COASTAL ZONE PERMIT NO. CZT-S1-87L Page -7- S. SPECIAL CONDITIONS ( ). architect registered in the U. S. Virgin Islands, to provide the regulatory flood evaluation data pursuant to Title 29, V.I. Code, Chapter 5, Section 294 (b)(4)-3 and the structures designed accordingly. (t) The Permittee shall obtain the required permits from the Division of Environmental Protection for the installation and operation of a reverse osmosis desalination plant prior to issuance of occupancy permit. A specific landscape plan for the entire project shall be submitted to the DCZM for approval prior to commencement of construction. (v) A relocation plan for the existing businesses at the project site shall be submitted to Division of Permits prior to commencement of construction. (w) During the operation of this facility, space shall be provided for any emergency vessel requiring temporary berthing. (x) A permit to construct a sidewalk from the western boundary—of the Ivanna Eudora Kean High School to the eastern boundary of the project site shall be obtained prior to commencement of construction of this project. (y) For the duration of this permit and any, subsequent Government leases which may supercede this permit. cmly marine-related businesses shall be allowed to operate on the site of this development. Prior to the issuance of a certificate of occupancy, Permittee shall submit a list of prospective tenants to the St. Thomas CZM Committee for review and approval. (ti To ensure the opportunity for the established businesses at the development site to continue their business operations, any persons or entities operating under a lease or occupancy agreement will be given the right of first refusal to available space in the new buildings and structures. @ 2007 CB Richard Ellis, Mc. EFTA00787968

.,2••••• COASTAL ZONE PERMIT NO. CZT-81-87L Page -8- SPECIAL CONDITIONS ( ). (aa) The location of filled submerged lands and building A will conform to the siting and location as indicated on the revised site plan dated August 21, 1987. which is an appendix to this permit. (bb) All dredge spoils transported from the development site will be transported in sealed. watertight tank trucks. An economic impact assessment shall be submitted to the DP-OCZM staff for approval prior to commencement of construction. (dd) The dinghy dock shall maintain its present dimensions, and no restaurant be allowed thereon. (ee) Fire fighting equipment appropriate for the docking facilities shall be made available at the dock at all times. Permittee shall consult with the Virgin Islands Fire Department to ascertain the necessary requirements. The Office of Coastal Zone Management shall be furnished an approved copy of the requirements prior to commencement of construction. (ff) ( go) The developer shall submit to DP-OCZM a detailed plan of the areas subjected to a 100 year frequency storm--both tidal and inland ;rain induced) prior to construction. Account shall be taken of the wave ac c g'n .' for flooding. The plan shall :how both flooding elevations and probable energy impacts due to wave action. In addition, special conditions B through J, of Permit No. T-137-81W, granted to Lagoon Marina Incorporated on September 9, :9871, shall remained in effect except where Ln conflict with this permit. @ 2007 CB Richard Ellis, Mc. EFTA00787969

COAATAL ZONE PERMIT NO. CZT-81-87L Page -9- IN TESTIMONY WHEREOF, the parties herein have hereunto set their hands and seals on the days and years appearing herein below. GOVERNMENT OF THE VIRGIN ISLANDS, Permittor By: By: /22C.‘ if Off.... ,-,_.„ 7- ..57-/, - ,K7 Chairman, St. Thomas `ccmmittee Date Coastal Zone Management Commission 71,MERIC'-0 ?AC'S:: HARBOR ASSOC:ATE2 Fermittee Carl Freyer • Date t 2007 CB Richard Ellis, Mc. EFTA00787970

