Placentia City Council
December 3, 2024

557

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PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CERTIFICATION
Certification - John D. Penner
I certify that, to the best of my 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 my personal, impartial, and unbiased professional analyses, opinions, and conclusions.

3. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.

4. The undersigned has not performed services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.

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

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

7. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of 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. My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.

9. I have personally inspected the subject property.

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

11. 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.

12. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.

13. As of the date of this report, the undersigned, if applicable, has completed the continuing education program for Designated Members of the Appraisal Institute.

John D. Penner, MAI
Senior Managing Director
National Director — Fractional Interest Valuation
California License #AG001720
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 65 558

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PROPERTY ADVISORS
Addenda

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
Exhibit A: Notice To Appraise
Exhibit B: Title Litigation Guarantee
Exhibit C: Easements
Exhibit D: Parcel Diary
Glossary
Qualifications
• John Penner, Jr., AG
• John D. Penner, MAI
Information on Valbridge Property Advisors
Office Locations
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 66 559

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PROPERTY ADVISORS
Exhibit A: Notice to Appraise

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 67 560

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PROPERTY ADVISORS
Mayor
JEREMY B. YAMAGUCHI
Mayor Fro Tem

KEVIN KFRVAN
CaencNmemLers

RI IONDA SHADER
VJAF2[) L. SKISTH

CHAD P VINWKE
March 11.2024
Jolin and Allison Gaddis
4021 Winterhaven St.

Yorba Linda, CA 92118(r

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
the Feapfe are the City
MTh
4pi E.itf Cfrapertaa Avenue- Pfacenfis, Calfwma 5.0370
City Clerk
RaFIERT S. M[ KINNELL
City measurer
KEVIN A. LARSON
City Admirlittrear
DAMIEN R. ARRULA
lac: City of Placentia - Gulden Avenue Bridge Replacement Project ("Project") Property Address: 402 I Winterhaven St Yorha Linda, CA 921156 .assessor Parcel No. (APN): 334-011-35
Dear John and Allison Gaddis,
The City of Placentia (City ) is proposing the Golden Avenue _Bridge Replacement Project. The existing Gulden Avenue Bridge was constructed in 1934 and was rated functionally obsolete by Ca[trans in 2005, The City' subsequently' obtained a grant to replace this bridge and has hcen developing the engineered plans and construction specifications to construct a new replacement bridge. the ncw bridge will accorrunodate one lane of traffic in either direction as wel[ as new sidewalks and bike lanes. Currently, the bridge is only wide cnnugh to accommodate one vehicle in each direction which means pedestrians, bicylitsts and motorists must all share the mad at Lhc same time.

Your property, located at 4021 Winterhaven St. Yorba Linda CA 928$6 , is within the project area and a portion may he required for the project. Before a decision can be made to acquire arty interests in your property, the law provides that the interest first he appraised_ .'%s part of the appraisal process, it will he necessary Lo perform an inspection of your property to aid in the determination of Just Compensation. You or your representative may accompany the appraiser n1r this inspection if you wish to do so.
fhe City of Placentia has retuned the services of Valhridge Property Advisors, an independent appraisal firm, to prepare an appraisal. John Pernner. MAI will be contacting you to schedule the appraisal. You may call hire at (714) 449-0.304 to sehcdulc an appoinLmcnt for the inspection of your property if you choose to be present.

We have enclosed an Acquisition Ilandbook which will provide you with answers to cluesiions owners fi'egaently ask concemiiig land a:quisitinn procedures. All sc.2vil ≥s andfor benefits to he derived from any right of n.ay activity will be administered without regard to race, color, national origin, or sex, in accordance with 'l iilc V! of the Civil Rights Act of 1%4 (42U.S.C. 20{l0d, et seq.l and Section 162(a) of the Federal Highway Act of 1973 (23 IJ_S.C_ 324)_ © 2024 VALBRIDGE PROPERTY ADVISORS j ORANGE COUNTY Page 68 561

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
Enclosed for your information is a brochure which discusses this requirement.

This notice does not constitute anutier topurchase your property, nor does it establish eligibility of the owner and/or any other occupant for relocation assistance or relocation payments. Only those in occupancy at the time of the first written offer to purchase the property may be eligible for relocation payments.

The City of Placentia has retained the services of Epic Land Solutions. Inc., a tight of way acquisition firm, to discuss this project with you. explain the proposed transaction and coordinate the acquisition process. If you have any questions or concerns, please feel free to contact Christine Wasfi, Right of Way Agent at 95 I4054645 or cwasfigepicland.corn .

Sincerely,
Damien Arrula
City Administrator
City of Placentia
(714)993-8171
Enclosures
• EXHIBIT A TCE Legal Description/Plat Map
• EXHIBIT 13 — Permanent Easement Legal Description/Plat Map • Acquisition ! landbook
■ Your Rights under Title VI Brochure
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 69 562

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PROPERTY ADVISORS
Exhibit B: Title Litigation Guarantee

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA

UPDATED
.�. First American Title
Guarantee
CLTA Guarantee Farrn No. 2S -
Condition of Title
I$5vF1' RY
First American Title Insurance Company
ildPRANTFFBHA.l i F y
5026900-701.5734

SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE GUARANTEE CONDITIONS ATTACHED HERETO AND MADE A PART OF THIS GUARANTEE.

FIRST AMERICAN TITLE INSURANCE COMPANY
a Nebraska corporation, herein calked the Company

GUARANTEES
against loss or damage not exceeding the Amount of Liability stated In Schedule A sustained by the Assured by reason of any incorrectness in the Assurances set forth in Schedule A

FIRST AMERICAN TITLE INSURANCE COMPANY
BY;
4%—;1/
Kenneth D. DeGiarigio. President
Authorized Countersignature
Liu W. Cornell, Secretary
This jacket was created electronically and conskiht a an origbo,l donnnenk {c7 California Land Title Asscdation. AN rights reserved The use or this Form 4 restricted to CITA subsc ibos in good standing as of the date of use.

All oLhcr u3e9 pnahi40.rd. Rt;inLcd under license or eracss p rrU Si8r1 harp the California Land Title A59otibtidi. lFe m 5425944 (1.29-0 lPane 1 of 8 j fTA Guars stee Form No. 28 - Condition of Title (Rev. 6656144 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 71 564

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
First American Title
Schedule A
CLTA Guarantee Form No. 28 -
Condition of Title
155UEk BY
First Ainerican Title Insurance Company
•BUR;AMTEE NL?M ER
5026900-7015734
Fie No 7015734
Guarantee No. 7015734
Amount of Liability: $2,500.(10
Date of Guarantee:January 10, 2024 at 7:30 A.M. Fee: $400,00

1. Name of Assured:

City of Placentia
2- The estate or interest in the Land which is covered by this Guarantee is:

FEE
3, The Land referred to in this Guarantee is described as follows:

Real property in the City of Yorba Linda. County of Orange, State of California, described as follows:

4. LOT 1 OF TRACT NO. 9192 IN THE CITY OF YORBA LINDA, COUNTY OF ORANGE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 379, PAGES 8 AND 9 OF MISCELLANEOUS MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID ORANGE COUNTY.

APN: 334-011-35
ASSURANCES:

According to the Pubilc Records as of the Date of Guarantee, a. Title to the estate or interest in the Land is vested John D. Gaddis and Allison Caddis, husband and wife as Joint Tenants b. Title to the estate or interest is subject to defects, liens, or encumbrances shown in Schedule B which are not necessarkly shown In the order of their priority.

Farm 5826900 (1-29-15) Page 5 of 8 l CLTA Guarantee Form No- 28 - Condition allitle (Rev. 6-5.14' © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
ey' First American rile
Schedule B
CLTA Guarantee Form No. 28 -
Condition of Title
[59JED BY
First American Title Insurance Company

GUARANTEE NUMBER
5026900-7015734
File No.: 7015734
L General and special taxes and assessments for the fiscal year 2424-2025, a lien not yet due or payable.
2,
General and special taxes and assessments for the fiscal year 2023-2024. f=irst Installment: $5,476.65, PAID
Penalty: $0.00
Second Installment: $5,476.65, OPEN
Penalty: $0.00
Tax Rate Area: 25-036
A. P. No.: 334-011-3S

3. The lien of supplemental taxe, if any, assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code.
4, Covenants, conditions and restrictions in the document recorded in Book 251 of Deeds, Page 236, but deleting any covenant, condition, er restriction, if any, indicating a preference, limitation, or discrimination based on race, color, religion, se; gender, gender identity, gender expression, sexual orientation, familial status, marital status, disability, handicap, veteran or military status, genetic information, national origin, source of income as defined in subdivision (p) of Section 12955, or ancestry, to the extent that such covenants, conditions or restrictions violate applicable state or federal laws. Lawful restrictions under state and federal law on the age of occupants in senior housing or housing for older persons shall not be construed as restrictions based on familial status.

5. Docvm€ntfs) declaring modifications thereof recorded JUNE 12, 1934 as BOOK 530, PAGE 263 4t Official Records.

An easement for ENACT, CONSTRUCT, REPAIR AND MAINTAIN CHECK DAMS ALONG THE STREAM

KNOWN AS SOQUEL WASH, TOGETHER WITH THE RIGHT CF INGRESS AND EGRESS TO AND OVER

THE PREMISES ADJACENT TO OR COTERMINOUS WITH THE STREAM OR CREEK BED FOR CERTAIN and incidental purposes in the document recorded SEPTEMBER 15, 193B as BOOK 958, PAGE 427 of Official Records.

6. An easement for FLOOD CONTROL AND CHANNEL and incidental purposes .n the document recorded as BOOK 5451, PAGE 332 of Official Records.

7. An easement for UNDERGROUND LINES and incidental purposes in the document recorded as BOOK 11B47, PAGE 356 of Official Records.

An easement for UNDERGROUND LINES and incidental purposes in the document recorded as BOOK 11902, PACE 726 of Official Records.

Farm 5426904 (1.29-15) age 6 DI 8
C TA Guaraltee Farm No. 28 - Gandhian at Title fRaw. 6.514 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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ADDENDA

9. An easement for TEMPORARY CONSTRUCTION AND ACCESS and incidental purposes kn the document recorded JULY D1, 2020 as INSTRUMENT NO, 24-31%0 of Of ciaf Records.

The effect of a deed dated NOVEMBER 14, 2023, executed by CITY OF PLACENTIA, A MUNICIPAL CORPORATION AND CHARTER CITY to JOHN D. GADDIS AND ALLISON GADDES, HUSBAND AND WIFE AS JOINT TENANTS, recorded NOVEMBER 15, 2023 as INSTRUMENT NO. 23-280058 AND RE- RECORDED NOVEMBER 21, 2023 AS INSTRUMENT NO, 23.291204 AND RE-RECORDED DECEMBER 07r 2023 AS INSTRUMENT NO. 23-302557, Roil -1 of Official Records_

10. A deed of trust to
INSTRUMENT NO.

Dated;
Trustor'
Trustee:

Beneficiary:

LENDER!
secure an original indebtedness of $735,O00.00 recorded MAY O6, 2021 as 21-304139 OF OFFICIAL RECORDS.

MAY 03, 2021
JOHN D GADD1$ AND ALLISON GADDIS, HUSBAND AND

WIFE AS JOINT TENANTS

QUALITY LOAN SERVICE CORPORATION

MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC,

HOME PAINT FINANCIAL CORPORATION
11, A financing statement recorded FEBRUARY 24, 2022 as INSTRUMENT NO. 22-73861 OF 0FFIOAL RECORDS_
Debtor:

Secured Party:

JOHN CADDIS AND ALLISON CADDIS

SUNPOWER CAPITAL SERVICES, LLC
The solar energy system, if any, located on the Land.

12. A deed of trust to
INSTRUMENT NO.

Dated:

Trustor:

Trustee:

Beneficiary:
secure an originak indebtedness of $2SQ,OOQ.00 recorded JUNE OB, 2022 as 22-207771 OF OFFICIAL RECORDS.

MAY 24, 2022

JOHN D, GADDIS AND ALLISON CADDIS, HUSBAND AND

WIFE AS JOINT TENANTS

SCHOOLSFIRST FEDERAL CREDIT UNION, A FEDERAL

CREDIT UNION
SCHOOLSFIFtST FEDERAL CREDIT UNION, A FEDERAL

CREDIT UNION
The above deed of trust states that it secures an equity line/revolving line of credit. Prior to the payment and suspension of the equity Iineirevolving line of credit, an instruction to suspend and dose the equity line/revolving Ilne of credit pursuant to CA avII Code Section 2943.1 must be executed by the borrovimr.

13. The new lender, if any, for this transaction may he a Non -Institutional Lender. If so, the Company will require the Deed of Trust to he signed beFare a First American approved notary.

Farm 5425904 (E•29-15] Ilene ] of 8 flTA Guara3tee Form No. 28 - Condlkfon of Title (Rev. 6•544J © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 74 567

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PROPERTY ADVISORS
Exhibit C: Easements

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 75 568

ST•RI C+T,
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
Orange County Flood Control Easement Per 7738-900
•
HOd54 -;
,FRS
4uest of, tni reL Lo: :;�. "
FIaoH'Codtra 014triQt ,+
•
• M1
:LAsEmmr :nit;
Fora valuable cotiside€atiot7, red pr o whih. i
Fterseby ackncr4pilged : • •`
- F ' , ZNA $ RM a.DOHT Vag ra.TTIN,
' ' - a widow,
does hereby GRANT •to -. -
173E OR+It E,` Cb[1141if FLOOD cal17ROX
a ,body. corporate area politic,
an Ease eat for.the-Light cf',Lngreapj grip e.tr:"s,-co;C4her 'With. d!,..6 right to gCgdei eona•truct,snd"mainta•n a roadway •
'ramp in. over. Van and act -ass that aeetain. •al Aro-perry . situited. in the .County of OFan$e,' State of Ma fifer,tie, and deseuilied a8•fo11owls
That portion of Tom# 4 in' 1 ck.1 a" the Yorba'.
• Iindda.' Trecr. in ,the county of range.' s._ re. ',Of Cali-.

Yrita;.par map tccoYded 4.n bo ,. pall- 17 and LS
of,14i6oellaneous• dogs 5,,U tF1 "o[Fite _et •+e .enunly ppccidrL_ of said runty,..dgaeTibed as f+ lova'
. , Beis.i.eming Pt the..}iXtfraectlon of -t • yGeat lime ' of said Lot 47with the.-toutJxerly line of 4h land
;ieaeribed•in liked tdo 'the •Cour<ty of OrA _ . erprded •
..Dotober'i. ...191k ie book.259,'page+35O •f t eds Tom! 'Xh9 •oftL .e..nf said County Receirdcri the e
. '6,'3' 38' "- E.; 125'.06, fee.[ along sei. v 't line',; - .'thencc N. r 0• S" 1?. 42b..n.feet .to aP+irtt an ,.s d.southerly •L4 .'laid paint being' •d 89°•;3' 1§' E. 11$.5,4 feel aiang- sat' so tberly.
ime froi0 'the goist[ of.e4giteting; titeflC.
.S.`89 23'..16" W.,' 28,54, feet long sai. sa'theity.
' line to._tke point of beglmitn F
•
"eCci`7738 Hu 900
ga d'
Ku% r, CORM ten
eL CEUwrr, 1tALIF.

NpV 5,21956
proj ; No. E03
PLolec :'Carbon Canyon
t,aorle
Parcel N. $13 •
YLT. • I
f e
1 .l
t
+�~ L'
Daseription: Orange,CA Document - aeo,E Pave el/1/50 - 12/3216D1 7738.;CO Paw 1 of 3 Order: F Calm sn t -
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
State of California .X' •-.

CotaCt i of...04r";..---t.4 .: 1. 66 ' .' .
,.
. ., ' ' ' ... _ • • ., .1
p 1 . , '. ,N. •. .
. - i . ' • .. .

P.: ,
4 .p. OR: mss! v.G; , befoie , th
-- r • L. vnde r$I gt a i u� n a ' kor aetd .4fnf Y 4nd $t1 a personally appeared
.person 06e rate
know CC' 0 •
a,�1a-R7 actibe4,td., the wi.thin ipsnl+ne nt..end kno•Fledged . • k�P are emit she •exeetkred the papa I
`'IIFNESS my hand and' ofrioi 1 seat,
•
bcr7 90]f
•
I s
e• y" ' 3ERDI E. 15,67 :
•
T C n_an ar
seid.Count);at State,'
3 .
•
Description: orange,CA Document - Back Fags (1/1/5U - 12/31/6O 7738 900 Page: 2 of 3 Order_ 6f Comment -
2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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ADDENDA
sx
. �t
• Willa Na sag
t$gfZpTCAT$ OFAOCLI'It110E
• •
• this.ii De eerti y thie the-itnterest in.retl'propa[ty anval4d by.tee rithYtti decd or grant dated. '+ Lo
from r■
range putty ao 4n v *tr XI a o y corporate xnd..'
Olieie;-ii, hereby Ac epted d r.auchority of ReanfutioT a. T64.56. edopted.b th.9.Board of. su¢arvi or* of said District on June 23,' $$4., a cerLLf ed copy of which,t xe- corded in Hoak 7129, page le of Offleci.41.Reetedo,of Orange Crultty', Califogni# a4d the Cranter,eonkents to tht re- I •
rdition thereof by the undexeigneL,'ite'd�uly nuthctiaed `' officer. " . ..' . . . . .
.. Dated, rhib _ !!! day o3, Nal.-e+.fef.e F > 1963 ,- . :4, T
•
. .J
� + $R
. a 1g. meet 4 L R. ra E.

County. Flood Control tlstriet
•
}� . • r ,'.
r• •
a }'
:. + '
j
t -
4 ..Jti
Description: orange,CA Document - Book Page ft/1f50 - 12/32/60, 7738.900 Pape: 3 of 3

0.r4ar: 6f Comm*at-
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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Orange County Flood Control Easement Per 958-427
427
I
I
I
2555
'6antm Ana. California Ceptamb.r 6th. 7.934.

The Board net In re,guler eessian at 10:06 A.m. Present superviuore 1y#11ard earth, chairman, ateele Finely, Jahn C. Kitchell, and the Clerk.

Ahnent: Harry D. Riley and H. E. West
Supervisor west arrives and RaRUmae hie dlitieo.

IN RE: EASEMENT FOR URINE DAME: 'BOQ]IS1. WASH VAN FATTEN, T.M.t On motion or Supervisor Mitchell, duly aeCOnded end carried, the Dhairman and Clerk were authorised to sign %he .aooeptan a of right or'way from Gdelia K. Van Patten, et a7., ease being m right of way and easement upon, over and through the Yfellowing degoribed property, W- ait:

The Weeter7,y 330 feet of the Northerly Gorse of t179 acutherlJ 9.69 ..crag of Lot 4 1h Block 1 of The Ycn'ba Linda Treat ms shown on m map renorden In Book 5, pa.l:ea 17 and ]..» KLeeellaneoue Mope. Reaorda of Orange County, California. 6TATJc OF GALIfoRMYA )
Coµnt"' of Orange )e, I. B. J. Smith. County Clerk end te—officio Clerk of the Boo -era or 6upervioore or Orewce CBunt)l, California, hereby certify the foregoing to be a tu1X, true and uorreOt covy of the minute entry on record in this office.

IN 1ITN4MS WRWR OF. I have hereunto set my !Land and seal the ■ 6th day. of nept,mhes. (( a & A L )) S. S. 9mrth Clerk of the the Board of Supervisor..

E1:31'Yi:iJT FOR CILC7; pAUg
THIS INDENTURE, mode thin 24th day of August, %,3a, by and between 6I7ELIA II, VAN FASTEN, HAROLD J. VAN PLTTEN_,NO]JLL E. VAN PA TEN, rHANX S. VAN FATTEN & HELEN VAN PATTEN, of the County of Orange, State of California, Forties of the Fleet Fart. and the ❑OUNTY OP ORLN6E, a political au'diviaiuri and body politic of the &tote of Calirornia. Party of the Second. Pert, WITNESSETH:

That WHEREAS. Pertien of the Firet Part are' the awne1'e of that certain piece or parcel of land ait,iatain the County of Orange, 9t,ote of California. hereinafter WDre pmrtiouir arly deearlded, through which flow. a stream known as 6aquel Wash, and WHEREAS. Party of the 6eoend part A. daniroue of et'ect Lhg oheot dame uoon and along said stream for the prevention of moil epoaion and n magee to County property end the prdtaot— ion of County highway'',
NOW, THEREFCJRE, in toneideratiOn of the sum of one Dollar S31.Oo) and other valuable e an.ideration. in hand paid by the P€rtlea of the First Part to the Party of the 9eeond Part, the reaei3 t of wtliah is hereby anr,lowledgen, bald Parities of the First Part hereby grant. bargain. sell. and oonrey co the Party of the'Oeeond Flirt, a right of way and ea.emetet upon, o ver and through the follOWIng de.ekribed property,
Th. westerly 30 feet of the Northerly 6 norms of the Southerly 9.69 &ere■ of Lot Jk in Rlnok 1 of The lathe L1M30. TraBt as eneen On a map remanded In Book 5, FRPee 17 and 16 1ie0- e llpheOu. Leper Aeoerdn of drenge county.. California. w ith privilege and authority to Bald Party of the Se40nd Part to erect, pca.truot, repel} an4 maintain .heal¢ damp upon and along gala stream upon ■aid.property, for the prevention of soil erOel.n end ddmegey to y'ouq.ty Property and the pmotedtian of County highwoye, ')'he party or the 6eeond Part wheal be the Gala ,fudge or•the neoeeeLty for, the type of eonptruatian, and the Looatl+mi of said damp.

Together with the right or ingreee and egreee t6 slid over much above deeerib.d premL.� see adjacent to or ooterallnoua with the stream or creek bed .h,ieh it might be found necese]ry to enter in the fulfillment ar the purge.... of meeting, acnetruoting.preparing and maintaining o hoak damn, or renewing or adding to the number of check dom., or in doing pnyt^.1ng neoeepary.

U seful and oonucniwnt in Y.,.y ere0tine. Ochs truoting. preparing and Maintai111ng Ruch cheek 4am and/Or Check damn, Hint such right or lnitreea and egre.. 1. hereby apeeiriogllF restricted 9114 limited to the macompliehmant or the purgoeee herein specified; s, The privilege and right Ls also given Party of the seoend. Part to remote -qt any time. anF or all of bald improvements. oneok dam, or addition. erected upon, over or on eald deecrinecl land.; and the right of egress and Lngreee le hereby greeted to ebeamplieh such mote al removal' cr the improvement.. made.

Together with the right., aaaementn, privilege. and appurtena]YR ea in and t D .aid lands, which may he required for the full ehJoyment of the rights herein granted.

IN WITNESS WHEREOF. the Parties Of the First !Fart have hereunto met their hand■ end the day rtrvp year first above written.

Harold Y. Vmr1 :Fatten er.

Norma E, Van patted
Prank M. yen Patten
Helen Van Pmttah
Melia U. Van Patten
Dy H. J. Van patters Her Atty. in Fart,
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428
aTATC OF CAyip,ORnIA. .)
County of &ranger )Fe. On this Britt' day or AHgkat inthe year df our Lerd one thoueend nine hundred and thirty-eight, before me, L. J. Smith, Oatnty Clerk in and. for said County of Orange. State cr CalliortYle., reoiding therein duly eammlesioned and amore, paranno,117 Rppeprea C. Y- Aovaiie yereonally known to me to be the person at... name I. pubaoiibed to the within ₹nstrueontr as a witmeee thereto, one being by me duly ewer., depoaad and paidT That he reeidrd in Orange County that he xao preoent and sew* Harald J. Van Batten_ and Nora B. Van Patten _ personally 1vto'n to him to be the mama paraohe d&Sari?,ed in and who executed the maid within inatruetent. as parties thereto. sign. meal and deliver the game: and that the aald Harold J. Fan Patten _ and Norma g, tram Aattell_dally acknowledged In the preaenoe of acid pf1'ipnt, that they executed the same. and that he. tho'eale Afr1ent. thereupon at their request, nub.goribad his name $a a wltntoothereto. . IN WITNESS WHEREAT. 117ave hereunto est my hand and affixed ICs OffAelel meal the d p,F and year in thin certificate fir.Y, &bov. written, (DOUBT SEAL)) B. J. a[ITFt County Clerk
in and far Orange county,
State O£ California,
L. H. Wa7.lmoe, Deputy.

The Party of the Eanana Pare hereby aooepta the Wltnln and fOraguing conveyance to It of the right of way and aaaement therein mensianod and deaarited, for Atha purposes therein e xisted.
(.( S E A L ) ) COUNTY OF ORANGE
By Willard Smith Chairmmn of the Board
141tneo. Or 8nperr188re .f Orange County, CalifornlA.

B. Donnie Attest; By 8- S. Smith Co' uTy Clark and ex-.rrlclo O 1t1L'k Ofthe Board of Supervieore PT
o range County, California.

Filed Sept, 6, 19FFg. R. J. Smith County Clerk. By S, Deputy. 25550 Recorded at Bequest of Grantee at 3O Yin. pant 14 A.M.. Sep, 15, 1938. in Arnie 95}8, Page 427. Offie'1al ngeovds of arms. County, California. J. F. Sidebdttam, Marguerite Bailee¢ COMPARED Eiwte Auer
25551

GRANT DEED
JOJLPH1NE MoFAIs3HAN 2.IITH, foratarly J'coophine MoNaughen, in otrAeideretion o£ one Dolles.' to her in hand paid. the rem.ipy at Whieh 1a Merely sekTiowledged, doe. hereby Grant to VIRGINIA K. At.T FN a altlgle woman, all that rant property aitus.God Ln the G1ty of Brea. County of bra.nge. State o£ DELlifOrnia, denorlbed am follarm: • Lot J- Of Tradt 41&, as per map recorded in Book 16, pogo 18 of 1E4eao11sneou■ Map., Accords of paid Orange County, Calif.
gubJeet 4o rdeervatiane and reetricitone of record,
TO HAW AND T4 HOLD to the said grantee her heirs or a paigne.

ITITME030 WY hand this 17#h day of Auguat.l 1938.

Josephine McCaughan Smith
}
)ea. On thle 17th day of fugue's. 1938. before me, g• A_ Allen a WvterY Putale L71 and for said County and State, perennially appeared .Josephine SOtaughpn Smith known to me to be the peroon whose dame is aubaoribs,1 to the rare g Oinglhetrument and acknowiedl:ad to me thRt she executed trio earner.

WITCBOu my h ud and official peal.
((SEAL))
County n000rdgr.

STATE ce cALIa+JPNIA,
County ofArange
C, R_ Allen Notary PUb1ie
in and far the said County and State.
85551 Recorded at Renueat of 4, R. Alien at 40 Lin..pain 10 A,11-F gyp. 15. 1936. 1n Hook 95a, Page QrrLoial feoorde of Oranlse County, California, J. F. Sidabottom. county fl cerger.

Marguerite ]IcXemy COMPARED Elds Auer
u
I
I
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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PROPERTY ADVISORS
USA Flood Control Easement Per 5451-322

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
•ti
0201 15i x$33
an4na Corm
May Gait
Treat 1204
1'6350

14.3. _
MOM DM
is 0ordarg lna of the Mom of Ti= Meng= !4'f2 sad 100 DCIUBC, (4350.00), tho reaadpt maid aoifisdarooy of which la hear, aokmeatedgrd, Woe BRlE' WAY PATffi, a ridaw des b.r am? TO rag
mar= STAEA OF Mara
and its road ,
iperpetual and emaisaable right mid easement far flood control end Channel rectification purpooke. comaiation or the right to sooatract, rw•- Cenatruct, in yect, maintain and repair a abloom or macoaleprotoction 'swig,'and a toma tram etracturya, mod to remora tj, and irrigation Been and meal
o f irrig lima,
d li ., for the purpose of confining and eo t e]];nn
the
Canyon Creek, ti l log the right, to deposit tools,
1nnlemehta sad other aateriilo theoonr to taker that -often and u■+ earth, rock, trod and nro,e1 for tto purrome of exateatt. yi ioti die i1$ and otherwlea re t1 loo the ehonne1 and far the coant71Ctima ur.ratioo, na1E- thanCa sae repair of embayjnem¢} protattion works and appurtenant at7gturee whownier and rhsrever ae is nacaelary for flood 000tanl ehannol reotlfiertiaa PGrPoeeej in, en, over, soda' and acr000 that certain portal of land siteate io the Comity of Oraarer, State of California, more particularly described is !blame:

The heat 24.00 feat of the Korth 109.00 feat of that portion of Lot Z of Block 1 of UAW. Linda Tract in Elf County of Orerne, Stun of California, as shoes oa sap resorted 44 Boot 5, page, 17 and 1$ of riLsSlinsoxls lea, in the office of t** 8.cardgr of mid Codntr thr- um -Jihad in a deal, recorded in Book m053 Page i7J, of Cfticisl Records in the office of ..id kw der.

CnmtaeEeir',g 0.46 acre, Bore or laeo, of which 0.[J ache, more or leas, is is Golden hranwao.
, imam, to the Creator, bet hairs, .owtitore, administrators, anacoaavar and assigns all rat, titliF interest sod privilege an oaf to need and enjgyed without interfering with or abridging the rights bareby acguirmd bg the Chad grater of America.

SWUM, noTI vi8, t0 existing oaemianta for public road! and highway!, public nti iti.e, railroads end pi.Felinaa.

The Grantor Co n tv+ens and melee to ply oil tams and taeeawamente on - .bore-daecribed property prgoptly when. dun and to acryant and Wood the title to the acid a.eemack mid rights against. tae lasful elaiwe of all prsapa whomsoever.
wrtimskirmow, tho ter 4.. eateed #hiR ii mtrr■rot to b• +m aftot thte 4r of r} l.ffFir2Y U.

STASH OF Ca.Ypnv ut
C4Ul ' ea.
:' ( • ; r f FJ t r , 196J2O Wore ae, tho ondereigymd r notary 4Md Mat.. paaeenellr gewarod PUBMA Eel=
..,V2A1-7.421124.kaaaa. to BM tO b4 the pampa whom name is erbeorlhad to tae within :tortf ,1 .14 otbzoololard to ma that Me aawoaLad the 'sane. 11 58 4 hated rod Ofd goal.

