ALTA COMMITMENT FOR TITLE INSURANCE 3/8/17-jm-FIRST AMERICAN TITLE INSURANCE COMPANY SCHEDULE A ADVANTAGE TITLE

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3 ALTA COMMITMENT FOR TITLE INSURANCE 3/8/17-jm-FIRST AMERICAN TITLE INSURANCE COMPANY SCHEDULE A COMMITMENT NO (M)(R) YOUR NO PREPARED FOR: Christine Favara Monti, Esquire ADVANTAGE TITLE EFFECTIVE DATE OF COMMITMENT: February 6, 2017 at 5:00 p.m. INQUIRIES SHOULD BE DIRECTED TO: CALLOWAY TITLE AND ESCROW, LLC 4170 ASHFORD-DUNWOODY ROAD SUITE 525 ATLANTA, GEORGIA (770) POLICY OR POLICIES TO BE ISSUED: AMOUNT * ALTA LOAN POLICY (2006) $39,100, PROPOSED INSURED: Arbor Realty Sr, Inc., a Maryland corporation, together with each successor in ownership of the indebtedness as secured by the insured mortgage 2. The estate or interest in the land described or referred to in this Commitment and covered herein is a Fee Simple. 3. Title to said estate or interest in said land is at the effective date hereof vested in: Landmark at Mountain View, LLC, a Delaware limited liability company by virtue of that certain Limited Warranty Deed recorded in Deed Book 21705, Page 287, Records of DeKalb County, Georgia 4. The land referred to in this Commitment is located in the County of DeKalb, State of Georgia, and described as follows: ALL THOSE TRACTS or parcels of land lying and being in Land Lots 125, 137 and 172 of the 18th District of DeKalb County, Georgia, being more particularly described on Exhibit A attached hereto and by this reference incorporated herein. 1

4 COMMITMENT NO (M)(R) SCHEDULE A (CONTINUED) CALLOWAY TITLE AND ESCROW, LLC AUTHORIZED SIGNATORY 2

5 COMMITMENT NO (M)(R) PART I, SCHEDULE B I. THE FOLLOWING ARE REQUIREMENTS TO BE COMPLIED WITH: 1. Instruments necessary to create the estate or interest to be insured must be properly executed, delivered and duly filed for record; to wit: (A) DEED TO SECURE DEBT, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT from Landmark East Ponce LP, a Delaware limited partnership to Arbor Realty Sr, Inc., a Maryland corporation to secure your loan. This instrument must be executed pursuant to proper limited partnership authority and the Company must be furnished satisfactory documentary proof thereof. Said limited partnership must be formed in the State of Georgia or registered in the State of Georgia and the Company must be furnished documentary proof thereof. (B) LIMITED WARRANTY DEED from Landmark at Mountain View, LLC, a Delaware limited liability company to Landmark East Ponce LP, a Delaware limited partnership conveying title to subject property. This instrument must be executed pursuant to proper limited liability company authority and the Company must be furnished satisfactory documentary proof thereof. Said limited liability company must be formed in the State of Georgia or registered in the State of Georgia and the Company must be furnished documentary proof thereof. 2. Payment to or for the account of the mortgagor for the full consideration for the estate or interest to be insured. 3. Payment, Cancellation and Satisfaction of record of the following: (a) Multifamily Deed to Secure Debt, Assignment of Rents and Security Agreement from FPI Atlanta, L.P., a Georgia limited partnership to the Housing Authority of the County of DeKalb, Georgia, a public body corporate and politic, dated effective as of December 1, 2003, filed for record December 19, 2003 at 2:46 p.m., recorded in Deed Book 15606, Page 682, Records of DeKalb County, Georgia; securing an indebtedness of $32,675,000.00, maturing January 1, 2034; as affected by that certain Land Use Restriction Agreement by and between FPI Atlanta, Ltd., a Georgia limited partnership, First Tennessee Bank National Association, a national banking association, The Citizens and Southern 3

