1
EXHIBIT 2.8
CONTRACT OF PURCHASE AND SALE
Dated for reference the 29th day of December, 1995.
BETWEEN:
MING KOWN KOO Businessman, and SUI SIN CHO, Businesswoman,
both of 5339 Buckingham Street, Burnaby, British Columbia, V5E
1Z9
(hereinafter jointly and severally called the "Buyer")
OF THE FIRST PART
AND:
NAM TAI ELECTRONICS (CANADA) LTD., of #530 - 999 West Hastings
Street, Vancouver, British Columbia, V6C 2W2
(hereinafter called the "Seller")
OF THE SECOND PART
WHEREAS:
A. Nam Tai Electronics (Canada) Ltd. is the registered owner in
fee simple of the following property:
Civic address: 1507 Pinecrest Drive, West Vancouver,
British Columbia
Legal Description: Municipality of West Vancouver
Parcel Identifier: 014-577-097
Lot 15 Block 57 Capilano
Estates Extension No. 22 Plan
22343
(the "Property")
B. The Buyer are directors of the Seller.
C. The Seller has agreed to sell and the Buyer has agreed to buy
the Property on the terms and subject to the conditions
hereinafter provided.
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D. The book value of the Property consisting of land and
buildings as reflected in the financial statements of the
Seller is CDN$2,200,000.00.
E. The 1996 Property Assessment Notice prepared by the British
Columbia Assessment Authority, a copy of which is attached
hereto as Schedule "A", provides an assessed value of the land
and buildings of the Property at $1,956,000.00.
NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration
of the premises and of the mutual covenants and agreements hereinafter set
forth, the parties hereto agree each with the other as follows:
1. The completion date shall be on or before February 29, 1996
(the "Completion Date").
2. Upon the terms and subject to the conditions hereof, the
Seller agrees to sell and transfer to the Buyer, and the Buyer agrees to buy
from the Seller the Property at the purchase price of TWO MILLION TWO HUNDRED
THOUSAND CANADIAN DOLLARS (CDN$2,200,000.00) (the "Purchase Price").
3. The Seller shall execute and deliver in registrable form where
necessary all documents required to give effect to this Contract of Purchase
and Sale, including documents necessary for the transfer of the title to the
Property from the Seller to the Buyer and any joint owner as may be designated
by the Buyer, on the Completion Date.
4. The Seller shall deliver title to the Buyer free and clear of
all encumbrances except subsisting conditions, provisos, restrictions,
exception and reservations, including royalties, contained in the original
grant or contained in any other grant or disposition from the Crown, registered
or pending restrictive covenants and rights-of-way in favour of utilities and
public authorities, existing tenancies set out below, if any, and except as
otherwise set out herein.
5. The Possession Date shall be the same as the Completion Date.
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6. The Adjustment Date shall be the same as the Possession Date.
The Buyer will assume and pay all taxes, rates, local improvement assessments,
insurance, fuel, utilities and other charges from, and including the date set
for adjustments, and all adjustments both incoming and outgoing of whatsoever
nature will be made as of the Adjustment Date.
7. All buildings on the Property and all other items included in
the purchase and sale will be and remain at the risk of the Seller until 12:01
a.m. on the Completion Date. After that time, the Property and all included
items will be at the risk of the Buyer.
8. The Seller declares and represents that the Seller is a
resident of Canada as defined under the Income Tax Act.
9. The parties hereto shall execute such further assurances and
other documents and instruments and do such further and other things as may be
necessary to implement and carry out the intent of this Contract of Purchase
and Sale.
10. This Contract of Purchase and Sale shall enure to the benefit
of and be binding upon the parties hereto and their respective heirs,
executors, administrators, successors and assigns.
IN WITNESS WHEREOF the parties hereto have hereunto set their
hands and seals as of the date first above written.
SIGNED, SEALED AND DELIVERED )
by MING KOWN KOO in the )
)
presence of: )
)
)
Name: [SIG] ) [SIG]
---------------------------) ----------------------------------
PATRICK E. LEE, Esq. ) MING KOWN KOO
Address: )
------------------------)
)
- --------------------------------)
)
Occupation: )
---------------------)
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SIGNED, SEALED AND DELIVERED )
)
by SUI SIN CHO in the )
presence of: )
)
)
Name: /s/ PATRICK E. LEE ) /s/ SUI SIN CHO
---------------------- ) --------------------------
PATRICK E. LEE, Esq. ) SUI SIN CHO
Barrister & Solicitor )
)
Address: Notary Public )
Suite 212 - 475 Main Street )
Vancouver, B.C. V6A 2T7 )
--------------------------- )
)
Occupation: )
------------------------- )
EXECUTED on behalf of )
NAM TAI ELECTRONICS )
(CANADA) LTD. by its )
authorized signatory: )
)
)
)
/s/ MARK WASLEN )
- ---------------------------------- )
Authorized Signatory )
- - MARK WASLEN )
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SCHEDULE "A"
BRITISH COLUMBIA ASSESSMENT ROLL NUMBER OFFICE USE
ASSESSMENT AUTHORITY
08-45-328-24-0306-000-000 NEIGHCD
024
District of West Vancouver 025529
1996 PROPERTY ASSESSMENT
This is your 1996 Property Assessment Notice. The purpose of this notice is to
provide you with an estimate of your property value. This information will be
used by the provincial government, municipalities, regional districts, and
hospital boards to calculate your 1996 property taxes.
PROPERTY DESCRIPTION
Your property description may consist of a property address, legal description
and the property identification (PID) number assigned by the Land Titles
Office.
1507 PINECREST DR
Lot 15, Block 57, Plan 22343, District Lot CE #22, New Westminster
Group 1 Land District.
PID-014-577-097
PROPERTY VALUE
The value of your property is determined by local real estate market
conditions. The ASSESSED VALUE is BC Assessment's estimate of the market value
(most probable selling price) for your property had it been for sale on July 1,
1995.
This value reflects the physical condition of your property as of October 31,
1995.
VALUE CLASS
LAND 709,000
BUILDINGS 1,247,000
ASSESSED VALUE $1,956,000 RESIDENTIAL
TAXABLE VALUE $1,956,000
ADDITIONAL INFORMATION
This information relates to your property and may be of interest to you.
o This is an assessment of an incomplete building or structure.
o "Residential" includes dwellings, recreational property, apartments,
condominiums, manufactured homes, farm buildings and some vacant land.
o 1995 assessed value (as of July 1, 1994) was $1,328,000
YOUR ASSESSMENT OFFICE FOR THIS PROPERTY IS:
North Shore-Squamish Valley Area
255 First St W Suite 210
North Vancouver BC V7M 3G8
08-45-328-24-0306-000-000
Local Office (604) 984-9751 or 1-800-571-1211
Fax (604) 984-9310
If you have any questions about your 1996 Property Assessment, please call your
local assessment office.
