70-16 Comments

2015 Google Map of Sunset Beach Island
West end at Mad Inlet
COMMENTS
On
Major CAMA Permit Permit Application
BY
SUNSET BEACH WEST, LLC

Energy Mineral
and Land Resources
ENVIRONMENTAL WALITY
April 11, 2016
Samuel Varnam, Manager
Sunset Beach West, LLC
1574 Monster Buck Estates
Supply, NC 28462
Subject: Stormwater Permit COC No. SWG03 030031
Sunset Crest
General Permit — Clear and Grade
Brunswick County
Dear Mr. Vamam:
PAT MCCRORY
Governor
DONALD R. VAN DER VAART
Secremry
TRACY DAVIS
Director
Effective August 1, 2013 the State Stormwater program has been transferred from the Division of Water
Quality (DWQ) to the Division of Energy, Mineral and Land Resources (DEMLR). All previous
references to DWQ will remain in older stormwater permits issued prior to August 1, 2013 until they are
modified.
On March 11, 2016, the DEMLR received your application for the Clearing and Grading activity on a
Proposed Site to be covered under the State Stormwater General Permit SWG 030000. In accordance
with your application, we are forwarding herewith the subject Certificate of Coverage Number
SWG030031, along with a copy of the General Permit, to clear and grade a proposed development site
where the final design is not yet known and the developer has not requested the application be placed on
hold. The General Permit is issued pursuant to the requirements of North Carolina General Statute 143-
215.1 and Title I SA NCAC 2H .1000, the stormwater management rules.
Please take notice that this Certificate of Coverage is not transferable except after notice to and approval
by the DEMLR- The DEMLR may require modification or revocation and reissuance of the Certificate of
Coverage.
This permit does not affect the legal requirement to obtain other permits which may be required by the
Division of Energy, Mineral and Land Resources, the Division of Water Resources, Coastal Area
Management Act, or any other Federal, State, or Local agency, law, rule, or ordinance. Please note that
the General Permit does not allow for the construction of any impervious surfaces.
If you have any questions concerning this permit, or if you need additional information regarding this
matter, please contact Christine Hall at [phone] or [e-mail]. RECEIVED
Sin ly,
APR 2 5 2016
Tracy Davis, P.E., Director DC M- M H D CITY
Division of Energy, Mineral and Land Resources
GDS/cash: \\\Stormwater\Permits & Projects\SWG03 Clear and Grade\030031 COC-SWG03\2016 04 permit
030031
enclosures
cc: Elizabeth Nelson, Cape Fear Engineering
Brunswick County Building Inspections
Brunswick County Engineering
Division of Coastal Management
Wilmington Regional Office Stormwater File
State of North Carolina I Environmental Quality I Energy, Nlu al and lard Resoorca
127 Cardinal Dnve Extension I Wilmington, NC 28405
910 7% 7215 T 1 910 350 2004 F I httn-//Donal ncdcnr ordwebAr/

r
State Stormwater Management Systems
COC No. SWG03 0031
STATE OF NORTH CAROLINA
DEPARTMENT OF ENVIRONMENTAL QUALITY
DIVISION OF ENERGY, MINERAL AND LAND RESOURCES
STATE STORMWATER MANAGEMENT GENERAL PERMIT NO. SWG030000
CERTIFICATE OF COVERAGE NO. SWG03 0031
CLEAR AND GRADE A PROPOSED DEVELOPMENT SITE
In compliance with the provisions of North Carolina General Statute 143-215.1, as amended,
other lawful standards and regulations promulgated and adopted by the North Carolina
Environmental Management Commission, and 15A NCAC 2H.1000, the Stormwater rules,
Sunset Beach West, LLC
is hereby authorized to clear and grade 1.3 acres for a proposed future development site
located at
Sunset Crest
410 Sunset Blvd S, Sunset Beach, Brunswick County
and to discharge stormwater to receiving waters designated as the Atlantic Ocean, a class
SB waters in the Lumber River Basin, in accordance with the provisions of the General
Permit for Clearing and Grading, No.SWG030000, and the approved stormwater
management plans and specifications, and other supporting data as attached and on file with
and approved by the Division of Energy, Mineral and Land Resources and considered a part
of this permit for the subject project.
This Certificate of Coverage shall become effective April 11, 2016.
This Certificate of Coverage shall remain in effect for the duration of the General Permit
SWG030000.
Signed this the 11th day of April 2016.
racy avis, irec or
Division of Energy, Mineral and Land Resources
By the Authority of the Environmental Management Commission
RECEIVED
APR 2 5 Z016
DCM- MHD CITY
Page 1 of 1

Energy, Mineral
and Land Resources
ENVIRONMENTAL WALITY
April 11, 2016
Samuel Varnam, Manager
Sunset Beach West, LLC
1574 Monster Buck Estates
Supply, NC 28462
Subject: Stormwater Permit COC No. SWG03 030030
Majestic Oak Drive
General Permit — Clear and Grade
Brunswick County
Dear Mr. Vamam:
PAT MCCRORY
Goremor
DONALD R. VAN DER VAART
seeremry
TRACY DAVIS
amdor
Effective August 1, 2013 the State Stormwater program has been transferred from the Division of Water
Quality (DWQ) to the Division of Energy, Mineral and Land Resources (DEMLR). All previous
references to DWQ will remain in older stormwater permits issued prior to August 1, 2013 until they are
modified.
On March 11, 2016, the DEMLR received your application for the Clearing and Grading activity on a
Proposed Site to be covered under the State Stormwater General Permit SWG 030000. In accordance
with your application, we are forwarding herewith the subject Certificate of Coverage Number
S WG030030, along with a copy of the General Permit, to clear and grade a proposed development site
where the final design is not yet known and the developer has not requested the application be placed on
hold. The General Permit is issued pursuant to the requirements of North Carolina General Statute 143-
215.1 and Title 15A NCAC 2H .1000, the stormwater management rules.
Please take notice that this Certificate of Coverage is not transferable except after notice to and approval
by the DEMLR. The DEMLR may require modification or revocation and reissuance of the Certificate of
Coverage.
This permit does not affect the legal requirement to obtain other permits which may be required by the
Division of Energy, Mineral and Land Resources, the Division of Water Resources, Coastal Area
Management Act, or any other Federal, State, or Local agency, law, rule, or ordinance. Please note that
the General Permit does not allow for the construction of any impervious surfaces.
If you have any questions concerning this permit, or if you need additional infort"GFRUgFiD
matter, please contact Christine Hall at [phone] or [e-mail].
Sin Frely, APR 2 5 2016
S DCM- MHD CITY
,PTracy av�irector
Division of Energy, Mineral and Land Resources
GDS/canh: \\\Stormwater\Permits & Projects\SWG03 Clear and Grade\030030 COC-SWG03\2016 04 permit
030030
enclosures
cc: Elizabeth Nelson, Cape Fear Engineering
Bnmswick County Building Inspections
Brunswick County Engineering
Division of Coastal Management
Wilmington Regional Office Stormwater File
State of North Carolina I Envirormledsl Quality I Energy, KneW and lard Resonroes
127 Cardinal Drive Extension I Wilmington, NC 29405
910 796 7215 T 1910 350 2004 F I him://oornd.nodenr.orahveb/b/

State Stormwater Management Systems
COC No. SWG03 0030
STATE OF NORTH CAROLINA
DEPARTMENT OF ENVIRONMENTAL QUALITY
DIVISION OF ENERGY, MINERAL AND LAND RESOURCES
STATE STORMWATER MANAGEMENT GENERAL PERMIT NO. SWG030000
CERTIFICATE OF COVERAGE NO. SWG03 0030
CLEAR AND GRADE A PROPOSED DEVELOPMENT SITE
In compliance with the provisions of North Carolina General Statute 143-215.1, as amended,
other lawful standards and regulations promulgated and adopted by the North Carolina
Environmental Management Commission, and 15A NCAC 21-1.1000, the Stormwater rules,
Sunset Beach West, LLC
is hereby authorized to clear and grade 1.27 acres for a proposed future development site
located at
Majestic Oak Drive
Majestic Oak Drive, Sunset Beach, Brunswick County
and to discharge stormwater to receiving waters designated as Eastern Channel, a class SA;
HQW waters in the Lumber River Basin, in accordance with the provisions of the General
Permit for Clearing and Grading, No.SWG030000, and the approved stormwater
management plans and specifications, and other supporting data as attached and on file with
and approved by the Division of Energy, Mineral and Land Resources and considered a part
of this permit for the subject project.
This Certificate of Coverage shall become effective April 11, 2016.
This Certificate of Coverage shall remain in effect for the duration of the General Permit
SWG030000.
Signed this the 11th day of April 2016.
,> raccyy Dallis,
aalis�E., Director
Division of Energy, Mineral and Land Resources
By the Authority of the Environmental Management Commission
RECEIVED
APR 2 5 2016
DCM- MHD CITY
Page 1 of 1

GL
Coats, Heather
From: Elizabeth Nelson <[e-mail]>
Sent: Friday, June'171 2016 1:23 PM
To: Coats, Heather
Cc: Sammy Varnam ([e-mail])
Subject: Sunset Beach West
Please remove Sunset Beach West CAMA permit application from HOLD.
Thanks,
Elizabeth M. Nelson, PE
CAPE FEAR
ENGINEERING .
elizabeth.nelsonecaoefearenaineerina.com
PH: 910.383.1044
151 Poole Road, Ste. 100 1 Belville, NC 1 28451
Notice: The information contained in this message is intended only for use of the individual(s) named above anc
may contain confidential, proprietary or legally privileged information. No confidentiality or privilege is waived or
lost by any mistransmission. If you are not the intended recipient of this message you are hereby notified that
you must not use, disseminate, copy it in any form or take any action in reliance of it. If you have received this
message in error please delete it and any copies of it and notify the sender immediately.

Copies sent to:
Braxton Davis
NC DENR
Cynthia Bohn
U.S. Fish and Wildlife
Susan Wilson,
Collis Brown
FEMA
Hope Sutton
Bird Island Conservation Reserve
Anne Deaton
NC Marine Fisheries
Tyler Crumbley
U.S. Army Corps of Engineers
RECEIVED
OCT 0 5 2015
DCM- MHD CITY

MEX
COVER PHOTO — 2015 GOOGLE AERIAL PHOTO OF
SUNSET BEACH ISLAND
COMMENTS -- MAJOR CAMA PERMIT APPLICATION
SUNSET BEACH WEST LLC
Comments by Jan Harris, Sunset Beach, NC
DEED HISTORY -- BLOCK 42-0 AND BLOCK 42
NUMBERED EXHIBITS -- EXHIBITS 1-14c
ALPHABETICAL EXHIBITS -- EXHIBITS - PHOTOS A - J

TO: Heather Coats, Assistant Major Permits Coordinator
127 Cardinal Drive Ext.
Wilmington, NC 28405
FROM: Jan Harris
206 North Shore Drive W
Sunset Beach, N. C. 28468
Date: September 28, 2015
RE: Major CAMA Permit Request by Sunset Beach West, LLC
The developer of Sunset Beach West LLC is requesting a major CAMA
permit for a 21 lot subdivision, on level lots with a concrete base beneath
the houses, a paved road to access all lots, a replacement of the bulkhead at
the Main Street terminus, a sixty-four foot long wooden T boat kayak dock,
wooden walkways to stroll along a wooden walkway over wetlands to the
boat docks, and five dune walkovers. The permit requests a wooden bridge
through Public Trust waters to access this property that is 27' wide and 600-
plus feet long.
The bridge would begin in the high dunes area owned by the developer.
However, the bridge would end on Sunset Beach Island proper and connect
to Main Street on Sunset Beach Island proper. THE DEVELOPER DOES
NOT AND NEVER HAS OWNED ANY LAND ON SUNSET BEACH
ISLAND PROPER FROM MAIN STREET AT 40TH STREET TO THE
TIDAL MARSH.
Following is the proof:
In 1955 Marmon Gore bought Sunset Beach Island from Joe C. Brooks, et
al. See Exhibit 1 and Exhibit 2 (original plat and deed). Not only does it
show the property under discussion as part of Gore's purchase, it shows a
"41" Street." With inlet migration "41" Street" became submerged land and
ownership transferred to the State. It is still submerged land.

In 1959 Marmon Gore sold to James Pope Hamilton everything from mean
high tide of the Atlantic north to approximately where North Shore Drive is
located and from 40tl' Street to the tidal marsh. At this time Main Street was
a 60 foot right of way paper road that extended beyond the submerged 41'
Street. This large tract of land was subsequently bought, sold, and replatted
numerous times. All of these replattings show Main Street W extending
beyond the submerged 41' Street. At no time was it ever in the hands of
Sunset Beach, INC, Edward M. Gore, the Gore Trust or Sunset Beach West,
LLC (See exhibits No.1, 8, 9, 10, 11, 12, 13).
On December 30, 1963 M.C. Gore et ux transferred to Sunset Beach, INC
his remaining holdings on the island. In the deed is the EXCEPTION OF.
THE PROPERTIES PURCHASED BY JAMES POPE HAMILTON. (See
Exhibit No. 4)
Sunset Beach West LLC holds a deed claiming the 24.96 acres of high
dunes between 40'` Street and the Bird Island Conservation Reserve.
1. The 24.96 acre parcel includes an eastern boundary that is
submerged lands that are owned by the state. The land above mean high
tide is bulkheaded and owned by Robert H. Jones. The deed presented by
the developer, created in April 2014, states that it was prepared "without
opinion of title." (See Exhibit No. 5)
2. The Survey plat by Christopher D. Stanley, P.L.S. dated March
31st, 2014 (See Exhibit No. 6) referenced in the 24.96 acre deed states,
"This survey does not certify legal title to the land itself or to the
boundaries shown. Users of this plat should obtain an accurate, legal
opinion as to ownership within the boundaries of this plat."
3. Stanley performed a second survey in April 2014. (Exhibit No. 7)
From this survey a deed for the 0.21 acre tract (Exhibit No 7) that is 60-
foot-wide, block -long right-of-way from Main Street at 401h Street to the
tidal marsh was created in May 2014. This deed states: "No parcel
identified." This means there has never been a tax parcel assigned. (See
Exhibit No. 14a-14c) Or in other words, the developer has never paid
taxes on this property that they are now trying to claim. The people who
have paid taxes on this right-of-way are the abutting property owners.

The developer chose to not use this second deed to accompany the CAMA
request for a permit -- not surprising when you read the caveats all over the
deed and plat. Instead the developer is claiming to own submerged land
under the newly created deed of April 2014, and omits any reference to
the deed that the property on Sunset Beach Island proper was sold to
James Pope Hamilton in 1959 and excepted from the transfer of
properties on the west end of the island by Mannon Gore to his son, Ed
Gore.
This is conjecture, but common knowledge in the town was that Ed Gore, in
early 2014, had sent a request through the. town to the NCDOT for a
"Driveway Permit" to hook the proposed bridge onto Main Street West. The
town employee who signed off on the "Driveway Permit Request" was
Sandy Wood, the Planning and Development Director at the time. When we
asked for a copy of the request for a "Driveway Permit," we were told by
Sandy Wood that he didn't keep a copy. Mr. Wood is no longer employed
by the town.
NCDOT would not return our phone calls or emails when we tried to obtain
a copy of the Request for a Driveway Permit from them.
We heard, but have no paper trail, that Mr. Gore then asked the town for a
"Driveway Permit." We heard that the town attorney was "looking into it."
If the above is in fact the case, we infer that Mr. Gore did not think he
owned the block long right-of-way and only decided he owned it when he
discovered neither NCDOT nor the town could claim the right -of -ray. That
would explain the deeds created in April and May of 2014.
What it would not explain is why the Division of Coastal Management
did not snap to any of this in its permitting process. Why was this
application not returned to the applicant as incomplete with a cover
letter explaining the deficiencies as required by CAMA regulations --
especially when the deeds and plats so clearly warn that they were
created "without opinion of title"? CAMA regulations 15A NCAC
07JJ.0204 PROCESSING THE APPLICATION:

(4) a copy of a deed or other instrument under which the applicant
claims title must accompany a CAMA major development and/or
dredge and fill permit application.
It's important to point out that the rule doesn't just require a deed, but a
deed "under which applicant claims title." The applicant's deeds and plats
do not make any assertion as to title as plainly stated on its face. There were
red flags everywhere.
From the documentation I have provided, it is clear the developer does
not own anything on the island proper where the bridge must connect.
GS.153A-243. Authorizing bridges over navigable waters requires that
the developer own both sides of the navigable water in order to have the
right to construct and maintain a bridge. The bridge must also be in
the public interest. This proposed private bridge spanning navigable,
public trust waters does not meet either of these two tests.
Based on the above information, the request for a bridge by Sunset
Beach West, LLC must be denied.
r
Jan Harris
206 North Shore Drive W
Sunset Beach, NC 28468

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DEED HISTORY
Block 42-0 and Block 42,
Sun -Set Beach Development
1955, Book of Maps 4, Page 64-65
• May 15,1959 James Pope Hamilton purchased all of Block 42-0 and Block 42 as
shown on the 1955 plat (Exhibit 1). This was both sides of Main St. W. (Block 42-
0 is oceanfront and Block 42 is the land at Mad Inlet along the western side of 40s'
St. Deed Record 147, Page 334-335 (Exhibit 3). Also see 1956 Aerial Photo
(Exhibit A).
December 23,1963, (Deed Book 176, Page 435) M.C. Gore et ux to Sunset
Beach, INC. (Exhibit 4). This Deed transferred M.C. Gore's island holdings as
s own at BoolCof Maps 4, Page 64-65, a map designated as bunset tseacn
Development (Exhibit 1); Map Book 5, Page 65 (Exhibit 12a): and Map Book 7, Page
64A-64B (Exhibit 12b). Appearing in the deed is a statement under "There is
excepted from the above described tract the following parcels:" Number 15.
"From Block 42, the following exceptions: (a) Lot 42-0 and Block 42." Lot 42-
0 and Block 42 is the property sold to James Pope Hamilton in Deed 147, Page 334-
335 (Exhibit 3). Sunset Beach INC was a corporation of principals Edward M. Gore
and wife Dinah E. Gore, Emerson K Foyle and wife Janis G. Foyle.
• March 1965, Pope Hamilton replatted the above mentioned Block 42-0 and
Block 42. The Plat shows two streets between Main St. and the ocean and parallel to
the ocean. The surveyor was CB Berry of Crescent Beach, SC. (Exhibit 8)
• December 1965, Hamilton again replatted the property; again CB Berry, surveyor.
(Exhibit 9) This plat eliminated the two streets parallel to the ocean.
• December 13,1965, the property was sold by Pope Hamilton to David Osterneck
of Lumberton. ROD Record 186, Page 621. See 1966 Aerial Photo (Exhibit C)
• December 28,1965, Osterneck changed ownership to Cavalier Industries
(Osterneck a principal). Deed book 186, Page 623.
• August 7,1972, Cavalier Industries sold the entire property (Block 42-0 and
Block 42 to James B. Henderson of Lumberton. Recorded Aug 17, 1972. ROD
Book 276, Page 253.
• September 1972, The property was again replatted. CB Berry was the surveyor.
(Exhibit 10) See aerial photos 1968, 1970, and 1972 (Exhibits D, E, F) The
surveying Company of CB Berry still exists today.

February 16,1973, James B. Henderson changed the name to Henderson
Manufacturing. Deed Book 286, Page 475. From that point on, the property was
deeded and sold as individual lots to many different owners.
History of Lot 42-0
On April 29,1982 James B. Henderson sold lots 1 and 2 of Block 42-0 to Joe D.
Mayo, Deed book 497, Page 947. See 1981 aerial photo (Exhibit G). The Henderson
owned house on lot 2 of Block 42-0 is visible.
• On September 2,1983, Joe D. Mayo sold lots land 2 of Block 42-0 to Robert H
Jones (present owner of Lot 1, Block 42-0). Deed Book 542, Page 191 See aerial
photo (Exhibit H).

NUMBERED EXHIBITS
RE: Major CAMA Permit Request by Sunset Beach West, LLC
1. Original Map Plat for Sunset Beach island, known then as Bald Island. Surveyed for
Sun -Set Beach Development, Marmon C. Gore. Book of Maps 4, Page 64-65.
2. 1955 Deed -- M.C. Gore purchase of Sunset Beach island from Joe C. Brooks et
al. Deed Record 122, Page 375-377.
3. Deed - M.C. Gore et ux to James Pope Hamilton. Deed Book 147, Page 334-335,
November 3,1959.
4. Deed Record 176, Page 435437, recorded December 30, 1963 at 3:00 p.m.. M. C.
Gore et ux to Sunset Beach, INC.
5. Deed Book 3516, Page 684. (Prepared Without Opinion of Title) Sunset Beach &
Twin Lakes, Inc. Grantor to Sunset Beach West, LLC, Grantee. A 24.96 acre tract.
Tax parcel Number 263Ah015.
6. Survey Plat — Map Cabinet 83, Page 29, dated April 9, 2014. Survey Plat prepared
by Christopher D. Stanley entitled Boundary Survey for Sunset Beach West, LLC.
A. Under "Notes," Note No. 4. states: "This Survey does not certify legal title to
the land itself or to the boundaries shown. Users of this plat should obtain an
accurate legal opinion as to ownership within the boundaries of this plat."
B. There is no existing deed description to support the triangular portion at the
end of Main Street W and the narrow strip bordering the Jones property ( Block 42-
0, Lot 1) toward the Atlantic Ocean.. It is all submerged land.
C. The supporting deed to this map plat (Book 176, Page 439) is preceded by a
deed that excepts Block 42-0 and Block 42 from deeds that follow. That is Record
176, Page 435-437 which excepts the Block 42-0 and Block 42. purchased by James
Pope Hamilton in 1959.
7. Sunset Beach West, LLC (Grantee), Deed Book 3528, Page 520 for a .21 acre tract,
May 21, 2014 (Prepared Without Opinion of Title) and Survey Plat Map Cabinet 84,
Page 4, dated May 21, 2014. Survey by East Coast Engineering.
A, The Deed lists no "tax parcel identifier" and East Coast Engineering lists the
"Tax ID: as NA." There has never been a tax parcel assigned to this property nor
has Edward M Gore or the Gore Trust, or Sunset Beach West LLC ever paid taxes
on this property. (Exhibit No 14a-14c)

B. The Survey Plat Map Cabinet 84, Page 4 states "Tract 1 is shown as a 60
foot right of way on Map Book 8, Page 35 (Exhibit 4) and Map Book 11, Page 40
(Exhibit 5). In fact, all prior map plats depict a 60 foot right of way paper road that
extends all the way to the waters of Mad Inlet and submerged lands. See Exhibits
Numbers 1, 8, 9, 10, 11, 12, 13. And, in fact, land was purchased using these plats as
reference.
C. Tract 1 as shown on Map 84, Page 4 is shown as a 60 right of way on the
1955 Plat, Map Book 4, Page 64-65. (Exhibit 1) The 1955 plat shows a 41" Street
which was eroded away all the way into one half of Block 42 by the eastward movement
of Mad Inlet. Thus making that area submerged lands that exist to this day.
8. Register of Deeds Map 8, Page 23. Survey Plat for Pope Hamilton, Block 42-0
and Block 42. March 1965. Survey by C. B. Berry of Crescent Beach, S.C.
9. Map Cabinet L, Page 31. Survey Plat titled "Revision A of Western Portion of
Sun -Set Beach. February 13,1984.
10. Register of Deeds Map Book 8, Page 35, December 13,1965. Survey Plat for
Pope Hamilton. Block 42-0 and Block 42. Survey by C.B. Berry of Crescent Beach,
SC
11. Register of Deeds Map Book 11, Page, 40, September 1972. Survey plat of
Block 42-0 for James B. Henderson. Survey by C.B. Berry of Crescent Beach, S.C.
12. Register of Deeds Map Book 7, Page 64. Survey Plat —Revision A of Western
Portion of Sun -Set Beach dated 1965. Block 42-0 and Block 42 were not part of this
revision. Block 42-0 and Block 42 were purchased by James Pope Hamilton in 1959..
13. Register of Deeds Book 709, Pages 323-325, "Exhibit A" dated September 9,
1987. This Plat, by Patrick A Allen, Allen Surveying, shows Block 42-0, Lots 1, 2, and
3 with Main Street shown as a 60 foot right of way road going all the way to the
submerged lands of Mad Inlet.
14a-14b, Brunswick County Tax Dept. GIS Maps showing Tax parcels of the western
portion of Sunset Beach Island from Mad Inlet eastward to 29's St.
14c. Brunswick County Appraisal Card for Tax Parcel 263AH015, Edward M. Gore
and Dinah E. Gore dated 6/24//2014.

