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Resolutions - 2024.05.22 - 41243
AGENDA ITEM: Purchase Agreement with Six Rivers Land Conservancy for 2473 Square Lake Road in Troy DEPARTMENT: Parks & Recreation MEETING: Board of Commissioners DATE: Friday, June 7, 2024 8:55 PM - Click to View Agenda ITEM SUMMARY SHEET COMMITTEE REPORT TO BOARD Resolution #2024-4190 _ 24-41 Motion to adopt the attached suggested resolution. ITEM CATEGORY SPONSORED BY Real Estate Yolanda Smith Charles INTRODUCTION AND BACKGROUND Parks and Recreation is requesting approval to enter into the attached purchase agreement with Six River Land Conservancy for the acquisition of 2473 Square Lake Road in Troy (1.67 acres), to serve as access, parking, and pedestrian connectivity for Turtle Woods Nature Preserve. The property owners wish to sell their property now, and are unable to wait for a grant to be awarded, which would require a closing in late 2025. OCPR staff have worked with Six Rivers to assist with this acquisition, similar to what they have done with us on the actual Turtle Woods property (69.5 acres). The attached purchase agreement outlines the conditions for purchase by Oakland County from Six Rivers Land Conservancy. POLICY ANALYSIS Oakland County Parks and Recreation Commission (OCPRC) desires to purchase the Property located at 2473 Square Lake Road in Troy (currently owned by Darrol K. Colberg and Katherine L. Colberg) for park purposes and would like to preserve its eligibility to attempt to secure acquisition grant funding from the Michigan Natural Resources Trust Fund (the “Fund”). In order to assist OCPRC, Six Rivers has agreed to purchase the Property from the Owner through a purchase agreement to be signed on or before the full execution of this Agreement with the closing to occur on or before September 1, 2024 (“First Closing”) and to later sell the Property to OCPRC by September 1, 2025 (with one extension possible - “Second Closing”). OCPRC’s purchase of the Property from Six Rivers is not contingent upon securing grant funding from the Fund. OCPRC agrees to purchase the Property from Six Rivers regardless of the outcome of any grants applied for by OCPRC. Six Rivers may grant a one-year extension of the Second Closing if necessary and requested by OCPRC in the event that OCPRC is not able to secure funding from the Fund by the date of the Second Closing. As consideration for the purchase of the Property OCPRC shall: 1. pay Six Rivers Eight Hundred Thousand Dollars and no cents ($800,000.00) (the “Purchase Price”); 2. pay a not-to-exceed amount of Ten Thousand Dollars and no cents ($10,000.00) only for Owner’s closing costs (costs associated with closing, taxes, title insurance, recording fees, and other fees) at the First Closing; 3. execute the Land Lease Agreement (Exhibit B) with Six Rivers on the date of the First Closing; 4. execute the Land Sublease Agreement (Exhibit C) with Owner on the date of the First Closing; and 5. provide free annual vehicle passes (general public passes) to parks owned or operated by OCPRC for Darrol K. Colberg and Katherine L. Colberg (these passes cannot be transferred to another person). For the Land Lease, between Six Rivers Land Conservancy and OCPRC, the rent for the Property shall be the sum of $202,000.00. The rent amount of $202,000.00 shall be deducted from the purchase price of the sale of the Property pursuant to the purchase agreement between Six Rivers Land Conservancy and OCPRC. Funding will come from favorability in the Budgeted Equity Adjustment line. The term of the Land Sublease between Oakland County/OCPRC (Landlord) and Darrol K. Colberg and Katherine L. Colberg (Tenant), shall be for three hundred and sixty-five (365) calendar days, beginning on the date this Lease is fully executed. Tenant shall pay Landlord the following rent on or before the first day of each month during the term of this Lease: $1.00. Tenant shall be responsible for and pay all real property taxes, if any, during the term of this Lease. Tenant may terminate this Lease for any reason upon thirty (30) days written notice to Landlord. POLICY: Pursuant to MR #01231, Procedures for the Sale, Purchase and Leasing of Property, Section 2(c), property acquisitions over $500,000 in value require two property appraisals. This requirement has been met. Section 2(d), states “no offers to acquire property shall be made in an amount more than the highest appraised value, except by the Board of Commissioners’ approval.” The most recent appraisal dated March 14, 2024 assigned a value of $598,000 and the requested purchase price for the property is $800,000. While the purchase price is higher than the appraised value, comparable properties in the area have recently been selling for between $700k and $900k, putting the purchase price within range of current sales. Additionally, this property is the only access point to the Turtle Woods property and would allow the construction of a parking lot for users. BUDGET AMENDMENT REQUIRED: No Committee members can contact Michael Andrews, Policy and Fiscal Analysis Supervisor at 248.425.5572 or andrewsmb@oakgov.com or the department contact persons listed for additional information. CONTACT Melissa Prowse, Manager - Parks & Recreation Planning & Development Paul Zachos, Property Management Specialist ITEM REVIEW TRACKING Aaron Snover, Board of Commissioners Created/Initiated - 5/22/2024 David Woodward, Board of Commissioners Approved - 5/22/2024 Hilarie Chambers, Executive's Office Approved - 6/3/2024 Lisa Brown, Clerk/Register of Deeds Final Approval - 6/5/2024 AGENDA DEADLINE: 06/07/2024 6:00 PM ATTACHMENTS 1. Purchase Agreement re OCPRC (Final Version 05-21-24) 2. Colberg Appraisal Report 2473 Square Lake 3. Market Study 2022 COMMITTEE TRACKING 2024-05-22 Economic Development & Infrastructure - Recommend to Board 2024-05-22 Full Board - Adopted Motioned by: Commissioner Yolanda Smith Charles Seconded by: Commissioner Ann Erickson Gault Yes: David Woodward, Michael Spisz, Penny Luebs, Christine Long, Robert Hoffman, Philip Weipert, Gwen Markham, Angela Powell, Marcia Gershenson, William Miller III, Yolanda Smith Charles, Charles Cavell, Brendan Johnson, Ajay Raman, Ann Erickson Gault, Linnie Taylor (16) No: None (0) Abstain: None (0) Absent: Karen Joliat, Michael Gingell (2) Passed June 7, 2024 RESOLUTION #2024-4190 _ 24-41 Sponsored By: Yolanda Smith Charles Parks & Recreation - Purchase Agreement with Six Rivers Land Conservancy for 2473 Square Lake Road in Troy Chair and Members of the Board: WHEREAS Oakland County Parks and Recreation Commission (“OCPRC”) has partnered with Six Rivers Land Conservancy and the Troy School District to acquire 69.5-acres of woods and wetlands in the city of Troy, commonly referred to as “Turtle Woods,”; and WHEREAS the Turtle Woods property has limited opportunities for parking and access, and is surrounded by residential property and a golf course; and WHEREAS OCPRC staff have identified a residential parcel (Parcel ID: 20-01-300-009) located at 2473 Square Lake Road, which would provide parking and pedestrian access to Turtle Woods off of Square Lake Road; and WHEREAS OCPRC has included the acquisition of 2473 Square Lake Road in our 2024 application to the Michigan Natural Resources Trust Fund (“Trust Fund”) for the acquisition of Turtle Woods; and WHEREAS the property owners of 2473 Square Lake Road wish to sell the property immediately, have received verbal offers to purchase the property, and are unable to wait for a determination from the Trust Fund or a future closing in 2025; and WHEREAS OCPRC recommends partnering with Six River Land Conservancy to acquire the parcel now, and hold it until Oakland County is able to purchase it; and WHEREAS the attached Purchase Agreement outlines the conditions for purchase by Oakland County from Six Rivers Land Conservancy; and WHEREAS the acquisition of this parcel will ensure long-term, permanent access to the Turtle Woods Nature Preserve. NOW THEREFORE BE IT RESOLVED that the Oakland County Board of Commissioners approves the attached purchase agreement between Oakland County and Six Rivers Land Conservancy for the acquisition of 1.67 acres located at 2473 Square Lake Road in Troy, MI and directs its Chair to sign the purchase agreement and any other documents needed for the acquisition of the property. BE IT FURTHER RESOLVED that the Oakland County Property Manager is authorized to sign closing documents associated with the acquisition and conveyance of the property. Chair, the following Commissioners are sponsoring the foregoing Resolution: Yolanda Smith Charles. Date: May 22, 2024 David Woodward, Commissioner Date: June 03, 2024 Hilarie Chambers, Deputy County Executive II Date: June 05, 2024 Lisa Brown, County Clerk / Register of Deeds COMMITTEE TRACKING 2024-05-22 Economic Development & Infrastructure - Recommend to Board 2024-05-22 Full Board - Adopted Motioned by Commissioner Yolanda Smith Charles seconded by Commissioner Ann Erickson Gault to adopt the attached Real Estate: Purchase Agreement with Six Rivers Land Conservancy for 2473 Square Lake Road in Troy . Yes: David Woodward, Michael Spisz, Penny Luebs, Christine Long, Robert Hoffman, Philip Weipert, Gwen Markham, Angela Powell, Marcia Gershenson, William Miller III, Yolanda Smith Charles, Charles Cavell, Brendan Johnson, Ajay Raman, Ann Erickson Gault, Linnie Taylor (16) No: None (0) Abstain: None (0) Absent: Karen Joliat, Michael Gingell (2) Passed ATTACHMENTS 1. Purchase Agreement re OCPRC (Final Version 05-21-24) 2. Colberg Appraisal Report 2473 Square Lake 3. Market Study 2022 STATE OF MICHIGAN) COUNTY OF OAKLAND) I, Lisa Brown, Clerk of the County of Oakland, do hereby certify that the foregoing resolution is a true and accurate copy of a resolution adopted by the Oakland County Board of Commissioners on June 7, 2024, with the original record thereof now remaining in my office. In Testimony Whereof, I have hereunto set my hand and affixed the seal of the Circuit Court at Pontiac, Michigan on Friday, June 7, 2024. Lisa Brown, Oakland County Clerk / Register of Deeds FINAL VERSION 05-21-24 Page 1 of 19 PURCHASE AGREEMENT Subject to the terms and conditions contained in this this Purchase Agreement (“Agreement”) the COUNTY OF OAKLAND, by and through its statutory agent, the OAKLAND COUNTY PARKS & RECREATION COMMISSION a municipal corporation (“OCPRC"), whose address is 2800 Watkins Lake Rd., Bldg. 97W, Waterford Township, MI 48328-1917 offers to purchase and SIX RIVERS LAND CONSERVANCY (“Six Rivers"), whose address is 4480 Orion Road, 2nd Floor, PO Box 80902, Rochester, Michigan, 48308, agrees to sell the real property together with its improvements and appurtenances located at 2473 East Square Lake Road, Troy, Oakland County, Michigan (Parcel Identification Number 20-01-300-009), described and depicted on Exhibit A (collectively the "Property"), which Exhibit A is incorporated into this Agreement, pursuant to the terms and conditions contained herein. RECITALS A. The Property is currently owned by Darrol K. Colberg and Katherine L. Colberg (collectively, “Owner”). The Owner has expressed interest in selling the Property. B. OCPRC desires to purchase the Property for park purposes and would like to preserve its eligibility to attempt to secure acquisition grant funding from the Michigan Natural Resources Trust Fund (the “Fund”). In order to assist OCPRC, Six Rivers has agreed to purchase the Property from the Owner through a purchase agreement to be signed on or before the full execution of this Agreement (“Owner Purchase Agreement”) with the closing to occur on or before September 1, 2024 (“First Closing”) and to later sell the Property to OCPRC by September 1, 2025 (with one the extension possible pursuant to Section 5) (“Second Closing” or “Closing”). OCPRC’s purchase of the Property from Six Rivers is not contingent upon securing grant funding from the Fund. OCPRC agrees to purchase the Property from Six Rivers regardless of the outcome of any grants applied for by OCPRC. Six Rivers may grant a one-year extension of the Second Closing if necessary and requested by OCPRC in the event that OCPRC is not able to secure funding from the Fund by the date of the Second Closing. NOW THEREFORE, in consideration of the mutual covenants and agreements contained here and the benefits to be derived here from, receipt of which is acknowledged, the parties agree as follows: 1. Recitals. The Recitals set forth above are incorporated herein. 2. Property Transferred. Six Rivers shall sell and OCPRC shall purchase the Property subject to the terms and conditions of this Agreement. 3. Effective Date. This Agreement shall be effective on the date it is fully executed by the parties. 4. Consideration. As consideration for the purchase of the Property OCPRC shall: (1) pay Six Rivers Eight Hundred Thousand Dollars and no cents ($800,000.00) (the “Purchase Price”); (2) ) pay a not-to-exceed amount of Ten Thousand Dollars and no cents ($10,000.00) only for Owner’s closing costs (costs associated with closing, taxes, title insurance, recording fees, and other fees) at the First Closing; (3) execute the Land Lease Agreement (attached as Exhibit B, FINAL VERSION 05-21-24 Page 2 of 19 which is incorporated herein) with Six Rivers on the date of the First Closing; (4) execute the Land Sublease Agreement (attached as Exhibit C, which is incorporated herein) with Owner on the date of the First Closing; and (5) provide free annual vehicle passes (general public passes) to parks owned or operated by OCPRC for the individual lives of Owner (these passes cannot be transferred to another person). 5. Closing. Unless extended as provided above, the Second Closing on the sale of the Property shall take place at a location agreed upon by the parties on or before September 1, 2025. If OCPRC does not receive the Funds for the purchase of the Property prior to September 1, 2025, the Second Closing/Closing date shall be extended to September 1, 2026 by no action of either party; provided that nothing in this Agreement would prevent OCPRC from waiving this provision in writing and proceeding to closing the transaction. 6. Possession. OCPRC shall receive possession of the Property on the date of the Second Closing. 7. Taxes, Closing Expenses and Fees. It is the intent of the parties that all costs incurred by Six Rivers as a result of this transaction and the acquisition and ownership of the Property shall be reimbursed by OCPRC including, but not limited to, all taxes, closing expenses, commissions, and fees (collectively “Expenses”) as provided herein. 7.1.Real Property Taxes and Assessments. OCPRC shall pay all real property taxes, including state and local transfer taxes, incurred by Six Rivers for the First Closing within thirty (30) business days of receipt of an invoice. OCPRC shall pay all real property taxes, including state and local transfer taxes for the Second Closing on the date of Closing. All special assessments, levied, pending or constituting a lien against the Property, if any, shall be assumed by OCPRC. OCPRC shall be responsible for paying any additional taxes, penalties and interest, including, but not limited to, compensatory or roll back taxes, on the Property arising from the termination of a preferential tax classification of the Property as a result of the acquisition of the Property by Six Rivers. 7.2.Closing/Escrow Fees. OCPRC shall pay the closing fees and the escrow fees for the First Closing within thirty (30) business days of receipt of a written invoice from Six Rivers. OCPRC shall pay the closing fees and escrow fees for the Second Closing on the date of Closing. 7.3.Other Fees and Charges. OCPRC shall pay directly or reimburse Six Rivers for: all other fees and charges relating to this transaction and its ownership of the Property, including loan fees and interest, reasonable insurance premiums (upon prior approval of OCPRC), and any other reasonable incidental costs of acquisition and ownership that incurred by Six Rivers within thirty (30) business days of receipt of a written invoice from Six Rivers. 7.4.Attorney Fees. OCPRC shall reimburse Six Rivers for all attorney fees incurred by Six Rivers in (a) negotiating all contracts related to this transaction and the Owner Purchase Agreement, (b) performing and reviewing any and all due diligence documents pertaining to the acquisition of the Property, (c) reviewing and negotiating all relevant closing FINAL VERSION 05-21-24 Page 3 of 19 documents and loan documents pertaining to the acquisition and sale and transfer of the Property. 7.5.Lender Payments. If Six Rivers is required to make any payments of principal, and/or interest to its lender prior to the Second Closing, Six Rivers may submit proof of such payment to OCPRC and OCPRC shall reimburse Six River for the amount paid within thirty (30) business days of receipt of a written notice. 7.6.Interest. Any expenses incurred by Six Rivers that OCPRC is required to reimburse pursuant to this Agreement that OCPRC fails to reimburse within the applicable time periods shall accrue interest at the prime rate reported by the Wall Street Journal plus two percent. 8. Title. At the Second Closing, Six Rivers shall deliver to OCPRC a Warranty Deed conveying fee simple, marketable title subject only to recorded easements and recorded restrictions and no other restrictions or reverters. Except for the mortgage on the Property given to the lender as security for the First Closing, Six Rivers shall not encumber the Property, in any manner, prior to transferring it to OCPRC at the Second Closing. 