Item 33 2024-01922 Agreements Pertaining to the City of Sacramento Greenbriar Community Facilities District No. 2018 03 (Improvements) Improvement Area No. 2 Special Tax Bonds, Series 2024 (Two Thirds Vote Required Waiving the 10 day Posting Requirement) and Authorize the Issuance of the City of Sacramento Greenbriar Community Facilities District No. 2018 03 (Improvements) Improvement Area No. 2 Special Tax Bonds, Series 2024 and Related Actions — Sacramento City Council, December 3, 2024 (part 4 of 5)

APN PERMIT DATE TOTAL PAID FINAL PERMIT VALUATION COST USED TOTALS 201-1520-001 2/29/2024 $22,305 Model Home $325,720 Valuation $325,720 201-1520-002 2/29/2024 $23,776 Model Home $359,995 Valuation $359,995 201-1520-003 2/29/2024 $22,714 Model Home $371,785 Valuation $371,785 201-1520-004 2/28/2024 $25,020 Model Home $395,728 Valuation $395,728 201-1520-007 3/5/2024 $31,002 Model Home $546,770 Valuation $546,770 201-1520-008 3/5/2024 $26,179 Model Home $511,822 Valuation $511,822 201-1520-009 3/5/2024 $25,677 Model Home $491,837 Valuation $491,837 201-1520-010 3/5/2024 $24,812 Model Home $460,829 Valuation $460,829 201-1520-011 3/5/2024 $26,568 Model Home $428,718 Valuation $428,718 201-1520-012 3/26/2024 $24,604 Model Home $392,724 Valuation $392,724 201-1520-013 3/26/2024 $23,726 Model Home $407,788 Valuation $407,788 201-1520-014 3/26/2024 $24,438 Model Home $446,119 Valuation $446,119 201-1530-001 2/29/2024 $28,406 Model Home $535,826 Valuation $535,826 201-1530-002 2/29/2024 $22,340 Model Home $333,525 Valuation $333,525 201-1530-003 3/1/2024 $25,644 Model Home $441,545 Valuation $441,545 201-1530-004 2/29/2024 $27,457 Model Home $504,918 Valuation $504,918 201-1530-005 2/29/2024 $29,829 Model Home $588,278 Valuation $588,278 201-1530-006 3/22/2024 $27,456 No $0 Total Paid $27,456 201-1530-007 3/22/2024 $20,807 Yes $333,525 Valuation $333,525 201-1530-008 4/29/2024 $24,193 No $0 Total Paid $24,193 201-1530-009 4/29/2024 $26,006 No $0 Total Paid $26,006 201-1530-010 4/17/2024 $28,137 No $0 Total Paid $28,137 201-1530-011 4/17/2024 $28,400 No $0 Total Paid $28,400 201-1530-012 4/17/2024 $22,422 No $0 Total Paid $22,422 201-1530-013 4/17/2024 $24,111 No $0 Total Paid $24,111 201-1530-014 4/17/2024 $28,208 No $0 Total Paid $28,208 201-1530-015 4/29/2024 $26,867 No $0 Total Paid $26,867 201-1530-016 4/29/2024 $26,113 No $0 Total Paid $26,113 201-1530-017 3/22/2024 $24,111 Yes $441,545 Valuation $441,545 201-1530-018 3/22/2024 $22,586 Yes $333,525 Valuation $333,525 201-1530-023 5/31/2024 $28,409 No $0 Total Paid $28,409 