During the month of January, the office will be open between 8:30 a.m. and
5:00 p.m., Monday through Friday.
For more information, please see the back of this notice.
PLEASE NOTE THAT THE DEADLINE FOR APPEALING
YOUR ASSESSMENT IS JANUARY 31, 1996.
THE OWNER/LESSEE OF THIS PROPERTY IS:
NAM TAI ELECTRONICS LTD
530 999 HASTINGS ST W 40
VANCOUVER BC V6C 2W2
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CONTRACT
THIS AGREEMENT made as of the 29th day of December, 1995.
BETWEEN:
MING KOWN KOO, Businessman, of 5339 Buckingham Street, Burnaby,
British Columbia, V5E 1Z9
(hereinafter called "KOO")
OF THE FIRST PART
AND:
NAM TAI ELECTRONICS, INC., of Unit 513 - 520 No. 1 Hung To
Road, Kwun Tong, Kowloon, Hong Kong
(hereinafter called "NAM TAI INC.")
OF THE SECOND PART
WHEREAS:
A. Nam Tai Electronics (Canada) Ltd. ("Nam Tai Canada") is a
whollyowned subsidiary of Nam Tai Inc.
B. Nam Tai Canada and Koo have entered into contracts (the
"Contracts") for the purchase and sale of the land and
buildings (the "Property"), and the home furnishings and
accessories, household appliances and home theatre equipment
(the "Furnishings") located at:
Civic address: 1507 Pinecrest Drive,
West Vancouver, British Columbia
Legal Description:
Municipality of West Vancouver
Parcel Identifier: 014-577-097
Lot 15 Block 57 Capilano Estates
Extension No. 22 Plan 22343
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C. Koo agreed with Nam Tai Inc., through its subsidiary, Nam Tai
Canada to purchase the Property at the purchase price
which shall be the greater of:
(i) the appraised value of the Property as
determined by a fully qualified appraiser,
with experience in appraisals of similar
properties; and
(ii) the value of the Property as reflected in
the financial statements of Nam Tai Canada.
D. The total book value of the Property and the Furnishings as
reflected in the financial statements of Nam Tai Canada is
equal to US$2,620,444.56.
E. Canada Springfield Appraisal Consultants Ltd. has prepared an
appraisal report of the Property, a copy of which is attached
hereto as Schedule "A". The market value conclusion provided
in this appraisal is equal to US$2,063,287.40.
F. The 1996 Property Assessment Notice on the Property issued by
the British Columbia Assessment Authority is attached hereto
as Schedule "B".
G. The total purchase price (the "Total Purchase Price") payable
by Koo pursuant to the Contracts is equal to US$2,620,444.56
H. The values set out in paragraphs D, E and G are calculated at
the exchange rate of CDN$1.3652 to US$1.0000, being the
average of the buying and selling exchange rates as at the
close of December 29, 1995.
I. Nam Tai Inc. and Nam Tai Canada have represented to Koo the
following:
(i) Upon the respective completion dates in the
Contracts, Nam Tai Canada shall assign and
transfer to Nam Tai Inc. all of the rights of
Nam Tai Canada to receive from Koo the
respective purchase prices under the
Contracts (the "Transfer of Receivables");
and
(ii) Nam Tai Inc. has agreed with Nam Tai Canada
that upon the Transfer of Receivables, the
outstanding amount of the loans
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owed by Nam Tai Canada to Nam Tai Inc. shall
be reduced by the corresponding amount equal
to the respective purchase prices under the
Contracts (the "Partial Repayment of
Inter-company Loan").
NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration
of the premises and of the mutual covenants and agreements hereinafter set
forth, the parties hereto agree each with the other as follows:
1. Nam Tai Inc. and Koo agree:
(a) on the completion dates under the Contracts, Nam Tai
Inc. will effect the Transfer of Receivables and the
Partial Repayment of Inter-company Loan on the same
date; and
(b) upon the Transfer of Receivables the Total Purchase
Price shall be converted and payable in United States
funds calculated at the exchange rate of CDN$1.3652
to US$1.00, being the average of the buying and the
selling exchange rates as at the close of December
29, 1995, resulting in a final total purchase price
of US$2,620,444.56 (the "Final Price").
2. Koo and Nam Tai Inc. further agree as follows:
(a) Koo shall waive all his rights to receive from Nam
Tai Inc. the sum of FIVE HUNDRED THOUSAND US DOLLARS
(US$500,000.00) payable to Koo as compensation for
loss of office in exchange for a discount of
US$450,000.00 on the Final Price; and
(b) pursuant to sub-paragraph 2(a) above, the Final Price
shall be reduced by FOUR HUNDRED FIFTY THOUSAND US
DOLLARS (US$450,000.00) to TWO MILLION ONE HUNDRED
SEVENTY THOUSAND FOUR HUNDRED FORTY-FOUR US DOLLARS
and FIFTY-SIX CENTS ($2,170,444.56) (the "Net
Purchase Price").
3. As partial payment in the amount of FIFTY THOUSAND US DOLLARS
(US$50,000.00) towards the Net Purchase Price, Koo shall transfer to Nam Tai
Inc. 375 shares of Series B 10% Convertible Preferred Stock of Joseph Charles &
Co., Inc., Warrant No. W-8, being a warrant for the purchase of 375 shares Of
Series B 10% Convertible Preferred Stock of Joseph Charles & Co., Inc., and the
right to receive 3.70% of all dealer warrants as evidenced by letter from
Joseph Charles & Associates, Inc. Koo and Nam Tai Inc. agree that the above
securities shall be valued at FIFTY THOUSAND US DOLLARS (US$50,000.00).
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4. Koo and Nam Tai Inc. further agree that:
(a) the payment term is that the balance of the Net
Purchase Price in the amount of TWO MILLION ONE
HUNDRED TWENTY THOUSAND FOUR HUNDRED FORTY-FOUR US
DOLLARS and FIFTY-SIX CENTS ($2,120,444.56) shall be
payable by Koo to Nam Tai Inc. on or before December
31, 1997, but in any event, upon Koo receiving demand
in writing from Nam Tai Inc. for such payment if Nam
Tai Inc. intends to issue securities through a
recognized stock exchange or by private placement;
and
(b) after Nam Tai Inc. has made the written demand as set
out in sub-paragraph 4(a), Nam Tai Inc. shall have the
right to cause Koo to sell as much of Koo's
shareholdings in Nam Tai Inc. as is necessary to
ensure full payment of the balance of the Net
Purchase Price as set out in sub-paragraph 4(a)
above.
