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Resolution 2020-31260 RESOLUTION NO. 2020-31260 A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, APPROVING, IN SUBSTANTIAL FORM, A TEN (10) FOOT WIDE UNDERGROUND UTILITY EASEMENT, HAVING APPROXIMATELY 813 SQUARE FEET, IN FAVOR OF CROWN CASTLE FIBER LLC (CROWN CASTLE); SAID EASEMENT LYING IN A PORTION OF LOT 1, BLOCK 3, OF SECOND OCEAN FRONT SUBDIVISION, RECORDED IN PLAT BOOK 28, AT PAGE 28, OF THE PUBLIC RECORDS OF MIAMI- DADE COUNTY, FLORIDA, HAVING A STREET ADDRESS OF 6444 INDIAN CREEK DRIVE, FOR A TERM OF NINE (9) YEARS AND 364 DAYS, PROVIDING FOR THE PAYMENT TO THE CITY OF AN INITIAL ANNUAL USE FEE OF $5,945 PER YEAR, SUBJECT TO ESCALATIONS OF 3% PER YEAR, FOR THE INSTALLATION AND MAINTENANCE OF TELECOMMUNICATIONS EQUIPMENT;AND FURTHER AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE THE FINAL EASEMENT AGREEMENT. WHEREAS, The City of Miami Beach owns the Property located at 6444 Indian Creek Drive, Miami Beach Florida, commonly known as Brittany Bay Park (the "Property"); and WHEREAS, Crown Castle Fiber LLC ("Crown Castle") has requested that the City grant them a ten (10) foot wide underground easement, having approximately 813 square feet (the "Easement Area"); and WHEREAS, Crown Castle intends to install four(4) 1.5 inch conduits utilizing directional boring within the Easement Area, in order to develop a small cell wireless facility telecommunication infrastructure, which can accommodate "5G" telecommunication equipment; and WHEREAS, pursuant to the terms of the Easement("Agreement"),the City would convey to Crown Castle a non-exclusive underground utility easement in, on, over, across and under the Property (the"Easement Area"), including ingress and egress over the Property to permit Crown Castle to install improvements within the Easement Area for utility purposes only; and WHEREAS, the City will retain the right to construct and maintain other improvements within the Easement Area so long as such improvements do not unreasonably impede Crown Castle's authorized use of the Easement Area; and WHEREAS, the City had secured an appraisal from The Urban Group Real Estate Consultants ("Appraiser"), dated December 3, 2019, for an initial proposed underground utility easement, having 435 square feet, which appraised the annual use fee for the easement at $3,180.00; and WHEREAS, after securing the appraisal, the City requested that Crown Castle use a standard ten foot wide easement size, increasing the square footage of the proposed easement to 813 square feet; and WHEREAS, by using the same valuation methodology used by the Appraiser for the first easement, the use fee for the initial year for the proposed 813 square foot easement was calculated to be $5,945.06; and WHEREAS, pursuant to the terms of the proposed Easement Agreement, the use fee will be increased every year by 3% over the use fee paid in the prior year; and WHEREAS, this utility easement for Crown Castle will satisfy the needs of Crown Castle to maintain their fiber service within the City of Miami Beach, to provide the residents of Miami Beach with more efficient telecommunication services; and WHEREAS,the City Manager recommends approving, in substantial form, the Easement Agreement incorporated herein by reference and attached hereto as Exhibit "1", which Agreement provides for the payment to the City of a fair market use fee. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the Mayor and City Commission hereby, approve in substantial form, a ten (10) foot underground utility easement, having approximately 813 square feet, in favor of Crown Castle Fiber LLC (Crown Castle); said easement lying in a portion of lot 1, block 3, of second ocean front subdivision, recorded in Plat Book 28, at Page 28, of the Public Records of Miami-Dade County, Florida, having a street address of 6444 Indian Creek Drive, for a term of nine (9) years and 364 days, providing for the payment to the City of an initial annual use fee of $5,945 per year, subject to escalations of 3% per year, for the installation and maintenance of telecommunications equipment; and further authorize the Mayor and City Clerk to execute the final Easement Agreement. PASSED AND ADOPTED this /3 day of 7)7? , 2020. 44:21---- , Dan Gelber, Mayor ATTEST: ./ Z) Z�e Rafael E. Gra ado, Cit CIdrk APPROVED AS TO FORM Et NCUACE piIONpM�,B,Eq"' , ...i tz f. ,,, City Attornr Date INfC'ORPORATED)' l',-. .... \\,u'; 1.42 ''4c i 2 - Resolutions-C7 H MIAMI BEACH COMMISSION MEMORANDUM TO: Honorable Mayor and Members of the City Commission FROM: Jimmy L. Morales, City Manager DATE: May 13, 2020 SUBJECT:A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, APPROVING, IN SUBSTANTIAL FORM, A TEN (10) FOOT WIDE UNDERGROUND UTILITY EASEMENT, HAVING APPROXIMATELY 813 SQUARE FEET, IN FAVOR OF CROWN CASTLE FIBER LLC (CROWN CASTLE); SAID EASEMENT LYING IN A PORTION OF LOT 1, BLOCK 3, OF SECOND OCEAN FRONT SUBDIVISION, RECORDED IN PLAT BOOK 28, AT PAGE 28, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA, HAVING A STREET ADDRESS OF 6444 INDIAN CREEK DRIVE, FOR A TERM OF NINE (9) YEARS AND 364 DAYS, PROVIDING FOR THE PAYMENT TO THE CITY OF AN INITIAL ANNUAL USE FEE OF $5,945 PER YEAR, SUBJECT TO ESCALATIONS OF 3% PER YEAR, FOR THE INSTALLATION AND MAINTENANCE OF TELECOMMUNICATIONS EQUIPMENT; AND FURTHER AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE THE FINAL EASEMENT AGREEMENT. RECOMMENDATION The City Manager recommends approving, in substantial form, the easement agreement incorporated herein, which agreement provides for the payment to the City of a fair market use fee. BACKGROUND/HISTORY The City of Miami Beach owns the Property located at 6444 Indian Creek Drive, Miami Beach Florida, commonly known as Brittany Bay Park (the "Property"). Crown Castle Fiber LLC ("Crown Castle") has requested that the City grant them a ten (10) foot wide underground easement, having approximately 813 square feet(the "Easement Area"). Crown Castle intends to install four (4) 1.5 inch diameter conduits utilizing directional boring within the Easement Area, in order to develop a small cell wireless facility telecommunication infrastructure, which can accommodate "5G"telecommunication equipment. Pursuant to the terms of the Easement("Agreement"), the City would convey to Crown Castle a non-exclusive underground utility easement in, on, over, across and under the Property (the "Easement Area"), including ingress and egress over the property to permit Crown Castle to Page 467 of 865 install improvements within the easement area for utility purposes only. The City will retain the right to construct and maintain other improvements within the easement area so long as such improvements do not unreasonably impede Crown Castle's authorized use of the easement area. The City had secured an appraisal from The Urban Group Real Estate Consultants ("Appraiser"), dated December 3, 2019, for an initial proposed underground utility easement, having 435 square feet,which appraised the annual use fee for the easement at$3,180.00. After securing the appraisal, the City requested that Crown Castle use a standard ten-foot wide easement size, increasing the square footage of the proposed easement to 813 square feet. By using the same valuation methodology used by the appraiser for the first easement, the use fee for the initial year for the proposed 813 square foot easement was calculated to be $5,945.06. Pursuant to the terms of the proposed easement agreement, the use fee will be increased every year by 3% over the use fee paid in the prior year. This utility easement for Crown Castle will satisfy the needs of Crown Castle to maintain their fiber service within the City of Miami Beach, to provide the residents of Miami Beach with more efficient telecommunication services. ANALYSIS Results from the 2019 Resident Survey show 79% of residents rated the City of Miami Beach as a place to live, 73% were satisfied with the overall image of the City, and 79% overall quality of City services. In order to continue maintaining excellent standards in this area, the City plans to grant Crown Castle a utility easement for the installation and maintenance of telecommunications equipment. CONCLUSION The City Manager recommends approving, in substantial form, the easement agreement incorporated herein, which agreement provides for the payment to the City of a fair market use fee. Applicable Area Citywide Is this a Resident Right to Does this item utilize G.O. Know item? Bond Funds? Yes No Legislative Tracking Public Works ATTACHMENTS: Description o Appraisal Report-Brittany Bay Park Underground Easement © Survey Legal Combined 040120 Page 468 of 865 ❑ RESO ❑ DRAFT agreement Page 469 of 865 The e URBAN RF4t L>:Aif i,;i't ia':C< APPRAISAL REPORT OF MARKET RENT FOR AN UNDERGROUND UTILITY EASEMENT AT 6310 INDDIAN CREEK DRIVE , MIAMI BEACH, FLORIDA -r- ]--,,-, [1„, C" a �,�{ '4¢ * r M'd i, y � AF IJ ', -R t > ++ «,�+i I1'! 7 F — -- a .'s • 'a 4 r ..' ,:._,_. _ +�5 . . OWNER/LESSOR: CITY OF MIAMI BEACH EASEMENT LESSEE : CROWN CASTLE FIBER, LLC EFFECTIVE DATE OF APPRAISAL DECEMBER 3 , 2019 PREPARED FOR MR. MARK M. MILISITS , RPA DIVISION DIRECTOR ECONOMIC DEVELOPMENT DEPARTMENT CITY OF MIAMI BEACH 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139 Page 470 of 865 _ Abe URBAN mummoroup RCAF fSTATf.Ctk a'LTA 'T INTRODUCTION AND PREMISES OF THE APPRAISAL December 9, 2019 Mr. Mark M. Milisits Division Director Economic Development Department City of Miami Beach 1700 Convention Center Drive Miami Beach, Florida 33139 Re: Underground Easement 6310 Indian Creek Drive Landowner/Lessor: City of Miami Beach Easement Lessee: Crown Castle Fiber, LLC Dear Mr. Milisits: Per your request, I have reviewed the above captioned property for the purpose of providing you with an opinion of the market rent value for an underground easement at the above referenced location. This appraisal assignment involved the preparation of an appraisal report which summarizes the appraiser' s analysis and rationale for the conclusions. The purpose of this appraisal is to form an opinion of the market rent value for an underground utility easement with a term of nine (9) years and three hundred and sixty-four (364) days at 6310 Indian Creek Drive. The function of this report is as an aid in the negotiation process for the lease of this underground utility easement. The intended users of the report are the City of Miami Beach, The City Commission, the potential lessee and their respective legal counsel and representatives . This appraisal assignment pertains to an underground easement lease and the estimation of a market rent. The underground easement consists of 435 Square Feet and is located near the southern property line of 6310 Indian Creek Drive. For the purpose of this appraisal, I have considered the parcel as set forth in the attached surveys and estimated the market rent for the term indicated. The subject is currently under the ownership of The City of Miami Beach, Florida and consists of the Brittany Bay Park with Pump Station Number 29 located at the southern end of the park property. 1424 S. Andrews Avenue, Suite 200, Ft. Lauderdale, F1.33316 954-522-6226 Page 471 of 865 The _ URBAN my-Au G roup REAL ESTATE CPN,r1:A`:TS Mr. Mark M. Milisits December 9, 2019 Page 2 Based on the type of appraisal required, we have utilized an abbreviated parent tract that includes the pump station property only with the proposed underground easement located within that parcel. Based on my review of the tax rolls there are no acquiring deeds listed. No title report was provided or reviewed as part of this assignment. This appraisal includes an underground utility easement containing 435 square feet of land area and this area is to be leased for an initial term of 9 years and 364 days. I have prepared the attached Appraisal Report, which contains a recapitulation of the data utilized to form an opinion of the market rent. If any additional data is required, please advise. Typically, these types of leases have annual increases equal to 3 to 5% or CPI with a maximum increase at the higher of the two. Based upon my inspection of the property and market data analysis, it is my opinion the market rent of the underground utility easement described herein, as of December 3, 2019 is as follows : UNDERGROUND EASEMENT-ANNUAL THREE THOUSAND ONE HUNDRED DOLLARS ($3,180) SPECIAL ASSUMPTIONS: It is assumed that the surface area of the underground easement area will be returned to the current condition upon completion of the installation of the required equipment. It is assumed that the underground easement is only for underground space with the exception of the surface use during the installation. Sincerely, //(()) Dift Robert D. Miller, ASA State Certified General R.E . Appraiser No. RZ1270 s"f.. '(1rj , ? ; Nr -- St even Johnson, MAI State Certified General R.E . Appraiser No. RZ587 • Page472of865 100: CERTIFICATE OF VALUE Project: Underground Easement at 6310 Indian Creek Drive. I certify to the best of my knowledge and belief,that: 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,unbiased,professional analyses,opinions,and conclusions. 3. I have no present or prospective interest in the property or bias with respect to the property that is the subject of this report,and I have no personal interest or bias with respect to the parties involved. My engagement in this assignment was not contingent upon developing or reporting predetermined results. 4. I have performed no services,as an appraiser or in any other capacity,regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment. 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. My analyses,opinions,or conclusions were developed,and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice,and the provisions of Chapter 475,Part 1I,Florida Statutes. 7. I have made a personal inspection of the property that is the subject of this report and I have afforded the property owner the opportunity to accompany me at the time of the inspection. I have also made a personal field inspection of the comparable sales relied upon in making this appraisal. The subject and comparable sales relied upon in making this appraisal were as represented by the photographs contained in this appraisal. 8. John Zink provided professional assistance to the persons signing this report with data collection and sales research. 9. I understand that this appraisal is to be used in connection with the acquisition of an underground utility easement for a specific term for communication purposes. 10. This appraisal has been made in conformity with the appropriate State laws,regulations,policies and procedures applicable to appraisal of right-of-way for transportation purposes;and,to the best of my knowledge,no portion of the property value entered on this certificate consists of items which are non- compensable under the established law of the State of Florida. 11. I have not revealed the findings or results of this appraisal to anyone other than the proper officials of the City of Miami Beach and I will not do so until so authorized by my client,or until I am required by due process of law,or until I am released from this obligation by having publicly testified as to such findings, 12. Regardless of any stated limiting condition or assumption,I acknowledge that this appraisal report and all maps,data,summaries,charts and other exhibits collected or prepared under this agreement shall become the property of the City without restriction or limitation on their use. 13. Statements supplemental to this certification required by membership or candidacy in a professional appraisal organization,are described on an Addenda to this certificate and,by reference,are made a part hereof. li I 1., December 9,2019 '•-c1 .-f ' ���� 'k41/� Date Robert D.Miller,ASA Steven D.Johnson,MAI State Cert.Gen.R E Appraiser RZ 1270 State Cert.Gen.R E Appraiser Z587 1 Page 473 of 865 ADDENDA TO CERTIFICATE (S) OF VALUE Supplemental to the foregoing Certificate (s) of Value is the following certificate. I certify that, to the best of my knowledge and belief, except otherwise noted in this report: • I certify that, to the best of my knowledge and belief, the reported analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Uniform Standards of Professional Appraisal Practice. • The use of this report is subject to the requirements of the American Society of Appraisers and Appraisal Institute and to review by its duly authorized representatives . In addition, the report is subject to the requirements of the State of Florida relating to review by the Real Estate Appraisal Board. • Robert D. Miller, ASA, State Certified General Real Estate Appraiser RZ1270. (expires 11/30/2020) . Steven Johnson, MAI, State Certified General Real Estate Appraiser RZ587 (expires 11/30/2020) . A list of the Qualifying and Limiting Conditions follows in the report and is made a part hereof by reference thereto. COMPETENCY PROVISION Appraisers This appraisal assignment is being performed for the purpose of estimating the market rent for an underground easement at 6310 Indian Creek Drive.. The function of this report is as an aid in the negotiation process for the lease of the underground utility easement. The intended users of the report are the City of Miami Beach, The City Commission, the lessee and their respective legal counsel and representatives . The appraiser has complied with the Competency Provision and has the knowledge and expertise necessary to complete the assignment competently. Mr. Miller and Mr. Johnson have appraised utility and aerial easements within the past several years . I (Both Appraisers) certify that I have been appraising these types of properties for more than 30 years in the State of Florida. e December 9, 2019 �` J Date Robert D. Miller, ASA Steven D. Johnson, MAI 2 Page 474 of 865 TABLE OF CONTENTS INTRODUCTION AND PREMISES OF THE APPRAISAL Letter of Transmittal Certificate of Value 1 Addenda to the Certificate of Value 2 Table of Contents 3 Assumptions and Limiting Conditions 4 Summary of Salient Facts and Conclusions 7 Type of Report Format 8 Purpose, Intended Use, Intended User of the Appraisal 8 Definition of Market Value 9 Property Rights (Interest) Appraised 10 Scope (Extent of Process of Collecting, Confirming and Reporting Data) 12 Appraisal Problem 14 PRESENTATION OF DATA Identification of Property and Legal Description 15 Description of Area and Neighborhood 17 Description of Property, Photographs and Sketches 18 Zoning, Land Use Plan, Concurrency 27 Assessed Value., Taxes and Special Assessments 29 History of Property 29 Exposure Time 29 Public and Private Restrictions 29 . ANALYSIS OF DATA AND CONCLUSION Highest and Best Use Analyses 30 Highest and Best Use Conclusion 32 Approaches to Value Used and Excluded 33 Land Valuation 35 Conclusion of Land Value 39 Valuation of Underground Easement 40 ADDENDA Proposed Easement Documents Underground Lease Sketches Area Map • Land Sales Data Sheets Qualifications of Appraisers 3 Page 475 of 865 ASSUMPTIONS AND LIMITING CONDITIONS The legal description furnished to the appraiser is assumed to be correct. The appraisers assume no responsibility for matters of a legal nature affecting the property appraised or the title thereto, nor do the appraisers render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership. All existing liens and encumbrances have been considered; however, the property is appraised as though free and clear, under responsible ownership and competent management. The information, estimates and opinions identified in this report as being furnished to the appraiser by others is believed to be reliable; however, the appraiser assumes no responsibility for its accuracy. I have not inspected or tested the soil or subsoil and I am therefore unable to report that any such part of the subject property is free from defect or in such condition as to render the subject property less valuable. 