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R-2015-29 CITY OF CLERMONT RESOLUTION NO. 2015-29 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CLERMONT, LAKE COUNTY, FLORIDA, AUTHORIZING THE PURCHASE OF 1.4 +1- ACRES OF CERTAIN REAL PROPERTY LOCATED IN LAKE COUNTY, FLORIDA FROM MARVIN SUTTON FOR THE PURCHASE PRICE OF $50,000.00 PLUS SELLER'S CLOSING COSTS, AND AUTHORIZING THE MAYOR AND CITY MANAGER TO PERFORM ALL ACTS NECESSARY AND APPROPRIATE TO CLOSE ON THE PROPERTY AS PROVIDED HEREIN. NOW THEREFORE BE IT RESOLVED by the City Council of the City of Clermont, Florida, as follows: Section 1. The City Council of the City of Clermont, Flonda does hereby accept the offer provided by Marvin Sutton in the amount of$50,000.00 plus Seller's closing costs, and does hereby authorize the Mayor to enter into the contract attached hereto and incorporated herein, and further authorizes the City Manager to perform all acts necessary and appropriate to close on the property. Section 2. The Mayor and/or City Manager are specifically authonzed to withhold the formal written agreement upon determination of any matter or factor hereafter coming to attention which may indicate such action is not in the City's best interest; provided that upon such withholding the City Manager, with reasonable dispatch, shall present the issue to the City Council, in session, for review and direction. Section 3. This Resolution shall take effect immediately upon its adoption. 1 CITY OF CLERMONT RESOLUTION NO. 2015-29 PASSED AND ADOPTED by the City Council of the City of Clermont, Flonda on the 25`h day of August, 2015. CITY OF CLERMONT / - i,q ',' ''' i', ','•'1 ),',c'il, " ''l ..allfr / 'dtzooK_ � � �,,' ' '°,%'<J,, d , ,,, , ;r,1�, Gail L. Ash, Mayor ''y, �'ATTEST: I,:/, ,', _1 / ---i Tracy Ackr yd, City Clerk I A L proveda to form al a - T 1W kW VOA . .'' : :�'`rMantzans, - v • • . eY AERIAL MAP OF SUBJECT PROPERTY 1 v 313570 �, r • . � 10220111 _ . -lit 1 Ito a K 111. 1611141 3 ifitj11411.1619%5111 1816921 1616132 « lti7 r x 36163.. ( I2694., ' 'S.0 ' . c621.r 1 i 1MS/66 ti _..�t, 7 1 tgi ill i i . f fi Sna1a 'cams, . 31112563!' 4 i 3776221 arn A . q ..... ,. January 28.2015 1:1,332 0 001 0.02 0..04 ml Tax Parcels Alternate Key t % ti ,, • , • . • , , , .' Override __- a 0.0175 0635 067 km Surrounding Counties - Override 1 Street Names — Local Streets 6 CONTRACT FOR SALE AND PURCHASE THIS CONTRACTFOR SALE AND PURCHASE (the "Contract") is made and entered into on e bei- g , 2015, by and between The CITY OF CLERMONT, a Florida municipal corporation, whose address is 685 West Montrose Street, Clermont, Florida ("Buyer") and MARVIN SUTTON,whose address is 781 W Osceola St., Clermont, FL 34711 ("Seller"): NOW THEREFORE, for and in consideration of the premises hereof, the sums of money to be paid hereunder, the mutual covenants herein contained, and for other good and valuable considerations, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do covenant,stipulate and agree as follows,to wit: 1. Description of Property. The property that is to be sold and conveyed by Seller and purchased and accepted by Buyer pursuant to this Contract shall consist of that certain real property located in Lake County, Florida, Parcel ID No.: 24-22-25-017500000016, Alt. Key No.: 2659874, as further described in Exhibit"A" attached hereto and incorporate herein (hereinafter together referred to as the "Property"). 2. Agreement to Sell and Option to Purchase. Seller hereby agrees to sell and convey and Buyer hereby agrees to accept an option to purchase and accept the Property upon the terms and subject to the conditions set forth in this Contract. The option contained herein shall be subject to and contingent upon the approval of the City Council of the City of Clermont of the terms and conditions contained herein. Seller's agreement to sell shall be deemed an irrevocable offer to sell the Property for a period of sixty (60) days from the date of Seller's execution of this Agreement. If the agreement is approved by the City Council of the City of Clermont and executed by the Mayor, or his designee, on or before the expiration of sixty (60) days from the date of execution by the Seller, then this agreement shall be binding on the parties and the Effective Date shall be the date of execution of the Agreement by the Mayor or his designee. If this option agreement is not timely approved and executed as provided above, then the option shall terminate without consequence or obligation to either party. 3. Purchase Price and Method of Payment. Subject to credits, adjustments and prorations for which provisions are hereinafter made in this Contract, the total purchase price for the Property to be paid by Buyer and received and accepted by Seller shall be FIFTY THOUSAND DOLLARS ($50,000). Within five (5) days of the Effective Date, the sum of ONE THOUSAND DOLLARS ($1,000) shall be deposited in escrow to be held by the Law Firm of DeBeaubien, Knight, Simmons, Mantzaris & Neal, (escrow agent) subject to the terms and conditions hereof. Upon compliance with all of the terms and conditions of this Contract, the balance of the purchase price shall be paid by Buyer and the escrow agent to Seller in United States funds by cash or by wire transfer at the time of closing. 4. Title. Within Ten (10) days of the Effective Date of this Contract, the Closing Agent at Buyer's expense shall deliver an original commitment for title insurance committing to issue an Owner's policy to Buyer as purchaser of the Property in the amount of the purchase price. (Hereinafter referred to as the "title report"). Buyer shall select the Title Company and closing agent. During the Inspection Period described in Paragraph 6 hereof, Buyer shall determine whether Buyer is willing to accept title to and acquire the Property from Seller. In the event that Buyer shall determine that any one or more of the title exceptions set forth in the Title Report (the "Title Exceptions") are unacceptable to Buyer in its sole discretion, Buyer shall be entitled to terminate this Contract by delivering written notice thereof to Seller on or before the expiration of the Inspection Period, whereupon this Contract shall terminate as provided in Paragraph 7 hereof. In the event Buyer shall not terminate this Contract as a result of the investigations and inspections to be performed by Buyer pursuant to Paragraph 6 hereof, then and in such event Buyer shall be deemed to have approved the Title Exceptions and to have agreed to accept title to and acquire the Property from Seller subject to the Title Exceptions. 5. Survey. Buyer may have the Property surveyed at its expense during the Inspection Period. If the survey obtained by Buyer discloses any encroachments or other adverse matters, which are unacceptable to Buyer in its sole discretion, Buyer shall be entitled to terminate this Contract by delivering written notice thereof to Seller prior to the expiration of the Inspection Period, whereupon this Contract shall terminate as provided in Paragraph 7 hereof. In the event Buyer shall not terminate this Contract during the Inspection Period, then and in such event Buyer shall be deemed to have agreed to accept title to and acquire the Property from Seller subject to any matters disclosed by the survey of the Property obtained by Buyer. 6. Investigations and Inspections of Property. (a) Buyer and its architects, engineers and other agents shall have a period of Ninety (90) days following the Effective Date, (hereinafter referred to as the "Inspection Period")within which to undertake such physical inspections and other investigations of and concerning the Property as may be necessary in order to evaluate the physical characteristics of the Property, as well as such other matters as shall be deemed by Buyer to be necessary in order for Buyer to evaluate the Property and determine the feasibility of Buyer's purchase of the same, including, without limitation, those matters related to the title to the Property as provided in Paragraph 4 hereof, and those matters disclosed by any survey of the Property obtained by Buyer as provided in Paragraph 5 hereof. For such purpose, Seller hereby grants to Buyer and its agents or assigns full right of entry upon the Property and any part thereof during the Inspection Period for the purpose of undertaking such inspections and investigations. It is expressly provided, however, that Buyer and any agent or assignee of Buyer who shall enter upon the Property pursuant to such right of entry shall, as a condition to the exercise thereof, be deemed to have agreed, and does hereby agree, to indemnify and save and hold Seller harmless from and against any and all loss, damage, cost, expense, liability or responsibility whatsoever (including, without limitation, reasonable attorneys' fees) which may be occasioned, directly or indirectly, by reason of the exercise of such right of entry upon the Property, and that such indemnification shall expressly survive both the termination of this Contract and the closing of the sale and purchase of the Property contemplated by this Contract. (b) Seller shall provide to Buyer, at no cost to Buyer, copies of all reports and analyses that Seller may have obtained, or been provided, at any time, regarding the subject property Buyer acknowledges that it will return same to Seller in the event that the transaction contemplated by this Agreement does not timely close or the Agreement is terminated. 2 7. Unacceptability of Inspections. In the event that the results of the inspections, investigations, reviews, feasibility studies and Seller approvals to which reference is made in Paragraphs 4, 5 and 6 above and 8 below, are, in Buyer's sole opinion and within Buyer's sole discretion, unacceptable to Buyer for any reason whatsoever, and Buyer so notifies Seller of the fact on or before the expiration of the Inspection Period provided in Paragraph 6 hereof, then at Buyer's option and upon Buyer's request, Buyer may terminate the Contract without consequence. If the Contract is terminated by Buyer, it shall be rendered, null and void, and be of no further force and effect and all parties hereto shall thereupon be relieved and absolved of any further liabilities or obligations whatsoever to each other hereunder, except with respect to those liabilities or obligations hereunder which are expressly stated to survive the termination of this Contract. 8. Conveyance of Property. At Closing, Seller shall deliver to Buyer: (i) a duly executed Special Warranty Deed in recordable form conveying fee simple title to the Property free and clear of all liens, encumbrances and exceptions except for matters of title accepted by Buyer set forth in the Commitment; (ii) an assignment from Seller to Buyer in a form acceptable to Buyer, assigning all of Seller's right, title and interest in all guarantees and warranties pertaining to the Property and any permits, licenses, plans, authorizations and approvals relating to the Property, (iii) if applicable, an affidavit from Seller certified to Buyer and to the title company in form required by Buyer and the title company to delete from Buyer's title insurance policy all construction liens and possession exceptions and anyother exceptions the title company will P Y delete based on Seller's affidavit; (iv) a certification by Seller which indicates that Seller is not a foreign person as defined in the Internal Revenue Code; (v) written affirmation that the representations and warranties set forth in Paragraph 13 hereof remilin true at the time of closing; (vi) a duly-executed Seller's closing statement; (vii) such documents as the title company requires in order to evidence the authority and good standing of Seller to complete this transaction; and (viii) other documents reasonably required by Buyer or the title company in order to consummate the transaction contemplated herein. At Closing, Buyer shall pay to Seller the Purchase Price of the Property described above which shall be distributed to the Seller in accordance with this Agreement. 