6 COMMITMENT NO (M)(R) PART I, SCHEDULE B (CONTINUED) National Bank, a national banking association, et al, dated as of December 1, 1985, filed for record December 17, 1985 at 4:13 p.m., recorded in Deed Book 5367, Page 28, aforesaid Records; as amended by that certain Amended and Restated Land Use Restriction Agreement by and between FPI Atlanta, Ltd., a Georgia limited partnership, Housing Authority of the County of DeKalb, Georgia, a Georgia public body corporate and politic, NationsBank of Georgia, National Association, a national banking association, dated as of March 1, 1994, filed for record March 25, 1994 at 10:39 a.m., recorded in Deed Book 8092, Page 251, aforesaid Records; as further amended by that certain Amended and Restated Land Use Restriction Agreement by and between FPI Atlanta, L.P., a Georgia limited partnership, Housing Authority of the County of DeKalb, Georgia, a Georgia public body corporate and politic, The Bank of New York Trust Company of Florida, National Association, as trustee, dated as of December 1, 2003, filed for record December 19, 2003 at 2:46 p.m., recorded in Deed Book 15606, Page 658, aforesaid Records; as assigned by that certain Assignment of Security Interest from the Housing Authority of The County of DeKalb, Georgia, a Georgia public body corporate and politic to The Bank of New York Trust Company of Florida, National Association, a national banking association, dated effective as of December 1, 2003, filed for record December 19, 2003 at 2:46 p.m., recorded in Deed Book 15606, Page 722, aforesaid Records; as further affected by that certain Intercreditor Agreement by and between Housing Authority of the County of DeKalb, Georgia, The Bank of New York Trust Company of Florida, National Association and Federal Home Loan Mortgage Corporation, dated as of December 1, 2003, filed for record December 19, 2003 at 2:46 p.m., recorded in Deed Book 15606, Page 740, aforesaid Records; as further assigned by that certain Assignment, Assumption, Consent and Release Agreement by and between Housing Authority of the County of DeKalb, Georgia, a Georgia public body corporate and politic, FPI Atlanta, L.P., a Georgia limited partnership, Landmark at Mountain View, LLC, a Delaware limited liability company and The Bank of New York Mellon Trust Company, N.A., successor in interest to The Bank of New York Trust Company of Florida, National Association, as trustee, dated October 22, 2009, filed for record October 27, 2009 at 11:47 a.m., recorded in Deed Book 21705, Page 299, aforesaid Records. (b) [INTENTIONALLY OMITTED] 4

7 COMMITMENT NO (M)(R) (c) PART I, SCHEDULE B (CONTINUED) Materialman s and Mechanic s Claim of Lien Redi-Carpet Sales of Georgia, LLC dba Seagull Select vs. Landmark at Mountain View, LLC, dated February 10, 2017, filed for record February 13, 2017 at 12:43 p.m., recorded in Lien Book 1858, Page 142, aforesaid Records; in the amount of $47,544.85, plus penalty and interest, if any. 4. Termination of record of the following: (a) (b) (c) (d) U.C.C. Financing Statement showing Landmark at Mountain View, LLC as Debtor and Housing Authority of the County of DeKalb, Georgia and Bank of New York Mellon Trust, N.A. as Secured Parties, filed for record October 27, 2009 at 11:47 a.m., recorded in Deed Book 21705, Page 347, aforesaid Records; as continued by UCC Financing Statement Amendment, filed for record May 27, 2014 at 1:30 p.m., recorded in Deed Book 24393, Page 481, aforesaid Records. U.C.C. Financing Statement showing Landmark at Mountain View, LLC as Debtor and Federal Home Loan Mortgage Corporation as Secured Party, filed for record October 27, 2009 at 11:47 a.m., recorded in Deed Book 21705, Page 360, aforesaid Records; as continued by UCC Financing Statement Amendment, filed for record May 27, 2014 at 1:30 p.m., recorded in Deed Book 24393, Page 472, aforesaid Records. Landlord and Tenant Security Deposit Bond by and between Landmark at Mountain View, LLC d/b/a Landmark at Mountain View and Platte River Insurance Company, dated December 31, 2013, filed for record February 27, 2014 at 2:06 p.m., recorded in Deed Book 24267, Page 206, aforesaid Records; in the amount of $40,000.00, plus penalty and interest, if any. Landlord and Tenant Security Deposit Bond by and between Landmark at Mountain View, LLC d/b/a Landmark at Mountain View and International Fidelity Insurance Company, dated October 26, 2015, filed for record December 8, 2015 at 4:30 p.m., recorded in Deed Book 25295, Page 734, aforesaid Records. 5. Proof satisfactory to the Company that any and all water bills associated with subject property have been paid in full through the date of closing. NOTE: This requirement cannot be satisfied solely by the production of an affidavit from the seller or borrower, but requires separate verification with the appropriate county, municipality and/or service providers. 5