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. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined, and considered in the appraisal report. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. It is assumed that the utilization of the land any improvements are within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report. The distribution, if any, of the total valuation in this report between land and any 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. 4 Page 476 of 865 ASSUMPTIONS AND LIMITING CONDITIONS (Continued) Possession of this report, or 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 qualifications and only in its entirety. The appraiser herein by reason of the appraisal is not required to give further consultation, testimony, or be in attendance in court with reference to the property in questions unless arrangements have been previously made. Neither all, nor part of the contents of this report, especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected, shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. The Americans with Disabilities Act ("ADA") became effective January 26, 1992 . I have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect upon the value of the property. Since I have not direct evidence relating to this issue, I did not consider possible non-compliance with the requirements of ADA in estimating the value of the property. Unless otherwise stated in this report, the existence of hazardous materials, which may or may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on, or in the property. The appraiser is not qualified to detect such substances . The presence of substances such as asbestos, urea-formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. The 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. No responsibility is assumed for any such conditions, • or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired. The use of "I" in this report shall refer to both signatory appraisers 5 Page 477 of 865 ASSUMPTIONS AND LIMITING CONDITIONS (Continued) SPECIAL ASSUMPTIONS: It is assumed tha the surface area of the underground easement area will be returned to the current condition upon completion of the installation of the required equipment. It is assumed that the underground easement is only for underground space with the exception of the surface use during the installation. 6 Page 478 of 865 SUMMARY OF SALIENT FACTS AND CONCLUSIONS PROPERTY LOCATION: The underground easement parcel is near the southern boundary line of the abbreviated parent tract located at 6310 Indian Creek Drive. OWNER' s NAME/ADDRESS: The City of Miami Beach 1700 Convention Center Drive Miami Beach, Florida 33139-1819 _INSPECTION DATES: Various times with the most recent inspection on December 3, 3019. NAMES OF PERSONS WHO ACCOMPANIED APPRAISER AT INSPECTION: December 3, 2019 by appraisers, Robert Miller and Steven Johnson. The appraisers were not accompanied by the property owner during the inspection. The appraisers completed an exterior inspection only. EXTENT OF INSPECTION: Site inspection of the fee simple lands and review of the location of the underground easement. FOLIO NUMBER: 02-3211-007-0720 TYPE OF PROPERTY: The subject parcel is currently part of the City Park known as Brittany Bay Park with the abbreviated parent tract , consisting of the property improved with the Pumping Station located at 6310 Indian Creek Drive. PROPERTY SIZES: Underground easement - 435 square feet of land area. The abbreviated parent tract is 29, 271 square feet of land area. BUILDING SIZES: Not applicable ZONING/FUTURE LAND USE: City of Miami Beach, GU - Government Use. Land Use-ROS- Recreation Open Space HIGHEST AND BEST USE: Future residential development DATE OF VALUE: December 3, 2019 7 Page 479 of 865 TYPE OF REPORT FORMAT The appraisal of the proposed lease easement parcel is prepared in a Narrative Appraisal Report format in accordance with the Uniform Standards of Appraisal Practice Standards . Certain discussions are brief,, and some information considered is not included in this report and is intended to comply with the reporting requirements set forth under Standard, Rule 2-2 (a) of USPAP. This appraisal assignment involved the preparation of an Appraisal Report, which summarizes the appraiser' s analysis and rational for the conclusions. The appraisal assignment pertains to forming an opinion of the market rent of an underground easement on land owned by the City of Miami Beach. I utilized the land value for the adjacent properties to form an opinion of the market value of the fee simple interest and eventually to arrive at a market rent for the underground utility easement. PURPOSE, INTENDED USE, INTENDED USER OF THE APPRAISAL The purpose of this appraisal is to form an opinion of the market rent of the underground utility easement being acquired for the telecommunication industry. The function of this report is as an aid in the negotiation process for the potential lease of an underground easement for a term of nine (9) years and three hundred and sixty- four (364) days . The intended users of the report are the City of Miami Beach, The City Commission, the lessee (Crown Castle Fiber, LLC) and their respective legal counsel and representatives . 8 Page 480 of 865 DEFINITION OF MARKET VALUE The following market value definition is found in Florida case law, (Florida State Road Department vs. Stack, 231 So.2d 859 Fla. , 1St DCA 1969) and is the acceptable and preferred definition of market value: "Value as used in eminent domain statute, ordinarily means amount which would be paid for property on assessing date to willing seller not compelled to sell, by willing purchaser, not compelled to purchase, taking into consideration all uses to which property is adapted and might reasonably be applied. " The willing buyer and willing seller test include consideration of the following: . . . . l . A fair sale resulting from fair negotiations, . . . . 2 . Neither party acting under compulsion (this eliminates forced liquidation or sale at auction) , . . . . 3 . Both parties have knowledge of all relevant facts, . . . . 4 . A sale without peculiar or special circumstances, . . . . 5 . A reasonable time to find a buyer. DEFINITION OF MARKET RENT The rental income that a property would most probably command in the open market; indicated by the current rents paid and asked for comparable space as of the date of the appraisal. DEFINITION OF EASEMENT An interest in real property that conveys use, but not ownership, of a portion of an owner' s property. Access or right of way easements may be acquired by private parties or public utilities . DEFINITION OF TEMPORARY EASEMENT An easement granted for a specific purpose and applicable for a • specific time period. A temporary easement is terminated at the end of the specified term, unless extended or converted to a permanent easement. All of the definitions are from The Dictionary of Real Estate Appraisal, Third Addition as printed by The Appraisal Institute . 9 Page 481 of 865 PROPERTY RIGHTS (INTEREST) APPRAISED Property Interest Appraised: For the whole property, the property rights appraised are fee simple title ownership with due consideration given to any restrictions of use of the property. "Fee Simple Estate" is defined in The Dictionary of Real Estate Appraisal, Fifth Edition, Appraisal Institute, 2010, Page 78, as : "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." The valuation on this assignment will be for a market rent for a temporary easement of nine (9) years and three hundred and sixty-four (364) days . Interest Other than Owner Occupant: None Tenant Owned Improvements: Not applicable • • 10 Page 482 of 865 PROPERTY RIGHTS (INTEREST) APPRAISED Real Property Interest Previously Conveyed: 'I am not aware of any other interests, encumbrances or easements which negatively affects the market value . Encumbrances: I have not been provided a title report. It does not appear that any of the existing easements on the site have negatively affected the continued use of the property. Non-Realty Items Appraised: The property is currently vacant with the exception of the site improvements in the park and the pumping station and related equipment. The underground easement is near the south boundary line of the property, with an address of 6310 Indian Creek Drive. The land to the south of the underground easement would be in the setback areas of any future development and thus are not impacted by the easement. • 11 Page 483 of 865 SCOPE (EXTENT OF PROCESS OF COLLECTING, CONFIRMING AND REPORTING DATA) I have compiled all the necessary data in order to formulate an opinion of market value and market rent. I have presented the applicable data in this Appraisal Report. Any additional supporting data can be found in my working file. The scope of the appraisal involved inspections of the subject property and surrounding area to develop a better understanding of the growth patterns, property types and economic uses of the subject neighborhood. In preparing my report, I have reviewed and relied upon the following data. 1 . I reviewed sales and listings of vacant and improved land including underground, aerial and rooftop easement sales, throughout the subject neighborhood over the past ten years . 2 . Review of public records for all pertinent sales data including appraiser land records, deeds, etc. I retrieved sales data from CoStar, LoopNet, IRIS, MLS, news articles, the Property Appraiser's Office and local contacts . In addition, conversations were held with local real estate brokers, communication representatives and communication leasing agents concerning local conditions, development activity and a review of valuations . 3 . Reviewed and considered the sales history of the subject property and neighborhood. 4 . Review of Miami Dade County, the City of Miami Beach, neighborhood trends . 5 . Inspection of neighborhood and analysis of land use patterns and trends in the City of Miami Beach. 6. Physical inspection of subject property and all comparable land sales utilized in this report. Furthermore, the data relied upon was confirmed through knowledgeable parties to the transactions . Copies of the sale sheets and deeds are included in the Addenda of the report. The data relied upon is believed to be accurate, but the appraiser assumes no responsibility for its accuracy. Analysis and review of the market revealed data considered to be reliable to arrive at an opinion of market rent which is supportable for the subject property for the term of the lease for nine (9) years and three hundred sixty-four (364) days . 12 Page 484 of 865 7 . Reviewed and relied on sketches and legal descriptions as of the inspection date for this report for the size and descriptions of the leased area. Please see the legal descriptions and sketches in the report. The subject parcel consists of a proposed underground easement. The underground utility easement contains 435 square feet of land area in this abbreviated parent tract parcel at 29, 271 square feet of land area. In consideration of the highest and best use, I have valued the subject underground easement parcel as vacant land as part of the whole property in order to estimate the market rent. The subject property was field inspected, and I reviewed sketches and legal descriptions provided by the client to derive the site areas and dimensions for the easement parcel. Please see the sketches and legal descriptions later in the report. A Market Approach was considered in my analysis . Based on my review, the subject underground parcel is considered vacant land and I have not considered any site improvements in this appraisal, as it assumed tha the contractor will return the easement area into the current condition upon the installation of the underground equipment. The highest and best use of the site will be for some type of residential development, similar to the surrounding residential developments on the east and west sides of the water. The majority of the neighborhood is improved with many parcels purchased for redevelopment and in surrounding areas, therefore I have reviewed sales generally located in the subject neighborhood. Considering the zoning, land use and the location, I have utilized land sales to estimate the market value of the fee land value and reviewed easement sales to estimate a percentage of the fee value in order to value the underground easement. Therefore, I have relied upon the Market Approach in this assignment for the land value. To complete my appraisal, I have reviewed county records including property appraiser land records, deeds, etc. My analysis of Florida and Miami Dade County as well as the City of Miami Beach considers factors affecting real estate which forms the basis of my analysis of the area real estate market and the local and regional information is included in our working office file. This appraisal was prepared and includes the data relied upon together with the analysis and conclusions . 13 Page 485 of 865 APPRAISAL PROBLEM The appraisal problem is to form an opinion of the market rent of the proposed underground easement. The property is being appraised for potential easement use and negotiation with Crown Castle Fiber, LLC. and the City of Miami Beach, Florida. The parcel is within the City of Miami Beach zoning district zoned GU, government use. The subject is currently under the ownership of the City of Miami Beach. In my opinion the .highest and best use is future residential development if not the current use with a governmental use as a park. The highest and best use is based on surrounding uses, that would indicate some type of residential use, if not owned by the City with a government use, and the market value would be similar to surrounding lands . Therefore, the valuation will be based on the land values of the properties within the subject neighborhood. Part of the appraisal problem considers the subject fee simple land value and I have used sales in the Miami Beach area for that purpose. After arriving at a fee simple market value, I will then consider the impact on the subjects use as a percentage of the fee value. For that purpose, I have reviewed several easements that have been purchased over time in the South Florida area. I have reviewed vacant land sales located within the subject neighborhood,. Although the owner will retain the ownership, the taking restricts the use but doers not take the full fee value. Consideration of the percentage of fee simple interest, will be part of the appraisal problem for this property. 14 Page 486 of 865 PRESENTATION OF DATA IDENTIFICATION OF PROPERTY AND LEGAL DESCRIPTION The subject parcel being appraised consist of 435 square feet as an underground easement. The abbreviated parent tract contains a total of 29, 271 square feet of land area. The legal description of the abbreviated parent tract is as follows as taken from the Property Appraiser website: FULLLEGAL_DE RIP'IUH A?V D PL OF 2 OCEAN FRONT SUB LOT 1 LESS ST&25FTBLK3 FKA INDIAN CR ADJ PB 28-28 LOT SIZE 29271 SQ FT • 15 Page 487 of 865 Please see a copy of the area sketch arid proposed easement area. ... _.......-. ..-. ., -•....•.4.3;0,11.11 6.-410...* WS a••• 1 Of+•••• •••••••• •we*a ,-„:*:. i •••••••••-.....0.41 / l•••••••••••••••••••••••••••....t ''''' -'4*a ,q4-..,NE., .- . It . r . • . : 1 ,...r. .., ._, •. . j , ., • 5 I, '.4.4.4r. Mt-1M. ......tr...... - - . •flltI_ . . ---- - 1r42:44t2gBE -.....1.14.• Ut... Lau -. •, .._.z.;•.:.,;;zz....r......r......ba••. • ' .._,rie • • , .,... , t'Ff.... kilo* ti.... - i RIO 0-‘ er•• _ i „ _, - -- Or +grip,la ''.. -...AC 4117 4c-- „or' 0..ler._. Tr,--* ......dr. ,,,,,, ...-- , — .--. — --- • 7-.. - .. .. • $10. - • - ,_ ..1.-. .ARI Asir ' - - 4 • -. ..... , - ,.•,... ..,, 7 -Err .....5.......;::.,-- -.,..- --..r!ic ... ... ,ii: ..,„ p••••I A • ... - _ __ -- •• 11 -7---------''". . . ..„ ,- iL t 1 ,. ., ,, ....... 1 i .. , . • _ .... .. - ---. • r_•„).•14.0,11•111,101 t . ........... MAO- &NW _„..... ,• . -, ..,,,,- ... ...-. .. •• -,:••••••.• ; ..1,......1.1 ..., •..far aia:r.Faqreq. *=i1 . 1 .... r,...,........ ". IMP11.../1............6.• 0 .., 4, II • .• ... MITI f .1••••••NM!Mil Wt..,t . - -.,••' ••" '. •...... . - I.O.M.itlEtt• •404.0 bra: -4111.1- ... ‘..- . , M..." . - ..o. - _ - 0 .. .....- . . . — ` !I.,-.,..::.., --- ........ ..... ... r1,......77,!:.:r•••••„ .„ . I - . - 1 • I nallirbUtE73 -... _ ...2s, .414.;*::::,..***,;;;•.