Item H6 �s H.6
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County of Monroe
�y,4 ' �, "tr, BOARD OF COUNTY COMMISSIONERS
County �a� Mayor Michelle Coldiron,District 2
�1 nff `ll Mayor Pro Tem David Rice,District 4
-Ile Florida.Keys Craig Cates,District 1
Eddie Martinez,District 3
w Mike Forster,District 5
County Commission Meeting
July 21, 2021
Agenda Item Number: H.6
Agenda Item Summary #8450
BULK ITEM: No DEPARTMENT: Land Authority Governing Board
TIME APPROXIMATE: STAFF CONTACT: Charles Pattison (305) 295-5180
9:15 A.M. Land Authority
AGENDA ITEM WORDING: Approval of a resolution authorizing TD Bank NA to issue a
$50,000 mortgage loan encumbering deed-restricted affordable housing at 987 Valencia Road on
Key Largo.
ITEM BACKGROUND: The Land Authority purchased the subject property in 2001 as an
affordable housing site. The Land Authority subsequently donated the property to Habitat for
Humanity of the Upper Keys subject to affordable housing deed restrictions. Habitat for Humanity
built a single-family home on the property and sold the property to Benjamin and Kerry Cosme with
100% financing consisting of a mortgage loan issued by Habitat for Humanity and a SHIP loan
issued by Monroe County. The property owners have since satisfied both of these loans.
The property owners have applied for a $50,000 mortgage loan from TD Bank NA, which if
approved, would encumber the property in first lien position. The property's affordable housing
deed restrictions require the Land Authority's approval of all encumbrances except encumbrances
for projects resulting in capital improvements to the property and encumbrances imposing additional
affordability covenants. The property owners have indicated they plan to use the loan proceeds for
home improvements and debt consolidation. The property's current unrestricted appraised value is
$465,000. Under the shared equity formula in the deed restrictions, the maximum price the owners
could sell the property for is currently $201,375. The proposed $50,000 loan equates to a 25% loan
to value ratio based on the restricted value of$201,375.
ADVISORY COMMITTEE ACTION: On June 30, 2021 the Committee voted 3/1 to recommend
approval.
PREVIOUS RELEVANT GOVERNING BOARD ACTION: On June 21, 2001 the Governing
Board approved purchasing the subject property, together with a second lot, at a purchase price of
$20,500. On August 16, 2001 the Board approved Resolution 07-2001 authorizing the conveyance
of the subject property, together with three other lots, to Habitat to Humanity of the Upper Keys, Inc.
CONTRACT/AGREEMENT CHANGES:
Packet Pg. 1902
H.6
N/A
STAFF RECOMMENDATION: Approval
DOCUMENTATION:
Proposed Resolution
Loan Request Email
MCLA Deed to Habitat
Habitat Deed to Cosme
Property Record Card
TD Bank Conditional Approval Letter
TD Bank Appraisal Information
FINANCIAL IMPACT:
Effective Date:
Expiration Date:
Total Dollar Value of Contract:
Total Cost to County:
Current Year Portion:
Budgeted:
Source of Funds:
CPI:
Indirect Costs:
Estimated Ongoing Costs Not Included in above dollar amounts:
Revenue Producing: If yes, amount:
Grant:
County Match:
Insurance Required:
Additional Details:
REVIEWED BY:
Mark Rosch Completed 07/06/2021 10:24 AM
Charles Pattison Completed 07/06/2021 10:31 AM
Liz Yongue Completed 07/06/2021 10:46 AM
Board of County Commissioners Pending 07/21/2021 9:00 AM
Packet Pg. 1903
H.6.a
RESOLUTION NO.
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING TD
BANK NA TO ISSUE A $50,000 MORTGAGE LOAN
ENCUMBERING DEED RESTRICTED AFFORDABLE HOUSING
AT 987 VALENCIA ROAD ON KEY LARGO.
WHEREAS, on August 24, 2001, the Monroe County Comprehensive Plan Land Authority
(hereinafter "Land Authority"), a land authority pursuant to section 380.0663, Florida Statutes, c
purchased Block 1, Lot 5, Winston Park (PB 4-104) located at 987 Valencia Road on Key Largo
(hereinafter"Subject Property") as an affordable housing site; and y
WHEREAS, pursuant to the deed dated August 28, 2001 and recorded in Book 1725 at page
1077 of the Official Records of Monroe County, Florida, the Land Authority transferred title to
the Subject Property to Habitat for Humanity of the Upper Keys, Inc. (hereinafter "Habitat for
Humanity") subject to affordability covenants specifying, among other requirements, that the
property may not be encumbered for any purpose without the prior approval of the Land
Authority except for encumbrances for projects resulting in capital improvements to the property
and encumbrances imposing additional affordability covenants; and
WHEREAS, on August 28, 2003, after developing the Subject Property with a single-family c
home, Habitat for Humanity sold the Subject Property to Benjamin and Kerry Cosme
(hereinafter"Property Owners"); and
WHEREAS, the Property Owners have since paid in full the mortgage loan issued by Habitat for
Humanity and satisfied the SHIP mortgage loan issued by Monroe County that financed the
Property Owners' purchase of the property; and
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WHEREAS, the Property Owners have applied for a $50,000 mortgage loan from TD Bank NA,
which would encumber the Subject Property in first lien position; and
WHEREAS, in accordance with the Subject Property's affordability covenants, the closing agent for said mortgage loan is seeking the Land Authority's approval of said encumbrance; and
WHEREAS, on June 30, 2021, the Land Authority Advisory Committee considered this request y
and voted 3/1 to recommend approval; NOW, THEREFORE,
BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY
that TD Bank NA is authorized to issue a $50,000 mortgage loan encumbering the Subject
Property and the Executive Director is authorized to execute documents implementing this
authorization.
Page 1 of 2
Packet Pg. 1904
H 6.a
PASSED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a
meeting on this day of July 2021.
Commissioner Craig Cates
Mayor Michelle Coldiron
Commissioner Mike Forster
Commissioner Eddie Martinez
Chairman David Rice
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(Seal)
ATTEST: MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
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Charles G. Pattison David P. Rice
Executive Director Chairman
Approved as to form and legality: c
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Gregory Oropeza, Esquire
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H.6.b
Rosch-Mark
From: Marlen Weeks <marlen@coastaltitleinc.com>
Sent: Tuesday,June 29, 2021 4:16 PM
To: Rosch-Mark
Subject: Cosme (987 Valencia Rd, Key Largo)
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CAUTION:This email originated from outside of the County. Whether you know the sender or not, do not click links or
open attachments you were not expecting. o
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Mr. Rosch: N
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Benjamin and Kerry Cosme,the owners of 987 Valencia Road, Key Largo, are refinancing their home and taking a new
loan with TD Bank. Our office is the closing agent for the transaction.
In examining title,we came across a deed restriction which requires prior approval from the MC Land Authority.
The new TD Bank loan amount will be$50,000. Currently,there is only one open mortgage on the property, a $10,000
HELOC with Centennial Bank, which has an approximate balance due of$8300.
The original Habitat mortgage has been paid in full although it has not been satisfied of record. We are working on
obtaining a satisfaction of mortgage to record at closing.
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Our underwriter requires a notarized Waiver and Consent form from the Land Authority which we can record at closing.
Please feel free to call me with any questions or concerns. Thank you for your assistance with this matter.
Marlen Weeks
Coastal Title& Closing Services, Inc.
88101 Overseas Highway
Islamorada, FL 33036
(305)852-1477 (W)
(305)852-8447 (Fax)
Marlen@coastaltitleinc.com
Cr
1
Packet Pg. 1906
. H.6.c
This Instrument Prepared By, MONROE COUNTY
Record and Return to: OFFICIAL RECORDS
MEYER&ERSKINE
31211 Avenue A FILE #1257026
Big Pine Key,FL 33043 B K#1 7 2 5 P G#1 0 7 7
tRCD Sep 17 2001 10 :24AM
Parcel Identification Number:00545400,00545410,00545550, D A N N Y L K O L H A G E, CLERK
00545570
SPACE ABOVE THIS LINE FOR RECORDING q
WARRANTYDEED
a
THIS INDENTURE,made this may of , 2001,between.MONROE COUNTY 0
COMPREHENSIVE PLAN LAND AUTHORITY,a land authority under Section 380.0663(1),Florida Statutes
and Monroe County Ordinance No.031-1986 GRANTOR*,whose address is 1200 Truman Avenue,Suite 207,Key V_
West,FL 33040 and HABITAT FOR HUMANITY OF THE UPPER KEYS,INC.,a Florida not for profit E
corporation whose address is,24 DOCKSIDE LANE,PMB#102,KEY LARGO,FL 33037,GRANTEE*;
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(Wherever used herein the terms"Grantor"and"Grantee"shall include all the parties to this instrument and heirs, y
legal representatives,and assigns of individuals,and the successors and assigns of corporations.)
