Marine Survey



Marine Survey

Holiday Mansion Coastal Barracuda

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Samte

Ocean State Mobile Marine, LLC.



612 Twinbrook Lane Coventry, RI 02816

(401) 626-6872

(401) 626-6877

REPORT OF MARINE SURVEY

Of the Vessel

Samte

Holiday Mansion Coastal Barracuda

Conducted by:

Richard M. Gagnon

Attending Surveyor

PREPARED EXCLUSIVELY FOR:

xxxxxxxx

June 26, 2009

Table of Contents

|Section |Title |Page Number |

|I. | |Introduction |4 |

| |A. |Acceptance |4 |

| |B. |Scope of Survey |4 |

| |C. |Standards & References |5 |

| |D. |Definition of Terms |5 |

|II. | |Vessel Information & Specifications |6 |

| |A. |Overview |6 |

| |B. |Information |6 |

|III. | |Systems |7 |

| |A. |Hull, Deck, and Superstructure |7 |

| |B. |Cabin Interior |14 |

| |C. |Propulsion System |15 |

| |D. |Steering System |17 |

| |E. |Fuel Systems |17 |

| |F. |Electrical System |18 |

| |G. |Electronics/Navigation |21 |

| |H. |Bonding Systems |21 |

| |I. |Fresh Water System |21 |

| |J. |Sanitation System |22 |

| |K. |Thru-Hull Fittings |23 |

| |L. |Air Conditioning System |23 |

| |M. |Safety Equipment |23 |

| |N. |Ventilation Systems |26 |

|IV. | |Findings and Recommendations |26 |

|V. | |Vessel Condition Summary |27 |

|VI. | |Valuations |28 |

| |A. |Fair Market Value |28 |

| |B. |Replacement Cost |29 |

|VII. | |Certifications |29 |

| |A. |Attending Surveyor’s Statement |29 |

| |B. |Hull Identification Number |30 |

SECTION I: INTRODUCTION

A. ACCEPTANCE

This report is issued without prejudice for the exclusive use of the purchaser, Mr. xxxxxxx. The report is issued subject to the conditions that are set forth and previously agreed to in the contract Agreement to Perform Survey.

This report represents a statement of observed conditions at the time of the survey only, within the limitations described in Section B, Scope of the Survey, and is not a warranty of the condition of the vessel, its hull, machinery, systems, unforeseen or undetected damages or other conditions that may exist. If this survey does not discuss a specific item of inventory, equipment, machinery, or system, it is expressly not covered by this survey.

By accepting this report, the individual employing Ocean State Mobile Marine, LLC. accepts the terms of performance, the limitations, and exclusions noted above.

B. SCOPE OF THE SURVEY

The survey purchaser’s motivation for this survey is to obtain an independent critique and evaluation of this specific vessel as to its condition and value.

This condition-and-value survey was conducted in the water Friday June 26, 2009. The attending surveyor conducted the survey in the presence of the survey purchaser but not the owner or any owner’s representative.

No invasive or destructive methods were used nor were any panels, fasteners, paint, structural, or secondary members removed. Regarding cabinets, deck lockers, lazarettes, and bilges, no clothing, spare parts, supplies, anchors/rodes, or other miscellaneous equipment was removed. Locked compartments and other inaccessible areas also precluded inspection. Therefore, the survey is based solely on careful inspection of all accessible portions of the vessel’s structure, components, and systems where spaces were free from obstruction.

Both AC and DC power were available. Systems were tested for power-up only--not for operational integrity except where noted in the body of this report.

C. STANDARDS & REFERENCES

The mandatory standards promulgated by the United States Coast Guard, (USCG), under the authority of Title 46 United States Code, (USC); Title 33 & 46, Code of Federal Regulations, (CFR); and the voluntary standards and recommended practices developed by the American Boat and Yacht Council, (ABYC); and the National Fire Protection Association, (NFPA); have been used as guidelines in the conduct of this survey.