••••1----t ' -.1.27,76* T, likr ir , . .._ iiiiertehemet I.-; . am•••••0 •i•••••Ott ' rt•••••......•••••r*• '.. taliMPleewoor.o. • `1.0..141 •••••It ill= la.: ,t. .1•10.4.001e.ve r..... . , or.o.r.. .11•15 1 ( IIII .,, • / sesi.m........ ,..-- .. ...... -- .1•0•17;1•71.Oftn••••..11.4.1 V ..•••s•42,.....n r. „„,..„.„,„,.. ..... - ............-- --.- 16 Page 488 of 865 DESCRIPTION OF AREA AND NEIGHBORHOOD The Description of Area and Neighborhood as well as additional information regarding Florida' s economy and market analysis is included in in the addendum. ;_ Baf � Ba Stes.r I 9 Bface„).Park Sti-s0 1 rS f DI* z PLl WO CM, '' Part n RR RA,- NORTH QEACH WeCLaile ,01,;-$1 EI Pcrt { ..few. 11404 tido Ow(Pm tii Mo Ba. 9e 2 i CD 1 i 1 Gage•eK T . I I LITTLE HAITI UV SIDE it ;44 or Urn Bad 5 9004e MODEL CITY v ii i of NI SA M t"o'3C ,. ; SiFavaa fl! W D aEA� S L'i i IP 110 :ati.of z cwo 7 C I-} i EAYSHORE + MRmg IEDGE*ATEA ALLAPAT.TAN lib e _ A 17 Page 489 of 865 DESCRIPTION OF PROPERTY, PHOTOGRAPHS AND SKETCHES PROPERTY TYPE / EXISTING USE: The whole property is developed and use as the Brittany Bay Park with an address of 6444 Indian Creek Drive and with Pump Station Number 29 having an address of 6310 Indian Creek Drive, Miami Beach, Florida. Based on the type of appraisal, the location of the proposed easement and the type of acquisition, we utilized the pumping station property as the abbreviated parent tract. PROPERTY LOCATION: The subject easement located near the southerly property boundary at 6310 Indian Creek Drive at the northwest corner of Indian Creek Drive and 63rd Street, Miami Beach, Florida 33141 SITE SIZE: The abbreviated whole property contains a total of 29.271 square feet of land area. SHAPE: Basically Rectangular SIZE: Underground Easement - 435 S .F. INGRESS/EGRESS: The property has access from a driveway on the west side of Indian Creek Drive (AlA) and has frontage but no access to 63rd Street. TOPOGRAPHY: The property is at grade with Indian Creek Drive and slopes down from the bridge on 63rd Street . Based upon visual inspection of the site as well as adjacent properties, the soil conditions are considered adequate. 18 Page 490 of 865 DESCRIPTION OF PROPERTY, PHOTOGRAPHS AND SKETCHES (CONTINUED) FLOOD ZONE: Zone AE, Flood Insurance Rate Map Community Panel Number 12086C0326L dated September 11, 2009 According to FEMA, Zone "AE" is defined as "Special Flood Hazard Area. " Omsk InterFlood .. Pi�ea� �"`"�`�'° Inc..«.�.1 LIM, Ih,,FL33131 . . •1 IV - f $ ir I .74-7---.....4.1111:: -1 1 .4 ;*„„..". r " , t �,ri —•l'• a,--.'ws J 1. • :fkilison� Y1. e lit �. airi ms < r � .� NA- W . :A.t.,..i. i" go,"' . •.•,T."Ti.p.i't I.- 4 4 - ... ''-.... :..... lie 1 ' ii 4, :• r" F • ? w ` .1, -Inc pal: - •..r for • - .J .4 R ". bqw. . •r + tiwNb C►wM MAY I•A1A WI'MEND E_;MM hwMu M!OO t+Mrboblq BM pwMiW Mos ,.. .I 1•.1 I) fl n t]Aries modwN b 100-year badrtp El%era" , _ ! )P:-tNr,C H I I. <..• '�SIPS.N Haar! l J tawa hoes 19 Page 491 of 865 DESCRIPTION OF PROPERTY, PHOTOGRAPHS AND SKETCHES (CONTINUED) DRAINAGE : Based on our inspection, the drainage appears adequate under normal observed typical conditions on the day of the appraiser' s inspection. SOIL CHARACTERISTICS: No soil samples were taken or analyzed by the appraiser as this is beyond the scope of the appraiser' s duties . UTILITIES: All utilities are readily available to the subject and surrounding properties. SITE IMPROVEMENTS: None considered. The area of the underground easement contains some site improvements and it is assumed that the contractor for the lessee, will return the surface condition to the existing condition. EASEMENTS, ENCROACHMENTS OR RESTRICTIONS AND THEIR EFFECT OR LIMITATION: I have not been provided a title report and am not aware of any other encumbrances on the existing property in the City of Miami Beach, Florida. BUILDING: Pumping Station building and related equipment-not impacted by the easement. OTHER PERTINENT FEATURES: None noted. 20 Page 492 of 865 DESCRIPTION OF PROPERTY, PHOTOGRAPHS AND SKETCHES (CONTINUED) SUBJECT PHOTOGRAPHS ■ ki. Pt .' • �• ate:-(.. _ is + •. P9 i w a ::Mill I , t< t,,v. , t.Y '�ti' is lat _ ''`,-,11-7-- • ! 't_ y. 4 lir l t: ► +dr or Photo 1-View of western a terminus of easement area at water ler' t _ •' _* it-�t f L. i y� ter- , ,+ t, - ' •LIQ 1.; AC: r, Y: , ! ie . i ' dill-- �• a 4. t' 477- 'r -Sys',�{::f:.11! 1" � ,1 ' / `� ` Y- •-1 .. 1 - .' : i • ' i * t ' .u P. n'''''.-- t- :'` .'* " ' — ‘- Y ,r �E S. 'A." R.I ,`,), .�._f4: tr�ti ....0„:4, :', ab. .`�„'..' ,Yr! K h-"4 i i ' tie 6 i � ;;VI ,3' '!{`. b 1,.' 1 �'t l yyyaI. lf�`: R�TI� * 1 if A iii.:. s- t e .r ' '''...,\ is f."' -• • Ti'7 r 1" -�y� ,"7 ' ;} -f. ..--7t. 1.._ ear .}� .:.4-,4-.7,,,..4,-* I� —'?a— t'-.. Photo 42- View of easement area looking east from water 21 Page 493 of 865 DESCRIPTION OF PROPERTY, PHOTOGRAPHS AND SKETCHES (CONTINUED) SUBJECT PHOTOGRAPHS ris ., • .,47,. a , -,..,,. 1 , '5, . iitiL'‘.t•I 4441i ' :/- :":e • 4--...-.... .4 :„ 1. ' P . 41C-t.. '• '4 • ... \ 'Pr rir lilt fl ... r ci ,' - t. • 14. , t. , . --ItAt . , lifv .. ,,,Pio' • , ,t ... , . ,,.. ? 1 at_::-• •**$ - .1./ ' 'X V AK 4 40; *ai, • • • iv . • . . , .. • 1 , . - .. . ., . . " - •" 1 •,,• . _ ".-. .. . 1 • - .33 , • I. I: 4111111" ap it- . . . .... ./ I tif ... -- — ...,....,._! . 4,v. . . .m..... .-- - O oft.....;._ .. .... 1140.. 4 1 • I . Ii• -.. - i ' 1414,4 _ .......0.,-- -ir ......„ , .... - _ _.. ... .. -......, -,‘ I Photo 3-View looking north from easement area • _ = ' • 4 , . .% . ea ' fr. . • -P'''' . 4r , 4 . =,...-- • If 1 :. .... . - • Stkk, / _ ! 1411, .. — 41111"Lill' -1.- .,:t. ' - ,,,.7e-.,,,,,_ '..C.IV•tt .;•,..... -4.4•41141,0644. .. .z. - - • i„ijr'....,1-Yrc.:4•170:).'t• - • _ ..,.4,'..."'11'314 er'-‘- ''''' t ' I "4' '.. 7.Er. ,...7,.... .•,,..e.,... ., ' r •'4- 411r'4.'',(1. --' •• Ijeirrnitir.H.4,40.-., •1..:ie...f r... , X • •'- ip 1.',.. . . .. . j .,.' i .,,, rr•C. ,• .. .iI•rd. I 11•J'•4'• I d - . 4 * Photo 4-View of easement area looking westerly from Indian Creek 22 Page 494 of 865 DESCRIPTION OF PROPERTY, PHOTOGRAPHS AND SKETCHES (CONTINUED) SUBJECT PHOTOGRAPHS As .� I .a. i.. 0 ue i 'II Y '."'i ' _ n..• 40, - 0^ ...-e._ ...-e. Photo 5 View of pump station looking southerly from driveway i 4' i It A 41-4.4.4tkillirAi - 4-417,4 ....... ., .._. .. ,i„..,.... _ 41. ? 44,— ,-- Y. x s At-A4r►.t r _ . °r. o 1, - .i" I a-.- r '. h .ti Photo 6 View of easement area looking westerly 23 Page 495 of 865 dL • _ . Ir. • )` a .,� FIs _ - Iy • { M' f' '' • � if., Y• .t. �ti+ 1 'stir a1 r--• i 4 I f 3 r • - ', . } 4 ,,...t, y�'. d ,=yam ' his . +'l (d" e• Photo 7 View of sidewalk area and easement area 41,1 IIli si 1 — T I Photo 8 View of identification sign on Pump Station #29 24 Page 496 of 865 DESCRIPTION OF PROPERTY, PHOTOGRAPHS AND SKETCHES (CONTINUED) SUBJECT PHOTOGRAPHS-AERIAIll lillik. •• • "IA 41% 11,14e.Villw 011.41L , � ' Park1 11 4M yr st, M -fir c 4 1 .0 4 awe -.or --s +qI • * .ss A1A 'WV ;�� �_ _ • alAt j r4,� it VI—. A Ell 1 .t110 `4 4010:7,1- a ... A • i1� .. 1t C t . w . $ Aerial view of rooftop easement area and proposed underground l , a k i` ilik a ! 1 e 4, ' <_ .. 4� i ci - A i 7'.'. / = fie r Underaround / . •410010011! Location of utility easement 25 Page 497 of 865 LOCATION MAP •le mode,inc. lir 04dirsood Map+oe ow Nor. heft A*Oort 7- %aunt Ciarderts tbstardiatt,Roach Antiovet(AA+ Foates Avt.ritura tx.russi. Nc4„,1 Ivo.,rrtem ' Cotler Beath Caltol City \ Nut th Mi.tunt Utah StinnY5 '".""'""'"aaall"PlY Ft ..., foCit DI. North Miami Ravi-Who,. 114roch Inatatt(trek Villagc corktie 0•0001,54,181ECT Maw!Slocum el10 Ildi an C40111 Of lit* Miairls ow+.rt.33119 tr• . tWimp, iintiiallial totiiii,r '9,•• - AtIAN4114. i wietia, Pikafn Beach vatv.h ,.....6„..., '''''' Jo , ii Vle .-• Ry jip,t;41, ,T,....onwww,wwwtwr-t. wiwwwwww.w. • •,-, cL.wwwww 6.w,- start)°, Key Ekia,ayne 26 Page 498 of 865 ZONING INFORMATION ZONING, LAND USE PLAN ( ie_ r -{i. 5. . GIALZONING .J.* + *� . - � .fi., OFO Mqy ,. • 04,ic.P w-1- ,. -.. ; _.,,w,„. CITYOFwµ:.....•...., ; ! " i,--. �Y�','M�.r.wiw Nom- .w•� 1. MIAMI BEACH _#` , iA. .y.^ ,' • FLORIDA • a• t INCORPORATED 1915 i :�" Y ' .. aoaPITD LIP na.Or R/,L1.0l.1.MO t WOW 11+?,IT*iv O,'OCTOIn[! L . -'p•. WIT OP:A n 411N1.0.10CTO1.E,1 i*N1+ s"' • .. t •p ._._. :.i .•waa.�'... +..i+.; i . i . - The subject Parcel is currently zoned under GU, Government Use District by the City of Miami Beach. 27 Page 499 of 865 Existing/Future Land Use iiii t.1 1i-6--- \\ 1�'`,,\�����\ ,,,4;,111111 . i ♦ -- i �'U If: 11121.14 if Iti�r ",,t�`� ��e� ,\,``\``Yr111�11't .i>I'�,► - ���_�•- _1.1 %\`� `� ��\\����� Net" 1110 ilIt111111111► a..1tat.1 �+ lan, iiiiIfl •t \�������• ,.,,�•�������� !�1 1 i 1 (111111i111� * �, t���V ���ti ��`��\ 11111 = == ? emu 111 111NN111�' 111 ;r �i�\�� ALLISON ISLANDIris IMO olm llh!1 U 11111 111 ���' • tv ��i� ..4116 OM ss iJ: ' r„ . s...iitha . � r = `44"„,j�. ‘t''. Snit” -.°I.'t '°". 1.3ii ••% tr I -:' I ♦ • �► •� - i r.. +� X11 r. ♦ — or UM f=A _� I __�_ r am man mar aim +v EP 1.I. Hit Designation: Recreation and Open Spat: Jurisdiction: City of Miami Beach 28 Page 500 of 865 ASSESSED VALUE, TAXES AND SPECIAL ASSESSMENTS Folio Number 02-3211-007-0720 Taxing Authority: Miami-Dade County Owner: City of Miami Beach Assessment (2019) $1, 317, 195 Real Estate Taxes (2019) No taxes due-governmental use HISTORY OF PROPERTY The subject proposed underground easement consists of 435 square feet of land area. We were not provided a title report and the county records did not reflect when the ownership was placed with the City of Miami Beach. A copy of the proposed easement document is included in the addendum. Owner Name and Address : City of Miami Beach 1700 Convention Center Drive Miami Beach, Florida 33139 EXPOSURE TIME Exposure Time may be defined as follows : The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal;a retrospective estimate based upon an analysis of past events assuming a competitive and open market. Source: The Dictionary of Real Estate Appraisal, 5th Edition,Appraisal Institute. Based on the type of property, it is my opinion that the subject market is active with a normal or typical exposure time for this type of property. The subject underground easement contains 435 square feet of land area. Typically, in the market, there is a limited market for this type of property and there is no typical exposure time. In the valuation of the land, I considered the exposure time to be 6 to 9 months to sell the land. PUBLIC AND PRIVATE RESTRICTIONS I have not been provided a title report and am not aware of any unusual public or private restrictions that would adversely affect or limit the use of the property with the exception of the potential underground utility easement and existing easements. Typical restrictions affecting the subject property inc-ude utility easements, zoning and land use and are not considered to adversely affect the subject property. 29 Page 501 of 865 ANALYSIS OF DATA AND CONCLUSIONS HIGHEST AND BEST USE ANALYSES The highest and best use of subject Parcel is the current use as a City Park; however, the land value would be based on the highest and best use for residential development. The value of the land is based on the highest and best use of surrounding properties that would be acquired for future residential or mixed-use development and not the restricted use of the current GU or government use zoning. DEFINITION OF HIGHEST AND BEST USE Highest and Best Use may be defined as follows : The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. Source: The Dictionary of Real Estate Appraisal, 5th Edition, Appraisal Institute, 2010,page 93. Implied within this definition is recognition of the contribution of that specific use to community environment or to community development goals in addition to wealth maximization of individual owners . Also implied is that the determination of the highest and best use results from the appraiser' s judgment and analytical skill, i .e. , that the use determined from the analysis represents an opinion, not a fact to be found. In appraisal practice, the concept of highest and best use represents the premise upon which value is based. In the context of probable selling price (Market Value) , another appropriate term to reflect highest and best use would be "most probable use" . In the context of investment value, an alternative term would be "most profitable use" . In consideration of the highest and best use, I have valued the subject parcel as vacant land initially to arrive a fee simple land value and then that will be discounted to arrive at a market value and market rent for the easement area. 30 Page 502 of 865 Highest and Best Use "As Vacant" Physically Possible Uses The overall size and dimensions of the subject whole property are suitable for development with a variety of uses from residential, industrial, commercial or mixed use. Legally Permissible Uses The subject property has a GU zoning, and this is for the governmental use as a City Park and pumping station. The zoning would need to be changed to develop the property with a non-governmental use and it is assumed that this would be completed by the City Commission in order to maximize the highest and best us of this asset. Financially Feasible Uses The subject is located in an area with the majority of vacant land being acquired by investors for redevelopment with residential type projects as the highest and best use. This makes the use of the subject property with some type of residential development, a financially feasible use. After considering the physically possible, legally permissible uses and the financially feasible, the highest and best use of the subject is estimated to be for future residential development. Maximally Productive Use The maximally productive use is the use which is financially feasible and produces the highest rate of return to the land. The maximally productive use of the easements, given the physical and legal constraints and financial criteria, is for future residential development. 31 Page 503 of 865 HIGHEST AND BEST USE CONCLUSION Land as Vacant In conclusion, based on the four criteria for the estimation of the highest and best use, it is our opinion that the subject land would have a highest and best use for future residential development . As Improved The subject parcel consists of a City Park with a pumping station and we considered the pumping station site as the abbreviated parent tract. The current use is a governmental use and would be considered as the highest and best use as improved. 32 Page 504 of 865 APPROACHES TO VALUE USED AND EXCLUDED In order to arrive at the market value for the property, special attention must be given to the typical purchaser who might have an interest in a particular property. Market Value is the most probable sales price, which a property will bring, and this price depends upon the typical purchaser's reaction to the various supply and demand factors that affect the market value. The Appraisal Process is basically an economic analysis consisting of a review of the factors that affect market value. There are three approaches to value to be considered in any appraisal, The Cost, Income and Market Approaches. The following is a brief discussion of each approach and its application. The Cost Approach is based upon the premise that a prudent buyer will pay no more for a property than it would cost to reproduce a substitute property with the same utility. The subject parcel is considered vacant land and therefore I have not developed the Cost Approach to Value as typical buyers of these type properties are not weighing the costs and risks associated with development in their purchase decision for this type of property. The Income Approach to Value is predicated upon a definite relationship between the amount of income a property will earn and its value. Although all of the appraisal principles are involved in this approach, the principle of anticipation is particularly applicable. This process is called capitalization and it involves multiplying the annual net income by a factor or dividing it by a rate that weighs such considerations as risk, time, return on investment and return of investment. The accuracy of this rate or factor is critical and there are a number of techniques by which it may be developed. The net income attributable to the subject property is estimated by subtracting vacancy, collection losses and expenses from the property' s annual potential gross income. All of these figures are derived from the market comparison of property similar to the subject. The Income Approach was not considered applicable in this assignment due to a lack of rental data for land sites similar to the subject. Some aspects of the Income Approach are considered in our review of the market rent. 33 Page 505 of 865 APPROACHES TO VALUE USED AND EXCLUDED (CONTINUED) The Sales Comparison Approach relies heavily upon the principle of substitution. A comparative analysis between the subject and similar properties that have sold can often provide an indication of market behavior and response to the subject. The sales are compared to the subject and adjustments for differences in location, time, terms of sale, or physical characteristics can be made using the subject as the standard of comparison. Most types of properties, which are bought and sold, can be analyzed using "common denominators" such as sale price per unit of size. The reliability of the Sales Comparison Approach depends to a large extent upon the degree of comparability between the sales and the subject. The major strengths of this approach include the reflection of actual market transactions and the fact that the normal "common denominators" tend to be fairly easily determined. The potential weaknesses of this approach arise from the fact that the data is historical and "ideal" comparable properties are usually very difficult to obtain. The Sales Comparison Approach to Value was considered as the most applicable method of valuation for the subject land parcel. I will submit sales of similar sites located within the City of Miami Beach and surrounding areas with similar utility for development considered more similar to the subject for a land valuation. I have included the sales data sheets in the Addenda for the vacant land sales used in the before land value. On the following pages, I will submit a summary of comparable properties on a sales map, analysis and value conclusion for the fee simple value followed by an analysis of easement sales to determine the percentage value of the underground easement. I have considered and relied upon the Sales Comparison Approach in the estimation of the market value for this parcel and utilized the unit sale price per square foot of land area. The Cost Approach and Income Approaches were not considered applicable or developed in this assignment . 