HomeMy WebLinkAboutRuland, William P (2)
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JEAN W. COCHRAN
Supervisor
GREGORY F. YAKABOSKI
TOWN ATTORNEY
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Town Hall, 53095 Main Road
P.O. Box 1179
Southold, New York 11971
Telephone (516) 765-1889
Fax (516) 765-1823
OFFICE OF THE TOWN ATTORNEY
TOWN OF SOUTHOLD
MEMORANDUM
FROM:
GREGORY F. YAKABOSKI, ESQ., TOWN ATTORNEY
MARY C. WILSON, ASSISTANT TOWN ATTORNEY
TO:
ELIZABETH A. NEVILLE, TOWN CLERK
DATE:
JUNE 21, 1999
Attached for filing, please find the following documents:
1) The original recorded Deed of Development Rights purchased from William Ruland;
SCTM#1000-107-11-010, 1000-115-02-003 and 1000-115-02-002.001 and the Town's Title
Policy issued by Commonwealth, Title Policy No. 70983208. These are the only copies.
2) The original recorded Deed of Development Rights purchased from the Estate of
Sophie Kaloski; SCTM#1000-109-01.00-024.001 and 1000-102-04.00-006.001 and the
Town's Title Policy issued by Commonwealth, Title Policy No. 70983209. These are the
only copies.
3) The original recorded Deed of Development Rights purchased from Raphael Vineyards;
SCTM#1000-085.00-03.00-011.002. When we receive the final Title Report it will be
forwarded to your office. No copies have been kept in our office.
GFY:ck
Att.
cc: Supv. Cochran & Town Board
Land Preservation Committee
Melissa Spiro
John Cushman
John Sepenoski
I,
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DEED OF DEVELOPMENT RIGHTS
THIS INDENTURE, made this 29th day of March, 1998 BETWEEN
Raphael Vineyards, Inc., residing at 100 Comac SI. Ronkonkoma, NY 11779,
party of the first part,
AND the TOWN OF SOUTHOLD, a municipal corporation having its office
and principal place of business at Main Road, Town of Southold, County of
Suffolk and State of New York, party of the second part;
WITNESSETH, that the party of the first part, in consideration of
$336,076.51 (Three hundred thirty six thousand seventy six dollars and no
cents) lawful money of the United States and other good and valuable
consideration paid by the party of the second part,
DOES HEREBY GRANT AND RELEASE unto the party of the second
part, its successors and assigns forever, THE DEVELOPMENT RIGHTS, by
which is meant the permanent legal interest and right, as authorized by section
247 of the New York State General Municipal Law, as amended, to permit,
require or restrict the use of the premises exclusively for agricultural production
as that term is presently defined in Chapter 25 of the Town Code of the Town of
Southold, and the right to prohibit or restrict the use of the premises for any
purpose other than agricultural production, to the property described as follows:
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ALL that certain plot, piece or parcel of land, situate, lying and being in
the Town of Southold, County of Suffolk and State of New York, bounded and
described as follows:
SCHEDULE A
DESCRIPTION
ALL that certain plot, piece or parcel of land, with the buildings and
improvements thereon erected, situate, lying and being at peconic, Town of
Southold, County of Suffolk and State of New York, bounded and described
as follows:
BEGINNING at a monument set on the southerly side of Main Road (S.R. 25)
(Kings Hwy) distant 1308.36 feet westerly, when measured along the
southerly side of Main Road, frorr. the corner formed by the intersection of
the southerly side of Main Road and the westerly side of Indian Neck Lane,
said point of beginning also being the point of intersection of the
northwest corner of the herein described parcel and the northeast corner
of land now or formerly of Elizabeth Ann Bock with the southerly side of
Main Road (SR 25);
RUNNING THENCE from said point of beginning along the southerly side of
Main Road (SR 25) the following two (2) courses and distances:
1. North 59 degrees 32 minutes 25 seconds East 82.06 feet;
2. North 6i degrees 04 minutes 20 seconds East 92.95 feet;
THENCE South 07 degrees 56 minutes 50 seconds East 411.83 feet;
THENCE North 82 degrees 03 minutes 10 seconds East 571.20 feet to "Map of
peconic Bay Cove", file No. 7159;
THENCE along said map and then "Map of Wild Oats", File No. 9331 and land
of Geiger and Koraleski South 07 degrees 56 minutes 50 seconds East
2183.34 feet to a monument set on the north side of Leslie's Road;
THENCE along the north side of Leslie's Road South 51 degrees 32 minutes
00 seconds West 913.40 feet to a monument and land now or formerly of
David Cichanowicz;
THENCE along said land.of Cichanowicz North 06 degrees 55 minutes 55
seconds West 2994.79 feet to a monument set on the southerly line of Main
Road (SR 25) and the point Or place of BEGINNING.
A
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TOGETHER with the non-exclusive right, if any, of the party of the first
part as to the use for ingress and egress of any streets and roads abutting the
above described premises to the center lines thereof.
TOGETHER with the appurtenances and all the estate and rights of the
party of the first part in and to said premises, insofar as the rights granted
hereunder are concerned.
TO HAVE AND TO HOLD the said Developmont Rights in the premises
herein granted unto the party of the second part, its successors and assigns,
forever;
AND the party of the first part covenants that the party of the first part has
not done or suffered anything whereby the said premises have been
encumbered in any way whatever, except as aforesaid. The party of the first
part, as a covenant running with the land in perpetuity, further covenants and
agrees for the party of the first part, and the heirs, legal representatives,
successors and assigns of the party of the first part, to use the premises on and
after the date of this instrument solely for the purpose of agricultural production
as defined herein.
AND the party of the first part, covenants in all aspects to comply with
Section 13 of the Lien Law, as same applies with said conveyance.
The definition of "Agricultural Production: as defined in Section 25-30 of
Chapter 25 of the Southold Town Code is as follows:
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" Agricultural Production- shall mean the production for
commercial purposes of crops, livestock and livestock products, but not
land or portions thereof used for processing or retail merchandising of
such crops, livestock or livestock products. Land used in "agricultural
production" shall also include fences, equipment storage buildings,
livestock barns, irrigation systems, and any other structures used
exclusively for agricultural purposes."
THE party of the first part and the party of the second part do hereby
convenant and agree in perpetuity that either of them or their respective heirs,
successors, legal representatives or assigns, shall only use the premises on and
after this date for the purpose of such agricultural production and the grantor
covenants and agrees that the underlying fee title to the property described
herein may not be subdivided into plots by the filing of a subdivision map
pursuant to Sections 265, 276 and 277 of the Town Law and Section 335 of the
Real Property Law, or any of such sections of the Town or Real Property Law or
any laws replacing or in furtherance of them. The underlying fee may be divided
by conveyance of parts thereof to heirs and next of kin, by will or by operation of
law, or with the written recordable consent of the Purchaser. This covenant
shall run with the land in perpetuity.
THE word "party" shall be construed as if it reads "parties" whenever the
sense of this indenture so requires.
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THE party of the first part, the heirs, legal representatives, successors
and assigns of the party of the first part covenants and agrees that it will (a) not
generate, store or dispose of hazardous substances on the premises, nor allow
others to do so; (b) comply with all of the Environmental Laws; allow party of the
second part and its agents reasonable access to the premises for purposes of
ascertaining site conditions and for inspection of the premises for compliance
with this agreement after notice. This covenant shall not preclude lawful,
normal and proper application of legal fertilizers, pesticides and fungicides for
legitimate agricultural purposes. This covenant shall run with the land in
perpetuity.