NOTE: The buyer should be aware that state and local laws may require additional compliance to safety equipment, effluent management, and/or construction standards.

D. DEFINTION OF TERMS

The following terms and phrases have the following meanings as used in this Report of Survey:

|Terms/Phrases |Definitions |

|Adequate |Sufficient for a specific requirement. |

|Appears |Indicates that a very close inspection of the particular system, component, or item was not |

| |possible due to constraints imposed on the surveyor. For example, there was no power |

| |available, panels could not be removed, or a non-destructive test was requested. |

|Excellent Condition |Component or item is new or like new. |

|Fair Condition |Component or item is functional. |

|Fit for Intended Service |What the vessel was designed and manufactured by the naval architect and/or builder to do. |

|Fit for Intended Use |Use of the vessel which is intended by the survey purchaser. |

|Good Condition |Component or item is nearly new with only minor visual or structural deficiencies. |

|Like New |Item appears to be brand new and unused. |

|Poor Condition | Component or item is not usable requiring repairs or replacement to be considered functional. |

|Powers Up |Power was applied, and the unit turned on. |

|Serviceable |Component or part appears fit for its intended use. No definitive test was performed to assure|

| |it will work. |

|## |Use of this symbol in the body of the report will indicate that a finding will be listed in the|

| |Findings and Recommendations Section, Section IV. |

SECTION II: VESSEL INFORMATION & SPECIFICATIONS

A. OVERVIEW OF VESSEL

Holiday Mansion U.S. fiberglass houseboat Vanderbilt Yachts was purchased by Vanderbilt Yachts in late 2004. The second owner Holiday Mansion International no longer exists. Holiday Mansion boat manufacturing was originally founded in 1965 in Salina, Kansas by Jack Byquist. They produced thousands of houseboats in the 29–49 foot range for over three decades. In their prime, Holiday Mansions were popular with lake boaters and coastal cruisers from the Chesapeake Bay down to Florida’s coast. The spacious interior combined with a shallow draft and low purchase and operating costs made it a natural boat for rental agencies.

B. INFORMATION

|Type of Survey |Prepurchase/Condition & Value |

|Name of Vessel |Samte |

|*Year/Make/Model of Vessel |1984 Holiday Mansion Coastal Barracuda |

|Hull Identification Number |xxxxxxxxx |

|*Official Documentation Number |xxxxxx(fiberglassed inside engine compartment) |

|*Hailing Port |Warwick , RI |

|State Registration Number |xxxxxxx |

|Owner’s Name |xxxxxxx |

|Owner’s Address |xxxxxxxx |

|Survey Location |Brewers Marina Warwick, RI 02889 |

|Date of Survey |June 26, 2009 |

|*Designer |Jack Byquist |

|*Builder |Holiday |

|*Hull Material |Fiberglass |

|Hull Type |Displacement Tri - hull |

|*L.O.A. |37’10” |

|*L.W.L. |36’0” |

|*Beam |12’0” |

|*Draft |2.5’ |

|*Displacement |22,000 Lbs |

|*Ballast |na |

|*Sail Area |na |

|Intended Use |Bay cruising in RI waters |

*As per ship’s papers.

SECTION III: SYSTEMS

A. HULL, DECK, KEEL, & SUPERSTRUCTURE

Hull: The displacement hull is single skin FRP. Gelcoat was generally in good condition.

There was no visual evidence of blisters on the hull. Moisture meter readings over a six-inch grid on the unpainted portion of the hull were taken. These readings showed no remarkable results. Moisture meter readings are not always reliable as several factors, such as certain paints, coatings, and residual surface moisture as well as standing water in bilges, lockers, tanks, and other cavities adjacent to the hull, limit their ability to produce conclusive results.

Stringers: In the bilge area, where accessible, transverse stringers were percussion sounded with a brass hammer. No remarkable findings.

Deck: The deck is one-piece FRP with white non-skid surfaces.

