[sheet: Closing Checklist]

Item No.	Category	Document Description	Responsible Party	Prepared By	Status	Date Received / Executed	Notes
SECTION A	BUYER / PCG DELIVERABLES
A-1	Buyer	Articles of Organization — PCG Delray Hotel LLC (certified copy from Florida Secretary of State)	Buyer / PCG	Calderwood & Harkness LLP	Final	Single-member FL LLC; sole member: Pellegrino Capital Group LLC
A-2	Buyer	Operating Agreement of PCG Delray Hotel LLC	Buyer / PCG	Calderwood & Harkness LLP	Draft	Sole member: Pellegrino Capital Group LLC (Marco A. Pellegrino, Managing Principal)
A-3	Buyer	Certificate of Good Standing — PCG Delray Hotel LLC (Florida Department of State)	Buyer / PCG	Calderwood & Harkness LLP	Pending	To be obtained upon formation
A-4	Buyer	Certificate of Good Standing — Pellegrino Capital Group LLC (Florida Department of State)	Buyer / PCG	Veronica Suárez-Pellegrino	Pending	FL LLC; EIN: 83-2749016
A-5	Buyer	Authorizing Resolutions of Pellegrino Capital Group LLC (as sole member of PCG Delray Hotel LLC) approving acquisition and loan	Buyer / PCG	Calderwood & Harkness LLP	Draft	Signed by Marco A. Pellegrino as Managing Principal (78% interest); Pellegrino Family Irrevocable Trust (2014) holds 22%
A-6	Buyer	Buyer's Closing Certificate — PCG Delray Hotel LLC	Buyer / PCG	Calderwood & Harkness LLP	Draft	Officer's certificate confirming reps, warranties, authority, and bring-down as of closing; executed by authorized rep of PCG Delray Hotel LLC
A-7	Buyer	Assignment and Assumption of Contracts (Buyer execution counterpart)	Buyer / PCG	Calderwood & Harkness LLP	Draft	Buyer assumes vendor/service contracts, booking agreements, permits; excludes Saltaire Management Co. LLC management agreement (terminated at closing)
A-8	Buyer	Assignment and Assumption of Permits and Licenses (Buyer execution counterpart)	Buyer / PCG	Calderwood & Harkness LLP	Draft	Includes DBPR Liquor License No. BEV-5812947 (subject to transfer approval), elevator permit No. EL-2019-003417, and all other operating permits
A-9	Buyer	Post-Closing Transition Agreement (Buyer execution counterpart)	Buyer / PCG	Calderwood & Harkness LLP	Draft	60-day transition: Sept. 15 – Nov. 14, 2025; covers 64 FTE employees, reservation systems, permits, DBPR Liquor License No. BEV-5812947 transfer
A-10	Buyer	Settlement Statement (Buyer execution counterpart)	Buyer / PCG	Calderwood & Harkness LLP	Draft	Purchase price: $35,000,000; deposits credited: $2,625,000; balance at closing: $32,375,000
A-11	Buyer	Evidence of Property/Casualty Insurance — Atlantic Keystone Insurance Company policy binder	Buyer / PCG	Harborview Risk Advisors LLC	Pending	Placed through Harborview Risk Advisors LLC; must include flood coverage (Zone AE, FEMA FIRM Panel 12099C0826J); Meridian Coast Bank named as mortgagee/additional insured
A-12	Buyer	Evidence of Flood Insurance (Zone AE — Special Flood Hazard Area)	Buyer / PCG	Harborview Risk Advisors LLC	Pending	Required per FEMA FIRM Panel 12099C0826J effective Dec. 4, 2020; lender requirement
A-13	Buyer	Evidence of Wind/Hurricane Insurance	Buyer / PCG	Harborview Risk Advisors LLC	Pending	Coastal property; windstorm coverage required by lender; named-storm deductible per policy terms
A-14	Buyer	Wire Transfer of Buyer Equity — $7,875,000.00	Buyer / PCG	Veronica Suárez-Pellegrino	Pending	To Palmetto Title & Escrow Company escrow account; buyer equity at closing net of deposits ($32,375,000 − $24,500,000 loan proceeds)
A-15	Buyer	W-9 (Request for Taxpayer Identification Number) — PCG Delray Hotel LLC	Buyer / PCG	Veronica Suárez-Pellegrino	Pending	Required by title agent and lender
SECTION B	SELLER / SALTAIRE DELIVERABLES
B-1	Seller	Special Warranty Deed — Saltaire Hospitality Holdings LLC to PCG Delray Hotel LLC	Seller / Saltaire	Hargrove, Kessler & Blaine LLP	Draft	Conveys 1.87-acre parcel, 42-key hotel; subject to permitted exceptions (beach access easement OR Bk 31245, Pg 1822; FPL utility easement OR Bk 22017, Pg 934; CC&R Declaration OR Bk 18904, Pg 455)
B-2	Seller	Bill of Sale — Personal Property, FF&E, and Inventories	Seller / Saltaire	Calderwood & Harkness LLP	Draft	Conveys all tangible personal property, FF&E, inventories, supplies, linens, F&B stocks; seller warrants title free of liens (except new UCC-1 in favor of Meridian Coast Bank)
B-3	Seller	Assignment and Assumption of Contracts (Seller execution counterpart)	Seller / Saltaire	Calderwood & Harkness LLP / Hargrove, Kessler & Blaine LLP	Draft	Includes DBPR Liquor License No. BEV-5812947 (subject to DBPR transfer approval) and elevator permit No. EL-2019-003417
B-4	Seller	Assignment and Assumption of Warranties and Guaranties	Seller / Saltaire	Hargrove, Kessler & Blaine LLP	Draft	Assignment of all existing manufacturer and contractor warranties related to 2018-2019 renovation ($8,600,000)
B-5	Seller	Seller's Closing Certificate — Saltaire Hospitality Holdings LLC	Seller / Saltaire	Hargrove, Kessler & Blaine LLP	Draft	Confirming reps, warranties, and authority; signed by Nathaniel Whitford (Managing Member, 60%) and/or Elaine Chastain-Park (Member, 40%)
B-6	Seller	Certificate of Good Standing — Saltaire Hospitality Holdings LLC (Delaware Secretary of State)	Seller / Saltaire	Hargrove, Kessler & Blaine LLP	Pending	Delaware LLC; EIN: 82-4613278
B-7	Seller	Certificate of Authorization / Registration — Saltaire Hospitality Holdings LLC (Florida Department of State)	Seller / Saltaire	Hargrove, Kessler & Blaine LLP	Pending	Foreign LLC registered to do business in FL

