Placentia City Council
December 3, 2024

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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DVISORS
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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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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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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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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REGIONAL AND MARKET AREA ANALYSIS
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
W La mpe•1 Ra
,,B}atanchury Pa
0�e
= as
O
Hillcrest Park
yi
'rton College 9
(Chapman..

Fullerton E Commonwealth Ave
Dr
E Oranpethorpe Ave
re
9 Br - Mail
Arboretum
and Botanical
Garden at Cal
State Fullerton
9 California
State
Univers,
Fullerton
Sams Club
E RomneyaDr
La Palma Aye
a
Anaheim "Ea,;,,,„ay
Tn-C ru Park
9 Placentia
E Crowther Ave
The Adventure Lagoon 9
Te'rpa'a' Iv ccse-.

OLINDA VILLAGE
Regional Park
Urban Plates
Chuck E. Cheese
a
Ala Vats Sr
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
Services Agency.

NAH
"Coin Aya
Olive
tO
Eisenhower
Park
BA t HILLS
ATWOOD
La Pa'ma Ave
9 Orange Lutheran
High School
Faso
®
n Sky Zone b0
Trampoline Park
Peralta
Canyon Park
C
w
S
San Anionic
Park
0 Yorba
Regional F
The Clubhouse
at Anaheim Hills
N
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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

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

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

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
Garoen Grove
?stminst?r
)buntain

ANAHEIM
RESORT
Firestone
Scout
Reservation
Placentia
1 v
♦1
Orange
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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MARKET ANALYSIS
Local Single -Family Market
The subject property is located in the city of Placentia, which is in the inland northeastern portion of Orange County. The current estimated population of Placentia is 51,951 residents with 16,628 households. The population density for the city is 7,750.6 people per square mile and the median age is 38.2 years. The median household income is $106,155 and the average per capita income for Placentia is $44,788.

The Placentia single-family residential market had 247 new listings and 223 pending sales with 234 closed sales for the last 12 -months ending in March 2024. The average days on market until sale for the Placentia single-family market was 20 days during this 12 -month period. The median sales price was $1,060,000 and was a 9.2% increase during this period. While the average sales price was $1,075,925 or an increase of 10.3%. Single-family homes were selling at 101.8% of the original list price received. The following chart displays the data for the Placentia single-family residential home market.
92870 — Placentia
Orange County
Single Family
Key Metrics
New Listings
Pending Sales
Closed Sales
Days on Market Until Sale
Median Sales Price*
Average Sales Price*
Percent of Original List Price Received`
Inventory of Homes for Sale
Months Supply of Inventory
March
2023 2024 %Change
11 16
24 15
23 28
63 10
$920,000 $1,060,000
$943,017 $1,030,989
100.5% 104.9%
19 22

0.9 1.2
+ 45.5%
- 37.5%
+ 21.7%
- 84.1%
+ 15.2%
+ 9.3%
+ 4.4%
+ 15.8%
+ 33.3%
Last 12 Months
Thru 3-2023 Thnt3-2024 % Change
315 247
282 223
273 234
25 20
$971,000 $1,060,000
$975,343 $1,075,925
100.5% 101.8%
- 21.6%
- 14.9%
- 14.3%
- 20.G%
+ 9.2%
+ 10.3%
+1.3%
Source: Pacific West Association of Realtors
As the above chart points out, there were 372 new listings and 309 pending sales with 322 closed sales for the last 12 -months ending in March 2024. The average days on market until sale for the 92886 -zip code within the Yorba Linda single-family market was 26 days during this 12 -month period. The median sales price was $1,300,000 and was a 3.2% increase during this period. While the average sales price was $1,556,886 or an increase of 1.6%. Single-family homes were selling at 9100.6% of the original list price received.

There are many factors influencing these market conditions, including higher mortgage interest rates which are suppressing inventory. Additionally, there is little land available in the immediate area, new home construction is mostly limited to existing homes being demolished to build newly constructed homes. However, new home construction in Orange County to the south and southeast in nearby cities such as Irvine, in the Great Park area specifically, are attractive alternatives for purchasers rather than the limited supply of older existing homes going to market. Further, the market is getting downward pressure on sales prices from continued inflation, the uncertainty of the economy, gas prices reaching all-time highs, and the upcoming election year. The subject's position in the single- family residential market should remain viable in the future, due to its location in the affluent city of © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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MARKET ANALYSIS
Placentia and easy access to beach cities, John Wayne Airport, Los Angeles, and the Inland Empire because of the network of major freeways, and the large employment and population base in the surrounding areas.

Residential Land Market
The Placentia Market and surrounding markets in Orange County are nearly fully built-up and with strong demand for all types of residential land. Across all residential land types there are many observable circumstances where single family zoned land was rezoned, granted variances, used available density bonuses, or used state legislation to effectively make the single-family land equitable to a low density multi -family zoning. In the city Placentia existing regulations allow ADU units in compliance with state laws. This change in permitting has encouraged local investors to increasingly turn to single family lot development. Additionally, vacant parcels of single family residential land if of adequate size are typically granted variances allowing townhome developments of greater density. In terms of highest and best use, the maximally productive use between single family homes, townhouses, and low -density multi -family is narrow enough that the price per square foot value of current land sales for such zonings are directly comparable.

The general trend in home prices has decreased slightly and then recovered to new highs from mid 2022 to present. Residential land sales in the area occur too infrequently and have too many individual characteristics to infer trends from the median sale price and median price per square foot.

Total sales volume has been lower in 2023 and YTD 2024 compared to prior years and highs seen in 2021. While the demand for housing remains strong, increases in interest rates have made financing for new development less lucrative.
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Site Description

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SITE DESCRIPTION

PARED ELR (RANGE
DEPT. PURPOSES RACY.

ES NO GUARANTEE AS 70

SSUNES ANY LIABILITY
NOT TO BE REPRNLYED.

COCOONTY ASSESSOR 2023
21 6 as
rRAcr;

PLAT MAP
POR. SE 1/4. SW 1/4. SEC. 17. T 3 R 9 If
/0 /3 se /4 .se rRR. /5
.°. CARINA
0a.
22 26'4 NO... 27
AVENGE$

44. CARINA
66 66
12 /4 /5"7

CHICAGO AVENUE
O
GOLDEN
39 O
O
35 39
970 TRACT NO. 4794 M.M. I74-35. 36
TRACT NO. 5648 M.M. 258-10. 17
O
7 ».05
•
O
6 >4
Te

AVENUES
29 NOTE — ASSESSOR'S BLOCK

PARCEL NUMBERS

SHOWN IN CIRCLES
90 O 4/
'NQ564 B

ASSESSOR'S MAP
BOOK 336 PAGE 37
COUNTY or ORANGE
336-37
y/�yw
Tar
100'
The subject site is located on the northern side of the Golden Avenue Bridge, just east of California Street and Golden Avenue
Site Characteristics
Location:

Gross Land Area:

Usable Land Area:

Usable Land %:

Shape:

Average Depth:

Topography:

Drainage:

Grade:

Utilities:

Off -Site Improvements:

No Situs. Placentia, CA 92870

1.56 Acres or 67,954 SF (Based on Assessor's Plat Map)

0.00 Acres or 0 SF

0.0%
Elongated
679.00 feet
Steep land - slopes from 31% to 45%
No apparent drainage problems were noted
Below street grade
All to site
Sidewalks, street lights, and curb cuts are located above grade on nearby streets. Access to the storm drain channel is provided by roads on an adjacent lot.
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Interior or Corner:

Signalized Intersection:

Excess Land:

Surplus Land:

Street Frontage / Access

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SITE DESCRIPTION
Interior
No: No traffic signal at, or near, the site
None
None
Fronta • e Road Prima
Street Name:

Street Type:

Frontage (Linear Ft.):

Number of Curb Cuts:

Golden Avenue
Residential
100.00
0 Additional Access
Alley Access: No
Flood Zone Data
Flood Map Panel/Number:

Flood Map Date:

Flood Zone:

Other Site Conditions
Soil Type:
060238 - 06059C0063J
12-03-2009
A (Flood Hazard Zone)
Zone A area that is determined to be within the 100- and 500 - year floodplain.

A soil report was not provided for my review. No visual evidence of soil or geological problems in the form of uneven settlement or excessive cracking was observed at the time of inspection.

Adequate load bearing capacity is assumed for the present use.

Environmental Issues: An environmental site assessment report was not furnished for our review. An inspection of the property did not reveal any visible or factual evidence of apparent environmental impairment to the site. The appraisers are not considered experts in hazardous materials. The client is advised to obtain an environmental report if further investigation is desired. In addition, a drive -by inspection of the immediate vicinity surrounding the subject did not reveal any uses or hazards that would be expected to pose an apparent risk to the site or would restrict its use.

Easements/Encroachments: A litigation guarantee dated January 10, 2024 from First American Title was provided. The title provides various easements for public utilities, storm drains, and access. These easements are considered typical for the area and would not be expected to have a negative impact on the development or marketability of the property. Easements of interest to the project are discussed in the Condemnation Analysis section.
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Earthquake Zone:

Special Hazards
Adjacent Land Uses
North:

South:

East:

West:

Site Ratings
Access:

Visibility:

Zoning Designation
Zoning Classification:

General Plan Designation:

Permitted Uses:

Development Standards:

Zoning Comments:

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SITE DESCRIPTION
According to the State of California Department of Conservation, the subject is not located within an Alquist-Priolo Special Studies Zone.

The subject is not located in a Wetlands, California State Coastal Zone or Agricultural Preserve.

Single Family Homes and General Retail
Flood Channel
Townhome Community
Single Family Residential
Average
None

ZONING MAP
R1, Single Family Residential
Low Density Residential
Single family dwellings
Height Restriction 35 Ft or 2 Stories
Minimum Lot Area 7,000 SF
This zone is intended as an area for suburban residential © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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SITE DESCRIPTION
development. Minimum lot sizes are 7,000 for interior lots and 7,500 for corner lots.

Legal, Conforming Status
Legally Permitted Use: N/A
Conforms to Parking: N/A
Conformity Conclusion: N/A
Analysis/Comments on Site
We were provided with plat maps of the acquisition areas performed by Vincent Kleppe of The Prizm Group, a professional surveyor. According to public records, the area of the site measures 1.56 -acres or 67,954 square feet. The entire site is subject to US Government and Orange County Flood Control Easements. The property is zoned residential by the city in consistency with adjacent property to the west. The center of the property is improved with a concrete flood channel. The outer sides consist of sloped embankments and also provide access to the flood channel from Golden Avenue. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 23 696

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SITE DESCRIPTION

FLOOD MAP
Report Date: 04/44f2021 County. ORANGE, CA
Flood Zoos Code Flood Zone. Paortl
X 060233.Ofi059C0663J
Special Flood Hazard Area CSFHA} Within 250 ft. of multiple flood zonea7 Out Yes (X,A)
PafeI pate
12/01'2009
Cvmmun ily Hama

YORRA LINDA
Flood Zone desuiplion:

Zone X -An area that la determined to be outside the 1D6- and 588 -year floodplalna, l of 2 414/2O24, 1:33 PM
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ASSESSMENT AND TAX DATA
Assessment and Tax Data
Assessment Methodology
Under provisions of Proposition 13, properties are assessed based on their value as of March 1, 1975.

This value may increase no more than 2% per year until such time as the property is sold, substantial new construction takes place, or the use of the property is substantially altered. The above property taxes include the general 1% tax, voted indebtedness, and direct assessments. If the property were sold, creating a new assessed value, the direct assessments would not be expected to change. The general tax and the voted indebtedness, however, would be expected to reflect the new basis. Thus, the tax rate specified above relates to the general tax rate and voted indebtedness, and the direct assessments of $36 are in addition to this rate.

Assessed Values and Property Taxes
The subject's assessed values, applicable tax rates, and total taxes, including direct assessments, are shown in the following table:

SUMMARY OF ASSESSED VALUES AND PROPERTY TAXES
Assessor Parcel No. 336-371-36
Land
Improvements
Total Assessment
General Tax
Voted Tax
Tax Rate
Direct Assessments
Total Property Taxes
$31,362
$0
$31,362
$314
$20

1.06301%
$36
$370
Conclusions
According to the Orange County Tax Assessors Office, the subject's property taxes are current as of the date of value.
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Highest and Best Use

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

HIGHEST AND BEST USE
The Highest and Best Use of a property is the physically possible, legally permissible, and financially feasible use that results in the highest value. An opinion of the highest and best use results from consideration of the criteria, noted above under market conditions or likely conditions as of the effective date of value. Determination of highest and best use results from the judgment and analytical skills of the appraiser. It represents an opinion, not a fact. In appraisal practice, the concept of highest and best use represents the premise upon which value is based.

While improved properties may have a highest and best use different than the existing use, the existing use will generally continue until the land value exceeds the property value at its existing use plus demolition costs. It is not always necessary to determine the highest and best use of an improved property both "As If Vacant" and "As Improved." In many cases, the determination of whether the value as improved exceeds the site value is straightforward, not requiring an opinion of market value for the site. In such cases, a determination of highest and best use of the site (aside from excess land, if present) is neither germane nor required. However, if there is a reasonable question as to whether the site value rises to such a level, then a determination of highest and best use as if vacant is mandated.

In the case of the subject, the underlying land is being appraised as if vacant. The proposed easements will have no effect on the improvements or continued use of the property. Therefore, the highest and best use as improved was not considered.

Analysis of Highest and Best Use As If Vacant
In determining the highest and best use of the property site, we examine the potential for: 1) near - term development, 2) a subdivision of the site, 3) an assemblage of the site with other land, or 4) holding the land as an investment.

Physically Possible
Multiple factors affect the uses with which land may be developed. These factors discussed earlier in the Site Description are summarized in the following table, followed by a conclusion as to potential limitations imposed by the physical characteristics.

PHYSICAL CHARACTERISTICS
Characteristic Conclusion
Land Area
Shape
Utilities
Visibility
Flood Plain
Soil Conditions
Environmental
Other
67,954 square feet / 1.56 acres
Elongated
All to site
None
X and AE Partially within flood plain
No report provided, assumed adequate.