Along the cabin top are stainless grab rails tested with vigorous shaking and strong blows with a rubber mallet. Appear serviceable.

B. CABIN INTERIOR

The cabin interior was generally in very good condition. A FRP liner obscures inspection of most of the wiring, the deck-to-hull joint, and deck hardware.

Forward Cabin: Vee berth forward with cushions was found clean and in good condition. Storage compartment under berth forward for plastic fresh water tank. Appears serviceable. To port is a storage locker with door. Serviceable. To starboard is a small hanging locker lined with cedar. Serviceable. There is an opening in the bulkhead with folding door for privacy. Serviceable.

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The main cabin has a table on pedestal that rotates. Many light scratches were found in the top. Serviceable. Settee covers were in good condition. All cabinet doors operated properly.

Galley: The galley has a custom countertop and double stainless steel sinks. Good condition. Faucet is linked to water pump. Water systems all are functional. All doors were operational. There is a stainless two-burner stove with oven. Top burners were operational. Oven was not tested.

The refrigerator is functional.

Head: To port in the main cabin is the head. (See Sanitation System) There is a single bowl sink with hot/cold faucet linked to a water pump which is functional. Shower sump has drain/discharge pump which is functional.

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Cabin General: All cabin lights powered up. All port glass was in good condition with no evidence of water intrusion. Opening hatches appear serviceable. Shades and screens were tested and appear serviceable.

The cabin sole is in good condition. Non-skid at bottom on companionway and in galley is in good condition. Under the sole in the main cabin is the bilge. Bilge was generally clean and free of debris.

C. PROPULSION SYSTEMS

Petrol Engines: The engines are gas powered Volvo Penta 280 series, GM blocks. An engine compression test was performed and all cylinders tested 160 lbs of pressure which is indicative of a well maintained engine.

Gear Lever / Throttle: At the binnacle a lever throttle is located on the starboard side of the wheel and gear shift control lever is located on the port side. Also station is on the fly bridge. Both systems are fully functional.

Engine Panel:

❑ Location: Base of Binnacle

❑ Tachometer with engine hour meter: 347 Hours port 412 hours starboard

❑ Water Temperature Gauge

❑ Volt Meter

❑ Fuel Gauge

❑ High Water Temperature Light

❑ Low Oil Pressure Light

❑ Bilge Blower Switch

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Cooling Water: The cooling water for the engine comes into the boat through a seacock under the aft cabin behind the engine. There is an in-line water filter by this seacock . Appears functional.

D. STEERING SYSTEMS

Wheel/Rudder: Twin outdrives driven by power steering pump on the starboard engine are fully functional.

E. FUEL SYSTEMS

Twin 50 gallon aluminum fuel tanks with installed water separators appear functional. No fume smell apparent. Both tanks have a shut off valve.

F. ELECTRICAL SYSTEMS

Batteries

|Battery |Battery 1 |Battery 2 |Battery 3 |

|Make |Ever Start Marine | | |

| | |Ever Start Marine |Ever start marine |

|Location |Engine room |

|Serial #/Type | |Not Sighted |Not Sighted |

|MCA |650 | | |

|CC |525 | | |

|Dated |Not Sighted |June 2008 |June 2008 |

|Positive Terminal Covered? |Yes |No |No |

|Secured? |Yes |Yes |Yes |

|In box or tray? |Yes |Yes |Yes |

|Corrosion? |No |No |No |

|Amp Meter Reading |Not Tested |13+ |13+ |

Alternator: Sighted. No identifying marks. Fully functional.

Electric Panel: The 110 volt and DC circuit panel with breakers is found at the nav station.