THE party of the first part, its heirs, legal representatives, successors
and assigns of the party of the first part covenants and agrees that it shall
indemnify and hold party of the second part and any of its officers, agents,
employees, and, their respective successors and assigns, harmless from and
against any and all damages, claims, losses, liabilities and expenses, including,
without limitation, responsibility for legal, consulting, engineering and other costs
and expenses which may arise out of (1) any misrepresentation in any
representation or warranty made by seller in this agreement; (2) the breach or
non-performance of any convenants required by this agreement to be performed
by the party of the first part, subsequent to the closing of title herein; or (3) any
action, suit, claim, or proceeding seeking money damages, injunctive relief,
remedial action, or other remedy by a party other than Purchaser, its agents or
employees, by reason of a violation or non-compliance with any environmental
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law; or the improper disposal, discharge or release of solid wastes, pollutants or
hazardous substances; or exposure to any chemical substances, noises or
vibrations to the extent they arise from the ownership, operation, and/or
condition of the premises prior to or subsequent to the execution of the deed of
Development Rights. This covenant shall run with the land in perpetuity.
AS set forth in Chapter 25 of the Town Code of the Town of Southold
DEVELOPMENT RIGHTS acquired by the Town pursuant to the provisions of
that chapter shall not thereafter be alienated, except upon the affirmative vote of
a majority of the Town Board after a public hearing and upon the approval of the
electors of the Town voting on a proposition submitted at a special or biennial
town election. No subsequent amendment of the provisions of this subsection
shall alter the limitations imposed upon the alienation of development rights
acquired by the Town prior to any such amendment. This covenant shall run
with the land in perpetuity.
IN WITNESS WHEREOF, the party of the first part has duly executed this
deed the day and year first written above.
Seller:
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Purchaser:
of Southold
By: \.) ~f)C-~ Sv.-~ \~() ('
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6
11958PC706
State of New York, County of Sc..c FF(l/..t{
On the~l/fI day of I11llteul , 1999, before me personally
came -r:-.l 0 . r
-J~ t+-N ~ETR('c6L.L..I I ~R.
to me known, who being by me duly sworn, did depose and say
that he resides at No. 100 COfYIAC $-ne.~T IftJAJlfQNkOIl'\f1 Al, U,
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that he is the ~~i~AJir
of KAf~AEL V/'l)eyft~j)5 I we,
the corporation described in and which executed the foregoing
instrument; that by order of the SeUter~ of said
corporation he signed his name.
~ot~
STEPHEN F. McMAHON
NOTARY PUBLIC, STATE OF NEW YORK
NO. 01 MC4778790
OUAUFIED IN SUFFOLK c;QU~/,. _I
COMMISSION EXPIRES tJ4,. -XI, If
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State of New York, County of SLt FJ=o 1.."
On thecZ~ day of 171/flf:df ,1999, before me personally
came \Jfijq/J W. CoC/kerl~
to me known, who being by me duly sworn, did depose and say
that she resides at No. 0/70 l3o,'ssEt9IJ AVEJJIJE Sa,,;'n-lolV
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Nr;wiorex-
that she is the g vp&ev/.sor<--
of -me "7l>vJ;::' 0 'F Sou 'rHo cD
the corporation described in and which executed the foregoing
instrument; that by order of thefCWAl~OI"i'.-e.'D of said
corporation she signed her name.
~~
. Notary ublic
. STEPHEN F. McMAHON
tlOfARY PUBLIC, STATE OF NEW YORK
NO. 01 MC4778790
OUAUFIED IN SUFFOiK-C9~/.....,.",...
COMMISSION EXPIRES~'V
x Title Company Information
.c.:'~_~~I1l"-~A:.1:e1LmlfJ_An~mIJf!:.l~__ _
Title II ~7-S-' Q_7'-
Suffolk County Re~~ording & ~.!ldorsement Page
'Illis page ronns part ol'the attached ~~E__'l>f:V_~l.ap~&6::jiT5__~__~_ made hy:
o (SPECIFY TYPE OF INSTRUMENT)
_nil f'1-! AELV; AJEYAIl/'J5 I -t/J(' 'l11e premises herein is situated in
SUFFOLK COUNIY, NEW YOI~K.
In the Township or .c:::; Ol.,fTf/oL b
In the VILLAUE
or HAMLET or~ C.
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3f?091
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'11958P\;706
RECEIVED
$-0-
REt\L ESTATE
Number of pages
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TORRENS
-f'.. PP- -<I 1'1'lQ'
Serial II
Certilicate II
TRANSFf:'=R TAX
SUFFOLK
COUNTY
380 I
Prior Clf. II
Deed / Mortgage Instrument
Deed / Mortgage Tax Stmllp
4
FEES
Page / Filing Fec
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Handling
r~r ~ @ ~ OJl.~rn)j
~JI MAY 2 41900 111
TOWN AT t ORNEY'S OPFle::
TOWN OF S 0LO
Sub Total
'1'1'.584
Notation
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EA-52 17 (County)
EA-5217 (State)
1l.1'.T.S.^.
Comm. of Ed.
50~
Mlidavit
Ccrtilied Copy
Reg. Copy
1.1..-"
Sub Tutal ~.L_~___._
- GRAND TOTAL _uK!l.m~
Other
Real Properly Tax Service Agency Verification
Dist. Section Block
Lot
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oBs, ()()
tlr5afco -qc;
Satisfaelions/Diseharges/Releases List Property Owners Mailing Ad, CS5
RECORD & RETURN TO:
G~€"~~ F. J'A~AtOSk/~ Es7.
~';:t=/ce ",e rt'l~ 7lJ4J~ "~e7
~~,.4.:lX: //'19
50~ nfe,tj),/ A/~ ~~ //97;
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TO
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OF
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'19 ~Ol/" /?J2:13/3$'
EDWARD P. ROMAINE
CLERK OF
SUrFOLl, COUNTY
Recording / Filing Stamps
Mortgage AmI.
1. lJasic Tax
2. Additional Tax
Sub Total
Spec.lAssil.
Or
Spec. / Add.
TOT. MTG. T^X
Dual Town__lJual County_
Ilclu for ^pportiollment __._______
Transfer TClX ~
Mansion Tax _ ______ ____
lhe property covered by this mortgage is or
will be improved by a one or lwo family
dwelling only.
YES or NO
(fNO, see appropriate tax ci<lusc 011 page If
t~f lids itt,lrumcnl.
6 CUllllllunity Preservatiun Fund
Consideration Anl(,,,nl $3_~bD~$'J
cpr: Tax [)uc
$
-6-
__...__ Improved
RECEiVED /C\
a Vacant Land ~n.
COMMUNITY
RESERVATiON
FUND
'I'D
'I'D
'I'D
L!
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I \OXFS 5 TIIRU 9 MUST BE TYPED OR PRINTED IN BLACK INK ONLY PRIOR TO I{FCORI)I ~K; OR FII.lNU.
Dear Taxpayer,
..
Your satislitction of mortgage has been Illed in my office and I am enclosing the original copy
for your records.
If a portion of your monthly mortgage payment included your property taxes, YOU will now need
to contact your local Town Tax Receiver so that YOU mav be billed directly for all future nroperty
tax bills.
