Contract analysis

1. Documents Examined In connection with the rendering of the opinions set forth herein, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following: A. Loan Documents The following documents are referred to collectively herein as the "Loan Documents": (a) Construction Loan Agreement dated as of March 18, 2024, between Borrower and Lender (the "Loan Agreement"); (b) P

2. Assumptions In rendering the opinions set forth in Section 3 below, we have, with your permission, made the following assumptions, without independent investigation or verification: (a) All signatures on the documents examined by us (other than the signatures of authorized representatives of Borrower and IHDC) are genuine, and all natural persons executing such documents had the legal capacity to do so. (b) All do

3. Opinions Based upon and subject to the foregoing, and subject to the limitations and qualifications set forth in Section 4 below, we are of the opinion that: 3.1 Due Organization and Good Standing — Borrower (Ironhaven Loudoun Edge LLC) Ironhaven Loudoun Edge LLC is a limited liability company duly organized, validly existing, and in good standing under the laws of the Commonwealth of Virginia. Borrower was formed

4. Limitations and Qualifications The opinions set forth in Section 3 above are subject to the following limitations, qualifications, and exceptions: (a) Scope of Law Covered. We are members of the Bar of the Commonwealth of Virginia, and we express no opinion as to the laws of any jurisdiction other than the Commonwealth of Virginia and, to the limited extent set forth in our assumptions, applicable federal law of t

5. Reliance This Opinion is furnished solely for the benefit of Pinnacle Federal Savings Bank and its successors and assigns as Lender under the Loan Agreement, solely in connection with the Loan and the transactions contemplated by the Loan Documents. This Opinion may also be relied upon by the following parties, solely in the capacities and for the purposes indicated: (a) Hargrove, Liddell & Pace LLP, solely in its