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WITNESSETH,That said Grantor, for and in consideration of the sum of TEN AND 00/100 ($10.00) z
DOLLARS and other good and valuable consideration,to said Grantor in hand paid by said Grantee,the receipt
whereof is hereby acknowledged,hereby grants,bargains,sells,aliens,remises,releases,conveys and confirms unto
the Grantee and Grantee's heirs,successors and assigns forever the following described land located in the County Co
of MONROE,State of Florida,to-wit:
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Lots 5,6,20 and 22,Block 1,Winston Park Subdivision,according to the Plat thereof S
as recorded in Plat Book 4,Page 104 of the Public Records of Monroe County,Florida.
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SUBJECT TO:Restrictions as contained in Monroe County Comprehensive Plan
Land Authority Resolution No.07-2001,attached hereto and made a part hereof °
as Exhibit"A". a
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SUBJECT TO all restrictions, reservations and easements of record, if any; zoning restrictions and 0
prohibitions imposed by governmental authority,and taxes for the year 2000 not yet due and payable.
w
TOGETHER WITH all the tenements,hereditaments and appurtenances thereto belonging or in anywise 0
appertaining.
TO HAVE AND TO HOLD,the same in fee simple forever.
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AND THE SAID GRANTOR does hereby covenant with the said Grantee that the Grantor is lawfully seized w
of said land in fee simple;that the Grantor has good right and lawful authority to sell and convey said land,and hereby
fully warrants the title to said land and will defend the same against the lawful claims of all persons whomsoever. x
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IN WITNESS WHEREOF,Grantor has hereunto set Grantor's hand and seal this day and year first aboveCD
written. °'
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Signed,sealed and delivered in the presence of. v
Witness Signature CD
MONROE COUNTY COMPREHENSIVE E
- PLAN LAND AUTHORITY v
Printed Si a w
n1AXk, 57 �A6c,N BY:
Witnes Signature NO WILLIAMS,CHAIRMAN
tom.w PA
Printed Signature
STATE OF FLORIDA
COUNTY OF MONROE
The foregoing instrument was acknowledged before me this o2i�_ day of v � ,2001,by NORA
WILLIAMS who(0-are personally known to me or( )produced 'As identification.
Notary Si natu
NOTAR (Si�IIYIlS181iI ATION
CYFFr FBLrG!}'.•,. mitefs
_:�:�,:: nµn:uvma,p eai ,naen Packet Pg.19Q7
EXHIBIT A H.6 c
FILE # 1257026
BK# 1725 PG# 107a
RESOLUTION NO. 07-2001
A RESOLUTION OF THE MONROE COUNTY
COMPREHENSIVE PLAN LAND AUTHORITY AUTHORIZING
THE CONVEYANCE OF PROPERTY IN WINSTON PARK
SUBDIVISION TO HABITAT FOR HUMANITY OF THE UPPER
KEYS, INC. FOR THE PURPOSE OF PROVIDING AFFORDABLE
HOUSING.
WHEREAS, section 380.0666(3), Florida Statutes (FS) and section 9.3-2, Monroe County Code, c
empower the Monroe County Comprehensive Plan Land Authority (hereinafter "Land Authority")
to acquire an interest in real property for the purpose of providing affordable housing to very low,
low, and moderate income persons as defined in section 420.0004, FS, where said acquisitions
are consistent with a comprehensive plan adopted pursuant to Chapter 380, FS; and
WHEREAS, Habitat for Humanity of the Upper Keys, Inc. (hereinafter HFH) is a not-for-profit
Florida corporation and an approved affiliate of Habitat International and is organized to provide
safe, decent, and affordable housing to people in need within the Upper Keys area; and
WHEREAS, the Land Authority has entered into a contract to purchase Block 1, Lots 5, 6, 20,
and 22, Winston Park subdivision (PB 4-104) as an affordable housing site in partnership with
HFH; and
WHEREAS, HFH requests that the Land Authority convey the subject property to HFH and allow
HFH to develop the property with affordable housing; and
0
W
WHEREAS, the Land Authority Advisory Committee considered this resolution at a meeting held 2
on July 26, 2001 and voted 3/0 to recommend approval; NOW, THEREFORE,
BE IT RESOLVED BY THE MONROE COUNTY COMPREHENSIVE PLAN LAND AUTHORITY:
0
Section 1. The Chairman of the Land Authority Governing Board is hereby authorized to sign a
deed conveying the subject property consisting of Block 1, Lots 5, 6, 20 and 22, Winston Park
subdivision (PB 4-104) to Habitat for Humanity of the Upper Keys, Inc.
Section 2. Future use of the subject property is limited to four single-family residential units for
occupancy by very low, low, or moderate income persons as defined in section 420.0004,
Florida Statutes, for a period of fifty (50) years, and as further restricted by Monroe County
affordability regulations and Attachment A.
c)
Page 1 of 2
Packet Pg. 1908
H.6.c
FILE # 1257026
BR# 1 7 2 5 PG# 1 0 7 E
SED AND ADOPTED by the Monroe County Comprehensive Plan Land Authority at a
4neeting on this 16th day of August 2001.
MONROE COUNTY COMPREHENSIVE
PLAN LAND AUTHORITY
Mark J. Rosch Nora Williams
Executive Director Chairman
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Approved for Legal Sufficiency
Larry R. Erskine
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Page 2 of 2
Packet Pg. 1909
H.6 c
FILE # 1 2 5 7 0 2 6
ATTACHMENT RK# 1 7 2 5 PG# 1 0 a 0
AFFORDABILITY COVENANTS
1. Affordability Period. These affordability requirements shall run with the property for a period
of fifty (50) years.
0
2. Income Limits, Use and Transfer Restrictions. Habitat for Humanity of the Upper Keys, Inc.
(hereinafter HFH) shall develop the subject property and make same available as ownership
housing in accordance with the conditions specified below.
3. Use and Occupancy. The subject property shall be owner occupied and used as the
homeowner's primary residence and such other uses incidental to residential use as may be
permitted by local zoning and land use regulations. y
4. Income Qualified Buyers. Ownership shall be restricted to households earning less than or c
equal to 100% of the Monroe County median income adjusted for household size at the time
of conveyance.
5. Affordability. Monthly housing costs, defined as principal, interest, taxes, insurance (PITI),
and homeowner association fees [if any] shall not exceed the annual adjusted gross
household income multiplied by 0.30 and divided by 12, all in accordance with §420.0004,
Florida Statutes.
0
6. Resale Limits. The property and the improvements located thereon may be transferred,
subject to the provisions of Paragraphs 4 and 5 above, provided the transfer price does not
exceed the sum of the price the current owner paid plus 25% of the amount by which the
unrestricted market value of the property may have appreciated during the current owner's
period of ownership. All transfers are contingent upon HFH maintaining the right of first
refusal to either purchase the property or provide the Seller a qualified Buyer.
7. Refinancing Limits. The property may not be encumbered for any purpose without the prior
approval of the Monroe County Comprehensive Plan Land Authority (hereinafter MCLA),
except for encumbrances for projects resulting in capital improvements to the property and
encumbrances imposing additional affordability covenants.
8. Affordability Monitoring. HFH will be responsible for ensuring these affordability requirements
are maintained. Whenever the property is transferred HFH shall provide certification to the
MCLA documenting these affordability requirements have been met. c
MONROE COUNTY
OFFICIAL RECORDS
Packet Pg. 1910
Page 1 of 2
This Document Prepared MONROE COUNTY
By OFFICIAL RECORDS
Patricia Gesselssel, Esg
99530 Overseas Highway, #2 rr
Key Largo, P% 33037 FILE #14®88�2
BK#195® PG#2244 C
Parcel IDN-nber. .d Osyrj 1fOQ-000 aao RCD Nov 14 2003 12346PM O
Grantee#1 TIN: CD
DANNY L KOLHAGE, CLERK a)
Grantee#2 TIN: M
DEED DOC STAMPS- 794.50
Warranty Deed 11/14/2003 DEP CLK
This Indenture, Madethis 28th dayof August 2003 A-D., Between
Habitat for Humanity of the Upper Keys, Inc. , a non-profit corporation !v
existing under the laws of the State of Florida
of the County of Monroe , State of Florida ,grantor, and N
Benjamin P. Cosine and Ker N
j ry L. Cosme, husband and wife
C
whose address is: 987 Valencia Road, Key Largo, FL 33037
of the County of Monroe , State of Florida ,grantees.
