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1036-00004 · Client 1036 · Post-Closing
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UCC-3 AMENDMENT / TERMINATION FILINGS

RELEASE OF SELLER FINANCING STATEMENTS

Prepared by CALDERWOOD & HARKNESS LLP

Matter: Fairwater Real Estate Investment Trust — Acquisition of Greystone Meridian Partners Fund III, L.P. Portfolio

Matter Number: 1036-00004

Date: June 6, 2024 (Closing Date)

CONFIDENTIAL — ATTORNEY WORK PRODUCT / ATTORNEY-CLIENT PRIVILEGED

This memorandum and its attachments are protected by the attorney-client privilege and the work product doctrine. This document was prepared by Calderwood & Harkness LLP at the direction of and for the benefit of Fairwater Real Estate Investment Trust in connection with the acquisition of the Greystone Meridian Partners Fund III, L.P. portfolio. It is not intended for distribution to any person or entity other than the named recipients and their authorized agents. Any unauthorized disclosure, copying, or distribution of this document is strictly prohibited.

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1. TRANSMITTAL MEMORANDUM

1.1 Header Block

MEMORANDUM

TO: Douglas Fairchild, Responsible Partner, Real Estate Practice Group, Calderwood & Harkness LLP Grace Nakamura, Lead Associate, Real Estate Practice Group, Calderwood & Harkness LLP

FROM: Rafael Dominguez, Working Associate, Real Estate Practice Group, Calderwood & Harkness LLP

DATE: June 6, 2024

RE: UCC-3 Financing Statement Amendments (Terminations) — Release of GMP Fund III Pledge Interests in 14 Target Entity LLCs — Filed with the Delaware Secretary of State

1.2 Purpose

In connection with the closing of Fairwater Real Estate Investment Trust's ("Fairwater REIT" or the "Buyer") acquisition of one hundred percent (100%) of the membership interests in fourteen (14) single-purpose Delaware limited liability companies (collectively, the "Target Entities") from Greystone Meridian Partners Fund III, L.P. (the "Seller" or "GMP Fund III"), this memorandum transmits the executed UCC-3 Financing Statement Amendments (each, a "Termination Filing" and collectively, the "Termination Filings") to be filed with the Office of the Secretary of State of the State of Delaware (the "Delaware SOS").

The UCC-3 Termination Filings terminate all existing UCC-1 Financing Statements filed by or on behalf of the Seller or its affiliates securing the Seller's (or any other secured party's) interest in the membership interests of the Target Entities. These filings are necessitated by the transfer of the membership interests to Fairwater REIT at closing and the corresponding release of the Seller's fund-level collateral pledges. Upon the effectiveness of the Termination Filings, no perfected security interest in the membership interests of the Target Entities will remain of record in favor of GMP Fund III or any of its affiliates.

These filings are required as a post-closing deliverable under the Purchase and Sale Agreement, dated as of February 28, 2024 (the "Original PSA"), by and between Fairwater Real Estate Investment Trust, as purchaser, and Greystone Meridian Partners Fund III, L.P., as seller, as amended by that certain First Amendment to Purchase and Sale Agreement, dated as of April 12, 2024 (the "First Amendment"), and that certain Second Amendment to Purchase and Sale Agreement, dated as of May 28, 2024 (the "Second Amendment," and together with the Original PSA and the First Amendment, the "PSA"). The Second Amendment extended the originally scheduled closing date from May 31, 2024, to June 6, 2024, to accommodate the receipt of the final lender consent from Pinnacle Federal Bank, N.A.

Filing of the Termination Filings is to be completed promptly following the closing. The Delaware Secretary of State filings are to be submitted electronically on or about June 7, 2024, the first business day following the closing date.

1.3 Background on UCC-1 Filings Being Terminated

The UCC-1 Financing Statements that are the subject of the Termination Filings were originally filed in connection with GMP Fund III's fund-level financing arrangements. Specifically, GMP Fund III's fund-level lender and/or credit facilities required pledges of the membership interests in the property-owning Target Entity LLCs as collateral security for the fund-level obligations. These pledges were a standard component of the fund's subscription credit facility and capital call facility, which were used to bridge capital calls and fund acquisition costs during the initial deployment period of GMP Fund III.

