Contract analysis

I. Executive Summary This memorandum presents a comprehensive analysis of the title commitment (Commitment No. STN-2025-MH-04178) issued by Sentinel Title & Escrow Company ("Sentinel Title") for the real property located at 450 West 34th Street, New York, New York 10001, identified on the Tax Map of the City of New York, Borough of Manhattan, as Block 729, Lots 1, 5, 12, and 15 (the "Project Site"), in connection wit

II. Description of the Commitment A. Commitment Particulars The following summarizes the principal terms of the title commitment under review: Commitment Number: STN-2025-MH-04178 Effective Date of Commitment: March 14, 2025, at 5:00 p.m. (Eastern Time) Date Title Search Ordered: March 10, 2025 Date of Title Search: March 15, 2025 Date Report Delivered: March 20, 2025 Issuing Agent: Sentinel Title & Escrow Company, 1

III. Schedule B — Part I: Requirements The following is a detailed analysis of each requirement set forth in Schedule B-I of the commitment, together with our recommended action and identification of the responsible party. A. Standard Pre-Closing Requirements Requirement 1 (Commitment ¶ B-I-1): Payment of Title Insurance Premiums and Recording Charges. Description: Payment of the applicable title insurance premiums f

IV. Schedule B — Part II: Exceptions from Coverage A. Standard Printed Exceptions The commitment contains five (5) standard printed exceptions, which are analyzed below with recommendations for deletion or modification. Exception 1: Rights of Parties in Possession. Text: "Rights or claims of parties in possession not shown by the public records." Analysis: This is a standard exception that may be deleted upon deliver