Witnesseth that the GRANTOR,for and in consideration of the sum of
------------------------TEN DOLLARS ($10)-----------------------
DOLLARS,
and other good and valuable consideration to GRANTOR in hand paid by GRANTEES, the receipt whereof is hereby acknowledged, has
granted,bargained and sold to the said GRANTEES and GRANTEES' heirs,successors and assigns forever,the following described land,situate,
lying and being in the County of Monroe State of Florida to wit:
Lot 5, Block 1, Winston Park Subdivision, according to the Plat C
thereof as recorded in Plat Book 4, Page 104 of the Public Records of
Monroe County, Florida.
C
Subject to:
I. All restrictions, reservations and easements of record, if any;
2. Zoning restrictions and prohibitions imposed by governmental C
authority; C
3. Taxes for the year 2003 and all subsequent years;
4. Those restrictions and resale price limitations contained in
Monroe County Comprehensive Plan Land Authority Resolution No. N
07-2001, as recorded in the Public Records of Monroe County, Florida
in Book 1725, Page 1078-1080;
5. Monroe County Planning Department Affordable Housing Deed
Restriction recorded in the Public Records of Monroe County, Florida
in Book 1836, Page 668-669; and
6. Affordability Covenants attached hereto as Attachment "A". >
C
and the grantor does hereby fully warrant the title to said land, and will defend the same against lawful claims of all persons whomsoever.
In Witness Whereof,the grantor has hereunto set its hand and seal the day and year first above written. E
Signed,sealed and delivered in our resence: Habitat for Humanity of the Upper O
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Keys, Inc. O
�. Rv� )
Printed Name: ��rrrL�u 4 � By Carol C. Norman, President Seal !U
W eSS P.O.Address:PO Box 2151,Key Largo,FL 33037
Printe Name:
Witness —T
(Corporate Seal)
STATE OF Florida ¢;
COUNTY OF Monroe C
The foregoing instrument was acknowledged before me this 28th day of August , 2003 by E
Carol C. Norman, President of Habitat for Humanity of the Upper Keys,
Inc. , a Florida Corporation, on behalf of the corporation U
she is personally known to me or she has produced her Florida driver 11CenSe as ident'il ti n.
Kathryn N Rasher
M� WC--missionCC993mg Printed Same: �Fyi`!s� i �i /���-v
gi p,V Expires January 15,20M Notary Public
My Commission Expires:
COSME Laser Generated by®Display Sys[ems,Inc.,2003 (863)]63-5656 Form FLWD-t
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Page 2 of 2
ATTACHMENT FILE #14088�2
BK#1 S3'5(Z1 PG#2245
AFFORDABILITY COVENANTS
I. Affordability Period. These affordability requirements shall run with the property for a period
of fifty(50)years.
2. Income Limits, Use and Transfer Restrictions. Habitat for Humanity of the Upper Keys, Inc. p)
(hereinafter HFH)shall develop the subject property and make same available as ownership
housing in accordance with the conditions specified below.
3. Use and Occupancy. The subject property shall be owner occupied and used as the 0
homeowner's primary residence and such other uses incidental to residential use as may be
t�
permitted by local zoning and land use regulations.
4. Income Qualified Buyers. Ownership shall be restricted to households earning less than or
equal to 100% of the Monroe County median income adjusted for household size at the time
of conveyance. Ch
y_
5. Affordability. Monthly housing costs, defined as principal, interest, taxes, insurance (PIT[), U
and homeowner association fees (if any) shall not exceed the annual adjusted gross
household income multiplied by 0.30 and divided by 12, all in accordance with §420.0004,
Florida Statutes.
6. Resale Limits. The property and the improvements located thereon may be transferred,
subject to the provisions of Paragraphs 4 and 5 above, provided the transfer price does not
exceed the sum of the price the current owner paid plus 25a/a of the amount by which the
unrestricted market value of the property may have appreciated during the current owner's
period of ownership. All transfers are contingent upon HFH maintaining the right of first
refusal to either purchase the property or provide the Seller a qualified Buyer.
7. Refinancing Limits. The property may not be encumbered for any purpose without the prior
approval of the Monroe Count Comprehensive Plan Land Authority
Pp y p y (hereinafter MCLA),
except for encumbrances for projects resulting in capital improvements to the property and
encumbrances imposing additional affordability covenants.
8. Affordability Monitoring. HFH will be responsible for ensuring these affordability requirements
are maintained. Whenever the property is transferred HFH shall provide certification to the
MCLA documenting these affordability requirements have been met.
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MONROE COUNTY Ch
OFFICIAL RECORDS U
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H.6.e
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li .r "° Monroe County, FL
Disclaimer
The Monroe County Property Appraiser's office maintains data on property within the County solely for the
purpose of fulfilling its responsibility to secure a just valuation for ad valorem tax purposes of all property
within the County.The Monroe County Property Appraiser's office cannot guarantee its accuracy for any
other purpose.Likewise,data provided regarding one tax year may not be applicable in prior or subsequent
years.By requesting such data,you hereby understand and agree that the data is intended for ad valorem
tax purposes only and should not be relied on for any other purpose. m
By continuing into this site you assert that you have read and agree to the above statement.
c
Summary
Parcel ID 00545400-000000
Account# 1668907 0)PropertyID 1668907 16689 N
MillageGroup 500Kt C
Location 987 VALENCIA Rd,KEY LARGO
Address
Legal BKILT5WINSTON PARK SUB P64-104 KEY � " I1 _
Description LARGO OR297-77 OR644-744Q/C OR725-791/92
O R832-743Q/C O R835-2383 O R835-2385Q/C
OR1519-1573/74Q/C OR1725-1059/60Q/C t8
OR1725-1061 OR1725-1077/80 OR1737-1261C
OR1950 2244/45 Cl
3t,
(Note:Not to be used o..le„al d oc rnents.)
Neighborhood 1934
Property Class SINGLE FAMILY RESID(0100)
Subdivision WINSTON PARK r
Sec/Twp/Rng 22/61/39
Affordable No F.
Housing
Owner
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COSME BENJAMIN P COSMEKERRYL
987 Valencia Rd 987 Valencia Rd
Key Largo FL 33037 Key Largo FL 33037
Valuation
4-
2020 2019 2018 2017
+ Market Improvement Value $178,330 $163,881 $144,057 $145,772
+ Market Misc Value $2,785 $2,984 $3,182 $3,382
+ Market Land Value $99,643 $113,878 $113,878 $113,878
= Just Market Value $280,758 $280,743 $261,117 $263,032
= Total Assessed Value $124,797 $121,992 $119,718 $117,256 W
School Exempt Value ($25,000) ($25,000) ($25,000) ($25,000)
School Taxable Value $99,797 $96,992 $94,718 $92,256
Land o
Land Use Numberof Units Unit Type Frontage Depth
RESIDENTIAL DRY(010D) 5,125.00 Square Foot 0 0
Buildings
Building ID 30386 Exterior Walls WD FRAME CL
Style STILT 1 STORY Year Built 2003
Building Type S.F.R.-R1/R1 EffectiveYearBuilt 2010
Gross Sq Ft 2624 Foundation CONC PILINGS
Finished SgFt 1104 Roof Type GABLE/HIP
Stories 1Floor Roof Coverage ASPHALTSHINGL
Condition AVERAGE Flooring Type GERM/CLAYTILE
Perimeter 140 Heating Type FCD/AIR DUCTED
Functional Obs 0 Bedrooms 3
Economic Obs 0 Full Bathrooms 1
Depreciation% 10 Half Bathrooms 1
Interior Walls DRYWALL Grade 450
Number of Fire PI 0
Code Description Sketch Area Finished Area Perimeter
CPU COVERED PARKING UNFIN 1,296 0 0
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Code Description Sketch Area Finished Area Perimeter
FLA FLOOR LIV AREA 1,104 1,104 0
OPF OP PRCH FIN LL 192 0 0
PTO PATIO 32 0 0
TOTAL 2,624 1,104 0
Yard Items
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Description Year Built Roll Year Quantity Units Grade
FENCES 2004 2005 1 1350SF 2
0
Sales
Sale Date Sale Price Instrument Instrument Number Deed Book Deed Page Sale Qualification Vacant or Improved
8/28/2003 $113,500 Warranty Deed 1950 2244 S-Unqualified Improved
8/23/2001 $20,500 Warranty Deed 1725 1061 M-Unqualified Vacant
Permits
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Number Date Issued DateCompleted Amount Permit Type Notes
3304486 10/15/2003 2/3/2004 $1 PICKETFENCE
2302751 12/10/2002 6/25/2003 $98,400 MODULAR SFR ON STILTS
View Tax I nfo
View Taxes for this Parcel
Sketches(click to enlarge) CD
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Lean #: 6021268418
CONDITIONAL APPROVAL LETTER
Date: 6/1/2021
Borrower Name: Kerry Cosme
Bailing Address: 987 Valencia Road
City, State &Zip Code: Key Largo, FL 33037 0
Dear Kerry Cosme and Benjamin Cosme:
Congratulations! We are leased to inform you that you have been Approved for a mortgage on the property located `)
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at 987 Valencia Road, Key Largo, FL 33037.