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Yll
q r(n,�
IL
'.:., � .,,Y ,!.:••pass,.+
' .SPATE aP tlORTe CAHOLIHI c '.•. `•". .... :., . �±;
OWNTy DD HgUN.9NiCR .
of Jae 3955s b7 and Ds 5. PU LDN BROOKS
and
'��:• TB I9 DE3ID, Node and entered into this 27 day North Carollllvvaa, 1HAHCF9 O. PURF.OIID end
seat wife, ALINP. N. WOOD, of Han genmer avla Iku T. BROOIL9, '.
buabaM, JORN MG, JR., ef�0�EeS-gB001125, a Coat'iJ06(O�MCOHE and Alf., ASH D. BSCOfS '.
single. ZE7DA B t �� aSnSle• p. {Sea of the fI,t pert:. And H. C.
- and HANY F.. &i001Lii ".9runMldc Coemt7 north iddrt, ,A
�rl gown, of 9T•mML.k Coda�j�,laet'tbJ/Cty`D� d✓a .
1NiT she 1d W � � ir�KPart, red in, oomid.retim of the sea or ha .. �'
( 57Wif.n}: .,.( AND py7"di'H9y®11TI0H5. to cMa in brad
TgODSANO 1ND H 0 iPW seal CN roMLPt of s`(i1•all 1a DareDy aamPledgod, tat#
r paid Dy tb sa dddfff 0M ae4Pgt�' yarErin, all and oomey voto yin osld �r
( Mxgala.d Md a and D7 qua. eD , al ' es esryala teacta or Wroela of 3Md,
party of CDs a.omd Dart, his hair. sa Nort6jCarolina , and core pertl _ul+rly
w ; lying +red Ds LAS in She llat to Tae+ehSp, Bruin \\h
cocaribed
-SnaCr H0. I: BEOIHHIBO at A Point on ibe min land, repro.. told by ev Srev Fad.
-- ai,M 'd�potnt 1a south 77 7/It deHraM set 2795 feat Irks an Srm rod m t1•a
min Land, located ,oath 24 1f( deCaid east red
i CDs Brooks e d tnney m tea .•�
Brookspsasidence, ehiah asld iron Fad la iN me and the soon referred

to in the da
reesrded In R
Comty. earth
We, =In land
Present resid
t"as south
t!ema with t
araatim to
wabdl.Won a
!s)1, affles a
chema .1th t
ganders, G
G the pleas
.027, frou J. P- Rvawrsette to J. ■r Rank.. we 9r-
% rrim of the Register of Daeds for arswd rask •..z
i it 1. referred to A. can tr. rod IoI on
is Land1nC and IavedloGly seothesrd of the
Brmkae end fors said beglmlNC Point rim
It tothe lou he water mark on ttlantla OaaMP •t� i:' 4�.
on the Atlsntts ODw&s SD a scut"saGrly
tateeen lots No.
7 and a of the w1111aw Prink. -•
s appears of reowd In Dead gook T at pace
Deed. for Rrmwaiok County, North �are1 T y�
UES Fo. 7 and d In wid . - it, 't '-
t .I tls min loud in i e
TRACT RO. II. g6ZRRIRO ate Point� ]aFm.e�e7 u Ira
ppips is the dlvlsim line MM`` of LY eilll�
PPLdi s„bdiai.im, wa aPP•a f 9 . Beak T, at - -
of the Register..po of GJ1 " f�mii1 Ly� od
ma and sea Paint a refs n Da Sd d1 min LMe Ge.. running he... emnoe in • tI,a . or direction 1
said lot. no. B and 9 Co ten Row water work m tie Atlsa2£s�D�CTrnw
with the low water ark . the Atlentle Ocean, in a w.thwae Gr 'd' .tim,
to the ..thes.t corn.r or aid lot No. 9 in aid dlvlalm. now known as a ,
cove. torner of th R. Igh Price( th.n.e with the re.Gre llro eC said 3aL No. •-}
t•. 'M
9, and the 11" aw of the Mid Ralph Prise, du. north G the aid min landl _
thence with the vain 1'M in • easterly direatim G the Pleas and p.Inb of
TO RAYS ARM TO ROW the &Dore d6l"Ited trstta or paresis or lend, teeether with ell
Privileges and eppurtammea thoreonto b.IW9IW. hate the said Party of tm second part, k s•w!t" n
heirs and .3.l502, G emir only use and Ghmf 'OR3TS .
AND t:r old parties of the par' amenant to and-wtth ten aid,l*r of EDe I•';
wemd Pan. hie Mire and ww:�ro, they ors wlwd of Ctre fea and here',
• r1�ht to cavwe7 the ssa'in fee siap t the eW 1 nausmrams, '..
and that thedo Greby wal sna area .pill war b iM
slot. of .11 "To— RROMSOOB!t. . f,
37 S°.r'TIYOFy wlr4RFDPi the agtA pa" d!R!N. RL'SNlr Danda '
and seals. the day end year Tira9'D il• tt&nY �, L41 Rcoob
-r:•,b+ ✓ ..0 © John
ohfowA Jr. (SUL ..
- :'Mary E. Brooks - (SEAL .� .
T,wlda Brooks (SFAL
(RrT3M. STAMP B16.R5) Luis J. Brook. (SEAL
Prances 0. Fu Itng (SEAL -
. 00—p a. Brooke - (SUL .
Joe C. Brooks (SEAL
A. W. Brooke (SEAL)
START OF RORTR CAROLINA p:', - ..�•j•
Comm OF RSJ RA.Y07-M ..'
t, Cetheria C. Brown, ROTARY de bersb7 oafblty peat ]j(�y�,a-it., ALTAR
RRoOKa, pereme3l t .0".iwd bafosT z &-e•7 end a lTm d M& -
raregelvg !natn�mnt.'rc
Rims.. wa bead andnotarial sal f . • •�'•
NY avaHslon eryirsal InnI'�� \ L001
-
Java 9, 1957. IR. P. Swot) / U �1.1.7,
STATE Or SOUSE CAROLIMA u11!! ���•5[��/y/ .
CODrry or R'8 BADOTI9 "�S •' ':
I, Catharine C. Bran, ROTARY POMLIC, do hereby artlff that JOY Pi7AO, an., PerawssiRT •-s
appeared Isparta . this day and aaknaledCOd the dwo ".,Mon of tba ferag.iag last
Titn", q hand and notarlol asp, 'rthls the 17th a7 of J'Ale, 1955. :•:.
yy Comisaim erpir..t GIIthrLOt POBLIO�
June 9. 1957. (R. P. Sal) y
STAB OP ROM CAROLIRA
COURT, OP BRDRSOICF�? �- .. ••.�, .
I: R. R., Rolm., ROTA97 PUBLIC, dam b .sail stab' . AY •r J .
IFOORS, LOU J. BROOKS, singlo, pTARCF$LORD. a ' a d the due
e' f
. Ingle, MART R. BROOKS, P.reom117 appwre are
..watt. of eon ?.Col.g'inetr.ant. .rl' '.•:::;:
Tit.ss o!And and
R7 Cdn.isaim Otpireef
Sept. 5. 1956. IV. P, *s*I)w''.
WSAICRNORTH MWCOON"
` .a,.�ul.:-~-':.•`{,y3
The fm•.galvg dirtiHsaGe, of Catharin. Co Brom, Rotary pablls"K hw lAaas! UdR.ei
and R. R. Kokes. Notary boll& Of Rfagewiak OomC7 are wdJudgad to M•aePfeeb. Dt the
LNOW eat,, with Mo w UTimtd be-reostarad: <. - �y i.� -, r.d.•,i ,
r` , :-Ri .�f:,:ffc�;ti,•+-..:. •t. < .::: t f`, r
29 March
ab P.Re 2
a, amrsi
at of Tub
George E.
agrees sa
at.r .rk
d1nC line
nd
IW.
glotoG
ping pile
lanC• th
t of 8�FGT
-1 . .�,.,?istya'w•� L s ; TP zMTw�� �>•e M ! ip' �v:
.�!-' <...t•�f M* f., .� 1 1
a

�r n
+ bald thin Was 20LR dayor Jay 1955• t •
'titmel/ +
Lorraine ■. Ha11et0
Aoht. ClevkSupaPler Court..'.
p'
Filed for rw_stmtim m the 2a day or July. 195> at 3,45 P. e. e(u�d� duly NaardeQ. M
AHHtI! L.:I�{ Te dI/ � t ' � � . •. -.: :. w _ - I' ,
d . sLjm itIMHHR sea. #�••• .r.:. 5 - .. .gin
i '}• - - - L. MOT AHD 41",
r - Made tal. the 15 day of July: 1955 by sad batv.am ADSn lHD YIPd. CHA3LD"t
'^_•I5 D4®, y MYIPS. ;,ULrxS 0.
�.`r.. LUHDA L. H6YaM. of Bee Hanover Dpmt),� North axo3W�a 0. P. Bf.IZAH$H L. 0.
• /^ ee Hanover Oomty. Ae0 �P H� ARRIS, ?'
L. Y08THIHGTOHy�,gE Gpnmt l0rth CaNllne) 'FHL q p)1 L. CLIFTON, 'Of-Colpabua
:,. LPUa I of erunsdJ I• and J. C R.
ed. Portion of the first Part: f of DUPlin Cwntl, 6 pjt A, i.f
Caenty, Harth CaNco"A • at �, qa 7ortp Carolina, Ply of the
and SL®D9 L(IHBHI CO)RA _ / <
"Addd past:
t I 71 H 9 H 'fif
G t THAT the a Ins of hand
� and 3g �omaideratiaid h the h eon of OHS N
r _ to�j�n.� Ia baud y.ld by the nald Party Of .
HOHDRID DOt.ane AND no.RPf 0f vhi la her. %ad6ad• nave barpl-uad affi sold and .�
Leda .somd yar in. ell and oavvq btlbo Cba said part)) of the awmd Part,
by chose Pna ante do hereby barge a1n truta u Parae13 of land 1)Sag and balm In
It auoauore and aaaiypp. all thcae Coral rr. partdaularly Ad as [o23oua:. -y
Sbellotee Township, Hrmnvlak'Couaty, -
/ 1 Hi ••f HHGIHGIHG at a atab,'e or of Tat as °a�alo0 Poles Loathe,
1 runs t nos v1:h the 11m Of Lot Ho. '1 rdh 30 v _ 30
book line; theme. with the Beek line to Ior�eus ItoH saido. •road 90 P0103 \ •Q.
q dagresa .eat 160 pole to the GeorEa—
b or lees. the some being a Part of
�• to the BF153HaIe0 aOotaining 60 sore., Jahn W.
Tripp at el to Susan M. '
we lmda described da19166 certain dead Hop�Pay 20$, In ate r
nomrd. dgad Map $, e,M duly roe im Carolina. - �•
Otfias of ch'i"'later of Osads Of Hnmswlck j
• Incur of tot r.
e - TPA '0 Bml�an a at" d.gwa east 160
rams thane Lha a tome r of Lot Ho. b.:'thanaa
poles the
bank 1 �'{�54opo I 1I Pea to the Georptmm
pp t acres, Oar. or
8nedt kIIa4 En t a ButlHff ,f9R�a� arteim deed frog _
_ John. and tr�J�ands . aaYaravMryao•o 19 and duly iak County.
John 9. T1'LQPJC' 42 o LinmLi7 Dseda of ulpk County.
. In 9ooY 2$ Peg• 204, Off ON
7{ �-
North C.NILAR.
SO HAYH AND TO HOLD the above deoGrIbed treat! or Pose als p< a We�athar �� �I n'
.+, torte eba said P= of the aeo0md Part; Its
WYLle5ea and aPPurteunaaa theme.®AN � bebOOf for le - .
mop.. soN'ud asslau, t0 its Only i'
+. And the
said Parties of the first Part
sevoment to and with 00 said, Party of the aepoog
Put that they Are IOLaad Of the Laid ➢resdaeo in foe and have Lba , IM'ba t th.ppy Cb. sae►
• >a fee alrlet enaC to sus ore rno and clear of all .neaebllnaosotstLe el" of Per:.
-i ens will fmnver va"mat and dafamd the title to the oar age
c. •tiiseaoaver. .
.� : It YITH7SHS SiHyBitilp, cede acid Parties of she fle///s���i ve naramto eat their hands end .{
' • Leila a or the d t-at above rrltim. �) r D { d Laoaard (SNAL)
L� ia� G. Leaa.rd
Austin L. Hewett (SAL)
-.Y_ - i I' �� U Lunde L. Hwett 1((
p :.' �. t,{��:Y�If�,f ,'y�� 0. P. Perth lndton SEAL)
Cheri-Eta L. Yortbington 3�d.) '.
•J�(//Lj;'> TEuruap Oa. -mein tSfll,)
31Eabatb L. Garrls (SEALI
Joel C. Clifton, 3diL)
Lydia L. Clifton tSZSL)
4'
SUrg Op NCR" CAROLM,
( " (PANTY OF mEd HAHOTSH. L
.. P do be"" ...tify that A83M L. HAfTT AND'rIPH, LOHDA-
o I, H. R. Johnam, HOTAHT FU3LI0,
L. H xrr, Personally appeared ••ton se this dal and apmoeladasd Eha doe azeauClm of ,he J
1
roreaninz dead Jar the pupam.w therein ohs forth.
x •

92v"s
Brenda M. Clemmons
Register of Deeds
&uawiCk Cary. NC Reddy RDA
Serving the citizens dace 2008
[phone] OFFICE 877-625-9310 TOLL FREE
[phone] FAX
Building 175 Courthouse Dr. Bolivia, NC 28422
ScarcYParaaeters: (Panialnamesdlowed)
Grantor: Q(ALL RECORDS) Grantee: [James Pope Hmiltonl(A L RECORDS)
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Filing Date: 11/03/1959 Book:147 Page:334 Status: WARRANTED
Type: DEED Desc: OIT* DEEP
Grantor: GORE. MC
GORE. MINA Download PDF
View Image
Grantee: HAMILTON, JAMES POPE View Detail
Filing Date: 10/22/1962 Book: 166 Page: 492 Status: WARRANTED
Type: DEED Desc: OIT: DEED
Grantor: OCEAN ISLE INVESTMENT CO Download PDF
hot,lf vswi&4ivflirtt�.r ?s=mJPW gJgC) 9 RZx3NZ"clq 4NYF4N INYFpR® kq9 HAOJ4P HOW3@P24 1R

' - tip' : Y ♦ r ._ = . '. 1•r'< � 4 r.�'= nv.lyi
at
sk
.'r �.�. -.:Yes�1�1..iLay...L'�i�aaa•w.i�ay
10
r.334 ff
ilamo bceisobore deaertted from the lion Of the aratgege recorded is BOBt 140. On page la, '
m the Office Of the Registes of beds of Breswlen County.
I■ fg,gyf V segntgns. droliha Laid• Inc. said caused tbd be signed in its P r
i stsesMo by it Preideat and Su corporate anal b b hereto [,f}A1P�ted by Su S•cr•- ! . 'V
lO accordance with its by laws made and a j� ��Pv �, "I•ton and B. P. Middle
taa
". a partnership, has caused these pray�a to !b we by a general partner �-
)ail -leg done a4 of the day and yaas7 rrlttOn.
Att•et, Chrlatin• N. Mork- 1111 CA mlm {AEID9 INC.
/ iBegretary By, e. r. Middleton
President
"1( (corporate seal RtveNUs srhMP, 55e ..�
1 \ E. P. MIODLESm Am E. r..MItMILETm JR: Lr
j A MATBBASMIP
sy, B. P. Middleton, general Part—, E
STATL OF IOUT9 CARDI,INR _
COVWYY OF CIR E TON :.
i, Barbra M. Corley• a atary public of the Rcau yQ Pklid, certify that
christlne N. Marks, personally case before an ledges that She 1e Secretary tea.
I tons x a reh so i iya{,, an ffice a Beach Sr >
9bt�k i1O�'ar`oi f'- nix U,.t au o=t , ,� Yn aS tR• net e F i rnrnol�Fiomae. ,tn:. , .
i 144F�gip at::;:'Y'°:4d". x.T. b a to:9 '.. t:"Bec:4:�; ...Y.d w1tA
witness my ha- and seal thin 11th. day Of October, 1959.
�Py comoala•om expires at the pleasure Of the sarbara a. Corley i
i'governor, 9. P. SuAl -tart Public '
�ptATB Q i01RR ZTOVF
�COBMOr CMW.SSTm .
? LBarb[a M.Corlay, a notary Public In and for the atar and Count eresaxd do hereby i
'-rtiry that O. P. Mlddlseen, general partner Of 6. r. Miadlet n aateMM�� Middleton Jr. a �
tner ship• personally appeased before - thr and �iss� tdy���tii��a due execution by
sit.... W need and th. foregoing Mal tb1Sg11{ O �� 1959. ramp.
i( J
(do mumca,exaggission P.
BSru, at the pl•esu • of the aarbra M. coney )
gpreaaoi, N. P. heal notuyPubl lc
M i
i
sauna OP mom CAROLLW lamerlCA COUYTY
? Tbe foregoing certificate of -rbara M. Corley a NotaryPublic of Charleston cgancy• ( �
sate of South CLVOILM. IS adjudged to be correct. Let the inetru—nt, Mal th the ortificates
yy` b [egiate[ed. Witness ay hand and official seal this 10 day Of Oct. A. D. 1959, I
i Vieterla.y.
�PdOtQ (6'�At7p riot Crourt � �i iu
Pd1ed for rplatratlm - the ION. vr, 19594 at 3115 o'clock P.M. and recorded. -
- - Reglater o ba s
M M. C. ccAs 6T U% I
( ).
i0 I D66D
JA1�4 POPS IPWLLTOB I 2
P� m�§@@ C
CA
MTE OF NORTH ROLINA 2J `V'
r COum OF BR"WICR Uhl
"Is DfaD, ends this "a 15 day Of Pali, 3959.by and be M. C. am and rife. MIY �Jj7 S i Gmno E. Of are. county, rth d- roll, parties Of the first part. aid JaMES POPE mmuai.<
Of Ocama MIT South Caroline, party of the second past,
j
MI TWB as BT a, �.
TI J the said parties Of the first put. for Sed In consideration has of the son of y t 1
i� IIparty (s10.00) second
pa AMID OTHER VkLnipt Of whicCMISh
I. hereby to 1. I. hoed paid ga the _ -
:+`175 esld party of yt ose pr past, the hereby
b o[ inlrn is and co acknwledgad, have baryslned
sees sold at, by their presents go has•bj ctrtatn, sell and coney un Sates pasty of etc y
Read pall, his heir had lots
or , parcels
o to the tondltl9����og�q��W{'�aerim• hareine[br i791
Read, all thou• certain lots or at cm
of load fSill'dbdl., 'lbraehip, Brunerlck
dmry, sorts drolx—, aM sure parelm ly(tA�+.iollwe,
1J o ±
accord ng to a g l thereof A dulyBr Id1) O, of Dun -not Maps atwage—rat.
of the Re to o map Modduly recorded In Book 5 of Coro at Pee 65, Office L
o[ the Raquur of Deeds for BtonMlek County, north Caroline. ■■
4 LIMITATIOMB. CONDTIONS ABo ASETEICTIOUBONC
•'
should a Sa1• b made by the party ar parties Of the SOOOnd part of the
lot. or lots above described during the east thirty (10) years from the ..
f does o[ this dead than In that event the Said parties of tCtrs[ part
shall haw the first right and privilege to pure se the
t CM sarket t M 1
prim es ava11ab1• to the said patty or party— o et, had }
ay Sale to the contrary, rltbegt [1�K ralew to rrlt-
leg from the aala pucl•s Oe ta�itfBB beau aed seta. AC W 3
Option Of tha SaSA puel•s,aF{MC d111I1dd44I1 part. t
:t

0 O
•
..
1
°
let• 30 eithe Be this subdivision. no[
any CM Atlantic wean In f
sTherehoal refuse ed n
shall any nefuN be deposited to way, •eudLs,
In my creAll
O saw ,1
y ofJua, o[
atact Of ! • property. Iotthe victalinity of ]caul teem, dLs-1
o[ other a[s located in
With th, Of North ArOIL m I_
poaal small at O31 tlsea rat vLU CM approval o[ CN eoiU Oio11N egta
shall "at
I/
i3
Baa[d of NSaSU.
sleeks One (1) &M Twenty -Eight (M) of this, the Boa -fist Mach mewloprnt, )
as above r.ferion to any be us" for business porposes. All other lots
anti"ithin the swu*-set Beach Oe
)
purpose. esly& d aq use ag IM shall be .11end void.9cd(7Gh,
V �
owu
`- All eonst rltbls said Subdivision Shall be carried out according to i
the following rvlea, /
(a) Be residence Or Wilding within the residential area e• above d..ignet.d.
with the eaeaptiou of garages, shall be taller than 750 square fast of
floor space os the ground floor, and such space shall be exclusive of f
porches, Steps, walks, and other eddltione of such character.
(b) "are shall be ne trporary shacks Wilt in the residential area of
s this subdivision.
(c) All outside walls O[ ell Wilt either of concrete
1 blooke and , brick, asbestos ehl+glea or wood.
orIvf
O�
FFyj
t'IR86 cevenents are " run with the land and shall be binding on all patties
�. Disliking under than until January 1, 1960, at which ties Said rovenen"
.hall be automatically exceeded for successive periods of ten (10) years
n.
• ( cal. u. by vote of the maj. LtY Of the then Nears Of the lots it is agreed
to .huge Said covenants in a or pert.
sly, _
t C [
Ise the portiet hereto, or any of teem, or their Mlrs and
shell, Yell
t
violate or .other er viola any of the tOva berein, it shall be law-
for any person na persons nlnn,�T,''� 1 property situate in u
f
sfulaid menu t
o
,h rid or eubdlvls pretending at lane or in ,
olat'•�
h' et analty against psis SorOthem or et Co violate
y against t
So doing
any ..on co �"+t0 vent nle of them 1[w w doing. F
� !h_
BEVKK
j Invalidation of any one of these restrictions Shall ant invalidate the othere. 6
NVE aai TO BOLO the above described lots or parcels of land, together with i(
all privilege. An appurtenances thersunto belonging unto the said party of the second part,
his Mira and assigns, to their only Use and behOof POMEVER, SubJect W the reservations and
rest[lctlons set out above.
AND the Said parties of the first part covenant to and with the Said party of the Second s
Part,his halt. and assigns, that they are Seised of old prri... in to. mod love a
tight to convey the Sane in fee SlMls, the roe and clear of all enenmhrances
land that they do hereby rarrsot_ sad .nd the title to the ear against the
ffff lavhl e1CW of all pars oyi Mi1Mp"py4irP"'��Yiiiiiiiiirvisp and preserving, however the reservations
'and re.tsletlone Setwsah}�\F.;v9
IK MISNLSS ,Ii16 a old portion of the first part have hereunto set their hands
a sand Seal.. a. of the day and year first above wz Lttan.
'REVENUE "mt. sd.50 N. C. core (seal)
Aim Gore (Mal)
STATE Or NORTH GAOLIN �I
COOM1y or EAUNWICK p
I, rrancas Milligan, Notary public, do hereby unify that x. C. Gore and ri L, m1N PP
Gore, personally appeared before r this day sad ackmaw ad the due execution of the fore-
iL going dead for the purposes therein expressed.
wit... W hand and notarial senanl. tt4tl" a��i o! MY, 1959.
�S�II�`JJIVJ
expireT
Notarye blit9an
_ 9 Mallon
() ow
�i
STATS OF
A. '9UTK Or NCM CAAOI,IN
COUNTY
I(
- �- a The foregoing certificate of rtente. Milligan a Notary, public of Brunswick County
'stets of North carollna, is adjudged to be correct, bet the instrument, with the certifies"..
y j Ibe registered.
wltneu my bond and official seal this 3 day Of Naar. A. G. 1959.
'A
d� J. E. Brwn
superior Court
oonClark
'riled for registration as as. 190, at I o'clxk dA ly [.eordW.
j� ..
o�jde�Opli
Register a De

nY'.w
n6
it 4`2P ! /)I
'. � SA7f Q AbtTl �A7Y]W
� 1(niv7y ro BgUVAv�L
day of Osaeabtw, -963, 6y and 6ebeen M. C Soee and vale,
r I Ain- Ljwt, o� Bwn wL-A Cm6i , NontA ('anoiiAe, tht JAAt pant; and YA(WTB(i�'N,X
['• a tenpmatiso wym.i6ed and eeu648F n t A, State of N. A (anoLJn-,
with aL pein Ai place of 6y,ima P4�,, A Cuotino, panty of IA. Aecond pant:
' ? ,)T,aid p.e.wJ o f t iut pan.[," 'A L..1 a�anudewatia. o f the Juw o f 76V iW Nollm
anJ LCl'.lA2S ,7y0 07kq VtjAgCf (LNS71.�9d671016, /a' thew in Aand paid 6y .the eaad poesy n(
y :rI I tAe Jeemd pan1, tht eviceapl at wAich i hene6y "aededged, have 6upnined and ,old and by
�_ 'tAeJe pnuenL do Aue6y 6ugain, A&U, and convey to the Jail pmty q the Jeeond pant,
'iL Jooeeauoe, and a.Aeq,w, &U A--i whin inae.t a p-Aeel of .(and, 4p and 6einp an the
TM, o! Su et Beach, Sh ro Aip, BlmmMiA (- .(y North (onoLoi,a, and wove pmt.icv-
t �Aanly d—ihed a, E°UOY11 ���]� 1✓'
P•
Bt�j7IVVIMj at a point an��jdL
1 Ieen edge o� N1J1• Y5inut, pn gayvA� on a e p o f Swwai Beach
tAa1 Z, eecmded in Boas N °j Afy, at AV"435, &coed, o f SA-a4 i;
Cmnty, and Z6 &gin,w.q point it l�&Ud in the tall AAavn tAeeem —
Nanth N4 f-,t 250 feel end -boot 75 tsel teaw id, tewwinru point, and
JAM J" &gMR, point nun thence NmtA NN" fat a diJ.t-nce o f 75 feel;
Aeme N" 85" a,t,$ 0 feet; CAM" South 8N-1/Na f-Jt 360 feet; tAenet
No J�AI 73-1Ale fa,1 goo 7e' t/�oenu N � ! 300 (tel; thence
N- JA 7y-114 fat 700 scot:_. bbw 9`2°l 200 �eet: thence
NmtA 7z-112 f-.t r000 mot; ,y: MA,�L4A9: rl 1000 feet; A—
Sa,tA dq-)A/" fw,l Noa fe l: 1Aenee,�lI4�9V�4fa,t to the painl of
enta a tZon A 15tA Avenue, peajaetad N -t Ar. 6N-65);
tAenee a•.i.tA Aaid 151A Avenue, pnaj:<eted, Ina ,a,fhewly dieectim, to
tit Atlmttie 0cem; thence .iA A. At&,lie Deem .in a e tG44&Rec-•'
tion to AA, we,tenn line of gtAl A..t, pn,yeated, AAenee ruA A.J-id
wa&mii'ne o f qui Avenue to the pact and painl .4 8tfinnwy, a, wane
paetime(aely de,enibe�'il.Luteated in ;pf al Rope, 64-65,
&coed, of Bnun,nie% £weld, a G un,et &ad, DeveJup.ent.
7f a owcmm , UABOPW 3WOU6 RPOS:
r a
/. ,new Blue% zd, AC faL[ariny exec ��!<9L•L o f Lol zBA; (6) AUo f tA-t aem lying an,.edia[ely ."A o f Lot 18A m 16 meth Aide o f M-in
Steeel, 6eteeen Sim et Baulevaed m .the tut end 27A Avenue on tAe oa,l,
emy°e.i,.inq m —co o f do feel 6y /yN.7 feet/ (°) Las 1 end Lol 23.
z. -7 a. &l A 29, At
enq arcepti~ (a) 7�a. utenn150 felt, a
xe,w<d alaroq Main Sin Lot zy r�dt-tely N°atA et
Lot zyA mdNo A of Ma.inn r� 'do fas[ in depth and /do
feel aLVV Main steet{T. P 3a/.•,d •�:• "=:^;:• ,•1W,.
3..7nw &OCA 30, the �1ALewnq ttte�p ' iiJAe wtenn 50 feet, a.
weamed almp Mann Sineel of LoL 30{; (6) 7Ae twtenn 60 feet, w w "wed
alonp Main Stwtel, of the one- nmtA of Lot 30{and at,o no A of Ma.n Sheet,
having a fnontapt on Min Steeet of 60 fret and ml.-iny 6acA lhenefAow a deptA
of 80 feet.
N. -7 a. BloeA 31 the aatnp ex pt'an-t T i\� 50 jeet, a, ra,--ed
almy Main Steeet, .1 Lot 3Ak(67�Oi=Sb' .ewwed ala,rq Akin
Stntel, of Lot 310. _ - rj V 1 ' L
u
J, L - i9/ny/lHva �

5. 3wa. BtwA 32, the f,Uo of exeept'dMw' (,)ALL of W is{7 (6) ]he anutamr 60
feel, m ,,awned almy Aain Steet, of AQ �wae noef6 i.,i e nowt/, of
- Muir Stweet, haw:.l a fwmtaye m Awn Steet tJfO1- J 6aei fhewe fws
a depth °f d0 feel' IAYvPAG'..el:
p_.
6. Jwan 91,,A 33, the faLlaviny e=epZwne: (aJ A!L'e`-L; b) The a .Wn 75
feel u screwed ahoy Amin SlAeet, of the Nea nmth of Let 33- 'and "o nmlh of
Alin Steel, Liavi p a fwantaye an Main Sleet o f 75 feet and a 4t 4Ry bac,A thew* fAm '
a depth of to feel.
7. 3Aan BLWA 34. the f.Uaainy excepti?w: (a) ALL o f Lai 34-6: (6) The wtewn 60
feet, u screwed along Main S.tweet o f t a nauth e f L wi(�¢�Aa north o f
Main Sleet, having a fnmtaye m Main Sleet , JIQ� J 6aeyi lhem-
fwan a depu o f 80 feet. �- r�
I. IA. BLoeh 35, the folt..iny excepti"Jr
V. Jws BLoei 36, the faLLminy except av: (a) AU o f Lot 36-I; (6) The evtenn 60
feet, w screwed.lmy Main Steel, of the Ne. north of Lot 36-I Nd ". nw UA
of Alain Steel, Aaviny a fnmtaye m 116i. S1Aee1 of 60 feel and extending Each thewe-
JAan a depth of do feel. _
to. Jwo. Btoei 37, the f o.Uw ny exc<pta ,AU
t7. 3wo. BLoah 38, the J.,U ing exceptemm':r4)'-Xe lAr`^tr ut;%�; qe eea.N<d
"I Main 5tweet, o f tie awe. none/ o f Lot 38"� and aLeo Pa �A°"^� Sleet,
Awing a fwmtaye m M.iw Slweet o f 60 feel and extending baclr°litif eIA . a depth
of 8o f<et.
11. 3,. BLocA 39, the foUMiny excepti—, (a) 7Ae eaetewn 110 feel, s sawed
along Main Sleet, of Lot 39-L, and extending t".qA .aid la m eyuat i tfh to
IA. Atlantic 0,,m.
13, 3na. Bloch 40, the l.",,y a:c<ptim,: I 'LfOd!t s Maimed
glary M i' Sleet, of Lot 4ofi, and extvl (mi/fti fo
At A4lantic 0... �� - U m
14. 3wo. ALGA 4t, the id-Lintexeeptiou: (a) Lob µ mrd 5�`j�
�15. 3wa. BloJA 42, the faUori p exceptiM,.- (a) Lot 42-o and SLwA 42.
16. 3wm Bloch 40-B, the falt"inp exeapltmue (a) Lab t, 5 and 6.
Jan /creation and J"w ip tipm,.f the ab ..ced /nL and ei f ie ne fNNee
iw eed. to Map &.4 4 a.! .At," 6q-65, andla4 ..Bee/... `� m Myer Booh 7, at
Aft, 64A-6y-fi.
17. 7hNe y exoapbd aU o f Lot 1 A at end o f G ere eppeau in Map
B004 7, at Apt 601 and 648. �""��
. to. 3Am Bloc{ 1, Am faUoring exeeptim,: (.) Lou 1, 2, 3, 4, 5, 6, and 43-
If. Jww Bloch 2, the foltoatny exeeptimut (a) Lob t, 2, 3, 4. 16. 17, 18, If, 20, and 2J
.; 20. JAM Blae4 At foUaw.iny exeepttA�) Later 1, 2, }. 4,� � � d, y, 10, 131
�I ' !3, A 17,..18, 17, 20, 21, 22, mrd 23. '-'Ik.'
e 21. 3Aaa Blaeh 4, AN faUaalnp emptrma( Lalw_ 1; 2, 3.�, 8, g, to, 11,
12, 14, and IN.,
Ae to At" 1, 2, �� 3, and 4 we feneneed a6ave for pNtitutaA LeeatAan, nefNNae ,iw 1ewe-
6y Md. 10 Map B..4 4 at A:ye, 6µ-65 md/m Map Bach 7, at toy.. 60-690.
22. 7A. Bloch 5, the foUoeiny <xceptione: (o) Lab 1, 2, and 4.
23. JAM BLoci 6, At fatta.iny exceptio*% (a) tote 1, 2, and J. 'e'er+, r
211. 3Am Bloch 7, At fa/!s nJ exc<pUmA:
11

f
3.
437
2 3w.. B/aoF d, FSU"'`j Lai, 1, 2, 3, and a.
S'irr ��`
26. 3wa. Elarh f. r>R;^t�En�:..,(a) CoL �, 2, 3, m+d 4-
2J. 3waa Atot,4 Lab /. 2, 3, and 4.
�:..
j 28. 3waa AL.,4 ii, At jaUaj�j ..pA+a", (a) CaX, 2, 21, and 22.
ItS lj 21. 3wae &ocA 13, As om"v : (a) LaL 2, 5, 6, 21, 22. mid 23.
)}�~ 30. 3+a &ooi,14, As f+llaaiq oe�eptiau: (a) LaL 2. 5, 6, 27, 22, and 23.
37. 3woa &OA /jvli!
.1) ots5, 6, 27. 22, and23.
to 8lxb, $ shalWA Ie r u tan�den.t.aeatun and iotne.ian,aid lab i, .44r *s�,.,�65'
t7lHlf MXAW the a6ere durwi&lY�el w pastel of land, tayetl e. a ff al( pu.
`. vileya, and appw(enantae thawernto 6etonyany anto the ,aid panty of the ,etond Pa-t, .✓,
,aryauau and aaaiyru, to thew 0,4 a,e and bahoot xkw.
N 7UTYANJ M!/fJtV, the "4d poetic, at the ti.ut pant Aare heneanto ,et theiw hamL
1 ewl, d ", the day md;yiean Jlut a6ara aa.itJee.
.�� 7�1� M. C ij. (Seal)
Y �4v Mina gate (Saul}
SPW M AOM CA20'-+64_.
I. Aay.uia 0. 3ewwaU, No" Ae617e'do "4 0rwt4y that M. C Dane and '4cMina
get., Pen,onaLly appeasd betane ae th:, d%e and ae6.d.dyad the .6 ea .ainn of .the tua-
yainy Deed to the pnwpaese Attain ,et tooth.
i Witne„ .y hand natmial,eaL, 4W the 23 day of Dece-Sew, 1963'
e.ee: (I�,\% May'.a+.ie 0. 3aueCl
e ' N.A Seal,~ Q Notary fL6lic
urswricuL
((��( 5717CO3AOTNC�.1V�'l
X MN;y
i7h< t^`1ya'ay Ce" 'c°ta ai A- -ia D. 31at" a Notary f46Lic o f &uuaici Camty,
State et Nanth Cm"a, i, adi dyed to 6e caseeaL. Let the .i,ut.w�n.t euth the eutit+cate/
6. weybtawed.
:'.3 Wi.bew y h .ttiti.L.a.L th:. �o dy got Dec. A. D. 7y63.
. C) umuf3cmCle..h Sap"`°" Caw.t
t°'e'madder / , at 3 o'd( A A A. m7d wetuded.
1 - Beyi,,w of Deed,
A C. MICTIN 6
ee - � � M. 5�►tf flrt 0 � aye y:2�s�
S717F 03 AM Clffig-M
(UIv7J o3 �'l�'$X
NIS D(D, Made thi, the 23 dy et Acre aw:. ty63, by and 6eL . M. C. S and eaitt,
X !Alma ya+e, o f B,vtne" Cm.4, Noeih Cawatina, Patti" oil the tout put: ad fd,ud M.
X. 3%da o f Smuat Beach. SA-11-iie, Nan.th Can"O, Patti" et the
�),econd pant
7WT the aid paatw�( and .in twuidenatia7 o f tie it et 7�IV
M Nollo0 (170.00) L74MS �6' "fw5l&TllM, to thee in has/ paid Al the
j•aid Pawt1ie at Nee ,eeewd Put. 7'iL1eI' i, "6y aco6oaledye4 have 6uya4ned

e�aH .Ill lllllm aBr R � PM
egbLv of Dnedo pogo 1 of 3
nyg Wnfn amc vow ale no delinquent wn?Op (O�o Brantls h. Clsssorw Reolster of Dssd+
�ll a4-e9-2D14 11:13:09.ee1 Brunsslek Cmmty, NC
V01pr9rh4 tim whim the
Brunswick
oxodyermarls sor OtllOf NC REVEME STOW: i 15.08 (e31181195)
IS at d a dw n
Yon on: PerokI N imam- �mpnE'O.n?2r Ret 1/Sy
as rmlkd Jt@
�ftiN ktltliDttiPB�IPAj' �'�� I o_we'vLMInt
AwwbnOhe�. "aR8tk61oitI�A�Omr @ Ck4&q $
thmtlM BiiflAefNlBdtk
oL'/ 10]YAI� f�p1� (h Ua�7"Llr"^.m^•.N mr.remenii�a.rcarw?nn
a R0 BlNl .olJpa onr*M-g,.
.. ' ❑Dcxn-moir.�i� mas re�sFnoYoxilal .s.:.
' in:.4w:tn�me�raootos:vmvG.�lor�pied.
NORTH CAROLINA
GENERAL WARRANTY DEED
Excise Tax IS 11 Reccrorr(ddo�iing �Ti�me2Book and Page
Tax Map No. _ (>1p���2lcettden9er No. 263AH015
Mail after recording to:
This Instrument was prepared. by. Hewett Law Firm, PLLC, 632 Village Rd., Suite 1, Shallotte, N.C. 28470
PREPARED WITHOUT OPINION OF TITLE
THIS DEED
GRANTOR
Sunset Beach 6 Twin Lakes, Inc.
435 W. Shore Line Drive
Sunset.Beach, NC 28468
and between
GRANTEE Rd
Sunset Beach West, L. L. C., .a N.6it jt ja&o EYmited Liability Company
1574 Monster Buck EstetetO(8 o Wu `%"""
Supply, NC 28462
The designation Grantor and Grantee as used herein shall kwlude said parties, their heirs, successors, and assigns, and shall
include singular, plural, masculine, feminine or neuter as required by context
WITNESSETH, that the Grantor, for a valuable consideration paid rantee, the receipt of which is hereby
acknowledged, has and by these presents does grant �� n the Grantee in fee simple, all that certain
lot or parcel of land and more particularly ICo
tract. Rews:
Being all of a 24.96 ace more or I tom on a survey plat by Christopher D. Stanley, P.L.S., dated 310 day of
March 2014, entitled'Boundary Survey for Sunset Beach West LLC*and recorded in the Office of the Registerof Deeds for
Brunswick County. North Carolina In Map Cabmet_85Page;;UN' saH survey map incorporated herein by refarenceforgreater
certainty of description.
Q@oob°pav�g6Oo�Q�
TQd 0 bp�Ang6@ o GHQ lS
r

;FM• 11:13:09.eel
Bry lak Coen yd1�1NfC� p�@ � VaW 2 of 3
All or a portion of the property hereinabor@&J1A3s acquired by Grantor by instrument recorded in Book Page
Brunswick County Registry.
A map showing the above described property is recorded in Plat Book Page and referenced within this
instrument
The above described property does not include the primary residence of the Grantor.
TO HAVE AND TO HOLD the aforesaid lot or parcel of land and de"appurtenances thereto belonging to the
Grantee in fee simple. f?Qd obvO
And the Grantor covenants with the Grange, that.Grantor Is seized of the premises in fee simple, has the right to convey the
same in fee simple, that title is marketable and free and clear of all encumbrdnees, and that G,w.tm will warrant and defend the
title against the lawful claims of all persons whomsoever except for the exceptions hereinafter stated.
Title to the property heFemabove described Is subject to the following exceptions:
pad oVjpMWg60 oGt1Qt
IN WRNESS WHEREOF, the Grantor has hersun o set his hand and seat, or If corporate, has caused this
Instrument to be signed In its corporate name by he duty authorized oifieer(s), the day and year first above
written.
Mite. Fiesid�0 -� i Tod 0
0
T1
By
Title:
STATE OF NORTH CAROLINA, BRUNSWICK COUNTY
Q oaQ
Icertify that the following -person(s)personal �isday, each acknowledging tomethat he rshesigned
ih ohug document Fovea M .. - ess my hand and official stamp or seal, this the , day of
My Commisslon�Fp���y`.rd4`3a15 iIHJ/AIfKD Ah°ilt
d '��. \HE d. P"O'k. Nclary Public
.6 Print Notary Name:
1°tVOLIGVA, T0d0Npaag6@0aQ�
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NORTH CAROUNA
GENERAL WARRANTY DEED
Excise Tax Ito /(C nRec�ording 1�&Beck and Page
Tax Map No. a ""' 01, No.
Mail after recording to., . .
This instrument Was prepared by. Hewett Law Finn, PLLC, 632 Village Rd., Suite 1, Shallotte, N C. 28470
THIS DEED made this0„ W(9@ 20ot
By and between
���a��a f�ffll�uJANNTO
GRANTOR
Sunset Beach & Twin Lakes, Inc.
435 W. Shore Line Drive
Sunset Beach, NC 2846& -
�. GRANTEE'r��
Sunset Beach West, L.L.C., a No th,JIMQ d Liability Company
1574 Monster Buck Estates p(o]oso 3
.Supply, NC 28462 .
The designation Grantor and Grantee as used herein shall Include said parties, theirheirs, successors, and assigns, and shag
include singdlar, plural, masculine, feminine or neuter as required by coMexL
WITNESSETH, that the Grantor, for a valuable consideration paid bhyye,�g� ntee, to receipt of which is hereby
admowledged, has and by these presents does grant, baargaj(t„� @tl@xmt t,�t the Grantee in fee simple, all that certain
bt or parcel of land and more partiwlarly de rjped jbllMyy`�"
Being all of Tract 1, a .21 acre #act, more V (�µ,'-§� s own on a survey map by Christopher D. Stanley, RLS. dated 14 May,
2014, entitled, 'SURVEY FOR SUNSET BEACH WEST, LLC OF THE WESTERN END OF WEST MAIN STREET; and
recorded In the Office of the Registerof Deeds fog Brunswick County, North Carolina in Map CabineljWart Pagle kL,; said
survey map Incorporated herein by reference for greater certainty of description. For Back Reference, see Deed Book 175,
Page 438; Deed Book 176, Page 435. -
Co(8obT9n§@@oInQt
T@6o6pang60o*Qt

,c r pilau
Ali or a portion of the property herein. squired by Grantor by instrument recorded in Book J Page
Brunswick County Registry.. '
A map showing the above describedproperty is recorded in Plat Book Page and.referenced within this
instrument
The above described property does not include the primary residence of the Grantor.
HAVE AND TO HOLD the aforesaid lot or parcel of land and a4 m*" appurtenances thereto belonging to the.
Grantee in fee simple.:: o „ ° .
And the Grantor wvenaids with the Granfge at Grantor is seized of the premises in fee simple, has the right to convey the
same in fae simple, that lite is marketable and free and clear of all encumbrancer, and that Grantarvn7lxartantand defend the
title against the lawful calms of all persons whomsoever except for the exception hereinafter stared
Tdle to the propertyhereinabove. descibed. is subject to the following exception: .. ' .
1) All utility easements, including; .but not limited to, the existing drainage easement in favor of the Town of
Sunset Beach and.a sewer line easement in favor of Brunswic m ty, and
2) All road rights of way of record; includ�inL�g the ' art in favor Lots 1, 2, end 3i Block 42-
0, as delineated on that certain � in Map Cabinet I I at Page 40, Brunswick County,
North Carolina Registry; 3) % " VeEmmental and land use regulations.
IN wrmss WHEREOF, the Graintor.has hereunto set his hand and seal] or If corporate, has, caused this
instrument to be signed in Ifs corporate name by Its duly authorized ofBcer(s), the day and -ye ar first above c • .
written. .
(SEAL)
Title: en (
(SEAL)
Title: _
STATE OF NORTH CAROLINA, BRUNSIMCK OI
r.�( �appeared
0
I certify tlkat the following peraon(s) persanalry'appeared before me this day, each acknowledging to me that he or she signed
Hie regoing document' dw2ardlM. Gare Sr. Alihress in hand and official stamp or seal, this the at) day ;of
My commrssron Expires: Notary Public
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CONSTRUCTION DETAIL
MARKET VALUE
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L APPRAISED VALUE -CARD 7,08L
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L PRESENT USE VALUE-PARCHL
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ALPHABETICAL EXHIBITS (photos)
Re: Major CAMS Permit Request by Sunset Beach West, LLC
A. 1956 Aerial Photo of Sunset Beach Island. M. C. Gore purchased the island in
1955 and the First plat is dated 1955.
B. 1963 Aerial Photo of Sunset Beach Island (left side of photo). First purchase of
land at the western end of the island and'at Mad Inlet was in 1959 by James Pope
Hamilton. Purchase was of Block 42-0 and Block 42 shown on Map Book 4, Page 64.
C. 1966 Aerial Photo of Sunset Beach Island showing both Mad Inlet and Tubbs Inlet.
D/ 1968 Aerial Photo of Sunset Beach Island. Mad Inlet is to the left of the photo.
E. 1970 Aerial Photo of Sunset Beach Island. Mad inlet to_the-left-of-photo—Center—
of photo shows the relocation process of Tubbs Inlet.
F. 1972 Aerial Photo of Sunset Beach Island. Mad Inlet in center of photo. Also
shows some house built ocean front and along the western side of 40a' St.
G. 1981 Aerial Photo of Sunset Beach Island. Mad Inlet in center of photo. Shows
ocean front houses and houses along the western side of 40"' St. The western side of Lot
1, Block 42-0 appears to have been hardened. A house is visible on Lot 2 and Lot 3 of
Block 42-0. (Owned by James B. Henderson)
H. Aerial Photo of the western portion of Sunset Beach Island and Mad Inlet at
Blane/Salt Boiler Creek. Photo taken in 1979 or 1980 by Bill Howard, a WWII Pilot
who presently lives in Concord. The Bulkhead at Main St. W meets with the western
side bulkhead located on Lot 1, Block 42-0. Wet sand is clearly visible ocean ward
behind Lots 1 and 2 of Block 42-0. Cars are parked on the North edge of Main St. W
from 40s' Street westward. Red dot is the house spouse and I purchased in 1975.
I. 1999 Aerial Photo of Sunset Beach Island. Western End of the Island to very left of
photo. Visible at Blane Creek at the western border of Lot 1, Block 42-0 (owned by
Robert H. Jones) is a concrete bulkhead along the property line. The waters of Blane
Creek are visible on the western side of that bulkhead. The Jones property
bulkhead extends farther westward than the bulkhead at the end of Main Street W.
J. 2015 Google Map of the western ocean front end of Sunset Beach Island. Clearly
visible is the concrete bulkhead along the Jones western property line (Lot 1, Block
42-0) that meets Main Street. Again the property is westward of the Bulkhead at
Main Street W. The photo shows what we call Blane Creek as Bull Creek. Clearly
submerged land bordering the Jones Property western line for at least 200+ feet of
concrete bulkhead.

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An Appraisal Report of
A 24.96-Acre Oceanfront Tract
SPO#10-EK
Located at
Sunset Beach, NC
Client:
North Carolina Department of Administration
1321 Mail Service Center
Raleigh, NC 27699-1321
Report Date: July 11, 2019
Effective Value Date: June 27, 2019
Inspection Date: June 27, 2019
Prepared By:
Mashburn Appraisal Group
3025 Bridges Street
Morehead City, North Carolina 28557
Christopher W. Mashburn, MAI, AI-GRS, ASA
Certified General Real Estate Appraiser NC# A8051
David C. Moccia
Certified General Real Estate Appraiser NC# A6999
RECEIVED
File i 1923N
JUL 19 2019
DCM WILMINGTON, NC

Sunset Beach West
24.96 Acres
Sunset Beach, NC

Christopher W. Mashburn, MAI, AI-GRS, ASA
3025 Bridges Street, Suite 9
Morehead City, NC 28557
Tel: [phone]
Fax: [phone]
Email: [e-mail]
MASHBURN
A P P R A I S A L G R O U P 'Providing Guidance through Real Estate Valuation"
July 11, 2019
North Carolina Department of Administration
1321 Mail Service Center
Raleigh, NC 27699-1321
Re: SPO#10-EK
Sunset Beach West
24.96 Acres
Sunset Beach, NC
Dear North Carolina Department of Administration,
We have prepared an Appraisal Report of the above referenced real property. We have
examined the physical property, inspected its neighborhood, and analyzed the market for
similar properties.
The purpose of this appraisal is to provide an opinion of the current market value of the fee
simple estate "As Is" assuming no liens or encumbrances other than normal covenants and
restrictions of record as of June 27, 2019, the effective date of this report. It is our
understanding that the intended use of this appraisal is for your decisions as a prospective
buyer.
The subject property is described as a 24.96-acre oceanfront tract. It is unimproved and is
zoned for a Conservation Reserve District use that includes low -density single-family use.
This valuation contains analyses, opinions, and conclusions along with market data and
reasoning appropriate for the scope of work detailed later herein. It was prepared solely for the
intended use and intended user explicitly identified in the attached report. Unauthorized users
do so at their own risk. The appraisal is communicated in the attached Appraisal Report and
conforms to the version of the Uniform Standards of Professional Appraisal Practice (USPAP)

in effect on this report's preparation date of July 11, 2019.
This letter is not an appraisal report; hence, it must not be removed from the attached report. If
this letter is disjoined from the attached appraisal report, then the value opinions set forth in
this letter are invalid because the analyses, opinions, and conclusions cannot be properly
understood.
In general, valuation of the subject property involves a few atypical issues. All value opinions
are affected by all the information, extraordinary assumptions, hypotheses, general
assumptions and limiting conditions, facts, descriptions, and disclosures stated in the attached
appraisal report. After careful consideration of all factors pertaining to and influencing value,
the data and analysis support the following current market value "As Is" of the fee simple
estate in the subject property as of June 27, 2019:
(EIGHT MILLION DOLLARS)
It was a pleasure preparing this appraisal for you. Please contact us if you have unanswered
questions regarding our appraisal or if we can be of further assistance in the interpretation of
our findings and opinions.
Respectfully submitted,
�++,�L•R W. 'Le.q�•r
i� OpORJti. BG _
"s
SJATE
„RAL APP�P+
N+1+
Christopher W. Mashburn, MAI, AI-GRS,
ASA
Certified General Real Estate Appraiser
North Carolina License # A8051
David C. Moccia
U-,�70
9qL AP?
Certified General Real Estate Appraiser
North Carolina License # A6999

Table of Contents
Overview..........................................................................................1
SalientInformation............................................................................................1
NoteworthyIssues............................................................................................2
Scopeof Work................................................................................. 7
Scope of Work Limitation................................................................................
11
Report Reliance and Use Restrictions............................................................11
Extraordinary Assumptions and Disclosures..................................................12
Hypothetical Conditions..................................................................................13
Definitions.......................................................................................................14
MarketValue..............................................................................................
14
FeeSimple Estate.....................................................................................
14
LeasedFee Interest...................................................................................
14
ExposureTime...........................................................................................
14
Disclosures.................................................................................... 15
Professional Standards..................................................................................15
Competency...................................................................................................15
Appraiser Interest and/or Prior Services.........................................................15
AreaData........................................................................................ 16
RegionalMap............................................................
Brunswick County Area Data .....................................
Neighborhood Map ....................................................
Neighborhood Description — Sunset Beach ...............
ProximityMap............................................................
Neighborhood Photographs .......................................
SubjectProperty ............................................................................ 27
Identification of the Property ...........................................................................
27
AerialView......................................................................................................27
PlatMap.........................................................................................................
28
Photographs of Subject..................................................................................29
SaleHistory ....................................................................................................36
FloodMap.......................................................................................................37
SiteDescription..............................................................................................
38
RealEstate Taxes..........................................................................................
39
Zoning.............................................................................................................
40

Analyses and Conclusions........................................................... 41
MarketConditions...........................................................................................41
Highestand Best Use.....................................................................................42
Highest and Best Use As Though Vacant .................................................
43
Land Valuation — Sales Comparison Approach..............................................44
Introduction................................................................................................
44
MarketData...............................................................................................
45
Land Sales Location Map..........................................................................
50
LandSales Analysis..................................................................................
51
Conclusion.................................................................................................
54
Reconciliation.................................................................................................
55
ExposureTime...............................................................................................56
Certifications...................................................................................................
57
Addenda......................................................................................... 58
General Assumptions and Limiting Conditions...............................................58
TaxCard......................................................................................................... 62
PlatMap......................................................................................................... 63
Deed(s)........................................................................................................... 64
Memorandum of Agreement...........................................................................69
EngagementLetter.........................................................................................81
Appraiser's Qualifications...............................................................................85
Endof Report .................................................................................................88

0 Overview
Salient Information
Client's File Number
SPO#10-EK
Appraisers) File Number
192341
Real Estate Appraised
24.96 Acres
Sunset Beach, NC
County
Brunswick
Client
North Carolina Department of Administration
Property Estate(s)
Appraised
Fee Simple
Property Type
Oceanfront Residential (Single -Family) Acreage
Gross Land Area
24.96 Acres
Useable Land Area
24.96 Acres
Zoning
CR-1, Conservation Reserve District
Highest and Best Use
As Vacant
Single -Family Residential Development
Most Likely Buyer
As Though Vacant
Developer
Effective Value Date
June 27, 2019
Inspection Date
June 27, 2019
Report Preparation Date
July 11, 2019
Value Indications
Land Value via Sales $8,000,000
Comparison Approach
Final Value Conclusion
$8,000,000 "As Is"
192341 Mashburn Appraisal Group Page 1