COASTAL ZONE PERMIT NO. CZT-81-87L Page -10- I, Carl H. Freyer, do hereby certify that I am the General Partner of AmeeiCan±iCht . BarbOr —ASsociates, a United States Virgin Island Limited Partnership duly licensed and/or registered to do business in the U.S. Virgin Islands, that Carl #veyer who signed this permit is Geneial * . ParEriir of said' limited 7art7eraniz, t-at he is authorized ty the Agreement Limited Partnership to execute this permit in the name of and in behalf limited partnership. I further certify that the making d/ this permit is within the scope of the limited partnership's _powers. Carl H. Freyer General Partner SWO:t2: :O AND SUBSCRIBED before me :his sr.A. day of 1-C1(4, • • < _ l!otary Public MyCommU3RmEnuisMarAL:rn O 2007 CB Richard Ellis, Inc. EFTA00787971

AMERICAN YACHT HARBOR & MARINA ADDENDUM G LEGAL DESCRIPTION O 2007 CB Richard Ellis, Inc. EFTA00787972

EXHIBIT D PROPERTY DESCRIPTION Parcel No. 18A-1 Remainder Estate Smith Bay Nos. 1, 2 and 3 East End Quarter St. Thomas, U.S. Virgin Islands as shown on O.L.G. Drawing No. D9-5196-T91 dated February 19, 1991, consisting of 0.22 acre, more or less, Parcel No. 18B-1 Remainder Estate Smith Bay Nos. 1, 2 and 3 East End Quarter St. Thomas, U.S. Virgin Islands as shown on O.L.G. Drawing No. D9-5196-T91 dated February 19, 1991, consisting of 0.48 acre, more or less, Parcel No. 18B Remainder Estate Smith Bay Nos. 1, 2 and 3 East End Quarter St. Thomas, U.S. Virgin Islands as shown on O.L.G. Drawing No. D9-5196-T91 dated February 19, 1991, consisting of 1.42 acres, more or less Doc* 2007088533 Pages 43 01/19/2897 3:07PM Official Records of ST THOMAS/ST JOHN 4ILNR 0. HART SMITH RECORDER OF DEEDS Fees $85.00 0 2007 CB Richard Ellis, Inc. EFTA00787973

AMERICAN YACHT HARBOR & MARINA ADDENDUM H ENGAGEMENT LETTER O 2007 CB Richard Ellis, Inc. EFTA00787974

JUN 12 2007 12:20 FR VAS DEKRTPENT TO ORLANDO P.02/02 VALUATION Si ADVISORY SERVICES June 11, 2007 Mork Lande IGY-AYH ST. THOMAS HOLDINGS, LLC 717 Fifth Avenue — 18th Floor New Yo Phone: Fox: And Cassandra P. Webster-Hodge ifir CO box 8580 St. Thomas, VI 00801 Phone: 8+44+2716 / 340.693.2716 Fax: 8+44+2716 / 340.693.2794 RE: Appraisal Agreement American Yacht Harbor& Marino 6100 Red Hook Quarters #2 St. Thomas, USVI 00802 Dear Mr. Lande & Ms. Webster-Hodge: CBRE CS RICHARD ELLIS CS Idchard ells, Inc. 777 &Wog AWAY% Sate 910 ' 131 James I. Agmtr, MAI Mcmaging 0;roctot - Flocao 0-39(00-65 /0 guack c) Gt f-N We are pleased to submit this proposal and our Terms and Conditions for the appraisal of the referenced real estate. PROPOSAL SPECIFICATIONS Purpose: Promise: Rights Appraised: Intended Use: Scope of Work Report Type: Appraisal Standards: Poo: Retainer: Payment Terms: Report Copies: To estimate the Market Valuo of the referenced real estate As Is, and As Stabilized Loosed Fee Internal Decision Making purposes All applicable approaches • Self-Contained Client Guidelines/USPAP/FIRREA $30,000 plus travel expenses, to be paid by IGY-AYH St. Thomas, ICC A retainer is Not Required for this assignment Final payment is due and payable upon delivery of the final report or within thirty (30) days of your receipt of our draft report, whichever is sooner. If a draft report is requested, the fee is considered earned upon delivery of our draft report. One (1) PDF draft copy and Three (3) bound final copies :le 2007 CB Richard Ellis, lac. EFTA00787975

