RockSpringCluB-Hendricks Appraisal.pdf

File No.: 16-LT-0214 VESTING SCHEDULE The fee simple estate or interest In the land described or referred ta in the Commitment and covered herein is and is at the effective date hereof vested In: Rock Spring Club and/or Rack Spring Country Club, a New Jersey Corporation, by the following: (a) (b) {h) @ Rock Spring Country Club by deed from Orange Mountain Land Co., dated July 1, 1925, and recorded September 9, 1925, In Deed Book B73, page 333. Rock Spring Country Club by deed fram Ulysses G, Baumgardner, dated September 17, 1925, and recorded September 21, 1925, In Deed Book C73, page 497, Rock Spring Holding Co., by deed from Rock Spring Country, ub Baked May 1, 1927, and recorded December 8, 1927, In Deed Book P77, page 56, Rock Spring Club by deed from Samuel P. a woe }, 1934, and recorded April 11, 1934, in Deed Book G87, page 331. Rock Spring Club by deed from Thomas P, ad and Edna H. Tunstead, his wife, dated November 18, 1936, and recorded Nove; 1936, In Deed Book E91, page 468. + Rack Spring Club by deed from Roc! Iding Co., dabed December 14, 1943, and recorded December 18, 1943, R-102, page 390, Rack Spring Club by deed 4, 1962, and recorded Rack Spring Club by June 17, 1966, If Rock Spring recorded March ‘A. DiMarzo and Olive G. DiMarza, his wife, dated January |, 1962, In Deed Book 3843, page 156, The Town of West Orange, dated June 13, 1966, and recorded k 4174, page 148, byBeed from 2001, a House Odyssey, Inc., dated February 10, 1984, and 1984, in Deed Book 4820, page 77, EXCLUDING PREMISES conveyed out in Deed Book S-79, page 345, Deed Book S79, page 347; Deed Book C-104, page 292; Deed Book C-104, page 293; Deed Book 3787, page 562; Deed Book 4092, page 73; and Deed Book 4182, page 325. The sald Rock Spring club merged with and into MGC-RSC, Inc, on February 1, 2016 with the name of the surviving corporation as Rock Spring Club, Inc. Commonwealth Land Title Company, LLC - Lyndhurst 464 Valley Brock Avenue ¢ Lyndhurst + New Jersey + 07071 Phone: 201-804-8844 ¢ Fax: 201-604-9501 Effective 2/15/07 ‘C-Commitment-06 Revised: 9/10/07

GIT/REP-3 (9-2015) State of New Jersey SELLER'S RESIDENCY CERTIFICATIONIEXEMPTION Nama(s) ROCK SPRING CLUB AKA ROCK SPRING CLUB, INC, Currant Street Address $0 ROCK SPRING ROAD City, Town, Post Office State Zip Code WEST ORANGE NEW JERSEY 07052 Block(s) Lot{s) Qualifer 46.01 22 through 31 160 Zand 10 460.01 30 and 34 7 ‘Street Address 80 Rock Spring Road ~\ City, Town, Post Otfice State ,) Zip Code West Oranga Now Jorsay 07082 Sellers Porcantage of Ownership Total Consideration nets Shae cf-consideration Closing Date 100% $1.00 October 2018 SELLER ASSURA! S {Check the Appropriate Sox) (Boxes 2 through 8 apply to NON-residents) Seller is a resident taxpayer (individual, estate, or trust) of the Stzte of New Jersey pursuant to the New Jersay Gross Income Tax Act, will ‘The real property being sold or transferred Is used exclusiyélyas hy Principal residence within the meaning of 26 U.S. Code. section 121. 1. 2 3. Solaris sage smepoge mraaed ay age in foreclosure or in a transfer in few of foreclosure with 4. ‘Seller, tansferor or transferee is an agency or inited States of America, an agency or authority of the State 5. 6. 