between Harbor Drive on the north and West Mashta Drive on the south, a distance of approximately one mile. This is a relatively small commercial area with few recent land sales. Bemuse there have been few recent commercial land sales on Key Biscayne, older commercial land sales on Key Biscayne are also analyzed. Sale 1 is located on Crandon Boulevard at West Mashta Drive, approximately three blocks south of the subject property. This 20,150 square foot site sold in December of 1986 for $641,000, or $31.81 per square foot. There is a former service station an this site which has been closed for approximately 1.0 years. The building is currently being utilized by a florist/plant shop. The property was purchased based on land value only. This site is smaller than the subject site. Generally, a smaller site will sell at a higher per unit price. Sale 2 is located on Crandon Boulevard, approximately two blocks south of the subject site. This 129,486 square foot site sold in June of 1989 for $2,900,000 (after reduction for trade name, goodwill, liquor license and memorabilia of the former English Pub restaurant), or $22.40 per square foot. This site contained the Jamaican Inn/English Pub restaurant at the time of sale. This building was removed and replaced with a two-story shopping center.. QUINLIVAN APPRAISAL 34 Sale 3 is located on Crandon Boulevard, approximately five blocks north of the subject property. This 14,260 square foot site sold in November of 1993 for $430,000 or $30.15 per square foot. This site is currently vacant. It is the former site of a BP Service Station. Similar to Sale 1, this site is smaller in size and would tend to sell at a higher unit price. Sale 4 is located on Crandon Boulevard, approximately three blocks south of the subject property. This 9.495 acre site sold in February of 1994 for $9,099,700 or $22.00 per square foot. This vacant site was purchased by the Village of Key Biscayne for a park. a Sale 5 is located on Crandon Boulevard, approximately three blocks north of the subject. This 61,420 square foot site sold in March of 1997 for $2,300,000 or $37.45 per square foot. This site was purchased by an adjacent owner. A comparison of the unit price of Sale 5 to the unit price of Sale 6, a similar site that sold within one month of Sale 5, indicates that the grantee of Sale 5 may have paid a premium for the site because of being an adjacent owner. Sale 6 is located on Crandon Boulevard, approximately five blocks north of the subject. This 30,000 square foot site sold in April of 1997 for $960,000 or $32.00 per square foot. This site is an interior block location with frontage on Crandon Boulevard. The site is currently vacant. A detailed profile of each sale, a plat of each sale, a summary of the sales, a sales map and a value conclusion follows herein. QUINLIVAN APPRAISAL 35 DR. n 6u if i� Y F.' ,_. / HAND SALE 1 C j m ilk 9 t9 (635.9) h Tr E. WOOD z,sa.,� PA TRY \a PR ' E i\ PKG"- C DC)N T '\ OoS.R .Z /7.00- i\ a 0 ! 6C i cc Af.238 I W F 51 - KO 6i a lso so 1-0 412A 6e ACC a: co , '�� 9` WI u 3 QUINLIVAN APPRAISAL B / Mack/ LAND SALE 1 DATE: December 15, 1986 PRICE: $641,000 TYPE INSTRUMENT: Special Warranty Deed RECORDATION: O. R. Book 13118, Page 1192 FOLIO NUMBER: 30-5205-001-0100 GRANTOR: Exxon Education Foundation GRANTEE: Nomar Investments, N.V. LEGAL: Lengthy legal - A portion of Tract D, BISCAYNE KEY ESTATES, as recorded in Plat Book 50, Page 61, of the Public Records of Dade County, Florida. LOCATION: 800 Crandon Boulevard Key Biscayne, Florida SITE DESCRIPTION: Dimensions: Irregular Size: 20,150 Square Feet 0.463 Acres Zoning: BU -1, Neighborhood Business Current Use: Florist shop (former service station) UNIT PRICE: $31.81 per Square Foot FINANCING: Acquisition loan of $650,000 with Creditbank. No effect on sale price. REMARKS: An older service station which is presently used as a flower shop is located on this site. Said improvements are considered to contribute no value to the purchase price. QUINLIVAN APPRAISAL 36 LAND SALE 2 DA 1'E: June 15, 1989 PRICE: $2,900,000 TYPE INSTRUMENT: Warranty Deed RECORDATION: O. R. Book 14174, Page 2742 FOLIO NUMBER: 30-4232-002-0132 GRANTOR: Key Biscayne Enterprises, Inc. GRANTEE: Femway Builders, Inc. LEGAL: Lengthy legal - A portion of Tracts 3 and 5, MATHESON ESTATES, as recorded in Plat Book 46, Page 86, of the Public Records of Dade County, Florida. LOCATION: 320 Crandon Boulevard Key Biscayne, Florida SIIE DESCRIPTION: Dimensions: Irregular Size: 129,486 Square Feet 2.973 Acres Zoning: BU -1, Neighborhood Business Current Use: Shopping center UNIT PRICE: $22.40 per Square Foot FINANCING: Cash to seller. No effect on gale price. REMARKS: The indicated purchase price was $3,000,000 for the real estate and English Pub business to include trade name, goodwill, liquor license and memorabilia with an allocated value of $100,000. QUINLIVAN APPRAISAL 37 IV SIV2IddV NVAIlNIfla ___-, r--..., At the time of sale, there was an older commercial building containing 11,725 square feet used as a restaurant and liquor store located on the site. Subsequent to the sale, said improvements have been removed and a 52,000 square foot, two-story shopping center has been constructed on the site. The shopping center is known as Key Biscayne Galleria. r1 L QUINLIVAN APPRAISAL j LAND SALE 3 EZJS:Lri,, 276./ J j r 7. 1 1Oi4 s • . J I .i ,Tr.. 'e ( M i. z Ap/C' FARLAN £ST$ 9/---6x17 a 1IIIIIJJJfJJ Ws./ v I CRICN0ON PARK MOfr(L/ c./ Lr G_E STA. _ i.• . I i L t— 3-7 r_ti r- t -•t QUINLIVAN APPRAISAL 1 T 1 Li DATE: PRICE: TYPE INS I RUMENT: RECORDATION: FOLIO NUMBER: GRANTOR: GRANTEE: LEGAL: LOCATION: SHE DESCRIPTION: Dimensions: Size: Zoning: Current Use: UNIT PRICE: FINANCING: REMARKS:, LAND SALE 3 November 29, 1993 $430,000 Special Warranty Deed O. R. Book 16012, Page 2541 24-4232-002-0010 Service Station Holdings, Inc. Key Associates, Inc. Portion of Tract 1, MA[HLSON ESTATES, according to the plat thereof, as recorded in Plat Book 46, Page 86, of the Public Records of Dade County, Florida. 38 Crandon Boulevard Key Biscayne, Florida Irregular 14,260 Square Feet .33 Acre BU -1, Neighborhood Business Vacant $30.15 per Square Foot New First Mortgage of $360,000 with First Western Bank. This is a site of a former BP Service Station. QUINLIVAN APPRAISAL 39 = QUINLI VAN APPR AISAL n LAND SALE 4 DATE: PRICE: TYPE INSTRUMENT: RECORDATION: FOLIO NUMBER: GRANTOR: GRANTEE: LEGAL: LOCATION: Sl'i't DESCRIPTION: Dimensions: Size: Zoning: Current Use: UNIT PRICE: FINANCING: REMARKS: February 18, 1994 $9,099,700 Warranty Deed O. R. Book 16254, Page 943 24-4232-002-0131/24=4232-002-0171 Precision Value Corp. Village of Key Biscayne Lengthy legal. A portion of Tracts 5 and 7, MATHESON ESTATES, according to the plat thereof, as recorded in Plat Book 46, Page 86, of the Public Records of Dade County, Florida. 440 Crandon Boulevard Key Biscayne, Florida Irregular 416,619.52 Square Feet 9.495 Acres BU -1, Neighborhood Business Park $22.83 per Square Foot Cash to seller. This site is utilized as a village park. QUINLIVAN APPRAISAL LAND SALES #� -`-'IL�ini I` —BS y 6907' 1 ha Rv^17 Ei o 'r5 7 _ 75 J67 9 i 67 ° v 907 =' D Q 70- E 0 eREST LA? Etc Jas. "//afiag PKG cc V_ -- QUINLIVAN APPRAISAL LAND SALE 5 DATE: PRICE: TYPE INSTRUMENT: RECORDATION: FOLIO NUMBER: GRANTOR: GRANTEE: LEGAL: LOCATION: SIIk. DESCRIPTION: Dimensions: Size: Zoning: Current Use: UNIT PRICE: FINANCING: REMARKS: March 14, 1997 $2,300,000 Warranty Deed O. R. Book 17568, Page 1149 24-4232-002-0090 200 Palms Corporation Tesaurus Holdings, Inc. South 150 feet of the North 350 feet of Tract 3, MATHESON ESTATES, according to the plat thereof, as recorded in Plat Book 46, Page 86, of the Public Records of Dade County, Florida. 200 Crandon Boulevard Key Biscayne, Florida 150 Feet x 409.5 Feet 61,420 Square Feet 1.41 Acres BU -1, Neighborhood Business Vacant $37.45 per Square Foot First mortgage from Colonial Bank of $2,000,000. This site is currently vacant. The grantee is an adjacent owner. QUINLIVAN APPRAISAL 41 1 LAND SALE 6 1s PKG. T — Ti:l,� ^� ou re ie ZA D=d PINGCIa QUINLIVAN APPRAISAL LAND SALE 6 DATE: April 14, 1997 PRICE: $960,000 TYPE INSTRUMENT: Special Warranty Deed RECORDATION: O. R. Book 17600, Page 2182 FOLIO NUMBER: 24-4232-002-0060 GRANTOR: Anna Matheson, Robert H. Matheson, Dorothy Cuayo & Christine Anderson GRANTEE: L D Pankey Dental Foundation, Inc. LEGAL: The North 150 feet of the West 200 feet of Tract 2, MATHESON ESTATES, according to the plat thereof, as recorded in Plat Book 46, Page 86, of the Public Records of Dade County, Florida. LOCATION: 1 Crandon Boulevard Key Biscayne, Florida SITE DESCRIPTION: Dimensions: 150 Feet x 200 Feet Size: 30,000 Square Feet 0.69 Acres Zoning: BU -1, Neighborhood Business Current Use: Vacant UNIT PRICE: $32.00 per Square Foot FINANCING: Cash. REMARKS: This site is currently vacant. QUINLIVAN APPRAISAL 42 Cdi4PARABLE LAND ,SALES BEY BISCAY E DR `k"-:YACBTCEUB OOD ``I"ctir" ..s N L p - a - • c • �•_ aS.y: ENID .i SUNRISE DR .-t z 2. •� HARE •fl J DP •- on IR J - w wrvIop 5.. E ENID OR poet fl V Da O 2 0 4 c Q E' WOOD DR iOUTH WEST' ft.' 'y.•rr, d0©9 i •'•: m SE VIENk DR q —�6 .� c'tt .9 VII A HTA 0- D' • : i z*' ,i PO1NT /r'��--,, C' Q g e •i! IEWDR � \\ O $p ISLAND DR 4.. 9 �O Q4.TREE OR r,'Z' KNOLL Q -C FLORIDA QUINLIVAN APPRAISAL f_ ,_1 _� 7 _� i `-1 9 € r CI ARAC7 ERIST1C DATE OF SALE SALE PRICE RECORDATION ADDRESS SALE. SUBJECT is 95 W. McIntire St. SALE 1' 2/15/86 $641,000 SALE Z 13118/1192 800, Crandon Blvd. 6/15/89 $2,900,000 14174/2742 320 Crandon Blvd. SALE 3 11/29/93 $430,000 16012/2541 38 Crandon Blvd. SALE 4 02/18/94 AL $9,099,700 16254/943 440 Crandon Blvd. 3/14/97 $2,300,000 17568/1149 200 Crandon Blvd. 4/14/97 $960,000 17600/2182 1 Crandon Blvd. LOCATION SIZE (SQ. 1T.) SIZE (ACRES) ZONING PRESENT USE 135,445 3.14 I3U-1 Vacant and Office Bldg. 3 Blocks S 20,150 0.463 BU -1 Former Howe Shop 2 Blocks N 129,486 2.973 13U-1 Shopping Center 5 Blocks N 14,260 0.33 BU -1 Service Station Adjacent to N 416,916 9.495 BU -1 Park 3 Blocks N 61,420 1.41 13U-1 Vacant 5 Blocks N 30,000 0.69 13U-1 Vacant PRICE PAID/SQ. FT. $31.81 $22.40 $30.15 $22.00 $37.45 $32.00 fl L. LAND VALUE Conclusion The sales range in unit price from $22.00 to $37.45 per square foot of land area. The sales range in time from December of 1986 to April of 1997. A significant change in price is not evident during this time period. The sales were financed with conventional loans from lending institutions at market interest rates or purchase money mortgages at market interest rates. Adjustments for financing were therefore not required. All of the sales are located on Crandon Boulevard within a five block radius of the subject property. The sales and the subject property are similarly zoned BU -1. The primary differences between the sale properties and the subject property are primarily land size. Generally, a larger site will sell at a lower unit price. Sales 1, 3, 5 and 6 range in size from 14,260 to 61,420 square feet. The unit prices of Sales 1, 3, 5, and 6 range from $30.15 to $37.45 per square foot. Sales 2 and 4 are 129,486 and 416,916 square feet in size, respectively. The unit prices of Sales 2 and 4 are $22.40 and $22.00 per square foot, respectively. An analysis of the sales indicates that the sales of the smaller sites reflect a higher unit price than the sales of the larger sites. The subject site is analyzed and valued as three components. As improved, the subject property is comprised of a 50,506 square foot building site and an 84,393 square foot excess site. Additionally, the current owner of the property proposes to develop approximately one acre of the excess site with a bank building. The remainder of the excess site will be approximately 40,933 square feet in size. Since the components of the subject site are more similar in size to the smaller sites analyzed, the value of the subject sites should be within the range of the unit prices of Sales 1, 3, 5 and 6. However, the unit price of Sale 5, $37.45 per square foot, should be an upper limit for the value of the subjects. Sale 5 was purchased by an adjacent owner. A comparison of the unit price of Sale 5 with the unit price of Sale 6 indicates that the unit price of Sale 5 requires a downward adjustment for the apparent premium paid because of adjacent ownership. The excess land site is considered to have a higher unit value because of its frontage on Crandon Boulevard, a primary traffic artery, compared to the bank site on W. McIntyre, a secondary traffic artery. QUINLIVAN APPRAISAL 43 Based on the above analysis of the land sales, the subject site is estimated to have a value as follows: Office Site 50,506 sq. ft. x $25.00 per Sq. Ft. = $1,262,650 Rounded $1,265,000 Excess Land Site 84,393 Sq. Ft. x $32.00 per Sq. Ft. = $2,700,576 Rounded $2,700,000 Allocation of Value of Excess Site The current owner of the subject property proposes to develop the easterly one acre of the excess site with a branch bank building. The value of the excess land site is allocated to reflect the division of value of the site as part of the whole. The proposed bank branch site (east site) will have direct access and exposure to Crandon Boulevard, the major traffic artery in Key Biscayne. This portion of the site will have good access and exposure. The proposed bank branch site will be approximately half the size of the total excess site and have all of the exposure of the excess site. Insufficient sales data is available in Key Biscayne to isolate exact increments of value for factors such as exposure or size. Sales of smaller sites usually reflect higher prices per square foot. Furthermore, sites with good exposure usually reflect higher prices per square foot. Since the proposed bank branch site is smaller and has all of the exposure of the excess site, the allocated value of the bank branch site should be higher than the previously estimated value of the excess site. Accordingly, the value of the excess site is allocated as follows: Proposed Bank Branch Site (East Site) 43,560 Sq. Ft. x $35.00 per Sq. Ft. Rounded $1,524,600 $1,525,000 Proposed Bank Branch Site (West Site) 40,833 Sq. Ft. x $28.75 per Sq. Ft. = $1,173,949 Rounded $1,175,000 QUINLIVAN APPRAISAL 44 7 rin Lag QUINLIVAN APPRAISAL COST APPROACH TO VALUE The indication of value derived from the Cost Approach is reached by estimating the replacement cost of the improvements, less accrued depreciation, if any, and adding to this the estimated land value. Direct Cost 18,039 S.F. x $70.00 per S.F. = Site Improvements: Landscaping, asphalt paving, drainage, etc. Total Direct Cost Indirect Costs R. E. Taxes during Construction $15,900 Architecture & Engineering Fees 41,100 Lender's Fees (Loan Points) 20,900 Financing Costs (Interest) 105,000 Legal & Accounting 9,500 Miscellaneous Fees 10,000 Developer's Overhead 19,200 Contingency 27.455 Total Indirect Costs Total Costs - All Sources Less Accrued Depreciation (45%) Plus: Land Value Value Indication by Cost Approach (Rounded) $249,055 $1,262,730 $ 110.000 $1,372,730 $ 249,055 $1,621,785 - 729,803 $1.265.000 $2,156,982 $2,160,000 QUINLIVAN APPRAISAL 45 Direct Costs The direct costs are those costs attributable to the labor and material devoted specifically to the construction of an improvement. The direct cost of the office/bank building are estimated from the Marshall Valuation Manual. The base cost in the Marshall Valuation Manual includes some indirect costs such as architect's fees, construction loan interest, and miscellaneous permits and fees. The indirect costs included in the base cost are deducted to adjust the base cost only to include direct costs. The base cost is further adjusted for size, building height, location, and time. Cost New Estimate MARSHALL VALUATION MANUAL OFFICE/BANK CLASS C, GOOD QUALITY SECTION 15, PAGES 17 & 18 Base Cost $79.02 Height Multiplier x 1.00 7 Total $79.02 Floor Area/ Perimeter Multiplier x 1.05 Total Current Multiplier $82.97 x 1.02 Total $84.63 Local Multiplier x .90 Total Less: Soft Costs Included in Marshall Valuation $76.17 8.45 Total $67.72. Rounded $70.00 QUINLIVAN APPRAISAL 46 In addition, cost comparables of office buildings located in Dade County are analyzed. A summary of the cost comparables is as follows: C' r TYPE OF BUILDING Office Office Office YEAR BUILT 1991 1992 1996 ADDRESS N.W. 25 St. & N.W. 82 Ave. 180 N.E. 168 St. 8600 N.W. 15 St. BUILDING SIZE (S.F.) 20,832 14,000 65,314 TOTAL DIRECT COST $836,000 $534,000 $4,226,300 UNIT COST/S.F. $40.13* $38.14 $64.70 QUALITY Average Average Good Does not include tenant improvements for 9,365 square feet. In the final analysis, the Marshall Valuation estimate and the cost comparables are fairly consistent. The construction quality of the subject improvements is considered good. Therefore, a direct cost of $70.00 per square foot is estimated for the subject bank/office building. Indirect Costs (Soft Costs) The Indirect Costs are those costs in the development of a property which would not be included in a general contract for construction. These costs include architectural and engineering fees, financing costs, loan points, real estate taxes during construction, legal and accounting fees, builder's insurance, contingencies and miscellaneous fees of survey, appraisal and inspection fees. Real Estate Taxes during Construction - This cost is based on the actual 1996 real estate taxes for the land over an estimated nine month construction period. Architect and Engineering Fee - These fees are estimated based on 3% of the direct costs. Lender's Fees - The Lender's Fees are based on one point of a construction loan at a 75% loan to value ratio. QUINLIVAN APPRAISAL e Financing Cost during Construction (Interest) - The financing cost is the interest over a nine month construction period based on a construction loan with a 75% loan to value ratio, at 9.5% interest for a 12 month term with a 70% average outstanding balance. The loan interest is calculated as follows: $2,100,000 x .095 x .70 x .75 $104,738 Rounded $105,000 Legal and Accounting - This cost includes legal fees for loan closing and title services and accounting fees for cost analysis. ram r Miscellaneous Fees - This item provides for survey, appraisal and inspection fees. Title insurance and recording fees are also included in these fees. Contingency - This item is based on 2.0% of the direct cost. Contingencies are unforeseen expenses and change orders during the construction period. The total indirect costs are estimated at $249,055 or 15.4% of the total costs exclusive of land costs. Depreciation In estimating the accrued depreciation of the subject improvements, two methods are considered: an Age -Life Method and an abstraction from market sales of similar buildings. The Age -Life Method is a percentage reflecting the ratio of estimated effective age to the anticipated economic life of the improvements. In abstracting depreciation from a market sale, the estimated land value is subtracted from the sale price to indicate the building value. The indicated building value is subtracted from the estimated replacement cost of the building to derive a depreciation percentage. The depreciation percentage can be converted into an annual percentage by dividing by the effective age of the improvements. The subject improvements were constructed in 1966, indicating an actual age of 31 years. The improvements appear to have had normal maintenance over their economic life. Based on a personal inspection of the subject property, the effective age of the building is estimated to be 25 years. Buildings of the subject's construction type usually have an economic life of approximately 50 years. QUINLIVAN APPRAISAL 48 Economic Age -Life Method Actual Age 31 Years Effective Age 25 Years Economic Life 50 Years Remaining Life 25 Years Depreciation = Effective Age Economic Life 7 Depreciation = 50 = 50% Indicated Annual Depreciation Rate 50% _ 25 Years = 2.0% per Year Abstraction Method 7 Abstracting depreciation is measured by actual sales of comparable properties in the market. The procedure involves subtracting the estimated site value from the sales price to derive the value contribution of the improvements. The contributory value of the improvements is compared to a replacement cost new of the improvements, in order to abstract accrued depreciation. The age of the improvements is then divided into the amount of depreciation to provide an annual rate of depreciation. QUINLIVAN APPRAISAL 49 i1 The following is a summary of depreciation rates abstracted from a comparable sale of an office building analyzed in the Sales Comparison Approach. Location Sale Price Less: Land Value Building Value Sale 5 1501 Venera Ave $ 2,479,900 - 632,000 $ 1,847,900 Replacement Cost New $ 2,500,000 LESS: Building Value 1,847,900 Depreciation $ 652,100 Depreciation $ 652,100 Replacement Cost New -2,500,000 Depreciation Percentage 26% Effective Age _ 15 Years Depreciation per Year 134 % Smnmary of Depreciation The Abstraction Depreciation Analysis of comparable sales and the Economic Age - Life Method indicated a range of annual depreciation rates from 1.74% to 2.00%. Based on these methods of estimating depreciation, an annual depreciation rate of 1.8% is estimated for the subject office building improvements. 25 Years x 1.8% per Year = 45% QUINLIVAN APPRAISAL 50 QUINLIVAN APPRAISAL r INCOME APPROACH TO VALUE This approach to value is a technique in which the anticipated net income is processed to indicate the capital amount of the investment which produces the net income. The capital amount, called the capitalized value, in effect, is the sum of the anticipated annual rents less the loss of interest until the time of collection. Income First Floor Bank Space Office Space Second Floor Size 4,910 sq. ft. 3,004 sq. ft. Est. Market Annual Rent/Sq. Ft. Rent $25.00 $ 122,750 $23.50 $ 70,594 Office Space 9,263 sq. ft. $16.00 $ 148,208 Potential Gross Annual Income $ 341,552 Less Vacancy and Collection Loss 5% - 17,077 Effective Gross Annual. Income $ 324,475 Bank reimbursement for operating expenses $ 32,946 Total $ 357,421 Expenses Management 4% of EGI $ 13,000 Real Estate Taxes $ 30,400 Insurance $ 3,400 Electricity $ 26,500 Water/Sewer $ 5,200 Lawn Maintenance $ 6,000 Supplies $ 1,400 Repairs $ 30,100 Garbage $ 3,400 Janitorial $ 10,300 Pest Control $ 500 Reserve for Replacement $ 1,700 Total $ 131,900 $ 131,900 Net Operating Income $ 225,521 $2,255,211 Capitalized @ 10.0% $2,255,210 Value Indication by Income Approach (Rd) $ 2,250,000 QUINLIVAN APPRAISAL 51 Rental Rate Analysis Rent Roll (November, 1995) SunTrust Tarafa & lriondo Village of Key Biscayne SunTrust Thomas Wakefield, Att. 1 1&2 2 2 4,910 sq. ft. 785 sq. ft. 5,484 sq. ft. 5,158 sq. ft. 840 sq. ft. BOO $22,116 $96,578 $13,052 The owner, SunTrust, occupies over half of the building on the first and second floors. Since they are the owner, there is no lease or rental payments. The other major tenant, the Village of Key Biscayne, also occupies space on the first and second floor. The other two tenants are reported to be leased on a month to month basis. The tenants are reportedly paying their own electricity for ground floor space. The landlord is paying for real estate taxes, insurance, pest control, garbage collection, water/sewer, common area utilities and common area janitorial. The average rent of the leased space in the subject building is $18.53 per square foot of rentable building area. QUINLIVAN APPRAISAL 52 Market Rent Analysis The market rent of the subject office space is estimated based on a survey of rentals of office space in Key Biscayne. A summary of the comparable rentals are as follows: L Rental Sate 1 Key Executive Building 104 Crandon Blvd. $19.00 per sq. ft. Full Service 2 Key. Biscayne Medical Building 240 Crandon Blvd. $22.00 per sq. ft Tenant pays utilities and janitorial 3 Key Biscayne Galleria 328 Crandon Blvd. $19.00 per sq. ft. Tenant pays all expenses 4 Key Biscayne Professional 24 W. Enid Drive $20.00 per sq. ft. Tenant pays. janitorial 5 Unnamed 30 Mashta Drive $12.00-$15.00 per sq. ft. Tenant pays electric & janitorial The rental rates of the comparable rental properties are adjusted to a full service basis similar to the subject leases. The rental rates of Comparable Rentals 2, 3 and 5 require upward adjustment for the tenant obligation of expenses. The rental rate of Rental 4 requires downward adjustment for the tenant's obligation for operating expenses. Based on the operatingexpense comparables, the rental rates of Rentals 2, 3, 4 and 5. are adjusted as follows: No. 1 2 3 4 5 Base Rent $19.00 $22.00 $19.00 $20.00 $13.50 Adjustment +2.40 +6.00 -0.60 +2.10 Adjusted Rent $19.00 $24.40 $25.00 $19.60 $15.60 Comparable Rental 3 is a newer building than the subject and, accordingly, has a higher rental rate. All of the comparable rentals are located in Key Biscayne. The locations of all of the rentals aresimilar to the location of the subject property. QUINLIVAN APPRAISAL 53 Based on a careful analysis of the actual rental rates in the subject building and the comparable rentals, the ground floor bank space to include the drive-in tellers is estimated to have a market rental rate of $25.00 per square foot. Typically bank space is leased on a net basis with the hank tenant reimbursing the landlord for its prorata share of operating expenses. The ground floor office space is estimated to have a market rental rate of $23.50 per square foot. The second floor office space is estimated to have a value of $16.00 per square foot. The overall estimated average market rental rate is $19.88 per square foot. A detailed profile of each rental, a photograph of each rental, and a location map follows herein. QUINLIVAN APPRAISAL COMPARABLE OFFICE RENTAL 1 Key Executive Building DESCRIPTION: ADDRESS: LOCATION: OWNER: 104 Crandon Boulevard Key Biscayne, Florida Four blocks north of the subject property Paul R. Auchter PHYSICAL DESCRIPTION: Rentable Area: Common Area Factor: Number of Stories: Age: Condition: Parking: 25,000 Square Feet 12% 4 1971 Average Adequate QUINLIVAN APPRAISAL 55 RENTAL DATA: Rental Rate: Terms: Expenses: Escalations: Finishing Allowance: Rental Concessions: TENANT PROFILE: OCCUPANCY: REMARKS: $19.00 per Square Foot 1-5 Years Increase in operating expenses over base year paid by tenant Generally CPI Negotiable None Biscayne Realty, Attorneys, The Islander News 95% The first two floors contain a parking garage. Typical suites range in size from 150 to 1,500 square foot. QUINLIVAN APPRAISAL COMPARABLE OFFICE RENTAL 2 Two-story office building known as the Key Biscayne Medical Center DESCRIPTION: ADDRESS: LOCATION: 240 Crandon Boulevard Key Biscayne, Florida Three blocks north of the subject property OWNER: Finivest Investments PHYSICAL DESCRIPTION: Rentable Area: 44,556 Square Feet Common Area Factor: 12 % Number of Stories: 2 Age: 1980 Condition: Good QUINLIVAN APPRAISAL 57 Parking: Parking Ratio: RENTAL DATA: Rental Rate: Terms: Expenses: Escalations: Finishing Allowance: Rental Concessions: TENANT PROFILE: OCCUPANCY: REMARKS: 108 spaces One space per 413 square feet Asking $22.00 per Square Foot 3-5 Years Tenant pays utilities and janitorial. Landlord pays taxes, insurance and maintenance C.P.I. Negotiable Negotiable - One month free rent per each year of the lease. Medical clinics 90% The majority of the vacant space in the building is a ground floor bank branch. The asking rental rate for the bank branch is $22.00 per square foot. QU!NLIVAN APPRAISAL 58 COMPARABLE OFFICE/STORE RENTAL 3 Two-story office/retail building known as the Key Biscayne Galleria DESCRIPTION: ADDRESS: LOCATION: 328 Crandon Boulevard Key Biscayne, Florida Two blocks north of the subject property OWNER: Fernwood Builders, Inc. PHYSICAL DESCRIPTION: Rentable Area: 52,000 Square Feet Number of Stories: 2 Age: 1990 Condition: Good Parking: 200 spaces Parking Ratio: One space per 260 square feet QUINLIVAN APPRAISAL 59 RENTAL DATA: Rental Rate: Terms: Expenses: Escalations: Finishing Allowance: Rental Concessions: TENANT PROFILE: OCCUPANCY: REMARKS: $19.00 per square foot (2nd floor office) 3-5 Years All expenses paid by tenant Generally C.P.I. Generally by tenant None Second floor - Art Gallery, Real Estate Offices, Fitness Center, Architect 97% This building contains retail stores on the ground floor and offices on the second floor. Retail rents on the first floor are $33.00 per square foot. QUINLIVAN APPRAISAL COMPARABLE OFFICE RENTAL 4 DESCRIPTION: ADDRESS: Two-story office building 24 West Enid Drive Key Biscayne, Florida LOCATION: Two blocks south of the subject property OWNER: Key Biscayne Shopping Center J.V. PHYSICAL DESCRIPTION: Rentable Area: 9,000 Square Feet Number of Stories: 2 Age: 1965 Condition: Average Parking: 18 spaces Parking Ratio: One space per 500 square feet QUINLIVAN APPRAISAL 61 RENTAL DATA: Rental Rate: Terms: Expenses: Escalations: Finishing Allowance: Rental Concessions: TENANT PROFILE: OCCUPANCY: REMARKS: $20.00 per square foot 3-5 Years Tenant pays janitorial and increases in real estate taxes and insurance. Landlord pays taxes, electricity, water/sewer, insurance and maintenance. Annual fixed Negotiable None Medical tenants 66% This building is located behind the Key Biscayne Shopping Center. The second floor of the building (3,000 square feet) is vacant. The design of the second floor is for one tenant. The second floor requires new tenant improvements and elevator repairs. The landlord has not actively marketed the second floor due to the high cost of new tenant improvements. QUINLIVAN APPRAISAL 62 COMPARABLE OFFICE RENTAL 5 DESCRIPTION: ADDRESS: LOCATION: OWNER: Two-story office building 30 West Mashta Drive Key Biscayne, Florida Three blocks south of the subject property Key Point Corp. PHYSICAL DESCRIPTION: Rentable Area: 15,900 Square Feet Number of Stories: 2 Age: 1988 Condition: Average Parking: 23 spaces Parking Ratio: One space per 691 square feet QUINLIVAN APPRAISAL 63 RENTAL DATA: Rental Rate: Terms: Expenses: Escalations: Finishing Allowance: Rental Concessions: TENANT PROFILE: OCCUPANCY: REMARKS: $12.00 - $15.00 per square foot 1-2 Years Tenant pays utilities and janitorial. Landlord pays taxes, insurance and maintenance. Annual fixed increases None None Professionals 87% This building is located one block west of Crandon Boulevard. The majority of the parking is covered. QUINLIVAN APPRAISAL 64 Vacancy and Collection Loss A vacancy and collection loss allowance is a reduction in potential rental income due to space not leased or rents not collected. This allowance is generally expressed as a percentage of Potential Gross Income. The vacancy rates of the comparable rentals range from 3% to 22%. The vacancy rates are reflective of the vacancy at the time of the rental survey and are not stabilized annual rates. The subject property currently is 100 % occupied. However, the second floor bank space is not being fully utilized and the Village of Key Biscayne second floor space is leased at a below market rate. Based on the above, a vacancy and collection loss allowance of 5% is considered applicable for the subject. Operating Expense Analysis The expenses were based on expense information obtained from similar buildings, discussions with management agents. The actual operating expenses reported by the property owner are as follows: Category Total Insurance $0.20 Real Estate Taxes $2.22 Water/Sewer $0.29 Electricity $1.54 Repairs Exterior $0.95 Interior $0.42 HVAC $0.42 Total $1.79 $1.79 Grounds Maintenance $0.34 Janitorial $0.62 Trash Removal $0.18 Pest Control $0.02 Supplies $0.08 Total $7.28 QUINLIVAN APPRAISAL 65 Management is based on 4% of Effective Gross Annual Income. This item would cover salary and administrative cost for rent collection and record keeping of the subject property. This expense equates to $0.76 per square foot. Real Estate Taxes - The 1996 real estate taxes equate to $1.77 per square foot of rentable area. The taxes reported on the operating statement include the taxes for an adjacent excess land parcel. A comparison of the assessment with the final value estimate in this report as well as a comparison of the subject real estate taxes on a square foot basis with real estate taxes per square foot of comparable office buildings indicates the subject building is fairly assessed. Insurance - This expense is estimated based on $0.20 per square foot of rentable area. Electricity - These utility expenses are estimated at $1.54 per square foot of rentable area. Water & Sewer - These utility expenses are estimated at $0.30 per square foot of rentable area. Garbage Removal is estimated at $0.20 per square foot. Janitorial Service is estimated based on a cost of $0.60 per square foot of rentable area. Repairs and Maintenance are estimated at $1.75 per square foot of rentable area. This expense includes monthly contract maintenance for elevator maintenance and air conditioning service, structural maintenance, interior building maintenance, and tenant space repairs. Pest Control is estimated based at $0.03 per square foot of rentable area. Grounds Maintenance is estimated based at $0.35 per square foot of rentable area. Supplies are estimated at $0.08 per square foot of rentable area. This expense is for janitorial supplies. Reserve for Replacement would account for periodic replacement of long lived items such as roof cover, air conditioning compressors and exterior painting. inning Commissions are typically included in management expenses. Since the Key Biscayne office market and the subject building have high occupancy rates, the need to pay outside real estate agents' commissions is significantly reduced. QUINLIVAN APPRAISAL 66 The estimated operating expenses are $131,900 or $7.68 per square foot of rentable building area. The projected operating expenses are in line with the actual operation of the subject property and the expense comparables. Selection of Capitalization Rate Capitalization is a process which translates an income projection into an indication of value. The connecting link is a rate which reflects the return necessary to attract investment capital. Hence, the selection of an appropriate rate represents a critical factor in the capitalization process. Overall Rates From Market Sales Location Date Sale Price Overall Rate 2334 Ponce de Leon Blvd. 01/95 $ 2,100,000 9.9% 5835 Blue Lagoon Drive 12/95 $ 6,215,000 10.2% 770 S. Dixie Highway 04/96 $ 3,966,500 9.4% 1501 Venera Avenue 06/96 $ 2,479,900 9.6% 8400 N.W. 33 Street 12/96 $15,575,000 10.0% 12515 N. Kendall Drive 06/97 $ 5,000,000 10.1% 7800 S.W. 87 Avenue 07/97 $ 8,600,000 9.1% 9250 N.W. 41 Street 08/97 $15,475,000 9.0% 4675 Ponce de Leon Blvd. 09/97 $ 1,750,000 9.6% Overall Rate by Band of Investment Theory The overall rate developed by application of the Band of Investment Theory is a synthesis of mortgage debt service and anticipated cash flow to equity which market data discloses as applicable to comparable properties. QUINLIVAN. APPRAISAL 67 The rate developed is a weighted average, the weighing being for the respective portions of the value represented by the mortgage and equity positions, or Band of Investment. Cash Flow Weighted Source of Capital Portion Rate Average Mortgage Loan .75 x .100704 = .0755 Equity Funds .25 x .08 = .0200 .0955 OR Overall Rate 9.55% From discussions with lending institutions and from an analysis of comparable sales, it was determined the most favorable rate and likely terms available to the subject property would be a 75% mortgage at an interest rate of 9.0% with an amortization period of 25 years and a term of five to ten years. A cash flow rate of 8% is estimated to be sufficient to attract equity funds to this type of investment. While the equity dividend rate appears low, the eventual equity yield rate through operational leverage and appreciation should be commensurate with alternate investments. Based on the above, considering the overall rates from market sales, as well as the Band of Investment Technique as most indicative, an overall rate of 10.0% is estimated for the subject property. QUINLIVAN APPRAISAL 68 QUINLIVAN APPRAISAL SALES COMPARISON APPROACH TO VALUE This approach to value is a technique in which the Market Value estimate is predicated upon prices paid in actual market transactions of similar properties. These similar, or comparable, transactions (sales) are adjusted to indicate a value to the subject. The Sales Comparison Approach is a process of analyzing sales of similar recently sold properties in order to derive an indication of the most probable sales price of the property being appraised. The reliability of this approach is dependent upon the availability of comparable sales data, the verification of the sales data, the degree of comparability and the absence of non -typical conditions affecting the sale. The following pages contain sales of similar properties which have recently sold. Several other sales are considered, but are not included because there is too wide a difference in physical factors, location and time. In comparing the sales to the subject, consideration is given to factors of time, location, physical characteristics and terms and conditions of the sale. Since there are few office buildings on Key Biscayne and no recent sales, the office building sales in the airport area, Coral Gables area and other quality areas of southwest Dade County are researched and analyzed. The majority of the sales contained in this report are in the Coral Gables area; a similar high quality/high income residential area as Key Biscayne. More importantly, the comparable sales have similar rental rates and generate similar net incomes per square foot as the subject. In this approach to value, two units of comparison are considered: the price paid per square foot and the gross income multiplier. A Gross Income Multiplier (GIM) is a factor reflecting the relationship between gross annual income of real estate and its sale price or value. The rationale of the GIM Analysis is that both the sale price or value and the gross income of an income property are subject to the same market influences. They presumably move in the same direction and essentially the same proportion in response to market conditions, locational/environmental influences and amenities and functions offered by the property itself. The principal advantage of this technique is that the reflection of rental income is direct. Therefore, differences between properties, which could involve adjustments QUINLIVAN APPRAISAL 69 based on judgment estimates, have been resolved by the free action of the rental market. Sale 1 is located on Ponce de Leon Boulevard in the Central Business District of Coral Gables, approximately 714 miles northwest of the subject. This two-story office/retail store building sold in January of 1995 for $2,100,000, or $172.73 per square foot. The building was originally constructed in 1935 and completely renovated in 1984. The location of the Sale 1 building is better than the location of the subject. The Sale 1 building has first floor retail space, which commands higher rental rates than office space. The net operating income per square foot of the Sale 1 property at the date of sale was $17.10, which is higher than the projected net operating income per square footof the subject building. Sale 2 is located on Blue Lagoon Drive near the Miami International Airport, approximately ten miles northwest of the subject property. This four-story office building sold in December of 1995 for $6,215,000 or $102.44 per square foot. This building was constructed in 1988 and is in good condition. The property is occupied by a single tenant under a ten-year lease which began in December of 1993. The Sale 2 building is located in a business park known as Waterford at Blue Lagoon. Waterford at Blue Lagoon has high quality common area improvements and exposure to State Road 836 and the Miami International Airport. The location of Sale 2 is considered slightly inferior to the location of the subject. The Sale 2 building has direct exposure on State Road 836. The net operating income per square foot of the Sale 2 property at the date of sale was $10.64, which is slightly lower than the projected net operating income of the subject building. Sale 3 is located on South Dixie Highway in Coral Gables, approximately 6' miles northwest of the subject property. This two-story office building sold in April of 1996 for $3,966,500 or $112.75 per square foot. The building was constructed in 1990 and is in good condition. The primary tenant is Personnel One who occupies 43.7% of the building. The building contains a 70 -space basement parking garage. This building is considered similar in design to the subject. The seller and buyer are partially related. Accordingly the sale is not considered to be truly arm's -length. The sale price was based on an appraisal report with the intention that the price represent market value. Because there is a relationship between the parties little emphasis is given to this sale in the final analysis. The net operating income per square foot of the Sale 3 property at the date of sale was $10.57, which is slightly lower than the projected net operating income of the subject building. Sale 4 is located on the northwest corner of Venera Avenue and Yumuri Street in Coral Gables, approximately 7' miles west of the subject property. This 25,000 square foot office building sold in June of 1996 for $2,479,900, or $99.20 per square foot of building. The improvements are a three story office building with QUINLIVAN APPRAISAL 70 ground floor covered parking and the upper two floors of multi -tenant office space. The building was constructed in 1981 and was in good condition at the time of sale. The net operating income per square foot of the Sale 4 property at the date of sale was $9.55, which is slightly lower than the projected net operating income of the subject building. Sale 5 is located on Sunset Drive in Coral Gables, approximately eight miles west of the subject property. This 17,900 square foot office building sold in August of 1996 for $2,150,000, or $120.11 per square foot of building area. The improvements of the Sale 5 property are a two-story office building and a non- contiguous parking lot. The grantee of the sale occupies the 3,428 square foot bank branch in the building. The building was constructed in 1957 and was in good condition at the time of sale. The tenant space in the Sale 5 building is leased at an average rental rate of $18.00 per square foot, full service. The net operating income per square foot of the Sale 5 property at the date of sale was $10.81, which is fairly similar to the projected net operating income of the subject building. Sale 6 is located on Ponce de Leon Boulevard in Coral Gables, approximately seven miles northwest of the subject property. This 17,772 square foot office building sold in September of 1997 for $1,750,000, or $98.47 per square foot of building area. The improvements are a three story office building with a parking basement, ground floor covered parking and the upper two floors of multi -tenant office space. The building was constructed in 1976 and was in good condition at the time of sale. The net operating income per square foot of the Sale 6 property at the date of sale was $9.41, which is slightly lower than the projected net operating income of the subject building. A detailed profile of each sale, a photograph of each sale, a summary of the sales, a sales map and a value conclusion follow herein. QUINLIVAN APPRAISAL 71 OFFICE BUILDING SALE I DESCRIPTION: DATE: PRICE: TYPE INSTRUMENT: RECORDATION: FOLIO NUMBER: GRANTOR: GRANTEE: LEGAL: LOCATION: ZONING: LAND SIZE: LAND/BUILDING RATIO: PHYSICAL DESCRIPTION: Building Size: Age: Condition: Stories: Occupancy at Sale: Parldng: Parking Ratio: Two-story office/retail building January 12, 1995 $2,100,000 Warranty Deed O. R. Book 16669 Page 94 03-4108-006-3700 Lewis H. Peters, Trustee 2334 Ponce Corp. Lots 21 - 24, Block 37, CORAL GABLES SECTION K, according to the plat thereof, as recorded in Plat Book 8, Page 33, of the Public Records of Dade County, Florida. 2334 Ponce de Leon Boulevard Coral Gables, Florida CB, Commercial 9,700 Square Feet 0.80 to 1 12,158 Square Feet 1935, renovated in 1984 Good Two 100% 12 Spaces One space per 1,000 square feet of building QUINLIVAN APPRAISAL 72 FINANCING: Assumption of First Mortgage with Chase Federal of $1,660,000. ECONOMIC DATA: Gross Annual Income: $ 282,000 ($23.19 per S.F.) Vacancy: - 14,100 Effective Gross Income $ 267,900 Expenses: - 60,000 Net Operating Income: $ 207,900 ($17.10 per S.F.) ECONOMIC INDICATORS: Gross Rent Multiplier: Overall Rate: 7.45- 9.9% UNIT PRICE: $172.73 per square foot REMARKS: The property was listed for sale with Elliott Associates Realty at $2,400,000. QUIN.LIVAN APPRAISAL 73 QUINLIVAN APPRAISAL OFFICE BUILDING SALE 2 DESCRIPTION: DATE: PRICE: TYPE INSTRUMENT: RECORDATION: FOLIO NUMBER: GRANTOR: GRANTEE: LEGAL: LOCATION: ZONING: LAND SIZE: LAND/BUILDING RATIO: PHYSICAL DESCRIPTION: Building Size: Age: Condition: Stories: Occupancy at Sale: Parking: Parking Ratio: Four-story office building known as the PCA Building December 28, 1995 $6,215,000 Special Warranty Deed O.R. Book 17044 Page 4788 30-3036-003-0060 Taylor -Woodrow Property Co., Inc. 5835 Blue Lagoon Partners, Ltd. Lot 6, Block 1, BLUE LAGOON SECTION 1, as recorded in Plat Book 118, Page 76, of the Public Records of Dade County, Florida. 5835 Blue Lagoon Drive Dade County, Florida IU-2, Industrial 90,531 Square Feet 1.5 to 1 59,792 Square Feet 1988 Good Four 100% 198 Spaces One space per 302 square feet of building QUINLIVAN APPRAISAL 74 FINANCING: New First Mortgage of $5,000,000 with First Union Bank. ECONOMIC DATA: Gross Annual Income: Vacancy: Effective Gross Income Expenses: Net Operating Income: ECONOMIC INDICATORS: Gross Income Multiplier: Overall Rate: UNIT PRICE: REMARKS: $ 995,000 ($16.64 per S.F.) - 49,750 $ 945,250 - 309,000 $ 636,250 ($10.64 per S.F.) 6.25 10.2% $102.44 per square foot This building is located in the Waterford at Blue Lagoon area, adjacent to State Road 836. This is a single tenant building occupied by P.C.A. They have a ten year lease which began in December, 1993. QUINLIVAN APPRAISAL 75 QUINLIVAN APPRAISAL OFFICE BUILDING SALE 3 DESCRI 'TION: DA 1'h: PRICE: TYPE INSTRUMENT: RECORDATION: FOLIO NUMBER: GRANTOR: GRANTEE: LEGAL: LOCATION: ZONING: LAND SIZF: LAND/BUILDING RATIO: PHYSICAL DESCRIPTION: Building Size: Age: Condition: Stories: Occupancy at Sale: Parking: Parking Ratio: Two-story office building known as Gables Granada Plaza April 15, 1996 $3,756,500+$210,000 = $3,966,500 Warranty Deed O.R. Book 17194 Page 2993 30-4119-004-2880 Personnel One, Inc. Gables Granada Plaza, Inc. Lots 1-19, Block 91, CORAL GABLES RIVIERA, SECTION 3 REVISED, as recorded in Plat Book 28, Page 44, of the Public Records of Dade County, Florida. 