[sheet: Tracker Overview]

Field	Value
Matter Name	Fairwater REIT — Acquisition of GMP Fund III Sun Belt Portfolio
C&H Matter Number	1036-00004
Client	Fairwater Real Estate Investment Trust
Seller	Greystone Meridian Partners Fund III, L.P.
Purchase Price	$1,100,000,000
Actual Closing Date	June 6, 2024
Responsible Partner	Douglas Fairchild (Calderwood & Harkness LLP, New York)
Billing Partner	Angela Fontaine (Calderwood & Harkness LLP, New York)
Lead Associate	Grace Nakamura (Calderwood & Harkness LLP, New York)
Working Associate	Rafael Dominguez (Calderwood & Harkness LLP, Washington, DC)
Tax Partner	Sylvia Hartwell (Calderwood & Harkness LLP, Washington, DC)
Client Contact — Acquisitions	Marcus Devereaux, EVP, Acquisitions, Fairwater REIT
Client Contact — Asset Management	Leah Torrance, SVP, Asset Management, Fairwater REIT / Fairwater Property Management LLC
Client Contact — General Counsel	David Elgin Park, General Counsel, Fairwater REIT
Client Contact — In-House Real Estate	Camille Oduya, In-House Real Estate Counsel, Fairwater REIT
Seller's Counsel	Blackridge Hayes LLP — Nathaniel Pryce (Partner), Thomas Keating (Senior Associate)
Title Company / Escrow Agent	Commonwealth National Title Insurance Company — Kenneth Stanhope, SVP
Prepared By	Grace Nakamura
Last Updated	September 10, 2024

[sheet: Post-Closing Obligations]

Item #	Category	Obligation Description	Governing Document	Deadline / Due Date	Days Post-Closing	Responsible Party	C&H Contact	Counterparty / Recipient	Status	Date Completed	Notes / Comments
1	SNDA Delivery	Deliver 4 remaining Major Tenant SNDAs (of 38 total required; 34 executed at closing)	PSA Section 7.3(b); SNDA Post-Closing Carve-Out Side Letter	July 6, 2024	30	Seller (GMP Fund III) / Blackridge Hayes LLP	Grace Nakamura	Fairwater REIT; applicable lenders (Pinnacle Federal Bank, N.A.; Veltrano Capital Lending Corp.; Sycamore Life Insurance Company)	Completed	July 2, 2024	All 4 outstanding SNDAs received July 2, 2024 (within 30-day post-closing period). Confirmed by C&H memo.
2	SNDA Holdback Release	Release $200,000 SNDA holdback to Seller upon delivery of 4 remaining SNDAs	SNDA Post-Closing Carve-Out Side Letter	Within 5 business days of SNDA delivery	30	Buyer (Fairwater REIT)	Grace Nakamura	GMP Fund III (wire to Magnolia Commerce Bank, N.A. account)	Completed	July 8, 2024	$200,000 holdback released to Seller following confirmation of all 4 SNDA deliveries.
3	Tenant Notification Letters — Distribution	Mail/email notification letters to all 87 tenants advising of change of ownership and new property management contact (Fairwater Property Management LLC)	PSA Section 9.4; Tenant Notification Letters (Form and Distribution List)	June 7, 2024	1	Buyer (Fairwater REIT) / Fairwater PM (Leah Torrance)	Rafael Dominguez	87 tenants across 14 properties	Completed	June 7, 2024	All 87 letters mailed and emailed on June 7, 2024. Final distribution confirmation memorandum prepared.
4	Property Management Transition	Complete 90-day transition of property management from Argyle Property Services LLC to Fairwater Property Management LLC	Transition Services Agreement dated June 6, 2024	September 4, 2024	90	Argyle Property Services LLC (Sean Kilpatrick) / Fairwater PM (Leah Torrance)	Rafael Dominguez	Argyle Property Services LLC	Completed	September 4, 2024	Transition services fee: $375,000/month × 3 months = $1,125,000 total. Includes accounting transition, vendor contract novations, and tenant communication handoff.
5	Transition Services Fee — Month 1 Payment	Pay first monthly transition services fee of $375,000 to Argyle Property Services LLC	Transition Services Agreement, Section 4	July 6, 2024	30	Buyer (Fairwater REIT)	Rafael Dominguez	Argyle Property Services LLC	Completed	July 5, 2024	$375,000 wired to Argyle.
6	Transition Services Fee — Month 2 Payment	Pay second monthly transition services fee of $375,000 to Argyle Property Services LLC	Transition Services Agreement, Section 4	August 5, 2024	60	Buyer (Fairwater REIT)	Rafael Dominguez	Argyle Property Services LLC	Completed	August 5, 2024	$375,000 wired to Argyle.
7	Transition Services Fee — Month 3 (Final) Payment	Pay third and final monthly transition services fee of $375,000 to Argyle Property Services LLC	Transition Services Agreement, Section 4	September 4, 2024	90	Buyer (Fairwater REIT)	Rafael Dominguez	Argyle Property Services LLC	Completed	September 4, 2024	$375,000 wired to Argyle. Total paid: $1,125,000.
8	Operating Account Transfer — Magnolia Commerce Bank	Transfer operating accounts for all 14 Target Entities from Seller-designated signatories to Buyer-designated signatories at Magnolia Commerce Bank, N.A.	Closing Agenda; Property Management Transition Memorandum	June 20, 2024	14	Buyer (Fairwater REIT) / Fairwater PM	Rafael Dominguez	Magnolia Commerce Bank, N.A. (Linda Prescott, VP, Commercial Banking), 225 Peachtree Street NE, Suite 100, Atlanta, GA 30303	Completed	June 14, 2024	Bank resolutions and signature cards updated for all 14 entity accounts. Security deposits ($4,283,000 aggregate) confirmed in accounts.
9	Post-Closing Proration True-Up — Preliminary Statement	Prepare and deliver preliminary post-closing proration true-up statement comparing actual figures to preliminary closing prorations	PSA Section 10.3; Exhibit U (Proration and Working-Capital Methodology); Exhibit V (Form of True-Up Statement)	August 5, 2024	60	Buyer (Fairwater REIT) / Ashford Prewitt LLP (Martin Ashford, CPA; Naomi Ikeda, CPA)	Grace Nakamura / Sylvia Hartwell	GMP Fund III / Caldwell Murray & Oakes LLP (William Oakes, CPA)	Completed	August 22, 2024	C&H Post-Closing Proration True-Up Memorandum dated August 22, 2024, recommending net credit of $347,218 to Buyer.
10	Post-Closing Proration True-Up — Final Agreement	Agree on final post-closing proration true-up statement with Seller	PSA Section 10.3	September 4, 2024	90	Buyer / Seller	Grace Nakamura	GMP Fund III / Blackridge Hayes LLP	Completed	August 28, 2024	Final true-up statement signed by both parties August 28, 2024. Net credit of $347,218 to Buyer.
11	Post-Closing Proration True-Up — Payment	Seller pays net proration true-up amount of $347,218 to Buyer within 10 business days of agreement on final statement	PSA Section 10.3	September 12, 2024	98	Seller (GMP Fund III)	Grace Nakamura	Fairwater REIT	Completed	September 5, 2024	$347,218 received from Seller on September 5, 2024.
12	Amended & Restated Operating Agreements — 14 Target Entities	File/adopt A&R operating agreements for each of the 14 Target Entity LLCs reflecting Fairwater REIT as sole member	Closing Agenda; corporate governance requirements	June 20, 2024	14	Buyer (Fairwater REIT) / C&H	Grace Nakamura	Internal (each Target Entity)	Completed	June 12, 2024	A&R operating agreements adopted for: GMP Fairfield I LLC, GMP Fairfield II LLC, GMP Westlake LLC, GMP Katy LLC, GMP Alliance LLC, GMP Lakeland LLC, GMP Southport LLC, GMP Murfreesboro LLC, GMP Buckhead LLC, GMP SouthPark LLC, GMP Cool Springs LLC, GMP Brickell LLC, GMP Peachtree LLC, GMP Mount Juliet LLC.
13	Manager Change Filings — 14 Target Entities (Delaware)	File Certificates of Amendment or Annual Reports with the Delaware Secretary of State updating manager/member information for all 14 Target Entity LLCs	Delaware LLC Act; organizational documents	July 6, 2024	30	C&H (Rafael Dominguez)	Rafael Dominguez	Delaware Secretary of State	Completed	June 18, 2024	All 14 filings submitted and accepted. Confirmation copies on file.
14	Foreign Qualification Filings — Georgia (4 entities)	Update foreign qualification certificates in Georgia for GMP Fairfield I LLC, GMP Fairfield II LLC, GMP Buckhead LLC, GMP Peachtree LLC reflecting new ownership by Fairwater REIT	GA Secretary of State requirements	July 6, 2024	30	C&H / Talmadge Beaumont LLP (Catherine Beaumont)	Rafael Dominguez	Georgia Secretary of State	Completed	June 25, 2024	Coordinated with Talmadge Beaumont LLP. All 4 filings accepted.
