UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF FLORIDA

FORT LAUDERDALE DIVISION

In re:

AMY R SMITH,

Debtor.

/

Case No.: 19-22921-SMG

Chapter: 13

RESPONSE TO DEBTOR'S 

MOTION TO VALUE COLLATERAL 

OF U.S. BANK N.A., AS TRUSTEE AND NATIONSTAR 

MORTGAGE, LLC D/B/A MR. COOPER AND DETERMINE 

SECURED STATUS OF LIEN ON REAL PROPERTY

U.S. Bank National Association, as Trustee, successor in interest to Wilmington Trust 

Company, as Trustee, successor in interest to Bank of America National Association, as Trustee, 

successor by merger to LaSalle Bank National Association, as Trustee for Lehman XS Trust 

Mortgage Pass-Through Certificates, Series 2007-6, by Nationstar Mortgage LLC d/b/a Mr. 

Cooper (the “Secured Creditor”), by and through its undersigned counsel, responds to the Motion 

to Value Collateral of U.S. Bank N.A., as Trustee , successor in interest to Bank of America 

National Association, as Trustee, successor by merger to LaSalle Bank National Association, as 

Trustee for Lehman XS Trust Mortgage Pass-Through Certificates, Series 2007-6, by and 

Nationstar Mortgage, LLC d/b/a Mr.Cooper And Determine Secured Status Of Lien On Real 

Property (the “Motion”) (Doc. No. 52) and in support thereof states as follows:

1. Debtor's Bankruptcy Case: This case was commenced by the filing of a 

voluntary Chapter 13 petition on September 27, 2019 by Amy R Smith (the “Debtor”).

2. Collateral: Secured Creditor holds a first mortgage lien against the Debtor's 

real property located at 2616 Washington Street, Hollywood, Florida 33020 (the “Property”).

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3. Proof of Claim: On November 5, 2019, Secured Creditor timely filed Proof 

of Claim #1 which evidences a total secured claim of $380,926.80.

4. Motion: On January 9, 2020, the Debtor filed the Motion attempting to 

value the property at $133,340.00 to be paid through the plan at 3.25%. 

5. Response: Secured Creditor disputes this valuation. Based on the appraisal 

attached hereto as “Exhibit A”, the market value of the property is at least $265,000.00. 

Secured Creditor requests an opportunity to have an updated appraisal completed to determine 

the value of the property at the time of the filing of the petition. 

6. Interest rate: In Till v. SCS Credit Corp., 541 U.S. 465, 124 S.Ct.1951 (2004), 

the Supreme Court addressed the appropriate cram down interest rate under § 1325(a)(5)(B)(ii) 

and adopted the “formula approach” which begins by looking at the national prime rate, reported 

daily in the press, and then adding an appropriate “risk adjustment.” Although Till does not 

specify what that risk adjustment should be, it states that courts have generally approved 

adjustments of 1% to 3%.

Accordingly, Secured Creditor maintains that, without evidence why a different 

adjustment should be used, a risk adjustment of 2% should be reasonable. The prime rate, as 

published in the Wall Street Journal, is currently 4.75%. Accordingly, Secured Creditor 

maintains that the Court should not approve a cram down interest rate less than 6.75%.

7. Attorney’s Fees and Costs: Secured Creditor has incurred additional fees and 

costs as a result of having to file this response:

8. Supplement: Secured Creditor reserves the right to supplement and/or amend 

this response.

9. Attorney’s Fees and Costs: Secured Creditor has incurred additional fees and 

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costs as a result of having to file this response.

WHEREFORE, the Secured Creditor requests that the Court enter an Order Denying the 

Motion to Value Motion to Value Collateral and for such other and further relief as the Court 

deems just and proper.

McCalla Raymer Leibert Pierce, LLC

By: /s/Melbalynn Fisher

Melbalynn Fisher

Florida Bar No. 107698

110 S.E. 6th Street, Suite 2400

Ft. Lauderdale, FL 33301

954-526-5846

melbalynn.fisher@mccalla.com

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CERTIFICATE OF SERVICE

I HEREBY CERTIFY that a true and correct copy of the foregoing was served on 

January 31, 2020 to all parties on the list to receive e-mail notice/service for this case, via the 

Notice of Electronic Filing (which is incorporated herein by reference), and via U.S. Mail, First 

Class to Amy R Smith, 2714 Southwest 81 Terrace # 2730, Hollywood, FL 33025.