Noteworthy Issues
One or more issues that may or may not affect value are listed below. Except as noted in
these Noteworthy Issues, no other atypical factors significantly affect value. Other attributes of
the subject are generally typical for this type property in this locale.
Utilities Not Available
It appears that the United States Department of the Interior Fish and VVildlife Service has
identified the subject property as being included in a Coastal Barriers Resources Act (CBRA)
area. Most new federal expenditures and financial assistance are prohibited in CBRA areas.
As such, the subject could not qualify for flood insurance or FEMA assistance. It is also
suggested that because the Town of Sunset Beach and Brunswick County have used federal
grants and/or federal low interest loans for utility construction, water, sewer, and electric
services would not be available to the subject.
It remains unclear if utilities are denied or just subject to construction and repair without the
utilization of federal funds. However, the preliminary plat approval approved by the Town of
Sunset Beach indicates that the subject is located in an area subject to the CBRA and that
utilities will not be extended to the subject.
UTILITY NOTES:
(1) UNDER THE CURRENT CBRA ZONE DESIGNAT10N AND POLICIES, UTILITIES
ARE NOT AVAILABLE AND WILL NOT BE EXTENDED WHILE UNDER THIS
DESIGNATION. ALL LOTS SHALL BE SELF —SERVED WITH WELLS, ON —SITE
ELECTRIC SERVICE AND UTILITIES.
(2) PLACEMENT OF LIGHTING IS CONCEPTUAL STREET LIGHTS SHALL BE DUSK
TO DAWN SOLAR LIGHTS.
(3) WATER WELL PLACEMENT IS CONCEPTUAL. CONSTRUCTION AND LOCATION
SHALL COMPLY WITH 15A NCAC 2C WELL CONSTRUCTION STANDARDS, AND
WILL BE DETERMINED BY HOUSE FOOTPRINT, HOUSE LOCATION, PROPOSED
DECKS, PROPOSED DRIVEWAYS, ETC.
(4) SEPTIC AREAS ARE CONCEPTUAL. FINAL DESIGN WILL BE DETERMINED BY
HOUSE FOOTPRINT, HOUSE LOCATION, PROPOSED DECKS, PROPOSED
DRIVEWAYS, ETC.
(5) DRY HYDRANTS SHALL BE INSTALLED AND DESIGNED IN ACCORDANCE WITH
NFPA 1142. PRIOR APPROVAL TO INSTALL DRY HYDRANTS SHALL BE
OBTAINED BY ALL APPLICABLE PARTIES, WHICH INCLUDE LOCAL, STATE AND
FEDERAL AGENCIES CHARGED WITH FIRE PROTECTION. ZONING, WATER,
ENVIRONMENTAL PROTECTION, AGRICULTURE, AND RESOURCE
CONSERVATION, AMONG OTHERS. THE REQUIRED MINIMUM WATER SUPPLY
THAT THE DRY HYDRANTS WILL BE ABLE TO PRODUCE MUST COMPLY WITH
THE MINIMUM REQUIRED FIRE FLOW OF THE STRUCTURES PLANNED TO BE
BUILT.
(6) PROPOSED HOUSES WILL BE SERVED. BY ON —SITE ELECTRICAL
GENERATION.
Conversation with Sammy Varnam, subject co-owner and developer, indicates that
development plans include green buildings, utilizing solar power and possibly wind energy,
utilizing backup quiet propane powered generators to top off battery banks when needed,
septic systems, and utilizing horizontal shallow wells (one well per two houses) for water
supplies. A dry fire hydrant would be connected to standing sound water under a kayak dock.
192341 Mashburn Appraisal Group Page 2

Access
The subject currently has undeveloped access from West Main Street. At the site visit, it
appears that the non -subject lot located at 1405 W. Main Street in Sunset Beach encroaches
upon this access. The subject is also permitted for a wooden bridge from the end of West Main
Street in Sunset Beach, NC.
SEE
INSET
I�wlw 1xorE
61.99'
L113
LI10 \
LIM \\
Map Book 87, Page 11
Brunswick County GIS
\
t \
tI NOn MM[ MOE v
AI AOHII�¢ M IY MpYO
� SNN�iR
m
a�
Permitted Wooden Bridge Drawing
192341 Mashburn Appraisal Group Page 3

Public Opinion
Timeline
Litigation — Subject property ownership
Memorandum of Agreement
Town of Sunset Beach Communication not allowed
Conversations with market participants indicate that most town residents, all area conservation
organizations, and the Town of Sunset Beach are in opposition to the subject development of
the subject 24.96 acres. Survey stakes have been regularly pulled. The subject has had to be
resurveyed numerous times. No corner stakes were observed at the site visit.
Nevertheless, a preliminary site plan was approved by the Town of Sunset Beach after all
required permits were secured. Conversation with Sammy Varnam, co-owner/developer,
indicates at this time he was ready to commence infrastructure construction of the bridge,
road, walkways, etc. After infrastructure construction, a final plat plan could be approved that
would enable him to sell lots and/or build single-family residential dwellings.
Prior to infrastructure commencement, the Town of Sunset Beach began litigation. Deed Book
683, Page 528, recorded March 3, 1987, deeded the subject and more land to the Town of
Sunset Beach from Sunset Beach & Twin Lanes, Inc., as a gift with the following stipulation.
TO HAVE AND TO HOLD the premises herein granted unto
the Grantee, its successors and assigns forever, upon the con-
dition that Grantee shall, within 3 years from the date of this
instrument, construct a public parking facility with a minimum
of 100 parking spaces upon the aforesaid property, but, if
Grantee shall fail, neglect or omit to construct said parking
facility upon said premises within 3 years from the date of
this instrument, Grantor shall have the right to reenter and
recover the aforesaid premises.
The parking lot was never constructed. This is the basis of the Town of Sunset Beach's lawsuit
with Sunset Beach West, LLC, over the subject property, and the basis of Sunset Beach West,
LLC's claim for the road area at the end of West Main Street.
A Memorandum of Agreement was later created and signed'by all parties with an interest in
the subject and the lawsuit (Brunswick County Civil Superior Court, file number 16-CVS-1072).
A copy of this Memorandum of Agreement is included in the Addenda section of this report.
The Memorandum of Agreement includes the following:
• All parties desire the State of North Carolina to purchase all the subject property for
permanent and perpetual conservation and preservation in its natural and undisturbed,
vegetative condition for all of the Town's and State's citizens' benefit, and desire to
resolve, settle, and compromise all claims and disputes that relate to the lawsuit as
hereinafter provided and subject to the terms hereinafter set forth.
• Purchase of the property by the State. The parties agree to transfer whatever interest
they may have in all of the property to the State. Once the State has acquired the
necessary funding for the purchase, the State will permanently and perpetually set
aside and restrict all of the property as conservation land similar to that of Bird Island
that shall never be developed and will always remain and be preserved in its natural
and undisturbed, vegetative condition without hiking/walking trails and/or walkways,
and structures or buildings of any kind including without limitation wooden decks, mats,
or bathrooms...
192341 Mashburn Appraisal Group Page 4

• Purchase Funds: The funding from the State for the purchase of all of the property
shall be paid to Sunset Beach West, LLC, and
• The Town agrees that unless the Town is specifically requested by any one or more of
the defendants, it will not communicate with any representative of the State regarding
the sale of the property (for this appraisal report, the State of North Carolina is our
client, and as per this agreement, representatives of the Town of Sunset Beach were
not allowed to converse with us).
• Additionally, the Town agrees that it will not receive any portion of the funding for its
conveyance to the State of whatever interest it may have in the property.
• The parties have agreed to jointly request that the lawsuit be placed on inactive status
to give the State adequate time to acquire the funding to purchase all of the property.
• The defendants (Sunset Beach West, LLC, and others) will not take or pursue any
steps and efforts toward developing the property while the lawsuit is on inactive status
or voluntary dismissals without prejudice.
• Upon closing of the sale to the State, all parties will execute their respective deeds
transferring their interest in the property to the State, and the parties shall file a
Stipulation of Dismissal in the lawsuit.
• The defendants shall then also transfer to the Town or the State at no cost all their
interest in Tract 1 (the west end of West Main Street).
• If the State does not purchase all the property, the Memorandum of Agreement will be
terminated.
Sammy Varnam, co-owner/developer, considers the lawsuit as a frivolous attempt to halt
development of the subject. Nevertheless, he would "rather agree to the Memorandum than
fight the Southern Environmental Law Center for the next five years."
For purposes of this report, we assume that the subject property is owned in entirety by
Sunset Beach West, LLC.
Per the Memorandum guidelines, typical questions we would routinely ask the Town of Sunset
Beach's Planning Department were not allowed. This missing information may or may not
have had an effect on the value indication.
Hypothetical Condition
The Memorandum of Agreement indicates that all development is on hold and that the State of
North Carolina is to purchase the subject property. It is our opinion that this restriction limits
marketability of the subject. To produce an opinion of market value as defined later in this
report, we utilize a hypothetical condition that the Memorandum of Agreement and current
litigation do not exist, when, in fact, they do exist.
192341 Mashburn Appraisal Group Page 5

Entitlements
Conversation with Sammy Varnam, co-owner/developer, indicates he has incurred
approximately $400,000 of costs associated with entitlements for the subject property. These
entitlement costs exclude attorney fees for the ongoing litigation. Entitlements/costs include:
• Major CAMA Permit
• NC Department of Environment and Natural Resources (NCDENR) Storm Water
Permit
• US Department of Homeland Security, US Coast Guard permit for the wooden bridge
• Local permits
• Survey costs for subdivision plats and wetland delineation
• Engineering costs (subdivision plats, bridge design)
• Attorney fees for procuring permits but not for litigation
• Three driven water test wells and pumps
• Soil evaluations for 21 lots, 8 bedrooms each, 2,000 gallon septic tank systems
Mr. Varnam paid for expenses out of three different checkbooks as well as cash. He sent us a
reconciliation of one of the checkbooks totaling approximately $172,000. The other
checkbooks were with his accountant and/or not immediately available. Considering the scope
of the project, we believe $400,000 of entitlements to be credible. All permits appear to be
transferable.
Project Viability
It is our opinion via conversations and correspondence with Sammy Varnam, co-
owner/developer of the subject property, that he is acting in good faith. He believes the
development to date to be viable and akin to development on Bald Head Island, NC.
Conversations with other market participants indicate the project to be unique but credible,
although a typical purchaser would need to be affluent enough to be able to self -insure a
purchase. Sunset Beach Island is one of a few islands in North Carolina that benefits from
accretion, the increase of land by the action of natural forces. In light of the preceding and a
strengthening economy, it is our opinion the development plan for the subject to be viable.
192341 Mashburn Appraisal Group Page 6

0 Scope of Work
Assignment Elements
The purpose of this assignment (the problem to be solved) is to form one or more opinions
about value.
1.
The Client
North Carolina Department of
Administration
Client's Interest in Property Appraised
Prospective Buyer
2.
Other Intended Users
None
3.
Intended Use of Report
Decisions by a Prospective Buyer
4
Standard/Definition of Value Used
Market Value
To Form the Value Opinion
5.
Key Dates
Effective Value Date
June 27, 2019
(point in time the value applies)
Report Preparation Date
July 11, 2019
(date the report was prepared)
Date Property Appraised Was
Observed by One or More
June 27, 2019
Appraisers Signing This Report
6.
Assignment Conditions
Extraordinary Assumptions
Applicable
Hypothetical Conditions
Applicable
Jurisdictional Exceptions
Not Applicable
Expected Public or Private On -Site
or Off -Site Improvements Affect
None
Value
Assemblage of Estates or
Not Expected
Component Parts Affects Value
192341 Mashburn Appraisal Group Page 7

Relevant Characteristics
The subject property is described as a 24.96-acre oceanfront tract. It is unimproved and is
zoned for a Conservation Reserve District use that includes low -density single-family use.
Unless specifically stated otherwise, the estate appraised assumes no adverse leases, liens,
or encumbrances other than normal covenants and restrictions of record.
7a. Physical
Existing Property Use
Vacant Land
Property Use Reflected In One
Or More Value Opinions
Continued Use "As Is"
Sources of Information About
the Property Appraised Included
Land Observation, Public Records,
Map Book 87, Page 11
7b. Legal
Estate(s) Appraised
Fee Simple
Legal Issues Considered
Some Atypical Legal Issues
No Utility Easements
Environmental Concerns
No Known Environmental Concerns other
than the Coastal Barrier Resources Act
concerns
7c. Economic
Effect of Lease(s) On Value
No Leases, thus Not Applicable
Cost Information
Type of Reconstruction
Cost Used
Not Applicable
Source of Reconstruction
Cost Information
Not Applicable
192341 Mashburn Appraisal Group Page 8

Extent of Services Provided
Number of Final Value Opinions
1
Developed
Value Opinion(s) Reflect the Worth
"As Is"
of the Property Appraised
Report Preparation Option
Appraisal Report
Report Preparation Complies With
Requirements Set Forth In USPAP
2-2(a)
Standard Rule
Extent of Data Research
Adequate for Credible Results
Private Data Provider Service, Online
Data Sources
Public Records, Other Appraisers, Buyers
and/or Sellers, MLS
Documents Considered
Map Book 87, Page 11; Cape Fear
Engineering Project 875-167, Sheet C-2
Data Verification
Direct and Indirect Methods
Extent of Subject Observation by One
Land Observation
or More Appraisers Signing Report
Additional Assignment Conditions
Not Applicable
Other Intended Use Considerations
Client's Prior Engagement
of Appraisal Services
Client is Familiar with Appraisals and the
Appraisal Process
Atypical Issues
A few atypical issues
FIRREA Compliance
Not Applicable
Insurable Value
Insurable Value Is Not An Intended Use
Miscellaneous Matters
Significant Real Property Assistance
No Significant Real Property Appraisal
Assistance
Extent and Type of Real Property No Significant Real Property Appraisal
Assistance Assistance
Scope of Work Agreement
See Engagement Letter
192341 Mashburn Appraisal Group Page 9

Appraisal Development
According to USPAP, all approaches that are applicable to the estate being appraised and
necessary to produce credible results must be developed. The type of highest and best use,
extent of feasibility considered, and the relevance of each major approach are listed below.
Highest and Best Use
An Inferred Analysis
Feasibility Analysis
(a more detailed study separate
Separate Feasibility Analysis Not Developed
from highest and best use)
Cost Approach
Not Applicable and Not Included in Report
Sales Comparison for vacant
land
Applicable and Included in Report
Sales Comparison for
improved properties
Not Applicable and Not Included in Report
Income Approach
Not Applicable and Not Included in Report
Approach Explanations:
A Land Valuation is applicable and included in this report. The Sales Comparison Approach is
utilized.
The Cost Approach is most applicable for real estate consisting of land and a new, or like new,
building. Since the subject only comprises land, the Cost Approach is judged inapplicable and
intentionally omitted from this report.
The Income Approach is applicable to income producing property. To be a meaningful value
indicator, it requires rental and expense data for other similar real estate. In the appraiser(s)'
opinion, land similar in characteristics to the subject is seldom leased. Therefore, this
approach is judged inapplicable due to a lack of market data and intentionally omitted from this
report.
Personal Property & Intangibles
Personal property is movable and not permanently affixed to the real estate. Examples of
personal property are freestanding ranges, refrigerators, tables, desks, chairs, beds, linens,
silverware, hand tools, and small utensils. An intangible is a nonphysical asset like franchises,
trademarks, patents, goodwill, and mineral rights. Personal and intangible property included in
this appraisal's value opinion, if any, is considered typical for this type real estate, yet
insignificant to the value opinion. Therefore, non -realty is not itemized or valued. Moreover,
this report's final value conclusion(s) excludes unaffixed equipment, detached trade fixtures,
and chattel, unless specifically stated to the contrary.
192341 Mashburn Appraisal Group Page 10

Scope of Work Limitation
This report is based on and limited to an inferred market analysis, not a fundamental market
study. Our scope of work agreement with our client does not include a detailed fundamental
analysis.
Report Reliance and Use Restrictions
No liability is assumed, expressed, or implied by Mashburn Appraisal Group or the
appraiser(s) for unauthorized use of this report. Only those persons, parties„ entities,
companies, corporations, partnerships, associations, or groups that have previously been
clearly and explicitly identified as an intended user(s) may rely on and use this report. There
are no implied, suggested, inferred, consequential, or indirect intended users of this report.
Unauthorized users should not use or rely on any portion of this document. Unauthorized
users do so at their own risk and peril.
Scope of Work Exclusion - Insurable Value
This appraisal should not be relied upon for the purpose of determining the amount or type of
insurance coverage to be placed on the subject property. The signatory/signatories to this
report assume no liability for and do not guarantee that any insurable value inferred from this
report will result in the subject property being adequately insured for any loss that may be
sustained. We recommend that the client/reader/user of this report retain the services of a
qualified, independent insurance adjuster to determine insurable value prior to making a
business decision.
Assemblage Not Expected
USPAP Standard Rule 14(e) requires an analysis of the assemblage of various estates or
component parts that affect value. In this case, no assemblage is expected, so value is not
affected.
192341 Mashburn Appraisal Group Page 11

Extraordinary Assumptions and Disclosures
USPAP Standard Rule 1-2(f) requires the identification of all extraordinary assumptions that are
necessary for credible assignment results. An extraordinary assumption is an assignment -specific
assumption as of the effective date regarding uncertain information used in an analysis which, if
found to be false, could alter the appraiser's opinions or conclusions. Comment: Uncertain
information might include physical, legal, or economic characteristics of the subject -property; or
conditions external to the property, such as market conditions or trends; or the integrity of data
used in an analysis.' Use of extraordinary assumptions might have affected the assignment
results. This appraisal employs the following extraordinary assumptions.
➢ Features of the subject site such as legal description, dimensions, size, etc., were obtained
from Map Book 87, Page 11, and a preliminary plat prepared by Cape Fear Engineering,
Project 875-167, dated 9/2412014, Sheet C-2. All information is assumed reasonably
correct.
➢ Observation of the subject was limited to a moderate viewing of the property. It is assumed
the land has no subsoil defects. No soil borings were made. It is further assumed the
subject has no hidden defects. No probes or attempts to remove materials to discover
unapparent defects were made by the appraiser(s).
➢ Real estate tax information for the subject was obtained from public records. Moreover, this
information is assumed the most recent that is expeditiously available to the public.
➢ A public water and sewer system are not connected or available to the subject. This
appraisal assumes the subject property is perkable and fresh water supply will be
obtainable via wells. This appraisal assumes these system(s) will possess sufficient
capacity to adequately serve the intended use of the subject proposed subdivision as
drawn. This appraisal also assumes the water will be potable and non -contaminated. If
these system(s) are inadequate to properly serve the subject's intended use, then the
subject's value and marketability would be adversely affected.
➢ Entitlement costs were provided to the appraiser(s) by one of the owner -developers. It is
assumed these costs are comprehensive and reasonable. If a reader of this report has any
question as to the reasonableness of these cost figures it is suggested the reader engage
the services of a professional cost estimator.
➢ This appraisal assumes the subject property will completely conform to all governmental
specifications, requirements, and/or codes including the zoning ordinance and all building
codes.
➢ Assumptions, presumptions, and other concerns discussed in the Noteworthy Issues section
are incorporated by way of reference into these Extraordinary Assumptions & Disclosures.
➢ A recently issued title policy was not furnished to the appraiser(s). If value impairment is
identified or suggested in a title policy, another professional report, or some other
document, this appraisal does not address issues that are significantly atypical for a
valuation of this type property unless specifically identified in the Scope of Work and/or
Noteworthy Issues section of this report.
The above extraordinary assumptions as well as other assumptions that may be found elsewhere
in this report are integral premises upon which the conclusions in this appraisal report are based.
Use of extraordinary assumptions might have affected the assignment results.
' USPAP 2018-2019 Edition, The Appraisal Foundation, 4.
192341 Mashburn Appraisal Group Page 12

Hypothetical Conditions
A hypothetical condition is a condition, directly related to a specific assignment, which is
contrary to what is known by the appraiser to exist on the effective date of the assignment
results, but is used for the purpose of analysis. Comment: Hypothetical conditions are 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.Z Use of hypothetical conditions might have affected
the assignment results. Uncertainty is not involved with a hypothetical condition. An
essential premise underlying the valuation is known not to exist on the date of value. The
following hypothetical condition(s) apply to one or more value opinions.
Absence of Memorandum of Agreement and Litigation
➢ One or more valuations of the subject real estate presume that the subject property is
not part of a signed Memorandum of Agreement or subject to litigation, between the
Town of Sunset Beach and various owners past and present of the subject property.
The Memorandum of agreement as detailed in the Noteworthy Issues section of this
report indicates all parties agree to the State of North Carolina purchasing all of the
subject property. This in effect, limits marketability. The absence of a Memorandum of
Agreement and litigation does not, in fact, exist on this report's effective value date.
➢ One or more analyses performed to develop the opinion(s) of value are based on a
hypothesis. Specifically, the subject real estate is presumed to not be encumbered with
a Memorandum of Agreement or litigation on this report's effective value date, when, in
fact, it is encumbered with a Memorandum of Agreement and litigation.
➢ Certain events need to occur before the property appraised will, in fact, exist.
Specifically, the subject Memorandum of Agreement must be rescinded and all litigation
dismissed to create the real estate that is valued.
➢ This appraisal does not address unforeseeable events that could alter the hypothetical
subject property improvements and/or the market conditions reflected in the analyses.
2 USPAP 2018-2019 Edition, The Appraisal Foundation, 4.
192341 Mashburn Appraisal Group Page 13

Definitions
Market Value
The following definition of market value was taken from 12C.F.R § 323.2-(g) of the Rules and
Regulations of the FDIC.
"Market value means the most probable price which a property should bring in a
competitive and open market under all conditions requisite to a fair sale, the buyer
and sellereach acting prudently and knowledgeably, and assuming the price is not
affected by undue stimulus. Implicit in this definition are the consummation of a
sale as of a specified date and the passing of title from seller to buyer under
conditions whereby.
1. Buyer and seller are typically motivated,•
2. Both parties are well informed or well advised and acting in
what they consider their own best interests,
3. A reasonable time is allowed for exposure in the open market;
4. Payment is made in terms of cash in U.S. dollars or in terms
of financial arrangements comparable thereto, and
5. The price represents the normal consideration for the property
sold unaffected by special or creative financing or sales
concessions granted by anyone associated with the sale."
Fee Simple Estate
Fee Simple Estate is defined as "Absolute ownership unencumbered by any other interest or
estate, subject only to the limitations imposed by the government powers of taxation, eminent
domain, police power, and escheat. ,3
Leased Fee Interest
Leased Fee Interest is defined as "The ownership interest held by the lessor, which includes
the right to receive the contract rent specified in the lease plus the reversionary right when the
lease expires.o4
Exposure Time
Exposure time is the estimated length of time that 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. Comment: Exposure time is a retrospective
opinion based on an analysis of past events assuming a competitive and open market.5
3 Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ad. (Chicago: Appraisal Institute, 2015).
4 Ibid.
5 USPAP 2018-2019 Edition, The Appraisal Foundation, 4.
192341 Mashburn Appraisal Group Page 14

0 Disclosu,res
Professional Standards
All leading professional appraisal organizations, the U.S. Congress, all state legislatures, and
numerous legal jurisdictions recognize the Uniform Standards of Professional Appraisal
Practice (USPAP), promulgated by the Appraisal Foundation. These standards set forth ethical
practices and proper procedures for a competent appraisal. This appraisal fully complies with
all relevant portions of the USPAP version in effect on the date this report was prepared.
Competency
The person(s) signing this report are licensed to appraise real property in the state the subject
is located. We affirm we have the experience, knowledge, and education to value this type
property and we have previously appraised similar real estate.
Appraiser Interest and/or Prior Services
Christopher W. Mashburn, MAI, AI-GRS, ASA, has no current or prospective interest in the
subject property or parties involved and has performed no services, as an appraiser or in any
other capacity, regarding the property that is the subject of this report within the three-year
period immediately preceding acceptance of this assignment.
David C. Moccia has no current or prospective interest in the subject property or parties
involved and has performed no services, as an appraiser or in any other capacity, regarding
the property that is the subject of this report within the three-year period immediately
preceding acceptance of this assignment.
192341 Mashburn Appraisal Group Page 15

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Brunswick County Area Data
4CCESSNC
County Profile
Brunswick County (NC)
O.
NTH
CAROLINA
June2019
PO�rrlaflonBGrowth
Populatbn
%Annual Growth
201 EWPopWaean
122.586
MIOCI Tots PopWaeon
107,431
3W2017 NC CMated PopWan EMirnle
131,8117
UrbanlRural Repr'enattatbn
Urban/Rural Percent
2010 Ciansua T " P a m:0rbw
51.278
2010Cer41t;ToWPopWakon:R"
46,153
Eetlmalt Population by Ape
% Pop by Ape
2017 Eel Meidan Ape
52
2)17 Est T"Pep 019
22783
1E 1%
201 ]Est Tcq Pop 2024
4,963
4.1%
2017 Ea Total Pap 25,34
11 744
9.6%
2017 Est Taal Pap 3544
l2.658
10.3%
2017Est Total Pop45.54
14,rA
12A%
2017 Est Total Pap 5564
21.784
178%
201 ] E9 Tdtll Pop 65•
34.4W
28.14b
Commuters, Workers
Age 116
and Over, 1
Percent of Workers, By Travel Time
Workerae By Transportation
Ai,9 Tavel "rue It, , -
24.3
Wo4erTq p ease
45376
Wodeni NnP:n+mp3rH-m=
42.955
Wo4yFo�ne
53%
Travel Tinelov.Ih <l3minutes
13.9%
Drove,- anTndNar Alone
798%
Travel Time to Wet 10.14 mines
140%
C ahooled CY/TwIiNan
120%
TwOl Thetow(ok15a9ninuet
16.9%
P.0c TmeP'nlaeor
03%
Twel Tinero Work: 2024mintee
148%
Walked
13%
Tra•el ThewWork: 25-29 eintee
70%
eryck
00%
Tavel Tinetu Wol, 30.34fttvt
14.14,
Tax,,W-TCrcydit
12%
Travel Tlrnetowork. 35r4 minutes
5.8%
Tmel Tkneb Wod:45-59 minuet
66%
TRN41 The o Wak'. 60• mrV"
6.3%
Plan or Work
commuter
ReddeMa
Worked in Aaletouty of Residence
A 9%
63 9%
Workedm SesWtheCesKle RetMerre
13T59
271%
Woked Orbide Srse MResiderr:e
1272
]T%
Pop Aye 23+
201SAten eps
13,703
Kona( 600neien
2018Aveenl SAT score(t600 nen ack)
1p61
201817H401C/aAG%tlak $Ai
3]9%
2016.17HIgtw Eduction Campkaanc(P
p
962
situ l)
2016-1 ]M�9her EOxatbn Erropmwt IPrw�tional)
1 919
201) EC Eduction AN1lsntrt -A1 Le]YNi� Sdgd Graduals
64935
891%
2017 Est EAlcatbn PPsrmert -p LeaABitl1010i t De9rN
26.890
2eA%
192341 Mashburn Appraisal Group Page 17