Pk
ac
In end for said CowarQ eat State
"UM 0.. w4,:
taw .C=4,9,2 E.i,ie oo. ». eIF2
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

574

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PROPERTY ADVISORS
Exhibit D: Parcel Diary

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 82 575

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PROPERTY ADVISORS
STATE OF CALIFORNIA • DEPARTP.ENT OF TRANSPORTATION

RIGHT OF WAY PARCEL DIARY
IOW 7-1 (REV 002018)

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA

CONFIDENTIAL
This. document conlans personal nformalion and s.ubjecl to Ci�,il Cons 734E 24. t shall oe kept eorrfiderdial in ordor to protect sows! uh9UtruRead dledaeuro
DIST
12 CO
Orange
RTE
Golden Mane
KP (P M.)
PARCEL NO.
33a -O11-35
OWNER
John And Allison Gaddis

ADDRESS
4021 Winterhaven Street
PHONE
HU
WK
CELL

PROJECT
OoId h Alr4nu9 Bridge RVIenleiffieiht Pr41gCt

CERT DATE

DATE OWNER INVITED TO ACCOMPANY APPRAISER
March 13, 2024

DATE PROPERTY INSPECTED
April Q2, 2O24
BY; LETTER. ta PHONE • PERSON �
APP. REPORT NIDATE
GA0II-24-O047 ? 411512024

APPROVAL GATE

APPRAISED VALUE
$1,000 • Nominal
EA
SRL 9II:1M

REVISED DATE
7123024

APPROVAL DATE

APPRAISED VALUE
$1.000 • Nominal

DATE OF FIRST WRITTEN OFFER
AMouMT OF REPLACEMENT HOUSING

SUPP AT TIME OF FIRST WRITTEN OFFER
RAP PKG. DEL- DATE
DATE ASSIGNED TO ACQUISITION Al ENT
PEOPLE V. SCC i
FILED
EFF. DATE OP

OWNER'S ATTORNEY

ADDRESS
PHONE

ASSIGNED TO

APPRAISER
DATE
OATE+AG ENT-
SIGNATUREAN fflAL
DATA
3/13/2024
4/2/2024
T
NOtCE of deasl6si to apprs.9E wee moiled IA owner on march 13, 2024 — no reaponae r4OolvOll lnprn pngpprtsr gwngY.

Site irrepeMion was performed en April 2. 2024
ADA NAIk E For ndividaals with sensory disahililies, This document is available in alternate.formats. For ahernale format nrorrn Linr , conlarL the Forms Management Una a[(916)d4i.1233, Try 71I. or write to Recordxand Forms Management, 1120NSIrerl, M5-69, Sacramento, CAB5514. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 83 576

\1I/fr Val bridge

PROPERTY ADVISORS
T FCAUFOk1L'.. DEPARTMENT OF TRANSPORTATION

RIGHT OF WAY PARCEL DIARY
RW 7-1 (REV N1024.141

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA

CONFIDENTIAL
This document corams persorwl infarmr1ion and subject
tff Civil Code 17PR 24. rt shall Ica kept oarrfidmhal in order t8 wol9Ct agiewst u' 2u1M?1z d d IOaI/R.

DIST
CO
RTE
KP (P M.)
PARCEL NO.

DATErA.GENT.

SIGNATURIEINITI L
DATA
ADA Noma Far individ.rals with sensory disahililies, This document is available in alternate. formats. For ahernale formal. nrarrnallon, mnlacL the Forms Management llrwt at{ 416) 445.1233, TTY711. Of write to Recordxand Farms Management, 1120NSIrer1, MS -64, Sacramento, CA B581d. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 84 577

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PROPERTY ADVISORS
Glossary
Definitions are taken from the Dictionary of Real Estate Appraisal, 5th Edition (Dictionary), the Uniform Standards of Professional Appraisal Practice (USPAP) and Building Owners and Managers Association International (BOMA).

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
Absolute Net Lease
A lease in which the tenant pays all expenses including structural, maintenance, building reserves, and
management; often a long-term lease to a credit tenant. (Dictionary)
Additional Rent
Any amounts due under a lease that is in addition to
base rent. Most common form is operating expense
increases. (Dictionary)
Amortization
The process of retiring a debt or recovering a capital
investment, typically though scheduled, systematic
repayment of the principal; a program of periodic
contributions to a sinking fund or debt retirement fund. (Dictionary)
As Is Market Value
The estimate of the market value of real property in its current physical condition, use, and zoning as of the
appraisal date. (Dictionary)
Base Shell) Building
The existing shell condition of a building prior to the installation of tenant improvements. This condition
varies from building to building, landlord to landlord, and generally involves the level of finish above the
ceiling grid. (Dictionary)
Base Rent
The minimum rent stipulated in a lease. (Dictionary)
Base Year
The year on which escalation clauses in a lease are
based. (Dictionary)
Building Common Area
The areas of the building that provide services to
building tenants but which are not included in the
rentable area of any specific tenant. These areas may
include, but shall not be limited to, main and auxiliary lobbies, atrium spaces at the level of the finished floor, concierge areas or security desks, conference rooms,
lounges or vending areas food service facilities, health or fitness centers, daycare facilities, locker or shower
facilities, mail rooms, fire control rooms, fully enclosed courtyards outside the exterior walls, and building core and service areas such as fully enclosed mechanical or
equipment rooms. Specifically excluded from building
common areas are; floor common areas, parking spaces,
portions of loading docks outside the building line, and major vertical penetrations. (BOMA)
Buildinc Rentable Area
The sum of all floor rentable areas. Floor rentable area is the result of subtracting from the gross measured area
of a floor the major vertical penetrations on that same floor. It is generally fixed for the life of the building and is rarely affected by changes in corridor size or
configuration. (BOMA)
Certificate of Occupancy (COO)
A statement issued by a local government verifying that a newly constructed building is in compliance with all
codes and may be occupied.

Common Area Public) Factor
In a lease, the common area (public) factor is the
multiplier to a tenant's useable space that accounts for the tenant's proportionate share of the common area
(restrooms, elevator lobby, mechanical rooms, etc.). The public factor is usually expressed as a percentage and
ranges from a low of 5 percent for a full tenant to as
high as 15 percent or more for a multi -tenant floor.

Subtracting one (1) from the quotient of the rentable
area divided by the useable area yields the load (public) factor. At times confused with the "loss factor" which is the total rentable area of the full floor less the useable area divided by the rentable area. (BOMA)
Common Area Maintenance (CAM'
The expense of operating and maintaining common
areas; may or may not include management charges and
usually does not include capital expenditures on tenant improvements or other improvements to the property.

CAM can be a line -item expense for a group of items
that can include maintenance of the parking lot and
landscaped areas and sometimes the exterior walls of
the buildings. CAM can refer to all operating expenses.

CAM can refer to the reimbursement by the tenant to the landlord for all expenses reimbursable under the lease.

Sometimes reimbursements have what is called an
administrative load. An example would be a 15 percent
addition to total operating expenses, which are then
prorated among tenants. The administrative load, also
called an administrative and marketing fee, can be a
substitute for or an addition to a management fee.
(Dictionary)
Condominium
A form of ownership in which each owner possesses the
exclusive right to use and occupy an allotted unit plus an undivided interest in common areas.
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
A multiunit structure, or a unit within such a structure, with a condominium form of ownership. (Dictionary)
Conservation Easement
An interest in real property restricting future land use to preservation, conservation, wildlife habitat, or some
combination of those uses. A conservation easement
may permit farming, timber harvesting, or other uses of a rural nature to continue, subject to the easement. In some locations, a conservation easement may be
referred to as a conservation restriction. (Dictionary) Contributory Value
The change in the value of a property as a whole,
whether positive or negative, resulting from the addition or deletion of a property component. Also called
deprival value in some countries. (Dictionary)
Debt Coverage Ratio (DCR)
The ratio of net operating income to annual debt service (DCR = NOI/Im), which measures the relative ability to a property to meet its debt service out of net operating
income. Also called Debt Service Coverage Ratio (DSCR).

A larger DCR indicates a greater ability for a property to withstand a downturn in revenue, providing an
improved safety margin for a lender. (Dictionary)
Deed Restriction
A provision written into a deed that limits the use of
land. Deed restrictions usually remain in effect when title passes to subsequent owners. (Dictionary)
Depreciation
1) In appraising, the loss in a property value from
any cause; the difference between the cost of
an improvement on the effective date of the
appraisal and the market value of the
improvement on the same date. 2) In
accounting, an allowance made against the loss
in value of an asset for a defined purpose and
computed using a specified method.
(Dictionary)
Disposition Value
The most probable price that a specified interest in real property is likely to bring under the following
conditions:

Consummation of a sale within a exposure time
specified by the client;
The property is subjected to market conditions
prevailing as of the date of valuation;
Both the buyer and seller are acting prudently and
knowledgeably;
The seller is under compulsion to sell;
The buyer is typically motivated;
Both parties are acting in what they consider to be
their best interests;
An adequate marketing effort will be made during
the exposure time specified by the client;
Payment will be made in cash in U.S. dollars or in
terms of financial arrangements comparable
thereto; and
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. (Dictionary)
Easement
The right to use another's land for a stated purpose.
(Dictionary)
EIFS
Exterior Insulation Finishing System. This is a type of exterior wall cladding system. Sometimes referred to as dry-vit.

Effective Date
The date at which the analyses, opinions, and advice in an appraisal, review, or consulting service apply. 2) In a lease document, the date upon which the lease goes
into effect. (Dictionary)
Effective Gross Income (EGI)
The anticipated income from all operations of the real
property after an allowance is made for vacancy and
collection losses and an addition is made for any other income. (Dictionary)
Effective Rent
The rental rate net of financial concessions such as
periods of no rent during the lease term and above- or
below -market tenant improvements (Tls). (Dictionary)
EPDM
Ethylene Diene Monomer Rubber. A type of synthetic
rubber typically used for roof coverings. (Dictionary)
Escalation Clause
A clause in an agreement that provides for the
adjustment of a price or rent based on some event or
index. e.g., a provision to increase rent if operating
expenses increase; also called an expense recovery
clause or stop clause. (Dictionary)
Esto
Del Certificate
A statement of material factors or conditions of which
another person can rely because it cannot be denied at
a later date. In real estate, a buyer of rental property typically requests estoppel certificates from existing
tenants. Sometimes referred to as an estoppel letter.
(Dictionary)
Excess Land
Land that is not needed to serve or support the existing improvement. The highest and best use of the excess
land may or may not be the same as the highest and
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
best use of the improved parcel. Excess land may have
the potential to be sold separately and is valued
separately. (Dictionary)
Expense Stop
A clause in a lease that limits the landlord's expense
obligation, which results in the lessee paying any
operating expenses above a stated level or amount.
(Dictionary)
Exposure Time
1) The time a property remains on the market. 2) The
estimated length of time the property interest being
appraised would have been offered on the market prior
to the hypothetical consummation of a sale at market
value on the effective date of the appraisal; a
retrospective estimate based on an analysis of past
events assuming a competitive and open market.
(Dictionary)
Extraordinary Assumption
An assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions
presume as fact otherwise uncertain information about
physical, legal, or economic characteristics of the subject property; or about conditions external to the property
such as market conditions or trends; or about the
integrity of data used in an analysis. (Dictionary)
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. (Dictionary) Floor Common Area
Areas on a floor such as washrooms, janitorial closets, electrical rooms, telephone rooms, mechanical rooms,
elevator lobbies, and public corridors which are available primarily for the use of tenants on that floor. (BOMA)
Full Service (Gross; Lease
A lease in which the landlord receives stipulated rent
and is obligated to pay all of the property's operating and fixed expenses; also called a full service lease.
(Dictionary)
Going Concern Value
• The market value of all the tangible and intangible
assets of an established and operating business
with an indefinite life, as if sold in aggregate; more
accurately termed the market value of the going
concern.
• The value of an operating business enterprise.

Goodwill may be separately measured but is an
integral component of going -concern value when it
exists and is recognizable. (Dictionary)
Gross Buildinc Area
The total constructed area of a building. It is generally not used for leasing purposes (BOMA)
Gross Measured Area
The total area of a building enclosed by the dominant
portion (the portion of the inside finished surface of the permanent outer building wall which is 50 percent or
more of the vertical floor -to -ceiling dimension, at the given point being measured as one moves horizontally
along the wall), excluding parking areas and loading
docks (or portions of the same) outside the building line.

It is generally not used for leasing purposes and is
calculated on a floor by floor basis. (BOMA)
Gross U D Method
A method of calculating variable operating expense in
income -producing properties when less than 100
percent occupancy is assumed. The gross up method
approximates the actual expense of providing services
to the rentable area of a building given a specified rate of occupancy. (Dictionary)
Gross Retail Sellout
The sum of the appraised values of the individual units in a subdivision, as if all of the units were completed and available for retail sale, as of the date of the appraisal.

The sum of the retail sales includes an allowance for lot premiums, if applicable, but excludes all allowances for carrying costs. (Dictionary)
Ground Lease
A lease that grants the right to use and occupy land.

Improvements made by the ground lessee typically
revert to the ground lessor at the end of the lease term. (Dictionary)
Ground Rent
The rent paid for the right to use and occupy land
according to the terms of a ground lease; the portion of the total rent allocated to the underlying land.
(Dictionary)
HVAC
Heating, ventilation, air conditioning. A general term
encompassing any system designed to heat and cool a
building in its entirety.

Highest and Best Use
The reasonably probable and legal use of vacant land or an improved property that is physically possible,
appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are 1) legal permissibility, 2)
physical possibility, 3) financial feasibility, and 4)
maximally profitability. Alternatively, the probable use of land or improved —specific with respect to the user and © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
timing of the use —that is adequately supported and
results in the highest present value. (Dictionary)
Hypothetical Condition
That which is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as
market conditions or trends; or about the integrity of
data used in an analysis. (Dictionary)
Industrial Gross Lease
A lease of industrial property in which the landlord and tenant share expenses. The landlord receives stipulated rent and is obligated to pay certain operating expenses, often structural maintenance, insurance and real estate taxes as specified in the lease. There are significant
regional and local differences in the use of this term. (Dictionary)
Insurable Value
A type of value for insurance purposes. (Dictionary)
(Typically this includes replacement cost less basement excavation, foundation, underground piping and
architect's fees).

Investment Value
The value of a property interest to a particular investor or class of investors based on the investor's specific
requirements. Investment value may be different from
market value because it depends on a set of investment
criteria that are not necessarily typical of the market. (Dictionary)
Just Compensation
In condemnation, the amount of loss for which a
property owner is compensated when his or her
property is taken. Just compensation should put the
owner in as good a position as he or she would be if the property had not been taken. (Dictionary)
Leased Fee Interest
A freehold (ownership interest) where the possessory
interest has been granted to another party by creation
of a contractual landlord -tenant relationship (i.e., a lease). (Dictionary)
Leasehold Interest
The tenant's possessory interest created by a lease.
(Dictionary)
Lessee (Tenant)
One who has the right to occupancy and use of the
property of another for a period of time according to a lease agreement. (Dictionary)
Lessor (Landlord)
One who conveys the rights of occupancy and use to
others under a lease agreement. (Dictionary)
Licuidation Value
The most probable price that a specified interest in real property should bring under the following conditions:
• Consummation of a sale within a short period.
• The property is subjected to market conditions
prevailing as of the date of valuation.

Both the buyer and seller are acting prudently and
knowledgeably.
• The seller is under extreme compulsion to sell.
• The buyer is typically motivated.
• Both parties are acting in what they consider to be
their best interests.

A normal marketing effort is not possible due to the
brief exposure time.

Payment will be made in cash in U.S. dollars or in
terms of financial arrangements comparable
thereto.

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. (Dictionary)
Loan to Value Ratio 'LTV)
The amount of money borrowed in relation to the total
market value of a property. Expressed as a percentage of the loan amount divided by the property value.
(Dictionary)
Major Vertical Penetrations
Stairs, elevator shafts, flues, pipe shafts, vertical ducts, and the like, and their enclosing walls. Atria, lightwells and similar penetrations above the finished floor are
included in this definition. Not included, however, are vertical penetrations built for the private use of a tenant occupying office areas on more than one floor.

Structural columns, openings for vertical electric cable or telephone distribution, and openings for plumbing lines are not considered to be major vertical penetrations.
(BOMA)
Market Rent
The most probable rent that a property should bring in a competitive and open market reflecting all conditions
and restrictions of the lease agreement including
permitted uses, use restrictions, expense obligations;
term, concessions, renewal and purchase options and
tenant improvements (Tls). (Dictionary)
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
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
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:
a. Buyer and seller are typically motivated;
b. Both parties are well informed or well advised, and
acting in what they consider their own best
i nterests;
c. A reasonable time is allowed for exposure in the
open market;
d. Payment is made in terms of cash in United States
dollars or in terms of financial arrangements
comparable thereto; and
e. 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.

Market Value As If Complete
Market value as if complete means the market value of
the property with all proposed construction, conversion or rehabilitation hypothetically completed or under
other specified hypothetical conditions as of the date of the appraisal. With regard to properties wherein
anticipated market conditions indicate that stabilized
occupancy is not likely as of the date of completion, this estimate of value shall reflect the market value of the property as if complete and prepared for occupancy by
tenants.

Market Value As If Stabilized
Market value as if stabilized means the market value of the property at a current point and time when all
improvements have been physically constructed and the
property has been leased to its optimum level of long
term occupancy.

Marketinc Time
An opinion of the amount of time it might take to sell a real or personal property interest at the concluded
market value level during the period immediately after
the effective date of the appraisal. Marketing time
differs from exposure time, which is always presumed to precede the effective date of an appraisal. (Advisory
Opinion 7 of the Standards Board of the Appraisal
Foundation and Statement on Appraisal Standards No.
6, "Reasonable Exposure Time in Real Property and
Personal Property Market Value Opinions" address the
determination of reasonable exposure and marketing
time). (Dictionary)
Master Lease
A lease in which the fee owner leases a part or the entire property to a single entity (the master lease) in return for a stipulated rent. The master lessee then leases the property to multiple tenants. (Dictionary)
Modified Gross Lease
A lease in which the landlord receives stipulated rent
and is obligated to pay some, but not all, of the
property's operating and fixed expenses. Since
assignment of expenses varies among modified gross
leases, expense responsibility must always be specified.

In some markets, a modified gross lease may be called a double net lease, net net lease, partial net lease, or
semi -gross lease. (Dictionary)
Operating Expense Ratio
The ratio of total operating expenses to effective gross income (TOE/EGI); the complement of the net income
ratio, i.e., OER = 1 — NIR (Dictionary)
Option
A legal contract, typically purchased for a stated
consideration, that permits but does not require the
holder of the option (known as the optionee) to buy,
sell, or lease real property for a stipulated period of time in accordance with specified terms; a unilateral right to exercise a privilege. (Dictionary)
Partial Interest
Divided or undivided rights in real estate that represent less than the whole (a fractional interest). (Dictionary) Pass Through
A tenant's portion of operating expenses that may be
composed of common area maintenance (CAM), real
estate taxes, property insurance, and any other expenses determined in the lease agreement to be paid by the
tenant. (Dictionary)
Potential Gross Income (PGI;
The total income attributable to real property at full
occupancy before vacancy and operating expenses are
deducted. (Dictionary)
Prospective Future Value Upon Completion
Market value "upon completion" is a prospective future
value estimate of a property at a point in time when all of its improvements are fully completed. It assumes all proposed construction, conversion, or rehabilitation is hypothetically complete as of a future date when such
effort is projected to occur. The projected completion
date and the value estimate must reflect the market
value of the property in its projected condition, i.e., completely vacant or partially occupied. The cash flow
must reflect lease -up costs, required tenant
improvements and leasing commissions on all areas not
leased and occupied.

Prospective Future Value Upon Stabilization
Market value "upon stabilization" is a prospective future value estimate of a property at a point in time when
stabilized occupancy has been achieved. The projected
stabilization date and the value estimate must reflect the © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
absorption period required to achieve stabilization. In addition, the cash flows must reflect lease -up costs,
required tenant improvements and leasing commissions
on all unleased areas.

Replacement Cost
The estimated cost to construct, at current prices as of the effective appraisal date, a substitute for the building being appraised, using modern materials and current
standards, design, and layout. (Dictionary)
Reproduction Cost
The estimated cost to construct, at current prices as of the effective date of the appraisal, an exact duplicate or replica of the building being appraised, using the same materials, construction standards, design, layout, and
quality of workmanship and embodying all of the
deficiencies, super -adequacies, and obsolescence of the subject building. (Dictionary)
Retrospective Value Opinion
A value opinion effective as of a specified historical date.

The term does not define a type of value. Instead, it
identifies a value opinion as being effective at some
specific prior date. Value as of a historical date is
frequently sought in connection with property tax
appeals, damage models, lease renegotiation, deficiency judgments, estate tax, and condemnation. Inclusion of
the type of value with this term is appropriate, e.g.,
"retrospective market value opinion." (Dictionary)
Sandwich Leasehold Estate
The interest held by the original lessee when the
property is subleased to another party; a type of
leasehold estate. (Dictionary)
Sublease
An agreement in which the lessee (i.e., the tenant) leases part or all of the property to another party and thereby becomes a lessor. (Dictionary)
Subordination
A contractual arrangement in which a party with a claim to certain assets agrees to make his or her claim junior, or subordinate, to the claims of another party.
(Dictionary)
Substantial Com
pletion
Generally used in reference to the construction of tenant improvements (Tls). The tenant's premises are typically deemed to be substantially completed when all of the
Tls for the premises have been completed in accordance
with the plans and specifications previously approved by the tenant. Sometimes used to define the
commencement date of a lease.

Surplus Land
Land that is not currently needed to support the existing improvement but cannot be separated from the
property and sold off. Surplus land does not have an
independent highest and best use and may or may not
contribute value to the improved parcel. (Dictionary)
Triple Net (Net Net Net) Lease
A lease in which the tenant assumes all expenses (fixed and variable) of operating a property except that the
landlord is responsible for structural maintenance,
building reserves, and management. Also called NNN,
triple net lease, or fully net lease. (Dictionary)
(The market definition of a triple net lease varies; in some cases tenants pay for items such as roof repairs,
parking lot repairs, and other similar items.)
Usable Area
The measured area of an office area, store area or
building common area on a floor. The total of all the
usable areas or a floor shall equal floor usable area of that same floor. The amount of floor usable area can
vary over the life of a building as corridors expand and contract and as floors are remodeled. (BOMA)
Value -in -Use
The value of a property assuming a specific use, which
may or may not be the property's highest and best use
on the effective date of the appraisal. Value in use may or may not be equal to market value but is different
conceptually. (Dictionary)
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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Qualifications

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 91 584

$1:P?Valbrid e
PROPERTY ADV15OR5
Qualifications of John D. Penner, Jr.

Staff Appraiser
Independent Valuations for a Variable World
State Certifications
Certified General Appraiser
State of California
(AG3009243)
Education
B.A. - Music Composition and
Psychology, with high honors
Point Loma Nazarene University
M.S. - Clinical Psychology,
California State University
Fullerton (All coursework but thesis)
Contact Details
714-349-2687 (cell)
714-449-0852 (office)
Valbridge Property Advisors
Orange County Office
17822 17th Street, Suite 211
Tustin, CA 92780
[email protected]
www.valbridge.com
Valbridge Property Advisors is
the largest Commercial Appraisal
Company in the United States
with over 80 offices nationwide.

Membership/Affiliations:

Appraisal Institute — Candidate for Designation
IRWA — International Right of Way Association
Appraisal Related Coursework:

Appraisal Principles, Appraisal Procedures, National Uniform Standards of Appraisal Practice (USPAP), Report Writing and Case Studies, Market Analysis and Highest and Best Use, Sales Comparison Approach, Income Approach, Site Valuation and Cost Approach Statistics, Modeling and Finance, Advanced Statistics, Research Design, Structural Equation Modeling
Experience:

APPRAISER: VALBRIDGE PROPERTY ADVISORS, 2015 - Present
Perform valuation and advising for commercial real estate with specialties in portfolio valuation, development, investment property, eminant domain, and specialty property uses.

INVESTOR: SELF -MANAGED PRIVATE WEALTH, 2013 - Present
Manage a portfolio focused on bitcoin, quantitative investing and trading, real assets, commodities, private lending, and equity long/short.

MENTAL HEALTH SERVICES PROVIDER: VARIOUS ORGANIZATIONS, 2011 - 2015
Provide therapy and mental health care services at South Coast Community Services, ACES, and The Gary Center.

Academic Research Publications:

A study of psychological pain in substance use disorder and its relationship to treatment outcome. PLoS ONE 14(11): e021626, November 7, 2019
Women's Representation in 60 Occupations from 1972 to 2010: More Women in High -Status Jobs, Few Women in Things -Oriented Jobs PLoS ONE 9(5): e95960, May 2, 2014
Scope of Work:

Types of properties appraised include:

High and Low Rise Office, Medical & Dental Offices, Neighborhood Centers, Strip Retail Centers, Restaurants, Mixed Use, Vacant Land, Market Studies, Manufacturing Facilities, Warehouses, R&D Buildings, Business Parks, Multi -Tenant Industrial, School Use, Apartment Projects, Single Family, Condemnation, Special Use Properties 585

1T// Valbrid e
�,,,,,�
„����.� PROPERTY AdVISORS
Qualifications of John D. Penner, MAI
Senior Managing Director — Orange County, CA
National Director — Fractional Interest Valuation
Independent Valuations for a Variable World
State Certifications
Certified General Appraiser
State of California (AG001720)
Education
B.S. - Business Administration
Finance & Investments
San Diego State University
Publications - Author
Penner Expense Guides:
1) Office/Medical
2) Retail
3) Industrial
4) Multi-family/Apartment
Qualified
Expert Witness:

Superior & Bankruptcy Court
for Orange, Los Angeles,
& San Diego Counties
Cash Flow Forecast: ARGUS
Contact Details
714-449-0852 (Office)
Valbridge Property Advisors
17822 17th Street, Suite 211
Tustin, CA 92780
[email protected]
www.valbridce.com
Valbridge Property Advisors is
the largest Commercial Appraisal
Company in the United States
with over 80 offices nationwide.

Membership/Affiliations:

Appraisal Institute — MAI Designation & Certificate in Litigation Appraisal Institute — Volunteer of Distinction (2016)
Member: Lambda Alpha International (LAI) — Land Economics Society Member: International Right of Way Association (IRWA)
Valuation Specialist — Orange County Estate Planning Council Urban Land Institute — Certificate in Real Estate Development Founding Board of Directors Member — Valbridge Property Advisors Experience:

SENIOR MANAGING DIRECTOR/OWNER, 1991 -Present
This firm performs valuation and advising for commercial real estate with a specialty in medical office, and industrial properties. Mr. Penner has over 40 years of experience in the Southern California region and has completed assignments in many areas of the United States.

SENIOR APPRAISER: T.L. YATES & ASSOCIATES, 1990-1991
Work included narrative appraisals of proposed, existing and problem properties located in the markets of Southern California and Arizona.

SENIOR APPRAISER/ANALYST:: HOME SAVINGS OF AMERICA, 1983-1990 Work included valuation of residential and commercial properties located throughout Southern California, Northern California, Arizona, Texas, Florida and New York. Specific responsibilities included the appraisal of problem properties, market studies, feasibility, and portfolio analysis.

Scope of Work:

Work includes the appraisal and/or consultation of reports for acquisition, sale, refinance, estate, development, condemnation, fractional interest and court testimony purposes. Typical clients served are financial institutions, investors, developers, legal firms, and governmental. Types of properties appraised include:

High and Low Rise Office
Corporate Headquarters
Regional Shopping Malls
Strip Retail Centers
Mixed Use
Vacant Land
Manufacturing Facilities
R&D Buildings
Mini -Warehouse
Apartments
Medical & Dental Offices
Office Condominiums
Neighborhood Centers
Restaurants
Bank Branches
Market Studies
Warehouses
Business Parks
Multi -Tenant Industrial
Single Family Residences
586

FAST FACTS

COMPANY INFORMATION
• Valbridge is North America's largest independent commercial appraisal firm. - Valbr I ❑ge imovidtLs custom n ppraisa I re its in the U.S_, Canach, n n d Puerto Pico. • Va!bridge specializes In appraising ail types of real property. • Valbridge dge provides independent valuation services, We are NOT owned by a brokerage firm or investment company_
• Every Valbridge office is overseen by a Senior Managing Director who holds the MAI designation of the Appraisal Institute_
• Valbridge is owned by local offices_
- V:ilhrldge welcomes single property sI f rinc. nt- .pis wc2ll as portfolio, rr1 u ItI market, and other bu I k -property engagements_
SIGHT. IMPACT. INTEGRITY.

Valbridge Property Advisors, Inc.

Ph�orae= 888.91.2029
velbricge.com

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PERTY ADVISORS OFFICE LOC ATIIONS

ALABAMA
26241 &ray1 r., Ste. 1O1
Daplwn l�,+l 341:526
gip) 929
445 Baitnfnrarl Dr: S15r, IAA 1201
Hurdawllie AL ii25p 210.1555
4732 Waxlrnere Blvd.

Montgomery. AL 35146
I-3341 277-5077
CAI ;r(+f NiA
3160 Craw Cwrycid1 P 1.

SiaRamon, CA 94583
t925) 321-1660
826 Colorado Bawd_ Ste 243
L ois An peles,CA90041
Gip x9327
17622171 St. Ste. 211
Tustin, CA 94780
(114) 449-0B52
775 Strrte Awe, Ste 234
n os Mk. GA 95561
06i i-250'9
1530 Thy A S1x 100
San Jose, CA 95126
ODE) 27 1f524

COLORADO
5345 A rapahon. Ave., Ste.7
BeaddeR CO 50303
�3G9} 367-1935
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CovedilOad
n1rIM'ark CT 06953
;860'j 246 460€
t5 Cerracrd St
GIastanbrryr, CT 06033
j650) 24.6-4605

FLORIDA
301 Almeria Ave, Ste. 350
Coal Gables, FL 33134
1 29
2711Pa
VANI. Pin . R 33407
pem B33-8331
3 F33 171u1er! DI, Ste_ 106
Napl•e5, R 34143
pap) 51d 4016
GEORGIA.
2675 Paxis Fiery .S1o•-0r25
Atka Ma, GA 34339
(404) 364.23331
•
1875 N Lakewood Dr, Ste 100
Coeur d'Alene, ID 63914
(200 292-2065
ILLINOII$
566 W. Loh* st, 51e. 240
Chleacp, L 190661
(312M 0137
!NDI Nh
680.1 Lain PI3m Dr, 9e. C 301
Indlarrap IN 41224
317) 6a7 -2Y47
lCf`.}4UUNIAi Ste_ 100
c i .i I; ii lA Parr 1 6110
[91.1} 4511451
EN1UCXY
1890 Star Shock Pkwy.

LedrrgEan, ICf 44509
(5021 555-3.551
9401 WilllarrrsUarg Rlafa Ste_ 204
Loutwilk KY 402Z2'
fix) 585 351

MARYLAND
11100 Dovedale CL
Marlolt llle, Ma 21144
{ 33'-5525

MASSACHUSETTS
1'60 Om FIN 1 Q Set. 106
unman. MA 02451
(78; 7946645
MICl- IIG 41w1
NM Washington Md.

