HomeMy WebLinkAboutBruce W. Hull & Associates, Inc. - 1994-11-07i
CITY' OF HUNTINGTON BEACH
2000 MAIN STREET CALIFORNIA 92648
OFFICE OF THE CRY CLERK
CONNE BROCKWAY
CRY CLERK
November 1 B,1 S94
Bruce W. Hull
Bruce W. Hull & Associates, Inc.
13844 Alton Parkway, Suite 138
Irvine, CA 92718
The City Council of the City of Huntington Beach at their meeting held
November 7, 1994 approved the Professional Services Contract Between the
Redevelopment Agency of the City of Huntington Beach and Bruce W. Hull &
Associates, Inc. for 'The Waterfront'Apprafsaf Services.
Enclosed is a copy of the executed agreement for your records. It you have any
questions regarding this matter please call the Office of the City Clerk (714) 536-5227.
Connie Brockway
City Clerk
Evelyn Schubert
Deputy City Clerk
cc: Stephen Kohler, Project Manager
�" iTowphwo. 714 63H=l
APPROVED B � b�.'i(.11.' REDEVELOPMENT AGkCY ACTION
t l r -7 19q ED 94-50
ArVJ44,, , VA36-t Date: November 7.1994
Submitted to: Honorable Chairman and Redevelopment Agency Members
Submitted by: Michael T. Uberuaga, Executive Director
C�
Prepared by: Barbara A. Kaiser, Deputy City Administrator]Economic Development
Subject: APPRAISAL CONTRACT - BRUCE W. HULL & ASSOCIATES
Consistent with Council Policy? Pq Yes [ ] New Policy or Exception
Statement of Issue, Recommendation, Analysis, Funding Source, Alternative Actions,
Attachments:
STATEMENT OF ISSUE:
A key issue in upcoming negotiations for the revised Waterfront project will be the
market value of the remaining term of the lease between Robert L. Mayer and the
Redevelopment Agency. Attached is a contract to procure appraisal services of this
leasehold interest.
RECOMMENDED AGENCY ACTION:
1. Approve and authorize the appropriate Agency officers to execute the attached
contract between the Redevelopment Agency and Bruce W. Hull & Associates to
appraise the leasehold interest held by Robert L. Mayer as trustee of the Robert L.
Mayer Trust on all portions of the Waterfront site excluding The Waterfront Hilton
Beach Resort. The contract is not to exceed $20,000.
2. Waive the usually required professional liability insurance.
ANALYSIS:
The product of this appraisal contract will provide the value for:
* A fee simple interest without encumbrances,
* A leased fee interest (the Agency's interest), and
* The remaining leasehold interest (Mayer's interest).
In order to determine these values, it is also necessary for the appraiser to perform a
`highest and best use analysis' and the Agency will have the benefit of this information
as well. J�� 5,
RAA - ED94-50
November 7 1994
Page 2
In previous negotiations, the leaseholder has maintained that the existing lease and
uses must be terminated by the implementation of The Waterfront Project and that this
will result in loss of revenue and should be compensated by the Redevelopment Agency
Therefore, to determine the fair market value of these interests an appraisal must be
conducted The value of the leasehold interest held by Robert L Mayer and whether
compensation is due as a result of the implementation of The Waterfront Project will be
threshold issues should negotiations recommence
Bruce W Hull & Associates was one of three firms which submitted bids in response to
staffs solicitation The firm is familiar with The Waterfront Project, has conducted
appraisals of similar water orientated properties and its principal is licensed as an M A I
appraiser The firm submitted the most competitive bid
FUNDING SOURCE
Redevelopment Agency Tax Increment
ALTERNATIVE ACTIONS
Refer the contract to staff for alterations
ATTACHMENTS
1 Contract
2 Scope of Services
MTU/BAK/SVK/dw
Step hen/RCA/Hullcont
PROFESSIONAL SERVICES CONTRACT BETWEEN
THE REDEVELOPMENT AGENCY OF
THE CITY OF HUNTINGTON BEACH AND
BRUCE W HULL & ASSOCIATES, INC
FOR "THE WATERFRONT" APPRAISAL SERVICES
PROFESSIONAL SERVICES CONTRACT BETWEEN
THE REDEVELOPMENT AGENCY OF
THE CITY OF HUNTINGTON BEACH AND
BRUCE W HULL & ASSOCIATES INC
FOR THE WATERFRONT APPRAISAL SERVICES
Table of Contents
1 Work Statement
2 Agency Staff Assistance
3 Time of Performance
4 Compensation
5 Extra Work
6 Method of Payment
7 Disposition of Plans Estimates and Other Documents
8 Indemnification and Hold Harmless
9 Workers Compensation
10 Insurance
11 Certificates of Insurance
12 Independent Contractor
13 Termination of Agreement
14 Assignment and Subcontracting
15 Copyrights/Patents
16 Agency Employees and Officials
17 Notices
18 Immigration
19 Legal Services Subcontracting Prohibited
20 Entirety
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PROFESSIONAL SERVICES CONTRACT BETWEEN
THE REDEVELOPMENT AGENCY OF
THE CITY OF HUNTINGTON BEACH AND
BRUCE W. HULL & ASSOCIATES, INC.
FOR `THE WATERFRONT" APPRAISAL SERVICES
THIS AGREEMENT, made and ente,red into this day of
, 1994, by and between the Redevelopment Agency of
the City of Huntington Beach, a body politic, hereinafter referred to as "AGENCY", and
BRUCE W. HULL & ASSOCIATES, INC., a California corporation, hereinafter referred
to as "CONTRACTOR."
WHEREAS, AGENCY desires to engage the services of a contractor to conduct
appraisal services concerning property located at the Northeast corner of Beach
Boulevard and Pacific Coast Highway, in the City of Huntington Beach ("The
Waterfront"); and
CONTRACTOR has been selected to perform said services,
NOW, THEREFORE, it is agreed by AGENCY and CONTRACTOR as follows:
"I. WORK STATEMENT
CONTRACTOR shall provide all services as described in the letter dated
September 15, 1994, (hereinafter referred to as Exhibit "A" ), which is attached hereto
and incorporated into this Agreement by this reference. Said services shall sometimes
hereinafter be referred to as "PROJECT."