770 South Dixie Highway Coral Gables, Florida XA-13, Apartment House District (variance) 47,500 Square Feet 1.4 to 1 35,180 Square Feet 1990 Good Two 100% 140 Spaces One space per 250 square feet of building QUINLIVAN APPRAISAL 76 FINANCING: ECONOMIC DATA: Gross Annual Income: Vacancy: Effective Gross Income Expenses: Net Operating Income: Debt Service: Cash Flow: ECONOMIC INDICATORS: Gross Income Multiplier: Overall Rate: Equity Dividend Rate: UNIT PRICE: REMARKS: Assumption of existing mortgage of $2,425,000 with American United Life Insurance Co. This is a twelve year mortgage which began November 28, 1995. The interest rate is 8.375%. $ 560,000 ($15.92 per S.F.) - 28,000 $ 532,000 160,000 $ 372,000 ($10.57 per S.F.) $ 232,000 $ 140,000 7.1 9.4% 9.1% $112.75 per square foot The seller, Personnel One, occupies 15,384 square feet or 43.7% of the total building. Two of the tenants provided their own tenant improvements and were given credits totaling $291,400 which is being amortized at 9% over 3 years for one tenant and over 10 years for the other tenant in the form of reduced rent. As of the date of sale, the rental rebates were approximately $210,000 which effectively increases the sale price to $3,966,500. QUINLIVAN APPRAISAL OFFICE BUILDING SALE 4 DESCRIPTION: DATE: PRICE: TYPE INSTRUMENT: RECORDATION: FOLIO NUMBER: GRANTOR: GRANTEE: LEGAL: LOCATION: ZONING: LAND SIZE: LAND/BUILDING RATIO: PHYSICAL DESCRIPTION: Building Size: Age: Condition: Stories: Parking: Parking/Ratio: Park Place II June 4, 1996 $2,479,900 Warranty Deed O.R. Book 17234 Page 4286 03-4130-009-0920 Sutherland Investment Company Barrett Enterprises, Inc. Lots 10-15, Block 202, CORAL GABLES RIVIERA SECTION. 14 2ND REVISION, according to the plat thereof, as recorded in Plat Book 28, Page 32, of the Public Records of Dade County, Florida. 1501 Venera Avenue Coral Gables, Florida CB, Commercial Use District 31,603 Square Feet 1.13 to 1 25,000 Square Feet 1981 Good Three 90 Spaces One space per 312 square feet of building QUINLIVAN APPRAISAL 78 FINANCING: New first mortgage of $1,450,000 from Ocean Bank. ECONOMIC DATA: Gross Annual Income: $ 425,000 ($17.00 per S.F.) Vacancy: - 42,500 Effective Gross Income $ 382,500 Expenses: - 143,750 Net Operating Income: $ 238,750 ($9.55 per S.F.) ECONOMIC INDICATORS: Gross Income Multiplier: 5.8 Overall Rate: 9.6% Equity Dividend Rate: N/A UNIT PRICE: $99.20 per square foot REMARKS: Slightly less than ' of the parking spaces are covered spaces. QUINLIVAN APPRAISAL 79 QUINLIVAN APPRAISAL QUINLIVAN APPRAISAL OFFICE BUILDING SALE 5 DESCRIPTION: Commercial Bank of Florida DATE: August 29, 1996 PRICE: $2,150,000 TYPE INSTRUMENT: Warranty Deed RECORDATION: O.R. Book 17333 Page 3871 FOLIO NUMBER: 03-4130-009-1340 03-4130-009-1500 GRANTOR: 1533 Sunset Ltd. GRANTEE: Commercial Bank of Florida LEGAL: Lots 11 & 12; the West 30.34 feet of Lot 13; the West 30.60 feet of Lots 28 & 29, Block 205; and Lots 29 & 30, Block 204, CORAL GABLES RIVIERA SECTION 14 2ND REVISION, according to the plat thereof, as recorded in Plat Book 28, Page 32, of the Public Records of Dade County, Florida. LOCATION: 1533 Sunset Drive Coral Gables, Florida ZONING: CB, Commercial Use District LAND SIZE: 31,603 Square Feet LAND/BUILDING RATIO: 1.7 to 1 PHYSICAL DESCRIPTION: Building Size: 17,900 Square Feet (Rentable) Age: 1957 Condition: Good Stories: Two Parking: 32 Spaces Parking/Ratio: One space per 559 square feet of building QUINLIVAN APPRAISAL 80 FINANCING: Cash. ECONOMIC DATA: Gross Annual Income: Vacancy: Effective Gross Income Expenses: Net Operating Income: ECONOMIC INDICATORS: Gross Income Multiplier: Overall Rate: Equity Dividend Rate: UNIT PRICE: REMARKS: $ 289,000 ($16.15 per S.F.) - 14,450 $ 274,550 81,050 $ 193,500 ($10.81 per S.F.) 7.4 9.0% N/A $120.11 per square foot The grantee occupies a 3,428 square foot bank branch on the ground floor. A vacant lot located across street is utilized for parking. QUINLIVAN APPRAISAL 81 QUINLIVAN APPRAISAL OFFICE BUILDING SALE 6 DESCRIPTION: DATE: PRICE: TYPE INSTRUMENT: RECORDATION: FOLIO NUMBER: GRANTOR: GRANTEE: LEGAL: LOCATION: ZONING: LAND SIZE: LAND/BUILDING RATIO: PHYSICAL DESCRIPTION: Building Size: Age: Condition: Stories: Parking: Parking/Ratio: Riviera Professional Building September 10, 1997 $1,750,000 Warranty Deed O.R. Book 17785 Page 1879 03-4120-023-0370 Edmund Russo, Trustee Spector & Sons Lots 40-44, Block 36, CORAL GABLES RIVIERA SECTION TWO REVISED, according to the plat thereof, as recorded in Plat Book 28, Page 18, of the Public Records of Dade County, Florida. 4675 Ponce de Leon Boulevard Coral Gables, Florida CB, Commercial Use District 31,603 Square Feet 0.70 to 1 17,772 Square Feet (Rentable) 1976 Good Three 49 Spaces One space per 363 square feet of building QUINLIVAN APPRAISAL 82 FINANCING: ECONOMIC DATA: Gross Annual Income: Vacancy: Effective Gross Income Expenses: Net Operating Income: ECONOMIC INDICATORS: Gross Income Multiplier: Overall Rate: Equity Dividend Rate: UNIT PRICE: REMARKS: Conventional first mortgage from Commercial Bank of Florida of $1,487,500 for a 120 month term. $ 301,500 ($16.96 per S.F.) - 15,075 $ 286,425 - 119,023 $ 167,402 ($9.42 per S.F.) 5.8 9.6% N/A $98.47 per square foot The building has a parking basement and a ground level parking garage. QUINLIVAN APPRAISAL 83 Gross Income Multiplier Analysis A summary of the Gross Rent Multipliers from the market sales is as follows: No. Location Date Sale Price G.I.M. 1 2334 Ponce de Leon Blvd. 01/95 $ 2,100,000 7.45 2 5835 Blue Lagoon Drive 12/95 $ 6,215,000 6.25 3 770 S. Dixie Highway 04/96 $ 3,966,500 7.1 4 1501 Venera Avenue 06/96 $ 2,479,900 5.8 5 1533 Sunset Drive 08/96 $ 2,150,000 7.4 6 4675 Ponce de Leon Blvd. 09/97 $ 1,750,000 5.8 The subject property has an estimated Potential Gross Annual Income of $341,552 (SEE PAGE 51). Based on an analysis of the sales, a Gross Income Multiplier of 6.25, is estimated for the subject property. $341,552 x 6.25 = $2,134,700 Reconciliation of Sales Comparison Approach The value indication by the Price Paid Per Square Foot Analysis is $2,233,010. The value indication by the Gross Income Multiplier Analysis is $2,134,700. Since the value indications produce a tight range and are supported by an sufficient amount of market data, both value indications are given equal emphasis in the final analysis. Based on these analyses, the subject property is estimated to have a value by the Sales Comparison Approach of $2,200,000. VALUE INDICATION BY SALES COMPARISON APPROACH $2,200,000 QUINLIVAN APPRAISAL 85 SALES COMPARISON APPROACH TO VALUE Price Paid Per Square Foot Analysis The comparable office building sales range in unit price from $99.20 to $172.73 per square foot of rentable building area. The sales range in time from January of 1995 to September of 1997. A significant change in price is not evident during this time period. The sales were financed with conventional loans from lending institutions at market interest rates or purchase money mortgages at market interest rates. Adjustments for financing were therefore not required. The sales indicate a direct relationship between net operating income (N.O.I.) per square foot and price per square foot. The sales with higher N.O.I.'s per square foot indicate higher prices per square foot. Conversely, sales with lower N.O.I.'s per square foot indicate lower prices per square foot. The estimated N.O.I. of the subject office building is $13.13 per square foot of rentable building area. The unit prices of Sales 2, 3, 4, 5 and 6, ranging form $98.47 to $120.11 per square foot respectively, should indicate lower limits of the value for the subject property. The N.O.I.'s per square foot of Sales 2, 3, 4, 5, and 6 are lower than the projected N.O.I. per square foot of the subject. The value of the subject office building should be higher than the unit prices of Sales 2, 3, 4, 5 and 6. The unit price of Sale 1, $175.73 per square foot, should be the extreme upper limit of value for the subject property. The N.O.I. per square foot of Sale 1 is significantly higher than the projected N.O.I. per square foot of the subject. Based on a careful analysis of the sales, the subject property is estimated to have a value of $130.00 per square foot. 17,177 Square Feet x $130.00 per Square Foot = $2,233,010 QUINLIVAN APPRAISAL SALE 4 EACTERISTIe DATE OF SALE SUpIECtiti SALE 1 01/12/95 SALE:2: 12/28/95 SALE 3! 04/15/96 06/04/96 SALE 3 08/29/96 09/10/97 SALE PRICE $2,100,000 $6,215,000 $3,966,500 $2,479,900 $2,150,000 $1,750,000 ADDRESS 95 W. McIntyre, Key Biscayne 2334 Ponce de Leon Blvd., Coral Gables 5835 Blue Lagoon Dr., Dade County 770 S. Dixie Hwy., Coral Gables 1501 Venera Ave., Coral Gables 1533 Sunset Dr. Coral Gables 4675 Ponce De Leon Blvd, Coral Gables LOCATION 71/4 Iles NW 10 Miles NW 61/2 Miles NW 7' Miles W 8 Miles W 7 Miles NW LAND SIZE (S.F.) 50,506 9,700 90,531 47,500 31,603 31,094 12,500 ZONING BU -1 CB IU-2 XA-13 CB CB 03 BUILDING SIZE (S.F.) 17,177 12,158 59,792 35,180 25,000 17,900 17,772 LAND -TO -BUILDING RATIO 2.94::1 0.80:1 1.5:1 1.4:1 1.13:1 1.74:1 0.70:1 BUILDING AGE 1966 1935 1988 1990 1981 1957 1976 PARKING RATIO 1:264 1:1,000 1:302 1:250 1:312 1:559 1:363 BUILDING CONDITION Good Good Good Good Good Good Good G.LM. 7.45 6.25 7.1 5.8 7.4 5.8 OVERALL RATE 9,9% 10.2%q 9.4% 9.6% 9.0% 9.6% N,O.I PER S.F. $13.13 $17.10 $10.64 $1057 $955 $10.81 $9.41 PRICE PAID/S.F. $172.73 $102.44 $112.75 $99.20 $120.11 $98.47 V„i RECONCILIATION AND VALUE CONCLUSION (Office Building) The reconciliation of the data and indicated value estimates is the final step in the appraisal process. Sufficient data has been assembled and analyzed for the purpose of judging the reactions of typical purchasers in the market place. In this report, the three accepted appraisal techniques are utilized. The value estimates indicated by these approaches resulted in the following: Cost Approach to Value $2,160,000 Income Approach to Value $2,250,000 Sales Comparison Approach to Value $2,200,000 Cost Approach to Value The Cost Approach has the most applicability and will generally result in a truer estimate of value when the building improvements are new and accrued depreciation need not be estimated. Since the subject improvements have an actual age of 31 years, a degree of judgement is required to estimate an effective age of the improvements. The subject property is a quality office facility in a good location. An investor/owner of such a facility is more concerned with the net income potential of the property rather than the replacement cost. Considering the above factors, the value indication from the Cost Approach is given secondary emphasis in the final analysis. Income Approach to Value The data in this approach as to the quality, quantity and durability of the income is considered good. The income and expensesare based on comparable buildings and the actual operation of the subject. Net Income was capitalized by means of a direct capitalization method with an overall rate derived from market sales and a Band of Investment Technique. QUINLIVAN APPRAISAL Because this is an income investment property, this approach to value is given primary emphasis in the final analysis. Sales Comparison Approach to Value In reference to the Sales Comparison Approach, consideration has been given to sales that have taken place in the real estate market. These sales are analyzed and adjusted to the subject to reflect a market value estimate of the subject. The quality of the market sales in this approach to value is considered good. Most of the sales are in similar locations as the subject. Considering the quality of these sales, this approach to value is also given primary emphasis in the final analysis. 7 Final Conclusion In the reconciliation process, the greatest weight should be given to the approach or approaches which produce the highest degree of confidence and which has been processed with a minimum of assumptions. Of equal importance is the reasonableness of the data and the reliability of the data. In consideration of the above, and for the reasons and conclusions contained herein, it is estimated that the Market Value of the subject property as of October 8, 1997 was: $2,200,000 QUINLIVAN APPRAISAL 87 r- QUINLIVAN APPRAISAL ASSUMPTIONS AND LIMITING CONDITIONS This Appraisal Report has been made with the following general assumptions: 1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated. 2. The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated. 3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy. 5. All engineering is assumed to be correct. The plot plans and illustrative material in this report are included only to assist the reader in visualizing the property. 6. If no survey has been furnished to the appraiser, all measurements have been confirmed either in the field, in the plat book or by other reliable sources and are presumed to be accurate. 7. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. 8. It is assumed that there is full compliance with all applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and considered in the Appraisal Report. 9. It is assumed, unless a study has been provided otherwise, that no hazardous material such as asbestos, urea formaldehyde or other toxic waste exists in the property. The existence of a potentially hazardous material could have a significant effect on the value of the property. QUINLIVAN APPRAISAL 7 10. In reference to proposed construction, the real estate taxes and other expenses are estimated. These amounts are not guaranteed. 11. It is assumed in the valuation of the subject land site, unless a compliance letter has been furnished to us, that the State of Florida Growth Management Act does not prevent the issuance of a building permit. 12. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 13. It is assumed that the utilization of the land and improvements is within the boundaries of property lines of the property described and that there is no encroachment or trespass unless noted in the report. This Appraisal Report has been made with the following general limiting conditions: 1. The distribution, if any, of the total valuation of this report between land and improvements applies only under the stated program of utilization. The separate allocations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 2. Possession of this report, or a copy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and in any event, only with proper written qualification and only in its entirety. 3. The appraiser herein by reason of this appraisal is not required to give further consultation, testimony, or be in attendance in court with reference to the property in question unless arrangements have been previously made. 4. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. QUINLIVAN APPRAISAL 89 7 QUALIFICATIONS OF THE APPRAISER J. MARK QUINLIVAN Experience: Engaged in the field of real estate appraising since 1972. Associated with F. Robert Quinlivan, MAI, from 1972 to 1985. Currently President of Quinlivan Appraisal, P.A., a Real Estate Appraising and Consulting Firm, established in 1964. Graduate: University of Notre Dame BBA - Bachelor of Business Administration (Major in Finance and Business Economics) University of Maryland MBA - Master of Business Administration (Concentration in Finance) University of Miami Law School JD - Juris Doctor (Concentration in Real Estate and Taxation) Florida International University MSM - Master of Science in Management (Major in Real Estate) University of Miami MALS - Master of Arts in Liberal Studies (Humanities) Professional Affiliations: Member of the Appraisal Institute (MAI N° 5791) Member of the Florida Bar (N° 239992) Real Estate Broker, State of Florida (N° 0125264) Certified General Appraiser, State of Florida, License N° RZ00001I2 QUINLIVAN APPRAISAL 90 Qualified as an Expert Witness in the Following Courts: Dade, Broward, Palm Beach, and Monroe County Circuit Courts United States Bankruptcy Court United States District Court Other Activities: Appraiser Special Master (1978 - 1980), Dade County Property Appraisal Adjustment Board E E Past President - Miami Chapter N 71, Society of Real Estate Appraisers (1983 - 1984) Past President - South Florida Chapter N° 24, Appraisal Institute (1988) Past Governing Councilor of the American Institute of Real Estate Appraisers (1990) Young Advisory Council of Society of Real Estate Appraisers (1979 and 1980) Editorial Review Board (1981 - 1991) THE REAL ESTATE APPRAISER AND ANALYST published quarterly by the Society of Real Estate Appraisers Recent Publications: "Non -Conforming Use Properties: The Concept of Positive Economic Obsolescence", The Appraisal Journal, January 1981, Pages 45-51. (Arthur A. May Memorial Award 1982). QUINLIVAN APPRAISAL 91 QUALIFICATIONS OF THE APPRAISER THOMAS F. MAGENHEIMFLR Experience: 11/84 - Present Education: QUINLIVAN APPRAISAL, P.A. 5730 S.W. 74th Street South Miami, Florida University of Richmond, Richmond, Virginia BA - Bachelor of Arts in History (1982) Professional Affiliations: Member of the Appraisal Institute (MAI No. 09166) Real Estate Salesman -State of Florida - Certificate N° 0344882 Certified General Appraiser, State of Florida, License N2 RZ0000553 Member Sigma Alpha Epsilon Fraternity Qualified as an Expert Witness in the Following Courts Dade County Circuit Court Other Activities: Admissions Committee - South Florida -Caribbean Chapter of the Appraisal Institute - (1992 - Present) Newsletter Editor - South Florida -Caribbean Chapter of the Appraisal Institute - (1991 - 1995) President - South Florida -Caribbean Chapter of the Appraisal Institute - (1996) Board of Trustees - Palmer -Trinity School (1989 - 1993) QUINLIVAN APPRAISAL 92 Have prepared Appraisal Reports for the following: Institutions and Corporations: American Savings of Florida Archdiocese of Miami Atlantic Security Bank The Bank of Coral Gables Banco Atlantico Banco Industrial de Venezuela Banco Santander International Barnett Bank Barry University Ben Franklin Savings Bessemer Trust Company Capital Bank Central Bank Chevron Oil Company Chase Manhattan Bank Chase Federal Bank Chemical Bank Citibank Citicorp Savings City National Bank of Miami Consolidated Bank Coral Gables Federal Savings and Loan Association County National Bank Crown Life Insurance Company Eagle National Bank East Little Havana Development Corporation Eastern National Bank Equibank of Pittsburgh Espirito Santo Bank First Nationwide Bank First Union Bank Florida Power and Light Company Hemisphere National Bank Intercontinental Bank International Bank of Miami, N.A. Jefferson Bank Jewish Home for the Aged, Inc. Marine Midland Bank McCaughan Mortgage Company, Inc. QUINLIVAN APPRAISAL 93 McDonalds Corp. Mega Bank Miami -Dade Water and Sewer Authority NationsBank Northern Trust Bank of Florida Ocean Bank Pacific National Bank Ready State Bank Resolution Trust Corporation Savings of America Shell Oil Company Skylake State Bank Sun Bank Swire Properties Texaco Terremark Totalbank Trade National Bank Trust for Public Lands UniBank Universal National Bank University of Miami Governmental Agencies:. City of Coral Gables City of Hialeah City of Miami City of Miami Beach City of Miramar City of North Miami Beach Dade County Aviation Department Dade County Department of Development & Facilities Management Dade County HUD Dade County Property Appraisal Adjustment Board Dade County Public Schools Dade County Public Works Department Dade County Transportation Administration Federal Deposit Insurance Corporation (FDIC) Miami -Dade Water & Sewer Department South Florida. Water Management District State of Florida, Department of Community Affairs State of Florida, Department of Coiled:ions QUINLIVAN APPRAISAL State of Florida, Department of Environmental Protection State of Florida, Department of Insurance State of Florida, Department of Rehabilitation and Liquidation State of Florida, Department of Transportation Town of Golden Beach United States Army Corps of Engineers United States Department of Commerce United States Department of the Interior United States General Services Administration Village of Key Biscayne Law }Sans: Cole, Davidson, Carter, Smith, Salter & Barkett, P.A. Greenberg, Traurig, Hoffman, Lipoff, Rosen & Quentel, P.A. Dubbin, Berkman, Bloom & Karan Floyd, Pearson, Richman, Greer, Weil, Brumbaugh & Russomanno, P.A. Shutts & Bowen Kelley, Drye & Warren Blackwell & Walker Steel, Hector & Davis Mershon, Sawyer, Johnston, Dunwody & Cole Sullivan, Admire & Sullivan, P.A. Types of. Properties Appraised: Single Family Residences Apartment Buildings Office Buildings Retail Stores Shopping Centers Condominium Apartment Buildings Golf Courses Residential Subdivisions Automobile Dealerships QUINLIVAN APPRAISAL Vacant Land Hotel/Motels Warehouses Nursing Homes Mobile Home Parks Schools Service Stations Marinas Wetlands 95 LEGAL DESCRIPTION T The South 247.33 feet of Tract 7, the Plat thereof, as recorded in Public Records of Dade County angles to the Southerly Boundary "Matheson Estate"', according to Plat Book 46 at Page 86, of the Florida, as measured at right of Tract 7_ AND Begin at the SE corner of Tract 9 of a Subdivision of a Portion of Matheson Estate according to the plat thereof recorded in Plat Book 46 at Page 86 of the Public Records of Dade County. Florida; thence run due East along the South boundary line of Tract 7 of the aforesaid plat of Matheson Estate according to the plat thereof as recorded in Plat Book 46 at Page 86 of the Public Records of Dade County, Florida for a distance of 269.45 feet to a point; thence run due South along a line for a distance of 105 feet to a point on the North right of way line of West McIntyre Street as shown on the Plat of Tropical Isle Home Subdivision according to the Plat.thereof recorded in Plat Book 5b at Page 64 of the Public Records of Dade County, Florida and also being described in Deed Book 3358 at Page 279 of the public records of Dade County, Florida; thence run due West along the North right of way line of the aforesaid West McIntyre Street for a distance of 260.71 feet to the beginning of a tangential circular curve; thence run in a Northwesterly and Northerly direction along said circular curve having a radius of 25 feet thru a central angle of •1-00° 31'53" for an arc distance of.43.86 feet to a point of compound curvature and a point on the Easterly right of way line of Fernwood Road as shown on the aforesaid plat of Tropical Isle Homes Subdivision; thence run in a Northeasterly direction along the Easterly right of way line of said Fernwood Road and being a circular curve having a radius of 1666.37 feet thru a central angle of 2" .39'01" for an arc distance of 77.08 feet to the POINT OF BEGINNING. - .Containing 3.097 Arces more or less Mr. C. Samuel Kissinger Village Manager Village of Key Biscayne 85 West McIntyre Street Key Biscayne, FL 33149 Subject: Dear Mr. Kissinger. "Dedicated to helping businesses arnica/ernmeta understand and meet their enaironnrental obligations" February 16, 1999 Environmental Site Assessment Report (ESA Phase 1 and II) For portions of Tract 7 and 4 MATHESON ESTATES, 85 West McIntyre Street, Key Biscayne, Miami -Dade County, Florida The firm of Edward E. Clark Engineers -Scientists, Inc. (CLARK) has performed a Phase I and limited Phase 1I Environmental Site Assessment (ESA) of the above referenced site. The subject property is located at 85 West McIntyre Street, Key Biscayne, Miami -Dade County, Florida. 1 urge you to read the entire report and to contact me with any questions or concerns you may have about it. An ESA comprises a number of individual elements whose basic nature and extent are determined in accordance with the standard of care applicable to ESAs. The standard of care is commonly defined as the care applied by the ordinary practitioner at the time and in the area where the ESA was performed. We believe that we have complied with the applicable standard of care and that we have complied as well with ESA practices and service scope elements recommended by the American Society for Testing and Materials (ASTM). CLARK'S services included independent inquiries with respect to asbestos, lead paint, radon and indoor air quality testing. Copies of the independent reports are enclosed at the back of the enclosed. ESA. The accompanying report is an instrument of service of the Village of Key Biscayne. The report summarizes our findings and relates our opinions with respect to the potential for hazardous materials to exist at the site at levels likely to warrant mitigation pursuant to current guidelines regulated by the U.S. Environmental Protection Agency (EPA), the state of Florida, or Miami -Dade County. Note that our findings and opinions are based on information that we obtained on given dates, through records review, site review, a limited Phase 1l field investigation and related activities. It is possible that other information exists or subsequently has become known, just as it is possible for conditions we observed to have changed after our observation. For these and associated reasons, CLARK and many of its peers routinely advise clients for ESA services that it would be a mistake to place unmerited faith in findings and opinions conveyed via ESA reports. EDWARD E. CLARK ENGINEERS -SCIENTISTS, INC. • 7270 N.W. 12th Street, Suite 740 • Miami, Florida 33126 • (305) 233-1411 (ERAFI-17 Mr. C. Samuel Kissinger February 16, 1999 Page 2. A review of government agency listings indicates (1) the subject property was not listed in any of the databases searched; (2) underground storage tanks (UST) are not currently permitted for the site, but USTs have been permitted for two adjacent properties; and (3) unauthorized releases of petroleum hydrocarbons or hazardous materials have been re orted for two adjacent properties and three other properties in the vicinity of the site. A limited Phase II soil and groundwater investigation was can'ied out to further explore the concerns and questions raised in the Phase 1. However, results of the limited Phase II field investigation conducted by CLARK at the 85 West McIntyre Street, Key Biscayne property failed to identify any significant petroleum contamination in the soil or groundwater. In addition, all areas of stained soil and hazardous materials found during the Phase I investigation have been excavated and/or removed from the property. In the professional opinion of Edward E. Clark Engineers -Scientists, Inc. (CLARK) all appropriate inquiries have been made with the previous ownership and uses of the property consistent with good commercial or customary practices in an effort to minimize liability. Laboratory data of both soil and groundwater collected as part of this investigation does not indicate an environmental impact that would necessitate an environmental response action or otherwise could result in a material financial liability for the owners or operators of the property. However, CLARK cannot under any circumstances warrant or guarantee that not finding indicators of hazardous materials means that hazardous materials do not exist on the site. Please call me or Mr. Ken Baughman for assistance. Yours truly, EEC/bjk Enclosure Project 9908 cc. Etame NI. Coheir `Esq., Weiss Serota y'Ieifrnan Pastoriza & Guedes, P.A. Edward E. Clark, Ph.D., P.E. President Environmental Site Assessment Phased and Phase II Performed for: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida 33149 Subject Property: Portions of Tract 7 and 4 MATHESON ESTATES 85 West McIntyre Street Key Biscayne, Miami -Dade County, Florida Prepared By: Edward E. Clark Engineers -Scientists, Inc. Miami, Florida February 15, 1999 1.0 SUMMARY A Phase I and limited Phase II Environmental Site Assessment (ESA) has been performed for the real property located at 85 West McIntyre Street, Key Biscayne, Miami -Dade County, Florida. The ESA was performed in accordance with the practices and procedures described in ASTM Standard E-1527-94. The initial site reconnaissance was conducted on January 30, 1999. The property consists of approximately 2.173 acres of land and a two story concrete block office building currently occupied by SunTrust Bank, the Village of Key Biscayne, a real estate company and an attorney's office. A review of government agency listings indicates (1) the subject property was not listed in any of the databases searched; (2) underground storage tanks (UST) are not currently permitted for the site, but USTs have been permitted for two adjacent properties; and (3) unauthorized releases of petroleum hydrocarbons or hazardous materials have been reported for two adjacent properties and three other properties in the vicinity of the site. A limited Phase II soil and groundwater investigation was carried out to further explore the concerns and questions raised in the Phase I. However, results of the limited Phase II field investigation conducted by CLARK at the 85 West McIntyre Street, Key Biscayne property failed to identify any significant petroleum contamination in the soil or groundwater. In addition, all areas of stained soil and hazardous materials found during the Phase 1 investigation have been excavated and/or removed from the property. In the professional opinion of Edward E. Clark Engineers -Scientists, Inc. (CLARK) all appropriate inquiries have been made with the previous ownership and uses of the property consistent with good commercial or customary practices in an effort to minimize liability. Laboratory data of both soil and groundwater collected as part of this investigation does not indicate an environmental impact that would necessitate an environmental response action or otherwise could result in a material financial liability for the owners or operators of the property. However, CLARK cannot under any circumstances warrant or guarantee that not finding indicators of hazardous materials means that hazardous materials do not exist on the site. Phase I and II Environmental Site Assessment Project 9908 March 1, 1999 1 i 2.0 INTRODUCTION 2.1 Purpose This report, prepared by Edward E. Clark Engineers -Scientists, Inc. (CLARK), is an instrument of service of the Village of Key Biscayne. This report presents the results of a Phase 1 Environmental Site Assessment (ESA) of the subject site, and a subsequent limited investigation of soil and groundwater (Phase II) performed for the Village of Key Biscayne during the period January 26, 1999 through February 15, 1999. The Phase I services performed included limited research, a review of specified listings, agent and/or owner interviews, and a site reconnaissance. The follow-up Phase II services consisted of performing three soil borings and installation of three groundwater monitoring wells and analyzing`, samples from each. A separate asbestos, lead paint and radon survey and a separate indoor air quality (IAQ) survey were also performed. Copies of those independent reports are attached. An ESA is conducted to permit formulation of an opinion as to the potential for hazardous materials to exist at a site at levels likely to warrant mitigation pursuant to regulations of the Florida Department of Environmental Protection (FDEP) and the Miami -Dade County Department of Environmental Resources Management (DERM) and defined by Florida Administrative Code (FAC Chapter 62). Opinions relative to the hazardous materials potential given in this report are based upon information derived from the most recent site reconnaissance and from other activities described herein. The most recent site reconnaissance was performed on February 3 and 8, 1999. The Village of Key Biscayne (CLIENT) is herewith advised that the CONDITIONS OBSERVED BY CLARK ARE SUBJECT TO CHANGE. Certain indicators of the presence of hazardous materials may have been latent at the time of the most recent site reconnaissance and may subsequently have become observable. In a similar manner, the research effort conducted for an ESA Phase 1 is limited. Accordingly, it is possible that CLARK's research, or that of firms subcontracted by CLARK, while fully appropriate for a Phase I ESA, failed to indicate the existence of important information sources. Assuming such sources actually exist, their information could not have been considered in the formulation of CLARKs findings and opinions. Phase 1 and 11 Environmental Site Assessment Project 9908 March 1, 1999 2 In essence, an ESA is a service whose basic elements are determined by the standard of care prevailing at the time the service was rendered in the area where it was rendered. Because standards of care can be identified only through retrospective inquiry, CLARK and the CLIENT have agreed that the standard of care is articulated by American Society for Testing and Materials (ASTM) Standard E-1527-94. The guidelines used to define "hazardous substance" were obtained from CERCLA 42 USC, as interpreted by EPA regulations and the courts. The term petroleum products are those substances included within the meaning of the petroleum exclusion to CERCLA 42 USC. For the purposes of this report, the "vicinity" of the site is defined as properties located within an approximate 0.25 - 1.0 mile radius of the site. Phase I and II Environmental Site Assessment Project 9908 March 1, 1999 3 2.2 Terms and Conditions The Phase 1 scope of services provided are outlined below. Falai • Performed an on -site reconnaissance to identify indicators (as defined in later sections) of the existence of hazardous substances regulated by the United States Environmental Protection Agency (USEPA), the Florida Department of Environmental Protection (FDEP) and/or the Metropolitan Miami -Dade County Department of Environmental Resources Management (DERM). • While being located in public thoroughfares, looked at adjacent properties or properties in the vicinity in an attempt to see if any possessed facilities or structures operated by entities that are likely to use, store, generate, or dispose of hazardous materials. • Reviewed records, abstracts (City Directories) and sources provided by Environmental Data Resources, Inc. (EDR) to obtain information about the potential for hazardous materials to exist at the site or at properties located in the vicinity of the site; • Reviewed aerial photographs available from Miami -Dade County to obtain information concerning the history of the site; • Reviewed Sanborn Fire Insurance Map Abstract prepared by EDR for the subject property to obtain information concerning the history of the site; • Reviewed the following references for information pertaining to the documented occurrence and quality of groundwater in the vicinity of the site: • Water Resources Data Florida Water Year 1997, USGS FL -97- 2A, May 1998; Phase 1 and 11 Environmental Site Assessment Project 9908 March t 1999 4 " FRDS: Federal Reporting Data System, providing information on public water supplies and their compliance with monitoring requirements; " USGS Water Wells: USGS National Water Resource Information Tracking System. " Reviewed U.S. Geological Survey (USGS) topographic maps to obtain information about the site's topography and previous development and uses of the site and properties in the vicinity of the site; " Reviewed documents made available by the Dade County Department of Environmental Resources Management (DERM) and Miami -Dade Water & Sewer Authority (WASA). 2.3 Limitations and Exceptions of Assessment The Phase 1 environmental site assessment as defined by ASTM Standard E-1527-94 does not normally include any of the following: (a) Visual inspection for the purpose of identifying suspect asbestos containing materials or lead paint (subject property is undeveloped vacant land). (b) Characterization of any subsurface (soil and/or groundwater) conditions (c) Structural components of the building, including any investigation for radon gas. However, at the request of the CLIENT, a separate asbestos, lead paint and radon survey was conducted by ARS Environmental, Inc. (ARS). Indoor air quality (IAQ) testing was conducted by Advanced Industrial Hygiene Services, Inc. (AIHS). Copies of those independent reports are attached. In addition, a limited soil and groundwater investigation Phase I and 11 Environmental Site Assessment Project 9908 March 1,1999 5 was conducted at the subject property to address concerns raised during the Phase I. The findings and opinions conveyed via this ESA report are based on information obtained from a variety of sources enumerated herein, and which CLARK believes are reliable. Nonetheless, CLARK cannot and does not guarantee the authenticity or reliability of the information it has relied upon. 2.4 Limiting Conditions and Methodology Used CLARK has performed this environmental site assessment (ESA) in accordance with the procedures and practices described in the American Society for Testing and Materials (ASTM) Standard E-1527-94. No limiting conditions were encountered during the preparation of this ESA report. Phase 1 and 11 Environmental Site Assessment Project 9908 March 1, 1999 6 3.0 SITE DESCRIPTION 3A Location The site, see Figured, is located at 85 West McIntyre Street, Key Biscayne, Miami -Dade County. A review of the 1988 USGS Map for Key Biscayne, Florida indicates that the site is located in Range 42 East, Section 5, Township 55 South. The legal description of the "City Parcel", as provided by the CLIENT, is: That part of Tracts 7 and 4 MATHESON ESTATES according to the plat recorded in Plat Book 46 at Page 86 of the Dade County Public Records more particularly described as follows: Commence at the Northeast corner of the South 247.33 feet of said Tract 7, thence run due West along the North line of the South 247.33 feet of said Tract 7 for 175.00 feet to the Point of Beginning, thence continue due West along the North line of the South 247.33 feet of said Tract 7 for 265.43 feet to the Northwest corner of the South 247.33 feet of said Tract 7, said point is on a circular curve, concave to the Southeast having a radius of 1666.37 feet; said point bears N67°53'06" W from the center of said curve; thence run Southwesterly along the arc of said curve through a central angle of 11°35'02" for an arc distance of 336.90 feet to a point of compound curvature with a circular curve, concave to the northeast and having a radius of 25.00 feet; thence run Southerly and Westerly along the arc of said curve through a central angle of 100°31'35" for an arc distance of 43.86 feet to a point of tangency, thence run due East for 260.71 feet, thence run due North for 105.00 feet to the South line of said Tract 7; thence continue due North for 44.00 feet, thence run N20°09'49" E for 216.61 feet to the Point of Beginning, Area = 2.173± Acres Phase land 11 Environmental Site Assessment Project 9908 March 15; 1999 7 3.2 Site and Vicinity Characteristics The subject property is located at 85 West McIntyre Street, Key Biscayne, Florida in a mixed area of commercial, residential and Village -owned properties. The subject property consists of a two-story concrete block construction office building, paved parking areas, planted areas and approximately 2.173 acres of undeveloped land (See Photographs #1 through #3). The area to the west is primarily single family residential as shown in Photographs #4 and #5. To the south is the Village Fire and Police Department fenced compound (Photograph #6), a dry cleaner (Photograph #7) and a vacant fenced lot that was formerly occupied by retail gasoline service station (Photograph #8). To the east, immediately adjacent to the subject property, is a retail gasoline service station (Photograph #9) and further to the northeast, is a vacant lot. Further east, across Crandon Boulevard are several high-rise apartments/condominiums. To the north a the subject property is a Village -owned public park that contains restroom facilities, a playground and circular walking path. 3.3 Description of Structures, Roads, and Other Improvements The subject property is located on the north side of West McIntyre Street, between Crandon Boulevard and Fernwood Road in Key Biscayne, Florida. The property consists of approximately 2.173 acres of land, that contains a two-story office building (SunTrust Bank Building), planted green areas and paved parking surrounding the structure. Approximately 2.73 acres to the north of the office building are undeveloped. The office building is occupied by SunTrust Bank, the offices of the Village of Key Biscayne, a real estate company and an attorney's office. According to Miami -Dade Water and Sewer Department records, the subject property is serviced by public water mains and sanitary sewer. Electric service is provided by Florida Power & Light through overhead power transmission lines that bisect the property from east to west, to the rear of the office building, as shown in Photograph #10. No high pressure gas service was noted on the property during the on -site reconnaissance. Storm water runoff is retained on -site via typical Storm water catch basins and soakage pits Phase !and II Environmental Site Assessment Project 9908. March 1, 1999 8 located in the paved parking areas that surround the building. 3.4 Current and Past Uses of the Property The two-story office building was constructed in the early 1960s by B. B. Rebozo. Prior to construction the property was reportedly undeveloped vacant land. The building was originally constructed to house the Key Biscayne Bank & Trust. Later, additional leased office space was added to the east end of the original bank building. The leased office space was occupied over the years by numerous businesses including real estate companies, insurance companies, investment companies, a savings and loan association, and the Key Biscayne Chamber of Commerce. The Village of Key Biscayne occupied office space within the building beginning in approximately 1993. According to Mr. R.L. Brookes, SunTrust Bank, the entire interior of the building underwent extensive re -modeling in 1991 and 1992. 3.5 Historical Record Review CLARK contracted EDR, to provide City Directory abstracts and Sanborn Fire Insurance Maps for the surrounding area in order to further determine prior uses of the subject property. EDR was unable to locate any Sanborn Fire Insurance Maps depicting the subject property. The abstract for City Directory listings shows the subject property listed as the Key Biscayne Bank beginning in 1966. Between 1939 and 1966 the address was not listed in the Research Source. Between 1966 and 1998 the address lists numerous businesses. A complete copy of the City Directory Abstract is contained in Appendix A of this report. Phase I and 11 Environmental Site Assessment Project 9908 March 1, 1999 9 3.5.1 Aerial Photographs Aerial photographs (1" = 300') dated 1965, 1977, 1987 and 1997 were selected to be representative of historical progressions and purchased from Miami -Dade County and reviewed to obtain information about the history of development on and in the vicinity of the site. A review of the aerial photograph dated 1965 shows the subject property consisting of one small building located corner of West McIntyre Street and Fernwood Road. A paved parking area is located at the east end of the building. To the west, across Fernwood Road are single-family residences. The area to the north and immediately south of the subject property is undeveloped land. To the east and southeast of the subject property are retail gasoline service stations, located along Crandon Boulevard, an undivided two-lane road. To the east of Crandon Boulevard is a vast area of primarily undeveloped land stretching to the ocean. A review of the aerial photographs dated 1977 shows the building at the subject property has been expanded to its current size. Paved parking areas have been added to the south and east sides and a bank drive -through has been constructed on the west side, next to Fernwood Road. To the north, the heavy vegetation seen in the 1965 photograph has been removed. The two service stations have been modified, primarily with extra paved parking areas. A small building has been constructed next to service station immediately south of the subject property. Crandon Boulevard has been widened into a four -lane divided road and significant construction is seen to the east.. A review of the aerial photographs dated 1987 shows the subject property with more mature trees and vegetation as does the vacant parcel to the north. The vacant lot south of the subject property appears to have been paved and is being used for parking. The surrounding area continues to show new construction, primarily east of Crandon Boulevard. A review of the aerial photograph dated 1997 shows the subject property basically as it exits today. A large portion of the undeveloped land to the north of the subject property has been converted into a park, containing playgrounds and a circular walking path. The park Phase i and 11 Environmental Site Assessment Project 9908 March 1, 1999 10 is separated from the building by approximately 2 acres of undeveloped land. To the southeast, the gasoline service station formerly located on the southeast comer of West McIntyre Street and Crandon Boulevard has been demolished. Immediately south of the subject property is the Village Fire and Police Department compound and next to it is a dry cleaning business. The area to the west of Fernwood Road remains single-family residential. To the east, the gasoline service station on the northwest corner of Crandon Boulevard and West McIntyre Street is visible. Further east, across Crandon Boulevard, there is additional development underway. 3.5.2 USGS Topographic Map The 1988 U.S. Geologic Survey (USGS) topographic map for Key Biscayne, Florida quadrangle and other topographic maps as provided by EDR were reviewed to provide information about the topography of the site and previous development of the site and site vicinity. Portions of the above -noted maps are presented as Figure 1. A review of the above referenced maps indicates that the site is situated at an approximate elevation of 5.0 to 10.0 feet National Geodetic Vertical Datum (NGVD). 3.6 Current and Past Uses of Adjoining Properties 3.6.1 Adjoining Properties To the west of the subject property (across Fernwood Road) the area is developed with primarily single-family homes. To the north is a public park and prior to that the parcel was undeveloped land. A retail gasoline service station has been located on the northwest corner of West McIntyre Street and Crandon Boulevard since at least 1965. Another service station was located on the southwest corner of the same intersection, but was demolished in November 1994. Immediately south of the subject property, across West McIntyre Street is a small retail dry cleaners (DERM records indicate that the facility is a drop-off point,no actual dry cleaning is performed on -site) and a parking area used by the Village fire and police departments. Phase t and 11 Environmental Site Assessment Project 9908 March 1,1999 11 3.6.2 Surrounding Properties The surrounding area to the west has been developed with single and multi -family homes since at least the early 1960s. To the east, along Crandon Boulevard, the area has been under development and expanding since the 1960s with both residential and commercial buildings. Crandon Boulevard has been widened from a narrow two-lane road to a divided 4 -lane thoroughfare. Phase l and 11 Environmental Site Aceacsment Project 9908 March 1, 1999 12 4.0 RECORDS REVIEW 4.1 Standard Environmental Record Sources The report containing the results of standard environmental record sources searched by Environmental Data Resources, Inc. (EDR), on behalf of CLARK, is enclosed in the attached Appendix B. A summary of the records searched is as follows: 4.1.1 U.S. Environmental Protection Agency (USEPA) • CERCLIS Listing or CERCLA (Comprehensive Environmental Response, Compensation and Liability Act) Superfund Listing, dated 08/27/98; • ERNS Emergency Response Notification System, dated 06/30/98; • FINDS Facility Index System, dated 09/30/97; • RCRIS (Resource Conservation Recovery Information Systems) listing, dated 07/01/98; • National Priority List (NPL), dated 10/08/98; • PADS PCB Activity Database System, dated 09/22/97; • RAATS RCRA Administrative Action Tracking System, dated 04/17/95; • TRIS Toxic Chemical Release Inventory System, dated 12/31/95; • TSCA Toxic Substance Control Act, dated 12/31/94; • HMIRS Hazardous Materials Information Reporting System, dated 12/31/97; Phase land 11 Environmental Site Assessment Project 9908 March 1, 1999 13 " NPL LIENS Federal Superfund Liens, dated 10/15/91; " CORRACTS Correct Action Report (RCRA), dated 06/30/98; " BRS (Biennial Reporting System), dated 12/31/95. 