JUN 12 2007 12:00 FR VAS DEPARTMENT TO ORLANDO P. 03/08 Mark Lande Appraisal Agreement Page 2 of 7 June 11, 2007 Delivery Date: Delivery Schedule: Preliminary Value: Draft Report: Final Report: Start Date: Acceptance Date: Delivery of the appraisal conclusions and/or reports) will be completed according to the following Delivery Schedule. Not Required Between June 3/ and July 6, 2007 7 days after final review and authorization to deliver final reports The appraisal process will start upon receipt of your signed agreement and the property specific data. These specifications ore subject to modification if this proposal is not accepted within 3 business days from the date of this letter. The attached Terms and Conditions and Specific Property agreement as though set forth in full herein. We appreciate this opportunity to be of service to you on questions, please contact us. Sincerely, O3 RICHARD ELLIS, INC. Valuation & Advisory Services James E. Agner, MAI Managing Director — Florida St. Cert. Gen. REA RZ382 Phone: Fox: E-mail: Data Request are this assignment. deemed a part of this If you have additional. CBRE @ 2007 CB Richard Ellis, Mc. CB FOC:BARD ELLIS EFTA00787976

SW 12 200? 12:00 FR VAS DEPARTMENT TO ORLANDO P.04/08 ' Mork Londe Appraisal Agreement Pago 3 of 6 June 11, 2007 AGREED AND ACCEPTED FOR IGWAYI4 ST. THOMAS HOLDINGS, LLQ Signature US G-cist NACU ur Name 2-11- SDI) 0 Phone Number Cam, COlciffter_e) IS(e_Cer-Ceth &Moil Address Li c, (En- Dote f nes Tithe 7t2 mss- cub I Fax Number RIM 2007 CB Richard Ellis, Inc. EFTA00787977

JUN. 21. 2007 6:03PM BANCO POPULAR COMMERIAL BANKING Ma 4917 P. 4 Mark Londe Appraisal Agreement Page 4 of 7 June 11, 2007 AGREED AND ACCEPTED BANCO POPULAR VIRGIN ISLANDS: 3 —in ze207 Date /C b}4,6) li -r-r451C‘i Tifle kf0'•-t93-.2Me Phone Number Fax Number ehe WO' E-Mail Address CBRE CB RICHARD ELLS O 2007 CB Richard Ellis, Inc. EFTA00787978

AMERICAN YACHT HARBOR & MARINA ADDENDUM I QUALIFICATIONS O 2007 CB Richard Ellis, Inc. EFTA00787979

QUALIFICATIONS QUALIFICATIONS OF CLAUDE R. "BUDDY" URBAN, MAI Senior Real Estate Analyst/Multi-family Specialist CB Richard Ellis, Inc., Valuation and Advisory Services 777 Brickell Avenue, Suite 910 Miami, Florida 33131 EDUCATIONAL Bachelor of Business Administration, Sam Houston State University, Huntsville, Texas LICENSE(S)/CERTIFICATION(S) Certified General Real Estate Appraiser: State of Florida (No. RZ 2815) Certified General Real Estate Appraiser: State of Nevado (No. 04813) Certified General Real Estate Appraiser: State of Texas (No. DC-1320516-G) Licensed Real Estate Broker: State of Texas PROFESSIONAL Aooraisal Institute Designed Member (MAI), Certificate No. 9260 EMPLOYMENT EXPERIENCE 1984 to 1986 1986 to 1992 1992 to 1994 1994 to 1998 1998-2003 2003-Present Associate Consultant/Appraiser, Michael J. Urban & Assoc., Inc. Houston, -n< Associate Consultant/Appraiser, Dominy, Ford & McPherson, Inc., Houston, DC President and Principal Appraiser, Buddy R. Urban & Assoc., Houston, 1X President and Principal, NaturaLawn of America and Burnett Pipeline Co., Houston, TX Associate Consultant/Appraiser, Gerold A. Teel, Inc., Houston, TX CB Richard Ellis, Inc., Miami, FL Professional experience has been in the fee preparation/review of real estate appraisals, feasibility studies, rent analyses and market studies of commercial and residential properties. Primary experience encompasses a wide variety of property types including office, retail, industrial, multifamily, hotel, medical office, restaurant, parking garage, car wash, low-income housing, bond financed multi-family, residential subdivision, master-planned business park, bank branch, special purpose, and single family. Assignments completed in Florida, Louisiana, Mississippi, Nevada, New Mexico, Virgin Islands, Puerto Rico and Texas. 2007 CB Richard Effis, Inc. EFTA00787980