7. | XX Seller is not individual, estate or trust and ‘r Snake an estimated gross income tax payment X The total consideration for the property Sako 50 the sellers not required tn make an estimated gross income tax payment. “The gain from the sala will not be for tederal Income tax purposes under 26 U.S, Code section 721, 1031, 1033 (CIRCLE THE Seller did not recaive non-lke kind 8, The real proparty being sold is 9. The real property red by an executor or administrator of a decedent to a devises or heir lo effect distribution of ds subject to a short sale instituted by the mortgagee, whereby the 10. ‘The deed is dated |, 2004, and was not previously recorded. Ww ‘The real proparty Is red undar a relocation company transaction where a trustee of the relocation company buys the property 12. ‘The real property is being Wifisferred between spouses or Incident to a divorce decree or property sattlement agreement under 26 U.S, 13, ‘The propemty transferred Is a cemetery plot. 14. ‘The seller is not receive net proceeds fram the sale. Net proceeds from the sale means the net amount due to the seller an the settlement SELLER(S) DECLARATION ‘Tha undersigned understands that this declaration and its contents may be

eeds fram the sale. Net proceeds from the sale means the net amount due to the seller an the settlement SELLER(S) DECLARATION ‘Tha undersigned understands that this declaration and its contents may be disclosed or provided to the New Jersey Division of Taxation and that any false statement contained herein could ba punished by fine, imprisonment, or both. { furthermore declare that | have examined this declaration and, to the best of my knowledge and bellef, it is true, correct and complete, By checking this box o | certify that the Power of Atlomay to represent the seller(s) has been previously recorded or is belng recorded simultaneously with tha deed to which this form is attached, ROCK SPRING CLUB, ING., a NJ not fts sole shareholder, MONTCLAIR for profit corporation B' A Gengaro, President elzele

TRA (Rav. 24470) STATE OF NEW JERSEY MUST SUBMIT IN OUPLICATE AFFIDAVIT OF CONSIDERATION FOR USE BY SELLER (Chapter 48, PL $966, as amended lirough Chapter 33 PL 2006) (NWJS.A. 46:15-5 et seq) BEFORE COMPLETING THIS AFFIDAVIT, "LEASE READ THE INSTRUCTIONS ON THE REVERSE SIDE OF THIS FORM. ‘STATE OF NEW JERSEY FOR RECORDER'S USE ONLY $a. County Municipal Code hoa COUNTY OF ESSEX Ce ae eee oy MUNICIPALITY OR PROPERTY LOCATION West Orange “Uso symbol "C" to indicate that few is exlushey for county us, @) PARTY OR LEGAL REPRESENTATIVE (instructions #3 and #4 on reverse side.) Deponent _Cheatapber P. Gencaro,, being duly swam according to kw upon hismher cath der id says that he/she Is the Corporate Officar of the Sole Sharoholder of the Grantor} Speier aan he is na deed dated October, 2016, sick rime tan eae tae mi a st real property Identified as Block number at 22-54, Block nur 180.91, Lot numbers 30 and 34 located at New J and annexed thereto. (Breet Address, Town) @) CONSIDERATION $1.00 tnstuetion #7 and 85.n marae sie) Ul no pir morgage lo wich propery b aia \ & Property tran: ts Class 48 4C. (Circe one) lass 4A, calculation in Section 3A below Is required. (GA) REQUIRED CALCULATION OF EQUALIZED ASSESSED VALUATION FOR ALL CLASS 4A (OMMERCIAL}. ‘TRANSACTIONS: flastructions #5A and 7 on reverse bs side) Total Assessed Valuation + Director's Ratio - Equalized Valuation 14,302,000.00__+ g9.g1__% = $15,924,729.00 {tDesctors Raia le thas 100%, ta equated valreton walbe bn naunt grasiar thon ho actested vata {sequal to orin excess of 100%, the assossed value willbe equalto the eqvalize value. ] a i (instruction #8 on reverse side) Deponen ists that his deed transaction is fly exert hom the Fealy Transfer Fea pe by €.49, P.L 1088, as amended ‘through C. @6, P.L. 2004, forthe following reason(e): Mere reference to exemption ‘Wucient, Explain in detail, ia) Consideration of lass than $100.09 “ rs &: #9 on raversa side) va PR RY MUST BE CHECKED, Fate ta do so wi vai ln fo paral exe, Deponert lain tat his ded ran miata porto of the Basic, Supplemertal, an nigral optical posed by C, 176, c Recaiving disabllly payments Not gainfully employed e following criteria. Resident of he Stato of New Jmmay _ Bro and eccusind by arnt ag in ends most a at, ‘Senlor citizens, blind or disablad persons must also *IN THE CASE OF HUSBAND AND WIFE, PARTNERS INA COUPLE,

eria. Resident of he Stato of New Jmmay _ Bro and eccusind by arnt ag in ends most a at, ‘Senlor citizens, blind or disablad persons must also *IN THE CASE OF HUSBAND AND WIFE, PARTNERS INA COUPLE, ONLY ONE GRANTOR NEES (P TENANTS BY THE ENTIRETY. ‘CLOW ANG MODERATE INCOME HOUSING on reverse sie) ‘Affordabla according fo HUD standards, Raserved for eccupancy. aoeta income requirements of ‘Sublect ta resate controls, (©) NEW CONSTRUCTION — (Instructions £2, $10 and #120n caversa Sige) Entirely now tmproverent. ‘Not previously occupied. Not rare “NEW CONSTRUCTION" printed clearly atthe top of the frat page of the deed m Fraitans #5 312 #14 on ceversa ss * No prior mortgage assumed or to which property Is ot sale, ‘No cuban coptal by aor gant’ o sae No stock or ;ponent makes this Afar to ‘county ye pte eit re Subscribed and sworn to before ma this 30" day of Cctober, 2018, Dy Sole ShareboldecMonisar Sonus” ‘of Depanant Granta Name 25 Prospect Aferus, Wkst Orange, NJG7OSZ 30 Rock Spring Read, West Orange, tJ 07062 Laurence Slous, Esq. ‘Grantor Address af Time of Sale Attorney at Law of NJ ree wah “ arne/Comgany of Seiiement Ofer [Qo BOrG3¢7 FOR OFFICIAL USE ONLY ‘prunes Nba ook tanyESSQe lumber Oved Des fg 9-7 Date Recaried, ‘County Recarsing Otten sna toward one copy ofeach RTE ton whan Sacto 3h ts competi STATE OF NEW JERSEY -DNASI0N OF TAXATION TRENTON, 1 ougse-0254 ATTENTIONS REALTY TRANSFER PEK UNIT ‘Tha Greer of Faxafon in the De te Treasury has paserbea is by om, tnd ay tb aera stances wid ie approve Re ret, For hater iran a tha Resty Troter Fen orn pa a covy of Git Aihda vs tg Dabo of Tarabon abate at ” a ‘wrest. uitsacurylsxatnpUiccaiey abl

Table DP-1. Profile of General Demographic Characteristics: 2010 Geographic area: New Jexsey State:34 County: Subject Number Percent | Subject Number Percent Total Population 8,791,894 100.)HISPANIC OR LATINO AND RACE SEX AND AGE. 4} Toval population 9,792,694 100.0 Male 4,279,600 48.7|Hispanic or Latino (of any race) 1,555,144 17.7 4,512,294 51.31 Mexican 217,715 2.8 4 Puerto Rican 434,092 4g Under 5 years 341,020 6.21 Cuban 83,362 0.9 5 to 9 years 564,750 6.4] Other Hispanic or Latino 819,975 9.3 10 to 14 years 387,335 6.71Not Hispanic or Latino 1,236,750 62.3 15 to 19 years 598,099 6.81 White alone 5,214,878 59,3 20 to 24 years $41,238 6.2t 25 