2015 Reserve Study Report LOCATED AT: FOR: AS OF: BY:

Transcription

1 2015 Reserve Study Report LOCATED AT: 101 Oasis Drive Pompano Beach, FL FOR: Oasis at Palm Aire Association, Inc. 101 Oasis Dr., # Office Pompano Beach, FL AS OF: January 1st, December 31st, 2015 BY: Paul R. Cassidy, Cert Gen # RZ3176 All Florida Appraisal Group, Inc. 500 S Cypress Road, # 11 Pompano Beach, FL / (phone); 954/ (fax) pcassidy02@aol.com Form GA1_LT "WinTOTAL" appraisal software by a la mode, inc ALAMODE 1

2 A Reserve Study Analysis Report OF: Oasis at Palm Aire 2015 Budget Year: January 1 st, 2015 December 31 st, 2015 FOR: Oasis at Palm Aire Association, Inc. BY: Paul R. Cassidy State Certified General REA #RZ3176 Certified Marshall & Swift Estimator # ALL FLORIDA APPRAISAL GROUP 500 S Cypress Road, # 11 Pompano Beach, Florida / (phone); 954/ (fax) pcassidy02@aol.com 2

3 Paul R. Cassidy State Certified General R.E. Appraiser # RZ3176 All Florida Appraisal Group 500 S Cypress Road, # 11 Pompano Beach, FL Phone (954) pcassidy02@aol.com Fax (954) Oasis at Palm Aire Association, Inc. c/o Board of Directors 101 Oasis Dr., # Office Pompano Beach, FL April 28 th, 2015 File No: 0415-P9518 Reference: Property Name / Address: Reserve Study Oasis at Palm Aire Pompano Beach, Florida Board, In accordance with your request, attached please find our Reserve Study Analysis for the above referenced buildings and selected components. Also included for valuation are the requested common element items. The effective date of this report is for the 2015 Budget Year. This report is intended for sole use by the Homeowners Association / Client [Oasis at Palm Aire Association, Inc.] to assist with long term budget planning and evaluation. This report is based on a physical examination and visual observations of exposed areas with no removal of interior finishes. Observations of the structures and related elements were surveyed through accessible areas normally used during routine maintenance. The condition of the buildings and mechanical features represents the present conditions of each, as to the extent reasonably possible. 3

4 Oasis at Palm Aire Reserve Study 2015 Budget Year April 28 th, 2015 Page Two The following pages summarize the budget amounts and life expectancy for each asset that was requested. This report is intended for use by the association as a useful tool for long term budgeting and planning. The actual reserves set aside is done at the sole discretion of the Association and the information in this report is not meant for performing an audit, quality/forensic analyses or background checks of historical records. It was a pleasure assisting you with this matter. Please feel free to contact me with any questions or concerns. Best regards, Paul R. Cassidy State Certified General Real Estate Appraiser # RZ3176 Certified Marshall & Swift Estimator #

5 REPORT PROCESS The purpose of this report is to provide the Oasis at Palm Aire with specific information necessary in establishing a capital reserves program for the current budget year beginning January 1 st, 2015 and ending December 31 st, The process of preparing this report began with an on-site inspection of the Association's property. During this inspection, an initial review was made of past reserve expenditures and the current reserve plan. From there, an inventory was made of the specifically requested items of the building features, mechanical components and common area elements. Subsequently a reserve component list was developed. Using this list, a takeoff was then made of each component through a review of available construction drawings, checking maintenance records, taking pertinent measurements and noting its current observed physical condition. Additional background information on the property was obtained through discussions with various contact personnel. The information gathered during the site inspection, calculations were then performed to determine the correct quantity of each component. From there cost estimates were then prepared based on a combination of local contractor information, any available bid proposals, and our own database of local construction costs. Asset lives have been determined using a combination of published guidelines and our review of the properties climatic conditions and the components observed physical condition noted during our site inspection. It is possible that asset lives may not last as long as projected or may exceed their estimated lives. Outside influences such as weather, improper maintenance, physical / abnormal abuse can drastically alter the projected life and replacement cost. The Oasis at Palm Aire had $94, reserve funds on hand as of year-end