8 COMMITMENT NO (M)(R) PART I, SCHEDULE B (CONTINUED) 6. The Company must be furnished proof in affidavit form as to who is in possession of the subject property and under what claim. Upon receipt of such proof, Item 2(a) of Part II below will be deleted or amended in accordance with the facts revealed thereby. 7. The Company must be furnished a current accurate survey and surveyor s inspection report on the subject property. Upon receipt of same, Items 2(b) and 2(c) of Part II below will be deleted or amended in accordance with the facts shown thereby. 8. The Company must be furnished satisfactory proof in affidavit form that improvements and/or repairs or alterations to the property are completed; that contractor, subcontractors, laborers and materialmen are all paid, and have released of record all liens or notice of intent to perfect a lien for labor and material; or receipt of proof satisfactory to the Company that no improvements or repairs were made on the property within 95 days preceding the filing for record of the instruments required at Item 1 above. Upon receipt of this proof, Item 2(d) of Part II below will be deleted or amended in accordance with the facts shown thereby. 9. Proof satisfactory to the Company that all taxes or special assessments, including water bills, which are not shown as existing liens on the public records are paid in full at the time of closing. Upon receipt of such proof, Item 2(e) of Part II below will be deleted or amended in accordance with the facts shown thereby. 10. Satisfactory proof to the Company in affidavit form that there are no rights, interest or claim that may exist, arise or be asserted under or pursuant to the Perishable Agricultural Commodities Act of 1930, as amended, 7 USC 499a et seq., the Packers and Stockyard Act of 1921, as amended, 7 USC 181 et seq., or any similar state laws. 11. Satisfactory proof in affidavit form from both the Seller and from the Buyer (or Borrower if there is no sale involved) i.) that no Broker s services have been engaged with regard to the management, sale, purchase, lease, option or other conveyance of any interest in the subject commercial real estate and ii.) that no notice(s) of lien for any such services has been received. In the event that said affidavit(s) contain any qualification with respect to any such services, proof of payment in full for all such services, together with a lien waiver or estoppel letter from such identified Broker(s) must be obtained. NOTE: Where the possibility of a right to file a Broker s Lien(s) is determined and no lien waiver(s) nor Estoppel Letter(s) is furnished to the Company, an exception as follows will be taken in the final policy: 6

9 COMMITMENT NO (M)(R) PART I, SCHEDULE B (CONTINUED) FOR YOUR INFORMATION: Any Broker s lien, or right to a Broker s lien, imposed by law. We are in the process of obtaining current tax information. 7

10 COMMITMENT NO (M)(R) PART II, SCHEDULE B II. SCHEDULE B OF THE POLICY OR POLICIES TO BE ISSUED WILL CONTAIN EXCEPTIONS TO THE FOLLOWING MATTERS UNLESS THE SAME ARE DISPOSED OF TO THE SATISFACTION OF THE COMPANY: 1. Defects, liens, encumbrances, adverse claims, or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed Insured acquires for value of record the estate or interest or mortgage thereon covered by this Commitment. 2. Standard Exceptions: (a) Rights or claims of parties in possession not shown by the public records. (b) Easements, or claims of easements, not shown by the public records. (c) Encroachments, overlaps, boundary line disputes, or other matters which would be disclosed by an accurate survey or inspection of the premises. (d) Any lien, or right to a lien, for services, labor, or material heretofore or hereafter furnished, imposed by law and not shown by the public records. (e) Taxes or special assessments which are not shown as existing liens by the public records. 3. Special Exceptions: (a) (b) All taxes for the year 2017 and subsequent years. Any and all unpaid water bills associated with subject property. NOTE: The above item may be removed or modified upon further examination. (c) (d) (e) (f) (g) No insurance is afforded as to the exact amount of acreage contained in the property described herein. Riparian rights incident to the premises. Rights of tenants in possession under unrecorded leases. Any security interest created at closing. Easement by and between Georgia Railroad and Banking Company, a Georgia corporation, Louisville and Nashville Railroad Company, Seaboard Coast Line Railroad Company, Stone Mountain Industrial Park, Inc., a Georgia corporation and 8