There are 2 -12-volt electric panel banks with circuit breakers for the following:

|BREAKER |TESTED |POWERED UP |

|Cabin Lights |Y |Y |

|Running Lights |Y |Y |

| | | |

|Steaming Light |Y |Y |

|Refrigeration |Y |Y |

|Stereo |Y |Y |

|VHF |Y |Y |

|Nav Instruments |Y |Y |

|Water Pressure |N |- |

|Anchor Light |Y |y |

|Deck Lights |Y |Y |

|LP Gas Valve |Y |Y |

|Autopilot |N |Y |

|Accessory (3) |N |N |

|Lumpar Sonar Test Switch (Waste Tank Full |N |N –Note: Macerator pump and overboard discharge |

|Indicator)(Owner’s idea of a joke) | |were disabled. Hose from head goes directly |

| | |into waste tank. |

|Bilge Pump In-use Light |N |N |

|Shower Sump |N |N |

|Battery Test Meter/Switch |Y |Y |

|12 Volt Outlet |N |N |

|Bilge Pump Auto/Manual |N |N |

Shore Power: The Hubbell shore power inlet is at the stern and labeled for 30 amps. Inside the aft port lazarette is a 30-Amp breaker. The main battery selector switch is below the nav station. The switches on the 110-volt panel are all circuit breakers. A yellow shore power cord was plugged into the shore power inlet at the stern. This cord is rated for 30 amps. Most of the wiring sighted is encased in black plastic wire sheaths and supported where necessary. All parts of this system appear in good condition.

110-Volt Breakers:

|Breaker |Tested |Powers Up |

|30 Amp Shore Power |Y |Y |

|Outlets |Y |Y |

|Water Heater |y |y |

|Charger/Inverter |y |y |

|AC Aux |na |na |

110 – Volt Schedule:

|Location |Fitted with GFCI |

|Aft Cabin |Y |

|Galley |N |

|Nav Station |Y |

|Forward Cabin |N |

|Head |N |

G. ELECTRONICS/NAVIGATION SYSTEMS

Navigation Instrument Schedule

|Instrument |Make/Model |Location |Powered Up? |

|VHF Radio |Horizon Marine Intrepid GX12608 |Nav Station |Y |

|RAM Mic |Horizon |Cockpit |Y |

|AM/FM STEREO/CD |Jensen |Nav Station |Y |

|Speakers |Standard |Main Cabin |Y |

H. BONDING SYSTEMS

Lightning Bonding: na

Electrical Bonding: na

I. FRESH WATER SYSTEMS

Fresh Water: Note: The fresh water system was winterized and not tested at the owner’s request. There is a translucent plastic tank glassed in under the vee-berth bunk. The tank is filled thru a hose and deck fitting in the anchor locker and properly vented. The tank, hoses, and vent appear in excellent condition. There was no evidence of leaks. A second tank is found in the stern under the cockpit. The tank is filled thru a hose and deck fitting. The tank, hoses, and vent appear in excellent condition. There was no evidence of leaks. Total fresh water capacity is 50 gallons as per inventory.

Pump: There is one water pump located under the galley sink, 12-volt Shur-Flo diaphragm pump. Functional.

Hot Water System: Six-gallon Seaward S600, Model 867420, aluminum, 110 volt electric water heater. The tank is located under the starboard sette. The tank is fitted with a pressure relief valve. The hot water system was functional. The tank shows signs of corrosion on the bottom and on one side. It was not clear if this was from overflow drips from the batteries or from tank corrosion.

Shower Sump Pump: The head shower water collects in the sump after passing through a small grate in the sole. The pump, Par-Max 3, Model 30610-0012, 3.4 gpm, 10 psi, is located under the galley sink. Not tested.

J. SANITATION SYSTEM

Marine Toilet: There is a manual Jabsco toilet in the head. Tested and appears serviceable. The hoses that serve the waste system are all marine-grade sanitation. It is served by fresh water flush that comes from a seacock found behind the aft cabinet door in the head. Seacock was operational and appears serviceable. The overboard discharge system has been disabled.