6 RESERVE STUDY ACCOUNTING This reserve study report calculates the annual reserve contribution using two methods. These are as follows: Straight Line Funding Plan: This plan utilizes straight line accounting formulas. Straight line accounting is based on current costs and neither interest nor inflation is factored into the calculations. Straight line accounting takes each individual line item component listed in the reserve schedule breakdown and computes its' annual contribution amount by taking its' unfunded balance (current replacement cost minus projected year end reserve balance) and divides it by the component's remaining life. This is the amount that should be contributed into the reserves accounts over the component's remaining life. Pooled Method - 30 Year Cash Flow Plan: To calculate the annual contribution amount using this method, a thirty year cash flow analysis is performed to determine that there will be adequate reserve funds on deposit as the reserve components of the property age and are repaired and/or replaced. This analysis takes the total beginning year reserve balance along with the projected annual reserve expenditures over a thirty year period, and through pooling of all of the reserve funds and creating one general reserve fund, arrives at an annual contribution amount so as to provide a positive cash flow and adequate reserve account balance over the next thirty years. Unlike straight line accounting, the numbers calculated in the cash flow plan factor in interest and inflation as well as any annual association contribution increases. 6

7 REPORT TERMINOLOGY & DEFINITIONS RESERVES - Monies set aside for the projected repair and/or replacement of the association s common elements. COMPONENT - A specific item or element which is part of the association's common area assets and is considered to require reserve funding. QUANTITY - The quantity or amount of each reserve component element. UNITS - The unit of measurement for each quantity. COST PER UNIT - The estimated cost to replace a reserve component per unit of measurement. CURRENT COST - The estimated current cost to replace a reserve component. USEFUL LIFE - The total average estimated life, in years, of a component to maintain its useful purpose. REMAINING LIFE - The estimated remaining useful life, in years, of a reserve component as of the current budget year. 12/31/2014 BALANCE - A projection of estimated reserve funds at the end of the previous budget year. UNFUNDED BALANCE - The total remaining amount of reserve funds that are required to fully fund a component. Calculated by subtracting the component's current replacement cost from its' year-end reserve balance CONTRIBUTION (Standard) - This is the total annual contribution amount for the current budget year calculated by dividing every component's useful life by its current replacement cost CONTRIBUTION (Fully Funded) - This is the total annual contribution amount for the current budget year calculated by dividing every component's unfunded balance by its' remaining life. 7

8 Structures & Site Improvements - [as requested by the client]: 1) Clubhouse / Recreation Building (101 Oasis Drive): This improvement consists of two semi-attached one story buildings which are connected via a covered breezeway. The building has a total of 2,418 square feet of enclosed building area and a 332 square feet of covered areas. The meeting / social building has a capacity of 75 persons and was constructed in The west structure contains the gym, game rooms and a men s and women s restroom. The buildings frame structures are composed of reinforced concrete block (CBS) wall construction with poured concrete columns and beams. Exterior finishes are stucco and paint. There is a pitched, wood truss, gable & hip style roof built up and finished with concrete tiles. The HVAC is provided via individual split system units. There is a reinforced concrete foundation / slab. ISO Construction Class 2 (Joisted Masonry). Comments: This building received a new roof & painting in HVAC is at end of useful life. 2) Swimming Pool, Spa & Patio Area: Reinforced concrete and gunite in-ground swimming pool, separate spa and an extended concrete patio / deck. A combination of masonry walls finished with stucco & paint as well as 5.5 metal fencing surrounds the patio area. Three single fixture flood lights on approximate 20 metal poles. Pool/spa equipment located in fiberglass shelter. Pool/spa heaters located on slab on ground. Comments: Patio was re-finished in early Pool & Spa were updated in approximately Fencing & masonry wall was painted in ) Security Gates / Entry Features: Five metal swing gates with electric motors, masonry end columns and metal fencing. One tele-entry systems and CCTV cameras and equipment. 4) Monument / Identification Walls (4): Metal & masonry frame walls finished with stucco, paint and raised lettering. 5) Guard House Building (10 Oasis Drive): CBS wall construction, pitched wood truss roof built up and finished with flat concrete tiles. 168 square feet. ISO Construction Class 2 (Joisted Masonry). Comments: This building received a new roof & painting in ) Perimeter Metal Fencing: Varying height metal panel fencing located along the north, west and east site boundaries. 8