Unknown, No apparent conditions
None
Conclusion: The property contains a flood plain down the center with a sloped embankment on each side. Effectively the only use of the property could be as a transportation corridor along with the existing flood control corridor use.
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HIGHEST AND BEST USE
Lecally Permissible
Another threshold of highest and best use is what is legally permissible. This analysis considers applicable private restrictions and zoning constraints; and the potential for change of same, historic district controls, urban renewal ordinances, and other possible legal factors that may result in limitations on development. The primary limiting factors are typically associated with the zoning of the site and easements, which reduce development potential. The elements associated with these potential influences are summarized below.

LEGAL ISSUES
Characteristic Conclusion
General Plan
Zoning
Permitted Uses
Probability of Change
Easements/Regulations
Low Density Residential
R1, Single Family Residential
Single family dwellings
Unlikely
Discussed below
Conclusion: The zoning controls the general nature of permissible uses but is appropriate for the location and physical elements of the subject, providing for a consistency of use with the general neighborhood. The property is entirely contained within a flood control easement. There is almost no development potential for the site to the current zoning use. Some uses along the flood channel to the south have backyards built over the flood control channel. There may be some limited potential for use of the property along with flood access, (e.g. hiking trail) but at present there is no legal use for the underlying owner. Additionally, there is some historical use of the corridor for crude oil pipeline transportation.

Financially Feasible
After determining uses that are physically possible and legally permissible, an appraiser considers uses that are likely to produce an adequate return on investment. All uses yielding a positive return are financially feasible. Feasibility is initially tested through market observation of supply/demand trends and market values. If necessary, a more exacting analysis involves a cost/benefit analysis.

Presently, there is no individual financially feasible use of the subject property unless linked with adjacent properties to form a wider corridor. Use as a pipeline corridor might be feasible but is beyond the scope of this appraisal.

Maximally Productive
Among the financially feasible uses, the use that results in the highest value (the maximally productive use) is the highest and best use. Considering these factors, the maximally productive use as if vacant is the continued use as a flood control channel. There is some potential for the side strips to be used as a transportation corridor, (e.g. pipeline, information, electrical) but the likelihood of need for this development is minimal.

Conclusion of Highest and Best Use As If Vacant
Based upon the preceding analysis, the conclusion of highest and best use of the subject site as if vacant is as follows:

CONCLUSION AS IF VACANT
Characteristic Conclusion
Use:

Flood Control Channel
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HIGHEST AND BEST USE
Most Probable Buyer
As of the date of value, the most probable buyer of the subject property is a public / governmental entity.

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. 336-371-36 located in the City of Placentia, County of Orange with no given an address. 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 channel for which the bridge passes over. The proposed easements are within existing flood control easement areas. According to the acquisition agent, no site improvements of the fee ownership will be affected. The appraiser reserves the right to amend the report if construction plans change or if any improvements i.e. fencing and foliage, are affected. A more detailed description of the acquisition is located in forthcoming sections.

Corridor Analysis and Across the Fence Value
The subject property is an elongated strip of land that is part of a larger flood control channel. Flood channels occupy a unique area of corridor analysis because while they bear similarity to other types of corridors (railroad, power, etc.), they often consist of improvements on existing rivers and river washes and usually do not have intrinsic economic value. The subject prior to improvement was known as the Soquel wash. Given the lack of economic characteristics or plottage value, no corridor enhancement factor was applied.

Currently the subject flood control corridor that is zoned R1 in consistency with adjacent residential land to the west. The land on the eastern side of the corridor is zoned R3. Our analysis of the market is that there is only a small premium for multi -family land relative to single-family home tracts.

Considering the zoning, we concluded an across the fence use using the existing zoning (land to the west) for the corridor and made a property rights adjustment for the storm drain easement which is in line with an adjustment that would be applied to an unusable riparian area of a property. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 28 701

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APPRAISAL METHODOLOGY
Appraisal Methodology
Three Approaches to Value
There are three traditional approaches typically available to develop indications of real property value: the cost, sales comparison, and income capitalization approaches.

Cost Aaoroach
The cost approach is based upon the principle that a prudent purchaser would pay no more for a property than the cost to purchase a similar site and construct similar improvements without undue delay, producing a property of equal desirability and utility. This approach is particularly applicable when the improvements being appraised are relatively new or proposed, or when the improvements are so specialized that there are too few comparable sales to develop a credible Sales Comparison Approach analysis.

Sales Comparison Approach
In the sales comparison approach, the appraiser analyzes sales and listings of similar properties, adjusting for differences between the subject property and the comparable properties. This method can be useful for valuing general purpose properties or vacant land. For improved properties, it is particularly applicable when there is an active sales market for the property type being appraised — either by owner -users or investors.

Income Capitalization ADoroach
The income capitalization approach is based on the principle that a prudent investor will pay no more for the property than he or she would for another investment of similar risk and cash flow characteristics. The income capitalization approach is widely used and relied upon in appraising income -producing properties, especially those for which there is an active investment sales market.

Applicability of Approaches to Subject Property
As stated within the Scope of Work, we have relied upon the Sales Comparison Approach for valuing the underlying land. The Sales Comparison Approach is the most applicable approach for valuing land and thus is the only approach utilized in this appraisal. The Income Approach is not typically used for valuing fee simple land. Specific take areas pertaining to the subject property will be discussed in the following valuation section. Since the acquisition (take) areas involve only land and site improvements, we have valued the land only for the purpose of this appraisal. Methods of the Cost Approach are used to calculate site improvements, if present in the take areas. The highest and best use section concluded storm drain use with an across the fence residential value for the subject property. Thus, in the forthcoming land analysis, we have selected land sales with a residential zoning or tendency in use. Furthermore, the acquisitions are not expected to have a significant impact on the continuing use of the subject property as it is currently improved.

Subject Larger Parcel
The appraisal analysis is performed utilizing the theory of the "Larger Parcel". The Larger Parcel is determined by applying a three-part test to evaluate whether a property has unity of ownership, unity of use (or highest and best use) and contiguity. In the case of the subject, the larger parcel consists of a single parcel with a single owner and use as land fully subject to flood control easement. The owner also owns an apartment project contiguous with the northeastern boundary.

However, given the differing zoning, differing current use, differing and highest and best use we have considered the single parcel as the larger parcel. For the purposes of this appraisal, the "Larger © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 29 702

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APPRAISAL METHODOLOGY
Parcel" will refer to the subject site(s) "as vacant" and unimproved, but in a finished condition and with a residential zoning. The whole of the property is subject to multiple flood control easements where the underlying fee owner has only nominal property rights remaining. The easements are discussed in detail in the following valuation section. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 30 703

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LAND VALUATION
Land Valuation by Sales Comparison
Methodology
Land is most often valued using the Sales Comparison Approach. This approach is based on the premise that a buyer would pay no more for a specific property than the cost of obtaining a property with the same utility. In the sales comparison approach, the opinion of market value is based on closed sales, listings, and pending sales of properties similar to the subject property, using the most relevant units of comparison. The comparative analysis focuses on the difference between the comparable sales and the subject property using all appropriate elements of comparison.

A systematic procedure for applying the sales comparison approach includes the following steps: (1) researching and verifying transactional data, (2) selecting relevant units of comparison, (3) analyzing and adjusting the comparable sales for differences in various elements of comparison, and (4) reconciling the adjusted sales into a value indication for the subject site.

Unit of Comparison
The unit of comparison depends on land use economics and how buyers and sellers use the property. The unit of comparison in this analysis is price per square foot.

Elements of Comparison
Elements of comparison are the characteristics or attributes of properties and transactions that cause the prices of real estate to vary. The main elements of comparison that are considered in sales comparison analysis are as follows: (1) real property rights conveyed, (2) financing terms, (3) conditions of sale, (4) market conditions, (5) location, and (6) physical characteristics.

Comparable Sales Data
A search of data sources and public records, a field survey, interviews with knowledgeable real estate professionals in the area, and a review of our internal database were conducted to obtain and verify comparable sales and listings of vacant land properties. We used six sales in our analysis, which were judged to be the most comparable in developing an indication of the market value of the subject property.

The following map displays the location of each comparable in relation to the subject. Following those, are plat maps of the comparable sales and a discussion of relevant adjustments. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 31 704

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LAND VALUATION

COMPARABLE LAND SALES MAP
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Comparable Land Sales

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

LAND VALUATION
Address:

APN:

COMPARABLE LAND SALE #1

LOCATION
5641 LakeView Avenue, Yorba Linda, CA
343-29-112 (Prior)

DESCRIPTION
Area (SF): 22,590 SF Area (AC): 0.52 Shape: Rectangular Typography: Level Location: Interior Condition: Vacant Land Utilities: All to Site Zoning: R -E

SALE DATA
Sales Price:

Date of Sale:

Terms:

Buyer:

Seller:

Verification:

Comments:
$925,000 Price/SF: $40.95
11/17/2023
All Cash
Xiaolin Zeng and Hairong Ni.

Robert Kerry and Debra Lynn Peterson Trust, 50% Interest and Thoms Hartman and Kimberly Hartman, 50% Interest.

RealQuest, MLS
The property is a subdivision of a former larger lot that contains vacant land and aged equestrian stables/ gating. The northern portions of the larger prior parcel have already been developed into large tract home. The southern portion outlined above containing the primary horse stable and gated exercise area are part of this sale. The zoning allows a minimum lot size of 15,000 square feet. The buyer demolished the improvements and no value for the improvements was allotted.

Document No.: 0282321
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Address:

APN:

Area (SF):

Typography:

Utilities:

Sales Price:

Date of Sale:

Terms:

Buyer:

Seller:

Verification:

Comments:
8572 Talbert Avenue, Fountain Valley, CA
122-781-73
50,938 SF
Level
All to Site
$3,000,000
07/28/2023
All Cash

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

LAND VALUATION
COMPARABLE LAND SALE #2

DESCRIPTION
Area (AC): 1.17 Shape: Rectangular
Location: Interior Condition: Old Residential SFR
Zoning: CP-HO1 (Residential Overlay)

SALE DATA
Price/SF: $58.90
Document No.: 0183128
Bonanni Development Company VI, LLC
Ronald Lawrence Courreges, Jancie Marie White, Linda Ellen Callens, Irene H.

Lindsay as tenants in common.

RealQuest, CoStar, Grand Deed
The property consists an older large SFR lot located near the southeast corner of Talbert Avenue and Newland Street. The property is zoned for commercial professional meaning a small office development, but the surrounding area is residential and a residential overlay allows garden style residential homes. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 34 707

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Address:

APN:
16801 Cumberland Cir., Yorba Linda, CA
341-221-11 to 14
Area (SF):

Typography:

Utilities:

Sales Price:

Date of Sale:

Terms:

Buyer:

Seller:

Verification:

Comments:

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

LAND VALUATION
COMPARABLE LAND SALE #3
'Vina Del Mar Ave
29,620 SF
Level
All to Site

DESCRIPTION
Area (AC): 0.68 Shape: Rectangular
Location: Interior Condition: Vacant Land
Zoning: R -U

SALE DATA
$2,258,000 Price/SF: $76.23
07/20/2023 Document No.: 0194071
All Cash
Monbri, LLC
Eric T Lamhofer 50% interest, and Linda L. Davis 50% Interest RealQuest, MLS
The property was a larger lot which formerly had an oil well. The property boundary of Yorba Linda and Placentia ran through the property. After the oil lease expired the improvements have been removed and the present southern portion in the City of Yorba Linda was split into four individual lots and marketed for sale. The buyer purchased all four lots as a single transaction. There are no reported environmental issues. The zoning allows a minimum lot size of 7,500 square feet. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 35 708

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Address:

APN:

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

LAND VALUATION
COMPARABLE LAND SALE #4
1442 N Dale Avenue, Anaheim, CA
070-741-01

DESCRIPTION
Area (SF): 40,511 SF Area (AC): 0.93 Shape: Irregular
Typography: Level Location: Interior Condition: Two Old Structures Utilities: All to Site Zoning: RM2 (Residential)

SALE DATA
Sales Price: $2,500,000 Price/SF: $61.71
Date of Sale: 08/12/2022 Document No.: 0276917
Terms: All Cash
Buyer: Bonanni Development Company V, LLC
Seller: Judy Maria Boisseranc Trust
Verification: RealQuest, CoStar, Grant Deed
Comments: The property is surrounded by an apartment community but was never developed.

There are two older structures on site which will be demolished. To the northern border is a major freeway. The zoning allows a minimum lot size of 3,000 square feet.
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'StV ce td
Catholic Church
Address:

APN:

Area (SF):

Typography:

Utilities:

List Price:

Date of Sale:

Terms:

Buyer:

Seller:

Verification:

Comments:

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

LAND VALUATION
COMPARABLE LAND COMP #5
8371-8461 Talbert Avenue, Huntington Beach, CA
167-531-23 & 167-531-24

DESCRIPTION
92,434 SF
Level
All to Site
Area (AC): 2.12 Shape: Rectangular
Location: Corner Condition: Old Residential SFR
Zoning: RL (Residential)

SALE DATA
$6,150,000 Price/SF: $66.53
08/2/2022 Document No.: 0267190
All Cash
Olson Urban V- Huntington Beach 4, LLC, a Delaware limited liability company Gordon A Langston and Mary M. Langston, as Trustees of the Langston Family Trust
RealQuest, CoStar, Grand Deed
The property consists of two older SFR lots located on the corner of Talbert Avenue and Newland Street. The prior owner had owned the property for over 100 years, and it was sold for redevelopment. The area differs from some records and is based on the assessor plat map. The site is currently under development of residential townhome units. The zoning allows a minimum lot size of 6,000 square feet. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 37 710

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Address:

APN:
9071-9091 Lampson Ave, Garden Grove, CA
133-183-55, 133-183-56, 133-183-57, 133-183-58

DESCRIPTION
Area (SF):

Typography:

Utilities:

List Price:

Date of Sale:

Terms:

Buyer:

Seller:

Verification:

Comments:
69,696 SF
Level
All to Site

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

LAND VALUATION
COMPARABLE LAND COMP #6
Area (AC):

Location:

Zoning:

1.60 Shape: Rectangular
Corner Condition: Vacant Land
R-1-7

SALE DATA
$4,750,000 Price/SF: $68.30
07/22/2022 Document No.: 0255549
All Cash
PLC Garden Grove LLC
Bicknell Family Trust
RealQuest, CoStar, Grant Deed
The land sale consists of four interior parcels located among single family developments. The property contains four old single-family homes of older age, some reportedly in poor condition. The exterior of one at the front appears to be in average condition. The buyer plans to demolish and redevelop a higher density residential project. The zoning allows a minimum lot size of 7,000 square feet. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 38 711

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LAND VALUATION
Land Sales Comparison Analysis
All of the sales were analyzed, and adjustments were made for differences in the various elements of comparison, including: real property rights, financing terms, conditions of sale, expenditures made immediately after purchase, market conditions, location, size, and other relevant factors. If the comparable sale was considered superior to the subject for any element of comparison, we applied a negative adjustment to the comparable. Conversely, a positive adjustment to the comparable was applied if it was considered inferior to the subject for any element. A summary of the elements of comparison follows.

