1036-00001
· Banking & Finance practice group · Closing
closing-checklist.xlsx
DOCUMENT
Finance & Banking
[sheet: Cover]
| Field | Value |
| Transaction | $240,000,000 Permanent Mortgage Loan — Fairwater Sun Belt Portfolio |
| Lender | Clarendon Metropolitan Insurance Company |
| Co-Borrowers | Fairwater Sun Belt I LLC through Fairwater Sun Belt XIV LLC |
| Carve-Out Guarantor | Fairwater Real Estate Investment Trust |
| Loan Amount | $240,000,000 |
| Interest Rate | 6.25% Fixed |
| Term / Amortization | 10-Year Term / 30-Year Amortization |
| Monthly P&I Payment | Approx. $1,477,846 |
| Target Closing Date | November 28, 2025 |
| Bridge Maturity Deadline | December 31, 2025 |
| Administrative Agent (Bridge) | Kensington National Bank, N.A. |
| Bridge Facility Amount | $240,000,000 (SOFR + 500 bps) |
| Borrower's Counsel | Calderwood & Harkness LLP (Philip Hartmann / Lisa Morrow / Marcus Leung) |
| Lender's Counsel | Ashworth McPhail LLP (Joanna C. Wexler) |
| Bridge Lender's Counsel | Halcourt Briggs & Devlin LLP (Kenneth R. Delacroix) |
| Borrower's Corporate Counsel | Crestline & Alderman LLP (Patricia S. Keene) |
| Financial Advisor | Beacon Ridge Capital Advisors LLC (Dennis P. Nakamura) |
| Title Insurer | Marlowe Asset Management Title Insurance Group, Inc. |
| Appraiser | Thornfield Appraisal Group LLC |
| Anticipated CMBS Trust | CLRN 2025-C14 (indicative; subject to pooling) |
| Matter Number | 1036-00001 |
| Prepared By | Lisa Morrow / Marcus Leung — Calderwood & Harkness LLP |
| Date Prepared | October 15, 2025 |
| Last Updated | [Date] |
[sheet: I. Loan Documents]
| Item No. | Document Description | Parties | Responsible Party | Drafting Counsel | No. of Originals | Due Date | Status | Notes |
| I-1 | Loan Agreement ($240,000,000 Mortgage Loan) | Fairwater Sun Belt I LLC through XIV LLC (Co-Borrowers) and Clarendon Metropolitan Insurance Company (Lender) | Lender / Borrower | Ashworth McPhail LLP / Calderwood & Harkness LLP | 4 | Nov 14, 2025 | In Negotiation | 10-year term, 30-year amortization, 6.25% fixed rate; governed by New York law |
| I-2 | Promissory Note ($240,000,000 Fixed Rate) | Fairwater Sun Belt I LLC through XIV LLC (Co-Makers) payable to Clarendon Metropolitan Insurance Company | Lender | Ashworth McPhail LLP | 1 | Nov 14, 2025 | Draft Pending | Original to be held by Lender; monthly P&I of approx. $1,477,846; maturity November 2035 |
| I-3 | Non-Recourse Carve-Out Guaranty Agreement | Fairwater Real Estate Investment Trust (Guarantor) in favor of Clarendon Metropolitan Insurance Company | Lender / Borrower | Ashworth McPhail LLP / Calderwood & Harkness LLP | 4 | Nov 14, 2025 | In Negotiation | Standard CMBS carve-outs: fraud, voluntary bankruptcy, misapplication of rents/insurance proceeds, environmental, SPE covenant violations; full recourse trigger on voluntary/collusive involuntary bankruptcy |
| I-4 | Environmental Indemnity Agreement | Fairwater Sun Belt I LLC through XIV LLC and Fairwater Real Estate Investment Trust (Indemnitors) in favor of Clarendon Metropolitan Insurance Company | Lender / Borrower | Ashworth McPhail LLP / Calderwood & Harkness LLP | 4 | Nov 14, 2025 | In Negotiation | Survives loan repayment; covers all 14 properties |