Local properly taxes are payable twice a year: on or before January loth and on or before May
3 I ". Failure to make payments in a timely fashion could result in a penalty.
Plcasc contact yonr local Town Tax Rcccivcr with any qucstions rcgarding property tax
paymcnt.
l1abylon Town Receiver of Taxes
200 East Sunrise Ilighway
North l.indenhurst, N.Y. 11757
(516) 957-3004
Brookhaven Town Receiver of Taxes
250 !;ast Main Street
Port Jefferson, N.Y. 11777
(516) 473-0236
East llampton Town Receiver of Taxes
300 Pantigo Place
East Hampton, N.Y. 11937
(516) 324-2770
Iluntington Town Receiver of Taxes
100 Main Street
Huntington, N.Y. IIn3
(5i6) 351-3217
!slip Town Receiver of Taxes
40 Nassau A venue
!slip, N.Y. 11751
(516) 224-5580
dw
2/99
i>Riverhead Town Receiver of Taxes
200 Howell A venue
Riverhead, N. Y. 1190 I
(516) 727-3200
Shelter Island Town Receiver of Taxes
Shelter Island Town Hall
Shelter Island, N.Y. 11964
(516) 749-3338
Smithtown Town Receiver of Taxes
99 West Main Street
Smithtown, N.Y. 11787
(516) 360-7610
Southampton Town Receiver of Taxes
116 Ilampton Road
Southampton, N.Y. 11968
(516) 283-6514
Southold Town Receiver of Taxes
53095 Main Road
Southold, N.Y. 11971
(516)765- 1803
Sincerely,
J:;u~2Lf i&tlU4l~
Edward 1'. Romaine
Suffolk County Clerk
12.0104::~
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RECEIveD
MAR 2.5 1999
JEAN W. COCHRAN
Supervisor
GREGORY F. YAKABOSKI
TOWN ATTORNEY
Town Hall, 53095 Main Road
P.O. Box 1179
Southold, New York 11971
Telephone (516) 765-1889
Fax (516) 765-1823
SoutI.old Town Clerk
OFFICE OF THE TOWN ATTORNEY
TOWN OF SOUTHOLD
MEMORANDUM
TO: JEAN W. COCHRAN, SUPERVISOR
TOWN BOARD
LAND PRESERVATION COMMITTEE
FROM: GREGORY F. YAKABOSKI, ESQ.,TOWN ATTORN Y
DATE: MARCH 23, 1999
SUBJECT: CLOSING ON RAPHAEL VINEYARDS - PURCHASE OF
DEVELOPMENT RIGHTS
SCTM#1000-85-3-11
Please be advised that the closing regarding the above-referenced
matter will take place on Monday, March 29, 1999 at 2:30 p.m. in the
Conference Room of the Town Hall.
At this time, there are no other open space or development rights
purchases either in contract or waiting for a contract to be executed.
GFY:ck
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Town Hall, 53095 Main Road '
P.O. Box 1179
Southold, New York 11971 .'"
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Fax (516) 765-1823 ' ~.
Telephone (516) 765-1800
LAND PRESERVATION COMMITTEE
TOWN OF SOUTHOLD
TO: Greg Yakaboski, Town Attorney
FROM: Dick Ryan, Chairman
SUBJECT: Raphael Vineyards' Development Rights Purchase
DATE: February 22, 1999
Thanks for your memo of February 19th.
I agree with your premise that the transaction should not close until
the LPC has had the opportunity to review the survey (and the purchase
contract terms). See my 2/16 memo to you.
I have no response to your notion of a confusing situation, other than to
suggest that I am always ready to assist in the resolve of any question
you may have. I'm only a phone call or faxed-message away.
Brian Murphy and Melissa Spiro are obviously interested parties to the
completion of this transaction. At this point, however, neither of them
have any involvement in or responsibility for the matter addressed in
my 2/16 memo-request to you.
As of Friday, 2/19, none of the information I asked you to provide to
the LPC (through Joyce Wilkins) had been forwarded.
At the invitation of Gail Wickham's office, I did obtain a copy of the
survey, which I will share with the LPC at the 2/22 meeting. I already
see the need for some slight clarification/revision to the survey. You will
have the benefit of the LPC review on 2/23.
That still leaves outstanding the matter of a LPC review of the purchase
contract terms, which I believe desirable in order to better assure that
the LPC perceptions of the easement terms for this transaction, are
adequately addressed.
...
,
GREGORY F. YAKABOSKI
TOWN ATTORNEY
JEAN W. COCHRAN
Supervisor
Town Hall, 53095 Main Road
P.O. Box 1179
Southold, New York 11971
Telephone (516) 765-1889
Fax (516) 765-1823
OFFICE OF THE TOWN ATTORNEY
TOWN OF SOUTHOLD
MEMORANDUM
To:
Dick Ryan, Chairman; and
Land Preservation Committee
Date:
February 19,1999
From:
Gregory F. Yakaboski, Esq.
Re:
Raphael Vineyards
Just a note that Gail Wickham's Office has been calling regarding a
closing date for Raphael Vineyards. Her office has been advised that I cannot
move forward without the Land Preservation Committee's approval of the
survey.
The situation is slightly confusing.
On February 11, 1999, I sent a memo to the Land Preservation
Committee advising of the receipt of the Raphael Survey and that I needed the
Land Preservation Committee to sign off on the survey before the Town could
close.
On February 11, 1999, after sending the memo, I spoke with Brian
Murphy (who happened to be in Town Hall) and advised him of the survey. He
asked if there was "road frontage", which there was. Brian said it was fine and
"okayed it" to be sent to the Title Company to be "read in" to the Title Report.
[Brian's "road frontage" question was the identical inquiry made by Dick Ryan
back in the beginning of January in response to which I showed him the sketch
we had received from Gail Wickham's Office]
....
D. Rvan & Land Preservation Committee - 2/19/99 - Paoe Two
On February 16,1999 - Dick Ryan sent a memo asking that I send the
survey (among other things) to Joyce and that he would then subsequently
"advise me accordingly".
On February 16, 1999 - Melissa Spiro came and made a copy of the
survey.
This situation is an example of why I believe it to be crucial to continue
with the process we started at the last Land Preservation Committee Meeting
[outlining the steps of a real estate transaction from start to finish and clearly
determining who is responsible for each step of the process]. The above
scenario leads to miscommunication, additional work in terms of 'copying and
reviewing' and delay.
cc: Supervisor
Town Board
,
DAVID C. WIMPELBERG, SRA
.
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~o\d 10wll Cleric.
APPRAISAL OF
ADDRESS
sls Main Road, 500+-' wiD Indian Neck Lane
Peconic, New York 11958
FOR
Town of Southold Land Presv. Comnittee
Town Hall, 53095 Main Road
Southold, New York 11971
Asor
July 14, 1997
BY
David C. Wimpelberg, SRA
NY State Certified General Real Estate Appraiser
License No. 46000004855
3018 Mitchell Road, Westhampton Beach, New York
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11978
2467
FormFi1I@ PC-Plus™ (800) 262-4805
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DA VID C. WIMPELBERG, SRA
3018 MITCHELL ROAD
WESTHAMPTON BEACH. NEW YORK
11978
NYS CERTIFIED GENERAL
REAL ESTATE APPRAISER
Lie. #46-000004855
Phone & Fax
(516) 288-2088
Office of the Town Clerk
Town of Southold, Town Hall
53095 Main Road, PO Box 1179
Southold, New York 11971
ATTN: Judith T. Terry
Southold Town Clerk
Re: Appraisal of Raphael Vineyards, Inc. (John Petrocelli)
s/s Main Road, Peconic, New York 11958
SCTM NO. 1000-85-03-11.1
RESIDENTIAL
COMMERCIAL
INDUSTRIAL
September 23, 1997
Dear Mrs. Terry:
In accordance with your request, I have personally inspected
the above captioned property and prepared a Complete Appraisal in
Summary Format to determine the Estimated Market Value of the
Development Rights of subject 50.2 vacant acres.
Consideration was given to the site's physical character-
istics, zoning, neighborhood, highest and best use and other
factors effecting value.
Based on the data and conclusions set forth in the following
pages, in my opinion, the Estimated Market Value of the Develop-
ment Rights of the subject property, as of July 14, 1997, was:
THREE HUNDRED EIGHTY SIX THOUSAND SEVEN HUNDRED DOLLARS
*($386,700.00).
I hereby certify that I have no undisclosed interest in the
property and that my employment and compensation are not contin-
gent on my valuation.
I have appraised the Development Rights of the subject
property, sub~ect to the contingent and limiting condit1ons
outlined hereln.
DCW/jw
encls.
Very truly yours,
~lmpel
NYS Certified neral
Real Estate Appraiser
Lie. #46000004855
*$7,702.00 per Acre.
.
THE APPRAISAL PROBLEM:
The goal of this report is to estimate the Market Value of
the Development Rights of the subject property.