34 Page 506 of 865 LAND VALUATION The sales comparison approach to appraising is based upon the premise that the market value of the subject property can be estimated by analyzing sales of similar properties . The principle of substitution is basic in this approach as it implies that a prudent person will not pay more for a property than would be required for an acceptable alternative available in the market. In applying the sales comparison approach, the following methodology is used: 1 . Research the market to obtain information on sales transactions, listings, and offerings to purchase properties similar to the subject property. 2 . Verify the information by confirming that the data obtained are factually accurate and the transactions reflect arm' s length market considerations . 3 . Utilizing a unit sale price that allows us the opportunity to compare the subject parcel to the sales data and arrive at a market value conclusion for the land at its highest and best use. I have conducted a search for vacant land sales within the immediate subject neighborhood. Most vacant land sales are purchased for residential use and development. All of the sales are generally located in the surrounding neighborhood. I have considered numerous easement transactions for various permanent easements of aerial and subsurface use, as part of the analysis . The review and analysis of the sales are included on the following pages . A summary chart and map of the sales follows . The individual data sheets for Sales 1 to 4 are located in the Addenda of this report with Sales 5 to 10 summarized on the attached tables . The price per square foot of land area is analyzed, as it is the unit of comparison typically used by buyers and sellers in the market. 35 Page 507 of 865 COMPARABLE SALE MAP a la mode Inc: F Mau e Beach ta"` Sunny Isles AM 909 Nt ISat1'St Golden 910 Shores WASHINGTON PARK NS 12:51 i. 6 e COMPARABLE No.3 9530 W Broadview Dr rsnrar Bay Harbor Islands,FL 33154 2.89 miles NW 922 Fay Harbor 9s San Souci ///// Islands Bat Harbour Estates Surfside Indian Creek Village COMPARABLE No.1 6747 Coffins Ave Miami,FL 33141 0.32 miles NE • Ate EJECTAtlantic 6444 Indian Geek Drive Heigh Miami,FL 33139 934 rage •. S R'dSL'e tsiann urine i*ri+.-- Barham 967 COMPARABLE No.7 COMPARABLE No.4 Miami, Ave FL 33139 5840 N Bay Rd 3.35 miles S Miami,FL 33140 sum. nl `0.85 miles SW y - ,set Miami Beach venetian Islands Iry Watson ttrt»sctrF island Island Art Deco Historic li AR.,ALTAA Ie6i3'.Vii5LMWS Distortnct bodge %SAN ilt eNKP Island Mum= k Uansnu5 STT.ti.' ' Islami FIShet island 1 mks 1.m Tr*ALK.ai'1rls O iv;HERE C?Y•S 4c+vsdtCev' Tr-% 36 Page 508 of 865 COMPARABLE SALES TABLE DATE NOE SALSAOF LE PRICE SALE LOT LOCATION SIZE PRICE/S.F. ZONING 1 8/26/2019 $38,000,000 6747-6757 41,624 $912.93 RM-3 Collins Ave. 2 9/13/2018 $22,000,000 2318-2340 52,725 $417.26 CD-3 Collins Ave. 3 1/30/2019 $3,700,000 9530 Broadview 13,125 $281.90 RD Drive 4 9/27/2019 $13,500,000 5840 N. Bay 36,143 $373.52 RS-2 Road Subject 6310 Indian 29,271 GU Creek Drive ADJUSTMENTS PROCESS In forming an opinion of market value for this parcel, consideration was given for potential adjustments for conditions of sale, market conditions, location, size/ physical characteristics and zoning. A review of the sales did indicate a range of values for the subject parcel and a conclusion was derived from the review and analysis . The following is a synopsis of the sales data considered in my analysis . DISCUSSION OF ADJUSTMENTS Financing All of the sale properties were for all cash or were financed at market rates for a normal period of time. Conditions of Sale All of the comparable sales were considered arm' s-length transactions, and therefore, no adjustments are necessary for conditions of sale. 37 Page 509 of 865 LAND VALUATION (Continued) Market Conditions Overall, the market for properties in the City of Miami Beach has been very strong over the past several years . The South Beach area is an International Resort location and attracts investors from all over the world. Values are slightly lower in some areas of Miami Beach as you review sales in the Middle and North Beach area of Miami Beach. The sales range in date from September of 2018 to the most recent sale in September of 2019 . The market conditions have increased during that period and the date of sale for each will be considered in our analysis . The adjustment for market conditions will be considered in the reconciliation analysis . The date of value on this assignment is December 3, 2019 . Location The subject parcel is located on the water and on the west side of Indian Creek Drive on the north side of 63rd Street in Miami Beach. Sale 2 was located in South Beach on an interior location without a water location. Sale 3 is considered an inferior location in Bay Harbor Islands. Sale 1 is located on the Atlantic Ocean and was considered vastly superior overall. Sales 3 and 4 are located with water access and frontage and were considered similar for those attributes . Size/Configuration The subject underground easement parcel contains a total of 435 square feet of area with the abbreviated parent tract containing 29, 271 square feet of land area. The sales range in size from 13, 125 to 52, 725 square feet of land area. Sale 2 was an assemblage containing a total of 52, 725 square feet of land area and was the largest sale reviewed. Three of the sales are larger in size with Sale 3 the smallest sale and that was also the lowest unit sale prices . Larger development sizes do allow for more intense development options . Sale three sold for $281 . 90 and was considered inferior overall . All the sales are basically rectangular in shape and ideal for future development. Although no definitive market data was reviewed to arrive at a market-based adjustment, I did consider the land size and configuration in my overall analysis and review. 38 Page 510 of 865 999 j0 6 69 abed 6£ OSL' L6Z$ =IOW auanbs/oo ' ost$ x lama avnOs GEV aaox�a sxariasVa arinoxoxaaNn an'IVA aa.a : sMoTToT SP ST 6TOZ 'C aaquiaoac 3o SP (ATuo puPT) T@3-red quamas8a punoabaapun 4oaCgns egq. 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A determination of the overall diminished utility of the underground easement must be considered in the valuation of proposed underground easement being acquired. In determining the estimated diminished utility attributable to the underground easement, six comparable sales as summarized on the following tables were considered. In addition, I also reviewed additional aerial easements and sub-surface easements purchased by gas companies and other entities . In addition to the review of these sales, I also considered the fact that this is not a typical underground easement, as the easement is for a temporary time frame and not a permanent easement. In the case of underground gas easements, these underground easements are purchased at 80-90% of the fee value. Since this is not a permanent situation, a lower percentage of fee would be considered applicable. The six sales that follow ranged from a low of 11 . 1% to 52% of the fee value and a value range in this range was considered to be more applicable. After reviewing the attached information as well as additional sales data, it is our opinion that the market value of the underground easement would be at the lower end of the overall range in percentages . Although many of the sales are dated, the percentages are considered to be germane as to the type of acquisition for each property. This historical information is still considered germane in the current time frame. In addition, to the value of the easement, we also considered aby potential damages to the remainder and specifically reviewed the lands located to the south of the easement area. We considered that these lands would be used as setback in any future development and in addition, since this is considered a temporary easement, long term damages were not considered to be applicable. The following chart sets a summary of the 6 sales or case studies to determine a diminished utility factor to be applied to the underground easement area. 40 Page 512 04 865 COMPARABLE SALES 5-7 COMPARABLE SALE NO.5 SALE NO. 6 SALE NO. 7 1 SUBJECT DALE Date of Sale 6/29/2012 8/23/2012 10/12/2009 j Grantor Miami-Dade County FDOT FDOT Grantee Brickell Citicentre Brickell Citicentre,'AR&J SOBE, LLC _ Retail, LLC LLC Location Located under S. Located over SE Northeast corner 6310 Indian Miami Avenue 7th Street of 5th Street and Creek Drive, approximately 75 'approximately 75 Alton Road. Miami Miami Beach feet south of SE 7th feet east of S. Beach I St., Miami Miami Avenue, Miami Unadjusted Sales i $802,262 i $255,000 $92,600— a Price I- I Unadjusted ADJ $45.03/SF ADJ $60.00/SF ADJ $80.03/SF Price/Square Foot aerial easement aerial easement aerial easement (SF) area (30% of fee area (40% of fee area (50% of fee land value of$150) land value of land value of $150) $160) Land Size(SF) 17,817 I 4,250 I 1,157 Configuration Irregular i Rectangular Irregular Rectan•ular Zoning T6-48B-O, Urban T6-48B-O, Urban CPS-2, Comm. Gu Government, Core Zone, Miami Core Zone, Miami Performance Miami Beach 1 21 zoning 21 Zoning Standard- General 1 Mixed-Use Future Land Use Restricted Restricted CPS-2, Commercial in Commercial in Commercial UCBD and within UCBD and within Performance Brickell Residential Brickell ;Standard-General Density Increase Residential Mixed-Use Area (500 un/ac) Increase Area (500 un/ac) i _ Current Use Easement for Easement for Easement for solid City of Miami vehicular pedestrian canopy and Parking Garage passageway under overpass decorative balcony S. Miami Ave. structure over SE components connecting two 7"'Street and protruding on right underground elevated trellis of way for 5''' parking structures connecting two Street and Alton of two multi-story multi-story Road 1 buildings _ buildings . f % OF FEE VALUE j (30% of fee) (40% of fee) (50% of fee) - 41 Page 513 of 865 COMPARABLE SALES 8-10 1:1TARABLE FSALE N0.8 SALE N0.9 SALE NO. 10 SUBJECT Date of Sale 7/31/2013 2/5/2008 1/15/2006 Grantor Florida East Coast Florida Power& Florida Power& Railway, LLC, et al _ Light Light Grantee Broward County South Kendall Miami-Dade Investors, LLC County Location N of Griffin Road on Southeast corner of East side of SW 6310 Indian east r/w line of Fort SW 12th Avenue and 127th Street Creek Drive Lauderdale Airport 'SW 120th Street between SW &west r/w line of Miami 88"' Street and FEC railroad, SW 120t"Street, Broward County , Miami I. - !Unadjusted Sales $1,500,000 i $145,000 $1,015,500 Price ;Unadjusted ADJ $13.76/SF ADJ $1.07/SF aerial ADJ $5.14/SF Price/Square Foot aerial easement easement area aerial easement (SF) area (52% of fee (11.1% of fee land area (21% of fee land value of value of$9.62) land value of $26.50) $25 'Land Size (SF) 1.0.9,046 ADJ I 3.106 Acres 197,622 Irregular I Rectangular Irregular Rectangular Configuration Zoning ROW Commercial ROW GU Future Land Use Transportation Commercial ROW Current Use I Easement for —1 Easement for Easement for City of Miami landing strip vehicular vehicular Beach Parking extension over a passageway and passageway to Garage- railroad corridor parking for shopping adjoining Underground center residential Easement properties. i %OF FEE VALUE o (21% (52/o of fee) (11. /o 1 of fee) of fee) 42 Page 514 of 865 Valuation of the Underground Easement (continued) : The diminished utility factors of the case studies range from 11 . 1% to 52% with underground permanent gas easements acquired in the 80- 90% range. Therefore, after considering all of the information, it was our opinion that the underground easement would have a diminished utility at the lower end of the overall range, and it is our opinion that a diminished value of 25% would be applicable to the subject underground easement . This takes into consideration, that this is not a permanent easement and only a temporary encumbrance on the site. In valuing the underground easement land value, I have previously estimated the fee simple land value at $450 per square foot of land area and based on a diminished utility of 25%, the land value for the underground easement would be as follows : 435 S .F. X $450 per S .F. X 25% = $48, 938 Estimate of Market Rent for Underground Easement I have estimated the underground easement lands to have a market value of $48, 938 and the market rent would be based on that valuation. A recent published survey by PriceWaterhouseCoopers indicated that investors desired expectations ranged from a low of 6.0% to a high of 14 . 0% . Our review of RealtyRates indicated a range for all land leases to be in the range of 1 .79 to a high of 15 . 53 with an average of 7 . 077% . The review of office land leases was in the range of 2 . 19 to 9. 09% with an average of 5 . 94% and the retail survey of land leases indicated a range of 2 . 13 to 10 . 64% with an average of 6 . 39% . In addition, I reviewed market survey rates of return for retail facilities that indicated a range of 8 . 6% to 8 . 8% . Further, the investor survey for retail showed a range from a low of 4 .26% to a high of 14 . 10 with an average of 9. 77% . In addition, the DCR method indicated an average of 6.77% . The range for the improved properties is higher than the land as there is more risk involved with improved properties . The review of the land lease data indicated an average return of 5 . 94% to 7 . 077% and in our opinion a return in this range is most applicable . 43 Page 515 of 865 Investor Survey-Land Lease-4t'' Quarter of 2019 ReaItgRates_com INVESTOR SURVEY - 4th Quarter 2419' LAND LEASES Capitalization Rates Discount Rates Proper tg Tgpe Min_ Mas_ Aug_ Min_ Max_ Aug_ Apartments 1.87: 9.53% 6.84% 4.47% 10.03% 7.84% Golf 1.79% 15.53% 8.33% 4.39% 16.03% 9.33% Health C are&Senior Housing 2.43% 10.61'% 6.64% 5.03% 11.11% 7.64% Industrial 2.08% 9.49% 6.27% 4.68% 9.99% 7.27% Lodging 1.79% 15.13% 6.85% 4.39% 15.63% 7.85:< Mobile HomerRV Park 1.94% 12.43% 7.21% 4.54% 12.93% 8.21% Office 2.19% 9.09% 5.94% 4.79% 9.59% 6.94;: Restaur ant 3.33% 14.67% 7.83% 5.93% 15.17% 8.83% Retail 2.13% 10.61% 6.39% 4.73% 11.11% 7.39% Self-Sto rage 2.25% 9.61% 7.46% 4.85% 10.11% 8.46% Special Purpose 2.84% 14.63% 8.02% 5.88% 18.10% 8.91% All Properties 1.79% 15.53% 7.07% 4.39% 16.03% 7.98% '3rd Quar for 2019 Data Cop Aright 2019 RealtyRat es.comT~ 44 Page 516 of 865 Market Survey-Florida Retail Developments-4t'' Quarter of 2019 RealtgRates.com MARKET SURVEY-4th Quarter 2019" Florida- Class A& B Neighborhood.Communitg& Strip Retail Centers Jacksonville Miami/Dade Orlando Tampa Bag Regio Anch Un-Anch. Anch .Un-Anch, Anch :Un-Anch, Anch Un-Anch Anch Un-An- ' axe Data Income Asking Rent $16.75 $16.40 $26.66 $25.84 $19.16 $1876 $17.43 $17.06 $19.66 $19.19 Effective Rent $14.95 $14.63 $23.98 $23.21 $17.19 $16.83 $15.81 $15.48 $17.69 $17.26 Other Income $0.75 $0.73 $1.20 $1.16 $0.86 $0.84 $0.79 $0.77 $0.88 $0.86 Total Income $15.70 $15.37 $25.18 $24.37 $18.05 $17.67 $16.60 $16.25 $18.57 $18.12 Vacancy Rate 7.3% 7.1< 4.6%. 4.2% 5.0% 4.8% 7.7% 7.4% 5.8% 5.6% EGI $14.54 $14.27 $24.01 $23.34 $17.14 $16.82 $15.32 $15.04 $17.49 $17.11 Expenses Total Expenses $7.65 $6.99 $9.44 $8.63 $7.65 $6.99 $7.37 $6.74 $7.92 $7.25 Expense Ratio 52.58'x. 49.01%. 39.32% 36.99% 44.61% 41.58% 48.12% 44.80% 45.31.E 42.34% NOI $6.90 $7.27 $14.57 $14.70 $9.50 $9.82 $795 $8.30 $9.56 $9.87 Investment Data Avg Sale Price $85 $88 $165 $171 $103 $105 $90 $91 $108 $111 OAR 8.1% 8.3% 8.8% 8.6% 9.2% 9.4% 8.8% 9.1% 8.9% 8.91- GRM 5.69 6.01 6.88 7.37 5.99 6.24 5.69 5.88 6.10 6.41 EGIM 5.84 6.17 6.87 7.33 6.01 6.24 5.88 6.05 6.17 6.46 '3rd 0 rter 2019 Dara Copyright 261@ P.caltyRatcs.corn 45 Page 517 of 865 Investor Survey-Retail Developments-4th Quarter of 2019 Real tgRates.com INVESTOR SURVEY - 4th Quarter 2019' RETAIL - ALL TYPES Item Input OAR imu m Spread Over 10-Year Treasury 1.10% OCR Technique 1.05 0.041112 0.90 3.89 Debt Coverage Ratio 1.05 Band of Investment Technique Interest Rate 2.73% Mortgage 90% 0.041112 0.037001 Amortization 40 Equity 10% 0.0 78709 0.007871 Mortgage Constant 0.041112 OAR 4.49 Loan-to-Value Ratio 90% Surveged Rates 4.26 Equity Dividend Rate 7.87% Maximum Spread Over 10-Year Treasury 6.98% DCR Technique 2.15 0.118944 0.50 12.79 Debt Coverage Ratio 2.15 Band of Investment Technique Interest Rate 8.61< Mortgage 50% 0.118944 0.059472 Amortization 15 Equity 50% 0.177944 0.088972 Mortgage Constant 0.118944 OAR 14.84 Loan-to-Value Ratio 50% Surveged Rates 14.10 Equity D ividerd Rate 17.79% Average Spread Over 10-Year Treasury 3.26% OCR Technique 1.38 0.069372 0.71 6-77 Debt Coverage Ratio 1.38 Band of Investment Technique Interest Rate 4.89% Mortgage 71% 0.069372 0.048916 Amortization 25 Equity 29% 0.133288 0.039303 Mortgage Constant 0.069372 OAR 8.82 Loan-to-Value Ratio 70.5%. Surveged Rates 9.35 Equity Dividend Rate 13.3% '3rd Qua,ter 2013 Data Cop yright 2013 RealtyRat es.com TM Based on the review of the rates of return required on an investment, it is our opinion that a rate of return of 6. 5% would be applicable on an annual basis . Therefore, the market rent for the subject property would be calculated as follows : Land Value of Easement as Diminished $48, 938 Rate of Return 6 . 5% Indicated Annual Rental Rate $3, 180 . 