Dew II 418226
99313
1127 movy Paw DR
Ui Iaati M1 413064
(511) 336-0001

MINNESOTA
265 E Kellogg MAL. Ste. 1i '2A
SL Paw, PAIN 55141
51)370-1475
IVi1S515WPI
MS ;'
(22B) 1900
224 Avalon Ct
Brendan, NIB .39447
OA $53.4736
541 Hlgrmayf 112 W SWAMP -NI
Stark1H164 MS 38759
16621 7 2354
me I L1Mp on Akre, Slip. 209
SL Louis, MD 63I39
tutai -132,3
NEVADA
3>.45 Dur i o Dr., Sle. 104
Las %Ojo . NV 6911-!
4702} 242 93€3
11375 D0kJCchl Lr, Ste. 749
Reno, NV 89502
p75f 204-1140

VALBRIDGE PROPERTY ADVISORS
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NEW MEXICO
7000 Primped PL Ste. 8
,Luquerque_ Nht87110
(sop 684-4721
''10 F .Ilmpw ICII , :,11• AI�h
COnno te, NC 2921D
(741} 37&-5.1 X
P. rH IOTA
118 6ri38Uwey N. sta 509
Fargo, ND 58491
(7 28-1070
OHIO
11655 W. Mwet SL, St .1.30
,4krnn, OH 44313
(330M B99-9900
8291 Bee imont,V Ave, Ste_ B
Cincinnati, OH 45255
7$5 20
122 EijdkJ Am, Std. 1166
Cleveland, OH 44tk5
[216)31P-9690

OK LAHOMA
6666 S. Sheridan Rd, Stns 1171
1r1.11sa, OK 74133
{JIBE 712- 2
3121 Cruel Springs Mani_ Ste. T56
ClikOhorrin CIt €PI 7M•4
(166II 603-1653
PNNSY' •' "Ii t.
150 S. Werner Rd., Ste_ 440
King orrPrlissta, PA 19406
{215) 54•-1901'
470113apirs( Rd., Ste. 304
Prbriglirgri. RA 15227
MI 6060

SOUTH CAROLINA
1750 Fatima N
Mt Remora, SAC 29464
3} 8 12136
11 GleVet3fld CL
�aFA�rM1+MM se 29607
(9 2331277
920 Bay St. Ste. 26
9+eaufart, SC29902
'1843stB4-1 a6r

TENNESSEE
3+500 RIngspad Rd., Ste. 3
C1Ua1Lanoo4a, TN 37412
+,023} 2 21x77
213 F4 P4
Kn ndtlk, TN 97922
0365)522-2424
756 RGdge Lake 6brd� Ste. 225
Memphis, TN 89124
001 753 77
5205 Wirwmpricl W." Std, 202
6rbriwood, TN 3727
4616M 3159067E
901 MopecE'er54 artg_L Ste.300
AasUn, TX. 78746
(7171242 5
10210 P h Cerai 1 Expy.. S# Ti5
Daf&5, -a 75231
211} 44&r161I
974 Campbell Rd, 91e. 244
HousL+an, TES 77021
467-5859
2731 61st 5t
Lubbock. T5179423
4' 744-1188
9901 IM 10 We SL SL .1035
Son Antonio, TX 78230
1Q) 2274-229
UTAH
527 E PI(11i er R41, 51e. 240
Drarw. UT 81020
RA 202 3388
20 Norin Main St
St George, UT 84770
;435} 773-6300
321 N County BP 5x2_ D
AiinPrIcnii iirk UT MOW
�9Qiti 497 x[}00

VIRGINIA
556 Independence ',Wry, Me. 220
Chesapeake, VA 23324
(757) 410-1222
1231 Alw.ar5er Dr.
rbiammien. 7 1T3
346.0014
5107 Center St., Sie. 219
WIAIarnsbur+g. $A 23168
(757 345-001u

WASH I NC,TO N
41r GrartM4rIuii Blvd., RIP 110-D
I[r:nnccl. WA 993.36
C5691221-1540
324 N. Miami n Rd.
5pa&arie VdI1y, W.913205
(5094 747-0999

WF CONSIN
12660 W. hiarlh AYE,
Brooldleld, Yrrl 53009
(26Z} 7B3-7990

NORTH AMERICA'S LARGEST DIDEFIENDENT COMMERCIAL VALUATION FIRM Valbridge

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Summary Statement

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT
The following is a summary statement of an appraisal relating to the purchase of real property or an interest therein.

Basis of Fair Market Value
The fair market value for the property to be acquired is based upon an appraisal, prepared in accordance with accepted appraisal principles and methodologies (see attached Definitions) and by a certified general real estate appraisal. Per the definition of market value for eminent domain purposes in the CA code of civil procedure, any increase or decrease in the fair market value of the subject property as of the date of value caused by the public improvement for which such property is being acquired has been disregarded in determining Just Compensation.

Proposed Acquisition Description
The City of Placentia has decided to appraise a portion of the subject property known by the County of Orange Assessor's Parcel No. 334-011-35 located in the City of Yorba Linda, County of Orange with an address of 4021 Winterhaven Street, Yorba Linda, Orange County, California 92886. Subject Larger Parcel
Acquisition Summary
The subject property larger parcel is a single family home on a suburban residential tract. The proposed easements are not expected to have an impact on the continued use of the subject property. The subject larger parcel is assumed to be approximately 0.30 acres or 13,209 square feet.

The subject project will use a 13.36 square foot permanent bridge construction easement and a 141.30 square foot temporary construction easement based on a survey from The Prizm Group. The value of the Part to be taken is considered as a portion of the value of the Larger Parcel. Thus, for the purpose of estimating the land value of the subject "as if vacant", the Larger Parcel has been estimated at a market value of $850,000 or $65.00 per square foot.

Appraisal Methodology
There are three recognized methods employed when valuing real property: (1) the Sales Comparison Approach, (2) the Income Approach, and (3) the Cost Approach. All of these approaches to value were considered. We assessed the availability of data and applicability of each approach to value within the context of the characteristics of the subject property and the needs and requirements of the client. When valuing underlying land for property such as the subject, the most relevant approach is the sales comparison approach. The underlying land is not leased and an income approach is not commonly used for valuing a fee simple interest in land. The analysis also uses methodology of the cost approach when valuing site improvements within the take areas. Further discussion of the extent of our analysis and the methodology of each approach is provided later in the respective valuation sections.

Subject Larger Parcel
590

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SUMMARY STATEMENT
Sales Comparison Approach
The Sales Comparison Approach is a method of estimating market value whereby a subject property is compared with comparable properties that have sold recently or are available for purchase. One premise of the Sales Comparison Approach is that the market will determine a price for the property being appraised in the same manner that it determines the prices of comparable, competitive properties. Essentially, the Sales Comparison Approach is a systematic procedure for carrying out comparative shopping. As applied to real estate, the comparison is applied to the unique characteristics of the economic good that causes real estate prices to vary. 591

'. YerldIge

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT

COMP ARABLE L AND SALE ADJUSTMENT GRID
Subj ect
Sale *1 Sale # 2 Sal e *3 Sale #4 Sale # 5 Sale # 6
D at e of Val ue & S al e
Property Name
Address
4/2/24 11/17/23 7/28/23 7/20/23 8/12/22 8/2/22
Single Family Home Horse Stable SFR w/ Land Vacant Land SFR w/ Land SFR w/ Land 4021 Winterhaven 5641 LakeView 8572 Talbert 16801 1442 N Dale 8371-8461 Street Ave nue Avenue C umberla nd Cir . A venu e Talbert A ven ue City Y orba Linda Y orba Linda Fountain Valley Yorba Linda Anaheim Huntingt on Beach APN 334-011-35 343-29-112 122-781-73 4 Parcels 070-741-01 of-J J -GJ « Gr oss Acres 0.30 ac 0.52 ac 1.17 ac 0.68 ac 0.93 ac 2 .12 ac Gross Squar e Fe et 13,209 sf 22,590 sf 50,938 sf 29,620 sf 40,511 sf 92,434 sf Unadjusted Sale Price $925,000 $3,000,000 $2,258,000 $2,500,000 $6,150,000 Unadjusted S ale Price Per Square F oot $40 .95 $58 .90 $76 .23 $61.71 $66 .53 Transactional Adj ustm ents
Prope rty Rights Co nv eyed Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Adjustment - - - - Fin ancin g Terms Typic al Typic al Typic al Typical Typical Adjustment - - - - -
Con ditionsofSale No ne None None None No ne
Adjustment - - - - -
Marke t Con ditions Adjustments
Elapse d Time from Date of Value 0 .38 years 0.68 years 0.70 years 1.64 ye ars 1.67 years 1.70 years Market Trend Through 0 .0% P er Yr - - - - - -
An alyz ed Sa le Price $40.95 $58 .90 $76 .23 $61 .71 $66 .53 $68.30 Pro pe rty Adjustments
Locatio n 4021 Winterhave n 5641 LakeView 8572 T albert 16801 1442 N D ale 8371-8461 9071-9091 Street Ave nue Avenue C umberland Cir. Avenue Talbert Avenue Lampson Ave Yorba Linda Yorb a Linda Fount ai n Valley Y orb a Linda Anaheim Huntington G arden Grove Adjustment - SI. Superior - Inferi or SI. S uperior SI. Inferi or Size 13,209 sf 22,590 sf 50,938 sf 29,620 sf 40,511 sf 92,434 sf 69,543 sf Adjustment SI. Inferi or Inferior SI. Inferior Inferi or Inferior Inferior Shape/Depth Irregu lar Rectangular Recta ng ular Recta ngular Irregular Rectangular Recta ng ular Adjustment SI. Superior SI. Superior SI . Superior - SI. Superior SI . Superior A ccess/Visibility Interior Interior Interior Interior Interior Corner Interior Adjustment
Topogra phy Level Lev el L evel Le vel Level Level L ev el Adjustment
Zon ing R -S R -E CP-HO1 (GH) R -U RM2 RL R-1-7
M inimum Lot 10,000 15000 1,800 7,500 3,000 6000 7000
Units Per Acre 3 1.8 10.8 4 14 7 6
Adjustment Far Inferior - S uperior Sup erior S up eri or Superi or Utilities All To -Site All To -Site All To -Site All To -Site All To -Site All To -Site All To -Site Adjustment
De molition / Contributing Improv ements Stable SFR's None SFR SFR SFR Adjustment SI. Inferior SI. Inferior - SI. Inferior SI. Inferior SI. Inferior Other No ne No ne Non e No ne None N one
Adjustment
Net Physical Adjustment Inferio r Similar Superior SI. Inferi or SI. Superior SI. Superior 7/22/22
SFR w/ Land
9071-9091
Lamps on A ve
Garden Gr ove
' JD -OD -JD
co

1.60 ac
69,543 sf
$4,750,000
$68 .30
Fee Simple
Typic al
None
Adju sted Sale Price pe r Gro ss Squa re Fo ot $40.95 $58. 90 $76. 23 $61.71 $66.53 $68.30

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SUMMARY STATEMENT
Discussion and Analysis of Land Sales
Adjustments for property interests, special financing and expenditures after sale were not necessary.

Furthermore no sales conditions adjustments were needed.

An increase or decrease in the market value of real estate can be caused by changes over time in market conditions. Market conditions reflect changes in supply and demand, economic factors such as a recession, the inflation or deflation of currencies, tax laws, investor perceptions, etc. There is very limited supply, vacancy has been on the decline, rental rates have increased, and property values have been increasing over the past few years. However, recent interest rate policy undertaken by the Federal Reserve has slowed growth for residential property. Over the past 18 months single family home prices have declined slightly and then recovered to new highs. Prices for low density mult- family have remained mostly flat in the same period. Residential land sales occur to infrequently to infer a specific trend that is appropriate and applicable for each sale comparable. Thus, we did not make an adjustment for changes in market conditions (time). Each of the sales occurred over the past two years and consist of residential properties in Southern California.

As discussed in the highest and best use and market analysis sections. High demand for single family homes and townhomes has led to similar transaction prices for single family and low -density residential uses. There is a paucity of recent transactions in comparable locations for a market that is near fully built up. Therefore, we selected from sales of any type of land with a low -density residential zoning to bracket a value for the subject's underlying land. Each of the sale transactions with the exception of Sale 1 come from zonings of these densities which trade at similar prices in the market. All sites also sold with all utilities to site and level topography. The table on the preceding page summarizes the sale comparables and appropriate adjustments.

Land Sale No.1
Land sale no. 1 is located southeast of the subject, at 5641 Lakeview Avenue, in the City of Yorba Linda. The sale price for this property was $925,000 which equates to $40.95 per square foot. The property is larger in size and located on a rectangular lot, the zoning only allows a density of 1.8 units per acre with a minimum lot of 15,000 square feet and as a result is unlikely to allow furth subdivision without special permission. Overall, this comparable was considered inferior to the subject. After adjustments, this sale provides an indication of land value for the subject at $40.95 per square foot.

Land Sale No.2
Land sale no. 2 is located southwest of the subject, at 8572 Talbert Avenue, in the City of Fountain Valley. The sale price for this property was $3,000,000 which equates to $58.90 per square foot. The property is located in a slightly superior area closer to the coast and is a typical shape. It is inferior in larger size. Although the property allows greater density, the property is zoned commercial professional with a residential overlay which may complicate the development process. Overall, this comparable was considered similar to the subject. After adjustments, this sale provides an indication of land value for the subject at $58.90 per square foot.

Land Sale No.3
Land sale no. 3 is located south of the subject, at 16801 Cumberland Cir., in the City of Yorba Linda.

The sale price for this property was $2,258,000 which equates to $76.23 per square foot. The property is slightly larger in size but is a superior shape and allows slightly greater subdivision. The property consisted of four individual uniform lots within an existing housing tract. Overall, this 593

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PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT
comparable was considered superior to the subject. After adjustments, this sale provides an indication of land value for the subject at $76.23 per square foot.

Land Sale No.4
Land sale no. 4 is located southwest of the subject, at 1442 N Dale Avenue, in the City of Anaheim.

The sale price for this property was $2,500,000 which equates to $61.71 per square foot. The property is in an inferior income area and located near to a freeway. It is also larger in size. It is similar in irregular shape to the subject and allows for greater density. This comparable was considered slightly inferior to the subject. After adjustments, this sale provides an indication of land value for the subject at $61.71 per square foot.

Land Sale No.5
Land sale no. 5 is located southwest of the subject, at 8371-8461 Talbert Avenue, in the City of Huntington Beach. The sale price for this property was $6,150,000 which equates to $66.53 per square foot. The property is located in a slightly superior coastal area. It is inferior in size and sold with aged single family residential properties. The zoning allows greater density and potential density bonuses for townhome style or minimal setback individual lots. The property has sense been developed into 3 story townhomes. Overall, this comparable was considered slightly superior to the subject. After adjustments, this sale provides an indication of land value for the subject at $66.53 per square foot.

Land Sale No.6
Land sale no. 6 is located southwest of the subject, at 9071-9091 Lampson Ave, in the City of Garden Grove. The sale price for this property was $4,750,000 which equates to $68.30 per square foot. The property is located in a slightly inferior income area. It is larger in size and contains existing single family developments. The property is rectangular in shape and allows greater density. Overall, this comparable was considered slightly superior to the subject. After adjustments, this sale provides an indication of land value for the subject at $68.30 per square foot.

Conclusion of Land Value
From the market data available, six land sales in competitive market areas which were most comparable to the subject were selected. We adjusted the comparable sales based on pertinent elements of comparison as discussed earlier and summarized the adjustments in the preceding adjustment grid. Sales of similar residential land in the immediate area were not available. Therefore, we have bracketed a value for the subject within an array and performed qualitative adjustments. The table below organizes the sales in overall comparison to the subject.

Sale
Address
City
Zoning Sale Date
Price
Analyzed
SF Price Market Rating
3 16801 Cumberland Cir.
6 9071-9091 Lampson Ave
5 8371-8461 Talbert Avenue
S 4021 Winterhaven Street
2 8572 Talbert Avenue
4 1442 N Dale Avenue
1 5641 LakeView Avenue
Yorba Linda
Garden Grove
Huntington Beach
Yorba Linda
Fountain Valley
Anaheim
Yorba Linda
RM2
R-1-7
RL
R -S
CP-HO1 (GH)
RM2
R -E
7/20/23
7/22/22
8/2/22
7/28/23
8/12/22
11/17/23
$2,258,000
$4,750,000
$ 6,150,000
$3,000,000
$2,500,000
$925,000
29,620
69,543
92,434
13,209
50,938
40,511
22,590
$76.23
$68.30
$66.53
$65.00
$58.90
$61.71
$40.95
Superior
Slightly Superior
Slightly Superior
Similar
Slightly Inferior
Inferior
Sales 1 and 3 were both recent transactions and located within the same city as the subject. Sale 3 represents the upper end with smaller lot sizes allowed and uniform lots, while Sale 1 would not allow any further subdivision of the lot. These local sales bracket the limits of the range of value. The 594

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT
remaining sales are from the Orange County area and provide a good indication of value for the subject. Therefore, we have concluded a value near the middle of the market range at $65.00 per square foot. The land valuation is summarized as follows:

LAND VALUE INDICATION
Land Valuation
Land Area (square
Indicated Value PSF
Indicated Value
Final Land Value Determination from Sales Comparison Approach (Rd.) 13,068
$65.00
$849,420
$850,000
595

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
Condemnation Analysis
Description of the Part Taken: Permanent Bridge Easement This project proposes to take a permanent bridge easement of 13.36 square feet located at the northeastern corner of the site. The area is triangular in shape. Draft language provided for the proposed easement deed states the easement will be "for public street, public utilities purposes, and construction, a right-of-way easement in, over, under, upon, and across." The area taken is entirely within an existing flood control easement area. A diagram of this taking and photos are shown on the pages following the analysis.

Rear Flood Easements
There are three easements on the property that overlap with or are adjacent to the acquisitions.

Historically, the rear of the subject was a stream known as the Soquel wash. Easement activity began in 1938 following widespread flooding in Southern California. A larger easement area was established (2) for building check damns. Later in the early 1960s, additional easements were obtained associated with the Carbon Canyon Dam project, which is located to the north of the subject. The dam allowed for a smaller concrete flood channel downstream and paved the way for the existing subdivisions to be built. Easements listed on the plat are discussed below. Copies of the easements are included in the addenda of this report. 1 — Orange County Flood Control Easement Per 7738-900
This easement dated 9/24/1965 grants an "easement for right of ingress and egress, together with the right to grade, construct, and maintain, a roadway ramp in, over, upon, and across that certain real property". The permanent bridge easement is located withing this easement and the overlap of this easement on the subject is more or less equal to the TCE area. 1 - Additional OC Flood Control Easement TI38/900
Absent from the labeling in the plat map and the provided title litigation guarantee is the main flood control easement which has the same boundaries as easement 1. This easement is listed on the tract map with a book reference of TI83/900, though no digital copies were available to us. It is assumed that the language defining the rights of this easement is consistent with related easements along this flood control channel which detail "A perpetual and assignable right and easement for flood control and channel rectification purposes consisting of the right to construct, inspect, maintain and repair a channel or channels in, on, over, under and across that certain parcel." This easement was acquired by the US Government and later assigned to OC Flood Control District.
2 — Orange County Flood Control Easement Per 958-427
An easement to "ENACT, CONSTRUCT, REPAIR AND MAINTAIN CHECK DAMS ALONG THE STREAM

KNOWN AS SOQUEL WASH, TOGETHER WITH THE RIGHT OF INGRESS AND EGRESS TO AND OVER

THE PREMISES ADJACENT TO OR COTERMINOUS WITH THE STREAM OR CREEK BED FOR CERTAIN and incidental purposes" in the document recorded 9/15/1938. This easement is much wider and encroaches into the backyard areas of the subject and adjacent single-family homes.

The purpose of this easement is no longer needed with the construction of the Carbon Canyon 596

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
Dam. It is unknown if the easement has been vacated, but public activity using it appears to have ceased and it is most likely vacated. Additionally, a similar easement on properties to the north was found to have been vacated. It is discussed here for informational purposes as it appears on the plat of the taking but does not affect the value conclusions. 3 — USA Flood Control Easement Per 5451-322
This easement is not directly overlapping with the take areas, but is bordering to the North. This easement was recorded on September 22, 1960 and overlaps with the access area to the north. It was obtained as part of the Carbon Canyon Dam project and is not currently in use.

Analysis of the Part Taken
The permanent bridge easement is wholly within the Orange County flood control easement (1) and the assigned US government easement. The fee residential owner retains ownership of the gross lot and would revert to fee owner were this easement to ever be vacated. The flood channel is part of a natural former river wash and connected to a dam and is unlikely to ever be vacated. Additionally, the access area at Golden Avenue will almost certainly always be maintained. Any site fencing improvements impacted by this take will be replaced or put back in a manner similar to their current state. The take areas consist of a portion in the northwestern corner and a strip just west of the boundary of the flood control easement (i.e. the subject's rear yard fencing). It is our understanding that the purpose of this strip along the easement boundary will be to construct a drainage channel along the road access as part of the bridge project.

The terms of the easement are "for public street, public utilities purposes, and construction, a right-of-way easement in, over, under, upon, and across." This would constitute a full 100% taking of property rights. Considering the flood control easements described above, the entire bundle of rights associated with underlying fee ownership of the rear portion of the subject parcel has already been acquired and compensated for by the prior flood control easements.

Marketing of the improved property does not include this area as usable land. However, the existing easements are for flood channel purposes, while the proposed acquisition is for a bridge easement and associated drainage to the channel. As a partial take of a portion of the subject property with minimal remaining bundle of rights and useability by the fee owner, we have used a rate of 5% of the full fee value. In other words, the proposed permanent bridge easement acquisition represents a 100% taking of the remaining 5% property. In the Land Sales Analysis, a value indicator of $65.00 per square foot is attributed to the land area for the larger parcel. The part to be taken is 13.36 square feet for the development of a bridge construction easement.

Therefore, utilizing a rate of 5% results in a value conclusion for the portion of the subject acquired for permanent bridge easement of $43. This calculation is shown in the table below.

Permanent Bridge Easement
Area of Part Property Value
Parcel No. Taken Value Per SF Rights Conclusion
334-011-35

13.36 SF
$65.00
5%
$43
597

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
Site Improvements within the Take Area
The primary area of the permanent taking is vacant land used for flood control access with no site improvements identified within the take area.

Description and Analysis of the Part Taken: TCE
This project proposes to take a temporary construction easement (TCE) of 141.30 square feet that is located at the northwestern corner of the subject. The triangular shaped easement is to provide contractor access for bridge reconstruction. The TCE will be for a term length of 24 months. A diagram of this taking and photos are shown on the following pages. The temporary construction easement fully overlaps with the existing flood control easements. The flood control easement allows for construction to occur on this area. Effectively, the underlying fee property owner has no current use of the TCE area and the right to use these areas for construction could be granted by the easement holder (County of Orange). The underlying fee ownership is not able to rent or due rent for this portion of the land. While the project could acquire TCE rights from the flood control easement holder and the value is nominal, the city has elected to additionally obtain a grant from the underlying fee owner. Therefore, the compensation for this proposed easement is nominal and given a value of $500 in accordance with the Cal Trans ROW Manual. 598

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
Legal Description — Permanent Construction Easement

THAT PORTION OF LOT I OF TRACT MAP No. 9191. AS SHOWN BY MAP ON FILE IN BOOK 379. PAGE 8 THROUGH 9 INCLUSIVE OF MISCELLANEOUS MAPS, RECORDS OF ORANGE COUNTY. MORE PARTICULARLY DESCRIBED AS FOLLOWS; BEGINNING AT THE NORTHWEST CORNER OF SAID LOT 1. SAID POINT ALSO

BEING ON THE EASTERLY LINE OF RANCID SAN JUAN CAJON DE SANTA ANA AS SHOWN ON SAID MAP;
THENCE ALONG THE NORT1IERI.Y LINT: OF SAID LOT I. SOUTH 67°24'57" EAST, A DISTANCE OF 2.77 FEET;
THENCE LEAVING SAID NORTHERLY LINE. SOUTH 1113`15" WEST. A DISTANCE OF 9,35 FEET TO A POINT IN THE WESTERLY LINE OF SAID LOT 1 AND THE EASTERLY LINE OF SAID RANCHO. SAW POINT ALSO BEING LOCATED SOUTH 3°23'36" EAST ALONG SAID WESTERLY LINE. A DISTANCE OF 10.73 FEET FROM THE POINT OF BEGINNING:
•PIENCE Al ONG SAID WESTERLY LINE OF LOT I AND SAID EASTERLY RANCHO LINE, 'P°2316' WEST. A DISTANCE OF 10.75 TO TILE POINT OF BEGINNING.

C'O AINS 1336 SF MORE OR LESS_
VINCENT G. K1.EPPE LS 7181 DATE
PREPARED FOR AND ON BEHALF OF THE PRI# 1 GROUP
P: TP 17117- 04/AS NT/17-0O5 PCE EASEMENT )-doc
599

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PROPERTY ADVISORS
Plat Map: Permanent Bridge Easement

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
ID,O. B,
0 .9C.CZ-EO N
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40 Scala 1' - 40 ft
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INOC ATES PROPOSED
E AsEMfNT (73.,16 !F)
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DIRECTION
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N b 24'57' IN

2.77'
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9,85'
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7719-400

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
Legal Description — Temporary Construction Easement

THAT PORTION OF LOT I OF TRACT MAP No. 9192, AS SHOWN BY MAP ON FILE IN BOOK 379, PAGE 8 THROUGH 9 INCLUSIVE OF MISCELLANEOUS MAPS, RECORDS OF ORANGE COUNTY, MORE: PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT THE NORTHWEST CORNER OF SAID LOT I. SAID POINT ALSO

BEING ON THE EASTERLY LINE OF RANCIIO SAN JUAN CAPON DE SANTA ANA AS SHOWN ON SAID MAP;
THENCE ALONG THE NORTHERLY LINE OF SAID LOT I, SOUTH 17°24'57- EAST. A DISTANCE OF 8.52 FEET:

THENCE LEAVING SAID NORTHERLY LINE, SOUTH 9°]5'44' WEST, A DISTANCE OF

3.06 FEET TO A PONT EN THE WESTERLY LINE OF SAID LOT I AND THE EASTERLY LINE OF SAID RANCHO. SAID POINT ALSO BEING LOCATED SOUTH 3°23'36" EAST ALONG SAID WESTERLY LINE, A DISTANCE OF 36.92 FEET FROM THE POINT OF BEGINNING;

THENCE ALONG SAID WESTERLY LINE OF LOT I AND SAID EASTERLY RANCHO LINE, NORTH 3°2]'36" WEST, A DISTANCE OF 36.92 TO THE POINT OF BEGINNING.

CONTAINS 141.3# SF MORE OR LESS,
C -!- i1
INTENT C�. E LS 7 I S I DATE

PREPARED FOR AND ON BEHALF OF THE PRIZM GROUP
P: TPCN 17117-0{f5/EASEMENT/I 7-005 TCE EASEMENT E.
601

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PROPERTY ADVISORS
Plat Map: Temporary Construction Easement

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
•
0 40
Sca la Il - #0 F!
t
LINE TABLE:
01 T
MM./NEE
N {7. 24'57' 1w

9.52'
CD
P 07,5'44" E

34.0`
1il X23'36* w

36.02'
J ORANGE CXPAI r FL WO

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EASEILIENT

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PROPERTY ADVISORS
Photographs of Proposed Acquisitions

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
VIEW OF EASEMENT Areas along access road looking south
The temporary construction easement and fee taking are located along the asphalt paved road and left slight berm at the beginning of the property line which is located to the left of the access road when the wooden fencing and retaining wall transitions to chain link fencing and shrubbery beyond.
604

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PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
VIEW OF easement Areas from road (Golden Avenue)
605

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PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
VIEW OF existing Bridge looking West (subject located left) 606

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
Effects of the Acquisition on the Subject Remainder Parcel The purpose of this section is to value the remainder parcel after the acquisition as a stand-alone parcel, analyzing the effects of the acquisition. The area taken is small and is not expected to impact the remainder site upon completion. Historical marketing of the subject property has given a site area of the usable area exclusive of the gross area that includes the flood control easement.

Analysis of Severance Damages & Benefits
Severance damage is a loss in value to the remaining property after acquisition and construction in the manner proposed. Severance damages are valued by an appraisal of the remainder as a portion of the total property in the before condition and as a remainder in the after condition (disregarding the benefits of the construction project). The remainder is considered damaged if worth less after the project construction because of a legally compensable reason.

After taking the portions of the property described in the prior section, we concluded that there will be no adverse impact to the property as a whole. All take areas are outside the physical improvement (fence/wall) of the property. Effectively, there will be no change in drainage or grade to the remainder property. Access, visibility and parking will also remain the same. The improvement project will replace or put the improvements back in a manner similar to their current state. Thus, it is our opinion that the subject remainder property will not be negatively impacted by the acquisition of the part taken or the construction of the project improvements. Therefore, it is concluded that there is no severance damages to the subject property.

Benefits are also valued by appraising the remainder both before, and after, the taking. Benefits are offset against any severance damages. There will be no change in either the drainage or grade level of the remainder property. Traffic flow is expected to improve with the proposed improvement project, but this is considered a benefit to the community at large, as well as to the subject.

Therefore, considering all aspects of the taking and the proposed project, we have concluded that there are no benefits to the subject remainder property.

Value of Remainder in After Condition
Considering the analysis of severance damages and benefits the value of remainder in the after condition is concluded at $849,377. Our value conclusions are summarized in a table on the following page. It should be noted that the difference between the before and after condition is nominal and the calculation shown here is solely mathematical. Market value of the larger parcel and actions by buyers and sellers would reflect the net (usable) area of the site. 607

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Value Conclusions

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT
Shown below is a summary of value conclusions of this report and a fair market value of the proposed acquisitions. The definition of value market value used is from the California Code of Civil Procedure for eminent domain purposes. These conclusions are subject to the assumptions and limiting conditions included at the end of this report and the extraordinary assumptions and hypothetical conditions described previously. A summary of the valuations performed is located in the table below.

Value Type Value Premise
Value Perspective
Interest Appraised Effective Date
Market Value
Market Value
Market Value
Proposed Acquisition
Proposed Acquisition
As If Vacant
Current
Current
Current
Permanent Bridge Easement
Temporary Construction Easement
Underlying Land
4/2/2024
4/2/2024
4/2/2024
Nominal Value
The acquisition of easements within the subject larger parcel obliges the property owner to review project information and execute specific documents. As a part of the process of transferring property rights to the acquiring agency and necessary due diligence, the property owner may incur costs seeking consultation with various professionals to confirm the taking is in fact nominal. With these factors in mind, it is the appraisers' opinion that the value for the proposed acquisitions would be equal to a "nominal value", which is defined by the Appraisal Institute as "that amount of money necessary to affect a transfer of title to property where the property has no recognized independent use." The nominal valuation as defined by Cal -Trans was rounded at $5,00 for the proposed permanent bridge easement and $500 for the temporary construction easement.