9 7) Perimeter Masonry Walls: Approximate 5 masonry walls located along portions of the south site boundary. 8) Vehicular Bridge: One elevated bridge with reinforced concrete piles & deck with an asphalt finish. Masonry side walls with 8 triple fixture lights on metal poles. This structure connects W Atlantic Boulevard with Oasis Drive. Comments: This structure was erected at the time of community broke ground in 1994 and appears to be in overall good condition however the appraiser is not an expert in structural design of bridges and it is recommended to have an analysis prepared by a licensed engineering firm to accurately assess the remaining life expectancy of this asset. 9) Interior Roadways: 191,664 square feet of 1¼ asphalt paving. Comments: The interior roadways are showing signs of wear & tear with visible potholes and cracking noted. 10) Patrol Car: Dodge Intrepid (2001) with approximately 124,000 miles. Amounts shown in this report are taken from the Association as no determination has yet to be made on future replacement of this asset. 11) Landscaping: This is a category for general landscaping maintenance. Amount shown is taken from existing Association budget. See attached surveys, floor plans and photograph addendums. 9

10 Recent historical data along with published cost guides were used to determine the current replacement costs and useful life (age span) of each component analyzed in this report. General Information: Association Name: Oasis at Palm Aire Association, Inc. Property Name: Oasis at Palm Aire Property Type: Total Units: 167 Year Built: 1995 ISO Construction: Class 2 (Joisted Masonry) # of Levels 1 Building ID / Description / Square Footage: Bldg Size (sqft) Clubhouse / Recreation Building 101 Oasis Drive 2,750 Guardhouse Building 10 Oasis Drive 168 Total Gross Building Area (sqft) 2,918 10

11 Oasis at Palm Aire Reserve Schedule Summary Page: Reserve Study - Budget Year 1/1/ /31/2015 Useful Remaining Current 12/31/2014 Underfunded 2015 Annual Category / Component Life Life Replacement Balance Balance Contribution (age span) (age span) Cost (Fully Funded) Interior Common Areas $54, $10, $44, $12, Painting 8 6 $33, $9, $24, $4, Pavement $205, $54, $150, $73, Pool, Spa & Patio Area $25, $5, $20, $4, Roof(s) $26, $4, $22, $1, Site Improvements $1,137, $12, $1,125, $82, Pooled Fund Balance $94, $0.00 Unallocated Interest $0.00 $0.00 Totals $1,482, $94, $1,388, $179, Annual Contribution $179, Monthly Contribution $14, Monthly Per Unit Contribution $89.49 Quarterly Per Unit Contribution $

12 2015 Component Contribution $12,499.67, 7% $4,063.33, 2% $82,760.32, 46% $4,867.50, 3% $1,235.39, 1% $73,911.43, 41% Interior Common Areas Painting Pavement Pool, Spa & Patio Area Roof(s) Site Improvements c 12

13 Current Component Costs Site Improvements 76% Interior Painting Common 2% Areas 4% Pavement 14% Roof(s) 2% Pool, Spa & Patio Area 2% Interior Common Areas Painting Pavement Pool, Spa & Patio Area Roof(s) Site Improvements c 13