5. As security for the payment of the balance of the Net Purchase
Price, Koo shall pledge to Nam Tai Inc. THREE HUNDRED THOUSAND SIX HUNDRED
EIGHTY-TWO (300,682) shares in the capital stock of Nam Tai Inc., INC. (the
"Security") and the Share certificates representing the Security shall be held
in trust by a trustee (the "Trustee") to be appointed by Nam Tai Inc. Upon the
full payment of the balance of the Net Purchase Price by Koo to Nam Tai Inc.,
Nam Tai Inc. shall cause the Trustee to return the said share certificates to
Koo. The value of the Security based on the closing price of the shares of Nam
Tai Inc. on the NASDAQ Exchange as at December 29, 1995 was US$3,533,014.00.
6. This Agreement shall enure to the benefit of and be binding
upon the parties hereto and their respective heirs, executors, administrators,
successors and assigns.
IN WITNESS WHEREOF the parties hereto have hereunto set
their hands and seals as of the date first above written.
SIGNED, SEALED AND DELIVERED )
by MING KOWN KOO in the )
presence of: )
)
Name: IRENE M.C. SO )
----------------------- ) ------------------------------
) MING KOWN KOO
Address: 3006 Albion Drive )
-------------------- )
Coquitlam, BC V3B 6W9 )
Canada )
)
Occupation: Secretary )
----------------- )
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EXECUTED on behalf of )
NAM TAI ELECTRONICS, )
INC. by its authorized )
signatory(ies): )
)
)
)
)
)
- ------------------------------ )
Authorized Signatory )
)
)
)
)
)
- ------------------------------ )
Authorized Signatory )
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SCHEDULE "A"
APPRAISAL REPORT
of
1507 Pinecrest Drive
West Vancouver, B.C.
AS AT:
May 30, 1995
PREPARED FOR:
Nam Tai Electronics
Ltd. Attn: Mark Waslen
PREPARED BY:
Canada Springfield
Appraisal Consultants Ltd.
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Lender Reference No.: APPRAISAL REPORT File No.: R506047F.SK
Lender/Client Nam Tai Electronics Ltd. HOME OWNERSHIP UNITS APPRAISER Canada Springfield
Attn: Mark Waslen ADDRESS OF PROPERTY Appraisal Consultants Ltd.
Address: 4185 Still Creek Drive 1507 Pinecrest Drive Address: #830-505 Burrard Street
Burnaby, B.C. V5C 6G9 West Vancouver, B.C. Vancouver, B.C. V7X 1M4
Tel: (____) _________ Tel: (604) 688-5675
APPLICANT NAME --
----------------------------------------------------------------
LEGAL DESCRIPTION LOT 15, BLK 57, DL CE #22, LD 37, PLN 22343, PID: 014-577-097
-------------------------------------------------------------
MUNICIPALITY OR DISTRICT District of West Vancouver
--------------------------
ASSESSMENT: LAND 657000 IMP 671000 TOTAL 1328000.00 TAXES $4,444.68-94 YEAR 1995
------ ------ ---------- ------------ ----
PURPOSE OF APPRAISAL: To estimate the market value X or as of May 30, 1995
----- ------------------
PROPERTY RIGHTS APPRAISED: Fee simple X Leasehold Condominium Co-operative Other (Specify)
----- ------ ------ ------ ------
OCCUPIED BY: Owner Tenant Vacant X
------------------------ ---------------------- -----
HIGHEST & BEST USE: Yes As improved NOTE: IF HIGHEST & BEST USE IS NOT THE CURRENT USE - SEE COMMENTS.
-----
NIEGHBOURHOOD DESCRIPTION
NATURE OF DISTRICT TREND OF DISTRICT CONFORMITY OF SUBJ. AVG. AGE OR PROPERTIES SUPPLY DEMAND
X Residential Improving Inferior IN NEIGHBOURHOOD: X Good X Good
- ----- ----- ----- ----- -----
Rural X Stable X Similar New to 35 Years Fair Fair
- ----- ----- ----- --------- ----- -----
Mixed Deteriorating Superior Area Built Up 100% Poor Poor
- ----- ----- ----- ----- -----
Transition
- ----- ----------- ----- ----- -----------
DISTANCE Elementary School 1 km Public Transportation 0.5 km Price Range in Neighbourhood
-------- -----------
TO: Secondary School 1 km Shopping Facilities 3.5 km $550,000-2,500,000
--------- ------------- ----------------------------
Downtown 12 km (Vancouver)
------------------------------- ------------------------ ----------------------------
SUMMARY: Including ADVERSE INFLUENCES IN AREA, if any (e.g. railroad tracks, commercial/industrial properties, unkempt properties,
major traffic arteries, etc.)
See addendum (1)
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
SITE DESCRIPTION
SITE DIMENSIONS: 132.3X86.5/152/44.9/20.3/24.8 X PAVED ROAD X TELEPHONE X SANITARY SEWER
-------------------------------- ----- ----- -----
SITE AREA: 12,744 sq.ft. SOURCE: site plan GRAVEL ROAD X GAS SEPTIC
-------------------------------------- ----- ----- -----
TOPOGRAPHY: gently slopes up from street to* SIDEWALK X MUNICIPAL WATER X STORM SEWER
------------------------------------- ----- ----- -----
CONFIGURATION: irregular * rear X CURBS WELL-PRIVATE OPEN DITCH
---------------------------------- ----- ----- -----
ZONING: RS-3 X STREET LIGHTS X WELL-COMMUNAL
----------------------------------------- ----- ----- --------------- ----- --------------
X CABLEVISION
- ------------------------------------------------- ----- ----- --------------- ----- --------------
DOES PRESENT USE CONFORM: X YES NO (IF NO, SEE COMMENT)
----- -----
LANDSCAPING EASEMENTS DRIVEWAY
X EXCELLENT FAIR UTILITY X PRIVATE SINGLE CONCRETE X UNDERGROUND
- ----- ----- ----- ----- ----- ----- -----
GOOD POOR ACCESS MUTUAL DOUBLE ASPHALT OVERHEAD
- ----- ----- ----- ----- ----- ----- -----
AVERAGE NONE X Not known NONE Pav'g stone
- ----- ----- ----- ------- ----- ----- ------ ----- -------- ----- -----------
COMMENT ON ANY POSITIVE/NEGATIVE FEATURES: (e.g. regarding conforming of zoning, effects of easements, value trends, etc.)
The subject site is located at the corner of Pinecrest Drive and Chartwell Drive, has a view of the city and Burrard Inlet.