Valuation Summary
Component
Value
Conclusions
Market Value of
Acquisition
Value of Larger Parcel in Before Condition - Land Only
Permanent Property Rights
Value of Part Taken - Land (13.36 SF)
Site Improvements
Value of Part Taken - Building Improvements
Total Value of Permanent Property Taken
Severance / Benefits
Severance Damages
Less Benefits
Net Severance Damages
Value of Remainder in After Condition - Land Only
Temporary Property Rights
Temporary Construction Easement (141.3 SF)
$849,420
$43
$0
$0
$43 $500 - Nominal
$0
$0
$0
$849,377
$0 $500 - Nominal
Fair Market Value (Parts Taken, Severance Damages/Benefits) $1,000 - Nominal 608

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Definitions

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

DEFINITIONS
Market Value
"(a) The fair market value of the property taken is the highest price on the date of valuation that would be agreed to by a seller, being willing to sell but under no particular or urgent necessity for so doing, nor obliged to sell, and a buyer, being ready, willing, and able to buy but under no particular necessity for so doing, each dealing with the other with full knowledge of all the uses and purposes for which the property is reasonably adaptable and available.
(b) The fair market value of property taken for which there is no relevant market is its value on the date of valuation as determined by any method of valuation that is just and equitable." 9
Just Compensation
Larger Parcel
"In condemnation, the amount of loss for which a property owner is compensated when his or her property is taken; should put the owner in as good a position pecuniary as he or she would be if the property had not been taken; generally held to be market value, but courts have refused to rule that it is always equivalent to market value." 1°
"In condemnation, the portion of a property that has unity of ownership, contiguity, and unity of use, the three conditions that establish the larger parcel for the consideration of severance damages in most states. In federal and some states cases, however, contiguity is sometimes subordinated to unitary use." 11 Partial Taking
"The taking of part of any real property interest for public use under the power of eminent domain; requires the payment of compensation." 12 Remainder
"In eminent domain condemnation, that portion of the larger parcel the property remaining in the ownership of the property owner after a partial taking." 13 'California Code of Civil Procedure, Section 1263.320
10 The Dictionary of Real Estate Appraisal, Appraisal Institute, Seventh Edition 11 Ibid
12 Ibid
13 Ibid
609

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{{ };. PROPERTY ADVISORS
Damages

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

DEFINITIONS
"In condemnation, the loss in value to the remainder in a partial taking of property.

Generally the difference between the value of the whole property before the taking and the value of the remainder after the taking is the measure of the value of the part taken and the damages to the remainder. Note that different regions of the country and different courts may use terms such as consequential damages and severance damages differently." 14
Property Rights Appraised
A "fee simple estate" is defined as "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." Tenants in Common
Title to property held by two or more persons, in which, each has an "undivided interest" in the property and have an equal right to use the property, even if the percentage interests are not equal or the living spaces are different sizes. There is no "right of survivorship" if one of the tenants dies, and each interest may be separately sold, mortgaged or willed to another.
14 The Dictionary of Real Estate Appraisal, Appraisal Institute, Seventh Edition 610

UPDATED
¢g� aMER,r
7 First American Title
Guarantee
CLTA Guarantee Form No. 28 -
Condition of Title

ISSUED BY
First American Title Insurance Company

GUARANTEE NUMBER
5026900-7015734

SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE GUARANTEE CONDITIONS ATTACHED HERETO AND MADE A PART OF THIS GUARANTEE.

FIRST AMERICAN TITLE INSURANCE COMPANY
a Nebraska corporation, herein called the Company

GUARANTEES
against loss or damage not exceeding the Amount of Liability stated in Schedule A sustained by the Assured by reason of any incorrectness in the Assurances set forth in Schedule A

FIRST AMERICAN TITLE INSURANCE COMPANY
By:

By:

Kenneth D. DeGiorgio, President
Authorized Countersignature
By:

Lisa W. Cornehl, Secretary
This jacket was created electronically and constitutes an original document © California Land Title Association. All rights reserved. The use of this Form is restricted to CLTA subscribers in good standing as of the date of use.

All other uses prohibited. Reprinted under license or express permission from the California Land Title Association.

Form 5026900
1-29-15
Pac
e 1 of 8
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14
611

EXCLUSIONS FROM COVERAGE
Except as expressly provided by the assurances in Schedule A, the Company assumes no liability for loss or damage by reason of the following:
(a) Defects, liens, encumbrances, adverse claims or other matters against the title to any property beyond the
lines of the Land.
(b) Defects, liens, encumbrances, adverse claims or other matters , whether or not shown by the Public Records
(1) that are created, suffered, assumed or agreed to
by one or more of the Assureds; or, (2) that result in
no loss to the Assured.
(c) Defects, liens, encumbrances, adverse claims or other matters not shown by the Public Records.
(d) The identity of any party shown or referred to in any of the schedules of this Guarantee.
(e) The validity, legal effect or priority of any matter shown or referred to in any of the schedules of this Guarantee. (f) (1) Taxes or assessments of any taxing authority that levies taxes or assessments on real property; or, (2)
proceedings by a public agency which may result in
taxes or assessments, or notices of such proceedings,
whether or not the matters excluded under (1) or (2)
are shown by the records of the taxing authority or by
the Public Records.
(1) Unpatented mining claims; (2) reservations or
exceptions in patents or in Acts authorizing the issuance thereof; (3) water rights, claims or title to water,
whether or not the matters excluded under (1), (2) or
(3) are shown by the Public Records.
(g)

GUARANTEE CONDITIONS

1. Definition of Terms.

The following terms when used in the Guarantee mean:
a. the "Assured": the party or parties named as the
Assured in Schedule A, or on a supplemental writing
executed by the Company.
b. "Land": the Land described or referred to in Schedule A, and improvements affixed thereto which by law
constitute real property. The term "Land" does not
include any property beyond the lines of the area
described or referred to in Schedule A, nor any right,
title, interest, estate or easement in abutting streets, roads, avenues, alleys, lanes, ways or waterways.
c. "Mortgage": mortgage, deed of trust, trust deed, or
other security instrument.
d. "Public Records": those records established under
California statutes at Date of Guarantee for the
purpose of imparting constructive notice of matters
relating to real property to purchasers for value and
without knowledge.
e. "Date of Guarantee": the Date of Guarantee set forth in Schedule A.
f. "Amount of Liability": the Amount of Liability as stated in Schedule A.

2. Notice of Claim to be Given by Assured.

The Assured shall notify the Company promptly in writing in case knowledge shall come to an Assured of any
assertion of facts, or claim of title or interest that is contrary to the assurances set forth in Schedule A and that might cause loss or damage for which the Company may
be liable under this Guarantee. If prompt notice shall not be given to the Company, then all liability of the Company shall terminate with regard to the matter or matters for which prompt notice is required; provided, however, that failure to notify the Company shall in no case prejudice by the failure and then only to the extent of the prejudice.

3. No Duty to Defend or Prosecute.

The Company shall have no duty to defend or prosecute
any action or proceeding to which the Assured is a party, notwithstanding the nature of any allegation in such action or proceeding.

4. Company's Option to Defend or Prosecute Actions;
Duty of Assured to Cooperate.

Even though the Company has no duty to defend or
prosecute as set forth in Paragraph 3 above:
a. The Company shall have the right, at its sole option and cost, to institute and prosecute any action or
proceeding, interpose a defense, as limited in Paragraph 4 (b), or to do any other act which in its opinion may be necessary or desirable to establish the correctness of
the assurances set forth in Schedule A or to prevent or reduce loss or damage to the Assured. The Company
may take any appropriate action under the terms of this Guarantee, whether or not it shall be liable hereunder, and shall not thereby concede liability or waive any
provision of this Guarantee. If the Company shall
exercise its rights under this paragraph, it shall do so diligently.
b. If the Company elects to exercise its options as stated in Paragraph 4(a) the Company shall have the right to
select counsel of its choice (subject to the right of the Assured to object for reasonable cause) to represent the Assured and shall not be liable for and will not pay the fees of any other counsel, nor will the Company pay any fees, costs or expenses incurred by an Assured in the
defense of those causes of action which allege matters
not covered by this Guarantee.
c. Whenever the Company shall have brought an action or interposed a defense as permitted by the provisions of
this Guarantee, the Company may pursue any litigation
to final determination by a court of competent
jurisdiction and expressly reserves the right, in its sole discretion, to appeal from an adverse judgment or
order.
d. In all cases where this Guarantee permits the Company to prosecute or provide for the defense of any action or proceeding, the Assured shall secure to the Company
the right to so prosecute or provide for the defense of any action or proceeding, and all appeals therein, and
permit the Company to use, at its option, the name of
such Assured for this purpose. Whenever requested by
Form 5026900 (1-29-15)

CLTA Guarantee Form No. 28 - Condition of Title (Rev. 6-5-14) 612

GUARANTEE CONDITIONS (Continued)
the Company, the Assured, at the Company's expense,
shall give the Company all reasonable aid in any action or proceeding, securing evidence, obtaining witnesses,
prosecuting or defending the action or lawful act which in the opinion of the Company may be necessary or desirable to establish the correctness of the assurances set forth in Schedule A to prevent or reduce loss or damage to the
Assured. If the Company is prejudiced by the failure of the Assured to furnish the required cooperation, the Company's obligations to the Assured under the Guarantee shall
terminate.

5. Proof of Loss or Damage.
a. In the event the Company is unable to determine the
amount of loss or damage, the Company may, at its
option, require as a condition of payment that the
Assured furnish a signed proof of loss. The proof of
loss must describe the defect, lien, encumbrance, or
other matter that constitutes the basis of loss or
damage and shall state, to the extent possible, the
basis of calculating the amount of the loss or damage.
b. In addition, the Assured may reasonably be required
to submit to examination under oath by any
authorized representative of the Company and shall
produce for examination, inspection and copying, at
such reasonable times and places as may be
designated by any authorized representative of the
Company, all records, books, ledgers, checks,
correspondence and memoranda, whether bearing a
date before or after Date of Guarantee, which
reasonably pertain to the loss or damage. Further, if
requested by any authorized representative of the
Company, the Assured shall grant its permission, in
writing, for any authorized representative of the
Company to examine, inspect and copy all records,
books, ledgers, checks, correspondence and
memoranda in the custody or control of a third party,
which reasonably pertain to the loss or damage. All
information designated as confidential by the Assured
provided to the Company pursuant to this paragraph
shall not be disclosed to others unless, in the
reasonable judgment of the Company, it is necessary
in the administration of the claim. Failure of the
Assured to submit for examination under oath,
produce other reasonably requested information or
grant permission to secure reasonable necessary
information from third parties, as required in the
above paragraph, unless prohibited by law or
governmental regulation, shall terminate any liability
of the Company under this Guarantee to the Assured
for that claim.

6. Options to Pay or Otherwise Settle Claims:

Termination of Liability.

In case of a claim under this Guarantee, the
Company shall have the following additional
options:
a. To pay or tender payment of the Amount of Liability
together with any costs, attorneys' fees, and expenses
incurred by the Assured that were authorized by the
Company up to the time of payment or tender of
payment and that the Company is obligated to pay.
b. To pay or otherwise settle with the Assured any claim assured against under this Guarantee. In addition, the
Company will pay any costs, attorneys' fees, and
expenses incurred by the Assured that where authorized
by the Company up to the time of payment or tender of
payment and that the Company is obligated to pay; or
c. To pay or otherwise settle with other parties for the loss or damage provided for under this Guarantee, together
with any costs, attorneys' fees, and expenses incurred
by the Assured that were authorized by the Company up
to the time of payment and that the Company is
obligated to pay.

Upon the exercise by the Company of either of the options provided for in 6 (a), (b) or (c) of this paragraph the Company's obligations to the Assured under this Guarantee for the claimed loss or damage, other than the payments required to be made, shall terminate, including any duty to continue any and all litigation initiated by the Company pursuant to Paragraph 4.

7. Limitation Liability.
a. This Guarantee is a contract of Indemnity against actual monetary loss or damage sustained or incurred by the
Assured claimant who has suffered loss or damage by
reason of reliance upon the assurances set forth in
Schedule A and only to the extent herein described, and subject to the Exclusions From Coverage of This
Guarantee.
b. If the Company, or the Assured under the direction of the Company at the Company's expense, removes the
alleged defect, lien, or encumbrance or cures any other matter assured against by this Guarantee in a
reasonably diligent manner by any method, including
litigation and the completion of any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or
damage caused thereby.
c. In the event of any litigation by the Company or with the Company's consent, the Company shall have no
liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals therefrom.
d. The Company shall not be liable for loss or damage to the Assured for liability voluntarily assumed by the
Assured in settling any claim or suit without the prior written consent of the Company.

8. Reduction of Liability or Termination of Liability.

All payments under this Guarantee, except payments made for costs, attorneys' fees and expenses pursuant to
Paragraph 4 shall reduce the Amount of Liability under this Guarantee pro tanto.

9. Payment of Loss.
a. No payment shall be made without producing this
Guarantee for endorsement of the payment unless the
Guarantee has been lost or destroyed, in which case
proof of loss or destruction shall be furnished to the
satisfaction of the Company.
b. When liability and the extent of loss or damage has
been definitely fixed in accordance with these
Conditions, the loss or damage shall be payable within
thirty (30) days thereafter.

Form 5026900
1-29-15
Pace 3 of 8
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14
613

GUARANTEE CONDITIONS (Continued)

10. Subrogation Upon Payment or Settlement.

Whenever the Company shall have settled and paid a claim under this Guarantee, all right of subrogation shall vest in the Company unaffected by any act of the Assured
claimant.

The Company shall be subrogated to and be entitled to all rights and remedies which the Assured would have had
against any person or property in respect to the claim had this Guarantee not been issued. If requested by the
Company, the Assured shall transfer to the Company all
rights and remedies against any person or property
necessary in order to perfect this right of subrogation. The Assured shall permit the Company to sue, compromise or
settle in the name of the Assured and to use the name of the Assured in any transaction or litigation involving these rights or remedies.

If a payment on account of a claim does not fully cover the loss of the Assured the Company shall be subrogated to all rights and remedies of the Assured after the Assured shall have recovered its principal, interest, and costs of
collection.

11. Arbitration.

Either the Company or the Assured may demand that the
claim or controversy shall be submitted to arbitration
pursuant to the Title Insurance Arbitration Rules of the American Land Title Association ("Rules"). Except as
provided in the Rules, there shall be no joinder or
consolidation with claims or controversies of other persons.

Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the
Assured arising out of or relating to this Guarantee, any service of the Company in connection with its issuance or the breach of a Guarantee provision, or to any other
controversy or claim arising out of the transaction giving rise to this Guarantee. All arbitrable matters when the amount of liability is $2,000,000 or less shall be arbitrated at the option of either the Company or the Assured. All arbitrable matters when the amount of liability is in excess of $2,000,000 shall be arbitrated only when agreed to by both the Company and the Assured. Arbitration pursuant to this Guarantee and under the Rules shall be binging upon the parties. Judgment upon the aware rendered by the
Arbitrator(s) may be entered in any court of competent
jurisdiction.

12. Liability Limited to This Guarantee; Guarantee
Entire Contract.
a. This Guarantee together with all endorsements, if any, attached hereto by the Company is the entire
Guarantee and contract between the Assured and the
Company. In interpreting any provision of this
Guarantee, this Guarantee shall be construed as a
whole.
b. Any claim of loss or damage, whether or not based on negligence, or any action asserting such claim, shall
be restricted to this Guarantee.
c. No amendment of or endorsement to this Guarantee
can be made except by a writing endorsed hereon or
attached hereto signed by either the President, a Vice
President, the Secretary, an Assistant Secretary, or
validating officer or authorized signatory of the
Company.

13. Severability.

In the event any provision of this Guarantee, in whole or in part, is held invalid or unenforceable under applicable law, the Guarantee shall be deemed not to include that provision or such part held to be invalid, but all other provisions shall remain in full force and effect.

14. Choice of Law; Forum.
a. Choice of Law: The Assured acknowledges the Company
has underwritten the risks covered by this Guarantee
and determined the premium charged therefor in
reliance upon the law affecting interests in real property and applicable to the interpretation, rights, remedies, or enforcement of Guaranties of the jurisdiction where the Land is located.

Therefore, the court or an arbitrator shall apply the law of the jurisdiction where the Land is located to
determine the validity of claims that are adverse to the Assured and to interpret and enforce the terms of this
Guarantee. In neither case shall the court or arbitrator apply its conflicts of law principles to determine the
applicable law.
b. Choice of Forum: Any litigation or other proceeding
brought by the Assured against the Company must be
filed only in a state or federal court within the United State of America or its territories having appropriate
jurisdiction.

15. Notices, Where Sent.

All notices required to be given the Company and any
statement in writing required to be furnished the Company shall include the number of this Guarantee and shall be addressed to the Company at First American Title
Insurance Company, Attn: Claims National Intake
Center, 5 First American Way, Santa Ana, California
92707. Phone: 888-632-1642
([email protected]).

Form 5026900
1-29-15
Pace 4 of 8
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14
614

First American Title
Schedule A
CLTA Guarantee Form No. 28 -
Condition of Title

ISSUED BY
First American Title Insurance Company

GUARANTEE NUMBER
5026900-7015734
File No.: 7015734
Guarantee No. 7015734
Amount of Liability: $2,500.00
Date of Guarantee:January 10, 2024 at 7:30 A.M. Fee: $400.00

1. Name of Assured:

City of Placentia

2. The estate or interest in the Land which is covered by this Guarantee is:

FEE

3. The Land referred to in this Guarantee is described as follows:

Real property in the City of Yorba Linda, County of Orange, State of California, described as follows:

LOT 1 OF TRACT NO. 9192 IN THE CITY OF YORBA LINDA, COUNTY OF ORANGE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 379, PAGES 8 AND 9 OF MISCELLANEOUS MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID ORANGE COUNTY.

APN: 334-011-35

4. ASSURANCES:

According to the Public Records as of the Date of Guarantee, a. Title to the estate or interest in the Land is vested in:

John D. Gaddis and Allison Gaddis, husband and wife as Joint Tenants b. Title to the estate or interest is subject to defects, liens, or encumbrances shown in Schedule B which are not necessarily shown in the order of their priority.

Form 5026900
1-29-15
Pac
e 5 of 8
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14)i
615

a M E a
Schedule B
First American Title
CLTA Guarantee Form No. 28 -
Condition of Title

ISSUED BY
First American Title Insurance Company

GUARANTEE NUMBER
5026900-7015734
File No.: 7015734

1. General and special taxes and assessments for the fiscal year 2024-2025, a lien not yet due or payable.

2. General and special taxes and assessments for the fiscal year 2023-2024.

First Installment:

Penalty:

Second Installment:

Penalty:

Tax Rate Area:

A. P. No.:
$5,476.65, PAID
$0.00
$5,476.65, OPEN
$0.00
25-036
334-011-35

3. The lien of supplemental taxes, if any, assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code.

4. Covenants, conditions and restrictions in the document recorded in Book 251 of Deeds, Page 236, but deleting any covenant, condition, or restriction, if any, indicating a preference, limitation, or discrimination based on race, color, religion, sex, gender, gender identity, gender expression, sexual orientation, familial status, marital status, disability, handicap, veteran or military status, genetic information, national origin, source of income as defined in subdivision (p) of Section 12955, or ancestry, to the extent that such covenants, conditions or restrictions violate applicable state or federal laws. Lawful restrictions under state and federal law on the age of occupants in senior housing or housing for older persons shall not be construed as restrictions based on familial status.

Document(s) declaring modifications thereof recorded JUNE 12, 1934 as BOOK 630, PAGE 263 of Official Records.

5. An easement for ENACT, CONSTRUCT, REPAIR AND MAINTAIN CHECK DAMS ALONG THE STREAM

KNOWN AS SOQUEL WASH, TOGETHER WITH THE RIGHT OF INGRESS AND EGRESS TO AND OVER

THE PREMISES ADJACENT TO OR COTERMINOUS WITH THE STREAM OR CREEK BED FOR CERTAIN and incidental purposes in the document recorded SEPTEMBER 15, 1938 as BOOK 958, PAGE 427 of Official Records.

6. An easement for FLOOD CONTROL AND CHANNEL and
recorded as BOOK 5451, PAGE 332 of Official Records.

7. An easement for UNDERGROUND LINES and incidental
11847, PAGE 566 of Official Records.

8. An easement for UNDERGROUND LINES and incidental
11902, PAGE 726 of Official Records.
incidental purposes in the document
purposes in the document recorded as BOOK
purposes in the document recorded as BOOK
Form 5026900
1-29-15
Pace 6 of 8
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14
616

9. An easement for TEMPORARY CONSTRUCTION AND ACCESS and incidental purposes in the document recorded JULY 07, 2020 as INSTRUMENT NO. 20-319630 of Official Records.

The effect of a deed dated NOVEMBER 14, 2023, executed by CITY OF PLACENTIA, A MUNICIPAL CORPORATION AND CHARTER CITY to JOHN D. GADDIS AND ALLISON GADDIS, HUSBAND AND WIFE AS JOINT TENANTS, recorded NOVEMBER 15, 2023 as INSTRUMENT NO. 23-280058 AND RE- RECORDED NOVEMBER 21, 2023 AS INSTRUMENT NO. 23-291204 AND RE-RECORDED DECEMBER 07, 2023 AS INSTRUMENT NO. 23-302557, BOTH of Official Records.

10. A deed of trust to secure an original indebtedness of $735,000.00 recorded MAY 06, 2021 as INSTRUMENT NO. 21-304139 OF OFFICIAL RECORDS.

Dated: MAY 03, 2021
Trustor: JOHN D GADDIS AND ALLISON GADDIS, HUSBAND AND

WIFE AS JOINT TENANTS
Trustee: QUALITY LOAN SERVICE CORPORATION
Beneficiary: MORTGAGE ELECTRONIC REGISTRATION SYSTEMS, INC.

LENDER: HOME POINT FINANCIAL CORPORATION

11. A financing statement recorded FEBRUARY 24, 2022 as INSTRUMENT NO. 22-73861 OF OFFICIAL RECORDS.

Debtor:

Secured party:

JOHN GADDIS AND ALLISON GADDIS

SUNPOWER CAPITAL SERVICES, LLC
The solar energy system, if any, located on the Land.

12. A deed of trust to
INSTRUMENT NO.

Dated:

Trustor:

Trustee:

Beneficiary:
secure an original indebtedness of $250,000.00 recorded JUNE 08, 2022 as 22-207771 OF OFFICIAL RECORDS.

MAY 24, 2022
JOHN D. GADDIS AND ALLISON GADDIS, HUSBAND AND

WIFE AS JOINT TENANTS

SCHOOLSFIRST FEDERAL CREDIT UNION, A FEDERAL

CREDIT UNION

SCHOOLSFIRST FEDERAL CREDIT UNION, A FEDERAL

CREDIT UNION
The above deed of trust states that it secures an equity line/revolving line of credit. Prior to the payment and suspension of the equity line/revolving line of credit, an instruction to suspend and close the equity line/revolving line of credit pursuant to CA Civil Code Section 2943.1 must be executed by the borrower.

13. The new lender, if any, for this transaction may be a Non -Institutional Lender. If so, the Company will require the Deed of Trust to be signed before a First American approved notary.

Form 5026900
1-29-15
Pac
e 7 of 8
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14
617

First American Title'
Illegal Restrictive Covenants
First American Title Company
4 First American Way
Santa Ana, CA 92707
Please be advised that any provision contained in this document, or in a document that is attached, linked, or referenced in this document, that under applicable law illegally discriminates against a class of individuals based upon personal characteristics such as race, color, religion, sex, sexual orientation, gender identity, familial status, disability, national origin, or any other legally protected class, is illegal and unenforceable by law.

Form 5026900
1-29-15
Pace 8 of 8
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14
618

Your Rights Under TITLE VI
This leaflet is designed to notify you of the requirements of Title VI of the Civil Rights Act of 1964 and your rights under those requirements.

WHAT IS TITLE VI?
Title VI is a statute provision of the Civil Rights Act of 1964. President John F. Kennedy referred to Title VI as "Simple Justice — requiring that [all] public funds to which taxpayers of all races contribute not be spent in any fashion which encourages, entrenches, subsidizes or results in racial discrimination."
Title VI (Sec. 601) of the Civil Rights Act of 1964 provides that:
"No person in the United States shall, on the grounds of race, color, or national origin, be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any program or activity receiving Federal financial assistance." (42 USC Sec. 2000d)
Additionally, Executive Order 12898, Federal Actions to Address Environmental Justice in Minority Populations and Low -Income Populations, 1994 provides that:
"Each Federal agency shall make achieving environmental justice part of its mission by identifying and addressing, as appropriate, disproportionately high and adverse human health or environmental effects of its programs, policies, and activities on minority populations and low-income populations."
WHAT DOES THIS MEAN?
This means utilization of and access to all departmental programs, services or benefits derived from any City of Placentia activity will be administered without regard to race, color, or national origin.

The City of Placentia will not tolerate discrimination by its employees or sub -recipients of Federal funds. The City of Placentia prohibits all discriminatory practices, which may result in:
➢ Denial to an individual of any service, financial aid or benefit provided under the program to which he or she may otherwise be entitled
➢ Different standards or requirements for participation ➢ Segregation or separate treatment in any part of a program ➢ Distinctions in quality, quantity, or manner in which a benefit is provided 619

➢ Discrimination in any activities conducted in a facility built in whole or part with Federal funds
To ensure compliance with Title VI and the Presidential Executive Order on Environmental Justice, the City of Placentia will:
➢ Avoid, minimize, or mitigate disproportionately high and adverse human health and environmental effects, including social and economic effects, on minority populations and low-income populations
➢ Prevent the denial of, reduction in, or significant delay in the receipt of benefits by minority and low-income populations

BENEFITS AND SERVICES
All of the work the City of Placentia performs is intended to assist the transportation needs of all people regardless of race, color, national origin and /or socio-economic status.

WHO BEARS RESPONSIBILITY TO TITLE VI?
All City of Placentia employees, and its functional programs ARE YOUR RIGHTS BEING VIOLATED?
All recipients of the City of Placentia services are entitled to fair and equal benefits and services. If you believe your rights have been violated, on the basis of discrimination, because of your race, color, or national origin, you may file a written complaint with the City of Placentia. The address and telephone number of the office is:

City Hall
401 E. Chapman Avenue
Placentia, CA 92870
Phone: 714-993-8117
620

ACQUISITION

HANDBOOK
City of Placentia

PLACENTIA
Rich Heritage, Bri.ght Future
621

TABLE OF CONTENTS
PAGE
WHY IS MY PROPERTY REQUIRED? 1

WHAT RIGHT DOES THE CITY OF PLACENTIA HAVE TO ACQUIRE MY PROPERTY? 1
WHO MAKES THE DECISION TO BUY MY PROPERTY? 1

HOW WILL THE CITY OF PLACENTIA DETERMINE HOW MUCH TO OFFER ME FOR MY PROPERTY? 1
WHAT IS FAIR MARKET VALUE? 2

HOW DOES AN APPRAISER DETERMINE THE FAIR MARKET VALUE OF MY PROPERTY? 2
WILL I HAVE A CHANCE TO TALK TO THE APPRAISER? 2

ONCE THE CITY OF PLACENTIA DETERMINES THAT CERTAIN RIGHTS ON

MY PROPERTY IS NECESSARY FOR A PUBLIC PROJECT, HOW SOON WILL THE CITY OF PLACENTIA GIVE ME A WRITTEN PURCHASE OFFER? 2

WHAT IS IN THE CITY OF PLACENTIA STATEMENT OF THE BASIS FOR ITS DETERMINATION OF JUST COMPENSATION? 3
CAN I GET MY OWN APPRAISAL? 3
MUST I ACCEPT THE CITY OF PLACENTIA INITIAL OFFER? 4
MAY I HAVE SOMEONE REPRESENT ME DURING NEGOTIATIONS? 4

IF I AGREE TO ACCEPT THE CITY OF PLACENTIA 'S OFFER, HOW SOON WILL I BE PAID? 4

WHAT HAPPENS IF I DO NOT AGREE TO THE FINAL PURCHASE OFFER BY THE CITY OF PLACENTIA ? 5
622

WHAT HAPPENS IF MY PROPERTY IS CONDEMNED? 5
WHAT IS AN ORDER OF POSSESSION? 5
WILL I HAVE TO PAY ANY SETTLEMENT COSTS? 6

MAY I KEEP ANY OF THE BUILDINGS OR OTHER IMPROVEMENTS ON MY PROPERTY? 6
CAN THE CITY OF PLACENTIA ACQUIRE ONLY A PART OF MY PROPERTY? 7

WILL I HAVE TO PAY RENT TO THE CITY OF PLACENTIA AFTER MY PROPERTY IS ACQUIRED? 7
HOW SOON MUST I MOVE? 7
AM I ENTITLED TO RECOVER LOSS OF BUSINESS GOODWILL? 8
I AM A VETERAN, HOW ABOUT MY GI LOAN? 8
MY PROPERTY IS WORTH MORE NOW THAN WHEN I BOUGHT IT. MUST I PAY CAPITAL GAINS TAX ON THE INCREASE? 8
WHAT IF I HAVE OTHER QUESTIONS ABOUT THE PROCESS? 8

LOSS OF BUSINESS GOODWILL CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 1263.510 - 1263.530 8
623

WHY IS MY PROPERTY REQUIRED?
The City of Placentia , as the Lead Agency, has determined that an interest in your property may be required for construction and operation of the ATP Maricopa Highway Improvement Project ("Project").

WHAT RIGHT DOES THE CITY OF PLACENTIA HAVE TO ACQUIRE MY PROPERTY?
Every public agency has certain powers that are necessary for it to operate effectively. For example, States have the power to levy taxes and the power to maintain order. Another power is the power to acquire private property for public purposes. This is known as the power of eminent domain.

The rights of each of us are protected by the Fifth and Fourteenth Amendments of the U.S.

Constitution, the State Constitution and eminent domain laws which guarantee that if a public agency takes private property it must pay "just compensation" to the owner.

Further, under the California Government Code and Title 25 of the California Code of Regulations, the owner has additional protections, some of which are explained in this brochure.

WHO MAKES THE DECISION TO BUY MY PROPERTY?
The decision to acquire specific property for a public project usually involves many persons and many decisions. The final decision to proceed with a project is made by The City of Placentia City Council after a thorough review that includes public hearings to obtain the views of interested citizens.

If you have any questions about the Project or the possible selection of your property for acquisition, you should contact a representative of the City of Placentia .

HOW WILL THE CITY OF PLACENTIA DETERMINE HOW MUCH TO
OFFER ME FOR MY PROPERTY?
Before making you an offer, the City of Placentia will obtain an appraisal of your property. A qualified, licensed, professional appraiser who is familiar with local property values will prepare the appraisal. The appraiser will inspect your property and state his or her professional opinion of its current fair market value in an appraisal report.

The City of Placentia is required to offer you "just compensation" for any rights needed on your property. This amount cannot be less than the fair market value of 1 624

your property, as determined by the City of Placentia on the basis of its approved appraisal.

WHAT IS FAIR MARKET VALUE?
The fair market value of real property being taken for a public project is the highest price on the date of valuation that would be agreed to by a seller, being willing to sell but under no particular or urgent necessity for so doing, nor obliged to sell, and a buyer, being ready, willing, and able to buy but under no particular necessity for so doing, each dealing with the other with full knowledge of all the uses and purposes for which the property is reasonably adaptable and available.

HOW DOES AN APPRAISER DETERMINE THE FAIR MARKET VALUE OF MY PROPERTY?
Each parcel of real property is different and therefore no single formula can be devised to appraise all properties. Among the factors an appraiser typically considers in estimating the value of real property are:
• How it compares with similar properties in the area that have been sold recently. • How much it would cost to reproduce the buildings and other structures, less any depreciation.
• How much rental income it could produce after expenses and how investors typically value that income.

WILL I HAVE A CHANCE TO TALK TO THE APPRAISER?
YES. You should have been -- or will be -- contacted and given the opportunity to accompany the appraiser on the inspection of your property. You may then inform the appraiser of any special features that you believe may add to the value of your property. It is in your best interest to provide the appraiser with all the useful information you can in order to insure that nothing of allowable value will be overlooked. If you prefer, you may designate a representative for this purpose.