4.1.2 State of Florida " LUST Petroleum Contamination Detail Report, FDEP, dated 11/17/98; " SHAWS Florida State -Funded Action Sites, FDEP, dated 11/01/98; " SWF/LF Facility Directory (Solid Waste Facilities), dated 11/23/98; " UST Facility/Owner/Tank Report, FDEP, dated 08/10/98; " AST Facility/Owner/Tank Report, FDEP, dated 08/10/98; " FL Sites: Sites List, dated 12/31/89; " Cattle Dipping Vats, FDEP, dated 05/01/94; " Wastewater Facility Regulation Database, dated 08/13/98. " Florida Dry Clean Database, dated 05/29/98. 4.1.3 Dade County " Dade County Storage Tanks (DERM), dated 04127/98; " Dade County Enforcement Case Tracking System (DERM), dated 06/01/98; Phase 1 and 11 Environmental Site Assessment Project woe March 1, 1999 14 " Dade County Industrial Waste Type 5, dated 06/01/98; " Dade County Industrial Waste Type 2-4, dated 06/01/98; " Dade County Industrial Waste Type 6, dated 06/01/98; " Dade County Industrial Waste Permit, dated 06/01/98; " Dade County Air Permit, dated 06/01/98; " Dade County Hazardous Waste (DERM), dated 06/01/98. SubjectProperty: The subject property was not identified during the records search of available government records performed by EDR. Adjoining Properties: The following adjoining properties were identified during the records search of available government records performed by EDR: Florida LUST List (MSD Site - 0.5 Miles) Island Standard Station (Citgo) 530 Crandon Boulevard Key Biscayne, FL Key Biscayne Station 560 Crandon Boulevard Key Biscayne, FL Phase 1 and 11 Environmental Site Assessment Project 9908 March 1, 1999 15 Florida UST List (MSD Site - 0.25 Miles) Island Standard Station (Citgo) 530 Crandon Boulevard Key Biscayne, FL Key Biscayne Station 560 Crandon Boulevard Key Biscayne, FL IND WASTE (MSD Site - 0.25 Miles) Island Standard Station (Citgo) 530 Crandon Boulevard Key Biscayne, FL Surrounding Properties: Florida LUST List (MSD Site - 0.5 Miles) A review of the Florida Leaking Underground Storage Tank Incident Reports List dated 08/19/98 indicates that there are 2 LUST sites within approximately 0.5 miles of the subject property. A complete listing of the LUST sites are contained in the EDR Radius Map Report; Florida UST List (MSD Site - 0.25 Miles) A review of the Florida Underground Storage Tank List dated 08/19/98 indicates that there are 3 UST sites within approximately 0.25 miles of the subject property. A complete listing of the UST sites are contained in the EDR Radius Map Report; Phase 1 and 11 Environmental Site Assessment Project 9908 March 1, 1999 16 RCRIS (MSD Site - 0.25 Miles) A review of the RCRIS database dated 07/01/98 indicates that there are 2 RCRIS sites within approximately 0.25 miles of the subject property. A complete listing of the RCRIS sites are contained in the EDR Radius Map Report; 4.2 Physical Setting Sources 4.2.1 Review of Topographic Maps The 1988 U.S. Geologic Survey (USGS) topographic map for Key Biscayne, Florida quadrangle and other topographic maps as provided by EDR were reviewed to provide information about the topography of the site and previous development of the sits and site vicinity. Portions of the above -noted maps are presented as Figure 1. A review of the above referenced map indicates that the site is situated at an approximate elevation of 5.0 to 10.0 feet National Geodetic Vertical Datum (NGVD). 4.2.2 Site Geology The site is technically located over the Biscayne Aquifer which has been extensively described in the literature (Hoy, 1958 and White, 1970). However, the subject property is located on an island surrounded by saltwater. Groundwater flow on this island would be tidally influenced. The approximate depth to groundwater is 3 - 4 feet below land surface, the seasonal ground water fluctuation is approximately 1.5 - 2.5 feet according to USGS well data for the 1997 Water Year. Phase land 0 Environmental Site Assessment Project. 9908 March 1, 1999 17 4.2.3 Regional Groundwater Quality and Occurrence Information pertaining to groundwater quality and occurrence in the region occupied by the subject property was obtained through a review of documents previously referenced in the scope of service section of this report. A review of these documents indicates that the subject property is located in the Biscayne Aquifer which has been classified in the Florida Statutes as G -II, a potable water supply. However, the subject property is located on an island surrounded by saltwater and is within the saline isochlor. It is unlikely that the groundwater would be used as a significant drinking water source. A review of the previously referenced documents indicates that the subject property is not located within any of the Miami -Dade County Wellfield Protection Areas. 4.3 Historical Use Information 4.3.1 Review of Aerial Photographs Aerial photographs (1" = 300') dated 1965, 1977, 1987 and 1997 were purchased from Miami -Dade County and reviewed to obtain information about the history of development on and in the vicinity of the site. The details of the review of the aerial photographs are contained in Section 3.5.1 of this report. 4.3.2 Fire Insurance Maps EDR, on behalf of CLARK, reviewed its collection of Sanborn Fire Insurance Maps for information concerning the subject property. EDR was unable to locate any Sanborn Maps for the subject property. Phase 1 and 11 Environmental Site Assessment Project 9908 March 1, 1999 18 4.3.3 City Directories EDR, on behalf of CLARK, reviewed its collection of City Directories for information concerning the subject property. The abstract for City Directory listings shows the subject property listed as the Key Biscayne Bank beginning in 1966. Between 1939 and 1966 the address was not listed in the Research Source. Between 1966 and 1998 the address lists numerous businesses. A complete copy of the City Directory Abstract is contained in Appendix A of this report 4.4 Additional Record Sources 4.4.1 Miami -Dade County Department of Environmental Resources Management (DERM) Records Reviews On February 3, 1999, a representative of CLARK reviewed the DERM files on the subject and surrounding properties. Below is a summary of that review. Subject Property: The were no records identified for the subject property. Adjacent Properties: Key Biscayne Citgo Station 530 Crandon Boulevard Key Biscayne, Florida DEP Facility # 138504998 On May 13, 1996 DERM inspected the Citgo Station site and decreed hydrocarbon contamination in the groundwater (based on groundwater samples analyzed in 1995 and 1996). On July 18, 1996 DERM issued the station a Notice of Violation (NOV) that required the site owner to cease further discharges of hazardous materials to Phase 1 and 11 Environmental Site Assessment Project 9908 March 1.1999 19 the ground and/or groundwater, perform line and tank tightness tests, submit a Contamination Assessment Report (CAR) and Remedial Action Plan (RAP). On July 29, 1996 the site owner filed a "Discharge Reporting Form" with the Florida Department of Environmental Protection (FDEP) and DERM. Line and tank tightness tests were performed on July 24, 1996 (passed). In addition, the station filed an insurance claim with the Florida Petroleum Liability & Restoration Insurance Program (FPLRIP). On December 13, 1996, FDEP determined that the station was eligible for state -funded remediation rehabilitation assistance, dictated by the State's priority ranking score and pre -approval of scope of work and costs basis. According to Ms. Fayma Childs, DERM, the service station has a priority ranking of eleven (11). The State of Florida reimbursement program is currently funding sites with priority ranking scores of approximately 70 or higher. Based on the number of sites currently approved for assistance, it is estimated that it will be several years before FPLRIP funds are made available for this specific site. According to Ms. Childs, since the site has been approved for clean-up assistance, the 1996 NOV is essentially on hold. The station is currently not required to initiate any assessment and/or cleanup activities until the State funds are authorized. The groundwater contamination plume located on the east side of the station has not been assessed since the last groundwater samples were taken in May 1996. Key Biscayne Station 560 Crandon Boulevard Key Biscayne, FL DEP Facility # 138842457 In 1990 Pieco, Inc. , a Petroleum Contractor, removed four underground petroleum storage tanks from the Key Biscayne Station site. During the tank removal approximately 689 tons of petroleum contaminated soil was excavated, removed and properly disposed. In 1992, Petroleum Technical Services, Inc. removed an additional 161 tons of contaminated soil and approximately 2,000 gallons of contaminated groundwater. In November 1994 the service station structure were demolished. The site is currently a fenced empty lot. A Site Rehabilitation Phases and 11 Environmental Site Assessment Project 9908 March 1, 1999 20 J Completion Report was submitted in September 1995 and approved by FDEP in November 1995. As of November 1995, no additional site rehabilitation at the site is required. L Phase I and II Environmental Site Assessment Project 9908 March 1, 1999 21 5.0 INFORMATION FROM SITE RECONNAISSANCE The methodology used by the CLARK representatives during the Wednesday, February 3, 1999 site reconnaissance included of a walk-through of the two-story office building and all accessible areas of the property. CLARK was on -site for approximately 3.0 hours performing the site reconnaissance. 5.1 Hazardous Substances/Wastes in Connection with Identified Uses During the site reconnaissance, CLARK's representatives noted an apparently empty 55 - gallon hydraulic fluid drum located in the undeveloped lot at the northwest end of the subject property, as shown in Photograph #11. There was a large area of stained soil immediatelyadjacent to the drum., as well as several others in the same area. CLARK also found two 12 -volt batteries on the ground in the same area. 5.2 Hazardous Substance and/or Unidentified Containers During the site reconnaissance, CLARK's representatives noted an apparently empty 55 - gallon hydraulic fluid drum located in the undeveloped lot at the northwest end of the subject property, as shown in Photograph #11. There was a large area of stained soil immediately adjacent to the drum., as well as several others in the same area. CLARK also found two 12 -volt batteries on the ground in the same area. 5.3 Storage Tanks 5.3.1 Underground Storage Tanks During the site reconnaissance, CLARK's representative did not observe any indications of any underground storage tanks at the subject property. Phase land 11 Environmental Site Assessment Project 9908 March 1,1999 22 5.3.2 Aboveground Storage Tanks During the site reconnaissance, CLARK's representative did not observe any indications of any aboveground storage tanks at the subject property. 5.4 Indications of Polychlorinated Biphenyls (PCBs) During the site reconnaissance, CLARK's representatives observed overhead power transmission lines bisecting the property from east to west on the North side of the office building . CLARK observed pole -mounted electrical transformers (usual source of PBCs) one pole -mounted transformer on the east property boundary (see Photograph #10). CLARK has previously contacted Mr. Ray Calabrea, FPL Operations Division, who indicated that FP&L pole -mounted transformers are classified and defined by the U.S. Environmental Protection Agency (EPA) as "non-PBC containing transformers" (transformers that contain less than 50 parts per million PCB), however, FPL will test (for a fee) individual transformers for PCBs. 5.5 Indications of Solid Waste Disposal During the site reconnaissance, CLARK observed several piles of construction debris, an empty 55 -gallon drum of hydraulic oil and two used 12 -volt batteries in the vacant lot on the north side of the property. According to Village of Key Biscayne personal, the vacant lot was being used as a staging area and heavy construction equipment storage (see Photograph #12) by a Village subcontractor. In addition, Mr. R. L. Brookes, SunTrust Bank, indicated that the open vacant lot had been the subject of unauthorized dumping of debris in the past. In addition, CLARK noted numerous areas of (petroleum) stained soil in the area around the empty drum and debris piles. Phase 1 and 11 Environmental Site Assessment Project 9908 March 1, 1999 23 5.6 Other Conditions That Might Be of Concem During the site reconnaissance of February 3, 1999, CLARK observed the following indicators of hazardous materials releases, as previously described in Section 5.1 and 5.2: • stained soil and/or pavement • stressed vegetation 5.7 Physical Setting Analysis r r F As described previously, a review suggests that the approximate depth to groundwater beneath the site is approximately 3-4 feet below land surface. Groundwater flow is tidally influenced, but in any event the direction of flow may change depending on seasonal fluctuations and other hydrogeologic factors. The subject property is located adjacent to a retail gasoline service station that has documented groundwater contamination that has not been assessed since 1996 when the site was approved for State -assisted remediation funds. There is a likelihood of potential contamination to the subject property from adjacent site at this time. Phase I and 11 Environmental Site Assessment Project 9908 March 1,1999 24 ISAR 6.0 POTENTIAL SOURCES OF POLLUTION The subject property is located on an island surrounded by saltwater. Groundwater flow at the site is influenced by tidal action. The subject property is adjacent to a retail gasoline service station that has a documented release of petroleum hydrocarbons dating back to 1995-96. Due to current State of Florida regulations governing approved petroleum reimbursement sites, no assessment and/or remediation activities have occurred at the service station since December 1996, when they were approved for state funded assistance. In addition, the subject property is located immediately north of a former retail gasoline service station that underwent extensive soil and groundwater remediation activities between 1990 and 1994. Both locations are potential sources of off -site groundwater contamination that could migrate underneath the subject property. As discussed previously, CLARK observed other signs of solid waste disposal and areas of stained soil and stressed vegetation in the vacant lot on the north side of the property. These conditions are indicators of hazardous materials releases and are also potential sources of groundwater pollution. Phase 1 and 11 Environmental Site Assessment Project 9908 March 1, 1999 25 7.0 LIMITED PHASE 1I SITE INVESTIGATION Upon completion of the Phase I ESA, CLARK discussed their preliminary findings with CLIENT's representatives. Because of the adjacent site histories, and the current status of the documented petroleum contamination and location of the underground storage tanks at the facility located at 530 Crandon Boulevard, a limited Phase II investigation of soil and groundwater was recommended and subsequently approved by the Village of Key Biscayne. Soil and groundwater samples were collected from locations adjacent to the east property boundary as shown in Figure 4. CLARK contracted ChemDrill, Inc. (CHEMDRILL), a licensed well driller, to perform three soil borings at the subject property. On February 8, 1999 soil borings were performed at the subject property. The soil borings were designated SB-1 through SB-3 (see Figure 4). Soil borings were performed to the water table (approximately 4 -feet BLS) using a truck mounted drilling rig. Soil samples were collected at 2 -foot intervals utilizing pre -cleaned split spoon samplers. Soil samples were collected by CLARK in accordance with the procedures specified in the FDEP-approved CLARK Comprehensive Quality Assurance Plan (CompQAP 870224). Incremental soil samples were analyzed in the field for total volatile organics, a by-product of gasoline in a soil matrix, utilizing a portable Flame Ionization Detector (FID). Additional soil samples representing the soil/water interface of each boring were collected from borings SB-1 through SB-3. Soil samples were collected in clean 250 ml soil jars, stored on wet ice and submitted to Precision Environmental Laboratory, Inc. (PRECISION) for analysis. After performing the soil borings, CHEMDRILL installed three shallow (15 -foot deep), 2 -inch diameter PVC groundwater monitoring wells, designated MW -1 through MW -3 and spaced to provide a reasonable indication of groundwater conditions at the site boundary Monitoring well MW -1 is located at the south end of the paved parking area, near West McIntyre Street. Monitoring well MW -2 was installed immediately west of the location of Citgo's 1,000 -gallon underground waste oil tank. Monitoring well MW -3 was located to the north of'MW=2. The locations of the three monitoring wells are shown in Figure 4. Phase 1 and II Environmental Site Aceoccment , . . Project 9908 "c. March 1, 1999 26 Schedule40 PVC pipe and accessory components were used in the construction of all groundwater monitoring wells (see Figure 5). Each well consists of a 6 -inch blank tailpipe attached to a 10 foot section of 0.015 inch slotted screen connected to an appropriate length of riser. Each well was finished with a removable cap and lock and enclosed with a steel manhole and cover, set into a concrete pad. Subsequent to installation, each monitoring well was developed using a portable, battery powered peristaltic pump. A copy of the well completion report is enclosed in Appendix D. On February 9, 1999 CLARK collected groundwater samples from monitoring wells MW -1 through MW -3 Groundwater samples were collected in accordance with procedures specified in the CLARK Comprehensive Quality Assurance Plan (CompQAP 870224) and submitted to PRECISION for analysis. 7.1 Laboratory Data The groundwater samples collected monitoring wells MW -1 through MW -3 and the three soil samples collected from soil borings SB-1 through SB-3 were submitted by CLARK to PRECISION for the following analytical parameters that are routinely used in the environmental profession as indicators of gasoline, diesel fuel and/or waste oil: • EPA Method 8021 • EPA Method 8100 7.1.1 Soil The laboratory results for the three soil samples is summarized in Table 1. All EPA Method 8021 and 8100 parameters were reported below laboratory detection limits (BDL) except for pyrene reported at a concentration of 0.64 mg/kg, in the soil from boring location SB-2. Pyrene is a polynuclear aromatic hydrocarbon (PAH), a compound found in both diesel fuel and waste oil. However, other PAH compounds typically found in petroleum products were Phase 1 and 11 Environmental Site Assessment Project 9908 March 1, 1999 27 not identified. Therefore, the presence of pyrene by itself is not a positive indication of the presence of petroleum in the soil. 7.1.2 Groundwater The laboratory results for the three groundwater samples collected from monitoring wells MW -1 through MW -3 are summarized in Table 1. All EPA Method 8021 and 8100 parameters were reported below laboratory detection limits (BDL). Copies of the laboratory soil and groundwater data and the Chain -of -Custody forms are enclosed in Appendix E. r 7.1.3 Areas of Debris, Stained Soil and Stressed Vegetation On Wednesday, February 10, 1999 CLARK representatives manually excavated the areas of petroleum stained soil located in the northwest portion of the subject property. All of the stained areas were surficial (approximately 3-4 inches deep) and were removed with hand shovels. The excavated soil was placed into two DOT -approved steel 55 -gallon drums for transport and proper disposal. 7 Between February 10 and February 12, 1999, the subcontractor using the site, Paul Barrow & Son, removed the piles of bricks, broken concrete, soil, batteries, the empty 55 -gallon drum ,and other construction debris from the subject property. In addition, the two 55 - gallon drums containing excavated soil were transported to RINKER for thermal treatment. A copy of the manifest and treatment certification will be forwarded to the CLIENT upon receipt. Phase I and 11 Environmental Site Assessment Project 9908 March 1, 1999 28 8.0 CONCLUSIONS CLARK has endeavored to perform the Phase I ESA and a limited Phase I1 in substantial conformance with the scope and limitations of ASTM Standard E 1527-94 with exceptions to and deletions from the above -referenced standard as described in the Scope of Services of this report. Results of the Phase I indicated the potential of soil and/or groundwater contamination from two adjacent properties. However, the limited Phase II field investigation conducted by CLARK at the 85 West McIntyre Street, Key Biscayne property failed to identify any significant contamination in the soil or groundwater. Laboratory data shows that one soil sample contained a single PAH compound typically associated with petroleum. However, other PAH compounds typically found in petroleum products were not identified. Therefore, the presence of pyrene by itself is not a positive indication of the presence of petroleum in the soil and may have been from the surficial soil layer overlaid with asphalt paving. No petroleum related compounds were detected in any of the groundwater samples collected from the three groundwater monitoring wells located at the subject property. In addition, all areas of stained soil and hazardous materials found during the Phase I investigation have been excavated and/or removed from the property. In the professional opinion of Edward E. Clark Engineers -Scientists, Inc. (CLARK) all appropriate inquiries have been made with the previous ownership and uses of the property consistent with good commercial or customary practices in an effort to minimize liability. Laboratory data of both soil and groundwater collected as part of this investigation indicates that no environmental impact currently exists which would necessitate an environmental response action or otherwise could result in a material financial liability for the owners or operators of the property. However, CLARK cannot under any circumstances warrant or guarantee that not finding indicators of hazardous materials means that hazardous materials do not exist on the site. Phase I and 11 Environmental Site Assessment Project 9908 March 1, 1999 29 9.0 SIGNATURES OF ENVIRONMENTAL PROFESSIONALS fir-- February 15. 1999 augh n Date Senior Scientist February 15.1999 Edward E. Clark, P.E. Date Florida Professional Engineer No. 15341 Phase I and H Environmental Site Assessment. Project 9908 February 15, 1999 31 1 _1 L__ ] [ _ 1 engineers-scuentosts ght 0 9 Heliport Harbor Point "'Flat Light Hurricane 'H ? sl Southwest Point .fight o oRadio Tower t % t Q Y S oral Shoat\ KEY BISCAYNE, FLA 25080 -F2 -T2-024 1988 DMA 493511 NW -SERIES V847 SCALE: 1:24000 FIGURE 1 USGS MAP OF SITE 7270 NW 12th Street, SUITE 740 Miami, FL 33126 1 4 I .N I__ i Mg. T LOCKING TYPE WELL CAP WITH PADLOCK AND KEY EXIST. GROUND •1> • ` 11.11.1/ 11 `• 1 141414141414141414 A 13FT. TOTAL WELL DEPTH 10 FT. SCREENED CASING WELL SCREEN .015 SLOTS 1 CONSTRUCTED TO FAC 62-761.640 STANDARDS MINIMUM STEEL METER BOX CONCRETE CR GROUT ..11 1111 414141• • • 1 14141}1 4 4�4 4 4� •4 \ 4 GROUT OR HYDRAULIC GROUT .---BENTONFrE WELL CASING 2"0 FILTER PACK AVERAGE GROUDWATER SURFACE 11 FT. MIN. BOTTOM CAP 4.0 feet FIGURE 5 EDWARD E. CLARK, engineers-scientists,inc. miami, florida MW'S1,2,3 85 WEST MCINTYRE KEY BISCAYNE, FLA AT GRADE GROUNDWATER MONITORING WELL 15' DEEP a L J LT •9 [I li L_ 1,_,J CJ L 1 E-1 L-] Li atit _} PHOTOGRAPH #7 PHOTOGRAPH #8 L i 1 0 4R to '4 O O 14 N O a . A E._. L_ 1 =3 P l 1 ! L._ .1 L J m m m r N TABLE 1: Summary of Laboratory Data 85 West McIn tyre Street So il Samples * J 0 CO N O m 0 0 w 2 a a W O O r co 0 0 w 2 4 a W Groundwater Samples 4 * - J 0 CO * * J 0 0 CO CO N 0 0 T- OO CO v M ° .oc is w 22 as o. a W W w w N O r▪ . O w 4.4 a w U X w J 0 f/) CO "0 CD r 0 0- E .) y 1- G) CD CD E m co a Q * • * J 0 m All parameters in the specified EPA method reported as BDL J 0 m Project 9908 L-1 1 KENNETH 1. BAUGHMAN Senior Scientist PROFESSIONAL SYNOPSIS: Environmental manager with 19 years experience in industrial analytical laboratory, quality control, pollution detection, field monitoring and sampling, health and safety procedures. Specializes in the design, implementation and coordination of various complex environmental projects including contamination assessments, remedial action plans, RCRA facility investigations (RFI) and remedial investigations under CERCLA ("Superfund"). Provides hands-on field technical expertise in field monitoring, field sampling, health and safety and testing. L Mr. Baughman has over 18 years experience with U.S. EPA related programs authorized under RCRA and CERCLA. In 1984 -1988 under contract to EPA Quality Assurance Branch - Las Vegas, he authored two separate organic analytical protocols (methodologies and quality assurance/quality control procedures) and a data validation procedure still utilized by the U.S. EPA Contract Laboratory Program (CLP) for the analysis and validation of samples from Superfund sites. He is a recognized expert in organic laboratory analysis and quality control and was used extensively by various EPA regional offices to review and evaluate contractor data. He has provided expert testimony in Federal Court involving various chemical pollutants including pesticides/herbicides, dioxins, solvents, petroleum and heavy metals. Mr. Baughman has developed expertise in the analysis, study and permitting process concerning a wide variety of water and wastewater pollution sources. Permitting experience includes hazardous waste permitting involving regulations for oil storage/transfer operation facilities statewide. Through his activities in the permitting process, he has developed expertise in the application of pertinent local, state, and federal environmental regulations. This is pertinent to the handling of hazardous waste and groundwater contamination. Furthermore, Mr. Baughman has gained considerable experience concerning site contamination assessments and cleanup programs including monitoring and recovery well system design and installation. In addition, he has gained expertise concerning federal and state hazardous waste regulatory requirements including waste characterization, storage and disposal requirements. ACADEMIC CREDENTIALS: Bachelor of Science, Biology, University of New Mexico; Advanced courses, Chemistry, University of Virginia and University of Texas ITT] ET1 ET] E P The EDR-Fire Insurance Map And City Directory Abstract Village of Key Biscayne 85-95 W. McIntyre St. Key Biscayne, FL 33149 February 3, 1999 Inquiry Number: 332737-5 Etht Environmental Data Resources, Inc. an.tedr~company The Source For Environmental Risk Management Data 3530 Post Road Southport, Connecticut 06490 Nationwide Customer Service Telephone: 1-800-352-0050 Fax: 1-800-231-6802 Environmental Data Resources, Inc. Cit> ,irectory and Sanborn MapT�t < )tract Environmental Data Resources. Inc.'s (EDR) City Directory and Sanborn Map Abstract is a screening tool designed to assist professionals in evaluating potential liability on a target property resulting from past activities. ASTM E 1527-97. Section 7.3 on Historical Use Information. identifies the prior use requirements for a Phase 1 environmental site assessment. The ASTM standard requires a review of reasonably ascertainable standard lzisrorical sources. Reasonably ascertainable means information that is publicly available, obtainable from a source with reasonable time and cost constraints. and practically reviewable. To meet the prior use requirements of ASTM E 152_7-97, Section 7.3.2, the following standard historical sources may be used: aerial photographs. fire insurance maps, property tax files. land title records (although these cannot be the sole historical source consulted). topographic maps, city directories, building department records, or zoning/and use records. ASTM E 1527-97 requires 'Alt obvious uses of the property shall be identified from the present, back to the property's obvious first developed use or back to 1940, whicheveris canto:This task requires reviewing only as many of the standard historical sources as are necessary, and that are reasonably ascertainable and likely to be useful."(ASTM E 1527-97,Section 7.3.2, page 11. EDR's City Directory and Sanborn Map Abstract includes a search and abstract of available city directories and a search and review of its Sanborn fire insurance map collection. Sanborn Maps Fire insurance maps were initially produced by private companies (Such as Sanborn, Perris. Spielman and Brush. Hexamer. Scarlett. and the Fire Underwriters Inspection Bureau) for the insurance industry to provide information on the fire risks of buildings and other structures. Sanborn Maps have become a valuable historical resource for persons concerned with evaluating the potential for site contamination based on the history of past use. Fire insurance maps are available for approximately 11000 U.S. cities and towns during the period 1852 to the present. Map coverage is most comprehensive in urban core areas and in older suburbs: map coverage is limited in suburban areas developed after 1950. EDR reviews its collection of Sanborn Maps, the largest and most complete collection available. There may be instances where a Sanborn Map is not currently reproducible or is part of an outside collection. EDR has generally found that such maps are not attainable within time and/or cost constraints which are (a) reasonable under ASTM E 1527-97 (and. therefore. a review of such map. if it exists. is not required to meet the ASTM standard) or (b) desired by the user of the report. EDR will. upon request. perform such a search at an additional fee which may result in a delay in the issuance of the report. City Directories City directories have been published for cities and towns across the U.S. since the 1700s. Orinally a list of residents. the city directory developed into a sophisticated tool for locating individuals and businesses in a particular urban or suburban area. Twentieth century directories are generally divided into three sections: a business index. a list of resident names and addresses. and a street index. With each address, the directory lists the name of the resident or. if a business is operated from this address. the name and type of business (if unclear from the name). While city directory coverage is comprehensive for major cities. it may be spotty for rural areas and small towns. ASTM E 1527-97 specifies that a "review of city directories (standard historical sources) at less than approximately five year intervals is not required by this practice." (4ST47 E 1527-97. Section 7.3.11. page 11.) Please call EDR Nationwide Customer Service at 1-800-352-0050 (8am-8pm EST) with questions or comments about your report. Thank yon for your business! Disclaimer Copyright and Trademark Notice This report contains information obtained from a variety of public and other sources. NO WARRANTY EXPRESSED OR IMPLIED. IS MADE WHATSOEVER IN CONNECTION WITH THIS REPORT. ENVIRONMENTAL DATA RESOURCES, INC. SPECIFICALLY DISCLAIMS THE MAKING OF ANY SUCH WARR iiv t It S.LV CL UDING WITHOUT LIMITATION, WARRANTIES AS TO NON -INFRINGEMENT OF THIRD PARTY RIGHTS. ACCURACY.VALIDITY. COMPLETENESS, SUITABILITY. CONDITION, QUALITY, MERCHANTABILITY,OR FITNESS FOR A PARTICULAR USE OR PURPOSE OF THIS REPORT OR THE INFORMATION CONTAINED ORREFERENCEDTHEREI<V OM USEDDiCOMEC77ONWITHIHEPREPAR4770NTHEREOF. ALL R5.KIS4SSL•MED BYIHE USER No liability to anyone is assumed, whether arising out of errors or omissions,negligence, accident or any other cause, for any loss or damage, includingwithout limitation, special. incidental, consequential, or exemplary danages. Eraire contents copyright1998 bvEnviromnemal Data Resources. Inc.All rights reserved. Reproduction in anymedia or fornmtin whole or in part of any report or map of Environmental Data Resources, Inc., or its affiliates, is prohibited without prior written permission EDR and the edr logos are trademarks of Environmental Data Resources, Inc or its affiliates All other vadeunartz used herein are the proper• oftheir respective owners. Use of such trademarks does not constitute an endorsement bvEnvironmentalData Resources Inc. or is affiliates, of the organizations claiming ownership thereof or the information obtained front such organizations and contained herein. Ethi Front Back Left Right Environmental Data Resources, Inc. an. dr•eampany 1890 1 1 19(10 Prior Use ReportTM Timeline 1910 1921 19.30 Target Property 1 e1 42 lc tic ci 19.10 19511 1960 19711 1980 1900 2000 Adjoining Property Not Available 1890 1900 191(1 18911 1900 191(1 1921 192(1 19311 19411 193(1 1950 1 1 1 1960 1970 1940 19511 1 1980 196(1 1970 198(1 1900 199(1 20(10 2011(1 1890 1890 1900 1900 191(1 1920 1930 19411 1950 1910 19'0 1930 19:10 1960 1970 1 1 19'0 1960 1970 1980 1990 200(1 1980 1900 2000 Legend: = Historical Topographic Map (HT)* = National Wetland Inventory Map (WT)* C9 = Flood Prone/FEMA Maps (FP/FR)* I7 = Aerial Photos Included (P)* 4+ = Aerial Photos Available* Supetscdpt number corresponds to graph ID in text *Displayed on timeline when aerial photos, historical ropos, flood prone, FEMA, wetland maps, orAorlal Research Summaty are purchased. * = Residential (R) 6 = Commercial or Industrial (C) Target Property: Address: n:ts/Str .:'Zip{_ Village of Key Biscayne 85-95 W. McIntyre St. K isco , FLT T 49L Customer: Clark Engineers -Scientists Inc Contact: Ken Baughman Ingdairy #: -- 73F, Hiatt: --J 1--077oaitif�sJ SUMMARY • Fire Insurance. is: EDR reviewed its collection of fire insurance maps, the largest and most complete collection available. based on client -supplied information. EDR did not identify maps depicting the target property. ASTM E 1527-97 specifies that "Uses in the area surrounding the property shall be identified in the report, but this task is required only, to the extent that this information is revealed in the course of researching the property itself. Factors to consider in determining fat what distance surrounding uses .should be determined) include, but are not limited to: the extent to which information is reasonably ascertainable, the time and cost involved in reviewing surrounding uses (for example,... reviewing local street directories for more than a few streets that surround the site is typically too time-consuming); the extent to which information is useful, accurate, and complete in light of the purpose of the records review; the likelihood of the information being significant to recognized environmental conditions in connection with the property.._ (ASTM E 1527-97, Section 7.3.3, page 12.) In some cases EDR has found that conducting additional research will enable us to identify historical coverage for the target property. This research will include telephone interviews, local map research, as well -as other library research available to EDR. This research effort typically averages one to two hours and is billed at a fixed fee of S75.00. Please call your EDR representative to authorize a search. • City Directories: EDR reviewed available national city and cross reference directory collections at approximately five year intervals for the years spanning 1939 through 1998. (These years are not necessarily inclusive.) A summary of the information obtained is provided in the text of this report. The following may be additional resources for site information. Fire Chief (-County) Contact: R D Paulison Address: 6000 SW 87th Ave City/State: Miami. FL 33173 Phone: 305-596-8593 Environmental Resources Mgt Di (-County) Contact: John Renfrow Address: 33 SW 2nd Avenue City!State: Miami. FL 33173 Phone: r 332737-5 2 7 Date EDR Searched Historical Sources: Fire Insurance Maps January 29. 1999 City Directories February 03. 1999 Target Property: 85-95 W. McIntyre St. Key Biscayne, FL 33149 L PUR ID Portion -Findings Year Uses (FIM Information Only) Source 1939 Address nor Listed in Research Source Polk's Cam Directory 1944 Address nor Listed in Research Source Polk's City Directory 1949 .address not Listed in Research Source Polk's Ciro Director' 1955 .Address not Listed in Research Source Polk's City Directory 1961 Address nor Listed in Research Source Polk's City Directory 1966 N/A Polk's City Directory Not Listed in Scuttle (851 Nor Listed in Source (S7) Not Listed in Source 1891 Not Listed in Source (911 Not Listed in Source (93) Key Biscayne Bank (951 1970 Slade Realty Co Inc (85) N/A Polk's City Director- vacam (87) Tillotson-lti Inc (Fldrs) (891 Tillotson Realm Inc 189) 7 Valk Construction (91) M Valls (archr) (91) Not Listed in Source (931 Kev Biscayne Chamber of Commerce (951 Key Biscayne Bank (951 1975 Not Listed in Sowce (S5) Halerstadt & Associates Iconstt consult) IS7') Tillotson -AR Inc lbldrsl (291 Tillotson Realty Inc (39) Key Biscayne Bank (overflow-) (91) Not Listed in Source (93) Kev Biscayne Chamber of Commerce (951 4 1953 American Savings & Loan Association of Florida (35) . N/A Bresser's City Directory vacant (871 vacam (891 Clarke Real Estate (91) INA Polk's City Direcrnry 332737-5 3 PUR ID Portion -Findings Year Uses (FIM Information Only) Source 1983 (continued) Colintei Trading (91) Calima Realty Inc Olt Free Time Travel (91) hiondo & Associates (91) 7 Leather wood (91) Stadler & Associates ( 91) no temin(93) International House Cap-Cay (951 Key Biscayne Bank & Trust (951 Fey Biscayne Chamber of Commerce (95 ) C G Rebozo (95) T Wakefield Arty (95) 1 121 E 5 19SS American Savings & Loan Association of Flosida 185) N/A Bresser's City Director vacant (S71 vacam (89) TWakefield Any (911 ADF Mortgage Corp (911 Calima Realty Inc (911 Contimpons Inc (91) laiondo Eckel & Associates (911 Fey Design Group (91) M&O Associates (91) Valle Interiors (91) no tenon (931 International House Cap-Cav (95) Key Biscayne Bank f Trust (05 I Key Biscayne Chamber of Commence (45) C G Rebozo (95) 0 1993 Kev Biscayne Village (85) N/A Blesses 's City D recroty Kev Biscayne Zoning & Building (851 Key Biscayne Finance (S5) Key Biscayne Community Development (85) Key Biscayne Managers Office (85) Taiga & Iriondo Corp (871 ATaaafa insurance (S1) Calima Realty (89) T Wakefield Attv (911 no rerun (931 Imemations' House Cap-Cav (95) Key Biscayne Bank & Trust (951 Kev Biscayne Chamber of Commerce (951 332737-5 4 PUR ID Portion -Findings Year Uses (FL11Information Only) Source 1993 (continued) C G Rehozo (951 1995 Kee Biscayne Village (85) N!A Bresser's City Directory Key BLscavne Zoning Si Planning (85) Key Biscayne Finance (85) Rey Biscayne Development (S5) Thais & hiondo Cmp (8T) Cennuv Investment Inc (91) T Wakefield Atty (91) The Rotary Club Key (95) Suntrust Bank (95) Adjoining Properties SURROUNDING AREA Multiple Addresses Key Biscayne. FL 33149 PUR ID Portion -Findings Year Uses (FlMInformation Only) Source 1939 Address not Listed in Research Source Polk's City Direcrory 1944 Address not Listed in Research Sauce Polk's Cite Director' 1949 Address not Listed in Research Source Polk's City' Directory 1955 W McIntyre St. Fernaod Rd N/A Polk's City Directory "W McIntyre St•" Not Listed in Source 120 Not Listed in Source (83) residence(101) residence (119) residence (145) •"Fetnwood Rd" residence(524) vacant (544) residence (570) 1961 W McIntyre Sr. Fernwood Rd N/A Polk's City Directory "W McIntyre St''' Not Listed in Source (20) Not Listed in Source (83) residence (101) residence (119) rm residence I145i. ••Fernwood Rd" residence (524) 332737-5 5 PUR ID Year Uses 1961 (continued) residence (5441 residence (570) 1966 W McIntyre St. Fanwood Rd ""S[' McIntyre St" Not Listed in Source (201 Not Listed in Source (83) no renun (1011 residence (1191 vacant (1451 "Fanwood Rd"" no return (5241 residence (544) residence (570) 1970 W McIntyre 5t. Fanwood Rd ""W McIntyre Sr"" Not Listed in Source (20) G Baneicer (optom )1831 residence (101) residence (119) vacant (14S/ "Fernwood Rd" residence 15_241 residence 1544) residence (570) 1975 W Mctrvvae St. Fanwood Rd McGnvre St" Not Listed in Sauce 120) Rey Biscayne Savings ez Loan residence 11011 residence (I19) residence (145) ""Fanwood Rd" residence (5_241 residence (544) residence (5 70) 1983 W McIntyre St. Fanwood Rd ""W McIntyre St" Chiefs Bait & Tackle (20) vacant (S3) n (83) Portion -Findings (FIMInfonnation Onlv) .Source N/A N/A NA N/A 332737-5 6 Polk's Ciro Directory Polk's Ciro Directory Polk's City Diaecronv Bressea s City Directors' PUR ID Portion -Findings Year Uses (FIM Infornzation Only) Source 1953 (ccntur¢ed( . Nor Listed in Source (101) vacant (119) office (145) "Fernwood Rd" residence (524) vacant (544) residence (570i 19SS W Mclntvre St. Fernwood Rd "W McIntyre Sr Chiefs Bair m Tackle 12_0) vacant (S3) office ❑011 office (119 ) office (145) ••Femwood Rd" vacant (524) residence 5441 residence (570) N/A Bresser < City Dnecror 1993 W J1ctnn're St. Fefnwood Rd N/A Bresser's City Directory ..t;' McIntyre St`" Not Limed in Source (20) no renun. (83) vacam (101) office (119) vacant (1451 ••Felnwood Rd" residence (524) residence 1544) residence (5-01 1995 W McIntyre SL Fernwood Rd NIA Bressei s City Directory "R' McIntyre Sr" Downtown Cleaners (20) office (101) office (119) office (145) • •Fernwood Rd• residence (524) residence (5441 residence U'0) I 332737-5 7 Glossary of Terms A.A.A. Aerial photograph flyer: Agriculture Adjustment Administration (Federal). A.S.C.S Aerial photograph flyer: Agricultural Stabilization and Conservation Service (Federal) Address Change Indicates that a change of address has occurred: indicates new address. A change of address may occur when a city. street. or the address ranges of a street are restructured. Address in Research Source Indicates that a property is listed at a different address than the one provided by the user. Generally occurs when a property is located on a corner or. when the physical address of a property is different than its mailing. address. Address Not Listed in Research Source Occurs when a specific site address is not listed in city directories and/or fire insurance maps. Adjoining Any property that is contiguous. or a property that would be contiguous if not for a public thoroughfare. to the target property. To differentiate from each adjoining property, stand at the target property's 'front door" facing the street. Adjoining Back Property directly to the rear of the target property. Adjoining Front Property directly in front of the target property. n L Adjoining Left Property directly to the left of the target property. Adjoining Right Property directly to the right of the target property. Adjoining Surrounding Area Property that may adjoin the target property but due to lack of specific map information cannot be located precisely. This situation typically occurs when city directory information. but not fire insurance map information. is available. C.A.S Aerial photograph flyer: Chicago Aerial Survey (private). C.S.S. Aerial photograph flyer: Commodity Stabilization Service (Federal). Cartwright Aerial photograph flyer: Cartwright (pr i :ate) CD City Directory Commercial Any property including_ out not limited to, property used for industrial. retail. office. agricultural. other commercial. medical, or educational purposes: property used for residential purposes that has more than four residential dwelling units. Commercial or Industrial Property that has either a commercial or an industrial use. Examples include retail stores. manufacturing facilities. factories. and apartment buildings. T r=^ D.N.R. D.O.T. Aerial photograph flyer: Department of National Resources (state). Aerial photograph flyer: Department of Transportation (state). Fairchild Aerial photograph flyer: Fairchild (private). FIM Fire Insurance Map Flood Insurance Rate Maps Flood Insurance Rate Maps are produced by the Federal Emergency Management Agency (FEMA). These maps indicate special flood hazard areas. base flood elevations and flood insurance risk zones. Flood Prone Area Maps Flood Prone Area maps are produced by the United States Geological Survey (USGS). Areas identified as flood prone have been determined by available information gathered from past floods. F.S. Aerial photograph flyer: Forest Service (Federal). Geonex Aerial photograph flyer: Geonex (private). M.C. Aerial photograph flyer: Metropolitan Council of the Twin Cities Area (state). Map Required Not Available in Local Collection Property is located on a fire insurance map sheet not available in local and/or microfilm collection. Mark Hurd Aerial photograph flyer: Mark Hurd (private) Multiple Locations Indicates that there are two or ore sites adjoining the target property's border. N.A.P.P. Aerial photograph flyer: National Aerial Photography Program (Federal). National Wetland Inventory Maps National Wetland Inventory Maps are produced by the U.S. Fish and Wildlife Service, a division of'the L'.S. Department of the Interior. Wetland and deepwater habitat information is identified on a 7.5 minute U.S.G.S. topographic map. The classification system used categorizes these habitats into five systems: marine. estuarine, riverine, lacustrine and palustrine. No Return Indicates that site owner was unavailable at time of surveyor's contact. Applies only to city directories. No Structure Identified on Parcel Used when site boundaries and/or site address is indicated on a fire insurance map; no structure details exist. Other Occurs when the site's classification is different that EDR's standard categories. Examples may include undeveloped land and buildings with no specified function. P.M.A. Aerial photograph flyer: Production and Marketing Administration (Federal). Pacific Aerial Aerial photograph flyer: Pacific Aerial (private) Portion Refers to the fire insurance map information identified on the four quadrants of a target or adjoining property. The portions are referred to as Frotttriglet, Frontleft, Backright, and Backleft and are determined as if one were standing at the front door. facing the street. Property Not Defined Used when property is not clearly demarcated on a fire insurance map. ttmO FIND Residential Any property having fewer than five dwelling units used exclusively for residential purposes. Residential with Commercial Uses (a.k.a. Multiple Purpose Address) A business (firm) and residence at the same address. Examples include a doctor. attorney. etc. Working out of his/her home. Sidwell Aerial photograph flyer: SidwelI (private). Site Not Mapped Occurs when an adjoining property has not been mapped by fire insurance map surveyors. Teledyne Aerial photograph flyer: Teledyne (private) Topographic Maps Topographic maps are produced by the United States Geological Survey (USGS). These maps are color coded line and symbol representations of natural and selected artificial features plotted to scale. Turnbow Aerial photograph flyer: Michael Turnbow (private) U.S.D.A. Aerial photograph flyer.