Transaction Adjustments
Transaction adjustments include 1) real property rights conveyed, 2) financing terms, 3) conditions of sale and 4) expenditures made immediately after purchase. These items are applied prior to the market conditions and property adjustments, and are discussed as follows:

Real Property Rights Conveyed
Real property rights conveyed in land sales, such as easements, right of way, private or public restrictions, the right to develop, and any other land use right the property may transfer upon sale (e.g. the right to farm, mine, or subdivide) influence sale prices and may differ among land sale comparables.

Financing Terms
The transaction price for one property may differ from that of an identical property due to different financial arrangements. Sales with financing terms not at or near market terms require adjustments for cash equivalency to reflect typical market terms. A cash equivalency procedure discounts atypical mortgage terms to provide an indication of value at cash equivalent terms.

Conditions of Sale
When the conditions of a sale are atypical, the resulting price may be higher or lower than a normal transaction. Adjustments for conditions of sale usually reflect the motivations of either a buyer or a seller who is under duress to complete the transaction. Another more typical condition of sale scenario involves a downward adjustment applied to a comparable property's for -sale listing price, which usually reflects the upper limit of value.

A knowledgeable buyer considers expenditures that must be made upon purchase of a property, decreasing the amount he will agree to pay. Such expenditures may include: (1) costs to demolish and remove any portion of the improvements, (2) costs to petition for a zoning change, and/or (3) costs to remediate environmental contamination. The relevant figure is not the actual cost incurred, but the cost anticipated by both the buyer and seller. Unless the sale involved expenditures anticipated upon the purchase date, no adjustments to the comparable sales are required for this element of comparison.

Market Conditions Ad'ustment
Market conditions change over time as a result of inflation, deflation, fluctuation in supply and demand, and other factors. Changing market conditions creates the need for adjustments to sale comparables that represent transactions during periods of dissimilar market conditions.

Property Adjustments
Property adjustments are usually expressed quantitatively as percentages that reflect the increase or decrease in value attributable to various characteristics of the property. In some instances, qualitative © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 39 712

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LAND VALUATION
adjustments are used. These adjustments are based on locational and physical characteristics and are applied after transaction and market conditions adjustments.

Location
Location adjustments may be required when the locational characteristics of a comparable property are different from those of the subject property. These include, but are not limited to, general neighborhood characteristics, freeway accessibility, street exposure, corner versus interior lot location, neighboring properties, view amenities, and other factors.

Size
The size adjustment identifies variances in the physical size of the comparables and the typical size of ATF land parcels. With residential land, the ATF size is not necessarily the individual finished lot, but the typical lot size of undeveloped residential land, which has a wider variance. Typically, the larger a parcel, the lower the sale price per unit. This inverse relationship is due, in part, to the principle of "economies of scale. The comparables were of typical size for undeveloped lots and were not adjusted.

Sha pe
Parcels of land with odd, non -rectangular, shapes sometimes limit the amount of land within the parcel available for development, resulting in less utility for some portions of the site. Consequently, these parcels are less desirable to buyers and require adjustment. In ATF analysis, the adjustment of shape is not to the shape of the corridor itself, but to the shape of the ATF land of which the corridor is presumed to share the characteristics of.

ToDograDhy and Soils
Sites may differ in value due to physical characteristics such as: grading, contour, drainage, potential for development, and soil content/condition. Adjustments are made to offset additional costs that will incur and any soil changes needed when improving the land. In other cases, topographical and soil conditions, such as steep cliffs, impede development on portions of a site. The adjustment for river wash and flood channel easement is applied after the ATF value is determined.

Zoning
The highest and best use of sale comparables should be very similar to the subject property. When comparables with the same zoning as the subject are lacking or scarce, parcels with slightly different zoning, but a highest and best use similar to that of the subject may be used as comparables. These comparables may have to be adjusted for differences in utility if the market supports such adjustment.

Other Pro3erty Adjustments
Other property adjustments are: any other adjustment category relevant to the report. Other adjustments often utilized are: Utilities to the site, Condition, Flood Zone, Building Improvements and an "Other" category, for site specific characteristics.

Summary of Adjustments
From our analysis, we have summarized adjustments to the sale comparables on the following adjustment grid. Following the grid is a discussion of our adjustments and the land value conclusion.

These qualitative adjustments are based on our market research, best judgment, and experience in appraising similar properties.
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LAND VALUATION

COMP ARABLE LAND SALE ADJUSTMENT GRID
S ubj ect
Sal e # 1 Sal e # 2
Sale # 3
Sale # 4
Sale # 5
Sal e # 6
Date of Value & Sale
Property Name
Address
City
APN
Gr oss Acres
Gross Square Feet
Unadjusted Sale Price
Unadjusted Sale Price Per Sq uare Foot
Transactional Adjustments
Property Rights C onveyed
Adjustment
Finan cing Terms
Adjustment
Con ditions of Sale
Adjustment
Expen ditu re s after Sale
Adjustment
Ma rke t Conditio ns A djustments
Elapsed Time from Date of Value
Market Trend Through
Analyzed Sale Price
Property A djustments
Lo cation
Adjustment
Size
Adjustment
Shape/Depth
Adjustment
To po graphy
Adjustment
Zonin g
Minimum Lot
Units Per Acre
Adjustment
Utilities
Adjustment
Demolition / Contributing Improvements
Adjustment
Other
Adjustment
Net Physical Adjustment
4/2/24
Flood Contr ol Land
No Situs
Placentia
336-371-36

1.56 ac
67,954 sf

0.0% P er Yr
No Situ s
Pla centia
67,954 sf
Elon gated
Sloped
R1
7,000
6 Adjusted Sale Price per Gro ss Square Foo t
All To -Site
11/17/23
Horse Stable
5641 LakeView
Avenue
7/28/23 7/20/23 8/12/22 8/2/22
SFR w/ Land Vacant Land SFR w/ Land SFR w/ Land
8572 Talbert 16801 1442 N Dale 8371-8461 Talbert
Avenue Cumberland Cir. Avenue Avenue
Yorba Linda Fountain Valley Y orba Linda Anaheim Huntington Beach 343-29-112 122-781-73 4 Parcels 070-741-01 167-531-23 & 24

0.52 ac 1.17 ac 0.68 ac 0 .93 ac 2.12 ac
22,590 sf 50,938 sf 29,620 sf 40,511 sf 92,434 sf
$925,000 $3,000,000 $2,258,000 $2,500,000 $6,150,000
7/22/22
SFR w/ Land
9071-9091
Lampson Ave
Garden Grove
'JD- 103 - JD L ll
EO
1 .60 ac
69,543 sf
$4,750,000
$40.95 $58 .90 $76 .23 $61.71 $66.53 $68.30
Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Typic al Typical Typical Typic al Typical Typic al
No ne None None No ne None No ne
None N one No ne None No ne None

0.38 years 0 .68 y ears 0.70 years 1.64 years 1.67 y ears 1.70 y ears $40 .95 $58.90 $76.23 $61.71 $66 .53 $68 .30
5641 L akeView 8572 Talbert 16801 1442 N Dale 8371-8461 9071-9091 Aven ue A ve nue Cumberla nd Cir. Aven ue Talbert A ve nue Lampson A ve Yorba Linda F ountain Yorba Li nda A naheim Huntington Beach G arden Grove - SI. Superior Inferior SI . Superior SI. Inferior
22,590 sf 50,938 sf 29,620 sf 40,511 sf 92,434 sf 69543 sf SI. Superior - SI. S uperi or - SI. Inferior -
Rectangular Rectangular Rect ang ular Irregular Rectangular Rectangular Superior Superior Superi or SI. Superior Superior Superior Level Level Level Level Level Level
Superior Superior Superi or Superior Superior Superior
R -E CP-HO1 (GH) R -U RM2 RL R-1-7
15000 1,800 7,500 3,000 6000 7000

1. 8 10.8 4 14 7 6
Far Inferior - - - - -
All To -Site All To -Site All To -Site All To -Site All To -Site All To -Site Stable SFR's None SFR SFR SFR
SI.Inferior SI. Inferior SI .Inferior SI .Inferior SI.Inferior Non e Non e None N one N one N one
Inferior SI. Superior Superior SI. Superior Superior Superior $40.95 $58.90 $76. 23 $61.71 $66 .53 $68.30
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LAND VALUATION
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 and prices have remained mostly flat over the past year. 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 low to low -medium density residential uses. 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 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 further 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 similar 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 slightly inferior 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 consisted of four individual uniform lots within an existing housing tract of similar zoning.

Overall, this comparable was considered similar 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. The zoning allows for slightly greater density but the difference does not currently effect pricing in the market. It is irregular in shape compared to the subject ATF parcels. This comparable was considered slightly inferior to the © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 42 715

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LAND VALUATION
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 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 similar 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 similar in size and zoning and contains existing single family developments. The property is level, rectangular in shape, and allows greater density. Overall, this comparable was considered slightly inferior 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
No.

Address
City Zoning
Sale Date Price
Analyzed
SF Price Market Rating
3 16801 Cumberland Cir.

Yorba Linda RM2
7/20/23
$2,258,000
29,620
67,954 $70.00
69,543
92,434
40,511
50,938
22,590
$76.23
Similar
S Subject Property
6 9071-9091 Lampson Ave
5 8371-8461 Talbert Avenue
4 1442 N Dale Avenue
2 8572 Talbert Avenue
1 5641 LakeView Avenue
Placentia R1
Garden Grove R-1-7
Huntington Beach RL
Anaheim RM2
Fountain Valley CP-HO1 (GH)
Yorba Linda R -E
7/22/22
8/2/22
8/12/22
7/28/23
11/17/23
$4,750,000
$6,150,000
$2,500,000
$3,000,000
$925,000
$68.30 SI. Inferior
$66.53 Similar
$61.71 SI. Inferior
$58.90 SI. Inferior
$40.95 Inferior
Zoning allowable density played a larger role for Sale 1 as the density is limited to larger estate sized parcels. Generally, the Orange County market has been allowing greater densities and affordable housing density bonuses for R1 single family lots or the development of townhomes. Effectively the demand for detached single family properties and townhomes is such that density does not play a factor in price for densities between 6 and 30 units per acre.

Sales 1 and 3 were both recent transactions and located within the same city as the subject. Sale 3 represents the upper end with individual uniform lots part of an existing subdivision, while Sale 1 would not allow any further subdivision of the lot. These local sales bracket the limits of the range of value. The remaining sales are from the Orange County area and provide a good indication of value for the subject. Sale 5 and 6 was the most similar to the subject. Therefore, we have concluded a value near the upper end of the market range at $70.00 per square foot. This figure represents the © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 43 716

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LAND VALUATION
This figure represents the value of the land were it not to be subject to a flood control easement or contain any river wash, that is fully developable land. Considering the majority of the bundle of rights have already gone to the existing easement holder, a remainder value of only 5% is attributable to the underlying fee owner for other potential uses (see highest and best use section). The land valuation is summarized as follows:

LAND VALUE INDICATION
Land Valuation
Land Area (square feet)
Indicated Value PSF
Flood Control Easement / River Wash
Indicated Value
Final Land Value Determination from Sales Comparison Approach (Rd.) 67,954
$70.00
5%
$237,839
$240,000
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CONDEMNATION ANALYSIS
Condemnation Analysis
Acquisition Summary
The subject property larger parcel is land wholly subject to a flood control easement with a residential zoning and adjacent use. 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

1.56 acres or 67,954 square feet. The project will use a 13,015.88 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 $240,000 or $70.00 per square foot with 5% of the remaining property rights attributed to the underlying fee ownership.

Flood Control Easements
There are two known easements on the property that overlap with or are adjacent to the acquisitions. Historically, the subject was a stream known as the Soquel wash. Easement activity began in 1938 following widespread flooding in Southern California. 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 — US Government Flood Control Easement Per 5502-258
This easement consists of "a perpetual and assignable right and easement for flood control channel and rectification purposes consisting of the right to construct, reconstruct, inspect, maintain and repair a channel or channels, protection works and appurtenant structures for the purpose of confining and controlling the waters of the carbon canyon creek ... in, on, over, under, and across that certain parcel." Effectively this easement was a full take of the bundle of rights associated with fee ownership of the property.
2 — Orange County Flood Control Easement Per 13879-839
This easement appears on the plat map provided with a date of 1980. It is effectively the same easement area as easement 1. This easement was not provided in the lit guarantee from the title company. Effectively, we assume that this easement is the above perpetual assignable easement being assigned to Orange County by the US Government for management.

Description and Analysis of the Part Taken: TCE
This project proposes to take a temporary construction easement (TCE) of 13,015.88 square feet that is located at the southern portion of the subject. The square 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 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 45 718

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CONDEMNATION ANALYSIS
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. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 46 719

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CONDEMNATION ANALYSIS
LEGAL DESCRIPTION: TEMPORARY CONSTRUCTION EASEMENT
EXHIBIT "A"

TEMPORARY CONSTRUCTION EASEMENT
BEING A PORTION OF '1 HA"I CER'l AIN 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:

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 RICE -IT 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 100.20 FEET TO A LINE PARALLEL WITH AND 140.00 FEET WESTERLY, MEASURED AT RIGHT ANGLES, FROM SAID EASTERLY LINE:

THENCE ALONG SAID PARALLEL LINE, NORTH 3°23'35" WEST, A DISTANCE OF 130.01 FEET;
THENCE SOUTH 89'57'43" EAST, A DISTANCE OF 300.18 FEET TO SAID EASTERLY LINE; THENCE ALONG SAID EASTERLY LINE, SOUTH 3°23'36" EAST, A DISTANCE OF 130.31 FEET TO THE POINT OF BEGINNING;
CONTAINS 13,015.88 SF (0.30 ACRES) MORE OR LESS.