THE APPRAISAL PROCESS:
In order to estimate the development rights of the subject
property, a three step process will be used.
STEP RO. 1 - The Appraiser will estimate the "As Is" Market
Value of the subject property in Fee Simple Ownership (with all of
the *Bundle of Rights). The actual process will be to select
sales of comparable vacant parcels and compare them to the
subject. Dollar adjustments will be made for differences and a
final value estimate will be made.
STEP RO. 2 - In this step, the same comparison process as
Step No. 1 will be made. The major difference will be that the
comparable sales selected will be sales of vacant parcels whose
development rights were previously forfeited or sold.
STEP RO. 3 - In this step, the Appraiser will deduct the
estimated value of the subject parcel without Development Rights
(Step 2) from the estimated value in Fee Simple Ownership (Step 1)
with all of the rights. The resulting value estimate will be that
of the subject property's development rights.
*Bundle of Rights are the rights normally included with real
property; right to be sold, rented, developed, etc.
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I
Borrower
OWNER
DAVID C. WI MPELBERG , SRA
LAND APPRAISAL REPORT
RLSH7
SMSA 5380
Map Reference H40 29
Raphael Vineyards, Inc. %John Petrocelli
sls Main Road, 500+ ' wlo Indian Neck Lane
Couoty Suffolk
Census Tract 1700.02
;z: Property Address
:;: City Pecan i c
'\1: Legal De,eriptioo SCTM NO. 1000-85-03-11. 1
jS:SolePrlce$ N/A DateofSaleN/A Loon Term N/A yrs. PropertyRiqhtsApproised LJ Fee 0 leasehold 0 De Minimis PUD
jif.j Actual Real Estate Taxes $ 7,246.53 (yr) Loan charges to be paid by seller $ N/ A Other soles concessions N/ A
:llheoder/Clieot Town of Southold Land Presv. Commi tteeAddre" Town Hall, 53095 Main
:e:Occupont Vacant Land Appraiser DC Wimpelberg, S~nstructionstoAppraiserEstimate MY
:.:.:.:.:
<.:.:.,.
New York
Zip Code 11958
State
Rd, Southold, NY 1197
of Development Rights
.... location U Urban ~ Suburban W Rural
Built up 0 Over 75~ ~ 25"11: to 75,.. 0 Under 25"11:
Growth Rote 0 Fully Dev. 0 Rapid 0 Steady IXl Slow
Property Values D Increasing [K] Stobie D Declining
Demond/Supply D Shortage D In Balance [K] Oversupply
:Q: Marketing Time 0 Under 3 mos. 0 4-6 mos. ~ Over 6 mos.
~o: Present Land Use 65 ~ 1 Family _ ~ 2-4 Family _ ~ Apts. _ ~ Condo ~ ~ Commercial
:' % Industrial 30 ~ Vacant ~
j=: Change in Present Land Use [KI Not Likely -0 Likely(*)
:1: (*)From To
:~: Predominant Occupancy [KI Owner 0 Tenant
:;1: Single Family Price Range $ 125 , 000 to $ 375,000 Predominant Value $
Single Family Age Newyrs. to 100+-yrs. Predominant Age
Enlployment Stability
Ccnvenience to Employment
Cc nvenience to Shopping
Cc nvenience to Schools
Acequacy of Public Transportation
REcreational Facilities
Ac equacy of Utilities
PrJperty Compatibility
PrJtection from Detrimental Conditions
Pclice and Fire Protection
GEneral Appearance of Properties
Ar peal to Market
o Taking Places(*)
~ Vacant
150,000
40 ym
Good Avg. Fair Poor
OIXlOO
OIXlOO
OIXlOO
OIXlOO
OIXlOO
IXlOOO
OIXlOO
OIXlOO
OIXlIXlO
OIXlOO
OIXlOO
OIXlOO
Comments including those fadors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, view, noise): SEE A TT ACHED ADDENDUM
Dimensions See Tax Map Section Attached - 50.2 Sq-Ft. or Acres U Corner Lot
Zoning classification Res R80, Mi n 80,000 Sq Ft, 175 Wi dth Present improvements [!J do [!] do not confOI1Tl to zoning regulations
Highest and best use 0 Present use [!] Other\specify) To be sub di vi ded and deve loped.
Public Other(Describe) OFF SITE IMPROVEMENTS Tapa Generally Level
Elec. [RJ Street Access [!] Public DPrivate Size Avera.e:e Uti Ii ty
Go, 0 None Sunoee Asphalt Shope Irre~ulal'
Water D Pvt. Well Maintenance [RJ Public DPrivate View Typical Residential/Farmland
Son. Sewer D Sept i c [!] StOI1Tl Sewer D Curb/Gutter Drainage Average
D Underground [Iec. & Tel. D Sidewalk D Street Lights Is the property located in HUD identified Special rlood Hazard Area? [8] No DYes
Comments (favorable or unfavorable including any apparent adverse easements, encroachments or other adverse clmditions): SEE A TT ACHED ADDENDUM
.:.,.:.:. The undersigned has recited three recent sales of properties mast similar and proximate to subject and has considered these in the market analysis, The description includes
a dollar adjustment reflecting market reaction to those items of significant variation between the subject and compllrable properties. If 0 significant item in the comparable
property is superior to or more favorable than the subject property, a minus(-) adjustment is made thus reducing tie indicated value of subject; if 0 significant item in the
,:,:,,::, comparable is inferior to or less favorable than the subject property,a plus (+) adjustment is mode thus increasing :he indicated value of the subject
ITEM
.:.:.,.:.
:t,:,: Address
Praximitv ta Sub 'ect
:m:;
:~: Sales Price
ili Price
~~~ Data Source
,~, Dote of Sale and
*: Time Adjustment
:);i;i;:
:;: Location
~~~ Site/View
ll! Zoning
.~. uti li ty
:"1: Deed
......... Soles or Financing
""::: Concessions
.,.,.,.,. Net. Adi. (Total)
:::':'~:: Indicated Value
:tl of Subject
Comments on Market Data:
SUBJECT PROPERTY COMPARABLE NO.1 COMPAI,ABLE NO.2 COMPARABLE NO.3
sls Main Road 2600 Oregon Road 955 Bridge Lane 42275 Main Road
Peconic, NY 1000-100-04-05.1 1000-97-01-16.1 1000-75-01-15.1
001111111111111111111 See Sales Map See Sales Map See Sales Map
$ Per Acre 11111111111111111 $ 15,074111111111111111111 $ 16,460 ]]1111111111111 $ 12,530
$ Total 11111111111111111 $ 577,500 111111111111111111 $ 265,000 W 1111111111111 $ 312,000
InspectlTaxMap Suffolk Resllnspect Suffolk Resllnspect Suffolk Resllnspect
DESCRIPTION DESCRIPTION +( )$ Adjust DESCRIPTION +( )$ Adju,t DESCRIPTION +(-)$ Adju,t
7/97 Clos 3/96 0 Clos 2/97 0 Clos 5/97 0
AveragelGood AveragelGood 0 AveragelGood 0 Avera~e + 1,253
50.2 AcreslAv 38.3 AcreslAv 0 16.1 AcreslAv 0 24.9 AcreslAv 0
R 80 AC 80,000 SF 0 AC 80,000 SF 0 R 80 0
Good/Avera~e Superior 1,507 Superior 1,646 Superior - 627
Liber/Page 11766/865 0 11820/67 0 11832/262
Plus X Minus $
SEE ATTACHED l~lliIJ~m III IT $
1,507
IT
Plus X Minus $
1111I111 IIII $
1,646
13,567
14,814
Comments and Conditions of Appraisal:
SEE ATTACHED ADDENDUM
Plus
Minus $
1II1 $
626
III
13,156
FioolReeooeiliotion, ESTIMATED MARKET VALUE BY COMPARISON WITH ALL RIGHTS $692,800 (Rounded).
SEE ATTACHED WEIGHTED COMPARISON PAGE.