By: /s/Melbalynn Fisher

Melbalynn Fisher

Stacy H Bressler sbressler@aol.com

•Melbalynn Fisher Melbalynn.Fisher@mccalla.com, FLBKECF@mccalla.com

•Michael A. Frank pleadings@bkclawmiami.com, 

bkcpleadings@gmail.com;frankmr48583@notify.bestcase.com

• Office of the US Trustee USTPRegion21.MM.ECF@usdoj.gov

•Ashley Prager Popowitz Ashley.popowitz@mccalla.com, flbkecf@mccalla.com

•Robin R Weiner ecf@ch13weiner.com;ecf2@ch13weiner.com

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March 12, 2018

MRLP

Ashley Popowitz, Esq.

110 SE 6th Street, Suite 2400

Fort Lauderdale, FL 33301

RE: Real estate appraisal of an adult living facility (ALF) located at 2616 Washington 

Street, Hollywood, FL

Dear Mrs. Popowitz: 

I have prepared a retrospective appraisal of the above captioned property in accordance 

with your request having an effective date of value of December 4, 2017. The rights and 

interests appraised are those of the fee simple estate. The subject is currently operating 

as a 6-bed Adult Living Facility (ALF). The value conclusion found in this report are for 

rights in realty only and does not include business value. The purpose of this appraisal is 

to assist the client in a foreclosure matter. 

The report that follows is an Appraisal Report as defined by the Uniform Standards of 

Professional Appraisal Practice (USPAP) and is in full compliance with USPAP.

The subject has been appraised under the Extraordinary Assumption that there is no mold 

present. The presence of mold can have a significant impact on value.

On the basis of my investigation and analyses, I have estimated the market value of the 

real estate as of December 4, 2017 to have been as follows:

Two Hundred Sixty-Five Thousand ($265,000) Dollars

Thank you for the opportunity to be of service and please advise if I may be of further 

assistance.

Very truly yours,

CR Bertelle, MAI

Cert Gen RZ723

BERTELLE & ASSOCIATES, INC.

4142 NW 6th Street

Deerfield Beach, FL 33442

Phone: (954) 770-2519

Email: Chip@BertelleAppraisals.com

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Table of Contents

Summary of Salient Facts & Conclusions ......................................................................... 3

Type of Report ..................................................................................................................4

Purpose of Report, Intended Use, Client .......................................................................... 4

Market Value Definition.....................................................................................................4

Property Interest Appraised ..............................................................................................4

Scope of Work...................................................................................................................5

Appraisal Problem.............................................................................................................5

Property Location..............................................................................................................5

Subject Property Legal Description................................................................................... 5

Property Owner’s Name....................................................................................................5

Property Inspection ...........................................................................................................5

Subject Photos..................................................................................................................6

Land Use & Zoning .........................................................................................................12

260 History of Title ..........................................................................................................12

Exposure Time................................................................................................................12

Highest and Best Use .....................................................................................................13

SALES COMPARISON APPROACH.............................................................................. 15

Summary of Comparable Sales ......................................................................................16

Adjustments to Sales ......................................................................................................18

Conclusion ......................................................................................................................19

Reconciliation of Approaches..........................................................................................20

ADDENDA.......................................................................................................................21

Assumptions and Limiting Conditions ........................................................................ 22

Appraiser’ Certification ...............................................................................................24

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Summary of Salient Facts & Conclusions

Property Description

Property Type A 6-bed Adult Living Facility (ALF) known as Exquisite 

Senior Care

Location 2616 Washington Street, Hollywood, FL 33020

Building Area 1,611 SF adjusted building area according to the 

Broward County Property Appraiser’s office.

Number of floors 1

Bedrooms/Baths 3/3

Condition The roof is a flat roof that was damaged in 2016 during 

Hurricane Matthew. The built-up composition needs 

to be removed and replaced. Damage to the 

underlying plywood is unknown. The property owner 

believes the roof repairs will cost nearly $20,000. The 

building exterior was observed to be in average 

condition with no deferred maintenance items noted. 