This approval is based on receipt of the documentation; disclosures and conditions outlined for you in the pages that
follow, and further subject to any other conditions that may be established upon receipt and review of these initial
conditions. This conditional approval is valid until your rate lock expiration date 08/03/2021 or your document
expiration date H whichever occurs first.
CURRENT TERMS OF YOUR Loan:
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LOAN SUMMARY RATE SUMMARY
LOAN TYPE: 30 Year Fixed INTEREST RATE: 3.750%
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TERM: 180 months POINTS: 0.00% 0
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PROPERTY TYPE: Detached RATE LOCK OPTION: Locked
OCCUPANCY TYPE: PrimaryResidence RATE EFFECTIVE DATE: 05/06/2021
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SALES PRICE: $N/A RATE EXPIRATION DATE: 08/03/2021
LOAN AMOUNT: $50,000.00 ARM MARGIN: N/A
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CLOSING DATE (TENTATIVE): 06/30/2021 ARM INDEX: N/A
PREPAYMENT PENALTY: $0.00 INITIAL ADJUSTMENT: N/A
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SUBSEQUENT ADJUSTMENT: N/A 0
PERIODIC CAP: N/A
LIFETIME CAP: N/A
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Internal Packet Pg. 1917
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PRINCIPAL AND INTEREST $363.61
OTHER FINANCING; $
HAZARD INSURANCE $240.00
REAL ESTATE TAXES $110.00
MORTGAGE INSURANCE $ —
HOMEOWNER'S ASSOCIATION $
USDA $0.00
OTHER INSURANCE, FLOOD, ETC $51.33
TOTAL ESTIMATED MONTHLY PAYMENT $764.94
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PRODUCT AND PROGRAM ELIGIBILITY AND AVAILABILITY A
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This approval to lend is subject to product and program availability, as well as verification of the information provided
by the borrower and/or co-borrower. Should the product and program offerings change or the Bank is unable to verify
the information provided, the Bank has the right to modify or revoke this approval.
If there is any substantial change in your financial condition or credit standing, TD Bank, N.A. is under no obligation to
close your loan. You are responsible for keeping all financial obligations current during the processing of your loan
transaction. We reserve the right to require updates of documentation that is more than 120 days old. Any false or o
erroneous statements set forth in your credit application shall, at the option of TD Bank, N.A., render this Conditional
Approval null and void.
ELECTRONIC DISCLOSURE SERVICE o
If you haven't already done so, you can elect to receive and return your loan documents via our secure, password-
protected website. This free service provides convenient 24-hour access to the status and details of the loan o
application. You can review and save copies of your disclosures prior to signing electronically. You can also return
your disclosures to us with the click of a button and upload requested documentation directly to your loan file. If you
have not received an email with a link to the portal to register, please contact Martha Rojas, your loan processor.
If you do not wish to utilize our website, please contact your loan processor directly so you can discuss the best
method for you to return these items.
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APPROVAL CONDITIONS
All required conditions must be satisfied to complete your loan closing. It is important for us to receive all requested
conditions/documentation as soon as possible to complete our review of these conditions in a timely manner. Please
contact your Processor with any questions you may have.
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Misc (POA Prohibited)-This transaction requires all borrowers to be present at closing. A power of attorney is not
permitted
Misc (Subject Property Owned > 6 Month Requirement) - Provide evidence at least one borrower has been on title to
the subject property for a minimum of 6 months prior to the closing of the new loan transaction.
Credit (Explanation for Proceeds) - Provide a letter of explanation for the use of proceeds from this transaction.
Misc (Closing Agent Docs) -The following to be obtained from the closing agent: [X] Closing Agent Application; [X]
Wiring Instructions; [X] Error and Omissions Insurance Binder; [X] Closing Protection Letter.
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Internal Packet Pg. 1918
Misc (Schedule A Requires MERS) -Schedule A of the Lender's Title Policy should contain the following language:
MERS (Mortgage Electronic Registration Systems, Inc.) solely as nominee for TD Bank, N.A., its successor and
assigns, as their interests may appear.
Property (Title Work/Tax Cert) -Settlement Agent to provide Title work, Property Tax Certificate and Preliminary
Closing Disclosure.
Misc (Settlement Agent Selection) - Provide the name, office address, phone number, and e-mail address for the
Settlement Agent you have chosen.
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Property (Flood Certificate) -A Standard Flood Hazard Determination must be completed.
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Credit (Underwriting Checklist) - Underwriter to complete underwriting checklist. y
Appraisal (Appraisal) -Lender to obtain appraisal report. If the appraisal value does not meet the minimum
requirement of$400,000, we reserve the right to requalify your application.
Legal (Initial 1003) - Initial Uniform Residential Loan Application form 1003 to be signed by loan originator and all
ca
borrowers.
Property (Wind/Hurricane Coverage)- Provide evidence of wind and hurricane coverage.
Legal (Anti-Coercion Insurance Disclosure) -Sign and return the form Anti-Coercion Statement. 0
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Income (Disability) - Provide disability policy or benefit statement for disability income.
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Income (Paystub/W-2) - Provide most recent paystub and 2 years W-2s.
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Credit (Credit Inquiry Ltr) -The following credit inquiries appeared on your credit report: KEYS FCU on 03129 &
CAPITAL ONE on 02122. Provide written explanation for the inquiry. If credit was established, provide evidence of
payment and balance of new credit established. 0
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CLOSING CONDITIONS �--
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In order to complete your loan and authorize disbursement of the funds, the following conditions are required to be ,
present at closing:
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Misc (Mortgage to Be Signed by All Parties) - Mortgage to be signed by all parties holding Title.
Misc (Note to be Signed at Closing) - Note to be signed by all borrowers at closing.
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Property (Real Estate Taxes Due Within 60 Days After Closing) - Real Estate taxes due within 60 days after closing
must be paid at closing.
Income (Verbal VOE Current) -Verbal verification of employment for all borrowers to be completed within 10 days h®
prior to closing.
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Assets (Funds Verified for Closing) - Borrowers total funds required at closing cannot exceed
$<<funds.verified.less.required.reserves» or loan must be returned to underwriting for review.
Legal (Closing Disclosure) -Closing Disclosure to be signed by all borrowers and all parties holding Title.
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Internal Packet Pg. 1919
Legal (Final 1003) - Final 1003 to be signed by all borrowers at closing.
Legal (Occupancy Affidavit) -Occupancy Affidavit to be signed at closing.
Legal (Right of Rescission) -This mortgage is subject to Right of Rescission.
Legal (Notice of Right to Cancel) - Notice of Right to Cancel to be signed by all parties holding Title.
Closing (Right of Rescission) -This transaction requires a Right of Rescission. Borrower(s)to fully execute Notice of
Right to Cancel. If any changes are required, please notify your loan closer immediately.
Legal (Affidavit of Occupancy) -Affidavit of Occupancy to be signed by all borrowers.
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Internal Packet Pg. 1920
Thank you again for choosing TD Bank, N.A., America's Most Convenient Bank,for your home financing needs!