CONTRACTOR hereby designates Mr. Bruce W. Hull, who shall represent it
and be its sole contact and agent in all consultations with AGENCY during the
performance of this Agreement.
sir►urYM494
2. AGENCY STAFF ASSISTANCE
AGENCY shall assign a staff coordinator to work directly with
CONTRACTOR in the performance of this Agreement.
3. TIME OF PERFORMANCE
Time is of the essence of this Agreement. The services of the
CONTRACTOR are to commence as soon as practicable after the execution of this
Agreement and all tasks specified in Exhibit "A" shall be completed as soon as
possible from the date of this Agreement. These times may be extended with the
written permission of the AGENCY. The time for performance of the tasks identified in
Exhibit "A" are generally to be shown in the Scope of Services on the Worm
Program/Project Schedule. This schedule may be amended to benefit the PROJECT if
mutually agreed by the AGENCY and CONTRACTOR.
4. COMPENSATION
In consideration of the performance of the services described herein,
AGENCY agrees to pay CONTRACTOR a fee not to exceed Twenty -Thousand Dollars
($20,000) as outlined in CONTRACTOR's letter set forth in Exhibit A.
5. EXTRA WORK
In the event AGENCY requires additional services not included in Exhibit
'A," or changes in the scope of services described in Exhibit "A," CONTRACTOR will
undertake such work after receiving written authorization from AGENCY. Additional
compensation for such extra work shall be allowed only if the prior written approval of
AGENCY is obtained.
6. METHOD OF PAYMENT
A. CONTRACTOR shall be entitled to payments for time and
materials expended. Invoicing will be per the procedure noted in Exhibit OX.
B. Delivery of work product: A copy of every technical memo and
report prepared by CONTRACTOR shall be submitted to the AGENCY to demonstrate
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progress toward completion of tasks. In the event AGENCY rejects or has comments
on any such product, AGENCY shall identify specific requirements for satisfactory
completion. Any such product which has not been formally accepted or rejected by
AGENCY shall be deemed accepted.
C. The CONTRACTOR shall submit to the AGENCY an invoice for
each progress payment due. Such invoice shall:
1) Reference this Agreement;
2) Describe the services performed;
3) Show the total amount of the payment due;
4) Include a certification by a principal member of the
CONTRACTOR's firm that the work has been performed in accordance with the
provisions of this Agreement; and
Upon submission of any such invoice, if AGENCY is satisfied that
CONTRACTOR is making satisfactory progress toward completion of tasks in
accordance with this Agreement, AGENCY shall promptly approve the invoice, in
which event payment shall be made within thirty (30) days of receipt of the invoice by
AGENCY. Such approval shall not be unreasonably withheld. If the AGENCY does
not approve an invoice, AGENCY shall notify CONTRACTOR in writing of the reasons
for non -approval, within seven (7) calendar days of receipt of the invoice, and the
schedule of performance set forth in Exhibit "A" shall be suspended until the parties
agree that past performance by CONTRACTOR is in, or has been brought into
compliance, or until this Agreement is terminated as provided herein.
D. Any billings for extra work or additional services authorized by
AGENCY shall be invoiced separately to the AGENCY. Such invoice shall contain all
of the information required above, and in addition shall list the hours expended and
hourly rate charged for such time. Such invoices shall be approved by AGENCY if the
work performed is in accordance with the extra work or additional services requested,
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and if AGENCY is satisfied that the statement of hours worked and costs incurred is
accurate. Such approval shall not be unreasonably withheld. Any dispute between
the parties concerning payment of such an invoice shall be treated as separate and
apart from the ongoing performance of the remainder of this Agreement.
7. DISPOSITION OF PLANS, ESTIMATES AND OTHER DOCUMENTS
CONTRACTOR agrees that all materials prepared hereunder, including
all original drawings, designs, reports, both field and office notices, calculations, maps
and other documents, shall be turned over to AGENCY upon payment in full of all
outstanding invoices, termination of this Agreement or upon PROJECT completion,
whichever shall occur first. In the event this Agreement is terminated, said materials
may be used by AGENCY in the completion of PROJECT or as it otherwise sees fit.
Title to said materials shall pass to the AGENCY upon payment of fees determined to
be earned by CONTRACTOR to the point of termination or completion of the
PROJECT, whichever is applicable. CONTRACTOR shall be entitled to retain copies
of all data prepared hereunder.
8. INDEMNIFICATION AND HOLD HARMLESS
CONTRACTOR hereby agrees to indemnify, protect, and hold and save
harmless AGENCY, its officers and employees against any and all liability, including
any claim of liability and any and all losses or costs solely arising out of the negligent
performance of this Agreement by CONTRACTOR, its officers or employees.
9. WORKERS COMPENSATION
CONTRACTOR shall comply with all of the provisions of the Workers
Compensation Insurance and Safety Acts of the State of California, the applicable
provisions of the California Labor Code and all amendments thereto; and all similar
state or federal acts or laws applicable; and shall indemnify, defend and hold harmless
AGENCY from and against all claims, demands, payments, suits, actions, proceedings
and judgments of every nature and description, including attorney fees and costs
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51hulVla114194
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presented, brought or recovered against AGENCY, for or on account of any liability
under any of said acts which may be incurred by reason of any work to be performed
by CONTRACTOR under this Agreement.
CONTRACTOR shall obtain and furnish evidence to AGENCY of
maintenance of statutory workers compensation insurance and employers liability in an
amount of not less than $100,000 bodily injury by accident, each occurrence, $100,000
bodily injury by disease, each employee, and $250,000 bodily injury by disease, policy
limit.