15	Foreign Qualification Filings — Texas (3 entities)	Update foreign qualification certificates in Texas for GMP Westlake LLC, GMP Katy LLC, GMP Alliance LLC	TX Secretary of State requirements	July 6, 2024	30	C&H / Breckenridge Osgood LLP (James Breckenridge)	Rafael Dominguez	Texas Secretary of State	Completed	June 24, 2024	Coordinated with Breckenridge Osgood LLP. All 3 filings accepted.
16	Foreign Qualification Filings — Florida (3 entities)	Update foreign qualification certificates in Florida for GMP Lakeland LLC, GMP Southport LLC, GMP Brickell LLC	FL Department of State requirements	July 6, 2024	30	C&H / Palmetto Strauss PA (Roberto Strauss)	Rafael Dominguez	Florida Department of State	Completed	June 26, 2024	Coordinated with Palmetto Strauss PA. All 3 filings accepted.
17	Foreign Qualification Filings — Tennessee (3 entities)	Update foreign qualification certificates in Tennessee for GMP Murfreesboro LLC, GMP Cool Springs LLC, GMP Mount Juliet LLC	TN Secretary of State requirements	July 6, 2024	30	C&H / Ellsworth Ridley LLP (Diane Ellsworth)	Rafael Dominguez	Tennessee Secretary of State	Completed	June 21, 2024	Coordinated with Ellsworth Ridley LLP. All 3 filings accepted.
18	Foreign Qualification Filings — North Carolina (1 entity)	Update foreign qualification certificate in North Carolina for GMP SouthPark LLC	NC Secretary of State requirements	July 6, 2024	30	C&H / Haversham Cole PLLC (Marshall Haversham)	Rafael Dominguez	North Carolina Secretary of State	Completed	June 22, 2024	Coordinated with Haversham Cole PLLC. Filing accepted.
19	UCC-3 Amendment / Termination Filings — Seller Pledges	File UCC-3 statements with Delaware Secretary of State to release UCC-1 financing statements securing GMP Fund III's pledged interest in the 14 Target Entities	PSA Section 9.2(h); closing deliverables	June 20, 2024	14	Seller (GMP Fund III) / Blackridge Hayes LLP	Grace Nakamura	Delaware Secretary of State	Completed	June 13, 2024	UCC-3 termination statements filed for all applicable UCC-1 filings. Confirmation copies received.
20	Title Policy Issuance — 14 Properties	Confirm issuance of final ALTA Owner's Policies (2021 form) by Commonwealth National Title Insurance Company for all 14 properties; aggregate insured amount $1,100,000,000	PSA Section 7.1(a); title commitments	August 5, 2024	60	Commonwealth National Title (Kenneth Stanhope, SVP; Virginia Moorehead, AVP)	Rafael Dominguez	Fairwater REIT; lenders (as applicable for loan policies)	Completed	July 15, 2024	C&H Title Policy Issuance Confirmation Memo dated July 15, 2024. All 14 owner's policies and applicable loan policies issued. Aggregate insured amount: $1,100,000,000.
21	Transfer Tax Return Filings — Georgia	File controlling-interest transfer tax declarations for 4 Georgia Target Entities; estimated tax ~$1,250,000 (Buyer/Seller 50/50 = ~$625,000 each)	GA Code; PSA Section 10.7	July 6, 2024	30	C&H (Sylvia Hartwell) / Talmadge Beaumont LLP (Catherine Beaumont)	Sylvia Hartwell	Georgia Department of Revenue / applicable county clerks	Completed	June 28, 2024	Coordinated with Talmadge Beaumont LLP. Returns filed and taxes paid at closing.
22	Transfer Tax Return Filings — Florida	File documentary stamp tax returns for 3 Florida Target Entities; estimated tax ~$1,680,000 (50/50 split)	FL Statutes; PSA Section 10.7	July 6, 2024	30	C&H (Sylvia Hartwell) / Palmetto Strauss PA (Roberto Strauss)	Sylvia Hartwell	Florida Department of Revenue	Completed	June 27, 2024	Coordinated with Palmetto Strauss PA. Returns filed and taxes paid at closing.
23	Transfer Tax Return Filings — Tennessee	File transfer tax returns for 3 Tennessee Target Entities; estimated tax ~$740,000 (50/50 split)	TN Code; PSA Section 10.7	July 6, 2024	30	C&H (Sylvia Hartwell) / Ellsworth Ridley LLP (Diane Ellsworth)	Sylvia Hartwell	Tennessee Department of Revenue / applicable county registers	Completed	June 25, 2024	Coordinated with Ellsworth Ridley LLP. Returns filed and taxes paid at closing.
24	Transfer Tax Return Filings — North Carolina	File transfer tax return for GMP SouthPark LLC (NC); estimated tax ~$180,000 (50/50 split)	NC General Statutes; PSA Section 10.7	July 6, 2024	30	C&H (Sylvia Hartwell) / Haversham Cole PLLC (Marshall Haversham)	Sylvia Hartwell	North Carolina Department of Revenue / Mecklenburg County Register of Deeds	Completed	June 24, 2024	Coordinated with Haversham Cole PLLC. Return filed and tax paid at closing.

25	Transfer Tax — Texas Confirmation	Confirm no state-level transfer tax filing required for 3 Texas Target Entities (Texas imposes no state transfer tax; nominal local fees only)	TX law; PSA Section 10.7	June 20, 2024	14	C&H (Sylvia Hartwell) / Breckenridge Osgood LLP (James Breckenridge)	Sylvia Hartwell	N/A	Completed	June 10, 2024	Confirmed: no state transfer tax in Texas. Nominal county filing fees paid at closing.
26	IRS Form 8594 — Asset Acquisition Statement	Finalize and file IRS Form 8594 reflecting agreed purchase price allocation of $1,100,000,000 per PSA Exhibit K	IRC Section 1060; PSA Section 10.8	With Buyer's federal tax return (2024 filing)	0	Buyer (Fairwater REIT) / Ashford Prewitt LLP (Naomi Ikeda, CPA) / C&H (Sylvia Hartwell)	Sylvia Hartwell	IRS	In Progress	Draft Form 8594 prepared. To be finalized and filed with Fairwater's 2024 federal income tax return. Allocation based on Stonebridge Valuation Advisors appraisals.
27	State Income / Franchise Tax Filings — New Entity Registrations	Identify and complete state income and franchise tax registration filings for Fairwater as new owner of Target Entities in GA, TX, FL, TN, and NC	State tax codes; State Income / Franchise Tax Filing Memorandum	September 4, 2024	90	Buyer (Fairwater REIT) / Ashford Prewitt LLP (Naomi Ikeda, CPA) / C&H (Sylvia Hartwell)	Sylvia Hartwell	Respective state revenue departments	Completed	August 15, 2024	Registrations completed in all 5 states. Coordinated with Ashford Prewitt LLP.
28	Vendor Contract Novations	Novate or assign applicable service contracts from Argyle Property Services LLC to Fairwater Property Management LLC across 14 properties (63 total service contracts; 12 identified for termination)	Transition Services Agreement; Service Contract Review Memorandum	September 4, 2024	90	Fairwater PM (Leah Torrance) / Argyle (Sean Kilpatrick)	Rafael Dominguez	Third-party vendors	Completed	August 30, 2024	51 service contracts novated/assigned to Fairwater PM. 12 contracts terminated per C&H recommendation. All novation letters countersigned by vendors.
29	Lender Notifications — Post-Closing Compliance	Deliver post-closing compliance certificates to each assumed-debt lender confirming new ownership structure and replacement guarantor status	Assumption Agreements (Pinnacle, Veltrano, Sycamore); Replacement Guaranties	June 20, 2024	14	Buyer (Fairwater REIT) / C&H	Grace Nakamura	Pinnacle Federal Bank, N.A. (Bradley Carston, SVP); Veltrano Capital Lending Corp. (Denise Alvarado, MD); Sycamore Life Insurance Company (Graham Hilliard, VP)	Completed	June 14, 2024	Compliance certificates delivered to all three lenders and their respective counsel: Whitfield & Archer LLP, Cranford McCabe LLP, Partridge Wynn & Slater LLP.
30	Insurance Policy Confirmation — Ironclad Indemnity	Confirm binding of replacement property & casualty insurance policies with Ironclad Indemnity Insurance Company; deliver evidence of insurance to lenders	PSA Exhibit M (Insurance Requirements); lender requirements	June 13, 2024	7	Buyer (Fairwater REIT) / Hartwick Gunderson & Associates, Inc. (Peter Langford)	Rafael Dominguez	Ironclad Indemnity Insurance Company (500 College Road East, Princeton, NJ 08540); Pinnacle Federal Bank; Veltrano Capital; Sycamore Life Insurance	Completed	June 7, 2024	Policies bound effective June 6, 2024. Evidence of insurance and additional insured endorsements delivered to all three lenders.