The interior was observed to be in fair condition with 

some physical deterioration and deferred 

maintenance observed. I have not received an 

environmental assessment for the subject. The 

presence of mold is unknown.

View Garden

Purpose of Appraisal Estimate the “as is” market value of the real estate

Rights & Interests Appraised Fee simple estate

Effective Date of Value December 4, 2017

Owner of Record Amy R. Smith

Highest & Best Use Cure all outstanding deferred maintenance and 

operate as an ALF

Hypothetical Condition None

Extraordinary Assumption The subject has been appraised under the 

Extraordinary Assumption that there is no mold 

present. The presence of mold can have a significant 

negative impact on the market value of the property.

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Type of Report

This Appraisal Report is written in accordance with the Uniform Standards of Professional 

Appraisal Practice (USPAP).

Purpose of Report, Intended Use, Intended User, Client

The purpose of this appraisal is to develop and report an opinion of the market value of

the real estate as of December 4, 2017. The intended use is to assist the client, MRLP, 

in a foreclosure matter. The intended user is Ashley Popowitz, Esq.

Market Value Definition

Market value means the most probable price which a property should bring in a 

competitive and open market under all conditions requisite to a fair sale, the buyer and 

seller each acting prudently and 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 acting in what they consider their own 

best interests;

(3) A 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.1

Property Interest Appraised

The interests appraised will be those of the fee simple estate. The value conclusion is 

limited to the real estate and excludes any business value.

 1 FDIC, Supplemental Appraisal Standards

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Scope of Work

The appraisal problem is to estimate the current fee simple market value of the subject 

real estate. The scope includes a full interior and exterior inspection of the property. The 

Cost Approach and Income Approach were not developed since the subject would not be 

sold or purchased based on cost or income generated by a lease. The Sales Comparison 

Approach is the approach that resembles the actions of buyers and seller and has been 

employed in estimating the market value of the subject property. Sales of comparable 

properties were researched with the assistance of the MLS, the Broward County Property 

Appraiser’s web site, Costar, and IRIS. All sales were verified with a party to the 

transaction. The scope does not include a roof inspection or an environmental 

assessment of the property.

Appraisal Problem

The appraisal problem is to estimate the “as is” market value of the real estate as of 

December 4, 2017.

Property Location

The subject is located at 2616 Washington Street in Hollywood, Florida.

Subject Property Legal Description

According to the last deed of conveyance, the legal description is as follows:

Lot 23, Block 2, Amended Plat of South Hollywood, a subdivision according to the plat or map 

thereof described in Plat Book 4, at page(s) 10, of the Public Records of Broward County, 

Florida.

Property Owner’s Name

The current owner of record is Amy R. Smith, a single woman.

Property Inspection

Date of Inspection February 22, 2018

Those Present I was accompanied by Amy R. Smith, owner.

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Subject Photos

Washington Street facing west

Front and east elevation facing southwesterly

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Subject Photos

Entry to two units

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Kitchen

Dining room

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Subject Photos

Typical bedroom

Typical bedroom

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Subject Photos

Manager’s office

Typical bathroom

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Subject Photos

Activity room

Typical bathroom

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Land Use & Zoning

The county land use is Low (5) Residential, and the zoning is RS-3, Single Family District, 

by the city of Hollywood.

History of Title

Subject property has sold within the last five years Yes ( ) No ( X )

Effective Date of Value

The effective date of value is December 4, 2017.

Exposure Time

Exposure time for the subject is estimated at three to six months based on marketing times 

for properties in the neighborhood.

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Highest and Best Use (land as if vacant)

Legally Permissible Use

The fee simple estate is subject to the limitations of eminent domain, escheat, police 

power, and taxation. The site has a land use designation of Low (5) Residential and is 

zoned RS-3, Single Family District, by the city of Hollywood. The site, as if vacant, 

complies with minimum standards found in the RS-3 zoning code including minimum lot 

size of 5,000 SF and 50-foot lot width.

Physically Possible Use

Public utilities available to the property include water, sewer, electricity and telephone. 