10. INSURANCE
In addition to the workers compensation insurance and CONTRACTOR's
covenant to indemnify AGENCY, CONTRACTOR shall obtain and furnish to AGENCY
the following insurance policies covering the PROJECT:
A. General Liability Insurance
A policy of general public liability insurance, including motor vehicle
coverage. Said policy shall indemnify CONTRACTOR, its officers, agents and
employees, while acting within the scope of their duties, against any and all claims of
arising out of or in connection with the PROJECT, and shall provide coverage in not
less than the following amount: combined single limit bodily injury and property
damage, including productslcompleted operations liability and blanket contractual
liability, of $1,000,000 per occurrence. If coverage is provided under a form which
includes a designated general aggregate limit, the aggregate limit must be no less
than $1,000,000. Said policy shall name AGENCY, its officers, and employees as
Additional Insureds, and shall specifically provide that any other insurance coverage
which may be applicable to the PROJECT shall be deemed excess coverage and that
CONTRACTOR's insurance shall be primary.
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B. Professional Liability Insurance.
CONTRACTOR shall acquire a professional liability insurance policy
covering the work performed by it hereunder. Said policy shall provide coverage for
CONTRACTOR's professional liability in an amount not less than $500,000 per claim.
A claims made policy shall be acceptable.
11. CERTIFICATES OF INSURANCE: ADDITIONAL INSURED
ENDORSEMENTS
Prior to commencing performance of the work hereunder,
CONTRACTOR shall furnish to AGENCY certificates of insurance subject to approval
of the Agency Attorney evidencing the foregoing insurance coverages as required by
this Agreement; sa;d certificates shall provide the name and policy number of each
carrier and policy, and shall state that the policy is currently in force and shall promise
to provide that such policies will not be canceled or modified without thirty (30) days
prior written notice of AGENCY. CONTRACTOR shall maintain the foregoing
insurance coverages in force until the work under this Agreement is fully completed
and accepted by AGENCY.
The requirement for carrying the foregoing insurance coverages shall not
derogate from the provisions for indemnification of AGENCY by CONTRACTOR under
the Agreement. AGENCY or its representative shall at all times have the right to
demand the original or a copy of all said policies of insurance. CONTRACTOR shall
pay, in a prompt and timely manner, the premiums on all insurance hereinabove
required.
A separate copy of the additional insured endorsement to each of
CONTRACTOR's insurance policies, naming the AGENCY, its officers and employees
as Additional Insureds shall be provided to the Agency Attorney for approval prior to
any payment hereunder.
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12. INDEPENDENT CONTRACTOR
CONTRACTOR is, and shall be, acting at all times in the performance of
this Agreement as an independent contractor. CONTRACTOR shall secure at its
expense, and be responsible for any and all payment of all taxes, social security, state
disability insurance compensation, unemployment compensation and other payroll
deductions for CONTRACTOR and its officers, agents and employees and all business
licenses, if any, in connection with the services to be performed hereunder.
13. TERMINATION OF AGREEMENT
All work required hereunder shall be performed in a good and
workmanlike manner. AGENCY may terminate CONTRACTOR's services hereunder
at any time with or without cause, and whether or not PROJECT is fully complete. Any
termination of this Agreement by AGENCY shall be made in writing, notice of which
shall be delivered to CONTRACTOR as provided herein.
14. ASSIGNMENT AND SUBCONTRACTING
This Agreement is a personal service contract and the supervisory work
hereunder shall not be delegated by CONTRACTOR to any other person or entity
without the consent of AGENCY.
15. COPYRIGHTSMATENTS
AGENCY shall own all rights to any patent or copyright on any work, item
or material produced as a result of this Agreement.
16. CITY EMPLOYEES AND OFFICIALS
CONTRACTOR shall employ no AGENCY official nor any regular
AGENCY employee in the work performed pursuant to this Agreement. No officer or
employee of AGENCY shall have any financial interest in this Agreement in violation of
the applicable provisions of the California Government Code.
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17. NOTICES
Any notice or special instructions required to be given in writing under
this Agreement shall be given either by personal delivery to CONTRACTOR's agent
(as designated in Section 1 hereinabove) or to AGENCY's Director of Economic
Development as the situation shall warrant, or by enclosing the same in a sealed
envelope, postage prepaid, and depositing the same in the United States Postal
Service, addressed as follows:
TO AGENCY.
TO CONTRACTOR:
Barbara Kaiser Bruce W. Hull
Director of Economic Development Bruce W. Hull & Associates, Inc.
City of Huntington Beach 13844 Alton Parkway, Suite 138
2000 Main Street Irvine, CA 92718
Huntington Beach, CA 92648
18. IMMIGRATION
CONTRACTOR SHALL be responsible for full compliance with the
immigration and naturalization laws of the United States and shall, in particular,
comply with the provisions of the United States Code regarding employment
verification.
19. LEGAL SERVICES SUBCONTRACTING PROHIBITED
CONTRACTOR and AGENCY agree that AGENCY is not liable for
payment of any subcontractor work involving legal services, and that such legal
services are expressly outside the scope of services contemplated hereunder.
CONTRACTOR understands that pursuant to Huntington Beach City Charter Section
309, the Agency Attorney is the exclusive legal counsel for AGENCY; and AGENCY
shall not be liable for payment of any legal services expenses incurred by
CONTRACTOR.
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20 ENTIRETY
The foregoing, and Exhibit "A" attached hereto, set forth the entire
Agreement between the parties
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by and through their authorized offices the day, month and year first above
written
BRUCE W HULL SIATES, INC
By T>"- W & :SOC
rvae U&.L
print name
ITS (circle one) Chairma rest en ice President
By
�olares a_ N-c.,((
print name
ITS (circle one)4§ecreta Chief Financial
Officer/Asst Secretary - Treasurer
REDEVELOPMENT AGENCY OF THE
CITY OF HUNTINGTON BEACH, a body
politic
Chairperson
ATTEST
Agency Clerk
APPROVED AS TO FORM
Agency Attorney 10-I¢_g¢
REVIEWED AND APPRO ED
INITIATED AND APPROVED
Director of Economic Development
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EXHIBIT A
PROPOSAL FOR APPRAISAL SERVICES
PREPARED FOR THE
CITY OF HUNTINGTON BEACH
"THE WATERFRONT'- 44+ ACRES UNDEVELOPED LAND
NORTHEAST CORNER BEACH BOULEVARD AND PACIFIC COAST HIGHWAY
CITY OF HUNTINGTON BEACH
Submitted By
Bruce W Hull & Associates, Inc
13844 Alton Parkway
Su►te 138
Irvine, California 92718
U ' @ Mo MUDD
REAL ESTATE APPRAISERS & CONSULTANTS
September 15, 1994
Mr. Stephen V. Kohler,
Project Manager.