| I-5 | Mortgage, Assignment of Leases and Rents, and Security Agreement — Ridgewater at Lakeline (Austin, TX) | Fairwater Sun Belt I LLC (Mortgagor) to Clarendon Metropolitan Insurance Company (Mortgagee) | Lender | Ashworth McPhail LLP / Calderwood & Harkness LLP | 3 | Nov 14, 2025 | Draft Under Review | To be recorded in Travis County, TX; allocated loan amount $20,259,740 |
| I-6 | Mortgage — Sagebrush Commons (San Antonio, TX) | Fairwater Sun Belt II LLC to Clarendon Metropolitan Insurance Company | Lender | Ashworth McPhail LLP / Calderwood & Harkness LLP | 3 | Nov 14, 2025 | Draft Under Review | To be recorded in Bexar County, TX; allocated loan amount $15,461,039 |
| I-7 | Mortgage — Cypress Bend (Katy, TX) | Fairwater Sun Belt III LLC to Clarendon Metropolitan Insurance Company | Lender | Ashworth McPhail LLP / Calderwood & Harkness LLP | 3 | Nov 14, 2025 | Draft Under Review | To be recorded in Harris County, TX; allocated loan amount $18,826,494 |
| I-8 | Mortgage — Willowbrook Terrace (Sugar Land, TX) | Fairwater Sun Belt IV LLC to Clarendon Metropolitan Insurance Company | Lender | Ashworth McPhail LLP / Calderwood & Harkness LLP | 3 | Nov 14, 2025 | Draft Under Review | To be recorded in Fort Bend County, TX; allocated loan amount $18,140,779 |
| I-9 | Mortgage — Heritage at Stonebriar (Frisco, TX) | Fairwater Sun Belt V LLC to Clarendon Metropolitan Insurance Company | Lender | Ashworth McPhail LLP / Calderwood & Harkness LLP | 3 | Nov 14, 2025 | Draft Under Review | To be recorded in Collin County, TX; allocated loan amount $22,316,883 |
| I-10 | Deed to Secure Debt — Peachtree Crossings (Alpharetta, GA) | Fairwater Sun Belt VI LLC to Clarendon Metropolitan Insurance Company | Lender | Ashworth McPhail LLP / Calderwood & Harkness LLP | 3 | Nov 14, 2025 | Draft Under Review | To be recorded in Fulton County, GA; allocated loan amount $17,829,091; GA uses deed to secure debt form |
| I-11 | Deed to Secure Debt — Cumberland Ridge (Smyrna, GA) | Fairwater Sun Belt VII LLC to Clarendon Metropolitan Insurance Company | Lender | Ashworth McPhail LLP / Calderwood & Harkness LLP | 3 | Nov 14, 2025 | Draft Under Review | To be recorded in Cobb County, GA; allocated loan amount $15,087,013 |
| I-12 | Deed to Secure Debt — Sugarloaf Station (Duluth, GA) | Fairwater Sun Belt VIII LLC to Clarendon Metropolitan Insurance Company | Lender | Ashworth McPhail LLP / Calderwood & Harkness LLP | 3 | Nov 14, 2025 | Draft Under Review | To be recorded in Gwinnett County, GA; allocated loan amount $14,588,571 |
| I-13 | Mortgage — Bayshore Landings (Tampa, FL) | Fairwater Sun Belt IX LLC to Clarendon Metropolitan Insurance Company | Lender | Ashworth McPhail LLP / Calderwood & Harkness LLP | 3 | Nov 14, 2025 | Draft Under Review | To be recorded in Hillsborough County, FL; allocated loan amount $21,069,870 |
| I-14 | Mortgage — Solara at Millenia (Orlando, FL) | Fairwater Sun Belt X LLC to Clarendon Metropolitan Insurance Company | Lender | Ashworth McPhail LLP / Calderwood & Harkness LLP | 3 | Nov 14, 2025 | Draft Under Review | To be recorded in Orange County, FL; allocated loan amount $19,075,714 |
| I-15 | Mortgage — Riverside Preserve (Jacksonville, FL) | Fairwater Sun Belt XI LLC to Clarendon Metropolitan Insurance Company | Lender | Ashworth McPhail LLP / Calderwood & Harkness LLP | 3 | Nov 14, 2025 | Draft Under Review | To be recorded in Duval County, FL; allocated loan amount $13,964,935 |