97 say $3, 180 UNDERGROUND EASEMENT AREA-ANNUAL RENTAL $3,180 46 Page 518 of 865 ADDENDUM 47 Page 519 of 865 PROPOSED EASEMENT AGREEMENT EXHIBIT A After recording return to: Crown Castle 1220 Augusta Drive,STE 600 Houston TX 77084 Prepared by: Adam S.Barsotti Crown Castle 1500 Corporate Drive Canonsburg PA 15317 APNN: 02-3211-007.0720 EASEMENT THIS EASEMENT(the"Agreement")is made effective this_day of ,2019,by and between the CITY OF MIAMI BEACH,with an address of 1700 Convention Center Drive,Miami Beach, Florida 33139 ("Grantor") and CROWN CASTLE FIBER LLC, a New York limited liability company,with an address of 2000 Corporate Drive,Canonsburg,PA 15317("Grantee"). WHEREAS,Grantor owns a parcel of real property located in the City of Miami Beach,Florida, and described as'APN 02-3211-007-0720 and being the remainder of Lot 1,Block 3 Second Ocean Front Subdivision,Plat Book 28,page 28("Grantor's Property"),and WHEREAS,Grantee desires to obtain an easement over,across and through Grantor's Property for the purposes contained herein. NOW THEREFORE,for good and valuable consideration,the receipt and sufficiency of which are hereby acknowledged,the parties agree as follows: 1. Grant. Grantor grants unto Grantee, its lessees, licensees and invitees, a non-exclusive utility easement ten(10)feet in width,over,across and through that portion of property being described more specifically on Exhibit"A"attached(the"Easement Area"). Grantor grants to Grantee the non-exclusive right of ingress, egress and regress for vehicular and pedestrian access and for general construction purposes,together with the right to install,replace,operate and maintain utility service wires,fiber optics, cables,conduits,pipes and/or other related utility,communications and power equipment. 2. Easement Term. This Agreement and Grantee's rights and privileges hereunder shall be for a period of nine(9)years and three hundred sixty-four(364)days and may be terminated only as provided for herein. The Term shall commence upon commencement of construction activities in the Easement Area. Grantee shall send written notice to Grantor indicating the date that construction commences. Easement Page I 015 48 Page 520 of 865 3. jusurance.At all times during the term of this Agreement,Grantee,at its sole expense,shall obtain and keep in force insurance which may be required by any federal,state or local statute or ordinance of any governmental body having jurisdiction in connection with the operation of Grantee's business upon the Easement Area. Said insurance shall include Commercial General Liability coverage in an amount not less than $1,000,000 per occurrence and $2,000,000 in the aggregate, and shall name the Grantor as an additional insured on the policy. The required limits recited herein may be met by primary and excess or umbrella policies of insurance. Grantee shall provide Grantor with a copy of the certificate of insurance evidencing this insurance coverage and that Grantor is named as additional insured. 4. Grantor's Cooperation. During the term of this Agreement,Grantor agrees to cooperate with Grantee in its efforts to obtain any approvals,applications,certificates or permits that Grantee deems necessary for its intended use of the Easement Area. Grantor acknowledges that Grantee's ability to use the Easement Area is contingent upon Grantee obtaining and maintaining the approvals. Grantor understands that any such application and/or the satisfaction of any requirements thereof may require Grantor's cooperation,which Grantor hereby agrees to provide. Grantor agrees to execute such documents as may be necessary to obtain and thereafter maintain the approvals,and agrees to be named as the applicant for said approvals if required by the local jurisdiction. 5. Grantee's Rieht to Terminate;Effect of Termination by Grantor. Grantee shall have the right to terminate this Agreement,at any time,without cause,by providing Grantor with one hundred eighty (180)days'prior written notice. Upon such termination,this Agreement shall become null and void and neither party shall have any further rights or duties hereunder. Prior to the termination of this Agreement, Grantee shall remove all of its personal property from the Easement Area and restore Grantor's Property to the condition it was in before this Agreement,reasonable wear excepted. 6. Removal of Obstructions. Grantee has the right to reasonably remove obstructions from the Easement Area,including but not limited to vegetation,which may encroach upon,interfere with or present a hazard to Grantee's use of the Easement Area. Grantee shall dispose of any materials removed. 7. Recording. Grantee or Grantor shall have the right to record this Agreement or a memorandum of this Agreement with the appropriate recording officer. The non-requesting party shall execute and deliver such a memorandum,for no additional consideration,promptly upon request by the other party. 8. Hold Barmiest. Grantee shall indemnify and defend the Grantor,and hold the Grantor harmless from, any claim of liability or loss from personal injury or property damage arising from the use, construction on,and occupancy of the Easement Area by Grantee,its employees,contractors,servants or agents, except to the extent such claims are caused by the intentional misconduct or negligent acts or omissions of the Grantor,its employees,contractors,servants or agents. 9. Interference with Grantor's Business. From and after the date hereof and continuing until the Agreement is terminated,Grantor shall have the right to use the Easement Area in any manner that will not interfere with the rights of Grantee contained herein. 10. Notices. All notices hereunder shall be in writing and shall be given by(i)established national courier service which maintains delivery records,(ii)hand delivery,or(iii)certified or registered mail, postage prepaid,return receipt requested to the addresses contained herein. Notices are effective upon receipt,or upon attempted delivery if delivery is refused or if delivery is impossible because of failure to provide reasonable means for accomplishing delivery. If to Grantor: City of Miami Beach Easement Page 2 of 5 49 Page 521 of 865 1700 Convention Center Drive Miami Beach,Florida 33139 If to Grantee: Crown Castle Fiber LLC Attn: Legal—Real Estate Dept. 2000 Corporate Drive Canonsburg,PA 15317 II. Miscellaneous. a. Authority. Grantor represents that it owns the referenced property in fee simple and has the right and authority to execute this Agreement. b. rartial Invalidity. If any term of this Agreement is found to be void or invalid,then such invalidity shall not affect the remaining terms of this Agreement,which shall continue in full force and effect. c. Successors and Assigns. Except as otherwise provided herein,this Agreement shall extend to and bind the heirs,personal representatives,successors and assigns of the parties hereto. d. Entire Agreement Grantor and Grantee agree that this Agreement contains all of the agreements, promises and understandings between Grantor and Grantee. Any addition, variation or modification to this Agreement shall be void and ineffective unless made in writing and signed by the parties hereto. c. Construction of Document. Grantor and Grantee acknowledge that this document shall not be construed against the drafter by virtue of said party being the drafter. f. Applicable Law,This Agreement and the performance thereof shall be governed,interpreted, construed and regulated by the laws of the State where the Easement Area is located. Remainder of Page Left Blank;Signature page follows Easement Page 3 of 5 50 Page 522 of 865 GRANT El.:: CROWN CASTLE VIEWS LLC.a New York limited liability minimm, Dy: Prin'Name: Print Titt- ACKNOWLEDGEMENT Statc/Cnnur,uttweidth of County of On this,the day of ,20 ,before me,the undersigned officer in and for the nburc-stated jurisdiction, personally appeared [signer's name', who eckttuwledgcd hint/herself to be the _ Ititlei of Crown Castle Eib:r 1.1.C,a New York limited liability Company,and that heishe, being authorincd to rk'sc. executed the fixesoing Ce anent rot the iNni;Uses therein contained, IN WffNbSS WH1',Rf:OF.I hereunto act my hand and official seal Noy PubIie 1-nkr, t Nape 5_,1 5 51 Page 523 of 865 IN WTTNLLS Vr1IRRI:Cllr,Grunter ext Greater having red die foregoing and intending to be lega.ly band hereby.kart:cxceuted this Agree sent as of the day and year first written above. GRANTOR: (TTY nor MIAMI BEACH Print Name: Print TtIu: ACkVtiWI.ECIC1:NilCNT Stnto+Caanioaweakh of Cooney of On this,the_ day of 20. befae nee,the undersigned officer is end for the attars-staid jretalitsimr. personalty appeared (signer's name), who asknawkdmod kitafioraelf to be the (title; of Cky of Miami Moth,and that Wain,boing authtwined to do so,executed the foregoing basun eeaa for the purpose thexcin oatai.atl. IN WWINE.SS WHERFOF,I hereunto sot my hand aid official mel. 'Notary Nib& 6rr✓..wi Mir 52 Page 524 of 865 IrXiU1IT"A" 10'UTILITY EASEMENT An easement of land.tea(10)fist wide,skunfrd in rialn County.Florida.over,under and fans1 certain real ptcperh•hc.pinr Tax Id Wu.02-3211-007-0720,dc=.:rihed as tlw trut:.in;irr of Lot I.Ula*3 Second likcnn brunt Subdivision,Plat Rend.1$,pu v 78,aro(being more particularly shown hektw, to nlin#front public right of N.iv,molar Lie dcnctlxd pateel end cndin,,Ai 1ha concrete wawall and right or way RUMEN)ua . Atha! iaaMMwnuC warm. rgtluar,Darter a-.-.a eovenatot maim a ntar t anal s a Lane aa,aa to w oat_ �E pal►ar m ne non er maim --- . IN,111 r _ L�IVnl ire or rAvercIromoic X11, � UU�`.YJ EMO TRENCH_ tui i L }Wail NEW HH(41"X411"X4r),,; U0"1tR(.00Xa 12K• ran. .,.•.,• LEAVE 100'.q011...FOR SLACK STORAGE, START 0-BORE. .. WEN CUT). se f • T ".. �► v4 MIMI `- —• -moi !� +• / .` 1 r t drr-. 4 t, tr -+� ce ra -- tiN1 a+uc - to�c , ..�.r 1111 _. --. -\;WU. 1' ..---. Pa Gramm resctvcs Lh.:nKhl to rr^.Iure and updna this description with a complete away at any lime either pi in.'hr;x 1-„110w execution or d,r l'a.,ernent,by Sending wriltitt Innkr'flu the GrauKsr 53 Page 525 of 865 Underground lease sketches .Y....el.... II ;e •...rr cru COM # an=1!=:11%4•,A ' -7 '' ' ""... — i Pimm w- .01 'elle OMR. V _ a r. .�':. IIIIIIIIT 0.41.401� .....:... !•4011.41.41V i... - _ - , 04. ..►r rsn :. — a 1.61 #trit-_. ...r " s _ i - .6far Me.:AllbrAIP. .:..... r.....i . = err'4... e. e1��� t: ill , .va;- xw .r..... ' . _1 / r . µM �'... ..-.. +.-. aVi- te a - Y.. ..� .�'.....i....�� .. ..TiT31R'TT ..tet(, _.... .1! Ai 54 Page 526 of 865 AREA MAP 1 , sr • • CI'------i.' ' `"'" ". s .. .. 1111111:C. 72;' i 13 ' • - . aim, ,.: G .._E a .611EaPt.r.44, •-,*lilit ...,„----0,..,.... - • ., .. . ni riMi FirieillIONMEINEITRINENIC.7:t.::-..'- ..-'fr .' i mrat ---milipt - ,Figwif'seam -\::: r i 1111"1(-- - ItinCarrj EVIWWWAIWW' . .. .."- kw .. , ', % r , I !ror.i.wa pplmmaggintr :-1.i ,., . . W V . .- I IL r,,,64, lit 4ralli i "AIWA Dol h' , . --... 7 ,5-"mr"r General Highway Ft- •r, Map of ,...-- liescom ' PAIAMI-OADE igi - Bay COUNTY FLORIDA ... ---../ !-----r—: '''''' * • • ..: al I niappre,.:,. • Gra. ' quily 't r ) ilmumirRigar : . t=DCLPN 4141,CC,WC r<S,",..WOCPCALE c 0 ll ' 111111WEIRLarirlitt • •4*d - , s„,,_$•- mis vvccostftAporx arinumParr• . ..... .. „mix -c.:, f ;40 Ii 1 Ir. T"airrrim . . _ :.., ,4 A. 'T 55 Page 527 of 865 1;M 44-PeAC14'2 obarmiseitts mammas G98 40 839 e6ed — • ._ ...... . __. 41,45.144 1,4crt-tv All aukr1119 3ufirlste kaN Jecorti ' i estouns ' 01 443,In stLifropt 4re , p-,v-14 i'l 0/51 Ru Ohnr NI rvi3 g33-150 spuetS4 #---- in ii3rAiii NUF1141 tiellituaA I HviitHAIT4 . '', , f ; 3 1110001;011111 „ _„ .„..1 1 4 I . . 1.4111401Pirri ... .. _. , ot.t E E 11 '43ree tuitiv. ( a4PC1 loolD urrul 01(9 I 331-gns ,..)Jokis.,itinem afilislinS a6?91A)aai)uetpui sPuelst Kvil'PH•(efl lumlifil 14110N V. 'Iv"' *6441100. 4 4,1 411.114 ,svapie9 fattlyi —,... ‘001 ALMinS grafi lurrio4 tilioN (3 • 41/4' _s slit() •/' •,1411 1411E4g U4p101„) WM%1 Sditi PunioN fronwo. einluaAv s.14e4s I , IP9 laA0P4N ., tivae eIP (IP11114 stiapiet)iweled . ._ mcdpy 44,11 two* poomitipH IIIIIMICar= .'• ' Z PU1 aPow al a I • NORTH NEST au MIAMI SHORES I / AVElY,... ,4 1 r \ami MEDLEY HIALEAH • :f - 11 urns mat `igau ,[ �� 14 i $ MOTH Y'II BAY I BAdWHSY1lLE LEMONCTTT " R VILLAGE II diTTLE NARK . MIAMI SPRINGS ADE EJEE>>EiY alumMwC4ot ° llr CRY 1 V5TA•,,•,,�P�YT i M10 MANIACORAL Frislarl ! j 1 C — __- 015TEKTf_�,,J -7MUH j l t I 1 1 ! AU.PATTAH I f " AIRPORT uM - WEST MIA 4 *1147 ;z:0 LI w, %, YAPS CIVIC `- 1 MUM II _ \ CENTER [1: -can '_ I ELLE uG gn .... --->� cic ,4:4*;- WMd TACH r iG{JNMMILEAU ELAWME r NKTFULCLEft ; �r � hk lr uTuE �Do�(TOW I ' - IIAVAMA t-- `bra , , NEST TIN I 'Lgy , IWNRA ; :;T emsWTCHEST'ER CORAL - IA Et, - r "".�\ CORAL �r.......4.v.. j+� \ y�YMA/r UALAM GABLES --_: MY OLYMPIA e ' ,' ST C00 _ I HOWES I J GAME I; _VV CITY OF MIAMI �/ SUNSETNEIGHBORHOODS----- NEIGHBORHOODS 1 MIAMI COCOPUIM WSCAYIE/ 57 Page 529 of 865 COMPARABLE VACANT LAND SALE NUMBER 1 . ' _ ',.. , MOW I 1 ' if — 0 . '...4„‘ _ _ \\*4\'-'41: f :1111111881141: F f'� i t :I" \ ¢• r. 4. ,3 3', RSi Ri t f _ tom, .moi i"AL- 4 he 02-3211-007-0130 fi emir- .... biiioi A" i ,' - _ . I , , 02-3211-007-0440 i I k ipl 'vfk. Ati . - - i - Al ...J i.;.111611kH : rin• Ville _ +. 4.J i ` ; 41 I li %4* .... '''''''"ZA.0. f i f ree Sr q ` RECORDING DATA: County: Miami--Dade County OR Book 31594 Pages 2456 Folio number: 02-3211-007-0440 02-3211-007-0430 LOCATION OF SALE: 6747 Collins Avenue 6757 Collins Avenue Miami Beach, Florida 33141 GRANTOR: Golden Cove Miami Beach, LLC GRANTEE: BYL Investments, LLC LEGAL DESCRIPTION: Parcel 1 : The South 62 .5 feet of Lot 45, Block 1, AMENDED PLAT OF SECOND OCEAN FRONT SUBDIVISION, according to the plat thereof, as recorded in Plat Book 28, AT Page 28, of the 58 Page 530 of 865 COMPARABLE VACANT LAND SALE NUMBER 1 (Continued) Public Records of Miami-Dade County, Florida. Parcel 2 : The north 37 .5 feet of Lot 45 and the South 25 feet of Lot 46, Block 1, AMENDED PLAT OF SECCOND OCEAN FRONT SUBDIVISON, according to the Plat thereof, as recorded in Plat Book 28, at Page 28, of the Public Records of Miami-Dade County, Florida. DATE OF SALE: August 26, 2019 SIZE: 41, 624 square feet of vacant land CONSIDERATION: $38, 000, 000 SALE PRICE PER SQ. FT: $912 .94 per S.F. of land area FINANCING: Cash to seller TYPE OF INSTRUMENT: Special Warranty Deed ZONING: RM-3 - Residential Multifamily, high intensity district designed for multi-family and hotels PRESENT USE: Vacant land CONDITIONS OF SALE: Arm' s-length VERIFICATION: ENCUMBRANCES: Restrictions, covenants, limitations and easement of record. No apparent effect on sale price. VARIOUS ON-SITE UTILITIES: All utilities available to the site • COMMENTS: Site is located on the beach and is suitable for residential development. 59 Page 531 of 865 1I'llt ;r1r4T, 9 �' • r • i 51 iiiiist!pammemar, arr, _ . VI / 1 PIP' 4 a Photograph taken 12/8/2019 60 Page 532 of 865 aft 20690666107 HOOK 31504 PAGE 2446 DATE.0001201f 0.32 56 AM GEED DOC 221000 00 il&AlTM titOX100 **wry*wit Ci.tomdt CCWtt MM Omm Cfl i h.t ttniTta.ant prepare.'to.of under the super-storm of Mid sftrt rest i should be returned tot. Louts A stevasli.P.A. 16666 til 14 Avow.Sure I II North Mnuri Read.FL 33162 Atterteicin Louis A.Septarki.Esq. Tar*Echo No 02-)211-007-0440 and 02-3211-00741)0 (Speer Reserved kir Crit of Court SPECIAL WARRANTY DEED THIS SPECIAL WARRANTY DEED to mak ori erueecd itue as of the 1.b da) of August. 2019 b GOLDEN COVE MIAMI REACH LLC trIL A CCCC MIAMI HLAC.'M 11 0.a Delanare lenibd Iiabtitn :.utipar. tike `Grestie whose mailing adder**is tap CCCC 43 Itaterneruttal Cute. 1101 Bncl*R Abet.Suite 100.Miami,Randa 13111 to 111T1.INVISTMINTS LLC,a Delatsatc(tinned I IIIX ersettpans (-Greaten-1. wase autihnE u..irrss is 61 c c+ Street. Want* Reads, Florida III le **mom tiled Aeittn.the terms"OPMar Hid-0,anite."she:!:rid.do i s rt tax perms sit this inavtanent and then successors and soups WITNESSETH: GRANTOR. lot rid in a ardaderstree d len and Sits MO Drillers (110.00)and other good and valuable usns(:icrattort, tate recent and sufncien:s of which are beret-. acknowladgad, hag lrat•.ted Regained and sold. and by t'tese pre.errts does herx$s pant,batrp4n ars* sell to Grow and Grsttet-t he:n.sorcewes and asstgrts forests.the!Mowing descntssd land s ivate and being to Mialsd-Dade Courts Florida!the-Peewees-1 IV wit. SFr MEW A ATTACHED HERETO A!sD MADE A PART HEREOF TOGETTIER WITH di!s he—mid..MeimalimrimME olid impsrRa mer*d eneueso blotlpaC kw to arts iII(apprrtauit+F THIS CONVEYANCE is subject to tA)those matter set Herds MSD mated WMo.and tilt ail laws. ordutancas. regulahorn. restrictions, prtaMlatwrq .Md oder segeirewl.M hapeaed fou go,.emir.:ntal authority TO HAVE and in hold the carate to fee sorple foresee GRANTOR heron)covenants with Grantee that ti is lawfully seised of the Property in lee simple. that ti has gond nen and lavaal authority to sell and convey dee Property,that it hereby fulls Mwants the tole to the Proper,and vsil.defend the sane against the late fui Hawes of all persons tloom*trthroows or under C;ranto, his no others 61 Page 533 of 865 i Th •4tlS54'!a[tbrs, 1-;44 PAGE 24S' IN K ITNEGt 14 HEREOF.Gareor has hereunto let ft.hared and seal OA i•f the Cdr. and tear first thaw ardten Stivaed.scald and delivered is GRANTOR our prrsenrt; ✓ GOLDEN COVE MIAMI PEACH LU •Debaaee l hod HahU s COMP ny ! t Peau Naves .[.'*1etarwor. — ` • Title:Mstuprr and Au:banned ti,tt.aurey !tial Naso Soleam,Ems Last SAR HONG KONG.SPECIAL ADMINISTRATIVE REGION THE PEOPLE'S REPUBLIC OF CHNA Tlta beelle6tS iataruaa a,.ac rr t nr.%tettet before me this.