to 34 years 3,109,801 12, 6{RELATIONSHIP 35 to 44 years 1,238,297 14.11 Total population 8,791,894 100.0 $5 to 54 years 1,379,196 18.7{ tn households 8,605,018 97.9 55 to 59 years 565,623 6.41 Householder 3,214,360 36.6 60 to 64 years 480,542 Spouse 1,643,377 16.7 65 to 74 years 612,434 child 2,690,797 30.6 75 to 64 years 296,948 Own child under 18 years 1,654,730 23.1 85 years and over 179,612 Other relatives 617,258 7.0 {| Under 18 years 180,227 2.0 Median age (years) 39.0 (x) Nonrelatives 439,226 5.0 | Unmarried partner 190,283 2.2 18 years and over 6,726,680 76.5] In group quarters 186,676 2a Male 3,223,123 36.7] Institutionalized population 100, 623 ral Fenale 3,503,857 39.8] Noninstitutionalized population 86,255 Lo 21 years and over 6,391,930 72.7] 82 years and over 1,465,451 16. 7/ HOUSEHOLD BY TYe= 85 years and over 1,295,993 13.51 Total households 3,214,360 100.0 male 493,434 5.6|Family households (families) 2,226,606 69.3 Female 692,559 7.9] With own children under 18 years 1,025,524 31.9 I Married-couple family 1,643,377 52.1 RACE | With own children under 18 yeors 748,765 = 23.3 One race 8,551,591 97.3] Female householder, no husband present 429,095 13.3 White 6,029,249 68.61 With own children under 18 years 223,744 6.6 Black or African American 1,204,826 13.7|Nonfamily households 987,754 30.7 American Indian and Alaska Native 29,026 0.3] Householder living alone 811,221 25,2 Asian 125,726 €.31 Househelder 65 years and over 325,073 10.1 Asian Indian 292,256 3.31 Chinese 136,442 1.5{Households with individuals under 18 years 1,126,325 35.0 Filipino 110, 650 1.3tiouseholds with individuals 65 years § over 864,309 26.9. Japanese 13,146 out Korean 93,679 1.1fAverage household size 2.68 a) Vietnamese

ndividuals under 18 years 1,126,325 35.0 Filipino 110, 650 1.3tiouseholds with individuals 65 years § over 864,309 26.9. Japanese 13,146 out Korean 93,679 1.1fAverage household size 2.68 a) Vietnamese 20,628 O.2taverage family size 3.22 (x) Other Asian 1/ 60,925 o.7t Native Hawaiian and Other Pacific Islander 3,043 0.0\HOUSING OCCUPANCY Native Hawaiian eng 0.0) = Tota housing units 3,553,562 100.0 Guamanian or Chamorro 915 O.0l0ccupicd housing units 3,214,360 90.5 Samoan 234 0.0jvacant housing units 339,202 25 Other Facific Islander 2/ 1,220 0.0) For seasonal, recreational or Some other race $59,722 .41 occasional use 134,903 2.8 Two or more races 240,303 2. 7{Homeowner vacancy rate (4) 18 (x) iRenta! vacancy rate (4) 16 oo Race alone or in combination with one or ' more other races: 3/ {ROUSING TENURE White 6,210,995 70.61 Occupied housing units 3,214,360 100.0 Black or African American 1,300,363 © 14,9JOwner-occupied housing units 2,102,465 65.4 American Indian and Alaska Native 70,716 0.81 Renter-occupied housing units 2,112,895 34.6 Asian 795,163 9.0lAverage household alze Native Hawaiian and Other Pacific Islander 12,999 0.11 of owner-occupied units 9 tx) Some other race 660,171 7.51 of renter-occupiec units 7 tx) (x) Mot applicable 1/ Other Asian alone, or two or moze Asian categories 2/ Other Pacitic Islander alone, or two or more Native Hawaiian and Other Pacific islander categories 3/ In combination with one or more of the other races listed. The following six runbers may add to more than the total population because individuals may report more than one race Source: US Bureau of the Census, 2010 Census of Population and Housing Prepared by the New Jersey Department of Labor and Workforce Developzent, Division of Labor Market & Demographic Research, May 2011