Topography and drainage are adequate and typical for the neighborhood. Access with 

the surrounding road network and trade area is good.

Feasible Use Considerations

Feasible uses must first be legally permissible and physically possible. Based on legally 

permissible and physically possible use alternatives, the subject property, as though 

vacant, could be improved with virtually all the legally permitted uses outlined in zoning 

that could be accommodated on a 7,021 SF lot. Existing development in the area is 

predominantly single-family homes.

Maximally Productive Use

Having considered legally permissible, physically possible, and economically feasible use 

alternatives, the maximally productive use for the site as if vacant is for a single-family

home.

Highest and Best Use (as improved)

Legally Permissible Use

The subject was originally built as a duplex in 1953. Sometime after the property was last 

purchased in 2002 it was converted to an adult living facility (ALF). The current use is 

legal non-conforming.

Physically Possible Use

The exterior walls were observed to be in average condition. The roof sustained damage 

in 2016 during hurricane Matthew. The property owner stated she has a claim on file with 

her insurance company and the cost to repair the roof is nearly $20,000. The interior

layout is unusual for a small ALF in that the demising wall between the two former duplex 

units remains intact. In order to access the two units, it is necessary to leave the building 

and enter a second doorway.

The interior layout includes three bedrooms, three baths, a utility room, an activity room, 

a manager’s office, a day room, a dining room and a small kitchen. The interior was 

observed to be in fair condition. With only one kitchen, the subject could not return to a 

duplex property without the installation of a new kitchen in the northern unit. The kitchen 

was observed to be in poor condition requiring a complete renovation including new 

equipment, cabinetry and countertops. Some of the deferred maintenance is cosmetic in 

nature including cleaning grout lines and painting. The subject has been appraised under 

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the Extraordinary Assumption that the property is free from any harmful pollutants and 

contaminants including mold.

Feasible Use Considerations

There appears to be a reasonably active market for Adult Living Facilities in Broward 

County. Single family and multifamily homes converted to ALF use has been ongoing in 

the county for more than 20 years. The baby boomer generation is in its 60”s and 70’s 

and should increase demand for this type of product over the near foreseeable future. It 

is apparent from the market that some of the trading involving a small ALF is due to poor 

management and an under-capitalized business, which ultimately leads to business 

failure. An ALF is a specialized business that requires specialized and experienced,

competent management.

Maximally Productive Use

Based on the foregoing, the maximally productive use for the property is to repair the roof, 

cure all deferred maintenance, renovate the kitchen and continue operating as an ALF.

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Sales Comparison Approach

A Cost Approach and Income Approach were not developed owing to the age of the 

improvements and the fact that ALF properties are generally not leased. The preferred 

method in estimating the value of a property like the subject is the Sales Comparison 

approach, which is based on the theory of substitution. At the core of the theory is the 

premise that a prudent buyer would pay no more for a property than one of similar or equal 

utility that recently sold. In this approach similar sale properties are compared to the 

subject and adjusted for dissimilarities.

The sales search focused on ALF properties that were converted from single family or 

multifamily properties in Broward County. A total of three sales were found that are 

suitable for direct comparison with the subject. On the following page is a sales grid of 

the sales with a location map.

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Summary of Comparable Sales

Subject Sale 1 Sale 2 Sale 3 Average

Address 2616 13400 3300 11360

Street Washington St Stirling Rd SE 7 St NW 29 St

City Hollywood SW Ranches Pompano Bch Sunrise

Adjusted Building Area (SF) 1,611 6,254 8,665 3,514 6,144

Year Built 1953 1973 1949 1972 1965

Number of Beds 6 10 31 12 19

Square Feet/Bed 269 481 280 293 351

Condition Fair Superior Superior Superior

Date of Sale Aug-17 Mar-17 Jun-17 Jun-17

Sale Price $875,000 $1,725,000 $583,000 $1,061,000 



N

Subject

Sale 2

Sale 1

Sale 3 Sale 3

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Sale 1

Sale 2

Sale 3

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Adjustments to Sales

Real Property Rights Conveyed

All three sales involved the purchase of a fee simple estate subject only to 

standard encumbrances such as utility easements. Adjustments for real 

property rights conveyed were not warranted.