9. Closing. The sale and purchase transaction contemplated in this Contract shall be closed, the purchase price paid and the aforesaid closing documents delivered on or before thirty (30) days from the expiration of the inspection period,unless extended by the Parties. The closing shall be completed by a closing agent or attorney as selected by Buyer and shall take place at a location in Clermont, Florida and at such time as shall be mutually agreed upon between Buyer and Seller. At Closing, the City Manager of Buyer is authorized on behalf of Buyer to execute all documents necessary to complete the transaction contemplated herein. 10. Closing Costs. Closing Costs shall be paid as follows: (a) Buyer shall pay recording fees and state documentary stamps as may be required to be affixed to the Special Warranty Deed, the premium for the owner's title insurance policy to be issued pursuant to the Commitment, the cost of recording any and all other documents necessary to deliver good and clear title, and any closing agent and document preparation fees. 3 (b) Buyer shall pay the cost of any survey or appraisal obtained by Buyer and any documents or costs associated with financing any portion of the purchase price, if applicable. (c) Each party shall pay for their own Attorney Fees and costs. 11. Possession. Possession of the Property shall be delivered by Seller to Buyer at the time of closing hereunder. Prior to closing and the delivery of possession as aforesaid, Seller shall remain the owner of the Property and shall bear the risk of all loss of whatever nature, except as provided in Paragraph 6 hereof with respect to loss occasioned as a result of Buyer's inspections and investigations of the Property. 12. Prorations. Ad valorem real and personal property taxes for the year of closing shall be prorated as of the date of closing. If, however, the amount of such taxes for the year of closing cannot be ascertained, the rates, millages and assessed valuations for the previous year, with known changes and utilizing full discounts, shall be used as an estimate,and tax prorations based on such estimate shall be readjusted by Buyer and Seller when the actual tax bills for the year of sale are received, which obligation shall expressly survive closing for a period of twelve (12) months. 13. Representations and Warranties of Seller. Seller represents and warrants (which warranties shall survive the closing hereunder)to the Buyer that: (a) From and after the Effective Date, Seller shall not perform or permit any act or event that might diminish, encumber or adversely and materially affect the condition of or title to the Property or Buyer's rights under this Contract. (b) Seller, to the best of Seller's knowledge, has not received notice from any governmental or quasi-governmental body or agency or from any person or entity with respect to any actual or threatened taking of the Property or any portion thereof for any public or quasi-public purpose by the exercise of the right of condemnation or eminent domain,nor does Seller have any knowledge of any such actual or threatened taking. Further, Seller has not received any notice of any existing or threatened lawsuit by which any party claims an interest in the Property. (c) Seller, to the best of Seller's knowledge, is in full compliance with requirements of all governmental authorities with respect to the Property and this Contract. Seller has not received any notices from any city, county, state or other governmental authority or other person or entity of violations in respect of the Property. (d) Buyer, to the best of Seller's knowledge, and without the obligation of due investigation, has or shall have unobstructed and direct access to the Property on the date of closing to a dedicated public right-of-way. (e) Seller owns fee simple title to the Property and has full power, right and authority, and is duly authorized to enter into this Contract, toerform each and d all of the 4 matters and acts herein provided, and to execute and deliver all documents provided hereunder. (f) Other then has been disclosed to Buyer, there is no tenant or any other occupant of the Property having any right or claim to possession or use of the Property. ' Possession of the Property shall be delivered to Buyer by Seller free of rights or claims of any tenants,occupants or parties in possession. (g) To Seller's best knowledge, without the obligation of due investigation, there has not been and there is not now: (i) any presence of any Hazardous Substances (as hereinafter defined) on, over, under or around the Property; (ii) any present or past generation, recycling, use, reuse, sale, storage, handling, transport and/or disposal of' any Hazardous Substances on, over, under or around the Property; (iii) any failure to comply with any applicable local, state or federal environmental laws; (iv) any spills, releases, discharges or disposal of Hazardous Substances that have occurred or are presently occurring on or onto the Property or any adjacent properties; or (v) any spills or disposal of Hazardous Substances that have occurred or are presently occurring off the Property as a result of any construction or operation and use of the Property. For purposes of this Paragraph 13,the term "Hazardous Substances"means and includes, without limitation, any toxic or hazardous substances or materials, petroleum or other pollutants and substances, whether or not naturally occurring, including, without limitation, asbestos, radon, and methane gas, generated, treated, stored or disposed of, or otherwise deposited in or located on or under the Property, and also includes, without limitation, the surface and subsurface waters of the Property, and any activity undertaken or hereafter undertaken on the Property which would cause: (i) the Property to become a hazardous waste treatment, storage or disposal facility within the meaning of, or otherwise bring the Property within the ambit of,the Resource Conservation and Recovery Act of 1976 ("RCRA"), 42 U.S.C. 6901 et seq., or any similar state law or local ordinance; (ii) a release or threatened release of hazardous waste from the Property within the ambit of the Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA"), 42 U.S.C. 9601-9657, or any similar state law or local ordinance or any other environmental law; (iii) the discharge of pollutants or effluent into any water source or system,or the discharge into the air of any emissions which would,require a permit under the Federal Water Pollution Control Act, 33 U.S.C. 1251 et seq., or the Clean Air Act, 42 U.S.C. 7401 et seq., or any similar state law or local ordinance; or (iv) any substances or conditions in, on or under the Property which may support a claim or cause of action under RCRA, CERCLA or any other federal, state or local environmental statutes, regulations, ordinances or other environmental regulatory requirement,including the presence of any underground storage tanks or underground deposits located on the Property. (h) Seller, to the best of Seller's knowledge, has received no notice, and has no knowledge, of any existing or pending special assessments affecting the Property which may be assessed by any governmental authority, water or sewer authority, drainage district or any other special taxing district or other entity. 5 (i) There is no litigation, investigation or proceeding pending or to the best of Seller's knowledge threatened or any other condition which relates to or affects the Property or which would impair or otherwise adversely affect this Contract, Seller's performance hereunder and/or Buyer's intended use of the Property. (j) Seller has not entered into any other contracts, agreements or understandings, verbal or written,for the sale or transfer of any portion of the Property. (k) Seller has not made and has no knowledge of any commitments to any governmental unit or agency, utility company, authority, school board, church or other religious body, or to any other organization, group or individual relating to the Property which would impose any obligations upon Buyer to make any contributions of money or land or to install or maintain any improvements, except as may be set forth in the Commitment. , (1) To the best of Seller's knowledge, without the obligation of due investigation, all roads abutting the Property are dedicated public roads and the deed to be delivered to Buyer at Closing hereunder is the only instrument necessary to convey to Buyer: (i) full access to and right to freely use such roads; and (ii) all rights appurtenant to the Property in such roads. (m)To the best of Seller's knowledge, without the obligation of due investigation, the Property has not been registered or certified as "historic"by any local, state or federal governmental entity or historic commission. (n) Seller, if other than an individual, is a duly-organized entity under the laws of the State of Florida and has authority to execute this Contract, and this Contract is binding on Seller. (o) To the best of Seller's knowledge and belief, no representation, statement or warranty by Seller contained in this Contract or in any exhibit attached hereto contains or will contain any untrue statements or omits or will omit a material fact necessary to make the statement of fact therein recited not misleading. (p) To the best of Seller's knowledge, neither the execution and delivery of this Contract, nor compliance with the terms and conditions of this Contract by Seller, nor the consummation of the sale, constitutes or will constitute a violation or breach of any agreement or other instrument to which it is a party, to which it is subject or by which it is bound. The statements and representations of Seller set forth in this Contract shall be true and reaffirmed in writing at the Closing and shall survive the Closing. If, after the Effective Date, any event occurs or condition exists of which Seller has knowledge or about which Seller receives information which renders any of the representations contained herein untrue or misleading, Seller shall promptly notify Buyer in writing and Buyer shall thereafter have the option to terminate this Contract prior to closing, in which event all 6 payments made by Buyer to Seller shall remain the sole property of Seller, this Contract shall be deemed null and void and Buyer and Seller shall be relieved from all liabilities and responsibilities hereunder except as specifically provided otherwise herein. 14. Conditions Precedent to Closing. Buyer's obligation to close the sale and purchase transaction contemplated in this Contract shall be and is expressly conditioned upon all warranties of Seller described in Paragraph 13 being true and correct at the time of closing without any breach or breaches of the same by Seller, and upon all obligations of Seller provided in this Contract being fully performed by Seller, having occurred or being waived by Buyer in writing prior to or at closing. 15. Default. In the event that Buyer fails to close on the purchase of the subject property, and subject to the title, survey and inspection periods set forth in Paragraphs 4, 5 and 6, any Ernest Money Deposit shall become the sole property of Seller. Seller's retention of the deposit shall constitute liquidated damages and be Seller's sole remedy for any breach of this Contract by Buyer, it being agreed that (i) the deposit is a reasonable estimate of and bears a reasonable relationship to the damages that would be suffered and costs incurred by Seller as a result of having withdrawn the Property from sale and the failure of closing to occur due to a default of Buyer under this Contract; (ii) the actual damages suffered and costs incurred by Seller as a result of such withdrawal and failure to close due to a default of Buyer under this Contract would be extremely difficult and impractical to determine; (iii) Buyer seeks to limit its liability under this Contract to the amount of the payments made, if this Contract is terminated and the transaction contemplated by this Contract does not close due to a default of Buyer under this Contract; and (iv) such amount shall be and constitute valid liquidated damages. If the Seller fails to perform any of the covenants of this Contract on its part to be performed, Buyer may at its option: (i) terminate this Contract whereupon the payments made by Buyer to Seller shall be returned and Seller shall be released and relieved of all obligations or liabilities under this Contract; or(ii)proceed in equity in an action for specific performance to enforce its rights under this Contract. 