'Development Rights. Fee Simple Ownership is one step in the appraisal process.
I ESTIMATETHE MARKET VALUE. AS OmNED. OF SUBJECT PROPERTY AS OF July 14, 19 ~to be $ 692,800.00
Appro r(,) A').., f:'Y/2 /,#~ 1f/~
,/ !
12 CH.
Review Appraiser (if applicable)
o Did
o Did Not Physically Inspect Property
2467
FormFrll@ PC-PlusTIII (800) 262-4805
.
.
ADDITIONAL COMMENTS
NEIGHBORHOOD COMMENTS:
The subject neighborhood is well defined by similar land uses and is bounded to the north by
Main Road, south by Peconic Bay, east by Southold Bay and west by New Suffolk Avenue. The
subject property is located within a well established, residential/farm community. Land
uses include large tracks of farmland, vineyards and wineries, agricultural related, retail
stands and residential homes on scattered parcels and in sub-divisions. The more expensive
homes tend to be waterfront or have a waterview. There are general highway business uses
along Main Road and Middle Road. The neighborhood enjoys a good reputation and the subject
property is located convenient to local shopping, good recreational facilities and other
desirable, residential amenities.
SITE COMMENTS:
There are no apparent adverse easements, encroachments or conditions. The subject parcel is
generally level and very suitable for development. Part of the parcel is planted with young
grape vines supported by trellises. THESE IMPROVEMENTS ARE NOT PART OF THIS APPRAISAL.
Septic systems and private wells are common to Eastern Long Island. These factors have no
adverse effects on the value or marketability of the subject property.
COMMENTS ON MARKET DATA:
A diligent search by the Appraiser for comparable sales disclosed that those listed above
were the best available. No time adjustment was taken for 1995/96 due to an oversupply of
homes and vacant land and a generally flat market. All of the comparable sales have
superior utility in that they have considerable road frontage.
COMMENTS AND CONDITIONS OF APPRAISAL:
THE APPRAISER WAS NOT SUPPLIED WITH A DEED, TITLE REPORT OR SURVEY OF THE SUBJECT PROPERTY.
The size, configuration and topography is assumed to be as observed by the Appraiser and as
shown on the Suffolk County Tax Map. THE SUBJECT PROPERTY WAS PURCHASED BY THE PRESENT
OWNER ON MARCH 28, 1995 FOR $600,000.00 or $11,952.00 per acre. See attached data sheet.
Additonol Comment Farm
2467
FormFilpl1 PC_PIUS™ (aDO) 262-4805
(12 ch)
. .
STEP NO.1 - WEIGHTED COMPARISON (WITH ALL RIGHTS)
ADJUSTED SALE
SALE NO. PRICE PER ACRE ASSIGNED WEIGHT WEIGHTED VALUE
1 $ 13,567.00 35% $ 4,748.45
2 $ 14,814.00 35% $ 5,184.90
3 $ 13,156.00 30% S 3.946.80
Total Weight 100%
TOTAL WEIGHTED VALUE PER ACRE
$13,880.15
In the above Weighted Comparison, the Apprai~er assigns a
weight to each comparable sale based upon it's overall compar-
ability, resulting in a Weighted or Correlated Value Per Acre.
MARKET VALUE ESTIMATE:
Estimated Market Value Per Acre
$ 13,880.15
Total Acres
x
50.2
ROUNDED TO
$696.783.53
$696.800.00
ESTIMATED "As Is" VALUE WITH ALL RIGHTS
.
STEP NO. 2 - WITHOUT DEVELOPMENT RIGHTS
~1: ITEM
,I Add,ess
11. Proximity to Su~ct
~ Soles Price
~Price
I: Data Source
~~: Dote of Sale and
~i: Time Adjustment
I
a Location
'ii:~ SiteNiew
:Ii, Zoning
'i' Utility
.: Deed
~M
~~; Sales or financing
t1 Concessions
:'X"
'.'1..1",'Net.Adi.(TotOI) . . "XIIIIPlllu'SIIIII Minrrs$ $ 7,565877 rrP ""IU"S II MllllinuS$ $ 495 Plus Minusl$ 904
it Indicated Value II ""ill II " III
@ofSubject 5,443 WI!-!.Jl.!.llli 5,425
it Comments on Marl<et Doto' A dll1gent search by the Appraiser for comparable sales disclosed that those
# listed above were the best available. No time adjustment was taken for 1995/96 due to an
,";; oversupply of homes and vacant land and a generally flat market.
,f Comments ond Conditions of Approisol, 'Sale No.3 Total Acres 73.13, excluded from sales was 30 Acres
leavin~ Total Acres of 43.13.
SUBJECT PROPERTY COMPARABLE N), '4 COMPARABLE-NO.5 COMPARABLE NO. 6-
sls Main Road 1485 Sound Avenue 4350 Youngs Avenue nls Middle Road
Peconic, NY 1000-112-01-08.2 1000-55-02-9.4 1000-121-01-1.1
1IIIIIIIIlJIDIijIrnI See Sales Map See Sales Map See Sales Map
$ Per Acre 1I111111WlJIUI $ 6,870 wwIIIIIfIwu $ 4,948 IIillIIIIIIIIIII $ 4,521
$ Total IIIIIIIIIIIIJJJII $ 250,000 WlIIWJJJlIIIII $ 95,000 I@W.IIIIIIII $ 195,000
Inspect/TaxMap Suffolk Res Inspect Suffolk ReslInspect Suffolk Res/Inspect
DESCRIPTION DESCRIPTION +(-)$ Adjust DESCRIPTION +(-)$ Adjust DESCRIPTION +(_)$ Adjust
7/97 Clos 3/97 0 Clos 6/97 0 Clos 5/96 0
Averag~/Good Inferior + 687 Inferior + 495 Inferior + 452
50.2 Acre~Av 36.3 Acres/Av 0 19.2 Acres/Av 0 '43.13 Ac/Av 0
R 80 AC 80,000 SF 0 AC 80,000 SF 0 AC-80,OOO SF 0
Good/Aver~ Good/Average 0 Good/Average 0 Inferior + 452
Liber/P~ 11822/140 0 11833/358 0 11774/57 0
.,.
;;j;f.
:Fi",IReconciliotio", ESTIMATED VA:LUE BY COMPARISON WITHOUT DEVELOPMENT RIGHTS
Attached Wei~hted Comparison P~e.
j I ESTtMATE THE MARKET VALUE. AS DEFINED. or SUBJECT PROPERTY AS or
"Appro' ~a~ RevlewAppro;ser(,fapPhcable)
~ ""t;r'{<;;r;~.. '" /
12CH.
$310,100.00. See
July 14, 19 ~tobe$
310 ,100.00
o Did
o Did Not Physically Inspect Property
2467
rnrml="rllll& pr_PI,...l'M I~n,.,' '"'c.. "".....
.
STEP NO.2 - WEIGHTED COMPARISON (WITHOUT DEVELOPMENT RIGHTS)
ADJUSTED SALE
SALE NO. PRICE PER ACRE ASSIGNED WEIGHT WEIGHTED VALUE
1 $ 7,557.00 35% $ 2,644.95
2 $ 5,443.00 35% $ 1,905.05
3 $ 5,425.00 30% S 1. 627.50
Total Weight 100%
TOTAL WEIGHTED VALUE PER ACRE
$ 6.177.50
In the above Weighted Comparison, the Appraiser assigns a
weight to each comparable sale based upon it's overall compar-
ability, resulting in a Weighted or Correlated Value Per Acre.