As a reminder, Martha Rojas is your resource for all information regarding your loan process, to answer your
questions, provide you with a current status of your application, and take you through our process step-by-step.
Please do not hesitate to contact us at any time.
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Sincerely,
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TD Bank, N.A. y
ACCEPTANCE OF TERMS AND CONDITIONS 0
IIWe acknowledge/accept the terms and conditions as listed on the previous pages of this conditional approval letter
and agree to proceed with the loan closing.
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Kerry Cosme Date
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Benjamin Cosme Date >
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Internal Packet Pg. 1921
Casey FIGRDf,Inc.
Docld:20210609-0415-2
Uniform Residential Appraisal Report Fite# Loan#6021268418
The purpose of this summary appraisal report is to provide the landerMient with an accurate, and adequately supported, opinion of the market value of the subject property.
Property Address 987 Valencia Rd City Key Largo State FL Zip Code 33037
Borrower Kerry and Benlamin Ccsme Owner of Public Record Kerry and Benjamin Cosme county Monroe
.-gat
egal Dascriplidn Bk 1 Lt 5 Winston Park Sub PB 4-104 Key Largo.
Assessor's Parcel# 00545400-000000 All668907 Tax Year 2020 R.E.Taxes 5S 1,405
Neighborhood Name Ke t-ar o Map Reference 61139122 Census Tract 9704.00
Otuupant Owner Tenant ❑Vacant Special Assessmarls$ 0 ❑ Pop HOA s 0 Payee per month
Propery Rights Appraised Fee Simple Leasehold ❑Other(describe)
As,lgnment Type ❑Purchase iranaaciion ® Refinance Transaction [-]Other describe)
Lender Client Td Bank Address 12000 Horizon W Mount Laurel NJ 08054 t/8q
Is the sub)a of properly currently otteretl for sale or has It been offered for sale in the twelve months prior to the 2Ifective date of this appraisal? ❑Yes ® No _
Repo Dais sou oe(s�useu.offering price{s),and J02(s). Flex Mls for Monroe County/Florida Keys. 0)
I ❑ did ❑ did not analyze the contract for sale for the subject purchase transaction,Explain the results of the analysis of the contract for sale or why the anayss was not
performed.
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Contract Price$' Data of Contract Is the property seller the owner of public record? ❑Yes ❑No Data Sources)
Is there any financial assistance(loan charges sale concessions gift or downpaymertt assistance,etc.)to be paid by any party on behalf of the borrower? ❑Yes ❑ No
If Yes_report the total dollar amount and describe the Items to be paid.
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Note:Race and the racial composition of the neighborhood are not appraisal factors.
Nelgirborhffeultharacuid iea Onevilnht Housing frenas One-11,10Housing ; prasent Land Vae
Location ❑ Urban X Suburban ❑ Rural Property Values X Increasing ❑Stable ❑Daclining PRICE AGE One-Unh 85 5,
Bull-Up ®Over75% ❑25-75% ❑Under25°n Demandsupply X Shortage ❑In Balance ❑Over Supply $i000) ;'yrs) 2-4 Unit 5 5�
Growth ❑Rapid X Stable ❑Slow Marketing Time X Under 3 mus ❑3.6 mths ❑Over 6 mths 225 Low 0 Multi-Family 5 RkCal
• Neighborhood Boundaries The subject nei hborhood is located North of mile marker 96 in Key Larogno and 4,000 High 70 Commercial 5 p
South of mile marker 106;east of the Gulf of Mexico;and west of the Atlantic Ocean. 425 Pfed. 38 Other
Neighborhood Description The subject property is located within 5 miles of the central area of Key Largo.Shopping centers are located within 5
miles of the subject.Access to parks,and beaches,are located within 1 miles of the subject.Employment stability is averadle and there are no _
closings or the plans of closin s of any major employers.
Market Condition,tincluding support for the above conclusions) 0
Based on sales of the com arables examined in the course of this analysis property
values are increasing.The average marketing time over the last year based on houses similar to the subject is less than 3 months.Sales
concessions are not common. (13
Dimensions Irregular Area 5,125 sf Shape Rectangular view N Res;
Specific toning Classification IS ZoningDeacription Improved Subdivision District.Sin le Far
Zoning Compliance rX Legal ❑Legal Nonconforming(GrandNathered Usa) ❑No Zoning Illegal(describe) 2
Is the highest and best use of subject pmparty as improved nurse proposed per plans and sibmiflcatlonel the present use? X Yes ❑ No If No,describe 0
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Uttl6Ges Puck Other{dascylba) Public Otber(descnbr) Oti-she lmprovenri Type Pubile Private
Electricity X ❑ Water X ❑ Street Asphalt X ❑'.
Gas ❑ ❑ None Sanitary Sewer X 0 Alley None
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F€MA Special Flood Hazard Area X Yes ❑No F€MA.Flood Zone AE FEMA Map# 12087CO931 K F€MA Map Date 02/18/2005
Are the u11llbes and off-site improvements typical forthe market area? X Yes ❑No If No,describe 0
Are there any adverse site conditions or external factors(easements.enuroachnrenfs,environmental conditions land uses,ate.)? ❑Yes ® No If Yes,describe
There were no adverse easements or encroachments noted.The subject exceeds the predominant value of the neighborhood.This has no
nediative effect on the value or marketability of the subject.
teomproibescription l'purnation ulariorthiscdpoom matodalTorutRion )*no, I maronais/ondHaon 0
Units X One ❑ One with Accessory Unit X Concrete Slab ❑ Crawl Space Foundation Walls PourConclAv -Gd Floors TilelAV -Gd
#of Stories 2 ❑.Full Basement ❑ Partial Basement Exterior Walls FrameAv Walls Dr a111Av -Gd. E
Type X Det. ❑Al. ❑ S-Det,Eno Unit. Basement Area 0 sq.fl. Roof Surface Metal/Good TrimlFinish WoodlAv -Good
X Existing ❑Proposed ❑Under Cona. Basement Finish 0 % Gulars&Downspouts Ade .Overhan Gd. Bath Floor TilelAv .
Design(Style) Stilt Outside Entry,,Exlt Sump Pump Window Type V.Slidin /Av -Gd. Bath Wainscot Prefab./Avg.
Year Built 2003 Evidence of Infestation Storm Sash'Insulated AecordionlAv q-Gd. Car Storage ❑None M
Effectua Age 1Yrs) 14 ❑:Dampness ❑Settlement Screens Screen lAV . X Driveway #of Cars 4
Adis Nona Heating X FWA 17 HW6B ID Radiant Amanides ❑Woodstove(s)# 0 Driveway Surface Gravel
Drop Stair ❑stairs Other Fuel Elect. Fireplacejs)# 0 Fence Wood ❑Garage #of Cars 0
❑Floor X Scottla Cooling central Air Condilloning X Deck Patio ❑Porch None X Carport #of Cars 2
❑Finished ❑'..Heated ❑Individual ❑Other Pool None ❑ Other None Al.. ❑Dan X Built-in
Appliances X Refrigerator X Range-Oven ❑ Dishwasher X Disposal X Microwave X WasherlDryar ❑ Other{describe}
Finished area above grade contains: 6 Rooms 3 Bedrooms 2.0 Bath(s) 1,101 Square Feet or Gross Living Area Above Greco
. Additional features(special energy eflicient items,etc.}. Patio,paddle fans,storage.