16. Litigation and Attorneys' Fees. In the event it shall be necessary for either party to this Contract to bring suit to enforce any provision hereof or for damages on account of any breach of this Contract or of any warranty, covenant, condition, requirement or obligation contained herein, the prevailing party in any such litigation, including appeals, shall be entitled to recover from the other party, in addition to any damages or other relief granted as a result of such litigation, all costs and expenses of such litigation and a reasonable attorneys' fee as fixed by the Court. 17. Survival of Provisions. The provisions of this Contract shall not survive the closing hereunder except as expressly provided elsewhere in this Contract. 18. Time of Essence. It is expressly agreed by both the Seller and Buyer that time is of the essence of this Contract and in the performance of all conditions, covenants, requirements, obligations and warranties to be performed or satisfied by the parties hereto. Waiver of performance or satisfaction of timely performance or satisfaction of any condition, covenant, requirement, obligation or warranty by one party shall not be deemed to be a waiver of the 7 performance or satisfaction of any other condition, covenant,requirement,obligation or warranty unless specifically consented to in writing. Unless otherwise expressly provided herein, all periods for performance, approval, delivery or review and the like shall be determined on a "calendar" day basis. If any day for performance, approval, delivery or review shall fall on a Saturday, Sunday or legal holiday,the time therefor shall be extended to the next business day. 19. Notices. Any notice or other communication permitted or required to be given hereunder by one party to the other shall be in writing, shall be effective upon receipt and shall be delivered by registered or certified United Sates Mail, postage prepaid, return receipt requested, or by facsimile or telecopy transmission, with acknowledgment of receipt upon transmission, to the party entitled or required to receive the same, as follows: TO SELLER: Marvin Sutton 881 W. Osceola Street Clermont,FL 34711 TO BUYER: City of Clermont P.O. Box 120219 Clermont,FL 34712 Attn.: Darren Gray, City Manager WITH A COPY TO: De Beaubien Knight, Simmons,Mantzaris& Neal,LLP 332 North Magnolia Avenue Orlando, Florida 32801 Attention: Daniel F. Mantzaris, Esquire Phone: (407)422-2454 Fax: (407)992-3541 20. Governing Law and Binding Effect. This Contract and the interpretation and enforcement of the same shall be governed by and construed in accordance with the laws of the State of Florida and shall be binding upon, inure to the benefit of, and be enforceable by the parties hereto as well as their respective heirs,personal representatives, successors and assigns. 21. Integrated Contract, Waiver and Modification. This Contract represents the complete and entire understanding and agreement between the parties hereto with regard to all matters involved in this transaction and supersedes any and all prior or contemporaneous agreements, whether written or oral. No agreements or provisions, unless incorporated herein, shall be binding on either party hereto. This Contract may not be modified or amended nor may any covenant, agreement, condition, requirement, provision, warranty or obligation contained herein be waived, except in writing signed by both parties or, in the event that such modification, amendment or waiver is for the benefit of one of the parties hereto and to the detriment of the other,then the same must be in writing signed by the party to whose detriment the modification, amendment or waiver inures. 8 22.Brokerage. Seller and Buyer acknowledge neither party has employed a broker or finder and that no commission or fees are to be paid hereunder. Seller and Buyer each agree to indemnify, defend and hold the other harmless from and against any commissions or fees or claims for commissions or fees arising under the indemnifying party, which indemnification shall expressly survive the termination of this Contract and the closing of the sale and purchase of the Property contemplated by this Contract. 23. Effective Date. The "Effective Date" of this Contract shall be the date upon which this Contract is signed by the Buyer after approval of the City of Clermont City Council. 24. Counterparts. This Contract may be executed in counterparts by the parties hereto and each shall be considered an original, but all such counterparts shall be construed together and constitute one Contract between the parties hereto. 25. Interpretation. Seller and Buyer acknowledge each to the other that both they and their counsel have reviewed this Contract and that the normal rule of construction to the effect that (Remainder of page intentionally blank) • 9 any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation to this Contract or any Exhibits hereto. IN WITNESS WHEREOF, Seller and Buyer have each caused this Contract for Sale and Purchase to be executed as of dates set forth below. BUYER: As to Ilion right contained herein and su.•-4 'ity Council approval: ` A Dam , City ,nager Dat . q - •i Attest: The City of Clermont, / a Florida mu. ipal corporation Tracy Ackro d, City Clerk• Gail Ash, Mayor Date: Q - -261 c SELLER: Q .- #'1�•., ,�rte. J/MOi-i Marvin Sutton Date: 5'i7 yam' As to acknowledgment of receipt of deposit: deBea. e'en, Kni t, Simmons, Man a •s-: eal, • Daniel . tzar Date. ' / S 10 RESTRICTED APPRAISAL REPORT REAL ESTATE LOCATED IN THE AICF NORTHEAST QUADRANT OF LAKE DRIVE AND OSCEOLA STREET, CLERMONT, LAKE COUNTY FLORIDA APPRAISALS INC.OF CENTRAL FLORIDA 690 West Montrose Street Clermont,FL 34711 PREPARED FOR Daniel F. Mantzaris Clermont City Attorney de Beaubien, Knight, Simmons, Mantzaris& Neal, LLP 332 North Magnolia Avenue PO Box 87 Orlando, Florida 32802 JOHN L.ROCKER Ill,MAI,SRA State-Certified General Real FILE NO. Estate Appraiser RZ1678 150108A 1 APPRAISALS OF CENTRAL FLORIDA John L Rocker, III, MAI, SRA State-Certified General Real Estate Appraiser RZ1678 COMMERCIAL REAL ESTATE APPRAISERS-CONSULTANTS 690 Montrose Street•Clermont• Florida 34711 (352) 394-3490•FAX(352) 394-8588 E-Mail Address aiocfl@gmail corn February 9, 2015 Daniel F Mantzaris Clermont City Attorney de Beaubien, Knight, Simmons, Mantzaris & Neal, LLP 332 North Magnolia Avenue PO Box 87 Orlando, Florida 32802 RE Appraisal of Real Estate located at the NE quadrant of Lake Drive and Osceola Street, Clermont, Lake County, Florida Dear Mr. Mantzaris: As you requested, I have made the inspections, investigations, and analysis necessary to provide a restricted appraisal report for the above described property located in Lake County, Florida. The purpose of this assignment was to estimate an opinion of market value (recommended compensation) of the subject property for asset evaluation purposes. Market value and highest and best use are defined within the text of the following appraisal report The subject consists of 61,695± square feet of land area (subject to formal survey) located in the northeast quadrant of Lake Drive and Osceola Street, Clermont, Lake County, Florida The subject is more fully described, legally and physically within the enclosed report Data, information, and calculations leading to the value conclusion are incorporated in my appraisal file and summarized in the report following this letter The appraisal file and report, in its entirety, including all assumptions and limiting conditions, is an integral part of and inseparable from this letter. Based on the analysis, the value of the subject was concluded as follows' CONCLUSION OF VALUE Recommended Appraisal Premise Interest Appraised Date of Value Com•ensation "As Is" Fee Simple February 4, 2015 $46,300 Source Appraisals Inc of Central Flonda Extraordinary Assumption The northerly boundary area appears to be encroached by an asphalt walkway which is a portion of the Rails to Trails project and does not appear to have an adverse effect on the subject property Appraisals Inc of Central Florida has assumed that the information provided is accurate and has used the information in this appraisal If any information provided is not accurate, Appraisals Inc of Central Flonda has the right to change the appraisal accordingly This report was prepared in conformance with, Uniform Standards of Professional Appraisal Practice (USPAP) as set forth by the Appraisal Foundation; and in accordance with the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute 2 CERTIFICATION OF THE APPRAISAL I certify to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct 2 The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial and unbiased professional analyses, opinions, and conclusions 3 I have no present or prospective interest in or bias with respect to the property that is the subject of this report and have no personal interest in or bias with respect to the parties involved with this assignment 4. My engagement in this assignment was not contingent upon developing or reporting predetermined results 5 My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal 6 This appraisal assignment was not based upon a requested minimum valuation, a specific valuation, or the approval of a loan 7 My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation, the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute 8 The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives 9 John L. Rocker, Ill, MAI, SRA has completed the requirements of the continuing education program of the Appraisal Institute and/or the State of Florida 10 John L. Rocker, III, MAI, SRA has made a personal inspection of the property that is the subject of this report. 11 John L Rocker, III, MAI, SRA has extensive experience in the appraisal/review of similar property types. 12 John L Rocker, III, MAI, SRA is currently certified in the state where the subject is located 13 John L Rocker III, MAI, SRA or Appraisals Inc of Central Florida has not performed a prior appraisal on the subject property in the previous three years It has been a pleasure to assist you in this assignment and if you have any questions concerning the analysis, please contact us. Respectfully submitted, APPRAISALS INC. OF CENTRAL FLORIDA qr)-- John L Rocker, Ill, MAI, SRA State-Certified General Real Estate Appraiser RZ1678 3 SUBJECT PHOTOGRAPHS • t . i•` FOR 5111E WRIER FRONT,;.. t EAST SIDE OF SUBJECT PROPERTY FACING WEST • :4 ...4y A y. 4 y.• 1 t�� r. • _. *d '33.A1 It' • A_ a f SOUTH VIEW FROM NORTH BOUNDARY AREA 4 SUBJECT PHOTOGRAPHS LAKE VIEW FROM SUBJECT PROPERTY .:►1� ,���.9 i; fi• t. WETLANDS SCENE 5 AERIAL MAP OF SUBJECT PROPERTY .. , - a, .. . ..14�, 1111%, ,`1 Ivor,, I t 1622611 ' "w mik IIef 1,i n, t ♦ 2863188 161U41 Jm r #�,. �e rr. 7:17616921 : -a. - _. { i�rw -:' -.':-'''''sw';;;::' - : ' 1622581 '''' e:- 1:16.3241113:511381* 816632 9 ler 1812569 vivo'. I ir `y ` .: ... 1613160 ti • it 1613176 1 t IPMED l ' MED' _ 4J j ,. 18125855 • =at) t 377E21 1711061 iii 2788377 — . January 28.2015 1-1.332 0 0.01 0.02 0.04 mi Tax Parcels Alternate Key I s ti e Override 1 0 30175 003E 0.07 km Surrounding Counties - Override 1 Street Names — Local Streets 6 MAPS PROVIDED BY CLIENT - ■ £ ! . / . cc - E & . §\ , - | | § fq ! / § / � /»@ * _= a f , / i � 3 Q / / z . \ 8 § \ \/\ \ ~ Z c.rj \ / ƒ $�� f / § t < / co k i \ = 2 2f ZJ = a 0 CO) $ / k} § E . 18) ® ƒ a .-7, ~^ §) f \ O. ®xw \/ 7§§ $ \ J �',...,,, 0 32 % c C. >» 3q uƒ R § \w \ w � . \ 2 v . « f ) \\ . J: < � »T 7 : , ]& a Jr •tgova ,_ _ 7 1 is iii{s Al HH iiii I ®mmmoa. I . . . . 12L .. 7 ‘11, likas dillt. - I1 z V. ! E A A •a A i 111 C.1 g s 2 M 7 Q ,4 a U O> tI i2g •,,, •,, , fl uSil_ _ It - 3 8 OFFICIAL FEMA FLOOD MAP i .' ,' iqa r.. .�. + i. altel— h 15' O, L xt➢Way i i1 A ..6:Y.. x In i , 41 C F'. u a x o iiq al �� aa"' 1 es 4 *. I § o LT' , i -,- w, . m • " r N 0.r+ ■ as O • •' • .AIIIII NJ 1 r2' I ♦ „ _ • I d' • - • •K: c I 0' '.. . 