B-8	Seller	Authorizing Resolutions of Saltaire Hospitality Holdings LLC approving the sale	Seller / Saltaire	Hargrove, Kessler & Blaine LLP	Draft	Signed by Nathaniel Whitford and Elaine Chastain-Park
B-9	Seller	FIRPTA Affidavit (Non-Foreign Person Certification — IRC §1445)	Seller / Saltaire	Hargrove, Kessler & Blaine LLP	Draft	Seller certifies it is not a foreign person; includes EIN 82-4613278
B-10	Seller	Owner's Affidavit / No-Lien Affidavit	Seller / Saltaire	Hargrove, Kessler & Blaine LLP	Draft	Required by Palmetto Title & Escrow Company / Commonwealth Southern Title Insurance Company for title policy issuance
B-11	Seller	GAP Affidavit (Title Gap Indemnity)	Seller / Saltaire	Hargrove, Kessler & Blaine LLP	Draft	Covers gap period between title commitment effective date and recording of deed
B-12	Seller	Termination of Management Agreement — Saltaire Management Co. LLC	Seller / Saltaire	Hargrove, Kessler & Blaine LLP	Draft	Existing management agreement with Saltaire Management Co. LLC (affiliate of Seller) terminated effective at closing
B-13	Seller	Payoff Letter — Seaview National Lending Corp. (existing first mortgage)	Seller / Saltaire	Hargrove, Kessler & Blaine LLP / Seaview National Lending Corp.	Pending	Original principal $16,800,000; approximate payoff amount $14,350,000; to be paid from Seller's closing proceeds
B-14	Seller	Satisfaction / Release of Mortgage — Seaview National Lending Corp.	Seller / Saltaire	Seaview National Lending Corp.	Pending	To be recorded in Official Records, Palm Beach County, upon receipt of payoff funds
B-15	Seller	Post-Closing Transition Agreement (Seller execution counterpart)	Seller / Saltaire	Calderwood & Harkness LLP / Hargrove, Kessler & Blaine LLP	Draft	60-day transition period; wind-down of Fictitious Name 'The Marisol — A Saltaire Hotel' (Reg. No. G19000042817)
B-16	Seller	Settlement Statement (Seller execution counterpart)	Seller / Saltaire	Calderwood & Harkness LLP / Hargrove, Kessler & Blaine LLP	Draft	Documentary stamp tax on deed ($245,000) paid by Seller per FL custom
B-17	Seller	Transfer Tax Declaration — Documentary Stamp Tax on Deed	Seller / Saltaire	Hargrove, Kessler & Blaine LLP	Draft	$35,000,000 × $0.70/$100 = $245,000; Seller responsibility
B-18	Seller	Tenant/Guest Notification Letters	Seller / Saltaire	Hargrove, Kessler & Blaine LLP	Draft	Notice to long-term guests and event booking clients of ownership change
B-19	Seller	W-9 (Request for Taxpayer Identification Number) — Saltaire Hospitality Holdings LLC	Seller / Saltaire	Hargrove, Kessler & Blaine LLP	Pending	EIN: 82-4613278; required by title agent
SECTION C	LENDER / MERIDIAN COAST BANK DELIVERABLES
C-1	Lender	Loan Agreement — Meridian Coast Bank, N.A. and PCG Delray Hotel LLC	Lender / MCB	Braddock Reeves LLP (Jonathan Ng)	Draft	Loan Ref. No. MCB-CRE-2025-07184; $24,500,000; 5-yr term; 25-yr amortization; 6.35% fixed yrs 1–3, SOFR +2.75% yrs 4–5; min. DSCR 1.25x
C-2	Lender	Promissory Note — $24,500,000.00	Lender / MCB	Braddock Reeves LLP	Draft	Maturity: September 15, 2030; monthly P&I approx. $163,814 (fixed period)
C-3	Lender	Mortgage, Security Agreement, and Fixture Filing — Meridian Coast Bank, N.A.	Lender / MCB	Braddock Reeves LLP	Draft	First-priority mortgage lien on Property; to be recorded in Palm Beach County Official Records
C-4	Lender	Assignment of Rents and Leases — Meridian Coast Bank, N.A.	Lender / MCB	Braddock Reeves LLP	Draft	Collateral assignment of hotel rents and revenues
C-5	Lender	Assignment of Hotel Management Agreements — Meridian Coast Bank, N.A.	Lender / MCB	Braddock Reeves LLP	Draft	Assignment of any replacement management agreement entered by Buyer post-closing
C-6	Lender	UCC-1 Financing Statement — Meridian Coast Bank, N.A. (secured party)	Lender / MCB	Braddock Reeves LLP	Draft	Filed with FL Secretary of State; covers FF&E and personal property at the Property
C-7	Lender	Environmental Indemnity Agreement	Lender / MCB	Braddock Reeves LLP	Draft	Borrower and guarantor indemnification of lender for environmental liabilities
C-8	Lender	Guaranty Agreement — Pellegrino Capital Group LLC and/or Marco A. Pellegrino	Lender / MCB	Braddock Reeves LLP	Draft	Scope of guaranty per loan term sheet (recourse carve-outs)
C-9	Lender	Deposit Account Control Agreement (DACA)	Lender / MCB	Braddock Reeves LLP	Draft	Control agreement over operating accounts at Meridian Coast Bank, N.A.
C-10	Lender	Reserve/Escrow Agreement (Tax, Insurance, FF&E)	Lender / MCB	Braddock Reeves LLP	Draft	Monthly escrow for taxes, insurance; 4% FF&E reserve per loan agreement
C-11	Lender	Loan Origination Fee Payment — $245,000.00	Buyer / PCG	Veronica Suárez-Pellegrino	Pending	1.0% × $24,500,000; paid at closing from buyer funds
C-12	Lender	Wire Transfer of Loan Proceeds — $24,500,000.00	Lender / MCB	Meridian Coast Bank, N.A.	Pending	Wired to Palmetto Title & Escrow Company escrow account on closing date

C-13	Lender	Documentary Stamp Tax Declaration — Mortgage	Buyer / PCG	Calderwood & Harkness LLP	Draft	$24,500,000 × $0.35/$100 = $85,750; paid by Buyer
C-14	Lender	Intangible Tax Payment — Mortgage	Buyer / PCG	Calderwood & Harkness LLP	Draft	$24,500,000 × $0.002 = $49,000; paid by Buyer
C-15	Lender	Borrower's Counsel Legal Opinion (Calderwood & Harkness LLP)	Buyer / PCG	Calderwood & Harkness LLP (Angela Fontaine)	Draft	Opinion re: due authorization, enforceability, no conflicts; delivered to Meridian Coast Bank
SECTION D	TITLE & ESCROW / INSURANCE DELIVERABLES
D-1	Title/Escrow	Title Commitment — Palmetto Title & Escrow Company (Commitment No. PTC-2025-08291)	Title Agent	Denise Lafleur, Palmetto Title & Escrow Company	Received	July 28, 2025	Underwriter: Commonwealth Southern Title Insurance Company; reviewed in Title Commitment Review Memo
D-2	Title/Escrow	ALTA Owner's Policy of Title Insurance — $35,000,000 coverage	Title Agent	Commonwealth Southern Title Insurance Company	Pending	Estimated premium: $72,100; subject to permitted exceptions only
D-3	Title/Escrow	ALTA Loan Policy of Title Insurance — $24,500,000 coverage (simultaneous issue)	Title Agent	Commonwealth Southern Title Insurance Company	Pending	Estimated premium: $28,000 (simultaneous-issue discount); insured: Meridian Coast Bank, N.A.
D-4	Title/Escrow	ALTA/NSPS Land Title Survey	Surveyor	Crestline Surveying & Mapping, Inc. (George Tavares, PSM)	Received	August 4, 2025	1.87-acre parcel (approx. 81,457 sq. ft.); identifies easements, setbacks, coastal construction control line; cost: $18,500
D-5	Title/Escrow	Phase I Environmental Site Assessment	Environmental	Verdana Environmental Group LLC (Dr. Anita Robles, P.E.)	Received	August 11, 2025	No RECs identified; cost: $6,200; required by Meridian Coast Bank
D-6	Title/Escrow	Appraisal Report	Appraiser	Saylor & Beckett Valuation Services LLC (Martin Saylor, MAI)	Received	August 18, 2025	Appraised value: $36,200,000; cost: $12,000; required by Meridian Coast Bank; confirms value supports 70% LTV
D-7	Title/Escrow	Property Condition Assessment (PCA)	Environmental	Verdana Environmental Group LLC	Received	August 14, 2025	12-year deferred maintenance schedule; required by lender
D-8	Title/Escrow	Zoning Compliance Letter — City of Delray Beach	Buyer / PCG	Calderwood & Harkness LLP	Received	August 6, 2025	Confirms hotel use is permitted under current zoning (CBD — Central Business District)
D-9	Title/Escrow	Escrow / Closing Instructions — Palmetto Title & Escrow Company	Title Agent	Denise Lafleur	Draft	Funds flow, recording instructions, disbursement authorization
D-10	Title/Escrow	Recording Package — Deed, Mortgage, Assignment of Rents, UCC-1, Satisfaction of Seaview Mortgage	Title Agent	Palmetto Title & Escrow Company	Pending	To be recorded in Official Records, Palm Beach County
D-11	Title/Escrow	Title Endorsements (requested)	Title Agent	Commonwealth Southern Title Insurance Company	Pending	Comprehensive endorsement list per C&H title review memo; includes zoning (ALTA 3.1), survey (ALTA 25), access (ALTA 17), environmental lien (ALTA 8.1), contiguity
SECTION E	PRORATIONS & SETTLEMENT
E-1	Prorations	Real Estate Tax Proration — 2025 estimated taxes ($440,000, prorated as of Sept. 15, 2025)	Both	Calderwood & Harkness LLP	Draft	2024 taxes: $432,000 (18.0 mills × $24,000,000 assessed value); 2025 estimate: $440,000; Seller responsible through Sept. 14; Buyer from Sept. 15; Seller credit to Buyer: approx. $310,685 (258/365 × $440,000)
E-2	Prorations	Hotel Revenue and Advance Booking / Deposit Proration	Both	Calderwood & Harkness LLP / Whitman Aldridge & Co. LLP (Helen Tsao, CPA)	Draft	TTM revenue $9,800,000; ADR $485; occupancy 74%; RevPAR $359; prorate guest deposits and advance reservations
E-3	Prorations	Utility Charges Proration (electric, water, sewer, gas, telecom)	Both	Calderwood & Harkness LLP	Draft	Final meter readings as of closing date; FPL, City of Delray Beach Utilities
E-4	Prorations	Operating Expense Proration	Both	Calderwood & Harkness LLP	Draft	Based on TTM NOI of $3,120,000 (31.8% NOI margin); includes payroll through closing date
E-5	Prorations	Tourist Development Tax / Bed Tax Proration	Both	Calderwood & Harkness LLP	Draft	Palm Beach County 6% tourist development tax; prorate collections through closing date
E-6	Prorations	Prepaid Deposits and Guest Ledger Reconciliation	Both	Calderwood & Harkness LLP / Hargrove, Kessler & Blaine LLP	Draft	In-house guest ledger at midnight Sept. 14, 2025; advance deposits for post-closing stays credited to Buyer
E-7	Prorations	Settlement Statement — Final Executed Version	Both	Calderwood & Harkness LLP	Draft	Buyer total closing costs est. $516,550; includes all transfer taxes, title premiums, survey, ESA, appraisal, loan origination fee
SECTION F	POST-CLOSING ITEMS
F-1	Post-Closing	Recorded Special Warranty Deed (conformed copy)	Title Agent	Palmetto Title & Escrow Company	Pending	To be returned after recording in Palm Beach County