| I-16 | Deed of Trust — Stonewall Flats (Charlotte, NC) | Fairwater Sun Belt XII LLC to Clarendon Metropolitan Insurance Company | Lender | Ashworth McPhail LLP / Calderwood & Harkness LLP | 3 | Nov 14, 2025 | Draft Under Review | To be recorded in Mecklenburg County, NC; allocated loan amount $17,580,000; NC uses deed of trust form |
| I-17 | Deed of Trust — Crabtree Pointe (Raleigh, NC) | Fairwater Sun Belt XIII LLC to Clarendon Metropolitan Insurance Company | Lender | Ashworth McPhail LLP / Calderwood & Harkness LLP | 3 | Nov 14, 2025 | Draft Under Review | To be recorded in Wake County, NC; allocated loan amount $16,458,701 |
| I-18 | Deed of Trust — Harpeth Valley (Nashville, TN) | Fairwater Sun Belt XIV LLC to Clarendon Metropolitan Insurance Company | Lender | Ashworth McPhail LLP / Calderwood & Harkness LLP | 3 | Nov 14, 2025 | Draft Under Review | To be recorded in Davidson County, TN; allocated loan amount $9,341,169; TN uses deed of trust form |
| I-19 | Assignment of Leases and Rents (14 properties — separate instrument per property or combined as exhibits to mortgages) | Each SPE Borrower to Clarendon Metropolitan Insurance Company | Lender | Ashworth McPhail LLP / Calderwood & Harkness LLP | 3 | Nov 14, 2025 | Draft Under Review | Collateral assignment of all tenant leases; to be recorded in each applicable county |
| I-20 | Cash Management Agreement | Fairwater Sun Belt I LLC through XIV LLC (Borrowers), Clarendon Metropolitan Insurance Company (Lender), and [Cash Management Bank TBD] | Lender / Borrower | Ashworth McPhail LLP / Calderwood & Harkness LLP | 4 | Nov 14, 2025 | In Negotiation | Springing lockbox (Borrower's position); triggered upon Cash Management Period (DSCR trigger level under negotiation); waterfall of funds, reserves, distributions |
| I-21 | UCC-1 Financing Statements — Equity Pledge (Delaware filings) | Fairwater Operating Partnership, L.P. (Debtor) — filed with DE Secretary of State | Borrower | Calderwood & Harkness LLP | N/A | Nov 28, 2025 | Not Yet Filed | 14 UCC-1 filings for pledge of 100% membership interests in each SPE; file with Delaware Secretary of State |
| I-22 | UCC-1 Financing Statements — Fixtures (property state filings) | Each SPE Borrower (Debtor) — filed in county of each property | Borrower | Calderwood & Harkness LLP / Local Counsel | N/A | Nov 28, 2025 | Not Yet Filed | 14 fixture filings in applicable counties across TX (5), GA (3), FL (3), NC (2), TN (1) |
| I-23 | Assignment of Property Management Agreements | Each SPE Borrower assigning rights under management agreement with Fairwater Residential Management LLC to Lender | Lender / Borrower | Ashworth McPhail LLP / Calderwood & Harkness LLP | 3 | Nov 14, 2025 | Draft Pending | Property management agreement effective July 1, 2025; Fairwater Residential Management LLC (EIN 52-2953810) |
| I-24 | Subordination, Non-Disturbance, and Attornment Agreements (SNDAs) — if required by Lender for major tenants | Major tenants (if any), SPE Borrowers, and Clarendon Metropolitan Insurance Company | Lender / Borrower | Ashworth McPhail LLP / Calderwood & Harkness LLP | TBD | Nov 14, 2025 | Under Review | Multifamily — typically not required; confirm with Lender |
I-25
[sheet: II. Organizational Documents]
| Item No. | Document Description | Entity | Responsible Party | Drafting Counsel | No. of Originals | Due Date | Status | Notes |