MARKET VALUE ESTIMATE:
Estimated Market Value per Acre
Total Acres
$ 6,177.50
X 50.2
ESTIMATED "As Is" VALUE
WITHOUT DEVELOPMENTS RIGHTS
ROUNDED TO
$310.110.50
$310.100.00
STEP NO. 3 - VALUATION OF DEVELOPMENT RIGHTS
Estimated Market Value of Subject Property
in "Fee Simple" Ownership WITH ALL RIGHTS
Estimated Market Value of Subject Property
WITHOUT DEVELOPMENT RIGHTS
ESTIMATED MARKET VALUE OF DEVELOPMENT RIGHTS
ESTIMATED MARKET VALUE PER ACRE
$696,800.00
-$310,100.00
$386.700.00
$ 7.703.00
~
DAVID C. WIMPELBERG, SRA
MUL TI-PURPOSE SUPPLEMENTAL ADDENDUM
FOR FEDERALL Y RELATED TRANSACTIONS
Borrower/Client
Property Address
City Peconic
lerder N/ A
OWNER - Raphael Vineyards, Inc. 7.John
s/s Main Road. 500+-' w/o Indian Neck
County Suff 0 I k
Petrocelli
Lane
Stote New York
Zip Code
11958
This Multi-Purpose Supplemental Addendum for Federally Related Transactions was designed to provide the appraiser with 0 convenient way to comply
with the current appraisal standards and requirements of the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of Currency (ace),
The Office of Thrift Supervision (OTS), the Resolution Trust Corporation (RTC) and the Federal Reserve.
This Multi-Purpose Supplemental Addendum is for use with any appraisal. Only those
statements which have been checked by the appraiser apply to the property being appraised.
j!;Clllli.lt..tllltIlH..IIIIIIIIHIIIJIIIIIIIIII!ll!1111111Ill,lliillllillllllllllllllllllllil!li;ll!lIIIIHI!111111!IIIIHHII!!lll
The purpose 9f;i~e~~aisol is to estimate the ma~~ v8'~esrtt1bWb6<f Plf~~f&,.qitf~~therrtqRtJ~nction of the appraisal is to assist the
obove-named~K In evaluating the subject property~o~~ purposes.XWi$~Xii-~lIj:~~~l(~
w
.
o
The appraisal is based on the information gathered by the appraiser from public records, other identified sources, inspection of the subject
property and neighborhood, ond selection of comparable soles within the subject market (lrea. The original source of the comparobles is
shown in the Data Source section of the marl<:et grid along with the source of confirmation, if available. The original source is presented first.
The sources and data are considered reliable. When conflicting information was provided, he source deemed most reliable has been used
Data believed to be unreliable was not included in the report nor used as a basis for the volue conclusion
The Reproduction Cost is based on N/ A
supplemented by the appraiser's knowledge of the local market.
Physical depreciation is based on the estimated effective oge of the subject property. Functional and I or external depreciation, if present,
is specifically addressed in the appraisal report or other addenda. In estimating the s te value, the appmiser has relied on personal
knowledge of the local market. The knowledge is based on prior and I or current analysis of site sales and I or abstraction of site values
from soles of improved properties
The subject property is located in on area of primarily owner-occupied single family reside1Ces and the Income Approach is not considered
to be meaningful. For this reason, the Income Approach was not used.
The Estimated Market Rent and Gross Rent Multiplier utilized in the Income Approach are based on the appraiser's
market area. The rental knowledge is based on prior and/or current rental rote surveys 0 residential properties.
is based on prior and/or current analysis of prices and market rotes for residential prop,nties.
For income producing properties, actual rents, vacancies and expenses have been reported and analyzed
future rents, vacancies and expenses.
knowledge of the subject
The Gross Rent Multiplier
o
o
w
o
They hove been used to project
lIiC1li.IIIIIII_III.IIII.1I11111Il!
::-:lifil!f:ll ~!Jf!~[i~I~lliir~r
';:.::::::::::;.
:th%
:::.:.:.:.:.,.:.:.:.;.:.:.;.:.:
.......".
..'.....'........................".:<....
:.;.:,;.:.:,:.:.:-:.".:.:.:.>:<.,.:,:.,.
:: '::'/:' ::::;:~:::::;:~::::~::;~::::
::::;:;:::~:i;:;:;::;~fitll;i~:~~::lilllll~II'~t~~j;:::
According to Owner the subject property:
[X] has not been offered for sale in the post 30 doys.
D is currently offered for sale for $
o was offered for sale within the post 30 doys for $
o Offering information was considered in the final reconciliation of value.
D Offering information was not considered in the final reconciliation of value.
D Offering information wen not available. The reasons for unavailability and the steps taken by the appraiser are explained later in this addendum.
Imll.IJ,I..I~IIIIIIIIIIIII.I.II!I~IIII!lllllilll!lilllllll1111:11
............,.....
....,.......,....'..,................
JtmH@H:n
::::;::;::::i::::~ ::::::::::::::: ::;:1
::::;;::~:;:;<:%
n:m~
:i!i~!lijllfj~IMI~lrlll!r'I[f1'''~li~~
According to Publ i c Record the subject property:
[Xl has not transferred in the past twelve months.
D has transferred in the post twelve months.
o All prior sales which have occurred in the post twelve months are listed below and reconciled to the appraised value, either in the body
of the reoort or in the addenda.
Date Sales Price Document # Seller Buyer
ItCJII.l.lli'II..II'IIlilllllltlllll~;llll~I!ljlJ!111111lll!i:lllllj'II~111I11111111111111:!llllll!!111I1111Il:1!/IlIIIlIlliJlllltlftfAfllllll
w
o
Subject property is
Subject nronertv is
Zone
not located "in a FEMA Special Flood Hazard Area.
located in a FEMA Special Flood Hazard Area.
FEMA Map/Panel * Map Date
Name of Community
"e"
360813 0091E
8/16/93
Town of Southold
D The community does not participate in the National Flood Insurance Program
[X] The conmunity does participate in the National Flood Insurance Progrom.
[Xl It is covered by a regular program.
o It is covered by an emergency program.
FW-70M
JULY 1991
2467
F'ormF'il1~ PC-PlusTW (800) 262-4805
CF'orms '" Worms Inc. All Rights Reserved
DAVID C. WIMPELBERG, SRA
.~~:JB.."'1111!1111~1!!IJ!illlil;!11I8tlljltllll!IIII'llg,!il!'~!II~:1I111
!:;:::!t!~I!li~1Ii!~!t!lliitl1!1~!!lt!~f!~I)~!j!!,
[Xl
D
The subject property is currently not under contract.
The contract and/or escrow instructions were not available for review.
The unavailability of the contract is explained later in the addenda
section.
o The contract and/or escrow instructions were reviewed. The following summarizes the contract:
Contract Date
Amendment Date
Contract Price
Seller
o The contract indicated that personal property was not included in the sole,
D The contract indicated that personal property was included. It Consisted of
Estimated contribubry value is $
o Persoool property was not included in the final value estimate
o Personal property was ineluded in the finol value estimate
o The cantract indicated no finaneing eoneessions or other incentives
o The contrad indicated the following concessions or incentives:
o )f concessions or incentives exist. the camparables were checked for similar concessions and appropriate adjustments were made, if applicable.
so that the final value conclusion is in compliance with the Market Value defined herein.
1Ir:tlll_IIIII"IIII.I~~!I~W~I.llill.!:I~~lllllljll'II~~1lil;'!!ll!:'
24-36
months is considered a reasonable marketing period for the subject property based on
current trends.
The Appraiser certifies and agrees that:
(1) The analyses. opinions and conclusions were developed, and this report was prepared, in canfo mity with the Uniform Standards of Professional
Appraisal Practice ("USPAP"), except that the Departure Provision of the USPAP does not appl)
(2) Their compensation is not contingent upon the reporting of predetermmed value or direction in vallie that favors the cousp of the c1if'nt, the amount
of the value estimate, the attainment of a stipuloted result, or the occurence of a subsequent ~vent.
(3) This appraisal assignment was not based on a requested minimum valuation. a specific valuation or the approval of a loan.
lll~i.ll:t.III.lIllll.illllll~M'~llil'I!I:!I:il!~I!li!11Illlillillll!I!::!l:lil!l:
II~ill.I!I.ltl.I.IIIIIII..lllll!llltllllilill11111!lli:i!