31	R&W Insurance — Post-Closing Administration	Maintain R&W insurance policy with Sentinel Specialty Insurance Company; monitor retention drop at 12 months post-closing (retention drops from $11,000,000 to $5,500,000 on June 6, 2025)	R&W Insurance Policy (Sentinel Specialty); premium: $1,402,500 paid at closing	June 6, 2025 (12-month retention drop); December 6, 2025 (general rep survival expiration); June 6, 2027 (tax rep survival expiration)	365 / 549 / 1,096	Buyer (Fairwater REIT) / C&H	Grace Nakamura	Sentinel Specialty Insurance Company; Hartwick Gunderson & Associates, Inc. (Peter Langford, broker)	Pending	Policy limit: $55,000,000. Initial retention: $11,000,000 (1% of $1,100,000,000 purchase price). Retention drops to $5,500,000 at 12 months. No claims reported as of last update. Premium of $1,402,500 paid June 6, 2024.
32	Indemnity Escrow — Ongoing Administration	Monitor $16,500,000 indemnity escrow held by Commonwealth National Title Insurance Company; prepare release instructions at 18-month survival expiration if no pending claims	Escrow Agreement — Indemnity Escrow (Execution Version); PSA Section 11.5	December 6, 2025	549	Buyer / Seller / Commonwealth National Title (Kenneth Stanhope, SVP)	Grace Nakamura	Commonwealth National Title Insurance Company (191 Peachtree Street NE, Suite 800, Atlanta, GA 30303)	Pending	Escrow amount: $16,500,000 (1.5% of purchase price). 18-month general representation survival period expires December 6, 2025. Release instructions to be prepared in advance. Any claims must be submitted before expiration.
33	R&W Insurance — 12-Month Retention Reduction Notice	Provide notice to Sentinel Specialty confirming retention reduction from $11,000,000 to $5,500,000 (50% drop) at 12 months post-closing	R&W Insurance Policy, Section [retention schedule]	June 6, 2025	365	Buyer (Fairwater REIT) / C&H	Grace Nakamura	Sentinel Specialty Insurance Company	Pending	Calendar reminder set. Confirm no pending claims at that date.
34	General Representation Survival Expiration	Monitor expiration of 18-month general representation survival period; coordinate with Sentinel Specialty and escrow agent regarding any claims	PSA Section 11.1(a)	December 6, 2025	549	Buyer (Fairwater REIT) / C&H	Grace Nakamura	GMP Fund III; Sentinel Specialty Insurance Company; Commonwealth National Title	Pending	Any general rep claims must be asserted before December 6, 2025. Tax representation survival extends to June 6, 2027 (36 months post-closing).
35	Tax Representation Survival Expiration	Monitor expiration of 36-month tax representation survival period	PSA Section 11.1(b)	June 6, 2027	1096	Buyer (Fairwater REIT) / C&H (Sylvia Hartwell)	Sylvia Hartwell	GMP Fund III; Sentinel Specialty Insurance Company	Pending	Tax rep claims must be asserted before June 6, 2027.
36	Local Counsel — Recording Confirmations	Confirm from each local counsel that all recordable documents and transfer tax returns were properly filed in each jurisdiction	Local counsel engagement letters; closing deliverables	June 30, 2024	24	C&H / local counsel (Breckenridge Osgood LLP, Talmadge Beaumont LLP, Haversham Cole PLLC, Ellsworth Ridley LLP, Palmetto Strauss PA)	Rafael Dominguez	C&H (internal compilation)	Completed	June 28, 2024	Compilation of Title Endorsement and Recording Confirmations received from all 5 local counsel firms.
37	Seller Indemnification — De Minimis and Basket Monitoring	Track any post-closing claims against Seller; de minimis threshold $275,000 per individual claim; tipping basket $5,500,000; general rep cap $55,000,000; fundamental rep cap $110,000,000	PSA Section 11.3	Ongoing through December 6, 2025 (general) / June 6, 2027 (tax)	0	Buyer (Fairwater REIT) / C&H	Grace Nakamura	GMP Fund III; Blackridge Hayes LLP	Pending	No claims asserted as of last update.
38	Environmental Monitoring — Westlake Distribution Hub	Monitor de minimis RECs identified in Phase I ESA for Westlake Distribution Hub (11500 Westlake Parkway, Houston, TX 77082); no Phase II required	Phase I ESA (Trident Environmental Group LLC); Environmental DD Summary Memorandum	Ongoing	0	Buyer (Fairwater REIT) / Fairwater PM	Rafael Dominguez	Trident Environmental Group LLC (Rachel Kwan, Senior Environmental Scientist)	Pending	De minimis controlled condition. Periodic monitoring recommended per Trident report.
39	Environmental Monitoring — Lakeland Crossings Industrial	Monitor de minimis RECs identified in Phase I ESA for Lakeland Crossings Industrial (7100 Drane Field Road, Lakeland, FL 33811); no Phase II required	Phase I ESA (Trident Environmental Group LLC); Environmental DD Summary Memorandum	Ongoing	0	Buyer (Fairwater REIT) / Fairwater PM	Rafael Dominguez	Trident Environmental Group LLC (Rachel Kwan)	Pending	De minimis controlled condition. Periodic monitoring recommended per Trident report.
40	PCA Immediate Repairs — Buckhead Place Office Tower	Complete $890,000 in immediate repairs at Buckhead Place Office Tower (3380 Peachtree Road NE, Atlanta, GA 30326) per Rampart Building Sciences PCA	PCA Report (Rampart Building Sciences, Inc. — Alan Westbrook, PE); PCA Review Memorandum	December 6, 2024	183	Buyer (Fairwater REIT) / Fairwater PM	Rafael Dominguez	Contractors (TBD)	In Progress	PCA credit of $1,070,000 received at closing (50% of $2,140,000 aggregate immediate repairs). Buckhead allocation: $890,000. Repair scoping underway.
41	PCA Immediate Repairs — Cool Springs Office Park	Complete $620,000 in immediate repairs at Cool Springs Office Park (5000 Virginia Way, Brentwood, TN 37027) per PCA	PCA Report (Rampart Building Sciences); PCA Review Memorandum	December 6, 2024	183	Buyer (Fairwater REIT) / Fairwater PM	Rafael Dominguez	Contractors (TBD)	In Progress	Repair scoping underway.
42	PCA Immediate Repairs — Lakeland Crossings Industrial	Complete $380,000 in immediate repairs at Lakeland Crossings Industrial (7100 Drane Field Road, Lakeland, FL 33811) per PCA	PCA Report (Rampart Building Sciences); PCA Review Memorandum	December 6, 2024	183	Buyer (Fairwater REIT) / Fairwater PM	Rafael Dominguez	Contractors (TBD)	In Progress	Repair scoping underway.
43	PCA Immediate Repairs — SouthPark Corporate Center	Complete $250,000 in immediate repairs at SouthPark Corporate Center (6200 Fairview Road, Charlotte, NC 28210) per PCA	PCA Report (Rampart Building Sciences); PCA Review Memorandum	December 6, 2024	183	Buyer (Fairwater REIT) / Fairwater PM	Rafael Dominguez	Contractors (TBD)	In Progress	Repair scoping underway.
44	Lender Financial Reporting — Pinnacle Federal Bank	Deliver periodic financial statements and compliance certificates to Pinnacle Federal Bank per Master Loan Agreement dated September 15, 2020 (Loans 1-A through 1-H; $421,600,000 OPB; 4.22% fixed; maturity July 1, 2028)	Pinnacle Master Loan Agreement; Assumption Agreement; Replacement Guaranty	Per loan covenant schedule (quarterly/annually)	0	Buyer (Fairwater REIT — Patricia Sung-Calloway, CFO)	Grace Nakamura	Pinnacle Federal Bank, N.A. (Bradley Carston, SVP), 600 Travis Street, Suite 4400, Houston, TX 77002	Pending	Ongoing covenant compliance. Guarantor net worth covenant: $500,000,000 minimum tangible net worth; $50,000,000 minimum liquid assets.
45	Lender Financial Reporting — Veltrano Capital	Deliver periodic financial statements and compliance certificates to Veltrano Capital per Loan Agreement dated February 1, 2021 (Loans 2-A through 2-D; $142,300,000 OPB; 4.68% fixed; maturity March 1, 2029)	Veltrano Loan Agreement; Assumption Agreement; Replacement Guaranty	Per loan covenant schedule (quarterly/annually)	0	Buyer (Fairwater REIT — Patricia Sung-Calloway, CFO)	Grace Nakamura	Veltrano Capital Lending Corp. (Denise Alvarado, MD), 200 South Biscayne Boulevard, Suite 3100, Miami, FL 33131	Pending	Ongoing covenant compliance.
46	Lender Financial Reporting — Sycamore Life Insurance	Deliver periodic financial statements and compliance certificates to Sycamore Life Insurance per Note Purchase Agreement dated November 22, 2019 (Loans 3-A and 3-B; $48,100,000 OPB; 3.95% fixed; maturity December 1, 2030)	Sycamore Note Purchase Agreement; Assumption Agreement; Replacement Guaranty	Per loan covenant schedule (quarterly/annually)	0	Buyer (Fairwater REIT — Patricia Sung-Calloway, CFO)	Grace Nakamura	Sycamore Life Insurance Company (Graham Hilliard, VP), 100 Constitution Plaza, Hartford, CT 06103	Pending	Ongoing covenant compliance.