| II-1 | Amended and Restated Limited Liability Company Agreement — Fairwater Sun Belt I LLC | Fairwater Sun Belt I LLC (Austin, TX — Ridgewater at Lakeline) | Borrower | Calderwood & Harkness LLP | 2 | Nov 14, 2025 | In Progress | Incorporates CMBS SPE separateness covenants, independent director requirement, restrictions on additional indebtedness, REIT distribution carve-out; executed by Fairwater OP as sole member |
| II-2 | Amended and Restated LLC Agreement — Fairwater Sun Belt II LLC | Fairwater Sun Belt II LLC (San Antonio, TX) | Borrower | Calderwood & Harkness LLP | 2 | Nov 14, 2025 | In Progress | Same form as II-1 |
| II-3 | Amended and Restated LLC Agreement — Fairwater Sun Belt III LLC | Fairwater Sun Belt III LLC (Katy, TX) | Borrower | Calderwood & Harkness LLP | 2 | Nov 14, 2025 | In Progress | Same form |
| II-4 | Amended and Restated LLC Agreement — Fairwater Sun Belt IV LLC | Fairwater Sun Belt IV LLC (Sugar Land, TX) | Borrower | Calderwood & Harkness LLP | 2 | Nov 14, 2025 | In Progress | Same form |
| II-5 | Amended and Restated LLC Agreement — Fairwater Sun Belt V LLC | Fairwater Sun Belt V LLC (Frisco, TX) | Borrower | Calderwood & Harkness LLP | 2 | Nov 14, 2025 | In Progress | Same form |
| II-6 | Amended and Restated LLC Agreement — Fairwater Sun Belt VI LLC | Fairwater Sun Belt VI LLC (Alpharetta, GA) | Borrower | Calderwood & Harkness LLP | 2 | Nov 14, 2025 | In Progress | Same form |
| II-7 | Amended and Restated LLC Agreement — Fairwater Sun Belt VII LLC | Fairwater Sun Belt VII LLC (Smyrna, GA) | Borrower | Calderwood & Harkness LLP | 2 | Nov 14, 2025 | In Progress | Same form |
| II-8 | Amended and Restated LLC Agreement — Fairwater Sun Belt VIII LLC | Fairwater Sun Belt VIII LLC (Duluth, GA) | Borrower | Calderwood & Harkness LLP | 2 | Nov 14, 2025 | In Progress | Same form |
| II-9 | Amended and Restated LLC Agreement — Fairwater Sun Belt IX LLC | Fairwater Sun Belt IX LLC (Tampa, FL) | Borrower | Calderwood & Harkness LLP | 2 | Nov 14, 2025 | In Progress | Same form |
| II-10 | Amended and Restated LLC Agreement — Fairwater Sun Belt X LLC | Fairwater Sun Belt X LLC (Orlando, FL) | Borrower | Calderwood & Harkness LLP | 2 | Nov 14, 2025 | In Progress | Same form |
| II-11 | Amended and Restated LLC Agreement — Fairwater Sun Belt XI LLC | Fairwater Sun Belt XI LLC (Jacksonville, FL) | Borrower | Calderwood & Harkness LLP | 2 | Nov 14, 2025 | In Progress | Same form |
| II-12 | Amended and Restated LLC Agreement — Fairwater Sun Belt XII LLC | Fairwater Sun Belt XII LLC (Charlotte, NC) | Borrower | Calderwood & Harkness LLP | 2 | Nov 14, 2025 | In Progress | Same form |
| II-13 | Amended and Restated LLC Agreement — Fairwater Sun Belt XIII LLC | Fairwater Sun Belt XIII LLC (Raleigh, NC) | Borrower | Calderwood & Harkness LLP | 2 | Nov 14, 2025 | In Progress | Same form |
| II-14 | Amended and Restated LLC Agreement — Fairwater Sun Belt XIV LLC | Fairwater Sun Belt XIV LLC (Nashville, TN) | Borrower | Calderwood & Harkness LLP | 2 | Nov 14, 2025 | In Progress | Post-signing addition to portfolio; same SPE form |
| II-15 | Certificate of Formation — each SPE (14 copies) | Fairwater Sun Belt I–XIV LLC | Borrower | Calderwood & Harkness LLP | 14 | Nov 21, 2025 | Gathering | Certified copies from Delaware Secretary of State |
| II-16 | Certificate of Good Standing — each SPE (Delaware) | Fairwater Sun Belt I–XIV LLC | Borrower | Calderwood & Harkness LLP / Marcus Leung | 14 | Nov 21, 2025 | Requested | From Delaware Secretary of State; expedited processing |