Describe the condition of the property{including needed repairs,dmerloration,renovations,remodeling,etc). C3;No updates in the prior 15 ears'The subject is 0)
new.There is no functional or external obsolescence.New roof,new waterheater,new a/c. E
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Arelhereanyphysicaldefcienciesoradverseconditionsthataffectthelivablity,soundness,or structural integriyofthepropery? ❑Yes X No If Yes,describe
Clues the property generally conform to the neighborhood jfurrctlonal utility,style,condition,use,construction,etc.)9 X Yes ❑No If No,describe
Freddie Mac Form 70 March 2005 UAiD Version 912011 Page 1 of 6 Fannie Mae Forma 10
Packet Pg. 1922
Form 1004UAD-"TOTAL"appraisal soiti by a la mode,Inc.-1-800-ALAMODF
Docid:20210609-0415-2
Uniform Residential Appraisal Report Fife# Loan#6021268418
There are 23 comparable properly currently offered for sale in the subject neighborhood ranging in price from $ 299,900 to$ 790,000
There are 119 comparable sales In the subject neighborhood within the past twelve mmunths ranging in sale price from $ 230,000 to$ 899,000
FEATURE SUBJECT COMPARABLE SALE#1 _ COMPARABLE SALE#2 COMPARABLE SALE#3
Address 987 Valencia Rd 599 Bonito Ave 352 Mahogany or 902 La Paloma Rd
Key Lar o.FL 33037 �Key Largo,FL 33037 Key Largo,FL 33037 Kev Larclo,FL 33037
Proximity to Subject 1.50 miles NE 0.21 miles SW 10.09 miles INVV
Sale Price $ $ 495,000 $ 444 000 $ 485 000
Sale Pnoe Gross Liu Area $ sq:ft. $ 515.63 sq It 1 $ 304.11 sq ft $ 390.50 sq f
Data Sourcafsj Tax Roll s/Mls;DC7M 10 Tax Rolls/Mls;DOM 154 Tax Rolls/Mis;DQM 17
Verification Sources) Mls#593506 Mls#593706 lMls#593817
VALUE ADJUSTMENTS DESCRIPTION DESCRIPTION +{I$Adjustment DESCRIPTION +{-)$Adjustment j DESCRIPTION +(-)$Adjustment 0
Sales or Financing Armt.th ArmLth ArmLth W
Concessions Conv;O Conv;O Conv;O
Date of Sale111me s01121;c12/20 sO5121'cO5/21 sO3/21;c01121
Location N;Res: N;Res; N;Res; IN;Res;
Leaseholrtl simple Fee Simple Fee Simple Fee Simple I Fee Simple
site 5,126 sf 15,835 sf -32,130 5.350 sf -67516,300 sf -3,525 (B
View N;Res; N;Res; N;Res' N;Res;
DesignjStyll DT2;Stilt DT2;Stilt DT2;Stilt IDT1;Ranch 0
Quality of Construction Q3 IQ3 IQ3 ,Q3 ,N
ACIr lAge 18 143 0146 O!8 0
Condition C3 jC3 IC4 +50,000IC3
Above Grade Total I Bdmrs.I Baths' _ Total Bdrrns. Baths +15 000 Total Bdrrms. Goths +15 000 Total Hins I Baths
Room Count 6 - 3 2.0 5 2 1.1 +10,000 5 2 3.0 -20 0001 6 1 3 12.0
Gross LieingArea 1,101. sq.q.., 960 surf, +1.4,100 1,460 sq.ft. -35.9001 1,242 soft_ -1.4,100
Basement&Finished Osf Osf Oaf Osf
Rooms Below Grade
FunctionalUbltty Averse Average Average !Average
Heatingicooling Central Central =Central lCentral
Energy Efficient Items Average lAverage ,Average lAverage
• Garage.+carport 2c 4dw I3dw +6 000 2c 3dw 0j2c 3dw 0
Porch+'Pativ➢eck Patio IPatio IlPatio 1patio
Kitchen Standard Kit. Standard Kit. Standard Kit. Standard Kit.
Guest Quarters None Guest 864 S ft. -38,884 None None t8
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Net Adjustment Jotalj [] + X - $ -25 910 IX + D - $ 8,425 ❑ + 1X - $ -17,625
Adjul Sale Price Net Adj. 5.2% Net Adj. 1.9% Net Adj. 3.6%
of Comparables Gross Adj. 23.5% $ 469,090 Gross Adj. 27.4% $ 452,4251Gross Adj. 3.6% $ 467,375 6
1 ® did did not research the Sala or transfer history ofthe subject property and comparabla sales.If not,explain
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My research [—]did X did not reveal any prior sales or transfers of the subject property for the three years prior to the effectiva date of this appraisal. 0
Data Sources) Tax Roll
My research El did X did not reveal any prior sales or transfers of the comparable say fortha year prior to the data of sale of the comparable sale. 0
Data Sooroafsj
Tax Roll
Rapid the rasults of the research and analysisof the prior sale ortransfer history ofthe subject property and comparable sales(report additonal prior Sales on page 3). >�
ITEM SUBJECT COMPARABLE SALE#1 COMPARABLE SALE#2 COMPARABLE SALE#3
Data of Prior SaleiTransfer
Price of Prior Sala;Transfer
Data Sourcejsj ,Monroe County Tax Roll Monme County Tax Roll Monroe County Tax Roll Monroe County Tax Roll
Effective Date of Data Sources) 06/01/2021 06/01/2021 06/01/2021 06/01.12021
Analysis of prior sale or transfer hlatory of the subject property and comparable sales 0
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Summary of sales Comparison Approach All com arables are the best available at the time of the inspection.Please see the following page for
comments.
Indicated Value by Sales Comparison Approach$ 465,000
Indicated Value by:Bales Comparison Approach$ 465,000 lust Approach(If developed)$ 415,497 Income Approach(ifteraloped)$
There were no observable environmental influences or conditions that adversely affects the value or marketability of the subject property.
This appraisal Is made X`as is", ❑ subject to completion per plans and specifications on the basis of a hypothetical condition that the improvements have been
completed, D subject to the following repairs or alterations on the basis of a hypothetical condition that the repairs or alterations have been completed. or EJ sublecttotha
` following required inspection based an the extraordinary assumption that the condition or deflciemey does net require alteration or repair. This appraisal has been made
based on the"as-is"condition.
Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work. statement of assumptions and limiting
conditions, and appraiser's cert'dication, my (our) opinion of the market value, as defined, of the real property that is the subject of this report is
$ 465,000 ,karat 06/14/2021 1 which Is the date of inspection and the effective date of this appraisal.
Freddie Mac Fon'n 70 March 2005 IBAD Version 9/2611 Page 2 u1 6 Fannie Mae Form 10
Packet Pg. 1923 !
Form 1004UAD-"TOTAL"appraisal software by a la mode,Inc.-1-300-ALAMODF
Docld:20210609-0415-2
Uniform Residential Appraisal Report 1`4e# Loan#6021268418
The subject is located on a string of Islands known as the Florida Keys.Key Largo is the northern most key,and Key West is the southern most
key.Appraisals performed in the keys are significantly more difficult than appraisals located in other areas of South Florida.The appraiser has
made every attempt to compare the most similar com arables to the subject property.
Comments on FNMA guidelines.
Emphasis was placed on obtaining non-waterfront properties similar in size,and within the immediate area.All of the com arables were within the
desired 6 month FNMA guidelines.Comparable#1 is over 1 mole from the subject however this sale is located within the same area and this
comparable brackets the living area of the subject.Comparable#2 has single adjustments over 10%and gross adjustments over 25%due to its
its'inferior condition.Most weight was placed on comparable#3 with low net and gross adjustments.
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COST APPROACH TO VALUE(trot requGad,hy Fannie Mae)
Provide adequate information or the Iendar,clienttoreplicate the detow cost figures and calcclarions. y�
Support for the opinion of site value ysumrrary of comparable land sales or other methods for estimating site value) The land value was based on abstraction due to
the lack of sales.
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ESTIMATED REPRODUCTION OR ,REPLACEMENT COST NEW OPINION OF SITE VALUE =�$
_CI IS 150,000
source of ca t data Marshall&Swift and builder estimates. DWELLING 1, 1,01 Sol Ft_ 225.00 $ 247,725,
Quality rating from cost service Avg Effective data of cost data Current Sq.Ft C$ $
Comments on Cost Approach{gross Being area calculations depreciation etc.) _ �,$ 2
The cost data was derived from the Marshall and Swift Service Garage Carpod 1 128 Sg.Ft.@$ 55.00 $_ 62,040
j?lemented by builders estimates located in the subjects area. Total Estimate rn cost New -$ 309.765 E
Less Physical Functional Esternal
Depreciation 72 26$ ='$t 72 263j
Depreciated Cost of Improve men s $ 337,497
"As-is^Value of Site Improearnants =='$ 28 000 M
Estimated Remaining Econorrdc Life.(HUD and VA only) 46 Years INQICATEDVALUE SYCOST APPROACH `S 415,497
INCOME APPROACH TO VALUE{net raqulrecl try I armie Mae)
Estimated Morchly Market Rent$ X Gross Rant Multiplier =-$ Indicated Value by Income Approach �
Summary of Income Approach tinclutling support for market rent and GRMi The income approach roach is not applicable since there were no I comp arables
available in the neighborhood which is predominantly owner occupied.