47	Aldgate National Bank — Revolver Draw Reporting	Report acquisition draw (~$488,000,000) under Fairwater's $750,000,000 unsecured revolving credit facility with Aldgate National Bank, N.A.	Revolving Credit Facility dated August 14, 2022; SOFR + 130 bps	Per facility reporting requirements	0	Buyer (Fairwater REIT — Patricia Sung-Calloway, CFO)	Grace Nakamura	Aldgate National Bank, N.A. (Trevor Kingsley, MD, Real Estate Banking), 383 Madison Avenue, New York, NY 10179	Completed	June 6, 2024	Draw funded at closing. Compliance certificate delivered.

[sheet: Key Deadlines Calendar]

Deadline Date	Days Post-Closing	Obligation Summary	Responsible Party	Status	Tracker Item #
June 6, 2024	0	Aldgate National Bank — revolver draw reporting	Fairwater REIT	Completed	47
June 7, 2024	1	Tenant notification letters — distribution to 87 tenants	Fairwater REIT / Fairwater PM	Completed	3
June 7, 2024	1	Insurance policy binding confirmation — Ironclad Indemnity	Fairwater REIT / Hartwick Gunderson	Completed	30
June 10, 2024	4	Texas transfer tax confirmation (no state tax)	C&H / Breckenridge Osgood LLP	Completed	25
June 12, 2024	6	Adopt A&R operating agreements — 14 Target Entities	Fairwater REIT / C&H	Completed	12
June 13, 2024	7	UCC-3 termination filings — Seller pledges (Delaware)	GMP Fund III / Blackridge Hayes LLP	Completed	19
June 14, 2024	8	Operating account transfers at Magnolia Commerce Bank	Fairwater REIT / Fairwater PM	Completed	8
June 14, 2024	8	Lender post-closing compliance certificates — all 3 lenders	Fairwater REIT / C&H	Completed	29
June 18, 2024	12	Manager change filings — 14 entities (Delaware SOS)	C&H (R. Dominguez)	Completed	13
June 21, 2024	15	Foreign qualification filings — Tennessee (3 entities)	C&H / Ellsworth Ridley LLP	Completed	17
June 22, 2024	16	Foreign qualification filings — North Carolina (1 entity)	C&H / Haversham Cole PLLC	Completed	18
June 24, 2024	18	Foreign qualification filings — Texas (3 entities)	C&H / Breckenridge Osgood LLP	Completed	15
June 24, 2024	18	Transfer tax return filings — North Carolina	C&H (S. Hartwell) / Haversham Cole PLLC	Completed	24
June 25, 2024	19	Foreign qualification filings — Georgia (4 entities)	C&H / Talmadge Beaumont LLP	Completed	14
June 25, 2024	19	Transfer tax return filings — Tennessee	C&H (S. Hartwell) / Ellsworth Ridley LLP	Completed	23
June 26, 2024	20	Foreign qualification filings — Florida (3 entities)	C&H / Palmetto Strauss PA	Completed	16
June 27, 2024	21	Transfer tax return filings — Florida	C&H (S. Hartwell) / Palmetto Strauss PA	Completed	22
June 28, 2024	22	Transfer tax return filings — Georgia	C&H (S. Hartwell) / Talmadge Beaumont LLP	Completed	21
June 28, 2024	22	Local counsel recording confirmations — compilation	C&H / Local Counsel	Completed	36
July 2, 2024	26	4 remaining Major Tenant SNDAs delivered	GMP Fund III / Blackridge Hayes LLP	Completed	1
July 5, 2024	29	Transition services fee — Month 1 ($375,000)	Fairwater REIT	Completed	5
July 8, 2024	32	SNDA holdback release ($200,000) to Seller	Fairwater REIT	Completed	2
July 15, 2024	39	Title policy issuance — 14 ALTA Owner's Policies confirmed	Commonwealth National Title	Completed	20
August 5, 2024	60	Transition services fee — Month 2 ($375,000)	Fairwater REIT	Completed	6

August 15, 2024	70	State income/franchise tax registrations — 5 states	Fairwater REIT / Ashford Prewitt LLP	Completed	27
August 22, 2024	77	Post-closing proration true-up — preliminary statement delivered	Fairwater REIT / Ashford Prewitt LLP / C&H	Completed	9
August 28, 2024	83	Post-closing proration true-up — final agreement signed ($347,218 net to Buyer)	Buyer / Seller	Completed	10
August 30, 2024	85	Vendor contract novations completed (51 of 63; 12 terminated)	Fairwater PM / Argyle	Completed	28
September 4, 2024	90	Property management transition completed (Argyle → Fairwater PM)	Fairwater PM / Argyle	Completed	4
September 4, 2024	90	Transition services fee — Month 3 final payment ($375,000)	Fairwater REIT	Completed	7
September 5, 2024	91	Post-closing proration true-up payment received ($347,218)	GMP Fund III	Completed	11
December 6, 2024	183	PCA immediate repairs target completion — Buckhead Place Office Tower ($890,000)	Fairwater REIT / Fairwater PM	In Progress	40
December 6, 2024	183	PCA immediate repairs target completion — Cool Springs Office Park ($620,000)	Fairwater REIT / Fairwater PM	In Progress	41
December 6, 2024	183	PCA immediate repairs target completion — Lakeland Crossings Industrial ($380,000)	Fairwater REIT / Fairwater PM	In Progress	42
December 6, 2024	183	PCA immediate repairs target completion — SouthPark Corporate Center ($250,000)	Fairwater REIT / Fairwater PM	In Progress	43
June 6, 2025	365	R&W insurance retention drops from $11,000,000 to $5,500,000	Fairwater REIT / C&H	Pending	33
June 6, 2025	365	R&W insurance — ongoing administration (12-month milestone)	Fairwater REIT / C&H	Pending	31
December 6, 2025	549	General representation survival period expires (18 months); indemnity escrow release ($16,500,000) if no pending claims	Buyer / Seller / Commonwealth National Title	Pending	32, 34
June 6, 2027	1096	Tax representation survival period expires (36 months)	Buyer / Seller / Sentinel Specialty	Pending	35
Ongoing	—	IRS Form 8594 — to be filed with 2024 federal tax return	Fairwater REIT / Ashford Prewitt LLP / C&H	In Progress	26
Ongoing	—	Seller indemnification — de minimis and basket monitoring	Fairwater REIT / C&H	Pending	37
Ongoing	—	Environmental monitoring — Westlake Distribution Hub	Fairwater REIT / Fairwater PM	Pending	38
Ongoing	—	Environmental monitoring — Lakeland Crossings Industrial	Fairwater REIT / Fairwater PM	Pending	39
Ongoing	—	Lender financial reporting — Pinnacle Federal Bank (quarterly/annually)	Fairwater REIT (CFO)	Pending	44
Ongoing	—	Lender financial reporting — Veltrano Capital (quarterly/annually)	Fairwater REIT (CFO)	Pending	45
Ongoing	—	Lender financial reporting — Sycamore Life Insurance (quarterly/annually)	Fairwater REIT (CFO)	Pending	46

[sheet: Status Summary]

Category	Total Items	Completed	In Progress	Pending
SNDA Delivery & Holdback	2	2	0	0
Tenant Notifications	1	1	0	0
Property Management Transition	5	5	0	0
Operating Account Transfers	1	1	0	0
Post-Closing Proration True-Up	3	3	0	0
Entity Organizational Documents (A&R OAs)	1	1	0	0
Secretary of State Filings (DE + 5 States)	6	6	0	0
UCC-3 Termination Filings	1	1	0	0
Title Policy Issuance	1	1	0	0
Transfer Tax Filings	5	5	0	0
Federal Tax Filings (Form 8594)	1	0	1	0
State Tax Registrations	1	1	0	0
Vendor Contract Novations	1	1	0	0
Lender Post-Closing Compliance	1	1	0	0
Insurance (P&C Binding / Lender Notices)	1	1	0	0
R&W Insurance Administration	2	0	0	2
Indemnity Escrow Administration	1	0	0	1
Seller Indemnification Monitoring	1	0	0	1
Environmental Monitoring	2	0	0	2
PCA Immediate Repairs	4	0	4	0
Ongoing Lender Reporting	3	0	0	3
Revolver Draw Reporting	1	1	0	0
Local Counsel Recording Confirmations	1	1	0	0
Rep Survival Period Monitoring	2	0	0	2

TOTAL

[sheet: Tracker Overview]
Field | Value
Matter Name | Fairwater REIT — Acquisition of GMP Fund III Sun Belt Portfolio
C&H Matter Number | 1036-00004
Client | Fairwater Real Estate Investment Trust
Seller | Greystone Meridian Partners Fund III, L.P.