9. Title Insurance. As evidence of title, Six Rivers agrees to furnish OCPRC, not more than ten (10) days following the Effective Date, a commitment for title insurance from the Title Company (ATA National Title Group 42651 Woodward Avenue, Bloomfield Hills, Michigan 48304) in an amount not less than the Purchase Price bearing a date later than the Effective Date hereof (the “Commitment”); with a final policy pursuant thereto to be issued insuring the Property at the Second Closing. If exceptions to title are contained in the Commitment and OCPRC or OCPRC's attorney objects in writing within ten (10) days from the date the Commitment is provided to OCPRC that the title is not acceptable to OCPRC, Six Rivers shall have thirty (30) days from the date Six Rivers is notified in writing of the particular defects claimed to fulfill the requirements in said Commitment or to remedy the title defects set forth in said attorney 's opinion. If Six Rivers is able to comply with such requirements or remedy such defects within the time specified as evidenced by written notification, revised commitment or endorsement to the Commitment, or other documents required by OCPRC’s attorney, OCPRC agrees to complete the sale as soon as possible, provided that all of OCPRC's requirements and contingencies set forth in other portions of this Agreement have been met or waived. If Six Rivers is unable to furnish satisfactory title within the time specified, this Agreement shall be terminated and have no further effect. Notwithstanding the foregoing, OCPRC, at its sole option, may waive any objections to title and proceed to Closing. OCPRC shall pay for the title commitment and title insurance. 10. Condition of the Property and OCPRC’s Due Diligence Period. 10.1. OCPRC agrees that it is solely responsible for conducting inspections or tests of the Property if it desires to do so. 10.2. OCPRC shall have fifty-five (55) days from the Effective Date to inspect and evaluate the Property, at its sole cost (the “Inspection Period”). OCPRC's inspections and FINAL VERSION 05-21-24 Page 4 of 19 evaluations may include, but are not limited to, environmental and soil tests, surveys to confirm legal descriptions, title inspection, wetlands delineation surveys, and other tests on the Property OCPRC deems reasonable. OCPRC or its assignees, employees, independent contractors and agents, shall have the right subject to reasonable notice to and consent by Six Rivers of the time and scope of work to be performed, to enter upon the Property to make surveys, engineering studies, test borings, soil tests and to do such other work necessary to determine the Property's suitability for the use for which it is being acquired by OCPRC. Such work shall be conducted in a reasonable and workmanlike manner all at the sole cost, expense and liability of OCPRC. OCPRC shall repair any damage to the Property caused by OCPRC’s inspections. Prior to the expiration of the Inspection Period, OCPRC shall have the right to terminate this Agreement if the results of OCPRC's inspections or evaluations of the Property are not completely satisfactory to OCPRC. OCPRC shall notify Six Rivers in writing of its right to terminate the Agreement pursuant to this Section, prior to the expiration of the Inspection Period. 10.3. If OCPRC terminates this Agreement pursuant to this Section, OCPRC must still pay Six Rivers for all of its expenses related to this transaction and the Owner Purchase Agreement. OCPRC shall reimburse Six Rivers within ten (30) business days after OCPRC’s receipt of Six River’s invoice. 10.4. Six Rivers has made no representations or warranties with respect to the Property, except as set forth in this Agreement; OCPRC acknowledges that it shall accept title and possession of the Property in its presently existing, "AS IS" condition and expressly assumes all risks with respect thereto, including, without limitation, all risk of environmental impairment or liability. OCPRC shall have no recourse whatsoever against Six Rivers for any recognized environmental condition, or for any defective, dangerous or unlawful condition existing on the Property, and OCPRC expressly relinquishes and waives all right to commence, join, prosecute or otherwise participate as a claimant against Six Rivers in any action or proceeding under authority of any statute, law or regulation, the actual, effective or intended purpose or unintended effect of which is the protection or remediation of the environment. OCPRC ACKNOWLEDGES AND AGREES THAT, EXCEPT AS MAY BE EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER SIX RIVERS NOR ITS BROKERS, AGENTS, CONTRACTORS OR REPRESENTATIVES HAVE MADE ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTEES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO THE NATURE, QUALITY OR CONDITION OF THE PROPERTY, THE EXISTENCE OF WETLANDS OR WOODLANDS, ENVIRONMENTAL CONTAMINATION, BUILDABLE SOILS OR ANY OTHER MATTER WITH RESPECT TO OR AFFECTING THE PROPERTY. 10.5. Six Rivers shall not be responsible for any statements, representations or warranties of any kind furnished to ORPRC by any real FINAL VERSION 05-21-24 Page 5 of 19 estate broker or any other person or entity concerning the Property, unless specifically set forth in this Agreement. 10.6. No materials or documents delivered by Six Rivers to OCPRC or any other person shall be deemed, a representation, warranty, or agreement of Six Rivers with respect to this Agreement. 10.7. OCPRC has the exclusive responsibility for verifying any facts or conditions set forth or described in any such materials, or documents provided to OCPRC concerning the Property. 10.8. OCPRC waives any and all objections to or claims or causes of action against Six Rivers including, but not limited to, federal, state or common law actions and any private right of action under state and federal law to which the Property is or may be subject (including, but not limited to CERCLA and RCRA) regarding the physical characteristics and existing structural, geologic, subsurface, soil, water and environmental conditions on, under, adjacent to or otherwise affecting the Property. 11. Representations and Warranties of Six Rivers. Six Rivers represents and warrants to ORPRC, and shall certify to the OCPRC at the Second Closing, that: 11.1. This Agreement and the transaction contemplated hereby have been duly authorized on the part of Six Rivers; 11.2. Six Rivers will have the power to sell, transfer and convey all of its right, title and interest in and to the Property. 11.3. Six Rivers is not a “foreign person” as defined in the Internal Revenue Code. 11.4. Except for the mortgage given to the lender as security for payment of the financing loan, Six Rivers has not encumbered the Property during the term it owned the same. 12. Representations and Warranties of OCPRC. OCPRC represents and/or warrants (as applicable) to Six Rivers and shall certify to Six Rivers at the Closing, if necessary, that: 12.1. The County of Oakland is a Michigan municipal corporation. 12.2. It has full authority to enter into this Agreement in accordance with its terms, without causing the breach or default of any obligation or commitment of OCPRC and that the OCPRC Board has authorized the purchase of the Property. 12.3. Except as disclosed in this Agreement, it is not a party to any agreement, contract, or commitment, nor otherwise bound under any commitment or obligation, with or in favor of any other person or party if that person or party has any interest in the Property or the right to purchase or lease the Property. FINAL VERSION 05-21-24 Page 6 of 19 12.4. OCPRC made an independent investigation of all aspects or circumstances of the Property which OCPRC deems material or relevant, including, without limitation, evidence of title, and the physical condition of the Property, such as condition of the soil, presence of hazardous materials or contaminants, and compliance with any statutes, ordinances or regulations. 12.5. OCPRC requested and received all documents and materials which OCPRC deems material or relevant with respect to this transaction. 12.6. OCPRC had full, complete, and satisfactory access to the Property and all records relating to the same which OCPRC has requested and/or deemed material or relevant. 12.7. OCPRC had the opportunity to conduct all inspections which OCPRC deemed necessary for the completion of a due diligence review for this transaction. 13. Conditions Precedent to Performance by Six Rivers. Six Rivers’ obligation to consummate the sale contemplated by this Agreement shall be subject to the fulfillment of the following conditions, prior to the Second Closing, which Six Rivers may waive in writing: 13.1. Each of OCPRC’s representations and warranties shall be true and correct as though made at the Second Closing, and no representations or warranties shall be violated or breached before or at the Second Closing. 13.2. OCPRC shall perform and comply with all agreements, obligations, and conditions required by this Agreement to be performed or complied with by OCPRC as of the Second Closing. 14. Conditions Precedent to Performance by OCPRC. OCPRC’s obligation to consummate the sale contemplated by this Agreement shall be subject to the fulfillment of the following condition, prior to the Second Closing: Owner conveying fee simple, marketable title to the Property to Six Rivers by Warranty Deed (described in Section 8) by the date of the Second Closing. If the Property is not conveyed to Six Rivers by the date of the Second Closing, then OCPRC may terminate this Agreement with written notice to Six Rivers. If the Agreement is terminated pursuant to this Section, OCPRC shall only pay Six Rivers the actual costs incurred and paid by Six Rivers, related to this transaction up to and including the date of termination. 15. Enforcement of Agreement. Should either party fail or refuse to close on the Purchase of the Property as required by this Agreement, the non-defaulting party shall have the right to enforce the terms of this Agreement by specific performance and defaulting party agrees it will not oppose any request for relief to specifically enforce this Agreement. In the event of a default by either party, if legal action is required to enforce the terms of this Agreement, the prevailing party shall be entitled to recover its actual attorney fees incurred as a result of such enforcement. FINAL VERSION 05-21-24 Page 7 of 19 16. Amendments. This Agreement may be amended or modified only by a written document signed by each of the parties to this Agreement. 17. Successors and Assigns. This Agreement shall bind and benefit the parties and their respective successors and assigns. 18. Time for Performance. In the event the last date for performance of any obligation or for giving any notice hereunder falls on a Saturday, Sunday, or legal holiday of the State of Michigan, then the tie of such period shall be extended to the next day that is not a Saturday, Sunday, or legal holiday in the State of Michigan. Time is of the essence for this transaction. 19. Governing Law and Venue. This Agreement shall be construed in accordance with and governed by the laws of the state of Michigan, and any actions concerning this Agreement shall be brought in Oakland County, Michigan. 20. Counterparts. This Agreement may be executed in one or more counterpart copies, all of which together shall constitute and be deemed an original, but all together shall constitute one and the same instrument binding on the parties. 21. Entire Agreement. This Agreement, including all Exhibits attached hereto, shall constitute the entire agreement and understanding of the parties regarding this matter and there are no other prior or contemporaneous written or oral agreements, undertakings, or promises not contained herein. 22. Notices. Any notices sent under or required by this Agreement shall be delivered by first class mail, personal delivery or nationally recognized overnight courier as follows: Six Rivers Land Conservancy Attn: Christopher Bunch, Executive Director 4480 Orion Road, 2nd Floor PO Box 80902 Rochester, Michigan 48308 With a copy to: Gary A. Kravitz Maddin Hauser Roth & Heller, P.C. 28400 Northwestern Highway, 2nd Floor Southfield, Michigan 48034 Oakland County Parks & Recreation Commission Attn: OCPRC Director 2800 Watkins Lake Rd., Bldg. 97W Waterford Township, MI 48328-1917 With a copy to: Oakland County Corporation Counsel 1200 North Telegraph Road Pontiac, MI 48341 FINAL VERSION 05-21-24 Page 8 of 19 SIX RIVERS LAND CONSERVANCY, a Michigan nonprofit corporation Dated: _________________, 2024 By:______________________________ Its:______________________________ COUNTY OF OAKLAND Dated: _________________, 2024 By:______________________________ David T Woodward, Chairperson Oakland County Board of Commissioners FINAL VERSION 05-21-24 Page 9 of 19 EXHIBIT A Map of Property Colberg property – 1.67 acres – outlined in green, off of East Square Lake Rd. in Troy (Parcel Identification Number 20-01-300-009) EXHIBIT B – LAND LEASE AGREEMENT FINAL VERSION 05-21-24 Page 10 of 19 LAND LEASE AGREEMENT OAKLAND COUNTY & SIX RIVERS LAND CONSERVANCY THIS LAND LEASE AGREEMENT (this “Lease”) is made and entered into by and between Six Rivers Land Conservancy, whose mailing address is 4480 Orion Rd., 2nd Floor, P.O. Box 80902, Rochester, MI 48308 (“Landlord”) and the County of Oakland, by and through its statutory agent, the Oakland County Parks & Recreation Commission, whose mailing address is 2800 Watkins Lake Rd. Bldg. 97W, Waterford Township, MI 48328-1917 (“Tenant”). In consideration of the mutual covenants contained herein, Landlord and Tenant, intending to be legally bound, agree as follows: 1.Description of Property. Landlord does hereby lease to Tenant, and Tenant does hereby rent from Landlord that certain real property (see attached Exhibit A) located at 2473 East Square Lake Road, Troy, Oakland County, Michigan, more particularly described in Exhibit “A” attached hereto and made a part hereof (the “Property”). The Parcel Identification Number is: (20-01-300-009). 2.Term. The Term of this Lease is month to month beginning on the date Landlord purchases the Property (“Commencement Date”) and ending on the day the Tenant purchases the Property pursuant to a purchase agreement between Landlord and Tenant dated ______________, 2024. 3.Rent. The rent for the Property shall be the sum of $202,000.00 (“Rent”) which Tenant shall pay to ATA National Title Group 42651 Woodward Avenue, Bloomfield Hills, Michigan 48304 on or before the Commencement Date. The rent amount of $202,000.00 shall be deducted from the purchase price of the sale of the Property to Tenant by Landlord pursuant to the purchase agreement between Landlord and Tenant dated ___________, 2024. 4.Use of Property. Tenant may use the Property as it sees fit, including, but not limited to, as a recreational park. Tenant shall use and occupy the Property in a careful, safe, and proper manner and shall keep the same in a clean and safe condition and in accordance with applicable statutes, ordinances, and governmental rules and regulations. Tenant agrees that it will not permit or suffer any use or occupancy of the Property, or any part thereof, which is contrary to any applicable law, ordinance, rule, regulation, requirement or order of any governmental or judicial authority. Tenant shall not permit the Property to be used or occupied, and shall not do, or permit to be done, anything in or about the Property, or any part thereof, that will cause damage to the Property, or any part thereof, or that will constitute a public or private nuisance or waste. 5.Loss of and Damage to Tenant's Property. Tenant understands and agrees that any loss by theft or otherwise of, or damage to, Tenant's property located in, on, or about the Property shall be at the risk of Tenant only, except when such loss or damage is caused, either directly or indirectly, by the gross negligence or intentional act of Landlord or its agents, servants, or employees. EXHIBIT B – LAND LEASE AGREEMENT FINAL VERSION 05-21-24 Page 11 of 19 6.Alterations. Landlord hereby authorizes Tenant to, repair, maintain, or replace any existing improvements on the Property (“Existing Improvements”) at Tenant’s sole cost and expense; and construct, install or erect any other improvements (“New Improvements”) Tenant deems necessary in connection with the use permitted hereunder at Tenant’s sole cost and expense. Tenant shall at all times be the owner of any New Improvements during the Term, regardless of whether they have been affixed to the Property and may remove such New Improvements at the conclusion of the Term at Tenant’s sole cost and expense. 7.Maintenance, Repair and Ownership Expenses. Tenant, at its sole cost and expense, shall at all times keep the Property in good order and condition. Tenant shall be responsible for the regular removal of all garbage, trash, and other refuse from the Property and for maintenance, repair and upkeep of the Property at its sole cost and expense. Tenant shall reimburse Landlord for any upkeep, maintenance or other costs incurred by Landlord as owner of the Property. Such costs shall be reimbursed by Tenant to the Landlord at the time the costs are incurred. Any and all costs of ownership incurred by Landlord shall be reimbursed or paid directly by Tenant at the option of the Landlord. 8.Assignment and Subletting. Except for the Land Sublease Agreement executed between Tenant and Darrol K. Colberg and Katherine L. Colberg, Tenant shall not mortgage or encumber its leasehold interest, nor sublet all or any part of the Property or assign Tenant’s interest in this Lease without the prior written consent of Landlord provided that, in the event of any assignment of this Lease or subletting of the Property with the prior written consent of Landlord, such permitted assignee or sublessee shall assume, in writing, in form and content acceptable to Landlord, all of the obligations, promises and covenants imposed upon Tenant hereunder and Tenant shall remain fully responsible and liable for the payment of Rent, additional rent, and any and all other sums or charges required hereunder and for the performance of all other obligations, promises and covenants imposed upon Tenant hereunder. 