F-2	Post-Closing	Recorded Mortgage and Assignment of Rents (conformed copy)	Title Agent	Palmetto Title & Escrow Company	Pending	First-priority lien in favor of Meridian Coast Bank, N.A.
F-3	Post-Closing	Recorded Satisfaction of Seaview National Lending Corp. Mortgage (conformed copy)	Title Agent	Palmetto Title & Escrow Company / Seaview National Lending Corp.	Pending	Confirms release of prior $16.8M mortgage upon payoff of approx. $14,350,000
F-4	Post-Closing	DBPR Liquor License Transfer Application — License No. BEV-5812947	Buyer / PCG	Calderwood & Harkness LLP	Pending	Transfer application to Florida DBPR; interim authorization during pendency
F-5	Post-Closing	Formation of PCG Delray Hotel LLC — EIN Confirmation (IRS)	Buyer / PCG	Whitman Aldridge & Co. LLP (Helen Tsao, CPA)	Pending	EIN to be obtained upon formation; Form SS-4
F-6	Post-Closing	Employee Transition — Offer Letters to 64 FTE Hotel Employees	Buyer / PCG	Veronica Suárez-Pellegrino	Pending	Per Post-Closing Transition Agreement; transition period Sept. 15 – Nov. 14, 2025
F-7	Post-Closing	Wind-down of 'The Marisol — A Saltaire Hotel' Fictitious Name (Reg. No. G19000042817)	Seller / Saltaire	Hargrove, Kessler & Blaine LLP	Pending	Seller to cancel fictitious name registration per transition agreement
F-8	Post-Closing	Final Title Policies Delivered (Owner's and Loan)	Title Agent	Commonwealth Southern Title Insurance Company	Pending	Owner's policy: $35,000,000; Loan policy: $24,500,000
F-9	Post-Closing	Palm Beach County Property Appraiser — Change of Ownership Notification	Buyer / PCG	Calderwood & Harkness LLP	Pending	DR-219 (Declaration of Value) to be filed post-recording
F-10	Post-Closing	Business Tax Receipt — City of Delray Beach (new owner)	Buyer / PCG	Calderwood & Harkness LLP	Pending	New local business tax receipt in name of PCG Delray Hotel LLC
F-11	Post-Closing	Florida Department of Revenue — Tourist Development Tax Registration (new owner)	Buyer / PCG	Whitman Aldridge & Co. LLP (Helen Tsao, CPA)	Pending	New registration for sales/use tax and tourist development tax collection
F-12	Post-Closing	Final Post-Closing Proration True-Up (within 90 days of closing)	Both	Calderwood & Harkness LLP / Whitman Aldridge & Co. LLP	Pending	True-up of taxes, revenues, and operating expenses within 90 days per PSA

[sheet: Key Contacts]

Role	Entity / Firm	Contact Person	Title	Address	Phone	Email
Buyer — Principal	PCG Delray Hotel LLC (sole member: Pellegrino Capital Group LLC)	Marco A. Pellegrino	Founder & Managing Principal	2400 Ponce de Leon Boulevard, Suite 1100, Coral Gables, FL 33134	(305) 441-8200	mpellegrino@pcginvest.com
Buyer — General Counsel	Pellegrino Capital Group LLC	Veronica Suárez-Pellegrino	General Counsel	2400 Ponce de Leon Boulevard, Suite 1100, Coral Gables, FL 33134	(305) 441-8205	vsuarez@pcginvest.com
Buyer's Counsel — Responsible Partner	Calderwood & Harkness LLP	Angela Fontaine	Partner, Real Estate	1450 Brickell Avenue, Suite 3100, Miami, FL 33131	(305) 789-4100	afontaine@calderwoodharkness.com
Buyer's Counsel — Billing Partner	Calderwood & Harkness LLP	Douglas Fairchild	Partner, Real Estate	1450 Brickell Avenue, Suite 3100, Miami, FL 33131	(305) 789-4115	dfairchild@calderwoodharkness.com
Buyer's Counsel — Lead Associate	Calderwood & Harkness LLP	Rafael Dominguez	Associate, Real Estate	1450 Brickell Avenue, Suite 3100, Miami, FL 33131	(305) 789-4142	rdominguez@calderwoodharkness.com
Buyer's Counsel — Working Associate	Calderwood & Harkness LLP	Cynthia Ho	Associate, Real Estate	1450 Brickell Avenue, Suite 3100, Miami, FL 33131	(305) 789-4158	cho@calderwoodharkness.com
Seller — Managing Member	Saltaire Hospitality Holdings LLC	Nathaniel 'Nate' Whitford	Managing Member (60%)	777 South Flagler Drive, Suite 600, West Palm Beach, FL 33401	(561) 832-7400	nwhitford@saltairehospitality.com
Seller — Member	Saltaire Hospitality Holdings LLC	Elaine Chastain-Park	Member (40%)	777 South Flagler Drive, Suite 600, West Palm Beach, FL 33401	(561) 832-7410	echastainpark@saltairehospitality.com
Seller's Counsel — Lead Partner	Hargrove, Kessler & Blaine LLP	Patricia 'Trish' Blaine	Lead Partner	515 North Flagler Drive, Suite 800, West Palm Beach, FL 33401	(561) 655-3200	pblaine@hkblaw.com
Seller's Counsel — Associate	Hargrove, Kessler & Blaine LLP	David Kim	Senior Associate	515 North Flagler Drive, Suite 800, West Palm Beach, FL 33401	(561) 655-3218	dkim@hkblaw.com
Lender — Loan Officer	Meridian Coast Bank, N.A.	Sandra M. Rivera	VP, Commercial Real Estate Lending	100 West Bay Street, Suite 1500, Jacksonville, FL 32202	(904) 356-8800	srivera@meridiancoastbank.com
Lender's Counsel	Braddock Reeves LLP	Jonathan Ng	Partner	801 Brickell Avenue, Suite 2200, Miami, FL 33131	(305) 377-6200	jng@braddockreeves.com
Title & Escrow Agent	Palmetto Title & Escrow Company	Denise Lafleur	Title Officer	200 Clematis Street, Suite 400, West Palm Beach, FL 33401	(561) 820-4500	dlafleur@palmettotitle.com
Title Insurance Underwriter	Commonwealth Southern Title Insurance Company	Robert Granger	Underwriting Counsel	3344 Peachtree Road NE, Suite 1200, Atlanta, GA 30326	(404) 261-7700	rgranger@commonwealthsouthern.com
Surveyor	Crestline Surveying & Mapping, Inc.	George Tavares, PSM	Principal Surveyor	3350 SW 34th Avenue, Fort Lauderdale, FL 33312	(954) 587-3100	gtavares@crestlinesurveying.com
Environmental Consultant	Verdana Environmental Group LLC	Dr. Anita Robles, P.E.	Project Manager	8920 Western Way, Suite 210, Jacksonville, FL 32256	(904) 268-4400	arobles@verdanaenv.com
Insurance Broker	Harborview Risk Advisors LLC	James D. Cortland	Account Manager	110 SE 6th Street, Suite 700, Fort Lauderdale, FL 33301	(954) 462-8100	jcortland@harborviewrisk.com
Insurance Carrier	Atlantic Keystone Insurance Company	Melissa Hartwell	Underwriter	200 South Orange Avenue, Suite 900, Orlando, FL 32801	(407) 839-5500	mhartwell@atlantickeystone.com
Appraiser	Saylor & Beckett Valuation Services LLC	Martin Saylor, MAI	Appraiser of Record	600 Brickell Avenue, Suite 1400, Miami, FL 33131	(305) 374-9200	msaylor@saylorbeckett.com
Buyer's Tax/Accounting Advisor	Whitman Aldridge & Co. LLP	Helen Tsao, CPA	Engagement Partner	2525 Ponce de Leon Boulevard, Suite 300, Coral Gables, FL 33134	(305) 448-6100	htsao@whitmanaldridge.com
Seller's Existing Lender (payoff)	Seaview National Lending Corp.	Thomas Brennan	Loan Servicing Manager	400 Royal Palm Way, Suite 310, Palm Beach, FL 33480	(561) 802-3000	tbrennan@seaviewnational.com