VINCENT G. KL • PE LS 7181 DATE

PREPARED FOR AND ON BEHALF OF THE PRIZM GROUP
PiTPG/17/17-005/EASEMENT/17-005 TCE EASEMENT A,doc
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CONDEMNATION ANALYSIS
PLAT MAP: TEMPORARY CONSTRUCTION EASEMENT
F
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pC
O
Ca CO
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— 10O'
N89.47'14'W ; P
f'fLY LINE
NE 1/4 I
SEC 20
T 3S, R9W
100
0 103
Sole 1" = 1O0 ft
LINE TABLE:

NUMBER

DIRECTION

DISTANCE
C11
N 3'23'36" W
13O.O1'
H
N 89'57'43" W
1OO.18'
[31 _
N 3'23'36" W
13O.31'
0 N 89'47'14" W
1OO.20'
«]
N 3'23'36" W
30,06'
P.O.C.

GOLDEN !A VENUE
LEGEND
USA FLOOD CONTROL EASEMENT +NDI 4TES PROPOSED
1 PER O. f?. 5502/258
■M,
EASEMENT (43,015.88 SF)
DRAWN BY: AI{
DATE 5-1--24
JOB. NO,: 17-OO5
FlLE P: 1 17-005\ EASEMENTS'\
17-000 MAK
E>+IKER5 AND IMI) 51.1MNOR5
LEICA HDS LASER SCANNAN6
• GPS A ROBOTIC SI1,4YE.2w4
• GrEOHAM ENGINE€RING
• (,719'L ENGINEERWG
• L.4MV PLANMNG
310 N. C:OTA $T, SUITE I, CORONA, CA 92978
PHONE (951)7J7-4406.wrx_7F0-:41M11}0.0tan
EXHIBIT"A"

TEMPORARY

CONSTRUCTION

EASEMENT
OF
1 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

721

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
Photographs of Proposed Acquisitions

VIEW OF PARCEL FROM GOLDEN AVENUE BRIDGE

VIEW OF ACCESS GATE AND SLOPE WEST OF BRIDGE
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

722

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CONDEMNATION ANALYSIS

VIEW OF EXISTING BRIDGE LOOKING WEST (SUBJECT ON RIGHT) © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 50 723

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Value Conclusions

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

VALUE CONCLUSIONS
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
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
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." 13 The nominal valuation as defined by Cal -Trans was rounded at $500 for the temporary construction easement.
13 The Dictionary of Real Estate Appraisal, Appraisal Institute, Fourth Edition, 2002, Page 196 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 51 724

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Valuation Summary

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

VALUE CONCLUSIONS
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 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 52 725

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GENERAL ASSUMPTIONS & LIMITING CONDITIONS
General Assumptions and Limiting Conditions
This appraisal is subject to the following limiting conditions:

1. The legal description — if furnished to us — is assumed to be correct.

2. No responsibility is assumed for legal matters, questions of survey or title, soil or subsoil conditions, engineering, availability or capacity of utilities, or other similar technical matters.

The appraisal does not constitute a survey of the property appraised. All existing liens and encumbrances have been disregarded and the property is appraised as though free and clear, under responsible ownership and competent management, unless otherwise noted.

3. Unless otherwise noted, the appraisal will value the property as though free of contamination. Valbridge Property Advisors I Orange County will conduct no hazardous materials or contamination inspection of any kind. It is recommended that the client hire an expert if the presence of hazardous materials or contamination poses any concern.

4. The stamps and/or consideration placed on deeds used to indicate sales are in correct relationship to the actual dollar amount of the transaction.

5. Unless otherwise noted, it is assumed there are no encroachments, zoning violations, or restrictions existing in the subject property.

6. The appraiser is not required to give testimony or attendance in court by reason of this appraisal, unless previous arrangements have been made.

7. Unless expressly specified in the engagement letter, the fee for this appraisal does not include the attendance or giving of testimony by Appraiser at any court, regulatory, or other proceedings, or any conferences or other work in preparation for such proceeding. If any partner or employee of Valbridge Property Advisors I Orange County is asked or required to appear and/or testify at any deposition, trial, or other proceeding about the preparation, conclusions or any other aspect of this assignment, client shall compensate Appraiser for the time spent by the partner or employee in appearing and/or testifying and in preparing to testify according to the Appraiser's then current hourly rate plus reimbursement of expenses.

8. The values for land and/or improvements, as contained in this report, are constituent parts of the total value reported and neither is (or are) to be used in making a summation appraisal of a combination of values created by another appraiser. Either is invalidated if so used.

9. The dates of value for which the opinions expressed in this report apply are set forth in this report. We assume no responsibility for economic or physical factors occurring at some point at a later date, which may affect the opinions stated herein. The forecasts, projections, or operating estimates contained herein are based on current market conditions and anticipated short-term supply and demand factors and are subject to change with future conditions.
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GENERAL ASSUMPTIONS & LIMITING CONDITIONS

10. Maps, plats, and exhibits included in this report are for illustration only and are intended to serve as an aid in visualizing matters discussed within the report. They should not be considered as surveys or relied upon for any other purpose. The square footage totals utilized in this report may be based upon the legal description of the property, assessors plat maps, building plans, previous estimates and/or a measurement of the premises by the appraiser(s). The measurements utilized in this report, should not be construed as an exact measurement of the site or improvements. If so desired, a professional survey should be conducted by a trained and qualified consultant.

11. The information, estimates, and opinions, which were obtained from sources outside of this office, are considered reliable. However, no liability for them is assumed by the appraiser.

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

Neither all, nor any part of the content of the report, or copy thereof (including conclusions as to property value, the identity of the appraisers, professional designations, reference to any professional appraisal organization or the firm with which the appraisers are connected), shall be disseminated to the public through advertising, public relations, news, sales, or other media without prior written consent and approval.

13. No claim is intended to be expressed for matters of expertise that would require specialized investigation or knowledge beyond that ordinarily employed by real estate appraisers. We claim no expertise in areas such as, but not limited to, legal, survey, structural, environmental, pest control, mechanical, etc.

14. This appraisal was prepared for the sole and exclusive use of the client for the function outlined herein. Any party who is not the client or intended user identified in the appraisal or engagement letter is not entitled to rely upon the contents of the appraisal without express written consent of Valbridge Property Advisors I Orange County and Client. The Client shall not include partners, affiliates, or relatives of the party addressed herein. The appraiser assumes no obligation, liability, or accountability to any third party.

15. Distribution of this report is at the sole discretion of the client, but third -parties not listed as an intended user on the face of the appraisal or the engagement letter may not rely upon the contents of the appraisal. In no event shall client give a third -party a partial copy of the appraisal report. We will make no distribution of the report without the specific direction of the client.

16. This appraisal shall be used only for the function outlined herein, unless expressly authorized by Valbridge Property Advisors I Orange County.

17. This appraisal shall be considered in its entirety. No part thereof shall be used separately or out of context.

18. Unless otherwise noted in the body of this report, this appraisal assumes that the subject property does not fall within the areas where mandatory flood insurance is effective. Unless otherwise noted, we have not completed nor have we contracted to have completed an investigation to identify and/or quantify the presence of non -tidal wetland conditions on the © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 54 727

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GENERAL ASSUMPTIONS & LIMITING CONDITIONS
subject property. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination.

19. The flood maps are not site specific. We are not qualified to confirm the location of the subject property in relation to flood hazard areas based on the FEMA Flood Insurance Rate Maps or other surveying techniques. It is recommended that the client obtain a confirmation of the subject's flood zone classification from a licensed surveyor.

20. If the appraisal is for mortgage loan purposes 1) we assume satisfactory completion of improvements if construction is not complete, 2) no consideration has been given for rent loss during rent -up unless noted in the body of this report, and 3) occupancy at levels consistent with our "Income and Expense Projection" are anticipated.

21. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. No responsibility is assumed for such conditions or for engineering required to discover them.

22. Our inspection included an observation of the land and improvements thereon only. It was not possible to observe conditions beneath the soil or hidden structural components within the improvements. We inspected the buildings involved, and reported damage (if any) by termites, dry rot, wet rot, or other infestations as a matter of information, and no guarantee of the amount or degree of damage (if any) is implied. Condition of heating, cooling, ventilation, electrical and plumbing equipment is considered to be commensurate with the condition of the balance of the improvements unless otherwise stated. Should the client have concerns in these areas, it is the client's responsibility to order the appropriate inspections.

The appraiser does not have the skill or expertise to make such inspections and assumes no responsibility for these items.

23. This appraisal does not guarantee compliance with building code and life safety code requirements of the local jurisdiction. It is assumed that all required licenses, consents, certificates of occupancy or other legislative or administrative authority from any local, state or national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value conclusion contained in this report is based unless specifically stated to the contrary.

24. When possible, we have relied upon building measurements provided by the client, owner, or associated agents of these parties. In the absence of a detailed rent roll, reliable public records, or "as -built" plans provided to us, we have relied upon our own measurements of the subject improvements. We follow typical appraisal industry methods; however, we recognize that some factors may limit our ability to obtain accurate measurements including, but not limited to, property access on the day of inspection, basements, fenced/gated areas, grade elevations, greenery/shrubbery, uneven surfaces, multiple story structures, obtuse or acute wall angles, immobile obstructions, etc. Professional building area measurements of the quality, level of detail, or accuracy of professional measurement services are beyond the scope of this appraisal assignment.

25. We have attempted to reconcile sources of data discovered or provided during the appraisal process, including assessment department data. Ultimately, the measurements that are © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 55 728

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deemed by us to be the most accurate and/or reliable are used within this report. While the measurements and any accompanying sketches are considered to be reasonably accurate and reliable, we cannot guarantee their accuracy. Should the client desire a greater level of measuring detail, they are urged to retain the measurement services of a qualified professional (space planner, architect, or building engineer). We reserve the right to use an alternative source of building size and amend the analysis, narrative and concluded values (at additional cost) should this alternative measurement source reflect or reveal substantial differences with the measurements used within the report.

26. In the absence of being provided with a detailed land survey, we have used assessment department data to ascertain the physical dimensions and acreage of the property. Should a survey prove this information to be inaccurate, we reserve the right to amend this appraisal (at additional cost) if substantial differences are discovered.

27. If only preliminary plans and specifications were available for use in the preparation of this appraisal, then this appraisal is subject to a review of the final plans and specifications when available (at additional cost) and we reserve the right to amend this appraisal if substantial differences are discovered.

28. Unless otherwise stated in this report, the value conclusion is predicated on the assumption that the property is free of contamination, environmental impairment, or hazardous materials. Unless otherwise stated, the existence of hazardous material was not observed by the appraiser and the appraiser has no knowledge of the existence of such materials on or in the property. The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea -formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required for discovery. The client is urged to retain an expert in this field, if desired.

29. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. We have not made a specific compliance survey of the property to determine if it is in conformity with the various requirements of the ADA. It is possible that a compliance survey of the property, together with an analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this could have a negative effect on the value of the property. Since we have no direct evidence relating to this issue, we did not consider possible noncompliance with the requirements of ADA in developing an opinion of value.

30. This appraisal applies to the land and building improvements only. The value of trade fixtures, furnishings, and other equipment, or subsurface rights (minerals, gas, and oil) were not considered in this appraisal unless specifically stated to the contrary.

31. No changes in any federal, state, or local laws, regulations or codes (including, without limitation, the Internal Revenue Code) are anticipated, unless specifically stated to the contrary.
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GENERAL ASSUMPTIONS & LIMITING CONDITIONS

32. Projections of income and expenses made in this appraisal are not predictions of the future and are made as of the date of the appraisal. These estimates represent the appraiser's best estimate of current market related thinking on future income and expenses. The appraiser makes no warranty that these projections will materialize. The real estate market is constantly fluctuating and changing. It is not the task of the appraiser(s) to predict or in any way warrant the conditions of a future real estate market, rather the appraiser(s) can only reflect what the investment community, as of a specific date, envisions for the future in terms of rental rates, expenses, supply and demand.

33. Any estimate of insurable value, if included within the scope of work and presented herein, is based upon figures developed consistent with industry practices. However, actual local and regional construction costs may vary significantly from our estimate and individual insurance policies and underwriters have varied specifications, exclusions, and non -insurable items.

Therefore, we strongly recommend that the Client obtain estimates from professionals experienced in establishing insurance coverage. This analysis should not be relied upon to determine insurance coverage and we make no warranties regarding the accuracy of this estimate.

34. The data gathered in the course of this assignment (except data furnished by the Client) shall remain the property of the Appraiser. The appraiser will not violate the confidential nature of the appraiser -client relationship by improperly disclosing any confidential information furnished to the appraiser. Notwithstanding the foregoing, the Appraiser is authorized by the client to disclose all or any portion of the appraisal and related appraisal data to appropriate representatives of the Appraisal Institute if such disclosure is required to enable the appraiser to comply with the Bylaws and Regulations of such Institute now or hereafter in effect.

35. You and Valbridge Property Advisors I Orange County both agree that any dispute over matters in excess of $5,000 will be submitted for resolution by arbitration. This includes fee disputes and any claim of malpractice. The arbitrator shall be mutually selected. If Valbridge Property Advisors I Orange County and the client cannot agree on the arbitrator, the presiding head of the Local County Mediation & Arbitration panel shall select the arbitrator.

Such arbitration shall be binding and final. In agreeing to arbitration, we both acknowledge that, by agreeing to binding arbitration, each of us is giving up the right to have the dispute decided in a court of law before a judge or jury. In the event that the client, or any other party, makes a claim against Valbridge Property Advisors I Orange County or any of its employees in connections with or in any way relating to this assignment, the maximum damages recoverable by such claimant shall be the amount actually received by Valbridge Property Advisors I Orange County for this assignment, and under no circumstances shall any claim for consequential damages be made.

36. Valbridge Property Advisors I Orange County shall have no obligation, liability, or accountability to any third party. Any party who is not the "client" or intended user identified on the face of the appraisal or in the engagement letter is not entitled to rely upon the contents of the appraisal without the express written consent of Valbridge Property Advisors I Orange County. "Client" shall not include partners, affiliates, or relatives of the party named in the engagement letter. Client shall hold Valbridge Property Advisors I Orange County and its employees harmless in the event of any lawsuit brought by any third party, lender, © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 57 730

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GENERAL ASSUMPTIONS & LIMITING CONDITIONS
partner, or part-owner in any form of ownership or any other party as a result of this assignment. The client also agrees that in case of lawsuit arising from or in any way involving these appraisal services, client will hold Valbridge Property Advisors I Orange County harmless from and against any liability, loss, cost, or expense incurred or suffered by Valbridge Property Advisors I Orange County in such action, regardless of its outcome.