Financing All of the sales were cash to seller transactions and no adjustments for 

financing were necessary.

Conditions of Sale All three transactions were at arm’s length with no unusual conditions of 

sale. No adjustments were warranted for conditions of sale.

Market Conditions The sales took place between March and August of 2017. The real estate 

market has been stable over the past year with low appreciation throughout 

the county for residential properties. Any increase in value due to changes 

in market conditions will be considered in the conclusion.

Location

Sales 1 & 3 Both sales are all located in similar residential neighborhoods and 

adjustments for location were not warranted. It should be noted that Sale 

3 involves two (2) six-bed ALFs located in the city of Sunrise that were sold 

together by one seller to one buyer.

Sale 2 Sale 2 is located on the barrier island in Pompano Beach, a few blocks from 

the ocean. A qualitative downward adjustment has been made for location.

Condition As noted, the subject roof needs to be repaired and resurfaced. The owner 

stated that she had a cost estimate of nearly $20,000 for the repair. If the 

underlying plywood needs replacing in addition to the resurface, this cost 

would be reasonable. The subject interior is in fair condition while the sales 

were all in at least average condition. The cost to repair and resurface the 

roof and to cure deferred maintenance items within the interior of the 

building is estimated at $35,000. Since all three sales had roofs that were 

in good condition and the interior did not exhibit any deferred maintenance, 

all three sales have been adjusted downward by $35,000 for condition.

Business

Sales 1 & 2 Neither sale involved the conveyance of a business. Neither were 

operational ALFs at the time of sale. Neither sale required an adjustment 

for business.

Sale 3 According to the listing broker the property was operating as an ALF and 

the sale price included the conveyance of the business value that the broker 

estimated to be approximately $100,000. Sale 3 was adjusted downward 

by $100,000 for the value of the business.

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Sales Adjustment Grid

Subject Sale 1 Sale 2 Sale 3 Average

Address 2616 13400 3300 11360

Street Washington St Stirling Rd SE 7 St NW 29 St

City Hollywood SW Ranches Pompano Bch Sunrise

Adjusted Building Area (SF) 1,611 6,254 8,665 3,514 6,144

Year Built 1953 1973 1949 1972 1965

Number of Beds 6 10 31 12 18

Square Feet/Bed 269 625 280 293 399

Condition Fair Superior Superior Superior

Date of Sale Aug-17 Mar-17 Jun-17 Jun-17

Sale Price $875,000 $1,725,000 $583,000 $1,061,000 

Adjustments:

Real Property Rights $0 $0 $0 $0 

Financing $0 $0 $0 $0 

Conditions of Sale $0 $0 $0 $0 

Market Conditions $0 $0 $0 $0 

Subtotal $875,000 $1,725,000 $583,000 $1,061,000 

Location $0  $0 $0 

Condition ($35,000) ($35,000) ($35,000) ($35,000)

Business $0 $0 ($100,000) ($33,333)

Adjusted Price $840,000 $1,690,000 $448,000 $992,667 

Adjusted Price/SF $134 $195 $127 $152 

Adjusted Price/Bed $84,000 $54,516 $37,333 $58,616 

Conclusion

The adjusted unit prices range from $127/SF to $195/SF and from $37,333/bed to 

$84,000/bed. None of the sales required an adjustment for real property rights conveyed, 

financing or conditions of sale. Changes in market conditions will be considered in the 

conclusion. All three sales required a downward adjustment for condition and Sale 3 for 

a business.

Sale 1 has more square feet of building area per bed than the subject and the remaining 

two sales. This is reflected in the price per unit which is the highest among the three sales. 

For this reason, Sale 1 has not been given as much weight as Sales 2 and 3.

Sale 2 is similar regarding year built, square feet per bed and location. It differs in terms 

of the number of beds.

Sale 3 involves two (2) six-bed properties, each similar to the subject. The sale property 

has a ratio of square feet per bed that is similar to the subject. Sale 3 included a business 

and the sale was adjusted downward accordingly.