•<in ted States Department of Agriculture (Fed)4). U.S.D.I. Aerial photograph flyer: United States Department of the Interior (Federal). U.S.G.S. Aerial photograph flyer: United States Geological Survey (Federal). Vacant May refer to an unoccupied structure or land. Used only when fire insurance map or cnv directot• specifies 'vacant.' W.P.A. Aerial photograph flyer: Works Progress Administration (Federal). WALLACE Aerial photograph flyer: Wallace (private). L ... .1 L ._-...1 7 The EDR-Radius Map with GeoCheck® Village of Key Biscayne 85-95 W. McIntyre St. Key Biscayne, FL 33149 Inquiry Number: 332737.1s January 29, 1999 L. Edit Environmental Data Resources, Inc. an_edrrcompany The Source For Environmental Risk Management Data 3530 Post Road Southport, Connecticut 06490 Nationwide Customer Service Telephone: 1-800-352-0050 Fax: 1-800-231-6802 Internet: www.edrnet.com SECTION TABLE OF CONTENTS PAGE Executive Summary ES1 Topographic Map 2 GeoCheck Summary 3 Overview Map 5 Detail Map 6 Map Summary - All Sites 7 Map Summary - Sites with higher or the same elevation as the Target Property 8 Map Findings 9 Orphan Summary . 34 APPENDICES GeoCheck Version 2.1 Al Government Records Searched / Data Currency Tracking Addendum A6 Thank you for your business. Please contact EDR at 1-800-352-0050 with any questions or comments. Disclaimer and Other Information This Report contains information obtained from a variety of public and other sources and Environmental Data Resources, Inc. (EDR) makes no representation or warranty regarding the accuracy, reliability, quality, suitability, or completeness of said information or the information contained in this report. The customer shall assume full responsibility for the use of this report. NO WARRANTY OF MERCHANTABILITY OR OF FITNESS FOR A PARTICULAR PURPOSE, EXPRESSED OR IMPLIED, SHALL APPLY AND EDR SPECIFICALLY DISCLAIMS THE MAKING OF SUCH WARRANTIES. IN NO EVENT SHALL EDR BE LIABLE TO ANYONE FOR SPECIAL, INCIDENTAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES. COPYRIGHT (C) 1998 BY ENVIRONMENTAL DATA RESOURCES, INC. ALL RIGHTS RESERVED. Unless otherwise indicated, all trademarks used herein are the property of Environmental Data Resources, Inc. or its affiliates. TC332737.1s Page 1 EXECUTIVE SUMMARY A search of available environmental records was conducted by Environmental Data Resources, Inc. (EDR). The report meets the government records search requirements of ASTM Standard Practice for Environmental Site Assessments, E 1527-97. Search distances are per ASTM standard or custom distances requested by the user. The address of the subject property for which the search was intended is: 85-95 W. MCINTYRE ST.. KEY BISCAYNE, FL 33149 No mapped sites were found in EDR's search of available ( "reasonably ascertainable ") government records either on the subject property or within the ASTM E 1527-97 search radius around the subject property for the following Databases: NFL. National Priority List Delisted NPL• NPL Deletions RCRIS-TSD: Resource Conservation and Recovery Information System SHWS: State Haz. Waste CERCLIS: Comprehensive Environmental Response, Compensation, and Liability Information System CERC-NFRAP: Comprehensive Environmental Response, Compensation, and Liability Information System CORRACTS: Corrective Action Report SWF/LF: Solid Waste Facility Database AST: STI02 - Facility/Owner/Tank Report RAATS: RCRA Administrative Action Tracking System RCRIS-LOG- Resource Conservation and Recovery Information System EMIRS. Hazardous Materials Information Reporting System PADS- PCB Activity Database System ERNS: Emergency Response Notification System FINDS- Facility Index System TRIS: . Toxic Chemical Release Inventory System NPL Lien: NPL Liens TSCA: . Toxic Substances Control Act MLTS: . Material Licensing Tracking System FI Sites. Florida Sites FI Ent: Florida Enforcement FI Cattle: Florida Cattle Air Permit: FL Air Permit Dade IWP: Industrial Waste Permits FL WW: Wastewaster Facility Regulation Database HW DC: FL HW Dade DRYCLN: FL Dry Clean ROD. ROD CONSENT- Superfund (CERCLA) Consent Decrees Coal Gas- Former Manufactured gas (Coal Gas) Sites. Unmapped (orphan) sites are not considered in the foregoing analysis. Search Results: Search results for the subject property and the search radius, are listed below: Subject Property: The subject property was not listed in any of the databases searched by EDR. TC332737.1s EXECUTIVE SUMMARY 1 EXECUTIVE SUMMARY Surrounding Properties: Elevations have been determined from the USGS 1 degree Digital Elevation Model and should be evaluated on a relative (not an absolute) basis. Relative elevation information between sites of close proximity should be field verified. EDR's definition of a site with an elevation equal to the subject property includes a tolerance of -10 feet. Sites with an elevation equal to or higher than the subject property have been differentiated below from sites with an elevation lower than the subject property (by more than 10 feet). Page numbers and map identification numbers refer to the EDR Radius Map report where detailed data on individual sites can be reviewed. Sites listed in bold italics are in multiple databases. LUST: The Leaking Underground Storage Tank Incident Reports contain an inventory of reported leaking underground storage tank incidents. The data come from the Department of Environmental Protection's PCTO1--Petroleum Contamination Detail Report. A review of the LUST list, as provided by EDR, and dated 11/17/1998 has revealed that there are 5 LUST sites within approximately 0.5 miles of the subject property. Equal/Higher Elevation Address Dist / Dir Map ID Page DADE CO KEY BISCAYNE ELEMENTAR ISLAND STANDARD STATION KEY BISCAYNE STATION 580 CRANDON BLVD AMOCO SVC STA #2125 150 W MClNTIRE ST 530 CRANDON BLVD 560 CRANDON BLVD 580 CRANDON BLVD 580 CRANDON BLVD 0 - 1/8 W 1 0 - 1/8 ESE A2 0 - 1/8 ESE A3 0 - 1/8 ESE A4 0 - 1/8 ESE A5 UST: The Underground Storage Tank database contains registered USTs. USTs are regulated under Subtitle I of the Resource Conservation and Recovery Act (RCRA). The data come from the Department of Environmental Protection's SC102--Facility/Owner/Tank Report A review of the UST list, as provided by EDR, and dated 08/10/1998 has revealed that there are 6 UST sites within approximately 0.25 miles of the subject property. Equal/Higher Elevation DADE CO KEY BISCAYNE ELEMENTAR ISLAND STANDARD STATION KEY BISCAYNE STATION 580 CRANDON BLVD AMOCO SVC STA #2125 SOUTHERN BELL -KEY BISCAYNE ESS Address 150 W MClNTIRE ST 530 CRANDON BLVD 560 CRANDON BLVD 580 CRANDON BLVD 580 CRANDON BLVD 87 W WOOD DR Dist / Dir 0 - 1/8 W 0 - 1/8 ESE 0 - 1/8 ESE 0 - 1/8 ESE 0- 1/8 ESE 1/8 - 1/4S 9 11 16 21 22 Map ID Page f 9 A2 11 43 16 A4 21 A5 22 6 31 RCRIS: The Resource Conservation and Recovery Act database includes selected information on sites that generate, store, treat, or dispose of hazardous waste as defined by the Act. The source of this database is the U.S. EPA. A review of the RCRIS-SQG list, as provided by EDR, and dated 07/01/1998 has revealed that there are 2 RCRIS-SQG sites within approximately 0.25 miles of the subject property. Equal/Higher Elevation Address Dist / Dir Map ID Page DADE CO KEY BISCAYNE ELEMENTAR 150 W MClNTIRE ST 0 - 1/8 W 1 9 AMOCO SVC STA #2125 580 CRANDON BLVD 0 - 1/8 ESE A5 22 TC33273Zts EXECUTIVE SUMMARY 2 EXECUTIVE SUMMARY IND WASTE : Dade County Industrial Waste list comes from the Department of Environmental Resources Management. A review of the Ind Waste list, as provided by EDR, has revealed that there is 1 Ind Waste site within approximately 0.25 miles of the subject property. Equal/Higher Elevation Address Dist / Dir Map ID Page ISLAND STANDARD STATION 530 CRANDON BLVD 0 - 1/8 ESE A2 11 E 7 TC332737.1s EXECUTIVE SUMMARY 3 EXECUTIVE SUMMARY Due to poor or inadequate address information, the following sites were not mapped: Site Name MDPR-CRANDON PARK SERVICE AREA MIAMI DADE W&S VIRGINIA KEY WT AMOCO KEY BISCAYNE TOWERS OF KEY BISCAYNE KEY BISCAYNE ISLAND STANDARD TOWERS OF KEY BISCAYNE Database(s) UST FINDS FI Enf FI Enf FI Enf R Enf TC332737.1s EXECUTIVE SUMMARY 4 TOPOGRAPHIC MAP - 332737.1s - Clark Engineers -Scientists Inc CUSTOMER: CONTACT: INQUIRY#: DATE: Major Roads Contour Lines Waterways Earthquake epicenter, Richter 5 or greater Closest Federal Well in quadrant Closest State Well in quadrant Closest Puhfic. Water Supply Well (G 1) (0 y) Sink holes -► Groundwater Flow Direction Indeterminate Groundwater Flow at Location Groundwater Flow Varies at Location ITARGET PROPERTY: a ADDRESS: CITY/STATE/ZIP: LAT/LONG: Village of Key Biscayne 85-95 W. McIntyre St. Key Biscayne FL 33149 25.6905 / 80.1652 Clark Engineers -Scientists Inc Ken Baughman 332737,1s January 29, 1999 12:50 pm TARGET PROPERTY COORDINATES EOCHECK VERSION 2.1 SUMMARY Latitude (North): Longitude (West): Universal Transverse Mercator: UTM X (Meters): UTM Y (Meters): 25.690491 - 25' 41' 25.8" 80.165161 - 80° 9' 54.6' Zone 17 35034996.0 93206432.0 USGS TOPOGRAPHIC MAP ASSOCIATED WITH THIS SITE Target Property: 2425080-F2 KEY BISCAYNE, FL. GEOLOGIC AGE IDENTIFICATIONt Geologic Code: Qp Era: Cenozoic System: Quaternary Series: Pleistocene ROCK STRATIGRAPHIC UNITt Category: Stratifed Sequence GROUNDWATER FLOW INFORMATION Groundwater flow direction for a particular site is best determined by a qualified environmental professional using site -specific well data. If such data is not reasonably ascertainable, it may be necessary to rely on other sources of information, including well data collected on nearby properties, regional groundwater flow information (from deep aquifers), or surface topography.t AQUIFLOWt""' Search Radius: 2.000 Miles MAP ID lg DISTANCE DIRECTION GENERAL DIRECTION FROM TP FROM TP GROUNDWATER FLOW 1 - 2 Miles NNE SE For additional site information, refer to GeoCheck Appendix. General Topographic Gradient at Target Property: General NNW General Hydrogeologic Gradient at Target Property: No hydrogeologic data available. FEDERAL DATABASE WELL INFORMATION WELL DISTANCE DEPTH TO QUADRANT FROM TP LITHOLOGY WATER TABLE Eastern 0 - 1/8 Mile Not Reported Not Reported Southern 1/8 - 1/4 Mile Not Reported Not Reported Western 0 - 1/8 Mile Not Reported Not Reported STATE WATER WELL INFORMATION DIRECTION DISTANCE DEPTH FROM TP FROM TP FEET NO WELLS FOUND STATE SINK HOLES INFORMATION DIRECTION DISTANCE FROM TP FROM TP NO SINKS FOUND SOURCE } Source: P.G. Schmbti,, 0.E. Arndt and W.J. Bawiso, Geology ofthe Conterminous U.S. at 1:2500,000 Scale- A digital represents/ion W the 1974 P.B. King and H.M. Beikman Map. USG5 Digital Data Sent DOS - DI (1994). 2 U.S. EPA Ground Water Handbook. Val I: Ground Water and Contamination. Office of Research and development EPA'62516.90I016a Dhapter4, page 78 September 1990. s EDP AOUIFLOVe' infama5cn System of nytlmgeologcally determined groundwater flow dbections at specific locations. See the date pages at the end al this reporttor a complete description. TC332737.1s Page3 :>LEOCHECK VERSION 2. SUMMARY PUBLIC WATER SUPPLY SYSTEM INFORMATION Searched by Nearest PWS. NOTE: PWS System location is not always the same as well location. PWS Name: GENERAL DEVELOPMENT UTL INC 1111 SOUTH BAYSHORE DRIVE MIAMI, FL 33131 Location Relative to TP: >2 Miles North PWS currently has or has had major violation(s): No AREA RADON INFORMATION EPA Radon Zone for DADE County: 2 Note: Zone 1 indoor average level > 4 pCi/L. : Zone 2 indoor average level >= 2 pCi/L and <= 4 pCi/L. : Zone 3 indoor average level < 2 pCi/L. DADE COUNTY, FL Number of sites tested: 156 Area Average Activity % <4 pCi/L %4-20 pCi/L %>20 pCi/L Living Area Basement n f' 1.020 pCi/L 0.910 pCi/L 91% 9% 100% 0% 0% 0% TC332737.1 s Page 4 OVERVIEW MAP - 332737.1s - Clark Engineers -Scientists Inc r Target. Property Sites at elevations higher than or equal to the target property • Sites at elevations lower than the target property Goal Gasification Sites (if requested) 17-71 National Priority List Sites 9 landfill Sites 7 TARGET PROPERTY: „-ADDRESS: 'CITY/STATE/ZIP: LATILONG: n, r 1p,e Village of Key Biscayne 85-95 W. McIntyre St Key Biscayne FL 33149 25.6905/ 80.1652 7/1 Power transmission Tines Oil & Gas pipelines 100 -year flood zone 500 -year flood zone Wetlands per National Wetlands Inventory (1994) CUSTOMER: CONTACT: INQUIRY #: DATE: Clark Engineers -Scientists Inc Ken Baughman 332737.1s January 29, 1999 12:49 pm DETAIL MAP - 332737.1s - Clark Engineers -Scientists Inc rtt • Target Property Sites at elevations higher than or equal to the target property Sites at elevations lower than the target property Coal Gasification Sites (if requested) t Sensitive Receptors ^,-7y National Priority List Sites D. Landfill Sites Power transmission lines sir Oil& Gas pipelines 100 -year flood zone 500 -year flood zone 114 idles TARGET PROPERTY: ADDRESS: CITY/STATE/ZIP: LAT/LONG: Village of Key Biscayne 85-95 W. McIntyre St. Key Biscayne FL 33149 25.6905/ 80.1652 CUSTOMER: CONTACT: INQUIRY #: DATE: Clark Engineers -Scientists Inc Ken Baughman 332737-1s January 29, 1999 12:50 pm Database f�..P FINDINGS SUMMARY SHOG4nNG, ALL SITES Search Target Distance Property (Miles) < 1/8 1/8 - 1/4 1/4 - 1/2 1/2 - 1 Total Plotted NPL 1.000 0 0 0 0 NR 0 Delisted NPL TP NR NR NR NR NR 0 RCRIS-TSD 0.500 0 0 0 NR NR 0 State Haz. Waste 1.000 0 0 0 0 NR 0 CERCLIS 0.500 0 0 0 NR NR 0 CERC-NFRAP TP NR NR NR NR NR 0 CORRACTS 1.000 0 0 0 0 NR 0 State Landfill 0.500 0 0 0 NR NR 0 LUST 0.500 5 0 0 MR NR 5 UST 0.250 5 1 NR NR NR 6 AST TP NR NR NR NR NR 0 RAATS TP NR NR NR NR NR 0 RCRIS Sm. Quan. Gen. 0.250 2 0 NR NR NR 2 RCRIS Lg. Quan. Gen. 0.250 0 0 NR NR NR 0 HMIRS TP NR NR NR NR NR 0 PADS TP NR NR NR NR NR 0 ERNS TP NR NR NR NR NR 0 FINDS TP NR NR NR NR NR 0 TRIS TP NR NR NR NR NR 0 NPL Liens TP NR NR NR NR NR 0 TSCA TP NR NR NR NR NR 0 MLTS TP NR NR NR NR NR 0 Florida Sites 1.000 0 0 0 0 NR 0 Florida Enforcement 0.250 0 0 NR NR ';NR 0 b Florida End. Waste 0.250 1 0 NR NR NR 1 Florida Cattle 0.500 0 0 0 NR NR 0 FL Air Permit TP NR NR NR MR NR 0 Industrial Waste Permits TP NR NR NR NR NR 0 FL Wastewater TP NR NR NR NR NR 0 FLHWDade 0.250 0 0 NR NR NR 0 FL Dry Clean 0.250 0 0 NR NR NR 0 ROD 1.000 0 0 0 0 NR 0 CONSENT 1.000 0 0 0 0 NR 0 Coal Gas 1.000 0 0 0 0 NR 0 TP = Target Property NR = Not Requested at this Search Distance * Sites may be listed in more than one database TC332737.1 s Page 7 l�. AP FINDINGS SUMMARY SHG,ANG ONLY SITES HIGHER THAN OR THE SAME ELEVATION AS TP Database Search Target Distance Total Property (Miles) < 1/8 1/8 - 1/4 1/4 -1/2 1/2 - 1 > 1 Plotted NPL 1.000 0 0 0 0 NR 0 Delisted NPL TP HP NR NR NR HP 0 RCRIS-TSD 0.500 0 0 0 NR NR 0 State Haz. Waste 1.000 0 0 0 0 NR 0 CERCLIS 0.500 0 0 0 HP NR 0 CERC-NFRAP TP HP NR NR NR NR 0 CORRACTS 1.000 0 0 0 0 NR 0 State Landfill 0.500 0 0 0 NR NR 0 LUST 0.500 5 0 0 NR NR 5 UST 0.250 5 1 NR NR NR 6 AST TP NR NR NR NP NR 0 RAATS TP NR NR NR NR HP 0 RCRIS Sm. Quan. Gen. 0.250 2 0 NR NR HP 2 RCRIS Lg. Quan. Gen. 0.250 0 0 NR NR NR 0 HMIRS TP HP NR NR NR NR 0 PADS TP NR NR NR NR NR 0 ERNS TP NR NR NR NR NR 0 FINDS TP NR NR NR NR NR 0 TRIS TP HP NR NR NR NR 0 NPL Liens TP NR NR NR NR NR 0 TSCA TP HP NR NR NR NR 0 MLTS TP NR NR NR NR NR 0 Florida Sites 1.000 0 0 0 0 NR 0 Florida Enforcement 0.250 0 0 NR NR NR 0 Honda Ind. Waste 0.250 1 0 NR NR NR 1 Florida Cattle 0.500 0 0 0 NR NR 0 FL Air Permit TP NR HP NR NR NR 0 Industrial Waste Permits TP NR NR NR NR NR 0 FL Wastewater TP NR NR NR NR NR 0 FL HW Dade 0.250 0 0 NR NR NR 0 FL Dry Clean 0.250 0 0 NR NR NR 0 ROD 1.000 0 0 0 0 HP 0 CONSENT 1.000 0 0 0 0 NR 0 Coal Gas 1.000 0 0 0 0 NR 0 TP = Target Property NR = Not Requested at this Search Distance * Sites may be listed in more than one database TC332737.1 s Page 8 Map ID Direction Distance Distance (ft.) Elevation Site 1 West < 1/8 409 Higher MAP FINDINGS EDR ID Number Database(s) EPA ID Number Coal Gas Site Search: No site was found in a search of Real Property Scan's ENVIROHAZ database. DADE CO KEY BISCAYNE ELEMENTARY 150 W MCINTIRE ST KEY BISCAYNE, FL 33149 RCRIS: Owner: DOROTHY RIDER, PRINCIPAL (305) 361-5418 Contact: DOROTHY RIDER (305) 361-5418 Record Date: 04/05/1995 Classification: Small Quantity Generator Used Oil Recyc: No Violation Status: No violations found LUST: Facility ID: Facility District: Section: Range: Facility Status: Operator: Facility Phone: Related Party: Related Party Addr: 8943255 Southeast District Not reported Not reported OPEN DADE CNTY SCHOOL BD (305) 361-5418 DADE CNTY SCHOOL BD 7040 W FLAGLER ST MIAMI, FL33144 - 1308 RP Bad Address: No Related Party ID: 5241 Related Prty Contact ROBERT J MUNRO Related Party Begin: 05/20/1994 Name Update: Not reported Facility Cleanup Status: Region: Facility County: Township: Lat/long: Facility Type: RCRIS-SQG 1000985735 UST FLR000002360 LUST STATE DADE Not reported 25" 45' 17.0000-/ 80" 20` 12.0000" Local Government Related Party Role: ACCOUNT OWNER Related Party Phone: (305) 995-3290 Contamination ID: 11668 r?. Address Update: Not reported Completed (Explanation: All related discharge cleanup activies are completed. At least 1 discharge required a cleanup activity. Some may have never required cleanup, per Chapter 17-770 rules or contamination wasnot found by inspection Facility Cleanup Score: Not reported Facility Cleanup Rank: Not reported Discharge ID: Not reported Clean Up Work Status: Not reported Discharge Date: Not reported Pct Discharge Combined With: Not reported Discharge Cleanup Status: Not reported Discharge Cleanup Status Date: Not reported Clean Up Required by 62-770: Not reported Information Source: Not reported Other Source Description: Not reported Discharge Lead Agency: Not reported Score: Not reported Score Effective Date: Not reported Inspection Date: Not reported Contaminated Media ID: Not reported Contaminated Drinking Wells: Not reported TC332737.1 s Page 9 Map ID Direction Distance Distance (ft.) Elevation Site MAP .FINDINGS' DADE CO KEY BISCAYNE ELEMENTARY (Continued) Contaminated Soil: Not reported Contaminated Surface Water: Not reported Contaminated Ground Water: Not reported Contaminated Monitoring. Well: Not reported Pollutant ID: Not reported Pollutant Substance: Not reported Substance Category: Not reported Regulation Began: Not reported Pollutant Other Description: Not reported Gallons Discharged: Not reported RAP Task ID: Not reported RAP Cleanup Responsible: Not reported RAP Order Completion Date: Not reported RAP Actual Completion Date: Not reported RAP Payment Date: Not reported RAP Actual Cost: Not repotted RA Task ID: Not reported RA Cleanup Responsible: Not reported RA Actutal Cost: Not reported Ra Actual Years to Complete: Not reported SRC Action Type: Not reported SRC Submit Date: Not reported SRC Review Date: Not reported SRC Issue Date: Not reported SRC Status Effective Date: Not reported SRC Comment: Not reported SAID: Not reported SA Cleanup Responsible: Not reported SA Actual Completion Date: Not reported SA Payment Date: Not reported SA Actual Cost: Not reported SR Task ID: Not reported SR Cleanup Responsible: Not reported SR Oral Date: Not reported SR Written Date: Not reported Free Product Removal: No Soil Removal No Soil Tonnage Removed: No Soil Treatment: No Other Treatment: Not reported SR Actual Completion Date: Not reported SR Payment Date: Not reported SR Cost: Not reported SR Alternate Procedure Recieved: Not reported SR Alternate Procedure Status Date: Not reported SR Complete: Not reported SR Alternate Procedure Comment: Not reported UST: Facility ID: Facility Phone: Tank ID: Tank Name: Compartment: Substance: Description: Gallons: 894-3255 Not reported 77572 1 1 Fuel oil -on site heat 1000 Facility Type: Facility Status: District Office Vessel Indicator: Tank Location: EDR ID Number Database(s) EPA ID Number 1000985735 Local Government OPEN Southeast District TANK UNDERGROUND TC332737.1s Page 10 Map ID Direction Distance Distance (ft.) Elevation Site A2 ESE <118 477 Higher MAP FINDINGS' DADE CO KEY BISCAYNE ELEMENTARY (Continued) Category: Exempt Substances Regulation Began:1986-07-01 Tank Status: In service Tank Status Date: Install Date: Not reported Tank Construction: ID: 135058 Category: - Primary Construction Description: Unknown/Not reported Petro Monitoring: ID: 103842 Category: Site/General Description: Manually sampled wells Tank Piping: ID: 104127 Category: Primary Construction Description: Unknown EDR ID Number Database(s) EPA ID Number ISLAND STANDARD STATION 530 CRANDON BLVD KEY BISCAYNE, FL 33149 LUST: Facility ID: Facility District: Section: Range: Facility Status: Operator: Facility Phone: Related Party: Related Party Addr: 8504998 Southeast District 005 42E OPEN GRECO ANTHONY F (305) 361-5157 GRECO, ANTHONY 530 CRANDON BLVD KEY BISCAYNE, FL 33149 - 1832 RP Bad Address: No Related Party ID: 8811 Related Party Role: ACCOUNT OWNER Related Prty Contact: ANTHONY GRECO Related Party Phone: (305) 361-5157 Related Party Begin: 05/15/1988 Contamination ID: 10286 Name Update: Not reported Address Update: Not reported Facility Cleanup Status: Application (Explanation: Cleanup program application has been recieved) Facility Cleanup Score: 11 Facility Cleanup Rank: 8159 Not reported 1000985735 UST U001346099 LUST N/A Air Permit Ind Waste Discharge ID: Clean Up Work Status: Discharge Date: Pct Discharge Combined With: Discharge Cleanup Status: Discharge Cleanup Status Date: Clean Up Required by 62-770: Information Source: Other Source Description: Discharge Lead Agency:.. Score: Score Effective Date: Inspection Date: Contaminated Media ID: Contaminated Drinking Wells: Contaminated Soil: Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not. reported Not reported Not reported Not reported Not reported Not reported Region: Facility County: Township: Lat/long: Facility Type: STATE DADE 55S 25" 41" 28.0000"/ 80` 9- 51.0000" Retail Station 7 TC332737.ts Page 11 Map ID Direction Distance Distance (ft.) Elevation Site MAP FINDINGS EDR ID Number Database(s) EPA ID Number ISLAND STANDARD STATION (Continued) 0001346099 Contaminated Surface Water: Not reported Contaminated Ground Water: Not reported Contaminated Monitoring Well: Not reported Pollutant ID: Not reported Pollutant Substance: Not reported Substance Category: Not reported Regulation Began: Not reported Pollutant Other Description: Not reported Gallons Discharged: Not reported RAP Task ID: Not reported RAP Cleanup Responsible: Not reported RAP Order Completion Date: Not reported RAP Actual Completion Date: Not reported RAP Payment Date: Not reported RAP Actual Cost: Not reported RA Task ID: Not reported RA Cleanup Responsible: Not reported RA Actutal Cost: Not reported Ra Actual Years to Complete: Not reported SRC Action Type: Not reported SRC Submit Date: Not reported SRC Review Date: Not reported SRC Issue Date: Not reported SRC Status Effective Date: Not reported SRC Comment: Not reported SAID: Not reported SA Cleanup Responsible: Not reported SA Actual Completion Date: Not reported SA Payment Date: Not reported SA Actual Cost: Not reported SR Task ID: Not reported SR Cleanup Responsible: Not reported SR Oral Date: Not reported SR Written Date: Not reported Free Product Removal: No Soil Removal: No Soil Tonnage Removed: No Soil Treatment No Other Treatment: Not reported SR Actual Completion Date: Not reported SR Payment Date: Not reported SR Cost: Not reported SR Alternate Procedure Recieved: Not reported SR Alternate Procedure Status Date: Not reported SR Complete: Not reported SR Alternate Procedure Comment: Not reported TC332737.1s Page 12 Map ID Direction Distance Distance (ft.) Elevation Site MAP :FIN DINGS ISLAND STANDARD STATION (Continued) FL LUST Dade County: Facility ID: Region: Eligibility: St Rank: Class: Category: Event Phase: FL Industrial Waste: Facility ID: File Numb: Unit Number: Facility Code: FL Air Permit: Facility ID: Permit Section: Eligibility: Street Number: St Rank: Class: Category: Event Phase: UST: Facility ID: Facility Phone: Tank ID: Tank Name: Compartment: Substance: Description: Gallons: Category: EDR ID Number Database(s) EPA ID Number 474 Persec: UT DADE CNTY File Number: 7200 APPROVED ElgbIty Date: 13 -Dec -96 11 Facility that was found eligible for cleanup money under the Florida Pollutant Liability Insurance Restoration Program Facilities which are approved for reimbursement and can switch to state cleanup (You need to be a small business to get state cleanup) PENDING CAR/CARA SUBMITTAL/REVIEW. Sites have been issued orders to submit a contamination assessment report or is pending document review by this department 7200 Not reported Not reported Inspected - Satisfactory Permit Section: Region: Request Code: IW5 -08656 DADE AAS 474 Facility Number: UT Region: APPROVED ElgbIty Date: 530 Street Name: 11 Facility that was found eligible for cleanup money under the Florida Pollutant Liability Insurance Restoration Program Facilities which are approved for reimbursement and can switch to state cleanup (You need to be a small business to get state cleanup) PENDING CAR/CARA SUBMITTAL/REVIEW. Sites have been issued orders to submit a contamination assessment report or is pending document review by this department 8504998 Not reported 84665 1 1 Unleaded gas 10000 Vehicular Fuels Regulation Began:1986-07-01 Tank Status: In service Install Date: 07/01%1970 Tank Construction: ID: 146413 Category: Primary Construction Description: Fiberglass ID: 303551 Category. Overfill/Spill Description: Ball Check Valve ID: 303552 Facility Type: Facility Status: District Office Vessel indicator: Tank Location: 7200 DADE CNTY 13 -Dec -96 CRANDON BLVD U001346099 Retail Station OPEN (..'.' Southeast District TANK UNDERGROUND Tank Status Date: Not reported 7 TC332737.ts Page 13 1 Map ID Direction Distance Distance (ft.) Elevation Site MAP FINDINGS ISLAND STANDARD Category: Description: Petro Monitoring ID: Category: Description: ID: Category: Description: Tank Piping: ID: Category: Description: ID: Category: Description: ID: Category: Description: Facility ID: Facility Phone: Tank ID: Tank Name: Compartment: Substance: Description: Gallons: Category: Vehicular Fuels Regulation Began:1986-07-01 Tank Status: In service Install Date: 07/01/1970 Tank Construction: ID: 146417 Category: Primary Construction Description: Fiberglass STATION (Continued) Overfill/Spill Spill containment bucket 113825 Site/General Manually sampled wells 113826 Tank Monitoring Interstitial space - Double wall tank 113289 Primary Construction Fiberglass 113292 Miscellaneous Attributes Suction piping system 240339 Miscellaneous Attributes Dispenser liners 8504998 Not reported 84666 2 1 Unleaded gas 6000 ID: Category: Description: ID: Category: Description: Petro Monitoring ID: Category: Description: ID: Category: Description: Tank Piping: ID: 303554 Overfill/Spill Spill containment bucket 303553 Overfill/Spill Ball Check Valve 113831 Site/General Manually sampled wells 111332 Tank Monitoring Interstitial space - Double wall tank 113293 Facility Type: Facility Status: District Office Vessel Indicator: Tank Location: Tank Status Date: EDR ID Number Database(s) EPA ID Number 0001346099 Retail Station OPEN Southeast District TANK UNDERGROUND. Not reported TC332737.1s Page 14 Map ID Direction Distance Distance (ft) Elevation Site AP FINDINGS ISLAND STANDARD STATION (Continued) Category: Description: ID: Category: Description:, ID: Category: Description: Facility ID: Facility Phone: Tank ID: Tank Name: Compartment: Substance: Description: Unleaded gas Gallons: 4000 Category: Vehicular Fuels Regulation Began:1986-07-01 Tank Status: In service install Date: 07/01/1970 Tank Construction: ID: Category: Description: Primary Construction Fiberglass 240340 Miscellaneous Attributes Suction piping system 240341 Miscellaneous Attributes Dispenser liners ID: Category: Description: ID: Category: Description: Petro Monitoring: ID: Category: Description: ID: Category: Description: Tank Piping: ID: Category: Description: ID: Category: Description: ID: Category: Description: Facility ID: 8504998 Not reported 84667 3 1 146421 Primary Construction Fiberglass 303556 Overfill/Spill Spill containment bucket 303555 Overtill/Spit l Ball Check Valve 113837 Site/General Manually sampled wells 113838 Tank Monitoring Interstitial space - Double wall tank 113297 Primary Construction Fiberglass 113300 Miscellaneous Attributes Suction piping system 240342 Miscellaneous Attributes Dispenser liners 8504998 Facility Type: Facility Status: District Office Vessel Indicator: Tank Location: Tank Status Date: Facility Type: EDR ID Number Database(s) EPA ID Number 0001346099 Retail Station OPEN Southeast District TANK UNDERGROUND Not reported Retail Station TC332737.1s Page 15 OMAN Map ID Direction Distance Distance (ft.) Elevation Site A3 ESE < 1/8 515 Higher MAP FINDINGS ISLAND STANDARD STATION (Continued) Facility Phone: Not reported Tank ID: 84668 Tank Name: 4 Compartment: 1 Substance: Description: Waste oil Gallons: 1000 Category: Petroleum Pollutant Regulation Beg an:1991-04-01 Tank Status: In service Install Date: 07/01/1982 Tank Construction: ID: 146424 Category: Overfill/Spill Description: Ball Check Valve ID: Category: Description: ID: Category: Description:. Petro Monitoring: ID: Category: Description: Tank Piping: ID: Category: Description: 146425 Primary Construction Fiberglass 303557 Overfill/Spill Spill containment bucket 113844 Site/General Manually sampled wells 113301 Primary Construction Fiberglass FL LIST DADE COUNTY: Facility ID: 00474 Permit Section: UT Facility Code: Not reported Unit Number: Not reported Facility Status: District Office Vessel Indicator: Tank Location: Tank Status Date: Region: File Number: 7200 DADE EDR ID Number Database(s) EPA ID Number KEY BISCAYNE STATION 560 CRANDON BLVD KEY BISCAYNE, FL 33149 LUST: Facility ID:. Facility District: Section: Range: Facility Status: Operator: Facility Phone: Related Party. Related Party Addr: RP Bad Address: Related Party ID: Related Prty Contact Related Party Begin: 8842457 Southeast District 005 42E CLOSED BERGOUGNAN.JUAN (305) 361-2870 REBOZO, C G 524 FERN WOOD RD KEY BISCAYNE, FL33149 No 24778 C G REBOZO 06/26;1991 Region: Facility County: Township: Lat/long: Facility Type: Related Party Role: Related Party Phone Contamination ID: U001346099 OPEN Southeast District TANK UNDERGROUND Not reported UST LUST U001347770 N/A STATE DADE 55S 25° 41' 25.0000""/ 80° 9' 55.0000' Retail Station ACCOUNT OWNER (305) 365-0099 11763 TC332737.1 s Page 16 Map ID Direction Distance Distance (ft.) Elevation Site. MAP FINDINGS EDR ID Number Database(s) EPA ID Number KEY BISCAYNE STATION (Continued) - U001347770 Name Update: Not reported Address Update: Not reported Facility Cleanup Status: Completed (Explanation: All related discharge cleanup activies are completed. At least 1 discharge required a cleanup activity. Some may have never required cleanup. per Chapter 17-770 rules or contamination was not found by inspection Facility Cleanup Score: Not reported Facility Cleanup Rank: Not reported Discharge ID: Not reported Clean Up Work Status: Not reported Discharge Date: Not reported Pct Discharge Combined With: Not reported Discharge Cleanup Status: Not reported Discharge Cleanup Status Date: Not reported Clean Up Required by 62-770: Not reported Information Source: Not reported Other Source Description: Not reported Discharge Lead Agency: Not reported Score: Not reported Score Effective Date: Not reported Inspection Date: Not reported Contaminated Media ID: Not reported Contaminated Drinking Wells: Not reported Contaminated Soil: Not reported Contaminated Surface Water: Not reported Contaminated Ground Water: Not reported Contaminated Monitoring Well: Not reported Pollutant ID: Not reported Pollutant Substance: Not reported Substance Category: Not reported Regulation Began: Not reported Pollutant Other Description: Not reported Gallons Discharged: Not reported RAP Task ID: RAP Cleanup Responsible: RAP Order Completion Date: RAP Actual Completion Date: RAP Payment Date: RAP Actual Cost: RA Task. ID: RA Cleanup Responsible: RA Actutal Cost: Ra Actual Years to Complete: SRC Action Type: SRC Submit Date: SRC Review Date: SRC Issue Date: SRC Status Effective Date: SRC Comment: SA ID: SA Cleanup Responsible: SA Actual Completion Date: SA Payment Date: SA Actual Cost: SR Task ID: SR Cleanup Responsible: SR Oral Date: SR Written Date: Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported TC332737.1s Page 17 Map ID Direction Distance Distance (ft.) Elevation Site 7 MAP FINDINGS EDR ID Number Database(s) EPA ID Number KEY BISCAYNE STATION (Continued) U001347770 Free Product Removal: No Soil Removal: No Soil Tonnage Removed: No Soil Treatment: No Other Treatment: Not reported SR Actual Completion Date: Not reported SR Payment Date: Not reported SR Cost: Not reported SR Alternate Procedure Recieved: Not reported SR Alternate Procedure Status Date: Not reported SR Complete: Not reported SR Alternate Procedure Comment: Not reported UST: Facility ID: 8842457 Facility Type: Retail Station Facility Phone: Not reported Facility Status: CLOSED Tank ID: 77856 District Office Southeast District Tank Name: 1 Vessel Indicator: TANK Compartment: 1 Tank Location: UNDERGROUND Substance: Description: Waste oil Gallons: 250 Category: Petroleum Pollutant Regulation Began:1991-04-01 Tank Status: Removed Tank Status Date: 07/31/1990 Install Date: 07/01/1953 Tank Construction: ID: 135431 Category: Primary Construction Description: Unknown/Not reported Petro Monitoring: ID: 104153 Category: Site/General Description: Unknown Tank Piping: ID: 104465 Category: Primary Construction Description: Unknown Facility ID: 8842457 Facility Type: Retail Station Facility Phone: Not reported Facility Status: CLOSED Tank ID: 77857 District Office Southeast District Tank Name: 2 Vessel Indicator: TANK Compartment 1 Tank Location: UNDERGROUND Substance: Description: Waste oil Gallons: 250 Category: Petroleum Pollutant Regulation Began:1991-04-01 Tank Status: Removed Tank Status Date: 07/31/1990 Install Date: 07/01/1953 Tank Construction: ID: 135432 Category: Primary Construction Description: Unknown/Not reported Petro Monitoring: ID: 104154 Category: Site/General TC332737.1s Page 18 Map ID Direction Distance Distance (ft.) Elevation Site n F MAP FINDINGS: KEY BISCAYNE STATION (Continued) Description: Unknown Tank Piping:. ID: 104466 Category: Primary Construction Description: Unknown Facility ID: 8842457 Facility Phone: Not reported Tank ID: 77858 Tank Name: 3 Compartment: 1 Substance: Description: Waste oil Gallons: 250 Category: Petroleum Pollutant Regulation Began:1991-04-01 Tank Status: Removed install Date:. 07/01/1953 Tank Construction: ID: 135433 Category: Primary Construction Description: Unknown/Not reported Petro Monitoring: ID: 104155 Category: Site/General Description: Unknown Tank Piping: ID: 104467 Category: Primary Construction Description: Unknown Facility ID: Facility Phone: Tank ID: Tank Name: Compartment: Substance: Description: Gallons: Category: Regulation Began:1986-07-01 Tank Status: Removed Install Date: 07/01/1953 Tank Construction: ID: Category: Description: Petro Monitoring ID: Category: Description: Tank Piping: ID: Category: Description: Facility ID: 8842457 Not reported 77859 4 1 Unleaded gas 4000 Vehicular Fuels 135434 Primary Construction Unknown/Not reported 104156 Site/General Unknown 104468 Primary Construction Unknown 8842457 Facility Type: Facility Status: District Office Vessel Indicator: Tank Location: Tank Status Date: Facility Type: Facility Status: District Office Vessel Indicator: Tank Location: Tank Status Date: Facility Type: EDR ID Number Database(s) EPA ID Number U001347770 Retail Station • CLOSED Southeast District TANK UNDERGROUND 07/31/1.990 Retail Station CLOSED Southeast District TANK UNDERGROUND r;. 07/31/1990 Retail Station TC332737.1s Page 19 Map ID Direction Distance Distance (ft.) Elevation Site r MAP FINDINGS KEY BISCAYNE STATION (Continued) Facility Phone: Not reported Tank ID: 77860 Tank Name: 5 Compartment: 1 Substance: Description: Unleaded gas Gallons: 4000 Category: Vehicular Fuels Regulation Began:1986-07-01 Tank Status: Removed Install Date: 07/01/1953 Tank Construction: ID: 135435 Primary Construction Unknown/Not reported Category: Description: Petro Monitoring: ID: Category: Description: Tank Piping: ID: Category: Description: Facility ID: Facility Phone: Tank ID: Tank Name: Compartment: Substance: Description: Gallons: Category: Vehicular Fuels Regulation Began:1986-07-01 Tank Status: Removed Install Date: 07/01/1953 Tank Construction: ID: 135436 Category: Description: Petro Monitoring: ID: Category: Description: Tank Piping: ID: Category: Description: 104157 Site/General Unknown 104469 Primary Construction Unknown 8842457 Not reported 77861 6 1 Vehicular diesel 4000 Facility ID: Facility Phone: Tank ID: Tank Name: Compartment Substance: Description: Gallons: Primary Construction Unknown/Not reported 104158 Site/General Unknown 104470 Primary Construction Unknown 8842457 Not reported 77862 7 1 Leaded gas 4000 Facility Status: District Office Vessel Indicator: Tank Location: Tank Status Date: Facility Type: Facility Status: District Office Vessel Indicator: Tank Location: Tank Status Dale: Facility Type: Facility Status: District Office Vessel Indicator: Tank Location: EDR ID Number Database(s) EPA ID Number U001347770 CLOSED Southeast District TANK UNDERGROUND 07/31/1990 Retail Station CLOSED Southeast District TANK UNDERGROUND 07/31/1990 Retail Station CLOSED Southeast District TANK UNDERGROUND TC332737.1 s Page 20 Map ID Direction Distance Distance (ft) Elevation Site A4 ESE <1/8 546 Higher MAP FINDINGS KEY BISCAYNE STATION (Continued) Category: Vehicular Fuels Regulation Began:1986-07-01 Tank Status: Removed Install Date: 07/01/1953 Tank Construction: ID: Category: Description: Petro Monitoring: ID: 104159 Category: Site/General Description: Unknown Tank Piping: ID: Category: Description: 135437 Primary Construction Unknown/Not reported 104471 Primary Construction Unknown Tank Status Date: EDR ID Number Database(s) EPA ID Number 07/31/1990 580 CRANDON BLVD 580 CRANDON BLVD MIAMI, FL 33149 FL LUST Dade County: Facility ID: 1032 Region: DADE CNTY Eligibility: APPROVED St Rank: 16 Persec: File Number: Elgblty Date: UST LUST Air Permit UT 7608 18 -Sep -89 Class: Facility that was found eligible for cleanup money under the Early Detection Incentive Program Category: Facilities which are approved for reimbursement and can not switch to state cleanup Event Phase: PENDING RAP/RAPA SUBMITTAL/REVIEW. Sites have been issued orders tosubmit a remedial action plan (RAP) or is pending document review by this department FL Air Permit: Facility ID: Permit Section: Eligibility: Street Number: St Rank: Class: Category: Event Phase: 1032 Facility Number. UT Region: APPROVED Elgblty Date: 580 Street Name: 16 Facility that was found eligible for cleanup money under the Early Detection Incentive Program Facilities which are approved for reimbursement and can not switch to state cleanup PENDING RAP/RAPA SUBMITTAL/REVIEW. Sites have been issued orders to submit a remedial action. plan (RAP) or is pending document review by this department FL UST DADE COUNTY: Facility ID: 01032 7608 DADE CNTY 18 -Sep -89 CRANDON BLVD Region: DADE Permit Section: UT File Number: 7608 Facility Code: Not reported Unit Number: Not reported U001347770 0003299434 N/A TC332737.1s Page 21 Map ID Direction Distance Distance (ft.) Elevation Site A5 ESE < 1/8 546 Higher r". T. MAP. Ft INGS AMOCO SVC STA #2125 580 CRANDON BLVD BISCAYNE, FL 33149 RCRIS: Owner. Contact: Record Date: Classification: Used Oil Recyc: Violation Status: JUAN IZAGUIRRE, DEALER (305) 361-1772 JUAN IZAGUIRRE (305) 361-1772 10/02/1991 Small Quantity Generator No No violations found LUST: Facility ID: Facility District: Section: Range: Facility Status: Operator: Facility Phone: Related Party: Related Party Addr. RP Bad Address: Related Party ID: Related Prty Contact Related Party Begin: Name Update: Facility Cleanup Status: 8505112 Region: Southeast District Facility County: 005 Township: 42E Let/long: OPEN Facility Type: RAUL F CRUZ RODOLFO ESTEFANO (305) 361-1772 AMOCO PETROLEUM PRODUCTS 600 CORPORATE DR 4500 FORT LAUDERDALE, FL 33334 No 778 KELLEY BOUND 05/20/1994 Not reported Facility Cleanup Score: Facility Cleanup Rank: Discharge ID: Clean Up Work Status: Discharge Date: Pct Discharge Combined With: Discharge Cleanup Status: Discharge Cleanup Status Date: Clean Up Required by 62-770: Information Source: Other Source Description: Discharge Lead Agency: Score: Score Effective Date: Inspection. Date: Contaminated Media ID: Contaminated Drinking Wells: Contaminated Soil: Contaminated Surface Water: Contaminated Ground Water: Contaminated Monitoring Well: Pollutant ID: Related Party Role: Related Party Phone: Contamination ID: Address Update: Ongoing (Explanation: At least one cleanup activity is in progress at a related discharge) 16 7169 EDR ID Number Database(s) EPA ID Number RCRIS-SQG 1000501233 FINDS FLD984213803 UST LUST STATE DADE 55S 25" 41' 25.0000"/ 80" 9' 50.0000" Retail Station Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported Not reported ACCOUNT OWNER (770) 576-0012 12380 Not reported TC332737.ts- Page 22 Map ID Direction Distance Distance (ft.) Elevation Site MAP FINDINGS. EDR ID Number Database(s) EPA ID Number AMOCO SVC STA #2125 (Continued) 1000501233 Pollutant Substance: Substance Category: Regulation Began: Pollutant Other Description: Gallons Discharged: Not reported Not reported Not reported Not reported Not reported RAP Task ID: . Not reported RAP Cleanup Responsible: Not reported RAP Order Completion Date: Not reported RAP Actual Completion Date: Not reported RAP Payment Date: Not reported RAP Actual Cost: Not reported RA Task ID: Not reported RA Cleanup Responsible: Not reported RA Actutal Cost: Not reported Ra Actual Years to Complete: Not reported SRC Action Type: Not reported SRC Submit Date: Not reported. SRC Review Date: Not reported SRC Issue Date: Not reported SRC Status Effective Date: Not reported SRC Comment: Not reported SA ID: Not reported SA Cleanup Responsible: Not reported SA Actual Completion Date: Not reported SA Payment Date: Not reported SA Actual Cost: Not reported SR Task ID: Not reported SR Cleanup Responsible: Not reported SR Oral Date: Not reported SR Written Date: Not reported Free Product Removal: No Soil Removal No Soil Tonnage Removed: No Soil Treatment: No Other Treatment: Not reported SR Actual Completion Date: Not reported SR Payment Date: Not reported SR Cost: Not reported SR Alternate Procedure Recieved: Not reported SR Alternate Procedure Status Date: Not reported SR Complete: Not reported SR Altemate Procedure Comment: Not reported UST: Facility ID:. 8505112 Facility Type: Retail Station Facility Phone: Not reported Facility Status: OPEN Tank ID: 84463 District Office Southeast District Tank Name: 1 Vessel Indicator: TANK Compartment: 1 Tank Location: UNDERGROUND Substance: Description: Leaded gas Gallons: 6000 Category: Vehicular Fuels Regulation Began:1986-07-01 Tank Status: Removed Tank Status Date: 04/30/1988 Install Date: 01/01/1971 Tank Construction: 7 TC332737.1s Page 23 Map ID Direction Distance 7' Distance (ft) Elevation Site 1160, MAP FINDINGS AMOCO SVC STA 42125 (Continued) ID: Category. Description: Petro Monitoring: ID: Category: Description: ID: Category: Description: Tank Piping: ID: Category: Description: Facility ID: Facility Phone: Tank ID: Tank Name: Compartment: Substance: Description: Gallons: Category: Regulation Began Tank Status: install Date: Tank Construction: ID: Category: Description: ID: Category: Description: ID: Category: Description: ID: Category: Description: ID: Category: Description: Petro Monitoring: ID: Category: Description: ID: Category: Description: 146023 Primary Construction Fiberglass 113441 Site/General Manually sampled wells 113442 Piping Monitoring Line leak detector with flow restrictor 112995 Primary Construction Fiberglass 8505112 Not reported 84464 10 1 Unleaded gas 10000 Vehicular Fuels :1986-07-01 In service 05/01/1988 338406 Overfill/Spill Ball Check Valve 338407 Primary Construction Steel 319497 Overfill/Spill Spill containment bucket 338409 Overfill/Spill Flow shut off Facility Type: Facility Status: District Office Vessel Indicator: Tank Location: Tank Status Date: 338408 Corrosion Protection Cathodically protected -sacrificial anode 113443 Site/General Manually sampled wells 267462 Tank Monitoring Auto tank gauging system EDR ID Number Database(s) EPA ID Number 1000501233 Retail Station OPEN Southeast District TANK UNDERGROUND Not reported TC332737.1s Page 24 L.. L.. Map ID Direction Distance Distance (ft.) Elevation Site MAP FINDINGS AMOCO SVC STA #2125 (Continued) ID: Category: Description: ID: Category: Description: Tank Piping: ID: Category: Description: ID: Category: Description: ID: Category: Description: 267461 Piping Monitoring Line leak detector with electronic flow shutoff 267460 Piping Monitoring Line leak detector with flow restrictor 268842 Miscellaneous Attributes Dispenser liners 273816 Miscellaneous Attributes Dispenser liners 273817 Corrosion Protection Cathodically protected w/sacr anode/i Facility ID: 8505112 Facility Phone: Not reported Tank ID: 84465 Tank Name: 2 Compartment: 1 Substance: Description: Unleaded gas Gallons: 6000 Category: Vehicular Fuels Regulation Began:1986-07-01 Tank Status: Removed Install Date: 01/01/1971 Tank Construction: ID: 146026 Category: Primary Construction Description: Fiberglass Petro Monitoring: ID: Category: Description: ID: Category: Description: Tank Piping: ID: Category: Description: Facility ID: Facility Phone: Tank ID: • Tank Name: Compartment: Substance: Description: Gallons: 113445 Site/General Manually sampled wells 113446 Piping Monitoring Line leak detector with flow restrictor 112997 Primary Construction Fiberglass 8505112 Not reported 84466 3 1 Unleaded gas 6000 mpressed current Facility Type: Facility Status: District Office Vessel Indicator: Tank Location: Tank Status Date: Facility Type: Facility Status: District Office Vessel Indicator: Tank Location: EDR ID Number Database(s) EPA ID Number 1000501233 Retail Station OPEN Southeast District TANK UNDERGROUND 04/30/1988 Retail Station OPEN Southeast District TANK UNDERGROUND TC332737.1s Page 25 Map ID Direction Distance Distance (ft.) Elevation Site MAP FINDINGS EDR ID Number Database(s) EPA ID Number AMOCO SVC STA #2125 (Continued) 1000501233 Category: Vehicular Fuels Regulation Began:1986-07-01 Tank Status: Removed Tank Status Date: 04/30/1988 Install Date: 01/01/1971 Tank Construction: ID: 146027 Category: - Primary Construction Description: Fiberglass Petro Monitoring: ID: 113447 Category: Site/General Description: Manually sampled wells ID: 113448 Category: Piping Monitoring Description: Line leak detector with flow restrictor Tank Piping: ID: 112998 Category: Primary Construction Description: Fiberglass Facility ID: 8505112 Facility Type: Retail Station Facility Phone: Not reported Facility Status: OPEN Tank ID: 84467 District Office Southeast District Tank Name: 4 Vessel Indicator: TANK Compartment 1 Tank Location: UNDERGROUND Substance: Description: Unknown/Not reported Gallons: 3000 Category: Vehicular Fuels Regulation Began:1986-07-01 Tank Status: Removed Tank Status Date: 04/30/1988 Install Date: Not reported Tank Construction: ID: 146028 Category: Primary Construction Description: Steel Petro Monitoring: ID: 113449 Category: Site/General Description: Manually sampled wells ID: 113450 Category: Piping Monitoring Description: Line leak detector with flow restrictor Tank Piping: ID: 112999 Category: Primary Construction Description: Unknown Facility ID: 8505112 Facility Type: Retail Station Facility Phone: Not reported Facility Status: OPEN Tank ID: 84468 District Office Southeast District Tank Name: 5 Vessel Indicator: TANK Compartment 1 Tank Location: UNDERGROUND Substance: Description: Unknown/Not reported TC332737.1 s Page 26 " Map ID Direction Distance Distance (ft.) Elevation Site. f EDR ID Number Database(s) EPA ID Number AMOCO SVC STA #2125 (Continued} 1060501233 Gallons: 3000 Category: Vehicular Fuels Regulation Began:1986-07-01 Tank Status: Removed Tank Status Date: 04/30/1988 Install Date: Not reported Tank Construction: ID: 146029 Category: Primary Construction Description: Steel Petro Monitoring: ID: 113451 Category: Site/General Description: Manually sampled wells ID: 113452 Category: Piping Monitoring Description: Line leak detector with flow restrictor Tank Piping: ID: 113000 Category: Primary Construction Description: Unknown Facility ID: 8505112 Facility Type: Retail Station Facility Phone: Not reported Facility Status: OPEN Tank ID: 84469 District Office Southeast District Tank Name: 6 Vessel Indicator: TANK Compartment: 1 Tank Location: UNDERGROUND Substance: Description: Unknown/Not reported Gallons: 3000 Category: Vehicular Fuels Regulation Began:1986-07-01 Tank Status: Removed Tank Status Date: 04/30/1988 Install Date: Not reported Tank Construction: ID:. 