:::::~:tKf:
:~:~~ :?~:tt%:
.:.:.'.:.:.'.:
.......:;;.:..
::::::~:::::::
;:;~~:::;~::
The value estimated is based on the assumption that the property is not negatively affected by the exister.ce of hazardous substances or detrimental
environmental conditions unless otherwise stated in this report. The appraiser is not an expert in the i,jentification of hazardous substances or detrimental
environmental conditions. The appraiser's routine inspection of and inquiries about the subject property did not develop any information thot indicated any
apparent significant hazardous substances or detrimental envirormental conditions which would affect th~ property negatively unless otherwise stated in this
report. It is possible that tests ard inspections made by 0 qualified hazardous substance and environme,tal expert would reveal the existence of hazardous
substances or detrimental envirorrnental conditions on or around the property that would negatively off ~ct its value.
~CJ.I..._llllt~l'lNi{li1ill'.i!lcll:il,~~;'I'I':rftllitfllli~111111:ii:!i!1111111;!1!111~\!i:lli~;1:liii;II'i.
............................
(;;~Mn)m~t~1~1tii:~;~.r,~11~:~t::;:::
...............~:.:..................:.:.:.:.:.:.:.:.,:.......
This appraisal is presented in a Summary Appraisal Report Form in compliance with the
USPAP Standards Rule 2-2. which requires the extent and t~)e of report to be disclosed.
la.lrlllll..J.II.lr;:,llllil..IIII[.,i'II~III:;'lili!Iliilllil!l!:lll
....... .............
:%~~~:wi~!~Jj~~t~1~i~t[~iI!~tt~11~lfi :~:
7/14/97 Date Pcepaced 9/23/97
Phone # ( 516 ) 288-2088
TadD# Provided upon Request
o The co-signing appraiser has personally inspected the subject property, both inside ond out, anj has made on exterior inspection of all comparable
sales listed in the report. The report was prepared by the appraiser under direct supervision of he co-signing appraiser. The cO-Signing appraiser
accepts responsibility for the contents of the report including the value conclusions and the limiting conditions, and confirms that the certifications
apply fully to the co-signing appraiser
o The co-signrng appraiser has not personally inspected the interior of the subject property and:
o has not inspected the exterior of the subject property and all comparable soles listed in the re Jort
o has inspect"d the exterior of the subject property and 011 comparable sales listed in the report.
o The report was prepared by the appraiser under direct supervision of the co-signing appraiser The co-signing appraiser accepts responsibility
for the contents of the report, including the value conclusions and limiting conditions. and confirms that the certifications apply fully to the
co-signing appraiser with the exception of the certification regording physical inspections. The above deSCribes the level of inspection performed
by the co-signing appraiser.
o The co~signing appraiser's level of inspection. involvement in the appraisal process and certification are covered elsewhere in the addenda section
of this apprOlsal.
Co Signing
Appraiser's Signature
Co-Signing Appraiser's
State
.. .....,,::..llIItlllr...lllllllJlllillllll!"llli11!lIll!i:IIII\tijil!
Effective Dote
Date Prepared
Name (print)
o license
o Certification #
Phone # (
Ta< ID #
FW-70M
JULY 1991
2467
FormFilltl PC-Plus"" (800) 262-4805
CForms 8c Worms Inc. All Rights Reserved
DAVID C. WIMPELBERG, SRA
PHOTO ADDENDUM
Borrower/Client
Property Address
City Peconic
Lender N / A
OWNER Ra hael Vine ards, Inc. 7.John Petrocelli
sls Main Road 500+-' wlo Indian Neck Lane
Coo,ty Suffolk State New York
--
-----------
~"
~,;:
~'
/
/;>/ / /
~
2467
FormFille PC-Plus"" (SOO) 262-4805
Z;pCode 11958
FRONT VIEW FROM
MAIN ROAD
STREET SCEENE -
LOOKING EAST
ALONG MAIN ROAD
LOOKING ACROSS
SUBJECT PROPERTY
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David Wimpelberg, SRA
REPORT FOR: 1000-08500-0300-011
DATE RANGE = 1900 - 2000
PAGE
1
-------------------------------------------------------------------------------
1000-08500-0300-011000 DEEDDATE: 03/16/95 PRICE: $600,000.
RECDATE: 03/28/95 TAX: $2,400.
GRANTOR: Koraleski, Rosie PROP CODE: 210
GRANTEE: Raphael Vineyards Inc/100 Comac St./Ronkonkoma, NY 11779
LIBER-PAGE: 11719-642 ASMDMTGE: $. PMMTGE: $.
Location: Main Rd. LOT SIZE:
.
'f
DAVID C. WIMPELBERG, SRA
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in 0 competitive and open
market under 011 conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming
the price is not affected by undue stimulus. Implicit in this definition is the consummntion of 0 sole as of a specified date
and the passing of title from seller to buyer under conditions whereby: (1) buyer ond seller ore typically motivated; (2) both parties
are well informed or well advised, and each acting in what he considers his own best in~erest; (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 far the propert> sold unaffected by special or creative
financing or sales concessions* granted by anyone associated with the sale.
*Adjustments to the comparables must be made for special or creative financing or !;ales concessions. No adjustments ore
necessary for those costs which are normally paid by sellers as a result of tradition or law in 0 market area; these costs are
readily identifiable since the seller pays these casts in virtually 011 soles transllctions. Special or creative financing
adjustments con be made to the comparable property by comparisons to financ ng terms offered by a third party
institutional lender that is not already involved in the property or transaction. Any adjustment should not be calculated on a me-
chanical dollar for dollar cast of the financing or concession but the dollar amount of )ny adjustment should approximate the
market's reaction to the financing or concessions based an the appraiser's judgment.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appear~ in the appraisal report is subject to
the following conditions:
I. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title
to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title.
The property is appraised on the basis of it being under responsible ownership.
2. The appraiser has provided a sketch in the appraisal report to show approximate d mensions of the improvements and the
sketch is included only to assist the reader of the report in visualizing the property ane understanding the appraiser's determi-
nation of its size
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency
(or ather data sources) and has noted in the appraisal report whether the subj~ct site is located in an identified
Special Flood Hazard Area. Because the appraiser is not a surveyor, he ar she mak~s no guarantees, express or implied,
regarding this determination.
4. The appraiser will nat give testimony or appear in court because he or she made all appraisal of the property in question,
unless specific arrangements to do so have been made beforehand.
5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at
their contributOlY value. These separate valuations of the land and improvements must not be used in conjunction with any ather
appraisal and are invalid if they are sa used.
6. The appraiser has noted in the appraisal report any adverse conditions (such as, neejed repairs, depreciation, the presence of
hazardous wastes, toxic substances, etc.) observed during the inspection of the subject prcperty or thot he ar she became aware of
during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has
no knowledge of any hidden or unapparent conditions of the property or adverse environmer tal conditions (including the presence of
hazardous wastes, toxic substances, etc.) that would make the property more or less valuablf" and has assumed that there are no such
conditions and makes no guarantees or warranties, express or implied, regarding the cond tion of the property. The appraiser will
not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover
whether such conditions exist. Because the appraiser is not on expert in the field of en'/ironmental hazards, the appraisal report
must not be considered as an environmental assessment of the property.
7. The appraiser obtained the information, estimates, and opinions that were expressed ill the appraisal report from sources that
he or she considers to be reliable and believes them to be true and correct. The (Jpproiser does not assume responsibility
for the accuracy of such items that were furnished by other parties.
8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards of
Professional Appraisal Practice.
9. The appraiser has based his or her appraisal report and valuation conclusion for on nppraisal that is subject to satisfactory
completion, repairs, or alterations on the assumption that completion of the improvemt'nts will be performed in a workmanlike
manner.