PROJECT INFORMATION FOR Pi fif appIlooble)
Is the developenbuilder in conical of the Homeowners'Association tHOA17 ❑Yes No Unit Wets) ❑Detached Attached
Provide the following Infomration for PUDs ONLY if the developer,'bullder is In control of the HOA andthe subject property is'anattached dwelling unit
Legal Name of Project �
Total number of phases Total number of units Total number of units sold
Total number of units rerYad Total number of units for sale Data sourcejsl
Was the pmjeci created by the conversion of existing buildingjsj into a PUD, Yes No If YES data of conversion,
Does the project contain any muh-dwelllrrg units? Yes n No Data Source
Are the units,common elements.and recreation facilities completes, El Yes L!No If No,describe the status of camplothn
Are the common elements leased inorby the Homeowners'Association? ElYes [_]No IfYes,describe the rental terms and options
.
Describe common elements and recreational facilities.
Freddie Mac Forn 70 March 2005 LIAD Version 912011 Page 3 of 6 Fannie Mae Forma 10
Packet Pg. 1924
Form 1004UAD-"TOTAL"appraisal software by a la mode,Inc.-1-800-ALAMODF
Docid:20210609-0415-2
Uniform Residential Appraisal Report File• Loan#602 1 26841 8
This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit;
including a unit in a planned unit development (PUD). This report form is not designed to report an appraisal of a
manufactured home or a unit in a condominium or cooperative project
This appraisal report is subject to the following scope of work, intended use, intended user, definition of market value,
statement of assumptions and limiting conditions, and certifications. Modifications, additions, or deletions to the intended
use, intended user, definition of market value, or assumptions and limiting conditions are not permitted. The appraiser may
expand the scope of work to include any additional research or analysis necessary based on the complexity of this appraisal
assignment. Modifications or deletions to the certifications are also not permitted. However, additional certifications that do
not constitute material alterations to this appraisal report, such as those required by law or those related to the appraiser's
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continuing education or membership in an appraisal organization, are permitted.
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SCOPEOFWORK: The scope of work for this appraisal is defined by the complexity of this appraisal assignment and the cu
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reporting requirements of this appraisal report form, including the following definition of market value, statement of
assumptions and limiting conditions, and certifications. The appraiser must, at a minimum: it) perform a complete visual
inspection of the interior and exterior areas of the subject property, (2) inspect the neighborhood, (3) inspect each of the
comparable sales from at least the street, {4) research, verify, and analyze data from reliable public and/or private sources, t8
and (5) report his or her analysis, opinions, and conclusions in this appraisal report.
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INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the M
subject of this appraisal for a mortgage finance transaction.
INTENDED USER: The intended user of this appraisal report is the lender/client
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and open t8
market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming
the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and
the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; {2) both
parties are well informed or well advised, and each acting in what he or she considers his or her own best interest; {3) a CD
reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms
of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold
unaffected by special or creative financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments are
necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these costs are
readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative financing
adjustments can be made to the comparable property by comparisons to financing terms offered by a third parry institutional
lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a mechanical
dollar for dollar cost of the financing or concession hot the dollar amount of any adjustment should approximate the market's N
reaction t0 the financing or concessions based on the appraiser's judgment. �
STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS: The appraiser's certification in this report is
subject to the following assumptions and limiting conditions:
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1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
to it, except for information that he or she became aware of during the research involved in performing this appraisal. The
appraiser assumes that the title is good and marketable and will not render any opinions about the title. W
2. The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements.
The sketch is included only to assist the reader in visualizing the property and understanding the appraiser's determination ¢
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of its size.
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3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
(or other data sources) and has noted in this appraisal report whether any portion of the subject site is located in an
identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or
implied, regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question,
unless specific arrangements to do so have been made beforehand, or as otherwise required by law.
5. The appraiser has noted in this appraisal report any adverse conditions (such as needed repairs, deterioration, the
presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he or
she became aware of during the research involved in performing the appraisal. Unless otherwise stated in this appraisal
report, the appraiser has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the
property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, toxic substances, ¢
adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such 0)
conditions and makes no guarantees or warranties, express or implied. The appraiser will not be responsible for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist.
Because the appraiser is not an expert in the field of environmental hazards, this appraisal report must not be considered as tts
an environmental assessment of the property.
6. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satisfactory
completion, repairs, or alterations on the assumption that the completion, repairs, or alterations of the subject property will
he performed in a professional manner.
Freddie Mac Form 70 March 2005 UAL Version 912011 Page 4 of 6 Fannie Mae Form 10
Packet Pg. 1925
Form 1004UAD-'TOTAL"appraisal software by a la mode,inc.-1-800-ALAMODE
Docld:20210609-0415-2
Uniform Residential Appraisal Report File• Loan#602 1 26841 8
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. 1 have, at a minimum, developed and reported this appraisal in accordance with the scope of work requirements stated in
this appraisal report.
2. 1 performed a complete visual inspection of the interior and exterior areas of the subject property. I reported the condition
of the improvements in factual, specific terms. I identified and reported the physical deficiencies that could affect the
livability, soundness, or structural integrity of the property.
3. 1 performed this appraisal in accordance with the requirements of the Uniform Standards of Professional Appraisal
Practice that were adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in
place at the time this appraisal report was prepared. fU
4. 1 developed my opinion of the market value of the real property that is the subject of this report based on the sales ¢
comparison approach to value. I have adequate comparable market data to develop a reliable sales comparison approach
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for this appraisal assignment I further certify that I considered the cost and income approaches to value but did not develop
them, unless otherwise indicated in this report
5. 1 researched, verified, analyzed, and reported on any current agreement for sale for the subject property, any offering for N
sale of the subject property in the twelve months prior to the effective date of this appraisal, and the prior sales of the subject N
property for a minimum of three years prior to the effective date of this appraisal, unless otherwise indicated in this report.
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6. 1 researched, verified, analyzed, and reported on the prior sales of the comparable sales for a minimum of one year prior
to the date of sale of the comparable sale, unless otherwise indicated in this report.
7. 1 selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
8. 1 have not used comparable sales that were the result of combining a land sale with the contract purchase price of a home that
has been built or will be built on the land.
9. 1 have reported adjustments to the comparable sales that reflect the market's reaction to the differences between the subject
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property and the comparable sales. r
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10. I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in
the sale or financing of the subject property.
11. I have knowledge and experience in appraising this type of property in this market area.
12. 1 am aware of, and have access to, the necessary and appropriate public and private data sources, such as multiple listing
services, tax assessment records, public land records and other such data sources for the area in which the property is located.
13. 1 obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from t8
reliable sources that I believe to be true and correct
14. 1 have taken into consideration the factors that have an impact on value with respect to the subject neighborhood, subject
property, and the proximity of the subject property to adverse influences 1n the development of my opinion of market value. 1
have noted in this appraisal report any adverse conditions (such as, hot not limited to, needed repairs, deterioration, the 0.
presence of hazardous wastes, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the f.
subject property or that I became aware of during the research involved in performing this appraisal. I have considered these . .
adverse conditions in my analysis of the property value, and have reported on the effect of the conditions on the value and
marketability of the subject property.
15. 1 have not knowingly withheld any significant information from this appraisal report and, to the best of my knowledge, all
statements and information in this appraisal report are true and correct 0
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16. 1 stated in this appraisal report my own personal, unbiased, and professional analysis, opinions, and conclusions, which
are subject only to the assumptions and limiting conditions in this appraisal report.
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17. 1 have no present or prospective interest in the property that is the subject of this report and I have no present or
prospective personal interest or Was with respect to the participants in the transaction. I did not base, either partially or
completely, my analysis and/or opinion of market value in this appraisal report on the race, color, religion, sex, age, marital
status, handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of the
present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
18. My employment and/or compensation for performing this appraisal or any future or anticipated appraisals was not
conditioned on any agreement or understanding, written or otherwise, that I would report (or present analysis supporting) a
predetermined specific value, a predetermined minimum value, a range or direction in value, a value that favors the cause of
any party, or the attainment of a specific result or occurrence of a specific subsequent event (such as approval of a pending
mortgage loan application). fU
19. 1 personally prepared all conclusions and opinions about the real estate that were set forth in this appraisal report. If I
relied on significant real property appraisal assistance from any individual or individuals in the performance of this appraisal
or the preparation of this appraisal report, I have named such individual(s) and disclosed the specific tasks performed in this ¢
appraisal report. I certify that any individual so named is qualified to perform the tasks. I have not authorized anyone to make
a change to any item in this appraisal report; therefore, any change made to this appraisal is unauthorized and I will take no
responsibility for it
20. 1 identified the lender/client in this appraisal report who is the individual, organization, or agent for the organization that
ordered and will receive this appraisal report.