Purchase Price | $1,100,000,000
Actual Closing Date | June 6, 2024
Responsible Partner | Douglas Fairchild (Calderwood & Harkness LLP, New York)
Billing Partner | Angela Fontaine (Calderwood & Harkness LLP, New York)
Lead Associate | Grace Nakamura (Calderwood & Harkness LLP, New York)
Working Associate | Rafael Dominguez (Calderwood & Harkness LLP, Washington, DC)
Tax Partner | Sylvia Hartwell (Calderwood & Harkness LLP, Washington, DC)
Client Contact — Acquisitions | Marcus Devereaux, EVP, Acquisitions, Fairwater REIT
Client Contact — Asset Management | Leah Torrance, SVP, Asset Management, Fairwater REIT / Fairwater Property Management LLC
Client Contact — General Counsel | David Elgin Park, General Counsel, Fairwater REIT
Client Contact — In-House Real Estate | Camille Oduya, In-House Real Estate Counsel, Fairwater REIT
Seller's Counsel | Blackridge Hayes LLP — Nathaniel Pryce (Partner), Thomas Keating (Senior Associate)
Title Company / Escrow Agent | Commonwealth National Title Insurance Company — Kenneth Stanhope, SVP
Prepared By | Grace Nakamura
Last Updated | September 10, 2024
[sheet: Post-Closing Obligations]
Item # | Category | Obligation Description | Governing Document | Deadline / Due Date | Days Post-Closing | Responsible Party | C&H Contact | Counterparty / Recipient | Status | Date Completed | Notes / Comments
1 | SNDA Delivery | Deliver 4 remaining Major Tenant SNDAs (of 38 total required; 34 executed at closing) | PSA Section 7.3(b); SNDA Post-Closing Carve-Out Side Letter | July 6, 2024 | 30 | Seller (GMP Fund III) / Blackridge Hayes LLP | Grace Nakamura | Fairwater REIT; applicable lenders (Pinnacle Federal Bank, N.A.; Veltrano Capital Lending Corp.; Sycamore Life Insurance Company) | Completed | July 2, 2024 | All 4 outstanding SNDAs received July 2, 2024 (within 30-day post-closing period). Confirmed by C&H memo.
2 | SNDA Holdback Release | Release $200,000 SNDA holdback to Seller upon delivery of 4 remaining SNDAs | SNDA Post-Closing Carve-Out Side Letter | Within 5 business days of SNDA delivery | 30 | Buyer (Fairwater REIT) | Grace Nakamura | GMP Fund III (wire to Magnolia Commerce Bank, N.A. account) | Completed | July 8, 2024 | $200,000 holdback released to Seller following confirmation of all 4 SNDA deliveries.
3 | Tenant Notification Letters — Distribution | Mail/email notification letters to all 87 tenants advising of change of ownership and new property management contact (Fairwater Property Management LLC) | PSA Section 9.4; Tenant Notification Letters (Form and Distribution List) | June 7, 2024 | 1 | Buyer (Fairwater REIT) / Fairwater PM (Leah Torrance) | Rafael Dominguez | 87 tenants across 14 properties | Completed | June 7, 2024 | All 87 letters mailed and emailed on June 7, 2024. Final distribution confirmation memorandum prepared.
4 | Property Management Transition | Complete 90-day transition of property management from Argyle Property Services LLC to Fairwater Property Management LLC | Transition Services Agreement dated June 6, 2024 | September 4, 2024 | 90 | Argyle Property Services LLC (Sean Kilpatrick) / Fairwater PM (Leah Torrance) | Rafael Dominguez | Argyle Property Services LLC | Completed | September 4, 2024 | Transition services fee: $375,000/month × 3 months = $1,125,000 total. Includes accounting transition, vendor contract novations, and tenant communication handoff.
5 | Transition Services Fee — Month 1 Payment | Pay first monthly transition services fee of $375,000 to Argyle Property Services LLC | Transition Services Agreement, Section 4 | July 6, 2024 | 30 | Buyer (Fairwater REIT) | Rafael Dominguez | Argyle Property Services LLC | Completed | July 5, 2024 | $375,000 wired to Argyle.
6 | Transition Services Fee — Month 2 Payment | Pay second monthly transition services fee of $375,000 to Argyle Property Services LLC | Transition Services Agreement, Section 4 | August 5, 2024 | 60 | Buyer (Fairwater REIT) | Rafael Dominguez | Argyle Property Services LLC | Completed | August 5, 2024 | $375,000 wired to Argyle.
7 | Transition Services Fee — Month 3 (Final) Payment | Pay third and final monthly transition services fee of $375,000 to Argyle Property Services LLC | Transition Services Agreement, Section 4 | September 4, 2024 | 90 | Buyer (Fairwater REIT) | Rafael Dominguez | Argyle Property Services LLC | Completed | September 4, 2024 | $375,000 wired to Argyle. Total paid: $1,125,000.
8 | Operating Account Transfer — Magnolia Commerce Bank | Transfer operating accounts for all 14 Target Entities from Seller-designated signatories to Buyer-designated signatories at Magnolia Commerce Bank, N.A. | Closing Agenda; Property Management Transition Memorandum | June 20, 2024 | 14 | Buyer (Fairwater REIT) / Fairwater PM | Rafael Dominguez | Magnolia Commerce Bank, N.A. (Linda Prescott, VP, Commercial Banking), 225 Peachtree Street NE, Suite 100, Atlanta, GA 30303 | Completed | June 14, 2024 | Bank resolutions and signature cards updated for all 14 entity accounts. Security deposits ($4,283,000 aggregate) confirmed in accounts.
9 | Post-Closing Proration True-Up — Preliminary Statement | Prepare and deliver preliminary post-closing proration true-up statement comparing actual figures to preliminary closing prorations | PSA Section 10.3; Exhibit U (Proration and Working-Capital Methodology); Exhibit V (Form of True-Up Statement) | August 5, 2024 | 60 | Buyer (Fairwater REIT) / Ashford Prewitt LLP (Martin Ashford, CPA; Naomi Ikeda, CPA) | Grace Nakamura / Sylvia Hartwell | GMP Fund III / Caldwell Murray & Oakes LLP (William Oakes, CPA) | Completed | August 22, 2024 | C&H Post-Closing Proration True-Up Memorandum dated August 22, 2024, recommending net credit of $347,218 to Buyer.
10 | Post-Closing Proration True-Up — Final Agreement | Agree on final post-closing proration true-up statement with Seller | PSA Section 10.3 | September 4, 2024 | 90 | Buyer / Seller | Grace Nakamura | GMP Fund III / Blackridge Hayes LLP | Completed | August 28, 2024 | Final true-up statement signed by both parties August 28, 2024. Net credit of $347,218 to Buyer.
11 | Post-Closing Proration True-Up — Payment | Seller pays net proration true-up amount of $347,218 to Buyer within 10 business days of agreement on final statement | PSA Section 10.3 | September 12, 2024 | 98 | Seller (GMP Fund III) | Grace Nakamura | Fairwater REIT | Completed | September 5, 2024 | $347,218 received from Seller on September 5, 2024.
12 | Amended & Restated Operating Agreements — 14 Target Entities | File/adopt A&R operating agreements for each of the 14 Target Entity LLCs reflecting Fairwater REIT as sole member | Closing Agenda; corporate governance requirements | June 20, 2024 | 14 | Buyer (Fairwater REIT) / C&H | Grace Nakamura | Internal (each Target Entity) | Completed | June 12, 2024 | A&R operating agreements adopted for: GMP Fairfield I LLC, GMP Fairfield II LLC, GMP Westlake LLC, GMP Katy LLC, GMP Alliance LLC, GMP Lakeland LLC, GMP Southport LLC, GMP Murfreesboro LLC, GMP Buckhead LLC, GMP SouthPark LLC, GMP Cool Springs LLC, GMP Brickell LLC, GMP Peachtree LLC, GMP Mount Juliet LLC.
13 | Manager Change Filings — 14 Target Entities (Delaware) | File Certificates of Amendment or Annual Reports with the Delaware Secretary of State updating manager/member information for all 14 Target Entity LLCs | Delaware LLC Act; organizational documents | July 6, 2024 | 30 | C&H (Rafael Dominguez) | Rafael Dominguez | Delaware Secretary of State | Completed | June 18, 2024 | All 14 filings submitted and accepted. Confirmation copies on file.
14 | Foreign Qualification Filings — Georgia (4 entities) | Update foreign qualification certificates in Georgia for GMP Fairfield I LLC, GMP Fairfield II LLC, GMP Buckhead LLC, GMP Peachtree LLC reflecting new ownership by Fairwater REIT | GA Secretary of State requirements | July 6, 2024 | 30 | C&H / Talmadge Beaumont LLP (Catherine Beaumont) | Rafael Dominguez | Georgia Secretary of State | Completed | June 25, 2024 | Coordinated with Talmadge Beaumont LLP. All 4 filings accepted.
15 | Foreign Qualification Filings — Texas (3 entities) | Update foreign qualification certificates in Texas for GMP Westlake LLC, GMP Katy LLC, GMP Alliance LLC | TX Secretary of State requirements | July 6, 2024 | 30 | C&H / Breckenridge Osgood LLP (James Breckenridge) | Rafael Dominguez | Texas Secretary of State | Completed | June 24, 2024 | Coordinated with Breckenridge Osgood LLP. All 3 filings accepted.
