RockSpringCluB-Hendricks Appraisal.pdf

THE COMPARATIVE APPROACH - AS A VALUATION INDICATOR Sale_- 100 West Greenbrook Road, North Caldwell & Fairfield, Essex County, N. J. Green Brook Country Club to Green Brook Realty Associates, LLC Date: February 1, 2018 Sale Price: $5,419,099.82 Block: 1600 Lot: 1 Zone: C-Open Space/Country Club - NC Block: 1902 Lots: 12813 Block: 2101 Lot: 8.03 : 2003 Lot; 1 Zone: R-1 - Fairfield 20180 Page: 10893 Acres: 171.373 Identification: | Green Brook Country Club Holes: Eighteen (18) Analysis: Sale reflects $31,622.00 per acre or $301,061.00 per hole, unadjusted. Comment: The sale involves a private country club know as Green Brook. The facility includes a large club house, pool, and support facilities. According to the purchaser, the sale included the assumption of all debts, leases and equipment. In addition, an undisclosed amount was paid over the purchase price in connection with the redemption of bonds by resigning members. The purchaser also invested several million dollars in capital expenditures for the club and agreed to continue golf course operations for a minimum period of three (3) years. However, the purchaser indicated that future residential development of the property is being considered.

THE COMPARATIVE APPROACH — AS A VALUATION INDICATOR Sale_- Ewing Avenue, Franklin Lakes, Bergen County, New Jersey Date: Galenkamp Brothers The Mountain Club, Inc. February 21, 2017 Sale Price: $36,000,000.00 Block: 3104 Lot: 1 to Toll NJ XI, LP Zone: A-40 1 2 1,1.01, 1.02, 2 5 2 2,3,4 2548 Page: 1 Acres: 131.780 Identification: Former High Mountain Golf Course Holes: Eighteen (18) Analysis: Sale reflects $273,183.00 per acre or $2,000,000.00 per hole, unadjusted. Comment: The sale involves the former High Mountain Country Club which closed in 2014. The conveyance involved two (2) separated deeds as noted above. The property was conveyed with development approvals for a total of 275 residential units consisting of 60 single family detached dwellings, 160 market rate townhouse units and 55 affordable units. The development will be known as The Reserve at Franklin Lakes,

THE COMPARATIVE APPROACH — AS A VALUATION INDICATOR Sale - Rivervale Road, Rivervale & Hillsdale, Bergen County, New Jersey Edgewood Country Club, Inc. to Edgewood Golf Course Realty Associates, LLC Date: March 27, 2015 Sale Price: $7,750,000,00 Block: 1201 Lot: 6 Zone: A-1 - One Family - Rivervale Block: 2201 Lots: 26&31 Block: 2001 Lot: 1 Zone: R-2 (Hillsdale) Book: 1906 Page: 2200 Acres: 185.240 Identification: Edgewood Country Club Holes: Twenty-Seven (27) Analysis: Sale reflects $41,838.00 per acre or $287,037.00 per hole, unadjusted. le soroven ote wieesoae Comment: 1! = ~ w= i 7 The sale involves a private country club ; rata know as Edgewood. The facility includes NY ls a large club house, pool, and support facilities. According to the purchaser, the “I sale included the assumption of all debts, leases and equipment. In addition, an undisclosed amount was paid over the purchase price in connection with the 5 7 tedemption of bonds by resigning members. : The purchaser also invested several million dollars in capital expenditures for the club r and agreed to continue golf course operations for a minimum period of three (3) years. However, the purchaser indicated that future residential development of nine (9) holes while retaining the remaining eighteen (18) is being considered. - ic) TERT —