9.Landlord’s Right to Enter the Property. Upon Landlord’s reasonable prior notice to Tenant, Tenant shall permit Landlord, and any agents, employees, or independent contractors of Landlord to have access to and to enter upon the Property at all reasonable or necessary times to inspect the Property. 10.Payment of Utility Charges. All applications and connections for necessary utility services on and to the Property shall be made in the name of Tenant. Tenant shall pay all charges for utility services furnished to the Property during the term of this Lease. 11.Liability; Insurance. Tenant agrees to be fully responsible for, and assumes any and all risks related to, its acts or omissions, or its employees’ and agents’ acts or omissions when acting within the scope of their employment or agency and agrees to be liable for any property damage or personal injury or death resulting from said acts or omissions. 12.Subordination. This Lease and all rights of Tenant hereunder shall be subject to the lien of any and all mortgages that may now or hereafter affect the Property, or any part thereof, and to any and all renewals, modifications or extensions of any such mortgages. Tenant shall on demand execute, acknowledge, and deliver to Landlord, without expense to Landlord, any and EXHIBIT B – LAND LEASE AGREEMENT FINAL VERSION 05-21-24 Page 12 of 19 all instruments that may be necessary or proper to subordinate this Lease and all rights herein to the lien of any such mortgage or mortgages and each renewal, modification or extension thereof. Notwithstanding any other provision of this paragraph, any such subordination by Tenant is, and shall be, conditioned upon any mortgagee acknowledging that so long as Tenant is not in default of its obligations hereunder, this Lease, and the tenancy provided herein, shall continue in full force and effect and Tenant shall be permitted to occupy the Property under the terms hereof notwithstanding any default by Landlord under said mortgage or any transfer of title to the Property by foreclosure, deed in lieu of foreclosure, or otherwise. 13.Default or Breach. Tenant shall be in default under the terms of this Lease if a) it defaults under the terms of the purchase agreement between Landlord and Tenant dated ____________, 2024, or (b) it breaches the terms of this Lease. 14.Effect of Default. In the event of any default by Tenant of its obligations under this Lease, Landlord shall have all rights and remedies pursuant to paragraph 14 in the purchase agreement between Landlord and Tenant dated ___________, 2024. 15.Additional Rent. All taxes, charges, costs, and expenses that Tenant assumes or agrees to pay hereunder, together with all interest and penalties that may accrue thereon in the event of the failure of Tenant to pay those items, and all other damages, costs, expenses and sums that Landlord may suffer or incur, or that may become due, by reason of any default of Tenant hereunder or failure by Tenant to comply with the terms and conditions of this Lease shall deemed “additional rent” and Tenant shall pay any additional rent on the next month rent is due under Paragraph 3 of this Lease. 16.Quiet Enjoyment. Tenant, upon paying the Rent and all additional rent and other charges herein provided for and observing and keeping all covenants, agreements, and conditions of this Lease on its part to be kept, shall quietly have and enjoy the Property during the Term of this Lease without hindrance or molestation by anyone claiming by, though, or under Landlord as such, subject, however, to the exceptions, reservations, and conditions of this Lease. 17.Waivers. The failure by either party to insist on the strict performance of any of the terms and conditions hereof shall be deemed a waiver of the rights or remedies that either party may have regarding that specific instance only and shall not be deemed a waiver of any subsequent breach or default in any terms and conditions hereof. 18.Hazardous Substances. Tenant shall not use, generate, store, or dispose of Hazardous Substances, as this term is defined by the Comprehensive Environmental Response, Compensation and Liability Act (CERLA), on the Property except those customarily utilized in connection with Tenant’s operations, and then only in amounts reasonably necessary to perform Tenant’s operations. Such Hazardous Substances shall be used, generated, stored, and disposed of in accordance with applicable laws. 19.Persons Bound. All of the provisions hereof shall bind and inure to the benefit of the parties hereto, and their respective heirs, legal representatives, successors and assigns but nothing EXHIBIT B – LAND LEASE AGREEMENT FINAL VERSION 05-21-24 Page 13 of 19 herein shall be construed to permit assignment or subleasing of the Property except pursuant to Paragraph 8. 20.No Third-Party Beneficiaries. Nothing in this Lease, express or implied, is intended or shall be construed to confer upon any person, firm, or corporation other than the parties hereto and their respective successors or assigns, any remedy or claim under or by reason of this Lease or any term, covenant or condition hereof, as third party beneficiaries or otherwise, and all of the terms, covenants and conditions hereof shall be for the sole and exclusive benefit of the parties hereto and their permitted successors and assigns. 21.Notice. All notices to be given with respect to this Lease shall be in writing. Each notice shall be sent by United States first class mail to the party to be notified at the addresses first set forth above or at such other addresses, including email addresses, as the parties shall designate to each other in the manner prescribed for notice herein. Every notice shall be deemed to have been given 3 business days after it was deposited in the United States mail, postage prepaid, in the manner prescribed herein. 22.Construction of Agreement. Whenever the context of this Lease so requires or admits, words used in the neuter gender include the masculine and feminine; the singular includes the plural and the plural the singular; the work “person” includes a corporation, partnership, or unincorporated association as well as a natural person. The fact that a party may be deemed to have drafted or structured any provision hereof shall not be considered in construing the particular provisions either in favor of or against such party. 23.Entire Agreement. This Lease contains the entire understanding between the parties and supersedes any prior understandings or agreements between them concerning the subject matter. No changes, alterations, modifications, additions or qualifications to the terms and conditions of this Lease shall be binding upon the parties unless made in writing and signed by the party to be bound thereby. 24.Severability. If any provision of this Lease shall be declared invalid or unenforceable, if reasonably possible, taking into consideration the intent and purpose of the parties in entering into this Lease, the remainder of this Lease shall continue in full force and effect. 25.Captions. The captions at the beginning of the several paragraphs of this Lease are not a part of this Lease but are merely labels to assist in locating and reading the respective paragraphs hereof. Such captions shall be ignored in construing this instrument. 26.Governing Law. All questions concerning the meaning, execution, construction, effect and validity of this Lease shall be governed by the laws of the State of Michigan. 27.Counterparts. This Lease may be executed in one or more counterparts, each of which shall constitute an original, and all of which taken together shall constitute one and the same instrument. EXHIBIT B – LAND LEASE AGREEMENT FINAL VERSION 05-21-24 Page 14 of 19 IN WITNESS WHEREOF, the parties have executed this Lease and have intended the same to be and become effective as of the day and year first above written. LANDLORD: Six Rivers Land Conservancy By:_______________________________ Dated:___________________ Its:_______________________________ TENANT: The County of Oakland David T. Woodward, Chairperson Oakland County Board of Commissioners Dated:___________________ __________________________________ EXHIBIT C – LAND SUBLEASE AGREEMENT FINAL VERSION 05-21-24 Page 15 of 19 LAND SUBLEASE AGREEMENT NOTICE: MICHIGAN LAW ESTABLISHES RIGHTS AND OBLIGATIONS FOR PARTIES TO RENTAL AGREEMENTS. THIS AGREEMENT IS REQUIRED TO COMPLY WITH THE TRUTH IN RENTING ACT. IF YOU HAVE A QUESTION ABOUT THE INTERPRETATION OR LEGALITY OF A PROVISION OF THIS AGREEMENT, YOU MAY WANT TO SEEK ASSISTANCE FROM A LAWYER OR OTHER QUALIFIED PERSON. This Land Sublease Agreement ("Lease") is entered into between the County of Oakland, 1200 North Telegraph, Pontiac, MI 48341 ("Landlord"), by the through its statutory agent the Oakland County Parks and Recreation Commission (“OCPRC”) and Darrol K. Colberg and Katherine L. Colberg, 2473 East Square Lake Road, Troy, MI (parcel identification number 20-01-300-009) ("Tenant") according to the terms and conditions set forth below. 1. Premises. Tenant leases from landlord the real property and residential dwelling located at 2473 East Square Lake Road, Troy, MI (parcel identification number 20-01-300-009) ("Premises. 2. Term. The term of this Lease shall be for three hundred and sixty-five (365) calendar days, beginning on the date this Lease is fully executed (“Commencement Date). This Lease shall automatically expire and terminate, without any action of the Parties, at 11:59 p.m. on the 365th calendar day from the Commencement Date. Tenant shall receive possession of the Premises upon execution of the Lease. 3. Tenant Monetary Obligations. 3.1. Tenant shall pay Landlord the following rent on or before the first day of each month during the term of this Lease: $1.00 3.2. During the term of this Lease, Tenant shall obtain and maintain comprehensive personal liability or tenant’s form insurance coverage in the minimum amount of One Hundred Thousand Dollars ($100,000.00). Tenant shall also provide the Landlord with a certificate of insurance coverage listing the County of Oakland and its employees, officers, and elected and appointed officials; Six Rivers Land Conservancy; and [INSERT NAME OF FINANCIAL INSTITUTION] as additional insureds. 4. Use of Premises. 4.1. Tenant shall use the Premises for private residential purposes only. No persons other than the following listed person(s) shall occupy the Premises for more than fourteen (14) days during this Lease without the prior written approval of Landlord: Darrol K. Colberg and Katherine L. Colberg. Landlord’s approval shall be given by the OCPRC Executive Officer or his or her designee. 4.2. Tenant shall not do any of the following or allow another person on the Premises to do any of the following: 4.2.1 Create any excessive noise or public nuisance; EXHIBIT C – LAND SUBLEASE AGREEMENT FINAL VERSION 05-21-24 Page 16 of 19 4.2.2 Do anything to the Premises or its surroundings that may be hazardous; 4.2.3 Deface or damage any part of the Premises; 4.2.4 Change the locks or install any additional locks or bolts without Landlord’s prior written approval. Landlord’s approval shall be given by the OCPRC Executive Officer or his or her designee; 4.2.5 Place a waterbed or other heavy article on the Premises without Landlord’s prior written approval. Landlord’s approval shall be given by the OCPRC Executive Officer or his or her designee; 4.2.6 Install any equipment or appliances that, in Landlord’s opinion, would cause an unsafe conditions on or around the Premises; 4.2.7 Accumulate refuse on or around the Premises that might pose a health hazard to Tenant or to the surrounding properties; 4.2.8 Permit any flammable liquids or explosives to be kept on or around the Premises; and 4.2.9 Bring any animals on the Premises without Landlord’s prior written approval. Landlord’s approval shall be given by the OCPRC Executive Officer or his or her designee. 4.3 Tenant Duties. 4.3.1 Tenant shall make reports to the Chief of Park Operations, South District, Erik Koppin, 248.909.7702 or other person as designated by OCPRC as to the condition of the Premises and if there are any matters or emergencies that need the attention of OCPRC. 4.3.2 If not already installed, Landlord shall install smoke-detection devices for the Premises along with batteries to operate the devices. Tenant must regularly test the devices to ensure that they are operational and if not notify Landlord immediately. Tenant shall not remove batteries from smoke-detection device, except when necessary to replace the batteries. 5. Use of Illegal Substances. Tenant shall not violate or knowingly allow another person to violate federal, state, or local laws regarding the use of controlled substances or the use of alcohol by minors in or around the Premises. When aware of a violation of this section, Landlord will file a formal police report. 6. Condition of Premises. 6.1. Except as otherwise expressly stated herein or in an Amendment to this Lease, Tenant acknowledges that no representations were made by Landlord about the condition of the Premises or promises to alter or to improve the Premises before or during the term of the Lease. 6.2. Throughout the term of the Lease, Tenant shall keep the Premises in a good and clean condition and shall allow no waste of the Premises or any utilities. EXHIBIT C – LAND SUBLEASE AGREEMENT FINAL VERSION 05-21-24 Page 17 of 19 6.3. Except for normal wear and tear, Tenants shall return the Premises to Landlord in the same condition as they were upon commencement of this Lease, including cleanliness. 7. Utilities and Services for Premises. Tenant is responsible to provide and pay for all utilities and services for the Premises and for establishing accounts, if they are not already established for the term of this Lease including but not limited to the following: (a) garbage removal; (b) water and sewer; (c) gas; (d) electricity; (e) ice and snow removal, including salting the driveway and any walks surrounding the Premises or on the Premises; (f) telephones; (g) cable television; (h) Internet; (i) cleaning for the interior of the residential dwelling located on the Premises and (j) lawn/ground/turf services, including mowing the lawn and maintaining the current landscaping. All accounts for utilities and services shall be in the name of Tenant. 8. Taxes. Tenant shall be responsible for and pay all real property taxes, if any, during the term of this Lease. 9. Maintenance, Repairs, and Damage to Premises. 9.1. Tenant shall solely provide repair and maintenance for the Premises and its driveway, as it deems necessary, including but not limited to, building infrastructure, HVAC system, utility infrastructure, plumbing and electrical system. 9.2. If damage occurs to the Premises, for whatever reason, Landlord is not responsible to repair or replace the damage to the Premises or the Premises. The repair or replacement of the Premises shall be the sole obligation and cost of the Tenant. 9.3. To the extent permitted by law, Landlord and Landlord’s agents shall not be liable for any damage to property or loss of property that is caused by theft or casualty on the Premises. Landlord recommends that Tenant obtain insurance to protect Tenant’s personal property against such loss or damage. 10. Alterations/Improvement to Premises. Tenant shall not alter or improve the Premises without prior written approval from Landlord. Landlord’s approval shall be given by the OCPRC Executive Officer or his or her designee. Landlord’s approval of a particular alteration or improvement shall not be deemed consent to future alterations or improvements. 11. Assignment and Sublease of Premises. Tenant shall not assign or sublease the Premises or any portion thereof. 12. Access to the Premises. Tenant shall allow Landlord and Landlord’s agents reasonable access to the Premises to inspect, alter, or improve the Premises. Tenant shall also allow insurance carriers and representatives, fire department inspectors, police, or local health authorities to inspect the Premises upon reasonable notice. 13. Vacation or Abandonment of the Premises. If Tenant removes substantially all Tenant’s property from or abandons the Premises for a period of thirty (30) days, Landlord may immediately enter the Premises and proceed as if Tenant terminated this Lease. These acts by Landlord shall not affect Tenant’s obligations under this Lease. EXHIBIT C – LAND SUBLEASE AGREEMENT FINAL VERSION 05-21-24 Page 18 of 19 14. Termination of Lease. 14.1. Tenant may terminate this Lease for any reason upon thirty (30) days written notice to Landlord. 14.2. Upon termination of this Lease, Tenant shall surrender the Premises to Landlord in the same condition they were upon commencement of Lease, normal wear and tear excepted. Upon termination of this Lease, Tenant shall also notify Landlord of the move-out date, return all keys to the Premises to Landlord, and transfer all utility and service accounts into the name of the “County of Oakland.” 15. Default of Lease and Landlord’s Remedies. 16.1 If Tenant defaults on any obligations under this Lease, Landlord may, on written notice to Tenant, terminate the Lease and enter the Premises as permitted by law; Tenant and any other occupants shall surrender the Premises to Landlord by the date stated in the notice. If Landlord terminates the Lease, Landlord may recover Landlord’s expenses for enforcing Landlord’s rights under the Lease and applicable law, including court costs and attorney fees, from Tenant, as permitted by statute. If Tenant fails to pay rent or any other sums when due to Landlord, Landlord serves a notice of default on Tenant as required by law, and Tenant fails to remit the amounts due before the notice period expires, the amount of court costs and attorney fees incurred by Landlord in enforcing Landlord’s remedies and allowed by statute shall be added to the amount of the arrearage. 