14 Oasis at Palm Aire: Straight Line Reserve Schedule Detail Page (1 of 2): Components Qty. Current Replacement Cost Interior Common Areas Estimate Replace Year Useful Life Remaining Useful Life 12/31/2014 Balance Underfunded Balance 2015 Annual Contribution (Standard) 2015 Annual Contribution (Fully Funded) Flooring, Furnishings Clubhouse 1 $23, $0.00 $23, $1, $4, Gym Equipment 1 $4, $0.00 $4, $ $1, Painting, interior Clubhouse 1 $2, $0.00 $2, $ $ HVAC, Clubhouse 2 $11, $10, $1, $ $1, Restrooms Update, Clubhouse 2 $12, $0.00 $12, $ $4, Interior Common Areas Total 7 $54, $10, $44, $3, $12, Painting Clubhouse Bldg, ext. paint 1 $4, $3, $ $ $89.17 Guardhouse Bldg, ext. paint 1 $ $ $ $43.75 $16.67 Fencing / Walls / Gates 1 $28, $5, $23, $3, $3, Painting Totals 3 $33, $9, $24, $4, $4, Pavement Asphalt, 1.25" overlay, striping (191,664 sf) 1 $199, $52, $147, $9, $73, Pool Concrete Deck (seal, repair) 1 $5, $2, $3, $ $ Pavement Totals 2 $205, $54, $150, $9, $73, Pool, Spa & Patio Area Pool Finishes & Equipment 1 $8, $3, $5, $ $1, Spa Finishes & Equipment 1 $2, $2, $ $ $62.50 Pool / Spa Heaters (2) 2 $10, $0.00 $10, $1, $1, Patio Furniture 1 $4, $0.00 $4, $ $2, Pool, Spa & Patio Totals 5 $25, $5, $20, $2, $4,

15 Oasis at Palm Aire: Straight Line Reserve Schedule Detail Page (2 of 2): Components Qty. Current Replacement Cost Estimate Replace Year Useful Life Remaining Useful Life 12/31/2014 Balance Underfunded Balance 2015 Annual Contribution (Standard) 2015 Annual Contribution (Fully Funded) Roof(s) Clubhouse Bldg (membrane, flat tile) 1 $24, $3, $20, $1, $1, Guardhouse Bldg (membrane, flat tile) 1 $2, $ $1, $ $ Roof Totals 2 $26, $4, $22, $1, $1, Site Improvements Vehicular Bridge 1 $1,085, $0.00 $1,085, $31, $72, Irrigation, pumps & equip. 1 $3, $1, $2, $ $ Security Cameras & Equip. 1 $6, $2, $4, $ $ Security Gates & Motors 5 $29, $1, $27, $1, $3, Patrol Car (2001 Dodge Intrepid - 124k miles) 1 $8, $2, $6, $ $6, Landscaping, General 1 $5, $5, $0.00 $1, $0.00 Site Improvement Totals 10 $1,137, $12, $1,125, $35, $82, Pooled Reserve Fund $94, $94, $0.00 $0.00 Unallocated Interest $0.00 $0.00 $0.00 $0.00 Grand Totals 29 $1,482, $94, $1,388, $55, $179,

16 30 Year Cash Flow Plan: Report Parameters (Annual) Assumed Interest Rate 1.00% Increase Expenditure Inflation 2.00% Assessment Increase 0.00% Beginning Interest Balance $0.00 This analysis calculates the annual contributions necessary to fund general reserve components utilizing the above stated parameters. The projection period is 30 years and includes all component replacements while factoring in rate of return and an inflation guard on future component costs. $1,600, $1,400, $1,200, $1,000, $800, $600, $400, $200, $0.00 Total Annual Reserve Deposit Total Expenditures Total Running Reserves 16

17 Total Annual Reserve Deposit $179, $179, $114, $114, $112, $103, $103, $103, Total Expenditures $0.00 $25, $212, $21, $11, $31, $37, $7, Total Running Reserves $276, $434, $340, $438, $544, $622, $695, $799, Total Annual Reserve Deposit $103, $103, $103, $103, $103, $103, $55, $55, Total Expenditures $0.00 $50, $6, $0.00 $18, $56, $0.00 $1,435, Total Running Reserves $911, $973, $1,081, $1,196, $1,294, $1,355, $1,425, $46, Total Annual Reserve Deposit $55, $55, $55, $55, $55, $55, $55, Total Expenditures $19, $5, $35, $14, $0.00 $55, $52, Total Running Reserves $83, $134, $156, $200, $258, $261, $267, Total Annual Reserve Deposit $55, $55, $55, $55, $55, $55, $55, Total Expenditures $299, $17, $7, $66, $25, $0.00 $69, Total Running Reserves $23, $62, $112, $102, $133, $191, $179,