| II-17 | Certificate of Good Standing / Foreign Qualification — each SPE in property state | Applicable SPEs in TX, GA, FL, NC, TN | Borrower | Calderwood & Harkness LLP / Local Counsel | 14 | Nov 21, 2025 | Requested | TX (5 SPEs — TX SOS), GA (3 SPEs — GA SOS), FL (3 SPEs — FL DOS), NC (2 SPEs — NC SOS), TN (1 SPE — TN SOS) |
| II-18 | Certificate of Good Standing — Fairwater Operating Partnership, L.P. (Delaware) | Fairwater Operating Partnership, L.P. | Borrower | Calderwood & Harkness LLP | 2 | Nov 21, 2025 | Requested | EIN 52-2847201; Delaware LP |
| II-19 | Limited Partnership Agreement of Fairwater Operating Partnership, L.P. (certified copy) | Fairwater Operating Partnership, L.P. | Borrower | Calderwood & Harkness LLP / Crestline & Alderman LLP | 2 | Nov 14, 2025 | Gathering | GP: Fairwater REIT (99.2%); LP: various OP unit holders (0.8% aggregate) |
| II-20 | Certificate of Good Standing — Fairwater Real Estate Investment Trust (Maryland) | Fairwater Real Estate Investment Trust | Borrower | Calderwood & Harkness LLP / Crestline & Alderman LLP | 2 | Nov 21, 2025 | Requested | From Maryland SDAT; Entity ID D19483726 |
| II-21 | Declaration of Trust / Organizational Documents — Fairwater REIT (certified copy) | Fairwater Real Estate Investment Trust | Borrower | Crestline & Alderman LLP (Patricia S. Keene) | 2 | Nov 14, 2025 | Gathering | Maryland real estate investment trust; EIN 52-2847193 |
| II-22 | Board Resolution — Authorization of Permanent Financing (September 8, 2025) | Fairwater Real Estate Investment Trust | Borrower | Calderwood & Harkness LLP / Crestline & Alderman LLP | 2 | Completed | Completed | Adopted September 8, 2025; authorizes Jonathan R. Calder (CEO) and Naomi T. Sinclair (CFO) to execute loan documents |
| II-23 | Authorization / Consent of Sole Member — each SPE Borrower | Fairwater Operating Partnership, L.P. as sole member of each SPE | Borrower | Calderwood & Harkness LLP | 14 | Nov 14, 2025 | In Progress | Authorizing each SPE to enter into permanent loan documents as co-borrower |
| II-24 | Independent Director Designation — each SPE Borrower | Fairwater Sun Belt I–XIV LLC | Borrower | Calderwood & Harkness LLP | 14 | Nov 14, 2025 | In Progress | Required by CMBS SPE covenants; independent director whose consent required for voluntary bankruptcy |
[sheet: III. Title & Survey]
| Item No. | Document Description | Property / SPE | Responsible Party | Provider | Due Date | Status | Notes |
| III-1 | Pro Forma Lender's Title Insurance Policy (ALTA Loan Policy) | Ridgewater at Lakeline, Austin, TX / Sun Belt I LLC | Borrower / Title | Marlowe Asset Management Title Insurance Group, Inc. | Nov 21, 2025 | Under Review | Coverage: $20,259,740 (allocated loan amount); endorsements: ALTA 9.0 series, comprehensive, access, zoning, survey, contiguity as applicable |
| III-2 | Pro Forma Lender's Title Insurance Policy | Sagebrush Commons, San Antonio, TX / Sun Belt II LLC | Borrower / Title | Marlowe Asset Management Title Insurance Group, Inc. | Nov 21, 2025 | Under Review | Coverage: $15,461,039 |
| III-3 | Pro Forma Lender's Title Insurance Policy | Cypress Bend, Katy, TX / Sun Belt III LLC | Borrower / Title | Marlowe Asset Management Title Insurance Group, Inc. | Nov 21, 2025 | Under Review | Coverage: $18,826,494 |