37. The Valbridge Property Advisors office responsible for the preparation of this report is independently owned and operated by Penner and Associates, Inc. Neither Valbridge Property Advisors, Inc., nor any of its affiliates has been engaged to provide this report.

Valbridge Property Advisors, Inc. does not provide valuation services, and has taken no part in the preparation of this report.

38. If any claim is filed against any of Valbridge Property Advisors, Inc., a Florida Corporation, its affiliates, officers or employees, or the firm providing this report, in connection with, or in any way arising out of, or relating to, this report, or the engagement of the firm providing this report, then (1) under no circumstances shall such claimant be entitled to consequential, special or other damages, except only for direct compensatory damages, and (2) the maximum amount of such compensatory damages recoverable by such claimant shall be the amount actually received by the firm engaged to provide this report.

39. This report and any associated work files may be subject to evaluation by Valbridge Property Advisors, Inc., or its affiliates, for quality control purposes.

40. Acceptance and/or use of this appraisal report constitutes acceptance of the foregoing general assumptions and limiting conditions.

41. Unless the time period is shorter under applicable law, any legal action or claim relating to the appraisal or to this Agreement shall be filed in court within two (2) years from the date of delivery to Client of the appraisal report to which the claims or causes of action relate or, in the case of acts or conduct after delivery of the report, two (2) years from the date of the alleged acts or conduct. The time period stated in this section shall not be extended by any delay in the discovery or accrual of the underlying claims, causes of action or damages. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 58 731

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CERTIFICATION
Certification - John Penner, Jr.

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 Jr.

Staff Appraiser
California License #AG3009243
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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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 60 733

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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 61 734

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Exhibit A: Notice to Appraise

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 62 735

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Mayer
JFRFMY Yp MAGIJc,-1I
Mayer Pro- rem

KEVIN HIRW N
Coaleurnereeer#-
RHONDA SHA;JER
VyhRp L SM1{.ITI I
CHAD P. WAND E

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
Oat East Chapman Avenue- PJacerrria, Cahfarnia ,42870
April 1. 2424
Paramount Imperial Villas
16311 Garfield Ave
Paramount, CI 9U723
Cfry Creti
ROBERT S. MCKINNELI,
QV Treasurer
KEVIN F. _4RSt5h
Chy Administrator
DA.VII=N R. ARRUTA
Re: City of Placentia - Golden Avenue Bridge Replacement Project {':Project") Property Address: Vacant Land, Placentia CA 921170
Assessor Parcel NO. (APN): 336-371-36
Dear Properly Owner(s).

The City of Placentia (City ) is proposing the Golden Avenue Bridge Replacement Project. The existing C lden AVenuc Bridge was constructed in ]934 and was rated Punt Tonally obsolete by CalLrans in 2{J05. 'l he city subseclttetitly obtained a grant to replace this bridge and has been developing the engineered plaaa5 and construction specifications to construct a new replacement bridge. The new bridge will accommodate cane lane ol'(mine 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, bicyliests and motorists must ail share the road at the same time.

Your property, located at Vacant Land Placentia CA (..12870 . is within the prCjeCt are and ii portion tray. be required for the project. Before a decision can be made to acquire any interests in your property, the law provides that the interest first be appraised. As part of the appraisal process. it will be necessary to perform an inspection ot`4rnur property to aid in the deturnination of Jusl Compcnsation, You LIT your representative may accompany the appraiser on this inspection if you wish to do so.

The City of P1aeetnia has retained the services of Walbridge Property Advisors, an independent appraisal firm, to prepare an appraisal_ John Penner, MA[. will be contacting you to schedule the appraisal. You may call him at (714) 449-0304 to schedule an appointment for the inspection of your property if you choose to he present_
We have enclosed an Acquisition Handbook which will provide you with answers to questions owners frequently ask concerning land acquisition. procedures_ All services and;or benefits to be derived tirom any right ol` wan activity will be administered without regard to race, color. national origin, or sex. in accordance with Title VI of the Civil Rights .pct car 1964 (42t!_L_C. 2000d. et seq.) and Section 162(a) of the Ectl .ral Highway Act of 1973 (23 U.S.C. 324). © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 63 736

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

This notice does not constitute an offer to purchase your property. nor does it establish eligibility of the owner andlgr 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.

T'he City of Placentia has retained the services of Epic Land Solutions, Inc.., a right of ,hway acquisition firm. tea discuss this project with you, explain the proposed transaction and coordinate the acquisition poccsw_ If you have any questions or concerns, please reel t'rec to contact Christine Wasil, Right of Way Agent at 951-405-4645 or [email protected] .

Sincerely.

Da 'en Arrala
City Administrator
City of Placentia
(714)993-817]
Enclosures
■ EXHIBIT A- Tf`F, Legal Dcscriptinn+Plat Map
▪ FXHTAIT f3 • Permanent Easement Legal Description/Plat Map ■ Acquisition Handbook
■ Your Rights under Title V1 Brochure
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 64 737

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Exhibit B: Title Litigation Guarantee

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 65 738

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
Updated
First American Title
Guarantee
CLTA Guarantee Foam No. 2S -
Condition of Title
I$5vF1) RY
First American Title Insurance Company
iUaRANTFFF tiuMI F /�y C �1
5026 700-7 01. 57 32

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 LaabiII y 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'
Kenneth D. DeGiorigio. President
BY;
Authorized Countersignature
By:

L 9314 Cornerll. secrcurf
This jacket was creaked elertrcnkally and constitutes an original document c Califomia Ladd Title AMseciton. AN rights romirvird. The use or this Form 4 restricted to CITA subscite s in goad standing as of the date of use.

All oLhcr u3e9 prohi40.rd. RaGinled under lietFlfie or exucss ptr t►ssior1 hart. the California Land T.Ife Assotietion, lFe m 5425944 (1.29-I5] lPane 1 of L2 j CTA Guars stee Form No. 28 - ondlkfon of Title (Rev. 6656144 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 66 739

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ADDENDA
First American Mk
Schedule A
CLTA Guarantee Form No. 28 -
Condition of Title
,SSUEa BY
First American Title Insurance Company
•3JAPANfEF NL "FE
5O269DO-7015732
File No.: 7015732
Guarantee No. 7015732
Amount of Liability: $2500.00
Date of Guarantee:January 10, 2024 at 7:30 A.M. Fee: $500,00

1. Name of Assured:

CITY CF PLACENTIA

2. The estate or interest in the Land which is covered by this Guarantee FEE
The Land referred to in this Guarantee is described as follows:

Real property in the City of Placentia,. County of °range, State of California, described as follows:
3,
THE EASTERLY 1O11O0 FEET OF THAT SECTION 17, TOWNSHIP 3 SOUTH, RANGE 9 WEST, IN THE RANCHO SAN JUAN CAJON DE SANTA ANA, AS SHOWN ON A MAP RECORDED [N BOOK 5 PAGE 17

OF MISCELLANEOUS MAPS, RECORDS OF ORANGE COUNTY, CALIFORNIA, DESCRIBED AS FOLLOWS:

BEGINNING AT THE INTERSECTION OF THE SOUTHERLY LINE OF SAID SECTION 17, WITH THE EAST LINE OF THE RANCHO SAN JUAN CAJON DE SANTA ANA; THENCE WEST 22.37 CHAINS; THENCE NORTH 10 CHAINS THEN EAST 21.67 CHAINS TO SAID RANCHO LINE, THENCE ALONG SAID RANCHO LINE SOUTH 4° EAST 10.02 CHAINS TO THE POINT OF BEGINNING, E{CEPT THEREFROM THAT PORTION, IF ANY, LYING WITHIN THE STRIP OF LAND 120.O0 FEET WIDE, CONVEYED TO THE PACIFIC ELECTRIC LF3ND COMPANY BY DEED RECORDED FEBRUARY 7TT#, 1910, IN BOOK 177 PAGES 75 OF DEEDS, RECORDS OF SAID ORANGE COUNTY- APN: 336-371-36
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:

Paramount Imperial Villas, LP, A California Limited Partnership, formerly known as Paramount Imperial Villas, Ltd., a California Limited Partnership [Form 5426904 (1.29-152 !Pam 5 of 12
CLTA Guaraltee. Form No. 28 - Cnndlt1on of Title fRev. 6.514 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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ADDENDA
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, FOUR 5026900

1.29-15
Darla Sof12
(LTA Guarantee Farm No. 28 - CandlHon of Title
Red. 6.5.14'
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 68 741

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
41c116'.._4,0
ey' First American rile
Schedule B
CLTA Guarantee Form No. 28 -
Condition of Title
[S9JED BY
First American Title Insurance Company

GUARANTEE NUMBER
5026900-7015732
File No 7015732
1A. General and special taxes and assessments for the fiscal year 2024.2025, a lien not yet due or payable. 1, General and special taxes and assessments for the fiscal year 2023-2024.

First Installment.

Penalty;
Second Installment:

Penalty:

Tax Rate Area:

A, P. No,;
5184.90, PAID

50.04 5184.90, OPEN
VICKI
09-015
336.371.36

2. The lien of supplemental taxes, if any, assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code.
3, An easement for RIGHT OF WAY, TOGETHER WITH THE RIGHT OF INGRESS THERETO AND EGRESS THEREFROM and incidental purposes, recorded AUGUST 29, 1938 as BOOK 956, PAGE 313 of Official Records,
In Favor of: THE COUNTY OF ORANGE
Affects: A5 DESCRIBED THEREIN
RECORDED NOVEMBER 9, 1960 IN BOOK 5502, PAGE 261 OF OFFICIAL RECORDS IN AN AGREEMENT DATED JULY 12, 1950 EXECUTED BY THE COUNTY OF ORANGE SUBORDINATING TO

THE UNITED STATES OF AMERICA ALL RIGHT TITLE AND INTEREST IN AND TO SAID EASEMENT TO THE EASEMENT HEREINAFTER SHOWN RECORDED IN 000K 5502, PAGE 258 OF OFFICIAL RECORDS_
RECORDED JUNE 18, 1953 IN BOOK 6594, PAGE 543 OF OFFICIAL RECORDS TO A RESOLUTION OF

THE BOARD OF SUPERVISORS OF ORANGE COUNTY, CALIFORNIA, VACATING THE EASEMENT FOR CHECK DAM PURPOSED OVER THE WESTERLY 100.00 FEET TO THE EASTERLY 200.00 FEET OF SAID LAND.

4. An easement for FLOOD CONTROL and incidental purposes, recorded NOVEMBER 09, 1960 as BOOK 5502. PAGE 258 of Official Records_
InFavor 4f: THE UNITED STATES OF AMERICA
Affects: AS DESCRIBED THEREIN
Farm 5425904 (1.29-15) Dam 7 of 12
(LTA Guaraltee Form No. 28 - Condltfan at Title fRey. 6.514 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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5. PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
An easement for RIGHTS AND PRIVILEGES IN RIGHTS OF WAY and Incidental purposes, recorded FEBRUARY 16, 1%2 as BOOK 5012, PAGE 943 of Official Records.

In Favor OF THE UNITED STATES OF AMERICA
Affects: AS DESCRIBED THEREIN
6, THE EFFECT OF AN ASSIGNMENT DATED MARCH 9r 1964 EXECUTED BY W.T GRANT, PURPORTING

TO ASSIGN AND TRANSFER TO TOWNHOUSE BUILDERS CORPORATION, A NEVADA CORPORATION, ALL HIS INTEREST IN AND TO A CERTAIN AGREEMENT DATED MARCH 22, 1963 BETWEEN VIVIAN H. PASER AND RUSSELL V. SMITH AS SELLERS AND NEWPORT VEGAS DEVELOPERS AND W. T.

GRANT, AS BUYERS, WHICH SAID AGREEMENT PROVIDES FOR A SALE OR EXCHANGE OF THE HEREIN DESCRIBED LAND FROM SELLERS TO BUYERS, RECORDED MARCH 18, 1964 IN BOOK 6968, PAGE 264 OF OFFICIAL RECORDS.

SAID AGREEMENT DATED MARCH 22, 1963 15 NOT OF RECORD IN THE OFFICE OF THE COUNTY RECORDER OF ORANGE COUNTY.

THE ARTICLES OF INCORPORATION OF TOWNHOUSE BUILDERS CORPORATION, AND THE

ARTICLES OF INCORPORATION AND/OR PARTNERSHIP OF NEWPORT VEGAS DEVELOPERS ARE NOT ON FILE OR OF RECORD IN ORANGE COUNTY.

7. A RIGHT OF WAY FOR THE CONSTRUCTION, MAINTENANCE AND OPERATION OF A PIPE LINE OVER SAID LAND, AS CONVEYED TO UNION OIi COMPANY OF CALIFORNIA BY DEED REGISTERED AUGUST 22, 1921 AND ENTERED AS A MEMORIAL ON REGISTRAR'S CERTIFICATE OF TITLE.

NOTE: SAID RIGHT OF WAY TOGETHER WITH ALL THAT PORTION OF FIRST PARTY OF FOUR INCH (4") PIPE LINE WHICH IS LOCATED WITHIN AND ALSO SAID RIGHT OF WAY AND WHICH TO WITHIN THE BOUNDARIES Of SAID PARCEL OR LAND WAS QUITCLAIMED TO GOLDSTREET DEVELOPMENT COMPANY, A LIMITED PARTNERSHIP BY DOCUMENT RECORDED JULY 22, 1969 IN BOOK 9027, PAGE 326 OF OFFICIAL RECORDS.

The location of the easement cannot he determined from record information_

8. The effect of a map purporting to show the land and other property, filed BOOK 67, PAGE LI of Record of Surveys.

9. The effect of a map purporting to show the land and other property, filed BOOK 99, PAGES 2 AND 3 of Record of Surveys_

10. The effect of a map purporting to show the land and other property, filed BOOK 99, PAGE 40 of Record of Surveys.

11. An easement for PIPELINES and Incidental purposes, recorded FEBRUARY 11, 1981 as BOOK 13946 PAGE 1493 of Official Records.