With consideration to all the sales, but with greater weight given to Sales 2 and 3, the unit 

values concluded for the subject property are $160/SF and $45,000 bed which produces 

the following value indications:

$160/SF X 1,611 SF = $257,760

$45,000 X 6 = $270,000

With consideration to both units of comparison, the “as is” market value of the subject real

estate as of December 4, 2017 is estimated at $265,000.

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Reconciliation of Approaches

Cost Approach Sales Comparison Approach Income Approach

N/A $265,000 N/A

The Cost and Income Approaches were not developed since the subject would not be sold 

based on either cost or rental income.

The Sales Comparison approach was developed since the typical buyer would consider

prices paid for similar properties in the neighborhood. A total of three sales were included 

for direct comparison. The quality and quantity of comparable sales data available for 

direct comparison was good. The Sales Comparison approach provided a reliable 

indication of value.

With sole reliance on the Sales Comparison approach, the market value for the subject as 

of December 4, 2017 is estimated at $265,000.

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Addenda

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Assumptions and Limiting Conditions

This appraisal report has been made with the following general assumptions:

No responsibility is assumed for the legal description or for matters including legal or 

title considerations. Title to the property is assumed to be good and marketable unless 

otherwise stated.

l The property is appraised free and clear of any or all liens or encumbrances unless 

otherwise stated.

 Responsible ownership and competent property management are assumed.

 The information furnished by others is believed to be reliable. However, no warranty 

is given for its accuracy.

 All engineering is assumed to be correct. The plat plans and illustrative material in 

this report are included only to assist the reader in visualizing the property.

 It is assumed that there are no hidden or unapparent conditions of the property, 

subsoil, or structures that render it more or less valuable. No responsibility is assumed 

for such conditions or for arranging for engineering studies that may be required to 

discover them.

 Unless otherwise stated in this report, the existence of hazardous material, which may 

or may not be present on the property, was not observed by the appraiser. The 

appraiser has no knowledge of the existence of such materials on or in the property. 

The appraiser, however, is not qualified to detect such substances. The presence of 

substances such as asbestos, urea-formaldehyde foam insulation, or other potentially 

hazardous materials may affect the value of the property. The value estimate is 

predicated on the assumption that there is no such material on or in the property that 

would cause a loss in value. No responsibility is assumed for any such conditions, or 

for any expertise or engineering knowledge required to discover them.

 It is assumed that there is full compliance with all applicable federal, state, and local 

environmental regulations and laws unless noncompliance is stated, defined, and 

considered in the appraisal report.

 It is assumed that all applicable zoning and use regulations and restrictions have been 

complied with, unless a nonconformity has been stated, defined, and considered in 

the appraisal report.

 It is assumed that all required licenses, certificates of occupancy, consents, or other 

legislative or administrative authority from any local, state, or national government or 

private entity or organization have been or can be obtained or renewed for any use on 

which the value estimate contained in this report is based.

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 It is assumed that the utilization of the land and improvements is within the boundaries 

or property lines of the property described and that there is no encroachment or 

trespass unless noted in the report.

The appraisal report has been made with the following general limiting conditions:

 The distribution, if any, of the total valuation in this report between land and 

improvements applies only under the stated program of utilization. The separate 

allocations for land and buildings must not be used in conjunction with any other 

appraisal and are invalid if so used.

 Possession of this report, or a copy thereof, does not carry with it the right of 

publication.

 The appraiser, by reason of this appraisal, is not required to give further consultation, 

testimony, or be in attendance in court with reference to the property in question unless 

arrangements have been previously made.

 Neither all nor any part of the contents of the report (especially any conclusions as to 

value, the identity of appraiser, of the firm with which the appraiser is connected) shall 

be disseminated to the public through advertising, public relations, sales, or other 

media without the prior written consent and approval of the appraiser.

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Appraiser's Certification

I certify that, to the best of my knowledge and belief:

 The statements of fact contained in this report are true and correct.

 The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting 

conditions, and are my personal, impartial and unbiased professional analyses, opinions, and conclusions.

 I have no present or prospective interest in the property that is the subject of this report and no personal 

interest with respect to the parties involved.

 I have performed no services, as an appraiser or in any other capacity, regarding the property that is the 

subject of this report within the three-year period immediately preceding acceptance of this assignment.