NORTH
% Ann Growth or % Trial
2017Ee ToUHa iWU1ta
83,702
Meb
2010Ce rwlifouun9
46Z97
201 D carves rwl Hoaaanda
17482
20I0Ce Oocpedil u,nq
15112
324%
2010Ce Vacanlfloioirq
31185
67483
2017 EM Medal Value of Owns Ocaped Hosing
{I W RID
2017 Est Medvt Goss Per,
Mo
2017 Est Owner Ocaped HOusey
40.983
77.2%
2017 Est RMer Ooc Vied 1lousn9
12121
22.8%
2017E9%OwnerOccnoied Vau Pare
32%
2017EV9bRenterOmWed VXV yRV0
146%
% Ann Growth or % Pov
2016 Est Medan Family Income
559,43E
2017 Medan Housettld Inc4rne IS41PC
15E 227
93%
2016 Est Medan Worker Earrps
$24.553
2017 Par Capra Income (BEA)
S4' 392
2017 EC Pap. tnorne Bak. P WlyISA
119%
Employment/
Unemployment
Currently
2018Annual
Av2019 Prelen.. 2018 Elnplo,roea
W.1m
Av2019 PreBm_ 2018 U wWolmen
2.723
AW2019 PreW . 2018 Uranpb wRate
52%
IV 8Q 3YTD.2017 Arnourn .d Job Creation
35
20180 3YTD, 2017 Taal Armunced lnvestment5 (J `J)
$34
EMplOynlMlt 1 WagM by
2018Q4
2018
2018Q4 Avg
2018 Avg
Industry
Employment
Employment
Weekly Wage
Weekly Wage
'oral Aland, iS
%t 942
f7Y;
1155
-oral Govemmat
5.423
1855
$957
Total Pl ,,, mdusry
16.519
'i.1FT
f%%`.
1736
A9iKW6ea Faeetrygyrq BHur4rp
189
227
f";-,
$6%
lAnin9
Ones
1 *9
1,299
$1,9s_
f2,216
C9nsbucdon
2.044
2.051
EvS-
$00
Ma4lli ng
1,431
1M3
$1,1 tic
$1,067
wholesale Trade
564
555
31.15t
11024
Real Trade
5.275
S.W5
150E
S484
rwneponaboo ardwaehow g
832
830
$077
{811
adomtaton
283
290
11067
f1119
Fvs Vlclim6 a
501
5D7
$1 144
$1 161
Real EStae and Rents ad Leas0V
M
859
177E
n83
Professtmal ad leclT Services
9%
1010
111d4
11 ON
My of Comp ", E "poses
Pbninistrative ad Waste Services
1,739
1760
f644
$657
Educatanal 5erv,ces
2.681
2.517
$818
$749
Heats Care and Social Atslstrioce
4435
4,388
$933
{068
Atts,Erawtainme,%wd ReU Pm
1.281
1,349
$419
b406
Accanmodabon and Food Se ee
4.393
4.720
$336
$334
Odmr Services Ee. PUbbc Admen
768
777
$992
t704
PWKAdMoStrabm
2.463
2.407
$893
SBW
UminsTted
0
0
f0
So
192341 Mashburn Appraisal Group Page 18

Lod Business
Local Retail Business
201804 Avalable Industrial flildnge
201 B Tonal R nul Sales With F oodOnr*)(Sml)
11.511.2
2018Q,fEstaNidvnam Taalkivateriduslry,
.;:4
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961
2018Q4 EstaNtstmxi¢: Maruiacumirg
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$1572.527
20 6 E st Sal l EM00yed
3.81t
VI 804 Av ailable Ccvnm eroal Duildrgs(I Colrayreponii)
Taxes
Childcare
I :,.aue
$(411511
2018Q4Ucereed Chid Care Fadlliea
30
-. tr�N?arable Pri,:--.'lml)
$17234
20I6Q4UcensadCNkJCaeEnr0hwt
1809
wvo
3
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IC
2Gi8 Ptrysn-. 'n'R'D�awn
10.6
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50.9
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79
5durces.
Census 12010 8 ACS 2D12-15) for damoQaphiea eorrwalers, place olwakeducational attainment. (ACS 2015-17 housing and mcome
datal at hltvs:ldactinda.ansuigov. ESRl for FdO data at www.ESRt. can NC Dept. ofEducaam fa SAT data by NC county system at
hdp.hMww.ncpub icschodsorg. US Dept. or[dlaodan. National Cwtr for Edremim Stwtslks ix htaw education data at
hops//nces. ad. gov/ipedsldalapnW. NC Commence. Labor and Ecorrorric Analysis Dirism. for NC dun. mcupabonal dataemplgment and
unemployment and wages and edahMshinen6 by industry at hhpttacmilm nccammrw.cmd. EDPNC for announced new lobs and
investment and available buff gs at hfts-Redpnc. can N C Dept. dM al B Nurrraa Services for cfddcre data at hlip/Mrai motths. gov7.
U NC Sheps Crer for haaNcare professions at hlps./lnc health* oM tmeunc.eda. F ull dalasets and topic dashboards are available at
hbpUAccessN CA CConanrm corn
Notes
Data are the latest available attire date the profile was prepared SAT scaes use the new 1600 mmng system started m 2016 and repesent
cwoty systems. Unemployment data is now the lastest month which is presminary, and m subfect to change U S Educaam IPEDs data fin
Cmpleill and Enrollment is at least Provisional and updated when Final. American Centinunily Survey IACSr data areestimates. noted Est'
and arelen the Syew survry: data is asd final year wilt dollars insafedto final yew AddYonaldata. repati and dashboards are available
at hlp:Naaassic n<canxrwcacaMtdas.htrM
192341 Mashburn Appraisal Group Page 19

Brunswick County, North Carolina
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192341 Mashburn Appraisal Group Page 20

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Neighborhood Description — Sunset Beach
Neighborhood Boundaries
The subject neighborhood is broadly bounded by the following:
To the north
NC Hwy 179
To the south
Atlantic Ocean
To the east
Ocean Isle Beach
To the west
South Carolina state line
Surrounding Land Usage
The land uses immediately surrounding the subject site are as follows:
To the north
Marshland
To the south
Atlantic Ocean
To the east
Single Family Residential
To the west
Vacant Land Bird Island Reserve
https://en.wikipedia.org/wiki/Sunset Beach, North Carolina
Sunset Beach is a seaside town in Brunswick County, North Carolina, United States. The
population was 3,572 at the 2010 census, up from 1,824 at the 2000 census. It is part of the
Myrtle Beach metropolitan area.
History
The seaside town of Sunset Beach had its start in 1955 when the land it occupies was bought
by a property developer. Development began in earnest with the completion of a bridge
connecting the beach island to the mainland in 1958. Sunset Beach was incorporated as a
town in 1963.
Geography
Sunset Beach is located in southwestern Brunswick County at (33.885348,-78.507528). It is
the last developed Atlantic Ocean beach before the South Carolina border. One-third of the
town's area occupies a barrier island between the ocean and the Intracoastal Waterway; the
remainder of the town extends onto the mainland to the north. Undeveloped Bird Island is
directly to the west, Calabash is the closest town to the west on the mainland, and Ocean isle
Beach is to the east. According to the United States Census Bureau, the town of Sunset
Beach has a total area of 7.3 square miles (19.0 km2). 6.4 square miles (16.7 km2) of it is
land, and 0.89 square miles (2.3 km2) of it (12.22%) is water.
Sunset Beach Bridge
Since most of Sunset Beach and the adjoining Bird Island coastal reserve encompass a
barrier island, the only way to get there from the mainland was by crossing a pontoon bridge
(swing bridge) straddling the Intracoastal Waterway and adjacent marshland. It was a wooden
structure that could only hold one lane of traffic at any given time, and was the only one of its
kind still in use along the East Coast until 2010. During the day in the summer, traffic would be
stopped every hour, on the hour, and the bridge would open to boat traffic on the waterway for
10 minutes. At 10 minutes after the hour, every hour, the bridge would reopen for vehicular
traffic again for 50 minutes. During the off-season, the bridge only opened at the request of
boat traffic. While this caused headaches for those trying to get on or off the island, many
locals said the bridge did, however, give the town a more relaxed feel. Historically, this had
been in stark contrast to the rapid growth affecting other beach communities along the Grand
Strand.
192341 Mashburn Appraisal Group Page 22

In February 2008, the NCDOT started construction to replace the old bridge with a modern,
65-foot-high (20 m) arc bridge (non -draw, non -swing). The bridge opened November 11, 2010.
The old Sunset Beach pontoon swing bridge was saved by the Old Bridge Preservation
Society, which plans to create a museum celebrating the old bridge and the town's history. The
new bridge eliminates the need for a bridge keeper and provides for a continual flow of vehicle
traffic on and off the island and water traffic on the Intracoastal Waterway.
Housing in Sunset Beach
The town consists of both mainland neighborhoods and a barrier island of approximately 1,200
homes. Three of the larger mainland neighborhoods in the town are golf course developments
at Oyster Bay, Sea Trail Resort, and Sandpiper Bay. Ocean Ridge Plantation, while not in the
town limits, has one of its "sister communities" in Sunset Beach's ETJ. Ocean Ridge has an
amenities center/clubhouse on the island, while Sea Trail Home Owners Association has a
designated parking lot for members. The island is primarily home to vacation rental homes and
cottages, although there are close to 100 full-time residents as well.
Proximity Map
192341 Mashburn Appraisal Group Page 23

Neighborhood Photographs
Looking south from the west end of West Main Street, subject in background (dune
area, not marshland)
192341 Mashburn Appraisal Group Page 24

ent
192341 Mashburn Appraisal Group Page 25

Proximity Features
Expected Changes in Economic Base
Protection from Adverse Conditions
Demand for Real Estate Like Subject
Potential Additional Supply Like Subject
Oversupply of Property Like Subject
General Appearance of Properties
Location
Land Use Change
Police and Fire Protection
Expressway Access
Employment Centers
Property Compatibility
Appeal to Market
None
Average
Assume equivalent to that of Bald Head
Island
Minimal Potential
None
Unimproved
Small Town Resort Area
Not Likely
Average
NA
5 to 10 miles
Unknown
Unique appeal to a smaller and wealthier
market segment
192341 Mashburn Appraisal Group Page 26

WSubject Property
Identification of the Property
The subject property is located west and south of the western terminus of West Main Street
within Sunset Beach, Brunswick County, NC. The subject does not have a street address.
The Brunswick County Tax Office defines the subject property as Parcel Identification
Number(s) 263AH01502, further described as 24.96 AC PL 87/11. Included in the Addenda
section of this report are:
• A copy of the subject's tax card
• Copies of the deeds that include the legal description
Aerial View
192341 Mashburn Appraisal Group Page 27

Plat Map
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192341 Mashburn Appraisal Group Page 28

Photographs of Subject
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bulkhead and to the left (most of which is not in the picture).
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192341 Mashburn Appraisal Group Page 29

Upland area is the north (backside) of the subject. Marshland is not part of the subject.
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192341 Mashburn Appraisal Group Page 30

Looking across the subject from west (on left) to east. Marshland is not part of the
subject.
Ocean view from subject west boundary looking east.
192341 Mashburn Appraisal Group Page 31

Subject interior
192341 Mashburn Appraisal Group Page 32

Elevation change in subject interior.
View to the northeast of
non-suoiect mars
192341 Mashburn Appraisal Group Page 33

Subject interior looking west
192341 Mashburn Appraisal Group Page 34

Subject interior looking east at the eastern boundary.
Eastern end of subject looking west.
192341 Mashburn Appraisal Group Page 35

Sale History
Deed Transfers
Public records located at the Brunswick County Register of Deeds indicate the current owner,
Sunset Beach West, L.L.C., acquired the subject property via Deed Book 3516, Page 684, on
4/9/2014 from Sunset Beach & Twin Lanes, Inc. Excise tax was $15 indicating a sales price of
$7,500. This was a related party transaction.
To clear up any discrepancies, a quit claim deed was filed by grantors Edward M. Gore, Sr.,
and wife, Dinah E. Gore, on April 21, 2014, via Deed Book 3519, Page 369. The sales price
was $0 as evidenced by lack of revenue stamps. This was a related party transaction.
Copies of these deeds are included in the Addenda section of this report.
As of note, Deed Book 683, Page 528, recorded March 3, 1987, deeded the subject and more
land to the Town of Sunset Beach from Sunset Beach & Twin Lanes, Inc., as a gift with the
following stipulation.
TO HAVE AND TO HOLD the premises herein granted unto
the Grantee, its successors and assigns forever, upon the con-
dition that Grantee shall, within 3 years from the date of this
instrument, construct a public parking facility with a minimum
of Zoo parking spaces upon the aforesaid property, but, if
Grantee shall fail, neglect or omit to construct said parking
facility upon said premises within 3 years from the date of
this instrument, Grantor shall have the right to reenter and
recover the aforesaid premises.
The parking lot was never constructed. This is the basis of the Town of Sunset Beach's lawsuit
with Sunset Beach West, LLC, over the subject property and the basis for Sunset Beach West,
LLC's claim for the road area at the end of West Main Street.
During the three-year period preceding this report's effective value date, there are no other
known conveyances.
A conversation with Samuel Varnam, co-owner, indicates that the subject property is not
currently listed for sale and that there have been no prior listings, contracts, or options to
purchase the subject property within the past three years. Examination of the regional MILS,
private data provider services, and conversations with other market participants indicates the
same.
Flood Hazard
According to the appropriate Federal Emergency Management Agency (FEMA) flood map,
which is identified below, the subject property is located in a special flood hazard zone.
Flood Map Number 3720104400K
Flood Map Date 8/28/2018
Flood Zone(s) VE, AE
Flood Maps published by FEMA are not precise. If anyone desires a precise determination of
the subject's flood hazard classification, a professional engineer, licensed surveyor, or local
governmental authority should make an exact determination.
192341 Mashburn Appraisal Group Page 36

Flood Map
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192341 Mashburn Appraisal Group Page 37

Site Description
Location
West and south of the western terminus of West Main Street,
Sunset Beach, Brunswick County, NC
Land Area
Acres
SF
%
Useable
24.960
1,087,258
100.0 %
Total
24.960
1,087,258
100.0 %
The subject has approximately 1.65 acres of jurisdictional wetlands
that we consider to be useable for buffer and other site
requirements.
Corner Lot
No
Frontage Feet
60 feet West Main Street
Access
The subject has undeveloped access from West Main Street. At the
site visit, it appears that the non -subject lot located at 1405 W.
Main Street in Sunset Beach encroaches upon this access. The
subject is also permitted for a wooden bridge from the end of West
Main Street in Sunset Beach, NC.
Visibility
The subject has very limited visibility.
Shape
Irregular
Topography
Steep sand dunes and low areas
Landscaping
NA
Drainage
Adequate for septic sstem approval
Street Paving
None
Curb and Gutter
None
Street Lighting
None
Sidewalks
None
Utilities
No Public Utilities for water, sewer, or electricity.
Easements
None Known, None Assumed
Encroachments
Possible encroachment as discussed above.
Encumbrances
None Known, None Assumed
Major Flaws Lack of electricity and undeveloped access.
Overall Features Undeveloped sand dune area
USPAP Standard Rule 1-4(f) requires an analysis when anticipated public or private
improvements, on the site or off the site, affect value. In this case, no new public or private
improvements are expected so value is not affected.
192341 Mashburn Appraisal Group Page 38

Real Estate Taxes
Properties in the state of NC are taxed at 100% of their assessed valuation. Tax rates listed
are per $100 of valuation.
Assessment Year
2018
PIN s
263AH01502
Land Assessed Value
$26,500
Building(s) Assessed Value
$0
Other Improvements Assessed Value
$0
Total Assessed Value
$26,600
Brunswick County Tax Rate
$0.4850
Sunset Beach Tax Rate
$0.1500
Combined Tax Rate
$0.6350
$36
Sunset Beach Fire
Total Tax
$204.53
Year 2019 is a revaluation year. Reappraisal is a process in which all real estate values are
assessed at their market value as of a specific date. The purpose of a reappraisal is to provide
equalization among all types of properties. North Carolina General Statutes require each
county to conduct a Reappraisal at least once every eight years. Brunswick County conducts a
reappraisal every four years. The last reappraisal was effective January 1, 2015.
Real estate taxes are a primary mechanism used by local government to gather the monies
needed to fund operations. Too little funds can limit governmental services. Excessive tax
burden can hinder real estate values. For the subject, we believe its property taxes to be
substantially low due to our belief that the subject property value is substantially
underestimated.
192341 Mashburn Appraisal Group Page 39

Zoning
The subject property is zoned "CR-1," Conservation Reserve District, by the Town of Sunset
Beach. This zoning designation is assigned primarily for the preservation of significant limited
or irreplaceable areas which includes major wetlands, open spaces, undeveloped shorelines
that are unique, fragile, or hazardous for development. Single-family, low -density residential
uses may be permitted in upland areas.
Legend
O Sunset Basch City Limits
���� Estraterriladal Jurisdiction
Zoning
AgrfcutiaaFForesty AF-1
O Beach Business BB-1
- Beach Residential BRA
Beach Residential BR-2
Conservation Reserve CR-1
- Mainland Business MB-1
Mainland Mixed Use M8-2
Manufactured HOUMN cinventlaal MFf-1
- Manufactured Hama MH-2
- Mainland Residential MR-1
- Mainland Residential MR-2
O Mainland Residential MR-2-A
- Mainland Multifamily Rosalie" MR-3
- MkW Use MUD
O Recreational-Yatiluhaal R41
192341 Mashburn Appraisal Group Page 40

0 Analyses and Conclusions
Market Conditions
The following comments pertain to real estate that is physically similar to the property being
appraised and located in the same market area.
Sales Market
Current Supply and Demand Stable
Inventory Level of Competing Sales Stable
Sale Concessions Not Prevalent
Marketing Times Stable
General Conditions
Financing Availability Adequate
Recent Past Value Trend Stable
Expected Near Future Values Stable
192341 Mashburn Appraisal Group Page 41

Highest and Best Use
Introduction
Highest and Best Use is defined as "The reasonably probable use of property that results in
the highest value. The four criteria that the highest and best use must meet are legal
permissibility, physical possibility, financial feasibility, and maximum productivity."'
Legally Permissible
The use must be legal or probable. That is, the use must conform to existing zoning
restrictions or there must be a reasonable likelihood a rezoning or variance may be granted
Private deed restrictions must not be violated.
Physically Possible
Physical attributes of the land that must be considered include size, access, shape,
orientation, soil conditions, potential hazards, topography, and utilities. Physical attributes of
the building that must be analyzed include design, size, efficiency, mechanical systems,
floorplan, construction materials, quality, and physical condition.
Financially Feasible
Land may be developed with different uses. Only those uses that produce a positive net return
over time with acceptable risk are deemed financially feasible.
Maximally Productive
Of all uses that survive the first three tests, there is only one use that produces the greatest
return with the least risk. This single use represents the property's Highest and Best Use.
Supply and demand are constantly fluctuating, so it is common for a property's highest and
best use to change.
Highest and best use analyses can be categorized into two different levels of detail —inferred
and fundamental. A fundamental analysis forecasts demand from broad demographic and
economic data like population and income. Existing supply is inventoried. Then the
relationship of supply and demand is weighed to determine net demand.
An inferred analysis is based on local trends and patterns from which inferences are made.
Sales, listings, marketing intervals, and/or price changes for other similar land infer there is
adequate demand for the subject parcel at a price level congruous with this data. Inferred
analyses emphasize historical data while fundamental analyses are based on future
projections.
This appraisal report utilizes an inferred analysis for highest and best use development
'Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015).
192341 Mashburn Appraisal Group Page 42

Highest and Best Use As Though Vacant
Legally Permissible
Legal restrictions fall into two main categories —public and private. Public constraints include
zoning, right-of-way easements, historic districts, and utility easements. Private restrictions are
agreements imposed by previous owners. Examples include access easements, use
limitations, and leases.
Unless specifically stated otherwise, there are no known atypical public or private restrictions
other than the previously mentioned denial of water, sewer, and electric utilities. Zoning
permits only conservation uses or single-family residential uses that also accommodate piers,
boat docks, and bridges with CAMA approvals.
Physically Possible
Physical attributes commonly considered include size, shape, access, flood potential,
topography, and availability of utilities.
There are no known environmental concerns or adverse soil conditions. The land is located in
a FEMA special flood hazard and is also located in a Coastal Barriers Resource Act area that
excludes any federal funding (flood insurance and in in this case utilities that were or will be
developed with federal funding).
The subject's large 24.96-acre size and oceanfront location are adequate for a somewhat
exclusive single-family 21-lot residential subdivision.
Financially Feasible
Uses that are physically impossible or improbable and are not legally permissible are first
eliminated. Those uses that remain are then tested to determine whether they produce
sufficient net income to fully pay for all operating expenses and provide adequate
compensation for all invested capital. Throughout eastern North Carolina, residential
subdivisions are typically more financially feasible than sales of conservation land.
Maximally Productive
Maximum productivity is considered only if more than one use survives the first three tests.
This concept holds land will be developed with the use that returns the most reward over time.
However, the numerical return should not be the sole determinant. The numerical reward must
be weighted within the context of risk. When a use is expected to produce a very attractive
return but its successful fruition is very unlikely, the use is often eliminated from further
consideration.
There is only one use, a small 21-lot residential oceanfront subdivision, that survives the first
three tests. Hence, a small 21-lot residential oceanfront subdivision is the only possible
highest and best use of the land as though vacant.
It is our opinion that the most likely purchaser of the subject property as though vacant would
be a developer.
192341 Mashburn Appraisal Group Page 43

Land Valuation — Sales Comparison Approach
Introduction
The Sales Comparison Approach draws heavily upon the principle of substitution. In essence,
this principle states that a prudent purchaser will pay no more for any particular property than it
would cost to acquire an equally desirable alternate property. This approach consists of the
comparison of similar properties that have recently sold or are currently being offered for sale.
This process involves making adjustments between the subject property and the comparable
properties on an item -by -item basis.
In an appraisal, the real estate being appraised is referred to as the "subject" or "subject
property." Properties possessing characteristics that are similar to the subject are called
"comparables" or "comparable sales." The subject property is the standard, and the
adjustments are made to the sale price of the comparable property in order to arrive at an
indication of value for the subject. Comparable sales with superior elements of comparison are
adjusted downward and those with inferior elements of comparison are adjusted upward.
The weakness of this approach includes the fact that there may be inadequate data in the
marketplace to justify its use, the fact that it is based upon historical data rather than future
expectations, and the fact that the conditions of comparability may not closely conform to the
subject property. Its strength lies in the fact that it reflects actual market behavior of typical
purchasers under current market conditions. In short, the reliability of this approach depends
upon the comparability of the comparable properties, verification of sales data, the conditions
under which the property is sold, and the date of the sale. This approach is applicable to both
vacant and improved properties.
Property sales and current listings of properties similar to the subject are researched through
available data sources and by primary research from inquiries to participants in the local and, if
necessary, regional market. To extract a unit of comparison for application to the subject,
comparable properties are broken down into units. of comparison such as price per square foot
(SF) or price per acre. In this analysis, we utilize an acre as the applicable unit of comparison.
Only one sale of oceanfront land (Sale 4) suitable for subdivision development was found by
the appraisers. We utilized a regional MILS, CoStar, numerous county GIS systems,
conversations with two local appraisers, and contacts with other nationally based appraisers in
our search for comparable properties.
As such, we were forced to utilize other waterfront properties that were not oceanfront. We
excluded properties that were bank foreclosure sales (REO) unless, as in the case of Sale 4, a
quantitative adjustment could be made to equate the sale to market or, as in the case of Sale
2, the sales price was equivalent to market or fell within a reasonable range of market prices.
Based on the above criteria of the sales reviewed, it is our opinion that the following sales
represent the best available from the market to determine the subject's market potential under
this valuation approach. While some are more ideal than others, the appraiser(s) believe that
they represent a sufficient sample of the data reviewed to illustrate a sound market -based
conclusion for the subject.
The selected comparable sales are summarized on the following pages.
192341 Mashburn Appraisal Group Page 44

Market Data
Comp# 4254
Location Data
Location 4021 Arendell Street
Morehead City, NC
County Carteret
APN 637617122221000
Phvsical Data
Land Sale 1
Type Land Waterfront Acreage
Shape Rectangular
Public Utilities All Public
Zoning PD Planned Development District
Land Area
Acres
SF
Useable
4.540
197,762
100.0 %
Excess Land
0.000
0
0.0 %
Wetlands
0.000
0
0.0 %
Unusable Other
0.000
0
0.0 %
Total Gross
4.540
197,762
100.0 %
Frontage 330 Feet Total
330 Arendell Street
Indicators Acre SF
Sales Price / Useable $481,938 $11.06
Adj. Sale Price / Useable $481,938 $11.06
Sales Price / Gross $481,938 $11.06
Adj. Sales Price / Gross $481,938 $11.06
Comments
Sale Data
Sale Status
Closed Sale
Date
11/6/2018
Marketing Time
1,639
Grantor
Creedmore Properties
Grantee
Oceanus Capital, LLC
Deed Book/Page
1622-421
Confirmed by
Dave Moccia
Conf. Source
George Pate, grantee;
Bob Daves, buyer
broker, CoStar
Sale Price
$2,188,000
100.000%
Property Rights
$0
0.000 %
Financing
$0
0.000 %
Conditions of Sale
$0
0.000 %
Expenditures Post
$0
0.000 %
Sale
Adjusted Sale Price
$2,188,000
100.000 %
Property Rights
Fee Simple
Confirmed Arm's Length
Transaction
Sale: The property was originally listed locally and was on and off the market but later only listed in the
Raleigh area.
This waterfront tract is located on the Atlantic Intracoastal Waterway in Morehead City, NC. The grantee
had it rezoned to its current PD zoning district. The grantee currently plans to build one single-family
residence on the property. The property had no entitlements when sold. It has approximately 315 feet of
sound frontage.
192341 Mashburn Appraisal Group Page 45