ONCE THE CITY OF PLACENTIA DETERMINES THAT CERTAIN

RIGHTS ON MY PROPERTY IS NECESSARY FOR A PUBLIC PROJECT,

HOW SOON WILL THE CITY OF PLACENTIA GIVE ME A WRITTEN
PURCHASE OFFER?
The timing of a purchase offer depends on the following factors:
• The amount of work required to appraise your property; • The availability of funding; and
2 625

• Possible project delays caused by factors outside the control of the City of Placentia .

Typically, when there are no funding issues or other project delay factors, you can expect a written purchase offer within 60 days of completion of the appraisal. The appraisal for business or industrial property can take several months to complete due to the much greater complexity involved.

The City of Placentia will give you a written offer to acquire your property for the full amount determined to be just compensation, and it will do so promptly. Along with the offer you will receive a written statement explaining the basis for the determination of just compensation. Whenever possible, the purchase offer will be personally delivered.

WHAT IS IN THE CITY OF PLACENTIA STATEMENT OF THE BASIS FOR ITS DETERMINATION OF JUST COMPENSATION?
The City of Placentia statement of the basis for its determination of just compensation will be provided to you with the written purchase offer. Among other things, this statement will include:
• The recognized definition of the term "fair market value" or the equivalent term. • The date of valuation, highest and best use, and applicable zoning of property. • An accurate description of the property to be acquired. • A list of the improvements covered by the offer.
• The principal transactions, reproduction or replacement cost analysis, or capitalization analysis, supporting the determination of value. • The amount of the offer.
• Where appropriate, the just compensation for the real property acquired and for damages to remaining real property shall be separately stated and shall include the calculations and narrative explanation supporting the compensation, including any offsetting benefits.
• An indication that the offer does not reflect any relocation payments or other relocation assistance that you may receive under other regulations.

CAN I GET MY OWN APPRAISAL?
YES. Pursuant to the California Code of Civil Procedure Section 1263.025 should you elect to obtain an independent appraisal, the City of Placentia will pay for the actual reasonable costs up to $5,000 subject to the following conditions:
3 626

• You may order your own independent appraisal. Should you enter into a contract with the selected appraiser, the City of Placentia will not be a party to the contract. • The appraiser you select must be licensed with the California State Office of Real Estate Appraisers (OREA).
• At the time the City of Placentia makes its offer to you, it will offer to pay you the reasonable cost, not to exceed $5,000, of the cost of your independent appraisal. • Appraisal cost reimbursement requests should be made in writing and submitted to the City of Placentia . In order to verify the cost and reasonableness, copies of the appraisal contract (if a contract was made), and an invoice for the completed work by the appraiser should be provided to the City of Placentia concurrent with submission of the appraisal cost reimbursement request.

MUST I ACCEPT THE CITY OF PLACENTIA INITIAL OFFER?
NO. You are entitled to present evidence as to the amount you believe is the fair market value of your property, and to make suggestions for changing the terms and conditions of the offer. The City of Placentia will make reasonable efforts to consider and respond to your evidence and suggestions. If justified by the available evidence, the City of Placentia may make a revised offer.

MAY I HAVE SOMEONE REPRESENT ME DURING NEGOTIATIONS?
YES. You may have an attorney or anyone else represent you during your negotiations with the City of Placentia . The City of Placentia is not responsible for paying the costs of any such representation.

IF I AGREE TO ACCEPT THE CITY OF PLACENTIA 'S OFFER, HOW SOON WILL I BE PAID?
If the parties reach an agreement for the purchase of your property and title to the property is free and clear, payment will be made at a mutually acceptable time. Generally, you can expect to be paid in about ninety (90) days after the City of Placentia signs the Purchase Agreement. If the title evidence indicates that further action is necessary to clear any liens or encumbrances or to demonstrate ownership, payment may be delayed until such issues are addressed.
4 627

WHAT HAPPENS IF I DO NOT AGREE TO THE FINAL PURCHASE OFFER BY THE CITY OF PLACENTIA ?
If you and the City of Placentia are unable to reach an agreement through negotiations, formal eminent domain (condemnation) proceedings to acquire the property may be instituted, or the City of Placentia may choose not to acquire the property. In the latter case, the City of Placentia will give you notice of its decision as provided by law.

WHAT HAPPENS IF MY PROPERTY IS CONDEMNED?
The power of eminent domain may only be exercised if: (1) the public interest and necessity require the project; (2) the project is planned or located in the manner that will be most compatible with the greatest public good and the least private injury; (3) the property sought to be acquired is necessary for the project; and (4) an offer required by California Government Code section 7267.2 has been made to the owner of record or the offer has not been made because the owner cannot be located with reasonable diligence. Eminent domain proceedings are often referred to as condemnation actions. A condemnation action may only be filed after the adoption of a Resolution of Necessity by the condemning party's City of Placentia City Council. Such resolution must be adopted at a public hearing, of which the owner(s) of the property will receive written notice at least 15 days in advance of the hearing. After the hearing, assuming the above factors have been substantiated and determined, a condemnation suit can be filed.

During the condemnation action, you will be provided an opportunity to introduce your evidence as to the value of your property. The condemning party will have the same right.

After hearing the evidence of all parties, the court or a jury will determine the amount of just compensation to which you are entitled.

In the State of California, a property owner and condemning party have a constitutional right to have a jury determine the value of the property in question. If the owner and the condemning party decide to waive their right to a jury trial, a judge can determine just compensation.

To help you in presenting your case in a condemnation proceeding, you may wish to consider employing an attorney and an appraiser. However, the costs of these professional services and other costs that you incur in presenting your case to the court are your responsibility unless the court orders that you are to be reimbursed for your litigation expenses.

WHAT IS AN ORDER OF POSSESSION?
An order of possession is a process within a condemnation action that allows the City of Placentia to have the possession of your property prior to a negotiated settlement or an award of just compensation in court. This procedure is
5 628

used typically where the possession of your property is necessary to accomplish timely construction of the project for which your property is being acquired.

To obtain an order of possession, the City of Placentia must deposit with the court an amount not less than its appraisal of the fair market value of the property. Ordinarily, the owner or lessees are then permitted to withdraw their share of this amount, LESS any amounts necessary to pay off any mortgage or other liens on the property and sums necessary to resolve any special ownership problems. A withdrawal of the deposit by the property owner results in a waiver by the owner of the ability to challenge the authority's right to take the property, but does not waive the owner's right to seek additional compensation. Early withdrawal of your share of the money will not affect your right to seek additional compensation for your property. Should the negotiated settlement or court award exceed the amount deposited by the City of Placentia , you will be paid the difference plus any interest and costs as provided by law.

WILL I HAVE TO PAY ANY SETTLEMENT COSTS?
If you and the City of Placentia enter into an agreement for sale of your property, you will not be responsible for the reasonable and necessary costs of:
• Escrow fees, recording fees, transfer taxes and any similar expenses that are incidental to transfer ownership to the City of Placentia . • Penalty costs and other charges necessary to permit prepayment of an earlier recorded mortgage on the property that was entered into in good faith. • Real property taxes covering the period after the City of Placentia acquires your property.

Escrow or the City of Placentia will identify these items in a Preliminary Closing Statement or equivalent to be given to you at the time of settlement. Ordinarily, if you have paid any of these expenses yourself, you will be repaid at that time. If you later discover other costs for which you should be repaid, you should request repayment from the City of Placentia after the acquisition.

If there are loans or other liens and encumbrances against the property, you will be responsible for paying them from the purchase price being paid to you by the City of Placentia .

MAY I KEEP ANY OF THE BUILDINGS OR OTHER IMPROVEMENTS ON MY PROPERTY?
Sometimes improvements may exist on a property, which are not required by the City of Placentia . If you wish to keep any of the improvements, please let your Acquisition Agent know as soon as possible.
6 629

If you do arrange to keep any improvement(s), the City of Placentia will deduct its salvage value from the purchase price you would otherwise receive. (The salvage value of an item is its probable selling price if offered for sale on the condition that the buyer will remove it at his or her own expense.) If you arrange to keep any improvement pertaining to the property, you will not be entitled to receive a relocation payment for the cost of moving it to a new location.

CAN THE CITY OF PLACENTIA ACQUIRE ONLY A PART OF MY
PROPERTY?
YES. But, if the purchase of only a part of your property reduces the value of the remaining part(s), you must be paid for the loss in value (offset by any benefits accruing to the remainder resulting from the new public improvements). Also, under those circumstances, if any remaining part would have little or no utility or value to you, the City of Placentia will offer to buy that remaining part if you so desire.

WILL I HAVE TO PAY RENT TO THE CITY OF PLACENTIA AFTER MY PROPERTY IS ACQUIRED?
If you (or your tenant) wish to remain in the property after acquisition for a short term or for a period subject to termination by the City of Placentia on short notice, you will be required to sign a rental agreement or similar document. The rent will not exceed the lesser of the fair rental value of the property to a short-term occupier or the prorated portion of the fair rental value for a typical rental period.

Many of the property acquisitions required for this project will not require relocation of businesses or residences. Any requirement for relocation will be expressly written in the offer to purchase.

HOW SOON MUST I MOVE?
If you reach a voluntary agreement to sell your property, you cannot be required to move before you receive the agreed purchase price. In the case of a condemnation, you cannot be required to move before the court issues an order of possession. Before such an order can be issued, the estimated fair market value of the property must be deposited with the court so that you can withdraw your share.

Every reasonable effort will be made to give you ample time to relocate after the acquisition of your property. In most cases, a mutually satisfactory arrangement can be worked out.

You cannot be required to move without at least 90 days advance written notice of the date by which your move is required. In addition, if you are being displaced from your residence, a decent, safe and sanitary replacement property must be available before you can be required to move.
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AM I ENTITLED TO RECOVER LOSS OF BUSINESS GOODWILL?
The offer of compensation made by the City of Placentia does not include any consideration for loss of business goodwill, which may be claimed by an owner of a business if one is being conducted on the property or on the remainder if the property being acquired is part of a larger parcel. A copy of sections of the California Code of Civil Procedure relating to such claim for loss of goodwill is also enclosed for your information on page 8 of this brochure.

I AM A VETERAN, HOW ABOUT MY GI LOAN?
After your GI home mortgage loan has been repaid, you will be permitted to obtain another GI loan to purchase another property. Check on such arrangements with your nearest VA office.

MY PROPERTY IS WORTH MORE NOW THAN WHEN I BOUGHT IT. MUST I PAY CAPITAL GAINS TAX ON THE INCREASE?
In most cases when the City of Placentia acquires real property by condemnation or under the threat of condemnation, the property owner may defer the payment of Federal capital gains taxes on profit from the sale under certain circumstances.

Internal Revenue Service (IRS) Publication 544, "Sales and Other Dispositions of Assets" is available from the IRS. It explains how the Federal income tax would apply to a gain or loss resulting from the condemnation of real property or its sale under the threat of condemnation for public purposes.

To fully understand the income tax consequences relating to the condemnation of your property, you should consult with your personal tax advisor.

WHAT IF I HAVE OTHER QUESTIONS ABOUT THE PROCESS?
Contact the right of way acquisition firm listed on your Notice of Decision to Appraise letter. They will answer your questions and provide any needed additional information.

LOSS OF BUSINESS GOODWILL

CALIFORNIA CODE OF CIVIL PROCEDURE
SECTION 1263.510 -1263.530
1263.510. (a) The owner of a business conducted on the property taken, or on the remainder if such property is part of a larger parcel, shall be compensated for loss of goodwill if the owner proves all of the following:
8 631

(1) The loss is caused by the taking of the property or the injury to the remainder.
(2) The loss cannot reasonably be prevented by a relocation of the business or by taking steps and adopting procedures that a reasonably prudent person would take and adopt in preserving the goodwill.
(3) Compensation for the loss will not be included in payments under Section 7262 of the Government Code.
(4) Compensation for the loss will not be duplicated in the compensation otherwise awarded to the owner.
(b) Within the meaning of this article, "goodwill" consists of the benefits that accrue to a business as a result of its location, reputation for dependability, skill or quality, and any other circumstances resulting in probable retention of old or acquisition of new patronage.
(c) If the public entity and the owner enter into a leaseback agreement pursuant to Section 1263.615, the following shall apply:
(1) No additional goodwill shall accrue during the lease. (2) The entering of a leaseback agreement shall not be a factor in determining goodwill. Any liability for goodwill shall be established and paid at the time of acquisition of the property by eminent domain or subsequent to notice that the property may be taken by eminent domain. 1263.520. The owner of a business who claims compensation under this article shall make available to the court, and the court shall, upon such terms and conditions as will preserve their confidentiality, make available to the plaintiff, the state tax returns of the business for audit for confidential use solely for the purpose of determining the amount of compensation under this article. Nothing in this section affects any right a party may otherwise have to discovery or to require the production of documents, papers, books, and accounts.
1263.530. Nothing in this article is intended to deal with compensation for inverse condemnation claims for temporary interference with or interruption of business. 9 632

Form
(Rev. March 2024)
Department of the Treasury
Internal Revenue Service
Request for Taxpayer
Identification Number and Certification
Go to www.irs.gov/FormW9 for instructions and the latest information.

Give form to the
requester. Do not
send to the IRS.

Before you begin. For guidance related to the purpose of Form W-9, see Purpose of Form, below.

Print or type.

See Specific Instructions on page 3.
1 Name of entity/individual. An entry is required. (For a sole proprietor or disregarded entity, enter the owner's name on line 1, and enter the business/disregarded entity's name on line 2.)
2 Business name/disregarded entity name, if different from above. 3a Check the appropriate box for federal tax classification of the entity/individual whose name is entered on line 1. Check only one of the following seven boxes.
4 Exemptions (codes apply only to
certain entities, not individuals;
see instructions on page 3):

Exempt payee code (if any)
Individual/sole proprietor C corporation S corporation Partnership Trust/estate
. .

LLC. Enter the tax classification (C = C corporation, S = S corporation, P = Partnership) . .

Note: Check the "LLC" box above and, in the entry space, enter the appropriate code (C, S, or P) classification of the LLC, unless it is a disregarded entity. A disregarded entity should instead check box for the tax classification of its owner.
for the tax
the appropriate
Exemption from Foreign Account Tax
Compliance Act (FATCA) reporting
code (if any)
• Other (see instructions)
3b If on line 3a you checked "Partnership" or "Trust/estate," or checked "LLC" and entered "P" as its tax and you are providing this form to a partnership, trust, or estate in which you have an ownership interest, this box if you have any foreign partners, owners, or beneficiaries. See instructions classification,
check
(Applies to accounts maintained
PP
outside the United States.)
5 Address (number, street, and apt. or suite no.). See instructions.

Requester's name and address (optional)
6 City, state, and ZIP code
7 List account number(s) here (optional)
Part I Taxpayer Identification Number (TIN)
Enter your TIN in the appropriate box. The TIN provided must match the name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the instructions for Part I, later. For other entities, it is your employer identification number (EIN). If you do not have a number, see How to get a TIN, later.

Note: If the account is in more than one name, see the instructions for line 1. See also What Name and Number To Give the Requester for guidelines on whose number to enter.

Part II
Social security number
or
Employer identification number
Certification
Under penalties of perjury, I certify that:

1. The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me); and

2. I am not subject to backup withholding because (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and

3. I am a U.S. citizen or other U.S. person (defined below); and

4. The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct.

Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply. For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement arrangement (IRA), and, generally, payments other than interest and dividends, you are not required to sign the certification, but you must provide your correct TIN. See the instructions for Part II, later.

Sign
Here
Signature of
U.S. person
Date
General Instructions
Section references are to the Internal Revenue Code unless otherwise noted.

Future developments. For the latest information about developments related to Form W-9 and its instructions, such as legislation enacted after they were published, go to www.irs.gov/FormW9 .

What's New
Line 3a has been modified to clarify how a disregarded entity completes this line. An LLC that is a disregarded entity should check the appropriate box for the tax classification of its owner. Otherwise, it should check the "LLC" box and enter its appropriate tax classification.

New line 3b has been added to this form. A flow -through entity is required to complete this line to indicate that it has direct or indirect foreign partners, owners, or beneficiaries when it provides the Form W-9 to another flow -through entity in which it has an ownership interest. This change is intended to provide a flow -through entity with information regarding the status of its indirect foreign partners, owners, or beneficiaries, so that it can satisfy any applicable reporting requirements. For example, a partnership that has any indirect foreign partners may be required to complete Schedules K-2 and K-3. See the Partnership Instructions for Schedules K-2 and K-3 (Form 1065).

Purpose of Form
An individual or entity (Form W-9 requester) who is required to file an information return with the IRS is giving you this form because they Cat. No. 10231X
Form W-9 (Rev. 3-2024)
633

Form W-9 (Rev. 3-2024) Page 2
must obtain your correct taxpayer identification number (TIN), which may be your social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN), to report on an information return the amount paid to you, or other amount reportable on an information return. Examples of information returns include, but are not limited to, the following.
• Form 1099-INT (interest earned or paid).
• Form 1099-DIV (dividends, including those from stocks or mutual funds).
• Form 1099-MISC (various types of income, prizes, awards, or gross proceeds).
• Form 1099 -NEC (nonemployee compensation).
• Form 1099-B (stock or mutual fund sales and certain other transactions by brokers).
• Form 1099-S (proceeds from real estate transactions). • Form 1099-K (merchant card and third -party network transactions). • Form 1098 (home mortgage interest), 1098-E (student loan interest), and 1098-T (tuition).
• Form 1099-C (canceled debt).
• Form 1099-A (acquisition or abandonment of secured property).

Use Form W-9 only if you are a U.S. person (including a resident alien), to provide your correct TIN.

Caution: If you don't return Form W-9 to the requester with a TIN, you might be subject to backup withholding. See What is backup withholding, later.

By signing the filled -out form, you:

1. Certify that the TIN you are giving is correct (or you are waiting for a number to be issued);

2. Certify that you are not subject to backup withholding; or

3. Claim exemption from backup withholding if you are a U.S. exempt payee; and

4. Certify to your non -foreign status for purposes of withholding under chapter 3 or 4 of the Code (if applicable); and

5. Certify that FATCA code(s) entered on this form (if any) indicating that you are exempt from the FATCA reporting is correct. See What Is FATCA Reporting, later, for further information.

Note: If you are a U.S. person and a requester gives you a form other than Form W-9 to request your TIN, you must use the requester's form if it is substantially similar to this Form W-9.

Definition of a U.S. person. For federal tax purposes, you are considered a U.S. person if you are:
• An individual who is a U.S. citizen or U.S. resident alien; • A partnership, corporation, company, or association created or organized in the United States or under the laws of the United States; • An estate (other than a foreign estate); or
• A domestic trust (as defined in Regulations section 301.7701-7).

Establishing U.S. status for purposes of chapter 3 and chapter 4 withholding. Payments made to foreign persons, including certain distributions, allocations of income, or transfers of sales proceeds, may be subject to withholding under chapter 3 or chapter 4 of the Code (sections 1441-1474). Under those rules, if a Form W-9 or other certification of non -foreign status has not been received, a withholding agent, transferee, or partnership (payor) generally applies presumption rules that may require the payor to withhold applicable tax from the recipient, owner, transferor, or partner (payee). See Pub. 515, Withholding of Tax on Nonresident Aliens and Foreign Entities.

The following persons must provide Form W-9 to the payor for purposes of establishing its non -foreign status.
• In the case of a disregarded entity with a U.S. owner, the U.S. owner of the disregarded entity and not the disregarded entity. • In the case of a grantor trust with a U.S. grantor or other U.S. owner, generally, the U.S. grantor or other U.S. owner of the grantor trust and not the grantor trust.
• In the case of a U.S. trust (other than a grantor trust), the U.S. trust and not the beneficiaries of the trust.

See Pub. 515 for more information on providing a Form W-9 or a certification of non -foreign status to avoid withholding.

Foreign person. If you are a foreign person or the U.S. branch of a foreign bank that has elected to be treated as a U.S. person (under Regulations section 1.1441-1(b)(2)(iv) or other applicable section for chapter 3 or 4 purposes), do not use Form W-9. Instead, use the appropriate Form W-8 or Form 8233 (see Pub. 515). If you are a qualified foreign pension fund under Regulations section 1.897(1)-1(d), or a partnership that is wholly owned by qualified foreign pension funds, that is treated as a non -foreign person for purposes of section 1445 withholding, do not use Form W-9. Instead, use Form W-8EXP (or other certification of non -foreign status).

Nonresident alien who becomes a resident alien. Generally, only a nonresident alien individual may use the terms of a tax treaty to reduce or eliminate U.S. tax on certain types of income. However, most tax treaties contain a provision known as a saving clause. Exceptions specified in the saving clause may permit an exemption from tax to continue for certain types of income even after the payee has otherwise become a U.S. resident alien for tax purposes.

If you are a U.S. resident alien who is relying on an exception contained in the saving clause of a tax treaty to claim an exemption from U.S. tax on certain types of income, you must attach a statement to Form W-9 that specifies the following five items.

1. The treaty country. Generally, this must be the same treaty under which you claimed exemption from tax as a nonresident alien.

2. The treaty article addressing the income.

3. The article number (or location) in the tax treaty that contains the saving clause and its exceptions.

4. The type and amount of income that qualifies for the exemption from tax.

5. Sufficient facts to justify the exemption from tax under the terms of the treaty article.

Example. Article 20 of the U.S.-China income tax treaty allows an exemption from tax for scholarship income received by a Chinese student temporarily present in the United States. Under U.S. law, this student will become a resident alien for tax purposes if their stay in the United States exceeds 5 calendar years. However, paragraph 2 of the first Protocol to the U.S.-China treaty (dated April 30, 1984) allows the provisions of Article 20 to continue to apply even after the Chinese student becomes a resident alien of the United States. A Chinese student who qualifies for this exception (under paragraph 2 of the first Protocol) and is relying on this exception to claim an exemption from tax on their scholarship or fellowship income would attach to Form W-9 a statement that includes the information described above to support that exemption.

If you are a nonresident alien or a foreign entity, give the requester the appropriate completed Form W-8 or Form 8233.

Backup Withholding
What is backup withholding? Persons making certain payments to you must under certain conditions withhold and pay to the IRS 24% of such payments. This is called "backup withholding." Payments that may be subject to backup withholding include, but are not limited to, interest, tax-exempt interest, dividends, broker and barter exchange transactions, rents, royalties, nonemployee pay, payments made in settlement of payment card and third -party network transactions, and certain payments from fishing boat operators. Real estate transactions are not subject to backup withholding.

You will not be subject to backup withholding on payments you receive if you give the requester your correct TIN, make the proper certifications, and report all your taxable interest and dividends on your tax return.

Payments you receive will be subject to backup withholding if:

1. You do not furnish your TIN to the requester;

2. You do not certify your TIN when required (see the instructions for Part II for details);

3. The IRS tells the requester that you furnished an incorrect TIN;

4. The IRS tells you that you are subject to backup withholding because you did not report all your interest and dividends on your tax return (for reportable interest and dividends only); or

5. You do not certify to the requester that you are not subject to backup withholding, as described in item 4 under "By signing the filled - out form" above (for reportable interest and dividend accounts opened after 1983 only).
634

Form W-9 (Rev. 3-2024) Page 3
Certain payees and payments are exempt from backup withholding.

See Exempt payee code, later, and the separate Instructions for the Requester of Form W-9 for more information.

See also Establishing U.S. status for purposes of chapter 3 and chapter 4 withholding, earlier.

What Is FATCA Reporting?
The Foreign Account Tax Compliance Act (FATCA) requires a participating foreign financial institution to report all U.S. account holders that are specified U.S. persons. Certain payees are exempt from FATCA reporting. See Exemption from FATCA reporting code, later, and the Instructions for the Requester of Form W-9 for more information.

Updating Your Information
You must provide updated information to any person to whom you claimed to be an exempt payee if you are no longer an exempt payee and anticipate receiving reportable payments in the future from this person. For example, you may need to provide updated information if you are a C corporation that elects to be an S corporation, or if you are no longer tax exempt. In addition, you must furnish a new Form W-9 if the name or TIN changes for the account, for example, if the grantor of a grantor trust dies.

Penalties
Failure to furnish TIN. If you fail to furnish your correct TIN to a requester, you are subject to a penalty of $50 for each such failure unless your failure is due to reasonable cause and not to willful neglect.

Civil penalty for false information with respect to withholding. If you make a false statement with no reasonable basis that results in no backup withholding, you are subject to a $500 penalty.

Criminal penalty for falsifying information. Willfully falsifying certifications or affirmations may subject you to criminal penalties including fines and/or imprisonment.

Misuse of TINs. If the requester discloses or uses TINs in violation of federal law, the requester may be subject to civil and criminal penalties.

Specific Instructions
Line 1
You must enter one of the following on this line; do not leave this line blank. The name should match the name on your tax return.

If this Form W-9 is for a joint account (other than an account maintained by a foreign financial institution (FFI)), list first, and then circle, the name of the person or entity whose number you entered in Part I of Form W-9. If you are providing Form W-9 to an FFI to document a joint account, each holder of the account that is a U.S. person must provide a Form W-9.
• Individual. Generally, enter the name shown on your tax return. If you have changed your last name without informing the Social Security Administration (SSA) of the name change, enter your first name, the last name as shown on your social security card, and your new last name.

Note for ITIN applicant: Enter your individual name as it was entered on your Form W-7 application, line 1 a. This should also be the same as the name you entered on the Form 1040 you filed with your application. • Sole proprietor. Enter your individual name as shown on your Form 1040 on line 1. Enter your business, trade, or "doing business as" (DBA) name on line 2.
• Partnership, C corporation, S corporation, or LLC, other than a disregarded entity. Enter the entity's name as shown on the entity's tax return on line 1 and any business, trade, or DBA name on line 2. • Other entities. Enter your name as shown on required U.S. federal tax documents on line 1. This name should match the name shown on the charter or other legal document creating the entity. Enter any business, trade, or DBA name on line 2.
• Disregarded entity. In general, a business entity that has a single owner, including an LLC, and is not a corporation, is disregarded as an entity separate from its owner (a disregarded entity). See Regulations section 301.7701-2(c)(2). A disregarded entity should check the appropriate box for the tax classification of its owner. Enter the owner's name on line 1. The name of the owner entered on line 1 should never be a disregarded entity. The name on line 1 should be the name shown on the income tax return on which the income should be reported. For example, if a foreign LLC that is treated as a disregarded entity for U.S. federal tax purposes has a single owner that is a U.S. person, the U.S. owner's name is required to be provided on line 1. If the direct owner of the entity is also a disregarded entity, enter the first owner that is not disregarded for federal tax purposes. Enter the disregarded entity's name on line 2. If the owner of the disregarded entity is a foreign person, the owner must complete an appropriate Form W-8 instead of a Form W-9. This is the case even if the foreign person has a U.S. TIN.

Line 2
If you have a business name, trade name, DBA name, or disregarded entity name, enter it on line 2.

Line 3a
Check the appropriate box on line 3a for the U.S. federal tax classification of the person whose name is entered on line 1. Check only one box on line 3a.

IF the entity/individual on line 1
is a(n) . . .

THEN check the box for . ..
• Corporation
Corporation.
• Individual or
• Sole proprietorship
Individual/sole proprietor.
• LLC classified as a partnership
for U.S. federal tax purposes or
• LLC that has filed Form 8832 or
2553 electing to be taxed as a
corporation
Limited liability company and
enter the appropriate tax
classification:

P = Partnership,
C = C corporation, or
S = S corporation.
• Partnership
Partnership.
• Trust/estate
Trust/estate.

Line 3b
Check this box if you are a partnership (including an LLC classified as a partnership for U.S. federal tax purposes), trust, or estate that has any foreign partners, owners, or beneficiaries, and you are providing this form to a partnership, trust, or estate, in which you have an ownership interest. You must check the box on line 3b if you receive a Form W-8 (or documentary evidence) from any partner, owner, or beneficiary establishing foreign status or if you receive a Form W-9 from any partner, owner, or beneficiary that has checked the box on line 3b.

Note: A partnership that provides a Form W-9 and checks box 3b may be required to complete Schedules K-2 and K-3 (Form 1065). For more information, see the Partnership Instructions for Schedules K-2 and K-3 (Form 1065).

If you are required to complete line 3b but fail to do so, you may not receive the information necessary to file a correct information return with the IRS or furnish a correct payee statement to your partners or beneficiaries. See, for example, sections 6698, 6722, and 6724 for penalties that may apply.

Line 4 Exemptions
If you are exempt from backup withholding and/or FATCA reporting, enter in the appropriate space on line 4 any code(s) that may apply to you.

Exempt payee code.
• Generally, individuals (including sole proprietors) are not exempt from backup withholding.
• Except as provided below, corporations are exempt from backup withholding for certain payments, including interest and dividends. • Corporations are not exempt from backup withholding for payments made in settlement of payment card or third -party network transactions. • Corporations are not exempt from backup withholding with respect to attorneys' fees or gross proceeds paid to attorneys, and corporations that provide medical or health care services are not exempt with respect to payments reportable on Form 1099-MISC.

The following codes identify payees that are exempt from backup withholding. Enter the appropriate code in the space on line 4. 1 —An organization exempt from tax under section 501(a), any IRA, or a custodial account under section 403(b)(7) if the account satisfies the requirements of section 401(f)(2).
635

Form W-9 (Rev. 3-2024)

2 —The United States or any of its agencies or instrumentalities. 3—A state, the District of Columbia, a U.S. commonwealth or territory, or any of their political subdivisions or instrumentalities. 4—A foreign government or any of its political subdivisions, agencies, or instrumentalities.
5—A corporation.
6—A dealer in securities or commodities required to register in the United States, the District of Columbia, or a U.S. commonwealth or territory.
7—A futures commission merchant registered with the Commodity Futures Trading Commission.
8—A real estate investment trust.
9 —An entity registered at all times during the tax year under the Investment Company Act of 1940.
10—A common trust fund operated by a bank under section 584(a). 11—A financial institution as defined under section 581. 12—A middleman known in the investment community as a nominee or custodian.
13—A trust exempt from tax under section 664 or described in section 4947.

The following chart shows types of payments that may be exempt from backup withholding. The chart applies to the exempt payees listed above, 1 through 13.

IF the payment is for . ..

THEN the payment is exempt
for...
• Interest and dividend payments
All exempt payees except
for 7.
• Broker transactions
Exempt payees 1 through 4 and 6
through 11 and all C corporations.

S corporations must not enter an
exempt payee code because they
are exempt only for sales of
noncovered securities acquired
prior to 2012.
• Barter exchange transactions
and patronage dividends
Exempt payees 1 through 4.
• Payments over $600 required to
be reported and direct sales over
$5,0001
Generally, exempt payees
1 through 5.2
• Payments made in settlement of
payment card or third -party
network transactions
Exempt payees 1 through 4.
1 See Form 1099-MISC, Miscellaneous Information, and its instructions. 2 However, the following payments made to a corporation and reportable on Form 1099-MISC are not exempt from backup withholding: medical and health care payments, attorneys' fees, gross proceeds paid to an attorney reportable under section 6045(f), and payments for services paid by a federal executive agency.