Holding Tank: . The head outlet hose goes to a 20 gallon, as per inventory, black plastic holding tank located under the sette on the port side. Tank appears in good condition. The deck pump out is on the port side. A capacity sensor is fitted on the top of the tank with wires that lead to a gauge on the electrical panel. This was not tested. The vent, hoses, and clamps in this system appear in good condition and serviceable.

K. Thru-Hull Fittings

All thru-hulls, transducers, and sea cocks are synthetic. All accessible thru-hulls were visually inspected and appear to be in good condition.

All seacocks are ball-type, made of Marelon, in serviceable condition, operated smoothly, and show no signs of leakage. All hoses to them are double clamped. The clamps appear to be in good condition. All thru-hull fittings above the waterline should be monitored for UV degradation.

L. AIR CONDTIONING SYSTEM

Na

M. SAFETY SYSTEMS & EQUIPMENT

Ground Tackle: On a bow roller is a 35 lb. CQR anchor. The anchor is connected to chain with a wired D-shackle then to three-strand nylon rode. The bitter end of the rode is secured to a horn cleat mounted in the bow locker. Also, there is a bungee cord anchor keeper attached to the anchor and roller. 17## The bow deck locker holds the entire rode. A second anchor, Danforth type, is also stowed in the anchor locker. Rode was not sighted. Primary system appears to be appropriate for intended use, in good condition, and serviceable.

Fume Detection: One smoke detector was sighted in the main cabin. Tested with test button. Appears functional.

Lifelines: The double lifelines running port and starboard from the bow to stern pulpits and led thru stanchions are covered in white vinyl with attached stainless steel toggles and spring-loaded pelican shackles. Lifeline covering is showing signs of coffee staining or corrosion. Stanchions were tested by vigorous shaking and found to be serviceable.

Navigation Lights: All navigation lights were tested and operational.

Boarding Ladder: Attached to the stern boarding stairs is a four-step stainless steel boarding ladder. This ladder folds up out of the way when not in use and appears to be in good condition and operational.

Bilge Pumps: In bilge, Jabsco 1950, 12-volt pump with SURE BAIL switch mated to overboard discharge, appears functional. In port aft cockpit, manual bilge pump mated to secured pickup tube in bilge and overboard discharge hose.

United States Coast Guard Required

|Personal Flotation Devices (PFD’s) |6 Type II |

|Type IV, Throwable PFD |1 Yellow Horseshoe on pulpit hook |

| |1Lifesling System in rigid container |

|Fire Extinguishers |1 ABC Size 1 |

| |3 BC Size 1 |

|Visual Distress Signals |Yes |

|Sound Producing Devices |Yes |

|Back-Fire Flame Arrestor |Not Required |

|Ventilation |Yes: Passive and In-Line Blower |

|Power Exhaust Blower |In-Line Blower |

|Navigation Lights |Yes |

|No Oil Discharge Placard |Yes |

|Trash Disposal Placard |Yes |

|FCC Station License |NA |

|Waste Management Plan (> 40’) |NA |

|FCC Operator’s License |Na |

|Marine Sanitation Devices |Yes |

Rhode Island Required

|Anchor/Rode |Yes |

|State Registration |Yes |

Other Safety Equipment Not Required By Law

|Life Raft |No |

|EPIRB |No |

|Smoke Alarms |Yes |

|Carbon Monoxide Detector |No |

|Fire Alarms |No |

|Bilge Water Alarm |No |

|Fixed Fire Extinguisher System |No |

|Search Light |No |

|Safety Harnesses |No |

|First Aid Kit |No |

|Navigation Charts |Yes |

|Bucket |No |

|Tapered Wooden Plugs |Yes |

|Boat Hook |No |

|Heaving Line |No |

|Flashlight |No |

|Radar Reflector |No |

|Sounding Bell |No |

|Fenders |Yes |

|Dock Lines |Yes |

Federally Required Safety Equipment

| | |APPEARS SERVICEABLE |

|ITEM |SIGHTED | |

| | | |

|Personal Floatation Devices (PFD’S) |Y |Y |

|Throwable PFD |Y |Y |

|Visual Distress Signals |Y |Y |

|Sound Producing Device |N |Y |

|Navigation Lights |Y |Y |

|Oil Discharge Placard |Y |Y |

|Trash Disposal Placard |Y |Y |

|Fire Extinguishers |Y |Y |

N. VENTILATION SYSTEM

Passive: There is a passive cabin ventilation system with intake and outflow vents on the stern connected to flexible hoses that lead to the engine compartment. All vents, hoses, and clamps appear serviceable.