UCC-1 Financing Statements were filed with the Delaware Secretary of State — as the jurisdiction of organization of each Target Entity debtor — to perfect the security interest in the membership interests held by GMP Fund III in each of the 14 Target Entities. Because each Target Entity is a Delaware limited liability company, the proper filing office for perfection of a security interest in the membership interests (which constitute "general intangibles" under Article 9 of the Uniform Commercial Code) is the office of the Secretary of State of the State of Delaware, pursuant to Delaware UCC § 9-301(1) and § 9-501(a)(2).

As part of Calderwood & Harkness LLP's entity-level due diligence on behalf of Fairwater REIT, comprehensive UCC lien searches were conducted for each of the 14 Target Entities and for Greystone Meridian Partners Fund III, L.P. These searches identified the financing statements listed in Section 2 of this memorandum. The UCC search results confirmed that, other than the mortgage-related UCC filings (which are being assumed as part of the transaction), the only UCC filings of record against the Target Entities were the 14 filings made in favor of GMP Fund III (acting through its general partner, Greystone Meridian Capital LLC) in connection with the fund-level pledge arrangements described above.

Seller's counsel, Blackridge Hayes LLP (Nathaniel Pryce, Partner, and Thomas Keating, Senior Associate), has delivered executed UCC-3 termination filings at closing, duly authorized by the applicable secured parties. The termination filings have been executed by Victor Lansdell, Co-Founder & Managing Partner of Greystone Meridian Capital LLC, in his capacity as an authorized signatory of the general partner of GMP Fund III, pursuant to the authority evidenced by the Secretary's Certificate delivered at closing.

2. SCHEDULE OF UCC-1 FINANCING STATEMENTS TO BE TERMINATED

2.1 Table of Existing UCC-1 Filings

The following table sets forth the complete schedule of UCC-1 Financing Statements to be terminated by the corresponding UCC-3 Termination Filings. All filings were made with the Office of the Secretary of State of the State of Delaware, Division of Corporations. The information set forth below has been verified against the original filing records obtained from the Delaware Secretary of State and the UCC search reports referenced in Appendix C.

For all filings listed above, the Secured Party of record is Greystone Meridian Partners Fund III, L.P. (EIN: 83-1647205), acting by and through its general partner, Greystone Meridian Capital LLC (EIN: 83-1520984), with principal office at 3300 Peachtree Road NE, Suite 2200, Atlanta, Georgia 30326.

The collateral description on each original UCC-1 Financing Statement reads as follows:

"All of Debtor's right, title and interest in and to the membership interests in [Target Entity Name], a Delaware limited liability company, together with all proceeds thereof."

2.2 Notes on Filing Details

The following supplemental notes are provided with respect to the UCC-1 Financing Statements identified in Section 2.1:

1. Filing Office. All original UCC-1 Financing Statements were filed with the Office of the Secretary of State of the State of Delaware, Division of Corporations, as the jurisdiction of organization of each debtor entity. This is the correct filing office for perfection of a security interest in membership interests in a Delaware limited liability company under Delaware UCC § 9-301(1) and § 9-501(a)(2).

2. Continuation Statements. Continuation statements, if any, were filed prior to the expiration of the five-year effectiveness period under Delaware UCC § 9-515(a). Based on Calderwood & Harkness's review of the UCC search results, continuation statements were identified with respect to the following filings, which were originally filed in 2019 and were approaching the five-year lapse date:

• Filing No. 2019-4081537 (GMP Fairfield I LLC): Continuation Statement filed June 12, 2024 (File No. 2024-3042815)

• Filing No. 2019-4081544 (GMP Fairfield II LLC): Continuation Statement filed June 12, 2024 (File No. 2024-3042822)

• Filing No. 2019-5126892 (GMP Westlake LLC): Continuation Statement filed September 18, 2024 (File No. 2024-4109338) — Note: this continuation was not yet filed as of the closing date; however, as the original filing would not lapse until October 3, 2024, the filing remains effective on the closing date and the UCC-3 termination will be filed before any lapse occurs

• Filing No. 2019-5126908 (GMP Katy LLC): Same as above

• Filing No. 2019-5126915 (GMP Alliance LLC): Same as above

3. Absence of Other Amendments. No amendments to the original UCC-1 Financing Statements were identified in the UCC search results other than the standard continuation statements described above. In particular, no collateral amendments, debtor name changes, secured party assignments, or partial releases were filed against any of the 14 UCC-1 Financing Statements.