•"dam set Awed.Zit!v tis it vim Burn,as Pillemper std Audio/vied Signator) of GOLDEN COVE MIAMI REACH LLC. a Delaware I n etre, IIatiglit, company.on behalf of such company Such indivtdud perwnally known to me oe pndus.ed 4 g.7 AIN Ars—f ra identification .M. /teatt real. hint or Stamp%M $alar Public,Hoag Koen SAR CIZr NOD Nary NanR41�M Met 1M1.L glls01•11liSflow int Ibirslind. eir.an Ken I GlrM i ,.,sow t-d Wart—owl s 62 Page 534 of 865 Cmm 2019055107 BOOK 31594 PAGE 2451 EXHIBIT A Dtxrictian of I.a®d tierce The South 62.5 feet of tuft 45, Block 1, AMENDED PLAT OF SECOND OCEAN FRONT SUBDIVISION,eccot,Gttd to tie Met thereof.ea recorded in Plat Boots 21,at Pae 2E,of IN Publsc Records of Mietai-Dnde Count).Florida. Perot The North 37.5 feet of Lot 45 and the South 23 feet of Let 46,Block I,AMENDED PEAT OF SECOND OCEAN FRONT SUBDIVISION,accords %to tht Pin*met an racoedtd in Plat Bonk 21.al Par 21, of the Public Recur*of Mum►-Dade Count).Honda. • 63 Page 535 of 865 �k 20100545r3t CinOk 31544 PA4 F 7454 f X4IIBHI faro ncd F a rnsrtit� 1 Talcs and assn-tmenes for dee year;fi t V and all subscyuer4 yen 2 All appf;catde laws in;halzi put stew Invited tc all a; liable attamp,bwt4ing,is leer Plan,land use and environmental ordinances and ecruiatsons 3 All reancrt.nn.resersatican.enteincuts,t:vsenatt.a reemcnta,is utehaee and alar Mets /notating;d rs_.nd in the Public Records of Msami.Oade Courtly,Florida 4 Rest-etrum, ' ditiu a resRvatioets,0111111011ents.and.oder medius tontained un the Plat of Amended Pert of Second Ocoee Feat Ssebdis ts'o&as recorded in Plat ttuo 2d1,Page 25.hark Rei:urde of Mimi-Dads Cci.iy.Florida Order of Tht CRy of Miami Beach nuxtda recorded is OR Rook 15162,Pape 605.OA,Book I 5'ill,Prate 0056 Public Records of ktumi.l7nbe Coml.Fieeids t4 Terms,pros istom and continuant crutta'ned in ifieteett Prssewerior Hoard i Ode.recorded its O.R. Book 25542.Pape 1116.0 R Irons:4 i eh,Paps 4272;O.R Rook 111445.Page 1951, Public Recor4s of Miamt-Dsde Cv won,-f>_r ida 7 Lncewchaaeele,thtcumbrars:es,sicstat,.res,sapient's",or advent ciu wessences,if any,actually shown on the sete++ey prepared by Heil..& Itclh.I and Serveytos,doled Jay 26.2010.bemire M r 19515•(e)dole link fence torte hrirni irno erosion t ion of litre of the Atlantic Ocean in the East ads of die tielgaq pts.pert. 5 Coastal Conela an Ceemt4 t me*km fid in Ma utak 74,Pay 25,Pubic Records of Miami- Deck County.Plumb,tind lends accreted thereto 9 Any portion of the Iasi lying waeerward rf the trusion Control Line of the Mame(keen idennCwd is Pie Book 105.Pay 62,an:Cern num of Approval F.itakinieneet of Erosion Control line recendad in O R Book 9417,Page 2025,Public Records oUtieatiaedt Counts. Florida.and lands accreoad thanno 10 Rrpsran and littoral ri(Ints we est Itbtre4 1 Rights of the 1.ruled Stases of Aahenca and.-or the State of Moeda to any portion of sant land which has been created by artificial means.and Iatxb ecaatcd thereto. 2 Possible rspto ofan public to can that,hat of Ilse land between the a ate+'►edge and the apparent boundary o(Oe upland'std deal is sow,or was formerly,regularly used M the purine to recreations!purports t) Any portion of the Property ,ing witterard of the mean high wafer!lest of Atlantic Ocean.end tends act tried Thereto (rrantnr's iota Am refetencc to restnctions in iteraa 02 rod td)abort we for informational purnnss anis and that;n.n operate to emend or rermposc such restrictions. 64 Page 536 of 865 COMPARABLE VACANT LAND SALE NUMBER 2 •ANS r _ : f 1 .« 401.,.. lfriki Ig.,, . H li ill , 4 1 , ) " ' + , • A Ii 02-3226-001-0580 t � � ' ' I ' .4 4.1444t, ir ,. / 02-3226-001-0590 ` ,tt fit 02-3226-001-0560 `F,1 `, /A: ft ; Pi , ;4 - it RECORDING DATA: County: Miami-Dade County OR Book 31143 Pages 4552-4556 Folio number: 02-3226-001-0560 OR Book 31143 Pages 4635-4637 Folio number: 02-3226-001-0580 02-3226-001-0590 LOCATION OF SALE: 2318-2340 Collins Avenue Miami Beach, Florida 33139 GRANTOR: Avis Rent A Car System and West Collins Land Investors, L. P. GRANTEE : North Bay Owner, LLC LEGAL DESCRIPTION: Lengthy Legal Descriptions for the above assemblage of parcels see deeds attached. DATE OF SALE: September 13, 2018 65 Page 537 of 865 COMPARABLE VACANT LAND SALE NUMBER 2 (Continued) SIZE: 52, 725 square feet CONSIDERATION: $22, 000, 000 ($2, 500, 000+ $19, 500, 000) SALE PRICE PER SQ. FT: $417 .26 per S. F. FINANCING: Cash to seller TYPE OF INSTRUMENT: Special Warranty Deed ZONING: CD-3 - Commercial high intensity district designed to accommodate a highly concentrated business core. PRESENT USE : Under construction. Was utilized as parking Lots CONDITIONS OF SALE: Arm' s-length VERIFICATION: ENCUMBRANCES: Restrictions, covenants, limitations and easement of record. No apparent effect on sale price. VARIOUS ON-SITE UTILITIES: All utilities available to the site COMMENTS: Site is zoned CD-3 - Commercial high intensity district designed to accommodate a highly concentrated business core. Suitable for mixed- use development. This was the assemblage of two adjacent properties that were used as parking lots . 66 Page 538 of 865 4111111114 * ,, k, i. , I , C 1!71 It ! lie!! ` 14. 1.► 1 . 0 _!!!!!! ' i \ Ar N .., co i�` {. , r N •f F , In lls\, .., ;4!!lN7i• co Iles 44l4l4!• • O cn .b i a. _ r a. r •• a a s • l0 co N "rilipoitiiiiti a t6 wiiir{Mrtib Q. 43) 1." / o - , 4. i) • f ° .0 ,;. ,, L4 I '.1 reAr...ro. we PAP • E i • , C li.... • ai 4. .ii' 1 11111111111 11111 ME 11111 1111111Na CFN ?tit p.1.4.0-.65/161 an ic Isis, .s .•.•. slat oho i!irylts, y.t: t..tiA:i. Di ID DOC Mac arwootr.00 This ingsrvinni prepared t'? BYITAI et!•2'te.n W.Chnsiddissr RibL Esq IM11[Y #UVIM' CUM tri mar Poky 4 tarn I LP Maid 1 t C11aITY. rlgt0r► that tndependeni Drive.lits 1!M lackwn+d K,tlt>rxt►[2202 la;Pxcct192.1' 1-9R,i SPECIAL %RR tN I 1 DEW THIS INDENTURF. Trade effectrve u of the 11' day of September. 2O1tt, between AVIS RENT A CAR SYSTEM,LI.C.a Dciewene bated Inbtldy company as successor by can crsson, to AVIS RENT A CAR SYSTEM, a Data»arc coepoestiou ("Geseime ). whose adds** it P Syhan Way. Parsippany. Nem keaey 0704. in favor of Nub Say Owmw. a Mks*arc Itmecti liability contpanv("Greener'). whom oddest r c o W.Cltrissopba Rabic,F , Foley & Lardner LLP,One Independent Drive,Suite 1300.Iscboestlk.FL 33202, mtd whose tr.payer identification number w 82-2319411 V4ITNESSRTU THAT: Grantor, for anti in et>nsderatson of the sum of Ten and No100 U.S Dollars iSIO.001, IAA fdi money of the I'nrted States of America. to it In hand paid by Grantee, at or before the enscaling and .feeler) of these presents, the receipt of which is heecbp acknowkdged. has granted, bargained. sold, alienate, remised. release& conveyed and conftrmed and by these presents tk*e%grant.h rgam.aelI.alae.=IOC,release,convey and confirm unto Gamier and as tua.tstOft and ass.gets trimer. the panel of land. With the building and tt>Tprvsensettts thereon erected., situate. and brims in the County of Miami-Dade, State of Florida, and nwire particularly dcxribed on the attached Eahebk A(the"Property'! S.ibtc-.t h,,,cevcr.to cat prat I.r;•ert. talc,anti assessments for the year 2018 and thereafter, (b) Toning and other regulatory °taws and ordinances affecting the Property. (e) Matter%that x._suli be d•:«used by an accurate musty. (d) Any plat affecting the Prnperty.and (a) E,leernents, rights of way. 'imitations. conditirns, covenants. rnura-taIna. and other marten of record. I• 68 Page 540 of 865 Book311431Page4S52 CF N420180565861 Page ' of 5 TOGETHE=R Mitt all insular the tenements,here iitarnenes and appurtenances thcrtned° belonging ur to any way appertaining TO HAVE AND 10 HOLE)the same in Iry simple forever. AND Gramm m hereby specially wa.•rflnts the title to the Property and will defend the sett,[ against the lawful claims of any .mc claming hy,thnxigh tw undo°nutter,but against none other WITNUNi Vil1FREOF, Grantor has caused these presents to he executed the day and rear first above wrnrten `siErttri.xchd and ttettrcrnd in the pet? crcc of AVIS RENT A CAR SYSTEM, LLC, a Delaware lietrAvd liability company at wctcssor by convertaioa to AVIS RENT A CAR SYSTEM,a t.lass a corporation tiff: l Porn N . . '� Name: 4•Sipature �L Title; S u f : % (3EAl,, Priam bees .t1t1 STATE Of ) t_V\ ss co NTY OF4 t V ) • -915 flue ,ing instrument was afiknowledsed More me this jQ day o 2018,by{; ;l&4$. ,a \ki A +rt'thf Avis Ren* A Cir System,Ll.f.a elmre limited Isabelle), campvrty as scwmxss r by conversion to AVIS RENT A CAR SYSTEM, a Delanare corpust en.tial khat(LA rhe sxrmppterny. Hest*. % is personalty kno,An r, tme rr ❑ has produced— -_ --. xs ijrnuticat on (.1 tis N Public. N . �.l�. _:i i. • No.(er r) 3 AFFIX NOTARY SF.AL 1 area now,wail 14 4111111.9691341103•e e.o�.4414.111 241414t414101 69 Page 541 of 865 t . Book31143/Pa9e4553 CFN#20180565861 Page 2 of 5 EXHIBIT A THE PROPERTY [hr land referred to herein below is situated in the County of Miami-Iksele,State of Ronda,and described as follows: Begin at die Northeasterly caner of Lot 1, Block t, MIAMI BEACH IMPROVEMENT COMPANY SUB..OCEAN FRONT PROPER IN,according to the Plat thereof,recorded in Phil Book 5,pages 7 and t,Dade County Records;thence Westerly along the Northern boundaries of Lots 1, 2, 3,4, 5 and 6 of said Block 3,to the Nurthvcstcrly coater of Lot 6.thetxr Northerly mons the Eastern nghd-of-way line of Liberty Avenue kit a distance of 26 fret to a point,thence Easterly and parallel to the Northern boundaries of Lots 1, 2,3,4, 5 mod h of sad Block 1,to a paint on the Westerly nght-of-way liar of Collins Avenue,thence Southerly a(Nuance of 26 feet b the Point of Beginning, AND The Swath 14 feet of teat 12, Block 1, MIAMI BEACH IMPROVEMENT COMPANY SUB OCEAN FRONT PROPERTY,aaxeding to the Plat daneof, recx►rdcd in Pfau Boost S, pages 7 and&Public Records of Dade County,Honda L 70 Page 542 of 865 if=i•Vl• I.l a iiisieas.•rS 600k311431Page4554 Cf N/20180565861 Page 3 of 5 scat* .t DisImam jk rf slow nal avatad 01.K !M 01/2!/ICOf MID PI 1: IN Ci/11✓1O04 7ory 06a0S2*S I - MIMS Flit C*XT01CATR Or CONVER3Kkr Or AVIS RE.*rt A CAR Sl'STIM.ENC. TO AVIS WIT A CAR SYSTTM.LLC Hmfiaart to Seesaw 266 attbe Geosral Corporation Lew of the State of Deiswers atyd S,cbosma E S•?94 and 14-21 t of boa 1).4sw t Lemuel Lt* tty OalumaAd Avis Rail a Cur System, Inc. a Drbrtrere net}widsb (M Ross hereby certify to dim fo4lowty'Jos tataitng of des aoavaias Otte e Didoarere betted balaiaty comps7 (tin Toirmkoirri under the ettiM PM i dr Slam LLC FLRST: Thu wet of la Cap:coon annoeafirely prior IS tafMin of dos Catt isae of Cantaeon M Avia Rax a Civ Spataea,Inc SECOND. Thu original Certificate of liWarperaoic of the Catpeatliaat was Eled Int the Somme of Suer of the State of Dat►awae tb tie 198'dry of Septssnber. 1956 The Calponmora ;wnaiic1on of irooaporseoa musedhaealy prior to tlw Sling of this Catboat*of Convention a the Ma*of Deirwars. THIRD The:seat of the banned Hebtbey csepsoy into%Alam Is C arpontice f1"aC be conveyed, ae tet forth to its Cartftaae of Fornatinta is Avis bass a Car System. Lit worn' This Certitkatt of Conversion to a Delaware limped !Leath. cart eor stall be effect*** et the ttilay of taoaan,2006 FIFTH The Csavetwoc has beat grovel ira acaxdeoce out Section 266 of Ciartseal Coeperatton Law of the Stere of t)e.aware and Se f1oni 111-2M u 4 t$-214 of the Delaware hauled L.a bitity C p r Art 71 Page 543 of 865 %Atl l't-04�fi►inns M! 8o06t 143(Page4555 CFNx20!80565861 Page 4 of 5 • OR PK 3 1 1 4 3 PG 4556 l ART PAGE >N %%ITT:MS WSflJ JP «$� , 'ha CaT ".aa :soused this: Caracas at Car.�enlar in be manse as this 'e' of WONT 2006. Avis RENT A CAR SYSTEM,INC ear nuns I.Maims Title- Vim huoid nt t savory 72 Page 544 of 865 2111111111111111111111111111111111111 CrN 2911411494$58.31 R Mt MCI Pet N45r4431 tbhat OWNED 091t7f2o4 tr.t4fat- (S DIC lel et17.4104.00 WO et?.710.an This arrottaat pi tt`+rca u> ?i 4-Ata[ COW*'U• •F t.lR lrw ate.Ery (tibia laseara area Mut A Aaedud LLP $419 Metall Aveine,:l'r e10 alleas.rt))$)$ Ta itrrefatttiaArian 03--3i26-00140tat rwdttRTriOlt.094o • THIS INDENTURE. node Arrow at of the t 3a day of SePtaatbee. 201$. bermes Watt calm Laid U ..a D.bi.tre ttttrtited l ("Cessna r),Mime Adis* $ c/to Jamar Rased. Esq. Ringo, Firrkeir/ai. ! tfraailra. LLC. 591 W. Pomo Aye., fifteen*a b. CT 00010. la foyer of!liatlfl Is, Oester. L.L.C.. a Delwin NoMed lirdt1 company y t'Grartleie1,wiser Wares ts c n W Cbrosopber Rabid. Eat.Slay*imams LLT. Onc IrikpttrJcttt tkire,Suitt 1300, Iacittoroi le, FL 32202, and *bore littpayer idefolfiattion rsurribm lTSESSETH THAT: C,nrior, for a-J to t.,acrderacroe of tat tam:&t Ieir. +n.! tiort00 U.S Dollen tile00g. 4r tut moms of tt l rased Matta of America,N b m l ind paid t. Grantee, at or before etre esseCong and do:every of there press/e. *e mos* and suits ems of nhich n txtrhy alrtt,+wtcd0e4, lyra granted. ttarplaed. and. llUNted, remised, regrind. conveyed and contented and by these proems does rani!w ,tell. at+crsatc.femme, release. come) and wafters unto Gruen.and rte auccc+wrs ad a1air/i bllyR.*rout of land.with etre but6l,n` and trrgeovenrents thereon erected. s twat,iyis.sort beim r lit COW) of M arm-bode. stet of Fktr+►ta arae more particularly Orta rined on the attached EWA*A itbe"Mowry"' Sublet NYS*CrGf,to (a) Kcal fro.oputy taxes and nswsrrnrret tor tat year 21)t'and thereafter. (b) £yearn and other reau'.atcr. tams and t tnsrwer.eft-.tong the Property. (c) M,oncr thai would ter dtatorort It)ar ac;.urate survey (d) Any Pit ailom%the Preparty nal (e) hmernerits. riglas of only, h1Mitsmit c*,' 1i:sins ,oncosts. taatifrtluvns, and abet nutters of record TOUTHFa mut all stapler tett to It.bet dtliame t.and appurtenances Mercurio Whining or in tory ver)appertattPS TO ItAt'{F AND TO HOLD t$w same in kr atrrelc%.sir str 73 Page 545 of 865 Book3I 143IPaQe463 CFNi 201801565893 Page 1 of 3 AND Graatmx hereby specially warrants the title so the Property and will defend the same spina the lawflal claims of any putts claiming by,through or un.kr tsarina.hut against nine other. IN WITNESS WHEREOF. Grantor has caused these resents to he executed the da and pear firs;outs>`riren Signed.waled and delivered:n the pretence of: Wert CARR' Land Investors. L.P_ a Delaware limited partnership By: Wart Collins Land fare t, s GP, LLC, a Delaware limited iiabilo winpaay, its general partner '71. Signature �— NataeBy: RDct1,.....,r4-{h. Prim Name; � Tek Stgriaor Signature:_ (SEAL) Print Name: V STATE Of GEORGIA ) SS COUNTY OF COSH ) The foregoing irrsrrument was akitnowledged before me this jQ dory of September. 2018, h., ltct'cst Cirirnct. as Authonze Si rtory of West Collins Land Investors GP, LLC. a Lklawarr landed liability cLrrpnm. as general part7rer al Welt Collins UNA InvesL'r3. L.P., a Delu•Aarc l rrnibed purtnera2tip,on behalf of the partnership. Hie is •» • •known to rase re Illi "1-- , Print Name:*flirty 'd1mrnatt Serial No.(if any I: 110110y PURI CCUPCOIJIrt maw Corsemp firm 0460101 ti am 74 Page 546 of 865 800k31143/Page4636 CF N#20 1 80565893 Page 2 of 3 UR BK 31143 PC 463/ LAST PAGE j,EG.tL 1►t.�_ NIrI Ic►ti THE LAID REF RED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF M1AMI- DADE,STATE OF FLORIDA, AND IS DIMMED AS FOLLOWS. Beginning at the Northeast comer of Lot 12, Block 3 of the AMENDED PLAT OF THE OCEAN FRONT PROPERTY OF THE MIAMI-BEACH IMPROVEMENT COMPANY, accori. rq to the Plait thereof, as recorded in Plat Book 5, Pages 7 and 8, of the Public Records of Miami-Dade County, Florida; Thence Southerly along the Westerly kne of Collins Avenue a distance of 45 feet to a point; Thence Westerly, parallel to the North line of Atia't c Avenue(now known as 23rd street) for a distance of 205 feet to a point on the Easterly line of Palm Avenue (now known as Liberty Avenue); Thence Northerly along the said Easterly line of said Palm Avenue (now known as LiOerty Avenue) a distance of 145 feet to a poem Thence run Easterly, parallel to said 13rd St. a distance of 285 feet; Thence Southerly along the Westerly ire of Collins Avenue a distance of 100 feet to the Pant of Begivining. 75 Page 547 of 865 COMPARABLE VACANT LAND SALE NUMBER 3 .4 . * I ilik Vi 'N''', .' 44 " / ...."!... i 1 44 •'qy _ • .,, e .. tey of It !- �Q It '• A .... 030?,.. , ,.. , '• Ni ... 0- 3 . r . Fie, j if i 't rjt . .w IttiO ► `' `� _71 a , H AV!"•.". 'r 0 . ISMLS •A 7410, t 0 MYf. • • a RECORDING DATA: County: Miami-Dade County OR Book 31309 Pages 4663-4664 Folio number: 13-2227-001-4630 LOCATION OF SALE: 9530 W. Broadview Drive Bay Harbor Island, Florida GRANTOR: Alfonso Karam Dib and Mariana Diaz De Karam, Husband and Wife GRANTEE: Bay Harbor Land 2019, LLC LEGAL DESCRIPTION: Lot 73, in Block 23, BAY HARBOR ISLANDS, according to the plat thereof, as recorded in Plat Book 46 Page 56, of the Public Records of Miami-Dade County, Florida DATE OF SALE: January 30, 2019 76 Page 548 of 865 COMPARABLE VACANT LAND SALE NUMBER 3 (CONTINUED) SIZE: 13, 125 square feet CONSIDERATION: $3, 700, 000 SALE PRICE PER SQ. FT: $281. 91 per S.F. of land area FINANCING: Cash to seller TYPE OF INSTRUMENT: Warranty Deed ZONING: RD - Residential 2-Family Duplex PRESENT USE: Vacant Land CONDITIONS OF SALE: Arm' s-length VERIFICATION: ENCUMBRANCES : Restrictions, covenants, limitations and easement of record. No apparent effect on sale price. VARIOUS ON-SITE UTILITIES: All utilities available to the site COMMENTS : Located on water with RD - Residential 2-Family Duplex zoning and suitable for residential development. 77 Page 549 of 865 I i f • • Ell Photograph taken 12/8/2019 78 Page 550 of 865 11111111111111111 1111111111111 111111111 1111 CFN 2019Ru064uut1 IR ll 313119►an 4443-4444 (lost SECONDED 01/31/20111 )51eieil PIMA GAL[00.Col, DEED DOC tits •22.200.00 soro00 Calera LawGnu NOW 1 kW ls. tLL P or COIJPT 232 a.darir.W Ammo Sons 313 MINI-MOF COUNTY, nolo* Carel Ga/ilr„IL 33$34 3ti-114'11/ rat Nisar- NMP Witt Cil Ns.. boors M: (.srsir do t.t'agree.!" t 'UI Brwiett to.cart.',rrtt',aM Ntast,II 1411i #at1 aAwt th.t a..tar((aisalwf Had \\ arranty Deed Thi.%amass, Drell m...lz ft... a1liaaaf),:rtb F<t-" ti(..nw duras Didt Didand Maraca Dt.s Dr karma,twstf*ad and sift *Want post Aloe idbw*Ltd' VM INab Mas,Parkland.FL 33tr'e pratn.rt,rid Dal Herber Land 710 U.t.•Made aThr 1110114111,cusp+.) ,.tore pest chase aJdi r;s 433t► Lake land Mrata,f1.3.113P.WOW ashes,.,s.e!hrrn 1st tat_Vassar rtd 1psaire fada+all Se pato*Or arat.aast ter/err taw Aar;ar••ae•at..es rd .e.na s 1.0k WII4 Ihe....town tN amass a/anpaanar,nate tai was ao W itbetat tlt chic snd pastae,far and k opesider than Ode NMS of TEN AND ND WO 1x71 LA R.1$10 CO)sod rows;pool acai ssaselk considaratiaer to said pair in Mand piii by and patraR the rvct+pt vases(is hereby ac(.ar•..kddcd, thea paeMd.t+argoist d,sod sold M Mt said yi/IMR all pailois tarns and amps(cacsrt,der fit .++s(drxetlyd Mend.slums.lyse and Man M Mani Dada Camp,pls:lb Ossn L.,t'j.in Mad 13.RAI H%NM tit I.( tMts.Mtned.uh•t:.at.c Pia((Arran(,a.rteatded o Plat R..t,cat.at Pape S.r.