18 30 Year Cash Flow Plan (Years 1 7): Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Categories Interior Common Areas $12, $12, $12, $12, $12, $3, $3, Painting $4, $4, $4, $4, $4, $4, $4, Pavement $73, $73, $9, $9, $9, $9, $9, Pool, Spa & Patio Area $4, $4, $4, $4, $2, $2, $2, Roof(s) $1, $1, $1, $1, $1, $1, $1, Site Improvements $82, $82, $82, $82, $82, $82, $82, Total Annual Reserve Deposit (0%) $179, $179, $114, $114, $112, $103, $103, Total Expenditures (+2%) 0.00 (25,484.70) (212,295.20) (21,056.90) (11,610.00) (31,851.50) (37,385.60) Total Running Balance $273, $430, $337, $434, $539, $616, $688, Interest (1.0%) $2, $4, $3, $4, $5, $6, $6, Total Running Reserves $276, $434, $340, $438, $544, $622, $695, with Interest 30 Year Cash Flow Plan (Years 8 14): Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Categories Interior Common Areas $3, $3, $3, $3, $3, $3, $3, Painting $4, $4, $4, $4, $4, $4, $4, Pavement $9, $9, $9, $9, $9, $9, $9, Pool, Spa & Patio Area $2, $2, $2, $2, $2, $2, $2, Roof(s) $1, $1, $1, $1, $1, $1, $1, Site Improvements $82, $82, $82, $82, $82, $82, $82, Total Annual Reserve Deposit (0%) $103, $103, $103, $103, $103, $103, $103, Total Expenditures (+2%) (7,410.00) 0.00 (50,975.90) (6,100.00) 0.00 (18,201.10) (56,358.40) Total Running Balance $791, $902, $964, $1,070, $1,185, $1,282, $1,341, Interest (1.0%) $7, $9, $9, $10, $11, $12, $13, Total Running Reserves $799, $911, $973, $1,081, $1,196, $1,294, $1,355, with Interest 18

19 30 Year Cash Flow Plan (Years 15 21): Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Categories Interior Common Areas $3, $3, $3, $3, $3, $3, $3, Painting $4, $4, $4, $4, $4, $4, $4, Pavement $9, $9, $9, $9, $9, $9, $9, Pool, Spa & Patio Area $2, $2, $2, $2, $2, $2, $2, Roof(s) $1, $1, $1, $1, $1, $1, $1, Site Improvements $35, $35, $35, $35, $35, $35, $35, Total Annual Reserve Deposit (0%) $55, $55, $55, $55, $55, $55, $55, Total Expenditures (+2%) 0.00 (1,435,250.00) (19,785.10) (5,712.00) (35,682.32) (14,420.00) 0.00 Total Running Balance $1,411, $45, $82, $133, $155, $198, $256, Interest (1.0%) $14, $ $ $1, $1, $1, $2, Total Running Reserves $1,425, $46, $83, $134, $156, $200, $258, with Interest 30 Year Cash Flow Plan (Years 22 28): Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Categories Interior Common Areas $3, $3, $3, $3, $3, $3, $3, Painting $4, $4, $4, $4, $4, $4, $4, Pavement $9, $9, $9, $9, $9, $9, $9, Pool, Spa & Patio Area $2, $2, $2, $2, $2, $2, $2, Roof(s) $1, $1, $1, $1, $1, $1, $1, Site Improvements $35, $35, $35, $35, $35, $35, $35, Total Annual Reserve Deposit (0%) $55, $55, $55, $55, $55, $55, $55, Total Expenditures (+2%) (55,267.20) (52,946.90) (299,840.60) (17,977.50) (7,296.00) (66,843.70) (25,896.00) Total Running Balance $259, $264, $23, $61, $111, $101, $132, Interest (1.0%) $2, $2, $ $ $1, $1, $1, Total Running Reserves $261, $267, $23, $62, $112, $102, $133, with Interest 19