201-1530-024 5/31/2024 $26,125 No $0 Total Paid $26,125 201-1530-025 5/31/2024 $24,312 No $0 Total Paid $24,312 201-1530-026 5/31/2024 $28,601 No $0 Total Paid $28,601 201-1540-001 3/29/2024 $20,489 Yes $325,713 Valuation $325,713 201-1540-002 3/29/2024 $21,960 Yes $359,995 Valuation $359,995 201-1540-003 3/29/2024 $22,513 No $0 Total Paid $22,513 201-1540-004 3/29/2024 $23,286 No $0 Total Paid $23,286 201-1540-005 4/10/2024 $20,571 No $0 Total Paid $20,571 201-1540-006 4/10/2024 $22,042 No $0 Total Paid $22,042 201-1540-007 4/10/2024 $22,010 No $0 Total Paid $22,010 201-1540-008 4/10/2024 $23,286 No $0 Total Paid $23,286 201-1540-009 4/24/2024 $20,772 No $0 Total Paid $20,772 201-1540-010 4/24/2024 $22,796 No $0 Total Paid $22,796 201-1540-011 4/24/2024 $23,487 No $0 Total Paid $23,487 201-1540-012 4/24/2024 $22,243 No $0 Total Paid $22,243 201-1540-013 6/25/2024 $22,134 No $0 Total Paid $22,134 201-1540-014 6/25/2024 $24,158 No $0 Total Paid $24,158 201-1540-015 6/25/2024 $22,134 No $0 Total Paid $22,134 201-1540-016 6/25/2024 $23,605 No $0 Total Paid $23,605 201-1550-010 4/2/2024 $24,138 Yes $424,715 Valuation $424,715 201-1550-011 3/27/2024 $25,960 Yes $491,837 Valuation $491,837 201-1550-012 3/27/2024 $26,622 No $0 Total Paid $26,622 201-1550-013 3/27/2024 $24,145 No $0 Total Paid $24,145 201-1550-014 3/27/2024 $25,403 No $0 Total Paid $25,403 201-1550-015 4/4/2024 $27,568 No $0 Total Paid $27,568
201-1550-016 4/5/2024 $24,148 No $0 Total Paid $24,148
201-1550-017 4/4/2024 $26,454 No $0 Total Paid $26,454
201-1550-018 4/4/2024 $23,714 No $0 Total Paid $23,714
201-1550-019 4/4/2024 $24,216 No $0 Total Paid $24,216
201-1590-019 5/31/2024 $26,336 No $0 Total Paid $26,336 201-1590-020 6/3/2024 $23,726 No $0 Total Paid $23,726
201-1590-045 5/31/2024 $25,341 No $0 Total Paid $25,341 201-1590-046 5/31/2024 $26,336 No $0 Total Paid $26,336 201-1590-047 5/29/2024 $23,726 No $0 Total Paid $23,726 201-1590-048 5/29/2024 $23,272 No $0 Total Paid $23,272 201-1590-049 4/10/2024 $23,525 No $0 Total Paid $23,525 201-1590-050 4/10/2024 $24,520 No $0 Total Paid $24,520 201-1590-051 4/10/2024 $23,525 No $0 Total Paid $23,525 201-1590-052 4/5/2024 $22,353 No $0 Total Paid $22,353
201-1590-053 4/5/2024 $24,520 No $0 Total Paid $24,520
201-1590-054 4/3/2024 $23,525 Yes $407,788 Valuation $407,788 201-1590-055 4/3/2024 $19,440 Yes $446,119 Valuation $446,119 201-1590-056 4/10/2024 $23,525 No $0 Total Paid $23,525 201-1590-057 5/29/2024 $24,721 No $0 Total Paid $24,721 201-1590-058 5/29/2024 $25,341 No $0 Total Paid $25,341 TOTALS $12,336,123

