Contract analysis

I. EXECUTIVE SUMMARY This memorandum summarizes Calderwood & Harkness LLP's ("C&H" or the "Firm") review of the ALTA/NSPS Land Title Surveys (each, a "Survey," and collectively, the "Surveys") prepared by Meridian Land Surveying, Inc. ("Meridian" or the "Surveyor") for each of the fourteen (14) properties (each, a "Property," and collectively, the "Properties" or the "Portfolio") comprising the real estate portfolio

II. SURVEY SPECIFICATIONS AND STANDARDS A. Survey Standard All fourteen Surveys were prepared, and are required to conform, to the 2021 Minimum Standard Detail Requirements for ALTA/NSPS Land Title Surveys, as jointly established and adopted by the American Land Title Association and the National Society of Professional Surveyors (the "2021 Minimum Standards"). The 2021 Minimum Standards superseded the prior 2016 sta

III. PROPERTY-BY-PROPERTY SURVEY REVIEW The following sections present our detailed review findings for each of the fourteen Properties, organized sequentially by Property number. For each Property, we have identified the key survey data points, any encroachments, easement issues, setback matters, and corrections that were identified and requested. Property 1: Fairfield Logistics Center I Address: 4200 Fairfield Indu

IV. SUMMARY OF ENCROACHMENTS The following table summarizes all encroachments identified across the fourteen Properties during our survey review. In total, minor encroachments were identified at three (3) Properties. None of the identified encroachments are material in nature, and each can be addressed through the recommended curative actions described below and in the Title Objection Letter. All three identified enc

V. SUMMARY OF EASEMENT ISSUES The following table summarizes all easement access and configuration issues identified across the fourteen Properties during our survey review. Easement issu