Comp# 4253
Location Data
Location Whitehall Drive
Beaufort, SC
County Beaufort
APN R123-014-0002-0000,
R123 014 000 0149 0000
Phvsical Data
Land Sale 2
Type Land Waterfront Acreage
Shape Irregular
Public Utilities Public Water
Zoning NC Neighborhood Commercial
Land Area
Acres
SF
Useable
18.320
798,019
100.0 %
Excess Land
0.000
0
0.0 %
Wetlands
0.000
0
0.0 %
Unusable Other
0.000
0
0.0 %
Total Gross
18,320
798,019
100.0 %
Frontage 2,000 Feet Total
650 Sea Island Parkway
460 Whitehall Drive
890 Meridian Road and Harborview Circle
Indicators Acre SF
Sales Price / Useable $302,948 $6.95
Adj. Sale Price / Useable $302,948 $6.95
Sales Price / Gross $302,948 $6.95
Sales Price / Gross
Comments
Sale Data
Sale Status Closed Sale
Date 10/3/2018
Grantor
First Chatham Bank
Grantee
Whitehall Point
Holdings, LLC
Deed Book / Page
3705-206
Confirmed by
Dave Moccia
Conf. Source
CBRE, warranty deed,
John Trask, 3rd party
broker
Sale Price
$5,550,000
100.000%
Property Rights
$0
0.000 %
Financing
$0
0.000 %
Conditions of Sale
$0
0.000 %
Expenditures Post
$0
0.000 %
Sale
Adjusted Sale Price
$5,550,000
100.000 %
Property Rights
Fee Simple
Confirmed Arm's Length
Transaction
This waterfront acreage is located at the intersection of Sea Island Parkway and Whitehall Drive in
Beaufort, SC. The grantee plans to build a large mixed -use development comprising single-family
homes, townhouses and condos, an independent living facility, retail buildings, and 4.2 acres of open
space that will include a waterfront park and central green space.
192341 Mashburn Appraisal Group Page 46

Comp# 4252
Sawmill Point Land
Location Data
Location
1015 Nutt Street
Wilmington, NC
County
New Hanover
APN
R04712-002-003-000,
R04712-002-010-000
Phvsical Data
Land Sale 3
Type Land Residential Riverfront
Acreage
Shape Irregular
Public Utilities All Public
Zoning CBD Central Business District
Land Area
Acres
SF
Useable
10.997
479,029
100.0 %
Excess Land
0.000
0
0.0 %
Wetlands
0.000
0
0.0 %
Unusable Other
0.000
0
0.0 %
Total Gross
10.997 479,029 100.0
Frontage 700 Feet Total
700 Nutt Street
Indicators Acre SF
Sales Price / Useable $509,230 $11.69
Adj. Sale Price / Useable $418,296 $9.60
Sales Price / Gross $509,230 $11.69
Adj. Sales Price / Gross $418,296 $9.60
Comments
Sale Data
Sale Status Closed Sale
Date 3/6/2015
Grantor
Sawmill Point Investors,
LLC
Grantee
Sawmill Point Apartments
Owner, LLC
5872-1522
Deed Book /Page
Confirmed by
Sale Price
Property Rights
Financing
Conditions of Sale
Expenditures Post
Sale
Adjusted Sale Price
Property Rights
$5,600.000
100.000%
$0
0.000 %
$0
0.000 %
($1,000,000)
-17.857 %
$0
0.000 %
$4,600,000 82.143 %
Fee Simple
Confirmed Arm's Length
Transaction
Conditions of Sale: Estimated contributory value of marine improvements and entitlements.
These contiguous parcels are located on the east side of the Northeast Cape Fear River just south of
the Hwy 133 Bridge in Wilmington, NC. Plans for the acreage are to build a 280 unit mid -rise apartment
complex and marina. Existing bulkhead and boat docks were constructed in 2007 and 2008. The
parcels are classified under the NC Brownfields Property Reuse Act. The sales price is adjusted
downward by the estimated contributory value of the marine improvements and their entitlements to
arrive at a land value. The parcels have approximately of 740 feet of river frontage.
192341 Mashburn Appraisal Group Page 47

Comp# 4251 Land Sale 4
Ocean Bluff Subdivision Land
Location Data
Location
1455 Salter Path Road
Indian Beach, NC 28512
County
Carteret
APN
633410374296000 633406375513000
Phvsical Data
Type Land Oceanfront Acreage
Shape Irregular
Public Utilities Public Water
Zoning RR Residential Resort District
Land Area Acres SF
Useable
Excess Land
Wetlands
Unusable Other 0.31
acres is part of a
private drive, 0.13
acres is part of a
public beach access
Total Gross
Sale Data
4.780
208,217
91.6 %
Sale Status
Closed Sale
0.000
0
0.0 %
Date
7/24/2014
0.000
0
0.0 %
Marketing Time
252
0.440
19,166
8.4 %
Grantor
VantageSouth Bank
5.220 227,383 100.0 % Grantee
Frontage 918 Feet Total
433 Salter Path Road (Hwy 58)
485 SF 1192 State Access Road
Deed Book / Page
Confirmed by
Conf. Source
Sale Price
Property Rights
Financing
Conditions of Sale
Expenditures Post
Diamondback Capital,
LLC
1484 - 376
Dave Moccia
Cathy Sheaffer, listing
agent
$1,400,000 100.000%
$0 0.000 %
$0 0.000 %
$499,000 35.643 %
$0 0.000 %
Indicators
Acre
SF Sale
Sales Price / Useable
$292,887
$6.72 Adjusted Sale Price $1,899,000 135.643 %
Adj. Sale Price / Useable
$397,280
$9.12 Property Rights Fee Simple
Sales Price / Gross
$268,199
$6.16
Adj. Sales Price / Gross
$363,793
$8.35
192341 Mashburn Appraisal Group Page 48

Comments
Sale: The property was REO by VantageSouth Bank. Attempts to contact the grantee and grantor were
unsuccessful. Contact with the listing agent indicated that the property was finally sold for less than
market value to quickly dispose of the asset. She believes fair market value at the time would have
been her original list price of $1,899.000 which she had priced to sell quickly. The market had slowed
down during this period.
Conditions of Sale: Upward adjustment to bring the foreclosure REO to market price
This oceanfront tract is located on the south side of Salter Path Road (Hwy 58) between Pine Knoll
Shores and Emerald Isle. The two parcels formerly comprised the Squatters Restaurant and Squatters
Campground. After the sale it was subdivided into 14 residential lots, 5 that are oceanfront. An
additional lot fronting the road is utilized for utility services. The property was formerly graded prior to
the sale. The property was marketed at 5.0 acres. See Map Book 33, Page 165.
192341 Mashburn Appraisal Group Page 49

Land Sales Location Map
192341 Mashburn Appraisal Group Page 50

Land Sales Analysis
The appraisers have searched a regional MLS, Costar, and numerous county GIS systems
from 6-1-2014 to present. We also had conversations with two local appraisers and contacts
with other nationally based appraisers. It is our opinion that some of the comparable sales
utilized are somewhat dated but the best available given a slow turnover of similar properties
in the current market conditions.
Property Rights - Agreements or laws create partial interests in real estate. If the interest
conveyed for a comparable sale is different from the interest being appraised, then a property
rights adjustment is necessary. Unless stated otherwise, property rights are virtually the same
for the subject and all cited conveyances. Therefore, no adjustments are necessary for this
element of comparison.
Financing Terms - Non -market financing is a common technique used to finance the
acquisition of real estate during periods of high interest rates. When non -market financing is
used, the financing is typically favorable to the buyer and the sale price is usually inflated. The
escalated price can be envisioned as a composite of real estate, and advantageous financing
terms. Since value created by financing is not real property, the contribution of the
advantageous financing must be deducted from total sale price to derive a true price for just
the realty. Each of the comparable sales appears to have transacted with either cash or
market financing. Therefore, no adjustments are needed for financing.
Conditions of Sale - An adjustment for conditions of sale compensates for unusual buyer or
seller motivations that influence sale price. For instance, when a seller gives the buyer an
atypical rebate, discount, credit, or something of value to induce a conveyance, it is logical to
deduct its worth from the sale price. Sale 3 is adjusted downward $1,000,000 for the
contributory value of its marine improvements and entitlements to arrive at a land value. Sale 4
is adjusted upward $499,000 to bring its REO bank sale price to market value.
Expenditures Immediately After Purchase - Adjustments usually reflect the buyer's
anticipation of additional costs to ready a property for use. The buyer is aware of such costs
prior to purchase. Such costs may include demolition, zoning changes, remediation of
environmental contamination, and deferred. maintenance. No adjustments are warranted.
Market Conditions/Time - This is an adjustment for change in value due to change in market
conditions. It is commonly referred to as a time adjustment, but this is misleading. Value does
not change simply due to the passage of time. Values fluctuate due to changes in market
conditions such as inflation, changing demand, and changing supply so this adjustment
compensates for change in market conditions between a sale's transaction date and a later
point in time. The market has been fairly stable over the period in which the sales took place.
In this instance, a market condition adjustment is not made.
Location - Location considerations include such factors as general desirability, proximity to
surrounding land use, and accessibility to supporting development and transportation routes.
Sales 1 and 3 have superior locations in Morehead City and Wilmington with larger population
centers and access and potential docking on major marine waterways. They are adjusted
downward 5% each. Sale 2 has an inferior location in the marshland area of Beaufort, SC. It is
adjusted upward 20%. The beach of Sale 4 is subject to erosion. Its stability is maintained via
beach replenishment projects that artificially dump and spread sand over the area. The subject
beach benefits from accretion, or an increase in land area by the action of natural forces. It is a
growing beach. We consider Sale 4 to be inferior to the subject and adjust it upward 10%.
192341 Mashburn Appraisal Group Page 51

Size - Smaller parcels generally sell at a higher per unit price. Sales 1 and 4 are smaller,
would generally sell at a higher price per unit, and are adjusted downward 5% each.
Zoning - The subject has CR-1, Conservation Reserve District, zoning. Only conservation and
low -density single-family uses and accessory uses are allowed. All comparables have superior
zoning designations with more allowed uses. They are all adjusted downward 5% each.
Utilities Water and Sewer - The subject does not and will not have public water or sewer.
Sales 1 and 3 have both public water and public sewer. They are considered superior and are
adjusted downward 10% each. The remaining sales have public water but not public sewer.
They are superior to the subject and are adjusted downward 5% each.
Access - The subject has a narrow undeveloped access form West Main Street. It also has a
permit for a wooden bridge. All sales have superior access and are adjusted downward 5%
each.
Utilities Electricity - The subject does not and will not have public electricity available to it. All
sales have electricity available, are superior to the subject, and are adjusted downward 10%
each.
192341 Mashburn Appraisal Group Page 52

SUMMARYOF LAND SALES WrFH ADJUSTMENTS
Comp 140.
Subject
1
2
3
4
Property Name
Sunset Beach
West
Saw mill Point
Land
Ocean Bluff
Subdivision
Land
Address
4021 Arendell
Street
Whitehall Drive
1015 Nutt
Street
1455 Salter
Path Road
City
Sunset Beach
Morehead City
Beaufort
Wilmington
Indian Beach
Date of Sale
---
11/06/18
10/03/18
03/06/15
07/24/14
Sale Rice
---
$2,188,000
$5,550,000
$5,600,000
$1,400,000
Useable Land Area (Acre)
24.960
4.540
18.320
10.997
4.780
Useable Land Area (SF)
1,087,258
197,762
798,019
479,029
208,217
Rice/Acre
---
$481,938
$302,948
$509.230
$292,887
Property Rights
---
Fee Simple
Fee Simple
Fee Simple
Fee Single
Quantitative Adjustments
Property Rights
0%
0%
0%
0%
Financing Terms
0%
00/0
0%
0%
Conditions of Sale
$0
$0
($1,000,000)
$499,000
Expenditures After Purchase
0%
0%
0%
0%
Months Bapsed
8
9
52
60
Market ConditionsRms
0%
0%
0%
0%
AdjPrice/Acre
$481,938
$302,948
$418,296
$397,280
Location
-5%
20%
-5%
10%
Superior
Inferior
Superior
Inferior
Size
-5%
0%
0%
-5%
Acres 24.960
4.540
18.320
10.997
4.780
Zoning
-5%
-5%
-5%
-5%
CR-1
PD
NC
CBD
RR
Utilities Water and Sewer
-10%
-5%
-10%
-5%
No Public
Utilities
All Public
Public Water _
All Public
Public Water
Access
-5%
-5%
-5%
-5%
Superior
Superior
Superior
Superior
Utilities Bectricity
-10%
-10%
-10%
-10%
Superior
Superior
Superior
Superior
Total Net Adjustments
(192,775)
(15,147)
(146,404)
(79,456)
Net Percent Adjustment
-40%
-5%
-35%
20%
Total Adjusted Price/Acre
$289,163
$287,800
$271,892
$317,824
192341 Mashburn Appraisal Group Page 53

Conclusion
The grid summarizes the adjustments made to each sale. After making adjustments, the
comparables form a price per acre range of $271,892 to $317,824. The average price per acre
is calculated at $291,670. We assign Sale 4 the most weight as it most closely resembles the
subject property (oceanfront single-family residential acreage). It is our opinion after reviewing
these land sales and consideration of current market conditions that the subject property has
an "As Is" value of approximately $302,000 per acre. We then add the subject entitlements of
$400,000. The results of this analysis indicate that the subject has an overall "As Is" value of
$8,000,000.
LAND SALES ANALYSIS
Quantitative Analysis
Sale No.
Price /
Acre
Net Adjustment
Adj. Price /
Acre
Sale 1
$481,938
($192,775)
$289,163
Sale
$302,948
$15,147
$287,800
Sale
$509,230
$146,404
$271,892
Sale 4
$292,887
($79,456)
$317,824
Statistical Analysis
Minimum $271,892
Average $291,670
Maximum $317,824
Concluded Value
Concluded Price / Acre Acres Value
$302,000 x 24.960 = $7,537,920
$400,000 Entitlements
$7,937,920
Or, Say $8,000,000
MARKET VALUE ESTIMATE — "As Is"
Indicated Value $8,000,000
192341 Mashburn Appraisal Group Page 54

Reconciliation
During reconciliation, strengths and weaknesses of each developed approach are considered.
Adequacy and relevance of the data is weighed. Differences between approaches are
examined, rationalized, and resolved when possible. A final value that is supported by the
developed approaches is determined.
The subject property is described as a 24.96-acre oceanfront tract. It is unimproved and is
zoned for a Conservation Reserve District use that includes low -density single-family use.
A highest and best use analysis concluded that a single-family residential development would
yield the greatest net return to the land.
Value Indications As Is
Cost Approach NA
Sales Comparison $8,000,000
Income Approach NA
The Cost Approach is only applicable in buildings with minimal depreciation. In this case, this
approach is not an appropriate valuation method and is intentionally omitted from this report.
Vacant land is seldom leased in this locale. Rental data for the land is almost non-existent.
Thus, the Income Approach is also not applicable and is intentionally omitted from this report.
The Sales Comparison Approach supports the worth of the land as though vacant. It is our
opinion that three of the four sales used in this approach are not identical to the subject
oceanfront characteristic, but other oceanfront tracts suitable for residential subdivision uses
were not found. Zoning, utilities, and access characteristics were the most significant
adjustments. After adjustments, it is our opinion that the quantity and quality of the data is
credible.
After careful consideration of all factors pertaining to and influencing value, the data and
analysis support the following current market value "As Is" of the fee simple estate in the
subject property as of June 27, 2019:
$8,000,000
(EIGHT MILLION DOLLARS)
192341 Mashburn Appraisal Group Page 55

Exposure Time
Exposure Time
Exposure time is the estimated length of time that 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. Comment: Exposure time is a retrospective
opinion based on an analysis of past events assuming a competitive and open market.7
Exposure time is always presumed to occur prior to the effective date of the appraisal.
Exposure time is different for various types of property and under various market conditions. It
is noted that the overall concept of reasonable exposure encompasses not only adequate,
sufficient, and reasonable time but also adequate, sufficient, and reasonable effort. The fact
that exposure time is always presumed to occur prior to the effective date of the appraisal is
substantiated by related facts in the appraisal process: supply/demand conditions as of the
effective date of the appraisal; the use of current cost information; the analysis of historical
sales information (sold after exposure and after completion of negotiations between the seller
and buyer); and the analysis of future income expectancy projected from the effective date of
the appraisal.8
When reasonable exposure time is a component of the definition for the value opinion being
developed, the appraiser must also develop an opinion of reasonable exposure time linked to
that value opinion 9 When an opinion of reasonable exposure time has been developed in
compliance with Standards Rule 1-2(c), the opinion must be stated in the report.10
We estimate a reasonable exposure time for the subject property to approximate 12 months
based upon interviews of market participants.
7 USPAP 2018-2019 Edition, The Appraisal Foundation, 4.
e USPAP 2018-2019 Edition, Advisory Opinion 35, The Appraisal Foundation, 166.
e Ibid.
0 Ibid.
192341 Mashburn Appraisal Group Page 56

Certifications
We certify that, to the best of our knowledge and belief:
• The statements of fact contained in this report are true and correct.
• The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions and are our personal, impartial, and unbiased
professional analyses, opinions, and conclusions.
• We have no present or prospective interest in the property that is the subject of this report
and we have no personal interest with respect to the parties involved.
• Christopher W. Mashburn, MAI, AI-GRS, ASA, has performed no services, as an appraiser
or in any other capacity, regarding the property that is the subject of this report within the
three-year period immediately preceding acceptance of this assignment.
• David C. Moccia has performed no services, as an appraiser or in any other capacity,
regarding the property that is the subject of this report within the three-year period
immediately preceding acceptance of this assignment.
• We have no bias with respect to the property that is the subject of this report or to the
parties involved with this assignment.
• Our engagement in this assignment was not contingent upon developing or reporting
predetermined results.
• Our compensation for completing this assignment is not contingent upon the development
or reporting of a predetermined value or direction in value that favors the cause of the
client, the amount of the value opinion, the attainment of a stipulated result, or the
occurrence of a subsequent event directly related to the intended use of this appraisal.
• Our analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
• Christopher W. Mashburn, MAI, AI-GRS, ASA, has not made a personal inspection of the
property that is the subject of this report. David C. Moccia has made a personal inspection
of the property that is the subject of this report.
• No one provided significant real property appraisal assistance to the person(s) signing this
certification.
• The reported analyses, opinions, and conclusions were developed, and this report has
been prepared, in conformity with the Code of Professional Ethics and Standards of
Professional Appraisal Practice of the Appraisal Institute.
• The use of this report is subject to the requirements of the Appraisal Institute relating to
review by its duly authorized representatives.
• As of the date of this report, I, Christopher W. Mashburn, have completed the continuing
education program for Designated Members of the Appraisal Institute.
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Christopher W. Mashburn, MAI, AI-GRS, ASA David C. Moccia
Certified General Real Estate Appraiser Certified General Real Estate Appraiser
North Carolina License # A8051 North Carolina License # A6999
192341 Mashburn Appraisal Group Page 57

Addenda "
General Assumptions and Limiting Conditions
By this notice, all persons, companies, or corporations using or relying on this report in
any manner bind themselves to accept these contingent and limiting conditions, and all
other contingent and limiting conditions contained elsewhere in this report. Do not use
any portion of this report unless you fully accept all contingent and limiting conditions
contained throughout this document.
2. Throughout this report, the singular term "Appraiser" also refers to the plural term "Appraisers."
The terms "Appraiser" and "Appraisers" refer collectively to "Mashburn Appraisal Group", its
officers, employees, subcontractors, and affiliates. The masculine terms "he" or "his" also refer to
the feminine term "she" or "her."
3. These conditions are an integral part of this appraisal report, and are a preface to any
certification, definition, description, fact, or analysis. Moreover, these conditions are intended to
establish as a matter of record that the purpose of this report is to provide one or more value
opinions for the subject property. All value opinions are prepared solely for the explicitly identified
client and other explicitly identified intended users.
4. The liability of the Appraiser is limited solely to the client. There is no accountability, obligation, or
liability to any other third party. Other intended users may read but not rely on this report. The
Appraiser's maximum liability relating to services rendered under this engagement (regardless of
form of action, whether in contract, negligence, or otherwise) is limited to the fee paid to
Mashburn Appraisal Group for that portion of their services or work product giving rise to liability.
In no event shall the Appraisers be liable for consequential, special, incidental or punitive loss,
damages, or expense (including without limitation, lost profits, opportunity costs, etc.) even if
advised of their possible existence. If this report is placed in the hands of anyone other than the
client, the client shall make such party aware of all contingent and limiting conditions,
assumptions, and disclosures. Use of this report by third parties shall be solely at the risk of the
third party.
5. As part of this appraisal, information was gathered and analyzed to form value opinion(s) that
pertain solely to one or more explicitly identified effective value dates. The effective value date is
the only point in time that the value applies. Information about the subject property,
neighborhood, comparables, or other topics discussed in this report was obtained from sensible
sources. In accordance with the extent of research disclosed in the Scope of Work section, all
information cited herein was examined for accuracy, is believed to be reliable, and is assumed
reasonably accurate. However, no guaranties or warranties are made for this information. No
liability or responsibility is assumed for any inaccuracy which is outside the control of the
Appraiser, beyond the scope of work, or outside reasonable due diligence of the Appraiser.
6. Real estate values are affected by many changing factors. Therefore, any value opinion
expressed herein is considered credible only on the effective value date. Every day that passes
thereafter, the degree of credibility wanes as the subject changes physically, the economy
changes, or market conditions change. The Appraiser reserves the right to amend these analyses
and/or value opinion(s) contained within this appraisal report if erroneous or more factual -
information is subsequently discovered. No guarantee is made for the accuracy of estimates or
opinions furnished by others and replied upon in this report.
7. This appraisal is not an engineering, construction, legal, or architectural study. It is not an
examination or survey of any kind. Expertise in these areas is not implied. The Appraiser is in no
way responsible for any costs incurred to discover or correct any deficiency in the property. In the
case of limited partnerships, syndication offerings, or stock offerings in the real estate, the client
192341 Mashburn Appraisal Group Page 58

agrees that in case of lawsuit (brought by the lender, partner, or part owner in any form of
ownership, tenant, or any other party), the client will hold Mashburn Appraisal Group, its officers,
contractors, employees, and associate appraisers completely harmless. Acceptance of and/or
use of this report by the client or any third party is prima facie evidence that the user understands
and agrees to all these conditions.
S. For appraisals of multifamily property, only a portion of all dwellings was observed. A typical ratio
of observed dwellings roughly approximates 10% of the total number of units, and this ratio
declines as the number of dwellings grows. It is assumed the functionality, physical condition, and
interior finish of unseen units are similar to the functionality, physical condition, and interior finish
of observed units. If unobserved dwellings significantly differ from those that were viewed in
functionality, physical condition, or finish, the Appraiser reserves the right to amend theses
analysis and/or value opinion(s).
Unless specifically stated otherwise herein, the Appraiser is unaware of any engineering study
made to determine the bearing capacity of the subject land or nearby lands. Improvements in the
vicinity, if any, appear to be structurally sound. It is assumed soil and subsoil conditions are
stable and free from features that cause supernormal costs to arise. It is also assumed existing
soil conditions of the subject land have proper load -bearing qualities to support the existing
improvements or proposed improvements appropriate for the site. No investigations for potential
seismic hazards were made. This appraisal assumes there are no conditions of the site, subsoil,
or structures, whether latent, patent, or concealed, that would render the subject property less
valuable. Unless specifically stated otherwise in this document, no earthquake compliance report,
engineering report, flood zone analysis, hazardous substance determination, or analysis of these
unfavorable attributes was made or ordered in conjunction with this appraisal report. The client is
strongly urged to retain experts in these fields, if so desired.
10. If this appraisal values the subject as though construction, repairs, alterations, remodeling,
renovation, or rehabilitation will be completed in the future, it is assumed such work will be
completed in a timely fashion using non -defective materials and proper workmanship. All
previously completed work is assumed to substantially conform to plans, specifications,
descriptions, or attachments made or referred to herein. It is also assumed all planned, in -
progress, or recently completed construction complies with the zoning ordinance and all
applicable building codes. A prospective value opinion has an effective value date that is beyond
or in the future relative to the report preparation date. If this appraisal includes a prospective
valuation, it is understood and agreed the Appraiser is not responsible for an unfavorable value
effect caused by unforeseeable events that occur before completion of the project.
11. If this appraisal values an estate that is less than the whole fee simple estate, then the following
disclosure applies. The value for any fractional estate appraised plus the value of all other
complementary fractional estates may or may not equal the value of the entire fee simple estate.
12. This valuation may or may not include an observation of the appraised property by a signatory to
this report. The extent of any observation is disclosed in the Scope of Work section of this report.
Any observation by a signatory is not and should not be misconstrued as a professional property
inspection. Comments or descriptions about physical condition of the improvements, if any, are
based solely on a superficial visual observation. Electric, heating, cooling, plumbing, water
supply, sewer or septic, mechanical equipment, and other systems were not tested. No
determination was made regarding the operability, capacity, or remaining physical life of any
component in, on, or under the real estate appraised. All building components are assumed
adequate and in good working order unless stated otherwise. Private water wells and private
septic systems are assumed sufficient to comply with federal, state, or local health safety
standards. No liability is assumed for the soundness of structural members since structural
elements were not tested or studied to determine their structural integrity. The roof cover for all
structures is assumed watertight unless otherwise noted. Comments regarding physical condition
are included to familiarize the reader with the property. This document is not an engineering or
architectural report. If the client has any concern regarding structural, mechanical, or protective
components of the improvements or the adequacy or quality of sewer, water, or other utilities, the
192341 Mashburn Appraisal Group Page 59

client should hire experts in an appropriate discipline before relying upon this report. No
representations are made herein as to these matters unless explicitly stated otherwise in this
report.
13. No liability is assumed for matters of legal nature that affect the value of the subject property.
Unless a clear statement to the contrary is made in this report, value opinion(s) formed herein are
predicated upon the following assumptions. (A) The real property is appraised as though and
assumed free from all value impairments including yet not limited to title defects, liens,
encumbrances, title claims, boundary discrepancies, encroachments, adverse easements,
environmental hazards, pest infestation, leases, and atypical physical deficiencies. (B) All real
estate taxes and assessments, of any type, are assumed fully paid. (C) The property being
appraised is assumed to be owned under responsible and lawful ownership. (D) It is assumed the
subject property is operated under competent and informed management. (E) The subject
property was appraised as though and assumed free of indebtedness. (F) The subject real estate
is assumed fully compliant with all applicable federal, state, and local environmental regulations
and laws. (G) The subject is assumed fully compliant with all applicable zoning ordinances,
building codes, use regulations, and restrictions of all types. (H) All licenses, consents, permits, or
other documentation required by any relevant legislative or governmental authority, private entity,
or organization have been obtained, or can be easily be obtained or renewed for a nominal fee.
14. An appraised property that is a physical portion of a larger parcel or tract is subject to the
following limitations. The value opinion for the property appraised pertains only to that portion
defined as the subject. This value opinion should not be construed as applying with equal validity
to other complementary portions of the same parcel or tract. The value opinion for the physical
portion appraised plus the value of all other complementary physical portions may or may not
equal the value of the whole parcel or tract.
15. The allocation of value between the subject's land and improvements, if any, represents our
judgment only under the existing use of the property. A re-evaluation should be made if the
improvements are removed, substantially altered, or the land is utilized for another purpose.
16. The Appraiser assumes a prospective purchaser of the subject is aware of the following. (A) This
appraisal of the subject property does not serve as a warranty on the physical condition of the
property. (B) It is the responsibility of the purchaser to carefully examine the property and to take
all necessary precautions before signing a purchase contract. (C) Any estimate for repairs is a
non -warranted opinion of the Appraiser.
17. Any exhibits in the report are intended to assist the reader in visualizing the subject property and
its surroundings. The drawings are not surveys unless specifically identified as such. No
responsibility is assumed for cartographic accuracy. Drawings are not intended to be exact in
size, scale, or detail.
18. Value opinions involve only real estate and inconsequential personal property. Unless explicitly
stated otherwise, value conclusions do not include personal property, unaffixed equipment, trade
fixtures, business -goodwill, chattel, or franchise items of material worth.
19. Conversion of the subject's income into a market value opinion is based upon typical financing
terms that were readily available from a disinterested, third party lender on this report's effective
date. Atypical financing terms and conditions do not influence market value but may affect
investment value.
20. All information and comments concerning the location, market area, trends, construction quality,
construction costs, value loss, physical condition, rents, or any other data for the subject
represent estimates and opinions of the Appraiser. Expenses shown in the Income Approach, if
used, are only estimates. They are based on past operating history, if available, and are
stabilized as generally typical over a reasonable ownership period.
192341 Mashburn Appraisal Group Page 60