11 COMMITMENT NO (M)(R) PART II, SCHEDULE B (CONTINUED) The Ervin Company, a Delaware corporation, dated December 2, 1970, filed for record December 11, 1970 at 4:27 p.m., recorded in Deed Book 2598, Page 13, Records of DeKalb County, Georgia. (h) Easement from The Ervin Company to Georgia Power Company, dated January 28, 1972, filed for record March 8, 1972 at 9:28 a.m., recorded in Deed Book 2783, Page 104, aforesaid Records. (i) Easement from The Ervin Company to DeKalb County, Georgia, dated April 17, 1972, filed for record June 21, 1972 at 9:11 a.m., recorded in Deed Book 2835, Page 450, aforesaid Records. (j) (k) Drainage rights as contained in that certain Right of Way Deed from The Ervin Company, a Delaware corporation to DeKalb County, a political subdivision of the State of Georgia, dated January 26, 1973, filed for record June 26, 1973 at 2:38 p.m., recorded in Deed Book 2948, Page 117, aforesaid Records. Easement from The Ervin Company to Georgia Power Company, dated December 15, 1972, filed for record February 2, 1973 at 4:03 p.m., recorded in Deed Book 2951, Page 562, aforesaid Records. (l) Easement from The Ervin Company to Georgia Power Company, dated October 10, 1973, filed for record November 13, 1973 at 9:48 a.m., recorded in Deed Book 3096, Page 508, aforesaid Records. NOTE: The above item may be removed or modified upon further examination and/or survey review. (m) Easement from The Ervin Company to DeKalb County, Georgia, dated January 23, 1975, filed for record March 14, 1975 at 2:35 p.m., recorded in Deed Book 3304, Page 496, aforesaid Records. (n) (o) Declaration of Easements by Woodstream Real Estate Corporation, a Georgia corporation, dated October 6, 1975, filed for record October 16, 1975 at 3:11 p.m., recorded in Deed Book 3403, Page 40, aforesaid Records. Drainage rights as contained in that certain Right of Way Deed from FPI Atlanta, Ltd. to DeKalb County, a political subdivision of the State of Georgia, dated March 4, 1986, recorded in Deed Book 5502, Page 647, aforesaid Records. 9

12 COMMITMENT NO (M)(R) (p) PART II, SCHEDULE B (CONTINUED) Drainage rights as contained in that certain Right of Way Deed from FPI Atlanta, Ltd. to DeKalb County, a political subdivision of the State of Georgia, dated March 4, 1986, filed for record June 20, 1986 at 3:59 p.m., recorded in Deed Book 5502, Page 648, aforesaid Records. (q) Right of Way Easement from FPI Atlanta, Ltd. to Southern Bell Telephone and Telegraph Company, dated March 12, 1986, recorded in Deed Book 5543, Page 156, aforesaid Records. (r) Easement from FPT Atlanta, Ltd. to Georgia Power Company, dated July 17, 1986, filed for record October 15, 1986 at 8:30 a.m., recorded in Deed Book 5618, Page 292, aforesaid Records. (s) (t) (u) (v) Easement Agreement by and between FPI Atlanta, Ltd., a Georgia limited partnership and Walton C. Glover, dated September 30, 1986, recorded in Deed Book 5632, Page 550, aforesaid Records. Easement from F.P.I. Atlanta, Ltd. to Georgia Power Company, dated December 15, 1987, filed for record January 22, 1988 at 9:44 a.m., recorded in Deed Book 6045, Page 92, aforesaid Records. Drainage rights as contained in that certain Right of Way Deed from FPI Atlanta, Ltd. to DeKalb County, a political subdivision of the State of Georgia, dated January 28, 1988, filed for record February 9, 1988 at 4:10 p.m., recorded in Deed Book 6057, Page 536, aforesaid Records. Easement for Right-of-Way by and between FPI Atlanta, Ltd., a Georgia limited partnership, Georgia Power Company, Citicorp Real Estate, Inc., et al, dated August 1988, filed for record December 26, 1989 at 8:30 a.m., recorded in Deed Book 6603, Page 221, aforesaid Records. (w) Easement Agreement by and between FPI Atlanta, Ltd., a Georgia limited partnership and Stone Mountain Industrial Park, Inc., a Georgia corporation, dated April 16, 1990, filed for record April 17, 1990 at 2:15 p.m., recorded in Deed Book 6682, Page 108, aforesaid Records. (x) Easement as contained in that certain Judgment of Court as entered in that certain Condemnation - Georgia Power Company vs acre, more or less, situate, lying and being in Land Lot 172 of the 18th Land District of DeKalb County, Georgia, and FPI Atlanta, L.P., being Civil Action File No , dated May 16, 1995, filed for record May 16, 1995 at 1:59 p.m., aforesaid Records. 10

13 COMMITMENT NO (M)(R) (y) PART II, SCHEDULE B (CONTINUED) Grant of Easement by and between Landmark at Mountain View, LLC and Comcast Cable Communications, LLC, dated March 21, 2016, filed for record July 25, 2016 at 3:59 p.m., recorded in Deed Book 25690, Page 309, aforesaid Records. SUBORDINATE MATTER: (a) Assignment of Leases and Rents from Landmark East Ponce LP, a Delaware limited partnership to Arbor Realty Sr, Inc., a Maryland corporation, dated March, 2017, filed for record March, 2017 at :.m., recorded in Deed Book, Page, aforesaid Records. G:\GA\ORDERS34\ \34985(M)CMT.DOCX 11

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