| III-4 | Pro Forma Lender's Title Insurance Policy | Willowbrook Terrace, Sugar Land, TX / Sun Belt IV LLC | Borrower / Title | Marlowe Asset Management Title Insurance Group, Inc. | Nov 21, 2025 | Under Review | Coverage: $18,140,779 |
| III-5 | Pro Forma Lender's Title Insurance Policy | Heritage at Stonebriar, Frisco, TX / Sun Belt V LLC | Borrower / Title | Marlowe Asset Management Title Insurance Group, Inc. | Nov 21, 2025 | Under Review | Coverage: $22,316,883 |
| III-6 | Pro Forma Lender's Title Insurance Policy | Peachtree Crossings, Alpharetta, GA / Sun Belt VI LLC | Borrower / Title | Marlowe Asset Management Title Insurance Group, Inc. | Nov 21, 2025 | Under Review | Coverage: $17,829,091 |
| III-7 | Pro Forma Lender's Title Insurance Policy | Cumberland Ridge, Smyrna, GA / Sun Belt VII LLC | Borrower / Title | Marlowe Asset Management Title Insurance Group, Inc. | Nov 21, 2025 | Under Review | Coverage: $15,087,013 |
| III-8 | Pro Forma Lender's Title Insurance Policy | Sugarloaf Station, Duluth, GA / Sun Belt VIII LLC | Borrower / Title | Marlowe Asset Management Title Insurance Group, Inc. | Nov 21, 2025 | Under Review | Coverage: $14,588,571 |
| III-9 | Pro Forma Lender's Title Insurance Policy | Bayshore Landings, Tampa, FL / Sun Belt IX LLC | Borrower / Title | Marlowe Asset Management Title Insurance Group, Inc. | Nov 21, 2025 | Under Review | Coverage: $21,069,870 |
| III-10 | Pro Forma Lender's Title Insurance Policy | Solara at Millenia, Orlando, FL / Sun Belt X LLC | Borrower / Title | Marlowe Asset Management Title Insurance Group, Inc. | Nov 21, 2025 | Under Review | Coverage: $19,075,714 |
| III-11 | Pro Forma Lender's Title Insurance Policy | Riverside Preserve, Jacksonville, FL / Sun Belt XI LLC | Borrower / Title | Marlowe Asset Management Title Insurance Group, Inc. | Nov 21, 2025 | Under Review | Coverage: $13,964,935 |
| III-12 | Pro Forma Lender's Title Insurance Policy | Stonewall Flats, Charlotte, NC / Sun Belt XII LLC | Borrower / Title | Marlowe Asset Management Title Insurance Group, Inc. | Nov 21, 2025 | Under Review | Coverage: $17,580,000 |
| III-13 | Pro Forma Lender's Title Insurance Policy | Crabtree Pointe, Raleigh, NC / Sun Belt XIII LLC | Borrower / Title | Marlowe Asset Management Title Insurance Group, Inc. | Nov 21, 2025 | Under Review | Coverage: $16,458,701 |
| III-14 | Pro Forma Lender's Title Insurance Policy | Harpeth Valley, Nashville, TN / Sun Belt XIV LLC | Borrower / Title | Marlowe Asset Management Title Insurance Group, Inc. | Nov 21, 2025 | Under Review | Coverage: $9,341,169 |
| III-15 | ALTA/NSPS Land Title Survey (update/recertification) — Ridgewater at Lakeline, Austin, TX | Sun Belt I LLC | Borrower | Surveyor TBD | Nov 14, 2025 | Ordered | Recertification to Clarendon Metropolitan and Marlowe Asset Management Title; must meet ALTA/NSPS 2021 standards |
| III-16 | ALTA/NSPS Land Title Survey — Sagebrush Commons, San Antonio, TX | Sun Belt II LLC | Borrower | Surveyor TBD | Nov 14, 2025 | Ordered | |
| III-17 | ALTA/NSPS Land Title Survey — Cypress Bend, Katy, TX | Sun Belt III LLC | Borrower | Surveyor TBD | Nov 14, 2025 | Ordered | |
| III-18 | ALTA/NSPS Land Title Survey — Willowbrook Terrace, Sugar Land, TX | Sun Belt IV LLC | Borrower | Surveyor TBD | Nov 14, 2025 | Ordered | |