[sheet: Key Dates & Milestones]

Date	Milestone / Event	Status	Notes
2018	Saltaire acquired the Property for $22,400,000	Completed	Original acquisition by Seller from prior owner
2018–2019	Saltaire completed $8,600,000 renovation of the hotel	Completed	42-key boutique hotel substantially renovated; total investment approx. $31,000,000
2019	Hotel opened as 'The Marisol — A Saltaire Hotel'	Completed	Fictitious Name Reg. No. G19000042817; DBPR Liquor License No. BEV-5812947 issued
June 12, 2025	Letter of Intent executed between PCG and Saltaire	Completed	Non-binding LOI; $35,000,000 purchase price
June 20, 2025	Matter opened; engagement letter signed (C&H Matter No. 40225.00001)	Completed	Calderwood & Harkness LLP engaged by Pellegrino Capital Group LLC
July 7, 2025	PSA execution date	Completed	Purchase and Sale Agreement between Saltaire Hospitality Holdings LLC and PCG Delray Hotel LLC
July 10, 2025	Earnest Money Deposit due — $1,750,000 (3 business days post-PSA)	Completed	Deposited with Palmetto Title & Escrow Company; 5% of $35,000,000
July 28, 2025	Title commitment received from Palmetto Title & Escrow Company	Completed	Commitment No. PTC-2025-08291; underwriter: Commonwealth Southern Title Insurance Company
August 4, 2025	ALTA/NSPS survey received from Crestline Surveying	Completed	1.87-acre parcel; $18,500 cost
August 7, 2025	Title objection deadline (30 days post-PSA)	Completed	Title Objection Letter sent by C&H to Hargrove, Kessler & Blaine LLP
August 11, 2025	Phase I ESA report received from Verdana Environmental Group	Completed	No RECs identified; $6,200 cost
August 18, 2025	Appraisal report received from Saylor & Beckett Valuation Services	Completed	Appraised value: $36,200,000; supports 70% LTV
August 21, 2025	Due-diligence period expires (45 days post-PSA)	Completed	Deposits go hard (non-refundable) after this date
August 22, 2025	Seller cure period for title defects ends (15 days after Aug 7 objection)	Completed	Seaview mortgage payoff confirmed; other objections resolved
August 25, 2025	Additional Deposit due — $875,000 (2 business days post-DD)	Completed	2.5% of $35,000,000; total deposits now $2,625,000
August 28, 2025	Loan commitment deadline — Meridian Coast Bank, N.A.	Completed	Loan Ref. No. MCB-CRE-2025-07184; $24,500,000 commitment issued
September 15, 2025	Closing Date	Upcoming	Target closing; all deliverables due; closing at offices of Palmetto Title & Escrow Company, West Palm Beach
September 15 – November 14, 2025	Post-closing transition period (60 days)	Upcoming	Transition of hotel operations, 64 FTE employees, licenses, reservation systems, vendor contracts
December 14, 2025	Post-closing proration true-up deadline (90 days post-closing)	Upcoming	Final reconciliation of taxes, revenues, operating expenses per PSA
September 15, 2030	Loan maturity date	Future	5-year loan term from closing; Meridian Coast Bank Loan Ref. MCB-CRE-2025-07184

[sheet: Funds Flow Summary]

Line No.

FUNDS INTO ESCROW

1	Earnest Money Deposit (previously deposited)	Pellegrino Capital Group LLC	Palmetto Title & Escrow Company (escrow)	$1,750,000.00	Deposited July 10, 2025; 5% of purchase price
2	Additional Deposit (previously deposited)	Pellegrino Capital Group LLC	Palmetto Title & Escrow Company (escrow)	$875,000.00	Deposited August 25, 2025; 2.5% of purchase price
3	Buyer Equity Wire (net of deposits)	Pellegrino Capital Group LLC	Palmetto Title & Escrow Company (escrow)	$7,875,000.00	Total buyer equity: $10,500,000 ($2,625,000 deposits + $7,875,000 at closing)
4	Loan Proceeds Wire	Meridian Coast Bank, N.A.	Palmetto Title & Escrow Company (escrow)	$24,500,000.00	Loan Ref. MCB-CRE-2025-07184; 70% LTV
TOTAL FUNDS INTO ESCROW	$35,000,000.00	$1,750,000 + $875,000 + $7,875,000 + $24,500,000

DISBURSEMENTS FROM ESCROW

5	Payoff — Seaview National Lending Corp. existing mortgage	Palmetto Title escrow (from Seller's proceeds)	Seaview National Lending Corp.	$14,350,000.00	Approximate payoff; per payoff letter; satisfaction to be recorded
6	Documentary Stamp Tax — Deed (Seller's obligation)	Palmetto Title escrow (from Seller's proceeds)	Palm Beach County Clerk	$245,000.00	$35,000,000 × $0.70/$100
7	Documentary Stamp Tax — Mortgage (Buyer's obligation)	Palmetto Title escrow (from Buyer's funds)	Palm Beach County Clerk	$85,750.00	$24,500,000 × $0.35/$100
8	Intangible Tax — Mortgage (Buyer's obligation)	Palmetto Title escrow (from Buyer's funds)	Palm Beach County Clerk	$49,000.00	$24,500,000 × $0.002
9	Owner's Title Insurance Premium	Palmetto Title escrow (split per PSA — Buyer)	Commonwealth Southern Title Insurance Company	$72,100.00	ALTA Owner's Policy, $35M coverage
10	Loan Title Insurance Premium	Palmetto Title escrow (from Buyer's funds)	Commonwealth Southern Title Insurance Company	$28,000.00	ALTA Loan Policy, $24.5M coverage; simultaneous issue discount
11	Loan Origination Fee	Palmetto Title escrow (from Buyer's funds)	Meridian Coast Bank, N.A.	$245,000.00	1.0% × $24,500,000
12	ALTA/NSPS Survey	Palmetto Title escrow (from Buyer's funds)	Crestline Surveying & Mapping, Inc.	$18,500.00	Previously paid or paid at closing
13	Phase I Environmental Site Assessment	Palmetto Title escrow (from Buyer's funds)	Verdana Environmental Group LLC	$6,200.00	Previously paid or paid at closing
14	Appraisal Report	Palmetto Title escrow (from Buyer's funds)	Saylor & Beckett Valuation Services LLC	$12,000.00	Previously paid or paid at closing
15	Real Estate Tax Proration Credit (est. — Seller to Buyer)	Palmetto Title escrow (from Seller's proceeds)	Applied to Buyer credit	$310,685.00	258/365 × $440,000 est. 2025 taxes; Seller responsible Jan 1 – Sept 14
16	Seller's Counsel Fees (estimated)	Palmetto Title escrow (from Seller's proceeds)	Hargrove, Kessler & Blaine LLP	$175,000.00	Estimated; per Seller's engagement terms
17	Net Proceeds to Seller	Palmetto Title escrow	Saltaire Hospitality Holdings LLC	$19,919,315.00	$35,000,000 − $14,350,000 − $245,000 − $310,685 − $175,000 = $19,919,315
SUMMARY — TOTAL PURCHASE PRICE	$35,000,000.00	Funds In = Deposits ($2,625,000) + Buyer Equity at Closing ($7,875,000) + Loan Proceeds ($24,500,000)
SUMMARY — TOTAL BUYER CLOSING COSTS (est.)	$516,550.00	$85,750 + $49,000 + $72,100 + $28,000 + $18,500 + $6,200 + $12,000 + $245,000
SUMMARY — CAP RATE	8.91%	$3,120,000 NOI ÷ $35,000,000 purchase price
SUMMARY — DSCR	1.59x	$3,120,000 NOI ÷ $1,965,768 annual debt service (exceeds 1.25x covenant)