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DESCRIPTION OF IMPROVEMENTS - EXTERIOR
ESTIMATED YEAR BUILD: 1995 EFFECTIVE AGE: New ESTIMATED REMAINING LIFE: (yrs) 60 Yr
-------------------- -------------------- ---------------
CONSTRUCTION COMPLETE: No PERCENTAGE COMPLETE: 95% HOLDBACK RECOMMENDED:
------------------- -------------- -------------------------
FLOOR AREA BASEMENT TYPE OF BUILDING DESIGN CONSTRUCTION
MAIN 2498.4 X FULL X DETACHED ONE STOREY X WOOD FRAME
-------------------- ----- ----- ----- -----
2nd 1933.7 PARTIAL SEMI-DETACHED SPLIT-LEVEL BRICK
--------------------- ----- ----- ----- -----
3rd CRAWL SPACE ROW/TOWNHOUSE 1 1/2 STOREY STONE
--------------------- ----- ----- ----- -----
TOTAL 4432.1 TOTAL AREA 2108.8 APARTMENT X 2-STOREY CONCRETE
------------------- ----- ------------- ----- ----- -----
X SQ.FT. SQ.M. X SQ.FT. SQ.M.
-------------------- ----- ----- ----- ----- -----
WINDOW SASH/GLAZING EXTERIOR FINISH ROOFING MATERIAL OVERALL EXT. CONDITION
Double glazed/ BRICK VENNER WOOD SIDING ASPHALT SHINGLE X GOOD
- ------------------------- ----- ----- ----- -----
wood SOLID BRICK ALUMINUM WOOD SHINGLE AVERAGE
- ------------------------- ----- ----- ----- -----
U.F.F.I. APPARENT STONE VENEER VINYL TAR & GRAVEL FAIR
----- ----- ----- -----
YES X SOLID STONE INSULBRICK X Conc Tile POOR
- ----- ----- ----- ----- ---------
X NO X STUCCO New APPROX. AGE
- ----- ----- ----- ----------- ----- ----- ----------------
DESCRIPTION OF IMPROVEMENTS - INTERIOR
INSULATION FLOORING WALLS CEILINGS FINISH
X CEILING X W-W CARPET SHEET VINYL PLYWOOD
- ----- ----- ------------- ----- ------- --------
X WALLS SOFTWOOD VINYL TILE PLASTER
- ----- ----- ------------- ----- ------- --------
X BASEMENT HARDWOOD X CERAMIC X X GYPSUM BOARD
- ----- ----- ------------- ----- ------- --------
X CRAWL LINOLEUM
- ----- ----- ------------- ----- ------------ ------- -------- ----------------------
X Marble tile
- ----- ------------------- ----- ------------- ----- ------------ ------- -------- ----------------------
FLOOR PLAN CLOSETS BEDROOMS (#) BATHROOMS (#) OVERALL INT. CONDITION
X GOOD X GOOD 1 LARGE 2 2-Pc. X GOOD X GOOD
- ----- ----- ----- ------- ----- -----
AVERAGE AVERAGE 4 AVERAGE 1 3-Pc. AVERAGE AVERAGE
- ----- ----- ----- ------- ----- -----
FAIR FAIR SMALL 4 4-Pc. POOR FAIR
- ----- ----- ----- ------- ----- -----
POOR POOR 5-Pc. CUSTOMER POOR
- ----- ----- ----- ------- ----- -----
1 6-Pc. Upon Comp'tion
- ----- ----- ------------- ----- ------------ ------- ----- -------- -----
FORM #: CSA-USPAP 01/92 Page 1 This form was produced using CRAL by CSA, Inc., Copyright (C) 1989 - 1994
Canada Springfield Appraisal Consultants
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FOUNDATION WALLS PLUMBING LINES ELECTRICAL WATER HEATER HEATING SYSTEM
X POURED CONCRETE X COPPER FUSES X GAS FORCED AIR
- --- --- --- --- ---
CONCRETE BLOCK X PVC X BREAKERS ELECTRIC GRAVITY
- --- --- --- --- ---
CONCRETE SLAB GALVANIZED X HOT WATER
- --- --- --- ------ --- ------ ---
BRICK STONE RATED CAPACITY OF MAIN N/A CAPACITY
- --- --- ------------- ---
BREAKERS 400 AMPS FUEL TYPE Gas FUEL TYPE
- --- ------------ --- ------------- ----- --- ---
BUILT-IN APPLIANCES/EXTRA FEATURES:
X STOVE X VACUUM CENTRAL AIR SAUNA X SOLARIUM X Heat Exchanger
- --- ---- --- --- --- --- ---------------------
X OVEN X GARBAGE DISPOSAL AIR CLEANER WHIRLPOOL X SKYLIGHTS X Microwave
- --- ---- --- --- --- --- ---------------------
X DISHWASHER 2-gas FIREPLACE(S) X SECURITY SYSTEM X SWIMMING POOL X GARAGE OPENER X Sub-zero Refrigerator
- --- ----- --- --- --- --- ---------------------
BASEMENT FINISHES, UTILITY: See addendum (2)
GARAGES/CARPORTS: Attached triple garage.
DECKS, PATIOS, OTHER IMPROVEMENT: See addendum (3)
COMMENTS: Building, appearance, quality, condition, services including extras:
See addendum (1)
ROOM ALLOCATION COST APPROACH
LEVEL: MAIN SECOND THIRD BSMT. SOURCE OF COST DATA: MANUAL LOCAL CONTRACTOR X OTHER
---- ---- ---
ROOMS:
ENTRANCE 3 LAND VALUE: $750000
LIVING 1 ----------------------------------- -----------
DINING 1
KITCHEN 1+nook BUILDING COST NEW DEPRECIATED COST
FULL BATH 1-6pc 1-3pc
PART BATH 2-2pc 3-4pc 1-4pc COST 6541.00 @ $ 275.00 $ 1798775
BEDROOM 4 1 -------- -------- -----------
FAMILY 1 GARAGE: $ 18000 $
LAUNDRY 1 ----------------------- ----------- -----------
OTHER(S) pantry ** wine BASEMENT FINISH:
study media cellar --------------
room rec rm $ $
steam bar ------------------------------ ----------- -----------
room ** OTHER EXTRAS: Pool house, $ $
---------------- ----------- -----------
landscaping, fence, $ $
------------------------------ ----------- -----------
patio, walking & drive- $ $
------------------------------ ----------- -----------
way, etc. $ 250000
------------------------------ ----------- -----------
TOTAL REPLACEMENT COST: $ 2066775
------- -----------
LESS ACCRUED DEPRECIATION % $ $ 2066775
--- ----------- -----------
INDICATED VALUE: $ 2816775
---------------------------- -----------
VALUE BY THE COST APPROACH (rounded) $ 2816800
DIRECT COMPARISON APPROACH
ITEM SUBJECT PROPERTY COMPARABLE NO. 1 COMPARABLE NO. 2 COMPARABLE NO. 3
DESCRIPTION $ ADJUST. DESCRIPTION $ ADJUST. DESCRIPTION $ ADJUST.