| III-19 | ALTA/NSPS Land Title Survey — Heritage at Stonebriar, Frisco, TX | Sun Belt V LLC | Borrower | Surveyor TBD | Nov 14, 2025 | Ordered | |
| III-20 | ALTA/NSPS Land Title Survey — Peachtree Crossings, Alpharetta, GA | Sun Belt VI LLC | Borrower | Surveyor TBD | Nov 14, 2025 | Ordered | |
| III-21 | ALTA/NSPS Land Title Survey — Cumberland Ridge, Smyrna, GA | Sun Belt VII LLC | Borrower | Surveyor TBD | Nov 14, 2025 | Ordered | |
| III-22 | ALTA/NSPS Land Title Survey — Sugarloaf Station, Duluth, GA | Sun Belt VIII LLC | Borrower | Surveyor TBD | Nov 14, 2025 | Ordered | |
| III-23 | ALTA/NSPS Land Title Survey — Bayshore Landings, Tampa, FL | Sun Belt IX LLC | Borrower | Surveyor TBD | Nov 14, 2025 | Ordered | |
| III-24 | ALTA/NSPS Land Title Survey — Solara at Millenia, Orlando, FL | Sun Belt X LLC | Borrower | Surveyor TBD | Nov 14, 2025 | Ordered |
| III-25 | ALTA/NSPS Land Title Survey — Riverside Preserve, Jacksonville, FL | Sun Belt XI LLC | Borrower | Surveyor TBD | Nov 14, 2025 | Ordered | |
| III-26 | ALTA/NSPS Land Title Survey — Stonewall Flats, Charlotte, NC | Sun Belt XII LLC | Borrower | Surveyor TBD | Nov 14, 2025 | Ordered | |
| III-27 | ALTA/NSPS Land Title Survey — Crabtree Pointe, Raleigh, NC | Sun Belt XIII LLC | Borrower | Surveyor TBD | Nov 14, 2025 | Ordered | |
| III-28 | ALTA/NSPS Land Title Survey — Harpeth Valley, Nashville, TN | Sun Belt XIV LLC | Borrower | Surveyor TBD | Nov 14, 2025 | Ordered | |
| III-29 | Schedule of Permitted Exceptions (for inclusion in Loan Agreement) | All 14 properties | Borrower / Lender | Calderwood & Harkness LLP / Ashworth McPhail LLP | Nov 14, 2025 | In Progress | Based on title commitment review; property-by-property exceptions |
[sheet: IV. Legal Opinions]
| Item No. | Document Description | Issuing Counsel | Addressee | Due Date | Status | Notes |
| IV-1 | Borrower's Counsel Opinion — Authority, Enforceability, No Conflicts, Non-Consolidation | Calderwood & Harkness LLP (Philip Hartmann) | Clarendon Metropolitan Insurance Company and its successors and assigns | Nov 28, 2025 | Draft in Progress | Covers: (i) due organization and good standing of each SPE (DE LLCs) and guarantor (MD REIT); (ii) authority; (iii) enforceability (subject to customary qualifications); (iv) no conflicts; (v) no governmental approvals required (other than mortgage recordings and UCC filings); (vi) non-consolidation/substantive consolidation opinion |
| IV-2 | Local Counsel Opinion — Texas (5 properties) | Local TX counsel TBD | Clarendon Metropolitan Insurance Company | Nov 28, 2025 | Engagement Pending | Enforceability of mortgages under TX law; authority of SPEs to do business in TX; no conflicts with TX law |
| IV-3 | Local Counsel Opinion — Georgia (3 properties) | Local GA counsel TBD | Clarendon Metropolitan Insurance Company | Nov 28, 2025 | Engagement Pending | Enforceability of deeds to secure debt under GA law; authority of SPEs to do business in GA |
| IV-4 | Local Counsel Opinion — Florida (3 properties) | Local FL counsel TBD | Clarendon Metropolitan Insurance Company | Nov 28, 2025 | Engagement Pending | Enforceability of mortgages under FL law; documentary stamp tax and intangible tax compliance |
| IV-5 | Local Counsel Opinion — North Carolina (2 properties) | Local NC counsel TBD | Clarendon Metropolitan Insurance Company | Nov 28, 2025 | Engagement Pending | Enforceability of deeds of trust under NC law |