4. Distinction from Mortgage-Related UCC Filings. The UCC-1 Financing Statements identified in Section 2.1 relate solely to the pledge of membership interests (i.e., general intangible / investment property collateral) in the Target Entities and are separate and distinct from any UCC filings related to the mortgage loans with Pinnacle Federal Bank, N.A., Veltrano Capital Lending Corp., or Sycamore Life Insurance Company. The mortgage-related UCC filings secure the real property loans at the individual Target Entity level and collateralize the personal property and fixtures associated with each mortgaged property. Those mortgage-related UCC filings remain in place as part of the assumed debt of Six Hundred Twelve Million Dollars ($612,000,000) in the aggregate and are not the subject of this memorandum or the Termination Filings described herein.

3. FORM OF UCC-3 FINANCING STATEMENT AMENDMENT (TERMINATION)

3.1 Filing Information — Standard Fields

The following standard filing information applies to each of the 14 UCC-3 Financing Statement Amendments (Terminations):

Filing Office:

Office of the Secretary of State State of Delaware Division of Corporations John G. Townsend Building 401 Federal Street, Suite 4 Dover, Delaware 19901

Initial Financing Statement File Number: As set forth in the table in Section 2.1 above, cross-referenced to the specific UCC-1 file number for each Target Entity.

Amendment Type: Termination — Each UCC-3 form will contain the following designation:

"This Financing Statement Amendment is a Termination of the Financing Statement identified above."

Filer / Filing Party: Greystone Meridian Partners Fund III, L.P., a Delaware limited partnership, acting by and through Greystone Meridian Capital LLC, a Delaware limited liability company, its general partner.

Authorized Representative: Victor Lansdell, Co-Founder & Managing Partner, Greystone Meridian Capital LLC; and/or Elise Rathborne, Co-Founder & Managing Partner, Greystone Meridian Capital LLC. Each of Mr. Lansdell and Ms. Rathborne is authorized to execute documents on behalf of GMP Fund III, as confirmed by the Secretary's Certificate delivered at closing.

Contact for Filing:

Thomas Keating Senior Associate Blackridge Hayes LLP 1285 Avenue of the Americas, 34th Floor New York, New York 10019 Telephone: (212) 478-6300

Email: tkeating@blackridgehayes.com

3.2 UCC-3 Form Content

Each UCC-3 Financing Statement Amendment (Termination) contains the following standard Delaware UCC-3 form fields:

(a) Item 1a — Initial Financing Statement File Number. The file number of the original UCC-1 Financing Statement to be terminated, as assigned by the Delaware Secretary of State.

(b) Item 1b — Filing Date of Initial Financing Statement. The date on which the original UCC-1 Financing Statement was filed and accepted by the Delaware Secretary of State.

(c) Item 2 — Termination. Check box marked: "Termination: This Financing Statement Amendment is filed to terminate the effectiveness of the Financing Statement identified above."

(d) Item 3 — Debtor Information. The exact legal name of the debtor as it appears on the original UCC-1 Financing Statement, together with the debtor's mailing address, jurisdiction of organization, and organizational identification number. The debtor name on each UCC-3 must precisely match the debtor name on the corresponding original UCC-1 to ensure proper indexing by the filing office.

(e) Item 4 — Secured Party Information. The exact legal name of the secured party as it appears on the original UCC-1 Financing Statement: Greystone Meridian Partners Fund III, L.P., together with the secured party's mailing address at 3300 Peachtree Road NE, Suite 2200, Atlanta, Georgia 30326.

(f) Item 5 — Signature. Each UCC-3 is signed by the secured party of record (or its authorized representative), as required under Delaware UCC § 9-509(d)(2) for the filing of a termination statement.