411 illift r r b °,,„ I* 1,%110� 9 SUMMARY OF SALIENT FACTS Property Location Northeast quadrant of Lake Drive and Osceola Street, Lake County, FL Owner(s) of Record Marvin Sutton Property Identification Number(s) 2659874 Property Description 61,695± square feet of land area (subject to formal survey) Zoning CBD Central Business District by the City of Clermont Zoning Authorities Highest and Best Use As Though Vacant Continued use as conservation Estimated Exposure Time 12 to 15 months CONCLUSION OF VALUE Appraisal Premise Interest Appraised Date of Value Recommended Com.ensation "As Is" Fee Simple February 4,2015 $46,300 Source Appraisals Inc of Central Flonda Extraordinary Assumption The northerly boundary area appears to be encroached by an asphalt walkway which is a portion of the Rails to Trails project and does not appear to have an adverse effect on the subject property Appraisals Inc of Central Flonda has assumed that the information provided is accurate and has used the information in this appraisal If any information provided is not accurate, Appraisals Inc of Central Flonda has the nght to change the appraisal accordingly 10 TABLE OF CONTENTS VALUE CONCLUSION 2 CERTIFICATION OF THE APPRAISAL 3 SUBJECT PHOTOGRAPHS 4 SUMMARY OF SALIENT FACTS 10 TABLE OF CONTENTS 11 INTRODUCTION 12 PROPERTY & LEGAL DESCRIPTION 14 HIGHEST AND BEST USE 16 APPRAISAL METHODOLOGY 17 DIRECT SALES COMPARISON APPROACH 18 ASSUMPTIONS & LIMITING CONDITIONS 20 ADDENDUM 22 A Lake County Property Record Card B Appraisal Definitions C Qualifications 11 INTRODUCTION PROPERTY IDENTIFICATION The subject consists of 61,695± square feet of land area (subject to formal survey) located in the northeast quadrant of Lake Drive and Osceola Street, Lake County, Florida OWNERSHIP AND PROPERTY HISTORY According to public records, the subject property is currently vested in the name of Marvin Sutton According to public records, there have been no other ownership transfers of the subject property in the previous three years The subject is listed reportedly by a relative of the owner of the subject property for $100,000, of which by our observation, a For Sale sign has been there at least 5-10 years or longer This information was considered and analyzed as required DATE OF INSPECTION/VALUE The subject property was inspected on February 4, 2015 The date of "as is" value or recommended compensation is February 4, 2015 DATE OF REPORT The date of report was February 9, 2015 PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate the value of the subject property and recommended compensation Market value is defined as follows 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 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 interests, 3 a reasonable time is allowed for exposure in the open market, 4 payment is made in terms of cash in U S dollars or in terms of financial arrangements comparable thereto, and 5 the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale 1 PREMISE OF THE APPRAISAL The premise of this appraisal valuation is "As Is" INTENDED USE/USER OF REPORT This appraisal is to aid Mr Daniel Mantzaris, Attorney for the City of Clermont in asset evaluation purposes 1 The definition of market value is taken from Uniform Standards of Professional Appraisal Practice adopted by the Appraisal Standards Board of The Appraisal Foundation, 2006 Edition This definition is also compatible with the OTS RTC, FDIC NCUA, and the Board of Governors of the Federal Reserve System definition of market value This definition is compatible with the definition of market value contained in The Dictionary of Real Estate Appraisal, Fifth Edition 12 PROPERTY RIGHTS APPRAISED The interest appraised represents the fee simple estate APPRAISAL DEVELOPMENT, REPORTING PROCESS AND SCOPE OF WORK The following steps were completed for this assignment 1 identified the subject property, physically inspected the land, easterly and northerly perimeters, 2 understood the intended use of the report, 3 applied appropriate appraisal methodology, 4 analyzed the comparable data to arrive at a probable range of value via each approach to value used in this report, 5 reconciled the results of each approach into a reasonable and defensible final estimate of value for the subject, as defined herein, estimated the recommended compensation to the client, 6 estimated a reasonable exposure associated with the value or recommended compensation estimate To develop the opinion of value, I used the Direct Sales Comparison approach to value since it was the most meaningful approach to value in appraising the subject property Furthermore, the value conclusion reflects known information about the subject, market conditions and available data I have conveyed this appraisal in a Restricted Appraisal report I have conveyed this appraisal in a Restricted Use Appraisal report As such, use of the restricted use report is limited for use by the client only and my opinions and conclusions set forth in the report cannot be understood properly without the additional information in my appraisal work file EXPOSURE TIME Exposure time is not intended to be a prediction of a date of sale or a one-line statement Instead, it is an integral part of the appraisal analysis and is based on one or more of the following • statistical information about days on the market • information gathered through sales verification • interviews of market participants The reasonable exposure period is a function of price, time, and use It is not an isolated estimate of time alone Exposure time is different for various types of real estate and under various market conditions Exposure time is the estimated length of time the property would have been offered prior to a hypothetical market value sale on the effective date of appraisal It is a retrospective estimate based on an analysis of recent past events, assuming a competitive and open market It assumes not only adequate, sufficient, and reasonable time but also adequate, sufficient, and reasonable marketing effort Exposure time is therefore interrelated with appraisal conclusion of value In consideration of these factors, I have analyzed the following • exposure periods of comparable sales revealed during the course of this appraisal, • knowledgeable real estate professionals Based on the foregoing analysis, an exposure time of twelve to fifteen months is reasonable, defensible, and appropriate 13 to Carolyn Dr 0P� CS spotug Cadet S weer take 0.0,trizily rt Carroll; W Osceola SIj� f1 IFS = W Montrose SI - - I a r .aLa"s6 NEIGHBORHOOD MAP Area & Neighborhood Description. The subject property is located in Clermont, Lake County, Florida. The Lake County area has experienced a slow to steady growth rate in recent years. The global, United States and local economies have been adverse due to The Great Recession. These trends appear to be improving and are expected to continue to moderately improve within the foreseeable future Property Description. The subject property consists of 61,695± square feet of land area (subject to formal survey) located in the northeast quadrant of Lake Drive and Osceola Street, Clermont, Lake County, Florida. The subject has level to low (90-95%± wetlands) topography (subject to formal survey, with adequate access along the west side of the boat ramp access road and the south side of the public boat ramp parking area. The subject property has a good view and is located near the southern shores of Lake Minneola, a large recreational lake. The topography (FEMA Map 12069C0570E dated December 18, 2012) is level but mostly low and is rectangular in shape and appears to lie mostly in West Lake a heavily vegetated pond. All municipal utilities are believed to be available. The subject property is zoned CBD Central Business District by the City of Clermont Zoning Authorities. TAXES AND ASSESSMENT DATA Tax ID Number Assessed Value Assessed Taxes 24-22-25-017500000016 $12,339 $226.02 Source:Lake County Property Appraiser's Office According to Lake County Public Records, the subject property is legally described as follows: CLERMONT, PART OF UNNUMBERED BLK BOUNDED ON N BY RR R/W, ON S BY OSCEOLA ST, ON E BY W R/W OF WEST AVE, AND ON W BY W LINE OF SEC 24-22-25-- LESS TRIANGULAR PARCEL DESC AS: BEG AT A PT ON S R/W OF RR & W LINE OF SEC 24 & RUN SE'LY ALONG SAID R/W 100 FT, SW'LY TO A PT ON W LINE OF SEC THAT IS 200 FT S OF POB, N TO POB & LESS RR DEPOT ON COR OF WEST AVE & OSCEOLA STS & LESS FROM NE COR OF LOT 1 BLK 94, SAID POINT ALSO BEING INTERSECTION OF W RAN LINE OF WEST AVE & S RAN LINE OF OSCEOLA ST RUN N 89DEG 31 MIN 40SEC W ALONG SAID S RAN LINE 215.69 FT TO A POINT ON THE ARC OF A CURVE BEING CONCAVE SW'LY, HAVING A RADIUS OF 245.84 FT & A CENTRAL ANGLE OF 14 01DEG 37MIN 57SEC, SAID POINT ALSO BEING THE E'LY R/W LINE OF A PROPOSED ST, RUN NW'LY ALONG THE ARC OF SAID CURVE & SAID E'LY R/W AN ARC DIST OF 7 FT, SAID ARC HAVING A CHORD BEARING OF N 14DEG 52MIN 50SEC W & A CHORD DIST OF 7 FT TO THE POINT OF REVERSE CURVATURE OF A CURVE, BEING CONCAVE E'LY HAVING A RADIUS OF 71 FT & A CENTRAL ANGLE OF 38DEG 39MIN 27SEC, RUN NE'LY ALONG THE ARC OF SAID CURVE & SAID R/W AN ARC DIST OF 47.90 FT, SAID ARC HAVING A CHORD BEARING OF N 00DEG 34MIN 34SEC E & A CHORD DIST OF 47 FT TO THE POINT OF TANGENCY, RUN N 19DEG 53MIN 43SEC E ALONG SAID R/W 6.62 FT TO N R/W LINE OF OSCEOLA ST & POB, CONT N 19DEG 53MIN 43SEC E 19.65 FT TO S'LY RAN LINE OF SEABOARD COASTLINE OF RR & THE POINT ON THE ARC OF A CURVE BEING CONCAVE SW'LY, HAVING A RADIUS OF 2749.69 FT & A CENTRAL ANGLE OF 01DEG 00MIN 03SEC, THENCE RUN NW'LY ALONG THE ARC OF SAID CURVE & SAID RAN LINE AN ARC DIST OF 48.03 FT, SAID ARC HAVING A CHORD BEARING OF N 72DEG 07MIN 11SEC W & A CHORD DIST OF 48.03 FT TO THE W'LY RAN OF PROPOSED ST, RUN S 19DEG 53MIN 43SEC W ALONG SAID W'LY RAN A DIST OF 24.59 FT TO THE POINT OF CURVATURE OF A CURVE CONCAVE SE'LY, HAVING A RADIUS OF 119 FT & A CENTRAL ANGLE OF 04DEG 53MIN 15SEC, RUN ALONG THE ARC OF SAID CURVE & SAID RAN AN ARC DIST OF 10.15 FT, SAID ARC HAVING A CHORD BEARING OF S 17DEG 27MIN 06SEC W & A CHORD DIST OF 10.15 FT TO N RAN LINE OF OSCEOLA ST, S 89DEG 31 MIN 40SEC E ALONG SAID RAN 50.44 FT TO POB-- PB 8 PGS 17-23 ORB 0608 PG 1780 rmm ... ..... ... '''' '.:1110N;.. :.);,:.;•:;.:-:::.:_:::..::.'::.:::::<:::;::i ::• :;-:•: :;:: : ::::::;:: •:.::.:::r: stia) k . ....>1 lj 1 q( c j J4 �. MAPeSCALE 1"'.1000' N►.\ I.0:.g.:5�[l if�• (? ♦ :•:--.: 4 F T �� ! � . • •, .6-' j{. ARROLL \, \` r T I i r'. (-MIFF PANEL 0670E . '« 4,:=.•, 7x.-A ••?i '-,',Y64._ wr..'" I FIRM ',.,s:fD DE .' e- f% '- , - a r • FLOOD INSURANCE RATE MAP �` `+� '�yr�' �- r ,r'T ice\ • .t:''' aO ; LAKE COUNTY. i . j4,: Y N "4,461:. .'--rt1 °(�! j FLORIDA •. •,,F t "r S7'' t •' t} a AND INCORPORATED AREAS .ENTER AB 1 ,. © MIIlL6r00F750 • L A \r. •9 ' ' •ice t !'"r. t,: f -. .. •$ p .....oOt rad......Avoun ice,. - �': „,.� _ 0 rarAOY srt sa ems cTt'`. Z��� f � "� •,:r--,.. •Q1.{ . • •� S 7e..♦. - .4 • .t' .' ` r�. aLi�\\ y y .Y-[a-ry YW. P 4AL ~ ,:.3• V L r -iy��� 0 i • ` • , J. y' tti.(;.• MAP NUMBER ,}..' - .•. 1 - :•t':z.r a 1 1•bi ,+ 12069CO570E 'f tir• MAP REVSED �, r ; \ T. �,`1�.7\ } DECEMBER 16.2012 Federal Empalme,Maaaanorat Agree, + #' 1' r -; . _._.1 J ,-S.'7 T' Y y. A fV .. .. ' •'• .c ,•�,v..+.rp' . '* '" a'' "'` .-iw e,..e o-....".m. ...:de.