Department of Economic Development
City of Huntington Beach
2000 Main Street
Huntington Beach, California 92648
Reference: Appraisal -Services Proposal
"The Waterfront" -- 44+ Acres -Undeveloped Land
Located at the Northeast Corner of
Beach Boulevard and Pacific Coast Highway
Huntington Beach, California
Dear Mr. Kohler:
Thank you for providing Bruce W. Hull •& Associates, Inc. the
opportunity to -.submit a proposal to perform appraisal services for the
City of Huntington Beach on the above referenced project. In response
to your letter of solicitation dated August 29, 1994, I submit the
following information for your review.
1) Related experience and client references. A resume for Bruce
W. Hull, MAI, and each associate who may assist in the
appraisal assignment is included in the Addendum of this
proposal.
2) Identification of the principal and brief description of the
Company.
3) Scope of appraisal. This will entail what I perceive to cover
the basic appraisal problem. This is addressed more
thoroughly under the Appraisal Methodology section of this
proposal.
4) An Appraisal/Consultation Agreement. This section will
contain the fee and time frame estimated to complete the
assignment. Due to the complexity of the assignment, I have
assigned a "not to exceed" appraisal fee. The appraisal
agreement is included in the Addendum of the proposal.
r
I believe Bruce W. Hull & Associates, Inc. is a firm that would be
well suited to perform the appraisal services required by the City of
Huntington Beach. The firm is small enough for direct and responsive
communication with the principal at all times, but large enough to
perform multi -parcel appraisals. I believe the background of the
company is diversified with sufficient experience in working with
various public agencies to provide the City with a comfort level.
13844 Afton Parkway • Suite 1381rvirw3, Calilomla 92718.714/581-2194
Mr Stephen V Kohler
City of Huntington Beach
September 15, 1994
Page Two
Following is a more thorough discussion of the items previously
listed
s
Once again, thank you for the opportunity to be of service to the City
of Huntington Beach
,Respectfully submitted,
BRUCE W HULL & ASSOCIATES, INC
Bruce W Hull, MAI
BWH dh
Attachment
RELATED EXPERIENCES AND CLIENT REFERENCES
Currently serving on an arbitration panel to hear a dispute on fair
market rental of a ground lease in the City of Newport Beach The
parties to this include a major financial institution and a well known
theater operator Due to the current status of this situation,
confidentiality is required
Recently provided services as a review appraiser/consultant for
Metropolitan Water District regarding 80 0 acres of land located in
the Bolsa Chica area of the City of Huntington Beach While the
assignment was never completed, a significant review of the
residential market in Huntington Beach was undertaken Contact person
at MWD is Mr Wayne C Lusvardl (213) 353-7661
Completed a number of appraisal assignments for the City of Corona
involving right-of-way acquisitions These assignments occurred over
the last several years and approximated 50 in number The contact
person for this would be Mr Dave Kaylor of Consulting Services Group,
the lead engineers for the City of Corona, (619) 558-2460
Was retained as an appraiser/consultant on a 2,800 acre coastal ranch
in the County of Santa Barbara There was a variety of complex issues
involving water and development rights as well as legal non -conforming
uses Contact person for this assignment is Mr Richard Botti of
Keyser Marston Associates (213) 622-8095
I have completed several assignments over the past several years for
the City of Moreno Valley Included would be Towngate Center, a
regional shopping center I was also involved in several assignments
involving condemnation as well as a large mixed use project for Mello -
Roos bond purposes Contact person at the City of Moreno Valley would
be Mr John Strickler (909) 243-3130
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IDENTIFICATION OF PRINCIPALZCOMPANY
The principal contact for all appraisal assignments is Bruce W Hull,
MAI I have been an independent fee appraiser with offices in Orange
County since 1974 A complete resume is listed in the Addendum
While the company is not classified as Minority or Women Owned
Business (MWOB), 500 of the ownership is by Hispanic woman The
balance of the appraisal staff is also female This Company promotes
an equal opportunity program
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SCOPE OF APPRAISAL
The scope of this Tappraisal assignment will consist of estimating
different property rights that exist within the subject project
These property rights ("interests") will consist of a fee simple
without encumbrances, a leased fee interest, and a leasehold interest
Ob]ective of The Appraisal Report
It is my understanding that the objective of the appraisal is to
provide the City of Huntington Beach with different value conclusions
for the different "interests" in the Waterfront project That is, the
City wishes to know what the market value of their "interest" (leased
fee) is subject to the existing lease In addition, they desire the
market value of the Mayer leasehold position It is my understanding
that these value estimates are required for further negotiations with
the lessee (Mayer Group)
The appraisal will estimate the fair market value of the fee simple,
the leased fee and the leasehold These terms are defined as follows
Fair Market Value
"The most probable price in terms of money which a property
should bring in competitive and open market under all
conditions requisite to a fair sale, the buyer and seller each
acting prudently, knowledgeably, assuming the price is not
affected by undue stimulus
1 Buyer and seller are typically motivated
2 Both parties are well informed or well advised, and each
acting in what he or she considers his/her best interest
3 A reasonable time is allowed for exposure in the open
market
4 Payment is made in cash or its equivalent
5 Financing, if any, is on terms generally available in the
community as of the specified date and is typical for the
property type in its locale
6 The price represents a normal consideration for the
property sold, unaffected by special financing amounts
and/or terms, services, fees, costs or credits incurred in
the transaction "
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Fee Simple unencumbered
"A fee simple estate implies absolute ownership unencumbered
by any other interests or estate "
Leased Fee Estate
"A leased fee estate is an ownership interest held by a
landlord with the right of use and occupancy conveyed by lease
to others,°the rights of the lessor (the leased fee owner,
City of Huntington Beach) , and the leased fee are specified by
the contract terms contained within the lease"
;Leasehold Estate.