16.2 It is a violation of this Lease if Tenant, a member of Tenant’s household, or any other person under Tenant’s control unlawfully manufactures, delivers, possesses with intent to deliver, or possesses a controlled substance as defined by Michigan law anywhere on the Premises or surrounding the Premises. Pursuant to Michigan law, if Tenant violates this provision Landlord may serve a written demand for possession for termination of this Lease giving Tenant 24 hours’ notice of the Lease termination and demand for possession. Tenant acknowledges that an order of eviction/writ of restitution may be issued by the court immediately after the entry of a judgment for possession. Tenant’s initials:______. 16. Notices. Any notices under this Lease shall be in writing and delivered to the recipient personally or by first class mail fully prepaid at the following locations: Tenant:[insert address] Landlord: Oakland County Department of Facilities Management Property Management One Public Works Drive, Bldg. 95W Waterford, MI 48328 and Oakland County Parks and Recreation Executive Officer 2800 Watkins Lake Road, Bldg. 97W EXHIBIT C – LAND SUBLEASE AGREEMENT FINAL VERSION 05-21-24 Page 19 of 19 Waterford, MI 48328 Unless otherwise required by law, the date of service shall be the date of hand delivery or the mailing date. 17. Modifications. No modifications of this Lease shall be binding unless they are in writing and signed by Landlord and Tenant. 18. Whole Agreement. This Lease sets forth the entire agreement between Landlord and Tenant. There are no verbal or written agreements that are not contained in this Lease between the parties. 19. Binding Effect. This Lease shall bind and benefit the parties to the Lease and their heirs, personal representatives, successors, and permitted assigns. 20. Severability. If any provision of this Lease is invalid, unlawful, or unenforceable to any extent, the rest of the Lease and the application of the provision to the persons or circumstances other than those for which it is invalid, unlawful, or unenforceable are not affected. 21. Time of the Essence. Time shall be deemed to be of the essence in the performance of this Lease. 22. Effective Date. This Lease is effective on the Commencement Date. TENANT LANDLORD ____________________________ _____________________________ Date_________________________ Date__________________________ Integra Realty Resources Detroit Appraisal of Real Property Colberg Property 2473 E. Square Lake Road Troy, Oakland County, Michigan 48085 Prepared For: Oakland County Parks & Recreation Date of the Report: April 3, 2024 Report Format: Appraisal Report IRR - Detroit File Number: 142-2024-0219 Subject Photographs Colberg Property 2473 E. Square Lake Road Troy, Michigan Aerial Photograph Integra Realty Resources 400 West Maple Road T 248.540.0040 Detroit Suite 100 F 248.540.8239 Birmingham, MI 48009-3351 www.irr.com April 3, 2024 Melissa Prowse, CPRP Supervisor of Planning Oakland County Parks & Recreation 2800 Watkins Lake Road, Bldg. 97 Waterford, MI 48328 Six Rivers Land Conservancy 4480 Orion Rd., 2nd Floor P. O. Box 80902 Rochester, Michigan 48308-0902 SUBJECT: Market Value Appraisal Colberg Property 2473 E. Square Lake Road Troy, Oakland County, Michigan 48085 IRR - Detroit File No. 142-2024-0219 Dear Ms. Prowse: Integra Realty Resources – Detroit is pleased to submit the accompanying appraisal of the referenced property. The purpose of the appraisal is to develop the following opinions of value: • The market value of the fee simple interest in the subject property as of the effective date of the appraisal, March 14, 2024 The client for the assignment is Oakland County Parks & Recreation. The intended users of this report are Oakland County Parks & Recreation and Six Rivers Land Conservancy. The intended use of the report is for property acquisition purposes. No other party or parties may use or rely on the information, opinions, and conclusions contained in this report. Melissa Prowse, CPRP Oakland County Parks & Recreation April 3, 2024 Page 2 The subject is an existing residential property containing 1,960 square feet of gross livable area. The residence also contains an attached 2.5 car garage. The residence was originally constructed in 1955 with an addition in 1998. Per municipal records, the total site area is 1.66 acres or 72,500 square feet, net of the road right-of-way. The property will be valued based on the parent parcel being split into three components, which would relate to the main residence and two, residential lots. This scenario is described in greater detail within body of the report. The appraisal conforms to the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute, and applicable state appraisal regulations. Standards Rule 2-2 (Content of a Real Property Appraisal Report) contained in the Uniform Standards of Professional Appraisal Practice (USPAP) requires each written real property appraisal report to be prepared as either an Appraisal Report or a Restricted Appraisal Report. This report is prepared as an Appraisal Report as defined by USPAP under Standards Rule 2-2(a), and incorporates practical explanation of the data, reasoning, and analysis that were used to develop the opinion of value. Based on the valuation analysis in the accompanying report, and subject to the definitions, assumptions, and limiting conditions expressed in the report, the concluded opinions of value are as follows: Value Conclusion Value Type & Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value Fee Simple March 14, 2024 $598,000 Extraordinary Assumptions and Hypothetical Conditions 1.The market value conclusion assumes the lot splits as described herein are allowed. 1.None. The use of any extraordinary assumption or hypothetical condition may have affected the assignment results. The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions. Melissa Prowse, CPRP Oakland County Parks & Recreation April 3, 2024 Page 3 If you have any questions or comments, please contact the undersigned. Thank you for the opportunity to be of service. Respectfully submitted, Integra Realty Resources - Detroit Constantino G. Naoum Michigan Certified General Real Estate Appraiser #1205068135 Telephone: 248.979.9690 Email: dnaoum@irr.com Anthony Sanna, MAI, CRE Michigan Certified General Real Estate Appraiser #1205001324 Telephone: 248.979.9663 Email: asanna@irr.com Table of Contents Colberg Property Quality Assurance 1 Executive Summary 2 Identification of the Appraisal Problem 3 Subject Description 3 Sale History 4 Pending Transactions 4 Appraisal Purpose 4 Value Type Definitions 5 Property Rights Definitions 5 Client and Intended User(s) 5 Intended Use 5 Applicable Requirements 6 Report Format 6 Prior Services 6 Appraiser Competency 6 Scope of Work 7 Economic Analysis 9 Surrounding Area Analysis 9 Property Analysis 15 Land Description and Analysis 15 Improvements Description and Analysis 21 Real Estate Taxes 29 Highest and Best Use 30 Valuation 32 Valuation Methodology 32 Sales Comparison Approach 33 Value Indication – Main Residence 37 Valuation – Residential Lots 37 Final Value 40 Reconciliation and Conclusion of Value 41 Exposure Time 41 Marketing Period 41 Certification 42 Assumptions and Limiting Conditions 44 Addenda A. Appraiser Qualifications B. IRR Quality Assurance Survey C. Property Information D. Comparable Data Home Sales Quality Assurance 1 Colberg Property Quality Assurance IRR Quality Assurance Program At IRR, delivering a quality report is a top priority. Integra has an internal Quality Assurance Program in which managers review material and pass an exam in order to attain IRR Certified Reviewer status. By policy, every Integra valuation assignment is assessed by an IRR Certified Reviewer who holds the MAI designation, or is, at a minimum, a named Director with at least ten years of valuation experience. This quality assurance assessment consists of reading the report and providing feedback on its quality and consistency. All feedback from the IRR Certified Reviewer is then addressed internally prior to delivery. The intent of this internal assessment process is to maintain report quality. Designated IRR Certified Reviewer An internal quality assurance assessment was conducted by an IRR Certified Reviewer prior to delivery of this appraisal report. This assessment should not be construed as an appraisal review as defined by USPAP. Executive Summary 2 Colberg Property Executive Summary Property Name Address Property Type Owner of Record Tax ID Land Area 1.66 acres; 72,500 SF Building Area of Residence 1,960 SF Year Built; Year Renovated 1955; 1998 Zoning Designation Highest and Best Use - As if Vacant Highest and Best Use - As Improved Exposure Time; Marketing Period 6-9 months; 6-9 months Effective Date of the Appraisal March 14, 2024 Date of the Report April 3, 2024 Property Interest Appraised Market Value Conclusion $598,000 Darrol Colberg & Katherine Colberg 20-01-300-009 Colberg Property 2473 E. Square Lake Road Troy, Oakland County, Michigan 48085 Residential The values reported above are subject to the definitions, assumptions, and limiting conditions set forth in the accompanying report of which this summary is a part. No party other than Oakland County Parks & Recreation and Six Rivers Land Conservancy may use or rely on the information, opinions, and conclusions contained in the report. It is assumed that the users of the report have read the entire report, including all of the definitions, assumptions, and limiting conditions contained therein. R-1D, One-Family Residential Residential use Fee Simple Continued residential use plus two lot splits Extraordinary Assumptions and Hypothetical Conditions 1.The market value conclusion assumes the lot splits as described herein are allowed. 1.None. The use of any extraordinary assumption or hypothetical condition may have affected the assignment results. The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions. Identification of the Appraisal Problem 3 Colberg Property Identification of the Appraisal Problem Subject Description The subject is an existing residential property containing 1,960 square feet of gross livable area. The residence also contains an attached 2.5 car garage. The residence was originally constructed in 1955 with an addition in 1998. Per municipal records, the total site area is 1.66 acres or 72,500 square feet, net of the road right-of-way. A legal description of the property is provided below. Property Identification Property Name Colberg Property Address 2473 E. Square Lake Road Troy, Michigan 48085 Tax ID 20-01-300-009 Owner of Record Darrol Colberg & Katherine Colberg Legal Description 2N, R11E, SEC 1 E 250 FT OF S 350 FT OF SW 1/4 EXC S 60 FT TAKEN FOR SQUARE LAKE RD 1.66 AC 3/27/91 COR L 11772 P 133 The subject’s site is rectangular in shape with 250 feet of frontage along E. Square Lake Road and a depth of 290 feet. The property is zoned R-1D, One-Family Residential, which requires a minimum lot area of 8,500 SF with a minimum lot width of 75 feet, with the availability of sanitary sewer and municipal water. As will be illustrated in this analysis, a high likelihood exists that the property owner can pursue lot splits on both the eastern side and western side of the residence. The following summarizes this potential subdividing of the overall site: • The main residence located at 2473 E. Square Lake Road would comprise the midpoint of the parent parcel. Based on our measurements, this lot will measure 100 feet by 290 feet. It should be noted that the property currently contains two access driveways from E. Square Lake Road that connect with each other at the front of the residence. The eastern driveway most likely will need to be demolished to allow a lot split along the eastern edge of the property. • Eastern Residential Lot – This proposed lot split will occur to the east of the current residence. Based on our onsite measurement, there is roughly 105 feet from the eastern wall of the residence to the eastern property line. As mentioned previously, a portion of the current driveway will need to be removed to allow for this residential lot to exist. Current zoning requirements require a side setback of 8 feet from the current residence. We assume that this portion of the site can potentially accommodate a lot split of 80 feet by 290 feet. This measurement allows the main residence lot split to maintain maximum value, even though part of the current driveway will need to be removed. Identification of the Appraisal Problem 4 Colberg Property • Western Residential Lot – This proposed lot split will occur to the west of the current residence. Based on our onsite measurement, there is roughly 81 feet from the western wall of the residence (garage) to the western property line. This part of the site contains a small storage garage in the rear portion that will need to be demolished. As mentioned, current zoning requirements require a side setback of 8 feet from the current residence. In addition, this area contains a walkway comprised of large stone slabs and boxed in landscaped and treed areas. At a maximum, this lot would have a width of 73 feet, which is a product of deducting 8 feet from 81 feet. An expense would be incurred to revamp and beatify the current walkway and landscaped areas, to maximum the value of the current residence on the open market. To allow a buffer to revamp these items accordingly, we assume that this portion of the site can potentially accommodate a lot split of 70 feet by 290 feet. This lot split does not meet the minimum lot width of 75 feet, which would require the property owner to pursue a zoning variance with the City of Troy. As of the date of this appraisal, it is unknown the likelihood of a variance to be granted; however, our valuation includes the extraordinary assumption that this lot split is allowed. Sale History No known sales or transfers of ownership have taken place within a three-year period prior to the effective appraisal date. Pending Transactions Based on discussions with the appropriate contacts, the property is not subject to an agreement of sale or an option to buy, nor is it listed for sale, as of the effective appraisal date. Appraisal Purpose The purpose of the appraisal is to develop the following opinion(s) of value: • The market value of the fee simple interest in the subject property as of the effective date of the appraisal, March 14, 2024 The date of the report is April 3, 2024. The appraisal is valid only as of the stated effective date or dates. Identification of the Appraisal Problem 5 Colberg Property Value Type Definitions The definitions of the value types applicable to this assignment are summarized below. Market Value 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 Rights Definitions The property rights appraised which are applicable to this assignment are defined as follows. Fee Simple Estate Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.2 Client and Intended User(s) The client is Oakland County Parks & Recreation. The intended users are Oakland County Parks & Recreation and Six Rivers Land Conservancy. No other party or parties may use or rely on the information, opinions, and conclusions contained in this report. Intended Use The intended use of the appraisal is for property acquisition purposes. The appraisal is not intended for any other use. 1 Code of Federal Regulations, Title 12, Chapter I, Part 34.42[h]; also Interagency Appraisal and Evaluation Guidelines, Federal Register, 75 FR 77449, December 10, 2010, page 77472 2 Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022) Identification of the Appraisal Problem 6 Colberg Property Applicable Requirements This appraisal report conforms to the following requirements and regulations: • Uniform Standards of Professional Appraisal Practice (USPAP); • Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute; • Applicable state appraisal regulations. Report Format Standards Rule 2-2 (Content of a Real Property Appraisal Report) contained in the Uniform Standards of Professional Appraisal Practice (USPAP) requires each written real property appraisal report to be prepared as either an Appraisal Report or a Restricted Appraisal Report. This report is prepared as an Appraisal Report as defined by USPAP under Standards Rule 2-2(a), and incorporates practical explanation of the data, reasoning, and analysis used to develop the opinion of value. Prior Services USPAP requires appraisers to disclose to the client any other services they have provided in connection with the subject property in the prior three years, including valuation, consulting, property management, brokerage, or any other services. We 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 the agreement to perform this assignment. Appraiser Competency No steps were necessary to meet the competency provisions established under USPAP. The assignment participants have appraised several properties similar to the subject in physical, locational, and economic characteristics, and are familiar with market conditions and trends; therefore, appraiser competency provisions are satisfied for this assignment. Appraiser qualifications and state credentials are included in the addenda of this report. Scope of Work 7 Colberg Property Scope of Work Introduction The appraisal development and reporting processes require gathering and analyzing information about the assignment elements necessary to properly identify the appraisal problem. The scope of work decision includes the research and analyses necessary