Contract analysis

ARTICLE I — NAME The name of the limited liability company formed hereby is: Fairwater HP Manager, LLC (hereinafter referred to as the "Company" or the "LLC"). The name of the Company complies with the requirements set forth in Section 4A-203 of the Corporations and Associations Article of the Annotated Code of Maryland and the rules and regulations promulgated thereunder, including, without limitation, the requireme

ARTICLE II — PURPOSE The Company is formed for the following purposes: (a) Acting as the Managing Member of Harbor Point Development JV, LLC, a Delaware limited liability company (the "JV Entity"), in accordance with the terms and conditions set forth in that certain Joint Venture Agreement and Operating Agreement of the JV Entity to be entered into on or about January 12, 2026, by and among the Company and the other

ARTICLE III — PRINCIPAL OFFICE The address of the principal office of the Company in the State of Maryland is: 7200 Pratt Street, Suite 1400 Baltimore, MD 21202 The foregoing address is the same address as the headquarters of Fairwater Real Estate Investment Trust, the Sole Member of the Company. The Company may change the location of its principal office from time to time by amendment to these Articles or by action

ARTICLE IV — RESIDENT AGENT The name and street address of the Company's resident agent for service of process in the State of Maryland are as follows: National Registered Agents of Maryland, Inc. 311 West Saratoga Street Baltimore, MD 21201 National Registered Agents of Maryland, Inc. is a Maryland corporation duly organized and existing under the laws of the State of Maryland and is authorized to act as a resident

ARTICLE V — MEMBERS AND MANAGEMENT

Section 5.1 — Management Structure. The Company is a member-managed limited liability company. The management of the business and affairs of the Company is vested in its member(s) in accordance with the provisions of the Act and the operating agreement of the Company.

Section 5.2 — Sole Member. The Company has one (1) member. The name, address, and other identifying information of the sole member of the Company are as follows:

Section 5.3 — Authority of Sole Member. Fairwater Real Estate Investment Trust, as the Sole Member, shall have full and exclusive authority to manage, control, and direct the business, affairs, and operations of the Company, and shall have all rights, powers, and authority granted to members of a member-managed limited liability company under the Act. Without limiting the generality of the foregoing, the Sole Member

Section 5.4 — Delegation of Authority. The Sole Member may, in its sole discretion and as provided in the operating agreement of the Company, delegate management authority and responsibilities to one or more officers, managers, employees, agents, or representatives of the Company or of the Sole Member, and may revoke any such delegation at any time without cause. Any such delegation shall not relieve the Sole Member

ARTICLE VI — ORGANIZER The name and address of the organizer of the Company are as follows: Cynthia Ho Calderwood & Harkness LLP 100 International Drive, Suite 2600 Baltimore, MD 21202 The organizer is executing these Articles solely for the purpose of forming the Company in accordance with the Act and is not, by reason of such execution, a member, manager, or agent of the Company. The organizer need not be a member

ARTICLE VII — DURATION The Company shall have perpetual existence commencing on the date these Articles are accepted for filing by the Maryland State Department of Assessments and Taxation, and shall continue in perpetuity unless and until the Company is dissolved, wound up, and terminated in accordance with the provisions of the operating agreement of the Company, the Act, or as otherwise provided by applicable law.

ARTICLE VIII — FEDERAL TAX IDENTIFICATION The Employer Identification Number (EIN) assigned to the Company by the Internal Revenue Service is: 52-2201889 For federal income tax purposes, the Company is treated as a disregarded entity within the meaning of Treasury Regulations Section 301.7701-3, by virtue of having a single owner that is not itself a disregarded entity. All items of income, deduction, gain, loss, cre

ARTICLE IX — OPERATING AGREEMENT The rights, duties, obligations, powers, and liabilities of the member(s) of the Company, and the internal governance, affairs, and operations of the Company, shall be governed by an Operating Agreement adopted by the Sole Member, as the same may be amended, restated, supplemented, or otherwise modified from time to time in accordance with its terms and the Act (the "Operating Agreeme

ARTICLE X — EFFECTIVE DATE These Articles of Organization shall become effective upon acceptance for filing by the Maryland State Department of Assessments and Taxation. The undersigned organizer requests that SDAT process these Articles on an expedited basis so as to ensure that the Company is duly formed and in good standing in the State of Maryland in advance of the anticipated January 12, 2026 signing date for th

ARTICLE XI — ADDITIONAL PROVISIONS

Section 11.1 — Authorized Persons. The Company may, by action of the Sole Member or as otherwise authorized under the Operating Agreement, engage, appoint, or designate one or more authorized persons to execute, deliver, and file any documents, instruments, agreements, or certificates on behalf of the Company, including, without limitation, the JV Agreement, the Operating Agreement of Harbor Point Development JV, LLC

Section 11.2 — Indemnification. To the fullest extent permitted by the Act and other applicable law, the Company shall indemnify, defend, and hold harmless the Sole Member, and the officers, directors, trustees, employees, agents, and representatives of the Sole Member and of the Company (each, an "Indemnified Person"), from and against any and all claims, demands, actions, suits, proceedings, losses, damages, liabil

Section 11.3 — Non-Dissolution Events. The Company shall not be dissolved by the admission of additional members to the Company or by the withdrawal, resignation, retirement, expulsion, bankruptcy, insolvency, death, dissolution, or incapacity of any member, except as may be expressly provided in the Operating Agreement or as required by the Act. The Company shall continue in existence following any such event unless

1. These Articles of Organization are to be filed with the Maryland State Department of Assessments and Taxation ("SDAT") via online filing at https://egov.maryland.gov/BusinessExpress, or, if online filing is unavailable, by delivery to SDAT's office at 301 West Preston Street, Baltimore, MD 21201.

2. The applicable filing fee is to be paid by firm check or online payment, as applicable, to the Maryland SDAT. The filing fee is currently $100.00 for Articles of Organization of a limited liability company.

3. Expedited filing is requested. Please request same-day or next-business-day processing to ensure that the Company is duly formed well in advance of the January 12, 2026 JV Agreement signing date.

4. Upon receipt of the stamped/accepted Articles of Organization from SDAT, promptly forward copies (including certified copies, if available) to each of the following: (a) Theresa M. Calloway, General Counsel, Fairwater Real Estate Investment Trust, 7200 Pratt Street, Suite 1400, Baltimore, MD 21202 (Email: tcalloway@fairwaterreit.com) (b) Patricia S. Liang, Chief Financial Officer, Fairwater Real Estate Investment

5. Promptly after filing, obtain the following from SDAT: (a) One (1) certified copy of the filed Articles of Organization. (b) One (1) Certificate of Good Standing (also known as a Certificate of Status) for Fairwater HP Manager, LLC.

6. The certified copy and Certificate of Good Standing are required for use in connection with the following transactions and deadlines:

7. Please calendar all deadlines and follow up with SDAT as needed to ensure timely receipt of all filings and certificates. Calderwood & Harkness LLP — Confidential Attorney Work Product Name: | Fairwater Real Estate Investment Trust Entity Type: | Maryland Real Estate Investment Trust Address: | 7200 Pratt Street, Suite 1400, Baltimore, MD 21202 SDAT ID: | D19847321 Employer Identification Number (EIN): | 52-219843