21. This appraisal was prepared by Mashburn Appraisal Group and consists of trade secrets and
commercial or financial information, which is privileged, confidential, and exempt from disclosure
under 5 U.S.C. 522 (b) (4). Please notify Mashburn Appraisal Group of any request for
reproduction of this appraisal report.
22. The Appraiser is not required to give testimony or produce documents because of having
prepared this report unless arrangements are agreed to in advance. If the Appraiser is
subpoenaed pursuant to court order or required to produce documents by judicial command, the
client agrees to compensate the Appraiser for his appearance time, preparation time, travel time,
and document preparation time at the regular hourly rate then in effect plus expenses and
attorney fees. In the event the real property appraised is or becomes the subject of litigation, a
condemnation, or other legal proceeding, it is assumed the Appraiser will be given reasonable
advanced notice and reasonable additional time for court preparation.
23. Effective January 26, 1992, the Americans with Disabilities Act (ADA), a national law, affects all
non-residential real estate or the portion of any property that is non-residential. The Appraiser has
not observed the subject property to determine whether the subject conforms to the requirements
of the ADA. It is possible a compliance survey, together with a detailed analysis of ADA
requirements, could reveal the subject is not fully compliant. If such a determination was made,
the subject's value may or may not be adversely affected. Since the Appraiser has no direct
evidence or knowledge pertaining to the subject's compliance or lack of compliance, this
appraisal does not consider possible noncompliance or its effect on the subject's value.
24. Mashburn Appraisal Group and the Appraiser have no expertise in the field of insect, termite, or
pest infestation. We are not qualified to detect the presence of these or any other unfavorable
infestation. The Appraiser has no knowledge of the existence of any infestation on, under, above,
or within the subject real estate. No overt evidence of infestation is apparent to the untrained eye.
However, we have not specifically inspected or tested the subject property to determine the
presence of any infestation. No effort was made to dismantle or probe the structure. No effort was
exerted to observe enclosed, encased, or otherwise concealed evidence of infestation. The
presence of any infestation would likely diminish the property's value. All value opinions in this
communication assume there is no infestation of any type affecting the subject real estate. No
responsibility is assumed by Mashburn Appraisal Group or the Appraiser for any infestation or for
any expertise required to discover any infestation. Our client is urged to retain an expert in this
field, if desired.
25. All opinions are those of the signatory Appraiser based on the information in this report. No
responsibility is assumed by the Appraiser for changes in market conditions or for the inability of
the client or any other party to achieve their desired results based upon the appraised value.
Some of the assumptions or projections made herein can vary depending upon evolving events.
We realize some assumptions may never occur, and unexpected events or circumstances may
occur. Therefore, actual results achieved during the projection period may vary from those set
forth in this report. Compensation for appraisal services is dependent solely on the delivery of this
report and no other event or occurrence.
26. No part of this report shall be published or disseminated to the public by the use of
advertising media, public relations media, news media, sales media, electronic devices, or
other media without the prior written consent of Mashburn Appraisal Group. This
restriction applies particularly as to analyses, opinions, and conclusions; the identity of
the Appraiser; and any reference to the Appraisal Institute or its MAI, SRPA, or SRA
designations. Furthermore, no part of this report may be reproduced or incorporated into
any information retrieval system without written permission from Mashburn Appraisal
Group, the copyright holder.
192341 Mashburn Appraisal Group Page 61

9
01
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BRUNSWICK COUNTY b 20 R0197:4"SM1
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192341 Mashburn Appraisal Group Page 63

Deed(s)
r
��I'I�ICk
II I,ull Olr
II�I f.11. CI �'r
aB0.6
MMMrovIs
Tt16 f/d0100ab1uM0efe npdeMgePttm 9rantla h. Lla Raplstar or DNds
lmm0, f809.090eAVr�mO or GO W 64-e9-2014 11:13:09.001 Br,mavlck County, NC
NC REVENUE
fit
u§Ipem STRIP: § 10.00 (R3aesae)
I(pIR WhIdI lx
Gd01t1W Is d argil vstll aril R
lien on:Pm0WN9mbv p,-;pqt Pet.
a3 , I bythb�kl§t§px'alllbutby
AUVIW *W*- ff&b 8iddigid uon "rr
flat 0w pirp01dU1td181"kilfii" a&% mix?.C15�,iQ�_C:srS
dosoRp�: Rat:;•.u—..T Ca; S�r,..:yc,_
I L'I�ir�,+n:e�a^rai.:uC r. ntmarLL1n
7M,7—k o: i�r,i
..
NORTH CAROLINA
GENERAL WARRANTY DEED
Excise Tax: IS Recording Time, Book and Page
Tax Map No. Parcel Identifier No. 263AHOIS
Merl after recording lo:
This instrument was prepared by. Hewed Lew Finn, PL-C, 632 Village Rd., Suite 1, Shalfaft. N.C. 28470
PREPARED WITHOUT OPINION OF TITLE
THIS DEED made this _!�_ day of April, 2014 by and between
GRANTOR
Sunset Beach & Twin Lakes, Inc.
435 W. Shore Line Drive
Sunset Beach, NC 28468
GRANTEE
Sunset Beach West, L.L.C., a North Carolina Limited Liability Company
1574 Monster Buck Est?tes
Supply, NC 28462
The designation Grantor and Grantee as used herein shall include said parties, their heirs, successors, and assigns, and shall
Include singular, plural, masculine, feminine or neuter as required by context.
WITNESSETH, that the Grantor, for a valuable consideration paid by the Grantee, the receipt of which is hereby
acknowledged, has and bythese presents doesgrent, bargain, sell and cam ey unto the Grantee in fee simple, all that certain
lolor parcel of land and more particularly described as follows:
Being all of a 24.96 acre tract. more or less, as shown on a survey plat by Christopher D. Stanley, P.LS., dated 31"clay of
March 2014, entitled'Boundary Surveyfor Sunset Beach West LLC,' and recorded in the Office of the Register of Deedsfor
Brunswick County, North Carelima In Map Cabinet, Page said survey map incorporated herein by refererrre forgreater
certainy otdescription.
192341 Mashburn Appraisal Group Page 64

At are portion of the property hereinebove described was acquired by Grantor by instrument recorded In Book_, Page
Brunswick County Registry.
Amap showing the above described Property is recorded In Plat Book .Page and referenced within this
IneWment
The above described property does not Include the primary residence of the Grantor.
TO HAVE AND TO HOLD the aforesaid lot or panel of land and at privileges and appurtenances thereto belonging to the
Grantee in fee simple.
And the Grantorcovenamswitr the Grantee, that Grantor is seized of the premises in fee simple, has the right to convey the
same in fee simple, that title is madcetable and free and clear of an encumbrances, and thatGmmorwillwarrardand defend the
title against the lawful claims of all persons whomsoever except for the exceptions hereinafter stated.
Tie to the property hereinabove described is subject to the fotuwing exceptions:
IN NBTNESS WHEREOF, the Grantor has hereunto art his fund and seal, or It corporate, has caused this
Instnemot to be slgead In ffc corporate name by its duty authorized airwor(s), the day and year first above
written.
Sunset Beach & Twin Laken Inc (SEAL)
(ENAME)
Title: maid t
(SELL)
STATE OF NORTH CAROLINA. BRUNSWICK COUNTY
I car* thatthe following person(s) personally appeared before methis day, each acknowledgingto me thathe rshesigned
men ih to@ rggoIng docut rd M. Gore Sr. Witness my hand and of lal stamp or seal, this the ,T day of
My My Commission FrJjrp1ier 'kdG-r3G15 V, P.IrL°iFi�Y
%%E J. P/�.yk NMeN Public /���
@g 1►OGIPb
e� Print Notery Name: LXlmbne7. &bf//
SIR- ftemr, cig
192341 Mashburn Appraisal Group Page 65

QMFIIII ILIIIPI11 igii<�.0
r NORTH CAROUNA COUNTY
I ceNythat the following person(s) personallyappeared before me thisday, each acknowledging tome that he or she signed
the foregoing document Witness my hand afdoRicialstamp orseal, thisthe _day
of
My Commission
Notary Public
Print Notary Name:
192341 Mashburn Appraisal Group Page 66

This oerd:los awl uzere am an derhquent ad
veterans Ionia, fees, assessments or other
tens which the Brunswick County Tar
collector Is charged with go ec l that are a
Ran on: Pared Number eR g ,�„d-,
as notated by the Brunswick County
Assessor's Oafee. This is not a comaenaon
that the parcel number m e
Oaft (AeA Tax (hW r I.7bm S tc.
r �iiiiiiyiiiii��giiiiAor of �9 ' � 1
Plies u—Rat
i c aM2Cmh$
Reluap Cash$_ FYI®ca_
Ot�I[egtlptarmnsaaepyeaalom�a .._
A�
rl� em2unoeuraR'edNorp�a9 .x+'�
".sfirrtammnw�auwmmhd.cmampYd .
Instrument Prepared By: Hewett Law Firm, PLLC, 632 Village Rd., Suite 1, Shallotte,
NC 28470.
PREPARED WITHOUT OPINION OF TITLE
QUITCLAIM DEED
STATE OF NORTH CAROLINA
COUNTY OF BRUNSWICK
THIS DEED, made this Q day of April, 2014, by Edward M. Gore, Sr. and wife,
Dinah E. Gore, whose mailing address is 435 W. Shore Line Drive, Sunset Beach, NC
28469 (hereinafter referred to as "Grantor") to Sunset Beach West, L.L.C., a North
Carolina Limited Liability Company (hereinafter referred to as "Grantee'), whose
mailing address is: 1574 Monster Buck Estates, Supply, NC 28462.
The designation Grantor and Grantee as used herein shall include said parties, their
heirs, successors, and assigns, and shall include singular, plural, masculine, feminine or
neuter as required by context.
WITNESSETH:
That said Grantor, for and in consideration of the sure of Ten Dollars ($10.00) to them in
hand paid, the receipt of which is hereby acknowledged, have remised and by these
presents do remise, release, and forever quitclaim unto the Grantee all right, tide, claim,
and interest of the said Grantor in and to a certain bud or parcel of land lying and being
in the County of Bmnswick, and State of North Carolina, and more particularly described
as follows:
Being all of a 24.96 acre tract, more or less, as shown on a survey plat by Christopher D.
Stanley, P.L.S., dated 31st day of March 2014, entitled "Boundary Survey for Sunset
Beach West, LLC," and recorded in the Office of the Register of Duds for Brunswick
County, North Carolina in Map Cabinet $3 Page lam', said survey map incorporated
herein by reference for greater certainty of description.
192341 Mashburn Appraisal Group Page 67

iiiiu���im�mi u1iim 7
aru,kq eu1r, Y. ply M DNm 24(
TO HAVE AND TO HOLD the aforesaid tract or parcel of land and all privileges
thereinto belonging to the Grantee, free and discharged of all right, title, claim, or
interest of the Grantor or anyone claiming by, through, or under said Grantor.
IN WITNESS WHEREOF, Grantor has duly executed the foregoing as of the day and year
first above written.
(SEAL)
STATE OF NORTH CAROLINA
COUNTY OF BRUNSWICK
I ratify that the following person(s) personally appeared before me this day, and
(I have personal knowledge of the identity of the principal(s)) (I have seen satisfactory
evidence of the principal's identity, by current state or federal identification with the
principal's photograph in the form of a 8e d(— ; each acknowledging tome
that hdshalthey voluntarily signed the foregoing document for the purpose stated therein
and in thecapacityindicated: Edward 11L Gore, Sr. and wife, Dinah L Gore
Date: LI—1'aolq
Notary Public
My Commission Expires: 3-A-a O 1S
192341 Mashburn Appraisal Group Page 68

Memorandum of Agreement
STATE OF NORTH CAROLINA
COUNTY OF BRUNSWICK
131m1cmullm,us
THIS MEMORANDUM OF AGREEMENT ("Agreement"), made and entered
into this the ZLSr day of November. 2017, with an effective date of :lgp day of
November, 2017 ("Effective Date") by and between the TOWN OF SUNSET BEACH, a
North Carolina municipal corporation ('?own"): and, SUNSET BEACH R TWIN
LAKES, INC'.. a North Carolina corporation ("Twin Lakes"). SUNSET BEACII WEST.
L.L.C., a North Carolina Limited Liability Company (sometimes referred to herein as
"SBW"). DINAH H. GORE. a widow (-Mrs. Gore'), and 111E ESTATE OF EDWARD
M. GORE • SR by and through its Co -Executors. DINAH E. GORE and GREGORY
GORE ('Estate") (hereinaRcr. SBW. Twin Lakes. Mrs. Gore, and the Estate shall be
collectively referred to herein. "Defendants"). (The Town and Defendants shall be
referred to collectively herein as the -Parties'),
W_ITNESSETH:
WHEREAS, the Town is a municipal corporation and body politic organized and
existing under the laws of the State of North Carolina in Brunswick County
WHEREAS, SBW is a North Carolina limited liability company organized and
existing under the laws of the State of North Carolina with its principal office located in
Supply, Brunswick County, North Carolina.
WHEREAS. Twin Lakes is a North Carolina corporation organizcd and existing
under the laws of the State of North Carolina with its principal office looted in Sunset
Beach, Brunswick County, North Carolina;
WHEREAS, Mrs. Gore is a citizen and resident of Sunset Beach. Brunswick
County, North Carolina and is a co -executor of the Estate;
WHEREAS. Gregory Gore is a citizen and resident of Calabash. Brunswick
County, North Carolina and is a co -executor of the Estate;
WHEREAS, Edward M. Gore, Sr., deceased (hetcina0er "Mr. Gore") was a
citizen and resident of Brunswick County, North Carolina who died on July 16, 2014 and
Mr. Gore's Estate is indexed and tiled in Brunswick County file number 14-E-908.
192341 Mashburn Appraisal Group Page 69

WHEREAS, a dispute has arisen between the Parties to this Agreement, as is
more specifically set forth in the lawsuit currently pending in Brunswick County Civil
Superior Court bea ing file number 16-CVS-1072 (hereinafter "Lnw•suil"):
WHEREAS, in the Lawsuit, t}fc Town contends. Inter olio, it is the fee simple
owner of land of approximately 35 acres located at the general western end of the Town's
municipal boundaries, as more particularly described in that certain deed conveyed by
Twin Lakes to the Town dated 28 February 1987 and recorded 3 March 1987 in Book
683 at Page 528 (hereinafter, "Property") in the Brunswick County Registry ("Registry"):
WHEREAS, SBW desires to develop portions of the Property as a residential
subdivision;
WHEREAS, Defendants deny the material allegations of the Town in the Lawsuit
and contend, inter alia. that SBW andlor the other Defendants are the owncr(s) of the
Property;
WHEREAS, during the course of the Lawsuit, information has arisen by virtue of.
Over alla, the plat map of record in the Registry in Map Cnbinet book 84 at Page 4
("Street End Map") that one or more of the Defendants are asserting fee simple title
ownership of that area of land depicted on the Street End Map as all of "Tract I. 0.21
acres. 9r84 square feet- (hereinafter. "Tract I—);
WHEREAS, the Town disputes the Defendants' claim of ownership of Tract 1
and the Town further asserts it. or the State, is the owner of the Tract I parcel in that it is
a dedicated public street:
WHEREAS, related to the Lawsuit are two pending third -party administrative
hearing requests and challenges involving SBW's desired subdivision development on
portions of the Property, which are indexed under North Carolina Office of
Administrative Hearings file numbers 16-EHR-07974 and 16-EHR-08032 (collectively,
"OAH Actions"):
WHEREAS, Defendants informed the Tam of its recent discussions with
members of the North Carolina General Assembly about the possibility of the State of
North Carolina ("State') purchasing all of the Property for permanent and perpetual
conservation in which all of the Property would remain and he preserved in its natural
and undisturbed, vegetative condition without hiking/walking trails andlor walkways- and
structures or buildings of any kind including without limitation wooden decks, mats, or
bathrooms, and adding the Property to an adjacent conservation tract of real property
commonly known and referred to as Bird Island;
WHEREAS, the Parties desire that the State purchase all of the Property for
permanent and perpetual conservation and preservation in its natural and undisturbed,
vegetative condition for all of the Town's and State's citizens' benclit- and desire to
192341 Mashburn Appraisal Group Page 70

resolve, sotie, and compromise all claims and disputes that rclatc to the Lawsuit as
hereinafter provided and subject to the terms hercinatler set forth.
NOW THEREGORE, in consideration of the foregoing recitals, the public health,
safely and welfare of the To%vi s and State's citizens. and the mutual covenants and
agreements of the Parties contained herein, the receipt and sufficiency of which are
hereby acknowledged, the Parties agree as follows:
1. All of the foregoing "WITNESSETH" recitals are hereby fully
incorporated herein by reference and made a binding parlor the terms of this Agreement.
2. Purchase of the Property by the State. The Parties agree to transfer
whatever interest they may have in all of the Property to the State by deed, upon
confirmation from the State that, inter a/in, it has acquired the necessary funding for
purchase of all of the Property, that the State will permanently and perpetually set aside
and restrict all of the Property as conservation land similar to that of Bird Island that shall
never be developed and will always remain and be preserved in its natural and
undisturbed, vegetative condition without hiking/walking trails and/or walkways, and
structures or buildings of any kind including without limitation wooden decks, mats, or
bathrooms. and upon the closing of the sale and transfer of the Property to the State.
3. Purchase Funds. The funding from the State for the purchase of all of the
Property shall be paid to SBW, and the Town agrees that unless the Town is specifically
requested by any one or more of the Defendants, it will not communicate with any
representative of the Stale regarding the sale of the Property. Additionally, the Town
agrees that it will not receive any portion of the funding for its conveyance to the State of
whatever interest it may have in the Properly.
4. Inactive Stams. The Parties agree to appear in Brunswick County Civil
Superior Court on S December 2017 to jointly request that the Court place the Parties'
Lawsuit on inactive status to give the State adequate time to acquire the funding to
purchuse all of the Property.
S. Voluntary Dismissal without Prciudicc. If the Court denies the Panics'
request to place the Lawsuit on inactive status, then the Town and Defendants agree to
file voluntary dismissals without prejudice of all of their claims in the Lawsuit within
fifteen (15) days of lite date on which Judge Lewis informs counsel of such denial, to
give the Stale adequate time to acquire the funding to purchase the Property. In the event
the Parties must file dismissals of the Lawsuit as contemplated herein, the Parties all
agree that this Agreement shall toll any and all statutes of limitation as of die filing date
of the dismissals and that said dismissals shall not be used for and/or against either
Party's respective positions in the Lawsuit and/or any future litigation that is pursued in
the event the Slate does not ultimately purchase and acquire the Property.
G. OAH Actions While the Parties' Lawsuit is on inactive status, or during
all of the period of time following the Parties' voluntarily dismissals without prejudice, if
192341 Mashburn Appraisal Group Page 71

applicable, Defendants, as well as the Town (if necessary), shall continue to update die
Court in the OAH Actions and request that the Stay in each of those actions remain in
place. In any event, Defendants shall not take or pursue any steps and efforts toward
developing the Property while the Lawsuit is on inactive status, or during the period of
time following the Panics' voluntarily dismissals without prejudice, if applicable.
7. Stimulation of Dismissal with Prejudice, After the Stale acquires the
funding to purchase all of the Property and the State agrees that it will permanently and
perpetually set aside and restrict all of the Property as conservation land similar to that of
Bird Island dint shall never be developed and will always remain and be preserved in its
natural and undisturbed, vegetative condition without hiking/walking trails and/or
walkways, and structures or buildings of any kind including without limitation wooden
decks, mats, or bathrooms, and upon the closing of the sale and transfer of the Property
to tire State, the Parties shall execute their respective deeds transferring their interest in
the Property to the State, and the Parties shall file a Stipulation of Dismissal in the
Lawsuit with prejudice.
g. Ownership of Trier I. Contemporaneous with the State's acquisition and
closing on its purchase of all of the Property and agreement to the land conservation
restrictions summarized herein, Defendants shall also transfer and convey by deed to the
Town or the Slate (as shall be specified by the Town and State), at no cost whatsoever to
the Town or the Stale, any and all of fair purported rights, title and interest in and to
Tract 1 as shown and depicted on the aforementioned Street End Map,
9. Mutual Releases. In the event that the Stale purchases all of the Propcnv
as contemplated herein, each and all of the Parties, in consideration of the terms and
provisions contained in this Agreement, the sufficiency of which is hereby
acknowledged, do hereby fully release, remise, acquit and forever discharge all Panics to
this Agreement and their respective representatives, agents, servants, successors, heirs,
administrators, executors, insurers, afftfiatcs, owners, officers, directors, members,
managers and assigns from any and all claims, actions, causes of action, demands.
damages (actual, compensatory, punitive, statutory or otherwise), costs, judgments.
expenses, liabilities, attorneys' fees and legal costs or any compensation whatsoever, in
anyway related to matters contained herein, past, present, or future, as well as any and all
claims, demands, actions or causes of action or suits of law or in equity of whatever kind
or nature, whether based upon alleged tort or alleged contract, vicarious liability, or any
other legal or equitable theory of recovery, which are now known or should have been
known at the time of file signing of this Agreement, which are suspected to exist or
reasonably should have been suspected to exist at the time of the signing of this
Agreement, which are anticipated or reasonably should have been anticipated at the time
of the signing of this Agreement, and which have arisen or are now arising, in connection
with the Property or the Lawsuit.
10. Resumption of Lawsuit. In the event that the State does not purchase all
of the Property at contemplated herein, the obligations of each of the Parties to this
Agreement shall be terminated immediately, including Defendants' obligation to convey
192341 Mashburn Appraisal Group Page 72

a deed to the Town for Tract I as set forth in Section 8 above, and the Panics agree to
remove the case from inactive status to active and resume litigation of the Lawsuit.
11, Miscellaneous.
A. The Parties agree to prepare and execute my additional documents
or resolutions necessary to fully implement the terns of this Agreement
D. This Agreement is the result of a compromised settlement of
disputes among the Parties. The Parties agree that this Agreement is not, and shall
not be construed as. an admission of or concession of liability, non -liability,
responsibility, or wrongdoing by any Party to this AgrcemcnL All actions taken
and statements made by my Party, or by their rcprescnmtives, relating to this
Agreement or participation in this Agreement, including its development and
implementation, shall be without prejudice or value as precedent beyond the
scope of this Agreement, and shall not be used as a standard by which any other
matter may be judged.
C. Nothing herein shall be construed or intended to be an amendment
to the Town's ordinances and/or UDO.
D. This Agreement may be executed in any number of counterparts,
each of which shall be considered an original for all purposes; provided, however,
that all such counterparts shall together constitute one and the same instrument.
E. This Agreement shall be construed in accordance with the laws of
the State of North Carolina, including, without limitation, its interpretation,
construction, performance, and enforcement. Any claims or actions regarding or
arising out of this Agreement must be brought exclusively in a slate court of
competent jurisdiction sitting in Brunswick County, North Carolina and each
Party submits to thejurisdiction of such courts for the purposes of all legal actions
and proceedings arising out of or relating to this Agreement.
F. The undersigned have read this Agreement, and acknowledge that
they have had the advice of their respective legal counsel and that no promise or
representation of any kind, other than as contained herein, has been made by the
Parties or anyone acting for or on behalf of them. The Parties to this Agreement
have relied fully and completely on their own judgment and the advice of Weir
attorneys in executing this Agreement. Therefore, the language of this Agreement
shall not be presumptively construed in favor of or against any of We Parties
hereto,
G. This Agreement shall be binding upon and inure to the benefit of
the Parties hereto, and their respective successors and assigns.
5
192341 Mashburn Appraisal Group Page 73