to develop credible assignment results, given the intended use of the appraisal. Sufficient information includes disclosure of research and analyses performed and might also include disclosure of research and analyses not performed. To determine the appropriate scope of work for the assignment, the intended use of the appraisal, the needs of the user, the complexity of the property, and other pertinent factors were considered. The concluded scope of work is described below. Research and Analysis The type and extent of the research and analysis conducted are detailed in individual sections of the report. The steps taken to verify comparable data are disclosed in the addenda of this report. Although effort has been made to confirm the arms-length nature of each sale with a party to the transaction, it is sometimes necessary to rely on secondary verification from sources deemed reliable. Subject Property Data Sources The legal and physical features of the subject property, including size of the site and improvements, flood plain data, seismic zone designation, property zoning, existing easements and encumbrances, access and exposure, and condition of the improvements (as applicable) were confirmed and analyzed. Contacts In addition to public records and other sources cited in this appraisal, information pertaining to the subject was obtained from the following party: Property Contacts Contact Name Title/Role Company Paul Zachos Property Manager Oakland County Facilities Scope of Work 8 Colberg Property Inspection Details regarding the property inspection conducted as part of this appraisal assignment are summarized as follows: Property Inspection Party Inspection Type Inspection Date Constantino G. Naoum Interior and exterior March 14, 2024 Anthony Sanna, MAI, CRE None N/A The property owner accompanied the appraiser on the inspection. Valuation Methodology Three approaches to value are typically considered when developing a market value opinion for real property. These are the cost approach, the sales comparison approach, and the income capitalization approach. Use of the approaches in this assignment is summarized as follows: Approaches to Value Approach Applicability to Subject Use in Assignment Cost Approach Not Applicable Not Utilized Sales Comparison Approach Applicable Utilized Income Capitalization Approach Not Applicable Not Utilized Surrounding Area Analysis 9 Colberg Property Economic Analysis Surrounding Area Analysis The subject is located in the northeast area of Troy. Area boundaries and delineation are indicated in the following table. A map identifying the location of the property follows below. Boundaries & Delineation Boundaries Market Area Metropolitan Detroit Area Type Suburban Delineation North E. South Boulevard South 14 Mile Road East Dequindre Road West N. Adams Road Surrounding Area Analysis 10 Colberg Property Troy contains 33.64 square miles and is surrounded by the communities of Auburn Hills, Rochester, and Rochester Hills to the north, Bloomfield Township, Bloomfield Hills, and Birmingham to the west, Clawson, Madison Heights, and Royal Oak to the south, and Sterling Heights and Utica to the east. Troy is situated in the east portion of Oakland County. The City of Troy has a varied tax base as this community is well-developed with a mix of residential, multifamily, industrial, commercial, and office development. A significant portion of existing retail and office development is concentrated along Big Beaver and Rochester Roads. Troy is known for its diversified employment base, municipal services, and housing. In addition, Troy is the most populous city in Oakland County and 12th largest in Michigan with around 87,000 residents. Troy has, and is expected to continue to be, one of the most desirable residential addresses in Southeastern Michigan. Access and Linkages Primary access and linkages to the market area, including highways, roadways, public transit, and airports, are summarized in the following table. Expressway service in this area is provided by the Interstate-75, which is the main north-south running freeway in the state. The I-75 Freeway runs through the City of Troy and can be accessed from several entrance/exit ramps included Big Beaver Road and Rochester Road. M-59 can easily be accessed north of the market area and connects to I-75 to the east and I-94 further to the east. These nearby freeways provide convenient access to the regional and interstate expressway system. Access & Linkages Vehicular Access Major Highways I-75 and M-59 Primary Corridors Dequindre Road, John R Road, Rochester Road, Livernois Road, Crooks Road, Coolidge Highway, Big Beaver Road, Long Lake Road, Square Lake Road, South Boulevard Vehicular Access Rating Above Average Public Transit Providers SMART bus (Suburban Mobility Authority for Regional Transportation) Transit Access Rating Average Airport(s) Name Detroit Metropolitan Wayne County Airport (DTW) Driving Time 50 minutes Primary Transportation Mode Automobile Surrounding Area Analysis 11 Colberg Property Demand Generators The typical generators of demand affecting the subject property and its market are discussed and analyzed below. Employment and Employment Centers Troy has good linkages, a desirable school district, and is well placed with respect to employers. Troy is home to a large number of international corporations, and about 6,000 individual businesses. The City of Troy has a workforce of over 129,000 and a daytime population of over 170,000 people, nearly twice as many people than reside in the city. Troy has nearly 20 million square feet of professional office space in numerous high-rise Class A and Class B structures. The top industries for employment in Troy are professional, scientific, and tech services. Troy is ranked one of the largest high-tech workforce employers in the county. The second largest employment sector is healthcare services and, in this area, includes Corewell Health (formerly Beaumont Hospital) which has a campus in Troy and in nearby Royal Oak. The Southeast Michigan Council of Governments (SEMCOG) is projecting that employment in Troy will continue to grow through 2050. The table above breaks down employment within the city. The majority of employment is within Professional and Technical Services & Corporate HQ. The highest projected percent change in employment will be in transportation, warehousing, and utilities (30.7%) with a decline projected for manufacturing and retail trade. Troy residents tend to be employed in white collar positions. Overall, employment is projected to grow over 11% through 2050. Nearby Retail Uses Big Beaver Road is a major retail corridor. Located on this road is Troy Market Place Shopping Center anchored by REI, Golf Galaxy, Nordstrom Rack, and LA Fitness. Troy’s most well-known retail development is the Somerset Collection, which is an enclosed regional shopping mall situated on both sides of Big Beaver Road at Coolidge Road. This upscale center contains nearly 1.5 million square feet and is anchored by Neiman Marcus, Macy’s, Nordstrom, and Saks Fifth Avenue, as well as containing over 180 stores, restaurants, and boutiques. Oakland Mall is another regional shopping mall located in the southeast portion of Troy and is anchored by Dick’s Sporting Goods, Macy’s, At Home, and JC Penney’s. There are also a variety of restaurants, fast food restaurants, and other service-related businesses along major roads like Rochester Road and John R. Road. Surrounding Area Analysis 12 Colberg Property Population and Income A demographic profile of the surrounding area, including population, households, and income data, is presented in the following table. As shown above, the current population within the City of Troy is 87,602. Population in the area has essentially remained stable over the past five years and this trend is expected to continue, albeit modestly, in the foreseeable future. Compared to Oakland County, population of the local area is growing at a similar rate. Income levels and housing values are above average, higher than the county and state. Surrounding Area Demographics 2024 Estimates City of Troy Oakland County State of Michigan Population 2020 87,294 1,274,395 10,077,331 Population 2024 87,602 1,275,252 10,050,893 Population 2029 88,939 1,291,202 10,122,792 Compound % Change 2020-2024 0.1%0.0%-0.1% Compound % Change 2024-2029 0.3%0.2%0.1% Households 2020 32,961 524,047 4,041,760 Households 2024 33,278 527,556 4,059,000 Households 2029 33,959 536,827 4,108,148 Compound % Change 2020-2024 0.2%0.2%0.1% Compound % Change 2024-2029 0.4%0.3%0.2% Median Household Income 2024 $112,423 $91,936 $68,473 Average Household Size 2.6 2.4 2.4 College Graduate %62%50%31% Median Age 42 42 41 Owner Occupied %73%70%71% Renter Occupied %27%30%29% Median Owner Occupied Housing Value $401,267 $332,751 $223,815 Median Year Structure Built 1976 1975 1972 Average Travel Time to Work in Minutes 28 28 26 Source: Claritas Surrounding Area Analysis 13 Colberg Property Services and Amenities The nearest public services, including police and fire departments, as well as public schools are summarized in the following table. The local government includes municipal departments such as assessing, clerk, community development, finance, human resources, information technology, finance, and senior services. The Department of Parks & Recreation oversees eleven community parks, an aquatic center, a historic village, two city golf courses, a nature center, a community center, and walking/biking trails. Recreational land uses in this area includes various parks (city and regional), golf courses, lakes, and biking/walking trails. Various cultural and community amenities such as museums, farmers’ markets, galleries, activity centers, and theaters are present throughout this portion of Oakland County. Nearby four-year universities include Oakland University in Auburn Hills/Rochester and Wayne State University in Detroit. Oakland Community College operates several campuses including one in Auburn Hills and one in Waterford Township. Various specialty and trade schools are present in this area. Land Use Adjacent land uses are summarized as follows: Immediate Surroundings North Vacant land South Residential East Church and residential West Residential Outlook and Conclusions The area is in the growth stage of its life cycle. There have been a number of recent developments in the area, suggesting increasing demand for most types of real estate. Furthermore, the subject benefits from its close proximity to the M-59 and I-75 Expressways. Given the history of the area and the growth trends, it is anticipated that property values will increase in the near future. Public Services Service Police Department Troy Fire Department Troy Hospital Troy Corewell Health (FKA Beaumont Hospital) School District(s)Troy, Avondale, Birmingham, Bloomfield Hills, Royal Oak School Districts and Warren Consolidated Schools Surrounding Area Analysis 14 Colberg Property Surrounding Area Map Land Description and Analysis 15 Colberg Property Property Analysis Land Description and Analysis Land Description Land Area 1.66 acres; 72,500 SF Source of Land Area Public Records Primary Street Frontage E. Square Lake Road - 250 feet Shape Rectangular Corner No Topography Generally level and at street grade Drainage No problems reported or observed Environmental Hazards None reported or observed Ground Stability No problems reported or observed Flood Area Panel Number 26125C551F Date September 29, 2006 Zone X Description Outside of 500-year floodplain Insurance Required?No Zoning; Other Regulations Zoning Jurisdiction City of Troy Zoning Designation R-1D Description One-Family Residential Legally Conforming?Appears to be legally conforming Zoning Change Likely?No Permitted Uses One-family dwellings Minimum Lot Area 8,500 Minimum Lot Width (Feet)75 Minimum Front Setback (Feet)25 Minimum Side Setback (Feet)8 Maximum Building Height 2.5 stories Maximum Site Coverage 30% Other Land Use Regulations None noted Utilities Service Provider Water Muncipal Sewer Municipal Electricity DTE Natural Gas Consumers Local Phone Various Land Description and Analysis 16 Colberg Property We are not experts in the interpretation of zoning ordinances. An appropriately qualified land use attorney should be engaged if a determination of compliance with zoning is required. Property Overview As discussed, the subject will be valued in three components, i.e., main residence parcel, eastern residential lot, and western residential lot, as illustrated the following aerial map: Land Description and Analysis 17 Colberg Property The main residence located at 2473 E. Square Lake Road would comprise the midpoint of the parent parcel. Based on our measurements, this lot will measure 100 feet by 290 feet. It should be noted that the property currently contains two access driveways from E. Square Lake Road that connect with each other at the front of the residence. The eastern driveway most likely will need to be demolished to allow a lot split along the eastern edge of the property. Eastern Residential Lot – This proposed lot split will occur to the east of the current residence. Based on our onsite measurement, there is roughly 105 feet from the eastern wall of the residence to the eastern property line. As mentioned previously, a portion of the current driveway will need to be removed to allow for this residential lot to exist. Current zoning requirements require a side setback of 8 feet from the current residence. We assume that this portion of the site can potentially accommodate a lot split of 80 feet by 290 feet. This measurement allows the main residence lot split to maintain maximum value, even though part of the current driveway will need to be removed. Western Residential Lot – This proposed lot split will occur to the west of the current residence. Based on our onsite measurement, there is roughly 81 feet from the western wall of the residence (garage) to the western property line. This part of the site contains a small storage structure in the rear portion that will need to be demolished. As mentioned, current zoning requirements require a side setback of 8 feet from the current residence. In addition, this area contains a walkway comprised of large stone slabs and boxed in landscaped and treed areas. At a maximum, this lot would have a width of 73 feet, which is a product of deducting 8 feet from 81 feet. An expense would be incurred to revamp and beatify the current walkway and landscaped areas, to maximum the value of the current residence on the open market. To allow a buffer to revamp these items accordingly, we assume that this portion of the site can potentially accommodate a lot split of 70 feet by 290 feet. This lot split does not meet the minimum lot width of 75 feet, which would require the property owner to pursue a zoning variance with the City of Troy. As of the date of this appraisal, it is unknown the likelihood of a variance to be granted; however, our valuation includes the extraordinary assumption that this lot split is allowed. Easements, Encroachments and Restrictions A current title report was not provided for review. There are no apparent easements, encroachments, or restrictions that would adversely affect value. This valuation assumes no adverse impacts from easements, encroachments, or restrictions, and further assumes that the subject has clear and marketable title. Flood Hazard Status As illustrated on a map on the following page, the vast majority of the subject is situated within Zone X, an area outside the 500-year floodplain. It appears the rear portion of the overall site is situated within a flood zone. This area does not appear to be determinantal to development; however, the appraisers are not deemed experts in this field and the client is advised to seek professional assistance regarding this matter. Land Description and Analysis 18 Colberg Property Conclusion of Site Analysis Overall, the physical characteristics and the availability of utilities result in a functional site, suitable for a variety of uses including those permitted by zoning. Uses permitted by zoning include one-family dwellings. No other restrictions on development are apparent. Aerial Plat Map – Overall Site Land Description and Analysis 19 Colberg Property Flood Hazard Map Land Description and Analysis 20 Colberg Property Zoning Map Improvements Description and Analysis 21 Colberg Property Improvements Description and Analysis Overview The subject is an existing residential property containing 1,960 square feet of gross livable area. The residence also contains an attached 2.5 car garage. The residence was originally constructed in 1955 with an addition in 1998. Per municipal records, the total site area is 1.66 acres or 72,500 square feet, net of the road right-of-way. The following description is based on the inspection of the property, and discussions with ownership. Improvements Description `Name of Property 2473 E. Square Lake Road - Residence Property Sub Type Residential Stories 2 Construction Class D Construction Type Wood frame Construction Quality Average Condition Average Gross Living Area (SF)1,960 Building Area Source Public Records Year Built 1955 Addition Constructed 1998 Actual Age (Yrs.)69 Estimated Effective Age (Yrs.)20 Estimated Economic Life (Yrs.)65 Remaining Economic Life (Yrs.)45 Improvements Description and Analysis 22 Colberg Property Construction Details Foundation Concrete Basement Crawl Structural Frame Wood Exterior Walls Brick and siding Windows Double-pane, wood frame, installed in 1998 per property owner Roof Asphalt shingles, replaced eight years ago per property owner Interior Finishes Well appointed with average to above average finishes. Floors Hardwood and vinyl plan on first floor, carpet and ceramic tile upstairs Walls Painted drywall