"A leasehold estate, which is held by a lessee (the tenant and
renter) and conveys the right of use and occupancy for a
stated term under certain conditions if
Identification of Appraisal Problem
The focal point of any appraisal problem is the highest and best use
of the sub]ect property The Highest and Best Use Analysis is a
fundamental concept in real estate valuation due to the fact it
represents the underlying premise (i e land use) upon which the
estimate of value is based The highest and best use is defined as
being
"That reasonable and probable use that supports the highest
present value, as defined, as of the effective date of the
appraisal
Alternatively, that use, from among reasonably probable and
legal alternative uses, found to be physically possible,
appropriately supported, financially feasible, and which
results in highest land value "
In the City's letter of solicitation, Item 2 refers to the value of
the site at its highest and best use (by land use) The current land
use is for residential and commercial As a result, the appraiser
must examine both the residential and commercial markets to determine
the feasibility of each
In addition to the determining the highest and best use, the appraiser
must take into consideration the conditions and terms of the existing
ground lease A cursory review of the documents provided indicate a
variety of issues that need to be addressed by the appraiser
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Scope of Investigation
It is my intent that the appraisal services are to be performed in
such a manner that the results of the analyses, opinions and
conclusions be that of a disinterested third party All data deemed
to be pertinent to the solution of the appraisal problem would be
collected, verified, and reported in conformity with the Standards of
Professional Practice and Regulation 10, which contains the Code of
Professional Ethics for the Appraisal Institute
As a result, the scope of the appraisal assignment would include the
following due diligence
1) Review ground lease, Development Agreement, Redevelopment
Agency, and any other pertinent documents that relate to the
sub3ect property
2) Investigate and test for the highest and best use of the
sub3ect property Highest and best use analysis would
consider the legal use, what the property can physically
support, and the financial feasibility of the property
3) After the highest and best use of the property is determined,
the process of collection, analysis, and verification of
comparable sales is completed to arrive at a fee simple value
for the property
4) Review and analyze leasehold sales to abstract capitalization
rates that apply to such transactions
5) Review capital markets in abstracting yield and discount rates
that would be applicable to income streams that would apply to
the leased fee (the current position of the City of Huntington
Beach) and leasehold position These may differ according to
market perception In this regard, the quantity, quality, and
durability of the income stream would be reviewed
6) Meetings with the property owner as well as the City to
determine the development potential In addition, a meeting
prior to completion of the appraisal report will be scheduled
to summarize the findings and conclusions
Summary
This assignment is considered to be complex and requires a substantial
amount of due diligence on behalf of the appraisal consultant
A thorough understanding of the existing lease, the Development
Agreement, and the conditions set forth under these documents is an
important part of this assignment
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I understand that this appraisal report and its conclusions will be
utilized by the City in reviewing its existing leased fee position as
well as any further negotiations with the lessee (Mayer Group) Bruce
W Hull and Associates, Inc is an independent party and will provide
an unbiased and independent report
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ADDENDUM
APPRAISERS QUALIFICATION
QUALIFICATIONS OF
BRUCE W. F(ULLJMAI_
Education
Bachelor of Arts in Business Administration, Westmont Col-
lege, Santa Barbara, California (1969)
Post -graduate Study, School of Public Administration, San
Diego State College
American Institute of Real Estate Appraisal Courses:
1-A, Newport Beach (March 20, 1975); IV, Condemnation
Appraisal, Southwestern University Law School, Los Angeles
(completed November 1974); II -A, Case Studies, Southwest-
ern Law School (August 1982); II-B, Report Writing, South-
western Law School (August 1982); Standards of Profession-
al Practice (1981)
Society of Real Estate Appraisal Course:
Course 201, Income Producing Property
California State Board of Equalization Courses:
Basic Appraisal Techniques (September 1969); Mini -math for
Appraisers (September 1970); Introduction to the Appraisal
of Income Producing Properties (September 1972); Instant
Mortgage Equity (September 1972)
Other Real Estate Courses:
Advanced Real Estate Appraisal, Ventura College (February,
1973)
Employment
January 1974 - Present:
Self-employed real estate appraiser. Since 1974 the real
estate appraisal experience has included a diversified
work product. This includes property types as indus-
trial/commercial; mixed -use; master-plannned communities;
and multi -family projects. In addition, appraisal work
has been completed for public agencies.
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Appraisal services for prcposed Mello-Roos/Assessment Dis
tricts have been a large portion of recent appraisal
activity. Feasibility and highest and best use studies
have been contracted for with the development community.
September 1969 -- January 1974:
Associate Appraiser for the Ventura County Assessor,
Ventura, California. Duties included the appraisal of the
more complex commercial and industrial properties.
Types'of properties appraised were single-family residence
(custom and tract), multi -family residence, commercial,
industrial, institutional and acreage. Also represented
County Assessor before the Assessment Appeals Board in
1972 and 1973.
Partial List Of Clients
Akins Development
Allstate Savings and Loan
American Savings and Loan
Anaheim Savings and Loan
Bank of America NT & SA
Bank of Montreal
Bear, Stearns & Co., Inc.
Beverly Hills Savings and Loan
Campeau Corporation
Chino Unified School District
Citicorp, N.A.
City of San Bernardino
City of Chino
City of Colton
City of corona
City of Moreno Valley
City of San Marcos
Colton Joint Unified School District
Continental Bank
County of Los Angeles
County of Orange
County of Riverside
County of San Bernardino
Downey Savings and Loan
F.D.I.C.