[sheet: Closing Checklist]
Item No. | Category | Document Description | Responsible Party | Prepared By | Status | Date Received / Executed | Notes
SECTION A | BUYER / PCG DELIVERABLES
A-1 | Buyer | Articles of Organization — PCG Delray Hotel LLC (certified copy from Florida Secretary of State) | Buyer / PCG | Calderwood & Harkness LLP | Final | Single-member FL LLC; sole member: Pellegrino Capital Group LLC
A-2 | Buyer | Operating Agreement of PCG Delray Hotel LLC | Buyer / PCG | Calderwood & Harkness LLP | Draft | Sole member: Pellegrino Capital Group LLC (Marco A. Pellegrino, Managing Principal)
A-3 | Buyer | Certificate of Good Standing — PCG Delray Hotel LLC (Florida Department of State) | Buyer / PCG | Calderwood & Harkness LLP | Pending | To be obtained upon formation
A-4 | Buyer | Certificate of Good Standing — Pellegrino Capital Group LLC (Florida Department of State) | Buyer / PCG | Veronica Suárez-Pellegrino | Pending | FL LLC; EIN: 83-2749016
A-5 | Buyer | Authorizing Resolutions of Pellegrino Capital Group LLC (as sole member of PCG Delray Hotel LLC) approving acquisition and loan | Buyer / PCG | Calderwood & Harkness LLP | Draft | Signed by Marco A. Pellegrino as Managing Principal (78% interest); Pellegrino Family Irrevocable Trust (2014) holds 22%
A-6 | Buyer | Buyer's Closing Certificate — PCG Delray Hotel LLC | Buyer / PCG | Calderwood & Harkness LLP | Draft | Officer's certificate confirming reps, warranties, authority, and bring-down as of closing; executed by authorized rep of PCG Delray Hotel LLC
A-7 | Buyer | Assignment and Assumption of Contracts (Buyer execution counterpart) | Buyer / PCG | Calderwood & Harkness LLP | Draft | Buyer assumes vendor/service contracts, booking agreements, permits; excludes Saltaire Management Co. LLC management agreement (terminated at closing)
A-8 | Buyer | Assignment and Assumption of Permits and Licenses (Buyer execution counterpart) | Buyer / PCG | Calderwood & Harkness LLP | Draft | Includes DBPR Liquor License No. BEV-5812947 (subject to transfer approval), elevator permit No. EL-2019-003417, and all other operating permits
A-9 | Buyer | Post-Closing Transition Agreement (Buyer execution counterpart) | Buyer / PCG | Calderwood & Harkness LLP | Draft | 60-day transition: Sept. 15 – Nov. 14, 2025; covers 64 FTE employees, reservation systems, permits, DBPR Liquor License No. BEV-5812947 transfer
A-10 | Buyer | Settlement Statement (Buyer execution counterpart) | Buyer / PCG | Calderwood & Harkness LLP | Draft | Purchase price: $35,000,000; deposits credited: $2,625,000; balance at closing: $32,375,000
A-11 | Buyer | Evidence of Property/Casualty Insurance — Atlantic Keystone Insurance Company policy binder | Buyer / PCG | Harborview Risk Advisors LLC | Pending | Placed through Harborview Risk Advisors LLC; must include flood coverage (Zone AE, FEMA FIRM Panel 12099C0826J); Meridian Coast Bank named as mortgagee/additional insured
A-12 | Buyer | Evidence of Flood Insurance (Zone AE — Special Flood Hazard Area) | Buyer / PCG | Harborview Risk Advisors LLC | Pending | Required per FEMA FIRM Panel 12099C0826J effective Dec. 4, 2020; lender requirement
A-13 | Buyer | Evidence of Wind/Hurricane Insurance | Buyer / PCG | Harborview Risk Advisors LLC | Pending | Coastal property; windstorm coverage required by lender; named-storm deductible per policy terms
A-14 | Buyer | Wire Transfer of Buyer Equity — $7,875,000.00 | Buyer / PCG | Veronica Suárez-Pellegrino | Pending | To Palmetto Title & Escrow Company escrow account; buyer equity at closing net of deposits ($32,375,000 − $24,500,000 loan proceeds)
A-15 | Buyer | W-9 (Request for Taxpayer Identification Number) — PCG Delray Hotel LLC | Buyer / PCG | Veronica Suárez-Pellegrino | Pending | Required by title agent and lender
SECTION B | SELLER / SALTAIRE DELIVERABLES
B-1 | Seller | Special Warranty Deed — Saltaire Hospitality Holdings LLC to PCG Delray Hotel LLC | Seller / Saltaire | Hargrove, Kessler & Blaine LLP | Draft | Conveys 1.87-acre parcel, 42-key hotel; subject to permitted exceptions (beach access easement OR Bk 31245, Pg 1822; FPL utility easement OR Bk 22017, Pg 934; CC&R Declaration OR Bk 18904, Pg 455)
B-2 | Seller | Bill of Sale — Personal Property, FF&E, and Inventories | Seller / Saltaire | Calderwood & Harkness LLP | Draft | Conveys all tangible personal property, FF&E, inventories, supplies, linens, F&B stocks; seller warrants title free of liens (except new UCC-1 in favor of Meridian Coast Bank)
B-3 | Seller | Assignment and Assumption of Contracts (Seller execution counterpart) | Seller / Saltaire | Calderwood & Harkness LLP / Hargrove, Kessler & Blaine LLP | Draft | Includes DBPR Liquor License No. BEV-5812947 (subject to DBPR transfer approval) and elevator permit No. EL-2019-003417
B-4 | Seller | Assignment and Assumption of Warranties and Guaranties | Seller / Saltaire | Hargrove, Kessler & Blaine LLP | Draft | Assignment of all existing manufacturer and contractor warranties related to 2018-2019 renovation ($8,600,000)
B-5 | Seller | Seller's Closing Certificate — Saltaire Hospitality Holdings LLC | Seller / Saltaire | Hargrove, Kessler & Blaine LLP | Draft | Confirming reps, warranties, and authority; signed by Nathaniel Whitford (Managing Member, 60%) and/or Elaine Chastain-Park (Member, 40%)
B-6 | Seller | Certificate of Good Standing — Saltaire Hospitality Holdings LLC (Delaware Secretary of State) | Seller / Saltaire | Hargrove, Kessler & Blaine LLP | Pending | Delaware LLC; EIN: 82-4613278
B-7 | Seller | Certificate of Authorization / Registration — Saltaire Hospitality Holdings LLC (Florida Department of State) | Seller / Saltaire | Hargrove, Kessler & Blaine LLP | Pending | Foreign LLC registered to do business in FL
B-8 | Seller | Authorizing Resolutions of Saltaire Hospitality Holdings LLC approving the sale | Seller / Saltaire | Hargrove, Kessler & Blaine LLP | Draft | Signed by Nathaniel Whitford and Elaine Chastain-Park
B-9 | Seller | FIRPTA Affidavit (Non-Foreign Person Certification — IRC §1445) | Seller / Saltaire | Hargrove, Kessler & Blaine LLP | Draft | Seller certifies it is not a foreign person; includes EIN 82-4613278
B-10 | Seller | Owner's Affidavit / No-Lien Affidavit | Seller / Saltaire | Hargrove, Kessler & Blaine LLP | Draft | Required by Palmetto Title & Escrow Company / Commonwealth Southern Title Insurance Company for title policy issuance
B-11 | Seller | GAP Affidavit (Title Gap Indemnity) | Seller / Saltaire | Hargrove, Kessler & Blaine LLP | Draft | Covers gap period between title commitment effective date and recording of deed
B-12 | Seller | Termination of Management Agreement — Saltaire Management Co. LLC | Seller / Saltaire | Hargrove, Kessler & Blaine LLP | Draft | Existing management agreement with Saltaire Management Co. LLC (affiliate of Seller) terminated effective at closing
B-13 | Seller | Payoff Letter — Seaview National Lending Corp. (existing first mortgage) | Seller / Saltaire | Hargrove, Kessler & Blaine LLP / Seaview National Lending Corp. | Pending | Original principal $16,800,000; approximate payoff amount $14,350,000; to be paid from Seller's closing proceeds
B-14 | Seller | Satisfaction / Release of Mortgage — Seaview National Lending Corp. | Seller / Saltaire | Seaview National Lending Corp. | Pending | To be recorded in Official Records, Palm Beach County, upon receipt of payoff funds