Freddie Mac Form 70 March 2005 UA0 Version 912011 Page 5 of 6 Fannie Mae Form 10
Packet Pg. 1926
Form 1004UA0-'TOTAL"appraisal software by a la mode,inc.-1-800-ALAM00E
Docid:20210609-0415-2
Uniform Residential Appraisal Report File• Loan#602 1 26841 8
21. The lender/Client may disclose or distribute this appraisal report to: the borrower; another lender at the request of the
hprrower; the mortgagee or Its successors and assigns; mortgage insurers; government sponsored enterprises; other
secondary market participants; data collection or reporting services; professional appraisal organizations; any department,
agency, or instrumentality of the United States; and any state, the District of Columbia, or other jurisdictions; without having to
obtain the appraiser's or supervisory appraiser's (if applicable) consent Such consent must be obtained before this appraisal
report may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public
relations, news, sales, or other media).
22. 1 am aware that any disclosure or distribution of this appraisal report by me or the lender/client may be subject to certain
laws and regulations. Further, I am also subject to the provisions of the Uniform Standards of Professional Appraisal Practice
that pertain to disclosure or distribution by me.
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23. The hprrower, another lender at the request of the hprrower, the mortgagee or its successors and assigns, mortgage
insurers, government sponsored enterprises, and other secondary market participants may rely on this appraisal report as part
of any mortgage finance transaction that involves any one or more of these parties.
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24. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this 0)
appraisal report containing a copy or representation of my signature, the appraisal report shall he as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature. N
25. Any intentional or negligent misrepresentation(s) contained in this appraisal report may result in civil liability and/or
criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States
Code, Section 1001, et seq., or similar state laws.
SUPERVISORYAPPRAISER'S CERTIFICATION: The Supervisory Appraiser certifies and agrees that:
1. 1 directly supervised the appraiser for this appraisal assignment, have read the appraisal report, and agree with the appraiser's
analysis, opinions, statements, conclusions, and the appraiser's certification. F®
2. 1 accept full responsibility for the Contents of this appraisal report including, hot not limited to, the appraiser's analysis, opinions,
statements, conclusions, and the appraiser's certification. r
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3. The appraiser identified in this appraisal report is either a sub-contractor or an employee of the supervisory appraiser (or the
appraisal firm), is qualified to perform this appraisal, and is acceptable to perform this appraisal under the applicable state law.
4. This appraisal report complies with the Uniform Standards of Professional Appraisal Practice that were adopted and
promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place at the time this appraisal ¢
report was prepared.
5. If this appraisal report was transmitted as an "electronic record" containing my "electronic signature," as those terms are
defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this
appraisal report containing a copy or representation of my signature, the appraisal report shall be as effective, enforceable and
valid as if a paper version of this appraisal report were delivered containing my original hand written signature.
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APPRAISER SUPERVISORY APPRAISER(ONLY IF REQUIRED)
Signature Signature
Name Casey Dean Eis SRA Name
Company Name Casey Eisnor,Inc. Company Name
Company Address 9842 Leeward Ave Company Address E
Key Largo FL 33037
Telephone Number 305-323-8044 Telephone Number
Email Address eisnorc(clobellsouth.net Email Address f8
Date of Signature and Report 06121/2021 Date of Signature
Effective Date of Appraisal 06/14/2021 State Certification#
State Certification# St.Cert.Gen RZ3144 or State License#
or State License# State
or Other(describe) State# Expiration Date of Certification or License
State FL
Expiration Date of Certification or License 1113012022 SUBJECT PROPERTY
ADDRESS OF PROPERTY APPRAISED
Did not inspect subject property
987 Valencia Rd
❑ Did inspect exterior of subject property from street
�
Key Largo FL 33037 Date of Inspection
APPRAISED VALUE OF SUBJECT PROPERTY$ 465,000 ❑ Did inspect interior and exterior of subject property U
LENDER/CLIENT Date of Inspection
Name No AMC
COMPARABLE SALES
Company Name Td Bank
Company Address 12000 Horizon Way Mount Laurel NJ 08054 Did not inspect exterior of comparable sales from street
Did inspect exterior of comparable sales from street
Email Address Date of Inspection
Freddie Mac Form 70 March 2005 UAD Version 912011 Page 6 of 6 Fannie Mae Form 10
Packet Pg. 1927
Form 1004UAD-'TOTAL"appraisal software by a la mode,irc.-1-800-ALAMODE
Docid:20210609-0415-2
Uniform Residential Appraisal Report Fite# Loan#6021268418
FEATURE SUBJECT COMPARABLE SALE# 4 j COMPARABLE SALE 4 5 COMPARABLE SALE# 6
Address 987 Valencia Rd 239 Lignumvitae or
Key Lar o,FL 33037 Key Largo,FL 33037
Proximity to Subject 0.28 miles SW
Sale Price $ Is 539,0001 $ Is
Sale PrioelOrossLiv,Area $ soft. $ 508.49 soft $ soft 1$ salt
DataSoureelsl Tax Rolls/Mls;DOM 8
Verification Snurrc{sl '..I Mls#596434
VALUE AUJUSTMENTS DESCRIPTION DESCRIPTION +t l$Adjustment DESCRIPTION +i-1$Adjustment DESCRIPTION +,f.f$Adjustment
Bales or Financing „Listing
Concessions Cash;O 2
Date of Sale,Tlmc Active -27„0001 W
Location N;Res; N;Res:
LeasehadfFee Simple Fee Simple Fee Simple
Site 5,125 sf 6,350 sf -675
View N;Res; IN;Res;
Design(Style) DT2;Stilt .DT2;Stilt
Uuality of Construction Q3 -Q3
Actual Age 1$ 136 O �
Condition C3 IC3 1
Above Oracle Total =Bertns. Baths Leaf Berms. Baths Total Berms. Baths Taal Berms. Batts 0
Room Count 6 3 2.0 6 3 12.0
Gross Living Area 1 101 so:fL 1 060 salt +4„100 soft, salt
Basement&Finished Osf Osf
Rooms Below Oracle
Functional Utility Average Avers e
Heating,Cading Central Central
Energy Efficient Bares Averse Average j
GaragniCarport 2c i 2c.3dw 0
Parch Patlo;uack patio Patio
Kitchen Standard Kit. Standard Kit.
Guest Quarters None None
Net Adjustmentoi7otall El + X . $ -23,575 1-1 + 0 - $ + L—] $
Adjusted Sale Per Net Adj. 4.4 Net Adj. Net Adj. %
of Comparables Gross Adj. 5,9 $ 515 425,Gross Adj. % $ Gross Adj. % $ O
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Reportthe results of the research and analysis of the prior sale artransfer history of the subject property and comparable sales!report addlh'nnal prior sales on page 31.
ITEM SUBJECT COMPARABLE SALE# 4 COMPARABLE SALE# 5 COMPARABLE SALE# 6 0
Date of Prior Salrslransfer
Price of Prior$ale(Transier
Data Sources) Monroe County Tax Roll Monroe County Tax Roll 4—
Effective Date of Data Suunc{sl 06/01/2021 06/0112021 0
Analysis of prior sale or transfer history of the subject propery,and comparable sales There were no prior sales of the com arables.
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Analysis,`Commeats
USPAP STATEMENT
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1 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 immediate!y precedin acceptance of this assignment.
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A reasonable exposure time for the subject is 3 months to 6 months based on the marketing time of the comparable sales.
The intended user of this appraisal report is the client.
The appraisal was prepared in accordance with the requirement of Title XI of the Financial Institution Reform,Recovery and Enforcement Act of
1989,as amended 12 U.S.C.3331 et se and any implementing regulations.
U
Freddie Mac Form 70 March 2005 UAD Version 9/2011 Fannie Mae Farm 1004 March 2005
Packet Pg. 1928
Form 1 OO4UAl).(AO(-"TOTAL"appraisal software by a Is mode,Inc.-1-800-ALAMOOF