Ceilings Painted drywall Lighting Various styles Electrical Assumed adequate and to code Plumbing Assumed adequate and to code Heating Gas forced air, delivered by ductwork Air Conditioning Central A/C (2 units) Hot Water Gas fired (2 units) Bedrooms 4 (all on second floor) Bathrooms 2.5 (half bath on first floor, two full baths on second floor). The full bath upstairs was redone five years ago, per the property owner. Staircases 1 Fireplace No Residence Description Entry Type Main entry from front elevation Ceiling Heights Typical Kitchen Equipment/Finishes Dishwasher, gas range , fridge, and microwave, and formica countertops. The kitchen appliances are all stainless steel. Laundry Facilities Washer/dryer in half bathroom Bathroom Fixtures Average to above average quality and typical of a residence of this vintage Garages 2.5 car garage, attached Balcony Balcony located off master bedroom Site Improvements Landscaping Grass area, pine trees, various other trees, mature Driveway Two entry points from Square Lake Road. One driveway will be assumed to be demolished to allow a residential lot towards the eastern side of the property Improvements Description and Analysis 23 Colberg Property Gross Living Area (GLA) The gross living area (GLA) represents the total living area, expressed in square feet. The GLA is limited to contiguous habitable above grade space only. Non-contiguous finished areas, unheated/uncooled space, covered porches, garages, attic space, and below grade (basement) space are not included in our GLA estimate. Although these areas are not accounted for in the GLA, they are considered amenity space that benefit the property and likely contribute to the marketability and value. The GLA was supplied by public records and is considered a reliable account of square feet. Improvements Analysis The quality and condition of the subject is considered to be consistent with that of competing properties. Functional Utility The improvements appear to be adequately suited to their current use, and there do not appear to be any significant items of functional obsolescence. Deferred Maintenance None noted. Planned Capital Expenditures None noted. Hazardous Substances An environmental assessment report was not provided for review and environmental issues are beyond our scope of expertise. No hazardous substances were observed during our inspection of the improvements; however, we are not qualified to detect such substances. Unless otherwise stated, we assume no hazardous conditions exist on or near the subject. Personal Property No personal property items were observed that would have any material contribution to market value. All furniture, appliances, and any other non-affixed items are considered personal property and specifically excluded as we value the real estate only. Conclusion of Improvements Analysis Overall, the quality and condition of the single-family residence were viewed to be in average condition. The market appeal is good and generally consistent with homes of this property class in the area. Improvements Description and Analysis 24 Colberg Property Front elevation of residence Rear elevation of residence Looking south from interior of site Eastern driveway, would need to be demolished to allow for residential lot Western driveway Kitchen Improvements Description and Analysis 25 Colberg Property Hal bathroom and laundry facility on the first floor Kitchen Attached garage Master bathroom on second floor Full bathroom on second floor Staircase Improvements Description and Analysis 26 Colberg Property Living room Bedroom Upstairs hallway Bedroom Master bedroom View of deck Improvements Description and Analysis 27 Colberg Property Deck off master bedroom Above ground pool Garage structure on western boundary of site, would need to be demolished to allow residential lot Western wall of residence (garage), which measures 81 feet from the wall to western property line Looking north from residence Walkway and landscaped area, which will need modification to allow residential lot Improvements Description and Analysis 28 Colberg Property Open field in northern part of site Open field Open field E. Square Lake Road Real Estate Taxes 29 Colberg Property Real Estate Taxes In the State of Michigan, the following three assessed values are carried on the tax roll for any property: 1. State Equalized Value (SEV) 2. Capped Value (CV) 3. Taxable Value (TV). The TV is established as the lower of the SEV and CV. The SEV, which is often referred to as the assessed value, is established for property tax purposes and is theoretically equal to 50% of the local assessor’s opinion of market value or true cash value (TCV). The SEV for any given year is set as of December 31 of the preceding year and is to be similar to assessments for similar property. The CV results from a constitutional provision for a cap on assessment increases. The increase is limited to the rate of inflation in any year (based on the Consumer Price Index) or an overall constitutional limit of 5% per year, whichever limitation results in the lowest taxable value. This limitation continues until a property is sold or transferred as defined by assessment regulations whereupon the cap provision is suspended. A total millage rate is applied to taxable value resulting in the annual tax burden for a property. Municipalities and counties are given the authority to levy property taxes at varying levels as well as there being a provision for a state-levied property tax for education purposes. Local school districts have the authority to levy, after voter approval, a non-homestead tax of up to an additional 18 mills and, in limited instances, an enhancement tax. The reported tax rate is a summation of the levies of the various taxing bodies. Real estate taxes and assessments for the current tax year are shown in the following table. Taxes and Assessments - 2024 Assessed Value Taxes and Assessments Tax ID True Cash Value (TCV) Assesed Value / SEV Taxable / Capped Value Tax Rate (est.) Capped Taxes Uncapped Taxes 20-01-300-009 $383,540 $191,770 $89,630 3.620000%$3,245 $6,942 Based on the concluded market value of the subject, the assessed value appears low. Highest and Best Use 30 Colberg Property Highest and Best Use The highest and best use of a property is the reasonably probable use resulting in the highest value, and represents the use of an asset that maximizes its productivity. Process Before a property can be valued, an opinion of highest and best use must be developed for the subject site, both as though vacant, and as improved or proposed. By definition, the highest and best use must be: • Physically possible. • Legally permissible under the zoning regulations and other restrictions that apply to the site. • Financially feasible. • Maximally productive, i.e., capable of producing the highest value from among the permissible, possible, and financially feasible uses. As Though Vacant First, the property is evaluated as though vacant, with no improvements. Physically Possible The physical characteristics of the site do not appear to impose any unusual restrictions on development. Overall, the physical characteristics of the site and the availability of utilities result in functional utility suitable for a variety of uses. Legally Permissible The site is zoned R-1D, One-Family Residential. Permitted uses include one-family dwellings. There are no apparent legal restrictions, such as easements or deed restrictions, effectively limiting the use of the property. Given prevailing land use patterns in the area, only residential use is given further consideration in determining highest and best use of the site, as though vacant. Financially Feasible Based on the accompanying analysis of the market, there is currently adequate demand for residential use in the subject’s area. It appears a newly developed residential use on the site would have a value commensurate with its cost. Therefore, residential use is considered to be financially feasible. Maximally Productive There does not appear to be any reasonably probable use of the site that would generate a higher residual land value than residential use. Accordingly, residential use, developed to the normal market density level permitted by zoning, is the maximally productive use of the property. Conclusion Development of the site for residential use is the only use which meets the four tests of highest and best use. Therefore, it is concluded to be the highest and best use of the property as though vacant. Highest and Best Use 31 Colberg Property As Improved The subject’s overall site is developed with a single-family residence. The site appears to have excess land both to the east and to the west of the current residence. The property owner should pursue lot splits for both of these areas. As mentioned, the proposed western lot would require a variance to be secured as this potential lot width will be below the minimum lot width required for the R-1D zoning district. Our analysis assumes this is secured. Therefore, the Highest and Best Use, as improved, of the property is to be split into three lots, a central lot containing the current residence, and two, residential lots. Most Probable Buyer Taking into account the size and characteristics of the property and its occupancy, the likely buyer is an owner-user and/or developer. Valuation Methodology 32 Colberg Property Valuation Valuation Methodology Appraisers usually consider three approaches to estimating the market value of real property. These are the cost approach, sales comparison approach and the income capitalization approach. The cost approach assumes that the informed purchaser would pay no more than the cost of producing a substitute property with the same utility. This approach is particularly applicable when the improvements being appraised are relatively new and represent the highest and best use of the land or when the property has unique or specialized improvements for which there is little or no sales data from comparable properties. The sales comparison approach assumes that an informed purchaser would pay no more for a property than the cost of acquiring another existing property with the same utility. This approach is especially appropriate when an active market provides sufficient reliable data. The sales comparison approach is less reliable in an inactive market or when estimating the value of properties for which no directly comparable sales data is available. The sales comparison approach is often relied upon for owner-user properties and vacant land. The income capitalization approach reflects the market’s perception of a relationship between a property’s potential income and its market value. This approach converts the anticipated net income from ownership of a property into a value indication through capitalization. The primary methods are direct capitalization and discounted cash flow analysis, with one or both methods applied, as appropriate. This approach is widely used in appraising income-producing properties. Reconciliation of the various indications into a conclusion of value is based on an evaluation of the quantity and quality of available data in each approach and the applicability of each approach to the property type. The methodology employed in this assignment is summarized as follows: Approaches to Value Approach Applicability to Subject Use in Assignment Cost Approach Not Applicable Not Utilized Sales Comparison Approach Applicable Utilized Income Capitalization Approach Not Applicable Not Utilized Sales Comparison Approach 33 Colberg Property Sales Comparison Approach The sales comparison approach develops an indication of value by comparing the subject to sales of similar properties. The steps taken to apply this approach are: • Identify relevant property sales; • Research, assemble, and verify pertinent data for the most relevant sales; • Analyze the sales for material differences in comparison to the subject; • Reconcile the analysis of the sales into a value indication for the subject. To apply the sales comparison approach, we searched for sale transactions within the following parameters: • Property Type: Single-family residences located off main throughfares • Location: Troy • Home Size: 1,800 SF to 2,250 SF • Age: Prior to 1970 • Transaction Date: Current market data For this analysis, we use per square foot of above grade space as the appropriate unit of comparison because market participants typically compare sale prices and property values on this basis. The sales summary table and corresponding sales map on the following pages outline the sales utilized in our analysis. Instead of upward/downward adjustments for various characteristics, we provide a detailed list of the general features of each comparable then conduct an analysis of these features in comparison to the subject; then we conclude an overall comparison to the subject property. The comparable pictures utilized were provided from the MLS summary sheets of each sale, with these summary sheets and additional photos included in the addendum for reference. Sales Comparison Approach 34 Colberg Property Residential Home Sales Sale #Address Yr. Built; Style Home Size (SF)Lot Size Sale Date Sale Price¹$/SF Trended (2%/Yr) 1 1331 South Blvd., Troy 1935, 2-sty.2,145 102'x 150'12/29/2023 $345,000 $161 $162 Features: Analysis: Comparison to Subject:Inferior 2 2401 W. Wattles, Troy 1963; Split 1,799 121' x 150'12/6/2023 $330,000 $183 $184 Features: Analysis: Comparison to Subject:Similar 3 3920 Adams, Troy 1962; Split 2,227 120' x 190'7/31/2023 $410,000 $184 $187 Features: Analysis: Comparison to Subject:Superior 4 240 W. Wattles, Troy 1923; Bungalow 1,837 105' x 203'3/13/2023 $342,000 $186 $190 Features: Analysis: Comparison to Subject:Superior Average $181 Source: MLS. ¹ Net of Concessions. 4 beds / 3 baths. Central air, first floor laundry, corner lot, driveway facing Virgilia Drive, updated kitchen and bath, fireplace, and Michigan basement. Sanitary sewer and municipal water. Considered superior to the subject in recent updates. Inferior to the subject in being older construction. 5 beds / 1.5 baths. Recent updates. Deck off upstairs primary bedroom. Contains an unfinished basement, detached, two car garage, fenced yard, and covered front porch. Sanitary sewer and well water. No central air. Considered superior in recent updates and having a basement. Considered inferior to the subject in age, no central A/C, detached garage, smaller lot size, and utilizing well water. Slightly larger home, would command a lower price per square foot figure compared to subject. 3 beds / 1.5 baths. Contains a family room in the lower level, attached, four-car garage, and fireplace. Sanitary sewer and municipal water. No central air. Considered superior to the subject in having a basement, larger garage, and slightly newer construction. Considered inferior to the subject in not have central A/C. Considered similar to the subject in utilities and lot size. 4 beds / 2.5 baths. Birmingham schools. Covered front porch, extensive hardwood floors, new A/C and furnace, fireplace, attached 2-car garage, and partial basement, finished. Sanitary sewer and municipal water. Considered superior to the subject in location, recent updates, and extensive hardwood floors. Slightly larger home, would command a lower price per square foot figure compared to subject. Sales Comparison Approach 35 Colberg Property Comparable Improved Sales Map Sales Comparison Approach 36 Colberg Property Sale 1 Sale 2 Sale 3 Sale 4 Sales Comparison Approach 37 Colberg Property Value Indication – Main Residence The sales indicate time adjusted unit rates ranging from $162/SF to $190/SF with an average of $181/SF, with several of the sales indicting a tighter range from $184/SF to $190/SF. All of the sales are situated in the city of Troy. The following items are considered when concluding to an appropriate unit rate for the subject: • The subject has access to sanitary sewer and municipal water. • The subject has no basement. • This component of the subject has an allocated lot size of 100 feet by 290 feet. • The upper end of the time adjusted range is represented by home sales considered slightly superior to the subject. • Even with the escalation of mortgage rates over the past year, the current residential market is still considered a seller’s market. Based upon the aforementioned, the following table summarizes the market value of the main residence valuation, as of the effective date of value: Main Residence Valuation Indicated Value per SF $185.00 Subject Square Feet 1,960 Indicated Value $362,600 Rounded $363,000 Valuation – Residential Lots As described in detail in a previous section, the subject is assumed to be able to accommodate two lot splits. The eastern lot is proposed to measure 80 feet by 290 feet and would require part of the current driveway to be demolished. The western lot is proposed to measure 70 feet by 290, which requires a garage structure to be demolished. This proposed lot dimension for the western lot does not meet current zoning requirements and would require a variance to be secured. Our valuation includes the extraordinary assumptions that the variance would be secured. Sales Comparison Approach 38 Colberg Property Sale 1 Sale 2 Sale 3 Sale 4 Sale 5 Sales Comparison Approach 39 Colberg Property Residential Lot Sales Sale #Address/Location City Sale Date Lot Size Sale Price¹ Trended (2%/Yr.)Comment(s) 1 John R / South Blvd.Troy 1/19/2024 81' x 240'$105,000 $105,525 Frontage along John R 2 1683 Delta Dr. (South Blvd. / John R) Troy 7/19/2023 75' x 200'$160,000 $162,400 No frontage along major road 3 6972 Donaldson (South Blvd. / Livernois) Troy 6/30/2023 104' x 232'$105,000 $106,575 Near South Blvd. 4 Donaldson (South Blvd. / Livernois Rd.) Troy 6/2/2023 135' x 310' (irregular) $135,000 $137,025 No main road influence. 