146030 Category: Primary Construction Description: Steel Petro Monitoring: ID: 113453 Category: Site/General. Description: Manually sampled wells ID: 113454 Category: Piping Monitoring Description: Line leak detector with flow restrictor Tank Piping: ID: 113001 Category: Primary Construction Description: Unknown Facility ID: 8505112 Facility Type: Retail Station Facility Phone: Not reported Facility Status: OPEN Tank ID: 84470 District Office Southeast District Tank Name: 7 Vessel Indicator: TANK Compartment: 1 Tank Location: UNDERGROUND Substance: TC332737.1 s Page 27 wart P." Map ID Direction Distance Distance (ft.) Elevation Site MAP FINDINGS" EDR ID Number Database(s) EPA ID Number AMOCO SVC STA #2125 (Continued) 1000501233 Description: Unleaded gas Gallons: 10000 Category: Vehicular Fuels Regulation Began:1986-07-01 Tank Status: In service Tank Status Date: Not reported Install Date: 05/01/1988 Tank Construction: ID: 338400 Category: Primary Construction Description: Steel ID: 338401 Category: Corrosion Protection Description: Cathodically protected -sacrificial anode ID: 146031 Category: Overfill/Spill Description: Ball Check Valve ID: 319488 Category: Overfill/Spill Description: Flow shut off ID: 319489 Category: Overfill/Spill Description: Spill containment bucket Petro Monitoring: ID: 113455 Category: Site/General Description: Manually sampled wells ID: 267453 Category: Tank Monitoring Description: Auto tank gauging system ID: 267451 Category: Piping Monitoring Description: Line leak detector with flow restrictor ID: 267452 Category: Piping Monitoring Description: Line leak detector with electronic flow shutoff Tank Piping: ID: 268839 Category: Miscellaneous Attributes Description: Dispenser liners D: 273810 Category: Miscellaneous Attributes Description: Dispenser liners ID: 273811 Category: Corrosion Protection Description: Cathodically protected w/sacr anode] mpressed current Facility ID: Facility Phone: 8505112 Facility Type: Retail Station Not reported Facility Status: OPEN TC332737.1s Page 28 Map ID Direction Distance Distance (ft.) Elevation Site MAP FIfD1NGS AMOCO SVC STA #2125 (Continued) EDR ID Number Database(s) EPA ID Number 1000501233 Tank ID: 84471 District Office Southeast District Tank Name: 8 Vessel Indicator: TANK Compartment: 1 Tank Location: UNDERGROUND Substance: Description: Unleaded gas Gallons: 10000 Category: Vehicular Fuels Regulation Began:1986-07-01 Tank Status: In service Tank Status Date: Not reported Install Date: 05/01/1988 Tank Construction: ID: 338402 Category: Primary Construction Description: Steel ID: 319492 Category: Overfill/Spill Description: Ball Check Valve ID: 319491 Category: Overfill/Spill Description: Spill containment bucket ID: 338403 Category: Corrosion Protection Description: Cathodically protected -sacrificial anode ID: 319490 Category: Overfill/Spill Description: Flow shut off Petro Monitoring: ID: 113457 Category: Piping Monitoring Description: Line leak detector with electronic flow shutoff ID: 267454 Category: Site/General Description: Manually sampled wells ID: 267455 Category: Piping Monitoring Description: Line leak detector with flow restrictor ID: 267456 Category: Tank Monitoring Description: Auto tank gauging system Tank Piping: ID: 268840 Category: Miscellaneous Attributes Description: Dispenser liners ID: 273812 Category: Corrosion Protection Description: Cathodically protected w/sacr anode/impressed current ID: 273813 Category: Primary Construction TC332737.1s Page 29 is Map ID Direction Distance Distance (ft.) Elevation Site MAP FINDINGS AMOCO SVC STA #2125 (Continued) Description: Steel or Galvanized Metal EDR ID Number Database(s) EPA ID Number 1000501233 Facility ID: 8505112 Facility Type: Retail Station Facility Phone: Not reported Facility Status: OPEN Tank ID: 84472 District Office Southeast District Tank Name: 9 Vessel Indicator: TANK Compartment: - 1 Tank Location: UNDERGROUND Substance: Description: Unleaded gas Gallons: 10000 Category: Vehicular Fuels Regulation Began 1986-07-01 Tank Status: In service Tank Status Date: Not reported Install Date: 05/01/1988 Tank Construction: ID: 338404 Category: Primary Construction Description: Steel ID: 338405 Category: Corrosion Protection Description: Cathodically protected -sacrificial anode ID: 319494 Category: Overfill/Spill Description: Spill containment bucket ID: 319495 Category: Overfill/Spill Description: Ball Check Valve ID: 319493 Category: Overfill/Spill Description: Flow shut off Petro Monitoring: ID: 113459 Category: Site/General Description: Manually sampled wells ID: 267459 Category: Tank Monitoring Description: Auto tank gauging system ID: 267457 Category: Piping Monitoring Description: Line leak detector with electronic flow shutoff ID: 267458 Category: Piping Monitoring Description: Line leak detector with flow restrictor Tank. Piping: ID: 268841 Category: Miscellaneous Attributes Description: Dispenser liners ID: Category: 273814 Corrosion Protection T0332737.15 Page 30 Map ID Direction Distance Distance (ft.) Elevation Site 6 South 1/8-1/4 1046 Higher MAP FINDINGS AMOCO SVC STA #2125 (Continued) Description: Cathodically protected w/sacr anode/impressed current ID: Category: Description 273815 Primary Construction Steel or Galvanized Metal EDR ID Number Database(s) EPA ID Number SOUTHERN BELL -KEY BISCAYNE ESS M2109 87 W WOOD DR KEY BISCAYNE, FL 0-0 UST: Facility ID: 8734415 Facility Phone: Not reported Tank ID: 78894 Tank Name: 1 Compartment: 1 Substance: Description: Diesel-emergen generator Gallons: 2000 Category: Petroleum Pollutant Regulation Began:1991-04-01 Tank Status: Removed Install Date: 01/01/1973 Tank Construction: ID: 136912 Category: Overfill/Spill Description: Ball Check Valve ID: Category: Description: ID: Category: Description: Petro Monitoring: ID: Category: Description: ID: Category: Description: 'ID: Category: Description: ID: Category: Description: Tank Piping: ID: Category: Description: 136913 Primary Construction Steel 136914 Miscellaneous Attributes Small use tank 105473 Site/General Automatically sampled wells Facility Type: Facility Status: District Office Vessel Indicator: Tank Location: Tank Status Date: 105474 Site/General Not required - See Rule For Exemptions 105476 Site/General Groundwater monitoring system 105475 Tank Monitoring Auto tank gauging system 105724 Primary Construction Steel or Galvanized Metal ID: 105725 UST AST 1000501233 000137/337 N/A Fuel User / Non -retail OPEN Southeast District TANK UNDERGROUND 10/31/1992 TC332737.1s Page 31 7 Map ID Direction Distance Distance (ft.) Elevation Site MAP FINDINGS SOUTHERN BELL -KEY BISCAYNE ESS M2109 (Continued) Category: Miscellaneous Attributes Description: Suction piping system AST: 78895 Facility ID: 8734415 Tank ID: District Office Southeast District Facility Phone: Note reported FacilityStatus: OPEN Facility Type: - 2ul User / NOn-retail TANK Tank Name: 2 Vessel Indicator: Compartment: 1 Tank Location: ABOVEGROUND Substance: Description: Diesel-emergen generator Gallons: 2000 Category: Petroleum Pollutant Regulation Began:1991-04-01 Not reported Tank Status: In service Status Date: EDR ID Number Database(s) EPA ID Number 0001377337 Install Date: 11/01/1992 Tank Construction: ID: 136915 Category: Overfill/Spill Description: Bali Check Valve ID: 136920 Category: Secondary Containment Description: Dbi wall;dual mat;outr pipe of appr syn or jacket ID: 284994 Category: Primary Construction Description: Concrete ID: 136919 Category: Overfill/Spill Description: Level gauges/hi level alarms ID: 136918 Category: Overfill/Spill Description: Tight fill ID: 136917 Category: Overfi IIJSpill Description: Spill containment bucket ID: 284993 Category: Primary Construction Description: Steel Petro Monitoring: ID: 105477 Category: Site/General Description: SPCC plan ID: 217049 Category: Piping Monitoring Description: Interstitial space - Piping liner ID: 105478 Category: Tank Monitoring Description: Auto tank gauging system ID: 217048 TC332737.1s Page 32 " Map ID Direction Distance Distance (ft.) Elevation Site Pt ara- r" f Ld: MAP FINDINGS SOUTHERN BELL -KEY BISCAYNE ESS M2109 (Continued) Category: Description: Tank Piping: ID: Category: Description: ID: Category: Description: ID: Category: Description: ID: Category: Description: Tank Monitoring Interstitial space - Double wall tank 105726 Miscellaneous Attributes Aboveground -no contact with soil 105727 Primary Construction Steel or Galvanized Metal 105728 Miscellaneous Attributes Suction piping system 222642 Secondary Containment Dbl wall:singte mat;out pipe mat = in pip mat EDR ID Number Database(s) EPA ID Number 0001377337 TC332737.ts Page 33 1----1 € ► - ORPHAN SUMMARY City EDR ID Site Name Sit e Address Zip Database(s) KEY BIS. 5103309114 AM OC O KEY BISCAYNE 5800RANDON BLVD KEY BISCAYNE 3103304132 TOWERS OF KEY BISCAYNE 1121CRANDON BLVD KEY BISCAYNE S103308928 KEY BISCAYNE ISLAND STANDARD 530CRANDON BLVD KEY BISCAYNE 5103304133 TOWERS OF KEY BISCAYNE 1121CRANDON BLVD. MIAMI U003299462 M DPR-CRANDON PARK SERVICE AREA 7901 CRANDON BLVD MIAMI 1000490796 MIAMI DADE W&S VIRGINIA KEY WT VIRGINIA BEACH RD 33149 FI Ent FI Ent FI Ent FI Ent 33149 UST 33149 FINDS Facility ID 2452050010010 3052040103560 2442320010050 3052040103560 02424 TC332737.1s Pag e 34 GEOLHECK VERSION 2.1 ADDENDUM GROUNDWATER FLOW INFORMATION Map ID Direction Distance Elevation Site lg Site ID: 9100950 NNE Groundwater Flow: SE 1 - 2 Miles Water Table Depth: 1-8 ft. Lower Date: 7/91 J TC332737.1s Page Al 'GEOCHECK VERSION 2.1 FEDERAL`DATABASE WELL INFORMATION Well Closest to Target Property (Eastern Quadrant) BASIC WELL DATA Site ID: Site Type: Year Constructed: Altitude: Well Depth: Depth to Water Table: Date Measured: LITHOLOGIC DATA Not Reported WATER LEVEL VARIABILITY Not Reported IRS 254127080095001 Single well, other than Not Reported 5.00 ft. 980.00 ft. Not Reported Not Reported Distance from TP: collector or Ranney type County: State: Topographic Setting Prim. Use of Site: Prim. Use of Water: 0 118 Mile Dade Florida Not Reported Not Reported Not Reported TC332737.1s Page A2 GEOCHECK VERSION 2:i FEDERAL DATABASE WELL. INFORMATION Well Closest to Target Property (Southern Quadrant) BASIC WELL DATA Site tD: Site Type: Year Constructed: Altitude: Well Depth: Depth to Water Table: Date Measured: LITHOLOGIC DATA Not Reported WATER LEVEL VARIABILITY Not Reported erlep 254117080095502 Single well, other than Not Reported 20.00 ft. 25.00 ft. Not Reported Not Reported Distance from TP: collector or Ranney type County: State: Topographic Setting Prim. Use of Site: Prim. Use of Water: 1/8 - 1/4 Mile Palm Beach Florida Not Reported Not Reported Not Reported TC332737.ts Page A3 GEOCHECK VERSION 2.1 FEDERAL DATABASE WELL INFORMATION Well Closest to Target Property (Westem Quadrant) BASfC WELL DATA Site ID: Site Type:. Year Constructed: Altitude: Welt Depth: Depth to Water Table: Date Measured: LITHOLOGIC DMA Not Reported WATER LEVEL VARIABILITY Not Reported 254126080095801 Single well, other than Not Reported 4.38 ft. 15.00 ft. Not Reported Not Reported Distance from TP: collector or Ranney type County: State: Topographic Setting: Prim. Use of Site: Prim. Use of Water: 0 - 1/8 Mite Dade Florida Flat surface Observation Unused TC332737.ts Page A4 GEOCHECK VERSION 2.1 PUBLIC WATER SUPPLY SYSTEM INFORMATION Searched by Nearest PWS. PWS SUMMARY: PWS ID: Date Initiated: PWS Name: Addressee ( Facility: Facility Latitude: Facility Latitude: City Served: Treatment Class: FL4130519 PWS Status: September/ 1974 Date Deactivated: GENERAL DEVELOPMENT UTL INC 1111 SOUTH BAYSHORE DRIVE MIAMI, FL33131 NotReported 25 46 06 27 02 44 Not Reported Treated PWS currently has or has had major violation(s): No Active Not Reported Distance from TP: >2 Miles Dir relative to TP: North Facility Longitude: 080 11 36 Facility Longitude: 082.14 16 Population Served: 5,001 - 10,000 Persons TC332737.1 s Page A5 GOVERNMENT RE )RDS SEARCHED /DATA Csa RENCY TRACKING To maintain currency of the following federal and state databases, EDR contacts the appropriate governmental agency on a monthly or quarterly basis, as required. Elapsed ASTM days: Provides confirmation that this EDR report meets or exceeds the 90 -day updating requirement of the ASTM standard. FEDERAL ASTM RECORDS: CERCLIS: Comprehensive Environmental Response, Compensation, and Liability Information System Source: EPA Telephone: 703-413-0223 CERCLIS contains data on potentially hazardous waste sites that have been reported to the USEPA by states, municipalities, private companies and private persons, pursuant to Section 103 of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA). CERCLIS contains sites which are either proposed to or on the National Priorities List (NPL) and sites which are in the screening and assessment phase for possible inclusion on the NPL Date of Government Version: 08/27/98 Date of Data Arrival at EDR: 09/03/98 Date Made Active at EDR: 10/06/98 Elapsed ASTM days: 33 Database Release Frequency: Quarterly Date of Last EDR Contact: 12/02/98 ERNS: Emergency Response Notification System Source: EPA/NTIS Telephone: 202-260-2342 Emergency Response Notification System. ERNS records and stores information on reported releases of oil and hazardous substances. Date of Government Version: 06/30/98 Date of Data Arrival at EDR: 07/14/98 Date Made Active at EDR: 07/20/98 Elapsed ASTM days: 6 Database Release Frequency: Quarterly Date of Last EDR Contact: 01/04/99 NPL: National Priority List Source: EPA Telephone: 703-603-8852 National Priorities List (Superfund). The NPL is a subset of CERCLIS and identifies over 1,200 sites tor priority cleanup under the Superfund Program. NPL sites may encompass relatively large areas. As such, EDR provides polygon coverage for over 1,000 NPL site boundaries produced by EPA's Environmental Photographic Interpretation Center (EPIC). Date of Government Version: 10/08/98 Date of Data Arrival at EDR: 12/29/98 Date Made Active at EDR: 01/08/99 Elapsed ASTM days: 10 Database Release Frequency: Semi -Annually Date of Last EDR Contact:.,12/28/98 RCRIS: Resource Conservation and Recovery Information System .•y+- Source: EPA/NTIS Telephone: 800-424-9346. Resource Conservation and Recovery Information System. RCRIS includes selective information on sites which generate, transport, store, treat and/or dispose of hazardous waste as defined by the Resource Conservation and Recovery Act (RCRA). Date of Government Version: 07/01/98 Date of Data Arrival at EDR: 08/27/98 Date Made Active at EDR: 10/06/98 Elapsed ASTM days: 40 Database Release Frequency: Semi -Annually Date of Last EDR Contact: 12/02/98 CORRACTS:. Corrective Action Report Source: EPA Telephone: 800-424-9346 CORRACTS identifies hazardous waste handlers with RCRA corrective action activity. Date of Government Version: 06/30/98 Date Made Active at EDR: 12/24/98 Database Release Frequency: Semi -Annually Date of Data Arrival at EDR: 10/05(98 Elapsed ASTM days: 80 Date of Last EDR Contact: 12/22/98 TC332737.1s Page A6 GOVERNMENT RE.. )RDS SEARCHED / DATA C .4RENCY TRACKING FEDERAL NON-ASTM RECORDS: BRS: Biennia( Reporting System Source: EPA/NTIS Telephone: 800-424-9346 The Biennial Reporting System is a national system administered by the EPA that collects data on the generation andmanagement of hazardous waste. BRS captures detailed data from two groups: Large Quantity Generators (LOG) and Treatment, Storage, and Disposal Facilities. Date of Government Version: 12/31/95 Database Release Frequency: Biennially CONSENT: Superfund (CERCLA) Consent Decrees Source: EPA Regional Offices Telephone: Varies Major legal settlements that establish responsibility and standards for cleanup at NPL (Superfund) sites. Released periodically by United States District Courts after settlement by parties to litigation matters. Date of Government Version: Varies Database Release Frequency: Varies FINDS: Facility Index System Source: EPA/NTIS Telephone: 703-908-2493 Facility Index System. FINDS contains both facility information and 'pointers' to other sources that contain more detail. EDR includes the following FINDS databases in this report: PCS (Permit Compliance System), AIRS (Aerometric Information Retrieval System), DOCKET (Enforcement Docket used to manage and track information on civil judicial enforcement cases for all environmental statutes), FURS (Federal Underground Injection Control), C -DOCKET (Criminal Docket System used to track criminal enforcement actions for all environmental statutes), FFIS (Federal Facilities Information System), STATE (State Environmental Laws and Statutes), and PADS (PCB Activity Data System). Date. of Government Version: 09/30/97 Database Release Frequency: Quarterly HMIRS: Hazardous Materials Information Reporting System Source: U.S. Department of Transportation Telephone: 202-366-4526 Hazardous Materials Incident Report System. HMIRS contains hazardous material spill incidents reported to DOT. Date of Last EDR Contact: 12/21/98 Date of Next Scheduled EDR Contact: 03/22/99 Date of Government Version: 12/31/97 Database Release Frequency: Annually MLTS: Material Licensing Tracking System Source: Nuclear Regulatory Commission Telephone: 301-415-7169 MLTS is maintained by the Nuclear Regulatory Commission and contains a list of approximately 8,100 sites which possess or use radioactive materials and which are subject to.NRC licensing requirements. To maintain currency, EDR. contacts. the Agency on a quarterly basis. Date of Government Version: 07/28/98 Database Release Frequency: Quarterly NPL LIENS: Federal Superfund Liens Source: EPA Telephone: 205-5644267 Federal Superfund Liens. Under the authority granted the USEPA by the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) of 1980, the USEPA has the authority to file liens against real property in order to recover remedial action expenditures or when the property owner receives notification of potential liability. USEPA compiles a listing of filed notices of Superfund Liens. Date of. Government Version: 10/15/91 Database Release Frequency: No Update Planned Date of Last EDR Contact: Varies Date of Next Scheduled EDR Contact: N/A Date of Last EDR Contact: 12/23/98 Date of Next Scheduled EDR Contact: 03/29/99 Date of Last EDR Contact: 01/25/99 Date of Next Scheduled EDR Contact: 04/26/99 Date of Last EDR Contact: 12/01/98 Date of Next Scheduled EDR Contact: 03/01/99 Date of Last EDR Contact: 11/23/98 Date of Next Scheduled EDR Contact 02/22/99 TC332737.1s Page A7 GOVERNMENT RE )RDS`SEARCHED / DATA C;ARENCY TRACKING PADS: PCB Activity Database System Source: EPA Telephone: 202-260-3936 PCB Activity Database. PADS Identifies generators, transporters, commercial storers and/or brokers and disposers of PCB's who are required to notify the EPA of such activities. Date of Government Version: 09/22/97 Date of Last EDR Contact: 12/03/98 Database Release Frequency: Semi -Annually - Date of Next Scheduled EDR Contact: 02/15/99 RAATS: RCRA. Administrative Action Tracking System Source: EPA Telephone: 202-564-4104 RCRA Administration Action Tracking System. RAATS contains records based on enforcement actions issued under RCRA pertaining to major violators andincludes administrative and civil actions brought by the EPA. For administration actions after September 30, 1995, data entry in the RAATS database was discontinued. EPA will retaina copy of the database for historical records. It was necessary to terminate RAATS because a decrease in agency resources made it impossible to continue to update the information contained in the database. Date of Government Version: 04/17/95 Date of Last EDR Contact: 12/15/98 Database Release Frequency: No Update Planned Date of Next Scheduled EDR Contact: 03/15/99 ROD: Records Of Decision Source: NTIS Telephone:. 703-416-0223 Record of Decision. ROD documents mandate a permanent remedy at an NPL (Superfund) site containing technical and health information to aid in the cleanup. Date of Government Version: 03/31/95 Date of Last EDR Contact: 01/20/99 Database Release Frequency: Annually Date of Next Scheduled EDR Contact: 04/19/99 TRIS: Toxic Chemical Release Inventory System Source: EPA/NTIS Telephone: 202-260-1531 Toxic Release Inventory System. TRIS identifies facilities which release toxic chemicals to the air, water and land in reportable quantities under SARA Title III Section 313. Date of Government Version: 12/31/95 Date of Last. EDR Contact: 12/28/98 Database Release Frequency: Annually Date of Next Scheduled EDR Contact: 03/29/99 TSCA: Toxic Substances. Control Act Source: EPA Telephone: 202-260-1444 Toxic Substances Control Act. TSCA identifies manufacturers and importers of chemical substances included orw•the TSCA Chemical Substance Inventory list. It includes data on the production volume of these substances by plant site. Date of Government Version: 12/31/94 Date of Last EDR Contact: 01/25/99 Database Release Frequency: Every 4 Years Date of Next Scheduled EDR Contact: 04/26/99 T TC332737.1 s Page A8 GOVERNMENT RE )RDS SEARCHED / DATA C ,-1RENCY TRACKING r STATE OF FLORIDA ASTM RECORDS: LUST: PCT01 - Petroleum Contamination Detail Report Source: Department of Environmental Protection Telephone: 904-922-7121 Leaking Underground Storage Tank Incident Reports. LUST records contain an inventory of reported leaking underground storage tank incidents. Not all states maintain these records, and the information stored varies by state. Date of Government Version: 11/17/98 Date Made Active at EDR: 01/26/99 Database Release Frequency: Quarterly SHWS: Florida's State -Funded Action Sites Source: Department of Environmental Protection Telephone: 904-488-0190 - , State Hazardous Waste Sites. State hazardous waste site records are the states equivalent to CERCUS. These sites may or may not already be listed on the federal CERCLIS list. Priority sites planned for cleanup using state funds (state equivalent of Superfund) are identified along with sites where cleanup will be paid for by potentially responsible parties. Available information varies by state. Date of Government Version: 11/01/98 Date Made Active at EDR: 01/26/99 Database Release Frequency: Semi -Annually LF: Solid Waste Facility Database Source: Department of Environmental Protection Telephone: 904-922-7121 Solid Waste Facilities/Landfill Sites. SWF/LF type records typically contain an inventory of solid waste disposal facilities or landfills in a particular state. Depending on the state. these may be active or inactive facilities or open dumps that failed to meet RCRA Subtitle D Section 4004 criteria for solid waste landfills or. disposal sites. Date of Government Version: 11/23/98 Date Made Active at EDR: 01/26/99 Database Release Frequency: Semi -Annually UST: STIO2 - Facility/Owner/Tank ReportSource: Department of Environmental Protection Telephone: 904-922-7121 Registered Underground Storage Tanks. UST's are regulated under Subtitle Act (RCRA) and must be registered with the state department responsible information varies by state program. Date of Government Version: 08/10/98 Date Made Active at EDR: 12/07/98 Database Release Frequency: Quarterly STATE OF FLORIDA NON-ASTM RECORDS: AST: STI02 - Facility/Owner/rank Report Source: Department of Environmental Protection Telephone: 904-922-7121 Registered Aboveground Storage Tanks. Date of Govemment Version: 08/10/98 Database Release Frequency: Quarterly CATTLE DIPPING VATS: Cattle Dipping Vats Source: Department of Environmental Protection Telephone: 904-488-3601 Date of Government Version: 05/01/94 Database Release Frequency: No Update Planned Date of Data Arrival at EDR: 01/04/99 Elapsed ASTM days: 22 Date of Last EDR Contact: 11/10/98 Date of Data Arrival at EDR: 12/22/98 Elapsed ASTM days: 35 Date of Last EDR Contact: 11/30/98 Date of Data Arrival at EDR: 12/23/98 Elapsed ASTM days: 34 Date of Last EDR Contact: 11/30/98 I of the Resource Conservation and Recovery for administering the UST program. Available Date of Data Arrival at EDR: 11/17/98 Elapsed ASTM days: 20 Date of Last EDR Contact: 12/08/98 Date of Last EDR Contact: 12/08/98 Date of Next Scheduled EDR Contact: 03/08/99 Date of Last EDR Contact: 11/16/98 Date of Next Scheduled EDR Contact: 02/15/98 TC332737-1s Page A9 GOVERNMENT RE )RDS SEARCHED / DATA G_fRRENCY TRACKING DRYCLN: Florida Dry Clean Source: Department of Environmental Protection Telephone: 850.922-7121 Date of Government Version: 05/29/98 Database Release Frequency: N/A FL SITES: Sites List Source: Department of Environmental Protection Telephone: 904-922-7121 Date of Government Version: 12)31/89 Database Release Frequency: No Update Planned WW: Wastewater Facility Regulation Database Source: Department of Environmental Protection Telephone: 904-922-7121 Domestic and industrial wastewater facilities. Date of Government Version: 08/13/98 Database Release Frequency: Quarterly Date of Last EDR Contact: 11/30/98 Date of Next Scheduled EDR Contact: 03/01/99 Date of Last EDR Contact: 03/24/94 Date of Next Scheduled EDR Contact: N/A Date of Last EDR Contact: 12/15/98 Date of Next Scheduled EDR Contact: 03/15/99 TC332737.1s Page A10 GOVERNMENT RE ORDS SEARCHED / DATA C RRENCY TRACKING FLORIDA COUNTY RECORDS ALACHUA COUNTY: Facility List Source: Alachua County Environmental Protection Department Telephone: 352-955-2442 List of all regulated facilities in Alachua County. Date of Government Version: 02/04/98 Database Release Frequency: Annually DADE COUNTY: Dade County Storage Tanks Source: Department of Environmental Resource Management Telephone: 305-372-6755 Date of Government Version: 04/27/98 Database Release Frequency: Semi -Annually Dade County Enforcement Case Tracking System Source: Department of Environmental Resources Management Telephone: 305-372-6755 Date of Government Version: 06/01/98 Database Release Frequency: Semi -Annually Dade County Industrial Waste Type 2-4 Source: Department of Environmental Resources Management Telephone: 305-372-6755 Facilities which generate, dispose of, store, use, discharge, handle or reclaim any liquid waste other than domestic sewage, any hazardous waste or any hazardous material (except factory prepackaged products intended primarily for domestic use or consumption). Date of Government Version: 06/01/98 Database Release Frequency: Semi -Annually Dade County Industrial Waste Type 5 Source: Department of Environmental Resources Management Telephone: 305-372-6755 Facilities that generate a small amount of waste. Date of Government. Version: 06/01/98 Database Release Frequency Semi -Annually Industrial Waste Type 6 Source: Department of Environmental Resources Management Telephone: 305-372-6755 Facilities that are located within a wellfield protection area that do not generate waste. Date of Government Version: 06/01/98 Database Release Frequency: Semi -Annually Dade County lndustrial Waste Permit Source: Department of Environmental Resources Management Telephone: 305-372-6755 Facilities that either generate more than 25,000 of wastewater day to sanitary sewers or are pre -defined by EPA. per Date of Government Version: 06/01/98 Database Release Frequency: Semi -Annually Date of Last EDR Contact: 12/01/98 Date of Next Scheduled EDR Contact: 03/01/99 Date of Last EDR Contact: 11/05/98 Date of Next Scheduled EDR Contact: 02/01/99 Date of Last EDR Contact: 11/05/98 Date of Next Scheduled EDR Contact: 02/01/99 Date of Last EDR Contact: 11/05/98 Date of Next Scheduled EDR Contact: 02/01/99 Date of Last EDR Contact: 11/05/98 Date of Next Scheduled EDR Contact: 02/01/99 Date of Last EDR Contact: 11/05/98 Date of Next Scheduled EDR Contact: 02/01/99 Date of Last EDR Contact: 11/05/98 Date of Next Scheduled EDR Contact: 02/01/99 TC332737.ts Page All GOVERNMENT RE JRDS SEARCHED / DATA CuRRENCY TRACKING L. Notice Of Violation Source: Department of Natural Resources Protection Telephone: 305-519-1251 NOV facilities have received a notice of violation letter under the Broward County Chapter 27 Code. Date. of Government Version: 08/15/98 Database Release Frequency: Annually Date of Last EDR Contact 10/19/98 Date of Next Scheduled EDR Contact: 01/18/99 Dade County Air Permit Source: Department of Environmental Resources Management Telephone: 305-372-6755 Date of Government Version: 06/01/98 Database Release Frequency Semi -Annually Hazardous Waste Dade County Source: Dade County Department of Environmental Resources Management Telephone: 305-372-6755 Sites with the potential to generate waste Date of Government Version: 06/01/98 Database Release Frequency: Semi -Annually Date of Last EDR Contact: 11/05/98 Date of Next Scheduled EDR Contact: 02/01/99 Date of Last EDR Contact: 11/05/98 Date of Next Scheduled EDR Contact: 02/01/99 BROWARD COUNTY: Broward County Storage Tanks Source: Department of Natural Resources Protection Telephone: 305-519-1251 Date of Government Version: 07/01/97 Database Release Frequency: Annually Date of Last EDR Contact: 10Contact: of Next Scheduled EDR 01/18/99 Hazmat Source: Department of Natural Resources Protection Telephone: 305-519-1251 HM sites use or store greater than 25 gallons of hazardous materials per month. Date of Government Version: 08/15/98 Database Release Frequency: Annually Date of Last EDR Contact: 10/19/98 Date of Next Scheduled EDR Contact: 01/18/99 Semi -Annual Inventory Report on Contaminated Locations in Broward County Source: Broward County Department of Natural Resources Protection Telephone: 954-519-1292 Early Detection incentive/Environmental Assessment Remediation. This report monitors the status and remediation progress of known contaminated locations within Broward County. Sites listed by the US EPA, the Florida Department of Environmental Protection, and sites licensed for contamination assessment and cleanup by the Division of Pollution Prevention and Remediation Programs of the Department. Date of Government Version: 07/01/97 Database Release Frequency Semi -Annually ESCAMBIA COUNTY: Facility/Owner/Tank/Contamination Information Report Source: Environmental Health Services Telephone: 850-595-6700 County data is provided in the state UST database. Date of Government Version: 08/08/97 Database Release Frequency: N/A Date of Last EDR Contact: 12/08/98 Date of Next Scheduled EDR Contact: 03/08/99 Date of Last EDR Contact 11/02/98 Date of Next Scheduled EDR Contact: N/A TC332737.1 s Page Al2 GOVERNMENT RI. ORDS SEARCHED / DATA CURRENCY TRACKING Facility/Owner/Tank/Contamination Information Report Source: Environmental Health Services Telephone: 850-595-6700 County data is provided in the state UST database. Date of Government Version: 08/08/97 Database Release Frequency: N/A Date of Last EDR Contact: 11/02/98 Date of Next Scheduled EDR Contact: N/A TC332737.1 s Page A13 GOVERNMENT RE )RDS SEARCHED / DATA CJRRENCY TRACKING Historical and Other Database(s) Depending on the geographic area covered by this report, the data provided in these specialty databases may or may not be complete. For example, the existence of wetlands information data in a specific report does not mean that all wetlands in the area covered by the report are included. Moreover, the absence of any reported wetlands information does not necessarily mean that wetlands do not exist in the area covered by the report. Former Manufactured Gas (Coal Gas) Sites: The existence and location of Coal Gas sites is provided exclusively to EDR by Real Property Scan, fnc. copyright 1993 Real Property Scan, Inc. For a technical description of the types of hazards which may be found at such sites, contact your EDR customer service representative. Disclaimer Provided by Real Property Scan, Inc. The information contained in this report has predominantly been obtained from publicly available sources produced by entities other than Real Property Scan. While reasonable steps have been taken to insure the accuracy of this report, Real Property Scan does not guarantee the accuracy of this report. Any liability on the part of Real Property Scan is strictly limited to a refund of the amount paid. No claim is made for the actual existence of toxins at any site. This report does not constitute a legal opinion. DELISTED NPL: NPL Deletions Source: EPA Telephone: 703-603-8769 The National Oil and Hazardous Substances Pollution Contingency Plan (NCP) establishes the criteria that the EPA uses to delete sites from the NPL. In accordance with 40 CFR 300.425.(e), sites may be deleted from the NPL where no further response is appropriate. Date of Government Version: 10/08/98 Date Made Active at EDR: 01/08/99 Database. Release Frequency: Semi -Annually NFRAP: No Further Remedial Action Planned Source: EPA Telephone: 703-413-0223 As of February 1995, CERCLIS sites designated "No Further Remedial Action Planned" (NFRAP) have been removed from CERCLIS. NFRAP sites may be sites where, following an initial investigation, no contamination was found', contamination was removed quickly without the need for the site to be placed on the NPL, or the contamination was not seriousenough to require Federal Superfund action or NPL consideration. EPA has removed approximately 25,000 NFRAP sites to lift the unintended barriers to the redevelopment of these properties and has archived them as historical records so EPA does not needlessly repeat the investigations in the future. This policy change is part of the EPA's Brownfields Redevelopment Program to help cities, states, private investors and affected citizens to promote economic redevelopment of unproductive urban sites. Date of Govemment Version: 08/27/98 Date of Data Arrival at EDR: 09/03/98 Date Made Active at EDR: 10/03/98 Database Release Frequency: Quarterly Elapsed ASTM days: 30 Date of Last EDR Contact 12/02/98 PWS: Public Water Systems Source: EPA/Office of Drinking Water Telephone: 202-260-2805 Public Water Systemdata from the Federal Reporting Data System. A PWS is any water system which provides water to at least 25 people for at least 60 days annually. PWSs provide water from wells, rivers and other sources. PWS ENF: Public Water Systems Violation and Enforcement Data Source: EPA/Office of Drinking Water Telephone: 202-260-2805 Violation and Enforcement data for Public Water Systems from the Safe Drinking Water Information System (SWDIS) after August 1995. Prior to August 1995, the data came from the Federal Reporting Data System (FRDS). Date of Data Arrival at EDR: 12/29/98 Elapsed ASTM days: 10 Date of Last EDR Contact: 12/28/98 TC332737.1s Page A14 GOVERNMENT RE )RDS SEARCHED / DATA LoRRENCY TRACKING Area Radon Information: The National Radon Database has been developed by the U.S. Environmental Protection Agency (USEPA) and is a compilation of the EPA/State Residential Radon Survey and the National Residential Radon Survey. The study covers the years 1986 - 1992. Where necessary data has been supplemented by information collected at private sources such as universities and research institutions. EPA Radon Zones: Sections 307 & 309 of IRAA directed EPA to list and identify areas of U.S. with the potential for elevated indoor radon levels. Oil/Gas Pipelines/Electrical Transmission Lines: This data was obtained by EDR from the USGS in 1994. It is referred to by USGS as GeoData Digital Une Graphs from 1:100,000 -Scale Maps. It was extracted from the transportation category including some oil, but primarily gas pipelines and electrical transmission lines. Sensitive Receptors: There are individuals deemed sensitive receptors due to their fragile immune systems and special sensitivity to environmental discharges. These sensitive receptors typically include the elderly, the sick, and children. While the location of all sensitive receptors cannot be determined, EDR indicates those buildings and facilities - schools, daycares, hospitals, medical centers, and nursing homes - where individuals who are sensitive receptors are likely to be located. USGS Water Wells: In November 1971 the United States Geological Survey (USGS) implemented a national water resource information tracking system. This database contains descriptive information on sites where the USGS collects or has collected data on surface water and/or groundwater. The groundwater data includes information on more than 900,000 wells, springs, and other sources of groundwater. Flood Zone Data: This data, available in select counties across the country, was obtained by EDR in 1996 from the Federal Emergency Management Agency (FEMA). Data depicts 100 -year and 500 -year flood zones as defined by FEMA. NWI: National Wetlands Inventory. This data, available in select counties across the country, was obtained by EDR in March 1997 from the U.S. Fish and Wildlife Service. Epicenters: World earthquake epicenters, Richter 5 or greater Source: Department of Commerce, National Oceanic and Atmospheric Administration Water Dams: National Inventory of Danis Source: Federal Emergency Management Agency Telephone:. 202-646-2801 National computer database of more than 74,000 darns maintained by the Federal Emergency Management Agency. Florida Wetlands Data: This data was obtained by EDR from the National Wetlands Inventory (NWI) of U.S. Fish & Wildlife Service in 1994, Data depicts wetland areas as defined by NWI. Florida Water Well and Sample Database Source: FL Department of Environmental Protection, Groundwater Quality Monitoring Florida St. Johns River District Well Data Source: St. Johns River Water Management District Telephone: 904-329-4500 Florida Southwest District Water Use Data Source: Southwest Water Management District Telephone: 904-796.7211. Florida Well Construction. Permitting System: Water Well Locations in Northwest Florida Water Management District Source: Northwest Florida Water Management District Telephone: 904-539-5999 Florida Sinkholes Source: Department of Environmental Protection, Geological Survey The sinkhole data was gathered by the Florida Sinkhole Research Institute, University of Florida. AQUIFLQWTM information System Source: EDR proprietary database of groundwater flow information EDR has developed the AQUIFLOW Information System (AIS) to provide data on the general direction of groundwater flow at specific points. EDR has reviewed reports submitted to regulatory authorities atselect sites and has extracted the date of the report, hydrogeologically determined groundwater flow direction and depth to water table information. TC332737.1s Page A15 7- CHECK UST FOR ENVIRONMENTAL SITE ASSESSMENTS (Phase 1) (Please make notations directly on this form) Project No: 9908 Date: Auditor(s): CLIENT: 33 Febr 1999 Ken Bauohman/Pat Fox Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida 33149 (Mr. James DeCogc/Eugene Santiago) FACILITY NAME: Portions of Tract 7 and 4 MATHESON ESTATES ADDRESS: 85 West McIntyre Street Key Biscayne, Miami -Dade County, Florida 33149 INTERVIEW: 1. Contact name, company, relation to project Mr. Gene Santiago, Village of Key Biscayne, Building, Planning & Zoning Department 2. Prior owners, usage, and land use: 441yE & ea tc- (? a i G/ et a /1r7/- /cy2 - 44ir -Len 3. Property size, number of buildings, square footage, age of buildings, date property acquired. (Request copies of engineering plans, site plans, survey, etc., during on -site): Ate ralb&e.i_ 1 4. Current owners nature of business, property usage: %, d`^ -) GOslq, &41 CZ<� 1/"It 5 Existing or previous permits (tanks,operating or disposal): 6. Presence of underground or aboveground tanks: — 7 Violations to permits or otherwise: — — 8. Wastewater disposal (septic or sewer system): 9. Water supply (on -site wells, irrigation wells): 10. Equipment or vehicles maintained on -site: P'rJ4y, Gtvr�LDsns %(e / „e ins_774.Gzade Ao /0fps _ -➢� 11. Chemicals used (type, amount stored, amount used per year, (request copies ofMSDS): 2 12. Wastes generated (type, amount, disposal, storage): SITE INSPECTION: 1. Utilities (transformers, on -site pre-treatment/treatment systems); E 2. Wastewater disposal, stormwater drainage, floor drains, outdoor drains, ditches: 7ln cpp .,,.. _ax Ae7-- 3. Wells (drinking water, irrigation): r/ULcia c.o-vl Acc Gc s 4. Spills, stains, dead vegetation: /44 , e_ cL2Z/c 5. Underground and/or above ground tanks, monitoring wells, vent pipes: 6. Drums or containers, other equipment: 3 / - pac - to d; �- `- fLe /, a:2 7. Chemical/waste storage (secondary containment): 8. Baghouses, cyclones, or other air pollution control equipment: eat 9. Surface water conditions (film or obvious contamination): 10. General housekeeping: 11. Indications of any dumping or burning: /2 Land usage of neighboring properties land usage and appearance (housekeeping). List of adjacent properties in relation to subject property: - 53b (o%o-r "jet{ X415- ..asu.Zne-e_9 0—, CIA Cu�io�lL n - w 4 Ad /6 « ' - 13. Paint booth or silk screening or ink printing on -site: P 4 14. Other (describe): Kenneth J. Baughman Name of Auditor Senior Scientist Title ignature o 3 February 1999 Date 5 SITE MAP OF SUBJECT PROPERTY: (Not to Scale) 01/28/1999 06:59 3053657757 VILLAGEOFK`VBISCAYNE M v • L- t 44,0 -two, voom 24'oSl bad 46 _1 6 SITE MAP OF NEIGHBORING PROPERTIES: (Not to Scale) i ul. Matoirts 171- rya J4tiacu i l 7 FEE -12-9 9 FRI 04:25 PM CHE M DRI LL IN C WELL COMPLETION REPORT FORM 0124 Rev . 11/90 - V:cLct30 a fC'et 131sctcy(r owne Aadom ��z, t. itt.! a,, -, A,, .° r r f . -s1 <•rY Contractors Signature Licanio No, Completion Cato TYPE OF WORK: Conslrucl ) Repair ( ) Abandon ( ) WELL USE: Do mestic Well ) Public ( ) Monitor) Tesl ( ) Irrigation ( ) Fire Welt ( ) Other METHOD: Rotary with MUD( )orAlr( ), CaIe Tool ( ),Jet( ) Casing Driven ( Other as: (CV* T c* t 19 t;t e 1,1 STATIC WATER LEVEL c/r Ft. below top of casing PUMPING WATER LEVEL .. . Ft. after Hrs at GPM PUMP SIZE H P. CAPACITY GPM PUMP TYPE INTAKE DEPTH R om l op of ground LOCATION Lo cated Nears s CQ,irsriteeifY $.'r /C c CI /:en' (/0 kt' County /%, m r 5 5-c(3 H.E 14 R Section Township Range Latiludo4o ngitude Cuttings sent to District? ( ) Yes V) No LOCA TE IN SECTION Note: PW S Wells attach a dlle map 11 well location Is different from she location on permit application. 1'i snm 236 37 41 P.02 WELL PERMIT NO. SF WMD WATER USE PERMIT NO . 5"s' c t' -r ilk/ Whirr ..S 'Y . grfecy40 +r c Oity Blele. . Zip // / S� S' -f turf/5 well a Casing Depth T otal Depth Groat Casing & Screen Depth (II) DRILL CUTTINGS LOG Examine culling* Geary 2016 or aU7rmetlonchanges lyyype color, l tratEtria' site, and Npta cavities, depth to producing:ones . /is , e� C:rj .e rr.1/%a3rrir. Thick- neae & Depth Diameter 1 Depth Prom To $rr 1 I Cr %r 1 r r Art <4t. .' ./ t• I. ••'(j• 5- u —sit/ - ( jjJ /. /. 4rC1� } 1) jS Numoer of boo 1 Casing . Black Step ( ) Galv. ( ) PVC 9()Fibergtess ( ) Screen Types' P ?C'f _Slot size :_Ll r S Screened from hr Mtto S 1t.) Type o grout with %a additives(I , r! w t 'i �4'/�,; .� f .,r Water: Clear (x) C olored ( ) Sulphur ( ) Salty ( ) Iron ( ) Conductivity Chlorides mg/I I 3 L i L. J 1 1 L {_ 9 [.1] [ e 1 I'I:72/0X- _.. I:, FDFP Facl Illy Ne. a Pam Orden: Etched :o bins " rf :_-trj "9ECir ,I,ON .,.1`J1R('aF MPIrEnpL Ltn°Rt ' 'RY. CHAIN ) e t CHAIN OF CU ST ODY RECORD (DEP 82-77U .9Q0 li noditiedlornin 1 0200 USA TODAY WAY, MIRAMA R, FLORIDA 33025 (954) 431 .4550 • NATL ' NAT 5 4900) LAB -0550 • FAX (954) 431-1959 Or4gInal • Raum w;Re1 o4 Yell ow - Lab Cop Re port T4:' fiJoie C L%T'nees 's 5111 To; Protest quo bn.7lamet 9908 Report To Address Billing A ddre= P Ink - Sampler Copy Sampling Conp'AP NO._� A.Apm:al Dale: 7270 AJW /d M/,Sf I;ft ?'f0 Piu ).ct Contact , Wheals Contact Sampled By (palmy: M 1 2 4 9 I/ ' X `rIL,6'A4.ghmegAi et F-35/. -P,03# SAMPLE 10 DATE C CifECTEu ME COLLE:,:tD N F L D Ph one:%O/ 933 -NI/ FY re: FA*( 0 JI/sY FA X: S.mp3r's stsr-at ure; Site I smau an: /11 .44172 ,5t 7 E C M 0 P N D F F L L D 0 M ATRIX LP N SW DX. RE 0 EFF HN BIO SA SAMPLE LOC ATION," J CS DES CRIPTION fa.Nalcnal 11 needed sunk.—s upla. =_:4 t-- dttarenl at e le cd;c ne) s8 -I :3'-$' SL'i-a a -v ` -'t' Pr& MAO //t0 igi-9v S s C D N 1 E R s ANALYSIS REQUIRED PLACE NAME 011 METH OD NUMBER CF TESTS NEEDED IN LA FBO XES BELO,Y. - -dECX CF:- 'TR-ACN SAMFL `-TEMS NEED EACH TES' prge..p TIED gait Sampl e Cor "'pit Tetonii. 1 \ Lol Humbr al S amplI re Cr_ri:Jaers u- v r€S fl20 ,;/094 Gi5 w j 3J 'f O 3 t/ t k � 61 -3 t% IA If d 3 V V 10 Spa cial Cosmen to [I} Reun 4u lsbd by Signals f u�in -P Cr? NO Dm 04 Tota l * of Co ntainer: 11SInqura eel by 5:9ro•Tule: OA;OC Rope d He aded': Yee No (Sea price Q ui ds tor apeltcable f. na[ 1 Roped Form at St andard Dm Time M aw 1ac eclll) DUE cr am REQOESTO: a/, 'VC ! ContIn atIoni G '-;80 Coating Code_ -/ !Als o. Ch arg es SHADED AREAS ARE FOR LA B USE ONLY r CISIO '. '1/4IUHL 70RY, 1NC ./l rst in quality • firs! in Service 0DC1.AR000220 Mr. Ken Baughman Ed 7270 NlW l 1Engineers-Scientists Street, #740 Mil+mi, FL 33126 Site Location/Project \(iami,Flnrida. 9908 PARAMETER RESI;1'.1 7 UNITS 4021.0 VOA 1811201 Cnmpo)ncls i„ tinil Wasto 11 :. NGihyl.tnt Ltty1-ctlrcr '. ii.. 