THE COMPARATIVE APPROACH — AS A VALUATION INDICATOR Sale_- 99 Palisade Avenue, Emerson & Oradell, Bergen County, New Jersey Emerson RealEstate, LLC to Bergen County Improvement Authority Date: December 8, 2017 Sale Price: $7,823,818.59 (Combined Purchase Price) 17 (©) Zone: OSC(E) Zone: CR (0) Book: 2815 Pages: 1275-1285 Acres: 134,280 Identification: | Emerson Golf Club Holes: Eighteen (18) Analysis: Sale reflects $58,265.00 per acre or $434,657.00 per hole, unadjusted. Comment: The sale involves a privately owned, public golf course known as the Emerson Golf Club. The purchase price was based on two (2) independent appraisal and was financed by the BCIA through the issuance of bonds. The property is encumbered with a deed restriction that requires it to remain as a golf course in perpetuity. The purchase also included existing equipment, contracts and leases. ac Bene sete ] \ TAX MAP. JOROUGH L 4c

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Essex County Recording Data Page - Official Use Only Honorable Dana Rone . Essex County Register Official Use Only: Date of Document: Type of Document: OCTOBER 30, 2018 DEED [First Party Name: Second Party Name: ROCK SPRING CLUB AKA ROCK MONT{ SOLF CLUB SPRING CLUB, INC |Additfonal Parties: o .) % rom ai oN = —s THE FECTION IS REQUIRED FOR DEEDS ONLY Block: 0] Lot: ‘Qualifier: 46.04 22-31 160 O 2 AND 10 160.01 Per’ Ga 30 AND 34 Municipality; TOWNSHIP T ORANGE Consideration; $1.00 Mailing Address of Grantee: 25 PROSPECT AVENUE, WEST ORANGE, NJ 07052 ‘THE FOLLOWING SECTION IS FOR ORIGINAL MORTGAGE BOOKING & PAGING INFORMATION ASSIGNMENTS, RELEASES, SATISFACTIONS, DISCHARGES & OTHER ORIGINAL MORTGAGE AGREEMENTS ONLY Original Book: Original Page: ‘ESSEX COUNTY RECORDING DATA PAGE Please da not detach this page from the criginal document as it contains important recording information and Is part of the permanent record,

Prepared by: Laurence Stous, Esq. DEED ‘This Deed is made on October 30, 2018 RETWEEN Rock Spring Club, AIK/A Rock Spring Club, Inc., a Now Jersey nat for profit corporation whose post office address is 90 Rock Spring Road, West Orange, Now Jersey 07052 referred to as the Grantor. AND Montclair Golf Club, a New Jersey not for profit corporation ~\ ‘whose post office address is 25 Prospect Avenue, West Orange, New Jersay to bs the Grantee. The words "Grantor" and "Grantee" shall mean all Grantors and ell Grantees 1. Transfer of Ownership. The Grantor grants and conveys (transfers, ip of) the property (called the Property) described below to the Grantee. This transfer is made for ne and 00/100 ($1.00) DOLLARS. . + The Grantor acknowledges receipt ofthis money, » 2. Tax Map Reference. (NJ.S.A. 46:15-2.1)) i ‘ownship of West Orange it No. Block No, 46,01 Lot Nos. 22 through 31 Block No. 160 Lot Nos. 2 and 10 Block No. 160.01 LotNos. 30 and 34 No fot and block or account available on the dats of this Deed. 3. Property. The property: of gh land and all the buildings and structures on the land in the Township of West Orange Cau f Essex and Stato of New Jersey. The legal description is: Please see attached Legal Description annexed hereto and made a part hereof. BEING the same premises conveyed to the Grantor herein by various Deeds shown on the “Vesting Schedule” attacked hereto. Deed - Bargain & Sale with Covenaniy

‘The street address of the Property is: 90 Rock Spring Road, West Orange, New Jersey 07052. 4. Promises by Grantor. Tae Grantor promises that the Grantor bas dane no act to encumber the property. This promise is called « "covenant as to grantor’s acts" (NJ.S.A. 46:4-6), ‘This promise means that the Graztor bas not allowed anyone else to obtain any logal rights which affect the property (such as by making a mortgage or allowing judgment to be cotered against the Grantor), 5. Signatures. The Grantor signs this Deed as of the date at the top of the first page. (Print name below each signature) STATE OF NEW JERSEY ) COUNTY OF ESSEX ) TCERTIFY that on October 30, 2018, Christopher P. Geagara, Game before me and stated to my satisfaction that: (®) He is the President of Montclair Golf Club, >a of Rock Spring Club, the entity named in this Deed; (b) He executed the foregoing i j apres corpormion, and be bad he aber to sign the same and, and acknowledgat jecuted the same as the act and deed of said (©) This deed was made for $1.00 aff full dnd xctual consideration paid or to be paid for the transfer of i |1.S.A. 46:15-5); and by the corporation as its voluntary act and deed. $JAeeee Laurence Stous, Esq, Attomney at Law of New Jersey (@) This Deed was sij ‘Record and Return to: Laurence Slaus, Esq. Ashenfelter, Slous et al. 363 Bloomfield Avenue, 2C “Montclair, NJ 07042 ‘Deed «Bargain & Site with Covenants