ADDRESS 1507 Pinecrest
Drive
West Vanc.
DATE OF SALE
SALE PRICE
SITE SIZE 12,744 sq.ft. PLEASE SEE ADDENDUM (4)
S.F.L.F.A. 4432 sf
AGE/CONDITION New / Good / / /
STYLE 2 stry w/bsmt
RMS/BEDS/BATH 13 /5/1F/2H5E / / / / / /
BASEMENT 2109 sf
GARAGE/PARK Triple garage
ADJUSTED VALUES/NET ADJUSTED TOTALS
CONCLUSIONS: See addendum (5)
VALUE BY THE DIRECT COMPARISON APPROACH (ROUNDED) $2,700,000
FINAL ESTIMATE OF VALUE/COMMENT ON REASONABLE EXPOSURE TIME: See addendum (6)
COMMENT ON AND ANALYZE ANY KNOWN SALES, LISTING OR OFFER TO PURCHASE ON THE
SUBJECT PROPERTY OVER THE PAST YEAR: (Include source of information) There are
no transaction involving the subject over the past year. The last known
transaction involving the subject occurred in September 1989, when the present
owner acquired the property as is vacant for $585,000.
AS A RESULT OF MY APPRAISAL AND ANALYSIS IT IS MY OPINION THAT THE MARKET VALUE
OF THE SUBJECT PROPERTY AS AT May 30, 1995 is $2,700,000. THIS REPORT WAS
COMPLETED ON June 13, 1995.
ADDITIONAL SALES: ATTACHED SKETCH ADDENDUM: ATTACHED OTHER: (SPECIFY)
---- ----
NARRATIVE ADDENDUM: X ATTACHED PHOTO ADDENDUM: X ATTACHED ATTACHED
---- ---- ----
LIMITING
MAP ADDENDUM: X ATTACHED CONDITIONS/CERTIFICATION: ATTACHED ATTACHED
---- ---- ----
INSPECTED
PROPERTY (DATE)
APPRAISER Steven Kwan SIGNATURE /s/ STEVEN KWAN DESIGNATION 05/30/95
-------------------------------- -------------------- ------------- --------
SUPERVISORY
APPRAISER David J. Wilson B.Sc ARICS SIGNATURE /s/ DAVID J. WILSON DESIGNATION AACI
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This form was produced using CRAL by CSA, Inc., Copyright (C) 1989 - 1994
Form #: CSA-USPAP 01/94 Page 2
Canada Springfield Appraisal Consultants
14
LENDER/CLIENT Nam Tai Electronics Ltd. ADDRESS OF PROPERTY
Attn: Mark Waslen 1507 Pinecrest Drive
ADDRESS: 4185 Still Creek Drive West Vancouver, B.C.
Burnaby, B.C. V5C 6G9
TEL: ( )
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NARRATIVE ADDENDUM: APPRAISAL REPORT
- -------------------------------------------------------------------------------
(1)
A. NEIGHBOURHOOD
The subject property is located in a quiet prestigious residential known as
British Properties within the District of West Vancouver. The neighbourhood is
a developed area composed of detached single family dwellings of mixed ages.
The surrounding developments are of good quality and in well maintained
condition. The area residents are of the upper income group.
General amenities such as shopping and schools are within easy driving distance
and public transportation is within easy walking distance.
B. SITE DESCRIPTION
The subject is a freehold property. It is terraced and has a gentle slope from
the street up towards the rear. The site is an irregular-shaped corner lot
containing an area of approx. 12,744 sq.ft.
There is a good view of the city, Burrard Inlet and the ocean from the
property.
The site enjoys a full complement of municipal services. Municipal services to
the site include asphalt paved street with concrete curbs and gutter, concrete
sidewalk, hydro, natural gas, water, sanitary and storm sewers, street
lighting, cablevision, and police and fire protection.
C. IMPROVEMENT
The improvement is a two storey, full-basement dwelling. It is of wood
construction on concrete foundation. The exterior is finished with acrylic
stucco and solid granite stone facing, and the roof covering is of combination
of tar and gravel and concrete tile finish.
The total gross floor area is 6,532 square feet, comprising 2,489 square feet
on the main floor, and 1,934 square feet on the upper floor, and 2,109 square
feet of finished area in the basement.
The main floor contains a living room with a gas fireplace, dining room,
kitchen with an eating area, family room, laundry, pantry, study and two-2pc
powder room.
The upper floor contains 4 bedrooms with a 6pc ensuite in the master bedroom,
and an 4pc ensuite in each of the remaining bedroom.
The basement is fully finished and contains a recreation room with a full bar,
1 bedroom with 4pc ensuite, a 3pc bathroom with a changing area and steam room,
and a utility room. An accessory building adjacent to the garden terrace
contains a 14'x8' heated and filtered inground swimming pool.
PARKING
Parking is provided by an attached triple garage with a concrete and paving
stone paved driveway.
15
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LENDER/CLIENT Nam Tai Electronics ADDRESS OF PROPERTY
Ltd. Attn: Mark Waslen
ADDRESS: 4185 Still Creek Drive 1507 Pinecrest Drive
Burnaby, B.C V5C 6G9 West Vancouver, B.C.
TEL: ( )........................ ..............................
- --------------------------------- ------------------------------
- -------------------------------------------------------------------------------
NARRATIVE ADDENDUM: APPRAISAL REPORT
- -------------------------------------------------------------------------------
SPECIAL FEATURES
* 12 feet high ceiling over the living room
* Wainscotting in the dining room
* Skylights over the breakfast area, master ensuite & the secondary
staircases
* The kitchen (is of good quality) and will have siematic 7,007 RA
cabinets, gaggenau cook top & wok top, jennair built-in oven,
microwave oven, dishwasher, garburator and sub-zero refrigerator
* Good quality bathroom with jacuzzi bathtub (all Kohler brand)
* Walk-in closet in the master bedroom
* Remote control garage door openers and electronic remote control front
gate
* Heated and filtered inground swimming spa pool
* Built-in vacuum system and alarm system
* Radiant hot water heating
* Intercom with video monitor
* Extensive use of mohogary trim and panels
* Built-in wall cabinets & closet organizers
* Sound insulated media room
The subject building is currently at the final finishing stage, and we assumed
that the subject building will be in a good condition throughout upon
completion.
To the best of our knowledge, the subject property does not contain Urea
Formaldehyde insulation.