'I uluenP xylune � ., 1, 3-DichinruhcnLdRe \I 1.4. A i ch 4 o ru lie n2c nc I,'_-Ujchlurohdnzcnc Hill 111)1 UPI II nig/KF mg/Kg mg/Kg mh1Kg tog/leg 11)1. mgiKg 8021.13 VOH {80101 t'ornpnilmla i0 Suil S Wller. tit 0x1 1 D lchl n rud i (luo r0 nuthall,% CIALortntwilvine Vinyl t:hltrirlc Drnn1n101 1h11. 110 Chlnrnu hum Trichlcrrnllnhmrnolmnc MLTI1Ut) MRUD Page 1 February 12,1999 Submission 11 9902000537 Order,/ 90012147 FDEP CnmpQAP# 920323 FIRS Certification,/ 086349, 56413 Sample I.D.: S13-1 3`-5' Collected: 0210519'9 10:211 Received: 02/09/99 15:00 Collected by: Pat Foxx DC'IT',CTiON nATI: 1,114IT I EXT. DATE 1 ANA I':iTt 5030;M1111D�d 5030:1'.01. IB .- 5030114021D 5030/02 iD 50307nn 10 5030/110'ID 50301!1/11 Ili 50301,0. 1R 5030!1A. I H 50311/He. 1D MEDE 5031L11 IUD 5030.11111113 5030R11,1111 5031x110:1 H 511;10!40210 .- 503111ii I 210 1 0,1101 0.100 0-100 0.100 0.100 0.100 0.100 0.100 02/)0!9) 02110/99\ }ELI 02110;99 02/101991 RGli 02110:99 Rill 02!(0;99 02110/091 02110!191 nil 0;99 02/I0i90 021100.) 02/ 10/99 02(10/99 0211011'1 II RCrH 02./10/99 02! 10/9') RGII i07!10/99 02/10.")9\ RGH 01rlo;gp 02nm99 Rai 0,1101 02)10/99 0.100 02/10/99 02110.99 RGII 0.100 02110/99 02/10/99 L RON 0.100 C 02/10/99 r 02/)Q/0') RGH 0. WO 02/10/99 02!1U199 RGFI '0100 02/10199 02/10199 RGI 021111109 RCM 10200 USA Today Way • lvliralll:ar. FL 33025 • Tel: (954) 43'1 .1550 • (800) LAB -8550 • Fax: (954) 431-19 EOCLAR1100220 ^^ Mr. Ken Baughman Ed Clark Engineers -Scientists 7270 NW 12th Street., #740 Miami, EL 33126 Site Loenlion/Project NTnmi,Flothla. 99011 lI'AI Ahlr9-CR Rtt,sl! 1,1-Dichlnmed,ene lilt Mtiltyluitz G,IuritIc Bn 'trios-1.2.DichlorncO1nc BID � . 1.1-Dichlnmethnne 10) 2.2-Didlh,mproptmc HD Cis-1,2-Dichlnroctt,unc 0D Chlaro0gnl 131 Biomuchlulnlnc)hitne 01' 1.1,1-Trh hlrxncLhac,c 1361 1,1 37ichlnnrpmpcne N11 Carhnn Cclrachfuridu 1111 1,2 Dichlnrncth;mc 1114 --' 111 1 131 1 (Hrricllllll'.tghtllc L. 12-I)iehluioprnpanc OmtnndichlnrnnleLhunc 011 2_-Chkmlei Ity 'vinyl lather III) D,hnnnnnlcticas 1311 Cis-1,3-Dichtwtrpropene 33L1 1'agc 2 February 12, 1999 Submission /19902000537 Order N 90012147 FR I' CompQAPk 920323 IIItS Ceilil'ication# E86349, 86413 Sample 1.1).: SB-1 3'-5' Collected: 03/08/99 Received: 02/09/99 Collected by: Pat Foxx 10:20 18:00 UNITS MLYI'(ICm DETECTION LIMIT DATE IiX'1'. DATE ANAI.Y. ANALYST tug/Kg. 503')/11/!113 0,1(10 02/10/09 02110/99 RCM mg/Kg 5030/11•11113 11.100 02)10/90 02/14/09 RGif mg/Kg 5031)'340!113 11.10x1 02/10/99 02/1(1;90 RW;II mg/Kg 5036/8!111 Y3 0.100 02/10/90 02/10/99 RUM 11 HC1-1711 mg/Kg 50301411210 0.10(1 02/10/09 02/10/90 mg Kj, mg/Kg 5020/Au3ln 0.100 02/10/99 412/10/99 RGII 5030/).31D 0.100 02110!00 0210/09 RUH fig/Kg 5(001 hl 2(0 0.100 02110199 02110/90 KG11 mg/Kg 5030,Po•210 0.100 1.12/10109 02/1(1/99 RGII lug/Kg 503(11:!12113 0. Inn 02/10/09 02/10/90 R0(1 Reili ,/Kg mg/Kg 5030'1111210 0.1011 02(1 0241.0/09 nlg/Kg 50301N1121H 0.11)0 (12/10/09 02/10/99 02/10100 RGH , ROM mg/Kg 50:3011;.121(3 0.100 02/11/99 ing/ICg 50341//)2 H3 0.100 412/10/99 (12_/10/99. RI -I mg/Kg Ing/ICg 503o/14210 4).100 02/03/99 02/ HIM —1 006'11 I 5113niti021f3 0,100 112110/99 02110/99 RUH mg/IQ 50111 ti,02111 ' 11.100 02110/011 02/111/99 RGII mg/Kg 5030/H12113 0.100 02130199 02/10/99 1(011 ',1 T EDCLAR000220 Mr. Ken Baughman Ed Clark Engineers -Scientists 7270 NW 12th Street, #741) Miami, FL 33126 Site Location/Project Ytianii, Florid t. 9908 t,._. PAIIAhn rl%R Itt:St 3/:r UNITS TI 13•1,i-DlchInmgrnpenc 11111 1 .1 2-1richlarnernime 16111 �I 1,:1-3)iclllnrnprnpnlle 011 • I Tun neh 111 rorll,cjw 11111 j Dilvmmochlnrnmcrhnnt I 111 11 I1 2-IJIhrunitelltme 11111 Clllrunholzene 11)1 Onuunhcllzcnn 111), we __ I,1J.2-rely ehInructllane 111.11 mmIlln)nru, lll)1 1,1.22-Tclnlch lurualrmc 111')1 i) '..2,3-Trichluruprolsm,. 1111 ?-Cldwutoti mn= 1 I3L'l I 4,Chlnnqulue,te 11f'1 1,3-Uichlnruben7cnc 010. i 1,4-Dichlunub-nn:ne 11111 1.2 -Old i Inrnhenzenc 1110 t 1 1.2 Dihrnmo-3-Chlornpmnnm 111)1 t mg/Kg Page February 12, 1999 Submission k 9902000537 Order # 90012147 FDEP CompQAP# 920323 HItS Certiticatiozf IR6349, 86413 Sample I.U.: 511-1 3'-5' Collected: 02/98/99 Received; 02)09/99 Collected by: Pat Fo.0 10:20 IR:00 MKT11 011 UG'TGCTION1 U•Nl'L LIMIT EXT. 51130/1•11. 181 0.100 Ing/Kg 1031M i.'111 mg/Kg n,y!ICg tng/Kg mg/Kg 0.100 DATE ANML1'. 02/10/99 02!10%09 02/1019,1 02/10/99 ANALYST RGH RCill 5030/1102113 51131111111 :111 5030/Iii i !I11 51130/IGl:113 mg/Kg (1.110 02/10/90 02/10/9') 1(011 0.100 12110/99 0.1(11) 0.100 02!1(1/90 02/1(1:99 RGH 02!10/')9 02/10/99 1)2110/99 5030/901113 0.100 02/10!99 02/10!09 (9:,11 R(3H RGH n1g/I(g mg Kg mg/ICL 511311/d,111 0.1(10 021101/90 02/10/90 1(011 0.100 t03iuHu21R mg/Kg (Hon 02/10/90 07/;0!0'0 1)2!10%69 11611 0211(1169 5030!81:2113 mg/Kg p,g/Kg mg/Kg 5113(1/6i 2113 0.100 0.11)1) 0'2110/')6 02/10!99 02/11)/99 02110/09 RGH 5(1210/1.1(210 0.100 02/1(3/90 5031Lfa1?113 mg/Kg mtl/Kg (110111. nig/Kg 511311.1111214 50311'1;112113 5(131)'I+i1:111i 5 0 3 0 /111 12 1 13 0.100 03/10!90 (12/10/99 (12;10/99 ((011 1LGIf 0.1(111 02!10i119 02/10'90 11(111 0.100 02/10/66 0_110/99 1LG11 0.100 11.1(1(1 02/10/99 02'10/192 R(�;m� 02/10/90 02/10/90 RGH 1 7 EDCLARt100220 Mr. Ken Baughman Eel Clark Engineers -Scientists 7270 NW 1211 Street, #740 Miami, 111.33126 Site Location/Project Miami,Florida. 9908 1ATt AMGTER 111'411:1 r -Tflelnnrnhenzene Iicxachlnrnhuradicnc. 1, 3,a-'t'ridth t ntlxnzcnc 4370C PAli • (610) in SO n S and WaSrcs h GC-0/!I hlhalcne nit 2-MeLhylnal:hrhrdnm 111 3 1-blcihylm,phth,knc 141) Acenapinhcnc 1111 Phen3n1hre[le 111.1 l9unrmlhene 111 : liettta1;nthraceae ;III 111 Bc0zn(111110 u1tn11hcne 111 lc.Y20(: JpYrene 001. 3enza(ghi)p r'ylmu (11 Acenaphtltykcne - 111 hlumtllle 111 A,1111n cene 1'1 Pyrenc 111 TJMTTS mg/Kg Page 4 February 12, 1999 Submission // 9992000537 Girder # 90912147 FDEP CompQAP# 9211323 FIRS Certiricatim3N E86349, 86413 Sample 1.1).: SI1-1 31-5t Collated: 02/08/99 Received: 02/09/99 Collected by: Pat Foxx 10:20 18:1)0 I tET11111) nigllCg DRTKCrICIN nA-rt: LIMIT EX'I'. DATE. ANALY. ANAL,I'4'I' 51131/Mi. I l(1 503011.0718 nlg/Kg nlg/K�. 0.101) 02110/99 02/10/99 1tGl I 0.100 02/101'19 51131011u21 11 h113111' mg/Kg 0.100 02/10/99 1 02/10)901 RGN 1)2110/99 RC:I� 355110.1 10C 0,3.311 0211))199 0211 1700 1550/31? /IC utg/Kr. nig/Kg Ing/Kp nigit(g 11.330 1)2!10/99 02/11/99 EC.1 CG 3550/81 114'. 355(l/:4 i 701_' 3.551 I'3:' 70C: ngiKg 0.330 02?10199 12111/99 0.330 02/10;90 0,:130 02!10190 02111:90 02111/99 I?G I2G 35501.9 170C. 3510/270r 0.330 02/113(00 02/11/09 0.310 02110199 mg71Cg nig1Kg 35.504.) itIC 0.330 (12_111/90 CG 1- Oyr111i9'1 02/11199 3550,1:, 711(` mgiKg nig/Kg mg/Kg nut/TCp 0)04) 02/1117')9 02/11/90 352011' 70C 35iUh1:.7t1C 35501k 'J0C 11.130 01110/99 02/11199 T:G hG 0.330 01/1(/99 02/11/99 IiCi 0.330 112/10/99 35511/'l ;7110 ntg114 (1.330 02/10/99 0_;11!99 (12/11/00 LG EU 3550111 '70C 0.33(1 02/10/09 (12/11/09 EC 7 L EDCLAR00022o ' Mr. Ken Baughman Ed Clark Engineers -Scientists 7270 NW I2tlt Street, 11740 Miami, EL 33126 Site Location/Project Mianti,Florida. 9908 I T,rawETK:K RE>a a: t zl hry;et,c ` ` Hen:.u(k)Ru,) 11LI cne 7lndettn(1,2,3-edlPyrenc Dft cual(n,10ant3rrtcunt: I3 a Old 11111 111)1. Page 5 February 12,1999 Submission 119902000537 Order if 90012147 PREP CompQAP/1920323 IiKS Ccrtillcation# E86349, 86413 Sample I.U.: SR -I 3'-5' Collected: 02/08/99 Received: 02/09/99 Collected by: Put Foxx 10:20 18:00 ... --- UNITS METDgNJ' m r I ECTION LIMIT DATE EXT. DATE ANALY. fANALYST 1 ing/Kg :35$)102110 3550/1] 10C 0.33(1 02110/99 02:1 Ir99.I F.G — — r00/K0 0.330 02/11009 02i! 1 10V EC mg/KR 35500. Ye 0.330 02110/99 02/111991 cc ulg/Kg 35510225.0(1 11.100 02!10199 02/11%991 EC 1 i:0D1 : Indicates Aualyte is Below Detection Li: iit'k'a"MRDF: Man•is Effected Dilution F:ctor**:# “**\']brae Subcontracted to Outside Labs Ik nixed' y !IRS Cert ID in Analyst Pick" ** ***Qualifier following result conforms t,.t FAC 62-160 Table. 7*$**`1itUnies:; otherwise noted, mg/Kg demotes wet weieht ' P '"1",62-770: I( the MDI_ using the most som.il1ve and currently available technology is nigher than a specific criterion; the PQL shall be used. Certs:Al.=//11180, Ct.=fill-I0217,1Cs. _?!li,?70 -F E1245, Ky.=#90087, La. :#9601, Md.=#271, Ma.-#M-FL535 NC. =#539, ND. =i/R163. OK. —,052,3, SC. -#96023, Til. —#TN0 2;1,>6 .,1\ 1{ u a N1ichae A: Spitzer, Laboratory ./ir.ector EDCLAR000220 Mr. Ken Baughman Ed Clark Engineers -Scientists 7270 NW 12(11 Street, g740 Miami, x1. 33126 Site Locution/Project Miami,rlorida. 9908 sl I'AICAMETER /11121 13 VOA (80201 CoInput+nJs in Snll A: a51C 1,[' II MtIhyl-icmbupd-cthar s.,- Dunxctt= . Tnhlenc Chlnrnhcnzeue m & p Xylenc II r. o- Xylem ri 1,3 DICIIILIT011iMUlle -Dielllnrnhenzi/ne l'10111 .13 Pichlorudiflnnl'lnedtauc Chloranitrhuru: Vinyl (1bluuOc 13rnmtnnetiDne j' Chltrntih,nc ' Trichlnrnlluunnnaihanc 11D(. V(lt( 1E111Oj Compounds in Soil & Wag:: 1 i( :r1. HI d. 010. 111)1. 01 )1. (31)1 LINI'1'S MF;rl l 3 r rug/Kg mg/Kg M1110. Page 6 February 12, 1999 Submission N 9%2000537 Order (/ 900/2148 EDEP CompQAP# 920323 HRS Certification// E86349, 86413 Sample 1.D.: SR -2 2-4' Collected: 02/08/99 Received: 02/09/99 Collected by: Pal faxx 11:20 18:00 DETECTION LIMIT DATE ENT. 1 DAlI: ANALYST ANALV. 50311ia0. Ili 50:1), 0 101 0,100 ing/Kg mg/ICg 0,100 1)2/10/99 02/10/99 0 2 /11119 0 Will 112)10199 1(611 5030//.0;111 30]0/tri 111 1ng/Kg 511311/,10!111 mg11Cg (1.100 1)2110199 0.1110 0,100 02/10./09 02/10/911 (I2/10/'9i) 02/11090 0]/10/99 501(11111 !113 mg/Kg 0.100 02/10/09 02/10/99 5030s.1! I T3 mg/Kg mg/ICg nrg/Kg 50311(:10' 113 51131I/8T1110 5030/40110 mg/Kg Ing/Kg mg/Kg 0,11x) 02/1(0/19 02/10/99 lual RGN ItGI l Rt)I1 RGH 0.100 02/1(199 02/10/99 RGIi 02/10f9) 0.100 02/(14190 1)2/10/90 I1?110/90 RGI I RGI4 1 5030/H 2113 503W/rata 5031,r/4/21B mg/Kg ing/Kg nig/Kg 0.100 02/10/99 0.11x1 02110199 02/I0/90 RCN 02_110109 anti 0.110/1 S030/1;01113 0.100 511,3091112113 0.100 0211069 02/10/09 02/10/99 1(011 50300;112113 0.100 02/10/09 02/10/99 RCHI 02)10/99 RGFI 1 02/10/00 02/10/90 RCII'T EUCLAR000220 Mr. Ken Baughnian Ed Clark Engineers -Scientists 7270 NW 121h Sheet, 11740 Miami, EL 33126 Site Location/Project Miumi,Floricla. 9908 1,1-Dichtoracthene Hl. Methylene Chloe Ric 111 'I'm as -1 ,2-DiC11l0m':lllene 111 1,1-Dichlui i rhutre 111 2,2-Dichlornprup,rnc HI Cis -1 2-Dichlnrnciticnc 111 Chluranm 111 Cionlnchlnr0nlethane 111 1,1,1-Trichlnrneili,nc Ill j 1.1 Dichlnroprnpcnc Ili �Carhon Tetrachloride 11 1,2-Dichlnra thane 0 . . . Tnchloroa7heie III .�L 0 1,2_ Dichlnropro¢me 11 UrtmindicltlorntneiIi nc 11 2-Chlumcl Iiyly i'U'I Ether 11 Ditnomnmedumc 1.1 Cis-1.3-Dichlu rnprnpmle 1' 3'r uNrt'S 1 Ne./ICr 11 mg/Kg A mg/Kg mg/Kg )1 n >1 A9iYI'IItu mg/Kg 111g/Kg Page 7 February 12, 1999 Submission # 9902000537 Order 1/ 90012148 MEP CompQAPf 920323 FIRS Certit-icalion# F86349, 86413 Sample LO,: SB-2 2-4' Collected: 02/08)99 11:20 Received: 02/09/99 18:011 Collected by; Pat Foxx :10311.1130:` 113 ,1(1;10/R0l 1 H 5031/110/113 5031111(. 113 5030%0,113 50JCI!Hil.a H mg/141 mg/Kg n. mg/Kg 71 mg/Kg )1 mg/Kg • 1 , tug/Kg DETECTION LIMIT DATE DATE EXT. ANArh'. (1,101) ANALY5r 02/14.1+7') 02/10/99 0.100 02/10/9'7 4122/10/99 RGH ItG1I 0.130 112/10/99 0211(1/09 0.111(1 02/10/99 02/I0/99 Rt it -1 RGH 11-100 02/10/09 0.1110 50.101?1111111 5030/M11111 1130./3411.3 503WPita 1f3 0.100 02//10/90 RGH 02)10199 02/10.:09 RON II 02110199 02/10;110 RON 1,, 0.100 02/10/09 02/10/99 RGH O. HMI 11'2/10/00 0.100 02/111/99 5030/A112111 0.100 02110109 0211(11'99 13G11 112 /1 019 9 ItliH 02/10/99 tiO3u/H.+:,1D 17.1110 02/10/09 02.;10/99 RGH 11. mg/Kg 111 Ins/Kg 11) mg1Kg 1)1 nig/Kg 1+1 mg/Kg 1)1 mit/Kg 50311/111 2113 s0:111'Iie21H 1030 quiz 1 H 511:11111112113 50110111.11 1 R 50311/)411211'i 11.1111) 02/10/99. 02/10199 0.100 112)10/'79 02/10/99 0.100 02/10/09 02/10/00 0.10/1 RGII 02)10/0') 02/10199 ROH 0.100 0.100 112/10/091 02/10/99 RGH 02/10/09 /111109 RGII EDCL.AR0110220 Mr. Ken Baughman Ed Clark Engineers -Scientists 7270 NW 12tH Street, #740 Miami, IiL 33126 Site Location/Project • Mimni,Florida. 9908 r I L a PAIt:t111ETGR . RKS1 Trans-l.3-l-licitlrtroprul:cnc 111 111 2-Trlclilorned,anc 111 Y -- ii 1,3-I)ietuoroprnir. Ole 01 111 1'etiaQillti 4et!Iuoc j I DiMmnachiun,nlcthant: 1)1 1 2-Dii00111Pelbaae 111 ChlurnhQReue 111 a ro,n.then[ene it j1 1,1,1,2 Telnt.lthl(Ot:thane It.. tiruniannn 1 1. j:; 1,1 2-Tein,chlnrncttane is 1 ,2 ,3-'PrithIMainupunc 0 2 Chiornmiucnc It. 4 -Ch luruo,iacttc li 1.)-Dichtoruhenzenc 11 I,4-Uichlnrubcnzcn: 11 12-1) ilhlt,r'uhumecnc 11 1.2-1)11,09110-3 Chlornprupime 11 1:! 11. 11 11 UNITS ms/Kit Page 8 February nary 12, 1999 Submission # 9902000537 Order ft 90012148 PREP CompQAP# 9211323 FIRS Certification,/ E86349, f16413 Sample. 1.1).: SB-2 2-4` Collected: 02/08/99 11:211 Received: 02/09/99 18:00 Collected by: Pat Foxx METI)01I Ing!ICg 10g/tip. 11 . Ding/KR 11. I ,1g/Kg Ing/1Cg mg /Km DETECTION LIMP. DATE DA'I'K AN,SLtBTTTn F.XT. ANALY. 53:31,1i3:13 503111111?1R 5070,L111n 5030;;: 11113 51130/IO2.Iii mgt/Kg. mg/Kr. 0.100 100 0.100 02/11090 02/1(1/99 02/10/90 01110!90 02/10/99 02/1109 RGi1 0,1100 112/111/99 (2/10/99 0.100 02/10/99 02/1(1/99 1(I30!ii 2110 503114 .;2111 5030,>. 1.210 5031;,h1:2tB 0.1(1(1 1)2!10199 02/10/90 RCFI goil RCOFI 0.100 02/)0/99 02/10199 RCFI 0.100 0200/09 02110/99 RCII 5030 ).,2113 mg/KG 0.100 02;10199 02/10/90 RUH 11.100 51):91f101.1113 nag/ICg mg/Kg 4.1(10 04'.101)9 0:/10199 RG11 02/10/90 02/10/99 RG11 50301,32111 50311/0210 0.100 117/1(1/00 02/10/091 IRGll 0.1011 12/10/90 02110/94 RCM mg/TCg 505110102111 rng/flit 02/10/99 02/10/99 R(.111 50iI1lM02111 n,gnig. Ing/Kn 0.1(11 511311'0218 0.100 .5030, 02113 0.111(1 02!t0100 (2/10/90 132!10/14) IRCII 02110/09 RCII mg/TCg sow itr3 0,100 0'2/10!90 02110199 ItGH (2/10/99 02/1(1/9» ECM EUCLAR000220 Mr. Ken Baughman Ed Clark l ugincers-Scientists 7270 NW 12th Sl.rcet, #740 Miami, Fl. 33126 Site Location/Project Milnni,Glarida. 9908 -PARAMETER .! .4-Tr70h i nmh a nzen e Ite.S111. l' Ib: Kachl0ruhuunGutc 1.2.3-Trieillnmhenzene r 1270C PAhL (010) in SOILS and Wastes Li' GC -MS ' NlylhlluiIcna 1119 2-Mcnl)InupEtihalnte 141 11 . 1: Marhyinnnlilh tuna 111 ) Acenaphl hen: 1,1 Pheuan1hmile RI/ Pluurannene. 111 LenLn(a111 nillrdcC!u 113 Ilanzn(h)Iluuramhanc 11) Ifientutaillyrene 1)1) I)enzn(ghi)pelvlenc 1.1 1 55 1i Accnepill h) icuc 131) 19uureat II 01 Aaiun/tiny: Itf i vll Py rune ❑' ()NITS mg/1011 111g/Kg Page 9 February 12,1999 Submission # 9902000537 Order # 90012148 GULP CompQAP# 920323 Ii11S Ccrtil'ication# ER6349, 86413 Sample I.U.: S13-2 2-4' Collected: 03108i99 31:20 Received: 02109/99 18:00 Collected by: Pnt POxx PICTECTION LIMIT PATE EXT. DA'I'R [ANAI.1'•Sr ANALY. 51130, al P.1111 51131.1/60. 111 nljl11(11 0.1111 0211(1/07 0.1011 02/10./9<) (12/111/9`) kcll 02110/09 Kill 511311;s11, 11.4 mg/Kg ing/Kg 0.100 02/10199 011111/'F) RGFI 1 35511/!:'' uC 11.330 mg/Kg Ill(!/ICg 35508.' '0C 1.3311 1(2/10/99 02/11:99 EG 02710/09 02/1!'991 !=G 15501 YL! '0(7 0.330 02/10/90 02/11/99 IG .15511111.1 'OC. 0.330 03/10:99 U3/1i:00 3550/!1 !IOC 0,330 mg/Kg 3550/:1: 101' mg/Kg 3551): is 7017 Ing71(6 02;10/99 U.330 02/10/99 0,33(1 121111')') IiG 112!11199 1j MG -1 112/10799 02/1199 EC 112/11/991 IiG 02/10/00 i 02111/991 Ii G J 0211(1/99 02/11:901 F.C! 3551,'4170( 0.330 02/11)/0`) 3550/5170C mg/Kg mg/Ky. 0.100 3551111! 7110 0.330 355111 ft.:70C 0.330 3551in::700 mp/Kn rng/Kg 0.330 02/10/00 U2/10i99 02/)1:09 1 1•:G U2/11:00 1 EC! 35511/1. '70C - 0.33(1 02/10/90 112111/99 [ 3550.11. 700 0.330 02_/10/99 (12/111,19 H CDCLAR000220 Mr. Ken Baughman Ed Clark Engineers -Scientists 7270 NW 12th Street, 117411 Miami, FL 33126 Site Location/Project Mianhi,Plorida, 9908 PAttAMETCR Page 10 February 12, 1999 Submission # 99020011537 Order 11 901112:148 FDEP CoinpQAP# 920323 FIRS CeVIific;llinn l 1186349, 86413 Sample 1.D.: S1i-2 2-4' Collected: 02/08/99 11:20 Received: 02/09/99 18:00 Collected by: Pat Foxx Rl'.tiY,Y: P (:hryscnc 01)1 0c n7.1)( A it lnarincbute Inacn❑(1,2,3-cdlpyrtne A i he n znc a, h)nnrhne m e UNITS nig/Kg ntriKg DETECTION LIMIT DATE DATE ANALYST 67aT. ANALY 355Ur9;:7t :: 0.310 02/10/'99 02111/99 3550/3.7 702 mau 3550711700 3350/71; 70C. 0.330 02/111/0 02/11/0') EC 0.310 0.1011 02/10/99 02/10/10 02/11/09 FO 02/11199 1511 ARViR F)DL: Indicates Analyse is Below Detection iimil4'*a`Mf:DI'': Matrix GI'I'clslxl 1?lutic n Factor°,1..1. *"Wort: Subcontracted to Outside Fah, t).:rn,Ied by FIRS Cert 117 in Analyst I told" r,e *oQualilicr following result conforms iu 1,AC 62-160 Table 7 i°*`r}'rtlnic..'14terwise noted, mg/Kg denotes wet weieitt % 4'4'4'62-770: I1 the MDL using the most nenliiive and currently available technology is higher l.bau a specific criterion, the PQI_ shall be used. Cells: Al.=//:11180, Cr, =#PI10217,, Ks. —11E270 -I- 131245, Ky.=#90027, La #9601, Md.=11271, Ma.=f/M-FL535 NC.=#539, ND. -1112163, OK. -4119523, SC.=#96023, Tn.=h"rNO2la26 Michael . Spitzer, Laboratory Director EDCLAIt000220 T Mr. Ken Baughman Ed Clark Engineers -Scientists • 7270 NW 12th Street, 174(1 Miami, FL 33126 Site 1.ocutinn/Prnject Mlnni,Florida. 9908 PARAMETER Page 8 February 12, 1999 Submission ti 9902000537 Order,/ 90012148 MEP CompQA I/ 920323 EMS Certification,/ 1:86349, 86413 Sample I.D.: 511-2 2-4' Collected: 02/OR/99 Received: 02/09/99 Collected by: Pat Foxx • 1t1St:1.T UNITS I1:20 18:00 tiicii an DETECTION LIMIT DATE DATE EXT. ANALY. ANALYST ^--.i IY+ins-1,9-Di::11111K lrn(1cllc 1,1,2-TeiChlnrDC111nP,L - i 1.3-DIChlnmpmpnne F., -I etradllu ruci(icae n ill omochlorn met hone 1,2 D ib rolnoe l lnl lle mg/Kg mg/Kg 043114 n1FiKg 51130,M0 till 5030+b 11113 5030/1101113 50301.11 1113 .51131''3.;!10 0.100 02/10/79 02110./99 11.100 02/10/99 02/1010/) RC31I RGII 0.100 02 / 1(1,09 02;10199 RGH 11.100 02/I0/9( (17/11)/97 RG11 1 0.1110 02110199 't' Chinrnhenzene /call. t3rumtiuliz,n: j 4a"i 1.1 1 Tcnn:hlaroedtaur • NrnlnuIurnl mg/Kg 5113(1/31,1113 0,1011 02/30/99 02/10/99 10/07 RCM 'LGI I 51130/m01113 mg/Cg 0.1101 02/30/99 02/10/90 UGH 503013i 1:3 mg1Ke 0.100 112/10/47 02/10/99 8(11-1 51)30'X0210 IngiKg 5030/111`,215 1.1,2,2 -Ten a.:1110melibmc 1 ,2,3:I7ichiaropi ul)nnt Chlnrnlnlnune 4-Chlornialuime ingg1Kg 50300911113 0,10(1 0200199 02/10/49 13tH 0100 02/10/90 02'10/99 RG11 0,11111 02710199 5(3311:£1.; 113 0.100 02110/)0. RCII (12!10/97 02/10/99 RGH Q mg/Kg ,3-13iuktorobemmmc mgiKg 511301$:.210 5030,F.::11 R 11.1(1(1 02/10/00 3)2/10/99 RGH 0.100 02/30/99 02/10/99 1,4-Duhlnrubenzenc 1 `-Aich)orobcnzc-nc 1 2-Dil lamiu-3-Chl; nnprnplmu nip14 50311,$.2113 mg1Kg 3)m/KR mg/Kg 5031li&+21/3 101,1 r,:¢lp 51130//;;121 (1 0,1 AO 02/10/00 02110/99 0.11111 02/10)99 (32/10!99 RGH RG11 RGH • 0.100 02/10/90 0.100 02:10/90 1122E10199 02/10199 RCN xGl� Er)CLA1t000220 Mr. Rea l3angbnum Ed Clm'lc Engineers -Scientists 7270 NW 12111 Street, #740 Miami, EL 33126 Site Location/Project Miami,Florida. 9908 pARAAiETEI( RES'til:t' UNITS 1I) 1.2.4-Tricillnrobencene FlcxacMurchuwdiena 1 2 3-Trichlo Ulhell7tlll METIi)i: F011 n1p/Kg (till nlg/Kg 11111. 111(:/Kg 8270C l'Ahin t 610 in SOIIS and Wastes by tie -MY 'I Nnpbrhalrile 2-Aleihyl n3plitnn lent Page 9 February 12, 1999 Submission # 9902000537 Order # 900'12148 PREP CnmpQAP# 920323 HRS Certification# 1+:86349, 86413 Sample I.D.: S13-2 2.4' Collected: 02/08/99 11:20 Received: 02/09/99 18:00 Collected by: Pat Foxx DETECTICIN DATE DA'T'E ANA CYST LL'vlr1' EXT. ANALY. 51.)30/140! 111 0.100 50300102113 ((2/10/99 02/11/9+) R G1 -I 0,100 02/(0/9') 02/10/no tiGl l 5030/81,2 113 H 111)1 mg./1,1g MEI)I: 11111 rrlgiICg 1-Merllylunpl olaicnc Acaury)Inncnc POrmunhrent Nhumnnbene J 0m¢u(u1a9Intaccne a 11111. Illjt/K,II (1111 mg/XS 11.140 02/10/99 02/10/09 R G H 1 35511/142 0C: 3550%9:' I ic: 3550+'1'.00: ((.330 02/10)09 02/11/99 lift 11.33(1 (12,10/09 02/11/99 EG 0.330 02/10/90 02/11/99 1]G 3550KY:'' 0C 0.330 02/10.99 02/11;99 FO 0111 ing/Kg 0111. ntg/KCg Tic r0n(1,) 11uuranlltcnc Oeu.cu( pyrent 01)1. ulg/Ry` 355IIt C'" 0C 0.330 02110109 02!11/99 EG 35,5110r:''01.' 0.330 02)r0t99 02/11/99 1:G 355(1/,7 )01.'. 13111. mg/!Cg tse nzo i t 11 i; p girt' 1 e ne. r L ActONphillyltuc Nlaurenn Allrnrleene I'yrene 0.330 02/10/90 02111 /90 355(1/1: /(1C 111)1 n11:i1<g :15:10A.!%01:: 14131. nlg/lCg 3.550/d!Y0C HI?{. nlg/Ke 3551118 70C 111.1. nuc/Rg 0.230 (12/11/99 02/11/99 0.100 02/10190 02/11/02 0.330 02/11)/99 02/11/95 11,330 02)10199 02/11/99 355(176? 70C 0 04 mg/ICg ILG 0.330 02'10/99 02/11/99 fat 35511/E) /Or (1.330 02/111/99 02111/99 11G 355011... 70C 0.330 02'10/09 0_2/1199 N.1/ PDCLAR00022D Mr. Ken Baughman Ed Clark Engineers -Scientists 7270 NW 12111 Street, #740 Miami, FL 33126 Site Location/Project %4imn1,Florida. 9908 PAKAMETER It EMI C hryxunc nenzo l 1t )finomm Ilene UNITS Page 10 February 12, 1999 Submission # 9902000537 Order # 90012148 1 DEJ' CompQAP# 920323 HRS Certif catjon# E86349, 864I3 Sample 1.0.: 511-2 2-4' Collected: 02/08/99 Received: (12/119/99 Collected by: Pat Foxx 1120 18:00 \Into m DETECTION DATE DATE ANALYST LIMIT 6X'1'. ANALN. 35f..'?d n0C 0,330 02/10.99 02/11/09 14131 trig/1<g 101 11 mg/Kg 3551ip1 ?7110 0.330 02'10;99 02/11/99 Indcnn(1,2,3-c¢Jpyrene Aibonzo(a.1,)antaacenc HN1 hill mq/Kg IngiKe EG 355t11v1170C 0.330 02.110;97 02111 P19 355�i?Y. ?7i]Q 0.100 a211 W9b IRA I?99 '1' " K'BDL: Indicates Analyse is Below Dcie.uan Li tit:I::'^:MGDF: Matrix EFiel. eel Dilution Factor`F*,1, **"Wort: Subcontracted to Outside Lahr ix:noted by HRS Ceti ID in Analyst. Field*** ''*'Qualifier following result conforms to /LAC 62-160 Table 7***°1°**Unless ntht:rwise noted, mg/Kg denotes wet weight '1:*t.62-77u: If the MDI. using the most seusiiive and currently available technology is higher than a specific criterion. the I'QL shall be used. Ccrrs:Ai.=#41180, Ct.=#PF10217, Ks =dli:?70 + 131245, ICy.=#90087. 1-. =1/9601, Md.=#271, Ma. —#M.-1:1-535 NC. =#539, ND.=#R163, OK. =#9523, SC. =#96023, Tn.=#TNtu2a26 Michael : . Spitzer, Laboratory Director IEDCLAR000220 Mr. Ken Raaginnan 1:tt Clarlt Engineers -Scientists 7270 NW 121h Street, #740 7 Miami, It 33126 Site Location/Project M iami, l/lorida. 9908 , _PARAMETER R1i:.!.:) 8021•!1 VOA 180201 Cornpounit in Snit & W,t 1r Gi • Methyl lurl-butyl-u het 1in Vrne Toluene f! Cklurubeazenc 1310 EIhylbenz+;ne I� u1 & p) Xyicnt f b- Xylcne 1,3-PichInrohcnzenc ! ,•1-l)ichluruliei,zenu 1,2-Dichion'thcnzenc 110.:1-13 1)Icltlnnrdi fluurcnue0lnnc ( Clilur+nputhlmc ,1 Vinyl ChInfiLle 13rnmunicllt:rn4 011 you (8010) Cum poun1 in SE01 & W050: 1 ,1' Ch]nnu•.Ihaur '1'riuhl,m 11 iornmethnne 11 UNITS mg/ Kg MtICTII1 P!) Page 11 February 12, 19(9 Submission H 9902000537 Order # 90012149 MEP CnmpQAP# 920323 111tS Certification,/ ES6319, 86413 Sample I.D.: 511-3 2-4' Collected: 02/08/99 Received: 02/09/99 Collected by; Pat Foxx 12:20 18:00 DETECTION LIMIT DATE: DATE 1 ANALYST EXT. ANAL!'. 1 90!/Kg 5030010118 0.100 11_2/10/99 5(Illl!1]0.lID ml/Kg mg`Kg 0.100 51130/11111113 0,1110 02/ 1(10)1) 02)10/')9 PMD !12/10/99 PM 021(0/9') IRI101'09 PMD 5010!110!113 mg/Kg uigllCll 0.100 02110;09 02/10/99 MAD 51)311mu.'1 fl 0.1110 02/1(1/99 50308110.' 10 11,1081 02/10109 02/10/99 PMD (12/10/99 ,5113(7100_ 113 91133(1/xl, 113 meilQ nir/Xg 0.100 02110:99 02/10/99 PMD 5010'M1. IR 5030010:1 lI MIil)f 0.100 02/10/99 02!10/99 PMD 0.300 021111/00 1)2;10199 0.3(10 0211(1199 02/10190 PMD '1 mg/Ke mg/Kg 50311/001111 5030!1! 1 1111 mg/Kg 31.11111 02/10199 0211 o/99 0.1(1(3 S030/1011113 ntlyl:g 503(1':117! 113 11.1011 02;10/99 02/00/99 ?MD 1)21101+99 02110/99 PMI7 0,100 02/1(1/90 (12/1(1/019 mg/Kg 51131+/:.0 i! 1 B 0.100 O2)10/09 02/10/99 n+g/Ku 5039/802113 0.100 432/10199 02170/99 PMD EDCLAR000220 Air. Kett Baughman L— Ed Clark Engineers -Scientists 7270 NW 1211 Street, #740 Miami, EL 33126 Site Location/Project Miami, lorida. 9908 H.PARAMETER Page 12. February 12, 1999 SIIImiission 119902009537 Order # 90012149 PREP CompQ.AP# 929323 1AtS Certification# E86349, 86413 Sample 1.D.: SB-3 2.4' Cnllectcd: 02/08/99 Received: 02/09/99 Collected by: Pal Wlxx 12:20 18:09 1.1-1Dicidureclheue Mc0ly how Chloride Tlans-1.1-DIehIni ellune 411 1.1-0icliluroethen.. 2.1 -Di chlnroprop:i nc !1 '1' UNIT/ MI'sTII1 ID DETECTION DATE DATE ANALYST LIMIT EXT. ANALY. I+UI nig/Kg 5031N.i.i21I1 0.100 02_1111/09 (12_/1(1;99 Cis -1.2 -1) is l l l a meths u c Cllluroiornt 13 rnrllOC II (that 111 yha Ill! 2 3.1.1 Trichlorouthaoc I.1-Dichlnrnprnpeoe. Carbon Tumchlnndn 1,2_..Dichlnroclhunc PMD 13111. mg/Kg 5030/.1•12117. (1.1110 02!10/99 02/10/99 PM1) 111 11 mnilcp, 3IL'!il/i1J210 0.14111 02_110/09 112/10/90 PMI) 01'1. mg/Kg 10311/11,)213 0.1110 02/10/09 02110/99 PMD 1011 n;q/Kg 511311/i 321(3 0.100 02/10;00 02/10/99 PMD DI l cup/Kp. 5(LL0wiu2113 11,100 02/10/99 02/111/09 PMD (1111 mg/kg 501,,vh 12113 0.100 03/10/90 02)10/99 PMD 10'1 mg/Kg 5030/w02 In 0,100 02/10/99 02/11/99 ',MD 11131. ,ng/ICg 5020,1412113 0.100 02/111/49 02/10/99 PMD IIU! mealy 50:01,021n 0.100 02,10199 02_110199 PMD 111)1. n1g1K8 .5117W*,(121D (111111 01:'10,99 ((2/01/90 PMD (ID) mg/K8 510111!01213 0.100 112/10)99 02/10/99 PMD 11111. n1g/K11 50:1111 H12111 0.100 0211011)1 02/10/99 PMD 13111. Ittg/ICg 50311,1- 02113 0,100 02/11/90 132710/09 tow Tricldnrncdtanc. I Did1lnroprnpunc (3rnm:ul ichlnreolefin ne 2-Chlnrnclhylvinvl 0llier 011,111111111neIllmlc Cirl ,3-Dicllnrnprlrpcne PMD 1111, mg/Kg 511:111,'/ 02ID 0.1110 02/10!9') (12)10/99 PMD 010. mg/Kg 5010'i1)2113 0.100 02!l0/90 1121111/09 PM 1-1111 mg/Kg .5070'1.02113 0.100 172110/90 (12/10/10. PMD OM. mg/Kg 5030'102111 0.100 02/11)/09 02/10/99 PMD. IiICLAR00112211 Mr. ICen Baughman Ed Clark Engineers -Scientists 7270 NW 12th Street, #740 Miami, 1''L 33126 Site Location/Project Minmi,T larida. 9911/4 Page 13 February 12, 1999 Submission # 9902000537 Order 11 90012149 FDEP ColnpQAP# 920323 FIRS Certification# E86349, 86413 Sample 1.U.: S1t-3 2-4' Collected: 02/08/99 12:20 Received; 02/09/99 18;1111 Collected by; Pat Fox); PARAMETER RESI a: r UNITS MIE'1'IIe rD DETECTION DATE LIMIT EXT. DATE ANALV. 02/10'99 ANALYST Trtns-1,3-Dichlornprnpenc 01'1. mg/Kg 5(1!1(1/.1.(1113 0.100 02/10/99 PMD 1,1,2-Tridtlwucllrwe 11111 1ngfKg ,501116h1P13 0.11(11 0211(1/99 02/10/99 ['MD 1.3-Dichlornprop:me 0111 ing/1Cg nlgiKg $0311/111218 0,1!10 112/111199 02'1(1/97 )SID Telraeldurumtmnc ItNf. 50311/4:13 0.100 02/10/99 112;111/99 I'MP 0111, mg/Kg 5031/-'12(1) 0.100 02/1(11'19 112/10,197 PMD T Dihrnninel0ommetluln l,}Uibrumucthulle I IIII mg/Kg 101:10R 92111 0.100 02/10/90 (12_.'10199 PMT) ® ,--- Clilnrobenzcnc 111.9 mg%Kg. 50:111902 IR 0.100 02/10/99 (2/10109 Pt1D Iiromohcnzcnc 0111 mtl/Kg 10:10//1.12 ITi 0.100 02/10/09 02/10/99 PMD 1,1,1,2-'I'etracldurneilrulc 0111 nlg/Kg 50310.1219 0.100 02/10/09 02110/79 1,MD ('MI) I, DrwanOurm 11111 mg/Kg 50300i.i21I3 ((.111(1 02/10/99 02/10/09 i,1,2,2=rc r chimmellr,mc 11111 mg/Kg 50:30/x1,12113 0.100 !12//1/09 112/10/99 PMD 1,2,3 Trichlnmprnp:uw BM mg/Kg 5030/w,12113 1.1(10 02/10/1/9 02/it}/99 Pmx1 _2-Cldulillnincllc 11111 inr/ICg 5030M02111. (1.100 02;10/99 x12/10:90' KW 4-Chlnl'obllucne 010 mg/1Q. 507.10/M1210 12113 0.100 02/10/99 02/10/99 PMD 1,3-Diclllmubenccuc 1101 mg:ICR 5024l,3021D 0.100 02110/99 02/10/'19 PMD IA-Dlchlnrnharccne 11111 nig/Kg .51CIIun:12113 ' (1.11111 02110/99 02/1019') PMD 1,2-[liairluruhen2erm WA Ing1Kp .51}'119/0218 1,100 1)2/111/99 02/10/99 02/10/99 Ph10 PMLI 1,2-Dibrnnm-.3-Chloroprnpwm 100. - nit/Kg 9010,1,02(1) 0.100 (12110;90 EDCI1AItII00220 .1r. Ken Baughman Ed Clark Engineers-Scicntisls 72711 NW 12111 Street, #740 Miami, Fl. 33126 Site Localion/Project ;r'1iami,Floridu, 990s '`fARANIK'FKK J[1,2; 1 Trid 1103/0enzem itro,l'!1:I UNITS Dexachluruhuunilune �a 1.3,3 Trichlorolknzcnc if (2700 1110 PAIIs (6101 m SOILS mKl WaxIc3 by GC•M:C NHphdudcno 2 M1tcthylnaph'halene I-Mcrhylnapblbalcnc 111'0. I AcenalihlheOc Pbctsitnlhrene Flu1 nVmbelie ,«1: 1lcuzu(:r lunill m eclle 13e.nzo(li ilinmmmda ne F�I, Penxnf:ypyrcne Oenurtglliplcrylalc Acenaphl11ylone Ilunrenc >d1� Amin':icene MET11+1r Page 14 February 12, 1999 Submission # 9902000537 Order // 90012149 EMIT CompQAP# 920323 13RS Ceitilicatinn# ES6349, 86413 Sample I.D.: SB-3 2-4' Collected: 02/01i/99 Received: 02/09/99 Collccted by: Pat Fnxx 12:20 18:00 DETECTION LIMIT DATE EXT. )030!'0:1❑ 0.100 5030/31(1:! 1 a 0.100 DATE ANALY. ANALYST 02/10/0') !2/10199 02/30199 02/10190 PAID NOD mg/Kg 5030/113:'113 mg/Kg mg)1Cg 0.100 MIDI' 3550012 roc: 35511/32700 1 02)10100 (12/111/99 PMD 0.330 (1.330 02/10/00 02/10/09 02/11/00 O'/;1/99 mg/Kg nrg/7Cg rmiF4 355002100 3550/31;0C wg,7Cg 3551012-.0C 355011C. Of: mg/Kg Mg/Kg mg/Kg mg/Kg 0,3311 02/10/90 60 02.11/99 EC 0.330 01/10/99 02/110/ GG 11.33(1 02/10/99 02/11/99 0.330 012/10/99 3550',:' lit' 0.330 3550/FC'OC 0,3311 02/11/')9 EG EC 112/10/99 02/11/0')0 02/10199 112111/99 355010.!' '0(7 0.100 112_/10/99 (12111/99 ECI 35513111!' '0C mg/Kg 11.:13(1 (12_/10/99 3551/1'. 19g/Kg mg/Kµ 0,330 02110/99 02//11/99 EC1 • 02/11/99 LG • 35511/14.! IOC 0.330 02)10/90 35541/3.170C mg/Kg 35511/32 MC 0.330 02/101'99 0.330 02)11/99 H 02)1 1 /09 GC 02/10/09 02/11/99 EG EDCLAR000220 Mr. Ken Baughman Ed Clark Engineers -Scientists 7270 NW 12th Street, 11740 Miami, 11.33126 Site Location/Prnjecl 1lisnti,l'Iorida• a 9908 PARAMETER RI St I:1 UNITS i Niiln(k)11tIon n}IWue 1n. Ienu(1,2,3-cd)py rant; p hcn<uia.hlxm hnlccnu Page 15 February 12, 1999 Submission # 9902000537 Order # 90012149 FDEP CampQAP# 920323 UItS Certification# E86349, 86413 Sample I.D.: SR -3 2-4' Collected: 02/08/99 12:20 Received; 02/09/99 18:00 Collected by; Pat Foxx ii:'I'I I(nl DETECTION DATE DATE LIMIT EXT. ' AN.ALV. ingiNg 355f)! :700 ANALYS'I 0.330 02110)99 02:11/x0 LIG 15511'tl.i' ii1C Ing/Rg fns/Kg 3550/8270(' 0.330 112/10/99 021(]n$) 0.330 02/1 OM - 02/11/99 EC 3550/8 270C 0.100 01/10M 02/11/00 CG Iti)T: Indicates Analyre is Below Dctcc:itm Lil tit***M EDP: Matrix liffeeo d Dilution facrorM** '"'1°'"\V(,rlk Subcontracted TO Outside Labs Ik•m,ted y FIRS Cert ID in Analyst 1 ield'I'** """'Qualifier following result conforms to 1'Ai: 62-160 Table 7'N!"i"1"T"`LJInless otherwise noted, mg/l(g denoteswel weight the MDL using the most sensilive and currently available tech nnurgy is higher than a specific criterion, the PQI, shall be used. Certs:Al.=/141180, Ct.=#PH0217, Ks. —if .?70 + F1245, !Cy. --#900R7, La =#9601, NW, =an, MR. =#M-PL535 NC. =11539, ND. =1112163, OK —111623, SC. =1196023, Tn,=#TNI:i2!•26 —Michael 4. Spitzer, Laboratory Director r LDCLAR000220 Mr. Ken Baughman Ed Clark Engineers -Scientists 7270 NW 1.211 Street, #740 Miami, Fl., 33126 Site lawation/Pro-ject Mialni,Florida. 9908 PARAMETER Page 16 February 12, 1999 Submission ft 9902000537 Order 11 90012150 FDE'P CompQAPtt 920323 !-IRS Certification!! E86349, 86413 Sample 1.1).: MW -1 Collected: 02/09/99 07:00 Received: 02/09/99 18:00 Collccted by: Pat Foxx liESI :1:1' —PNrrs Si121.0 VOA {602} CumpumaIs in 1WOce ley GC Mcl h)'I-1 crt-1)11 qd-ai)c1 'lament Toluene C'hlucu6e'tale El hylbe ncnc 111 &. 1) xylene 9- Xylem; 1,3-DienIdrohcnzcne I,4-I:iiJdo ruhnniane 1 ,.2-PlchInrnhcn%el1e fl l?1.0 VOTT [410 1} Compounds in 1;'a icr h' OC' Pichlornd,f 11111 nnuethanc Chlum,neihnn, vinyl Chloride (3ruuuuuelhane Chlornc)hane Tricldn roflun rnnl cl ham 11111 Put NIETO);;ID ME I' ug/L 51).9i/9.011i ug/L DILTECTIQN HIATT DATE EXT. DATE ANALYST 1.000 5034i/8.12111 1,000 02/10/99 02110199 Pam 02_/10/99 02/10,97 PMD ugil_ ug/l• 50iPrrk1219 Llnn) 02/10/77 02/11/99 Smut/'ni)2lD .000 02/10/99 02110/00 tlglt 50 ii 11!4;12111 1,(101) 1)2110:97 02/10%09 PAID PMI) 501;10)021U 1.000 02110:99 02/ tom uglt ugtI. 511301',02 lit. 1.006 511:101:,0211) 111.11. ug/L 50:101911'_ 11) 50311,11112IR MPEll 4.000 PAID PM D 02/10109 02/10/99 0?/1(1199 PMD 02/111199 PMD 1,000 (42/10/00 02/10/99 PMD 1.0110 .2'1;02/10199 11°•10/91 PME) 1 1)t /1- 50:116 1112 1 1) I .ono 02/10/90 02110/90 50:10: ),02111 1.000 02!10/90 5031, 02111 urn., ugtt 1.(100 021111109 02/1(1/99 1)2!114/99 50'311, , 0210 514;0 •I 11:11T1 50-013 02113 1010 02110/99 112110.119 PM P PMD PMD PMD 1.1101) 02/1094 1.11110 02110/09 i+MC) 02/10199 02/10/99 PMD EDCLARO1n220 Mr. Ken Baughman. Ed Clark Engineers -Scientists 7270 NW 121h Street, #740 Miami, FL 33126 Site Location/Project 111iami,h9orulu, 9908 PARAMETER Rh;Sil 1,I-Uichlnrnclhcnc I.;U Methylene Chlnriae 111 t..>� Imo. Trans 1,2. Dichlacaul)ene 1311 1,1-Uichlnnre,hnnc 1411 2,2 Diehluruprupane 111 1 Cis-1,2-Dichlorocihene 011 Chlurulu,n, lil t nmmnchlmnmc(h;3x 01. 1,1.1 Tnchlulucl!lane I , 3 -Pith hnnproprne 1111 141 Carhnu Tel racldurjle It( 1,2 •Dic1I0,nethane 'l'rlchlu rucdmnt 01 01 1.2-Dichln,uplog-aut 111 13r0mod ichl91T1merltanv 111 2-Chhmr.-Ihy Ivioyl Iaher 111 Dih0}munnahvmc 111 Cis-1,3-U,cmuruprupent 111 1 Page 17 February 12, 1999 Submission // 9902000537 Order ?/ 90012150 MEP CnmpQAP/0 920323 HRS Certilcation# EN6349, N6413 Sample 1.0.: MW -1 Collected: 02/09/99 07:00 Received: 02/09/11) Collected by: Pat Foxx 1$:III) 1 UNITS MILT) N4) DETECTION 11011'1' DATE PST_ DATE - ANA I.Y, ANALYST 50011,117113 1 (130 02/10/90 02/10/99 _ PMT) 1 ug/L PMD ug/L 5020J'21R 1.00(1 02110/90 02110/0') 51130/10211 1.0(10 (12/111199 02/10/90 PMT) PMD ugiL ug!L S0_1ceES1211t 1.000 02/10/00 37/1(1/99 5030/10411 1,000 02/i11/09 02/10/99 PMD 9µn. PM 1) PMMU `VY.. ....... ug/L ug/L 50301012113 1 1.000 02/13/99 32/10199 511101,02113 10110 02/13/09 02/1(109 ugtl. 502t/N0211 1.000 02/10100 1.12/11199 PM ug'L itgil. SO:I 01211 St1.10;1;02113 1.000 02/10/90 02/10/90 PMD 1.300 02/10/99 (1./10191 PMD ug/L 5030!0 ct,IE 1.000 02/10/99 02110/99 PMT) PMD 1.111(1 02/111199 112110/00 5030 ;;1411 ugIL uµil- Sasinu J210 1.000 32/10/09 02113199 PMD 1.0110 1 32/13100 02/10/09 PMD — - ug/L �Y V^ --- pg;l, 502.01g 0210 Mr4iI'IiI121N 1.000 02/111/09 112/10/99 PMU 1.003 02.'10199 02/10/99 PMD 5(130113211 . affil. -_- 0µ/L , 1.000 0'2110/09 02!10/09 I'MD 505090210 1'Mi) 11g/1. .__. 5113(11112113 1.000 1)2/10/99 I)22/13/99 ---1— EDCLAR000220 Mr. Ken Baughman Ed Clark Ungitteers-Scientists 7270 NW 12th Street, #7411 Ltiami, FL 33126 Site Location/Project Miatni,Flarida. 9908 PARAMETER fl -1,1-Djcllh>rnpmpene 1111 I ,I 29ricllluruciIiinc 1 1 1 1 I! ;., 1,1-IJIch1rinprnpone 01) ..� Tecrachlurne(hcnc Hp 1)ihrunluchluminahnlx 01).. , 1.2-Dlhrnmonhrne If IT Ch lornlxnzcrle 111): — Iirumnheliz n1, 11111 I T ./r((((ind rn, 1,12,2-I'urrnchlnracchnue "'. 1,2 3-Tricll Iurnpr0p:nu: 2-Clllnrnminonu 11111 4-Chlnrumluene 1, 3-Dichlurilberizenc UNI'I',,s NWITIOD Page 18 February 12, 1999 Submission # 9902000537 Order # 90012150 - MEP CompQAP# 920323 HRS Certification# ES6349, 86413 Sample i.t).; MW -1 Collected: 02/09/99 07:00 Received: 02/09/99 18:00 Collected by: Pat Fox, DETECTION LI1UIT 1111.1,. ug/L u(1/I. ua/I- ug/L 1.0.111 - 5030111.111 DATE DATE CST. ANALV. 1.300 1.000 1,000 02/10//99 02/10:90 NALYST 02:10/09 - P31tl 02110/99 PMI) 02//10/99 1.000 1,000 02/10/99 02;1{1;44 02/10/99 (12,10/119 5020'N0. 1E1 .5113NF0. III 001. 5030/M1.Iu 1.110(1 1)2/ 111/99 PMD I'h1D 02/10/90 PMD 02%111/011 PMD 1.0011 1.000 02/10/99 02_/10;09 PMD 112/10;00 02/10;99 PMD 0g/1, 5030//x0, 1E1 ug/L .000 10.10/x11, 19 503(1R0.. 1 G rig/1. 1111/L 111)1 .�I hg/1- ,`So. 1,4-DichlnrnhenzL1w !l 1 2-Dich1orabo,LL ne 1.2 Dihrumn-3-Chlnroprnp;rne 1.0001 02/10:97 ((2/1(1;00 02;10/99 PMD 02/13/07 1'Mi) 1.000 02?140/1)9 0?il'V9'i 5111110!10. 113 5(130/JS1i; 111 1.(11111 02/10/99 02/(0:o4 PMD Polo .000 02/10/99 5u3u,at1.' 113 u9/L I.Ig/I. 503014('/ i 13 50301:W1111 5(13(1):01;! 113 itg1. 5010/s32113 1.000 02110:99 PMD 02/10/99 112/1(1109 1 .ono PMD 02110/99 02/111(99 1.000 PMD 02/10/00 02/10/09 1.(1011 (12/10014 I .00(1 (32/10/49 0200/99 U22/101991 PMD PMD — PMD EDCLA1t000220 Mr. Ken Uaughntnn Ed Clark Engineers -Scientists 7270 NW 12th Street, #740 Miami, 1'L 33126 Site Location/Project Miouti,ilorida, 9900 PARAMETER Page 19 Kehrunry 12, 1999 Submission # 9902000537 Order # 90012150 1'DI.P CrnnpQAP# 920323 Hits Certification# 1216349, 56413 Sample 1.1).: MW -1 Collected: 02/09/99 07:00 Received: 02/09/99 LS:00 Collected hy; Pat Foxx RRnI!t:I' UNITS MLTIIC'U DETECTION DATE DATE: LIMIT EXT. ANA1.1'. 1, 2 A -TI ichlurnhenzcne ANALYST 1 131)1 ug/L 503(''MLL:Ipl 1.000 02/10/99 (12/10/09 PSICI Hexnchlniuhu nulicne 1;_',3= rnchlnrnUenu;ne '31'_7(1(1 PATIN (610) PI WATF-R by GC -MS (Inn. Tray, ji Nupinhaleoe 11 2-M c(hyinaph(hnlmie 1011 uglt. 563(/;0..18 1.0110 02_%10;99 02/10/99 1'R113 IIUI ug/1. 50:116'hll. IN 1.000 02110/99 02'10/90 PMU MFOF 1116 ug/L 351064T :GC 5.000 02/10/90 03/10/99, EG 11111 ugn. 3 i)0/H2'•0C' 5.0t)I) 02;10/09 02/10;90 EG 1-Melhylnnpinhnitme 0111. ng/L 3510/1i2;6C 5,01(1 02/10/09 62/11)/99 Auenaphthcne I'hennn6vrne. )''Iuomnlhcne Eencu(n)a PIllr,cene EG 111)1 uFll, 35111612'4 0C 3.000 02(10/09 02/10:99' F(1 NU1 ug/L 3510/32+ MC 5,0(16 02/10/99 62/10/99 EG MA. ng/I. 3510/4??6C 0.300 (12/10/90 02/10;99 PG 106. ug/1- 3510rn2'r11C 0.20G 02/10/99 02/10/99 0enao(h)11u4 crud eue TT.icutu(;0pyrene Iicnan(ghhpgry'lenc Acooph111y1elle 11131. 4441E 3510/12'%(1(' 6.^_00 06)1 ugit 151011;2 ?6r 0.200 1110. up/1- 3510'$2:3C 0.200 412%10/99 t)2/10199 L'G I+1)1. ng/T- 35I0'h?70C 3.000 02/10/90 (12/108)9 EG 02/10/09 02/10/99 02/10/99 02/10/09 Fluumnc EG EG EC GUI 0g/1. 3510/11:700 5.000 02/10/99 02110/00 F:(, Anihnteenu la uP%1. .IS 10142/'(' 11.&00 02/10/10 (11.10/0') 13("• ISM n(:/G 351R00rlC 0.1410 !12'111!99 (12110/09 EG 15. 1)CLAR0110220 Mr. Ken Baughman Ed Clark Engineers -Scientists 7270 NW 12th Street, #7411 Miami, FL 33126 Site Location/Project Miarn i, Florida. 9908 I' METER Page 20 February 12, 1999 Submission # 991120(10537 Order # 90(112150 EDEP CornpQAP# 9211323 DRS Certitication# E86349, 86413 Sample 1.D.: MW -1 Collected: 112/09/99 07:00 Received: 02.09/99 15:00 Collected by: Pat Fox, RISC/ UNITS C11"yse11c bertzc k111uun:1, hcmK filth: u(1,2,3-edisyrcnc RM. 11111 Dih nzn(a.lnits hnrcne 01)1. Mrititi D ap/L ugit. 351w,1, 70C. DETECTION 1 DATE LIMIT I? -1-T. DATE ANALYST A\ALY. 5.((111 0211 WW1 035. 10.'04 351 bd!i0i: ugiL 3511thi 1700 351111(t7CC CC 11.5(10 02/10/09 022;10109 0,200 112!10/99 (12/ 10/99 17C; 0 200 02VIWOO 02/[0/99 *,1:*BDL: 1tidtutles Analyre is Below pela:unn Litnit4a"KM131Jp: Matrix Effecle d Diinrioo Faclur lk t,:r*Work Subcontracred to Outside Labs D1•nnlcd by 1 -IRS Cert ID in Analyse I ,eld`I^I•a' *1"'Qoalifler following result conforms t,l VAC 62-160 Table 74,„ 1,t..1::1,Unless otherwise noted, nlg/Kg denotes wet weight'"' "1'1'62.770: If the MDL using the rnnsl sew i lye and currently available teehnobgy is higher than a specific criterion, the PQL shall be usctl. Cert s:Al.=7141180, Ct. =NPH0217, 1Cs. ••#1-.170 + G1245, Ky.=1190087, La. -4[9601, Md.-11371, Ma.=9M-FLS3S NC; t#539, ND: =11E163, OK. —(/9523, SC. -//96023, Tn.=/ITNO'F;'16 MichW�A. Spitzer, Laboratory ihrectnr 7 L. P:1)CLAR00R220 M, Ken Baughman Ed Clark Engines s -Scientists 7270 NW 12111 Street, #740 Miami; V•L 33126 Site LocutinniProject Mitrnli,l7nrida. 9908 ..ii PARAMETER ci'ER REM 11 812_1.13 VOA {0021 CnmpnuMs in water h • GC IIIII � Methyl-Wre-hn1Vl•elhur Rcnzcnu tINPTS Page 21 I1'ehruary 12, 1999 Sphmission 1199020(10537 Order N 90012151 FDEP ComppQAP# 920323 U:ItS Certification// F86349, 86413 Sample 1.9.: MW -2 Collected: 02/09/99 07:20 Received: 02/09/99 18:011 Collected by: Pat Fun METllult DETECTION LIMIT 111 11 ug/I_ lil0. ue/I. 100 ug/I- �, Clduruhenrcnc 1 I ��.. Elhylbcnaene ..e P &pXylnne 11. e Xylene Mf:1:?P 511311/110: I1 50300411.! 114 I 111. ug/L 1101 ug/L I1D1 ug/L IlI4 011/1. 1,3d31chlm1nhwueue 1,4-Dichlurnnennnc Li 1.2-tiidduru6en<rnc e'y1121.h VOLT 160!1 Cum Bill ug/L DATE EXT. RATI? AN L. S'I A?A1.Y. 1 1 (100 02/1 1/99 112/1 t/a9 PAID 1.000 (2111109 02/11/091 PMD 503(4111:113 SII311/h02113 5030/80!113 1:111 0}111. 1:1)1 ug/L uun4.s in laarcr b GC Dicldurndd Ianruniethant Cltlurellmtllanu 101011 0211 1/99 11'211 1/99 PMD 1.000 (12?11/99 (2/11/99 I'M1) 1,1111) 02/11/99 02f 11/99 PMD 1.000 (WI IMO 02;11/99 PbID 1.00(1 02111'99 02/11/99 ?NIP 1.000 02/11/99 02/11/99 PMD .`.031111111:' 113 50301110:' I it MEI)11 1.000 112/11/09 112/11/99. PMD 1.0110 02/11/99 12/11/99 1 PMD 1:111. ng/h 5030/W21 D 1(11)11 (12111')9 02/11/99 I'MD 9030/13{219 `,';" vinyl Chlnrida 111)1 ng/L Rrnn?nnwlhunc I1Dl ugit. hlnrnctha Ile Ttiehlni'nfluni omudlxne 11111 „u/1 511:1011;0 319 11111 ug/L 1.000 02)11199 0?'11/99 PMD 1,1(10 02/11/99. 02/11/99 PMD 1000 0291 /99 112!1 1'99 PMD 1.000 1.000 07111'9') 02/11)99 12/1 1712) 02/11109 1•MD PMT) EDCLAR001122o Mr. Ken Baughman Ed Clark Engineers -Scientists 7270 NW 12th Street, #740 Miami, FL 33126 Site T.ocation/Project r- Nliami,Efnrida. 9908 PARAMETER t$E_9111 '1 1 ,1-Digh to rOerhen UNITS METBC.l Page 22 February 12, 1999 Submission // 9902000537 Order # 90012151 FOLI' CumpQAP# 920323 DRS Ce til'icatiun# 11:86349; 86413 Sample T.P.: MW -2 Collected: 02/09/99 07:20 Received: 02/09/99 18:00 Collected by: Pat Toss DETECTION DATE I DATIL ANALYST Limn' EXT. ANAL1'. JI 1011 ne/l. 9113(1IMI: I 1 1000 02/11/09 O2/11,99' PMD 141.11. ug/L 51150'1,11, 1E1 1.000 02/11/00 12/11/99 PMD Melly lene (IhMnde T11ut,4 2 Diehluruethenc 1,1-Dichlaroclhanc L J.2-Doito upmpmlc Cis- 12-Dichlnrnahcnc 081 ug/I. 5030/Mi. 111 1(11(1 02/1 1199 02/11/199 PMII 11111 ug/L sfl:;o/hO. IR 1.000 02/11/99 02;11/99 PMD 11111 ny/L 5010IsO. 1(1 I.11(11) O2/I 1/99 022,'11/99 PMD 0111 HO. 5(1314,'x(1. 1.1:1 1000 02/11/99 (12/11/99 PYII) Citloruiurm ELI lirnint1c11 Inrn mah1111t. L..; 1,1 , 1= rricItinrnedmne 11111 ug/1- 5(131)11MOC IT:1 1.0(01 (12/11;90 Mt 1/99 PMD 1(111 ag/L 512t'xU. 18 211110 02/11/99 0222)11/99. PMD • 1.1 DicliuluIrupemc 111/1. ne/I. 513Wh0. 113 1.000 02/11/0O 0211/99 I'MU 11111 11e/I. 5030/,0.. ID 1.00(1 112)11/79 12/11/90 PMI) i� Carhn11 Fcoachluricc 1,2-UIcllInr,crii uc ;.,1.. Trichloroelhcnc 111.. . 1,2-U'ml l l nrl t p ru pu n c 11111 ag/L 5(13(t/s(,. 111 Lew, BTU mod icitlorwne(hauc 1.000 022(1;!/99 02/11/991 PMP 11111 ug/1_ 1 503!11141.. 1122/11/09 (13/11/99 11%11) MI ue/I_ .5!13100 I1'1 1.0(11 02/11199 02:11199 PMD 11131 twit. 50110/1., ID 1.000 02/11/99 02/11/09 i'MD —1 111)1 DWI. 503O9,0: 113 1.1)01) 02/11/09 02/l1/00 PMD rem! 2-(911nrnclhylvinvl Ether f, L-.. tlihrO111,,j,,.lhive IO11, ug/L 5030!(i. lt1 1.000 02/11199 02/11/99 PMD 111 11 II(17l. 51111'(, Idi -1.11011 117/11109. (12/1)199 i 1 Cis-1,3-Drchlmrnprnpcnc 11111 ug/L 5)31'x:O. 18 1.1100 (12/11/99 02/11/99 PMII I'M0 EDCLAK000Z20 Mr. Ken Baughman Ed Clark Engineers -Scientists 7270 NW 12th Street, #740 Miami, FL 33126 Site Locution/Project Miaali,Flarida. 99118 PARAMETER Page 23 February 12, 1999 Submission # 91112000537 Order # 90012151 FT/EP CompQAP# 920323 111(3 Certification# 1146349, 86413 Sample 1.1).: MW -2 Collected: 02/09/99 07:20 Received: 02/09199 18:00 Collected by: Pat Pots It7•:•til.l;; 1' 1111'1',3 METHOD 1)L'IZCTtOS IbYI'e: DATE LIMIT EXT. ANALY. 'hnns-1,.3-Dish Inrupmpem! 1,1,2-Trichloroethane 1,3-Dichlnrnprop;llu 're[rachlnrne[henc Dihrnninchloc nncI Ilan 1,2-Dihrunmetltane Cldnnthcnrenc fmtnohenzene ANALYST 1101. ag/L 5030!'3:i 1,,1'3 1.000 02/11/99, 02/11199 MID flI)! ug%I. 50301,01!IR 1.1100 02/11/99 02/31/99 PMD 131)1, ug%L 5030113,1!)13 1,000 02/11/99 02/1 1/99 I'M 1) 111)1 'Ig/I, 50:111•.)1!13 1.000 02/11/99 02/11309 PMD 01)1. 1/g/L 511313.':3')!111 1.000 02/11/99 02/[!/90 PMD 101 ug/L 5(1.10;011!10 1.000 02/11/99 02/11399 PMD P1 1,1,1,2-Tcuaclduruethnne flrumnhtrnl 01)1. 11£/L. 503[I/1111!IR 1.000 02/11/99 02/11)99 PMD 11111 ug/L 5030/@1!133 1.000 02/11/99 IL'/11/90 PMI) 111 11. lig/L Slldllnftl !IP 1.000 112/11/90 02/11/99 PMD 0011 1/g/l. 503091i' 1113 1.004) 020`11/99 02/11/')9 I'MI) I, I, 2, 2-1'tilnchloiclelllne ,.„, 1.2.'3- rich 111 roprnpanc 2-CI;IornnNucnc 4CLlnnnnluene 1,3 Dichloruheueme l ,4-D icl I I n rn h e nr cn c 00). ng/1. 50311910!113 1.000 022/11/97 112/11399 nip 1301 11g/L 50311;011.111 1.00(1 02/11/99 02/11/99 PMI) 1101 ugll_ 503111114'-111 1.1100 02/11/99 09/111')9 PMD 1101. nit`L i0:111'03t:II1 1,000 09/11/99 02/11/99 P114D till. ug:L 5030/110.1111 1.000 02/11309 02/11/99 I'MD 131)1 0(t/L 5030,H1C.111 1.000 02/11/99 02/11/99 N97D 1.2 Dicltlnn innreene ++1 1.2-!)ibm11111'3 ('.hlllml 1 upli1e 131)1 tilt/1.. 5030140 011 '1.000 02111/0') 02/11/90 PM1) 019 ng/L 503111111.10 3_0011 112/ 1 1 /99 02111/9') PMD EDCLAR000220 Mr. Ken Baughman Ed Clark Engineers -Scientists 7270 NW 12111 Street, #740 Miami, FL 33126 Site Location/Pru.jecl Miami,Florida. 99118 1 PA1(AM1.171( 1(1' SI 1 i ' 1 ' I.2 •l-'I'nChlnrr,hen7cno 111)1 ITexat llnruhwadien- 1111 1 _,3-TIic1110ruhun2eue 111) 3270C PAI-1s (61f0. ini4A'rl?R by GC -MS (Inn Tow) Nnphlhnlele 111 ) 2-Methylnnplullnlenc 01r 1-Metbybraphth:leitc 111) Acompb the lle 1114 Iliem INl,rene 111) ('111n1111n:kenp 111) PI I1 nzo(i)Ylmhrnxenc 1111 Reozo(Iriffunranlhene 1 11.1 licnzn(n)pyrzne - Ill! F ticnzu(ghiperylcfe III : 1CUllilhhflty'ial� 111'. nine 111' e Anthrnccnc 01. .: Pyrmn 111 UNITS MPc'rl u'm ug/L Page 24 February 12, 1999 Submissinn # 9902000537 Order N 90012151 PREP CompQAP# 9211323 1I12S Certil'ical:ionk E86349, 86413 Sample 1.A.: MW -2 Collected: 02/09/99 07120 Received: 02/09/99 18:00 Collected by: Pat I''nlca 5030/A, 1113 ug/L 5U7013�!t H3 DETECTION DATE I.IMIT EXT. 13ATIi i •lV:1L1'S1' ANAL!'. 1.000 (2111/90 (22111/19 PM1) {,1100 02/11/00 02/11/90 5(130111.' !113 MEDI. 4g/L 3S111111! '01.2 1.000 112!11 /07 1 12/11;99 MAD 5.000 117/10(00 112!)0/•) EG 3510/11' RI(' ull/I. ug/L 5.0(10 02/10/09 02/10/00 35101;{ t or 5.000 0^_/10!99 (12/10/99 LG 1:G 3510/N! N117 nen... uu/L 3.000 31211{/99 02110199 H(1 3510/11' 1OC 33{)111{ 4N1 ug!L ugll. 5.000 02/10/09 (12/10109 EG 0.300 02110/99 (C/111/94 F.C1 35111/8! 10C H ;03' ug/1. 0.200 !1.2011 02/10/'97 02,10/99 EG 02/10/90 IiG 35111iU /OC. ng/L 0.200 02110199 1:G 3510:81 1017 0.200 02/111/00 112_110/99 IiG 35111; UN: 7.11110 02/10;99 02/10/09 EG ug/L 3310/111 )OC ug/L 5,000 02/111/09 1)2/10;00 I_G 3510:;?! I01: -0.300 3510/1(! The 0.1(10 a7/10/00 02/10197 (12/10/99 F.G 7 r EDCLAR01102211 Mr. Ken Iluughman Ed Clark Engineers -Scientists 7270 NW 1211i Street, X740 Miami, FL 33126 Site Location/Pritiett Miumi,Florida. 9998 PARAMETER proaul:r UNITS MFlrl 3511, CMysene 1110 Nil. nentu(I<nIuor:rnihcnc 111» . agfL .}11th indeno(i;2,3 ed ryyreve 11!11. ug/L 35111, Uibenzot:1.h)anlhriccn, HD{ ng11. 35116 Page 25 February 12, (999 Submission X 99020110537 Order f/ 90012151 FDEP CompQAP// 920323 11RS Certification# E86349, $6413 Sample 1.0.1 MW -2 Collected: 02/09/99 07:20 Received: 02/09/99 18:00 Collected by: Pat Foxx DETECTION LIMIT tex.r. DATE 1 ANALYST ANALY. 17uC' .'.71101 77(1C h't7oc 5,000 02;10/99 0,500 02(10 0211 ")9 02/10/')9 02/11099 FG 02/1(11'x) 02)10199 33(3 0.2200 02110/90 02/10/09 EG lnilieatcs Analyse is Below Delc, tiun Lit1it4:41'MGIDF: Matrix Etfe.teil T)iluticn Factorl't's Ms's*Wark Subcontracted to Outside Labs I>enoted by FIRS Ceti 11) in AnalyM Fields"I* *'`*Qualifier following result conforms to FAO 62-160 Table 7'1'*-`1.4.4.1bilcas otherwise noted, mg/Kg denotes wet weigh'" -t i ^=62-770: if the MDL using the most sctisllive and currently available technology is higher than a specific criterion; the PQL shall he usetl. Certs:A1. =/141180, Ct.=XPTi0217, Ks.—.Nii270 t 01245, ICy. =/90087, I n =,99601, Md. X271, Ma.=#M-PL535 NC'. -X539, ND. =XR 163. Oh.. -.#9523, SC. =X96023, 7Yt. —Kr No 826 Michael A. Ypitier, Laboratory Director EI)CI.ARo00220 Mr. Ken Baughman Ed Clark Engineers -Scientists 7270 NW 1211, Street, #740 Miami, FL 33126 Site location/Project Minnli,Florida. 9908 PARAMETER It14,Stu MilTl B VOA (11121 Compound), in Wain" by GC: Mcily'I-In l -butyl -elms ONI Ran/silt (1111 Toluene 0111 ,. Chlornhcnzenc WA EUlylhcn7.:oe (a)1 m & p Xylrnc Mil .- n- Xylnne 11111 1,J-Dichlnrnbanzene 111)1 1,I -Di itionheiRene 111)1 J 1,2 Diuhlnrnbellzelu: 14111 11021.14 VOTT ft111 (`.nn l(Inundi in Water by GC JJ- DiuIllt,rt'dFllilrlrnnti'1141ne 111.11 I C1Ilintont:thane 1011 Vinyl (1bin,i le 1,1)1 1 R1)tnumetlnlite 11111 j. ChMrnerhanu but �j Tnglinrn tlunt,,ellmbe 11E11 .. 