Exemption from FATCA reporting code. The following codes identify payees that are exempt from reporting under FATCA. These codes apply to persons submitting this form for accounts maintained outside of the United States by certain foreign financial institutions. Therefore, if you are only submitting this form for an account you hold in the United States, you may leave this field blank. Consult with the person requesting this form if you are uncertain if the financial institution is subject to these requirements. A requester may indicate that a code is not required by providing you with a Form W-9 with "Not Applicable" (or any similar indication) entered on the line for a FATCA exemption code.

A —An organization exempt from tax under section 501(a) or any individual retirement plan as defined in section 7701(a)(37).

B —The United States or any of its agencies or instrumentalities.

C —A state, the District of Columbia, a U.S. commonwealth or territory, or any of their political subdivisions or instrumentalities.

D —A corporation the stock of which is regularly traded on one or more established securities markets, as described in Regulations section 1.1472-1(c)(1)(i).

E —A corporation that is a member of the same expanded affiliated group as a corporation described in Regulations section 1.1472-1(c)(1)(i).

F —A dealer in securities, commodities, or derivative financial instruments (including notional principal contracts, futures, forwards, and options) that is registered as such under the laws of the United States or any state.

G —A real estate investment trust.

H —A regulated investment company as defined in section 851 or an entity registered at all times during the tax year under the Investment Company Act of 1940.

I —A common trust fund as defined in section 584(a).

J —A bank as defined in section 581.

K —A broker.

L —A trust exempt from tax under section 664 or described in section 4947(a)(1).

M —A tax-exempt trust under a section 403(b) plan or section 457(g) plan.

Note: You may wish to consult with the financial institution requesting this form to determine whether the FATCA code and/or exempt payee code should be completed.

Line 5
Enter your address (number, street, and apartment or suite number).

This is where the requester of this Form W-9 will mail your information returns. If this address differs from the one the requester already has on file, enter "NEW" at the top. If a new address is provided, there is still a chance the old address will be used until the payor changes your address in their records.

Line 6
Enter your city, state, and ZIP code.

Part I. Taxpayer Identification Number (TIN)
Enter your TIN in the appropriate box. If you are a resident alien and you do not have, and are not eligible to get, an SSN, your TIN is your IRS ITIN. Enter it in the entry space for the Social security number. If you do not have an ITIN, see How to get a TIN below.

If you are a sole proprietor and you have an EIN, you may enter either your SSN or EIN.

If you are a single -member LLC that is disregarded as an entity separate from its owner, enter the owner's SSN (or EIN, if the owner has one). If the LLC is classified as a corporation or partnership, enter the entity's EIN.

Note: See What Name and Number To Give the Requester, later, for further clarification of name and TIN combinations.

How to get a TIN. If you do not have a TIN, apply for one immediately.

To apply for an SSN, get Form SS -5, Application for a Social Security Card, from your local SSA office or get this form online at www.SSA.gov . You may also get this form by calling 800-772-1213. Use Form W-7, Application for IRS Individual Taxpayer Identification Number, to apply for an ITIN, or Form SS -4, Application for Employer Identification Number, to apply for an EIN. You can apply for an EIN online by accessing the IRS website at www.irs.gov/EIN . Go to www.irs.gov/Forms to view, download, or print Form W-7 and/or Form SS -4. Or, you can go to www.irs.gov/OrderForms to place an order and have Form W-7 and/or Form SS -4 mailed to you within 15 business days.

If you are asked to complete Form W-9 but do not have a TIN, apply for a TIN and enter "Applied For" in the space for the TIN, sign and date the form, and give it to the requester. For interest and dividend payments, and certain payments made with respect to readily tradable instruments, you will generally have 60 days to get a TIN and give it to the requester before you are subject to backup withholding on payments. The 60 -day rule does not apply to other types of payments.

You will be subject to backup withholding on all such payments until you provide your TIN to the requester.

Note: Entering "Applied For" means that you have already applied for a TIN or that you intend to apply for one soon. See also Establishing U.S. status for purposes of chapter 3 and chapter 4 withholding, earlier, for when you may instead be subject to withholding under chapter 3 or 4 of the Code.

Caution: A disregarded U.S. entity that has a foreign owner must use the appropriate Form W-8.
636

Form W-9 (Rev. 3-2024) Page 5
Part II. Certification
To establish to the withholding agent that you are a U.S. person, or resident alien, sign Form W-9. You may be requested to sign by the withholding agent even if item 1, 4, or 5 below indicates otherwise.

For a joint account, only the person whose TIN is shown in Part I should sign (when required). In the case of a disregarded entity, the person identified on line 1 must sign. Exempt payees, see Exempt payee code, earlier.

Signature requirements. Complete the certification as indicated in items 1 through 5 below.

1. Interest, dividend, and barter exchange accounts opened before 1984 and broker accounts considered active during 1983.

You must give your correct TIN, but you do not have to sign the certification.

2. Interest, dividend, broker, and barter exchange accounts opened after 1983 and broker accounts considered inactive during 1983. You must sign the certification or backup withholding will apply. If you are subject to backup withholding and you are merely providing your correct TIN to the requester, you must cross out item 2 in the certification before signing the form.

3. Real estate transactions. You must sign the certification. You may cross out item 2 of the certification.

4. Other payments. You must give your correct TIN, but you do not have to sign the certification unless you have been notified that you have previously given an incorrect TIN. "Other payments" include payments made in the course of the requester's trade or business for rents, royalties, goods (other than bills for merchandise), medical and health care services (including payments to corporations), payments to a nonemployee for services, payments made in settlement of payment card and third -party network transactions, payments to certain fishing boat crew members and fishermen, and gross proceeds paid to attorneys (including payments to corporations).

5. Mortgage interest paid by you, acquisition or abandonment of secured property, cancellation of debt, qualified tuition program payments (under section 529), ABLE accounts (under section 529A), IRA, Coverdell ESA, Archer MSA or HSA contributions or
distributions, and pension distributions. You must give your correct TIN, but you do not have to sign the certification.

What Name and Number To Give the Requester
For this type of account:

Give name and SSN of:

1. Individual

2. Two or more individuals (joint account)
other than an account maintained by
an FFI

3. Two or more U.S. persons
(joint account maintained by an FFI)

4. Custodial account of a minor
(Uniform Gift to Minors Act)

5. a. The usual revocable savings trust
(grantor is also trustee)
b. So-called trust account that is not
a legal or valid trust under state law

6. Sole proprietorship or disregarded
entity owned by an individual

7. Grantor trust filing under Optional
Filing Method 1 (see Regulations
section 1.671-4(b)(2)(i)(A))**
The individual
The actual owner of the account or,
if combined funds, the first individual
on the account'
Each holder of the account
The minor2
The grantor -trustee'
The actual owner'
The owner3
The grantor*
For this type of account:

Give name and EIN of:

8. Disregarded entity not owned by an
individual

9. A valid trust, estate, or pension trust

10. Corporation or LLC electing corporate
status on Form 8832 or Form 2553

11. Association, club, religious, charitable,
educational, or other tax-exempt
organization

12. Partnership or multi -member LLC

13. A broker or registered nominee

14. Account with the Department of
Agriculture in the name of a public
entity (such as a state or local
government, school district, or prison)
that receives agricultural program
payments

15. Grantor trust filing Form 1041 or
under the Optional Filing Method 2,
requiring Form 1099 (see Regulations
section 1.671-4(b)(2)(i)(B))**
The owner
Legal entity4
The corporation
The organization
The partnership
The broker or nominee
The public entity
The trust
'List first and circle the name of the person whose number you furnish.

If only one person on a joint account has an SSN, that person's number must be furnished.
2Circle the minor's name and furnish the minor's SSN.
3You must show your individual name on line 1, and enter your business or DBA name, if any, on line 2. You may use either your SSN or EIN (if you have one), but the IRS encourages you to use your SSN. 4 List first and circle the name of the trust, estate, or pension trust. (Do not furnish the TIN of the personal representative or trustee unless the legal entity itself is not designated in the account title.) * Note: The grantor must also provide a Form W-9 to the trustee of the trust.
** For more information on optional filing methods for grantor trusts, see the Instructions for Form 1041.

Note: If no name is circled when more than one name is listed, the number will be considered to be that of the first name listed.

Secure Your Tax Records From Identity Theft
Identity theft occurs when someone uses your personal information, such as your name, SSN, or other identifying information, without your permission to commit fraud or other crimes. An identity thief may use your SSN to get a job or may file a tax return using your SSN to receive a refund.

To reduce your risk:
• Protect your SSN,
• Ensure your employer is protecting your SSN, and
• Be careful when choosing a tax return preparer.

If your tax records are affected by identity theft and you receive a notice from the IRS, respond right away to the name and phone number printed on the IRS notice or letter.

If your tax records are not currently affected by identity theft but you think you are at risk due to a lost or stolen purse or wallet, questionable credit card activity, or a questionable credit report, contact the IRS Identity Theft Hotline at 800-908-4490 or submit Form 14039.

For more information, see Pub. 5027, Identity Theft Information for Taxpayers.
637

Form W-9 (Rev. 3-2024) Page 6
Victims of identity theft who are experiencing economic harm or a systemic problem, or are seeking help in resolving tax problems that have not been resolved through normal channels, may be eligible for Taxpayer Advocate Service (TAS) assistance. You can reach TAS by calling the TAS toll -free case intake line at 877-777-4778 or TTY/TDD 800-829-4059.

Protect yourself from suspicious emails or phishing schemes.

Phishing is the creation and use of email and websites designed to mimic legitimate business emails and websites. The most common act is sending an email to a user falsely claiming to be an established legitimate enterprise in an attempt to scam the user into surrendering private information that will be used for identity theft.

The IRS does not initiate contacts with taxpayers via emails. Also, the IRS does not request personal detailed information through email or ask taxpayers for the PIN numbers, passwords, or similar secret access information for their credit card, bank, or other financial accounts.

If you receive an unsolicited email claiming to be from the IRS, forward this message to [email protected]. You may also report misuse of the IRS name, logo, or other IRS property to the Treasury Inspector General for Tax Administration (TIGTA) at 800-366-4484. You can forward suspicious emails to the Federal Trade Commission at [email protected] or report them at www.ftc.gov/complaint . You can contact the FTC at www.ftc.gov/idtheft or 877-IDTHEFT (877-438-4338).

If you have been the victim of identity theft, see www.IdentityTheft.gov and Pub. 5027.

Go to www.irs.gov/IdentityTheft to learn more about identity theft and how to reduce your risk.

Privacy Act Notice
Section 6109 of the Internal Revenue Code requires you to provide your correct TIN to persons (including federal agencies) who are required to file information returns with the IRS to report interest, dividends, or certain other income paid to you; mortgage interest you paid; the acquisition or abandonment of secured property; the cancellation of debt; or contributions you made to an IRA, Archer MSA, or HSA. The person collecting this form uses the information on the form to file information returns with the IRS, reporting the above information.

Routine uses of this information include giving it to the Department of Justice for civil and criminal litigation and to cities, states, the District of Columbia, and U.S. commonwealths and territories for use in administering their laws. The information may also be disclosed to other countries under a treaty, to federal and state agencies to enforce civil and criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism. You must provide your TIN whether or not you are required to file a tax return. Under section 3406, payors must generally withhold a percentage of taxable interest, dividends, and certain other payments to a payee who does not give a TIN to the payor.

Certain penalties may also apply for providing false or fraudulent information.
638

Federal Aid Project # BRL-5269(025)

CITY OF PLACENTIA

GOLDEN AVENUE BRIDGE REPLACEMENT PROJECT
APN: 336-371-36

ACKNOWLEDGEMENT OF RECEIPT OF OFFER PACKAGE
This is to acknowledge receipt of the offer package covering the real property identified as APN(s): 336-371-36.

Upon receipt, please sign below and return to Christine Wasfi in the enclosed self-addressed envelope:

Acknowledgment of Receipt does not constitute acceptance of the offer to purchase.

The offer package received contained the following items:

1. Offer Letter

2. Agreement of Purchase and Sale and Joint Escrow Instructions

3. Temporary Construction Easement Deed and Legal Description and Plat

4. Summary Statement Relating to the Purchase of Real Property or an Interest Therein

5. Appraisal Report

6. Litigation Guarantee

7. Your Rights Under Title VI Brochure

8. Acquisition Handbook

9. W-9 Request for Taxpayer ID
Recipient Name (please print)
Recipient Signature Date
( ) ( )
Phone
Best time to call:

Cell E -Mail (optional)
The mailing address is correct as sent/ received
Please update the mailing address as follows:
639

f
EPIC
Land Solutions, Inc.

Inland Empire Regional Office
3850 Vine Street, Suite 200
Riverside, CA 92507
(310) 626-4848
epicland.com
Project
APNs
Interest Appraised
Date of Value
Appraised Value
Just Compensation Recommendation
Golden Avenue Bridge Replacement Project
336-371-36
13,015.88 SF, Temporary Construction Easement Interest
April 2, 2024
$500.00
In accordance with the acquisition of the subject property, the following actions have been undertaken in conformity with 49 CFR Part 24 "Uniform Relocation Assistance and Real Property Acquisition for Federal and Federally -Assisted Programs" and Caltrans Right of Way Procedures Manual:

1. Performed a fee appraisal to ascertain Fair Market Value prepared by Valbridge Property Advisors.

2. A formal review of the appraisal was prepared by CBRE, Valuation & Advisory Services to certify the appraisal of Fair Market Value.
49 CFR Part 24, Subpart B Section 24.102(d) states that before the initiation of negotiations, the Agency shall establish an amount which it believes is Just Compensation for the real property. The amount shall not be less than the approved appraisal of the Fair Market Value of the property, taking into account the value of allowable damages or benefits to any remaining property.

An Agency official must establish the amount believed to be just compensation. Promptly thereafter, the Agency shall make a written offer to the owner to acquire the property for the full amount believed to be Just Compensation. Fair Market Value as per California Code of Civil Procedure section 1263.320 is defined as the highest price on the date of valuation that would be agreed to by a seller, being willing to sell but under no particular or urgent necessity for so doing, nor obliged to sell, and a buyer, being ready, willing, and able to buy but under no particular necessity for so doing, each dealing with the other with full knowledge of all the uses and purposes for which the property is reasonably adaptable and available.

We have established a nominal value of $1,000.00 and hereby recommend that the value of $1,000.00 (One Thousand Dollars and No Cents), based upon the fee appraisal prepared by Valbridge Property Advisors to be determined to be the probable amount of Just Compensation by the City of Placentia.

Recommended forApproval:

Date: November 4, 2024
Tier lk26ei-
By: Tyler Kelleher
Project Manager
Epic Land Solutions, Inc.

Creating Land Solutions for the Public Good
640

The People are the City
Mayor
JEREMY B. YAMAGUCHI
Mayor Pro Tenn

KEVIN KIRWIN
Councihnetnbers:

RHONDA SHADER
WARD L. SMITH
CHAD P. WANKE
401 East Chapman Avenue - Placentia. California 92870

CITY OF PLACENTIA
Just Compensation Approval
Cny Cierk:

ROBERT S. MCKINNELL
Ciry Treasurer
KEVIN A. LARSON
City Adminis traror
DAMIEN R. ARRULA
Based upon (1) the Fee Appraisal dated October 21, 2024, prepared by Valbridge Property Advisors (2) Appraisal Review dated October 31, 2024, prepared by CBRE, Valuation & Advisory Services; and (3) Authority staff recommendation, the amount of just compensation for the purchase of Assessor Parcel No. 336-371-36 is set at $1,000.00 (One Thousand Dollars and No Cents).

City of Placentia
Date:

By:

Name:

Title:
641

The People are the City
Mayor
WARD L. SMITH
Mayor Pro Tem
JEREMY B. YAMAGUCHI
Councilmembers:

KEVIN KIRWIN

RHONDA SHADER
CHAD P. WANKE
401 East Chapman Avenue - Placentia, California 92870
November 21, 2024
City Clerk:

ROBERT S. MCKINNELL
City Treasurer
KEVIN A. LARSON
City Administrator
DAMIEN R. ARRULA
Hand Delivered or Sent Via Certified USPS Mail
Paramount Imperial Villas
16311 Garfield Ave
Paramount, CA 90723
RE: Offer to Purchase Real Property Pursuant to Government Code §§ 7267.1 and 7267.2(a) City of Placentia — Golden Avenue Bridge Replacement Project Site Address: Vacant land, Placentia, CA 92870
Assessor's Parcel Number: 336-371-36
Federal Aid Project #BRL-5269(025)
Dear Property Owner:

The City of Placentia ("City") is proposing the Golden Avenue Bridge Replacement Project ("Project") which is a federally funded project. The existing Golden Avenue Bridge was constructed in 1934 and was rated functionally obsolete by Caltrans in 2005. The City subsequently obtained a grant to replace this bridge and has been developing the engineered plans and construction specifications to construct a new replacement bridge. The new bridge will accommodate one lane of traffic in either direction as well as new sidewalks and bike lanes. Currently, the bridge is only wide enough to accommodate one vehicle in each direction which means pedestrians, bicyclists and motorists must all share the road at the same time.

The Proposed Project will require the acquisition of (1) an approximate 13,015.88 square foot temporary construction easement with a term of 24 months ("TCE") over portions of the above -referenced parcel located at Vacant land, City of Placentia and identified as Orange County Tax Assessor's Parcel Number 336-371-36 ("Larger Parcel"). The TCE is described more particularly in the Exhibits to the Grant of Temporary Construction Easement enclosed with this offer letter. The TCE required for the Proposed Project is referred to below collectively as the "Subject Property Interest".

1. Offer. Subject to, and upon the terms and conditions set forth below, the City offers to purchase the Subject Property Interest in connection with the Project. California law requires that, before making an offer to purchase the Subject Property Interest for the Proposed Project, the City must (1) obtain an independent appraisal to determine the fair market value of the Subject Property Interest, (2) establish an amount which it believes to be just compensation for the Subject Property Interest, and (3) make an offer to the owner(s) for an amount not less than the just compensation so determined. Accordingly, the City recently had the Larger Parcel and the Subject Property Interest appraised to determine the fair market value of the Subject Property Interest, as defined in California Code of Civil Procedure section 1263.320. Pursuant to Government Code Section 7267.1, the owner had the opportunity to accompany 642

2 the appraiser during their inspection. The City obtained an appraisal for the fair market value of the Subject Property Interest prepared by John Penner, a California Certified Real Estate Appraiser of Valbridge Property Advisors ("Appraisal Report") that used a date of value of April 2, 2024 ("Date of Value"). Rick Donahue, MAI, a Certified California General Appraiser of CBRE — Valuation & Advisory Services prepared an appraisal review dated October 31, 2024 ("Review Appraisal"). Rick Donahue found that the Appraisal Report complies with USPAP requirements and applicable State of California and Federal regulations.

It is the policy of the City to acquire property that is in private ownership only when it is necessary to do so, and through voluntary purchase if possible. In accordance with applicable law, the City has reviewed and approved the appraisal of the fair market cash value of the Subject Property Interest. Pursuant to Government Code Section 7267.2, the City has enclosed for your reference an informational City of Placentia Acquisition Handbook providing an overview of the eminent domain process and of your rights.

We hope this is helpful for understanding your rights. While the City has the power of eminent domain, condemnation has not been authorized with respect to your property as of this date and no decision has yet been made to use the power of eminent domain to acquire the interest in your property.

Further, because the City plans to use the Subject Property Interest for the Proposed Project as soon as the City acquires the necessary property interest needed for the Proposed Project, the City does not intend to offer a leaseback agreement for the Subject Property Interest pursuant to Code of Civil Procedure section 1263.615.

2. Purchase Price. The City hereby offers to purchase the Subject Property Interest for one thousand dollars and no cents ($1,000.00) ("Purchase Price"). The Purchase Price represents at least the full amount the City believes to be just compensation for the acquisition of the Subject Property Interest as of the Date of Value. It is not less than the approved appraisal of the Subject Property Interest on the Date of Value and does not include any increase or decrease in value of the Subject Property Interest caused by the Proposed Project for which the City seeks to acquire the Subject Property Interest. The Purchase Price also does not reflect any relocation assistance, benefits, or payments, if any, that you may be entitled to receive. This amount also does not include any compensation for loss of goodwill. The requirements for establishing goodwill loss are set forth in California Code of Civil Procedure section 1263.510, a copy of which is attached to this letter.

3. Basis for Offer. The enclosed Appraisal Report, which is incorporated herein by this reference, provides the basis for the amount established by the City as just compensation. The Appraisal Report takes into consideration the highest and best use of the Larger Parcel, the location, zoning, the condition and size of any improvements on the Larger Parcel and the Subject Property Interest, the Date of Value, severance damages, and other factors that affect fair market value as required by the Government Code.

The appraiser determined that the total fair market value of the Subject Property Interest is $500.00 for the use of the TCE. However, City of Placentia has established a nominal value of $1,000.00 which will be the basis for the offer.

4. Conditions of Offer. The offer is subject to, and conditioned upon the acceptance of the terms of the Agreement for Purchase and Sale enclosed with this offer letter.

5. Offer to Pay Reasonable Costs of an Independent Appraisal Pursuant to Code of Civil Procedure Section 1263.025. If you wish to obtain an independent appraisal of the Subject Property Interest, in accordance with California Code of Civil Procedure section 1263.025(a), the City hereby offers to reimburse you for the reasonable costs, not to exceed $5,000.00 (Five Thousand Dollars), of such an independent appraisal. Any independent appraisal must be conducted by an appraiser licensed by the 643

3 California Bureau of Real Estate Appraisers. Please notify your assigned Epic Land Solution, Inc.

Acquisition Agent ("Epic Acquisition Agent"), Christine Wasfi within 30 days of the date of this offer letter if you wish to obtain an independent appraisal of the Subject Property Interest. The City is not obligated to accept your appraiser's value of the Property Interest. The City, however, will review your appraisal and if appropriate, confer with the City's independent appraiser regarding the merits of your appraisal.

6. Acceptance of Offer and Execution of Purchase and Sale Agreement. If the above offer is acceptable, please sign and return the following documents to Christine Wasfi, Epic Acquisition Agent in the enclosed envelope:
(a) The Agreement for Purchase and Sale and Joint Escrow Instructions.

The other materials (Appraisal Report, Title Report, Brochures etc.) are included for your information and files and do not need to be returned.

7. Admissibility of Offer. If for any reason you reject the City's offer, please be advised that this offer letter and enclosures are made under the provisions of California Evidence Code sections 1152 and 1154, and shall not be admissible in any eminent domain proceeding, or any other action for any purpose prohibited under these sections. However, while the City has the power of eminent domain, condemnation has not been authorized with respect to your property as of this date and no decision has yet been made to use the power of eminent domain to acquire the interest in your property.

If you have any questions regarding the Proposed Project, this offer, the Agreement for Purchase and Sale, or the acquisition process, please feel free to contact Christine Wasfi, Epic Acquisition Agent at (951) 405- 4645 or email [email protected].

Sincerely,
Damien Arrula
City of Placentia, City Administrator
Enclosures: Acknowledgment of Receipt of Offer Package
Copy of California Code of Civil Procedure section 1263.510 Agreement for Purchase and Sale and Joint Escrow Instructions Grant of Temporary Construction Easement, Legal Description and Plat Map Appraisal Report
Litigation Guarantee
Your Rights under Title VI Brochure
City of Placentia Acquisition Handbook
W-9 Request For Taxpayer ID
644

4 CALIFORNIA CODE OF CIVIL PROCEDURE
SECTION 1263.510
(a) The owner of a business conducted on the property taken, or on the remainder if the property is part of a larger parcel, shall be compensated for loss of goodwill if the owner proves all of the following:
(1) The loss is caused by the taking of the property or the injury to the remainder. (2) The loss cannot reasonably be prevented by a relocation of the business or by taking steps and adopting procedures that a reasonably prudent person would take and adopt in preserving the goodwill. (3) Compensation for the loss will not be included in payments under Section 7262 of the Government Code.
(4) Compensation for the loss will not be duplicated in the compensation otherwise awarded to the owner.
(b) Within the meaning of this article, "goodwill" consists of the benefits that accrue to a business as a result of its location, reputation for dependability, skill or quality, and any other circumstances resulting in probable retention of old or acquisition of new patronage. (c) If the public entity and the owner enter into a leaseback agreement pursuant to Section 1263.615, the following shall apply:
(1) No additional goodwill shall accrue during the lease. (2) The entering of a leaseback agreement shall not be a factor in determining goodwill. Any liability for goodwill shall be established and paid at the time of acquisition of the property by eminent domain or subsequent to notice that the property may be taken by eminent domain. (Amended by Stats. 2006, Ch. 602, Sec. 2. Effective January 1, 2007.) 645

AGREEMENT FOR PURCHASE AND SALE AND

JOINT ESCROW INSTRUCTIONS
Federal Aid Project # BRL-5269(025)
Paramount Imperial Villas
APN 336-371-36
Paramount Imperial Villas, LP, A California Limited Partnership, formerly known as Paramount Imperial Villas, Ltd., a California Limited Partnership (hereinafter, "Grantor"), owns the real property located a vacant land, Placentia, CA in the County of Orange, Assessor Parcel Number 336-371-36 (the "Property"). City of Placentia (the "City") requires a temporary construction easement in a portion of the Property for the Golden Avenue Bridge Replacement Project (the "Project"). A Temporary Construction Easement Deed to the City in a form substantially similar to Exhibit "1" hereto, covering the property interest as described and depicted in the exhibit attached thereto (collectively the "Property Interest"), will be executed during the escrow to be opened for this transaction.

In consideration of which, and the other considerations hereinafter set forth, it is mutually agreed as follows:

1. (A) The parties have herein set forth the whole of their agreement ("Agreement"). The performance of this Agreement constitutes the entire consideration and shall relieve the City of all further obligations or claims on this account, or on account of the location, grade or construction of the proposed public improvement.
(B) The City requires said Property Interest described in Exhibit "1" for the Project, a public use for which the City has the authority to exercise the power of eminent domain. (C) Both Grantor and the City recognize the expense, time, effort, and risk to both parties in determining the compensation for the Property Interest by eminent domain litigation. The compensation set forth herein for the Property Interest is in compromise and settlement, in lieu of such litigation.
(D) It is agreed that the City may open an escrow in accordance with this Agreement at Commonwealth Land Title Company or another selected escrow company ("Escrow Agent"), Escrow No. to be determined. This Agreement constitutes the joint escrow instructions of CITY and Grantor, and Escrow Agent to whom these instructions are delivered is hereby empowered to act under this Agreement. The parties hereto agree to perform all acts reasonably necessary to close this escrow within thirty (30) days following the opening of escrow. The Parties hereto agree to do all acts reasonably necessary to close this escrow in the shortest possible time.
(E) Grantor agrees to deposit with Escrow Agent prior to the Close of Escrow (defined below) the original, fully executed and acknowledged Temporary Construction Easement Deed and any other customary agreements, consents, or documents reasonably necessary to effectuate the purchase of the Subject Property, including Lender's written approval of Grantor's entering this Agreement if necessary. City agrees to deposit the following with Escrow Agent prior to the Close of Escrow: (1) the full amount of compensation, and (2) a certificate of acceptance. 646

(F) All funds received in this escrow shall be deposited with other escrow funds in a general escrow account(s) and may be transferred to any other such escrow trust account in any State or National Bank doing business in the State of California. All disbursements shall be made by check from such account.
(G) The parties to this contract shall, pursuant to Section 21.7(a) of Title 49, Code of Federal Regulations, comply with all elements of Title VI of the Civil Rights Act of 1964. This requirement under Title VI and the Code of Federal Regulations is to complete the USDOT- Non-Discrimination Assurance requiring compliance with Title VI of the Civil Rights Act of 1964, 49 C.F.R. Parts 21 and 28 C.F.R. Section 50.3
(H) Further, no person in the United States shall, on the grounds of race, color, or national origin, be excluded from participation in, be denied the benefits of, or be otherwise subjected to discrimination under any program or activity that is the subject of this contract ESCROW AGENT IS AUTHORIZED TO, AND SHALL:
(I) Pay and charge Grantor, upon Grantor's written approval, for any amount necessary to place title in the condition necessary to satisfy the express terms of this Agreement, excluding any penalty for prepayment to any lienholder in compliance with 1265.240 of the Eminent Domain Law;
(J) Pay and charge City for any escrow fees, charges, and costs payable required for the Close of Escrow;
(K) Disburse funds and deliver the Easement Deed when conditions of this escrow have been fulfilled by City and Grantor.

The term "Close of Escrow", where written in these instructions, shall mean the date necessary instruments of conveyance are recorded in the office of the Orange County Recorder. Recordation of instruments delivered through this escrow is authorized if necessary or proper in the issuance of said policy of title insurance.

All time limits within which any matter herein specified is to be performed may be extended by mutual agreement of the Parties hereto. Any amendment of, or supplement to, any instructions must be in writing.

TIME IS OF THE ESSENCE IN THESE INSTRUCTIONS, AND ESCROW IS TO CLOSE AS SOON AS POSSIBLE. If this escrow is not in condition to close within 210 days from opening of escrow, either Party who then shall have fully complied with its obligations may, in writing, demand the return of its money or property; but if neither Party has complied, no demand for return thereof shall be recognized until five (5) days after Escrow Agent shall have mailed copies of such demand to all Parties at the respective addresses shown in these escrow instructions, and if any objections are raised within said five (5) day period, Escrow Agent is authorized to hold all papers and documents until instructed by a court of competent jurisdiction or mutual instructions. If no demands are made, proceed with closing of this escrow as soon as possible. 647

2. (A) The City shall pay the undersigned Grantor the sum of ONE THOUSAND DOLLARS and NO CENTS ($1,000.00) for the Property Interest conveyed by Exhibit "1" when title to said Property Interest vests in the City free and clear of all liens, deeds of trusts, encumbrances, assessments, easements and leases (recorded and/or unrecorded), and taxes, except:
i. Taxes for the tax year in which this escrow closes shall be cleared and paid in the manner required by Section 5086 of the Revenue and Taxation Code, if unpaid at the close of escrow.
ii. Covenants, conditions, restrictions and reservations of record as contained in the title report (Commonwealth Land Title Company order number 92020645).
iii. Easements or rights -of -way over said land for public or quasi -public utility or public street purposes, if any.
(B) The City shall pay all escrow and recording fees incurred in this transaction, and if title insurance is desired by the City, the premium charged therefore. Due to the City's status as a public agency, no recording fees will be payable (pursuant to Government Code Section 27383) and no documentary tax will be payable (pursuant to Revenue & Taxation Code Section 11922).
(C) The City shall have the authority to deduct and pay from the amount shown on Clause 2(A) above, any amount necessary to satisfy any bond demands and delinquent taxes due in any year except the year in which this escrow closes, together with penalties and interest thereon, and/or delinquent and unpaid non -delinquent assessments which have become a lien at the close of escrow.