GOVERNOR Act 2890 4 6 6 DATE L0/11/2006 STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD SEQ#L06101103083 068079080 LICENSE NBR RZ2815 Mlle CERTIFIED GENERAL APPRAISER $qamed below IS CERTIFIED rUnder the provisions of Chapter 475 FS. expiration date: NOV 30, 2008 0 URBAN, BUDDY R .r777 BRICKELL AVENUE, SUITE 910 MIAMI FL 33131 JEB BUSH SIMONE MARSTILLER SECRETARY DISPLAY AS REQUIRED BY LAW EFTA00787981

QUALIFICATIONS QUALIFICATIONS OF JAMES E. AGNER, MAI, SGA Managing Director - Florida Nat. Director - Net Lease Valuation Group Nat. Director - Golf Valuation Group CB Richard Ellis, Inc., Valuation and Advisory Services 777 Brickell Avenue, Suite 910 Miami, Florida 33131 EDUCATIONAL BS, Marketing, Florida Stote University, Tallahassee, Florida - 1981 Real Estate Major, Florida Atlantic University - 1984 Appraisal Institute Appraisal Institute Courses 1A and 18. Attended numerous educational seminars sponsored by the Appraisal Institute including Standards of Professional Practice, Market and Feasibility Studies for Shopping Centers, USPAP Florida State Low, Public Safety and Property Values and Real Estate Valuation in the Appraisal Industry. LICENSE(S)/CERTIFICATION(S1 Registered Real Estate Broker-Salesman; State of Florida (No. BL0404088) Certified General Appraiser; State of Florida (No. RZ382) PROFESSIONAL Appraisal Institute Designated Member (MAI), Certificate No. 7791 South Florida Caribbean Board of Directors (Past Director) Society of Golf Appraisers — Designated Member (SGA) - 2005 Qualified Expert Witness Circuit Courts - State of Florida United States Bankruptcy Courts EMPLOYMENT EXPERIENCE Twenty-six years of Real Estate Appraisal and Consulting experience throughout the State of Florida and in the Caribbean. 1981 to 1984 1984 to 1985 1985 to 1995 4/95 to 10/95 1995-Present Florida Dept. of Transportation Raymond Kaiser Engineer Quinlivan Appraisal & Consulting Coastal Appraisal Services CB Richard Ellis, Inc. - Valuation and Advisory Services — Managing Ft. Lauderdale, FL Ft. Lauderdale, FL South Miami, FL Naples, FL Miami, FL Director - Florida O 2007 CB Richard Ellis, Inc. EFTA00787982

Ac# 29 3 0 7 96 DATE STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION FLORIDA REAL ESTATE APPRAISAL BD SEQ#L06103102986 BATCH NUMBER LICENSE NBR 10/31/2006 1068089957 RZ382 8The CERTIFIED GENERAL APPRAISER -9Named below IS CERTIFIED QUnder the provisions of Chapter 475 FS. ,Expiration date: NOV 30, 2008 0 FAGNER, JAMES E 1_777 BRICKELL AVE #1000 MIAMI FL 33131 JEB BUSH GOVERNOR DISPLAY AS REQUIRED BY LAW SIMONE MARSTILLER SECRETARY EFTA00787983