20 30 Year Cash Flow Plan (Years 29 30): Year 29 Year 30 Categories Interior Common Areas $3, $3, Painting $4, $4, Pavement $9, $9, Pool, Spa & Patio Area $2, $2, Roof(s) $1, $1, Site Improvements $35, $35, Total Annual Reserve Deposit (0%) $55, $55, Total Expenditures (+2%) 0.00 (69,888.00) Total Running Balance $189, $177, Interest (1.0%) $1, $1, Total Running Reserves $191, $179, with Interest 20

21 Projected Annual Expenditures by Component (years 1 9): Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year Flooring, Furnishings (Clubhouse) ($26,251.50) Gym Equipment ($4,452.00) Painting, interior Clubhouse HVAC, Clubhouse ($12,224.70) Restrooms Update Clubhouse ($13,144.00) Painting, exterior Clubhouse ($4,799.20) Painting, exterior Guardhouse ($392.00) Painting (fencing/walls/gates) ($32,194.40) Asphalt Paving ($207,303.20) Pool Patio / Deck Pool Finishes/equip ($9,180.00) Spa Finishes/equip ($2,430.00) Pool/Spa Heaters Patio Furniture ($4,992.00) Roof (Clubhouse) Roof (Guardhouse) Vehicular Bridge Irrigation Pumps/equip ($3,460.90) Security Cameras ($7,410.00) Security Gates Patrol Car ($8,160.00) Landscaping ($5,100.00) ($5,600.00) Totals $0.00 ($25,484.70) ($212,295.20) ($21,056.90) ($11,610.00) ($31,851.50) ($37,385.60) ($7,410.00) $

22 Projected Annual Expenditures by Component (years 10 18): Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year Flooring, Furnishings (Clubhouse) Gym Equipment ($5,712.00) Painting, interior Clubhouse ($3,100.00) HVAC, Clubhouse ($15,101.10) Restrooms Update Clubhouse Painting, exterior Clubhouse ($5,484.80) Painting, exterior Guardhouse ($448.00) Painting (fencing/walls/gates) ($36,793.60) Asphalt Paving Pool Patio / Deck ($7,488.00) Pool Finishes/equip ($11,220.00) Spa Finishes/equip ($2,970.00) Pool/Spa Heaters ($12,360.00) Patio Furniture ($6,144.00) Roof (Clubhouse) Roof (Guardhouse) Vehicular Bridge ($1,410,500.00) Irrigation Pumps/equip ($3,918.00) ($4,375.10) Security Cameras ($8,710.00) Security Gates ($34,697.90) Patrol Car ($10,560.00) Landscaping ($6,100.00) ($6,700.00) Totals ($50,975.90) ($6,100.00) $0.00 ($18,201.10) ($56,358.40) $0.00 ($1,435,250.00) ($19,785.10) ($5,712.00) 22

23 Projected Annual Expenditures by Component (years 19 27): Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year Flooring, Furnishings (Clubhouse) ($34,842.90) Gym Equipment Painting, interior Clubhouse ($3,850.00) HVAC, Clubhouse ($17,977.50) Restrooms Update Clubhouse ($18,104.00) Painting, exterior Clubhouse ($6,170.40) Painting, exterior Guardhouse ($504.00) Painting (fencing/walls/gates) ($41,392.80) Asphalt Paving ($295,008.40) Pool Patio / Deck Pool Finishes/equip Spa Finishes/equip Pool/Spa Heaters ($14,420.00) Patio Furniture ($7,296.00) Roof (Clubhouse) ($32,891.60) Roof (Guardhouse) ($2,790.72) Vehicular Bridge Irrigation Pumps/equip ($4,832.20) Security Cameras ($10,010.00) Security Gates ($45,283.70) Patrol Car Landscaping ($7,200.00) ($7,700.00) Totals ($35,682.32) ($14,420.00) $0.00 ($55,267.20) ($52,946.90) ($299,840.60) ($17,977.50) ($7,296.00) ($66,843.70) 23