•,.,.a...e.w.,..o me ew.....M ....Pmp.m emJ m.ncM[Y.I.iEW f.eeMro 4ryn...,w m.c h.n.y. 15 HIGHEST AND BEST USE In appraisal practice, the concept of highest and best use represents the premise upon which value is based The four criteria the highest and best use must meet are • legal permissibility, • physical possibility, • financial feasibility, and • maximum profitability Highest and best use as though vacant After considering the physically possible, legally permissible, financially feasible/maximally productive standpoints, it is our opinion that the highest and best use of the subject property as vacant would be for continued conservation usage or any feasible legally permissible use 16 APPRAISAL METHODOLOGY In appraisal practice, an approach to value is included or omitted based on its applicability to the property type being valued and the quality and quantity of information available COST APPROACH The Cost Approach is based upon the proposition the informed purchaser would pay no more for the subject than the cost to produce a substitute property with equivalent utility This approach is particularly applicable when the property being appraised involves relatively new improvements which represent the highest and best use of the land or when relatively unique or specialized improvements are located on the site and for which there exist few sales or leases of comparable properties SALES COMPARISON APPROACH The Sales Comparison Approach utilizes sales of comparable properties, adjusted for differences, to indicate a value for the subject Valuation is typically accomplished using physical units of comparison such as price per square foot, price per unit, price per floor, etc , or economic units of comparison such as gross rent multiplier Adjustments are applied to the physical units of comparison derived from the comparable sale The unit of comparison chosen for the subject is then used to yield a total value Economic units of comparison are not adjusted, but rather analyzed as to relevant differences, with the final estimate derived based on the general comparisons INCOME CAPITALIZATION APPROACH The Income Capitalization Approach reflects the subject's income-producing capabilities This approach is based on the assumption that value is created by the expectation of benefits to be derived in the future Specifically estimated is the amount an investor would be willing to pay to receive an income stream plus reversion value from a property over a period of time The two common valuation techniques associated with the Income Capitalization Approach are direct capitalization and the discounted cash flow(DCF) analysis METHODOLOGY APPLICABLE TO THE SUBJECT This appraisal was performed using the Direct Sales Comparison Approach to value since it was considered most meaningful The Cost Approach was not used since it is not applicable when appraising vacant land The Income Approach was not considered applicable since the subject property is not an income producing property 17 SUMMARY OF VALUATION & ANALYSIS Direct Sales Comparison Approach. The following cash or equivalent of cash, fee simple interest, sales were utilized to estimate the value of the subject property: AO � r . .,Nps Itfr � • ,, DESCRIPTION SUBJECT SALE 1 SALE 2 SALE 3 SALE 4 Prop. Rights Fee Simple Fee Simple Fee Simple Fee Simple Conveyed: Financing: ---- Cash or Equivalent Cash or Equivalent Cash or Equivalent Cash or Equivalent Sale Price/per $100,000/$.31 $103,000/$1.18 $325,000/$1.42 $42,000/$2.30 SF: Sale Date: ---- 06/2014 09/2013 08/2013 04/2015 SEQ Lake Dr.& US Hwy 27& Location: Osceola St. , US Hwy 27, Bradley Circle, Causey Rd., West Ave., Clermont, FL Leesburg, FL Clermont,FL Clermont,FL Clermont, FL 61,695± 327,571 87,120 227,383 18,295 Size(SF): (90-95% wetlands) (75%wetlands) (40%wetlands) (16%wetlands) (95%wetlands) Access: Average Average Average Average to Good Average Topography: Level to low Level to low Level to low Level to low Level to low Zoning: CBD PUD R-1 MP R-1 Recorded: --- 4493/1267 4385/1639 4366/1483 4608/757 Analysis of Sales Land Sale 1 was located along US Highway 27, Leesburg, Lake County, Florida. The property was purchased in June 2014 for $100,000. The sale consisted of 327,571± square feet of land area. Access to the site was considered to be average. The site utilizes a PUD zoning designation and has 75% wetlands with the remainder semi-improved pasture. In comparison with the subject property, the sale would be adjusted upward for its inferior view not facing a large like the subject and since larger land parcels typically sell for lower unit sale prices and zoning. The sale would be adjusted downward for location along heavily travelled U.S. Highway 27 and topography. Overall adjustments were upward reflecting a higher unit value for the subject property. 18 Land Sale 2 was located along Bradley Circle on Lake Montevista (several miles southwest of the subject property) in Clermont, Lake County, Florida The property was purchased in September 2013 for $103;000 or $1 09 per square foot The sale consisted of a lakefront lot in the Lake Montevista platted subdivision with about 60% useable upland In comparison with the subject property, the sale would be adjusted upward for zoning The sale would be adjusted downward for topography and its location being on a lake Overall adjustments were downward reflecting a lower unit value for the subject property Land Sale 3 was located along US Highway 27 and Causey Road, Clermont, Lake County, Florida The property was purchased in August 2013 for$325,000 The sale consisted of 227,383± square feet of land area Access to the site was considered to be average to good The site utilizes an MP zoning designation and has 16%wetlands and the remainder vacant commercial In comparison with the subject property, the sale would be adjusted upward for improved market conditions since the sale occurred (time), size since larger land parcels typically sell for lower unit sale prices, its inferior view not facing a large lake the subject and zoning Downward adjustments were deemed appropriate for its location located along heavily travelled U S Highway 27, topography and access Overall adjustments were downward reflecting a lower unit value for the subject property Land Sale 4 was located along West Avenue, Clermont on Lake Winona, Lake County, Florida The property was purchased in April 2015 for $42,000 or$2 30 per square foot The sale consisted of a 18,295 square foot non-buildable lakefront lot in the Indian Hills platted subdivision with only about 5% useable land since the property was purchased for its water amenity access In comparison with the subject property, the sale would be adjusted upward for zoning The sale would be adjusted downward for size since smaller land parcels typically sell for higher unit sale prices and superior water amenity on Lake Winona Overall adjustments were downward reflecting a lower unit value for the subject property CONCLUSION The price per square foot of land area was considered the best unit of comparison to appraise the subject property Very limited sales were available and the sales utilized were believed to be the best available The unadjusted unit sale prices ranged from a low of$0 31 per square foot to a high of $2 30 per square foot of land area Consequently, after considering the economic and physical differences of each sale and applying appropriate qualitative adjustments, we have concluded the opinion of market value for the subject property to be about $0 75± per square foot x 61,695 square feet, or$46,271 (R) $46,300 19 Assumptions and Limiting Conditions 1 This is a Restricted Appraisal Report which is intended to comply with the reporting requirements set forth under Standards Rule 2-2(a) of the Uniform Standards of Professional Appraisal Practice for a Restricted Appraisal Report As such, it presents no discussions of the data, reasoning, and analyses that were used in the appraisal process to develop the appraiser's opinion of value Supporting documentation concerning the data, reasoning, and analyses is retained in the appraiser's file The depth of discussion contained in this report is specific to the needs of the client and for the intended use as stated in the report The appraiser is not responsible for unauthorized use of this report 2 No responsibility is assumed for legal or title considerations Title to the property is assumed to be good and marketable unless otherwise stated in this report 3 The property is appraised free and clear of any or all liens and encumbrances unless otherwise stated in this report 4 Responsible ownership and competent property management are assumed unless otherwise stated in this report 5 The information furnished by others is believed to be reliable However, no warranty is given for its accuracy 6 All engineering is assumed to be correct Anyplotplans and illustrative material 9 9 in this report are included onlyto assist thereader in visualizing the property 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 otherwise stated in this report 9 It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined, and considered in this appraisal report 10 It is assumed that all required licenses, certificates of occupancy or other legislative or administrative authority from any local, state, or national governmental, or private entity or organization have been or can be obtained or renewed for any use on which the value estimates contained in this report are based 11 Any sketch in this report may show approximate dimensions and is included to assist the reader in visualizing the property Maps and exhibits found in this report are provided for reader reference purposes only No guarantee as to accuracy is expressed or implied unless otherwise stated in this report No survey has been made for the purpose of this report 12 It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless otherwise stated in this report 13 The appraiser is not qualified to detect hazardous waste and/or toxic materials Any comment by the appraiser that might suggest the possibility of the presence of such substances should not be taken as confirmation of the presence of hazardous waste and/or toxic materials Such determination would require investigation by a qualified expert in the field of environmental assessment The presence of substances such as asbestos, urea- 20 formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property The appraiser's value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value unless otherwise stated in this report No responsibility is assumed for any environmental conditions, or for any expertise or engineering knowledge required to discover them The appraiser's descriptions and resulting comments are the result of the routine observations made during the appraisal process 14 Unless otherwise stated in this report, the subject property is appraised without a specific compliance survey having been conducted to determine if the property is or is not in conformance with the requirements of the Americans with Disabilities Act The presence of architectural and communications barriers that are structural in nature that would restrict access by disabled individuals may adversely affect the property's value, marketability, or utility 15 Any proposed improvements are assumed to be completed in a good workmanlike manner in accordance with the submitted plans and specifications 16 The distribution, if any, of the total valuation in 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 17 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 18 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 prior written consent and approval of the appraiser 19 The appraiser(s) are competent to complete this assignment in accordance with the provisions in the Uniform Standards of Professional Appraisal Practice (USPAP) 21 ADDENDUM 22 ADDENDUM A LAKE COUNTY PROPERTY RECORD CARD 23 PROPERTY RECORD CARD General Information Owner Name. SUTTON MARVIN Alternate Key. 2659874 Mailing Address 781 W OSCEOLA parcel Number 24-22-25• ST 017500000016 CLERMONT,FL 00C1 34711 Wage Group and City: Update Mallma (Clermont) &la=0 Total Millage Rate. 18 31860 Trash/Recycling/Water/Info.Ai,Public — Services Mag0 Property — LocaUon• CLERMONT FL Property Name' submit Property 34711 -_ Nam O Update Prim* School Locator School and Bus Location 0 Mac O CLERMONT,PART OF UNNUMBERED BLK BOUNDED ON N BY RR RNV,ON I S BY OSCEOLA ST,ON E BY W R/W OF WEST AVE,AND ON WBYWI LINE OF SEC 24-22-25—LESS TRIANGULAR PARCEL DESC AS BEG All APTONSRAN OFRR&WLINE OFSEC 24&RUN SE'LY ALONG I SAID R/W 100 FT,SWLY TO A PT ON W LINE OF SEC THAT IS 200 I FT S OF POB,N TO POB&LESS RR DEPOT ON COR OF WEST AVE&I OSCEOLA STS&LESS FROM NE COR OF LOT 1 BLK 94, SAID POINT ALSO BEING INTERSECTION OF W RMI LINE OF WEST AVE &SRNV I UNE OF OSCEOLA ST RUN N 89DEG 31MIN 40SEC W ALONG ,SAID S RMI LINE 215 69 FT TO A POINT ON THE ARC OF A CURVE BEING I CONCAVE SW'LY,HAVING A RADIUS OF 245 84 FT&A CENTRAL I ANGLE OF 01DEG 37MIN 57SEC,SAID POINT ALSO BEING THE ELY I R/W LINE OF A PROPOSED ST,RUN NW'LY ALONG THE ARC OF SAID I CURVE&SAID E'LY R/W AN