3. FULL AND COMPLETE SETTLEMENT. Grantor hereby acknowledges that it is the sole and lawful owner of the Property and the compensation paid to Grantor through this Agreement constitutes the full and complete settlement of any and all claims against the City, the County of Orange and the State of California, Department of Transportation (hereinafter "Releasees") by reason of the Project and/or acquisition of the Property Interest, including, but not limited to, any and all rights or claims that Grantor had, currently has, or may in the future have under Article 1, Section 19 of the California Constitution, the Eminent Domain Law, or any other law or regulation, except as provided herein. Grantor, on behalf of itself and its successors and assigns, further knowingly and voluntarily waives and expressly releases and discharges Releasees and any and all of Releasees' employees, agents, officers, servants, representatives, contractors, attorneys, partner agencies and assigns, from liability in regard to any claims for the following: pre -condemnation damages, inverse condemnation, lost business goodwill, lost profits, lost rents, severance damages, mitigation damages, curative costs, landscaping, compensation for the construction and use of the Project in the manner proposed, damage to or loss of improvements pertaining to the realty, machinery, fixtures, inventory, equipment and/or personal property, interest, any right to repurchase, leaseback, or receive any financial gain from, the sale of any portion of the Property Interest, any right to challenge the adoption of a resolution of necessity, any right to receive any notices pursuant to Code of Civil Procedure section 1245.235, any right to enforce any obligation pursuant to the Eminent Domain Law, any other rights conferred upon Grantor pursuant to the Eminent Domain Law, and claims for litigation expenses, attorney's fees, statutory interest and/or costs. Grantor 648

further consents to the dismissal of any Eminent Domain proceeding that is filed pertaining to the Property Interest and further waives all attorney's fees, costs, claims to money on deposit, disbursements and expenses in connection with the dismissal of said proceeding.

4. The parties intend that this Agreement will result in a full, complete and final resolution and settlement of any and all claims, causes of action or disputes which exist, or may exist, between them as to the acquisition, possession and/or use of the Property Interest, except as expressly provided herein. It is therefore understood that the waiver, under this Agreement, of any rights, damages, compensation or benefits to which Grantor is, or may be, entitled is intended to be full and complete. Accordingly, except as provided herein:
(A) Pursuant to the releases set forth in this Agreement, Grantor specifically waives the provision of section 1542 of the Civil Code of the State of California, which provides:
"A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party."
(B) Grantor represents and warrants that it understands the effect of this waiver of section 1542 and has had the opportunity to discuss the effect of this waiver with counsel of its choice.

5. Any monies payable under this Agreement up to and including the total amount of unpaid principal and interest on note(s) secured by mortgage(s) or deed(s) of trust, if any, and all other amounts due and payable in accordance with the terms and conditions of said deed(s) of trust or mortgage(s), shall upon demand(s) be made payable to the mortgagee(s) or beneficiary(ies) entitled thereunder; said mortgagee(s) or beneficiary(ies) are to furnish Grantor with good and sufficient receipt showing said monies credited against the indebtedness secured by said mortgage(s) or deed(s) of trust.

6. Grantor represents and warrants that it is the fee simple owner of the Property and that it has the right to convey the Property Interest. Grantor will defend and indemnify the City, its successors and/or assigns if it turns out that a claim is made or legal action is filed against the City, its successors and/or assigns by someone claiming a legal interest in or right to the Property, or any portion thereof. Grantor represents and warrants it will defend and indemnify the City, its successors and/or assigns in the amount of any due and unpaid real property taxes, assessments, liens and any penalties and delinquencies on the Property. Grantor represents and warrants that it has made no assignment of any interest in the Property.

7. Grantor acknowledges that there are no tenants on the Property. Grantor agrees to hold the City harmless and reimburse the City for any and all of its losses and expenses occasioned by reason of any lease of said Property held by any tenant of Grantor for a period exceeding one month.

8. It is understood and agreed by and between the parties hereto that included in the amount payable under Clause 2(A) above is payment in full to compensate Grantor for the purchase of improvements, including but not limited to: None.
649

9. It is understood and agreed by and between the parties hereto that the following improvements within the Property Interest will be protected in place: None.

10. The City may provide Grantor with thirty (30) day advance notice by the City or the City's contractor prior to the commencement of construction activities on the Property Interest. Prior to the commencement of the City's construction activities on the Property Interest, Grantor agrees to hold harmless, defend and indemnify the City, its officers, directors, employees and agents against any and all claims including property damage or injuries resulting from the use of the area within the Property Interest by Grantor and/or Grantor's guests, invitees, or any other person. The City shall not be deemed to have control of the Property Interest nor duty to maintain the Property Interest in a safe condition prior to the time the City or the City's contractor commences construction activities on the Property Interest.

Grantor agrees to name the City as an additional insured under its current insurance policy. Grantor further agrees to notify the City in writing within thirty (30) days of any potential claim relating to the area within the Property Interest prior to commencement of construction activities on the Property Interest.

11. It is agreed and confirmed by the parties hereto that notwithstanding other provisions in this contract, the right of possession and use of the Property Interest by the City, including the right to remove and dispose of improvements, shall commence on the date the amount of funds as specified in Clause 2(A) above are deposited into the escrow controlling this transaction and terminating twenty-four (24) months thereafter ("TCE Term"). Upon the deposit and determination of commencement date, Exhibit "2", shall be updated to reflect the commencement and termination date of the TCE. The amount shown in Clause 2(A) above includes, but is not limited to, full payment for such possession and use, including damages, if any, for the TCE Term. The TCE may also be terminated prior to the expiration of the TCE Term by the City upon written notice to the Grantor.

12. PERMISSION TO ENTER ON PREMISES. Grantor hereby grants to City, or its authorized agents, permission to enter upon the subject Property Interest at all reasonable times prior to Close of Escrow for the purpose of making necessary or appropriate inspections. City agrees that City and its contractors will indemnify Grantor and its related individuals and entities and hold them harmless from any and all liability for bodily injury, death, and property damage arising out of or in any way connected with City's negligent acts or omissions while on the Property Interest and reimburse the Grantor and related parties for all costs, expenses and loss, including attorney's fees, incurred by them in consequence of any claims, demands, and causes of action that may be made or brought against them arising out of such use. Any such inspections shall be conducted at a time and in such a manner reasonably approved by Grantor and to minimize disruption or interference Grantor or Grantor's tenants. Grantor shall have the right to be present at any such inspections.

13. It is understood and agreed by and between the parties hereto that payment as provided in Clause 2(A) includes, but is not limited to, payment for any and all past, present, and/or future damages which have accrued or may accrue to Grantor's remaining property by reason of its severance from the Property Interest conveyed herein and the construction and use of the proposed Project, including, but not limited to, any expense which Grantor may incur in restoring the utility of the remaining property. This release is not intended to extend to unanticipated physical damage caused by construction.
650

14. It is agreed between the parties hereto that the City is not assuming responsibility for payment or subsequent cancellation of unpaid assessments on the Property Interest acquired under this transaction. Said assessments include but are not limited to any assessments listed in the litigation guarantee (First American Title order number 7015732). The grantor acknowledges that it has received and reviewed the Litigation Guarantee. The assessments remain the obligation of Grantor. Payment for the Property Interest acquired under this transaction is made upon the basis that the Grantor retains its obligation to the levying body respecting said assessments. The Property Interest acquired under this transaction is to be free and clear of any liens, bonds and/or assessments at the close of escrow.

15. Grantor agrees to keep the TCE area free and clear of all materials, shrubbery, crops, improvements, personal property, and debris after the opening of escrow. Grantor agrees that any materials, shrubbery, crops, improvements, personal property and debris within the temporary construction easement area that remains after the City takes actual/physical possession of the TCE area may be removed by the City and/or its contractor. Grantor further agrees that the cost of removal of any materials, shrubbery, crops, improvements, personal property, or debris that are installed after the City takes actual/physical possession shall be the sole responsibility of Grantor.

16. Any notice either party may or is required to give the other shall be in writing, and shall be either personally delivered or sent by registered or certified mail, return receipt requested. If by mail, service shall be deemed to have been received by such party at the time the notice is delivered to the following addresses:

To Grantors:

Paramount Imperial Villas
16311 Garfield Ave
Paramount, CA 90723
To City of Placentia:
401 E. Chapman Avenue
Placentia, CA 92870
Attn: Public Works

17. It is understood and agreed by and between the parties hereto that this Agreement inures to the benefit of, and is binding on, the parties, their respective heirs, personal representatives, subsequent purchasers, successors, and/or assignees. The City may freely assign any or all of its interest or rights under this Agreement.

18. Grantor represents and warrants that during the period of Grantor's ownership of the Property, there have been no disposals, releases or threatened releases of hazardous substances or hazardous wastes on, from, or under the Property. Grantor further represents and warrants that Grantor has/have no knowledge of any disposal, release, or threatened release of hazardous substances or hazardous wastes on, from, or under the Property which may have occurred prior to Grantor taking title to the Property.
651

The acquisition price of the Property Interest being acquired in this transaction reflects the full and complete settlement of the Property Interest without the presence of contamination. If the Property Interest being acquired is found to be contaminated by the presence of hazardous waste which requires mitigation under Federal or State law, the City may elect to recover its clean-up costs from those who caused or contributed to the contamination including, but not limited to, Grantor.

19. It is understood and agreed that the fully executed Temporary Construction Easement Deed may be recorded in the Recorder's Office for the County of Orange.

20. The City reserves the right to cancel escrow and terminate this Agreement if at any time the City determines that the Property Interest is no longer needed for the Project.

21. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter of this Agreement and may not be modified except by an instrument in writing signed by the party to be bound thereby.

22. If any term or provision of this Agreement shall be held to be invalid or unenforceable, the remainder of the Agreement shall remain in full force and effect.

23. Each individual executing this Agreement on behalf of an entity represents and warrants that he or she has been authorized to do so by the entity on whose behalf he or she executes this Agreement and that said entity will thereby be obligated to perform the terms of this Agreement.

24. This Agreement may be executed in counterparts, including by facsimile and/or e-mail, each of which so executed shall, irrespective of the date of its execution and delivery, be deemed an original, and all such counterparts together shall constitute one and the same instrument.

25. The Parties to this Agreement shall, pursuant to Section 21.7(a) of Title 49, Code of Federal Regulations, comply with all elements of Title VI of the Civil Rights Act of 1964. This requirement under Title VI and the Code of Federal Regulations is to complete the USDOT-Non-Discrimination Assurance requiring compliance with Title VI of the Civil Rights Act of 1964, 28 C.F.R Section 50.3.

26. No person in the United States shall, on the grounds of race, color, or national origin, be excluded from participation in, be denied the benefits of, or be otherwise subjected to discrimination under any program or activity that is the subject of this Agreement.

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOLLOWS
652

In Witness Whereof, the Parties vested have executed this Agreement the day and year set forth below.

Paramount Imperial Villas, LP, A California Limited
Partnership, formerly known as Paramount Imperial
Villas, Ltd., a California Limited Partnership
By:

Name:

Its:

Date:

By:

Name:

Its:

Date:

APPROVED AS TO FORM:

By:

Attorney for City of Placentia

CITY OF PLACENTIA
By:

Name:

Title:

Date:
653

Exhibit "1"
Temporary Construction Easement Deed
[APN: 336-371-36]
654

RECORDING REQUESTED BY
AND
WHEN RECORDED MAIL TO:

City of Placentia
Attn: Right of Way
401 E Chapman Avenue
Placentia, CA 92870

GOLDEN AVENUE BRIDGE REPLACEMENT PROJECT
FEDERAL AID PROJECT # BRL-5269(025)
EXEMPT FROM RECORDING FEES PER GOVT. CODE §27383
EXEMPT FROM DOCUMENTARY TRANSFER TAX PER REV. &
TAX CODE §11922
On portion of APN: 336-371-06 Above Space for Recorder's Use

GRANT OF EASEMENT

TEMPORARY CONSTRUCTION EASEMENT DEED
FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, Paramount Imperial Villas, LP, A California Limited Partnership, formerly known as Paramount Imperial Villas, Ltd., a California Limited Partnership "Grantor"), hereby grants to CITY OF PLACENITA ("Grantee"), its employees, agents, representatives, contractors, successors and assigns, an exclusive temporary construction easement for ingress, egress and construction purposes, including but not limited to the use of the easement by Grantee and its officers, employees, agents, contractors and subcontractors, for demolition, clearance, grading, and construction of roadway improvements or other necessary uses, for construction of the Golden Avenue Bridge Replacement Project, purposes in, on, upon, over, under, and across that certain real property located in the City of Placentia, County of Orange, State of California, more particularly described in Exhibit "A" and depicted in Exhibit "B" . Exhibit "A" and Exhibit "B" are attached hereto and incorporated herein by this reference. The Temporary Construction Easement is located within a portion of Assessor Parcel Number 336-371-36 ("Grantor's Property"), The term of the Temporary Construction Easement described herein will commence on the date of the deposit of funds into escrow, and expire twenty-four (24) months thereafter on It is understood that in the event the Grantor plans to sell, lease or rent the Property prior to the final expiration date of this Temporary Construction Easement, the Grantor shall inform, in writing, any and all parties involved in the sale, lease, or rental of the Property about this Temporary Construction Easement and associated construction project.
655

DATED:

GRANTOR:

Paramount Imperial Villas, LP, A California
Limited Partnership, formerly known as
Paramount Imperial Villas, Ltd., a California
Limited Partnership
By:

Name:

Its:
656

ACKNOWLEDGEMENT
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

STATE OF CALIFORNIA

COUNTY OF
On before me,
Notary Public, personally appeared
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

I certify under penalty of perjury under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

Signature (Seal)
657

5 EXHIBIT "A"
Legal Description — Permanent Construction Easement

BEING A PORTION OF THAT CERTAIN PARCEL OF LAND DESCRIBED IN DEED RECORDED DECEMBER 18, 1980 IN BOOK 13879, PAGE 839, OFFICIAL RECORDS OF ORANGE COUNTY, CALIFORNIA, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

PARCEL "A":

COMMENCING AT THE INTERSECTION OF THE NORTHERLY LINE OF THE NORTHEAST QUARTER OF SECTION 20, TOWNSHIP 3 SOUTH, RANGE 9 WEST, SAN

BERNARDINO MERIDIAN, WITH THE EASTERLY LINE OF RANCHO SAN JUAN CAJON DE SANTA ANA;
THENCE ALONG SAID EASTERLY LINE, NORTH 3°23'36" WEST, A DISTANCE OF

30.06 FEET TO A LINE PARALLEL WITH AND 30.00 FEET NORTHERLY, MEASURED AT RIGHT ANGLES, FROM SAID NORTHERLY LINE;
THENCE ALONG SAID NORTHERLY LINE, NORTH 89°47'14" WEST, A DISTANCE OF 69.01 FEET THE POINT OF BEGINNING FOR THIS DESCRIPTION;
THENCE CONTINUING ALONG SAID NORTHERLY LINE, NORTH 89°47' 14" WEST, A DISTANCE OF 17.76 FEET;
THENCE NORTH 7°30'07" EAST, A DISTANCE OF 2.83 FEET;
THENCE NORTH 13°33'58" EAST, A DISTANCE OF 9.44 FEET;
THENCE NORTH 89°02'52" EAST, A DISTANCE OF 14.72 FEET;
THENCE SOUTH 2°09'00" EAST, A DISTANCE OF 12.30 FEET TO THE POINT OF BEGINNING;
CONTAINS 198.39 SF MORE OR LESS.

PARCEL "B":

COMMENCING AT THE INTERSECTION OF THE NORTHERLY LINE OF THE NORTHEAST QUARTER OF SECTION 20, TOWNSHIP 3 SOUTH, RANGE 9 WEST, SAN

BERNARDINO MERIDIAN, WITH THE EASTERLY LINE OF RANCHO SAN JUAN CAJON DE SANTA ANA;
THENCE ALONG SAID EASTERLY LINE, NORTH 3°23'36" WEST, A DISTANCE OF

30.06 FEET TO A LINE PARALLEL WITH AND 30.00 FEET NORTHERLY, MEASURED

AT RIGHT ANGLES, FROM SAID NORTHERLY LINE, SAID POINT BEING THE POINT OF BEGINNING FOR THIS DESCRIPTION;
THENCE ALONG SAID NORTHERLY LINE, NORTH 89°47'14" WEST, A DISTANCE OF

29.82 FEET TO THE BEGINNING OF A NON TANGENT CURVE CONCAVE EASTERLY HAVING A RADIUS OF 12.60 FEET, A RADIAL LINE TO SAID POINT BEARS SOUTH 71°48'48" WEST;

6 THENCE NORTHERLY ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 10°11'39", A DISTANCE OF 2.24 FEET, A RADIAL LINE TO SAID POINT BEARS SOUTH 82°00'27" WEST;
THENCE SOUTH 89°05'38" EAST, A DISTANCE OF 30.22 FEET TO EASTERLY LINE OF RANCHO SAN JUAN CAJON DE SANTA ANA:

THENCE ALONG SAID EASTERLY LINE, SOUTH 3°23'36" EAST, A DISTANCE OF 1.82 FEET TO THE POINT OF BEGINNING;
CONTAINS 59.92 SF MORE OR LESS.

VINCENT G. KLEPPE LS 7181
DATE

PREPARED FOR AND ON BEHALF OF THE PRIZM GROUP
P:/TPG/17/17-005/EASEMENT/17-005 PCE EASEMENT G.doc

7 EXHIBIT "B"
Plat Map — Permanent Construction Easement
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DRAWN 8Y: BK
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;' ) N COTA ST. SUITE I, CORONA, CA 92878
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ARIDGF

ASEMENT
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8 / PARCEL A
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PARCEL B
(59.92SF)
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1"= 20'
LINE TABLE:

NUMBER

DIRECTION

DISTANCE
-1
N 89°02'52" E

14.72'
2 N 02°09'00" W

12.30'
3 N 89'47'14" W

17.76'
4 N 07°30'07" E

2.83'
5 N 13'33'58" E

9.44'
6 N 89'05'38" W

30.22'
7 N 03'23'36" W

1.82'
8 N 89'47'14" W

29.82'
CURVE TABLE.

NUMBER

DELTA ANGLE

ARC LENGTH
RADIUS
0 10°11'39"

2.24'

12.60'
LEGEND
r//1

INDICATES PROPOSED
EASEMENT (258.31 SF)
DRAWN BY: BK
DATE: 3-1-24
JOB. NO.: 17-005
FILE: P:\TPG\17\17-005\EASEMENTS\
17-005 EASEMENT G.DWG
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CIVIL ENG NEERS AND LAND SURVEYORS
° LE/CA HDS LASER SCANMNG

GPS & ROBOT/C SURVEYING
ROU P " GEOMATIC ENGINEERING

CIVIL ENGINEERING
° LAND PLANNING
310 N. COTA ST. SUITE I, CORONA, CA 92878
PHONE: (951) 737-4406. www.the-prizm-group.com
EXHIBIT "B"

PERMANENT
BRIDGE

EASEMENT
SHT. NO.

OF 2

CERTIFICATE OF ACCEPTANCE
(Government Code Section 27281)
This is to certify that the temporary construction easement more particularly described in Exhibit "A" and Exhibit "B" to the attached Temporary Construction Easement Deed to the undersigned City of Placentia ("City"), the provisions of which instrument are incorporated by this reference as though fully set forth in this certificate, is hereby accepted by the undersigned officer/agent on behalf of the City Council, and the Grantee consents to recordation thereof by its duly authorized officer.

APN: 336-371-36
By:

Name:

City of Placentia
Dated:
662

CITY OF PLACENTIA

SUMMARY STATEMENT RELATING TO THE PURCHASE OF REAL PROPERTY OR AN INTEREST THEREIN The City of Placentia ("City") is proposing the Golden Avenue Bridge Replacement Project. The existing Golden Avenue Bridge was constructed in 1934 and was rated functionally obsolete by Caltrans in 2005.

The City subsequently obtained a grant to replace this bridge and has been developing the engineered plans and construction specifications to construct a new replacement bridge. The new bridge will accommodate one lane of traffic in either direction as well as new sidewalks and bike lanes. Currently, the bridge is only wide enough to accommodate one vehicle in each direction which means pedestrians, bicyclists and motorists must all share the road at the same time.

Your property located at flood control channel, City of Placentia, California, is within the Project area and is also identified by your County Assessor as Parcel No. 336-371-36.

Title III of the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 and the California Relocation Assistance and Real Property Acquisition Guidelines require that each owner from whom a public agency purchases real property or an interest therein or each tenant owning improvements on the property be provided with at a minimum, a summary of the appraisal of the real property or interest therein, as well as the following information:

1. You are entitled to receive full payment prior to vacating the real property being purchased unless you have heretofore waived such entitlement. You are not required to pay recording fees, transfer taxes, or the pro rata portion of real property taxes allocable to any period following the passage of title or possession.

2. The City will offer to purchase any remnant(s) considered by the City to be an uneconomic unit(s) which is/are owned by you or, if applicable, occupied by you as a tenant and is/are contiguous to the land being conveyed.

3. All buildings, structures, and other improvements affixed to the land described in the referenced document(s) covering this transaction and owned by the grantor(s) herein or, if applicable, owned by you as a tenant, are being conveyed unless other disposition of these improvements has been made.

The interest acquired is a 13,015.88 square foot temporary construction easement, and said property is described and depicted in the attached legal descriptions and plat maps.

4. The market value of the property proposed to be acquired is based upon a market value appraisal that is included in the attached Appraisal OR summarized on the attached Valuation Summary Statement, and such amount:

A. Represents the full amount of the appraisal of just compensation for the property to be purchased;
B. Is not less than the approved appraisal of the fair -market value of the property; C. Disregards any decrease or increase in the fair market value of the real property proposed to be acquired prior to the date of valuation caused by the public improvement for which the property is to be acquired or by the likelihood that the property would be acquired for such public improvement, other than that due to physical deterioration within the reasonable control of the owner or occupant; and
D. Does not reflect any consideration of or allowance for any relocation assistance and payments or other benefits that the owner is entitled to receive under an agreement with the City. 663

CITY OF PLACENTIA

SUMMARY STATEMENT RELATING TO THE PURCHASE OF REAL PROPERTY OR AN INTEREST THEREIN

5. Pursuant to Code of Civil Procedure section 1263.025, should you elect to obtain an independent appraisal, the City will pay for the actual reasonable costs up to Five Thousand Dollars ($5,000), subject to the following conditions:

A. You, not the City, must order the appraisal. Should you enter into a contract with the selected appraiser, the City will not be a party to the contract; B. The selected appraiser is licensed with the Bureau of Real Estate Appraisers (BREA), formerly known as the Office of Real Estate Appraisers;
C. The appraisal cost reimbursement request must be made in writing and submitted to the City of Placentia c/o Epic Land Solutions, Inc. at 3850 Vine Street, Suite 200, Riverside CA 92507, Attn:

Tyler Kelleher, within ninety (90) days of the earliest of the following dates: (1) the date the selected appraiser requests payment from you for the appraisal; or (2) the date upon which you, or someone on your behalf, remitted full payment to the selected appraiser for the appraisal.

Copies of the contract (if a contract was made), appraisal report, and the invoice for the completed work by the appraiser must be provided to the City concurrent with the submission of the written request. The costs must be reasonable and justifiable.

6. The owner of a business conducted on a property to be acquired or conducted on the remaining property which will be affected by the purchase of the required property, may be entitled to compensation for the loss of goodwill. Entitlement is contingent upon the business owner's ability to prove such loss in accordance with the provisions of Sections 1263.510 and 1263.520 of the Code of Civil Procedure.

7. If you ultimately elect to reject the City's offer for your property, you are entitled to have the amount of compensation determined by a court of law in accordance with the laws of the State of California.

8. You are entitled to receive all benefits that are available through donation to the City of all or part of your interest in the real property sought to be acquired by the City as set out in Streets and Highways Code sections 104.2 and 104.12.
664

Proposed Easement Acquisitions Golden Avenue Bridge
Flood Control Channel
No Address
Placentia, Orange County, California
APN: 336-371-36
Epic Land Solutions, Inc.

Ms. Kari Anvick
Senior Regional Manager
1971 W. 190th Street, Suite 200
Torrance California 90504
Valbridge Property Advisors I Orange County
17822 17th Street, Suite 211
Tustin, CA 92780
(714) 449-0852 phone
[email protected]

qI Valbrid e
,,.� PROPERTY ADVISORS
October 22, 2024
Ms. Kari Anvick
Senior Regional Manager
Epic Land Solutions, Inc.
1971 W. 190th Street, Suite 200
Torrance, California 90504
RE: Appraisal Report
Proposed Easement Acquisitions Golden Avenue Bridge
Flood Control Channel
No Address
Placentia, Orange County, California
APN: 336-371-36
17822 17th Street, Suite 211
Tustin, CA 92780
(714) 449-0852 phone
[email protected]
Dear Ms. Anvick:

In accordance with your request, an appraisal of the above referenced property was performed. This appraisal report sets forth the pertinent data gathered, the techniques employed, and the reasoning leading to our value opinions. This letter of transmittal does not constitute an appraisal report and the rationale behind the value opinion(s) reported cannot be adequately understood without the accompanying appraisal report. The Golden Avenue Bridge Project requires the acquisition of various permanent bridge easements and temporary construction easements in properties located along the flood control area for which the bridge passes over. The project will remove and replace the existing bridge with a wider bridge allowing for pedestrian and bicycle traffic.

The subject property, as referenced above, is located on the flood channel on the northern side of the Golden Avenue Bridge over the flood channel and is further identified as Assessor's Parcel Number (APN) 336-371-36. The subject is a 1.56 -acre or 67,954 -square -foot site. The subject consists of a flood control channel that is partially cement lined. The flood control channel was constructed around 1960 from a former wider river wash. The rear of the site borders the flood channel where the acquisition areas are located.

The purpose of this appraisal is to estimate Fair Market Value for a proposed temporary acquisition, considering the Market Value of the fee simple interest in the subject property. This appraisal is completed in conformance with Eminent Domain Laws, State and Local Laws, including the Caltrans Right of Way Manual dated July 2022, the Appraisal Institute, and regulations required by the State of California. The intended use of this appraisal is for negotiations with the subject property owner pursuant to the partial acquisition of some property interests. This report consists of a narrative appraisal report in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP).
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Ms. Kari Anvick
Epic Land Solutions, Inc.

The client in this assignment is Epic Land Solutions, Inc. and the intended users are Epic Land Solutions, the City of Placentia, Caltrans and no others.

Memorandum on Date of Value and Report:

The date of value in this report is April 2, 2024 the date of report is October 22, 2024. The proposed acquisition is a temporary construction easement of a small portion of land in a flood channel with almost no residual property rights attributable to the fee owner and is of nominal value. The nominal value is rounded per the Caltrans Right of Way Manual. Therefore, it is our professional opinion that the value conclusion in this report is unlikely to change materially between the date of value and the date of report.

The value opinions reported herein are subject to the definitions, assumptions and limiting conditions, and certification contained in this report. The findings and conclusions are further contingent upon the following extraordinary assumptions and/or hypothetical conditions, the use of which might have affected the assignment results:

Extraordinary Assumptions:
• None
Hypothetical Conditions:
• Per Section 1263.330 of the California Code of Civil Procedures, the valuation of the subject larger parcel does not include any increase or decrease in the value attributed to the proposed project.

Based on the analysis contained in the following report, our value conclusions are summarized as follows:

Value Conclusions
Component
Property Address
Assessor Parcel Number (APN)
Effective Date of Value
Property Rights Appraised
Owner Name
Zoning
Right of Way Areas
Value of Part Taken - Land (0 SF)
Temporary Construction Easement (13015.88 SF)
Fair Market Value of Proposed Acquisition
No Situs
336-371-36
April 2, 2024
Fee Simple
Paramount Imperial Villas
R1
$0
$500 - Nominal
$500 - Nominal
Respectfully submitted,
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John D. Penner Jr.

Staff Appraiser
California License #AG3OO9243
Ms. Kari Anvick
Epic Land Solutions, Inc.

John D. Penner, MAI
Senior Managing Director
National Director — Fractional Interest Valuation
California License #AGOO172O
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Table of Contents

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

TABLE OF CONTENTS
Cover Page
Letter of Transmittal
Table of Contents
Summary of Salient Facts
Aerial and Front Views iv
Location Map V
Introduction 1
Scope of Work 5
Regional Area Analysis 7
City and Neighborhood Analysis 13
Market Analysis 16
Site Description 20
Assessment and Tax Data 25
Highest and Best Use 26
Appraisal Methodology 29
Land Valuation by Sales Comparison 31
Comparable Land Sales 33
Condemnation Analysis 45
Value Conclusions 51
General Assumptions and Limiting Conditions 53
Certification — John Penner, Jr. 59
Certification — John D. Penner 60
Addenda 61
Exhibit A: Notice to Appraise 62
Exhibit B: Title Litigation Guarantee 65
Exhibit C: Easements 74
Glossary 77
Qualifications 86
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SUMMARY OF SALIENT FACTS
Summary of Salient Facts
Property Name:

Address:

Assessor's Parcel Number:

Proposed Easement Acquisitions Golden Avenue Bridge
No Situs
Placentia, Orange County, California
336-371-36
Property Rights Appraised: Fee Simple
Property Owner: Paramount Imperial Villas
Site Size:

Zoning:

Flood Zone:

Existing Improvements
Property Type:

Property Use:

Highest and Best Use
As Vacant:

As Improved:

Date of Report:

Effective Date of Value:

Valuation Summary

1.56 acres (67,954 square feet)
R1 - Single Family Residential
A (Flood Hazard Area)
Residential
Residential (Single -Family)
Develop Single Family Residential
Current Use
October 22, 2024
April 2, 2024
Component
Value Market Value of
Conclusions Acquisition
Value of Larger Parcel in Before Condition
Permanent Property Rights
Value of Part Taken - Land (0 SF)
Site Improvements
Value of Part Taken - Building Improvements
Total Value of Permanent Property Taken
Severance / Benefits
Severance Damages
Less Benefits
Net Severance Damages
Value of Remainder in After Condition
$237,839
$0
$0 $0
$0
$0
$0
$237,839
Temporary Property Rights
Temporary Construction Easement (13015.88 SF) $0 $500 - Nominal Fair Market Value (Parts Taken, Severance Damages/Benefits) $500 - Nominal Our findings and conclusions are further contingent upon the following extraordinary assumptions and/or hypothetical conditions which might have affected the assignment results:
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Extraordinary Assumptions:
• None

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY OF SALIENT FACTS
Hypothetical Conditions:
• Per Section 1263.330 of the California Code of Civil Procedures, the valuation of the subject larger parcel does not include any increase or decrease in the value attributed to the proposed project.
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Aerial and Front Views

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

AERIAL AND FRONT VIEWS

AERIAL VIEW

FRONT VIEW
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Location Map

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

LOCATION MAP
,i,eles
National.Forest
Palomar
Mountain
Valley Center
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Introduction

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

INTRODUCTION
Proposed Acquisition Description
The City of Placentia is working with Caltrans on The Golden Avenue Bridge Project. The project has obtained federal funding and will remove and replace the existing bridge with a wider bridge allowing for pedestrian and bicycle traffic. The project will require the acquisition of various permanent bridge easements and temporary construction easements in properties located along the flood control area for which the bridge passes over. The proposed easements are within existing flood control easement areas.

Client and Intended Users of the Appraisal
The client in this assignment is Epic Land Solutions, Inc. and the intended users are Epic Land Solutions, the City of Placentia, Caltrans and no others. Under no circumstances shall any of the following parties be entitled to use or rely on the appraisal or this appraisal report:

Intended Use of the Appraisal
The intended use of this report is for determine fair market value of a proposed acquisition.

