Extract to table

All earnest money deposits shall be held in escrow by Fidelitas Title & Escrow, Inc

Due Diligence Period: Ninety (90) days from PSA execution, expiring July 14, 2025, during which the Company shall have the right to conduct environmental, geotechnical, title, survey, zoning, and other inspections and investigations of the Stonebridge Parcel

2 Operating Agreement of Stonebridge Campus Holdings LLC RESOLVED, that the Company is hereby authorized to enter into the Limited Liability Company Operating Agreement of Stonebridge Campus Holdings LLC (the "Borrower Operating Agreement"), in which IHDC shall hold one hundred percent (100%) of the membership interests

Minimum Equity Contribution Before First Draw: Twenty-five percent (25%) of the total equity commitment, equal to Fifty-Two Million Five Hundred Thousand Dollars ($52,500,000), which must be contributed to the Borrower and verified by the Administrative Agent prior to the first construction draw under the facility

Loan-to-Cost Ratio Covenant: The outstanding principal balance of the Construction Loan Facility shall not at any time exceed sixty-five percent (65%) of the total project costs as determined by the Administrative Agent (the "LTC Covenant")

Debt Service Coverage Ratio (at Stabilization): The Borrower shall achieve and maintain a minimum debt service coverage ratio of 1