Mechanical: There is an in-line Detmar, 12-volt blower in the lazarette connected to flexible hose and an outflow vent. All parts appear serviceable. Blower was not tested.

SECTION IV. FINDINGS & RECOMMENDATIONS

|FINDING LEVEL |TYPE |DEFINITION |

| | | |

|A |Safety Deficiency |Should be addressed before the vessel is next underway as the finding represents an |

| | |endangerment to personnel and/or the vessel’s safe and proper operation. Finding may |

| | |also be in violation of law. |

|B |Deficiency Needs Attention |Should be corrected in the very near future so as to maintain standards and to help |

| | |vessel retain its value. |

|C |Surveyor’s Notes and |Attending surveyor feels the client should be aware of finding. |

| |Observations | |

The attending surveyor presents the following findings:

|NUMBER |LEVEL | | | |

| | |FINDING |RECOMMENDATION |REF.* |

| | | | | |

|1 |C |Gelcoat cracks. |Monitor on a regular basis. Have checked by a qualified |- |

| | | |marine corrosion specialist. | |

|2 |C |Area of delamination. |Investigate and repair if necessary. |- |

|3 |C |Area of possible water intrusion. |Investigate and repair if necessary. |- |

|5 |B |Standing rigging nearing end of manufacturer’s suggested |Have rigging inspected by qualified marine rigger. |- |

| | |life. | | |

|6 |C |Bedding cracks around chainplates. |Rebed. |- |

| |- |

|8 |B |D-shackles incorrect size. |Replace with correct size. |- |

|9 |C |Small amount of play in rudder bearings. |Monitor and replace as necessary. |- |

|10 |A |Positive battery terminals not covered. |Install cover. |ABYC |

| | | | |E.10.7.7 |

|11 |B |Anchor light may not be working. Bright light may have |Check light in appropriate conditions. Replace or repair |33 UCS 2033 |

| | |prevented sighting. |if necessary. |COLREGS 33 |

|12 |B |AC wiring runs thru bulkheads without chafe protection. |Install chafe protection. |ABYC |

| | | | |16.4.1.8 |

|13 |B |Air conditioning unit did not cool air. |Investigate and repair or replace. |- |

|14 |A |No lightning protection. |Consider installing a lightning protection system. |ABYC |

| | | | |TE-4 |

|15 |B |Bonding wires not sighted. |Have DC bonding system checked by a qualified marine |ABYC |

| | | |electrician. |H-33.15 |

|16 |B |Corrosion on hot water heater |Investigate cause and repair or replace as necessary. |- |

|17 |C |Anchor keeper not adequate. |Replace bungee cord with appropriate line or wire keeper. |- |

|18 |A |No CO2 detector. |Install CO2 detector. |ABYC |

| | | | |A-24 |

|19 |B |Lifelines show signs of coffee staining and/or corrosion. |Monitor and replace as necessary. |- |

*CFR, Code of Federal Regulations, 2006.

*ABYC,Standards and Technical Information Reports for Small Craft, American Boat & Yacht Council, Inc., 3069 Solomons Island Road, Edgewater, MD 21037, July 2004.

SECTION V: VESSEL CONDITION SUMMARY

The attending surveyor’s opinion relating to a vessel’s overall rating of condition derives from his experience immediately after a complete survey has been performed and the findings organized in a logical manner.