Table DF-1. Profiie of General Demographic Characteristics: 2010 Geographic area: Essex County State:34 County:013 Subject Number Percent! Subject Number Percent Total Population 783,969 100.O|HISPANIC OR LATINO AND RACE SEX AND AGE | Tota) population 793,969 100.0 Male 378,964 48.0 /Hispanic or Latino (of any race) 159,217 20.3 Female 408,005 = §2.0/ Mexican 9,002 iter | Puerto Rican 54,005 6.9 Under 5 years $3,819 6.91 Cuban 3,310 0.7 $ to 9 years 53,756 6.91 Other Hispanic or Latino 90,800 © 11.6 10 to 14 years 5,782 6.9|Not Hispanic or Latino 624,852 79.7 15 to 19 years 54,903 7.01 White alone 260,177 33.2 20 to 24 years 52,785 6.71 25 to 34 years 107,655 13.7 |RELATIONSHT? 35 to 44 years 316,221 14,8] Total populaticn 783,969 100.0 45 to 54 years 115,224 24.71 1n households 780,197 97.0 55 to 59 years 46,553 5.91 Householder 203,712 36.2 60 to 64 years 33, 965 5.01 Spouse 113,673 14.5 65 to 74 years 47, 866 6.11 Child 245,726 31.3 75 to 84 years 29,094 3.7! Own child under 18 years 168,670 23.5 85 years and over 13,627 1,7) Gther relatives 73,540 9.4 | Under 18 years 23,383 3.0 Median age (years) 36.4 (x)| Nonrelatives 43,546 5.6 | Unmarried partner 19,365 25 18 years and over $89,08: 75.11 In group quarters 23,772 2.0 Male 276,780 35.31 Institutionalized population 12,126 15 Fezale 312,271 39.8] Noninstitutionalized population 11,646 1.5 21 years and over 557,163 71.11 2 years and over 212,496 24, 31HOUSEHOLD BY TYPE 65 years and over 90,287 11,5] Total households 283,712 100.0 Male 36,002 4$.6]Family households (families) 189,339 66.7 Female 54,285 6.91 With own children under 18 years 94,226 33.2 | Married-couple famity 113,673 40.2 RACE 1 With own children under 18 years 55,722 19.6 One race 753,165 96.91 Female householder, no husband present 58,460 20.6 white 333,868 42.61 With own children under 18 years 31,3920 12 Black or African Arerican 320,479 40, 91Nonfamily households 94,373 33.3 American Indian and Alaska Native 3,056 0.41 Householder living alone 78,528 27,7 Asian 35,789 4.61 Householder 65 years and over 26,722 24 Asian Indian 10,853 14 Chinese 3,020 1.2{Households with individuals under 18 years 106,837 37.6 Filipino 9,003 L.l{Households with individuals 65 years 6 over 68,133 24.0 Japanese 682 O.1t Korean 2,447 0.3|Average household size 2.68 (rs) Vietnarese 967 O.1lAverage family size 3.29 x) Other Asian 1/ 2,817 O41 Native

useholds with individuals 65 years 6 over 68,133 24.0 Japanese 682 O.1t Korean 2,447 0.3|Average household size 2.68 (rs) Vietnarese 967 O.1lAverage family size 3.29 x) Other Asian 1/ 2,817 O41 Native Hawaiian and Other Pacific Islander 286 0. 0 HOUSING OCCUPANCY Native Hawaiian 45 0.0] Totat housing units 312,954 100.0 Guamanian or Chamorro 108 Q.010ccupied housing units 283,712 90.7 Samoan 26 Q.0ivacant housing units 25,242 33 Other Pacific Islander 2/ 110 0,0) For seasonal, recreational or Some other race 65,687 8.41 occasional use 924 0.3 Two or more races 24,804 3.2iHomeowner vacancy rate (8) 25 ra) IRentai vacancy rate (%) 9.6 wy Race alone or in combination with one or ' more other races: 3/ JHOUSING TENURE waite 380,939 