( (unix Ftrtwd...f%flat..Dade t ousts.Flatsda Parcel Idenetficattna Number t)y`:'110t45..10 %latest to Taus (at 1019 and sat.ugutat ,tat.: /ramnp rntrsttt..ns (.r..Aebtte.as and ...her rr.twtraaars iapaead M twtrnmratal auilsonts. Nrsitwtnnrs. itstta(a,as, and resrttttaIt of tK.srd,%.MAN/taunt of re•asp.tsenp.ante. Mancr.appwar.et..a the Plat or other+toe soma..a to MfaWatt.awn.ruhln.1.111%easesents of retard.it aas.of the Putts' Rscnrds..t+twtaa.DdpCaMtq.F1nda . Psi,haw Macey reams of e'en daft In-tn,th, to fa•or of fb. f.raatw 4ereo, a tire mammal of WISJIMILSIL'avoided semahaacnasb brrrw00 1trZclArr .^h al '. •c-r.*.hard.,herral.-lrftefei and astrurtenarres thereto Iseantptr j.w ra aesw;tt ap:.rtta.n ns lalisle and toItuk1ins sow.nsirini rkwe%er Ar Mt re1at&a hereby(owing.*sat*.1W,u-reore that tic gesrtr is MfrDtly tcaed of Did bad o lar s.m{sk O/the poor be lead f ttgd les 1.,! cath..t, 4. si 1 and Neve)Mid hold, dest P.par Mtr*b) NO, sonans alt tide en said had mid taia amend tsc same*paw Pt WNW C1Aina of NI pram seonttorsst a n:that tail had is liar dal 000100110 tut,t test;wtntiall e16141 10.0 tip L._MLnr 31.2111 79 Page 551 of 865 800k31309/Page4663 CFN#20190064008 Page 1 of 2 OR SK 313100 PG 4664 LAST PAGE: L.V►*dies&Vs hereof.;mem his hereunto,et grant..;c as J and sew the dry and year Ara abort wows ,s4ned lts7 and detneend r nee presence ‘ eillil' Po_�mna. ..� tSeafl at r .f 4 Altea_ 0. • .11 Jr solo t'� — -�j/ re, • :swat, P124/61:[N'/ marl ananr t Itat )e t i 'i j:i 4411f"-----jttirl tort 1t11t K Fiends Caney Illionsiaoile The tosigning itrrrtamut wan adansdeard Wove sir thea 304-.1r,y of 4. 2m_irtmper. Kama tai nod Mr.*Diiar De Kara,who U we persosek Memo et 1b;t a d *Radon - 4 Z. Cly Sidi ..a way wow 14'i&',.lir,. woertwot••CC.MOS tJlplt[dAtfr1i?It� tilt t,tmt•• [ F sport Was 3a Ilan 041116:ar.aai. 80 Page 552 of 865 COMPARABLE VACANT LAND SALE NUMBER 4 .4 ) (,44) 3 ., , )% . .... • SP t h w . tip 'lilt AP.' - ir ' ,,- ,_ ___ , __ ji * Ir.' 907 fi i, jif lr 02-3215-003-0240` 13'4044. 440 w� /" r 02-3215-003-0245 4 -; � - ` Arci T! vo _ 4 L Hr I . I t .- - - 8 7 Ti 1 gi , - Sri ‘., , ,......„ Ill RECORDING DATA: County: Miami-Dade County OR Book 31625 Pages 4303-4304 Folio number: 02-3215-003-0240 02-3215-003-0245 LOCATION OF SALE: 5840 N Bay Road Miami Beach, Florida 33140 GRANTOR: NBR 5840, LP GRANTEE: 5830 NBR, LLC LEGAL DESCRIPTION: Lot 28 and 29 and the South 2/3 of Lot 27, in Block 1-A, of LA GORCE GOLF SUBDIVISION, according to the plat thereof, recorded in Plat Book 14 Page 43, of the Public Records of Miami-Dade County, Florida. 81 Page 553 of 865 COMPARABLE VACANT LAND SALE NUMBER 4 (CONTINUED) DATE OF SALE: September 27, 2019 SIZE: 36, 143 square feet CONSIDERATION: $13, 500, 000 SALE PRICE PER SQ. FT: $373 .52 per S.F. of land area FINANCING: Cash to seller TYPE OF INSTRUMENT: Special Warranty Deed ZONING: RS-2 - Residential Multifamily, medium intensity PRESENT USE: Vacant land CONDITIONS OF SALE: Arm' s-length VERIFICATION: ENCUMBRANCES : Restrictions, covenants, limitations and easement of record. No apparent effect on sale price. VARIOUS ON-SITE UTILITIES: All utilities available to the site COMMENTS: Located on water in area of single- family mansion type development. 82 Page 554 of 865 ,s,„ -\-4 -t . ..,6-. .0,r. • ... -..t4 ' -• .. 4,54.01 ' 1. fit 71 ,i °411107 ' it /- - ilik !fir Of 1 . I it . , i .. C. VP 40r- 174. 1 Of a ' '' .• 7.m E 7=1_~'"' 111 # 404r . 110 - 444111111it IN- Photograph taken 12/8/2019 83 Page 555 of 865 1111111111111111111111111111111111 CFM 2O19RO6OaO72 de Ilk 31475 M 433-4 a 17M► IE(Om)te u i/30/017 t0saUa W MK MX 0111.ee0.tru SYRT*i 440.7511,r)) ha IL deo *VERIM)- 1MMen. T Men. 0100 Yw+r tam IR C11M1ettl Alaalrar r A Milli hed.1ear it• daMMaae.,tlyde sat ta01-71111 11111114111111 Y�aadal�rala Ildaas rade.[N Sae nae are= >r!i laaraw!.4 SOWN 1111011.none.11113 id1.No.22-3215-H34210&12-321S-0103-0245 (Spa.va+.e This t ese a o asar.Nq[teal ._ Special Warranty Deed Tli►%Verrsat r Deed made the 27 dal of September,20;9 between N %O E2.a Delman 1iwMd ptatrnnwnbl*,whose post offs a address is II Saila Ruse Mavtba,Lando,i!K W I S)PW gallon.ad 101 N$&LLC. is Florida iialW Ibb4MI raatpray whose post offi:e Address is WI I I Kane Camomile.SWM::;0.Bey Harborer bund. Florida 3)14.wawa •.rlirrner rod has ea rata-rr+r+' eaa*rune' .raise a dr peen to On warierme s as N.. woo.111.r=11e.a .r damr d ✓do,Irk=I sr ar.neart wow d toolsaweek craw.r truae.w. WitseelAR,that said sraatar, for and to cattadsfiliee of dee cera d ITh AND ?OWE*00 DOLLARS i1I0 00)aid outer good rd valuable.ona.d -w oat so sad cam(•V-by slid roue.the receipt+Awes(ra h.eby edutawl.dpd, has laaased, bargained. and sold to dee sed row r swift beim ted nstpe forever,the fdk w* era-resod lad. mole-tyma aid Aetna sn(N a Mt i DAD&COMO 1n-.it las 2$ aid 2o and the Steads 2)et to 27.M alone 1.A.et LA Witt L (iOU SUBD(Y[SIION.accordias to the Mei strtof,recorded in Plat Boat 14 Pap 43.et Se P abbe Mterdl of Mtrat•D)ade Cowry,FUME. Sabre.'to rats&building codes and other gmtwmaaassl regulations,tortdxmaraa,resas:wns, haemato,ce.eerrrta,ruts of sees detlu.w.cvra,rs-wrvaWltrs,ad eatertseets of record,if Ary Together.ante ail the tenements,heradttaraeats aid aPPtrteaun:ss*Weld t elani•ad or to may m appataattng Ti Homo sad M Held,tee ante a for movie forever And he grantee hewer. Letpnee is with sad grantee that r raw,ie lawfully wand of rood lad as he nrapia:dam tae parrs has gond nglr and lawful shore).to tall ata weeny meld Yak iRlt die te11or hereby 20y menu the dA/lo sod lad sad rail defend the same aiwaw the lawful dean et di pongee Aiwa'by,dtenu{A at wide,grnaa°'r,and tient said Wed tt her of al!ea:wat roncet.-steps taxes unsung aiaaalnlst w Datembr 31,MIS 84 Page 556 of 865 tSooKJ roe rage4iu3 rvozu 1/ubudufC rage r or Ok DK1167 PG 4304 r ► AST PAGE (n Witeeu Whereof grareoc has hereur4o set it teen/ hand awl.eat the da}ant syr felt a6-..c voltam tir�r[d ecalehl old deltoerat in aur pecience AIIR 1,040 I P.a t)eIaware runnel parertershy+ B) NDR 5140 1:.+P LP.a Detainee limited patnentn wk gems*partner DennyBy NBA 5840 of; r!t_.ac!srewt ttabtrtey cantata ae Ken an c t Pt int`4 . 2C4(11 11) 1.1 : .YSr_'1;i L£L STATE(P il(MIDA COUNTY Of /%ay r"ad at e not foregoing.nwurnent war tworr_to and attnovdcd fed beim rete this 17 dap of Setpienbee.2(19 e>Kevin Flaherty. a+sok Kerner of)BR'440 GP.'.it C a Dolton`.anrted WNW*p1nory.task sewed wow ot`9131t Stitt t.P.LP.a (*aware trmtaed pernienAip, auk penal prow of hBR 1$40 1.?, i Delaware landed prihius behalf of ihe compan} sot*,Ix I t,pernowalt) asoown to tat or I wha hal programa ea dewctfKaoon sad Sid nn!tater a oat Nein MIK Prised . . w mgt,s Nt ra w M p h UArntu.un E veal - t Watts amts i 2974 iron n.arart allat tree 85 Page 557 of 865 QUALIFICATIONS OF APPRAISERS 86 Page 558 of 865 QUALIFICATIONS ROBERT D. MILLER, ASA EDUCATION: Appraisal Institute Courses SSP Standards of Professional Practice I-A Fundamentals of Real Estate Appraisal I-B Capitalization Theory and Techniques 8 Appraising a Single-Family Residence 2-1 Case Studies in Real Estate Valuation 2-2 Report Writing Business Valuation Seminar Litigation Valuation Other Appraisal Courses Mass Appraisal of Residential Properties Florida State Law and USPAP Factory Built Housing Automated Valuation Models PROFESSIONAL Senior Member of American Society of Appraisers- AFFILIATION: South Florida Chapter No.82—Accredited Senior Appraiser(ASA) Real Property Urban LICENSED: Certified General Real Estate Appraiser#0001270-State of Florida EXPERIENCE: 1993-Present Vice President-The Urban Group,Inc. 1995-Present Owner Appraisal Firm 1978-1993 Real Property Analysts,Inc.,Fort Lauderdale, Florida,Executive Vice President 1987 Involved in United States Senate Study Right-of-Way Acquisition Procedures QUALIFIED AS EXPERT WITNESS FOR: Condemnation proceeding in Broward, Miami-Dade, Monroe,Palm Beach and Duval Counties,Florida and Lake,Kankakee,Cook and DuPage Counties, Illinois.Testified in Bankruptcy Court in Florida and Texas and Federal Court in Miami,Florida HAS COMPLETED: Appraisal Assignments Counseling Commercial,vacant and improved Acquisition projects Condemnation projects Income tax analysis Industrial,vacant and improved Investment analysis Multi-family residential, Tax assessments Mobile Home Parks ROW Cost Analysis Office,vacant and improved Special assessments Special purpose properties Review Services 87 Page 559 of 865 QUALIFICATIONS OF STEVEN D. JOHNSON, MAI, CPM STATE CERTIFIED GEN. R. E. APPRAISER NO: RZ587 P.O. Box 821501 Pembroke Pines, FL 33082 954-345-5500 EDUCATION AND APPRAISAL COURSES: FLORIDA STATE UNIVERSITY,Tallahassee, Florida The Florida Center for Public Management—Certificate in Supervisory Management, June 2007 The Florida Center for Public Management—Certified Public Manager MANKATO STATE COLLEGE,Mankato, Minnesota Bachelor of Science Degree in Business Administration,July 1968 WALDORF JUNIOR COLLEGE, Forest City, Iowa Associate of Arts Degree in Business Administration,May 1966 VARIOUS APPRAISAL COURSES From Appraisal Institute, Federal & State agencies,etc. PROFESSIONAL MEMBERSHIPS MAI membership with the Appraisal Institute Licensed Real Broker in the State of Florida,No. BK 0397538 State of Florida Certified General Real Estate Appraiser,No. RZ 0000587 PROFESSIONAL EXPERIENCE 2017-Present-Steven D.Johnson, MAI, The Urban Group, Inc. 1998 to 2017 — Florida Department of Transportation, District VI, Right of Way Appraisal Manager 1982 to 1998—C.R. Johnson& Associates,Vice President TYPES OF PROPERTIES APPRAISED Condemnation Appraisals Residential Commercial Industrial 88 Page 560 of 865 VARIOUS CLIENTS OVER THE PAST TEN YEARS GOVERNMENT • BROWARD COUNTY BROWARD COUNTY AVIATION DEPARTMENT BROWARD COUNTY SCHOOL BOARD CHARLOTTE COUNTY CITY OF BOYNTON BEACH CITY OF CORAL SPRINGS CITY OF DELRAY BEACH CITY OF FORT LAUDERDALE CITY OF FORT MYERS CITY OF HALLANDALE BEACH CITY OF HOLLYWOOD CITY OF LAUDERDALE LAKES CITY OF KEY 1ST CITY OF MARGATE CITY OF MIAMI CITY OF MIAMI BEACH CITY OF MIAMI SPRINGS CITY OF NORTH LAUDERDALE CITY OF POMPANO BEACH CITY OF RIVIERA BEACH CITY OF SUNRISE CITY OF WEST PALM BEACH FEDERAL AVIATION ADMINISTRATION FLORIDA DEPARTMENT OF TRANSPORTATION MIAMI-DADE COUNTY PALM BEACH COUNTY PALM BEACH COUNTY SCHOOL BOARD SOUTH FLORIDA WATER MANAGEMENT TOWN OF DAVIE US DEPARTMENT OF HOUSING&URBAN DEVELOPMENT PRIVATE ALTMAN DEVELOPMENT CORPORATION BELLSOUTH MOBILITY CLEAR CHANNEL OUTDOOR CLEVELAND CLINIC LENNAR HOMES THE TAUBMAN COMPANY SBA TOIRS INC. UNITED HOMES WAL-MART CORPORATION ATTORNEY ACKERMAN SENTERFITT BECKER&POLIAKOPF TOBY BRIGHAM- BRUSCHI LP COKER AND FEINER BRIAN PATCHEN PA HOLLAND&KNIGHT GREENSPOON MARDER TEW CARDENAS GOREN CHEROF DOODY&EZROL PA WEISS-SEROTA-HELFMAN 89 Page 561 of 865 SKETCH TO .. ,1 Y c ACCOMPANY DESCRIPTION `I r II C b A OF A PARCEI.OF LAND LYING IN } / "' /^+c N SECTION II,TOWNSHIP 53 SOUTH,RANGE 42 EAST, r' 1 • i,, 1i A MMIAMI-DAVECOUNTY,FLORIDA 1 j ^rr ' CURVE TABLE is 1 ,�� Ct �,4 IENGrn Roo-56- 170325- 703 .c ! 4-€i�fwc"1C 11NGr� ew..•t„c l.,L ' r' ..,4-...4 c / fr''<� rsiAllisile C. 1 431 302-'§D IYd3 3 n 7r74'2i C �I1�.=T uKwn(u u,44 N7Rl,Milh.. I� r �'% C'2_..p•15ir 49730' trd3'2S” 74.74'21-N I4)I WATERwr- D.qo 5 11 sn s 4 4 t' "/: �� `3 ,•$33 '3350 -•4716' 47.4301-44 IN54•..____. sGN:RLIGr.Sv9NLRLD;47 ( SC4 ' •�1� j 1 NO 7503,(2213-'3: '0 10,11 Sla`i ] -.._..- jY i T INDIAN CREEK ILORUA OCFARNIEN,CO , v k P-4 L 4Wn$ _ ye G rW.HSPta(4IUr 10116 '.) y/�1 S EAST CHANNEL I 1 6; '__. 'LI N 042620 w 3$.39' I1 ' � I a N 09'213 2C' M 1 - - I, L3 N 031 ,( ':DNta '( -K ,ry.I LI 440%03,, E _—_ Su040,,,ov,(.111 ':.CNNA;• 11 ./ NI w5/4u R1It.1 (f + ,1 ,� a %' En534[nr .0 21'1' .• - df 31.,LM.IE.4,ow -,,, --_ I'1 K, \t• ////// LCI) JA CR 50N7 IE 10...I 4,N CCAS I.E r I i `ry o (I f'r e ,0,1,C14E.: " Da.,,,..14 .11.04 IEJ t' S4. ) I,t*!005,' ! _E 7 S.* *CC44 So147441.(4) NNO EAS{NLNt 11 f 214 1 ( .zl 1..1� 4': )7031 172&. 3) r INI StA't Cr 1 I C1CNCI 411.*4474.) d4 ,,circ. EI2280-4r Or I ;Ut *S4'Y. S�n / ,rsAN• RLtq. :'' _.-8113 X 10 813 s ft 1f11 c,,,:,,. ., LO7AGF 44 �'--� T • µ - P.O.S. N 80 S6'p7-E o 4,3; / /11:,,,,,c.).4, tN,( (� �} ,r 87(19,s+ •: EASEMENT �' x I ls9 7Q�.�,- X56-�" tN ✓` 7" 10SILJ7 _r3) `- ~1 41!>� 0 1 - c �qh, 1 .� 7A.80,. I.4.Nr4NE0. N II ti.: r� -- 1 VI '•-� ✓OJ'.0 I t y',_ l.'(44,1‘ (,N"^E T -.4 J ) t-'y tRNyI.G .. 1"..', 1 I L .. - r -- PROPl76E nwRnlL aL.. c..• it I4,,L 1' y, ,—r w -•["c7�" 10 (rste• T iy/'' �' r� y aa4"G 3 ‘-cr.,:.-Fir STATE PLANE�j i i .�-;•a 0.R .11. ..n.( 4w, DE>G P40.!-1..:"., �S,r< o?S�)�/ -'t 9' / J,,�//f. �� — IN tr a, 5A1787d.r 9 E . I.,.1,....._02....,......„1. +` � f 7 ...--.----"Jr"-- F 5J A'.c uJyJ40 C< IC Snl 1�+. _ , r A'4,44P.AI•.. �nWA DF►aR1rt47 0, �rrL ,r. II a, -,,.. ,v.•15 [Z �"` TM1!1."1".RO.o4RCLL M0 W [ASLNL4; 0.53 . ...... 1 �'-:-2-53---3.2t �} WEST 63RD STREET 1INDIAN CREEK EAST CHANNEL 'v *• + LI-DADE COUNTY,1,LQRJDA P.o.c. =' - 7114E SKETCH INDIAN CREEK ,;-:-..-\..-.______, IorrD s_cLecwn.�L _ EAST CHANTEL METRON 7 11 SURVEYING&MAPPING,LLC.a7 4rrt2 "5-NDA 33507 +NDNt <739) r»-are �"` •SURVEY CONSISTS OF SHEETS 1-7+ j \ I CM-(231)775-$437 LA'•'O$LRt•Ei3'tl1LS•KnK(!7CRS "ASID 15 NOT VALID WITHOUT COMPLETE SET• ,`� 707) ,.Ne.,.nl.,,., LBS uy1.1j..., - - . ,-- •••••,:',,-„."• FIBER OPTIC CABLE• 7 ' r2 ,.,0 w0. l..... EAST 7�I'�o ""`;"°�_ ,4793 w r .-, INSTALLATION f 33 2t 20 0 rNs 1.45011' s.M ai wwn Kai ._.__�—___ _— I _... 11-33_41 Page 562 of 865 DESCRIPTION OF A PARCEL OF LAND LYING IN SECTION 11,TOWNSHIP 53 SOUTH,RANGE 42 EAST, MIAMI-DADE COUNTY,FLORIDA (10' EASEMENT) LEGAL DESCRIPTION: A 10' EASEMENT, LYING IN --E STATE OF FLORIDA, COUNTY OF MIAMI-DADE, IN SECTION 11, TOWNSHIP 53 SO-"=, RANGE 42 EAST, BEING PART OF LOT BLOCK 3, SECOND OCEAN FRONT SUBDIVISION, AS RECORDED IN PLAT BOOK 28, PAGE 28 OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCINQ AT THE INTERSECTION OF THE CENTERLINES OF WEST 63RD STREET AND ALLISON ROAD (FORMERLY WATER VIEW PRADO) ACCORDING TO THE PLAT OF INDIAN CREEK SUBDIVISION AS RECORDED IN PLAT BOOK 31 AT PAGE 75 OF THE PUBLIC RECORDS OF MIAMI-DADE, FLORIDA; -IENCE N.80'23'28"E., ALONG SAID CENTERLINE OF WEST 63RD STREET FOR A LANCE OF 250.90; THENCE N.09'26`20"W. LEAVING SAID CENTERLINE Fr.:- - INSTANCE OF 36.59 FEET. TO A POINT ON THE EAST SIDE OF A CONCR_• _, THE MEAN HIGH WATER LINE, THE BULKHEAD LINE FOR JACKSO`.V' `�ACOASTAL WATERWAY SOVEREIGN SUBMERGED LAND EASEMENT -'3) TO THE STATE OF FLORIDA DEPARTMENT OF TRANSPORTAT"", - 3-'941; THENCE CONT NUE N.09'26'20'W. ALONG SAID CC%- SEAWALL, MEAN HIGH WATER _NE AND SAID BULKHEAD LINE FOR A D'S-A.:_ - T. 13 FEET; THENCE N.67'52'41"E LEAVING SAID CONCRETE SEAWA__, '.- . - MATER 'JNE AND SAID BULKHEAD LINE FOR A DISTANCE OF 80.47 _ _ A CURVE TO THE =z'OHT HAVING A RADIUS OF 502.50 EE - - ,,:RVE THROUGH A "=NTRAL ANGLE OF 13'03'25", A CHORD ip,EANG OF N .1 - . A CHORD _._s.1_,---, OF 114.27 FEET AND AN ARC LENGTH OF 114.51 -._ E N.80'56 FOR A DISTANCE OF 104.70 FEET TO A POINT ON THE WEST = :I:I OF AN EX:S- '.0 CONCRETE SEAWALL, MEAN HIGH WATER LINE AND SAID =:.,_KHEAD LINE AND THE POINT OF BEGINNING HAVING A NORTHING OF 550178.21 AND AN FASTING OF 944953.60; THENCE N.08103'"'"E. ALONG SAID CONCRETE SEAWALL, MEAN HIGH WATER LINE AND SAID BULKHEAD -NT TOR A DISTANCE OF 2.61 FEET; THENCE N.80'56'07"E., LEAVING SAID CONZT=-E SEAWALL, MEAN HIGH WATER LINE AND SAID BULKHEAD LINE FOR A DISTANCE O'I 57.09 FEET TO A POINT ON THE NORTHERLY RIGHT OF WAY OF WEST 63RD STREET AND THE BEGINNING OF A NON-TANGENT CURVE TO THE RIGHT HAVING A RADIUS OF 135.00 FEET; THENCE ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 0747'16", A CHORD BEARING OF 5.47'43'01"W., A CHORD LENGTH OF 18.34 FEET AND AN ARC LENGTH OF 18.35 FEET; THENCE S.80156'07"W. LEAVING SAID NORTHERLY RIGHT OF WAY FOR A DISTANCE OF 74.80 FEET TO A POINT ON SAID CONCRETE SEAWALL, MEAN HIGH WATER LINE AND SAID BULKHEAD LINE; THENCE N.08103'11"E. ALONG SAID CONCRETE SEAWALL, MEAN HIGH WATER LINE AND SAID BULKHEAD LINE FOR A DISTANCE OF 7.85 FEET TO THE POINT OF BEGINNING. EASEMENT CONTAINS 813 SQUARE FEET, 0.019 ACRES, MORE OR LESS I. BEARINGS SHOWN HEREON ARE TRUE NORTH BASED ON STATE PLANE COORDINATES FLORIDA FAST ZONE, NORTH AMERICAN DATUM OF 1983 (1990 ADJUSTMENT). 2. DISTANCES ARE IN FEET AND DECIMALS THEREOF. 3. PARCEL IS SUBJECT TO EASEMENTS, RESERVATIONS OR RESTRICTIONS AND RIGHT-OF-WAYS (RECORDED AND UNRECORDED. WRITTEN AND UNWRITTEN). WEST 63RD STREET INDIAN CREEK EAST CHANNEL MIAMI-DADE COUNTY,FLORIDA !TITLE DESCRIPTION 090: CEEVE AN AVE. METRON FME EFS 4)]907 SURVEYING&MAPPING,LLC 123911275 8E51 L9.\'O eCRVHYORS•PLANNERS .metronfl.corn ". LB%7071 ••• RE w,[- 1D ,cc,W.. '9€!' 1429559 EAST 2.4*99 I 14295 7 OF sm.UNE I=AEA Sr SC.E- G1ME9 n. ICS-,-9) 1 11-26-19 j JDF 1' = 40' DJO 1 11-53-42 Page 563 of 865 This instrument was prepared by: Return to: Raul J. Aguila, City Attorney City of Miami Beach Office of the City Attorney, 4th Floor 1700 Convention Center Drive Miami Beach, Florida 33139 FOLIO#: 02-3211-007-0720 EASEMENT THIS EASEMENT AGREEMENT (the "Agreement")is_made effective this day of ,2019, by and between the CITY OF MIAMI BEACH;FLORIDA, a Florida municipal corporation,with an address of 1700 Convention Center Drive, Fourth Floor, Miami Beach, Florida 33139 ("Grantor")and CROWN CASTLE FIBER,LLC, a New York limited liability company, with an address of 2000 Corporate Drive, Canonsburg;PA 15317 ("Grantee") WHEREAS, Grantor owns a parcel of real property located in the City of Miami Beach, Florida, bearing Folio No. 02-3211-007-0720, and being tie_remainder of Lot 1, Block 3 Second Ocean Front Subdivision, Plat Book 28,;Page 28, of the Public Records of Miami-Dade County, Florida ("Property ), and WHEREAS, Grantee is a wireless infrastructure provider, which builds and installs wireless communication transmission equipment; and WHEREAS Grantee desires to obtain:a non-exclusive underground utility easement, over, across and through a portion ofthe Property.(the"Easement Area")(as defined in Paragraph 2 below) for the installation,^replacement and maintenance of wireless communications facility equipment("Facilities") ("PermittedrUses`') pursuant:to_ the terms and conditions set forth herein; and WHEREAS, Grantee;will be installing four (4) 1.5 inch conduits, of which one (1) will be used to house.fiber and related communication transmission equipment within the Easement Area, reserving`the other three(3) conduits'for future use (the "Initial Facilities"). NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged;=;the parties agree as follows: 1. Recitals. The above`recitals and findings set forth in the preamble of this Agreement are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. 