(2)
BASEMENT FINISHES, UTILITY:
The basement is finished with similar quality of finishing as the other floors,
has a recreation room with full bar, mini theatre, exercise room and steam room,
etc.
(3)
DECKS, PATIOS, OTHER IMPROVEMENT:
Slate paving terrace off the family room. Garden terrace off the study room at
rear. Detached accessory building containing a 14'x8' swimming spa pool
surrounded with tiled floor, adjacent to the garden terrace. Paving stone tile
view deck off the master ensuite and the upper floor hallway.
16
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LENDER/CLIENT Nam Tai Electronics ADDRESS OF PROPERTY
Ltd. Attn: Mark Waslen
ADDRESS: 4185 Still Creek Drive 1507 Pinecrest Drive
Burnaby, B.C V5C 6G9 West Vancouver, B.C.
TEL: ( )........................ ..............................
- --------------------------------- ------------------------------
- -------------------------------------------------------------------------------
NARRATIVE ADDENDUM: APPRAISAL REPORT
- -------------------------------------------------------------------------------
Addendum (4)
========================================================================================================================
COMP ADDRESS LOT SIZE BUILDING SALE PRICE/
NO. (SQ.FT.) DATE
- ------------------------------------------------------------------------------------------------------------------------
1 1438 Chippendale 85.3'x128.3'/86.9'/156.7' 7,000 $2,400,000/
Road or 12,028 sq.ft. April 1995
- ------------------------------------------------------------------------------------------------------------------------
2 1322 Cammeray 135'x120'/89.98'/92.7'/42.3' 6,340 $2,300,000/
Road Dec 16, 1994
- ------------------------------------------------------------------------------------------------------------------------
3 1438 Bramwell Road 74.35'x156'/105'/170.88' 7,027 $2,210,000/
or 14,402 sq.ft. April 1995
- ------------------------------------------------------------------------------------------------------------------------
4 2558 Westhill Drive 115.6'x167.1'/54'/62.5'/19.4' 6,368 $1,920,000/
or 11,996 sf Aug 3, 1995
- ------------------------------------------------------------------------------------------------------------------------
5 1509 Chartwell Drive 97.14'x157.76'/100'/191.18' 9,000 $2,688,000
Aug 12, 1994
========================================================================================================================
Addendum (5)
In preparing our estimate current market value of the subject property, a
number of current listings and sales comparables have been examined, and we
have placed most emphasis on sales of dwellings offering similar location and
quality of improvement.
Comparable No. 1 is a recent private sale, improved with a 5 year old, 2 storey
with basement, architectural design building containing a total of 7,000 square
feet livable area. It is situated on a similar size lot, slightly superior in
location, however, slightly inferior in quality of finishing, has a slightly
sloped driveway.
Comparable No. 2 is a slightly dated sale, improved with a newly constructed 2
storey with basement, architectural design building containing a total of 6,340
square feet livable area. It is situated on a similar size lot, slightly
inferior in location and quality of finishing, has a level driveway.
Comparable No. 3 is a recent exclusive sale, improved with a 6 year old, 2
storey with basement, architectural design building containing a total of 7,027
square feet livable area. It is situated on a slightly larger lot, similar in
location and quality of finishing, has a slightly sloped driveway.
Comparable No. 4 is a recent sale, improved with a 5 year old, architectural
design building containing a total of 6,368 square feet livable area. It is
situated on a similar size lot, inferior in location, has similar quality of
finishing, and a driveway moderately sloped down from street.
Comparable No. 5 is a dated sale, improved with a newly renovated and
modernized 17 year old, 2 storey with basement building containing a total of
9,000 square feet livable area. It is situated on a slightly larger but
steeply sloped lot, similar in location and quality of finishing.
These data suggested an adjusted range in value of the subject property from
$2,700,000 to $2,800,000, within this range, we feel that the lower limit is
warranted due to the current soft market condition.
Therefore based upon our inspection and analysis of limited data available, it
is our opinion that the market value of the subject property on May 30, 1995
was:-
TWO MILLION AND SEVEN HUNDRED THOUSAND DOLLARS
($2,700,000)
17
- -------------------------------------------------------------------------------
LENDER/CLIENT Nam Tai Electronics ADDRESS OF PROPERTY
Ltd. Attn: Mark Waslen
ADDRESS: 4185 Still Creek Drive 1507 Pinecrest Drive
Burnaby, B.C V5C 6G9 West Vancouver, B.C.
TEL: ( )........................ ..............................
- --------------------------------- ------------------------------
- -------------------------------------------------------------------------------
NARRATIVE ADDENDUM: APPRAISAL REPORT
- -------------------------------------------------------------------------------
Addendum (6)
FINAL ESTIMATE OF VALUE
In the subject appraisal, two approaches to value have been employed with the
following results:
Cost Approach $2,800,000
Market Approach $2,700,000
Both approaches provide the similar results. There is weakness in the Cost
Approach as the subject is a new dwelling and is difficult to estimate the
developer's profit.
In the Market Approach, truly comparable sales are scarce and a considerable
amount of adjustments for location, building and lot size, age and quality of
improvements of the comparable sales have been made. The indicated value
estimate relies somewhat on our experience and judgement. Both approaches
contain weakness but combine to provide a reasonable indication of value.
In our final analysis, we have placed more weight on the Market Approach.
Therefore, it is our opinion that the market value of the subject property as
at May 30, 1995 was $2,700,000.
The reasonable exposure time is likely in the region of three to nine months.
18
- -------------------------------------------------------------------------------
LENDER/CLIENT Nam Tai Electronics ADDRESS OF PROPERTY
Ltd. Attn: Mark Waslen
ADDRESS: 4185 Still Creek Drive 1507 Pinecrest Drive
Burnaby, B.C V5C 6G9 West Vancouver, B.C.
TEL: ( )........................ ..............................
- --------------------------------- ------------------------------
- -------------------------------------------------------------------------------
SUMMARY OF SALIENT FACTS AND CONCLUSIONS
- -------------------------------------------------------------------------------
LEGAL DESCRIPTION:
LOT 15, BLK 57, DL CE #22, LD 37, PLN 22343, PID: 014-577-097
MUNICIPALITY OR DISTRICT:
District of West Vancouver
HIGHEST AND BEST USE: Yes
SITE: SITE AREA: 12,744 sq. ft.