B-15 | Seller | Post-Closing Transition Agreement (Seller execution counterpart) | Seller / Saltaire | Calderwood & Harkness LLP / Hargrove, Kessler & Blaine LLP | Draft | 60-day transition period; wind-down of Fictitious Name 'The Marisol — A Saltaire Hotel' (Reg. No. G19000042817)
B-16 | Seller | Settlement Statement (Seller execution counterpart) | Seller / Saltaire | Calderwood & Harkness LLP / Hargrove, Kessler & Blaine LLP | Draft | Documentary stamp tax on deed ($245,000) paid by Seller per FL custom
B-17 | Seller | Transfer Tax Declaration — Documentary Stamp Tax on Deed | Seller / Saltaire | Hargrove, Kessler & Blaine LLP | Draft | $35,000,000 × $0.70/$100 = $245,000; Seller responsibility
B-18 | Seller | Tenant/Guest Notification Letters | Seller / Saltaire | Hargrove, Kessler & Blaine LLP | Draft | Notice to long-term guests and event booking clients of ownership change
B-19 | Seller | W-9 (Request for Taxpayer Identification Number) — Saltaire Hospitality Holdings LLC | Seller / Saltaire | Hargrove, Kessler & Blaine LLP | Pending | EIN: 82-4613278; required by title agent
SECTION C | LENDER / MERIDIAN COAST BANK DELIVERABLES
C-1 | Lender | Loan Agreement — Meridian Coast Bank, N.A. and PCG Delray Hotel LLC | Lender / MCB | Braddock Reeves LLP (Jonathan Ng) | Draft | Loan Ref. No. MCB-CRE-2025-07184; $24,500,000; 5-yr term; 25-yr amortization; 6.35% fixed yrs 1–3, SOFR +2.75% yrs 4–5; min. DSCR 1.25x
C-2 | Lender | Promissory Note — $24,500,000.00 | Lender / MCB | Braddock Reeves LLP | Draft | Maturity: September 15, 2030; monthly P&I approx. $163,814 (fixed period)
C-3 | Lender | Mortgage, Security Agreement, and Fixture Filing — Meridian Coast Bank, N.A. | Lender / MCB | Braddock Reeves LLP | Draft | First-priority mortgage lien on Property; to be recorded in Palm Beach County Official Records
C-4 | Lender | Assignment of Rents and Leases — Meridian Coast Bank, N.A. | Lender / MCB | Braddock Reeves LLP | Draft | Collateral assignment of hotel rents and revenues
C-5 | Lender | Assignment of Hotel Management Agreements — Meridian Coast Bank, N.A. | Lender / MCB | Braddock Reeves LLP | Draft | Assignment of any replacement management agreement entered by Buyer post-closing
C-6 | Lender | UCC-1 Financing Statement — Meridian Coast Bank, N.A. (secured party) | Lender / MCB | Braddock Reeves LLP | Draft | Filed with FL Secretary of State; covers FF&E and personal property at the Property
C-7 | Lender | Environmental Indemnity Agreement | Lender / MCB | Braddock Reeves LLP | Draft | Borrower and guarantor indemnification of lender for environmental liabilities
C-8 | Lender | Guaranty Agreement — Pellegrino Capital Group LLC and/or Marco A. Pellegrino | Lender / MCB | Braddock Reeves LLP | Draft | Scope of guaranty per loan term sheet (recourse carve-outs)
C-9 | Lender | Deposit Account Control Agreement (DACA) | Lender / MCB | Braddock Reeves LLP | Draft | Control agreement over operating accounts at Meridian Coast Bank, N.A.
C-10 | Lender | Reserve/Escrow Agreement (Tax, Insurance, FF&E) | Lender / MCB | Braddock Reeves LLP | Draft | Monthly escrow for taxes, insurance; 4% FF&E reserve per loan agreement
C-11 | Lender | Loan Origination Fee Payment — $245,000.00 | Buyer / PCG | Veronica Suárez-Pellegrino | Pending | 1.0% × $24,500,000; paid at closing from buyer funds
C-12 | Lender | Wire Transfer of Loan Proceeds — $24,500,000.00 | Lender / MCB | Meridian Coast Bank, N.A. | Pending | Wired to Palmetto Title & Escrow Company escrow account on closing date
C-13 | Lender | Documentary Stamp Tax Declaration — Mortgage | Buyer / PCG | Calderwood & Harkness LLP | Draft | $24,500,000 × $0.35/$100 = $85,750; paid by Buyer
C-14 | Lender | Intangible Tax Payment — Mortgage | Buyer / PCG | Calderwood & Harkness LLP | Draft | $24,500,000 × $0.002 = $49,000; paid by Buyer
C-15 | Lender | Borrower's Counsel Legal Opinion (Calderwood & Harkness LLP) | Buyer / PCG | Calderwood & Harkness LLP (Angela Fontaine) | Draft | Opinion re: due authorization, enforceability, no conflicts; delivered to Meridian Coast Bank
SECTION D | TITLE & ESCROW / INSURANCE DELIVERABLES
D-1 | Title/Escrow | Title Commitment — Palmetto Title & Escrow Company (Commitment No. PTC-2025-08291) | Title Agent | Denise Lafleur, Palmetto Title & Escrow Company | Received | July 28, 2025 | Underwriter: Commonwealth Southern Title Insurance Company; reviewed in Title Commitment Review Memo
D-2 | Title/Escrow | ALTA Owner's Policy of Title Insurance — $35,000,000 coverage | Title Agent | Commonwealth Southern Title Insurance Company | Pending | Estimated premium: $72,100; subject to permitted exceptions only
D-3 | Title/Escrow | ALTA Loan Policy of Title Insurance — $24,500,000 coverage (simultaneous issue) | Title Agent | Commonwealth Southern Title Insurance Company | Pending | Estimated premium: $28,000 (simultaneous-issue discount); insured: Meridian Coast Bank, N.A.
D-4 | Title/Escrow | ALTA/NSPS Land Title Survey | Surveyor | Crestline Surveying & Mapping, Inc. (George Tavares, PSM) | Received | August 4, 2025 | 1.87-acre parcel (approx. 81,457 sq. ft.); identifies easements, setbacks, coastal construction control line; cost: $18,500
D-5 | Title/Escrow | Phase I Environmental Site Assessment | Environmental | Verdana Environmental Group LLC (Dr. Anita Robles, P.E.) | Received | August 11, 2025 | No RECs identified; cost: $6,200; required by Meridian Coast Bank
D-6 | Title/Escrow | Appraisal Report | Appraiser | Saylor & Beckett Valuation Services LLC (Martin Saylor, MAI) | Received | August 18, 2025 | Appraised value: $36,200,000; cost: $12,000; required by Meridian Coast Bank; confirms value supports 70% LTV
D-7 | Title/Escrow | Property Condition Assessment (PCA) | Environmental | Verdana Environmental Group LLC | Received | August 14, 2025 | 12-year deferred maintenance schedule; required by lender
D-8 | Title/Escrow | Zoning Compliance Letter — City of Delray Beach | Buyer / PCG | Calderwood & Harkness LLP | Received | August 6, 2025 | Confirms hotel use is permitted under current zoning (CBD — Central Business District)
D-9 | Title/Escrow | Escrow / Closing Instructions — Palmetto Title & Escrow Company | Title Agent | Denise Lafleur | Draft | Funds flow, recording instructions, disbursement authorization
D-10 | Title/Escrow | Recording Package — Deed, Mortgage, Assignment of Rents, UCC-1, Satisfaction of Seaview Mortgage | Title Agent | Palmetto Title & Escrow Company | Pending | To be recorded in Official Records, Palm Beach County
D-11 | Title/Escrow | Title Endorsements (requested) | Title Agent | Commonwealth Southern Title Insurance Company | Pending | Comprehensive endorsement list per C&H title review memo; includes zoning (ALTA 3.1), survey (ALTA 25), access (ALTA 17), environmental lien (ALTA 8.1), contiguity
SECTION E | PRORATIONS & SETTLEMENT
E-1 | Prorations | Real Estate Tax Proration — 2025 estimated taxes ($440,000, prorated as of Sept. 15, 2025) | Both | Calderwood & Harkness LLP | Draft | 2024 taxes: $432,000 (18.0 mills × $24,000,000 assessed value); 2025 estimate: $440,000; Seller responsible through Sept. 14; Buyer from Sept. 15; Seller credit to Buyer: approx. $310,685 (258/365 × $440,000)
E-2 | Prorations | Hotel Revenue and Advance Booking / Deposit Proration | Both | Calderwood & Harkness LLP / Whitman Aldridge & Co. LLP (Helen Tsao, CPA) | Draft | TTM revenue $9,800,000; ADR $485; occupancy 74%; RevPAR $359; prorate guest deposits and advance reservations