'i— UNITS IIR/L 3(g/I. 51)3(14(1 !III \111'1'11!'10 3(g/L uglL 3(g/I. ngiL ug/1. Page 26 February 12, 1999 Submission 11990201111537 Order 1/90012152 (MEP CompQAP/,/ 920323 IIRS Cerfil'ication# E86349, 86413 Sample I.D.: MW -3 Collected; 02/09199 117:45 Receiver!: 02/09/99 18:1111 Collected by: Pat Foss DTS tECTION LIMIT T DATE DATE I ,\NAL\ a t� EX'P. .NAIh . 1— ,1100 ,0(1(1 .1X10 02111;99 02/11/99 PMD 02_R1/99 022:11199 PM I) n2111%99 112111199 .0011 02;11199 .000 112/11:99 02;11/99 112/11/90 PMD .00& 0:/11;99 .000 02/11/99 000 .0(M) 02/11!19 PMI1 (12/(/90 PMD (12:1 1/99 (122/11/90 PAD 62/11;99 54131Jt)I6 i 713 1 .(IO 1 MI -DP (12111/99 EMI) 03.,JJU9') • 02;11/97 PMD 1 51)31)0301 i n ugit 02_111109 50:U1.31111 B 3(g/T. ,5030.411.) 1113 ugi. .000 02//11/00 02/1 1/99 02;1 1:99 IND reiD 5071/Nnz IR 511201h'1) IR ugfL 1.000 02;1 1/99 02;11109 112_/11/09 02111!99 (13111/99 5010, t.) 111 1 .(11111 PMT) PM D 02;1 (12_/1 I/90 4)2/ 11:99 PMIJ PMU EPCI.AR000220 Mr. Ken Baughman Ed Clark Engineers -Scientists 7270 NW 12th Street, #740 Miami, It 33126 Site location/Project 141iami,jlorida. 99011 PARAMETER RYSU 1, l-Didtlumel Itenc 01) Methylene Chluntic 011 1 Trans-I.2-DIf.11IUI'llelhcllC I1I1 1,1-Di;0411 rl 1e111ane 01) 1 2.2-13 ichIuruprnpanc RUI Cis• I.2-Dichlurued,ene 111)1 ,` Chintnionu 111)1 R1uluochlnrnnlelhunc IIUI ,I 1.1.1:IY$hluruet aug 10)1 ,„ 1, I -Dichinulprupmm 1'1111 elrlan Te0'achlnride 01)1 ,„, 1.2 -13 ich Inrnetumc 'I'riehlunled,ane `..,N. 1 2-D Ic hloropropanc (3ramudichlpmnlalhgm: 111)1 '555,,,1''' 2-Qhlnrneihylvinyl tlLcr t)iwvin„niihaaC Cix- 1,3•Dich1urupropc ne I:1 1 UNITS ugr'1- 11111 50911)811! Ili u!1/L Huge 27 February 12, 1999 Submission # 9902000537 Order Ji 90012152 TUPP CoutpQAPA 920323 11RS Certification# E86349, 86413 Sample l.D.: MW -3 Collected: 02/09/99 07;45 Received: 02/09/99 18:00 Collected by: Par lalxx DI's'1'ECTItTO DATE DATE ANALYST LIMIT EXT. ANALY. J 1.1)1.10 51130Ai1I!IP ugl1. ug/I. ug/L 1.000 51130/III1 !II) ,503WH0.1111 5030110 1 . ' 1 II 1.000 02/11)07 02/11/99 02/11)99 112:11/90 02;11/09 02/11/99 (12/11/99 02/ 11/99 02/1 1/09 P M D 1.000 02:11199 1.111111 PM1) PMD 50311/M1. 11:1 ug/l. mg/1. mg/L. 50301x0.: I R 5030,Mo IA 51130:80:7[? ug/I. ug/L 502000111D 5030/06!111 5021L'I'k):' I D ug/L mg/1. 503pM0?. i 5030h111.!113 ug/L 5070.Y,I)'!ji tig/1. 5020/00.210 mg/L. 503011111.^ D 1,000 02111199 02)11/97 PMD 1.000 02)11109 02;11/90 PM I) 1.1100 1-000 02/11/99 02111/99 02/11/99 02/11)09 1.000 1.000 02/11/013 02/11/99 02111/99 1.000 1.0111) 1.000 1,000 02/11/99 02/11/99 02/11/09 112/11/99 PMD PMD PMD 02/11/99 01;1111!1 02/11/99 02/11/90 PMn 02/11/99 02111)99 PMD 112111)99 1.0)10 03)11:99 02/11/90 50311/1111:' 0 1.000 02/11/99 02/11199 I'MI) PMD EI)CLMR000220 Mr. Ken Baughman Ed Clark Engineers -Scientists 7270 NW 12th Street, #7411 Miami, EL 33126 Site Location/Project Miaiut,Floricla. 990K ' PARAMET'llt KI, 1. Tutus- 1,3..Diol1lnroprurmnc i,1 2-Trlchlnruell me 1; 1,3 Dicltlnrnpmpanc li Telmel11nn esllene. II Dihrmmnchlurantellume .I II 1,2-DibrummuItane 11 j Chlurubcnzenc 11 13rmmnbenzene II ,`.. 1,1,1,2 -Tel to hlornnhane u Y 11rnr11U(hrnl Id i 3,1,?,?•Tctrachlgt'nmhane 13 1,2,3-1 ric11I0[' prop:me 11. , 2-Chlarurnluenc II jl 4.Clttorntnluene. 111 , 1,3-Dieblorobentcuc Ili ir 1,d1-Piehlurnbanvcnu 1 1 1 il' 1,2 Dich]nrnhnnzette 11 1 ;i 1,2-1)ibi LIE 007-Chlurupropirn: hl 1 6. 16. I1I. 111 11. 131 1)1 1 11. . U1. ll 11 11 11 11. UNITS AlE'I I1t rn Page 28 February 12, 1999 Submission /199021100537 Order # 90012152 EDEP CumppQAP# 920323 HRS Certification# E86349, 86413 Sample 1.D.: MW -3 Collected: 02/09/99 07:45 Received: 02/09/99 111:00 Collected by: Pat Fox' ug/L ug/I- irg/L 50301;02111 DIrI'ECTION DATE DATE ANALYST 1-IMIT EXT. ANALY. • 1.000 02111/99 02111190 P M n 50:31b).1.2113 ug/1- • 5113101.21 n 1.000 02111/99 02:11'99 PMD 1.060 0_'111/99 50300.0 .113 • 1.O 021 02;11:99 02111/99 1'btD 02/11/'99 PMD .n113111113113 ug/L 1.000 02/11.190 (12/11/99 PIMP 5031)/311210 ug/1. 118/1. ug/L ug/1. ue/L I .11(10 5010 '81,111.3 5030; !113 50.10r1i ;111 5030,313' !I 11 1.0(gi 62/11/99 112111 /99 P?ID 62/11/99 02!11199 PMD 1.000 (12411 /09 02/31199 1.110(1 1,000 02/1 t /99 02/1 t/'3o. PMD 02/11/99 PMD 02.111190 ?MOH 50300.111 '1D • 50.3110,0: 1 LI ug/L Iltf./I. 5030/).0. 113 I .001) 1.(1011 1.11110 02;14h09 02/1 t/99 02/11/99 50.3111$0 113 ug/L 1.01311 1)2/11109 i'MI) 02/11/99 PMT) (12g11/09 PMD (12_111/99 5030i1i0.' 113 51131)rM',. 12 ug/L .501(111): 113 1.000 02/11/99 02111/90 PMD 02/11/09 (2.111/99 .000 (17/11/00 PAID 02/11, 99- I'MD 112.'1 i.,99 1`MD 5030./11(.1:; 10 1.000 02,13199 02'11/99 PMD E 1CLAR0011221) Mr. Ken Baughman Ed Clark Engineers -Scientists 7270 NW 12th Street, 11740 :Miami, FL 33126 Site Location/Project Mlmni, I' lorida. 9908 1 PARAMETER TL 71 1,2.4-!' ric h I li ru b en'r.N tx. 3 ilex;IChhrruhunadlene 111. 1. .J- richlnrnhcn7.une - 111: R270C: PAD , 1610) in WATER by GE -MS {Ion 'I'l.gg1 Napinhnlanc 0❑ 2-Methyllnlphdullene 111 1 1 -Iilcnhytnapluhnlcne (111 IAL'enMPhlhone 1111 Phenanlllrenc 111) lionzinahnihn,ccne I1U 1' II Uenzn(h)flut, nihuuu a -y 01.1 u im0r p ,tne 1,11 II I RCIRQ(gt1I)p;iYle,le m 151) Acennpl11hylont 11.11 , hltt iene 1111 Anlhrxetnc 1111 Pyrene 1111 F—Tu1'Stq.;r 1 1 UNITS Page 29 February 12, 1999 Submission 11199020011537 Order f 90012152 MEP CompQAP11 920323 MIS Certification/1 E86349, 86413 Sample 1.13.: NIW-3 Collected: 02/09/99 07:45 Received: 02/119/99 18:lU) Collected by: Pat Ieoxx hSN.'.'Y"tlflv0 I DETECTION LIMIT ug/1- ug/1. ug/1. tlg/L ugll- 50310,[[310 1.000 DATE DATE ANALYST Ii EXT. ANA'S. 0'_;11/99 112,11199 PMIJ 511316'81,71 13 .5(13(1.102113 ML111 2510,:1! IOC 351001.110C 25 t 0nC! 'OE. tlg/L ue/L 351(" :' 'Or 35 HOC' O(: .3510/h2:OC 3510»15 ;IIC 3.510/H2 1)1' 1.0(10 1.000 02/11/90 (12111/99 02/11/99 112/11/99 PM7jy 1 1 1 5.000 5.000 5.000 2.11011 112/10/99 02;10'99 GG� 02/10/99 (12/1(1/99 Hi 02/10/99 (12'11)/09 EG (12110;09 I2/l0/9t) EG-1 5.000 0.300 (1:2011 0.200 31 t(1/147 (lc Ltg1L 3510/k2:1IC ugl1. IIgiL 3510/0.7.3C :4510if12J0C 02/10199 02;1(1/99 En 02/10/99 0710/99 ' EC 02/10/99 (12110199 EG 02/10/09 02/11099 15(71 0.200 02/10/99 (1.2110/99 0.200 02/10/99 02:11)199 3.11(10 0?/t07 02.i10199 5.000 02/10/99 02110199 3510,RS;OC 0.300 35 I II/I' 1'/' IC (1.3191 02110191) 02/10/99 pc 02/10/99 (1_2/10!99 15(1 rocLARt10OL20 Mr. Ken Baughman �. Ed Clark Engineers -Scientists 7270 NW 12th Street, #740 Miami, FL 33126 "— Site Location/Project Mimni,F'Inrida. r 9908 PARAMETER. Chryeenc RE:SL'1LT 1 UNITS iicn¢n(IOi1 uniantIienc ai tndenn(I,2,3 ctljpyrenc �� Dihe.n2n(u,10aigkr,ccI1 METIP311 ug/L ug/L. Page 30 February 12, 1999 Submission 119902000537 Order # 90012152 MEP CnmpQztP# 920323 FRS Cettillcttion# E86349, 86413 Sample ID.: MW -3 Collected; 02/09/99 07:45 Received: 112/09/99 18:00 Collected by: Pat 1+'uxx DETECTION DATE DATE LIMIT EXT. ANALY. 3510146:, 0C ANALYsr 5.000 01/1(/)0 02/UII?99 LiG 11110/NS•; t' ug/L 151u/s2 ,nc ug/L 0.500 02/10/09 01/10:09 ft4 0.200 02/1V.V.) 1 02/10/99 3510/:;2 rOC 1000 01/10/99 02110/90 CG 1 GG ** 'BDL: Indicates Analyze is Below Deleenon Limii'�**MEDF: Matrix RIFi:ciiiil Dilution PactOEt*t +'**Work Subcontracted to Outside Labs Detailed by FIRS Cert ID in Analyst F' Lehi:111"o "" '"'Qlydilier following result conforms to FA(' 62-160 Tattle 714'M1" 141(nless „Ioerwise noted, mg/Kg denotes wet weight" -"1• tt*62-770: 11, the MDI.. using the most srn,lliee and currently available Iechri 'gy is higher than a specific criterion, the PQL shall he used. Ceps: AL.=#41180, Ct.-#PH0217, Ks. -1'1,270 -1- E1245, Ky.-1190087, La., 119601, Md.=#371, Ma,=#M-PL535 NC. =#539, N0.-1111.163, OK ..-119:).13, SC. =1196023, Tn. =#TNO'➢1, 6 1r -Miltaei A. tpitter 1 alxlrtiory l3irector r A RSENUIRONMENTAL, INC. • Environmental Consulting Services Asbestos Business License # ZA-00001 64 Asbestos Consulting • Radon Measurements • Lead Assessments • Indoor Air _Quality • Laboratory Services • Air Monitoring & Analysis February 8, 1999 Mr. Kenneth Baughman CLARK ENGINEERS- SCIENTIST 7270 N.W. 12th Street, Suite 740 Miami, Florida 33126 Reference: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida Project: # 99122 Dear Mr. Baughman: Pursuant to your request; ARS ENVIRONMENTAL, INC., has performed a Limited Asbestos Building Survey on February 8, 1999, at the above referenced location. The purpose of our inspection was to secure bulk samples for analysis to determine the presence of Asbestos Containing building materials. Based on our visual inspection, it was evident that construction of the referenced structure consists of drywall partitions and concrete floors. All suspected building material that will be disturbed was sampled for analysis. Based on our survey and analysis, no Asbestos Building material was found in the secured bulk samples within the structure. In the event that demolition or renovation is deemed necessary, parties shall 'comply with all applicable laws, ordinances, rules and regulations of Federal, State and Local Governmental Agencies, including any National Emissions Standard Hazardous Air Pollutants (N.E.S.H.A.P.) notification requirements. It has been a pleasure working with you and look forward to doing so in the near future. Respectively submitted, ARS ENVIRONMENTAL, INC. Alex Front Certified Asbestos Surveyor Cert #3075 Page 1 of 8 16604 NORTHEAST 3" AVENUES NORTH MIAMI BEACH, FLORIDA 33162. PHONE: (305) 940-1045 • Fnx: (305) 940-0747 February 8, 1999 Mr. Kenneth Baughman I hereby certify that the building survey conducted on February 8, 1999, at Village of Key Biscayne , 85 West McIntyre Street, Key Biscayne, Florida, was performed by Alex Front an E.P.A. accredited A.H.E.R.A. inspector utilizing the code of the Federal Regulation Standards, 40 C.F.R., Part 7614, Subpart E, Section 763. 80-763.99 and the State Asbestos Regulations, Florida Statutes 469.003. mothy F$ Caughe M.P< Florida Licensed Consultant Cert #IA000001 6 Page 2 of 8 SURVEY / BULK SAMPLE ITEMIZATION S A M L E N B R P H 0 0 N B R CLIENT NAME AND ADDRESS: Mr. Kenneth Baughman CLARK ENGINEERS- SCIENTIST 7270 N.W. 12th Street, Suite 740 Miami, Florida 33126 PREPARED FOR: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida 33126 PROJECT #: 99122 FGF UOAOHAE IOOSS NOIOYTTGOWBB CDR T ACCCDDRCCCSS R ENNNMMTNNN ADDDAA O O PPWDHML RS O A GGOA E E RR A E EHE I 0 A 1 N O T C T R O T AA C T 0 TYN C T AA EE SS T 0 E S T 0 O 1 White NC mastic throughout SunTrust 1' floor A/C room X X X 2 12" x 12" green/white floor tile & mastic throughout 1"` floor hall, stairwell & storage area X X X 3 Interior wallboard/Joint Compound throughout bank X X X 4 2' x 2' glacier design layed-in ceiling tile throughout bank X X X 5 2' x 4' wormlike design ceiling tiles throughout units 85-89 X X X 5 2' x 4' wormlike design ceiling tiles throughout units 85-89 X X X 7 Interior wallboard/Joint Compound throughout units 85-89 X X X 8 Grey vinyl baseboard & mastic @ perimeter of unit 85 X X X 9 Exterior Cementious concrete throughout structure X X X Page 3 of 8 REPORT OF BULK SAMPLE ANALYSIS FOR ASBESTOS DATE: February 8, 1999 CLIENT NAME: CLARK ENGINEERS- SCIENTIST PROJECT NAME: Village of Key Biscayne 85 West McIntyre Street Kev Biscayne, Florida SAMPLE 1.0. # 99123-1 99123-2 Floor Tile & Mastic Floor Tile Green/White 99123-3 Wallboard/Joint Compound Drywall Tan/White ADDITIONAL I.D. DATA A/C Mastic BULK SAMPLE Mastic SAMPLE COLOR White IS MAT'L HOMOGENEOUS No No No IS SAMPLE LAYERED Yes Yes No Yaa Yes No Yaa 1S SAMPLE FRIABLE No IS SAMPLE FIBROUS Nn PROJECT#: 99122 ASBESTOS CO 1S ASBESTOS PRESENT None Detected None Detected None Detected CHRYSOTILE % AMOSITE % CHROCIDOLITE % OTHER - SPECIFY % OTHER FIBROUS MATERIAL PRESE FIBROUS GLASS % 1-2 CELLULOSE % 2-3 Mastic 35-45 SYNTHETICS % OTHER - SPECIFY % F-1 fl Paint OTHER NON -FIBROUS MATERIALS P MAJOR COMPONENT 3inders Not Analyzed 3inders Not Analyzed 3inders Not Analyzed % OF TOTAL SAMPLE REMARKS: The sample components are identified by polarized light microscopy coupled with dispersion staining methods. Percentages are estimated by visual means. Analyzed by: Alexander Front, I.H. Page 4 of 8 REPORT OF BULK SAMPLE ANALYSIS FOR ASBESTOS DATE: February 8, 1999 CLIENT NAME: CLARK ENGINEERS- SCIENTIST PROJECT NAME: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida SAMPLE I.D. # 99123-4 99123-5 Ceiling Tile Ceiling Tile White No 99123-6 Ceiling Tile Ceiling Tile White No Yes ADDITIONAL I.D. DATA Ceiling Tile BULK SAMPLE Ceiling Tile SAMPLE COLOR White IS MAT'L HOMOGENEOUS No IS SAMPLE LAYERED Yes Yes Yes Yps IS SAMPLE FRIABLE Yes Yes IS SAMPLE FIBROUS Yaa WAS PROJECT#: 99122 ASBESTOS IS ASBESTOS PRESENT None Detected None Detected None Detected CHRYSOTILE % AMOSITE % CHROCIDOLITE % OTHER - SPECIFY % OTHER FIBROU FIBROUS GLASS % '15-20 10-20 10-20 CELLULOSE % 45-55 30-40 30-40 SYNTHETICS % 111-15 Paint OTHER - SPECIFY % 5-1 fl Paint 1 f1-1 5 Paint OTHER NON -FIBROUS MATERIALS PRESENT MAJOR COMPONENT % OF TOTAL SAMPLE Binders Not Analyzed REMARKS: Binders Not Analyzed 3inders Not Analyzed The sample components are identified by polarized light microscopy coupled with dispersion staining methods. Percentages are estimated by visual means. Analyzed by: Alexander Front, I.H. Page 5 of 8 L REPORT OF BULK SAMPLE ANALYSIS FOR ASBESTOS DATE: February 8, 1999 CLIENT NAME: CLARK ENGINEERS- SCIENTIST PROJECT NAME: Village of Key Biscayne 85 West McIntyre Street Kev Biscayne, Florida PROJECT#: 99122 SAMPLE I.D. # 99123-7 99123-8 99123-9 ADDITIONAL I.D. DATA Wallboard/Joint compound Baseboard &Mastic Cementious Concrete BULK SAMPLE Drywall Baseboard Concrete SAMPLE COLOR Tan/White Grey No Yes Grey No Yes IS MAT'L HOMOGENEOUS No IS SAMPLE LAYERED Yes IS SAMPLE FRIABLE No No No IS SAMPLE FIBROUS Yea YPa Nn ASBESTOS CONT. IS ASBESTOS PRESENT None Detected None Detected None Detected CHRYSOTILE % AMOSITE % CHROCIDOLITE % OTHER - CPECIFV % OTHER FIBROU FIBROUS GLASS % 1-2 CELLULOSE % 35-45 1-2 Mastic SYNTHETICS % OTHER - SPECIFY % 1f1-15 Paint OTHER NON -FIBROUS MATERIALS PRESENT MAJOR COMPONENT % OF TOTAL SAMPLE 3inders Not Analyzed _REMARKS• 3inders Not Analyzed Binders Not Analyzed The sample components are identified by polarized light microscopy coupled with dispersion staining methods. Percentages are estimated by visual means. Analyzed by: Alexander Front, I.H. Page 6 of 8 CLOSE/GENERAL TERMS AND CONDITIONS SCOPE OF WORK ARS ENVIRONMENTAL, INC., shall perform the services defined in this contract and shall invoice the client at those rates shown on the attached fee schedules. Any estimate of cost to the client as stated in this contract shall not be considered as a fixed price, but only an estimate [unless otherwise specifically stated in this contract]. ARS ENVIRONMENTAL, INC., will provide additional services under this contract as requested by the client and invoice the client for those additional services under this contract as requested by the client and invoice the client for those additional services at standard rates. The rates shown will be valid for ninety [90) days unless otherwise stated in the proposal. RIGHT OF ENTRY The client will provide for right of entry of ARS ENVIRONMENTAL, INC., personnel in order to complete the above referenced work. SAMPLES ARS ENVIRONMENTAL, INC., will retain all samples collected for thirty [30) days. Further storage or transfer of samples can be made at client's expense and ONLY UPON WRITTEN REQUEST. INVOICES ARS ENVIRONMENTAL, INC., will submit invoices to client upon completion of services. Invoices will show charges for different personnel and expense classifications. OWNERSHIP OF DOCUMENTS All reports, field data, field notes, laboratory test data, calculations, estimates and any other documents prepared by ARS ENVIRONMENTAL, INC., as instruments of service shall remain the property of ARS ENVIRONMENTAL, INC. ASSUMPTIONS AND LIMITATIONS emmit Irmo The results, finds, conclusions and recommendations expressed in this report are based only on conditions which were observed during inspections by this report. ARS ENVIRONMENTAL, INC., makes no representation or assumptions as to past conditions or future occurrences. Our inspection was non-destructive in nature, Any conditions or materials which were not able to be visually observed on the surface, or in easily accessible areas, were not inspected and may differ from those observed. It was not within the scope of this investigation to remove surface materials to investigate portions of the structure or materials which lay beneath the surface. Our selection of sample locations and frequency is based upon our observations and the assumption that like materials in the same area are homogeneous. This report is designed to aid the building Owner, Architect, Construction Manager, General Contractors and potential Asbestos Abatement Contractors in locating ASBESTOS CONTAINED MATERIALS. Under no circumstances is this report to be utilized as a proposal or a project specification document. Page 7 of 8 CLOSE ASSIGNS Neither the client nor ARS ENVIRONMENTAL, INC., may delegate, assign, sublet or transfer his duties or interest in this agreement without the written consent of the other party. ROOF CUTS To obtain accurate information in a roof investigation, roof cuts (approximately four inch (4") squares), may be deemed necessary. It is the responsibility of our client to make appropriate repairs to these roof cuts, using materials consistent with the roofing system and in accordance with any existing material manufacturer's warranties. A roofing contractor or maintenance personnel selected by our client should be on the roof to make any necessary repairs at the time the samples are being obtained. ARS ENVIRONMENTAL, INC., inspection; but additional charges may be incurred. Although, every attempt will be made to make these repaired areas water tight, ARS ENVIRONMENTAL, INC., will in no way be responsible for any water damage to the roofing system, building, or it's contents resulting from ARS ENVIRONMENTAL, INC. temporary repairs. DISCLAIMER This inspection report is the result of a diligent search of the facility for AsbestosContaining Building Materials [A.C.B,M.). The purpose of this inspection was to identify those materials which may pose a health hazard to occupants of a building and impart future liability to the Owners and Insurers of the property. However, after a comprehensive inspection, we do not claim to have identified all of the Asbestos Contained Building Materials present in the facility. Materials such as underground pipes, any material inside walls, ceilings, floors or other enclosed and inaccessible areas were not sampled and are not covered in this report. If in the course of a renovation or demolition activity, suspect materials become exposed, ALL FURTHER ACTIVITY SHOULD IMMEDIATELY CEASE AND THE ASBESTOS FORM STATUS OF THE MATERIAL SHOULD BE DETERMINED BEFORE PROCEEDING. Page 8 of 8 A4 S ENVIRONMENTAL, INCE Eneironmentaf Consulting Seriices Asbestos Business License # ZA-0000164 Asbestos Consulting • Kaden Measurements • Lead Assessments • Indoor Air _Quality • Laboratory Senaces • Air Monitoring & Analysis February 8, 1999 — Mr. Kenneth Baughman CLARK ENGINEERS- SCIENTIST - 7270 N.W. 12th Street, Suite 740 - Miami, Florida 33126 — Reference: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida Project: # 991122L Dear Mr. Baughman: , Pursuant to your request, A.R.S. ENVIRONMENTAL, INC., has performed a Preliminary Lead Based Paint Test Screening on February 8, 1999 at the above referenced location. The purpose of our inspection was to determine the presence and location of Lead Based Paint in the areas tested. r The testing procedures included the detection of Lead Based Paint (positive + or negative -) readings with a lead check swab. Readings were taken on all painted surfaces throughout the building. Also, included were visual evaluation of the condition of all painted surfaces. See attachment for locations of areas sampled. i The results, finds, conclusions and recommendations expressed in this report are based only on conditions which were <: observed during inspections by this report. A.R.S. ENVIRONMENTAL, INC., makes no representation or assumptions as to past conditions or future occurrences. It was not within the scope of this investigation to remove surface materials 17 to investigate portions of the structure or materials which lay beneath the surface. Our selection of sample locations and frequency is based upon our observations and the assumption that like materials in the same area are homogeneous. Recommendation • No Lead Based Paint was detected in areas tested and were found to be intact with no signs of physical damage or delamination; therefore it is our recommendation that no special requirements area deemed necessary at this time. When implementing the response actions, parties responsible for final selection should remember that actions shall be sufficient to protect HUMAN HEALTH AND THE ENVIRONMENT, but may also be the least burdensome method. f Nothing in these recommendations should be construed as PROHIBITING or discouraging removal. L It has been a pleasure working with you and look forward to doing so in the near future r Revie By .c72 Aexander Front, I.H. L Director of Environmental Services Certificate # LS -015 Page 1 of 3 16604 NORTHEAST 31° AVENUE* NORTH MIAMI BEACH., FLORIDA 33162• PHONE: (305) 940-1045 • Far (305) 940-0747 LEAD ..ASE PAINT TEST READINGS S' A M P L E N u M B E R 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 CLIENT NAME AND ADDRESS: Mr. Kenneth Baughman CLARK ENGINEERS- SCIENTIST 7270 N.W. 12th Street, Suite 740 Miami, Florida 33126 REFERENCE: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida C O N T 1 O N PAINT COLOR a 0 5 T j 11 E + N E O G0 A j v E Doorjamb 2"d floor offices Intact Green ✓ Dooframe 2nd floor offices Intact Green ✓ Baseboard 2"d floor offices Intact Tan 1 North End Wall 2"d floor offices Intact White ✓ Center Wall 2"d floor offices Intact White / South End Wall 2"d floor offices Intact White / West End Wall 2"d floor offices Intact White East End Wall 2"d floor offices Intact White ✓ Next to mens room wall 2"d floor offices Intact White V Emergency exit door Intact Grey V North end wall 1' floor unit #89 Intact White ✓ South end wall 1st floor unit #89 Intact White ✓ West end wall 1St floor unit #89 Intact White ✓ East end wall 1 floor unit #89 Intact White ✓ Center wall 1' floor unit #89 Intact White ✓ Door 1 floor unit #89 Intact Brown ✓ Door Jamb 1' floor unit #89 Intact Brown V Door Fame 1' floor unit #89 Intact Brown V Baseboard north, end 1' floor unit #89 Intact Brown ✓ Baseboard center 1st floor unit #89 Intact Brown V DISCLAIMER We would tike to point out that readings taken on Gypsum, Plaster dust of Stucco can interfere with the color development on the swab. Tests performed on painted walls free of Gypsum or Plaster dust area valid measurements that indicate the presence of Lead Based Paint may be supplemented by chemical analysis by an approved laboratory. Page 2 of 3 LEAD ►..ASE PAINT TEST REp DINGS S A M P L E N U M B E R CLIENT NAME AND ADDRESS: Mr. Kenneth Baughman CLARK ENGINEERS- SCIENTIST 7270 N.W. 12th Street, Suite 740 Miami, Florida 33126 REFERENCE: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida C 0 N i T � I N PAINT COLOR P 0 S I T I E E + N E 0 A T I E E - 21 Baseboard west end la floor unit #89 Intact Brown ✓ 22 North end wall 1s` floor unit #85 Intact Grey 23 South end wall 15` floor unit #85 intact Grey 24 West end wall 1' floor unit #85 Intact Grey / 25 East end wall 1" floor unit #85 Intact Grey 26 East end wall 1a floor hallway next to bathroom Intact Grey 27 West end wall 1' floor hallway next to bathroom Intact White / 28 Center wall .1st floor hallway next to bathroom Intact White / 29. A/C room door Intact Brown / 30 A/C roam door frame Intact Brawn DISCLAIMER We would like to point out that readings taken on Gypsum, Plaster dust of Stucco can interfere with the color development on the swab. Tests performed on painted wails free of Gypsum or Plaster dust area valid measurements that indicate the presence of Lead Based Paint may be supplemented by chemical analysis by an approved laboratory. Page 3 of 3 -- RS'ENU!ROThWENTAL, INC. 7 Endironmental Consulting Services Asbestos Business License # ZA-0000164 Asbestos Consulting • Radon Measurements. Lead Assessments. Indoor Air Oua(ity. Laboratory Services. Air Monitoring & Analysis February 15, 1999 Mr. Kenneth Baughman CLARK ENGINEERS- SCIENTIST 7270 N.W. 12th Street, Suite 740 Miami, Florida 33126 Reference: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida PROJECT #: 99122R Dear Mr. Baughman: Pursuant to your request, A.R.S. Environmental, Inc., has performed a Radon Measurement Screening on February 8, 1999 to February 10, 1999 at the above referenced location. The purpose of our inspection was to determine Radon levels throughout the building. Passive activated charcoal Radon detectors were placed at random in the area to ensure each detector covered no more than 2,000 square feet of space. All Radon analysis were performed by Air Check, Inc. (RMP 1.D. #1029000) a Laboratory participating in the E.P.A. sponsored Radon measurement proficiency program. RADON RESULTS DEVICE NO. TEST NO. STORY LOCATION RESULT UNITS ,I, DEVICE START AND STOP TIME TIME IN HRS. Avg. for Real Estate Trans. Optional 2253738 99123r-1 First Floor Unit 385 0.6 PCUL AC 2 00p 2:00pm 48 2253740 99123r-2 First Floor Unit #89 <0.3 PCl/L AC 2:00pm 2:00pm. 48 2253739 99123r-3 First Floor 1' floor Reception <0.3 PC[/L AC 2:00pm 2:oopm 48 2253743 99123r-4 Rrst Roar 2nd floor center <0.3 PCl/L AC 2:00pm 2:00pm 48 p ror F'l;lIL or VV for VVL *AC -Activated Carbon Adsorption, EP-Electrect Ion Chamber, CR-Continuous Radon Monitor, CW-Continuous Working. Level Monitor, AT -Alpha Track, RP-RPISU Page 1 of 2 16604 NORTHEAST 3`° AVENUE. NORTH MIAMI BEACH, FLORIDA 33162. PHONE (3051 940.1045+ Ft: (305) 940-0747 February '15, 1999 Mr. Kenneth Baughman The highest Radon level measured was <0.3 PCl/L which is below 4 picocuries per liter[PCl/L] and therefore it is our opinion that no additional testing is required at this time. If your results are WITHIN "EPA GUIDELINES FOR ACTION" you may want to make additional measurements during each of the four seasons, as radon levels can vary. If your results is ABOVE "EPA GUIDELINES FOR ACTION" samples which show levels exceeding 4 picocuries per liter [PCl/L] are considered by the USEPA to have elevated levels of radon gas. If elevated level of radon are found (4 PCl/L to 20 PCl/L), it is recommended that seasonal testing be performed as outlined in the USEPA pamphlets (OPA-B7-010, and OPA-B8-005). This would required that radon testing be performed during each of the seasons of the year, as radon levels can vary from season to season. If consistent elevated radon levels are found after seasonal testing is completed, a response action is recommended. This action may include further testing, mitigation procedures, or an operations and maintenance program. Levels found over 20 PCl/L require immediate response. This notice is provided to you by an organization or individual certified by the Florida Department of Health and Rehabilitative services to perform radon or radon progeny measurements or radon mitigation services. Any questions, comments, or complaints directed to the Department of Health Bureau of Environmental Toxicology / Radon and Indoor Air Quality, Office of Radiation Control, '1317 Winewood Boulevard, Tallahassee, Florida 32399-0700 [1-800-543-8279). LIMITATIONS Fluctuations in radon reading occur naturally. Many factors, including the weather can effect the reading. Further, since the measuring device is left alone in the property, we can never be certain some effort was not made by some person or persons to influence the test results. For that reason, A.R.S. Environmental, Inc. makes no warranty, express or implied as a consequence of erroneous results. It has been a pleasure serving you and look forward to doing so in the near future. Tec . ician, Review im DeLay A.R.S. Environmental, Inc. Measurement Technician, CERT#R1564 Alexander Front, I.H. A.R.S. Environmental, Inc. Radon Measurement Specialist, CEHI #R1407 Radon Measurement Business, CN-I I # RB1544 Page 2 of 2 r u a R e 0 Advanced Industrial Hygiene Services, Inc. All Facets of Industrial Hygiene Service Edward E. Clark Engineers, Scientists, Inc. 7270 NW 12 Street, Suite 740 Miami, Florida 33126 February 11, 1999 Page 1 of 24 pages Attn: Edward E. Clark, P.E. Re: Results of indoor air quality testing in the Village of Key Biscayne Building located at 85 West McIntyre Street in Key Biscayne, Florida. AIRS Project # 1696-002 Advanced Industrial Hygiene Services, Inc. (AIHS) is pleased to submit the following report on the results of Indoor Air Quality (IAQ) testing conducted on February 03 to 04, 1999 in the Village of Key Biscayne Building located at 85 West McIntyre Street in Key Biscayne, Florida. BACKGROUND Indoor air quality testing was conducted for the client for informational purposes only. This investigator is not aware of any complaints or problems related to IAQ or other indoor environmental conditions which may have been expressed by building occupants. SAMPLING PROTOCOL To assess the building form an indoor air quality perspective, a sampling protocol was followed to test the indoor ventilation quality as well as to screen for other indicators of indoor air quality. These included the following tests: Tests for Ventilation Quality: 1. Carbon Dioxide (CO2) 2. Temperature 3. Relative Humidity 2131 S.W. 2nd Avenue • Miami, Florida 33129 • Tel (305) 854-7554 • Fax (305) 285-0677 P" 7 IAQ Test Report: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida Tests of Gaseous/Vaporous Air Contaminants: 1. Non-specific Volatile Organic Compounds (VOCs) 2. Carbon monoxide (CO) Tests of Airborne Particulates: 1. Total respirable particulates 2. Bioaerosols (predominant fungi) SAMPLE METHODS A. Carbon Dioxide (CO2): Temperature Relative Humidity February 11, 1999 AIRS Project # 1696-002 Carbon dioxide, ambient temperature and relative humidity were measured throughout each sample period using a Metrosonics Model AQ-501 Air Quality Monitor (serial # 1083). This instrument takes a reading of the carbon dioxide concentration, ambient temperature and relative humidity each minute and stores the data into memory. Following the sample period, the data is downloaded into an 1BM compatible computer for analysis. Carbon dioxide was measured with a non -dispersive infrared (NDIR) detector with a range of detection from 0 to 5000 ppm CO2 and a resolution of 1 ppm CO2. Accuracy is ± 3% of full scale @ 25 °C. Temperature is measured with an RTD detector with a range of 32 to 140 °F and of 0.1 °F. Accuracy is ± 0.9 °F. Relative humidity is measured with a capacitive detector with a range of 0 to resolution of 0.1%. Accuracy is ± 3% @ 77 °F. The AQ-501 is calibrated both prior to and following the sample period cylinders containing compressed gases of known carbon dioxide concentration: a resolution 100%anda using three 2 War IAQ Test Report: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida February 11, 1999 AIRS Project # 1696-002 Cylinder # 1 - 99.0 % nitrogen (used to zero the carbon dioxide reading on the instrument) Cylinder # 2 - 1000 ppm CO2, balance air Cylinder # 3 - 5000 ppm CO2, balance air Prior to the initiation of sampling, the instrument is zeroed using cylinder # 1 and checked to determine whether it measured the gases in cylinders # 2 & 3 within an error of 3% of full scale (± 150 ppm). If the readings on cylinder 2 & 3 fall outside the 3% margin, the span controls are adjusted to bring the reading into the acceptable range. Following the sample period, the calibration tests are repeated to determine that significant instrument drift had not occurred during the sample period. All specialty gas mixtures used for instrument calibration are supplied by Alphagaz, P.O. Box 149, Cambridge, MD 21613 (415) 977-6500. Temperature and humidity calibrations are set at the factory on the AQ-501 and cannot be adjusted or set. However, temperature and humidity are checked by comparison with wet and dry bulb temperature readings from a Weksler weather service type sling psychrometer. B. Organic Compound Screen Volatile Organic Compounds (VOCs) were measured using an HNU Systems model PI - 101 photoionization analyzer. The PI -101 instrument is affixed with an 11.7 eV probe which is capable of detecting VOCs with an ionization potential of 11.7 eV or less. This instrument is interfaced with the AQ- 501 via the auxiliary input channel so that variations in VOC levels can be monitored throughout the sample period. This instrument is field calibrated using HNU span gas in conjunction with a humidifier tube. Span gas and the humidifier tube were supplied by HNU Systems, Inc., 160 Charlemont Street, Newton, MA 02161. (617) 964-6690. 3 IAQ Test Report: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida February 11, 1999 ARTS Project # 1696-002 C. Carbon Monoxide (CO) CO was measured using a Metrosonics gs-7700 series toxic gas sensor. According to the manufacturer, it utilizes "well established electrochemical sensor technology" to accurately measure the concentration of ambient carbon monoxide. This sensor is interfaced with the Metrosonics AQ-501 via the toxic sensor input so that variations in carbon monoxide concentrations can be monitored throughout the sample period. The carbon monoxide sensor is calibrated prior to and following the sample period using the calibration gas containing 100 ppm carbon monoxide. Following the sample period, the calibration tests are repeated to determine that significant instrument drift had not occurred during the sample period. All specialty gas mixtures used for instrument calibration are supplied by Alphagaz, P.O. Box 149, Cambridge, MD 21613 (415) 977-6500. D. Respirable Particulates Total airborne respirable particulates were measured using a Sensidyne Model LD-1H Laser Dust Monitor (serial # 1121495). The LD-1H monitors airborne dust concentrations by measuring the intensity of light scattered by the dust. It has a measuring range of 0.001 milligram per cubic meter (mg/m3) to 10.0 mg/m3 and has an internal system for calibration based on Arizona road dust. This instrument was interfaced with a Metrosonics Model DL 3200 Data Logger (serial # 2092). The DC output from the LD-1H is stored into the memory of the DL 3200 over the test period and is later down -loaded into an IBM compatible computer for analysis. E. Bioaerosols - Predominant Fungi Bioaerosol sampling for predominant saprophytic fungi was conducted using an Andersen 1 ACFM Viable (Microbial) Single Stage (N6) Particle Sampler with a built-in critical orifice designed to sample 1 cubic foot of air per minute when attached to a vacuum pump capable of sustaining a vacuum negative pressure of 10 inches of mercury or more. This apparatus collects viable particulates by impaction onto nutrient media. The N6 stage (which has a Dp50 aerodynamic cut -point of 0.65 micrometers at a sample flow rate of 1 ACFM) collects both respirable (particle sizes ranging from 0.65 to 1.1 microns) and non -respirable (particle sizes r 4 IAQ Test Report: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida A 1/4 February 11, 1999 AIRS Project # 1696-002 ranging from 1.1 microns and greater) viable particulates on the same agar plate. The vacuum pump used to collect the airborne microbial samples was an Andersen Sampler pump (model # 10-709, serial # 1088-1004). The sample media consisted of 20 ml of commercially prepared malt extract agar in 100 mm diameter Petri dishes. Prior to sample collection, the sampler was disassembled and thoroughly wiped with sterilized pads containing 70% isopropyl alcohol and dried with "Dust Off" brand freon from a trigger operated jet nozzle. When the surfaces of the sampler were sufficiently dried, an agar plate containing malt extract agar was placed on the support posts of the bottom unit and the N6 stage was quickly placed over the now exposed plate. The N6 stage was then tightened over the 0 -ring seals on the bottom unit. The pump was then activated for a period of two minutes thereby drawing approximately 2 cubic feet of air (56.64 liters) through the sampler. The device was then disassembled and the plate was covered, labeled and prepared for transport to the laboratory. Following the collection of all of the indoor samples, one additional sample was collected in outdoor air. This outdoor sample is used for comparison purposes. 5 IAQ Test Report: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida L RESULTS - IAO - Building & Zoning Office February 11, 1999 AIRS Project # 1696-002 All results are valid for the sample period only. The IAQ results are presented in tabular format with acceptable ranges included for easy comparison. The following table presents IAQ data collected in the Building & Zoning Office from 11:42 hrs on February 03, 1999 to 12:56 hrs on February 04, 1999. %% � c ""�'`�' 6ff E � S'IG^9 21i � t'i• y 1 i. t �u �at��SM�k 'Mdw✓#w� y ry 1 � � �i6G�C AL W a�4Y � t g'i'ft 4 Carbon Dioxide (min) Carbon Dioxide (ave) Carbon Dioxide (max) 615 ppm 768 ppm 1061 ppm <1000 ppm a Carbon Monoxide (min) Carbon Monoxide (ave) Carbon Monoxide (max) 0 ppm 1 ppm 3 ppm <5 ppm b Respirable Dusts (min) Respirable Dusts (ave) Respirable Dusts (max) 0.0125 mg/m3 0.0304 mg/m3 0.1009 mg/m3 <0.5 mg/m3 b Total VOCs (min) Total VOCs (ave) Total VOCs (max) 0.00 ppm 0.43 ppm 1.62 ppm 1-2 ppm ` Temperature (min) Temperature (ave) Temperature (max) 70.4 °F 75.1 °F 79.0 °F 73 - 77 °F a Relative Humidity (min) Relative Humidity (ave) Relative Humidity (max) 42.0% 47.0% 57.0% 20 - 60% a a ASHRAE 62, 1989 (Ventilation for Acceptable Indoor Air Quality) b 1/10 the OSHA PEL (1910.1000 table Z-1) Concentration considered "worthy of note" in IAQ investigations On the following pages are graphs of the data logged in the Building & Zoning Office over the sample period by the AQ-501 and the gs-7700 followed by the Respirable Dusts data collected by the LD-1H and recorded by the DL 3200: IAQ Test Report Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida February 11, 1999 AIIIS Project # 1696-002 Graph # 1: Plotted Concentrations of Ambient Carbon Dioxide over sample period: The following graph depicts variations in the carbon dioxide concentration over the sample period (11:51, 03/FEB/99 to 12:56, 04/FEB/99). Filename 5013 Logger...aq-501 Test Location Village of Beg Biscayne Employee Name 85 West McIntyre Street Employee Number Key Biscayne, Florida Department ,.Building a Zoning Office Comment Field 1...IAQ Test Comment Field 2... Numeric Code #1... #2... #3... N O PPM 1108.0 1000.0 —� 980.0 880.0- 780.8 SN 1083 #4... #5... Building & Zoning Office 1 1 1 1 1 1 I Carbon bioxide parts pet% Million 600.0 , I1 MET2/ROSONO3 11IC:5S1 CO2 20.12 2/04 4:34 Test Tine 2/83/99 15:11:05: 1017ppM 12 56 7-4 IAQ Test Report: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida I El February I1, 1999 AIRS Project # 1696-002 Graph # 2: Plotted Concentrations of VOCs over sample period: The following graph depicts variations in the concentrations of non-specific volatile organic compounds over the sample period (11:51, 03/FEB/99 to 12:56, 04/FEB/99). Filename 5013 Logger...aq-501 SN 1883 Test Location Village of Meg Biscayne Employee Name 85 West McIntyre Street Employee Number Mey Biscayne, Florida Department.. Building & Zoning Office Comment Field 1 IAR Test Comment Field 2 Numeric Code #1 #2... *3... #4... #5... 0 V O PPM 2.0 Uillage of Key Bisoayne 1 1 1 1.6- 1.2 0.8 0.4- 0.0 2/03 11:51 2012 METROSONICS uocs 2/03/99 11:51:05: 1.48000PPN 2/04 4:34 12 56 Test Time 8 IAQ Test Report: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida February I1, 1999 AIRS Project # 1696-002 Graph # 3: Plotted Ambient Temperatures over sample period: The following graph depicts variations in the ambient temperature over the sample period (11:51, 03/FEB/99 to 12:56, 04/FEB/99). Filename 5013 Logger...aq-501 SN 1083 Test Location Village of Rey Biscayne Employee Name 85 West McIntyre Street Employee Number Eey Biscayne, Florida Department Building & Zoning Office Comment Field 1 IAQ Test Comment Field 2 Numeric Code #1 #2... #3... #4... #5... deg F 80.0 78.0- 76.0 74.0- 72.0 Building & Zoning Office 1 1 1 1 1 Temperature (degrees Fahrenheit) 70.0 1 „ 2/03 11:51 METROSONICS TEMP 20:12 2/03/99 15:14:05: 76.4deg F 2/04 4:34 Test Time 9. 12 56 r IAQ Test Report: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida IH February 11, 1999 AIRS Project # 1696-002 Graph # 4: Plotted Relative Humidity over sample period: The following graph depicts variations in the ambient relative humidity over the sample period (11:51, 03/FEB/99 to 12:56, 04/FEB/99). Filename 5813 Logger...aq-501 SN 1083 Test Location Village of Rey Biscayne Employee Name 85 West McIntyre Street Employee Number Rey Biscayne, Florida Department Building & Zoning Office Comment Field 1 IAQ Test Comment Field 2 Numeric Code #1 #2... #3... #4... #5... i 60.0 56.0 52.0 HUMID TY Building & Zoning Office 1 t 1 t 1 Relative Humidity (percent) 40.0 I 1 2/03 11:51 METROSONICS HUMIDITY 2/04199 8:14:05: 55.7% 20 1 I 12 2/04 4:34 Test Time 10 12.56 IAQ Test Report: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida IH February 11, 1999 AIRS Project # 1696-002 Graph # 5: Plotted Carbon Monoxide concentrations over sample period: The following graph depicts variations in the carbon monoxide concentration over the sample period (11:51, 03/FEB/99 to 12:56, 04/FEB/99). Filename 5013 Logger...aq-501 SN 1083 Test Location Uillage of Key Biscayne Employee Name 85 West McIntyre Street Employee Number ]{ey Biscayne, Florida Department Building & Zoning Office Comment Field 1 IAR Test Comment Field 2 Numeric Code #1 #2... #3... *4... #5... O .1 PPM 4.0 3.2- 2 .4 Building & Zoning Office I I 1 1 1 I Carbon Monoxide C parts per Million) 1.6- 0.8 - 0.0 ' 2/03 11 51 NETROSONICS. CO 1. 20:12 2/04 4:34 12 56 Test Tine 2/03/99 13:37:05: 3ppn 11 r E IAQ Test Report: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida February I1, 1999 AIRS Project # 1696-002 Graph # 6: Plotted Concentrations of Total Respirable Dusts over sample period: The following graph depicts variations in the concentrations of total respirable dusts over the sample period (11:42, 03/FEB/99 to 12:56, 04/FEB/99). Filename 32004 Logger...dl-3200 SN 2092 Test Location Village of Key Biscayne Employee Name 85 West McIntyre Street Employee Number Key Biscayne, Florida Department IAQ Test Comment Field 1 Comment Field 2 Numeric Code #1 #2... Mg/M 0.060 0.052 0.044 0.036 #3... #4... #5... Building de Zoning Office 1 1 1 1 (Mil Respirable Dusts ligrams/cubic Meter) 0.028- 0.020 ,i 2/03 11:42 METROSONI CS AUERACE 2/04/99 7:56:18: P 20.06 Mg/M 0.060 - 0.052 - 0.044 0.036 - 0.028 8.020 2/04 4:31 12 56 Test Tine 0.0558Mg/M 12 r L IAQ Test Report: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida I H February 11, 1999 AIIiS Project # 1696-002 Graph # 7: Amplitude Distribution Histogram of Total Respirable Dusts over sample period: The following chart depicts the amplitude distribution of concentrations of total respirable dusts over the sample period (11:42, 03/FEB/99 to 12:56, 04/FEB/99). Filename 32004 Logger...dl-3200 SN 2092 Test Location Village of Key Biscayne Employee Name 85 West McIntyre Street Employee Number Key Biscayne, Florida Department IAQ Test Comment Field 1 Comment Field 2 Numeric Code #1 #2... #3... #4... #5... 100.0 80.0 60.0 40.0 20.0 Amplitude Distribution Data 0.0 8.00 <0.0200: 0.01x 0.04 0.08 8.12 0.16 mg/m 0.0208-.o.0400: 93.89% >0.0400: 6.10x 13 r 7 IAQ Test Report: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida II. RESULTS - BIOAEROSOLS February 11, 1999 AIRS Project # 1696-002 All results are valid for the sample period only. Bioaerosol results are reported as the number of Colony Forming Units (CFU) of a particular microbial organism cultured from each sample plate. Concentrations are calculated as Colony Forming Units per cubic meter of air samples (CFU/m3). Test Location # 1: Inside Building & Zoning Office (1st Floor - Suite 85) Bioaerosol Sample if A-1 Collection Media: Malt Extract Agar - Predominant Fungi Air Volume Sampled: 56.6 Liters Date Sample was Collected: 03/FEB/99 accts imf x �� rte,_ k • P fry $cn t f f o € R.i 4 SL' Cladosporium 1 18 17 Curvularia 3 53 50 sterile fungi 1 18 17 yeasts 1 18 17 Total Airborne Fungal Concentration: 106 CFU/m3 Test Location # 2: Inside Sun Trust Bank (1st Floor) Bioaerosol Sample # A-2 Collection Media: Malt Extract Agar - Predominant Fungi Air Volume Sampled: 56.6 Liters Date Sample was Collected: 03/FEB/99 rmsvu � .. IT 9i • . - a llus fumi:atus 1 18 25 Clado , orium 3 53 75 Total Airborne Fungal Concentration: 71 CFU/m3 14 IAQ Test Report: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida Test Location # 3: Commission Chambers (Suite 201, 2nd Floor) Bioaerosol Sample # A-3 Collection Media: Malt Extract Agar - Predominant Fungi Air Volume Sampled: 56.6 Liters Date Sample was Collected: 03/FEB/99 February 11, 1999 AIMS Project # 1696-002 unga1tBaeterz ^^• t .. "Fn � �� B sJ �xNit orn Nf Cladosporium 2 35 40 Penicillium 1 18 20 Tritirachium 1 18 20 yeasts 1 18 20 Total Airborne Fungal Concentration: 88 CFU/m3 Test Location # 4: Sun Trust Bank (2nd Floor) Bioaerosol Sample # A-4 Collection Media: Malt Extract Agar - Predominant Fungi Air Volume Sampled: 56.6 Liters Date Sample was Collected: 03/FEB/99 un act �„�,�..yq��,px'ss�nk ft �k mt. 11���,yy� £`R✓,3yc:: d,n..-.,w`tu.. R® 9. F`T a '.