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AppraisalFirst <br />Real Estate Appraisers LLC <br />8101 Biscayne Boulevard, Suite R-516 <br />Miami, Florida 33138 <br />Phone: 305-470-2130 <br />Fax: 305-381-8047 <br />E-mail: residential(aapraisalfirst.net <br />E-mail: frankna,appraisalfirst.net <br />May 9, 2023 <br />Carol A Nappi TRS Linger Trust <br />17749 Collins Avenue, # 2401 <br />Sunny Isles Beach, Florida 33160 <br />c/o Carmen Tillit <br />East of Collins -Expediting <br />Re: The purchase of Transfer Development Rights (TDR's) as it pertains to the expansion of a <br />residential unit located in the Mansions of Acqualina, at 17749 Collins Avenue, Unit 2401, <br />Sunny Isles Beach, Florida 33160. <br />Dear Ms. Tillit: <br />As requested, I have prepared the attached appraisal report of the above referenced property. The <br />purpose of the report is to estimate a cost per unit for the purchase of Transfer Development Rights <br />(TDR's), as it pertains to the underlying subject property. This appraisal report is intended to comply <br />with reporting requirements set forth under Standards Rule 2-2 (a) of the Uniform Standards of <br />Professional Appraisal Practice USPAP (2020-2021). The Appraisal Standards Board of The <br />Appraisal Foundation voted to extend the expiration date of the 2020-2021 USPAP publication by <br />two years. Instead of expiring on December 31, 2021, the current USPAP will remain in effect until <br />December 31, 2023. <br />The value opinion reported is qualified by certain definitions, limiting conditions and certifications <br />which are set forth on pages 38 through 40 of this report. The extraordinary assumption is stated <br />herein. The report includes no hypothetical conditions. <br />The subject property consists of an approximate 789 square foot terrace area within a residential unit <br />in the Mansions of Acqualina located along the ocean side of Collins Avenue, between 177`" and <br />178' Streets, Sunny Isles Beach, Florida. The Mansions of Acqualina consists of a 47 -story, luxury <br />condominium tower, with 79 residential units, consisting of seven expansive, flow through, floor <br />plans. The building was completed in 2015. <br />217 <br />