5 445 Colebrook (Wattles / Rochester Rd.) Troy 7/9/2022 100' x 100'$115,000 $119,025 No main road influence. Source: MLS & public records. ¹ Considers any demolition costs, if any.Average $126,110 Sales Comparison Approach 40 Colberg Property The sales are all situated in Tray and indicate time adjusted lot prices ranging from $105,525 to $162,400, with an average of $126,110. We will estimate a separate value for each proposed residential lot, as summarized in the following narrative: Eastern Residential Lot – This lot is proposed to measure 80 feet by 290 feet. Based upon the physical characteristics, and frontage along E. Square Lake, a market value of $130,000 is estimated. Western Residential Lot – This lot is proposed to measure 70 feet by 290 feet. This lot contains ten feet less width than the eastern residential lot, which would warrant a slightly lower lot price as a smaller home would potentially be needed to be constructed. Based upon the physical characteristics, and frontage along E. Square Lake, a market value of $115,000 is estimated. As described in detail, to accommodate the previous lot splits, an expense will be incurred to demolish a portion of the driveway for the eastern lot and demolish the garage structure along the western boundary. Furthermore, an expense would be incurred to revamp and beautify the current walkway and landscaped areas along the western side of the current residence, to allow the western lot split to occur. These items are estimated to have an expense of $5,000, which is deducted accordingly. An expense will also be incurred to split the residential lots from the parent parcel. The property owner will incur expenses related to completing a survey, lot split drawings, municipal fees, and legal fees. This expense is estimated at $5,000, which is also deducted accordingly. Final Value Based upon the previous conclusions and discussions, the following table summarizes the market value conclusion for the subject, as of the effective date of value: Market Value Indication Indicated Value per SF $185.00 Subject Square Feet 1,960 Indicated Value $362,600 Adjustments Eastern Residential Lot $130,000 Western Residential Lot $115,000 Demolition Costs -$5,000 Split/Legal Costs -$5,000 Total Adjustments $235,000 Indicated Value $597,600 Rounded $598,000 Reconciliation and Conclusion of Value 41 Colberg Property Reconciliation and Conclusion of Value The values indicated by the preceding analyses are as follows: Summary of Value Indications Cost Approach Not Used Sales Comparison Approach $598,000 Income Capitalization Approach Not Used Reconciled $598,000 Value Conclusion Value Type & Appraisal Premise Interest Appraised Date of Value Value Conclusion Market Value Fee Simple March 14, 2024 $598,000 Extraordinary Assumptions and Hypothetical Conditions 1.The market value conclusion assumes the lot splits as described herein are allowed. 1.None. The use of any extraordinary assumption or hypothetical condition may have affected the assignment results. The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions. Exposure Time Exposure time is the length of time the subject property would have been exposed for sale in the market had it sold on the effective valuation date at the concluded market value. Based on the concluded market value stated previously, the probable exposure time is 6-9 months. Marketing Period Marketing time is an estimate of the amount of time it might take to sell a property at the concluded market value immediately following the effective date of value. The subject’s marketing period is estimated at 6-9 months. Certification 42 Colberg Property Certification We certify that, to the best of our knowledge and belief: 1. The statements of fact contained in this report are true and correct. 2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions. 3. We 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. 4. We 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 the agreement to perform this assignment. 5. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment. 6. Our engagement in this assignment was not contingent upon developing or reporting predetermined results. 7. Our 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. 8. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice as well as applicable state appraisal regulations. 9. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute. 10. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. 11. Constantino G. Naoum has made a personal inspection of the property that is the subject of this report. Anthony Sanna, MAI, CRE has not personally inspected the subject. 12. No one provided significant real property appraisal assistance to the persons signing this certification. 13. We have experience in appraising properties similar to the subject and are in compliance with the Competency Rule of USPAP. 14. As of the date of this report, Anthony Sanna, MAI, CRE, has completed the continuing education program for Designated Members of the Appraisal Institute. Certification 43 Colberg Property 15. In Michigan, appraisers are required to be licensed/certified and are regulated by the Michigan Department of Licensing and Regulatory Affairs, 611 West Ottawa, P. O. Box 30018, Lansing, Michigan, 48909. Constantino G. Naoum Michigan Certified General Real Estate Appraiser #1205068135 Anthony Sanna, MAI, CRE Michigan Certified General Real Estate Appraiser #1205001324 Assumptions and Limiting Conditions 44 Colberg Property Assumptions and Limiting Conditions This appraisal and any other work product related to this engagement are limited by the following standard assumptions, except as otherwise noted in the report: 1. The title is marketable and free and clear of all liens, encumbrances, encroachments, easements and restrictions. The property is under responsible ownership and competent management and is available for its highest and best use. 2. There are no existing judgments or pending or threatened litigation that could affect the value of the property. 3. There are no hidden or undisclosed conditions of the land or of the improvements that would render the property more or less valuable. Furthermore, there is no asbestos in the property. 4. The property is in compliance with all applicable building, environmental, zoning, and other federal, state and local laws, regulations and codes. 5. The information furnished by others is believed to be reliable, but no warranty is given for its accuracy. This appraisal and any other work product related to this engagement are subject to the following limiting conditions, except as otherwise noted in the report: 1. An appraisal is inherently subjective and represents our opinion as to the value of the property appraised. 2. The conclusions stated in our appraisal apply only as of the effective date of the appraisal, and no representation is made as to the effect of subsequent events. 3. No changes in any federal, state or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated. 4. No environmental impact studies were either requested or made in conjunction with this appraisal, and we reserve the right to revise or rescind any of the value opinions based upon any subsequent environmental impact studies. If any environmental impact statement is required by law, the appraisal assumes that such statement will be favorable and will be approved by the appropriate regulatory bodies. 5. Unless otherwise agreed to in writing, we are not required to give testimony, respond to any subpoena or attend any court, governmental or other hearing with reference to the property without compensation relative to such additional employment. 6. We have made no survey of the property and assume no responsibility in connection with such matters. Any sketch or survey of the property included in this report is for illustrative purposes only and should not be considered to be scaled accurately for size. The appraisal covers the property as described in this report, and the areas and dimensions set forth are assumed to be correct. Assumptions and Limiting Conditions 45 Colberg Property 7. No opinion is expressed as to the value of subsurface oil, gas or mineral rights, if any, and we have assumed that the property is not subject to surface entry for the exploration or removal of such materials, unless otherwise noted in our appraisal. 8. We accept no responsibility for considerations requiring expertise in other fields. Such considerations include, but are not limited to, legal descriptions and other legal matters such as legal title, geologic considerations such as soils and seismic stability; and civil, mechanical, electrical, structural and other engineering and environmental matters. Such considerations may also include determinations of compliance with zoning and other federal, state, and local laws, regulations and codes. 9. The distribution of the total valuation in the report between land and improvements applies only under the reported highest and best use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. The appraisal report shall be considered only in its entirety. No part of the appraisal report shall be utilized separately or out of context. 10. Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers, or any reference to the Appraisal Institute) shall be disseminated through advertising media, public relations media, news media or any other means of communication (including without limitation prospectuses, private offering memoranda and other offering material provided to prospective investors) without the prior written consent of the persons signing the report. 11. Information, estimates and opinions contained in the report and obtained from third-party sources are assumed to be reliable and have not been independently verified. 12. Any income and expense estimates contained in the appraisal report are used only for the purpose of estimating value and do not constitute predictions of future operating results. 13. If the property is subject to one or more leases, any estimate of residual value contained in the appraisal may be particularly affected by significant changes in the condition of the economy, of the real estate industry, or of the appraised property at the time these leases expire or otherwise terminate. 14. Unless otherwise stated in the report, no consideration has been given to personal property located on the premises or to the cost of moving or relocating such personal property; only the real property has been considered. 15. The current purchasing power of the dollar is the basis for the values stated in the appraisal; we have assumed that no extreme fluctuations in economic cycles will occur. 16. The values found herein are subject to these and to any other assumptions or conditions set forth in the body of this report but which may have been omitted from this list of Assumptions and Limiting Conditions. 17. The analyses contained in the report necessarily incorporate numerous estimates and assumptions regarding property performance, general and local business and economic conditions, the absence of material changes in the competitive environment and other matters. Some estimates or assumptions, however, inevitably will not materialize, and unanticipated events and circumstances may occur; therefore, actual results achieved during Assumptions and Limiting Conditions 46 Colberg Property the period covered by our analysis will vary from our estimates, and the variations may be material. 18. The Americans with Disabilities Act (ADA) became effective January 26, 1992. We have not made a specific survey or analysis of the property to determine whether the physical aspects of the improvements meet the ADA accessibility guidelines. We claim no expertise in ADA issues, and render no opinion regarding compliance of the subject with ADA regulations. Inasmuch as compliance matches each owner’s financial ability with the cost to cure the non- conforming physical characteristics of a property, a specific study of both the owner’s financial ability and the cost to cure any deficiencies would be needed for the Department of Justice to determine compliance. 19. The appraisal report is prepared for the exclusive benefit of you, your subsidiaries and/or affiliates. It may not be used or relied upon by any other party. All parties who use or rely upon any information in the report without our written consent do so at their own risk. 20. No studies have been provided to us indicating the presence or absence of hazardous materials on the subject property or in the improvements, and our valuation is predicated upon the assumption that the subject property is free and clear of any environment hazards including, without limitation, hazardous wastes, toxic substances and mold. No representations or warranties are made regarding the environmental condition of the subject property. IRR - Detroit, Integra Realty Resources, Inc., and their respective officers, owners, managers, directors, agents, subcontractors or employees (the “Integra Parties”), shall not be responsible for any such environmental conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because we are not experts in the field of environmental conditions, the appraisal report cannot be considered as an environmental assessment of the subject property. 21. The persons signing the report may have reviewed available flood maps and may have noted in the appraisal report whether the subject property is located in an identified Special Flood Hazard Area. However, we are not qualified to detect such areas and therefore do not guarantee such determinations. The presence of flood plain areas and/or wetlands may affect the value of the property, and the value conclusion is predicated on the assumption that wetlands are non-existent or minimal. 22. We are not a building or environmental inspector. The Integra Parties do not guarantee that the subject property is free of defects or environmental problems. Mold may be present in the subject property and a professional inspection is recommended. 23. The appraisal report and value conclusions for an appraisal assume the satisfactory completion of construction, repairs or alterations in a workmanlike manner. 24. IRR - Detroit is an independently owned and operated company. The parties hereto agree that Integra shall not be liable for any claim arising out of or relating to any appraisal report or any information or opinions contained therein as such appraisal report is the sole and exclusive responsibility of IRR - Detroit. In addition, it is expressly agreed that in any action which may be brought against the Integra Parties arising out of, relating to, or in any way pertaining to the engagement letter, the appraisal reports or any related work product, the Integra Parties shall not be responsible or liable for any incidental or consequential damages or losses, unless Assumptions and Limiting Conditions 47 Colberg Property the appraisal was fraudulent or prepared with intentional misconduct. It is further expressly agreed that the collective liability of the Integra Parties in any such action shall not exceed the fees paid for the preparation of the assignment (unless the appraisal was fraudulent or prepared with intentional misconduct). It is expressly agreed that the fees charged herein are in reliance upon the foregoing limitations of liability. 25. IRR - Detroit is an independently owned and operated company, which has prepared the appraisal for the specific intended use stated elsewhere in the report. The use of the appraisal report by anyone other than the Client is prohibited except as otherwise provided. Accordingly, the appraisal report is addressed to and shall be solely for the Client’s use and benefit unless we provide our prior written consent. We expressly reserve the unrestricted right to withhold our consent to your disclosure of the appraisal report or any other work product related to the engagement (or any part thereof including, without limitation, conclusions of value and our identity), to any third parties. Stated again for clarification, unless our prior written consent is obtained, no third party may rely on the appraisal report (even if their reliance was foreseeable). 26. The conclusions of this report are estimates based on known current trends and reasonably foreseeable future occurrences. These estimates are based partly on property information, data obtained in public records, interviews, existing trends, buyer-seller decision criteria in the current market, and research conducted by third parties, and such data are not always completely reliable. The Integra Parties are not responsible for these and other future occurrences that could not have reasonably been foreseen on the effective date of this assignment. Furthermore, it is inevitable that some assumptions will not materialize and that unanticipated events may occur that will likely affect actual performance. While we are of the opinion that our findings are reasonable based on current market conditions, we do not represent that these estimates will actually be achieved, as they are subject to considerable risk and uncertainty. Moreover, we assume competent and effective management and marketing for the duration of the projected holding period of this property. 27. All prospective value opinions presented in this report are estimates and forecasts which are prospective in nature and are subject to considerable risk and uncertainty. In addition to the contingencies noted in the preceding paragraph, several events may occur that could substantially alter the outcome of our estimates such as, but not limited to changes in the economy, interest rates, and capitalization rates, behavior of consumers, investors and lenders, fire and other physical destruction, changes in title or conveyances of easements and deed restrictions, etc. It is assumed that conditions reasonably foreseeable at the present time are consistent or similar with the future. Assumptions and Limiting Conditions 48 Colberg Property 28. The appraisal is also subject to the following: Extraordinary Assumptions and Hypothetical Conditions 1.The market value conclusion assumes the lot splits as described herein are allowed. 