In Favor of: YORBA LINDA COUNTY WATER DISTRICT, A PUBLIC

CORPORATION
Affects: AS DESCRIBED THEREIN
Farm 5425904 (1.29-IS of Guara•stee Form No. 28 - CondeHon of Title (Rev. 6.5.14 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 70 743

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12. A deed of trust to
INSTRUMENT NO.

Dated:

Truster:

Trustee;
Beneficiary:

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
secure an onginai indebtedness of $8,480,000.00 recorded NOVEMBER 20, 2013 35 2013000636904 OF OFFICIAL RECORDS,
NOVEMBER 01 , 2013

PARAMOUNT IMPERIAL VILLAS, LP, A CALIFORNIA LIMITED

PARTNERSHIP
FIRST AMERICAN 1TrLE INSURANCE COMPANYr A

CORPORATION
HUNTCO#1 HASTINGS, INC, A CORPORATION
Affects: The land and other property.

According to the public records, the beneficial interest under the deed of trust was assigned to WALKER & DUNLOP, LLC, A DELAWARE LIMITED LIABILITY COMPANY by assignment recorded MARCH 27, 2015 as INSTRUMENT NO. 2015000157702 OF OFFICIAL RECORDS.

13. The terms and provisions contained in the document entitled "U.S. DEPARTMENT OF HOUSING AND

URBAN DEVELOPMENT REGULATORY AGREEMENT FOR MULTIFAMILY PROJECTS UNDER SECTIONS 207, 220r 221(D)(3), 221(D)(4), 223(A)(7), 223(F) AND 231 OF THE NATIONAL HOUSING ACT, AS AMENDED" recorded NOVEMBER 20, 2013 as INSTRUMENT NO. 2013000636905 of Official Records.

14. A financing statement recorded NOVEMBER 20, 2013 as INSTRUMENT NO. 2013000636906 OF OFFICIAL RECORDS.

Debtor: PARAMOUNT IMPERIAL VILLAS, LP
Secured party; HUNT0ON HASTINGS, INC AND SECRETARY OF U.S.

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Affects: The land and other property.

According to the public records, the security interest of the searred party was assigned to WALKER & DUNLOP, LLC by document recorded MARCH 26. 2015 as INSTRUMENT NO. 2015000155278 OF OFFICIAL RECQRD5-
A continuation statement was recorded ]UNE 06, 2018 as INSTRUMENT NO. 201&000207889 OF OFFICIAL RECORDS.

A continuation statement was recorded JULY 17, 2023 as INSTRUMENT NO. 2023004171043 OF OFFICIAL RECORDS.

15. THE EFFECIf OF A DOCUMENT ENTITLED "GRANT DEED OF TEMPORARY AND PERMANENT EASEMENTS FOR THE RECONSTRUCTION OF GOLDEN AVENUE BRIDGE", RECORDED JULY 14, 2020 AS INSTRUMENT NO. 2020400334214 OF OFFICIAL RECORDS.

The effect of a document entitled "QUIT CLAIM DEED", recorded NOVEMBER 15r 2023 as INSTRUMENT NQ. 2423-280055 of Official Records.

The effect of a document entitled "QUIT CLAIM DEED", recorded NOVEMBER 21, 2023 as INSTRUMENT NO. 2023-291203 of O#fioal Records,
The effect of a document entitled "QUIT CLAIM DEED", recorded DECEMBER 07, 2023 as INSTRUMENT NO. 2023-302559 of Official Records.
[Farm 5425904 (1.29-15) Dare 4nf 12
C TA Guaraltee Farm No. 28 - CaridlHon at Title fRaw. 6.514 © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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ADDENDA

16. Notice of pendency of action recorded APRIL 14, 2022 as INSTRUMENT NO. 2022O0014406#8 of Official Records,
Court: SUPERIOR COURT OF THE STATE OF CALIFORNIA FOR THE

COUNTY OF ORANGE
Case No.; 3O-2022-012547O4-CU-EI-CXC
Plaintiff: COUNTY OF ORANGE, A CALIFORNIA PUBLIC ENTITY Defendant: DAVE R. LEE PER, TRUSTEE OF THE DAVE R. LEEPER TRUST DATED OCTOBER 30, 2O14; CAROLYN GEORGE, AS TRUSTEE OF
A DEED OF TRUST; MORTGAGE ELECTRONIC REGISTRATION
SYSTEMS, INC., A DELAWARE CORPORATION; PARAMOUNT
IMPERIAL VILLAS, LP, A CALIFORNIA LIMITED PARTNERSHIP;

FIRST AMERICAN TITLE INSURANCE COMPANY, A NEBRASKA
CORPORATION, AS TRUSTEE OF A DEED OF TRUST; WALKER &
DUNLOP, LLC, A DELAWARE LIMITED LIABILITY COMPANY;
HUNTOON HASTINGS, INC., A DELAWARE CORPORATION;
COINMACH CORPORATION, A DELAWARE CORPORATION: MIKE

ROBERT LAMB, TRUSTEE OF THE MICHAEL AND JENNIFER LAMB
TRUST; JENNIFER LYNN LAMB, TRUSTEE OF THE MICHAEL AND
JENNIFER LAMB TRUST; JOHN C, DUNCAN, ESQ., AS TRUSTEE
OF A DEED OF TRUST; EDWARD ISLAS, AN INDIVIDUAL; JAMES
F. ELLINGTON, TRUSTEE OF THE ELLINGTON FAMILY TRUST
DATED OCTOBER 27, 2O21; WENDY C, ELLINGTON, TRUSTEE OF
THE ELLINGTON FAMILY TRUST DATED OCTOBER 27r 2021;
MARK A. SUGAMELE JR., AN INDIVIDUAL; ROBIN J. SUGAMELE, AN INDIVIDUAL; LAWYERS TITLE COMPANY, A CALIFORNIA
CORPORATION; DOROTHY CFIINYERE EGU, AN INDIVIDUAL;

EVANGELICAL FRIENDS CHURCH SOUTHWEST, A CALIFORNIA
NON-PROFIT CORPORATION; ROSE DRIVE FRIENDS CHURCHr A
CALIFORNIA NON- PROFIT CORPORATION; BANK OF THE WEST,
A CALIFORNIA BANKING CORPORATION; NEUSE,

INCORPORATED, A NORTH CAROLINA CORPORATION, AS
TRUSTEE OF A DEED OF TRUST; FIRST -CITIZENS BANK &
TRUST COMPANY, A NORTH CAROLINA CORPORATION; ROBERT
W. BRUNSKILL, TRUSTEE FBO THE ROBERT W. BRUNSKILL &
WALTRAUT A. BRUNSKILL TRUST DATED MAY 12, 1983;
WALTRAUT A. BRUNSKILL TRUSTEE FOO THE ROBERT W.

BRUNSKILL WALTRAUT A. BRUNSKILL TRUST DATED MAY 12r
1958; SEYED A. SHAZADEH SAFAVI, AN INDIVIDUAL; ALL

PERSONS UNKNOWN CLAIMING AN INTEREST IN THE
PROPERTY; AND DOES 1 THROUGH 1O0, INCLUSIVE
Purpose: AFFECTING REAL PROPERTY
Affect: The land and other property.

17. Rights of the public in and to that portion of the Land lying within any Road, Street, Alley or Highway.

18. Any Claim that the Title is subject to a trust er lien created under The Perishable Agricultural Commodities Act, 1930 (7 U.S.C. §§499a, et seq.) or the Packers and Stockyards Act (7 U.S.C. §§181 et seq,) or under similar state laws.

Consideration for the deletion of this exception is highly fact intensive. Please contact the underwriter assigned to your file as soon as possible to discuss_
[Farm 5425904 (1.29-151 Darn 10 of 12
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PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA

19. Water rights, clams or title to water, whether or not shown by the Public Records.

FOUR 5026900

1.29-15) ewe 11 of 12
(LTA Guarantee Farm No. 28 - CandlHon of Title
Red. 6.5.14'
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 73 746

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PROPERTY ADVISORS
Exhibit C: Easements

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 74 747

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. PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
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PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
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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 77 750

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PROPERTY ADVISORS
STATE OF CALIFORNIA• DEPARTMENT OF TRANSPORTATION

RIGHT OF WAY PARCEL DIARY
RW 7.1 [REV 0912O18)

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA

CONFIDENTIAL
This. document conlans personal nformalion and s.ubjecl to Gill Cone 1798 24, t shall be kept naifiderdial in order t8 prOledt B99ii191 ur`9UN6r.294 d19d09ur4
DIST
12 CO
Orange
RTE
Golden Averse
KP (P hf.)
PARCEL NO.
338-371-36
OWNER

PARAMOUNT IMPERIAL VILLAS

ADO-RESS
FI Od ,OnU 1 p,linrlal, NO ArkineS3, Pleeenli},
Cr 93970
PHONE
HU
WK
CELL

PROJECT
GOId+rl Ain Erltlgo RVIenleinWsht Pr41pCl

CERT DATE

DATE OWNER INVITED TO ACCOMPANY APPRAISER
April 2. 2024

DATE PROPERTY INSPECTED
April 02, 2024
BY; LETTER Q' PHONE . PERSON •
APR REPORTf71DATE
CAOS-24-O054! 4124 024

APPROVAL CATE

APPRAISED VALUE
$500 - WAIN.'
EA
BR4.6269N:1 1

REVISED DATE
712302024

APPROVAL DATE

APPRAISED VALUE
$500 = Nominal

DATE OF FIRST WRITTEN OFFER

AMOUNT OP REPLACEMENT HOLPSING

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

OWNER'S ATTORNEY

ADDRESS
PHONE

ASSIGNED TO

APPRAISER
DATE

OATEIAG ENT-

SIGNATUREAN ITIAL
DATA
4/212024
4/2/2024
T
NECO 6 of d A Is ri to apprar9e was monied la owner on Apra 2, 202-0 — no response rOCel,ldSI lr.m plypprty gwnrr.

Site irrepecllion wee performed All April 2. 2024
ADA N411tC For ill:Wh .rats with sensory disabilities, This document is available in alternate formats. roe ahemale format nrorrn Linr , ranlarL the Forms Management Ur! a[ (916). 44.5.1239, TTY Tit or write to Records and Forms Management. 1120 N Sher!, M5-69. Sacramento, CA 85814. © 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 78 751

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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 79 752

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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.
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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PROPERTY ADVISORS

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
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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PROPERTY ADVISORS

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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PROPERTY ADVISORS

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
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY

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PROPERTY ADVISORS

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

757

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PROPERTY ADVISORS

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

758

$!j VaIbridge

PROPERTY ADVISORS
Qualifications

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

ADDENDA
© 2024 VALBRIDGE PROPERTY ADVISORS I ORANGE COUNTY Page 86 759

$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 760

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
761

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 &rayr 1 r., Ste. 1O1
Dapllri ,+l 341:526
gip) 929
445 Baitnorai Dr, S15r, IAA 1201
Hurrlawllie AL ii25p 210.1555
4732 Waxlrnere Blvd.

Montgomery. AL 35146
31277-4477
CAI ;r(+f NiA
3160 Craw Cwrycidl Pl.

SiaRemon, CA 94583
t925) 321-1660
826 Colorado 8i Ste 243
Los An peles,CA90041
x9327
17#2217" St. SW. 211
Tustin, CA 94780
(714) 449-0B52
775 Strrte Awe, Ste 234
RoseviFr, GA 95561
06i i-250'9
1530 Thy A Skx 100
San _l se,CA95126
ODE) 27 1f524

COLORADO
5345 Arapaho! Ave., Ste.7
BeaddeR CO 50303
�3G3} 367-1935
''NNECTICUT
CovewaLdd
nlrIrt' Irk CT 06953
;860'j 246 460€
t5 Carracrd St
GIastanbrryr, CT .06033
;65O) 24.6-4605

FLORIDA
301 Almeria Ave, Ste. 350
Cora Gables, FL 33134
X29
2711Polm100 000%).
1hk!d Pin . R 33407
pem B33-8331
3 F33171%1er! DI, Ste_ 106
Napl.e5, R 34143
pap) 514 4046
GEORGIA.
2675 Paxis Fiery DJ.go. -0r25
Atka Ma, GA 34339
(404) 364.23331
•
1875 FL Lakewood Dr, Ste 100
Coeur d'Alene, ID E3914
(200 2 -2965
ILLINOII$
566 W. Lai* 51e. 240
ChN' , L 190661
(312D 429-0132
NDIANh
680.1 Lain PI3m Dr, 9e. C 301
Indlerrap IN 4D
317) 6a7 -2Y47
lCf`.}4UUNIAi Ste_ 100
[x,,i'ir,uxlA Pars 6110
[91.1} 4511451
EN1UCXY
1890 Star Shock Pkwy.

LedrrgEon, Kr' 44509
(5021 555-3551
9401 WllllarrrsUrrg Rlafa Ste_ 204
LOILltWilk KY 40221
fix) 585 351

MARYLAND
11100 Dovedale CL
Mario llle, Ma 21144
{ 333-5525

MASSACHUSETTS
1'60 MarFpN 1 Q Set. 106
111a1/efrw MA 02451
(781; 790.516.45
M I kIIGM
NM Washington O1.d.