2. Grant. Grantor grants unto Grantee, its lessees and licensees, a non-exclusive underground utility easement, having ten (10) feet in width and approximately 813 square feet, in, on, over, across and under that portion of the Property being described more specifically on Exhibit "A" attached (the "Easement Area") to install, replace and maintain utility service wires, fiber optics, cables, conduits, pipes and/or other related utility, and communications facilities, together with the non-exclusive right of ingress, egress and regress over the Property for general EXHIBIT"1" Page 566 of 865 construction purposes, subject to the prior coordination and consent of Grantor, which consent will not be unreasonably withheld or delayed. 3. Use of Easement Area. During the term of this Agreement, the Easement Area shall be used for only the Permitted Uses. Grantee will cause plans and specifications to be prepared for any construction work related to the installation of any Facilities (the "Work") and obtain any and all governmental permits and approvals which may be required by any and all federal, state and local laws ("Laws") applicable to the Work (the "Permits"). While the Initial Facilities have been approved by Grantor, in its proprietary capacity, all subsequent Work, which does not involve the use, maintenance, repair or installation within the Initial Facilities, shall be subject to the consent of Grantor, which consent shall not be unreasonably withheld or-_delayed, provided said Facilities shall not unreasonably impair the Grantor's use of its Prop_erty and is contained within the Easement Area. After completion of the Work in the Easement Area by the Grantee, Grantee, at its sole expense, shall be, required to restore the surface area of the Easement Area and the surrounding area to its original or better condition, ensuring that any hardscape or landscape that was disturbed during the construction process, including other adjoining areas, to look uniform and not patched up. Grantee shall be responsible_for maintaining its-Facilities located within the Easement Area in good condition at all times,andin compliance with all Laws. In connection with any approved Work, Grantor, in its proprietary capacity, agrees to execute any Permit documents as may be necessary to obtain and;thereafter maintain the Permits. 4. Use by Grantor of Property.-:GGrantee.realizes that'this is a nonexclusive utility Easement Area and that Grantor may continue to-use'the Easement Area, provided that Grantor does not unreasonably impede Grantee from using:-,the Easement Area for the Permitted Uses. Grantee, at its own expense, may be required to_move or modify the Facilities, as may be deemed necessary in connection with=Grantor's use and operation of:the Property or in connection with a governmental interest:of the.CityW,Miami Beach:r ln;the eventof:a request for relocation, Grantor shall provide an alternate location as close as reasonably possible to the existing Easement Area.. Unless caused by the grossnegligenceyof Grantor, its employees, or agents, Grantor shall not be liable for injury, loss or damage to;any of Grantee's facilities that may be present in or outside the Easement Area'-from=time to time;-'however occurring: 5. Easement Tenn This Agreement and Grantee's rights and privileges hereunder shall be for a period-of nine (9)yearsand threehundred sixty-four(364)days and may be terminated only as provided for herein. The Term commence upon commencement of construction activities in the Easement:Area. Grantee:shall send written notice.to Grantor indicating the date that construction commences. 6. Consideration:-Granteewill pay to Grantor an annual fee for use of the Easement in the amount of Five Thousand Nine Hundred Forty-Five and 00/100 Dollars ($5,945.00) per year for the first year,with three percent(3%)annual increases thereafter.The annual fee shall be payable within sixty (60) days of the full execution of this Agreement and payable each year thereafter within ten (10) days of the annual anniversary of the commencement date of this Agreement. 7. Insurance. At all times during the term of this Agreement, Grantee, at its sole expense, shall obtain and keep in force insurance which may be required by applicable Laws governing Grantee's operations upon the Easement Area, and at minimum shall include the following: A. Commercial General Liability Insurance on an occurrence basis, to include: Premises Operations; Independent Contractors; Contractual Liability; Personal & Page 567 of 865 Advertising Injury; Products-Completed Operations; Broad Form Property Damage including Completed Operations; and Underground, Explosion and Collapse Property Damage, with limits no less than $1,000,000 per occurrence and $2,000,000 aggregate, for bodily injury and property damage. City of Miami Beach must be included as an additional insured by endorsement with respect to this coverage. B. Workers' Compensation Insurance for all employees of the Grantee, and Grantee shall require subcontractors at all tiers to carry Workers' Compensation Insurance, as required by Florida Statute Chapter 440 and Employer's Liability Insurance with a limit of no less than $1,000,000 per accident for bodily injury or disease. Waiver of Subrogation—Grantee agrees to obtain any endorsement that may be necessary to affect the waiver of subrogation on the coverages required.-: However, this provision applies regardless of whether the Grantor has received a w giver of subrogation endorsement from the insurer. Acceptability of Insurers — Insurance must.be placed with insurers with a current A.M. Best rating of A:VII or higher. If not rated, exceptions may be made for members of the Florida Insurance Funds (i.e. FWCIGA, FAJUA). Carriers may also be considered if they are licensed and authorized to do insurance business in the State_of Florida. Verification of Coverage — Grantee_shalt:furnish the Grantor with original certificates and amendatory endorsements, or copies of theapplicable insurance language, effecting coverage required by this Agreement._ .All certificates.and endorsements`are to be received and approved by the Grantor before work commences. However, failure to obtain=the required documents prior to the work beginning,shall not waive the Contractor's obligation to provide them. The Grantor reserves the right to ':review complete, copies.;of all required insurance policies, including endorsements, required by,these specifications;=at any time at a mutually agreeable location. CERT IFICATE HOLDER MUST READ ` CITY OF MIAMI BEACH 1700 CONVENTION CENTER DRIVE- 1:=:3rd FLOOR MIAMI BEACH, FL33139 Compliance with the foregoing requirements shall not relieve Grantee of his liability and obligation under this section or under any-other section of this agreement. 8. Grantee's Right to Terminate; Removal of Grantee's Improvements. Grantee shall have the right to terminate this Agreement, at any time, without cause, by providing Grantor with one hundred eighty (180) days' prior written notice. Upon such termination, this Agreement shall become null and void and neither party shall have any further rights or duties hereunder, except as to provisions which are intended to survive expiration or termination of the Agreement. Prior to the expiration or termination of this Agreement, Grantee shall remove all of Grantee's Facilities from the Easement Area and restore the Property to the condition it was in before this Agreement, reasonable wear and tear excepted. 9. Recording. Grantee or Grantor shall have the right to record this Agreement or a memorandum of this Agreement with the appropriate recording officer. The non-requesting party Page 568 of 865 shall execute and deliver such a memorandum, in the form acceptable to Grantor,for no additional consideration, promptly upon request by the other party. 10. Hold Harmless. Grantee shall indemnify, defend and hold harmless Grantor, and its officers, employees, agents, and contractors ("Indemnified Parties")from and against any and all actions (whether at law or in equity), claims, liabilities, losses, and expenses, including, but not limited to, attorneys' fees and costs for personal, economic or bodily injury, wrongful death, loss of or damage to property,which may arise or be alleged to have arisen from the use, construction on, and occupancy of the Easement Area by Grantee, its employees, contractors, servants, lessees, licensees or agents, or any other person or entity acting under Grantee's control or supervision, except to the extent such claims are caused by the intentional misconduct or grossly negligent acts or omissions of the Grantor, its officers, employees, agents and contractors. To that extent, Grantee shall pay all such claims and losses:and shall pay all such costs and judgments which may issue from any lawsuit arising from such claims and losses, and shall pay all costs and attorneys' fees expended by Grantor, in the defense-of such claims and losses, including appeals. Granteeexpressly understands and agrees that:any insurance protection required by this Agreement or otherwise provided by the Grantee shall in no way limit Grantee's responsibility to indemnify, keep and save harmless and defend the Indemnified Parties as herein provided. The provisions of this Section 10 and ofthis indemnification•shall survive termination or expiration of this Agreement. 11. Hazardous Substances. For the purposes of this Agreement, "Hazardous Substances" shall mean, without limitation,all hazardous toxic substances,wastes and materials, all pollutants and contaminants and any other similar substances or materials which are included under or regulated by any present-or future'_EnvironmentalLaws. The term "Environmental Laws" means any local, state or federal.law, rule*regulation pertaining to protection of human health and the environment, or environmental contamination, clean-up or disclosure including, without limitation, the federal Comprehensive Environmental Response Compensation and Liability Act of 1980,the federal-Resource Conservation and.,Recovery-Act-of 1976, and any applicable law concerning waste management for the„state where the Premises is located, and amendments thereto, and regulations adopted pursuant to all such statutes, as amended. Grantee shall not(either with or'without negligence)cause or permit the use, storage, generation, escape, disposal or release of any Hazardous Substances of Hazardous Wastes in any manner not sanctioned by law. to all,events, Grantee shall indemnify and hold and hold Grantor harmless from any and all claims, damages, fines, judgments, penalties, costs, liabilities or losses (including, without limitation, any and all sums paid for settlement of claims, attorneys' fees, and consultants' and experts' fees) from the presence or release of any Hazardous Substances or Hazardous Wastes on the Easement Area if caused by Grantee or persons acting under Grantee. Grantee shall execute such affidavits, representations and the like from time to time as Grantor • may reasonably request concerning Grantee's best knowledge and belief as to the presence of Hazardous Substances or Hazardous Wastes within the Easement Area or otherwise affecting the Property. 12. Interference. Subject to the requirements of Paragraph 4, from and after the date hereof and continuing until the Agreement is terminated, Grantee shall have the non-exclusive right to Page 569 of 865 use the Easement Area in any manner which is consistent with the Permitted Uses and that will not interfere the Grantor's use of the Property. 13. Performance Bond. Grantee shall, within thirty(30)days from the Effective Date, furnish to the Grantor a Performance Bond in the sum stated below for the payment of which Grantee shall bind itself for the faithful performance of the terms and conditions of this Agreement. A Performance Bond, in the amount of Twenty Thousand and 00/100 ($20,000.00) Dollars, shall be provided by the Grantee in faithful observance of this Agreement. A cash deposit, irrevocable letterr of credit, or certificate of deposit may also suffice, as determined by the Grantor, in its reasonable discretion. The form of the Performance Bond or alternate security shall be approvedtby-the Grantor. Grantee shall be so required to maintain said Performance Bond or alternate:security in full force and effect throughout the Term of this Agreement. Grantee shall have an affirmative duty to notify the Grantor, in writing, in the event said Performance Bond or alternate security lapses or otherwise expires. All interest that accrues in connection with any financial instrument or sum of money referenced above shall be the property of Grantee, except in an event of default, in which case.theGrantor shall be entitled to all interest that accrues after the date of-default. 14. Notices. All notices hereunder_shall_:be,in writing-and shall be given by (i) established national courier service which maintains=del`ivery. records, -(ii) hand delivery, or (iii) certified or registered mail, postage prepaid, return receipt requested to the addresses contained herein. • Notices are effective upon receipt, or upon attempted delivery if delivery is refused. If to Grantor • City ofMiamiBeach,Florida 1700cConvention Center Drive :Fourth`Floor;.1 _, Miami Beach,Florida 33139 Attention: Public Works Director With'copy to: ''_ • Raul J. Aguila; Esq RDA Attorney. City of Miami Beach : .' 1700 Convention Center Drive Fourth Floor Miami Beach, Florida 33139 If to Grantee: Crown Castle Fiber LLC General Counsel Attn: Legal—Real Estate Dept. 2000 Corporate Drive Canonsburg, PA 15317 Page 570 of 865 15. Default/Remedies. In the event either Grantor or Grantee (1) fails to make any payments due under the Agreement within thirty (30) days, after written notice from the other party ("monetary default") or (2) fail to fulfill, in a timely manner, or otherwise violates, any of the covenants, agreements, or stipulations material to this Agreement within thirty (30) days, after written notice from the other party("non-monetary default"), such other party shall have the right to terminate the Agreement for cause. The timeframe to cure a non-monetary default shall be reasonably extended if the defaulting party has commenced the curative actions and the timeframe to cure will take longer than thirty (30) days to complete, but for no longer than sixty (60) days. Additionally, such other party shall have the right to seek injunctive relief, to require specific performance of this Agreement, to collect damages.from-the defaulting party, and to take such actions as may be necessary in such other_party's discretion to cure such violation and charge the defaulting party with all reasonable costs and expenses incurred by such other party as a result of such violation (including, without limitation, such other party's reasonable attorneys'fees). All rights and'remedies provided under this Agreement are cumulative and may be pursued singularly,in any combination, and in any order. The failure to enforce any of the terms and provisions contained herein shall in no event be deemed to be a waiver of the right to thereafter strictly enforce the.terms and provisions hereof. Interest. Any sums which remain unpaid shall:accrue interest at the rate of one percent (1%) per month from the due date.until paid in full;.'.. 16. Miscellaneous. a. Authority 'Grantor represents that it owns the referenced property in fee simple and has the right ard,authority to execute this=Agreement.` b. Partial Invalidity'If any term of this Agreement is found to be void or invalid, then such invalidityshall not affect the remaining ter4 of this Agreement which shall continue in full;force and-effect. c;Successors and-Assigns;Except as otherwise provided herein, this Agreement shall exteno to and bind rthe heirs, personal representatives, successors and assigns of the parties:hereto d. Entire Agreement: Grantor and Grantee agree that this Agreement contains all of the agreements, promises and understandings between Grantor and Grantee. Any addition, variation or modification to this Agreement shall be void and ineffective unless made in writing and signed bythe parties hereto. e. Construction of Document. Grantor and Grantee acknowledge that this document shall not be construed against the drafter by virtue of said party being the drafter. f. Applicable Law. This Agreement and the performance thereof shall be governed, interpreted, construed and regulated by the laws of the State where the Easement Area is located. Remainder of Page Left Blank; Signature page follows Page 571 of 865 IN WITNESS WHEREOF, Grantor and Grantee having read the foregoing and intending to be legally bound hereby, have executed this Agreement as of the day and year first written above. GRANTOR: CITY OF MIAMI BEACH, FLORIDA By: Print.Name: Print Title: ACKNOWLEDGEMENT • State/Commonwealth of County,of On this, the day of 20 , before me, the undersigned officer in and for the above-stated jurisdiction, personally appeared [signer s name], who acknowledged him/herself to be the [title] of Miami Beach Redevelopment Agency, a Florida publicbody corporate and politic, and that he/she, being authorized to do so;.executed the_foregoing Easement for the purposes therein contained. IN WITNESS WHEREOFA hereunto set mVhand and official seal. Notary Public Page 572 of 865 GRANTEE: CROWN CASTLE FIBER LLC, a New York limited liability company, By: Print Name: --- Print Title (if any): ACKNOWLEDGEMENT State/Commonwealth of County of On this, the day of 20 , before me the undersigned officer in and for the above-stated jurisdiction, personally appeared [signer's name], who acknowledged him/herielf to be the [title] . of Crown Castle Fiber-LLC, 'a New York Limited Liability„gompany, and that he/she, being authorized to do so, executed the foregoing Easement for the purposes therein contained. IN WITNESS WHEREOF, Fbereunto set my hand and official seal. Notary Public „ . Page 573 of 865