Contract analysis

I. EXECUTIVE SUMMARY This memorandum summarizes my review of the draft ALTA/NSPS Land Title Survey (the "Survey") for the approximately 62.0-acre parcel of land located at the northeast corner of the intersection of Belmont Ridge Road and Stonebridge Boulevard, in unincorporated Loudoun County, Virginia (the "Stonebridge Parcel" or the "Property"), identified by Loudoun County Tax Map Reference /95-4A-1///. The Surve

II. SCOPE OF REVIEW AND SURVEY SPECIFICATIONS A. Survey Standards The Survey has been prepared in accordance with the 2021 Minimum Standard Detail Requirements for ALTA/NSPS Land Title Surveys (the "2021 Standards"), as jointly established by the American Land Title Association ("ALTA") and the National Society of Professional Surveyors ("NSPS"), effective February 23, 2021. Compliance with the 2021 Standards is a co

1. Ironhaven Data Centers LLC, a Delaware limited liability company;

2. Stonebridge Campus Holdings LLC, a to-be-formed Virginia limited liability company (the single-purpose borrower entity to be established in connection with the Construction Loan);

3. Summit National Bank, N.A., a national banking association, as Administrative Agent;

4. Cascade Commercial Lending Corp., a Delaware corporation;

5. Harborview Trust Company, a Connecticut trust company;

6. Fidelitas Title & Escrow, Inc., a Virginia corporation;

7. Sovereign Title Insurance Company, a Pennsylvania corporation;

8. Calderwood & Harkness LLP (borrower's/buyer's counsel); and

9. Redmond & Calloway LLP (lender's counsel; contact: Victor Redmond, Esq.). It is critical that the certification language on the final Survey names each Certified Party precisely as set forth above, including entity type and jurisdiction of organization. Upon formation of Stonebridge Campus Holdings LLC, I will provide Lumen Ridge with the exact legal name and organizational details for inclusion in the certificati

III. PROPERTY DESCRIPTION AND BOUNDARY A. Legal Description The Survey depicts the Stonebridge Parcel as comprising approximately 62.0 acres of land situated in unincorporated Loudoun County, Virginia. The Property is identified by Loudoun County Tax Map Reference /95-4A-1/// and is located at the northeast corner of the intersection of Belmont Ridge Road (Virginia Route 659) and Stonebridge Boulevard, with a mailing

IV. EXISTING EASEMENTS IDENTIFIED ON SURVEY A. Utility Easements The Survey identifies or is expected to identify the following utility easements of record burdening the Property:

1. Overhead Electric Transmission Line Easement (Northern Boundary). An overhead electric transmission line easement runs along the northern boundary of the Property. Based on the draft Survey materials and the instruments of record referenced in the Title Commitment, this easement has the following characteristics: • Width: Approximately [__] feet (to be confirmed on the final Survey). • Grantee: [Northgate Partners

2. Underground Water and Sewer Easement (Western Portion). An underground water and sewer easement traverses the western portion of the Property. Based on available information: • Width: Approximately [__] feet. • Grantee: Loudoun Water (Loudoun County Sanitation Authority). • Recording Reference: [Book __, Page , or Instrument No. __, Loudoun County Clerk's Office]. • Location: The easement corridor runs in a genera

3. Telecommunications Conduit Easement (Belmont Ridge Road Frontage). [The Survey may identify a telecommunications conduit easement along the Belmont Ridge Road frontage.] Based on the utility locate request (Virginia 811/Miss Utility) and available utility company records: • Width: [To be confirmed.] • Grantee: [To be confirmed — potentially Stonefield Corporation, Ostrander Industries, or other fiber provider.] •

1. Vehicular Access — Belmont Ridge Road. The Property has an existing vehicular access point on Belmont Ridge Road. [The Survey depicts a [__]-foot-wide curb cut or driveway apron at approximately [__] feet north of the intersection of Belmont Ridge Road and Stonebridge Boulevard.] This access point [is/is not] subject to a recorded access easement, and [is/is not] consistent with a VDOT commercial entrance permit.

2. Vehicular Access — Stonebridge Boulevard. The Property has an existing or planned vehicular access point on Stonebridge Boulevard. [The Survey depicts a [__]-foot-wide curb cut or driveway apron at approximately [__] feet east of the intersection of Belmont Ridge Road and Stonebridge Boulevard.] The preliminary site plan prepared by Lumen Ridge contemplates [one/two] primary campus entrance(s) from Stonebridge Bou

3. Shared Access with Meridian Parcel. [The Survey may identify an existing shared access easement or a planned cross-access easement between the Stonebridge Parcel and the Meridian Parcel.] The planned Cross-Access and Utility Easement Agreement (to be negotiated with Meridian Acres LLC) will establish reciprocal access rights across the common boundary. The location and width of any existing access points along the

V. ENCROACHMENTS A. Encroachments onto the Stonebridge Parcel The Survey identifies, or upon finalization is expected to identify, the following encroachments by improvements on adjacent properties onto the Stonebridge Parcel:

1. Fence Line Encroachment — Southern Boundary. [A fence line from the adjacent residential parcel to the south (Tax Map Ref. [__]) appears to extend approximately [] feet onto the Stonebridge Parcel along a distance of approximately [] feet. The encroaching fence appears to be a [wood/chain-link/wire] fence associated with a residential property. The area of encroachment encompasses approximately [__] square feet.]