Detrick Ili 418226
9 3313
2t21 MIK DR
Ui iaati M 148 4
(511) 336-00131

MINNESOTA
265 E Kellogg MAL. Ste. 102A
SL Paw, MIN 55141
t651) 370-1475
P S515WPI
lbl0 Red SL
GlAripmt MS ;'
(22B) fi t-19L0O
224 Avalon Ct
Brendan, NIB 39447
OA $53.4736
541 Hlgrrwayf 112 W SWAMP -NI
starktHlk MS 3975E
X7250
tt -Lvnpaon Akre, SW. 209
SL Louis, MD 63I39
-132,3
NEVADA
=us_ 5 Dur i o Dr., Sle. 104
Las Vjos.. NV 6911-!
4702} 242 93€3
1 oe4uCchl Lr, Ste. 749
Reno, NV 89502
V75f 204-1140

VALBRIDGE PROPERTY ADVISORS
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NEW MEXICO
7000 Primped PL Ste. 8
,Luquerque_ Nht87110
(sop 684-4721
''1O F .Ilmpw ICII , :,11• AI�h
COnno te, NC 2921D
(741} 37&-5.1 X
P. .-2iH IOTA
118 6ri38Uwey N. sta 509
Fargo, ND 58491
(7 28-1070
OHIO
11655 W. Mwet SL, S1o.1.30
,4krnn, OH 44313
(330M B99-9900
8291 Bee imont,V Ave, Ste_ B
Cincinnati, OH 45255
7$5 20
122EijdkJAm, Sti.11 '+
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'
470113apils( Rd., Ste. 304
Prbriglirgri. RA 15227
MI 6060

SOUTH CAROLINA
1750 Fatima N
Mt Remora, SAC 29464
3} 8 12136
11 °orig3fld 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
uka1Lanoo4a, TN 37412
+,023} 2 21x77
213 F4 I14
Kn ndtlk, TN 97922
;855) 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 Hope: E' 54 ertg_L Ste. 300
AasUn, TX. 78746
(7371 242 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 AJf4'9f5+ f Dr.
rbiammien. 7 1T3
346.0014
5107 Center St., Si e. 219
WIAIarnsbur+g. $A 23168
f157) 345-001u

WASH I NC,TO N
41� 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
C262)752-7990

NORTH AMERICA'S LARGEST DIDEFIENDENT COMMERCIAL VALUATION FIRM 1 Valbridge

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MEMO
valbridge_cam 764

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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. 336-371-36 located in the City of Placentia, County of Orange with no given an address. Subject Larger Parcel Acquisition Summary
The subject property larger parcel is land wholly subject to a flood control easement with a residential zoning and adjacent use. 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

1.56 acres or 67,954 square feet. The project will use a 13,015.88 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 $240,000 or $70.00 per square foot with 5% of the remaining property rights attributed to the underlying fee ownership.

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
765

$1:()Valbridge

PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

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. 766

'. YerldIge

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT

COMP ARABLE LAND SALE ADJUSTMENT GRID
S ubj ect
Sal e # 1 Sal e # 2
Sale # 3
Sale # 4
Sale # 5
Sal e # 6
Date of Value & Sale
Property Name
Address
City
APN
Gr oss Acres
Gross Square Feet
Unadjusted Sale Price
Unadjusted Sale Price Per Sq uare Foot
Transactional Adjustments
Property Rights C onveyed
Adjustment
Finan cing Terms
Adjustment
Con ditions of Sale
Adjustment
Expen ditu re s after Sale
Adjustment
Ma rke t Conditio ns A djustments
Elapsed Time from Date of Value
Market Trend Through
Analyzed Sale Price
Property A djustments
Lo cation
Adjustment
Size
Adjustment
Shape/Depth
Adjustment
To po graphy
Adjustment
Zonin g
Minimum Lot
Units Per Acre
Adjustment
Utilities
Adjustment
Demolition / Contributing Improvements
Adjustment
Other
Adjustment
Net Physical Adjustment
4/2/24
Flood Contr ol Land
No Situs
Placentia
336-371-36

1.56 ac
67,954 sf

0.0% P er Yr
No Situ s
Pla centia
67,954 sf
Elon gated
Sloped
R1
7,000
6 Adjusted Sale Price per Gro ss Square Foo t
All To -Site
11/17/23
Horse Stable
5641 LakeView
Avenue
7/28/23 7/20/23 8/12/22 8/2/22
SFR w/ Land Vacant Land SFR w/ Land SFR w/ Land
8572 Talbert 16801 1442 N Dale 8371-8461 Talbert
Avenue Cumberland Cir. Avenue Avenue
Yorba Linda Fountain Valley Y orba Linda Anaheim Huntington Beach 343-29-112 122-781-73 4 Parcels 070-741-01 167-531-23 & 24

0.52 ac 1.17 ac 0.68 ac 0 .93 ac 2.12 ac
22,590 sf 50,938 sf 29,620 sf 40,511 sf 92,434 sf
$925,000 $3,000,000 $2,258,000 $2,500,000 $6,150,000
7/22/22
SFR w/ Land
9071-9091
Lampson Ave
Garden Grove
'JD- 103 - JD L ll
EO
1 .60 ac
69,543 sf
$4,750,000
$40.95 $58 .90 $76 .23 $61.71 $66.53 $68.30
Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Typic al Typical Typical Typic al Typical Typic al
No ne None None No ne None No ne
None N one No ne None No ne None

0.38 years 0 .68 y ears 0.70 years 1.64 years 1.67 y ears 1.70 y ears $40 .95 $58.90 $76.23 $61.71 $66 .53 $68 .30
5641 L akeView 8572 Talbert 16801 1442 N Dale 8371-8461 9071-9091 Aven ue A ve nue Cumberla nd Cir. Aven ue Talbert A ve nue Lampson A ve Yorba Linda F ountain Yorba Li nda A naheim Huntington Beach G arden Grove - SI. Superior Inferior SI . Superior SI. Inferior
22,590 sf 50,938 sf 29,620 sf 40,511 sf 92,434 sf 69543 sf SI. Superior - SI. S uperi or - SI. Inferior -
Rectangular Rectangular Rect ang ular Irregular Rectangular Rectangular Superior Superior Superi or SI. Superior Superior Superior Level Level Level Level Level Level
Superior Superior Superi or Superior Superior Superior
R -E CP-HO1 (GH) R -U RM2 RL R-1-7
15000 1,800 7,500 3,000 6000 7000

1. 8 10.8 4 14 7 6
Far Inferior - - - - -
All To -Site All To -Site All To -Site All To -Site All To -Site All To -Site Stable SFR's None SFR SFR SFR
SI.Inferior SI. Inferior SI .Inferior SI .Inferior SI.Inferior Non e Non e None N one N one N one
Inferior SI. Superior Superior SI. Superior Superior Superior $40.95 $58.90 $76. 23 $61.71 $66 .53 $68.30

$1:()Valbridge

PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

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 and prices have remained mostly flat over the past year. 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 low to low -medium density residential uses. 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 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 further 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 similar 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 slightly inferior 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 consisted of four individual uniform lots within an existing housing tract of similar zoning.

Overall, this comparable was considered similar 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. The zoning allows for slightly greater density but the difference does not currently effect pricing in the market. It is irregular in shape compared to the subject ATF parcels. This comparable was considered slightly inferior to the 768

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT
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 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 similar 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 similar in size and zoning and contains existing single family developments. The property is level, rectangular in shape, and allows greater density. Overall, this comparable was considered slightly inferior 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
No.

Address
City Zoning
Sale Date Price
Analyzed
SF Price Market Rating
3 16801 Cumberland Cir.

Yorba Linda RM2
7/20/23
$2,258,000
29,620
67,954 $70.00
69,543
92,434
40,511
50,938
22,590
$76.23
Similar
S Subject Property
6 9071-9091 Lampson Ave
5 8371-8461 Talbert Avenue
4 1442 N Dale Avenue
2 8572 Talbert Avenue
1 5641 LakeView Avenue
Placentia R1
Garden Grove R-1-7
Huntington Beach RL
Anaheim RM2
Fountain Valley CP-HO1 (GH)
Yorba Linda R -E
7/22/22
8/2/22
8/12/22
7/28/23
11/17/23
$4,750,000
$6,150,000
$2,500,000
$3,000,000
$925,000
$68.30 SI. Inferior
$66.53 Similar
$61.71 SI. Inferior
$58.90 SI. Inferior
$40.95 Inferior
Zoning allowable density played a larger role for Sale 1 as the density is limited to larger estate sized parcels. Generally, the Orange County market has been allowing greater densities and affordable housing density bonuses for R1 single family lots or the development of townhomes. Effectively the demand for detached single family properties and townhomes is such that density does not play a factor in price for densities between 6 and 30 units per acre.

Sales 1 and 3 were both recent transactions and located within the same city as the subject. Sale 3 represents the upper end with individual uniform lots part of an existing subdivision, while Sale 1 would not allow any further subdivision of the lot. These local sales bracket the limits of the range of value. The remaining sales are from the Orange County area and provide a good indication of value for the subject. Sale 5 and 6 was the most similar to the subject. Therefore, we have concluded a value near the upper end of the market range at $70.00 per square foot. This figure represents the 769

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT
This figure represents the value of the land were it not to be subject to a flood control easement or contain any river wash, that is fully developable land. Considering the majority of the bundle of rights have already gone to the existing easement holder, a remainder value of only 5% is attributable to the underlying fee owner for other potential uses (see highest and best use section). The land valuation is summarized as follows:

LAND VALUE INDICATION
Land Valuation
Land Area (square feet)
Indicated Value PSF
Flood Control Easement / River Wash
Indicated Value
Final Land Value Determination from Sales Comparison Approach (Rd.) 67,954
$70.00
5%
$237,839
$240,000
770

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
Condemnation Analysis
Flood Control Easements
There are two known easements on the property that overlap with or are adjacent to the acquisitions. Historically, the subject was a stream known as the Soquel wash.

Easement activity began in 1938 following widespread flooding in Southern California.

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. - US Government Flood Control Easement Per 5502-258
This easement consists of "a perpetual and assignable right and easement for flood control channel and rectification purposes consisting of the right to construct, reconstruct, inspect, maintain and repair a channel or channels, protection works and appurtenant structures for the purpose of confining and controlling the waters of the carbon canyon creek ... in, on, over, under, and across that certain parcel." Effectively this easement was a full take of the bundle of rights associated with fee ownership of the property.
2 — Orange County Flood Control Easement Per 13879-839
This easement appears on the plat map provided with a date of 1980. It is effectively the same easement area as easement 1. This easement was not provided in the lit guarantee from the title company. Effectively, we assume that this easement is the above perpetual assignable easement being assigned to Orange County by the US Government for management.

Description and Analysis of the Part Taken: TCE
This project proposes to take a temporary construction easement (TCE) of 13,015.88 square feet that is located at the southern portion of the subject. The square 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. 771

\% Va I bridgePROPERTY ADVISORS
Legal Description:

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
Temporary Construction Easement
EXHIBIT "A"

TEMPORARY CONSTRUCTION EASEMENT

BEING A PORTION OF THAI CER'I AIN 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:

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 100.20 FEET TO A LINE PARALLEL WITH AND 100.00 FEET WESTERLY, MEASURED AT RIGHT ANGLES, FROM SAID EASTERLY LINE;
THENCE ALONG SAID PARALLEL LINE, NORTH 3'23'36" WEST, A DISTANCE OF 130.01 FEET;
THENCE SOUTH 89°57'43" EAST, A DISTANCE OF 100.18 FEET TO SAID EASTERLY LINE; THENCE ALONG SAID EASTERLY LINE, SOUTH 3°23'36" EAST, A DISTANCE OF 130.31 FEET TO THE POINT OF BEGINNING;
CONTAINS 13,015,88 SF (0.30 ACRES) MORE OR LESS_
VINCENT G. KLE PPE LS 7181 DATE

PREPARED FOR AND ON BEHALF OF THE PRIM GROUP
P:ITPG/17/17-005/EASEMENT/17-005 TCE EASEMENT A,doc
772

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

CONDEMNATION ANALYSIS
Plat Map: Temporary Construction Easement
C _
4 Jl
38 40
41 N89'47'?4'W P
fwLY LINE
NE 4/4
SEC 20
T 35, R9W

USA FLOOD CONTROL EASEMENT
1 PER O.R. 5502/258
DATE 5-1-24
JOB. NO,: 17-005
FlLE: FI 1 17405\ EASEMENTS\
17 05 +ldN6
Scale 1" = 100 ft
LINE TABLE:

NUMBER

DIRECTION

DISTANCE
CLI
N 3'23'36" W
130.01'
H
N 89'57'43" W
100,18'
LE
N 3'23'36" W
130.31'
0 N B9047'14" W
100.20'
N 3'23'36" W

30.06'
P.O.C.

GOLDEN to VENUE
LEGEND

PNDICATES PROPOSED
EASEMENT (13,075.88 SF)
Ch1l- BOWS Nla ID MINES
• LEICA NOS LASER SC.ANAMT
•
SAW R08017C SURVEY/NC
D6DAM ne EVCIAIMASWG
310 N. COTA ST. SUITE I, CORONA, CA 92678
PHONE (1151) 7374406. wtiw_fie-prtpn.group,com
EXHIBIT "A"

TEMPORARY

CONSTRUCTION

EASEMENT
SFIT. NO.
1 OF 1
773

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Photographs of Proposed Acquisitions

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT
VIEW of Parcel From Golden Avenue Bridge
774

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT
VIEW OF Access gate and slope west of Bridge
775

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PROPERTY ADVISORS

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT
VIEW OF existing Bridge looking West (subject on Right) 776

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PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT
Error! Reference source not found.Value Conclusions
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
Proposed Acquisition
As Is
Current Temporary Construction Easement
Current
Fee Simple
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 $500 for the temporary construction easement.
777

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Valuation Summary

PROPOSED EASEMENT ACQUISITIONS GOLDEN AVENUE BRIDGE

SUMMARY STATEMENT
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 778

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{{ 7 PROPERTY ADVISORS
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." 14
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." 15
"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." 16 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." 17 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." 18 14 California Code of Civil Procedure, Section 1263.320 15 The Dictionary of Real Estate Appraisal, Appraisal Institute, Seventh Edition 16 Ibid
" Ibid
18 Ibid
779

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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." 19
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.
19 The Dictionary of Real Estate Appraisal, Appraisal Institute, Seventh Edition 780

Updated
4 S
.40
First American Title
Guarantee
CLTA Guarantee Form No. 28 -
Condition of Title

ISSUED BY
First American Title Insurance Company

GUARANTEE NUMBER
5026900-7015732

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:
rc,e 7,2e
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 12
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14
781

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
Pac
e 2 of 12
CLTA Guarantee Form No. 28 - Condition of Title
Rev. 6-5-14
782

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.

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

ISSUED BY
First American Title Insurance Company

GUARANTEE NUMBER
5026900-7015732
File No.: 7015732
Guarantee No. 7015732
Amount of Liability: $2500.00
Date of Guarantee:January 10, 2024 at 7:30 A.M. Fee: $500.00

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 Placentia, County of Orange, State of California, described as follows:

THE EASTERLY 100.00 FEET OF THAT SECTION 17, TOWNSHIP 3 SOUTH, RANGE 9 WEST, IN THE RANCHO SAN JUAN CAJON DE SANTA ANA, AS SHOWN ON A MAP RECORDED IN BOOK 5 PAGE 17

OF MISCELLANEOUS MAPS, RECORDS OF ORANGE COUNTY, CALIFORNIA, DESCRIBED AS FOLLOWS:

BEGINNING AT THE INTERSECTION OF THE SOUTHERLY LINE OF SAID SECTION 17, WITH THE EAST LINE OF THE RANCHO SAN JUAN CAJON DE SANTA ANA; THENCE WEST 22.37 CHAINS; THENCE NORTH 10 CHAINS THEN EAST 21.67 CHAINS TO SAID RANCHO LINE; THENCE ALONG SAID RANCHO LINE SOUTH 4° EAST 10.02 CHAINS TO THE POINT OF BEGINNING.