FHA -HUD
Gibraltar Savings
Home Federal Savings and Loan
Irvine Ranch Water District
Irvine Unified School District
Jurupa Community Services District
Metropolitan Water District of So. California
V
`.)
Partial List Of Clients C nYd
Miller & Schroeder Financial, Inc.
Nu -West Development
Rialto Unified School District
San Clemente Savings & Loan
Santa Fe Federal Savings and Loan
Security Pacific Bank
Sidley &Austin
Southern California Edison Company
The Buie Corporation
The Irvine Company
Wells Fargo Bank
Wells'Fargo Mortgage Company
Western Pacific Financial Corporation
Weyerhaeuser Mortgage Company
Whipple, Kinsell & Co., Inc.
Bond issues/Assessment District
Have been involved in the appraisals of the following Bond
Issues regarding Community Facilities Districts and/or
� Assessment Districts. (This represents a partial list of
assignments.)
Chino Hills Assessment District No.
Chino Hills Assessment District No.
Chino Hills Assessment District No.
Chino Hills Assessment District No.
Improvement Bonds
County of San Bernardino
Corona Assessment District No. 79-2
(Phases 1 and 2)
Corona Assessment District No. 80-1
County of Riverside .
City of Corona, California
Community Facilities District No. 1
County of Los Angeles
85-1
86-1
86-1R (Series B)
87-1
Mello -Roos District No. 86--1
Orangecrest and Alessandro Heights Specific Plans
City of Riverside, California
i
Assessment District No. 85-2
Bledsoe Creek Improvement Bond
County of San Bernardino
Bond USSUeSIASSeSSment Districts (Cont'd)
Community Facilities District No 86-1
Sierra Del Oro Pro]ect (1986 Bonds)
City of Corona, California
Reidy Creek Assessment District No 2-1980(R)
Reidy Creek Improvement District
City of Escondido, California
Assessment District No 85-3
1911 Act Improvement Bonds
County of San Bernardino
10 Arrowhead, California
Community Facilities District No 2
City of Moreno Valley, California
Community Facilities District No 86-2
City of Corona, California
Community Facilities District No 87-7
Pacific Commercentre
El Toro, California
Community Facilities District No 88-1
City of Corona
Community Facilities District No 89-1
City of Colton
Community Facilities District No 89-1
Robinson Ranch
County of Orange
South Corona Developers Consortium
Community Facilities District No 90-1
City of Corona
Assessment District No 90-3
Mira Loma
Court [Experoence
f
€ Qualified expert witness in the following counties
Los Angeles County Superior Court
Orange County Superior Court
Riverside County Superior Court
Organizations
Member - #6894 - The Appraisal Institute
Licenses
Real Estate Broker - State of California
Certified General Appraiser - State of California
(Appralg-er No AG004964)
Guest Speaker (for)
UCLA Symposium on Mello Roos Districts - 1988
"Exploring the Rumors & Realities of Land Secured Debt in
California" - Conference sponsored by Stone & Youngberg,
financial consultants, held in Los Angeles on January 16,
1992
QUALIFICATIONS OF
KAREN S. SIINO
Education
Bachelor of Arts in Business Administration, Financial
Investments, California State University, Long Beach, Cali-
fornia (1980)
Post -graduate Study, Real Estate Development, University of
California, Irvine, California
Employment
1985 - Present:
Associate Appraiser for various MA.I appraisers in the
Orange County area. Duties include valuing properties by
means of computer cash flows; gathering of data and ana-
lyzing property values. Types of`properties include
commercial, retail, industrial and vacant land. (From 2985
to February, 1988 was part-time, currently full-time.)
February 1986 - February 1988:
Project Manager of Development for Ferguson Partners,
Irvine, California. Duties included finding land; review
of fee appraisals and valuations; analysis of proposed
projects; planning and design; management of development,
construction and lease -up. The types of properties de-
veloped were commercial and industrial and my duties
ranged from raw, vacant site development through property
management of newly developed products.
October 1981 - January 1986:
Manager of Finance, Construction for Community Development
Division, The Irvine Company, Irvine, California. Duties
included originating and managing a newly formed division
of finance to bridge between the accounting functions and
project management functions. Worked with analysis and
budgets for Community Development Division., Co-ordinated
Cities in forming new Assessment Districts to finance
major infrastructure improvements. Types of properties
were apartments and single family residence lots on a for
sale basis to apartment and home builders.