OSSOCIONES, INC. Fell Profesional Bulking 820 Runiymadie Road POBox ds Essex Fels, N-J,O7021 (973) 226-0141 Fox (973) 226-2061 ‘DESCRIPTION OF BLOCK 160, LOTS 2 AND 10 AND BLOCK 46,01 LOTS 22 THRU 31 LANDS OF SROCK SPRING CLUB” TOWNSHIP OF WEST ORANGE, ESSEX CO! JERSEY Baglnning at a point on the southeasterly sideling, If pr ‘ rds Road (60 wide R.O.W), with the southwesterly fine of Lot 17, Block 5: ‘obert In Deed Book 12282, Pg.732}, Sald point also being the 7" comer ii Deed ‘G87, Pg. 331 Tract 1, and being the POINT AND PLACE OF BEGINNING; thence (1) running along said tine of Lot 17, Biod 54, South 54 degrees 54 minutes 27 seconds East (854°54'27"E), a distance of 173.04 point on the northwesterly fine of Lot 16.04, Block 64 (lands nf Der, Robert In Deed 1 Pg. 732) thence (2) running along sald ling of ) Block $1, and also along the northwesterly lines of Lot 16.02, Block 51 (lands fest Orange) and Lot 10, Block 50.02 {lands n/t Rock Spring Assos, of N.J., LLC 1834, Pg.522, South 30 degrees 19 minutes 33 seconds Wiest (Sau 19350. a +G8.00 feet io a point on the northeasterly fine of sald Lot 10, Block 60.02; thence (3) running. ine of Lot 10,-Block 60.02, North 54 degress 64 minutes 27 ae im 64 a distance of 65.00 Feet to a polnt on the northwestarly line of said thence (4) ‘along sald line of Lot 10, Blook 50.02, South 17 degrees 46 minutes 33 seconds Wast ($17°45'33"W), 4 distance of 264.03 feet, passing oves a found tron Pipe ata distance of 283.23 feel, to a point on the northwesterly line of Lot 18, Block 48,03 (ands nt Hall Ht, Willard in Deed Book 6203, Pg.390); thence (6) running along sald line of Lot 16, Block 46.03, South 30 degrees 39 minutes $2 seconds West ee distance af 50,34 feet lo a point on the northeasterly fine of sald Lot 18, Block 46.03; thence (6) running along said line of Lot 18, Block 45.03 and also along the southwesterly line of 2 25' wide right of way In Deed Book Q1 10, P9380, on a non-tangent curve, curving fo the right, a radius of 254.37 feel, a central angie of 13 degrees 40 minutes 37 seconds (13°40°37", ‘an are fongth of 60,00 feet, and a chord bearing and distance of North 45 degrees 49 minutes 49 pepo ‘West (N45°49'49°W), 59.66 feel toa point on the northwesterly line of said Lot 18, Block: 46.03; thenea (7) running along sald (ine of Lot 18, Block 46.03, South 14 dagraes 07 minutes 22 seconds West

West (N45°49'49°W), 59.66 feel toa point on the northwesterly line of said Lot 18, Block: 46.03; thenea (7) running along sald (ine of Lot 18, Block 46.03, South 14 dagraes 07 minutes 22 seconds West ($11°07'22"W), a distance of 174.00 fest to a point on the southwesterly fine of sald Lot 18, Block 48.03; KNGINEERS / SURVEYORS / PLANNERS: seer