16 | Foreign Qualification Filings — Florida (3 entities) | Update foreign qualification certificates in Florida for GMP Lakeland LLC, GMP Southport LLC, GMP Brickell LLC | FL Department of State requirements | July 6, 2024 | 30 | C&H / Palmetto Strauss PA (Roberto Strauss) | Rafael Dominguez | Florida Department of State | Completed | June 26, 2024 | Coordinated with Palmetto Strauss PA. All 3 filings accepted.
17 | Foreign Qualification Filings — Tennessee (3 entities) | Update foreign qualification certificates in Tennessee for GMP Murfreesboro LLC, GMP Cool Springs LLC, GMP Mount Juliet LLC | TN Secretary of State requirements | July 6, 2024 | 30 | C&H / Ellsworth Ridley LLP (Diane Ellsworth) | Rafael Dominguez | Tennessee Secretary of State | Completed | June 21, 2024 | Coordinated with Ellsworth Ridley LLP. All 3 filings accepted.
18 | Foreign Qualification Filings — North Carolina (1 entity) | Update foreign qualification certificate in North Carolina for GMP SouthPark LLC | NC Secretary of State requirements | July 6, 2024 | 30 | C&H / Haversham Cole PLLC (Marshall Haversham) | Rafael Dominguez | North Carolina Secretary of State | Completed | June 22, 2024 | Coordinated with Haversham Cole PLLC. Filing accepted.
19 | UCC-3 Amendment / Termination Filings — Seller Pledges | File UCC-3 statements with Delaware Secretary of State to release UCC-1 financing statements securing GMP Fund III's pledged interest in the 14 Target Entities | PSA Section 9.2(h); closing deliverables | June 20, 2024 | 14 | Seller (GMP Fund III) / Blackridge Hayes LLP | Grace Nakamura | Delaware Secretary of State | Completed | June 13, 2024 | UCC-3 termination statements filed for all applicable UCC-1 filings. Confirmation copies received.
20 | Title Policy Issuance — 14 Properties | Confirm issuance of final ALTA Owner's Policies (2021 form) by Commonwealth National Title Insurance Company for all 14 properties; aggregate insured amount $1,100,000,000 | PSA Section 7.1(a); title commitments | August 5, 2024 | 60 | Commonwealth National Title (Kenneth Stanhope, SVP; Virginia Moorehead, AVP) | Rafael Dominguez | Fairwater REIT; lenders (as applicable for loan policies) | Completed | July 15, 2024 | C&H Title Policy Issuance Confirmation Memo dated July 15, 2024. All 14 owner's policies and applicable loan policies issued. Aggregate insured amount: $1,100,000,000.
21 | Transfer Tax Return Filings — Georgia | File controlling-interest transfer tax declarations for 4 Georgia Target Entities; estimated tax ~$1,250,000 (Buyer/Seller 50/50 = ~$625,000 each) | GA Code; PSA Section 10.7 | July 6, 2024 | 30 | C&H (Sylvia Hartwell) / Talmadge Beaumont LLP (Catherine Beaumont) | Sylvia Hartwell | Georgia Department of Revenue / applicable county clerks | Completed | June 28, 2024 | Coordinated with Talmadge Beaumont LLP. Returns filed and taxes paid at closing.
22 | Transfer Tax Return Filings — Florida | File documentary stamp tax returns for 3 Florida Target Entities; estimated tax ~$1,680,000 (50/50 split) | FL Statutes; PSA Section 10.7 | July 6, 2024 | 30 | C&H (Sylvia Hartwell) / Palmetto Strauss PA (Roberto Strauss) | Sylvia Hartwell | Florida Department of Revenue | Completed | June 27, 2024 | Coordinated with Palmetto Strauss PA. Returns filed and taxes paid at closing.
23 | Transfer Tax Return Filings — Tennessee | File transfer tax returns for 3 Tennessee Target Entities; estimated tax ~$740,000 (50/50 split) | TN Code; PSA Section 10.7 | July 6, 2024 | 30 | C&H (Sylvia Hartwell) / Ellsworth Ridley LLP (Diane Ellsworth) | Sylvia Hartwell | Tennessee Department of Revenue / applicable county registers | Completed | June 25, 2024 | Coordinated with Ellsworth Ridley LLP. Returns filed and taxes paid at closing.
24 | Transfer Tax Return Filings — North Carolina | File transfer tax return for GMP SouthPark LLC (NC); estimated tax ~$180,000 (50/50 split) | NC General Statutes; PSA Section 10.7 | July 6, 2024 | 30 | C&H (Sylvia Hartwell) / Haversham Cole PLLC (Marshall Haversham) | Sylvia Hartwell | North Carolina Department of Revenue / Mecklenburg County Register of Deeds | Completed | June 24, 2024 | Coordinated with Haversham Cole PLLC. Return filed and tax paid at closing.
25 | Transfer Tax — Texas Confirmation | Confirm no state-level transfer tax filing required for 3 Texas Target Entities (Texas imposes no state transfer tax; nominal local fees only) | TX law; PSA Section 10.7 | June 20, 2024 | 14 | C&H (Sylvia Hartwell) / Breckenridge Osgood LLP (James Breckenridge) | Sylvia Hartwell | N/A | Completed | June 10, 2024 | Confirmed: no state transfer tax in Texas. Nominal county filing fees paid at closing.
26 | IRS Form 8594 — Asset Acquisition Statement | Finalize and file IRS Form 8594 reflecting agreed purchase price allocation of $1,100,000,000 per PSA Exhibit K | IRC Section 1060; PSA Section 10.8 | With Buyer's federal tax return (2024 filing) | 0 | Buyer (Fairwater REIT) / Ashford Prewitt LLP (Naomi Ikeda, CPA) / C&H (Sylvia Hartwell) | Sylvia Hartwell | IRS | In Progress | Draft Form 8594 prepared. To be finalized and filed with Fairwater's 2024 federal income tax return. Allocation based on Stonebridge Valuation Advisors appraisals.
27 | State Income / Franchise Tax Filings — New Entity Registrations | Identify and complete state income and franchise tax registration filings for Fairwater as new owner of Target Entities in GA, TX, FL, TN, and NC | State tax codes; State Income / Franchise Tax Filing Memorandum | September 4, 2024 | 90 | Buyer (Fairwater REIT) / Ashford Prewitt LLP (Naomi Ikeda, CPA) / C&H (Sylvia Hartwell) | Sylvia Hartwell | Respective state revenue departments | Completed | August 15, 2024 | Registrations completed in all 5 states. Coordinated with Ashford Prewitt LLP.
28 | Vendor Contract Novations | Novate or assign applicable service contracts from Argyle Property Services LLC to Fairwater Property Management LLC across 14 properties (63 total service contracts; 12 identified for termination) | Transition Services Agreement; Service Contract Review Memorandum | September 4, 2024 | 90 | Fairwater PM (Leah Torrance) / Argyle (Sean Kilpatrick) | Rafael Dominguez | Third-party vendors | Completed | August 30, 2024 | 51 service contracts novated/assigned to Fairwater PM. 12 contracts terminated per C&H recommendation. All novation letters countersigned by vendors.
29 | Lender Notifications — Post-Closing Compliance | Deliver post-closing compliance certificates to each assumed-debt lender confirming new ownership structure and replacement guarantor status | Assumption Agreements (Pinnacle, Veltrano, Sycamore); Replacement Guaranties | June 20, 2024 | 14 | Buyer (Fairwater REIT) / C&H | Grace Nakamura | Pinnacle Federal Bank, N.A. (Bradley Carston, SVP); Veltrano Capital Lending Corp. (Denise Alvarado, MD); Sycamore Life Insurance Company (Graham Hilliard, VP) | Completed | June 14, 2024 | Compliance certificates delivered to all three lenders and their respective counsel: Whitfield & Archer LLP, Cranford McCabe LLP, Partridge Wynn & Slater LLP.
30 | Insurance Policy Confirmation — Ironclad Indemnity | Confirm binding of replacement property & casualty insurance policies with Ironclad Indemnity Insurance Company; deliver evidence of insurance to lenders | PSA Exhibit M (Insurance Requirements); lender requirements | June 13, 2024 | 7 | Buyer (Fairwater REIT) / Hartwick Gunderson & Associates, Inc. (Peter Langford) | Rafael Dominguez | Ironclad Indemnity Insurance Company (500 College Road East, Princeton, NJ 08540); Pinnacle Federal Bank; Veltrano Capital; Sycamore Life Insurance | Completed | June 7, 2024 | Policies bound effective June 6, 2024. Evidence of insurance and additional insured endorsements delivered to all three lenders.
31 | R&W Insurance — Post-Closing Administration | Maintain R&W insurance policy with Sentinel Specialty Insurance Company; monitor retention drop at 12 months post-closing (retention drops from $11,000,000 to $5,500,000 on June 6, 2025) | R&W Insurance Policy (Sentinel Specialty); premium: $1,402,500 paid at closing | June 6, 2025 (12-month retention drop); December 6, 2025 (general rep survival expiration); June 6, 2027 (tax rep survival expiration) | 365 / 549 / 1,096 | Buyer (Fairwater REIT) / C&H | Grace Nakamura | Sentinel Specialty Insurance Company; Hartwick Gunderson & Associates, Inc. (Peter Langford, broker) | Pending | Policy limit: $55,000,000. Initial retention: $11,000,000 (1% of $1,100,000,000 purchase price). Retention drops to $5,500,000 at 12 months. No claims reported as of last update. Premium of $1,402,500 paid June 6, 2024.