1. Encroachment into Utility Easement Corridor. [An existing [outbuilding/paved area/gravel surface] associated with the former agricultural or industrial park use of the Property appears to encroach approximately [__] feet into the [water and sewer / overhead electric] easement corridor described in Section IV.A above.]

2. Encroachment onto Adjacent Property. [Existing fencing or paved improvements on the Stonebridge Parcel may extend approximately [__] feet beyond the [eastern/northern] boundary of the Property onto the adjacent [Meridian Parcel / other adjoining property].] 3. [Additional encroachments to be identified upon receipt of the final Survey.] Encroachments by existing improvements on the Stonebridge Parcel into utility

VI. SETBACK ANALYSIS AND BUILDING ENVELOPE A. Applicable Zoning Setbacks The Stonebridge Parcel is currently zoned PD-IP (Planned Development – Industrial Park) under the Loudoun County Revised 1993 Zoning Ordinance, as amended. The applicable dimensional standards for the PD-IP zoning district, as set forth in Article 4 of the Zoning Ordinance, include the following minimum setback requirements: • Front Yard Setback

1. Building D — Northern Boundary. The proposed location of Building D in the northern portion of the Property may conflict with the overhead electric transmission line easement along the northern boundary. If the easement corridor, together with the applicable side/rear yard setback, significantly reduces the buildable area in the northern portion of the parcel, the building pad for Building D may need to be shifted

2. Central Utility Plant — Western Portion. The proposed location of the CUP in the western portion of the Property, adjacent to the underground water and sewer easement, must respect both the front yard setback from Belmont Ridge Road and the building restriction zone associated with the water and sewer easement. Depending on the width of the easement corridor and the setback distance, the available footprint for th

3. Proffer-Required Buffers — Road Frontages. The ZMOD proffer commitments are expected to require landscaped buffer zones along both the Belmont Ridge Road and Stonebridge Boulevard frontages. These buffers, which may extend [25–100] feet from the right-of-way line, will reduce the available building area along the western and southern edges of the Property. The dimensions of the buffer zones should be coordinated w

VII. TOPOGRAPHY, FLOOD ZONE, AND WETLANDS A. Topographic Information The Survey depicts topographic contour lines across the Property at [two-foot/five-foot] intervals, as required by [Table A Item __ / the lender's survey requirements]. Based on the draft Survey materials, the following general topographic characteristics of the Property are noted: • Elevation Range: The Property ranges in elevation from approximate

VIII. RIGHTS OF WAY AND ROAD FRONTAGE A. Public Road Frontage The Stonebridge Parcel has frontage on two public roads, each of which provides direct vehicular access to the Property:

1. Belmont Ridge Road (Virginia Route 659). • Measured Frontage: Approximately [__] feet along the easterly right-of-way line of Belmont Ridge Road, as depicted on the Survey. • Width of Right-of-Way: The Survey depicts the Belmont Ridge Road right-of-way as [__] feet in width at this location, measured from the easterly right-of-way line to the westerly right-of-way line on the opposite side of the road. • Distance

2. Stonebridge Boulevard. • Measured Frontage: Approximately [__] feet along the northerly right-of-way line of Stonebridge Boulevard, as depicted on the Survey. • Width of Right-of-Way: The Survey depicts the Stonebridge Boulevard right-of-way as [__] feet in width at this location. • Distance from ROW Line to Edge of Pavement: Approximately [__] feet from the Property's southerly boundary (which coincides with the

IX. IMPROVEMENTS AND EXISTING CONDITIONS A. Existing Structures The Survey depicts the following existing structures on the Property: • [A single-story [barn / agricultural outbuilding] of approximately [__] square feet, located in the [] portion of the Property, approximately [] feet from the [__] property line.] • [A [shed / equipment storage building / pump house] of approximately [__] square feet, located in the

X. COORDINATION WITH TITLE COMMITMENT EXCEPTIONS A. Cross-Reference of Schedule B-II Exceptions A core function of the ALTA/NSPS survey review is to determine whether the exceptions listed in Schedule B-II of the Title Commitment are accurately depicted on the Survey and to assess the physical impact of each exception on the Property and the proposed development. The Schedule B-II exceptions identified in the Fidelit