Real Estate Identification
The subject property has No Situs and is located at the Golden Avenue Bridge Crossing on the North side of the street, consisting of the storm drain itself. The subject property is further identified by Assessor Parcel Number 336-371-36.

Legal Description
A copy of the legal description is included in the title guarantee in the addenda and legal descriptions of the acquisitions are located in the condemnation section.

Use of Real Estate as of the Effective Date of Value and the Date of this Report As of the effective date of the appraisal, the subject was a flood control storm channel.

Ownership of the Property
According to the Public Record and Title Guarantee, title to the subject property is vested in Paramount Imperial Villas.

History of the Property
Ownership of the subject property has not changed within the past five years. The current owner acquired the property along with the adjacent lot in 1980. The adjacent lot was developed into apartments. A flood control channel was constructed in the early 1960s from a former river wash.

Listings, Offers, and/or Contracts
The subject property is not presently listed for sale.

Notice to Appraise
A notice of intent to appraise the subject property was sent to the property owner by the City of Placentia. on April 1, 2024. An exterior inspection was performed by John Penner, Jr. and John D. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 1 674

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INTRODUCTION
Penner of Valbridge Property Advisors I Orange County on April 2, 2024 for the purpose of this appraisal.

Type and Definition of Value
The measure of Fair Market Value for eminent domain purposes as defined in the Civil Code is:
(a) The fair -market value of the property taken is the highest price on the date of valuation that would be agreed to by a seller, being willing to sell but under no particular or urgent necessity for so doing, nor obliged to sell, and a buyer, being ready, willing and able to buy but under no particular necessity for so doing, each dealing with the other with full knowledge of all the uses and purposes for which the property is reasonably adaptable and available.
(b) The fair -market value of property taken for which there is no relevant comparable market is its value on the date of valuation as determined by any method of valuation that is just and equitable.'
Exclusions from Fair Market Value
The fair market value of the property taken shall not include any increase or decrease in the value of the property that is attributable to any of the following:
(a) The project for which the property is taken.
(b) The eminent domain proceeding in which the property is taken. (c) Any preliminary actions of the plaintiff relating to the taking of the property.2 Condemnation Blight and Project Enhancement: Condemnation blight is a diminution in the market value of a property due to pending condemnation action3; project enhancement is an increase in a property's market value in anticipation of a public project requiring condemnation action. As a general rule, the appraiser cannot properly consider either of these factors in the before situation when estimating highest and best use or value.

Eminent Domain Terminology
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.4 Leased Fee Estate
A freehold (ownership interest) where the possessory interest has been granted to another party by creation of a contractual landlord -tenant relationship (i.e., a lease).5 1 California Code of Civil Procedure, Section 1263.320
2lbid, § 1263.330
3Real Estate Valuation in Litigation, Appraisal Institute, Second Edition 4The Dictionary of Real Estate Appraisal, Appraisal Institute, Seventh Edition 5The Dictionary of Real Estate Appraisal, Appraisal Institute, Seventh Edition © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 2 675

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

INTRODUCTION
Easement
The right to use another's land for a stated purpose.6 Access or right-of-way easements may be acquired by private parties or public utilities. Governments may be the beneficiaries of easements placed on privately owned land that is dedicated to conservation, open space or preservation.

Temporary Easement
An easement granted for a specific purpose and applicable for a specific time period. A construction easement, for example, is terminated after the construction of the improvement and the unencumbered fee interest in the land reverts to the owner.' Larger Parcel Theory
In condemnation proceedings, the parcel(s) of land under the beneficial control of a single individual or entity has the same, or an integrated, highest and best use. Elements for consideration by the appraiser in making this determination are contiguity or proximity (as it bears on the highest and best use of the property), unity of ownership, and unity of highest and best use. If applicable, analysis of the subject's larger parcel is contained in the highest and best use section.

The larger parcel may be a whole parcel, part of a parcel, or several parcels, depending upon the unity of legal ownership, unity of use, and contiguity. For unity of title, the parcel(s) must be owned or controlled by the same individual or group of individuals. Unity of use requires that the parcel(s) possesses the same use, or an integrated use, with the land. It is controlled by the highest and best use of the parcel(s). Although contiguity is not always required, parcels sharing this unity are usually physically contiguous. If two parcels are separate and devoted to different uses, the taking of one parcel will not damage the other.

Corridor Valuation Terminology
Special Purpose Property
A Property with a unique physical design, special construction materials, or a layout that particularly adapts its utility to the use for which it was built and may be costly to modify to another use; also called a special -design property.89
Corridor
A strip of land used for transportation or transmission purposes (e.g., rail, highway, power, information, slurries, liquids).1°
Corridor Valuation
The process of estimating value associated with rights to corridor real estate valuation approaches may include methods such as the across -the -fence method, sales comparison, the alternate route (cost avoidance) approach, and estimation of net liquidation value. 6The Dictionary of Real Estate Appraisal, Appraisal Institute, Seventh Edition 7The Dictionary of Real Estate Appraisal, Appraisal Institute, Seventh Edition 8The Dictionary of Real Estate Appraisal, Appraisal Institute, Seventh Edition Note: The matter of whether a corridor is a type of special use property is disagreed on in published appraisal literature. Special use properties typically do not have a market value with minimal market transactions and are appraised by cost approach, while corridors do have a market value. Nonetheless, corridors are frequently referred to as a type of special use property and market transactions are rare.

The Dictionary of Real Estate Appraisal, Appraisal Institute, Seventh Edition "Ibid.
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

INTRODUCTION
Corridor Factor
In corridor valuation, the ratio of the market value (or market price) of a corridor to the corridor's across the fence value. Corridor factors are applied to reflect the benefit or advantage, if any, of the corridor having already been assembled. Typically used in the valuation of existing corridors and the assembly of a new corridor. Sometimes called an enhancement factor or continuity factor.12 Across -The -Fence (ATF) method
A land valuation method used in the appraisal of corridors. The across -the -fence method is used to develop a value opinion based on comparison to abutting land.

Please refer to the Glossary in the Addenda section for additional definitions of terms used in this report.

Valuation Scenarios, Property Rights Appraised, and Effective Dates of Value Per the scope of our assignment, we developed opinions of value for the subject property under the following scenarios of value:

VALUATION SCENARIOS TABLE
Value
Value Type Value Premise Perspective Interest Appraised Effective Date Market Value
Market Value
Proposed Acquisition
As Is
Current Temporary Construction Easement 4/2/2024
Current
Fee Simple
4/2/2024
We completed an appraisal inspection of the subject property on April 2, 2024.

Date of Report
The date of this report is October 22, 2024, which is the same as the date of the letter of transmittal.

List of Items Requested but Not Provided
• None
Assumptions and Conditions of the Appraisal
The acceptance of this appraisal assignment and the completion of the appraisal report submitted herewith are subject to the General Assumptions and Limiting Conditions contained in the report.

The findings and conclusions are further contingent upon the following extraordinary assumptions and/or hypothetical conditions which may have impacted the assignment results:

Extraordinary Assum
• None
Hy
ations
Dothetical Conditions
• Per Section 1263.330 of the California Code of Civil Procedures, the valuation of the subject larger parcel does not include any increase or decrease in the value attributed to the proposed project.
121bid
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Scope of Work

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SCOPE OF WORK
The elements addressed in the Scope of Work are: (1) the extent to which the subject property is identified, (2) the extent to which the subject property is inspected, (3) the type and extent of data researched, (4) the type and extent of analysis applied, (5) the type of appraisal report prepared, and (6) the inclusion or exclusion of items of non -realty in the development of the value opinion. These items are discussed as below.

Extent to Which the Property Was Identified
• Lecal Characteristics - The subject was legally identified via public records, legal description, and plat map.
• Economic Characteristics - Economic characteristics of the subject property were identified via market participant surveys, our company database, and/or third party sources, as well as a comparison to properties with similar locational and physical characteristics. • Physical Characteristics - The subject was physically identified via an appraisal inspection of the exterior and proposed acquisition areas.

Extent to Which the Property Was Inspected
We inspected the subject on April 2, 2024.

Type and Extent of Data Researched
In valuing the concluded larger parcel, we researched and analyzed: 1) market area data, 2) property - specific market data, 3) zoning and land -use data, and 4) current data on comparable listings, sales, and rentals in the competitive market area.

Type and Extent of Analysis Applied (Valuation Methodology) We observed surrounding land use trends, the condition of the improvements, demand for the subject property, and relevant legal limitations in concluding a highest and best use. We then valued the subject based on the highest and best use conclusion.

Appraisers develop an opinion of property value with specific appraisal procedures that reflect three distinct methods of data analysis: the cost approach, sales comparison approach, and income capitalization approach. One or more of these approaches are used in all estimations of value. • Cost Approach - In the cost approach, the value indication reflects the sum of current depreciated replacement or reproduction cost, land value, and an appropriate entrepreneurial incentive or profit.
• Sales Comparison Approach - In the sales comparison approach, value is indicated by recent sales and/or listings of comparable properties in the market, with the appraiser analyzing the impact of material differences in both economic and physical elements between the subject and the comparables.
• Income Capitalization Approach - In the income capitalization approach, value is indicated by the capitalization of anticipated future income. There are two types of capitalization: direct capitalization and yield capitalization, more commonly known as discounted cash flow (DCF) analysis.
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SCOPE OF WORK
All of these approaches to value were considered. We assessed the availability of data and applicability of each approach to value within the context of the characteristics of the subject property and the needs and requirements of the client. When valuing underlying land for property such as the subject, the most relevant approach is the sales comparison approach. The underlying land is not leased and an income approach is not commonly used for valuing a fee simple interest in land. The analysis also uses methodology of the cost approach when valuing site improvements within the take areas. Further discussion of the extent of our analysis and the methodology of each approach is provided later in the respective valuation sections.

Appraisal Conformity and Report Type
We developed our analyses, opinions, and conclusions and prepared this report in conformity with state regulations in the California Code of Civil Procedure and the Caltrans Right of Way Manual dated July 2021, the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation; the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute; and the requirements of our client as we understand them. This is an Appraisal Report as defined by the Uniform Standards of Professional Appraisal Practice under Standards Rule 2-2a.

Personal Property/FF&E
All items of non -realty are excluded from this analysis. The opinion of market value developed herein is reflective of real estate only.
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Regional Area Analysis

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

REGIONAL AND MARKET AREA ANALYSIS

REGIONAL MAP
Burbank
Glendale Pasadena
Altadena
Alhambra
Compto
Witt v.'I
City of 30
ndustry
Fountain
Valley
Huntington
Beach
F= c
Claremo
Chino H
State Par
�. • lisp \'
La) ,,~rra Beach
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REGIONAL AND MARKET AREA ANALYSIS
Regional Data
The subject property is located in the County of Orange. Orange County is one of six counties which comprise the Southern California Metropolitan Region. The other counties are Los Angeles, San Bernardino, Riverside, Ventura, and San Diego. This region represents one of the most diversified economic environments in the world. Strengths include aerospace, import/export trade, entertainment, defense, tourism, technology, apparel, and education. Located on the previous page is a map that shows the subject in relation to the surrounding region.

These counties have been, and continue to be, interdependent upon one another for a variety of goods and services. Los Angeles County led the region with an explosive population growth after World War I I. This growth was attributed largely to in -migration from other states. New residents were attracted to the area for employment and climate -related reasons. Los Angeles became the industrial base for the region, while the adjacent counties remained agricultural, especially in citrus farming. As Los Angeles County built up, the adjoining counties began to experience a spillover effect; first in population, then in industry.

Location
Orange County is situated directly southeast of Los Angeles County and remained primarily rural until after World War II. The county occupies a total of 798 square miles, stretching along 42 miles of Pacific coastline and extending some 25 miles inland. The eastern mountain region, which includes the Cleveland National Forest, is largely uninhabited. The majority of the population is concentrated in the northwest and central portions of the county and stretches south along the coast. Other counties bordering the County of Orange are Riverside to the east, San Diego to the south, and San Bernardino to the northeast.

Early development in the county primarily consisted of agricultural activity related to wine, citrus, and ranching. Farmers and ranchers were drawn to the area by the ample water supply and fertile soil.

With the advent of the railroads in the late 1800s, shipping to the east coast by rail became a reality, and the citrus industry began to blossom, hence the name "Orange" County. The county was split off from Los Angeles and incorporated in 1889. In the early 1900s, small towns began to form in the northwest and central portions of the county. Expansion generally followed the Red Car commuter rail line in the earlier portion of the decade and later the freeway system followed which led to a large influx of new residents from the neighboring County of Los Angeles. Heavy growth continued through the 1950s, 60s, 70s, and 80s, as Orange County began to emerge as a center for high-tech and aerospace -related industries along with strengths in tourism and service.

Demographics
Although geographically small, Orange County is a major market, both on a statewide and national basis. It ranks third in population among California's 58 counties and sixth nationally. Currently, it represents 8% of California's total population. The following table demonstrates the growth of Orange County over the last four decades and population projections to the year 2030. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 8 681

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

REGIONAL AND MARKET AREA ANALYSIS

SOUTHERN CALIFORNIA POPULATION TRENDS
County
1980 1990 2000 2010 2020 2022 2023 Annual% 2030
Census Census Census Census Population Population Population Change Projection 22/23
Los Angeles
Orange
Riverside
San Bernardino
San Diego
Ventura
7,477,421
1,932,708
663,199
895,016
1,861,846
529,174
8,832,500
2,398,400
1,144,400
1,396,600
2,480,100
666,800
8,497,192
2,662,686
1,117,163
1,410, 332
2,355,638
657,474
9,818,605
3,010,232
2,189,641
2,035,210
3,095,313
823,318
10,135,614
3,180,491
2,440,719
2,175,424
3,331,279
841,219
9,840, 925
3,154,042
2,432, 203
2,179, 263
3,293,911
830,434
9,825,708
3,142,277
2,431,254
2,170, 593
3,297,860
825,937
- 0.15%
-0.37%
- 0.04%
- 0.40%

0.12%
- 0.54%
9,566,663
3,201,361
2,540,559
2,257,518
3,373,792
805,456
Totals: 13,359,364 16,918,800 16,700,485 20,972,319 22,104,746 21,730,778 21,693,629 -0.17% 21,745,349 Source: State Department of Finance - 2023
The communities of Riverside and San Bernardino have been the biggest beneficiaries of this trend, becoming two of the fastest -growing areas in the country over the last ten years. Strong growth into outlying areas is made possible by the extensive freeway system that exists throughout the Southern California basin. This freeway system allows the region's labor force to commute from surrounding counties and form economic bases in the surrounding counties themselves. During the last few decades, the County of Orange has maintained a strong growth rate despite dwindling land area available for development due to a surging economy. In just the past few years, Southern California population has begun to decline slightly in all counties except for San Diego. However, the Department of Finance's projection to the year 2030 indicates Orange County is expected to experience minor growth, along with most of the state, with most of this growth occurring in the eastern and southern portions of the county.

Employment
The Southern California region constitutes one of the most diversified economic environments in the world. This region is the largest center for business services and international trade in the United States, which produced $1.57 trillion worth of goods in services in 2022. Numerous business firms listed in the Fortune 500 have headquarters here. Per World Bank international business statistics, Orange County had a 2022 gross domestic product of $314 billion, making it the 44th largest economy in the world, just above the country of Romania. The county enjoys strengths in services, high-tech manufacturing, and tourism. Income levels are among the highest in the nation.

Unemployment Rates
Area YE 2018 YE 2019 YE 2020 YE 2021 YE 2022 YE 2023
United States
California
Los Angeles -Long Beach-Anahein
Los Angeles County, CA

4.5% 4.4% 4.0% 6.8%

4.8% 4.3% 4.0% 9.2%

4.5% 4.2% 4.0% 11.5%

3.1% 3.0% 2.8% 6.4%

4.4%

5.5%

5.7%

4.2%

3.7%

4.9%

4.7%

5.0%
Source www.bls.gov
The following table shows a breakdown of some of the important employment sectors within the county:
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ORANGE COUNTY EMPLOYMENT SECTORS
Employment by Industry - Orange County
Industry
Total Jobs Percentage
Farm
Mining & Logging
Construction
Manufacturing
Transportation, Utilities
Information
Financial Activities
Professional & Business Services
Educational & Health Services
Leisure & Hospitality
Other Services
Government
1,400
300
112,000
155,300
272,600
24,600
111,600
343, 300
268, 300
234,600
55,200
165,700

0.08%

0.02%

6.42%

8.90%

15.62%

1.41%

6.40%

19.67%

15.38%

13.44%

3.16%

9.50%
Tota I
1,744,900 100.00%
The table above indicates concentrations in some of the county's top employment sectors. Major employers in the county include The Walt Disney Company, University of California — Irvine, County of Orange, St. Joseph Health, Kaiser Permanente, Albertsons, Target Corp., Walmart Inc., Hoag Memorial Hospital Presbyterian, The Boeing Company, Memorial Care Health System, California State University — Fullerton, Bank of America Corp., Edwards Life Sciences, Parker Aerospace, Allied Universal, Home Depot Inc., The Irvine Company, Cedar Fair LP, and United Health Group Inc.

The wholesale/retail trade sector is bolstered by a large population, whose residents have among the highest disposable incomes in the country. The driving force behind the service sector is the presence of various tourist attractions including Disneyland, Knott's Berry Farm, and an extensive coastline that features many high -end hotels/resorts. According to The Economic Impact of Travel in California report, prepared by Dean Runyan Associates in April 2023, "Travel spending in 2022 increased to $134.4 billion across California, a 31.7% increase over 2021 that brought spending 93% of the way to pre -pandemic levels." In Orange County, tourist spending hit $13.2 billion in 2022, an almost 4% increase from the prior pre -pandemic high of $12.7 billion reached in 2019. The following table indicates tourist spending trends in Orange County area from 2013 to 2022:

Year
Tourist
Spending
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
$9.7 billion
$10.4 billion
$11.2 billion
$11.9 billion
$12.3 billion
$12.2 billion
$12.7 billion
$5.9 billion
$9.8 billion
$13.2 billion
Source: Orange County Visitors Association
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Historically, Orange County has experienced a steady increase in retail, hospitality and tourism, but that trajectory changed when the pandemic shocked the economy. The county's tourism industry took a major hit because of the coronavirus outbreak, losing large amounts of employment across the job market from 2019 to 2020. By 2021, California launched its "Calling all Californians" campaign, which encouraged interstate travel to help jump start the economy again after the fall off in tourism during the pandemic. The reopening of hospitality and tourist attractions sparked a trend of regrowth for Orange County's tourist based economical sector, which has rebounded beyond pre - pandemic levels.

Transportation
The Orange County transportation system includes an extensive freeway network. The backbone of this freeway system is the Santa Ana (5) Freeway, which extends the entire length of the state. An estimated 56% of the county population resides within three miles of the freeway (along with two- thirds of the county's jobs). Major north -south freeway routes include the Santa Ana (5) and the San Diego (405) Freeways. The major east -west freeway route is the Riverside (91), which connects parts of Los Angeles County with the inland communities of Riverside and San Bernardino. Other freeways include the Orange (57), Garden Grove (22), Newport (55), and the Corona Del Mar (73) Freeways.

These freeways, along with connecting freeways throughout the region, constitute the most expansive network in the world. However, in recent years, the freeways have become increasingly congested, due to a growing number of motorists and inadequate maintenance/improvements.

Much of this congestion has been caused by continued population growth and commuter traffic from the inland communities of Riverside and San Bernardino, as well as South Orange County.

A major public works project is underway to provide alternative transportation routes for commuting residents. In 1990, Orange County residents voted in favor of Measure M, which instituted a 1/2 cent sales tax for transportation improvements. Major projects consist of a widening of the Santa Ana (5) Freeway, new diamond lanes on the Riverside (91), Orange (57), and Costa Mesa (55) Freeways, and the "Smart Street" improvements of Katella Avenue and Imperial Highway. Other projects include the privately funded toll roads completed in the eastern portion of the county and the San Joaquin corridor in the southern portion. The regional rail system has also been expanded to Orange County, with numerous Metro -link stops during peak commuting times between Los Angeles and Irvine. This system provides alternative transportation for commuters and residents to numerous destinations throughout the metropolitan area, including Los Angeles International Airport (LAX).

Other transportation features of the county include John Wayne International Airport (SNA), public bus service, Amtrak passenger rail service, and several freight rail lines. Access to shipping is provided by the deep -water ports of Long Beach and Los Angeles, which are located to the north of the county. These mega -ports handle one-third of the total U.S. Pacific Coast cargo, with an estimated worth of $124 billion, and are among the four busiest trade areas in the world. Additional airport facilities include the relatively nearby LAX, Ontario, and Long Beach Airports.

Quality of Life
Orange County enjoys a mild Mediterranean climate. Temperatures generally range from 60 to 75 degrees in the winter and 75 to 85 degrees in the summer. Coastal and desert influences keep rain and moisture to a minimum, providing a year-round outdoor atmosphere. The area's predominately warm, sunny climate helps draw more than 47 million tourists a year to Orange County. Orange © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 11 684

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County enjoys immediate proximity to numerous beaches and is within an hour's distance of the mountain and desert areas of Southern California. However, smog presents a constant problem to the Southern California environment. Coastal communities, like Orange County, benefit from ocean breezes that blow the smog further inland; however, smog has also grown as a problem in Orange County due to the continued growth in population, hence automobiles. The region has implemented measures, such as cleaner gas, carpooling, and the metro -link rail system.

Education
Adding to the strong infrastructure in the region is a complete and diversified educational system. There are more than 150 public and private universities and colleges throughout Southern California. These institutions provide a highly trained and skilled workforce for high-tech firms and businesses located in the area. Some of the larger institutions located in Orange County are listed below. There are also several two-year colleges and extension courses offered at various universities within the region.

University of California at Irvine
California State University at Fullerton
Hope University
Vanguard University
Chapman University
Western State Law University
Concordia University
Soka University
Housing Trends
Residential housing in Orange County, like most of the nation, experienced the largest drop in prices (30% to 40%) since the Great Depression of the 1930s during the "Great Recession" of 2007 thru 2011.

Since then, housing prices have continued to reach all-time highs despite interest rate hikes from the Federal Reserve. The current median home price for Orange County is an unprecedented $1.2 million, spurred by a lack of inventory and a surprisingly resilient economy. Apartment rental rates are also exceptionally high, and there is a large number of new apartment projects under construction or planned in the county.

Summary
The availability of a strong transportation system provides for quick access to the many business and industrial centers throughout Southern California. As a result, a diversified economic base provides stability for the region. The lack of available housing inventory has fueled rising home prices in recent years. The effects of the pandemic have begun to dissipate as unemployment has improved to current rates from nearly 20% during the pandemic. Despite the improvement, there is still some uncertainty as it relates to the high levels of government debt, higher interest rates, the ups and downs of the stock market, and global instability. Overall, Orange County appears to be faring better than most areas in California and is expected to continue to do so.
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CITY AND NEIGHBORHOOD ANALYSIS
City and Neighborhood Analysis

NEIGHBORHOOD MAP
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a
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and
9 Rimcrest -.ail Head
Black Gold Golf Club
ay Counseling
logy Services
9 Yorba Linda
Public Library
Yorb Inds vaba Lino Blvd
Buena Vista Ave
E Ora noel horpe Ave
Kaiser Permanente
Orange Cnty.

County of Orange Social O © O
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NAH
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tO
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La Pa'ma Ave
9 Orange Lutheran
High School
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Peralta
Canyon Park
C
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0 Yorba
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at Anaheim Hills
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CITY AND NEIGHBORHOOD ANALYSIS
Neighborhood Data
The subject property is situated in the northern portion of Orange County in the City of Placentia.

Placentia is approximately 24 miles southeast of downtown Los Angeles, and 8 miles north of the County Seat of Santa Ana. The City comprises 6.7 square miles and has a present population of 51,932 residents. Communities in the surrounding this area include: Fullerton, Brea, Yorba Linda, Anaheim and Orange. Located on the previous page is a map of the City.

Placentia was originally part of the 35,970 acre Rancho San Juan Cajon de Santa Ana that was granted to Juan Pacifico Ontiveros in 1837. Early settlers in this area included Daniel Kraemer, William McFadden, Charles Wagner and Albert S. Bradford. The early economy was based upon sheep and cattle grazing, and agriculture. The Valencia Orange was developed in Placentia by Richard Gilman in the 1880's and led to the spread of the citrus industry throughout Southern California. The townsite of Placentia was surveyed in 1910. A Santa Fe Railroad station was added this same year to support the emerging agriculture and packing industries. Oil was discovered in 1919 in the southeast portion of the city. This event led to an influx of new residents in the area and the incorporation of the city in 1926. Population slowly grew until the 1960's when a number of orange groves were replaced with new housing tracts. An historical progression of Placentia's population is shown below.

Year
1960
1970
1980
1990
2000
2010
2020
Population
5,900
21,900
35,041
41,259
46,488
50,533
51,824
Today, the City of Placentia is a suburban community that is 90% built -out. Placentia, which stands for "a pleasant place" in Spanish, is mostly comprised of single family residences. The city has a strong school system with two high schools and affords a relatively good quality of life. Homes generally range in price from $400,000 to $1,200,000 with a median price of $1,004,000. The median household income is $103,041. Transportation is provided by the Orange (57) Freeway, which borders the city to the west side. The Riverside (91) Freeway is also located just south of the city with connections to the nearby Newport (55) Freeway. Major thoroughfares include: Yorba Linda Boulevard, Orangethorpe Avenue, Chapman Avenue, Kraemer Boulevard and Rose Drive.

Employment is provided at a number of businesses in the surrounding area. The largest employers in the city are the Placentia/Yorba Linda School District, Placentia Linda Community Hospital, The Hartwell Corporation, Knott's Berry Farm Foods, Best Foods Baking Group, and A-1 Carbide. Higher education is provided by the nearby California State University Fullerton and Fullerton College.

Commercial development in the city is primarily concentrated along the major boulevards. Industrial development occupies a small portion of the city to the south of the Santa Fe Railroad line. This rail line runs in an east -west direction and meets up with other Los Angeles and Orange County routes at a nearby junction in Fullerton. Current multi -million dollar rail projects in Placentia include the delayed "On-Trac" project and five grade separation projects in progress with several already completed. The remaining vacant land area in the city is located in the eastern portion of the city and up until 10-15 years ago was utilized for oil production. The 18 hole Alta Vista Golf course was constructed in this area and minimal new housing is presently under construction in the entire city. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 14 687

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CITY AND NEIGHBORHOOD ANALYSIS
Immediate Surroundings
The subject property is located at the eastern border of Placentia. The areas to the west, including the flood control are within the boundary of the City of Placentia. The surrounding area is primarily residential in nature with some retail development along Imperial Highway to the north. The predominate use in the area is single family homes on tracts constructed primarily in the 1960s and 1970s. Income levels range from middle to upper income. The area is primarily built-up and in a mature stage of development. The land to the north was until recently a large lot with a single home but has since been developed into townhomes.

Summary
In conclusion, the City of Placentia is a suburban community offering an array of middle income housing. The city has a small town atmosphere and enjoys a good quality of life. Employment is plentiful in the surrounding area and there are many nearby destinations including Disneyland, Knott's Berry Farm, Angel Stadium, the Arrowhead Pond and the Pacific Ocean. Transportation is good with two freeways located in close proximity. The subject property is located in the northeastern portion of the city, which is generally residential in nature. Overall, the City of Placentia is expected to fair similar to the County as a whole in the foreseeable future. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 15 688

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Market Analysis

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MARKET ANALYSIS

MARKET AREA MAP
-n
ark
Stan'
City of
Industry
Hacienda
Heights
South San
Jose Hills
Rowland
)Heights
Fullerton
Anaheim
D's^eylar O3rk
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ANAHEIM
RESORT
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Scout
Reservation
Placentia
1 v
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Santa Ana
Diamond Bar
illa Park
Tustin
SOUTH COAST TUSTIN`LE
METRO
Irvine
Orange
Park Acres
North Tustin
Chino Hills
LOS SERRANi
Chino HILL
State Park

ANAHEIM HILLS
1 ei
Limeston
Canyon
=-r Regional P
Terrpaar v :
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MARKET ANALYSIS
Regional Single -Family Market
According to the National Association of REALTORS®(NAR), existing -home sales improved for the second month in a row, jumping 9.5% to a seasonally adjusted annual rate of 4.38 million units. This improvement exceeded economists' expectations and marked the largest monthly gain in a year. The rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season.

New listings decreased 15.6% for detached homes and 8.0% for attached homes. Pending sales decreased 31.0% for detached homes and 36.9% for attached homes. Inventory decreased 15.3% for detached homes and 9.2% for attached homes.

Median sales price increased 13.5% to $1,430,000 for detached homes and 9.2% to $765,000 for attached homes. Days on market decreased 41.0% for detached homes and 30.6% for attached homes. Months' supply of inventory decreased 5.3% for detached homes but remained flat for attached homes.

The recent surge in home sales was likely due to a dip in mortgage rates in December and an increase in housing supply nationwide. According to NAR, total inventory grew 5.9% month -over - month and 10.3% year -over year to 1.07 million units, for a 2.9 months' supply at the current sales pace. Buyer demand remains robust, and the limited supply of inventory helped push the median existing -home sales price up 5.7% year -over -year to $384,500, the eighth consecutive month of annual price increases. The following illustration presents the March 2024 monthly snapshot for the Orange County single-family residential area.

MARCH 2024 AND YEAR-TO-DATE DATA
Kay wars Iffi dcal Sparlla s
3-MOM 3-7024 %Change Yin 2023 Yf02024 %Change
New Listings
Pending Sales
Closed Sales �IIIIIIId.EIIIIIIl100.1I 1,067 1,020 - 4.4% ,mn 94W2
Days on Market Until Sale �rarrdIII IIIII..IIIIIII 39 23 - 410%

0.2022 9402 3.012.3
Median Sales Price IIIIIIPIEMIIIIIIIIIIIIIII $1,260.000 $1,430,000 + 13.5% Ithighailuummin
IIIIII022 3.20IIIIIII.-.I.
1,289
1,057
1,088
- 15_6%
729 -310%
Average Sales Price IIInnI.IIguIIIIIIIIIII S1 617.083 $1,882,262 +16.4% Pct. of Orig. Price Received IIIIII.g.aaIIIIIIIIIIIIII 96.1% 101.6% - 3.6%

0..2 9-1023 3.N:0 --.-- 3..1
Percent of List Price Received IIIIIIAhIIIIIIIIIIIIIIII 99.4% 101.8% + 2.4% Housing Affordability Index IIIIIIIIIIIIIIIIIIIIII 1. 38 32 - 158% Inventory of Homes for Sale •IIII IIIIUiU�I�IIII 2,017 1,708 -15.3% Months Sapp iy of Inventory •IIIIIIIIIIIIIIIIIIIII•II 1.9 1.8 - 5.3% Source: Orange County Realtors®

16.837 13,984 - 16.9%
12,873 11,452 - 11.0%
13,383 11,803 - 11.8%
27 26
-37%
$1,229.300 $1,309,000 +6.4%
$1,620,344 $1,756,153 +8.4%

99.1% 100.0% + 0.9%
140.6% 100.8% + 0.2%
39 35 -10.3%
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