32 | Indemnity Escrow — Ongoing Administration | Monitor $16,500,000 indemnity escrow held by Commonwealth National Title Insurance Company; prepare release instructions at 18-month survival expiration if no pending claims | Escrow Agreement — Indemnity Escrow (Execution Version); PSA Section 11.5 | December 6, 2025 | 549 | Buyer / Seller / Commonwealth National Title (Kenneth Stanhope, SVP) | Grace Nakamura | Commonwealth National Title Insurance Company (191 Peachtree Street NE, Suite 800, Atlanta, GA 30303) | Pending | Escrow amount: $16,500,000 (1.5% of purchase price). 18-month general representation survival period expires December 6, 2025. Release instructions to be prepared in advance. Any claims must be submitted before expiration.
33 | R&W Insurance — 12-Month Retention Reduction Notice | Provide notice to Sentinel Specialty confirming retention reduction from $11,000,000 to $5,500,000 (50% drop) at 12 months post-closing | R&W Insurance Policy, Section [retention schedule] | June 6, 2025 | 365 | Buyer (Fairwater REIT) / C&H | Grace Nakamura | Sentinel Specialty Insurance Company | Pending | Calendar reminder set. Confirm no pending claims at that date.
34 | General Representation Survival Expiration | Monitor expiration of 18-month general representation survival period; coordinate with Sentinel Specialty and escrow agent regarding any claims | PSA Section 11.1(a) | December 6, 2025 | 549 | Buyer (Fairwater REIT) / C&H | Grace Nakamura | GMP Fund III; Sentinel Specialty Insurance Company; Commonwealth National Title | Pending | Any general rep claims must be asserted before December 6, 2025. Tax representation survival extends to June 6, 2027 (36 months post-closing).
35 | Tax Representation Survival Expiration | Monitor expiration of 36-month tax representation survival period | PSA Section 11.1(b) | June 6, 2027 | 1096 | Buyer (Fairwater REIT) / C&H (Sylvia Hartwell) | Sylvia Hartwell | GMP Fund III; Sentinel Specialty Insurance Company | Pending | Tax rep claims must be asserted before June 6, 2027.
36 | Local Counsel — Recording Confirmations | Confirm from each local counsel that all recordable documents and transfer tax returns were properly filed in each jurisdiction | Local counsel engagement letters; closing deliverables | June 30, 2024 | 24 | C&H / local counsel (Breckenridge Osgood LLP, Talmadge Beaumont LLP, Haversham Cole PLLC, Ellsworth Ridley LLP, Palmetto Strauss PA) | Rafael Dominguez | C&H (internal compilation) | Completed | June 28, 2024 | Compilation of Title Endorsement and Recording Confirmations received from all 5 local counsel firms.
37 | Seller Indemnification — De Minimis and Basket Monitoring | Track any post-closing claims against Seller; de minimis threshold $275,000 per individual claim; tipping basket $5,500,000; general rep cap $55,000,000; fundamental rep cap $110,000,000 | PSA Section 11.3 | Ongoing through December 6, 2025 (general) / June 6, 2027 (tax) | 0 | Buyer (Fairwater REIT) / C&H | Grace Nakamura | GMP Fund III; Blackridge Hayes LLP | Pending | No claims asserted as of last update.
38 | Environmental Monitoring — Westlake Distribution Hub | Monitor de minimis RECs identified in Phase I ESA for Westlake Distribution Hub (11500 Westlake Parkway, Houston, TX 77082); no Phase II required | Phase I ESA (Trident Environmental Group LLC); Environmental DD Summary Memorandum | Ongoing | 0 | Buyer (Fairwater REIT) / Fairwater PM | Rafael Dominguez | Trident Environmental Group LLC (Rachel Kwan, Senior Environmental Scientist) | Pending | De minimis controlled condition. Periodic monitoring recommended per Trident report.
39 | Environmental Monitoring — Lakeland Crossings Industrial | Monitor de minimis RECs identified in Phase I ESA for Lakeland Crossings Industrial (7100 Drane Field Road, Lakeland, FL 33811); no Phase II required | Phase I ESA (Trident Environmental Group LLC); Environmental DD Summary Memorandum | Ongoing | 0 | Buyer (Fairwater REIT) / Fairwater PM | Rafael Dominguez | Trident Environmental Group LLC (Rachel Kwan) | Pending | De minimis controlled condition. Periodic monitoring recommended per Trident report.
40 | PCA Immediate Repairs — Buckhead Place Office Tower | Complete $890,000 in immediate repairs at Buckhead Place Office Tower (3380 Peachtree Road NE, Atlanta, GA 30326) per Rampart Building Sciences PCA | PCA Report (Rampart Building Sciences, Inc. — Alan Westbrook, PE); PCA Review Memorandum | December 6, 2024 | 183 | Buyer (Fairwater REIT) / Fairwater PM | Rafael Dominguez | Contractors (TBD) | In Progress | PCA credit of $1,070,000 received at closing (50% of $2,140,000 aggregate immediate repairs). Buckhead allocation: $890,000. Repair scoping underway.
41 | PCA Immediate Repairs — Cool Springs Office Park | Complete $620,000 in immediate repairs at Cool Springs Office Park (5000 Virginia Way, Brentwood, TN 37027) per PCA | PCA Report (Rampart Building Sciences); PCA Review Memorandum | December 6, 2024 | 183 | Buyer (Fairwater REIT) / Fairwater PM | Rafael Dominguez | Contractors (TBD) | In Progress | Repair scoping underway.
42 | PCA Immediate Repairs — Lakeland Crossings Industrial | Complete $380,000 in immediate repairs at Lakeland Crossings Industrial (7100 Drane Field Road, Lakeland, FL 33811) per PCA | PCA Report (Rampart Building Sciences); PCA Review Memorandum | December 6, 2024 | 183 | Buyer (Fairwater REIT) / Fairwater PM | Rafael Dominguez | Contractors (TBD) | In Progress | Repair scoping underway.
43 | PCA Immediate Repairs — SouthPark Corporate Center | Complete $250,000 in immediate repairs at SouthPark Corporate Center (6200 Fairview Road, Charlotte, NC 28210) per PCA | PCA Report (Rampart Building Sciences); PCA Review Memorandum | December 6, 2024 | 183 | Buyer (Fairwater REIT) / Fairwater PM | Rafael Dominguez | Contractors (TBD) | In Progress | Repair scoping underway.
44 | Lender Financial Reporting — Pinnacle Federal Bank | Deliver periodic financial statements and compliance certificates to Pinnacle Federal Bank per Master Loan Agreement dated September 15, 2020 (Loans 1-A through 1-H; $421,600,000 OPB; 4.22% fixed; maturity July 1, 2028) | Pinnacle Master Loan Agreement; Assumption Agreement; Replacement Guaranty | Per loan covenant schedule (quarterly/annually) | 0 | Buyer (Fairwater REIT — Patricia Sung-Calloway, CFO) | Grace Nakamura | Pinnacle Federal Bank, N.A. (Bradley Carston, SVP), 600 Travis Street, Suite 4400, Houston, TX 77002 | Pending | Ongoing covenant compliance. Guarantor net worth covenant: $500,000,000 minimum tangible net worth; $50,000,000 minimum liquid assets.
45 | Lender Financial Reporting — Veltrano Capital | Deliver periodic financial statements and compliance certificates to Veltrano Capital per Loan Agreement dated February 1, 2021 (Loans 2-A through 2-D; $142,300,000 OPB; 4.68% fixed; maturity March 1, 2029) | Veltrano Loan Agreement; Assumption Agreement; Replacement Guaranty | Per loan covenant schedule (quarterly/annually) | 0 | Buyer (Fairwater REIT — Patricia Sung-Calloway, CFO) | Grace Nakamura | Veltrano Capital Lending Corp. (Denise Alvarado, MD), 200 South Biscayne Boulevard, Suite 3100, Miami, FL 33131 | Pending | Ongoing covenant compliance.
46 | Lender Financial Reporting — Sycamore Life Insurance | Deliver periodic financial statements and compliance certificates to Sycamore Life Insurance per Note Purchase Agreement dated November 22, 2019 (Loans 3-A and 3-B; $48,100,000 OPB; 3.95% fixed; maturity December 1, 2030) | Sycamore Note Purchase Agreement; Assumption Agreement; Replacement Guaranty | Per loan covenant schedule (quarterly/annually) | 0 | Buyer (Fairwater REIT — Patricia Sung-Calloway, CFO) | Grace Nakamura | Sycamore Life Insurance Company (Graham Hilliard, VP), 100 Constitution Plaza, Hartford, CT 06103 | Pending | Ongoing covenant compliance.