Signature block (applicable to all 14 UCC-3 filings):

GREYSTONE MERIDIAN PARTNERS FUND III, L.P., a Delaware limited partnership

By: Greystone Meridian Capital LLC,

a Delaware limited liability company, its General Partner

By: ________

Name: Victor Lansdell

Title: Co-Founder & Managing Partner

Date: June 6, 2024

3.3 Specific UCC-3 Filings — All 14 Terminations

The following sub-sections present the filing-specific details for each of the 14 UCC-3 Financing Statement Amendments (Terminations). Each sub-section corresponds to a separate filing with the Delaware Secretary of State.

T-1: Termination — GMP Fairfield I LLC

UCC-3 FINANCING STATEMENT AMENDMENT

Initial Financing Statement File Number: 2019-4081537 Filing Date of Initial Financing Statement: July 18, 2019 Filing Office: Delaware Secretary of State, Division of Corporations

Amendment Type: Termination — This Financing Statement Amendment is filed to terminate the effectiveness of the Financing Statement identified above.

Debtor:

Name: GMP Fairfield I LLC

Mailing Address: 1209 Orange Street, Wilmington, Delaware 19801

Jurisdiction of Organization: Delaware Organizational ID Number: 7491823 EIN: 84-2310561

Secured Party:

Name: Greystone Meridian Partners Fund III, L.P.

Mailing Address: 3300 Peachtree Road NE, Suite 2200, Atlanta, Georgia 30326

EIN: 83-1647205

GREYSTONE MERIDIAN PARTNERS FUND III, L.P., a Delaware limited partnership

By: Greystone Meridian Capital LLC,

a Delaware limited liability company, its General Partner

By: ________

Name: Victor Lansdell

Title: Co-Founder & Managing Partner

Date: June 6, 2024

T-2: Termination — GMP Fairfield II LLC

UCC-3 FINANCING STATEMENT AMENDMENT

Initial Financing Statement File Number: 2019-4081544 Filing Date of Initial Financing Statement: July 18, 2019 Filing Office: Delaware Secretary of State, Division of Corporations

Amendment Type: Termination — This Financing Statement Amendment is filed to terminate the effectiveness of the Financing Statement identified above.

Debtor:

Name: GMP Fairfield II LLC

Mailing Address: 1209 Orange Street, Wilmington, Delaware 19801

Jurisdiction of Organization: Delaware Organizational ID Number: 7491830 EIN: 84-2310578

Secured Party:

Name: Greystone Meridian Partners Fund III, L.P.

Mailing Address: 3300 Peachtree Road NE, Suite 2200, Atlanta, Georgia 30326

EIN: 83-1647205

GREYSTONE MERIDIAN PARTNERS FUND III, L.P., a Delaware limited partnership

By: Greystone Meridian Capital LLC,

a Delaware limited liability company, its General Partner

By: ________

Name: Victor Lansdell

Title: Co-Founder & Managing Partner

Date: June 6, 2024

T-3: Termination — GMP Westlake LLC

UCC-3 FINANCING STATEMENT AMENDMENT

Initial Financing Statement File Number: 2019-5126892 Filing Date of Initial Financing Statement: October 3, 2019 Filing Office: Delaware Secretary of State, Division of Corporations

Amendment Type: Termination — This Financing Statement Amendment is filed to terminate the effectiveness of the Financing Statement identified above.

Debtor:

Name: GMP Westlake LLC

Mailing Address: 1209 Orange Street, Wilmington, Delaware 19801

Jurisdiction of Organization: Delaware Organizational ID Number: 7524617 EIN: 84-2415693

Secured Party:

Name: Greystone Meridian Partners Fund III, L.P.

Mailing Address: 3300 Peachtree Road NE, Suite 2200, Atlanta, Georgia 30326

EIN: 83-1647205

GREYSTONE MERIDIAN PARTNERS FUND III, L.P., a Delaware limited partnership

By: Greystone Meridian Capital LLC,

a Delaware limited liability company, its General Partner

By: ________

Name: Victor Lansdell

Title: Co-Founder & Managing Partner

Date: June 6, 2024

T-4: Termination — GMP Katy LLC

UCC-3 FINANCING STATEMENT AMENDMENT

Initial Financing Statement File Number: 2019-5126908 Filing Date of Initial Financing Statement: October 3, 2019 Filing Office: Delaware Secretary of State, Division of Corporations

Amendment Type: Termination — This Financing Statement Amendment is filed to terminate the effectiveness of the Financing Statement identified above.