24 Projected Annual Expenditures by Component (years 28-30): Year 28 Year 29 Year Flooring, Furnishings (Clubhouse) Gym Equipment Painting, interior Clubhouse HVAC, Clubhouse Restrooms Update Clubhouse Painting, exterior Clubhouse ($6,856.00) Painting, exterior Guardhouse ($560.00) Painting (fencing/walls/gates) ($45,992.00) Asphalt Paving Pool Patio / Deck ($9,126.00) Pool Finishes/equip ($13,260.00) Spa Finishes/equip ($3,510.00) Pool/Spa Heaters ($16,480.00) Patio Furniture Roof (Clubhouse) Roof (Guardhouse) Vehicular Bridge Irrigation Pumps/equip Security Cameras Security Gates Patrol Car Landscaping Totals ($25,896.00) $0.00 ($69,888.00) 24

25 Photograph Addendum Borrower N/A Property Address City 101 Oasis Drive Pompano Beach County Broward State FL Zip Code Lender Oasis at Palm Aire Association, Inc. vehicular bridge vehicular bridge restroom interior paving paving paving Form PIC6_LT "WinTOTAL" appraisal software by a la mode, inc ALAMODE 25

26 Photograph Addendum Borrower N/A Property Address City 101 Oasis Drive Pompano Beach County Broward State FL Zip Code Lender Oasis at Palm Aire Association, Inc. monument / identification walls (north) monument / identification walls (north) guard house / flag pole guard house tele-entry system security gates Form PICSIX "WinTOTAL" appraisal software by a la mode, inc ALAMODE 26

27 Photograph Addendum Borrower N/A Property Address City 101 Oasis Drive Pompano Beach County Broward State FL Zip Code Lender Oasis at Palm Aire Association, Inc. security gates / motor perimeter masonry walls clubhouse clubhouse clubhouse (rear) swimming pool / patio Form PICSIX "WinTOTAL" appraisal software by a la mode, inc ALAMODE 27

28 Photograph Addendum Borrower N/A Property Address City 101 Oasis Drive Pompano Beach County Broward State FL Zip Code Lender Oasis at Palm Aire Association, Inc. spa patio fencing / lighting pool/spa equipment & heaters clubhouse interior rec building interior rec building interior Form PIC6_LT "WinTOTAL" appraisal software by a la mode, inc ALAMODE 28

29 Photograph Addendum Borrower N/A Property Address City 101 Oasis Drive Pompano Beach County Broward State FL Zip Code Lender Oasis at Palm Aire Association, Inc. vehicular bridge perimeter metal fencing perimeter masonry walls security gates (south) monument / identification walls (south) perimeter metal fencing Form PIC6_LT "WinTOTAL" appraisal software by a la mode, inc ALAMODE 29

30 Building Sketch Borrower N/A Property Address City 101 Oasis Drive Pompano Beach County Broward State FL Zip Code Lender Oasis at Palm Aire Association, Inc. Pool Spa Guard House Clubhouse Storage Social / Meeting Room Bathroom Bathroom Breezeway Gym Rec Room Form SKT_LT.BldSkI "WinTOTAL" appraisal software by a la mode, inc ALAMODE 30

31 Aerial Map Borrower N/A Property Address City 101 Oasis Drive Pompano Beach County Broward State FL Zip Code Lender Oasis at Palm Aire Association, Inc. Form MAP_LT.PLAT "WinTOTAL" appraisal software by a la mode, inc ALAMODE 31

32 Location Map Borrower N/A Property Address City 101 Oasis Drive Pompano Beach County Broward State FL Zip Code Lender Oasis at Palm Aire Association, Inc. Form MAP_LT.LOC "WinTOTAL" appraisal software by a la mode, inc ALAMODE 32

33 Appraiser License Borrower N/A Property Address City 101 Oasis Drive Pompano Beach County Broward State FL Zip Code Lender Oasis at Palm Aire Association, Inc. Form MAP_LT.PLAT "WinTOTAL" appraisal software by a la mode, inc ALAMODE 33

34 Certificate # Licensed User Certificate THIS IS TO CERTIFY THAT Paul Cassidy Has Current Licensed-User Access to Marshall & Swift Building Cost Data Marshall & Swift Product(s) Active Dates Marshall Valuation Service Jul 01, Jun 30, 2015 Appraiser License Number RZ3176 State FL Peter Wells, President 34

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