January 1980 - September 1981
Investment Counselor, Newport Equity Funds, Newport Beach,
California Duties included obtaining private financing
for residential properties and working with appraisals of
properties and analyzing the investments
Licenses
Real Estate Sales Person, State of California
Certified General Appraiser, State of California
(Appraiser's No AG004793)
Organizations
Candidate - The Appraisal Institute
APPRAISAL/CONSULTATION AGREEMENT
REAL ESTATE APPRAISERS & CONSULTANTS
September 15, 1994
City of Huntington Beach
2000 Main Street
Huntington Beach, California 92648
Attention Mr Stephen V Kohler, Project Manager
a Department of Economic Development
Reference APPRAISAL/CONSULTATION AGREEMENT
Property/Location "The Waterfront" - 44+ Acres Undeveloped Land
Northeast Corner Beach Boulevard and
Pacific Coast Highway
Huntington Beach, California
At your request, Bruce W Hull & Associates, Inc ("APPRAISER") hereby submits to the
City of Huntington Beach ("CLIENT") this proposal for an appraisal of the above referenced
property It is our understanding that the appraisal is to be used for negotiations with the
lessee and internal review
APPRAISER is prepared to undertake this assignment and provide CLIENT with Four (4)
copies of the completed appraisal report, within an estimated time period of Sixty (60)
calendar days from APPRAISER'S receipt of CLIENT'S signed authorization and/or
submission of all requested data, whichever is later The time period is this best estimate of
the APPRAISER and is not a guarantee, although the APPRAISER agrees to use his best
efforts to complete the assignment within the given time period
CLIENT agrees to pay APPRAISER, as fee for this report Twenty Thousand Dollars
($20,000 00) with the full balance due upon delivery of the completed report Report revisions
or amendments, other than those required due to APPRAISER'S error, shall be prepared at
an hourly rate of $175 00 Technical studies, as are jointly determined to be necessary, shall
by paid by CLIENT Any additional copies of the completed report, other than the Four (4)
copies currently agreed upon, shall be made available at an additional cost to the CLIENT
of $100 00 per copy
13844 Alton Parkway Suite 138 Irvine California 92718 714/581-2194
APPRAISAL/CONSULTATION AGREEMENT
September 15, 1994
City of Huntington Beach
Mr Stephen V Kohler
Page Two
f
In the event that CLIENT desires to cancel this authorization, written notice thereof shall
be delivered to APPRAISER, and it is agreed at that the APPRAISER shall receive
compensation from CLIENT for all services rendered at the rate of $175 00 per hour for
,,the time actually spent prior to receipt of such written cancellation notice, plus all costs
advanced in connection with the appraisal
It is agreed that the fee charged for services performed by the APPRAISER is guaranteed
by the CLIENT All payments due the APPRAISER, under this agreement shall bear
interest at the published prime lending rate from Wells Fargo Bank, commencing sixty (60)
days after such payments are due, but not in excess of the maximum rate permitted
under California law In the event that any payment is not paid when due, CLIENT shall
pay all expenses of collection, including, but not limited to, court costs and attorneys
fees
It is agreed that the APPRAISER is not a necessary party in any inquiry or judicial
proceeding, unless agreed upon this Agreement He will not be called upon for any
litigation or other proceeding arising out of his duties in this matter If he is compelled to
incur court costs, attorney s fees, or other out-of-pocket expenses in connection with
court proceedings, such costs or expenses, together with APPRAISER S hourly rate of
$200 00 per hour, applicable for his professional services for study preparation, testimony
or travel, will be paid by the party (or parties) who acts to bring any suit requiring a
judicial proceeding
The report will be prepared in a standard narrative format which will include property and
area descriptive information and all appropriate valuation studies The report will be
consistent with the appraisal requirements of the Financial Institution Reform, Recovery
and Enforcement Act (FIRREA), adopted August 1, 1990, if applicable, and the
professional standards of the Appraisal Institute, of which APPRAISER holds the MAI
designation, as detailed on the following pages
APPRAISAL/CONSULTATION AGREEMENT
September 15, 1994
City of Huntington Beach
Mr Stephen V Kohler
Page Three
A The appraisal will provide an estimate of current market value, which is defined as
follows
a The most probable price in terms of money which a property should bring in
competitive and open market under all conditions requisite to a fair sale the buyer
and seller each acting prudently, knowledgeably assuming the price is not affected
by undue stimulus
Implicit in this definition is the consummation of sale as of a specified date and the
passing of title form seller to buyer under conditions whereby
1 Buyer and seller are typically motivated,
2 Both parties are well informed or well advised, and each acting in
what he or she considers his/her best interest,
3 A reasonable time is allowed for exposure in the open market
4 Payment is made in cash or its equivalent,
5 Financing, if any, is on terms generally available in the community as
of the specified date and is typical for the property type in its locale,
and
6 The price represents a normal consideration for the property sold
unaffected by special financing amounts and/or terms services
fees, costs or credits incurred in the transaction
Real Estate Terminology, AIREA, SREA, edited by Byrl N Boyce Copyright 1981,
Publisher - Ballinger, Page 160
B The valuation process will reflect the three different value estimates as detailed in
the Proposal for Appraisal Services
APPRAISAL/CONSULTATION AGREEMENT
September 15, 1994
City of Huntington Beach
Mr Stephen V Kohler
Page Four
C The value {estimate will reflect actual conditions of the property including
appropriate deductions for any deferred maintenance, income deficiencies, if any,
and any other unfavorable conditions affecting its current market value
D The following limiting conditions will be included in the appraisal report
No responsibility is assumed for matters legal in nature,
2 No opinion as to title is herewith rendered,and the property is appraised as
though free and clear of all encumbrances and the title marketable,
3 The factual data utilized in our report will be obtained from sources deemed
to be reliable, however, no guarantee can be made as to their accuracy,
4 No survey of the boundaries of the property will be prepared All legal
descriptions, areas, and dimensions furnished the APPRAISER are
assumed to be correct
5 The distribution of the total valuation between land and improvements (if
any), applies only in the matter of utilization stated in this report Our
reported market value is for the total property as appraised, and no attempt
has been made to evaluate any fractional interest, should they exist,
6 Neither all nor any part of the report shall be conveyed to the public through
advertising, public relations or media, without the written consent of the
author,
7 The submission of this report does not obligate us to give testimony or to
attend any court or governmental or other agency hearing without prior
arrangements having been made for such additional employment,
8 It is agreed that the APPRAISER will be absolved of all personal liability of
any type or nature in connection with this matter and
APPRAISAL/CONSULTATION AGREEMENT
September 15, 1994
City of Huntington Beach
Mr. Stephen V. Kohler -
Page Five
9. If aft/data requested of the CLIENT is not provided, we shall include an
additional limiting condition requiring our subsequent review of the items
lacking.