ZONING: RS-3
IMPROVEMENTS: ESTIMATED YEAR BUILT: 1995
EFFECTIVE AGE: New
ESTIMATED REMAINING LIFE: 60 yr
ROOMS/BEDROOMS/BATH: 13 /5/lF/2H5E
TOTAL LIVING AREA: 4432.1
REAL ESTATE TAXES ($): 4,444.68-94
DATE OF APPRAISAL: May 30, 1995
SALES INFORMATION: DATE OF SALE:
SALE PRICE:
SUMMARY OF VALUE FINDINGS
VALUATION APPROACH VALUE INDICATION ($)
COST APPROACH: 2,816,800
DIRECT COMPARISON APPROACH:
COMP 1:
COMP 2:
COMP 3:
COMP 4:
COMP 5:
COMP 6:
VALUE BY THE DIRECT COMPARISON APPROACH: 2,700,000
LAND VALUE: 750,000
MARKET VALUE CONCLUSION ($) 2,700,000
19
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CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS - PAGE 1
- -------------------------------------------------------------------------------
DEFINITION OF MARKET VALUE: The most probable price which a property should
bring in a competitive and open market under all conditions requisite to a fair
sale, the buyer and seller, each acting prudently, knowledgeably and assuming
the price is not affected by undue stimulus. Implicit in this definition in
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 sailor are typically
motivated; (2) both parties are well informed or well advised, with each acting
in what he considers his own best interest; (3) a reasonable time is allowed
for exposure in the open market; (4) payment is made in terms of cash in
Canadian 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.
CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS
CONTINGENT AND LIMITING CONDITIONS: The certification that appears in the
appraisal report is subject to the following conditions:
1. Because market conditions, including economic, social and political factors
change rapidly and, an occasion, without warning, the market value estimate
expressed as of the date of this appraisal cannot be relied upon as of any
other date except with further advice from the appraiser confirmed in writing.
2. No responsibility is assumed for matters of a legal nature that affect
either the property being appraised or the title to it. It has been assumed
that the title is good and marketable and, therefore, no opinion is rendered
about the title. The subject property must comply with government regulations,
including zoning, building code and health regulations and, if it doesn't
comply, its non-compliance may affect market value. To be certain of
compliance, further investigation may be necessary. The property is appraised
on the basis of it being under responsible ownership.
3. No survey of the property has been made. Any sketch in the appraisal report
shows approximate dimensions and is included only to assist the reader of the
report in visualizing the property.
4. This report is completed on the basis that testimony or appearance in court
is not required as a result of this appraisal unless specific arrangements to
do so have bean made beforehand. Such arrangements will include, but not
necessarily be limited to, adequate time to review the appraisal report and
data related thereto and the provision of appropriate compensation.
5. Unless otherwise stated in the appraisal report, there are no known
unapparent or hidden conditions of the property (including but not limited to
its soils, physical structure, mechanical and other operating system, its
foundation etc.) or adverse environmental conditions (on it or a neighbouring
property, including the presence of hazardous wastes, toxic substances etc.)
that would make the property more or lose valuable. It has been assumed that
there are no such conditions unless they were observed at the time of
inspection or became apparent during the normal research involved in completing
the appraisal. The attached report should not be construed as an environmental
audit or a detailed property condition report, as such reporting is beyond the
scope of this report and/or the qualifications of the appraiser.
Responsibility is not accepted for any such unapparent or hidden conditions
that do exist, or for any research, testing or engineering that might be
required to discover whether such conditions exist.
6. Information, estimates, and opinions that have been expressed in the
appraisal report are obtained from sources considered to be reliable and they
are believed to be true and correct. No responsibility is assumed for the
accuracy of such items that were furnished by other parties.
7. The opinions of value and other conclusions contained herein assume
satisfactory completion of any work remaining to be completed in a good and
workmanlike manner. Further inspection may be required to confirm completion
of such work.
8. The contents of this report are considered confidential and will not be
disclosed by the author to any party except as provided for in the Standards of
Professional Practise of the Appraisal Institute of Canada and/or when properly
entered into evidence of a duly qualified judicial or quasi-judicial body.
9. Written consent from the author and supervisory appraiser must be obtained
before all (or any part) of the content of the appraisal report can be used for
any purposes by anyone except: the client specified in the report and, where
the client is the mortgages, its insurer and the borrower, if he/she paid the
appraisal fee. The author's written consent and approval must also be obtained
before the appraisal (or any pan of it) can be conveyed by anyone to any other
parties, including mortgagees other than the client and the public through
prospectus, offering memo, advertising, public relations, news, sales or other
media.
20
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CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS - PAGE 2
- -------------------------------------------------------------------------------
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. The subject market area has been researched and a minimum of three recent
sales of properties have been selected that are the most similar and proximate
to the subject property for consideration in sales comparison analysis and a
dollar adjustment have been made where appropriate to reflect the market
reaction to those items of significant variation. If a significant item in a
comparable property is superior to, or more favourable then, the subject
property, a negative adjustment is made to reduce the adjusted sales price of
the comparable and, it a significant item in a comparable property is inferior
to, or lose favourable than the subject property, a positive adjustment is made
to increase the adjusted sales price of the comparable.
2. All factors known to the appraiser (and to the extent that the data permits)
that have an impact on value have boon taken into consideration to the extent
felt necessary in rendering a considered opinion of value. No significant
information has been knowingly withhold from the appraisal report and it is
believed to the best of my knowledge, that all statements and information in
the appraisal report are true and correct.
3. Only my personal, unbiased, and professional analysis, opinions, and
conclusions are stated in the appraisal report. Included on this form are all
contingent and limiting conditions affecting the analysis, opinions, and
conclusions, whether they were imposed by the terms of the assignment or by the
appraiser.
4. I have no past, present or prospective interest in the property that is the
subject to this report, and I have no present or prospective personal interest
in the property or bias with respect to the parties involved.
5. The opinion of value stated within this report does not result from a
requirement to report a predetermined value or direction in value that favours
the cause of the client or any related party, the attainment of a specific
result, or the occurrence of a subsequent event in order to receive the
compensation and/or employment for performing the appraisal. The reported
value is not based on a requested minimum valuation, a specific valuation, or
the need to approve a specific mortgage loan.
6. The appraisal has been performed in conformity with the Standards of the
Appraisal Institute of Canada with the exception of the departure provision of
those Standards, which does not apply. It is acknowledged that an estimate of
a reasonable time for exposure in the open market is a condition in the
definition of market value and the estimate developed is consistent with the
marketing time noted in the appropriate section of this report unless otherwise
stated in the reconciliation section.
7. The interior and exterior of the subject property were personally inspected
on the date shown in the attached report. It is hereby certified that any
apparent or known adverse conditions have been noted herein, in the subject
improvements, on the subject site, or on any site, within the immediate
vicinity of the subject property which were apparent as of the date of
inspection and that adjustments have been made for these adverse conditions in
the analysis of the property value to the extent that market evidence was
available to support them.