 I have no bias with respect to the property that is the subject of this report or to the parties involved with this 

assignment.

 My engagement in this assignment was not contingent upon developing or reporting predetermined results.

 My compensation for completing this assignment is not contingent upon the development or reporting of a 

predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, 

the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended 

use of this appraisal.

 My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity 

with the Uniform Standards of Professional Appraisal Practice (USPAP) adopted by the Appraisal Standards 

Board of the Appraisal Foundation, and with the Code of Professional Ethics and Standards of Professional 

Appraisal Practice of the Appraisal Institute.

 I have made a personal inspection of the property that is the subject of this report.

 No one provided significant real property appraisal assistance to the person signing this certification.

 The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly 

authorized representatives.

 The appraiser has performed within the context of the competency provision of the Uniform Standards of 

Professional Appraisal Practice.

 This report was not based on a requested minimum valuation, a specific valuation, or the approval of a loan.

 I currently hold an appropriate state license or certification allowing the performance of real estate appraisals 

in connection with federally related transactions.

As of the date of this report, I, Charles Bertelle, MAI, have completed the requirements under the continuing 

education program of the Appraisal Institute.

_______________________ March 12, 2018

CR Bertelle, MAI Date

State-Certified General Appraiser 723

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Exquisite Senior Care ALF 25

2616 Washington Street, Hollywood, FL

Bertelle & Associates, Inc.

Qual ifications

CR Bertelle, MAI

Memberships

Member Appraisal Institute (MAI) No. 8449, Appraisal Institute

Member of American Institute of Certified Planners (AICP) No. 011946 (inactive)

Member of American Planning Association (inactive)

Member Fort Lauderdale Realtor Commercial Alliance

Licenses

State-certified General Appraiser RZ723

Registered Real Estate Broker, State of Florida

Employment

President Bertelle Realty, Inc. June 2010

President Bertelle & Associates, Inc. since October 1991

Vice President Florida Right of Way Associates November, 1987 to October 1991

Vice President of Pederson & Trask, Inc. June, 1986 to October 1991

Associate Appraiser with Pederson & Trask, Inc. May, 1983 to June 1986

Sales Associate with Carr Realty, Inc., April 1982 to May 1983

Education

Bachelor of Science Degree, University of Hartford, West Hartford, Connecticut

Post Graduate Studies, University of Hartford, West Hartford, Connecticut

Technical Training

Partial List of Appraisal Institute Courses Completed

Florida State Law Proposed Subdivisions & Condos

Florida State Law & USPAP Review Houses to Hotels

Code of Professional Ethics Litigation Appraising

Analyzing Income Producing Properties Standards of Professional Practice

Federal Land Acquisition Non-Conforming Uses

Regression Analysis Small Mixed Use Properties

Mock Trial for Appraisers Attacking & Defending an Appraisal

Hotel Valuation Troubled Properties

Special Purpose Properties Americans with Disabilities Act

Feasibility Analysis Valuation Analysis and Report Writing

Case Studies Appraisal Principles

Basic Valuation Procedures Capitalization Theory and Techniques

Various Seminars

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2616 Washington Street, Hollywood, FL

Bertelle & Associates, Inc.

Society of Real Estate Appraisers

Courses 101, 102, 201

Partial List of Clients

SunTrust Bank Wachovia

CityNational Bank of Florida Community Bank of Broward

Pan American Bank Tri-Rail

Holland Builders Metro Bank

Hicks & Schreiber, P.A. John C. Lukacs, P.A.

John C. Lukacs, P.A. Brigham Moore, LLP

Earle & Patchen, P.A. Shutts & Bowen, LLP

Taco Bell Corporation Broward County School Board

Florida Department of Transportation Broward County

American General Holland Builders

Florida Power & Light Town of Davie

City of Sunrise City of Hallandale

Motiva Enterprises, LLC Commercial Finance Group, Inc.

Qualified as Expert Witness

Circuit courts of Broward County, Miami-Dade County, Palm Beach County, Charlotte County

Federal Bankruptcy Court

Counties Appraised Geographically

Miami-Dade, Broward, Palm Beach, Charlotte, Pinellas, Hillsborough

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