E. In order for APPRAISER to proceed %ith the appraisal assignment, it is required
that CLIENT provide APPRAISER wish the following items:
1. Legal Description and recent Title or Preliminary Title Report;
j
2. Documentation regarding purchase of the subject property in the last three
years; or pending safe of the property documented by purchase agreement
and/or escrow instructions;
3. Copy of Development Agreement, Lease, Amendments, and any other
pertinent documents which may relate to the subject property; and
4. Name and telephone number of contact for property inspection.
This proposal, or acceptance of this proposal, is not contingent upon, or related to, any
anticipated value conclusions. APPRAISER'S fee will have been earned in full upon
delivery of the completed report. -
This APPRAISAL/CONSULTATION AGREEMENT represents the entire Agreement
between CLIENT and APPRAISER, and supersedes all prior negotiations or agreements,
either written or oral. It shall be binding on the heirs, successors, and assigns of CLIENT
and APPRAISER. This APPRAISAL/CONSULTATION AGREEMENT shall be governed
by the laws of the State of California. In the event any provision of this Agreement shall
be determined to be void or unenforceable by any court of competent jurisdiction, such
determination shall not affect any other provision of this Agreement and all such other
provisions shall remain in full force and effect.
i - •
APPRAISAL/CONSULTATION AGREEMENT
September 15, 1994
City of Huntington Beach
Mr. Stephen V. Kohler -
Page Six
We thank you for the opportunity of presenting this proposal for your consideration. The
terms and conditions of this Agreement shall remain valid for a 10-day period. If the
proposal meets with your approval, please execute and return a signed original, together
with the requested data. The assignment will be commenced upon receipt in or office of
the complete package. Please feel free to contact our office if you have any questions.
Respectfully submitted,
B CE W. ULIL'& ASSOCIATES, INC.
I
kA
Bruce W. Hull, MAI
APPRAISAL/CONSULTATION AGREEMENT
September 15, 1994
City of Huntington Beach
Mr. Stephen V. Kohler -
Page Seven
APPRAISAL/CONSULTATIQN AGREEMENT AUTHORIZATION
I hereby agree to the terms and conditions of the APPRAISAL/CONSULTATION
AGREEMENT, detailed on the preceding pages, as submitted by Bruce W. Hull, MAI.
Signature
Title
Company Name
Street Address
City, State & Zip
Area Code and Telephone Number
Date
/1�Y���i��r • WY�
� a •y IS5V69ATElA1r,1.10Drrrl
PRDDUCE�R
THIS CERTIFICATE 1S iSSUEfS A MATTER OF INFORMATIO ONL AND
CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE
POOR' S Il1SU:Al�CE P.GElFCY
24196 ALICIA PKWY SUITE F
DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE
POLICIES BELOW.
MISSION VIEJO, CA. 92691
COMPANIES AFFORDING Cn%fERAGE
COMPANY
tETTER A FARMERS INSURANCE
Mlsut D
COAttA!%Y El
LIMR
BRUCE HULL AND ASSOCIATES
13844 ALTON PKWY SUITE•I38
COMPANY C
IRVINE, CA. 92718
COMPANY
LETTER
COMPANY
LETTER E
e�
THIS IS TO CE gTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE SEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD
INDICATED, NOTWITHSTANDING ANY AEOUIREMENT. TEAM OR CONDITION OF ANY CONTRACT OA OTHER DOCUMENT WITH RESPECT TO WmICH THIS
CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS.
EXCLUSIONS AND CONDITIONS OF SUCH POLICIES.
CO
.*
TYfL Of tliSVAANCE
POLICY NUMBER
POLICY EF►ECTIVEE
PATE ILIMrDO.'YYI
POLICY 9XPIRATiD
DATE (MmWiYYj
L1M17i
GEN$RAL LIABILITY
IODiLY INJURY OCC.
13
$DOILY INJUAY A00.
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X COMP11EM1INSIVE FORM
X P11i11t1ESAWAAT*N%
EXPPL06:0N A1COLLAPSE KAZAPD
15053440
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PROPERTY DAMAGE OCC.
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PROPERTY OALSAOE A00-
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X PRODUCTS•COMPLETE0 OPER.
of & PD COMMINED OCC.
$ 1 0 00 000
y C0.'QTRACTUAL
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CESCMPTION OFOPEItAPONSr'LOCATIONSIVEkICLESr6PEC1AL ITE S
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ADDIJ'JO :AL INSiJi:ED:
SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CA14CELLED BEFORS THE
CITY OF HUNTINGTON BEACH
EXPIRATION DATE THEREOF, THE ISSUING COMPANY WILL
DEPT. OF ECONOMIC DEVELOPEMENT
MAIL —aQ. DAYS WRITTEN NOTICE TO THE CERTIFICATE HOLDER NAMED TO THE
2000 MAI1l STREET
LEFT,
HUNTINGTON BEACH CA. 92§48
AUTMaR1Z
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• • . CORPORATION1
POLICY 15053440 COMM 1Al GENERAL UAGILITk_
'HIS ENDOMMENT CHANGES THE POLICY, PLIASB READ IT CAREFULLY
ADDITIONAL INSURED �. OWNERS, LESSEES OR
CONTRACTORS (FORD 8)
nv$ ftr*tument fnoditlet Inagua PW*d WKW the 10bw ft
COMMERCIAL GENERAL iIMITY COVERAGE PART
NIOULE
Ham at" Pew ar #lfsafthatlim
THE CITY OP HUNTINGTON BEACH, ITS AGENTS pe BPUCE HULL AND ASSOCIATJ S
OFrICEFIS Z.PJD EMPLOYEES AS ADDTTTOPIAL
INSUREDS
No (am beam)
(11 no entry appears above m1orma4on regv1re4 to eomplefe this endorslment w+lf be shown in the Declarations
(Im 10 It AS Ceovriftm losWuwte Services Office Ift 14A4
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CITY OF HUNTINGTON SEACH
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2000 MAIN STPEET
HUNTINGTON BEACH, CA 92640
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This certificate of Inatirance is not an insurance policy and does Mt amend oenct er alter the clover&gs affi+arded by the
policies listed heraln Notwithstanding any requIr'ememt torm or tondlhon of Ony confrW or other ctocumant With
respect to which thin certjfloate of Insurance may be imecl or may pertait� the insurance afford try the policies
described h�in la subjegt tp All the terms "Justorts iqr4 c0idltlano d such pollores
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EMPLOYER'$ OWLITY LIMIT 1�Oi?���QO P1E� �,DCC�S�EfaC�QY
MORSEMEUi 02066 ENTITLED CERTIFICATE HOLRS' NOTIGE EPFECTIYE
10/21/94 IS ATTACHED TO AND FORMS A PART OF THIS POLICY.
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DECLARATION 09 AKEMDEP� CLARAT
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