ARC DIST OF 7 FT.SAID ARC HAVING AI CHORD BEARING OF N 14DEG 52MIN 50SEC W&A CHORD DIST OF 7 I FT TO THE POINT OF REVERSE CURVATURE OF A CURVE, BEING I CONCAVE ELY HAVING A RADIUS OF 71 FT&A CENTRAL ANGLE OF I 38DEG 39MIN 27SEC,RUN NE'LY ALONG THE ARC OF SAID CURVE&I PPropertylon. SAID R/W AN ARC DIST OF 47 90 F r,SAID ARC HAVING A CHORD I 24 BEARING OF N OODEG 34MIN 34SEC E&A CHORD DIST OF 47 FT TO I THE POINT OF TANGENCY,RUN N 19DEG 53MIN 43SEC E ALONG SAID I RNV 6 62 FT TO N RNV LINE OF OSCEOLA ST&POB,CONT N, 19DEG 1 53MIN 43SEC E 1965 FT TO SLY RNV LINE OF SEABOARD! COASTLINE OF RR&THE POINT ON THE ARC OF A CURVE BEING I CONCAVE SWLY,HAVING A RADIUS OF 2749 69 FT&A CENTRAL I ANGLE OF 01DEG OOMIN 03SEC,THENCE RUN NWLY ALONG THE ARC OF SAID CURVE&SAID RNV LINE AN ARC DIST OF 48 03 FT, SAID I ARC HAVING A CHORD BEARING OF N 72DEG 07MIN 11SEC W&AI CHORD DIST OF 48 03 FT TO THE W'LY R/W OF PROPOSED ST,RUN SI 19DEG 53MIN 43SEC W ALONG SAID WLY RNV A DIST OF 2459FTI TO THE POINT OF CURVATURE OF A CURVE CONCAVE SE'LY,HAVING AI RADIUS OF 119 FT&A CENTRAL ANGLE OF 04DEG 53MIN 15SEC,RUNT ALONG THE ARC OF SAID CURVE&SAID R/W AN ARC DIST OF 10 15 FT,SAID ARC HAVING A CHORD BEARING OF S 17DEG 27MIN 06SEC WI &A CHORD DIST OF 1015 FT TON R/W LINE OF OSCEOLA ST,S I 89DEG 31MIN 40SEC E ALONG SAID R/W 50 44 FT TO POB— PB 8l PGS 17-231 ORB 0608 PG 17801 Land Data Class Land Line Land Use Frontage Depth Notes No Unite Tye Value Value 1 VACANT COMMERCIAL 0 0 61694 64 SF $000 $12,339 00 (1000) Miscellaneous Improvements Then is no improvement Information to display. Sales History O R.Book I Page Sale Date Instrument _ Q/U VacJlmp Sale Price 608/1780 4/1/1976 QC U V $1 00 Values and Estimated Taxes Just Assessed Taxable Estimated 25 Tax Authority Value Value Value MIllage Taxes LAKE COUNTY BCC $12,339$12,339 $12,339 5 38560 $6645_ LAKE COUNTY MSTU $12,339$12,339 $12,339 0 48290 $5 71 AMBULANCE SCHOOL BOARD STATE $12,339$12,339 $12,339 5 74600 $70 90 SCHOOL BOARD LOCAL. $12,339$12,339 $12,339 1 50000 $18 51 CITY OF CLERMONT $12,339$12,339 $12,339 3 72900 $46 01 _ ST JOHNS RIVER FL WATER $12,339$12,339 $12,339 0 31640 $390 MGMT DIST LAKE COUNTY VOTED DEBT $12,339$12,339 $12,339 016000 $1 97 SERVICE LAKE COUNTY WATER $12,339$12,339 $12,339 0 25540 $315 AUTHORITY SOUTH LAKE HOSPITAL DIST $12,339$12,339 _ $12,339 0 76330 $9 42 Total Total 18 3188 $226 02 The values displayed above may NOT reflect certified values and therefore are subject to change before being finalized for ad valorem assessment purposes The estimated tax totals are based on prior year adopted millage rates until each taxing authority certifies proposed rates(annually in mid-August)and adopts final millage rates(late September)of each year Estimated tax totals do not reflect non-ad valorem assessments (Fire Fees,Solid Waste,etc)Please consult the Tax Collector for actual taxation amounts Copynght 0 2014 Lake County Property Appraiser All rights reserved Property data last updated on 25 January 2015 26 ADDENDUM B APPRAISAL DEFINITIONS 27 APPRAISAL DEFINITIONS Definition 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 (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 interests, (3) A reasonable time is allowed for exposure in the open market, (4) Payment is made in terms of cash in U S dollars or in terms of financial arrangements comparable thereto, and (5) The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale (Source Federal Register, vol 55, no 163 August 22, 1990, pages 34228 and 34229, also quoted in the Glossary of the Uniform Standards of Professional Appraisal Practice,2000 edition) Definition of Fee Simple Interest According to the 13th Edition of the Appraisal of Real Estate the definition of fee simple estate is absolute ownership unencumbered by any other interest or estate, subject only to the limitations Imposed by the governmental powers of taxation, eminent domain, police power, and escheat Definition of Highest and Best Use According to the 13th Edition of the Appraisal of Real Estate the definition of highest and best use Is defined as the reasonably probable and legal use of vacant land or an improved property that Is physically possible, legally permissible, appropriately supported, financially feasible, and that results in the highest value 28 ADDENDUM C QUALIFICATIONS 29 RICK SCOTT GOVERNOR ___ _ KEN UIWSON_SECRETARYY ' STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION 1.y FLORIDA REAL ESTATE APPRAISAL BD ,:i: LICENSE NUMiER 7 " .4t�7 . RZt678 ` The CERTIFIED GENERAL APPRAISER • i Named below IS CERTIFIED Under the provisions of Chapter 475 FS ;,-‘' t Expiration date NOV 30,2016 ��� a \, .tea ' ,� \v\ 0 •0 i ROCKER JOHN L III \� ° 690 MONTROSE ST _ .(4,-., ► r Y CLERMONT FL 34711 r. r I -11 - - ---- - - - -- -� �� __�___ �� J� C\V `‘ ISSUED 112512014 DISPLAY AS REQUIRED BY LAW SE0 8 1.1411250002294 l mBi1�SHIP CERTIpJC, M. ��� mi. rty •That �� Of cli7A,L. goCierr,ill, cSRA M aha.then ndnritttd hi nntnlI.rJnp an Iti MAI Member 0 a in the Appraral lu-htute and rE. - Ofe ntithd hi all the rt',ht•and prn•tle;e•of:mother-1v •ulye e t onitt to hit Inuttntt eondttron--et forth front hate h+lento a niu'in S.tlaa-mni R.\ulatton.of the 9pprai-a!In-tante tiq i� In Mtn,—l\7nnof the Board of Dtnetor-of the Apprat-al In-tante tub �1 aanthot tCe d tin-a rhfieate to I t ne d in he half hu the Pr-tdent and the E. a Corporate Seal to hi leen nt't0 afftted on tin- 8 dttit of Seyttinier,199 le Of E. w1 at fie• p.i. A is ,?..-4)....,,,,at a gfel is a APPRAISAL Ann �yY1!'/.Y1 a n l}tU \�:: INSTITUTE 30 (American Land Title Association-Owner's Policy Adopted 6/0/2006)(VPith Florida Modifications) OWNER'S POLICY OF TITLE INSURANCE OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY Any notice of claim and any other notice or statement in writing required to be given to the Company under this Policy must be given to the Company at the address shown In Section 18 of the Conditions. COVERED RISKS SUBJECT TO THE EXCLUSIONS FROM COVERAGE,THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B, AND THE CONDITIONS,OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY,a Florida corporation (the"Company") insures,as of Date of Policy,against loss or damage,not exceeding the Amount of Insurance,sustained or incurred by the Insured by reason of: 1, Title being vested other than as stated in Schedule A. 2, Any defect in or lien or encumbrance on the Title. This Covered Risk includes but is not limited to insurance against loss from (a) A defect in the Title caused by (i) forgery,fraud,undue influence,duress,incompetency,incapacity,or impersonation; (ii) failure of any person or Entity to have authorized a transfer or conveyance; (iii) a document affecting Title not properly created,executed,witnessed,sealed,acknowledged,notarized,or delivered; (iv) failure to perform those acts necessary to create a document by electronic means authorized by law; (v) a document executedundera falsified,expired,or otherwise invalid power of attorney; (vi) adocument ovum c t not proauphon cd by corded,or indexed in the Public Records including failure to perform those acts by (vii)a defective judicial or administrative proceeding. (b) The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable,but unpaid. (c) Any encroachment,encumbrance,violation,variation,or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land. The term"encroachment"includes encroachments of existing improvements located on the Land onto adjoining land,and encroachments onto the Land of existing improvements located on adjoining land. 3. Unmarketable Title. 4. No right of access to and from the Land. 5. The violation or enforcement of any law,ordinance,permit,or governmental regulation(including those relating to building and zoning)restricting,regulating,prohibiting,or relating to (a) the occupancy,use,or enjoyment of the Land; (b) the character,dimensions,or location of any improvement erected on the Land; (c) the subdivision of land;or (d) environmental protection if a notice,describing any part of the Land,is recorded in the Public Records setting forth the violation or intention to enforce but only to the extent of the violation or enforcement referred to in that notice. (Covered Risks continued) In Witness Whereof,OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY,has caused this policy to be signed and sealed as of Date of Policy shown in Schedule A,the policy to become valid when countersigned by an authorized signatory of the Company. 01.0 REPUBLIC NATIONAL TiTLE INSURANCE COMPANY A Mock Company 400&randAvenue South Minneapolis,Minnesota 66401 1612)311.1111 * By rr ^6-694j Resident ** * Attest b,�.t�- IA.104 Sayetay SERIAL OF6-8425558 FORM OF6(rev.18-0338)(With Florida Modifications) ePolicyManeger 1 016 Schedule A OWNER'S POLICY * * ** Issued by Old Republic National Title Insurance Company * * 400 Second Avenue South Minneapolis,MN 55401-2499 * (612)371-1111 * * ** File No.: 16-0338 Policy No.:OF6-8425558 Address Reference: Amount of Insurance:$35,000.00 Premium:$201.25 Date of Policy:December 12,2016,al 9:57am 1. Name of Insured: The City of Clermont,a Florida municipal corporation 2. The estate or interest in the Land that is insured by this policy is: Fee Simple 3. Title Is vested in: The City of Clermont,a Florida municipal corporation,per Special Warranty Deed recorded 12/1212016 in O.R.Book 4874, Page 1737,Public Records of Lake County,Florida. 4. The Land referred to In this policy is described as follows: Lot 15,Block 44,City of.Clermont,according to the map or plat thereof as recorded in Plat Book 8,Pages 17-23,Public Records of Lake County,Florida OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY A Stock Company Nash Law Firm,P.A. CIO Second Manua South,Minneapolis,Minnesota 55401 P.A.Book 7644 (612j371-till 3775ASeminole,FL 33776,- Agent gent#3730¢ 7 • By President Auor�Yed sto ORT Form 409 FL A Attest b10•404.4•WISecremry Schedule A for ALTA Owner's Policy of Title Insurance 6-17-06 • Schedule B OWNER'S POLICY File No.:16-0338 Policy No.:OF6.8425558 EXCEPTIONS FROM COVERAGE This policy does not Insure against loss or damage,and the Company will not pay costs,attorneys'fees,or expenses that arise by reason of: 1. General or special taxes and assessments required to be paid In the year 2017 and subsequent years. 2. Rights or claims of parties in possession not recorded in the Public Records. 3. Any encroachment,encumbrance,violation,variation,or adverse circumstance that would be disclosed by an inspection or an accurate and complete land survey of the Land and Inspection of the Land. 4. Easements,or claims of easements,not recorded in the Public Records. 5. Any lien or right to a lien,for services,labor or material furnished,imposed by law and not recorded in the Public Records. 6. Any adverse ownership claim by the State of Florida by right of sovereignty to any portion of the Lands insured hereunder,including submerged,filled and artificially exposed lands,and lands accreted to such lands. 7. All matters contained on the Plat of The City of Clermont,as recorded in Plat Book 8,Page 17,Public Records of Lake County,Florida. 8. Rights of the lessees under unrecorded leases. ORT Form 4,109 B Schedule B for ALTA Owner's Policy of Title Insurance 8-17-08 Page 2 (Covered Risks continued) 6. An enforcement action based on the exercise of a governmental police power not covered by Covered Risks ifa notice of the enforcement action,describing any part of the Land,is recorded in the Public Records,but only to the extent of the enforcement referred to in that notice. 7. The exercise of the rights of eminent domain if a notice of the exercise,describing any part oldie Land,is recorded in the Public Records. It Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge. 9. Title being vested other than as stated in Schedule A or being defective (a)as a result of the avoidance in whole or in part,or from a court order providing an alternative remedy,of a transfer of all or any part of the title to or any interest in the Land occurring prior to the transaction vesting Title as shown In Schedule A because that prior transfer constituted a fraudulent or preferential transfer under federal bankruptcy,state insolvency,or similar creditors' rights laws;or (b)because the instrument oftransfervest ingTiticasshown in Schedule A const i tutcs a preferential transfer under federal bankruptcy, state insolvency,or similar creditors'rights laws by reason of the failure of its recording in the Public Records (i) to be timely,or (ii)to impart notice of its existence to a purchaser for value or to a judgment or lien creditor. 10. Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been created or attached or has been filed or recorded In the Public Records subsequent to Date of Policy and prior to the recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A. The Company will also pay the costs,attorneys'fees,and expenses incurred in defense of any matter Insured against by this Policy,but only to the extent provided in the Conditions. 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 that arise by reason oil 1. (a) Any law,ordinance,permit,or governmental regulation(including those relating to building and zoning)restricting,regulating, prohibiting,or relating to (i) the occupancy,use,or enjoyment of the Lund; (ii) the character,dimensions,or location of any improvement erected on the Land; (iii) the subdivision of land;or (iv) environmental protection; or the effect ofany violation of these laws,ordinances,or governmental regulations.This Exclusion 1(a)does not tnodlf'or limit the coverage provided under Covered Risk 5. (b) Any governmental police power. This Exclusion 1(b)does not modify or limit the coverage provided under Covered Risk 6. 2. Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8. 3. Defects,liens,encumbrances,adverse claims,or other matters (a) created,suffered,assumed,or agreed to by the Insured Claimant; (b) not Known to the Company,not recorded in the Public Records at Date of Policy,but Known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy; (c) resulting in no loss or damage to the Insured Claimant; (d) attaching or created subsequent to Date of Policy;or (c) resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title. 4. Any claim,by reason of the operation of federal bankruptcy,state insolvency,or similar creditors'rights laws,that the transaction vesting the Title as shown in Schedule A,is (a)a fraudulent conveyance or fraudulent transfer;or (b)a preferential transfer for any reason nut stated in Covered Risk 9 of this policy. 5. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A. FORM OF6(rev.12110)(With Florida Modifications) 2 of 6 CONDITIONS I. DEFINITION OF TERMS The•foliowing terms when used in this policy mean: • (a)"Amount of Insurance": The amount stated hi Schedule A,as may be increased or decreased by endorsement to this policy,increased by Section 8(b),or decreased by Sections 10 and 11 of these Conditions. (b)"Date of Policy": The date designated as"Date of Policy"in Schedule A. (c)"Entity": A corporation;partnership,trust,limitcd•liability company,or other similar legal entity. (d)"Insured": The Insured named in Schedule A. (I) the tern"Insured"also includes (A) successors to the Title of the Insured by operation of law as distinguished from purchase,including heirs,devisees,survivors, personal representatives,or next of kin; (B) successors to an Insured by dissolution,merger,consolidation,distribution,or reorganization; (C) successors to an.insured by its conversion to another kind of Entity; (D) a grantee of an leisured under a deed delivered without payment of actual valuable consideration conveying the Title (1) if the stock,shares,memberships,or other equity interests of the grantee arc wholly-owned by the named Insured, (2) if the grantee wholly owns the named Insured, (3) if the grantee is 4vhollyy.owned by an affiliated Entity of the named insured,provided the affiliated Entity and the named Insured arc both whollywned by the same person or Entity,or (4) if die grantee is a trustee or beneficiary of a trust created by a written instrument established by the Insured named in Schedule A for estate planning purposes.. (1i) with regard to,(A),(II),(C),and(D)reserving,however,all rights and defenses as to any successor that the Company would have,hd against any predecessor Insured. (e) "Insured Claimant": An Insured claiming loss or damage. (I) 'Knowledge"or"Known":Actual knowledge;nonconstructive knowledge or notice that may be imputed to an insured by reason of the Public Records or any other records that impart constructive notice"of,matters affecting the Tide. (g) "Land":.The land described in Schedule A,and affixed improvements that by,law constitute real property. The term"Land"does • not include any property beyond the lines of die area described in Schedule A,nor any right,title;interest,estate,or easement in •abutting streets,roads,avenues,alleys,lanes,ways,or waterways,but tills does not modify or limit the extent that a right of access to and from the Land is insured by this policy. • (h) "Mortgage Mortgage,deed of mist,trust deed,or other security instrument,including one evidenced by electronic means authorized bylaw.• (i) "Public Records": Records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge:'With respect to Covered Risk 5(d),"Public Records"shall also include environmental protection liens filed in the records of the clerk of the United States District Court for the district where the Land is located. • (j) "Title": The estate or interest described in Schedule A. (k) "Unmarketable Title":Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title or lender on the Title lobe released from the obligation to purchase,lease,or lend If there is a contractual condition requiring the delivery of marketable title. 2. CONTINUATION OF INSURANCE The coverer of this policyshall continue in force as of Date of Policy in favor of aninsured,but only so long as the Insured retains an estate or Interest in the Land,or holds an obligation secured by a purchase money Mortgage given by a purchaser from the Insured,or only so long as the Insured shall have liability by reason of warranties in any transfer or conveyance of the Tide. This policy shall not continue in force in favor of any purchaser from the.Insured of either(i)an estate or Interest in the Land,or(ii)an obligation secured by a purchase money Mortgage given to the Insured. 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT The Insured shall notifythe Company promptly iii writing(i)in case of any litigation as set forth in Section 5(a)of these Conditions,(ii)in case Knowledge shall come to all-Insured hereunder orally claim of title or interest that is adverse to the Title,as insured,and that might cause loss or damage for which the Company may be liable byvirtue of this policy,or•(iii)if the Title,as insured;is i-ejected as Unmarketable Title: lithe_Compan_y is prejudiced by the failure of the Insured Claimant to provide prompt notice,the Company's liability to the Insured Claimant under the policy shall be reduced to the extent of the prejudice. 4. PROOF OFLOSS In the event the Company is unable to determine the amount of loss or damage,the Company may,at its option,require as a condition of payment that the Insured Claimant fiirnish a signed proof of loss. The proof of loss must describe the defect;lien,encumbrance,or other matter insured against by this policy that constitutes the basis of loss or damage and shall state;to the extent possible,the basis of calculating the amount of the loss or damage.- ' • • FORM ORB(rev.12/10)(With Florida Modifications) 3 of 8 • • $. DEFENSEAND PROSECUTION OFACT IONS (a) Upon written request by the Insured,and subject to the options contained in Section 7 of these Conditions,the Company,at its own cost and without unreasonable delay,shall provide for the defense of an Insured in litigation in which any third party asserts a claim covered by this policy adverse to the Insured. This obligation is limited to only those stated causes of action alleging matters insured against by this policy. The Company shall have the right to select counsel of its choice(subject to the right of the insured to object for reasonable cause)to represent the insured as to those stated causes of action.It shall not heliable for and will not pay the fees ofany other counsel. The Company will not pay any fees,costs,or expenses incurred by the Insured in the defense of those causes of action that allege matters not insured against by this policy. (h)The Company shall have the right,in addition to the options contained in Section 7 of these Conditions,at its own cost to institute and prosecute any action or proceeding or to do any other act that in its opinion may be necessary or desirable to establish the Tide,as insured,or to prevent or reduce loss or damage to the insured. The Company may take any appropriate action under the terms of this policy,whether or not it shall be liable to the insured.The exercise of these rights shall not be an admission of liability orwaivcr of any provision of this policy. if the Company exercises its rights under this subsection,it must do so diligently. (c)Whenever the Company brings an action orassertsa defense as required or permitted by this policy,the Company may punue die litigation to a final determination by a court of competent jurisdiction,and it expressly reserves the right,in its sole discretion,to appeal any adverse judgment or order. 6. DUTY OF INSURED CLAIMANT TO COOPERATE (a)in all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding and any appeals,the Insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding,including the right to use,at its option,the name of the Insured for this purpose.Wile never requested by die Company,the Insured,atthe Company's expense,shall give the Company all reasonable aid(i)in securing evidence,obtaining witnesses,prosecuting or defending the action or proceeding,or effecting settlement,and(ii)in any other lawful act that in the opinion of the Company may be necessary or desirable to establish the Title or any other matter as insured. If the Company is prejudiced by the failure of die Insured to furnish the required cooperation;the Company's obligations to the insured under the policy shall terminate,including any liability or obligation to defend, prosecute,or continue any litigation,with regard to the matter or matters requiring such cooperation. (b)The Company may reasonably require the insured Claimant to submit to examination under oath by any authorized representative of the Company and to produce for examination,inspection,and copying,at such reasonable times and places as may be designated by the authorized representative of the Company, all records, in whatever medium maintained, including hooks, ledgers, checks, memoranda,correspondence,reports,c-malls,disks,tapes,and videos whether bearing a date before or after Date of Policy, that reasonably pertain to the loss or damage.Further,if requested by any authorized representative of the Company,the Insured Claimant shall grant its permission,in writing,for any authorized representative of the Company to examine,inspect,and copyall of these records in the custody or control of a third party that reasonably pertain to the loss or damage. All information designated as confidential by the Insured Claimant provided to the Company pursuant to this Section shall not be disclosed to others unless,in the reasonable judgment ofthe Company,It is necessary in the administration ofthe claim.Failure of the insured Claimant to submit for examination under oath, produce any reasonably requested information,or grant permission to secure reasonably necessary information from third parties as required in this subsection,unless prohibited by law or governmental regulation,shall terminate any liability of the Company under this policy as to that claim. 7. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS;TERMINATION OF LIADIISI'Y In case of a claim under this policy,the Company shall have the following additional options: (a)To Pay or Tender Payment of the Amount of Insurance. To pay or tender payment of the Amount of Insurance under this policy together with any costs,attorneys'fees,and expenses incurred by the insured Claimant that were authorized by the Company up to the time of payment or tender of payment and that the Company is obligated to pay. Upon the exercise by the Comanyofthisoption,allliabilityandobligationsoftheCompanytothclnsutedunderthispolicy,otherthan to make the payment required in this subsection,shall terminate,including any liability or obligation to defend,prosecute,or continue any litigation. (h)To Pay or Otherwise Settle With Parties Other Than the Insured or With the Insured Claimant. (i)to pay or otherwise settle with other parties for or in the name of an Insured Claimant any claim insured against under this policy. In addition,the Company will pay any costs,attorneys'fees,and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay;or (ii)to pay or otherwise settle with the Insured Claimant the loss or damage provided for under this policy,together with any costs, attorneys'fees,and expenses incurred by the Insured Claimant that were authorized by the Company tip to the time of payment and that the Company is obligated to pay. Upon the exercise by the Company of either of the options provided for in subsections(b)(i)or(ii),the Company's obligations to the insured under this policy for the claimed loss or damage,other than the payments required to be made,shall terminate,including any liability or obligation to defend,prosecute,or continue any litigation. 8. DETERMINATION AND EXTENT OF LIABILITY This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the Insured Claimant who has suffered loss or damage by reason of matters insured against by this policy. (a)The extent of liability of the Company for loss or damage under this policy shall not exceed the lesser of (i) the Amount of Insurance;or (ii)the difference between the value of the Title as insured and the value of the Tide subject to the risk insured against by this policy. (b)If the Company pursues its rights under Section 5 of these Conditions and is unsuccessful in establishing the Title,as insured, FORM OF6(rev.17110)(Wit Florida Modifications) 4 of 6 _ i (I) the Amount of Insurance shall be increased by 10%,and (ii)the insured Claimant shall have the right to have the loss or damage determined either as of the date the claim was made by the Insured Claimant or as of the date it is settled and paid. (c)In addition to the extent of liability under(a)and(b),the Company will also pay those costs,attorneys'fees,and expenses incurred in accordance with Sections 5 and 7 of these Conditions. 9. LIMITATION OF LIABILITY (a) if the Company establishes die Title,or removes the alleged defect,lien,or encumbrance,or cures the lack of a right of access to or from the Land,or cures the claim of Unmarketable Title,all as insured,in a reasonably diligent manner by any method,including litigation and the • pledon of any appeals,it shall have filly performed its obligations with respect to that matter and shall not be liable for any loss or damage caused tote Insured. (b)In the event orally litigation,including litigation by the Company or with the Company's consent,the Company shall have no liability for loss or damage un di there has been a final determination by a court of competent jurisdiction.and disposition of all appeals,adverse to the Title,as insured. (c)The Company shall not be liable for loss or damn a to the Insured for liability voluntarily assumed by the Insured in settling any claim or suit without the prior written consent of the Company. 10. REDUCTION OF INSURANCE;REDUCTION OR TERMINATION OF LiABILITY All payments under this policy,except payments made for costs,attorneys'fees,and expenses,shall reduce the Amount of insurance by the amount of the payment. 11. LIABILITY NONCUMULATIVE The Amount of Insurance shall be reduced by any amount the Company pays under any policy insuring a Mortgage to which exception is taken in Schedule B or to which the Insured has agreed,assumed,or taken subject,or which is executed by an Insured after Date cif Policy and which is a charge or lien on the Title,and the amount so paid shall be deemed a payment to the insured under this policy. 12. PAYMENT OF LOSS When liability and the extent of loss or damage have been definitely fixed in accordance with these Conditions,the payment shall be made within 30 days. 15. RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT (a)Whenever the Company shall have settled and paid a claim under this policy,it shall be subrogated and entitled to the rights of the insured Claimant hi the Title and all other rights and remedies in respect to the claim that die Insured Claimant has against any person or property,to the extent of the amount of any loss,costs,attorneys'fees,and expenses paid by the Company. If requested by the Company,the insured Claimant shall execute documents to evidence the transfer to the Company of these rights and remedies. Tim Insured Claimant shall permit the Company to sue,compromise,or settle in the name of the Insured Claimant and to use the name of the insured Claimant in any transaction or litigation involving these rights and remedies. If a payment on account of a claim does not fully cover the loss of the Insured Claimant,the Company shall defer the exercise of its tight to recover until after the insured Claimant shall have recovered its loss. (b)The C.ompany's right of subrogation includes the rights of the Insured to indemnities,guaranties,other policies of insurance,or bonds, notwithstanding any terms or conditions contained in those instruments that address subrogation rights. 14. ARBITRATION Unless prohibited by applicable law,arbitration pursuant to the Title insurance Arbitration Rules of the American Arbitration Association may be demanded if agreed to by both the Company and the insured at the time of the controversy or claim.Arbitrable matters may include,but arc not limited to,any controversy or claim between the Company and the Insured arising out of or relating Co this policy,and service of the Company in connection with its issuance or the breach of a policy provision or other obligation.Arbitration pursuant to this policy and under the Rules in effect on the date the demand for arbitration is made or,at the option of the insured,the Rules in effect at Date of Policy shall be binding upon the parties.The award may include attorneys'fees only if the laws of the state in which the Land is located permit a court to award attorneys'fees to a prevailing patty.Judgment upon the award rendered by the Arbitrator(s) may be entered in any court having jurisdiction thereof The law of the sittu of the land shall apply to an arbitration under the Title insurance Arbitration Rules. A copy of the Rules may be obtained from the Company upon request. 15. LIABILITY LIMITED TO THIS POLICY;POLICY ENTIRE CONTRACT (a)This policy together with all endorsements,if any,attached to it by the Company is the entire policy and contract between the Insured and the Company in interpreting any provision of this policy,this policy shall be construed as a whole. (b)Anyclaim oflossordamagc that arises out of the status of the Title or by anyaction assertingsuch claim whether or not based on negligence shall be restricted to this policy. (c)Any ante ndm en t ofo r en dorscme n t to this policy must be in writing and authenticated by a n authorized person,or expressly inco rporated by Schedule A of this policy. (d)Each endorsement to this policy issued at any time is made a part of this policy and is subject to all of its terms and provisions. Except as the endorsement expressly states,it does not(i)m odi fy any of th e terms and provisions of the policy,(ii)modify any priorendorscment, (iii)extend the Date of Policy,or(iv)increase the Amount of Insurance. FORM OF6(rev.12110)(With Florida Modifications) 5 of ti 16. SEVERABILITY In the event any provision of this policy,in whole or in part,is held invalid or unenforceable under applicable law,the policyshall be deemed not to include that provision or such part held to be invalid,but all other provisions shall remain in full force and effect. 17. CHOICE OF LAW;FORUM (a)Choice of Law: The Insured acknowledges.the Company has undenvritten;the risks covered by this policy and determined the premium charged therefor in reliance upon the law affectinginterests in real property and applicable to the interpretation,rights,remedies,or enforcement of policies of title insurance of the jurisdiction wheie.the Land is'located. Therefore,the court or an arbitrator shall apply the law of the jurisdiction where the Land is located to determine the validity of claims against the Title that arc'advcrsc to the Insured and to interpret and enforce the terms of this policy. In neither case shall the court or arbitrator apply its conflicts of law principles to determine the applicable law. (b)Choice of Forum: Any litigation or other proceeding brought by the Insured against the Company must he filed only in a state or federal court within the United States of America or its territories having appropriate jurisdiction. 18. NOTICES,WHERE SENT Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the Company at 400 Second Avenue South,Minneapolis,Minnesota 55401-2499,Phone:(612)871-1111. FORM OF6(rev.12/10)(Wilh Florida Modifications) 0 of 0 1.0 fsi , � a ldo w.o, .....-. = * 0;::) * 8 I g- p 3. * P. U co 3 N ACS A 5850 T G LEE BLVD STE 435 ORLANDO FL 32822 INSTRUMENT 12016127713 OR BK 4874 PG 1737-1738 (2 PGS) Prepared by and return to: DATE:12/12/2016 9:57:30 AM Norman W.Nash,Esq. NEIL KELLY. CLERK OF THE CIRCUIT COURT Nash Law Firm P.A. LAKE COUNTY P.O.Box 7644 RECORDING FEES$18.50 DEED DOC$245.00 Seminole,FL 33775 File Number: 16.0338 (Space Above This Line For Recording Data) Special Warranty Deed This Special Warranty Deed made this 29 day of November,2016,between Daniel Soto whose post office address is 619 Tereslta Lane, Laredo,TX 78046,grantor, and The City of Clermont,a Florida municipal corporation whose post office address is 685 West Montrose Street,Clermont,FL 34711,grantee: (Whenever 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,trusts and trustees) Witnesseth, that said grantor, for and in consideration of the sum of THIRTY FIVE THOUSAND AND 00/100 DOLLARS (U.S.$35,000.00)and other good and valuable considerations to said grantor in hand paid by said grantee, the receipt whereof is hereby acknowledged,has granted, bargained,and sold to the said grantee,and grantee's heirs and assigns forever,the following described land,situate,lying and being in the Lake County,Florida,to-wit: Lot 15,Block 44,City of Clermont,according to the map or plat thereof as recorded in Plat Book 8,Pages 17- 23,Public Records of Lake County,Florida Parcel Identification Number: 24-22-25-010004401500 Grantor warrants that at the time of this conveyance,the subject property is not the Grantor's homestead within the meaning set forth in the constitution of the state of Florida,nor is it contiguous to or a part of homestead property.Grantor's residence and homestead address is: 619 Teresita Lane,Laredo,TX 78046. Subject to taxes for 2016 and subsequent years; covenants, conditions, restrictions,easements, reservations and limitations of record,if any. Together with all the tenements,hereditaments and appurtenances thereto belonging or in anywise 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;that the grantor hereby fully warrants the title to said land and will defend the same against the lawful claims of all persons claiming by,through or under grantors. Special II'arranly Deed-Page I In Witness Whereof,grantor has hereunto set grantor's hand and seal the day and year first above written. Signed,sealed and delivered in our presence: 1 a 41111 First W' • s ignature ` aniel Soto Printed Name: (\i( C!(., \ ety, o)IAiZ 1<GtQWc& 11/ Se• itness-Signature P/ted Name:—lbV 9-e P Via M-A.,14 yld 00 State of TEXAS County of v.t•!l)b • The foregoing instrument was acknowledged before me this 2+1:1 day of 4.64�f9-l) ,2016,by Daniel Soto,he()is personally known to me or(�_J has produced/1'D1. 1551'1 9 7 • as identification. acs"'iia, -NORMA A;CASiEUANOS `St\*pY Pye 4 ���'`g'N(NCXfad\ �,�Notory Publi .Stole of Texas � '*•'p.i Comm.Expires 04:17.2020 'vnEo+ �•t Noloty10`10500709 1 ,.,,., -----.. 1110 r w+k CasIA, isµ&S Printed Name. My Commission Expires: 4-11-vr b-(:) Special Warranty Deed-Page 2 1 6