E-3 | Prorations | Utility Charges Proration (electric, water, sewer, gas, telecom) | Both | Calderwood & Harkness LLP | Draft | Final meter readings as of closing date; FPL, City of Delray Beach Utilities
E-4 | Prorations | Operating Expense Proration | Both | Calderwood & Harkness LLP | Draft | Based on TTM NOI of $3,120,000 (31.8% NOI margin); includes payroll through closing date
E-5 | Prorations | Tourist Development Tax / Bed Tax Proration | Both | Calderwood & Harkness LLP | Draft | Palm Beach County 6% tourist development tax; prorate collections through closing date
E-6 | Prorations | Prepaid Deposits and Guest Ledger Reconciliation | Both | Calderwood & Harkness LLP / Hargrove, Kessler & Blaine LLP | Draft | In-house guest ledger at midnight Sept. 14, 2025; advance deposits for post-closing stays credited to Buyer
E-7 | Prorations | Settlement Statement — Final Executed Version | Both | Calderwood & Harkness LLP | Draft | Buyer total closing costs est. $516,550; includes all transfer taxes, title premiums, survey, ESA, appraisal, loan origination fee
SECTION F | POST-CLOSING ITEMS
F-1 | Post-Closing | Recorded Special Warranty Deed (conformed copy) | Title Agent | Palmetto Title & Escrow Company | Pending | To be returned after recording in Palm Beach County
F-2 | Post-Closing | Recorded Mortgage and Assignment of Rents (conformed copy) | Title Agent | Palmetto Title & Escrow Company | Pending | First-priority lien in favor of Meridian Coast Bank, N.A.
F-3 | Post-Closing | Recorded Satisfaction of Seaview National Lending Corp. Mortgage (conformed copy) | Title Agent | Palmetto Title & Escrow Company / Seaview National Lending Corp. | Pending | Confirms release of prior $16.8M mortgage upon payoff of approx. $14,350,000
F-4 | Post-Closing | DBPR Liquor License Transfer Application — License No. BEV-5812947 | Buyer / PCG | Calderwood & Harkness LLP | Pending | Transfer application to Florida DBPR; interim authorization during pendency
F-5 | Post-Closing | Formation of PCG Delray Hotel LLC — EIN Confirmation (IRS) | Buyer / PCG | Whitman Aldridge & Co. LLP (Helen Tsao, CPA) | Pending | EIN to be obtained upon formation; Form SS-4
F-6 | Post-Closing | Employee Transition — Offer Letters to 64 FTE Hotel Employees | Buyer / PCG | Veronica Suárez-Pellegrino | Pending | Per Post-Closing Transition Agreement; transition period Sept. 15 – Nov. 14, 2025
F-7 | Post-Closing | Wind-down of 'The Marisol — A Saltaire Hotel' Fictitious Name (Reg. No. G19000042817) | Seller / Saltaire | Hargrove, Kessler & Blaine LLP | Pending | Seller to cancel fictitious name registration per transition agreement
F-8 | Post-Closing | Final Title Policies Delivered (Owner's and Loan) | Title Agent | Commonwealth Southern Title Insurance Company | Pending | Owner's policy: $35,000,000; Loan policy: $24,500,000
F-9 | Post-Closing | Palm Beach County Property Appraiser — Change of Ownership Notification | Buyer / PCG | Calderwood & Harkness LLP | Pending | DR-219 (Declaration of Value) to be filed post-recording
F-10 | Post-Closing | Business Tax Receipt — City of Delray Beach (new owner) | Buyer / PCG | Calderwood & Harkness LLP | Pending | New local business tax receipt in name of PCG Delray Hotel LLC
F-11 | Post-Closing | Florida Department of Revenue — Tourist Development Tax Registration (new owner) | Buyer / PCG | Whitman Aldridge & Co. LLP (Helen Tsao, CPA) | Pending | New registration for sales/use tax and tourist development tax collection
F-12 | Post-Closing | Final Post-Closing Proration True-Up (within 90 days of closing) | Both | Calderwood & Harkness LLP / Whitman Aldridge & Co. LLP | Pending | True-up of taxes, revenues, and operating expenses within 90 days per PSA
[sheet: Key Contacts]
Role | Entity / Firm | Contact Person | Title | Address | Phone | Email
Buyer — Principal | PCG Delray Hotel LLC (sole member: Pellegrino Capital Group LLC) | Marco A. Pellegrino | Founder & Managing Principal | 2400 Ponce de Leon Boulevard, Suite 1100, Coral Gables, FL 33134 | (305) 441-8200 | mpellegrino@pcginvest.com
Buyer — General Counsel | Pellegrino Capital Group LLC | Veronica Suárez-Pellegrino | General Counsel | 2400 Ponce de Leon Boulevard, Suite 1100, Coral Gables, FL 33134 | (305) 441-8205 | vsuarez@pcginvest.com
Buyer's Counsel — Responsible Partner | Calderwood & Harkness LLP | Angela Fontaine | Partner, Real Estate | 1450 Brickell Avenue, Suite 3100, Miami, FL 33131 | (305) 789-4100 | afontaine@calderwoodharkness.com
Buyer's Counsel — Billing Partner | Calderwood & Harkness LLP | Douglas Fairchild | Partner, Real Estate | 1450 Brickell Avenue, Suite 3100, Miami, FL 33131 | (305) 789-4115 | dfairchild@calderwoodharkness.com
Buyer's Counsel — Lead Associate | Calderwood & Harkness LLP | Rafael Dominguez | Associate, Real Estate | 1450 Brickell Avenue, Suite 3100, Miami, FL 33131 | (305) 789-4142 | rdominguez@calderwoodharkness.com
Buyer's Counsel — Working Associate | Calderwood & Harkness LLP | Cynthia Ho | Associate, Real Estate | 1450 Brickell Avenue, Suite 3100, Miami, FL 33131 | (305) 789-4158 | cho@calderwoodharkness.com
Seller — Managing Member | Saltaire Hospitality Holdings LLC | Nathaniel 'Nate' Whitford | Managing Member (60%) | 777 South Flagler Drive, Suite 600, West Palm Beach, FL 33401 | (561) 832-7400 | nwhitford@saltairehospitality.com
Seller — Member | Saltaire Hospitality Holdings LLC | Elaine Chastain-Park | Member (40%) | 777 South Flagler Drive, Suite 600, West Palm Beach, FL 33401 | (561) 832-7410 | echastainpark@saltairehospitality.com
Seller's Counsel — Lead Partner | Hargrove, Kessler & Blaine LLP | Patricia 'Trish' Blaine | Lead Partner | 515 North Flagler Drive, Suite 800, West Palm Beach, FL 33401 | (561) 655-3200 | pblaine@hkblaw.com
Seller's Counsel — Associate | Hargrove, Kessler & Blaine LLP | David Kim | Senior Associate | 515 North Flagler Drive, Suite 800, West Palm Beach, FL 33401 | (561) 655-3218 | dkim@hkblaw.com
Lender — Loan Officer | Meridian Coast Bank, N.A. | Sandra M. Rivera | VP, Commercial Real Estate Lending | 100 West Bay Street, Suite 1500, Jacksonville, FL 32202 | (904) 356-8800 | srivera@meridiancoastbank.com
Lender's Counsel | Braddock Reeves LLP | Jonathan Ng | Partner | 801 Brickell Avenue, Suite 2200, Miami, FL 33131 | (305) 377-6200 | jng@braddockreeves.com
Title & Escrow Agent | Palmetto Title & Escrow Company | Denise Lafleur | Title Officer | 200 Clematis Street, Suite 400, West Palm Beach, FL 33401 | (561) 820-4500 | dlafleur@palmettotitle.com
Title Insurance Underwriter | Commonwealth Southern Title Insurance Company | Robert Granger | Underwriting Counsel | 3344 Peachtree Road NE, Suite 1200, Atlanta, GA 30326 | (404) 261-7700 | rgranger@commonwealthsouthern.com
Surveyor | Crestline Surveying & Mapping, Inc. | George Tavares, PSM | Principal Surveyor | 3350 SW 34th Avenue, Fort Lauderdale, FL 33312 | (954) 587-3100 | gtavares@crestlinesurveying.com
Environmental Consultant | Verdana Environmental Group LLC | Dr. Anita Robles, P.E. | Project Manager | 8920 Western Way, Suite 210, Jacksonville, FL 32256 | (904) 268-4400 | arobles@verdanaenv.com
Insurance Broker | Harborview Risk Advisors LLC | James D. Cortland | Account Manager | 110 SE 6th Street, Suite 700, Fort Lauderdale, FL 33301 | (954) 462-8100 | jcortland@harborviewrisk.com
Insurance Carrier | Atlantic Keystone Insurance Company | Melissa Hartwell | Underwriter | 200 South Orange Avenue, Suite 900, Orlando, FL 32801 | (407) 839-5500 | mhartwell@atlantickeystone.com