1.None. The use of any extraordinary assumption or hypothetical condition may have affected the assignment results. The value conclusions are based on the following hypothetical conditions. A hypothetical condition is a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis. The value conclusions are subject to the following extraordinary assumptions. An extraordinary assumption is an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions. Addenda Colberg Property Addendum A Appraiser Qualifications Constantino G. Naoum Integra Realty Resources - Detroit irr.com T 248.540.0040 Ext. 102 F 248.540.8239 400 West Maple Road Suite 100 Birmingham, MI 48009 Experience Mr. Naoum, Senior Director, is a Certified General Real Estate Appraiser who has been actively involved with appraisal and advisory services since 1995. Mr. Naoum has extensive knowledge in a number of commercial property types including land development, manufactured housing communities, office buildings, medical office buildings, golf courses, single-and multi-tenant retail centers, multifamily and vacant land parcels. Mr. Naoum is highly proficient at Argus and has extensive experience working on very large multi-tenant office buildings with Life Insurance Companies, Conduits, and Conventional Lenders. Mr. Naoum also has extensive experience in litigation support including rezoning cases, tax appeals, divorce proceedings, partnership disputes, and right-of-way assignments. Professional Activities & Affiliations Appraisal Institute: Associate Member Licenses Michigan, Certified General Real Estate Appraiser, 1205068135, Expires July 2025 Education Bachelor of Science in Business Administration, Major Finance Masters of Business Administration, Major Finance, Wayne State University, Detroit, Michigan Successfully completed numerous real estate related courses and seminars sponsored by the Appraisal Institute, including: - Real Estate Appraisal Principles - Real Estate Appraisal Procedures - Basic Income Capitalization - General Applications - USPAP A & 420 USPAP B - Advanced Income Capitalization - Highest and Best Use - Advanced Sales Comparison & Cost Approaches dnaoum@irr.com - 248.979.9690 Anthony Sanna, MAI, CRE Integra Realty Resources - Detroit irr.com T 248.540.0040 Ext. 107 F 248.540.8239 400 West Maple Road Suite 100 Birmingham, MI 48009 Experience Mr. Sanna, Executive Director has actively counseled and advised clients on issues relating to the sale, leasing, valuation, management, and development of commercial real estate assets since 1989. Mr. Sanna served as the Managing Director of IRR Detroit from 2003-2018. He has a diversified background in real estate with primary emphasis in the areas of valuation for investment property, institutional assets, portfolio asset management and complex real estate issues. Conversely, Mr. Sanna continually manages a re-occurring volume of traditional mortgage loan appraisal work on all varieties of properties, large and small, focusing on core real estate assets including hotel, office, industrial, retail, and multifamily properties. Mr. Sanna has extensive consulting and valuation experience relating to corporate and private clients on an array of issues pertaining to estate and property trust matters, partnership disputes, air rights, partial and fractional interests, contract disputes, and mediation/arbitration disputes. Mr. Sanna’s experience in these matters provides clients with a well-rounded framework for valuation and consulting solutions. Professional Activities & Affiliations MAI Designation, Appraisal Institute CRE Designation, Counselors of Real Estate Board of Director: Integra Realty Resources - 2005-2008; 2012-2017 and 2019-Current Board of Director: Commercial Board of Real Estate - Michigan Chapter Licenses Michigan, Certified General Real Estate Appraiser, 1205001324, Expires July 2025 Education Bachelor of Science (Business Administration) Wayne State University Appraisal Institute Courses: - Principals of Real Estate Appraisal - Procedures of Real Estate Appraisal - Uniform Standards of Professional Practice - Basic Income Capitalization - Advanced Income Capitalization - Report Writing - Advanced Applications/Case Studies Qualified Before Courts & Administrative Bodies Qualified expert witness before the Michigan Tax Tribunal, various Circuit Courts, planning boards, commissioner hearings and County Tax Boards. asanna@irr.com - 248.979.9663 About IRR Integra Realty Resources, Inc. (IRR) provides world-class commercial real estate valuation, counseling, and advisory services. Routinely ranked among leading property valuation and consulting firms, we are now the largest independent firm in our industry in the United States, with local offices coast to coast and in the Caribbean. IRR offices are led by MAI-designated Senior Managing Directors, industry leaders who have over 25 years, on average, of commercial real estate experience in their local markets. This experience, coupled with our understanding of how national trends affect the local markets, empowers our clients with the unique knowledge, access, and historical perspective they need to make the most informed decisions. Many of the nation's top financial institutions, developers, corporations, law firms, and government agencies rely on our professional real estate opinions to best understand the value, use, and feasibility of real estate in their market. Local Expertise...Nationally! irr.com Addenda Colberg Property Addendum B IRR Quality Assurance Survey Addenda Colberg Property IRR Quality Assurance Survey We welcome your feedback! At IRR, providing a quality work product and delivering on time is what we strive to accomplish. Our local offices are determined to meet your expectations. Please reach out to your local office contact so they can resolve any issues. Integra Quality Control Team Integra does have a Quality Control Team that responds to escalated concerns related to a specific assignment as well as general concerns that are unrelated to any specific assignment. We also enjoy hearing from you when we exceed expectations! You can communicate with this team by clicking on the link below. If you would like a follow up call, please provide your contact information and a member of this Quality Control Team will call contact you. Link to the IRR Quality Assurance Survey: quality.irr.com Addenda Colberg Property Addendum C Property Information Municipal Field Record Zoning Ordinance Addenda Colberg Property Addenda Colberg Property Addenda Colberg Property Addenda Colberg Property Addenda Colberg Property Addenda Colberg Property Addenda Colberg Property Addendum D Comparable Data Addenda Colberg Property Home Sales MLS Summary Sheets Addenda Colberg Property Addenda Colberg Property Addenda Colberg Property Addenda Colberg Property Addenda Colberg Property Addenda Colberg Property Addenda Colberg Property Addenda Colberg Property Addenda Colberg Property Addenda Colberg Property Addenda Colberg Property Addenda Colberg Property Addenda Colberg Property Addenda Colberg Property Addenda Colberg Property Addenda Colberg Property CMA 1 Line (Portrait)Listings as of Property Type: Residential 09/14/2022 at 3:16 PM Status is 'Active' Status is 'Pending' Status Contractual Search Date is 09/14/2022 to 09/14/2021 Status is 'Sold' Status Contractual Search Date is 09/14/2022 to 09/14/2021 Property Type is 'Residential' Latitude, Longitude is within 1.43 mi of 2473 E Square Lake Rd, Troy, MI 48085, USA Listing Type is one of 'Exclusive Right To Lease', 'Exclusive Right to Sell', 'Exclusive Agency', 'Unknown (Data Share Listing)' Level of Service is one of 'Full Service', 'Limited Service', 'Entry Only (MLS Entry Only)', 'Unknown/Data Share Listings' Transaction Type is 'Sale' Year Built is 1980 or less Est Fin Abv Grd SqFt is 1650 to 2350 City is 'Troy' Architecture Level is '2 Story' Residential Sold Properties Address Area Bd Bth SqFt Built Date Sold PriceS$/SqFt CDOM List PriceOrig Price SP%OLPAcre 2769 RENSHAW Drive $300,00031,984 1969 $151.21 $300,000$325,000 92.31722/1Troy 09/28/210.23 1495 HARTWIG DR $298,50042,282 1955 $133.65 $305,000$298,500 102.1852/1Troy 10/15/210.51 5792 CLIFFSIDE Drive $294,50042,176 1977 $141.08 $307,000$294,500 104.2472/1Troy 01/26/220.19 2137 RUTGERS Drive $325,00042,342 1975 $132.37 $310,000$325,000 95.3882/2Troy 09/02/220.19 5208 BABBIT $334,90031,919 1969 $166.75 $320,000$349,900 91.45421/1Troy 11/10/210.27 2685 WINDSOR Drive $325,00041,826 1969 $177.98 $325,000$325,000 100.0002/1Troy 02/08/220.24 2136 RUTGERS Drive $271,00042,045 1976 $161.37 $330,000$271,000 121.7732/1Troy 12/29/210.19 4816 CAROL Drive $335,00041,826 1970 $182.91 $334,000$314,900 106.0762/1Troy 11/08/210.27 1354 TREVINO Drive $340,00041,816 1977 $187.22 $340,000$340,000 100.0092/1Troy 01/28/220.19 4781 BUTLER Drive $339,90031,768 1971 $192.31 $340,000$339,900 100.0342/1Troy 09/14/210.23 2568 RENSHAW Drive $349,90042,161 1969 $159.65 $345,000$349,900 98.6072/1Troy 12/07/210.22 2164 Rutgers $300,00042,182 1977 $158.11 $345,000$300,000 115.0042/1Troy 09/24/210.20 4800 BRAMFORD Drive $334,90041,902 1975 $184.02 $350,000$334,900 104.5182/1Troy 06/28/220.23 2651 Dayton Drive $355,00041,753 1971 $199.66 $350,000$370,000 94.59332/1Troy 03/16/220.28 6351 SANDSHORES Drive $339,00042,200 1971 $162.05 $356,500$339,000 105.1682/1Troy 07/28/220.27 6711 NORTHPOINT Drive $337,00031,800 1973 $200.00 $360,000$337,000 106.8252/1Troy 10/29/210.22 4861 WHITESELL Drive $359,00031,703 1972 $213.15 $363,000$359,000 101.1141/1Troy 05/26/220.29 5869 Marble $385,00042,029 1975 $179.89 $365,000$419,000 87.11542/1Troy 09/18/21 5169 TYLER Drive $385,00042,321 1976 $158.12 $367,000$399,900 91.77242/1Troy 08/30/220.26 6866 WESTPOINTE Drive $375,00042,193 1979 $168.72 $370,000$399,900 92.52402/1Troy 09/06/220.29 1111 SNEAD $380,00042,002 1977 $184.82 $370,000$380,000 97.37142/1Troy 03/25/220.22 5748 PATTERSON Drive $389,90041,986 1974 $196.37 $390,000$389,900 100.03422/1Troy 10/22/210.19 1146 PLAYER Drive $385,00042,168 1977 $182.66 $396,000$385,000 102.8642/1Troy 10/29/210.25 1910 LYSTER LANE $419,00041,972 1972 $207.91 $410,000$449,000 91.31102/1Troy 10/29/210.22 1199 TREVINO Drive $385,00042,000 1977 $206.00 $412,000$385,000 107.01122/1Troy 05/16/220.21 5311 ABINGTON Drive $389,90041,872 1969 $224.36 $420,000$389,900 107.7232/1Troy 03/13/220.24 2896 DENISE Drive $439,90042,227 1977 $188.59 $420,000$439,900 95.4872/1Troy 01/07/220.24 6499 EMERALD LAKE Drive $429,90042,076 1972 $209.54 $435,000$429,900 101.19113/0Troy 01/01/220.32 5783 LIMESTONE Drive $450,00042,322 1973 $188.63 $438,000$450,000 97.33292/1Troy 09/07/220.22 2805 Denise Drive $399,00042,246 1973 $200.80 $451,000$399,000 113.0342/1Troy 07/05/220.22 5045 PRENTIS Drive $425,00042,264 1974 $199.25 $451,100$425,000 106.1472/1Troy 05/05/220.19 5067 TYLER Drive $479,00042,337 1977 $196.83 $460,000$479,000 96.03412/1Troy 09/09/220.26 1281 PLAYER Drive $439,00042,155 1977 $213.46 $460,000$439,000 104.7872/1Troy 06/15/220.21 5902 Cliffside $499,90042,270 1974 $211.45 $480,000$499,900 96.0213/1Troy 07/13/220.23 Sold Totals Averages:2,063 $370,415 $375,753$182.97 100.79$374,4941634Listing Count :0.24 List Price :High Low Median Mode$499,900 $271,000 $367,000 $385,000 Sold Price :ModeMedianLowHigh $340,000$364,000$300,000$480,000 $/SqFt :ModeMedianLowHigh $132.37$186.02$132.37$224.36 Age :ModeMedianLowHigh197919741955 1977 Presented By: Paul Zachos Featured properties may not be listed by the office/agent presenting the brochure. All information herein has not been verified and is not guaranteed. Copyright © 2022 Realcomp. All rights reserved. CMA 1 Line (Portrait)Listings as of Property Type: Residential 09/14/2022 at 3:16 PM Grand Totals $375,753 $364,000 Count :Averages:16 $370,41534CDOM:OP:$374,494 LP:SP:$182.97$/SqFt: Median:$367,000LP:$375,000OP:8CDOM:$/SqFt:SP:$186.02 Presented By: Paul Zachos Featured properties may not be listed by the office/agent presenting the brochure. All information herein has not been verified and is not guaranteed. Copyright © 2022 Realcomp. All rights reserved. CMA 1 Line (Portrait)Listings as of Property Type: Vacant Land 09/14/2022 at 3:02 PM Status is 'Active' Status is 'Pending' Status Contractual Search Date is 09/14/2022 to 09/14/2021 Status is 'Sold' Status Contractual Search Date is 09/14/2022 to 06/06/2021 Latitude, Longitude is within 3.00 mi of 2473 E Square Lake Rd, Troy, MI 48085, USA Listing Type is one of 'Exclusive Right To Lease', 'Exclusive Right to Sell', 'Exclusive Agency', 'Unknown (Data Share Listing)' Level of Service is one of 'Full Service', 'Limited Service', 'Entry Only (MLS Entry Only)', 'Unknown/Data Share Listings' Transaction Type is 'Sale' Land Active Properties AreaAddress Acres Date List Price$/Acre CDOM Orig PriceLot Dim 00 Delta Dr $174,900$472,702.70 $174,900285Troy0.37 78 x 226 x 71 x 176 42892 DEQUINDRE Road $184,900$462,250.00 $184,900133Sterling Heights 05/04/220.40 72.00X272 58 FABIUS $214,000$486,363.64 $215,000334Troy01/07/220.44 100 X 190 1579 E WATTLES Road $259,900$324,875.00 $320,00082Troy09/11/220.80 160.00 x 216.00 0000 E Square Lake $279,000$86,111.11 $279,00015Troy08/30/223.24 300x348x388x594 Active Totals Averages:$222,540$234,760$366,460.49 1705Listing Count :1.05 List Price :High Low Median Mode$279,000 $174,900 $214,000 $174,900 $/Acre:ModeMedianLowHigh $86,111.11$462,250.00$86,111.11$486,363.64 Pending Properties AreaAddress Acres Date List Price$/Acre CDOM Orig PriceLot Dim 5860 HOUGHTEN Drive $249,900$362,173.91 $249,90012Troy09/08/220.69 100.00 x 300.00 Pending Totals Averages:$249,900$249,900$362,173.91 121Listing Count :0.69 List Price :High Low Median Mode$249,900 $249,900 $249,900 $249,900 $/Acre:ModeMedianLowHigh $362,173.91$362,173.91$362,173.91$362,173.91 Sold Properties Address Area Acres Date Sold PriceS$/Acre CDOM List PriceOrig Price SP%OLPLot Dim CECIL DR $125,000$318,181.82 $105,000$125,000 84.00Troy06/25/210.33 130x110 39560 DEQUINDRE Road $110,000$120,879.12 $110,000$110,000 100.0019Sterling Heights 08/11/220.91 69.00 x 575.00 0000 John R $125,000$266,666.67 $120,000$125,000 96.0072Troy07/07/220.45 81.00X240.00 Quill Creek Drive $199,900$355,769.23 $185,000$219,900 84.13105Troy09/01/210.52 123 x 183 000 Willow Grove Drive $218,900$156,204.38 $214,000$218,900 97.7654Troy03/03/221.37 283.00x209x283x210 5321 ROCHESTER Road $215,000$390,909.09 $215,000$215,000 100.0023Troy08/31/220.55 147.00 x 163.00 Sold Totals Averages:$165,633 $158,167$268,101.72 93.65$168,967556Listing Count :0.69 List Price :High Low Median Mode$218,900 $110,000 $162,450 $125,000 Sold Price :ModeMedianLowHigh $105,000$152,500$105,000$215,000 $/Acre:ModeMedianLowHigh $120,879.12$292,424.24$120,879.12$390,909.09 Grand Totals $158,167 $152,500 Count :Averages:103 $196,36712CDOM:OP:$203,125 LP:SP:$316,923.89$/Acre: SP:Median:$206,950LP:$215,000OP:72CDOM:$/Acre:$340,322.12 Presented By: Paul Zachos Featured properties may not be listed by the office/agent presenting the brochure. All information herein has not been verified and is not guaranteed. Copyright © 2022 Realcomp. All rights reserved. Oakland County Public Records - Full Detail Report Location & Ownership Property Address:2473 E Square Lake Road Property ID:2001300009 City/State/Zip:Troy, Michigan, 48085-3935 Owner Name:Darrol Colberg/Katherine Colberg Lat/Long:42.608026 / -83.100926 Taxpayer Address:2473 E Square Lake Road Census Tract:1960 City/State/Zip:Troy, Michigan, 48085-3935 Block Group:5 City/Village/Town:Troy School District:Troy Subdivision:Property Category:Residential MLS Area:02203 - Troy Land Use:401 - RESIDENTIAL, IMPROVED Legal Description:T2N, R11E, SEC 1 E 250 FT OF S 350 FT OF SW 1/4 EXC S 60 FT TAKEN FOR SQUARE LAKE RD 1.66 A3/27/91 COR L 11772 P 133 Taxes Year Season Total Ad Val Admin Fee Asmnt CVT Ttl Seasonal 2022 W $476.13 $4.76 $0.00 $0.00 $480.89 2022 S $2,324.38 $15.19 $0.00 $0.00 $2,339.57 2021 W $434.17 $4.34 $0.00 $0.00 $438.51 2021 S $2,322.44 $15.34 $0.00 $0.00 $2,337.78 2020 W $521.10 $5.21 $0.00 $0.00 $526.31 2020 S $2,301.54 $15.25 $0.00 $0.00 $2,316.79 2019 W $511.42 $5.11 $0.00 $0.00 $516.53 2019 S $2,289.94 $15.09 $0.00 $0.00 $2,305.03 2018 W $513.66 $5.13 $0.00 $0.00 $518.79 2018 S $2,256.58 $14.90 $0.00 $0.00 $2,271.48 Assessments Year Taxable Val State Eq Val Hmstd %Ttl Taxes 2022 $81,310 $123,190 100 $2,820.46 2021 $78,720 $128,760 100 $2,776.29 2020 $77,640 $144,600 100 $2,843.10 2019 $76,200 $109,190 100 $2,821.56 2018 $74,420 $98,550 100 $2,790.27 Transfer Information Grantor Grantee Record Date Deed Date Sale Price Deed Type Liber/Page Other Recordings Obligee Obligor Record Date Doc Date Amount Doc Type Liber/Page COMMUNITY FINANCIAL CU COLBERG DARROL K 10/23/2020 10/10/2020 $50,000 MTG 55044/0001 HANTZ BANK COLBERG DARROL K 10/08/2014 09/12/2014 $22,750 MTG 47484/0592 PNC MORTGAGE LLC COLBERG DARROL K 11/30/2010 11/02/2010 $90,233 MTG 42591/0142 STANDARD FEDERAL BANK N COLBERG DARROL K 03/22/2004 02/12/2004 $100,000 MTG 32547/0041 Characteristics Living Area SF:1960 Bedrooms:6 Basement Sqft:Bathrooms:3.0 Year Built:1955 Pool: Exterior:Brick Garage Features: Architecture Level:2 Story Garage Year Built: Style:Colonial Garage Sqft:576 Basement:Basement Garage Width: Water:Garage Capacity:2 Heating:Forced Air Gas Service: Heat Fuel:Natural Gas Sewer: Central Air:Yes Well: #1 Porch/Dimensions:/Storm Sewer: #2 Porch/Dimensions:/Land Dimension:250.00X260.00 Topography:Land Sqft:64904 Irregular:Acres:1.49 Search for MLS Listings