10. The appraiser must provide his or her prior written consent before the lender/c lient specified in the appraisal report
con distribute the appraisal report (including conclusions about the property value, tile appraiser's identity and professional
designations, and references to any professional appraisal organizations or the firm with which the appraiser is associated) to anyone
other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; consultants; professional appraisal
organizations; any state or federally approved financial institution; or any deportment, agency, or instrumentality of the United States
or any state or the District of Columbia; except that the lender/client may distribute the pro~ erty description section of the report only
to data collection or reporting service(s) without having to obtain the appraiser's prior writtEn consent. The appraiser's written consent
and approval must also be obtained before the appraisal can be conveyed by anyone to the Pllblic through advertising, public relations,
news, soles, or other media.
Freddie Mac Form 439 6/93
2467
Page 1 of 2
Fannie Mae Form 1004B
06-93
.
..
.
DAVID C. WIMPELBERG, SRA
APPRAISER'S CERTIF'ICATION: The Appraiser certifies and agrees that:
1. I have researched the subject market area and hove selected a minimum of three recent sales of properties most similar and
proximate to the subject property for consideration in the sales comparison analys;s and hove made a dollar adjustment
when appropriate to reflect the market reaction to those items of significant variation. If a significant item in a comparable
property is superior to, or more favorable than, the subject property, I have made a negative adjustment to reduce the
adjusted sales price of the comparable and, if a significant item in a comparable Jroperiy is inferior to, or less favorable
than the subject property, I have mode a positive adjustment to increase the adjusted 5ales price of the comporable
2. I hove taken into consideration the factors that hove an impoct on value in my deve apment of the estimate of market value
in the approisol report. I have not knowingly withheld any significant informotion from the oppraisal report and I believe, to the
best of my knowledge, that all statements and information in the appraisal report ore tr Je and correct.
3. I stated in the appraisal report only my own personal, unbiased, and professional anJlysis, opinions, and conclusions, which
ore subject only to the contingent and limiting conditions specified in this form.
4. I have no present or prospective interest in the property that is the subject to this report, and I have no present or pros-
pective personal interest or bias with respect to the participants in the transaction. I did net bose, either partially or completely, my
analysis and/or the estimate of market value in the appraisal report on the race, color, religion, sex, handicap, familial status, or
national arigin of either the prospective owners or occupants of the subject property or of the present owners or occupants of the
properties in the vicinity of the subject property
5. I have no present or contemplated future interest in the subject property, and neithel my current or future employment nor
my compensation for performing this appraisal is contingent on the appraised value of tile property.
6. I was not required to report a predetermined value or direction in value that favors the cause af the client or any related
party, the amount of the value estimate, the attainment of a specific result, ar the occurrence of a subsequent event in order
to receive my compensation and/or employment for performing the appraisol. I did not hase the appraisal report on 0 requested
minimum valuation, a specific valuation, or the need to opprove a specific mortgage 101ln.
7. I performed this appraisal in conformity with the Uniform Standards of Professional ApJroisal Practice that were adopted and
promulgated by the Appraisal Standards Boord of The Appraisal Foundation and that were in place as of the effective dote of this
appraisal, with the exception of the departure provision of those Standards, which does not apply. I acknowledge that an estimate
of a reasonable time for exposure in the open market is 0 candition in the definition of ma1<et value and the estimate I developed
is consistent with the marketing time noted in the neighborhood section of this report, unless I hove otherwise stated in the
reconciliation section.
8. I hove personally inspected the interior and e,xterior areas of the subject property ard the exterior of 011 properties listed as
comparables in the appraisal report. I further certify that I have noted any apparent or known adverse conditions in the subject
improvements, on the subject site, or on any site within the immediate vicinity of the suhject property of which I am aware and
have made adjustments for these adverse conditions in my analysis of the property value ta the extent that I had market evi-
dence to support them. I have also commented about the effect of the adverse condilions on the marketability of the subject
property.
9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I relied
on significant professional assistance from any individual or individuals in the performance of the appraisal or the preparation of
the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by them in the reconciliation
section of this appraisal report. I certify that any individual so named is qualified to pt~rform the tasks. I hove not authorized
anyone to make a change to any item in the report; therefore, if an unauthorized chong,: is made to the appraisal report, I will
take no responsibility for it.
SUPERVISORY APPRAISER'S CERTIF"ICATION: If a supervisory appraiser signed the a~praisal report, he or she certifies and
agrees that: I directly supervise the appraiser who prepared the appraisal report, hove r~viewed the appraisal report, agree with
the statements and conclusions of the appraiser, agree to be bound by the appraiser's cert fications number 4 through 7 above, and
om taking full responsibility for the appraisal and the appraisal report
ADDRESS OF PROPERTY APPRAISED,
sls Main Road, 500+-' wlo Indian Neck Lane, Peconic, NY
SUPERVISORY APPRAISER (only if required):
Si ture:
ame: Oavi d
Date Signed: Se tember 23,
State Certification #, #46000004855
or State License #:
Stat" New York
Expiration Dote of Certification or License:
12/9/97
Signature:
Name:
Date Signed:
State Certification #: _
or State license #:
State:
Expiration Date of Certi~ication or License:
o Did
D Did ~Iot Inspect Property
Freddie Mac Form 439 6/93
2467
Page 2 of 2
Fannie Mae Form 10048
06-93
.
. ..
.
OUALIFICATIONS OF APPRAISER
David C. Wimpelberg, SRA
NYS Certified General Real Estate Appraiser
License No. 46000004855
since 1967 he has served as a Staff Real Estate
Appraiser, Bank Officer and Chief Appraiser with various
lending institutions. He has also been employed by the
Department of Housing and Urban Development and as an
Independent Real Estate Appraiser. He has appraised real
property in Nassau, Suffolk, Queens and Westchester Counties,
which has included industrial, commercial and residential
properties.
He has been retained by attorneys, corporations, lending
institutions, Utility, Municipality and Government Agencies,
as well as, private individuals to appraise various types of
realty for the purpose of mortgage loans, purchase and sale,
estate tax, relocation, equitable distribution, etc.
He is qualified to testify as to the value of real pro-
perty as an expert witness in Court and has done so in the
Supreme Court, County of Suffolk, New York.
He has served as a Small Claims Hearing Officer for the
Supreme Court, Suffolk County Assessment Review, Small Claims
Division.
He is a Senior Residential Member of The Appraisal
Institute and The New York Society of Real Estate Appraisers.
He served for eight years as an Adjunct Instructor with
the Evening Division of Suffolk County Community College,
Selden, New York.
4. of .
EDUCATIONAL BACKGROUND
1972 Universitv of Virainia, Charlottesville, Virginia -
Real Estate Appraisal Course No.1, American Institute of
Real Estate Appraisers.
1972 Polvtechnical Institute of Brooklyn, Farmingdale,
New York - Principals of Income Property Appraising, Society
of Real Estate Appraisers.
1972 Adelnhi University, Garden City, New York - Studies
in Real Estate Appraising Courses No. 1 and 2, Columbia
Society of Real Estate Appraisers.
1970 Suffolk County Community Colleae, Selden, New York
A.A.S. Degree in Business Administration - Real Estate,
Banking and Insurance.
1969 Hofstra University, Hempstead, New York - Princi-
pals and Techniques of Residential Appraising, Society of
Real Estate Appraisers.
1974/76 American Institute of Bankina - The American
Institute of Banking - Standard Certificate.
1968 to Present - Society of Real Estate Appraisers, New
York State Society of Real Estate Appraisers and Columbia
Society of Real Estate Appraisers - Various seminars and
workshops.
ADDITIONAL DATA
Society of Real Estate Appraisers - Served on Board of
Directors and various committees.
.
... .. u6
ADDITIONAL DATA IC'ond)
As of the date of this report, He has completed the
requirements of the continuing education program of The
Appraisal Institute.
New York State Certified General Real Estate Appraiser
License No. 46000004855.