Appraiser | Saylor & Beckett Valuation Services LLC | Martin Saylor, MAI | Appraiser of Record | 600 Brickell Avenue, Suite 1400, Miami, FL 33131 | (305) 374-9200 | msaylor@saylorbeckett.com
Buyer's Tax/Accounting Advisor | Whitman Aldridge & Co. LLP | Helen Tsao, CPA | Engagement Partner | 2525 Ponce de Leon Boulevard, Suite 300, Coral Gables, FL 33134 | (305) 448-6100 | htsao@whitmanaldridge.com
Seller's Existing Lender (payoff) | Seaview National Lending Corp. | Thomas Brennan | Loan Servicing Manager | 400 Royal Palm Way, Suite 310, Palm Beach, FL 33480 | (561) 802-3000 | tbrennan@seaviewnational.com
[sheet: Key Dates & Milestones]
Date | Milestone / Event | Status | Notes
2018 | Saltaire acquired the Property for $22,400,000 | Completed | Original acquisition by Seller from prior owner
2018–2019 | Saltaire completed $8,600,000 renovation of the hotel | Completed | 42-key boutique hotel substantially renovated; total investment approx. $31,000,000
2019 | Hotel opened as 'The Marisol — A Saltaire Hotel' | Completed | Fictitious Name Reg. No. G19000042817; DBPR Liquor License No. BEV-5812947 issued
June 12, 2025 | Letter of Intent executed between PCG and Saltaire | Completed | Non-binding LOI; $35,000,000 purchase price
June 20, 2025 | Matter opened; engagement letter signed (C&H Matter No. 40225.00001) | Completed | Calderwood & Harkness LLP engaged by Pellegrino Capital Group LLC
July 7, 2025 | PSA execution date | Completed | Purchase and Sale Agreement between Saltaire Hospitality Holdings LLC and PCG Delray Hotel LLC
July 10, 2025 | Earnest Money Deposit due — $1,750,000 (3 business days post-PSA) | Completed | Deposited with Palmetto Title & Escrow Company; 5% of $35,000,000
July 28, 2025 | Title commitment received from Palmetto Title & Escrow Company | Completed | Commitment No. PTC-2025-08291; underwriter: Commonwealth Southern Title Insurance Company
August 4, 2025 | ALTA/NSPS survey received from Crestline Surveying | Completed | 1.87-acre parcel; $18,500 cost
August 7, 2025 | Title objection deadline (30 days post-PSA) | Completed | Title Objection Letter sent by C&H to Hargrove, Kessler & Blaine LLP
August 11, 2025 | Phase I ESA report received from Verdana Environmental Group | Completed | No RECs identified; $6,200 cost
August 18, 2025 | Appraisal report received from Saylor & Beckett Valuation Services | Completed | Appraised value: $36,200,000; supports 70% LTV
August 21, 2025 | Due-diligence period expires (45 days post-PSA) | Completed | Deposits go hard (non-refundable) after this date
August 22, 2025 | Seller cure period for title defects ends (15 days after Aug 7 objection) | Completed | Seaview mortgage payoff confirmed; other objections resolved
August 25, 2025 | Additional Deposit due — $875,000 (2 business days post-DD) | Completed | 2.5% of $35,000,000; total deposits now $2,625,000
August 28, 2025 | Loan commitment deadline — Meridian Coast Bank, N.A. | Completed | Loan Ref. No. MCB-CRE-2025-07184; $24,500,000 commitment issued
September 15, 2025 | Closing Date | Upcoming | Target closing; all deliverables due; closing at offices of Palmetto Title & Escrow Company, West Palm Beach
September 15 – November 14, 2025 | Post-closing transition period (60 days) | Upcoming | Transition of hotel operations, 64 FTE employees, licenses, reservation systems, vendor contracts
December 14, 2025 | Post-closing proration true-up deadline (90 days post-closing) | Upcoming | Final reconciliation of taxes, revenues, operating expenses per PSA
September 15, 2030 | Loan maturity date | Future | 5-year loan term from closing; Meridian Coast Bank Loan Ref. MCB-CRE-2025-07184
[sheet: Funds Flow Summary]
Line No. | Description | Payor / Source | Payee / Recipient | Amount | Notes
FUNDS INTO ESCROW
1 | Earnest Money Deposit (previously deposited) | Pellegrino Capital Group LLC | Palmetto Title & Escrow Company (escrow) | $1,750,000.00 | Deposited July 10, 2025; 5% of purchase price
2 | Additional Deposit (previously deposited) | Pellegrino Capital Group LLC | Palmetto Title & Escrow Company (escrow) | $875,000.00 | Deposited August 25, 2025; 2.5% of purchase price
3 | Buyer Equity Wire (net of deposits) | Pellegrino Capital Group LLC | Palmetto Title & Escrow Company (escrow) | $7,875,000.00 | Total buyer equity: $10,500,000 ($2,625,000 deposits + $7,875,000 at closing)
4 | Loan Proceeds Wire | Meridian Coast Bank, N.A. | Palmetto Title & Escrow Company (escrow) | $24,500,000.00 | Loan Ref. MCB-CRE-2025-07184; 70% LTV
TOTAL FUNDS INTO ESCROW | $35,000,000.00 | $1,750,000 + $875,000 + $7,875,000 + $24,500,000
DISBURSEMENTS FROM ESCROW
5 | Payoff — Seaview National Lending Corp. existing mortgage | Palmetto Title escrow (from Seller's proceeds) | Seaview National Lending Corp. | $14,350,000.00 | Approximate payoff; per payoff letter; satisfaction to be recorded
6 | Documentary Stamp Tax — Deed (Seller's obligation) | Palmetto Title escrow (from Seller's proceeds) | Palm Beach County Clerk | $245,000.00 | $35,000,000 × $0.70/$100
7 | Documentary Stamp Tax — Mortgage (Buyer's obligation) | Palmetto Title escrow (from Buyer's funds) | Palm Beach County Clerk | $85,750.00 | $24,500,000 × $0.35/$100
8 | Intangible Tax — Mortgage (Buyer's obligation) | Palmetto Title escrow (from Buyer's funds) | Palm Beach County Clerk | $49,000.00 | $24,500,000 × $0.002
9 | Owner's Title Insurance Premium | Palmetto Title escrow (split per PSA — Buyer) | Commonwealth Southern Title Insurance Company | $72,100.00 | ALTA Owner's Policy, $35M coverage
10 | Loan Title Insurance Premium | Palmetto Title escrow (from Buyer's funds) | Commonwealth Southern Title Insurance Company | $28,000.00 | ALTA Loan Policy, $24.5M coverage; simultaneous issue discount
11 | Loan Origination Fee | Palmetto Title escrow (from Buyer's funds) | Meridian Coast Bank, N.A. | $245,000.00 | 1.0% × $24,500,000
12 | ALTA/NSPS Survey | Palmetto Title escrow (from Buyer's funds) | Crestline Surveying & Mapping, Inc. | $18,500.00 | Previously paid or paid at closing
13 | Phase I Environmental Site Assessment | Palmetto Title escrow (from Buyer's funds) | Verdana Environmental Group LLC | $6,200.00 | Previously paid or paid at closing
14 | Appraisal Report | Palmetto Title escrow (from Buyer's funds) | Saylor & Beckett Valuation Services LLC | $12,000.00 | Previously paid or paid at closing
15 | Real Estate Tax Proration Credit (est. — Seller to Buyer) | Palmetto Title escrow (from Seller's proceeds) | Applied to Buyer credit | $310,685.00 | 258/365 × $440,000 est. 2025 taxes; Seller responsible Jan 1 – Sept 14
16 | Seller's Counsel Fees (estimated) | Palmetto Title escrow (from Seller's proceeds) | Hargrove, Kessler & Blaine LLP | $175,000.00 | Estimated; per Seller's engagement terms
17 | Net Proceeds to Seller | Palmetto Title escrow | Saltaire Hospitality Holdings LLC | $19,919,315.00 | $35,000,000 − $14,350,000 − $245,000 − $310,685 − $175,000 = $19,919,315
SUMMARY — TOTAL PURCHASE PRICE | $35,000,000.00 | Funds In = Deposits ($2,625,000) + Buyer Equity at Closing ($7,875,000) + Loan Proceeds ($24,500,000)
SUMMARY — TOTAL BUYER CLOSING COSTS (est.) | $516,550.00 | $85,750 + $49,000 + $72,100 + $28,000 + $18,500 + $6,200 + $12,000 + $245,000
SUMMARY — CAP RATE | 8.91% | $3,120,000 NOI ÷ $35,000,000 purchase price
SUMMARY — DSCR | 1.59x | $3,120,000 NOI ÷ $1,965,768 annual debt service (exceeds 1.25x covenant)

[sheet: Closing Checklist]

FUNDS INTO ESCROW

DISBURSEMENTS FROM ESCROW

Record

Parties

Dates

Amounts