| IV-6 | Local Counsel Opinion — Tennessee (1 property) | Local TN counsel TBD | Clarendon Metropolitan Insurance Company | Nov 28, 2025 | Engagement Pending | Enforceability of deed of trust under TN law; Harpeth Valley property (Nashville) |
| IV-7 | Maryland Counsel Opinion — Fairwater REIT (Guarantor) | Crestline & Alderman LLP (Patricia S. Keene) | Clarendon Metropolitan Insurance Company | Nov 28, 2025 | Engagement Confirmed | Due organization, REIT status, authority to execute guaranty and environmental indemnity under MD law |
[sheet: V. Certificates & Compliance]
| Item No. | Document Description | Signatory / Source | Responsible Party | Due Date | Status | Notes |
| V-1 | Borrower's Closing Certificate (each SPE Co-Borrower) | Authorized officer of each SPE (via Fairwater OP as sole member) | Borrower / Calderwood & Harkness LLP | Nov 28, 2025 | Draft Prepared | Certifies reps and warranties true as of closing; no default; conditions precedent satisfied; incumbency certificate attached |
| V-2 | Guarantor's Closing Certificate | Jonathan R. Calder, CEO, or Naomi T. Sinclair, CFO — Fairwater REIT | Borrower / Crestline & Alderman LLP | Nov 28, 2025 | Draft Prepared | Certifies guarantor reps and warranties; no default; organizational documents attached |
| V-3 | REIT Status Compliance Certificate | Naomi T. Sinclair, CFO — Fairwater REIT | Borrower / Crestline & Alderman LLP | Nov 28, 2025 | Pending | Certifies Fairwater has elected and maintained REIT status; distributes ≥ 90% of taxable income; coordinates with Whitmore Hargrove & Co., P.C. (Christine M. Rowley) |
| V-4 | Solvency Certificate | Naomi T. Sinclair, CFO — Fairwater REIT | Borrower | Nov 28, 2025 | Pending | Certifies solvency of each SPE Borrower and Guarantor as of closing date |
| V-5 | Tenant Estoppel Certificates (if required by Lender — multifamily) | Individual tenants or management company certification | Borrower / Fairwater Residential Management LLC | Nov 21, 2025 | Under Discussion | Multifamily — Lender may accept rent roll certification in lieu of individual estoppels; confirm with Ashworth McPhail |
| V-6 | Rent Roll Certification (each property, dated within 30 days of closing) | Fairwater Residential Management LLC | Borrower | Nov 21, 2025 | Pending | Certified rent rolls for all 14 properties; weighted average occupancy 93.7% at acquisition — confirm current occupancy |
| V-7 | Operating Statement Certification (trailing 12-month and year-to-date for each property) | Naomi T. Sinclair, CFO / Fairwater Residential Management LLC | Borrower | Nov 21, 2025 | Pending | T-12 NOI at acquisition was $26,180,000; provide updated T-12 and YTD through October 2025 |
| V-8 | Management Agreement Certification / Subordination of Management Agreement | Fairwater Residential Management LLC | Borrower | Nov 21, 2025 | Pending | Property management agreements effective July 1, 2025; subordination to permanent loan required |
| V-9 | Tax Certificate (non-foreign status — FIRPTA) | Each SPE Co-Borrower | Borrower / Calderwood & Harkness LLP | Nov 28, 2025 | Draft Prepared | Non-foreign person certification under IRC § 1445 |
| V-10 | Borrower's EIN Certification | Each SPE Co-Borrower, Fairwater OP, Fairwater REIT | Borrower | Nov 28, 2025 | Pending | W-9 forms; Fairwater REIT EIN 52-2847193; Fairwater OP EIN 52-2847201; Fairwater Residential Management LLC EIN 52-2953810 |