44.8) Occupied housing units 283,712 100.0 Black or African Anerican 332,042 42.41 Owner-occupied housing units 128,346 45.2 American Indian and Alaska Native 7,007 0.9}Renter-occupied housing units 155,366 94.8 Asian 40,993 $.2tAverage household size Native Hawaiian and Other Pacific Islander 1,644 0.2! of owner-occupied units 2.95 ro) Some ather race 78,096 10.0} of renter-occupied units 2.46 «) (x) Hot applicable 1/ Other Asian alone, or two or moze Asian categories 2/ Other Pacific Islander alone, or two or more Native Hawafian and Other Pacific Islander categories 3/ In combination with ane or more of the other races listed. The following six numbers may add to more than the total population because individuals may report more than one race Source: US Bureau of the Census, 2010 Census of Population and Housing Prepared by the New Jersey Department of Labor and Workforce Development, Division of Labor Market & Demographic Research, May 2011

Table DP-1. Profile of General Demographic Characteristics: 2030 Geographic area: West Orange township Stare:34 County:013 Subject Number Percent! Subject, Number Pescent - a aon j-- ————— = Total Population 46,207 100.0 /HISPANIC OR LATINO AND RACE SEX AND AGE | Tota? population 46,207 100.0 Male 21,669 46,9/Hispanic or Latino (of any race) 7,487 16.2 Female 24,538 53.1) Kexican 675 LS | Puerto Rican 1,011 2.2 under § years 3,056 | Cuban 291 0.6 5 to 9 years 2,968 | Other Hispan!e or Latino $,510 11.9 10 to 24 years 2,987 INot Hispanic or Latino 38,720 83.8 1S to 19 years 2,865 | White alone 22,140 47.9 20 to 24 years 2,360 i 25 to 34 years 5,413 11.2 RELATIONSHIP years 6,755 14.6/ Total population 46,207 100.0 years 6,934 15.0) In households 43,362 98.2 years 3,096 6.71 Householder 16,790 36.3 years 2,71 $.91 Spouse 8,913 19.3 years 3,165 6.8] Child 14,4230 31.2 years 2,447 $8.3] Own child under 18 years 9,989 21.6 and over 2,780 3.81 Other relatives 3,419 14 (Under 1@ years 840 1.6 Median age (years) 40.6 (| Nonrelatives 1,817 a9 {Unmarried partner 864 1.9 18 years and over 35,264 76.3] In group quarters 84s 1.8 vale 16,020 34.71 InstAtutionalized population 726 17 Female 19,244 41.61 Noninstitutionalized population 57 Ok 21 years and over 33,878 73.31 42 years and over 8,978 -19.4)HOUSEHOLD BY TYPE 5 years and over 7,362 18.9] Total households 16,790 100.0 Male 2,747 5.91fanily households (families) 11,749 70.0 Female 4,615 10.01 With own children under 18 years 5,602 33.4 | Married-couple fanily 6913 0 53.1 RACE | _ With own children under 18 years 4,278 © 25.5 ‘One race 44,781 96.91 Female householder, no husband present 2,128 12.7 white 26,406 57.11 With own children under 18 years 1,033 6.2 Black or African American 12,284 26.61Nonfamily households 5,041 30.0 American Indian and Alaska Native 174 0.41 Householder living alone 4,286 25.5 Asian 3,680 6.01 Householder 65 years and over 2,126 12.6 Asian Indian 1377 3.01 Chinese 701 1.SiHouseholds with individuals under 18 years 6,055 36.1 Filipine 1,009 -2.2{Households with individuals 68 years & over 5,120 30.5 Japanese 33 0.2] Korean 262 Q.6lAverage household size 2.70 ox) Vietnanese 7 0.2|Average fanily size 3.28 oo Other Asian 1/ 221 0.5] Native Hawaiian and Other Pacific Islander 10 0. 0/ HOUSING OCCUPANCY Native Hawaiian 3 0.0] Totat housing units 17,612 100.0 Guamanian or Chamorro 2