EXCEPT THEREFROM THAT PORTION, IF ANY, LYING WITHIN THE STRIP OF LAND 120.00 FEET

WIDE, CONVEYED TO THE PACIFIC ELECTRIC LAND COMPANY BY DEED RECORDED FEBRUARY 7TH, 1910, IN BOOK 177 PAGES 75 OF DEEDS, RECORDS OF SAID ORANGE COUNTY.

APN: 336-371-36

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:

Paramount Imperial Villas, LP, A California Limited Partnership, formerly known as Paramount Imperial Villas, Ltd., a California Limited Partnership Form 5026900
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CLTA Guarantee Form No. 28 - Condition of Title
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785

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
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¢,, n M E k+r
k4.4._.
} First Americ Title
Schedule B
CLTA Guarantee Form No. 28 -
Condition of Title

ISSUED BY
First American Title Insurance Company

GUARANTEE NUMBER
5026900-7015732
File No.: 7015732
1A. General and special taxes and assessments for the fiscal year 2024-2025, a lien not yet due or payable.

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

First Installment:

Penalty:

Second Installment:

Penalty:

Tax Rate Area:

A. P. No.:
$184.90, PAID
$0.00
$184.90, OPEN
$0.00
09-015
336-371-36

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

3. An easement for RIGHT OF WAY, TOGETHER WITH THE RIGHT OF INGRESS THERETO AND EGRESS THEREFROM and incidental purposes, recorded AUGUST 29, 1938 as BOOK 956, PAGE 313 of Official Records.

In Favor of: THE COUNTY OF ORANGE
Affects: AS DESCRIBED THEREIN
RECORDED NOVEMBER 9, 1960 IN BOOK 5502, PAGE 261 OF OFFICIAL RECORDS IN AN AGREEMENT DATED JULY 12, 1960 EXECUTED BY THE COUNTY OF ORANGE SUBORDINATING TO

THE UNITED STATES OF AMERICA ALL RIGHT TITLE AND INTEREST IN AND TO SAID EASEMENT TO THE EASEMENT HEREINAFTER SHOWN RECORDED IN BOOK 5502, PAGE 258 OF OFFICIAL RECORDS.

RECORDED JUNE 18, 1963 IN BOOK 6594, PAGE 543 OF OFFICIAL RECORDS TO A RESOLUTION OF

THE BOARD OF SUPERVISORS OF ORANGE COUNTY, CALIFORNIA, VACATING THE EASEMENT FOR CHECK DAM PURPOSED OVER THE WESTERLY 100.00 FEET TO THE EASTERLY 200.00 FEET OF SAID LAND.

4. An easement for FLOOD CONTROL and incidental purposes, recorded NOVEMBER 09, 1960 as BOOK 5502, PAGE 258 of Official Records.

In Favor of: THE UNITED STATES OF AMERICA
Affects: AS DESCRIBED THEREIN
Form 5026900
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5. An easement for RIGHTS AND PRIVILEGES IN RIGHTS OF WAY and incidental purposes, recorded FEBRUARY 16, 1962 as BOOK 6012, PAGE 843 of Official Records.

In Favor of: THE UNITED STATES OF AMERICA
Affects: AS DESCRIBED THEREIN

6. THE EFFECT OF AN ASSIGNMENT DATED MARCH 9, 1964 EXECUTED BY W.T GRANT, PURPORTING

TO ASSIGN AND TRANSFER TO TOWNHOUSE BUILDERS CORPORATION, A NEVADA CORPORATION, ALL HIS INTEREST IN AND TO A CERTAIN AGREEMENT DATED MARCH 22, 1963 BETWEEN VIVIAN H. PASER AND RUSSELL V. SMITH AS SELLERS AND NEWPORT VEGAS DEVELOPERS AND W. T.

GRANT, AS BUYERS, WHICH SAID AGREEMENT PROVIDES FOR A SALE OR EXCHANGE OF THE HEREIN DESCRIBED LAND FROM SELLERS TO BUYERS, RECORDED MARCH 18, 1964 IN BOOK 6968, PAGE 264 OF OFFICIAL RECORDS.

SAID AGREEMENT DATED MARCH 22, 1963 IS NOT OF RECORD IN THE OFFICE OF THE COUNTY RECORDER OF ORANGE COUNTY.

THE ARTICLES OF INCORPORATION OF TOWNHOUSE BUILDERS CORPORATION, AND THE

ARTICLES OF INCORPORATION AND/OR PARTNERSHIP OF NEWPORT VEGAS DEVELOPERS ARE NOT ON FILE OR OF RECORD IN ORANGE COUNTY.

7. A RIGHT OF WAY FOR THE CONSTRUCTION, MAINTENANCE AND OPERATION OF A PIPE LINE OVER

SAID LAND, AS CONVEYED TO UNION OIL COMPANY OF CALIFORNIA BY DEED REGISTERED AUGUST 22, 1923 AND ENTERED AS A MEMORIAL ON REGISTRAR'S CERTIFICATE OF TITLE.

NOTE: SAID RIGHT OF WAY TOGETHER WITH ALL THAT PORTION OF FIRST PARTY OF FOUR INCH (4") PIPE LINE WHICH IS LOCATED WITHIN AND ALSO SAID RIGHT OF WAY AND WHICH TO

WITHIN THE BOUNDARIES OF SAID PARCEL OR LAND WAS QUITCLAIMED TO GOLDSTREET DEVELOPMENT COMPANY, A LIMITED PARTNERSHIP BY DOCUMENT RECORDED JULY 22, 1969 IN BOOK 9027, PAGE 328 OF OFFICIAL RECORDS.

The location of the easement cannot be determined from record information.

8. The effect of a map purporting to show the land and other property, filed BOOK 67, PAGE 18 of Record of Surveys.

9. The effect of a map purporting to show the land and other property, filed BOOK 99, PAGES 2 AND 3 of Record of Surveys.

10. The effect of a map purporting to show the land and other property, filed BOOK 99, PAGE 40 of Record of Surveys.

11. An easement for PIPELINES and incidental purposes, recorded FEBRUARY 11, 1981 as BOOK 13946, PAGE 1493 of Official Records.

In Favor of: YORBA LINDA COUNTY WATER DISTRICT, A PUBLIC

CORPORATION
Affects: AS DESCRIBED THEREIN
Form 5026900
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12. A deed of trust to
INSTRUMENT NO.

Dated:

Trustor:

Trustee:

Beneficiary:
secure an original indebtedness of $8,480,000.00 recorded NOVEMBER 20, 2013 as 2013000636904 OF OFFICIAL RECORDS.

NOVEMBER 01 , 2013

PARAMOUNT IMPERIAL VILLAS, LP, A CALIFORNIA LIMITED

PARTNERSHIP

FIRST AMERICAN TITLE INSURANCE COMPANY, A

CORPORATION

HUNTOON HASTINGS, INC, A CORPORATION
Affects: The land and other property.

According to the public records, the beneficial interest under the deed of trust was assigned to WALKER & DUNLOP, LLC, A DELAWARE LIMITED LIABILITY COMPANY by assignment recorded MARCH 27, 2015 as INSTRUMENT NO. 2015000157702 OF OFFICIAL RECORDS.

13. The terms and provisions contained in the document entitled "U.S. DEPARTMENT OF HOUSING AND

URBAN DEVELOPMENT REGULATORY AGREEMENT FOR MULTIFAMILY PROJECTS UNDER SECTIONS 207, 220, 221(D)(3), 221(D)(4), 223(A)(7), 223(F) AND 231 OF THE NATIONAL HOUSING ACT, AS AMENDED" recorded NOVEMBER 20, 2013 as INSTRUMENT NO. 2013000636905 of Official Records.

14. A financing statement recorded NOVEMBER 20, 2013 as INSTRUMENT NO. 2013000636906 OF OFFICIAL RECORDS.

Debtor:

Secured party:

Affects:

PARAMOUNT IMPERIAL VILLAS, LP
HUNTOON HASTINGS, INC AND SECRETARY OF U.S.

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
The land and other property.

According to the public records, the security interest of the secured party was assigned to WALKER & DUNLOP, LLC by document recorded MARCH 26, 2015 as INSTRUMENT NO. 2015000155278 OF OFFICIAL RECORDS.

A continuation statement was recorded JUNE 06, 2018 as INSTRUMENT NO. 2018000207889 OF OFFICIAL RECORDS.

A continuation statement was recorded JULY 17, 2023 as INSTRUMENT NO. 2023000171043 OF OFFICIAL RECORDS.

15. THE EFFECT OF A DOCUMENT ENTITLED "GRANT DEED OF TEMPORARY AND PERMANENT EASEMENTS FOR THE RECONSTRUCTION OF GOLDEN AVENUE BRIDGE", RECORDED JULY 14, 2020 AS INSTRUMENT NO. 2020000334214 OF OFFICIAL RECORDS.

The effect of a document entitled "QUIT CLAIM DEED", recorded NOVEMBER 15, 2023 as INSTRUMENT NO. 2023-280056 of Official Records.

The effect of a document entitled "QUIT CLAIM DEED", recorded NOVEMBER 21, 2023 as INSTRUMENT NO. 2023-291203 of Official Records.

The effect of a document entitled "QUIT CLAIM DEED", recorded DECEMBER 07, 2023 as INSTRUMENT NO. 2023-302559 of Official Records.

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16. Notice of pendency of action recorded APRIL 14, 2022 as INSTRUMENT NO. 2022000144068 of Official Records.

Court: SUPERIOR COURT OF THE STATE OF CALIFORNIA FOR THE

COUNTY OF ORANGE
Case No.: 30-2022-01254704-CU-EI-CXC
Plaintiff: COUNTY OF ORANGE, A CALIFORNIA PUBLIC ENTITY Defendant: DAVE R. LEEPER, TRUSTEE OF THE DAVE R. LEEPER TRUST DATED OCTOBER 30, 2014; CAROLYN GEORGE, AS TRUSTEE OF
A DEED OF TRUST; MORTGAGE ELECTRONIC REGISTRATION
SYSTEMS, INC., A DELAWARE CORPORATION; PARAMOUNT
IMPERIAL VILLAS, LP, A CALIFORNIA LIMITED PARTNERSHIP;

FIRST AMERICAN TITLE INSURANCE COMPANY, A NEBRASKA
CORPORATION, AS TRUSTEE OF A DEED OF TRUST; WALKER &
DUNLOP, LLC, A DELAWARE LIMITED LIABILITY COMPANY;
HUNTOON HASTINGS, INC., A DELAWARE CORPORATION;
COINMACH CORPORATION, A DELAWARE CORPORATION; MIKE

ROBERT LAMB, TRUSTEE OF THE MICHAEL AND JENNIFER LAMB
TRUST; JENNIFER LYNN LAMB, TRUSTEE OF THE MICHAEL AND
JENNIFER LAMB TRUST; JOHN D. DUNCAN, ESQ., AS TRUSTEE
OF A DEED OF TRUST; EDWARD ISLAS, AN INDIVIDUAL; JAMES
F. ELLINGTON, TRUSTEE OF THE ELLINGTON FAMILY TRUST
DATED OCTOBER 27, 2021; WENDY C. ELLINGTON, TRUSTEE OF
THE ELLINGTON FAMILY TRUST DATED OCTOBER 27, 2021;
MARK A. SUGAMELE JR., AN INDIVIDUAL; ROBIN J. SUGAMELE, AN INDIVIDUAL; LAWYERS TITLE COMPANY, A CALIFORNIA
CORPORATION; DOROTHY CHINYERE EGU, AN INDIVIDUAL;

EVANGELICAL FRIENDS CHURCH SOUTHWEST, A CALIFORNIA
NON-PROFIT CORPORATION; ROSE DRIVE FRIENDS CHURCH, A
CALIFORNIA NON- PROFIT CORPORATION; BANK OF THE WEST,
A CALIFORNIA BANKING CORPORATION; NEUSE,

INCORPORATED, A NORTH CAROLINA CORPORATION, AS
TRUSTEE OF A DEED OF TRUST; FIRST -CITIZENS BANK &
TRUST COMPANY, A NORTH CAROLINA CORPORATION; ROBERT
W. BRUNSKILL, TRUSTEE FBO THE ROBERT W. BRUNSKILL &
WALTRAUT A. BRUNSKILL TRUST DATED MAY 12, 1988;
WALTRAUT A. BRUNSKILL TRUSTEE FOO THE ROBERT W.

BRUNSKILL & WALTRAUT A. BRUNSKILL TRUST DATED MAY 12,
1988; SEYED A. SHAZADEH SAFAVI, AN INDIVIDUAL; ALL

PERSONS UNKNOWN CLAIMING AN INTEREST IN THE
PROPERTY; AND DOES 1 THROUGH 100, INCLUSIVE
Purpose: AFFECTING REAL PROPERTY
Affects: The land and other property.

17. Rights of the public in and to that portion of the Land lying within any Road, Street, Alley or Highway.

18. Any claim that the Title is subject to a trust or lien created under The Perishable Agricultural Commodities Act, 1930 (7 U.S.C. §§499a, et seq.) or the Packers and Stockyards Act (7 U.S.C. §§181 et seq.) or under similar state laws.

Consideration for the deletion of this exception is highly fact intensive. Please contact the underwriter assigned to your file as soon as possible to discuss.

Form 5026900
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19. Water rights, claims or title to water, whether or not shown by the Public Records.

Form 5026900
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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
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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 793

➢ 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
794

ACQUISITION

HANDBOOK
City of Placentia

PLACENTIA
Rich Heritage, Bri.ght Future
795

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
796

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
797

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 1 798

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
2 799

• 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:
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• 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.
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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
5 802

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.
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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:
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(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. 9 806

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)
807

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).
808

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).
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Form W-9 (Rev. 3-2024)