Debtor:

Name: GMP Katy LLC

Mailing Address: 1209 Orange Street, Wilmington, Delaware 19801

Jurisdiction of Organization: Delaware Organizational ID Number: 7524624 EIN: 84-2415710

Secured Party:

Name: Greystone Meridian Partners Fund III, L.P.

Mailing Address: 3300 Peachtree Road NE, Suite 2200, Atlanta, Georgia 30326

EIN: 83-1647205

GREYSTONE MERIDIAN PARTNERS FUND III, L.P., a Delaware limited partnership

By: Greystone Meridian Capital LLC,

a Delaware limited liability company, its General Partner

By: ________

Name: Victor Lansdell

Title: Co-Founder & Managing Partner

Date: June 6, 2024

T-5: Termination — GMP Alliance LLC

UCC-3 FINANCING STATEMENT AMENDMENT

Initial Financing Statement File Number: 2019-5126915 Filing Date of Initial Financing Statement: October 3, 2019 Filing Office: Delaware Secretary of State, Division of Corporations

Amendment Type: Termination — This Financing Statement Amendment is filed to terminate the effectiveness of the Financing Statement identified above.

Debtor:

Name: GMP Alliance LLC

Mailing Address: 1209 Orange Street, Wilmington, Delaware 19801

Jurisdiction of Organization: Delaware Organizational ID Number: 7524631 EIN: 84-2415728

Secured Party:

Name: Greystone Meridian Partners Fund III, L.P.

Mailing Address: 3300 Peachtree Road NE, Suite 2200, Atlanta, Georgia 30326

EIN: 83-1647205

GREYSTONE MERIDIAN PARTNERS FUND III, L.P., a Delaware limited partnership

By: Greystone Meridian Capital LLC,

a Delaware limited liability company, its General Partner

By: ________

Name: Victor Lansdell

Title: Co-Founder & Managing Partner

Date: June 6, 2024

T-6: Termination — GMP Lakeland LLC

UCC-3 FINANCING STATEMENT AMENDMENT

Initial Financing Statement File Number: 2020-1043276 Filing Date of Initial Financing Statement: February 14, 2020 Filing Office: Delaware Secretary of State, Division of Corporations

Amendment Type: Termination — This Financing Statement Amendment is filed to terminate the effectiveness of the Financing Statement identified above.

Debtor:

Name: GMP Lakeland LLC

Mailing Address: 1209 Orange Street, Wilmington, Delaware 19801

Jurisdiction of Organization: Delaware Organizational ID Number: 7563148 EIN: 84-2527834

Secured Party:

Name: Greystone Meridian Partners Fund III, L.P.

Mailing Address: 3300 Peachtree Road NE, Suite 2200, Atlanta, Georgia 30326

EIN: 83-1647205

GREYSTONE MERIDIAN PARTNERS FUND III, L.P., a Delaware limited partnership

By: Greystone Meridian Capital LLC,

a Delaware limited liability company, its General Partner

By: ________

Name: Victor Lansdell

Title: Co-Founder & Managing Partner

Date: June 6, 2024

T-7: Termination — GMP Southport LLC

UCC-3 FINANCING STATEMENT AMENDMENT

Initial Financing Statement File Number: 2020-1043283 Filing Date of Initial Financing Statement: February 14, 2020 Filing Office: Delaware Secretary of State, Division of Corporations

Amendment Type: Termination — This Financing Statement Amendment is filed to terminate the effectiveness of the Financing Statement identified above.

Debtor:

Name: GMP Southport LLC

Mailing Address: 1209 Orange Street, Wilmington, Delaware 19801

Jurisdiction of Organization: Delaware Organizational ID Number: 7563155 EIN: 84-2527849

Secured Party:

Name: Greystone Meridian Partners Fund III, L.P.

Mailing Address: 3300 Peachtree Road NE, Suite 2200, Atlanta, Georgia 30326

EIN: 83-1647205