-,- pA#: __� � C ti . -. � t .. n., c ,'F�"�},",^[�s _ ,� i• i'IT+Rnmx, rm Y. 9r 4 Cladosporium 10 177 83 Tritirachium 1 18 8 yeasts 1 18 8 Total Airborne Fungal Concentration: 212 CFU/m3 15 IAQ Test Report: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida Test Location # 5: Outdoor Control Bioaerosol Sample # A-5 Collection Media: Malt Extract Agar - Predominant Fungi Air Volume Sampled: 56.6 Liters Date Sample was Collected: 03/FEB/99 February 11, 1999 ADIS Project # 1696-002 x aster 'dry _ Cladosporium 19 336 70 Curvularia 3 18 11 Penicillium 2 18 7 sterile fungi 3 18 11 Total Airborne Fungal Concentration: 477 CFU/m3 fl 16 11,4,41 svrtma IAQ Test Report: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida DISCUSSION OF RESULTS L. Ventilation Quality February 11, 1999 AIRS Project # 1696-002 The American Society of Heating, Refrigeration and Air Conditioning Engineers (ASHRAE) and the National Institute for Occupation Safety and Health (NIOSH) have made recommendations regarding the input of fresh outdoor air into indoor environments to effectively dilute indoor generated pollutants to acceptable levels. It is generally felt that if the carbon dioxide concentration can be maintained below 1000 ppm by means of general dilution ventilation with fresh outdoor air via the building HVAC system, indoor air pollutants will also be maintained within acceptable levels. You will note from Graph # 1 on page 7, that CO2 concentrations exceeded 1000 ppm for short periods at the beginning of the test (11:51 am) and around 13:00 pm in the Building & Zoning Office. The peak recorded CO2 concentration was 1061 ppm with minimum and mean concentrations of 615 and 768 ppm respectively. These results are generally indicative of an adequate input of fresh outdoor air in the test area for the number of occupants present. IL Volatile Organic Compounds (VOCs) Many products used in building finishing materials (such as paints, glues, carpets and carpet pads, wall coverings, etc.) are sources of volatile organic compounds (VOCs). The majority of VOCs are hydrocarbon based molecules which are slowly emitted (or off -gassed) from the material in which they are present. There may be virtually thousands of different individual species VOCs in a single building, especially in a new one. Many times, sampling for specific VOCs is impractical due to the high expense involved in analytical services. The toxicity of VOCs vary widely as do the effects of exposure. Graph # 2 on page 8 depicts concentrations of volatile organic compounds in the Building & Zoning Office. Recorded concentrations ranged between 0 and 1.62 ppm. The mean concentration of non-specific VOCs in the test area was 0.43 ppm. Indoor air quality literature suggests that concentrations of non-specific VOCs above 1 to 2 ppm, as measured in that manner performed for this project, merits addition investigation into identity and source. Based on the results of these tests, no additional investigation into identity and source is merited at this time. 17 IAQ Test Report Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida III. Temperature February 11, 1999 AIRS Project # 1696-002 ASHRAE also recommends that the indoor temperature and relative humidity be maintained within a "comfort zone" which they consider both comfortable and healthful. This zone lies between 70 to 74 °F (winter) and 74 to 78 °F (summer) with a relative humidity between 20 and 60% (20 to 30% during winter and 50 to 60% during summer). The ASHRAE design criteria calls for an effective dry bulb temperature of 76 °F, a relative humidity of 40% and an air circulation index of 25 to 45 feet per minute. You will note from Graph # 3 (on page 9 of this report) that daytime temperatures in the test area fluctuated 4 °F between 72 and 76 °F with cycles of the HVAC system. These results indicate that the HVAC system is maintaining the indoor temperature within the comfort zone recommended by ASHRAE 62 1989. However, the constant 4 °F fluctuation in temperature may be uncomfortable to some occupants. IV. Relative Humidity ASHRAE recommends that indoor relative humidity be maintained below 60% at all times. Indoor relative humidity in excess of 60% may result in the amplification of microbial growths (both fungal and bacterial) which can have a negative impact on the indoor environmental quality within a building. The American Conference of Govemmental Industrial Hygienists (ACGIH), the National Institute for Occupational Safety and Health (NIOSH) and the Environmental Protection Agency (EPA) have reported that the maintenance of indoor relative humidity in excess of 70% typically results in a significant increase in microbial growth. Relative humidity measurements in the test location was found to be maintained below the maximum recommended level of 60% throughout the entire test period. Relative humidity levels ranged between 42 and 57% with a mean of 47%. Please refer to graph # 4 on pages 10 of this report. The test results indicate that the HVAC system is adequately maintaining moisture levels for it's operational temperature. V. Carbon Monoxide (CO) Carbon monoxide is a highly toxic, colorless and odorless gas usually produced by the incomplete combustion of hydrocarbons such as gasoline and natural gas. Its toxicity is derived from the stronger affinity of the hemoglobin in the blood to CO than to oxygen. 18 IAQ Test Report: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida February 11, 1999 AIRS Project # 1696-002 Indoor concentrations of carbon monoxide were observed to a maintained at nominal levels. From graph # 5 on page 11, you will note that the minimm$, average and peak CO concentrations were 0, 1 & 3 ppm respectively. The current occupational exposure limit to carbon monoxide enforced by the Occupational Safety and Health Administration is 50 parts per million (ppm) based on an 8 -hour Time Weighted Average (8 -hr TWA). There is no longer a ceiling or short term exposure limit (STEL) standard for carbon monoxide. The American Conference of Governmental Industrial Hygienists (ACGIH) has established a Threshold Limit Value (LTV) of 25 ppm for exposure to carbon monoxide. TheNational Ambient Air Quality Primary Standard for carbon monoxide is 9 ppm (8 hr. average) and 35 ppm (1 hr average). The test results are well below any applicable standards for exposure to carbon monoxide. W. Respirable Particulates The practice of industrial hygiene identifies respirable sized paticulates as those smaller that 10 microns in mass median aerodynamic diameter (MMAD), i.e. they behave like a smooth spherical object of 10 microns in size or less. This range of partici sizes are of particular concern because they are capable of being inhaled into the alveolar egion of the lungs (the location of gas exchange) and can have enhanced toxicological effects. You will note from graph # 6 on page 12, that concentrations of respirable sized particulates in the test area ranged from 0.0125 to 0.1009 mg/m3 with a mean concentration of 0.0304 mg/m3. The amplitude histogram (graph # 7 on pages 13) rev s that concentration of respirable dusts were between 0.02 and 0.04 mg/m3 over 93% of the test period. The National Ambient Air Quality Primary Standard SEPA, 40 CFR 50.6, 50.7, C-9) for total suspended particulates (in outdoor air) is 0.075 mg/m (annual geometric mean) with a maximum over a given 24 hour period of 0.260 mg/m3. The secondary standard calls for 0.060 mg/m3 (annual geometric mean) with a maximum over a given 24 hour period of 0.150 mg/m3. Please note, the EPA standards are for total particulates whereas only the respirable fraction was measured in this project and therefore direct comparison is {lot valid. 19 ,51 IAQ Test Report: Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida February 11, 1999 AIRS Project # 1696-002 The Occupational Safety and Health Administration (OSHA) has set an 8 -hour TWA exposure for respirable nuisance dusts at 5 mg/m3. In lieu of a specific standard for indoor air quality, a guideline of 1/10th the OSHA TWA is sometimes used. The test results are well below any applicable standards for exposure to respirable dusts. VII. Bioaerosols - Predominant Fungi The current consensus among experts in the field of environmental microbiology is that a comparison of biodiversity between indoor and outdoor air samples is a reliable determinant of the existence of the growth of fungi in a building. The significant presence of fungi in indoor air not present or as a minor component of the outdoor air mycoflora is taken as unacceptable from a health and building performance point of view. Indoor bioaerosol levels ranged between 71 CFU/m3 (in the 1st floor of the Sun Trust Bank) to 212 CFU/m3 (in the 2nd Floor Commission Chambers). In between levels of 88 and 106 CFU/m3 were detected in the 2nd floor of Sun Trust and the 1st Floor Building & Zoning office respectively. Outdoor levels were 477 CFU/m3. Predominant fungi indoors consisted of Cladosporium and Curvularia. Predominant fungi outdoors also consisted of Cladosporium and Curvularia. These results do not support evidence for indoor sources of fungal growth(s). 20 IAQ Test Report: Village of Key Biscayne 85 West Mcintyre Street Key Biscayne, Florida CONCLUSIONS February l 1, 1999 AIIIS Project # 1696-002 Based on the test results contained in this report, the following additional conclusions can be made: 1. The CO2 results indicated that the test area was adequately ventilated with fresh outdoor air for the occupancy level over the test period. 2. Data on concentrations of non-specific VOC in the test location revealed nominal levels which are not high enough to merit additional investigation into identity and source. 3. Indoor temperatures were found to be maintained within the comfort zone recommended by ASHRAE 62, 1989 (between 70 and 74 °F during the winter months) in the test location. However, the constant 4 °F fluctuation in temperature with on -off cycles of the HVAC system may be uncomfortable to some occupants. 4. Relative humidity was observed to be maintained within the comfort zone recommended by ASHRAE 62, 1989, i.e., below 60% throughout the entire test period in the test location. 5. Carbon monoxide levels were detected in nominal concentrations in the test location. 6. Concentrations of the respirable fraction of total airborne particulates were below the Indoor Air Quality Guideline of 1/10 the OSHA TWA (or <0.5 mg/m3) for these materials in the test location. 7. Bioaerosol test results did not support evidence for indoor source(s). Indoor levels were lower than outdoors and predominant fungi were similar to outdoors. 21 L IAQ Test Report Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida IH OBSERVATIONS AND RECOMMENDATIONS February 11, 1999 AIRS Project # 1696-002 All IAQ test parameters revealed nominal results. Therefore, no specific recommendations are necessary to improve indoor environmental conditions in the building. Site observations revealed several water stained/damaged acoustic ceiling tiles (in the 2nd floor Commission Chambers) indicating past water leaks either from the roof, HVAC, or plumbing system. To prevent microbial problems indoors, leaks should be dealt with on a priority basis and any water damaged materials should be replaced with new material. Generic recommendations are listed below which the building owner(s)/manager(s) may wish to include (if not already incorporated in the building management plan) to continue to maintain healthful indoor environmental conditions in the building: 1. Use a cleaning company that you can trust to provide a service with a high level of professionalism. The company must adhere to facility policies while providing adequately trained and supervised employees. They must supply a list of all of the cleaning agents they use along with MSDS for each. All chemical agents to be used must be authorized by facility management in addition to the method of use and application. They must also maintain records on their activities and adhere to schedules set forth by facility management. Furthermore, they must be encouraged to report any incidences, accidental or otherwise, which may effect the health of any of the building occupants. 2. Request that the pest control company adopt and implement the disciplines of Integrated Pest Management (IPM) in controlling pests throughout the building. This is a relatively new method of pest management which utilizes small and very localized quantities of pesticides in conjunction with non-toxic techniques for preventing building access to pests. 3. Instruct building occupants as to facility policies regarding the use "store bought" chemical products such as deodorizers, air fresheners, insecticides, etc. All occupants must be instructed that any use of such materials in the building is not permitted in the building. Instead, they should be instructed to contact facility management with any grievances or problems which they think might merit the use of same. Facility management can then take appropriate action to address the situation. 4. Incorporate into the Building Management Plan special procedures for dealing with future renovation activities which may have a detrimental impact on the IAQ. Such a plan would include, among other things: 22 L. IAQ Test Report Village of Key Biscayne 85 West McIntyre Street Key Biscayne, Florida a) isolation of the renovation area with emphasis on HVAC air circulation, and noise control February 11, 1999 AIRS Project # 1696-002 IH b) maintenance of the renovation area under slightly negative pressure with respect to other occupied areas within the building c) adjusting the HVAC system to provide maximum (up to 100%) fresh outdoor air into areas that are to remain occupied during the renovation activity 5. Inspect the existing. HVAC fresh air intake system for sources of contamination such as nearby pools of standing water, organic debris, bird nests and droppings, etc. The fresh air intake system should be as isolated as possible from contaminant sources such as building exhausts, cooling towers and other pollutant sources which may compromise the quality of the outdoor air being input into the building. 6. Maintain the HVAC system on a scheduled basis. This includes all the normal maintenance activities including frequent filter changes and the use of biocidal agents with anti- corrosive and anti -clog agents in drain pans. I also recommend the use of medium efficiency filters in the HVAC air handling system. Although the initial cost of these filters is more, they are said to last longer somewhat off -setting the higher cost. Another commonly missed maintenance activity includes inspecting for and cleaning dust accumulations from supply and return grills. This activity should be performed using either wet methods (such as a cloth dampened in water containing a detergent and mild chlorine solution) or by vacuuming with a vacuum affixed with high efficiency (HEPA) filters. 7. Inspect the HVAC system (air handlers and ducts) for heavy dust accumulation. Have these components cleaned professionally when necessary. 8. Professionally clean the carpets on a routine basis. Once per year is the minimum frequency recommended. Care must taken to adequately dry the carpets once they have been steam cleaned to reduce microbial proliferation. Severely soiled carpets should be either removed and replaced or thoroughly cleaned using methods that do not create airborne particulates. Such methods include steam cleaning as well as some dry chemical cleaning techniques. Carpeted areas that are prone to soiling should be resurfaced with a more easily cleanable material such as vinyl or ceramic flooring material (for example). 23 IAQ Test Report Village of Key Biscayne 85 West McIntyre Street ICey Biscayne, Florida February 11, 1999 AIRS Project # 1696-002 9. Where possible, inspect the plenums, spaces above drop ceilings, behind drywall panels and under wall coverings for mold contaminated areas. Replace any contaminated materials if possible. As a second best, treat any contaminated areas with strong fungicidal agents. This should aid in reducing the concentrations of airborne allergens in the building. 12. It is also recommended that the efficacy of any changes made to improve the indoor air quality be verified by follow-up testing. Advanced Industrial Hygiene Services, Inc. is pleased to have been of service. Please contact this office should you have any questions or comments concerning this report or any related matter. Respectfully Submitte Bruce Marche e, C'1'� :. AIHS, Inc. J 24 asaiogeDGEGtOo Mr. C. Samuel Kissinger Village Manager Village of Key Biscayne 85 West McIntyre Street Key Biscayne, FL 33149 Subject: "Dedicated to hetvmg businesses astgouernment understand and meet their environmental obiigationss April 12, 1999 Environmental Site Assessment Report (ESA Phase I and II) For portions of Tract 7 and 4 MATHESON ESTATES, 85 West McIntyre Street, Key Biscayne, Miami -Dade County, Florida Dear Mr Kissinger: The firmof Edward E Clark Engineers -Scientists, Inc.(CLARK) has performed a Phase 1 and limited Phase 1I Environmental Site Assessment (ESA) for the above referenced site. The terms and conditions, stated in Section 2.2 of the ESA Report are still in effect and binding. As requested, this letter is to summarize and amplify upon the report findings, however we continue to urge you to read the report in its entirety. An ESA comprises a number of individual elements whose basic nature and extent are determined in accordance with the standard of care applicable to ESAs. We believe that we have complied with the applicable standard of care and that we have complied as well with ESA practices and service scope elements recommended by the American Society for Testing and Materials (ASTM). CLARKS services included independent inquiries with respect to asbestos, lead paint, radon and indoor air quality testing. Copies of the independent reports are enclosed at the back of the ESA report. A summary of the ESA Report findings follows: • The initial site reconnaissance of the subject property was conducted on January30,1999. The property consists of approximately 2.173 acres of land and a two story concrete block office building currently occupied by SunTrust Bank, the Village of Key Biscayne, a real estate company and an attomey's office. • A review of government agency listings indicates (1) the subject property was not listed in any of the databases searched; (2) underground storage tanks {UST) are not currently permitted for the site, but USTs have been permitted for two adjacent properties; and (3) unauthorized releases of petroleum hydrocarbons or hazardous materials have been reported for two adjacent properties and three other properties in the vicinity of the site. A limited Phase I1 soil and groundwater investigation was carried out to further explore the concerns and questions raised in the Phase I pertaining to the two adjacent properties. EDWARD E. CLARK ENGINEERS - SCIENTISTS, INC. • 7270 N.W. 12th Street, Suite 740 • Miami, Florida 33126 • (305) 233-1411 Mr. C. Samuel Kissinger April 12, 1999 Page 2. • An independent limited asbestos building , lead paint and radon gas survey was performed on February 8, 1999 by ARS Environmental, Inc. No asbestos building material was found in the secured bulk samples collected from within the structure. No radon gas was detected in any of the air samples collected from within the building. No lead based paint was detected in any of the areas tested. • An independent indoor air quality assessment was performed on February 3 and 4, 1999 by Advanced Industrial Hygiene Services, Inc. Test parameters including carbon dioxide, temperature, relative humidity, gaseous vapors and total respirable particulates were found to be within acceptable ranges. The petroleum contamination at the former gasoline station located at 560 Crandon Boulevard (southeast of the subject property) was remediated by PIECO in 1990. A Site Rehabilitation Completion Report was submitted in September 19995 and approved by FDEP in November 1995. As of November 1995, no additional site rehabilitation at the site is required. • The limited Phase 11 investigation included performing soil borings and installing three groundwater monitoring wells on the eastern boundary of the subject property and the adjacent Citgo property (LUST site), and laboratory analysis of both soil and groundwater samples. The results of the limited Phase 11 field investigation conducted by CLARK at the 85 West McIntyre Street, Key Biscayne property failed to identify any significant petroleum contamination in the soil or groundwater. In addition, all areas of stained soil and hazardous materials found or identified during the Phase 1 investigation have been excavated and/or removed from the property. • A review of Department of Environmental Resources Management (DERM) records showed that the adjacent CITGO station performed the required tank and line tightness tests subsequent to the 1996 leak incident. The tanks passed the tigl fitness tests, indicating the leak had been stabilized. The CITGO station (as the responsible party) has applied for, and has been approved for State funds for the clean-up under the Florida Petroleum Liability & Restoration Insurance Program (FPLRIP). On December 13, 1996, FDEP determined that the station was eligible for state -funded remediation rehabilitation assistance, dictated by the State's priority ranking score and pre -approval of scope of work and costs basis. Mr. C. Samuel Kissinger April 12, 1999 Page 3. According to Ms. Fayma Childs, DERM, the service station has a priority ranking of eleven (11). The State of Florida reimbursement program is currently funding sites with priority ranking scores of approximately 65-70 or higher. Based on the number of sites currently approved for assistance, it is estimated that it will be several years before FPLRIP funds are made available for this specific site. According to Ms. Childs, since the site has been approved for clean-up assistance, the station is currently not required to initiate any assessment and/or cleanup activities until the State funds are authorized., when those funds become available. The reported leaking underground petroleum storage tanks located on the adjacent property have not caused an environmental impact on the subject property at this time, and the potential for a future impact from the 1996 leak on the subject property is believed to be since the movement of groundwater in the area is primarily vertical due to tidal influences. Should future construction at the subject property include de -watering activities, certain precautions may be necessary to avoid inducement of groundwater flow from the adjacent (CITGO) property. Please be advised that CLARK cannot warrant or guarantee that any potential future leaks will not impact the subject property. In the professional opinion of Edward E. Clark Engineers -Scientists, Inc. (CLARK) all appropriate inquiries have been made with the previous ownership and uses of the property consistent with good commercial or customary practices in an effort to minimize liability. Laboratory data of both soil and groundwater collected as part of the Phase 11 investigation did not indicate an environmental impact that would necessitate an environmental response action or otherwise could result in a material financial liability for the owners or operators of the property. However, CLARK cannot under any circumstances warrant or guarantee that not finding indicators of hazardous materials means that hazardous materials do not exist on the site. Please call me or Mr. Ken Baughman for assistance. Yours truly, Edward E. Clark, Ph.D., P.E. President EEC/bjk Project 9908 cc: Elaine M. Cohen, Esq., Weiss Serota Helfman Pastoriza & Guedes, P.A. Jeb Bush Governor Department of nvironmental Protection Marjory Stoneman Douglas Building 3900 Commonwealth Boulevard David B. Struhs Tallahassee, Florida 32399-3000 Secretary February 8, 1999 Ms. Elaine Cohen Weiss, Serta, Helfman, et al. 2665 S. Bayshore Dr., Suite 420 Miami, Florida 33133 Subject: 85 W. McIntyre St., Key Biscayne, Fl. adjacent to - DEP Facility #138504998, Island Standard Station, 530 Crandon Blvd., Key Biscayne, Fl. {FPLRIP prog. & site score 11 } Dear Ms. Cohen, This letter is in response to your February 8, 1999, request for information regarding the above reference property which is, according to information you provided to me, adjacent to the above referenced petroleum contaminated site. I understand that you would like information regarding the Department's enforcement policy toward a property owner whose property has been contaminated with pollutants emanating from an adjacent source property. Property owners are nearly always liable for contamination on their own property. However, the Department will not take enforcement action for cleanup or for cost recovery against an owner of property where pollutants have migrated from sources outside of the property; provided, that the owner did not cause, contribute to or exacerbate the release or discharge, the person causing the release is not contractually related to the owner, and the owner is not alternatively liable as a generator or transporter, or as owner/operator of the source. This policy extends to the adjacent property owner's (contaminated non -source property owner) successors and lenders. See §376.308, Florida Statutes. The adjacent property owner is not without responsibilities, however. The adjacent property owner should grant site access (in some circumstances must grant site access) to allow inspections, assessment and remediation of the contamination on the property. If there are construction activities on this site such activities must not cause further spreading of and/or exacerbate the contamination. If any contaminated soil, groundwater or other media are removed it must be properly treated and/or disposed of in accordance with Department rules. Lastly, as a reminder, there are OSHA regulations regarding worker safety on contaminated construction sites. petro Regarding cleanup at sites eligible for state funding, the state pays for the cleanup of the eum contamination on the eligible source property. Additionally, the state will pay the cost "Protect, Conserve and Manage Florida's Environment and Natural Resources" Printed on recycled paper. of cleanup if the petroleum contamination has migrated onto any adjacent properties. That means if it is shown to the Department that there is petroleum contamination at the McIntyre Streetproperty which originated from a site receiving a state funded cleanup, the state will pay for the cleanup at the non -source property. However, the responsibilities outlined in the previous paragraph still apply, the property owner must provide site access, etc. To ensure there are no misunderstandings, I recommend coordinating any construction activities which require digging with the Department's Southeast District Office and the Dade County Department of Environmental Resources Management. If you would like a binding statement of the Department's position regarding your situation, you may request a Declaratory Statement pursuant to section 120.565, Florida Statutes. Please contact me if you have further legal questions. Rebecca Grace Senior Assistant General Counsel cc: Hamp Pridgen, BPSS tankdadjmcintdoc 0 Elaine Cohen, Esq. Weiss Serota & Helfman, PA 2665 So. Bayshore Drive, Suite 420 Miami, FL 33132 Dear Ms: Cohen: "Dedicated to helping businesses altar goverment understand and meet their environmental odagations" VIA FACSIMILE & U.S. MAIL 305-854-2323 No. ofPages12 September 7, 2001 Re: Sampling of wells at property Located at 85 West McIntyre Street Key Biscayne, FL On August 29, 2001, representatives of our firm proceeded with your request to sample the"three existing" groundwater monitoring wells at the referenced location. The three wells were installed as a part of Phase and II Environmental Site Assessment performed on the property by our firm in February 1999. The three wells were installed near the east property boundary between the referenced site and the gasoline service station located at 530 Crandon Blvd. At the time of installation the three wells did not contain detectable levels of Petroleum Product Contaminants of Concern. As reported to you by fax on August 30, 2001 we discovered that the northern most well, referenced to as MW -3, had been destroyed and we therefore only sampled the two existing wells. Both monitoring wells MW -1 and MW -3 again did not contain detectable levels of any Petroleum Product Contaminants of Concern. I, am enclosing copies of the laboratory results for your files. Yours truly, Edward E. Clark, Ph.D., P.E. President EEC/mb 9908 Enclosure cc: C. Samuel Kissinger, w/o enclosure EDWARD E. CLARK ENGINEERS - SCIENTISTS, INC. • 7270 N.W 12th Street, Suite 740 • Miami, Florida 33126 • (305) 233-1411 FILE (,!k .230 EDCLAR000220 Pat Fox Ed Clark Engineers -Scientists 7270 NW 12th St, #740 Miami, FL 33126 Site Location/Project Miami, Florida 9928 A ID: is-l5til ati OIL Mimi Page 1 September 6, 2001 Submission # 108001452 Order # 211530 FDEP CompQAP# 990102 FL -DOH Certification# E86349, 86413, 86565 Sample I.D.: MW -1 Collected: 08/29/01 07:30 Received: 08/29/01 16:40 Collected by: Pat Fox PARAMETER RESULT UNITS METHOD DETECTION DATE DATE ANALYST UNLIT-RQL EXT. ANALY. Lead BDL mg/L $M31138 (239.2) 0.005 08/29/2001 08/29/2001 RM 8011 EDB, DBCP in. Surface Wavers/GroundWaiers MEDP 1 1 2-Dibromo-3-Cbloropropane (DBCP) BDL ug/L 8011 0.040 08/31/2001 08/31/2001 PMD Ethylene DibrOmlde (EDB) BDL ug/L 8011 0.020 08/31/2001 08/31/2001 PMD 8021-B VOA (602) Compounds in Water by GC MED? 1 Me }Hen -butyl -ether Benzene BDL BDL ug/L 5030/80213 1.000 08/11/2001 08/3!/2001 PMD ug/L 5030)802IB I.000 08/31/2001 08/31/2001 PMD 'toluene 8DL ugIL 5030/80218. 1.000 38/31/2001 08/312001 PMD Chlorobcnzene BDL ug/L 5030/80210 1.000 08/31/2001 08/31/2001 PMD Efiylbenzenc BDL ug/L 5030/80218 1.000 08/31/2001 08/31/2001 PMD m tit p Xyleac 8DL u8/L 5030/8021B 1.000 08/31/2001 08/31/20(11 PMD o- X)iene BDL ug/L 5030)80218 1.000 08/31/2001 08/31/2001 PMD 1,3-Dichlorobenzene BDL--.. . _. ug/L 5030/80218 1.000 08/31/2001 08/31/200! -PMD 1,4•Dichlorobenzene BDL ug/L. 5030/8021B 1.000 08/31/2001 08/31/2001 PMD 1 2-Dioblorobenzene BDL ug'L 5030/80213 1.000 08/31/2001 08/31/2001 PMD 8021.B VOH (601) Compounds in Water by GC Dichlorodifluoromethane BDL Cnthromtitianc BDL ug/L MS? 5030/8021B 1.000 08/31/2001 08/31/2001 PMD 1.000 08/31/2001 .08/31/2001 PMD Fit! No. ?.'t. n+ 15:14 tD: EDCLAR000220 Pat Fox Ed Clark Engineers -Scientists 7270 NW 12th St, #740 Miami, FL 33126 Site Location/Project Miami, Florida 9928 A Page 2 September 6, 2001 Submission # 108001452 Order # 211530 FDEP CompQAP# 990102 FL -DOH Certification# E86349, 86413, 86565 Sample I.D.: MW -1 Collected: 08/29/01 07:30 Received: 08/29/01 16:40 Collected by: Pat Fox PARAMETER RESULT UNITS METHOD DETECTION DATE DATE ANALYST LIMIT-RQL EXT. ANALY. Vinyl Chloride BDL ugiL 5030/80215 1-000 08/31/2001 08/31/2001 PMD Bromomerhane BDL 5030/80215 1.000 08/31/2001 08/31/2001 PMD Chloroethane BDL ugiL 5030/8021B 1.000 08/31/2001 08/31/2001 PMD Trichlorofluoromerhane BDL ug/L 5030/80215 1.000 08/31/2001 08/31/2001. PMD 1,1 •Dichlorocthene BDL ug/L 5030/80215 1-000 08/31/2001 08/31/2001 PMD Methylene Chloride BDL ug/L 5030/8021B 1.000 08/31/200I 08/31/2001 PMD Trans -1,2• Dichloroethene BDL ug/L 5030/80219 1.000 08/31/2001 08/31/2001 PMD 1,1-Dichlomethane. BDL ug/L 5030/80215 1-000 08/31/2001 08/31/2001 PMD 2.2-Dichloropropane BDL nit 5030/8321B 1.000 08/31/2001 08/31/2001 PMD Cis•1 2-Dichloroethene BDL ug/L 5030/80218 1.000 08/31/2001 08/31/2001 PMD Chloroform BDL ug/L 5030/80215 1.000 08/31/2001 08/31/2001 PMD Bromochloromethane BEA. ug/L 5030/30215 1.000 08/31/2001 08/31/2001 PMD 1,1,1-Triehloroethane BDL ugiL 5030/80215 1.000 08/31/2001 08/31/2001 PMD 1.1-Dictilotopropene BDL ug/L 5030/80215 1,000 08/31/2001 08/31/2001 PMD Carbon Tetrachloride BDL ug/L 5030/80215 1.000 08/31/2001 08/31/2001 PMD 1 2-Diohloroethane BDL ug/L 5030/80215 1,000 08/31/2001 08/31/2001 PMD Trichloroethene BDL ug/L 5030/80218 1,000 08/31/2001 08/315-001 PMD 1,2-Aichloropropane BDL ug/L 5030/80215 1.000 08/31/2001 08/31/2001 PMD FILE N 22 094)1 '01 15:15 ID: PACE l: EDCLAR000220 Pat Fox Ed Clark Engineers -Scientists 7270 NW 12th St, 4740 Miami, EL 33126 Site Location/Project Miami, Florida 9928 A Page 3 September 6, 2001 Submission N 108001452 Order # 211530 FDEP CompQAP4 990102 FL -DOH Certiflcation4 P86349, 86413, 86565 Sample I.A.: MW -1 Collected: 08/29/01 07:30 Received: 08/29/01 16:40 Collected by: Pat Fox PARAMETER RESULT UATTS METHOD DETECTION LIMIT-RQL DATE EXT. DATE ANALY. ANALYST II Bromodichloromethane BDL us/L 5030/8021B 1.000 08/31/2001 08/31/2001 PMD 2-Chloroethylviny! Ether BDL ug/L 5030/80218 1.000 08/31/2001 08/31/2001 ?MD Dibromomethane BDL ug/L 5030/80218 1.000 08/31/2001 08/31/2001 PMD Cis•1,3-Dichieropropene BDL ugiL 5030180218 1-000 08/31/2001 08/31/2001 PMD Trans-1,3-Dichloropropene BPI. ugiL 5030/80218 1.000 08/31/2001 .08/31/2001 PMD 1,1,2-Trichloroethanc BDL ug/L 5030/8021B 1.000 08/31/2001 08/31/2001 PMD L3-Dichloropropanc BDL ug/L 5030/80218 1.000 08/31/2001 .08/31/2001 PMD Tenachloroethcnc : BDL ug/L 5030/80218 1.000 08/31/2001 08/31/200! PMD Dibromochtoromethanc BDL ug/L 5030/8021B 1.000 08/31/2001 08/31/2001 PMD 1 2•Dibromoethane BDL ug/L 5030/8021B 1,000 08/31/2001 08/31/2001 PMD Chlorobenzene BDL ug/L 5030/80218 1.000 08/31/2001 08/31/2001 PMD Bromobenzcnc BDL ug/L 5030180218 1.000 08/31/2001 08/31/2001 PMD 1,1,1,2-Telrachioroethane BDL ug/L 5030/80218 1-000 08/31/2001 08/31/2001 -PMD . Smmoforrn ' ' .. ,_�_._ BDL -5030/8021B - - - - 1.000 _ —08/31/2001 -08/31/2001-...-...PMD 1.12,2-Tctntwhioroethane 901. ug/L $030/80213 L. 1.000 08/31/2001 08/31/2001 PMD 1.2.3•Trichloropropane BDL ug/L 5030/80213 1:000 08/31/2001 08/31/2001 PMD 2-Chlofotolucne BPI- us/L 5030/80218 1,00[1 08/31/2001 08/31/2051 PMD I 4-Chlorotoluenc BDL ug/L 5030/80218 1.000 08/3112001 08/31/2001 PMD ' FILE Nc,.230 09/06 01 FP' PAGE 4/ is EDCLAR000220 Pat Fax Ed Clark Engineers -Scientists 7270 NW 12th St, #740 Miami, FL 33126 Site Location/Project Miami, Florida 9928 A Page 4 September 6, 2001 Submission # 108001452 Order # 211530 FDEP CompQAP# 990102 FL -DOH Certitication# E86349, 86413, 86565 Sample I.D.: MW -1 Collected: 08/29/01 07:30 Received: 08/29/01 16:40 Collected by: Pat Fox PARAMETER RESULT t1AiTis METHOD DETECTION LIMIT-RQL DATE EXT. DATE ANALYST 1.3-Dichlorobenzene 13131 uglL 5030/8021B 1.000 08/31/2001 08/31/2001 PMD 1,4-Dichlorobenzene BDL ug/L 5030/802113 1,000 08/31/2001 08/31/2001 PMD 1,2-Dichlorobenzene BDL ug/L 5030/8021B 1.000 08/31(2001 08/31/2001 PMD 1.2-Dibromo-3-Chloropropane BDL ug/L 5030/80210 1.000 08/31/2001 08/31/2001 PMD 1,2,4-Trichlorobenzcne BDL ug/L 5030/802113 1.000 08/31/2001 08/31/2001 PMD Nexachlorobutadicne BDL u8/1 5030/80218 1-000 08/31/2001 08/31/2001 PMD 1,2,3-Trichlorobenzene BDL ug/L 5030/802113 1.000 08/31/2001 08/31/2001 PMD 8270C PAHs (610) in WATER by GC/MS (Ion Trap) MEDP 1 Naphthalene BDL ugjL 3510/$270C 5.000 08/01/2001 09/02/2004 ME 2-Mothylnaphthalenc 801 ug/L 3510/8270C 5.000 08/01/2001 09/02/2(01 ME .f I-Melhylnaphthalene BDL ug/L 3510/8270C 5.000 08/01/200I 09/02/2001 ME Acenaphthene )3DL ug/L 3510/82700 3.000 08/01/2001 09/02/2001 ME Phenanthiene --- 8DL- --- - ug/L ,. -3510/8270C 5,000 08101/2001 09/02E2001 --ME • Ptuoranthcnc BDL ug/L 3510/8270C 0.300 08/01/2001 09/02/2001 ME 8cnzn(a)anthmcene 801 ug/L 3510/82700 0.200 08101/2001 09/02/2001 ME 1 i Benza(b)8uotantheue BDL ug/L 3510/82700 0.200 08/01/2001 09/02/2001 ME I Benzo(a)pyrene - BDL ug/L 3510/62700 0.200 08/012001 09/02/2001 ME Benzo(Sbi)peNlene 1301 ug/L 3510/8270C 0.200 08/01/2001 09/02/2001 ME r�.230 i09/��.46i 't)1 15:16- - 1fl: PAGE EDCLAR000220 Pat Fox Ed Clark Engineers -Scientists 7270 NW 12th St, #740 Miami, FL 33126 Site Location/Project Miami, Florida 9928 A Page 5 September 6, 2001 Submission # 108001452 Order # 211530 FDEP CompQAP# 990102 FL -D011 Certification,/ E86349, 86413, 86565 Sample ID.: MW -1 Collected: 08/29/01 07:30 Received: 08/29/01 16:40 Collected by: Pat Fox PARAMETER RESULT UNITS METHOD DETECTION�� r ANALYST Acenaphthylene BDL 3510/82700 3.000 08/01/2001 09/02/2001 ME Fluorenc BDL ug/C 3510/8270C 5.000 08/01/2001 09/0212001 ME Antheacene BDL ug/L 3510/8270C 0.300 08/01/2001 09/02/2001 ME Pyrene BDL ug/l. 3510/8270C 0.300 08/01/2001 09/02/2001 ME Chrysenc BDL ug/L 3510/8270C 1.000 08/01/2001 09/02/2001 ME Benzo(k)fluorantbene BDL ug/L 3510/8270C 0.500 08/01/2001 09/0212001 MB. Indeno(1,2,3-c4yrcne BDL. twit 3510/8270C 0.200 08/01/2001 09/02,2001 ME Dihenzo(a,h»nriracene BDL ug/L 3510/8270C 0.200 08/01/2001 09/02/2001 . ME. EL -PRO (Perroleum Residual Organic w/ranges)-WATER MEDF GRO (C8 -C10) Pe.ge BDL mg/L FL•PRO 0.500 08/29/2001 08/30/2001 NCI DRO (C10-C28)Range BDL m81L FL -PRO 0.500 08/29/2001 08/30/2001 NCI TRO (C28 -C210) Range BDL mg/L FL -PRO 0,500 08129/2001 08/30/2001 NCI FILE No 23n x9,06 '01 16:1 ID: Fu'` , _FGi,E 6/ 1=. EDCLAR000220 Pat Fax Ed Clark Engineers -Scientists 7270 NW 12th St, #740 Miami, a 33126 Site Location/Project Miami, Florida 9928 A Page 6 September 6, 2001 Submission # 108001452 Order # 211530 MEP CompQAP# 990102 FL -DOH Certiflcation# E86349, 86413, 86565 Sample I.A.: MW -1 Collected: 08/29/01 07:30 Received: 08/29/01 16:40 Collected by: Pat Fox PARAMETER RESULT UNITS METHOD DETECTION DATE DATE ANALYST LIMIT-RQL EXT. ANALY. TOTAL PRO (CA -040) SDL mg/L PL -PRO Moo 08/29/2001 08/30/2001 NCI ***BDL: Indicates Analyte is Below Detection Limit***MEDF: Matrix Effected Dilution Factor*** ***Work Subcontracted to Outside Labs Denoted by HRS Cert ID in Analyst Field*** ***Qualifier following result conforms to FAC 62-160 Table 7******Unless otherwise noted, mg/Kg denotes wet weight"** ***62-770: If the MDL using the most sensitive and currently available technology is higher than a specific criterion, the PQL shall be used. Certs:AL =#41180, Ct.=#PH0217, Ks. =#E270 + E1245, Ky. =#90087, La. =#9601, Md. =#271, Ma.=#M-FL535 ND. =#R163, OK. =09523, SC. r.#96023, Tn.=#TN02826 FILE No.2'30 09/06 01 15:17' ID: PAGE 7/ 1;_' EDCLAR000220 Pat Fox Ed Clark Engineers -Scientists 7270 NW 12th St, #740 Miami, FL 33126 Site Location/Project Miami, Florida 9928 A Page 7 September 6, 20Q1 Submission # 108001452 Order # 211531 FDEP CompQAP# 990102 FL -DOH Certification# E86349, 86413, 86565 Sample LD.: MW -2 Collected: 08/29/01 09:10 Received: 08/29/01 16:40 Collected by: Pat Fox PARAMETER RESULT UNITS METHOD DETECTION LIMIT-RQL DATE EXT. DATE ANALY. ANALYST Lead BDL mgiL SM31138 (239.2) 0.005 08/29/2001 08/29/2001 RM 8011 EDB, DBCP in Surface Wators/GroundWaters MEDF 1 1.2-Dibromo-3-Chloropropane (DBCP) SAL ug/L 8011 0.040 08/31/2001 08/31/2001 PMD Ethylene Dibromide (EDB) BDL ug/L 8011 0.020 08/31/200! 08/ 2001 PMD E:1.13 VOA {602} Compounds in Walcr by GC MEDF 1 Methyl -tort -butyl -ether 8DL ug/L 5030/80218 1.000 0851/2001 08/31/2001 ?MD Benzene BDL ug/L 5030/802113 1.000 08/31/2001 08/31/2001 PMD Toluene 80!- 5030/80218 1.000 08/31/2001 08/31/2001 PMD Chlotobenzene BDL ugiL 5030/8021B 1.000 08/31/2001 08/31/2001 PMD Ethylbcn ene 8DL ugiL 5030/8021B 1.000 08/31/2001 08/31/2001 PMD m & p Xylene BDL ug/L 5030/80213 1.000 08/31/2001 08/31/2001 PMD o- Xylene BDL ug/L 5030/80218 1.000 08/31/-001 08/31/2001 PMD 1,3-Dichlorobenzene BDL ugiL 5030/802113 1.000 08/31/2001 08/31/2001. -PMD 1,4-Dicblorobenzene BDL ug/L 5030/80218 1.000 08/31/200! 08/33/2001 PMD 1,2-Dichlorobenzene BDL ugn- 5030/80213 1.000 08/31/2001 08/31/2001 PMD 8021.8 V011 {601} Compounds in Water by GC MEDF 1 Dichiorodifluoromethaas BDL ug/1- 5030180218 1.000 08/31/2001. 08/31/2001 Chlorontethene BDL ug/L 5030/802113 1.000 08/31/2001 08131/2001 EDCLAR000220 Pat Fox Ed Clark Engineers -Scientists 72701 '(W 12th St, #740 Miami, FL 33126 Site Location/Project Miami, Florida 9928 A Page 8 September 6, 2001 Submission # 108001452 Order # 211531 FDEP CompQAP# 990102 FL -DOH Certification# E86349, 86413, 86565 Sample LD.: MW -2 Collected: 08/29/01 09:10 Received: 08/29/01 16:40 Collected by: Pat Fox PARAMETER RESULT UNITS METHOD DETECTION LIMIT-EQL DATE EXT. DATE ANALY. ANALYST vinyl Chloride BDL - 5030/80213 1.000 08/31/2001 08/31/2001 PMD Bromomethane BDL ug/L 5030/80218 1.000 08/31.2001 08/31/2001 PMD Chloroethane BAL ug/L 5030/80218 1.000 08/31/2001 08/31/2001 PMD Trichlorofluoromethunc BDL. ug/L 5030/80218 1,000 08/31/2001 08/31/2001 PMD '.. l.1-Dichloroethcne SDI- ug/L 5030/80218 1.000 08/31/200I 08/31/2001 PMD Methylene Chloride. BDL ug/L 5030/80215 1.000 08/31/2001 08/31/2001 PMD Trans-1,2-Dichloroethene BDL ug/L 5030/80213 1000 08/31/2001 08/32/2001 PMD 1,1-Dichleraethane BDL ug/L 5030/80218 1000 08/31/2001 08/31/2001 PMD 2,2-Dichloropropane BDL ug/L. 5030/80218 1.000 08/31/200I 08/31/2001 PMD Cis-1,2-Dichloroethenc BAL. ug/L 5030/80213 1.000 08/31/2001 08131/2001 PMD Chloroform BDL ug/L 5030/80218 1.000 08/31/2001 08/31/2001 PMD Bronmchloromethane BDL ugiL 5030/80218 1.000 08/31/2001 08/31/2001 PMD 1,1,1-Trichloroethane -- _-' BM- ---- - -- - ug/L - 5030/802113 1.000 08./31/2001 08/31/2001 PMD 1.1•Dichloropropene - BPI. ug/L 5030/80213 1,000 08/3172001 08/31/2001 PMD Carbon Tetrachloride BDL ug/L 5030/80218 1.000 08/31/2001 08/31/2001 PMD I2-Dichloroethane - BDL ug/L 5030/80218 1.000 08/31/2001 0851/2001 PMD Trichloroethenc - SAL- uglL 5030/80218 1.000 08/31/2001 08/31/2001 PMD II 1.2-Dichloropropane BDL ugfL 5030/80218 1.000 08/31/2001 08/31/2001 PMD FILE No.'2 PAGE 9/ 1I EDCLAR000220 Pat Fox Ed Clark Engineers -Scientists 7270 NW 12th St,#740 Miami, a 33126 Site Location/Project Miami, Florida 9928 A Page9 September 6, 2001 Submission # 108001452 Order # 211531 FDEP CompQAP# 990102 FL-DOi1 Certification# E86349, 86413, 86565 Sample 1.D.: MW -2 Collected: 08/29/01 09:10 Received: 08/29/01 16:40 Collected by: Pat Fox PARAMETER RESULT METHOD DETECTION LIMIT-RQL DATE EXT. DATE ANALY. ANALYST Bromodichioromethanc BDL ug/L 5030/80218 L000 08/31/2001 08/31/2001 PMD 2-Chloroethylvinyl Ether BUL ug/L 5030/80218 1,000 08/31/2001 08/31!2001 PMD Dibromomethane BDL ug/L 5030/80213 1.000 08/31/2001 08/31/2001 PMD Cis-1,3-Dichloropropene BDL ug/L 5030/80218 1.000 08/31/2001. 08/31/2001 PMD Trans.1,3-Dibhlorapropene BDL ug/L 5030/80213 1.000 08/31/200! 08/31/2001 PMD t,I2-Trichloraetbane BDL ug/L 5030/80218 1.000 08/31/2001 08/31/2001 PMD 1,3-Dichioropropane BDL ugfL 5030/80218 1.000 08/31/2001 08/31/2001 ?MD Terrechloroethene BDL ug/L 5030/!10213 1.000 08/3112001 08/31/2001 PMD Dibromochloromethane BDL ug/L 5030/80218 1,000 08/31/2001 08/31/2001 PMD 1,2-Dibromoethane BDL ug/L 5030/80213 1.000 08/31/2001 08/31/2001 PMD Chlorobcnzcne BDL ug1L 5030/80218 1.000 08/31/2001 08/31/2001 PMD Bromobcnzcne - _--BDL ugfL 5030/8021$ 1.000 08/31/2001 08131/2001 PMD 1.1,1,2-Tctrach1oroethanc BDL ug/L 5030/80218 1,000 08/31/2001 08/31/2001 PMD Bromoform BDL ug/L 5030180213 1.000 08/31/2001 08/31/2001 PMD 1,l,2,2Terrachloroethane BDL ug/L 5030/80218 1.000 08/31/2001 08/31/2001 PMD 1,2,3- chloropropane BDL ugiL 5030/ B 1.000 08/31/2001 08/31/2001 PMD 2-Chlorototucnc BDL 138/1. 5030/80218 1.000 08/31/2001 08/31/2001 PMD 4Chlorotoluene BDL ug/L 5030/80213 1.000 08/31/2001 08/31/2001 PMD FILE No.230 01/CAE '01 15:12 ID: EDCLAR000220 Fat Fox Ed Clark Engineers -Scientists 7270 NW 12th St, #740 Miami, FL 33126 Site Location/Project Miami, Florida 9928 A Page 10 September 6, 2001 Submission # 108001452 Order # 211531 FDEP CompQAP# 990102 FL -1100 Certjficatjonil E86349, 86413, 86565 Sample T.D.: MW -2 Collected: 08/29/01 09:10 Received: 08/29/01 16;40 Collected by; Pat Fax PARAMETER RESULT UNITS hfETHOD DETECTION LIMIT-RQL DATE EXT. DATE ANALY. ANALYST 1,3-Dichlorabenzene BDL ug/L 5030/80218 1.000 08/31/2001 08/31/2001 PMD 1,4-Dichlorobenzene BDL ug/L 5030/80218 1.000 08/31/2001 08/31/2001 PMD 1,2-Dichlorohenzene BDL ug/L 5030/8021B 1.000 08/31/2001 08/312001 PMD 1.2-Dibromo•3-Chloropropanc: DAL ug/L 5030/80215 1.000 08/31/2001 08/31/2001 PMD , ] 2,4-Trichlorobenzene BDL ug/L 5030/8021B 1.000 08/31/2001 08/31/2001 PMD Hexaohlorobutadiene BDL u8/L 5030/8021B 1.000 08/31/2001 08/31/2001 PMD 1,2,3•Trichiorobenzene BDL ug/L 5030/80218. 1.000 08/31/2001 08/31/2001 PMD I 8270C PAHs (610) in WATER by OCPMS (Ion Trap) MEDF 1 Naphthalene BDL ug/L 3510/8270C 5.000 08/29/2001 09/02/2001 ME 2-Methylnaphthalene BDL ug/L 3510/8270C. 5.000 08/29/2001 09/02/2001 ME 1-Methylnapb[halene — BDL ug/L 3510/82700 5.000 08/29/2001. 09/02/2001 ME A`-enaphrhene BDL ' -ug/!.. - 3510/8270C 3.000 08/29/2001 ;09/02/2001 ME Phenanfircnc DAL ugli. 3510/8270C- 5.000 08/29/2001 09/02/2001 ME Fluoranthene - BDL ug/L 3510/82700 0.300 08/29/2001 09/02/2001 Mfr Benzo(a)anrhracene BDL ug/L 3510/8270C 0.200 08/29/2001 09/02/2001 ME 8enzo(b)fluoranthene -- 813L ug/L 3510/82700 0.200 0829/2001 09/02/2001 ME Benzo(a)Pyrene BDL u8/I, 351(1/82740 0,.00 4$/29J24t1i 09/42/2/141 ME 1. Beaza(ghi)peiy)ene BDL ug/L 3510/8270C 0:200 08/29/2001 09/02/2001 ME TILE No .230 09/06 ' 0 FP' ..,, NGE 1 EDCLARa00220 Pat Fox Ed Clark Engineers -Scientists 7270 NW 12th St, #740 Miami, FL 33126 Site Location/Project Miami, Florida 9928 A Page 11 September 6, 2001 Submission #108001452 Order # 211531 FDEP CompQAP# 990102 FL -DOH Certification# E86349, 86413, 86565 Sample I.D.: MW -2 Collected: 08/29/01 09:10 Received: 08/29/01 Collected by: Pat Fox 16:40 PARAMETER RESULT UNITS METHOD DETECTION LIMIT-ROL DATE EXT. DATE ANALY. ANALYST Acenaphrhylenc BDL ug/L 3,000 08/29200! 09/02/2001 ME Fluarene BDL ug/L 3510/8270C 5.000 08/29/2001 09/02/2001 ME Anthracene BDL ug/L 351018270C 0.300 08/29/200! 09/02/2001 ME Pyrene. BDL nil- 2510/8270C 0.300 08/29/2001 09/02/2001 ME Chrysene BDL ug/L 3510/8270C 1.000 08/29/2001 09/02/2001 MB Benzo(t)fluoranthenc BDL ug/L 3510/8270C 0.500 08/29/2001 09/02/2001 .14E Indeno(i 2.3.cd)pyrene BDL ug/L 3510/8270C 0.200 08/29/2001 09/02/2001 .12E nibenzo(a,h)anthrtcena RDL ug/L 3510/8270C 0.200 08/29/2001 09/02/2001 ME FL -PRO (Pciroleum Residual Organic w/ranges)•WATER MEDF 3 GRO (C8 -C10) Rang BDL mg/L FL -PRO 0.500 08/29/2001 08/30/2001 NCI PRO (CIO•C28) Range BDL mg/L FL -PRO 0.500 08/29/2001 08/30/2001 NC 1 TRO (C28 -C40) Range BDL mg/L FL -PRO 0.500 08/29/200! 08/30/2001 NC.I FILE No.230 09/06 '01 15:19 ID: EDCLAR000220 Pat Fox Ed Clark Engineers -Scientists 7270 NW 12th St, #740 Miami, FL 33126 Site Location/Project Miami, Florida 9928 A PHGE 12/ 1 Page 12 September 6, 2001 Submission it 108001452 Order # 21153] FDEP CompQAP# 990102 FL -DOH Certification, E86349, 86413, 86565 Sample I.D.: MW -2 Collected: 08/29/01 09:10 Received: 08/29/01 16;40 Collected by: Pat Fox PARAMETER RESULT UNITS METHOD DETECTION LIMIT-RQL DATE EXT. DATE ANALY. ANALYST TOTAL FRO (C8 -C40) BDL mg/L FL•PRO 0.500 08/29/2001 08/30/2001 NC 1 ***BDL: Indicates Analyte is Below Detection Limit***MEDF: Matrix Effected Dilution Factor*** ***Work Subcontracted to Outside Labs Denoted by HRS CenID in Analyst Field*** ***Qualifier following result conforms to FAC 62-160 Table 7******unless otherwise noted, mg/Kg denotes wet weight*** 62.770: If the MDL using the most sensitive and currently available technology is higher than a specific criterion, the PQL shall be used. Cens: Al. =#41180, Ct.=#PH0217, Ks. =4E270 t E1245, Ky.=#90087, La. =-#9601, Md.=#271, Ma. =#M-FL535 ND. =#R163, OK. -=#9523, SC. —,96023, Tn.=#TN02826 Aut ' rize . story • = nagement SubMinion Coda: "re -19521 Orders. 21/50 71/,53 t Eater ed 10 bars PRECISION ENVIRONMENTAL LABORATORY CHAIN OF CUSTODY RECORD (DEP 02470.900 (modified form)) 10200 USA TODAY WAY, MIRAMAR, FLORIDA 33025 (954) 431-4550 • NAIL WATS (800) LAD41560 • FAX (954) 431-1959 OHgkW - RaBlrn HA/sprat Tallow - U4 Copy pink - Sampler Copy FDEP Facility Page of Samplbrg CempQAP MD. Approval Date: Report Tot alit Tat Ntei mrgti'e 4 VV Report To &IINO Ad*aat Pia/von/1" 5(46 Pro$ct R4mb tjNuace _ $Ito Usalion: / L P /t p.0.1 cont.', fy192/4O 4'R I�[%��R phone 365-003-/Ttj Alt, �� [ � 4] �j[ FAH: 34[ s//'' /5T9 34P-57/ ' AKarnale C.Nmei: Samplad By OprMM)l T E 3 4 5 15 A Pkmw FAX: // SAMPLE ID Mt DATE COLLECTED TIME COLLECTED L D P L 0 MATRIX DIM SW GW RED S EFF NN 010 SA SAMPLE LOCATION) JOB DESCRIPTION (optional ll needed Mlrolt WRptnrn. born dllbronl SNbealkns) Seraph?* Slgm/ura: I e e 0 N 1 A N E R 9 ANALYSIS REQUIRED PLACE NAME OR METHOD HUMBER OF TESTS NEEDED HI LARGE BOXES BELOW. (/) CHECK OFF WHICH SAMPLE ITEMS NEED EACH TEST PERFORMED t 0Ito y 6 1 21/S0 211.5'31 a t SO Special Comments I) RaRnqula(wd M S 70-1,61 1"kra Si Told I MI y'AMailman eat RAMC Report Meade tt Font Standvd L Yoe No (Soo poles gable far applkabH Rea) OS* Opacity) (Y1 Adkqu l ! � Data t Catjj (_j !Sig 16 0 Tt1 Rimotrod by SIR tilt ///q (!V `�'� ft tduttd 3/21/07 Th": I3t ya comp.,: n'"5'4, . P•rr s , T LA 1 DUE DATE REQUESTED: CoMAmalyon CoalingCode: i li JL1D� Mac: Cb,rr9ea SHADED AREAS ARE FOR LAD USE ONLY