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<br />ASSESSMENT AND TAXES - 200412005 <br /> <br />The subject property is assessed under the jurisdiction of the city of Sunny Isles Beach. <br /> <br />The assessment for the property is established each year as of January I st by the Miami-Dade County <br />Property Appraiser's Office at 100% of "Just Value." Just Value has been equated to Market Value <br />less closing costs. While the State of Florida requires real estate to be assessed at I 00% of Just <br />V alue, in reality the ratio of the assessed value to sales price is generally below 100%. <br /> <br />Folio Number: 31-2202-005-0010 <br /> <br />Assessed Value (2005): $12,457,500 <br /> <br />Tax Amount (2004): $230,695.88 <br /> <br />Millage Rate (2004): $22.5837 per $1,000 <br /> <br />OWNER OF RECORD AND ADDRESS <br /> <br />Regalia LLC. <br />20 I Alhambra Circle, 12th Floor <br />Coral Gables, Florida 33134-5107 <br /> <br />FIVE- YEAR HISTORY OF TITLE <br /> <br />The subject property sold in April of2004 for $8,000,000. The seller was LA Mansion, LLC, and <br />the buyer was Regalia, LLC. This sale transaction is recorded in Official Records Book 22218, Page <br />3113, in the Public Records of Miami-Dade County, Florida. <br /> <br />The subject property sold in July of 200 I for $9,000,000. The seller was Ocean Roc Motel, Inc., <br />and the buyer was LA Mansion, LLC. This sale transaction is recorded in Official Records Book <br />19790, Page 2480, in the Public Records of Miami-Dade County, Florida. <br /> <br />An investigation of the Public Records of Miami-Dade County, Florida indicates no other sale <br />transfers of title to the subject property during the past five years. <br /> <br />QUINLIVAN APPRAISAL <br /> <br />6 <br />