47 | Aldgate National Bank — Revolver Draw Reporting | Report acquisition draw (~$488,000,000) under Fairwater's $750,000,000 unsecured revolving credit facility with Aldgate National Bank, N.A. | Revolving Credit Facility dated August 14, 2022; SOFR + 130 bps | Per facility reporting requirements | 0 | Buyer (Fairwater REIT — Patricia Sung-Calloway, CFO) | Grace Nakamura | Aldgate National Bank, N.A. (Trevor Kingsley, MD, Real Estate Banking), 383 Madison Avenue, New York, NY 10179 | Completed | June 6, 2024 | Draw funded at closing. Compliance certificate delivered.
[sheet: Key Deadlines Calendar]
Deadline Date | Days Post-Closing | Obligation Summary | Responsible Party | Status | Tracker Item #
June 6, 2024 | 0 | Aldgate National Bank — revolver draw reporting | Fairwater REIT | Completed | 47
June 7, 2024 | 1 | Tenant notification letters — distribution to 87 tenants | Fairwater REIT / Fairwater PM | Completed | 3
June 7, 2024 | 1 | Insurance policy binding confirmation — Ironclad Indemnity | Fairwater REIT / Hartwick Gunderson | Completed | 30
June 10, 2024 | 4 | Texas transfer tax confirmation (no state tax) | C&H / Breckenridge Osgood LLP | Completed | 25
June 12, 2024 | 6 | Adopt A&R operating agreements — 14 Target Entities | Fairwater REIT / C&H | Completed | 12
June 13, 2024 | 7 | UCC-3 termination filings — Seller pledges (Delaware) | GMP Fund III / Blackridge Hayes LLP | Completed | 19
June 14, 2024 | 8 | Operating account transfers at Magnolia Commerce Bank | Fairwater REIT / Fairwater PM | Completed | 8
June 14, 2024 | 8 | Lender post-closing compliance certificates — all 3 lenders | Fairwater REIT / C&H | Completed | 29
June 18, 2024 | 12 | Manager change filings — 14 entities (Delaware SOS) | C&H (R. Dominguez) | Completed | 13
June 21, 2024 | 15 | Foreign qualification filings — Tennessee (3 entities) | C&H / Ellsworth Ridley LLP | Completed | 17
June 22, 2024 | 16 | Foreign qualification filings — North Carolina (1 entity) | C&H / Haversham Cole PLLC | Completed | 18
June 24, 2024 | 18 | Foreign qualification filings — Texas (3 entities) | C&H / Breckenridge Osgood LLP | Completed | 15
June 24, 2024 | 18 | Transfer tax return filings — North Carolina | C&H (S. Hartwell) / Haversham Cole PLLC | Completed | 24
June 25, 2024 | 19 | Foreign qualification filings — Georgia (4 entities) | C&H / Talmadge Beaumont LLP | Completed | 14
June 25, 2024 | 19 | Transfer tax return filings — Tennessee | C&H (S. Hartwell) / Ellsworth Ridley LLP | Completed | 23
June 26, 2024 | 20 | Foreign qualification filings — Florida (3 entities) | C&H / Palmetto Strauss PA | Completed | 16
June 27, 2024 | 21 | Transfer tax return filings — Florida | C&H (S. Hartwell) / Palmetto Strauss PA | Completed | 22
June 28, 2024 | 22 | Transfer tax return filings — Georgia | C&H (S. Hartwell) / Talmadge Beaumont LLP | Completed | 21
June 28, 2024 | 22 | Local counsel recording confirmations — compilation | C&H / Local Counsel | Completed | 36
July 2, 2024 | 26 | 4 remaining Major Tenant SNDAs delivered | GMP Fund III / Blackridge Hayes LLP | Completed | 1
July 5, 2024 | 29 | Transition services fee — Month 1 ($375,000) | Fairwater REIT | Completed | 5
July 8, 2024 | 32 | SNDA holdback release ($200,000) to Seller | Fairwater REIT | Completed | 2
July 15, 2024 | 39 | Title policy issuance — 14 ALTA Owner's Policies confirmed | Commonwealth National Title | Completed | 20
August 5, 2024 | 60 | Transition services fee — Month 2 ($375,000) | Fairwater REIT | Completed | 6
August 15, 2024 | 70 | State income/franchise tax registrations — 5 states | Fairwater REIT / Ashford Prewitt LLP | Completed | 27
August 22, 2024 | 77 | Post-closing proration true-up — preliminary statement delivered | Fairwater REIT / Ashford Prewitt LLP / C&H | Completed | 9
August 28, 2024 | 83 | Post-closing proration true-up — final agreement signed ($347,218 net to Buyer) | Buyer / Seller | Completed | 10
August 30, 2024 | 85 | Vendor contract novations completed (51 of 63; 12 terminated) | Fairwater PM / Argyle | Completed | 28
September 4, 2024 | 90 | Property management transition completed (Argyle → Fairwater PM) | Fairwater PM / Argyle | Completed | 4
September 4, 2024 | 90 | Transition services fee — Month 3 final payment ($375,000) | Fairwater REIT | Completed | 7
September 5, 2024 | 91 | Post-closing proration true-up payment received ($347,218) | GMP Fund III | Completed | 11
December 6, 2024 | 183 | PCA immediate repairs target completion — Buckhead Place Office Tower ($890,000) | Fairwater REIT / Fairwater PM | In Progress | 40
December 6, 2024 | 183 | PCA immediate repairs target completion — Cool Springs Office Park ($620,000) | Fairwater REIT / Fairwater PM | In Progress | 41
December 6, 2024 | 183 | PCA immediate repairs target completion — Lakeland Crossings Industrial ($380,000) | Fairwater REIT / Fairwater PM | In Progress | 42
December 6, 2024 | 183 | PCA immediate repairs target completion — SouthPark Corporate Center ($250,000) | Fairwater REIT / Fairwater PM | In Progress | 43
June 6, 2025 | 365 | R&W insurance retention drops from $11,000,000 to $5,500,000 | Fairwater REIT / C&H | Pending | 33
June 6, 2025 | 365 | R&W insurance — ongoing administration (12-month milestone) | Fairwater REIT / C&H | Pending | 31
December 6, 2025 | 549 | General representation survival period expires (18 months); indemnity escrow release ($16,500,000) if no pending claims | Buyer / Seller / Commonwealth National Title | Pending | 32, 34
June 6, 2027 | 1096 | Tax representation survival period expires (36 months) | Buyer / Seller / Sentinel Specialty | Pending | 35
Ongoing | — | IRS Form 8594 — to be filed with 2024 federal tax return | Fairwater REIT / Ashford Prewitt LLP / C&H | In Progress | 26
Ongoing | — | Seller indemnification — de minimis and basket monitoring | Fairwater REIT / C&H | Pending | 37
Ongoing | — | Environmental monitoring — Westlake Distribution Hub | Fairwater REIT / Fairwater PM | Pending | 38
Ongoing | — | Environmental monitoring — Lakeland Crossings Industrial | Fairwater REIT / Fairwater PM | Pending | 39
Ongoing | — | Lender financial reporting — Pinnacle Federal Bank (quarterly/annually) | Fairwater REIT (CFO) | Pending | 44
Ongoing | — | Lender financial reporting — Veltrano Capital (quarterly/annually) | Fairwater REIT (CFO) | Pending | 45
Ongoing | — | Lender financial reporting — Sycamore Life Insurance (quarterly/annually) | Fairwater REIT (CFO) | Pending | 46
[sheet: Status Summary]
Category | Total Items | Completed | In Progress | Pending
SNDA Delivery & Holdback | 2 | 2 | 0 | 0
Tenant Notifications | 1 | 1 | 0 | 0
Property Management Transition | 5 | 5 | 0 | 0
Operating Account Transfers | 1 | 1 | 0 | 0
Post-Closing Proration True-Up | 3 | 3 | 0 | 0
Entity Organizational Documents (A&R OAs) | 1 | 1 | 0 | 0
Secretary of State Filings (DE + 5 States) | 6 | 6 | 0 | 0
UCC-3 Termination Filings | 1 | 1 | 0 | 0
Title Policy Issuance | 1 | 1 | 0 | 0
Transfer Tax Filings | 5 | 5 | 0 | 0
Federal Tax Filings (Form 8594) | 1 | 0 | 1 | 0
State Tax Registrations | 1 | 1 | 0 | 0
Vendor Contract Novations | 1 | 1 | 0 | 0
Lender Post-Closing Compliance | 1 | 1 | 0 | 0
Insurance (P&C Binding / Lender Notices) | 1 | 1 | 0 | 0
R&W Insurance Administration | 2 | 0 | 0 | 2
Indemnity Escrow Administration | 1 | 0 | 0 | 1
Seller Indemnification Monitoring | 1 | 0 | 0 | 1
Environmental Monitoring | 2 | 0 | 0 | 2
PCA Immediate Repairs | 4 | 0 | 4 | 0
Ongoing Lender Reporting | 3 | 0 | 0 | 3
Revolver Draw Reporting | 1 | 1 | 0 | 0
Local Counsel Recording Confirmations | 1 | 1 | 0 | 0
Rep Survival Period Monitoring | 2 | 0 | 0 | 2
TOTAL | 47 | 35 | 5 | 11

[sheet: Tracker Overview]

Record

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