The grading of condition, as developed by BUC Research, and accepted in the marine industry, for a vessel at the time of the survey, determines the adjustment to the range of base values in the BUC Used Boat Price Guide, for a similar vessel sold within a given time period, as consideration to determine the Market Value.

The following is the accepted marine grading system of condition:

Excellent (Bristol) Condition: This applies to a vessel that is maintained in mint or Bristol fashion—usually better than factory new—loaded with extra equipment—a rarity.

Above Average Condition: The vessel has had above average care and is equipped with extra electrical and electronic gear.

Average Condition: The vessel is ready for sale requiring no additional work and normally equipped for her size.

Fair Condition: The vessel is requires usual maintenance to prepare her for sale.

Poor Condition: The vessel requires substantial yard work and is devoid of extra equipment.

Restorable Condition: The vessel’s hull and engine are in good enough shape to justify the restoration of the boat to useable condition.

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The overall rating of this vessel is based on my observations and inspection. The SAMTE appears to have been lightly used, well-maintained, and equipped with sensible options. Samte appears to be ready for service with minor repairs and cleaning. Once the deficiencies listed in the Findings and Recommendations section are corrected, it is the attending surveyor’s opinion that the vessel will be suitable for the intended purposes listed in the Vessel Description section.

As a result of my investigations as found in this marine survey and by virtue of my experience, I believe that “Samte’s Overall Vessel Rating is:

OVERALL VESSEL RATING: Above Average Condition.

SECTION VI: VALUATIONS

A. FAIR MARKET VALUE

The Fair Market Value is the most probable price, in terms of money, that a vessel should bring in a competitive and open market under all conditions required for a fair sale, the buyer and seller, each acting prudently, knowledgeably, and assuming the price is not affected by undue influence or duress.

Implicit in this definition are the consummation of a sale as of a specified date and the passing of title from the seller to the buyer under conditions whereby:

a. the buyer and seller are typically motivated;

b. both parties are well informed or well advised, and each acting in what they consider their own best interest;

c. a reasonable time is allowed for exposure in the open market;

d. payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and

e. the price represents a normal consideration for the vessel sold unaffected by special or creative financing or sales concessions granted by anyone associated with this sale.

The BUC Used Boat Price Guide gives the following retail range for a 1984 Holiday Mansion Barracuda Coastal: $25,000-$45,000

Based on the above calculations and thorough examination of this vessel, noting the addition of several dealer options, safety, and navigation equipment, her above-average condition, then deducting for a discount from retail, it is the opinion of the attending surveyor that the Fair Market Value is:

FAIR MARKET VALUE: $33,500 (USD)

Thirty three thousand and fivehundred dollars

B. REPLACEMENT COST

The Replacement Cost indicates the retail cost of a new vessel of the same make/model with similar equipment and dealer-installed options, offered by the same manufacturer, and $6,000 in delivery and commissioning expenses.

REPLACEMENT COST: $174,000 (USD)

One hundred and seventy four thousand dollars

SECTION VII: CERTIFICATIONS

A. ATTENDING SURVEYOR’S STATEMENT

As the attending surveyor I certify that to the best of my knowledge and belief,

• The statements of fact contained in this report are true and correct;

• The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analysis, opinions, and conclusions;

• I have no present or prospective interest in the vessel that is the subject of this report, and I have no personal interest or bias with respect to the parties involved;

• My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the client, the amount of the value estimate, the attainment of a stipulate result, or the occurrence of a subsequent event;

• I have made a personal inspection of the vessel that is the subject of this report.

This report is submitted without prejudice and for the benefit of Mr. Survey Purchaser.

| | |

|Richard M.Gagnon |6/26/09 |

|Attending Surveyor | |

B. HULL IDENTIFICATION NUMBER

This Hull Identification Number digital picture was taken from the starboard hull near the stern. HMH0081A484

This hull identification number is in agreement with the vessel’s papers.

| |June 26, 2009 |

|Richard M. Gagnon |Date |

|Attending Surveyor | |

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