H. It is expressly understood and agreed that this is a full, final and
complete Agreement of all of the Parties and, except for matters referenced
herein, constitutes a full, final and complete agreement, and that there arc no other
terns and conditions not set forth herewith.
I. A finding of invalidity as to my provision or section of this
Agreement shall only void such provision or section and no other. This
Agreement shall be construed as if the invalid provision or section thereof were
not contained in this Agreement.
J. No tern or condition of this Agreement shall be deemed to have
been waived, except by written instrument of the Party charged with such waiver.
No such waiver shall be deemed a continuing waiver unless specifically stated
therein, and,cach such waiver shall operate only as to the specific term and
condition waived.
K. No amendment or variation of the terms or previsions of this
Agreement shall be valid unless made in writing and signed by each of the Parties
hereto.
L. Each of the Parties shall bear their own respective costs and
expenses incurred and associated with this Agreement, including their own
respective attorneys' fees, costs and expenses.
IN W UNESS WHEREOF, Town has caused this Agreement to be executed in its
name by its Honorable Mayor, attested to by its Town Clerk and Seal affixed hereto, all
by authority duly given by the Town Council of the Town of Sunset Beach, and the
undersigned remaining Parties to this Agreement have executed it on behalf of
themselves, individually, and/or through their respective, duly authorized officers upon
duly passed corporate resolutions as of the day and year first above written.
(REAfA1NOF,R OF PAGE 1NTEfff10NALL1' LEFT BLANK]
192341 Mashburn Appraisal Group Page 74

TOWN OF SUNSET BEACH
THE HONORABLE ROBERT FORRESTER, Mayor
(AFFIX MUNICIPAL SEAL)
OFFICIAL
: SEAL
ATTEST: i+ NC
Lisa Anglin, Cl r Town of Sunset Beach
192341 Mashburn Appraisal Group Page 75

SUNSET BEACH & TWIN LAKES, INC., a North
Carolina Corporation
(SEAL)
B GORE
Tick: j_
STATE OF OrQ_
COUNTY OF
I. T;!(a.&r k a Notary Public In end for the
.,,
aforesaid Some and County, � hereby certify that ,�_tHYrE. CI.l.
personally appeared before me this day and acknowledged the due execution of dw
foregoing ingrament on behalf of SUNSET BEACH & TWIN LAKES, INC. in hislher
caWity as : r s a. j of said entity. Witness my hand and notarial seat or
stamp, this the i _ day of tv r.. L.,., t x ✓ __ 2017.
[Stamp -Seal]
Public
CHRISTINA TIFFANY BECK
My Conunission Expires NDbrY Pabfe
11m wkk Co.. North Cantons
MY CWR"m Espsw Jan. 31, 2019
192341 Mashburn Appraisal Group Page 76

SUNSET BEACH WEST. L.L.C., a Borth Carolina
Limited Liability Company
By:CaC-coaY s_ CoRe
Title:ryEM6CA AUAG.Tg
SPATE OF - t 1(,,41 CO-- ,P-
COUNTYOF pvua,s�:r
a Notary Public in and f of the
aforesaid Sto and County, do.)hereby certify that t u, S t ; .
personally appeared befim me this day and acknowledged dW dW execution of the
foregoing mstrament on behalf of SUNSET BEACH WEST, L.L.C. in hiclxxr capacity as
of said entity. Witness my hand and notanial seal m stamp, this
the .-W dayof_ (N bj&r _-_2017.
fSranyi-Seal)
1
'�otary Puhlit
rmy
HRISTINA TIFFANY BECK
My Commission Expires: Nntary P'eaC
aonawkh CO.. NO O U.11na
(%Ilal 'aG lei -. _ CanmasIm E.*m Na 31.2019
-1-
0
192341 Mashburn Appraisal Group Page 77

THE ESTATE OF EDWARD M. GORE, SR.
_(SEAL)
By: OF���RE, Co-Exxwor
COuNry OF P was c i -
a Notary public in and for the
aforesaid State and County, do hereby abtify that Gregory Gore, personally appeared before
me this day and acknowledged the due execution of the foregoing instrument as a co-
executor of T1w Estate of u�Edward M. Gore, Sr. Witness my hand and notarial seal or stamp,
ththelLt dayof I�YLw�V7i✓ 20I7.
r
No: r% public
CHRISTINA TIFFANY S�
My Commission Expires:
©l 131 j PC(c1
ECK
Notary Public
Bruns ,ck Co., North Ca�Wina
I` MY Canmaw°^ FVIrss Jm_31. 201a
m
192341 Mashburn Appraisal Group Page 78

THE ESTATE OF EDWARD M. GORE, SR.
_(SEAL)
BY: DINAH E. GORE, Co -Executor
STAfEOF �io++jw CAAVL,&P
COUNTY OF
t '''A k _
>wT +'`, `` a Notary Public in and for the
aforesaid State and County, do hc;c y certify that Dinah E. Cnxe, personally appeared
before me this day and acknowledged the due execution of the foregoing instumcnt as a co-
executor of The Estate of Edward Ni Gore, Sr. Witness my hand and notarial scat or stamp,
this the Jt " day of } Y r,w+.)L-V _ 2017.
(SronpSadJ
Notary Public
My Commission Expim: CHRIBtINA TIFFANY BECK
rxmry Puck
I BMnmrcM Co.. NoM CaIONN
D113r : >c, 19 CcommrmEaM« u 3t_zote
192341 Mashburn Appraisal Group Page 79

_l j - 'A< _ _ISEAL)
DINAH E. GORE, Individually
STATE OF -VIM Se�
COUNTY OF
L [.4l ti slto.H ! I('; —Beck , a Votary Public in and for the
aforesaid State and County, do hereby certify that Dinah E. Gorc, personally appeared
before me this day and acknowledged the due execution of the foregoing instrument
Witness my hand and notarial seal or stamp, this the )I day of rJ�a.irtb4�_.
2017. --
(SrampSe�l/
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CHRISTINATIFFANY 3ECl(
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192341 Mashburn Appraisal Group Page 80

Engagement Letter
w srNr °N
Machelle Sanders
Q ql%
North Carolina „`M^
Department of Administration
State Property 011ke ❑m Walton
o...a.
Roy Cooper, Governor
June 19. 2019
Mr. Christopher Mashburn, MAI
Mashburn Appraisal Oroup
3025 Bridges Street, Suite I
Morehead, NC 28557
Re: Appraisal Services Corrlrocl
Property of Sunset Beach & Twin lakes, LLC
NCI'(NN263Af 101502
Brunswick County
SPONIO-EK
Dear Mr. Mashburn,
Enclosed is an appraisal contract authorizing you to determine the fair market value of the above-
referalced property. Please sign the contract and return it to this olTree at your earliest convenience.
If you have any questions, please do out hesitate to contact Mike Moser of this office at 919-907-4680.
Sincerely,
. /
Tim Walton
Director
State of North Carolina I Administration I State Property Office
1321 Mali Service Center 1 116 W. )ones Street I Raleigh, NC 17699.1321
hI1P.fw1a91'JISSp9-4R 1919 9074650 T19197331431 F
192341 Mashburn Appraisal Group Page 81

PO 56
PS-W010
THE W)R1'H CAROLINA DEPARTINFJeiOF ADMINIS I'RATION
APPRAISAL CON I'RAC f
SP0010.T.R
THIS AGRBEMEN1. axunifng of widay-fire (23) numhcrcd prostitution. e2aered mtu this the IRh day of fghp., IQLY.br and bnssem the Noah
Cared.lXp+tsnxnl of Admiuigrgioes. hercWOertelerred 10 as lie DF.PARI MFN I'and ('hrimopher W Mashhum, MAl of Mis"ims Appeased
Getup, hneimha afwred to as the -APPRAISIiR'
WI"F%%F.TII
It Is msAunlly agwd betacon the patine, henew as firth.,
(I) 1 he APPRAISIiR shall fmnlds to she D,udhaimes prof+aanul alpinists] at the fn{rrn0rkdsdia, of serial.
pareek of land M "galled vans thetesi follows:
1'rgell: Addition Yl Bud Island Rexlee(M.% Aere.l
SPO FIE. 110-CK
l-wstt, of Rnwaaxk
IXxnplism Prnpcny to be npp»�uJ a mq uan Rt Ihullsaisk Cnq+tY a slwnu inn gltwAml wrvq
I21 Fa rd in tmadcsai0n of xrnen in fumlJsirlg said aypaigls, the Appsaixr shall k pant as Idlw+.
PARCEL OWNER TYPEOFAPPHAISAI. APPRAISAL FER
NCPINa 26JAH01502 Sonxt IXach A I ma Lakcs, I I t' Srmnary Ap(uvsat 11I.M 00
(2) the Wina,tng dews dwrtlxe. fimus1cd the APPRAISER. OK tea{N of sahish is heNb, a.Alwwled'ed.
NI Iht APPRAISER grew In fully c,nspine an of Ilse appni.k herein set sql am1 m farnwh IRA De'unins nl An srl6irml
and tun (2) copin of exlt iglplaieal on sa before July 10. 2(19, n beinA Ihlly undenteud mN agmcd IhA in line e'Knt the APPRAISER
shed! fait w to dq Ike Ilep.Mmtnl sMll Omsids, the senlas of the Wit APPRA151'R weminated and +hall nos be liable fix the payment for
apgasals whuukJ aOn uW Jae. Ind.. sesmd ofettenuuting cimu mslame, ant Opwl asset, application by the APi. aareten
eacmwn of Iimc maY. ache np0on of the IXpmulseut. De gunmd
IN WI'I NIiSS WHEREIN. Ibc prtin hereto hurt m Ihcir ANWs amf +tads on Ilrc ksr ant Year Rea above orilRn.
By:
APPRAISER
17- p tie Te(.
Ta LQ gr &eW SfrngT Na .
NORTII CAROLINA
DEPARTMENT OF AOMINIS I'RAI'IO.N
dim \YOIwn. Ilirr<Ier
192341 Mashburn Appraisal Group Page 82

(5) In the cone it bowers doorway manta into condemnubn proceedings oneny, ofthe abet pmeel; the AP'RAISER shull,upen
requtu of the Dirwtor of dic Same Properly Ofllw an TRIAL ATIORNP:V, make himself avallablo for mimienican of the Iaopraty;
appraisal or genial eonfesen :a 19 faulty as a uitnty fee the DEPARTMENT at Commimfiatfs liming win Superior Caun The
APPRAISFft shall be paid fur such scrv(m commensurate with the APPRAISER'S quailfimilom at a per client m9 ayeW upon by and
between the APPRAISER aid the DEPARUIENTed the time the services am m(pined.
(6) The afammrstioned opprdedi shall conform to all fcgdlemwa sit out in the tuned publication afthe'UnUosm Standards of
Professional Appraisal Pranire and my addisnm, revisions or supplements memo.
(7) Should she 011PAR'TMRNI'far any atnsom dee(de to crawl or ansibtae the APPIWSE1l'S services, it wl 11 famish%Tl arm notice
worker' m the APPRAISER who EPATInRmtmn will Win to all dew sea othrrbtgmo rrasysteolon ellcam(ddiensuch Items of
works may p nbed bynheherant be Fuld andwillrumoverill saeandamw,aysrforinfontalioecolRned.w. base oes partial or
completed, Upon temsnnloq the ran to be psm me AlS'RA1Sflt will be rquitablemcomreR aenitu octvillywideared, bass)ananiia
of Jx amount ofuvrk it= to the taut xmountof work whith was to haveb"ri dorm.
(8) No additional lee shall be allowed the APPRAISER for assistwi:by. or services oC supporting APPRAISERS, ografs or aoploym
e.wpt M s.press arior ptsmimi et In willing by she DEPARIMRNL
(9) In ma event den DEPARTMENT items a connection ofthe obavcdescd(oi appraisals mcc5sary became ofAPPRAISER'S error r
overnight, anfelbere to mw lhcroidremets orpanavaph 6 above, the APPRAISFRshallsubmit to the DEPARTMENT within ten (ID)
days from recrip,.fail. request eW a1 noadGiional rwt to Jx ORPARTMITaT, wch cotrcecd appnlgl. Irmvis!om becvrne narsnty
because of revised dam or additional rcqutrertwmtson fix Part of the DEPARTMENT, It it agreed Jnl it few cwuod covering etch
earldoms shall be moved into In writing before such work is pesfwmed
(10) The APPRAISER agrees is indemnity and tare leendes the SlasS(ts 001ccre, agents tied eaployms front my and all damages or
claims for damages acerakisor resulting to cry and of persons. Dmn orerpoMuns frinfehing or supplying frisk, services, materials or
supplies in connection with the performance of this connect, and faun any oral all damaga or claims fen damages.wmtng or resulting to
any person. Ram an corporation fshn may he tnjured a damaged by the APPRAISER, fix APPRAISER'S employco, savants or agw%io
perfarmanecofth(scomraa. The APPRAISER shalt Provide animism.vrywxtkmnYeompmmtioninmm=eat APPRAISF.R5oarteost
tmdeapense.
(11) feel the Ivabracmm arable cot", the APPRAISER(hatinmler mferved to as the 'CONTRACTOR-) egmes as follows.
(1) Compliance with Regulations: The contractor shall comply with me Regulations relative to naMkalialnadon be federally
insisted programs as they maybe enamored from time to time, (luminaries rcfcnrd to as the Regulations), which am herein
uwapouUnd by reference and made a pad of this contrast.
(2) Nondlteriminallon: TheCONTRACTOR with regard to the wart• performed by itelmmilihicess"d shallna ducdmmanon
me ground, afraw, coca, national origin, sea, religion a ellmbRity In the mleaion she msuson ofsubtan". [am including
ptwumrnnD of imecdals and knees of equilmem.
(T) Sallclmllona for Subcontracts, Including Procurement ofhlaeriRie and Equipment: In all solichalonscigmrby
competitive bidding or negodalon nude by the (WIRACTOR bei week to be performed made, a subwamaet, including
pmcoremmns orusiwiats., leach ofalolpwsm, each perennial subcontractor ar mppliershall be nonged by the
CONTRACTOR ofine CONTRACTOR'S obligations under this centrae and the Regulations relative to rxmliscrindmadon on
J¢ grwWs of raw, wloq national odgiR cos. rciigbo a disablliry.
(4) Information and f(rporin The CONN rRACWR soil provmeall information and reports required by the Reguladam, or
directives issued pursmnt thereto, and shill permit access m its books, records, wma,u% othersommes of infornudan and Its
ficilithm is maybe determined by lha Slelo nr the Fcdeai Oumrhmml to he pertinent to n+ccdxt a mmplin am wine such
Rcgubatiom, adcisand lnsmua(tna whimsey hdinrmmion as ubm of a GONfRACIon Is In den ceelusim pmwcstton of
another who fails or refuses to Nm(sh this Information the CONTRACTOR shill so cinify to mcSmw or the Federal
Govcmmrnt as appropriate, and shall act Rdh what eRonf 11 has anode moblain the Infatuation.
(5) Simetlam for Noncompliance; In the cad orthe CONTRACTORS noncompinwe with the nordiswimbeilan provisions of
this content, the Sete shall impose such comrsel sanctions as it or flit Federal Government may dammint to be appropriate,
Including, but not limited be
(n) wifhhaldingatpaymrnts to the COMPACTOR uncle, IRA commit until the CONIRACTOR camplie% auber
(b) cancellation, Ranh ellm or suspension of nhe maw. in whole or In pan.
192341 Mashburn Appraisal Group Page 83

(6) Ioorpontlonofprovislons: Ilia CONTRACTOR shall Include thepmvisbaofpmrsEmplas(1) 1hrough(6) in every
subeapml, IncludingpmmremmU efntatalalsmW leuesof equipment, urlen eaempt by the Reguleliam, w dlTecdsv luued
pursuaat Themto. I hCCONIRACKIR shall lake such r nimi vrllh mspat to any odeonlrad orproahremmt as the State orTha
Tedc v Oovemmat wydbCONTRA TUR becmdng sucb pmvi, o Is thmahined wichms (ornomeomphnue: Actor of ,
)oweva, IM1aL In the evens a CONTRACTOR booties imulvnd in, or Is mrtasewd vdlh fitigmlon rich a anbroamtlm ar
supplier as a malt ofweh dieMinn, the CONTRACTOR may reseed the Sam w enter Into surh IIIIgAtion to protect the
!aroma" ofhere Suite, and. In addition, the CONTRACTOR my rcgomt de United Steen to noun law such hidgation to pieties
The [ratans or the United Stmes.
(13) All oNrc work to be perfomsW under the ptavibOns orTha contract dull be aaomplislodby the named APPRAISCRunlm, priar"tien
pomiuion shall hoe been secured from the DEPARTNIM to utilireservicesof ollun In Theprupmadon oftlm apprrieah mi fond, in
this CmML
(I3) Note ofllzwmk pwvded for In thisAgramced may be subeommeted by The ruined APPRAISER without The ploroamat pemsisstonof
the DFPARIMINT.
(141 'IhbAipcament hmtadgmble by Ito APPRAISER Claw In "hole orin W.
(15) Tie DEPARTMENT MA de Foleral Govenment&hmU hen the right toappcom or mien my firm or Individual Thal the APPRAISER
may propose as asabCamn uiroremploy" whosewrion wall be employed In the peparalton Ofthe appmh ole berela eel W.
(16) The APPRAISER dull not engage thesavim army person, or persons raw in doemplaymcm ofan Sates or ofmryCatmly or City in
The Slate doing the than corned by lids Agreement, without "sham consent Win employer ofsuch perwn
(17) The parties Timoe&= that the APPRAISER, and any sgrnls and employees orthe APPIWSER in flit pcd'onnanm ofthh Alaccmmk
shall W in an Independent Capacity and an, to rftlems, emplu)tt& mprLxnlativaw agentsoflhe SUIT; of North CaOBna
(18) The APPRAISER agrees that a popery accrnacd"Cenlfience ol'Appnisef shall be attached in theadglonl may we copy ofeach appoisal
made urda The terns ofTds mIANIM
09) 'Fins: is of the esseae on each and all Critic provisions oflhis Agreement, and the provisloav of This Agreement limn"und ward be
binding upon ens have he The bmcilt of the suaeaser Or the sumoe acts of the DEPARTMI'.NT.
(20) It is agreed that the APPRAISER, Its strums, agents and employees, shall keep am appriluls eM all lnfocmmlan Pcnbing Thermo in
Thin tonfidencemnl shall awl reveal the appn(saU or Information w any pawn, firms. xgmeia or arporaiions onlcu expressly
ombwind in writing by the DEPARTMENT to Tunas such appraisals or urbanization winning, Thomson oubjod to 11 (4) Above.
(31) It is unmanly understood and agreed that no alterubnwsadedon ofhh temp of this cannel dull be valld unless made In writing end
signed by the Amin herclo, and That no oral undustaMingsor agreements not incorporated herein, anal in ehermiamer, vaWian of de
terms herwE adeu node In mitagbetween the parties hereto, slmll he bladhngat my ofhe patties lento
(22) In the event a dispute wianhetween the Turtles Cribb, Agreement roaring agactim or fart In connection with the requiomrnaofdtis
Agsanseew compensation thaefue, Ilia decision of the Secretary afThe Dcpatmah ofAdndnisumloo in the nohei droll be Mal sad
wales efor bah pantie
(yy) the APPRAISER Strait comply with all hw; ordinances, and regulation&Federal, Staza and Intel, applicable to the"ark roared by this
Agreement,
(24) The APPRAISER woman" that hdshehas net employed or retained any Company or petwo, other Than a bons Thin employee"akhrg
solely fwdhe APPRAISER, to wiled or sauce this Agreement, and thin hoshe has rut paid or agreed to pay any company orpersoa.
other That abear Thin employeowanking solely far the APPRAISER my lies, mrvid an, paccurge, brokerage fa, gift, or myotkt
amidtmaion mvingeat uponornwlting Rom Theavvmdor making of this AgraamL Forbmehaviolitianofthhwarmly,the
DEAARTMENT shall turve the right to owl this Allotment without liability.
(23) In munfince%vith O.S.14-0)4 and OS.I4)-M, no public official (including The Srnaary ofrhe De(womca OrAdmintshafon, my
assistant other Secretary, my numberorehe Advisory Budget Containing or any emplo)ee ofany State Department. agency or
intivalon).yrdimcdyor(Mircttly bencfilor oatmia pariclpmc In lhoapcndilumorpnbtic funds cmderlhbwmrwL Noralullmy
public official be awarded by chin, gifts crothcnvise my money ce o)Uing ohalue. Ka shell Titre Le ay posvWe oWigationor
cararml fmfalum mwad or anpenanion.
The APPRAISER atmess t rino public Official his my Inlat9 (wbahu persorml of that of aTpondon lam nasGp, or aeodmbn) in
this Carl cast or in proceed&
192341 Mashburn Appraisal Group Page 84

Appraiser's Qualifications
Christopher W. Mashburn, MAI, AI-GRS, ASA
Certified General Real Estate Appraiser NC # A8051
Education
IRWA
The Uniform Act Executive Summary IRWA Course 105 (2017)
Appraisal Institute Education
Valuation of Conservation Easements (2017)
Condemnation Appraising: Principles & Applications (2016)
Review Theory —General (2016)
Uniform )Appraisal Standards for Federal Land Acquisitions (2015)
Litigation Skills for the Appraiser: An Overview (2015)
The Appraiser as an Expert Witness: Preparation & Testimony (2015)
Advanced Concepts and Case Studies (2014)
Advanced Market Analysis and Highest and Best Use (2014)
General Demonstration Report Writing (2014)
Quantative Analysis (2014)
General Appraiser Report Writing and Case Studies (2014)
General Appraiser Market Analysis and Highest and Best Use (2014)
General Appraiser Site Valuation and Cost Approach (2014)
Advanced Income Capitalization (2014)
General Appraiser Income Approach Part 2 (2014)
Real Estate Finance Statistics and Valuation Modeling (2014)
General Appraiser Income Approach Part 1 (2014)
7 Hour National USPAP Update Course (2014)
General Appraiser Sales Comparison Approach (2013)
Marketability Studies: Advanced Considerations & Applications (2013)
Basic Appraisal Procedures (2010)
Basic Appraisal Principles (2009)
15 Hour National USPAP Equivalent Course (2008)
Business Practices and Ethics (2008, 2014)
McKissock Education Services
7 Hour National USPAP Update Course (2018)
7 Hour National USPAP Update Course (2016)
BriahtPath Education Services
15 Hour National USPAP Course (2012)
Market Analysis & Highest and Best Use (2012)
Basic Appraisal Procedures (2012)
Basic Appraisal Principals (2012)
Undergraduate Studies
Bachelor of Arts, Construction Technology, Appalachian State University, North Carolina,
2006, with a Minor in Accounting
192341 Mashburn Appraisal Group Page 85

PROFESSIONAL AFFILIATIONS
Designated Member of the Appraisal Institute (MAI and AI-GRS)
International Association of Assessing Officers
Designated Member of the American Society of Appraisers (ASA)
Christopher Mashburn began his commercial real estate appraising career as a Research
Analyst with Mashburn Appraisal Group in Morehead City, NC. After one year as an analyst,
he became a 'Registered Trainee" Real Estate Appraiser in the state of North Carolina. During
his tenure as a Trainee, Christopher met all requirements that included education, coursework,
examinations, and experience hours set forth by the Appraisal Institute to earn the designation
of MAI.
During his time at Mashburn Appraisal Group, Christopher has completed appraisal reports
involving various commercial properties that include: vacant land, farmland, multitenant and
single -tenant retail buildings, multitenant and single -tenant office buildings, industrial buildings,
motels, mobile home parks, as well as various types of new construction. In preparing these
reports, he has gained significant experience in researching and compiling market data,
executing fundamental market analyses, as well as discounted cash flow and sell -out
analyses. He has experience valuing partial interest, establishing leased fee and fee simple
values, and in valuation of various types of conservation easements.
Christopher is a certified general real estate appraiser in the state of North Carolina.
192341 Mashburn Appraisal Group Page 86

David C. Moccia
Certified General Real Estate Appraiser NC#A6999
Dave is a resident of Pine Knoll Shores in Carteret County, North Carolina. Dave was born in
Connecticut, raised in Kentucky, and resided in the mountains of western NC from 1979 to 2004.
Dave and his wife Anne's relocation to the Crystal Coast is a welcome homecoming back to the
salt air.
In western NC, Dave worked 6 years as Department Head of Accounting for Nantahala Outdoor
Center. His accounting experience included managing an office staff of five and monthly
reporting/yearly closeout for a multistate, 550+ employee company.
Dave's appraisal experience encompasses numerous property types including marinas,
commercial and industrial properties, restaurants, multifamily, motels, mobile home parks,
proposed condominium developments, proposed subdivisions, vacant land, timberland, an auto
dealership, and a bowling center.
Real Estate Appraisal Education:
Introduction to Real Estate Appraisal
Valuation Principles and Procedures
Applied Residential Property Valuation
15-Hour National USPAP
Introduction to Income Properly Appraisal
Adv. Income Capitalization Procedures
Applied Income Property Valuation
Continuing Education Update Courses
Other Education:
Bachelor of Science, Accounting, University of Kentucky, Lexington, Kentucky
Licenses:
Certified General Real Estate Appraiser NC# A6999
Former Associations:
• Vice -Chair, Little Tennessee Watershed Association, Itwa.org
• Vice President, North Jackson County Board of Realtors
• Founding member, newsletter chairman, and first honorary life member of Bluegrass
Wildwater Association, Lexington, KY
• Member of the 1980 US National Canoe and Kayak Team, competed in Wales earning a
silver medal in the C-2 Wildwater Team Event
• Canoe Instructor Trainer for the American Canoe Association
• Head Canoe Instructor, Nantahala Outdoor Center
5116
192341 Mashburn Appraisal Group Page 87

End of
Report
192341 Mashburn Appraisal Group Page 88

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