8. All conclusions and opinions about the real estate were personally prepared
as same are set forth in the appraisal report. If there was reliance on
significant professional assistance from any individual or individuals in the
performance of the appraisal or the preparation of the appraisal report, such
individual(s) have been named heroin including the disclosure of specific tasks
performed by them. No authorization has been given to anyone to make a change
to any item in the report; therefore, if an unauthorized change is made to the
appraisal report, no responsibility for such changes is assumed.
SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the
appraisal report, he or she certifies and agrees that: direct supervision of
the appraiser who prepared the appraisal report was performed and that the
supervisor participated in the development of the estimate of market value in
this appraisal report, reviewed the appraisal report, agree with the statements
and conclusions of the appraiser, and take full responsibility for the
appraisal report.
APPRAISER: SUPERVISORY APPRAISER (if applicable):
Signature: Signature: [SIG]
----------------------------- -------------------------
Name: Steven Kwan Name: David J. Wilson B.SC ARICS
--------------------------------- ------------------------------
Inspected Property: Yes: X No: Inspected property: Yes: No X
---- --- --- --- --- ---
Date Signed: June 14, '95 Date Signed: June 14, '95
--------------------------- -----------------------
Designation: Designation: AACI
--------------------------- ----------------------
Recertified: Yes: No: X Recertified: Yes: X No:
---- ---- ---- ---- ---- -----
21
- -------------------------------------------------------------------------------
LENDER/CLIENT Nam Tai Electronics ADDRESS OF PROPERTY
Ltd. Attn: Mark Waslen
ADDRESS: 4185 Still Creek Drive 1507 Pinecrest Drive
Burnaby, B.C V5C 6G9 West Vancouver, B.C.
TEL: ( )........................ ..............................
- --------------------------------- ------------------------------
- -------------------------------------------------------------------------------
CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS ADDITIONAL COMMENTS
- -------------------------------------------------------------------------------
9.
Address:
1508 Pinecrest Drive, West Vancouver, B.C.
Legal description of Property:
LOT 15, BLK 57, DL CE#22, LD 37, PLN 22343, PID: 014-577-097
Date of Inspection:
May 30, 1995
Appraisal Value:
$2,700,000
Effective Date of Valuation:
May 30, 1995
10.
That as of May 30, 1995, the effective date of this report, the subject
property identified as 1507 Pinecrest Drive, West Vancouver, B.C., has a value
Of TWO MILLION AND SEVENTY THOUSAND DOLLARS ($2,700,000), subject only to the
underlying assumptions and limiting conditions set out in this report.
11.
That the subject property was inspected on May 30, 1995 and that no one else
provided significant professional assistance to the persons signing this
report.
22
- -------------------------------------------------------------------------------
LENDER/CLIENT Nam Tai Electronics ADDRESS OF PROPERTY
Ltd. Attn: Mark Waslen
ADDRESS: 4185 Still Creek Drive 1507 Pinecrest Drive
Burnaby, B.C V5C 6G9 West Vancouver, B.C.
TEL: ( )........................ ..............................
- --------------------------------- ------------------------------
- -------------------------------------------------------------------------------
BUILDING SKETCH ADDENDUM
- -------------------------------------------------------------------------------
[MAP]
23
- -------------------------------------------------------------------------------
LENDER/CLIENT Nam Tai Electronics ADDRESS OF PROPERTY
Ltd. Attn: Mark Waslen
ADDRESS: 4185 Still Creek Drive 1507 Pinecrest Drive
Burnaby, B.C V5C 6G9 West Vancouver, B.C.
TEL: ( )........................ ..............................
- --------------------------------- ------------------------------
- -------------------------------------------------------------------------------
LOCATION MAP ADDENDUM
- -------------------------------------------------------------------------------
[MAP]
24
- -------------------------------------------------------------------------------
LENDER/CLIENT Nam Tai Electronics ADDRESS OF PROPERTY
Ltd. Attn: Mark Waslen
ADDRESS: 4185 Still Creek Drive 1507 Pinecrest Drive
Burnaby, B.C V5C 6G9 West Vancouver, B.C.
TEL: ( )........................ ..............................
- --------------------------------- ------------------------------
- -------------------------------------------------------------------------------
SITE MAP ADDENDUM
- -------------------------------------------------------------------------------
[MAP]
25
SCHEDULE "B"
ASSESSMENT ROLL NUMBER OFFICE USE
08-45-328-24-0306-000-000 NEIGHCD
DISTRICT OF WEST VANCOUVER 025529
BRITISH COLUMBIA
ASSESSMENT AUTHORITY
1996 PROPERTY ASSESSMENT
This is your 1996 Property Assessment Notice. The purpose of this notice is to
provide you with an estimate of your property value. This information will be
used by the provincial government, municipalities, regional districts, and
hospital boards to calculate your 1996 property taxes.
PROPERTY DESCRIPTION
Your property description may consist of a property address, legal description
and the property identification (PID) number assigned by the Land Titles
Office.
1507 PINECREST DR
Lot 15, Block 57, Plan 22343, District Lot CE #22, New Westminster
Group 1 Land District.
PID-014-577-097
PROPERTY VALUE
The value of your property is determined by local real estate market
conditions. The ASSESSED VALUE is BC Assessment's estimate of the market value
(most probable selling price) for your property had it been for sale on July 1,
1995.
This value reflects the physical condition of your property as of October 31,
1995.
VALUE CLASS
LAND 709,000
BUILDINGS 1,247,000
ASSESSED VALUE $1,956,000 RESIDENTIAL
TAXABLE VALUE $1,956,000
ADDITIONAL INFORMATION
This information relates to your property and may be of interest to you.
o This is an assessment of an incomplete building or structure.
o "Residential" includes dwellings, recreational property, apartments,
condominiums, manufactured homes, farm buildings and some vacant land.
o 1995 assessed value (as of July 1, 1994) was $1,328,000
YOUR ASSESSMENT OFFICE FOR THIS PROPERTY IS:
North Shore-Squamish Valley Area
255 First St W Suite 210
North Vancouver BC V7M 3G8
08-45-328-24-0306-000-000
Local Office (604) 984-9751 or 1-800-571-1211
Fax (604) 984-9310
THE OWNER/LESSEE OF THIS PROPERTY IS:
NAM TAI ELECTRONICS LTD
530 999 HASTINGS ST W 40
VANCOUVER BC V6C2W2
OFFICE HOURS
If you have any questions about your 1996 Property Assessment, please call your
local assessment office.
During the month of January, the office will be open between 8:30 a.m. and 5:00
p.m., Monday through Friday.
For more information, please see the back of this notice.
PLEASE NOTE THAT THE DEADLINE FOR APPEALING YOUR ASSESSMENT IS JANUARY 31,
1996.