PERMITS AND FEES - FIRST TAKEDOWN

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Second Takedown – 68 Lots

LEGAL APNs
Lots 54..62, 66..71
Greenbriar Phase 2, Village South
15 Finished Lots
201-1540-017..025
201-1550-004..009
Lots 21..25, 42..44
Greenbriar Phase 2, Village 5
8 Finished Lots
201-1590-021..025
201-1590-042..044
Lots 1..4, 15, 16, 40..50
Greenbriar Phase 2, Village 6
17 Finished Lots
201-1640-001..004,
201-1640-015, 016,
201-1640-040..050
Lots 30..36
Greenbriar Phase 2, Village 10
7 Finished Lots
201-1550-024..030
Lots 29..45, 75..78
Greenbriar Phase 1, Village 14A
21 Finished Lots
TBD

Values for this segment are based on finished lot values identi fied in the prior section. The overall allocation of lots is as follows.

LEGAL APNs PROJECT # OF LOTS LOT VALUE CONCLUDED VALUE
Lots 54..62, 66..71
Phase 2 South
201-1540-017..025
201-1550-004-009
Shor
Crestvue
9 6
$185,000/Lot
$200,000/Lot
$1,665,000
$1,200,000
Lots 21..25, 42..44
Phase 2, Village 5
201-1590-021..025
201-1590-042..044
Lakelet

8 $195,000/Lot $1,560,000
Lots 1..4, 15, 16, 40..50
Phase 2, Village 6

201-1640-001..004,
201-1640-015, 016,
201-1640-040..050
Watersyde 17 $195,000/Lot $3,315,000
Lots 30..36
Phase 2, Village 10
201-1550-024..030 Crestvue 7 $200,000/Lot $1,400,000
Lots 29..45, 75..78
Phase 1, Village 14A

TBD V14/20 21 $170,000/Lot $3,570,000
TOTALS 68 $12,710,000

The land component is identified at $12,710,000. In addition, Lennar Homes of California has paid permits totaling $1,678,425 as of the effective date of valuation. These permits were verified through the City of Sacramento. There are no complete homes, or homes with a final permit in the second takedown. The overall value for 68 Lots (Lennar Ownership) is calculated as follows.

ITEM TOTALS
Land Component $12,710,000
Permits & Fees (Paid) $1,678,425

TOTAL VALUE

ROUNDED
$14,388,425
$14,390,000

A copy of the allocation of fees paid is noted as follows.

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APN OWNER PERMIT DATE TOTAL PAID FINAL PERMIT VALUATION COST USED TOTA LS 201-1540-017 Lennar 7/17/2024 $22,177 No $0 Total Paid $22,177 201-1540-018 Lennar 7/17/2024 $24,200 No $0 Total Paid $24,200 201-1540-019 Lennar 7/17/2024 $24,891 No $0 Total Paid $24,891 201-1540-020 Lennar 7/17/2024 $23,648 No $0 Total Paid $23,648 201-1540-021 Lennar 8/15/2024 $26,073 No $0 Total Paid $26,073 201-1540-022 Lennar 8/15/2024 $28,311 No $0 Total Paid $28,311 201-1540-023 Lennar 8/22/2024 $29,002 No $0 Total Paid $29,002 201-1540-024 Lennar 8/15/2024 $28,268 No $0 Total Paid $28,268 201-1540-025 Lennar 8/15/2024 $29,002 No $0 Total Paid $29,002 201-1550-004 Lennar 8/7/2024 $24,034 No $0 Total Paid $24,034 201-1550-005 Lennar 7/10/2024 $29,145 No $0 Total Paid $29,145 201-1550-006 Lennar 7/10/2024 $29,813 No $0 Total Paid $29,813 201-1550-007 Lennar 7/10/2024 $25,716 No $0 Total Paid $25,716 201-1550-008 Lennar 7/10/2024 $24,027 No $0 Total Paid $24,027 201-1550-009 Lennar 7/10/2024 $30,006 No $0 Total Paid $30,006 201-1590-021 Lennar 7/9/2024 $28,530 No $0 Total Paid $28,530 201-1590-022 Lennar 7/9/2024 $25,130 No $0 Total Paid $25,130 201-1590-023 Lennar 7/23/2024 $26,126 No $0 Total Paid $26,126 201-1590-024 Lennar 7/23/2024 $25,130 No $0 Total Paid $25,130 201-1590-025 Lennar 7/23/2024 $26,126 No $0 Total Paid $26,126 201-1590-042 Lennar 7/23/2024 $26,126 No $0 Total Paid $26,126 201-1590-043 Lennar 7/9/2024 $25,130 No $0 Total Paid $25,130 201-1590-044 Lennar 7/9/2024 $26,126 No $0 Total Paid $26,126 201-1640-001 Lennar 4/25/2024 $28,241 No $0 Total Paid $28,241 201-1640-002 Lennar 5/30/2024 $25,007 No $0 Total Paid $25,007 201-1640-003 Lennar 6/25/2024 $28,717 No $0 Total Paid $28,717 201-1640-004 Lennar 7/17/2024 $27,866 No $0 Total Paid $27,866 201-1640-015 Lennar 7/17/2024 $26,624 No $0 Total Paid $26,624 201-1640-016 Lennar 7/17/2024 $27,298 No $0 Total Paid $27,298 201-1640-040 Lennar 7/17/2024 $27,369 No $0 Total Paid $27,369 201-1640-041 Lennar 6/25/2024 $28,130 No $0 Total Paid $28,130 201-1640-042 Lennar 6/25/2024 $27,322 No $0 Total Paid $27,322 201-1640-043 Lennar 6/25/2024 $25,517 No $0 Total Paid $25,517 201-1640-044 Lennar 6/25/2024 $27,823 No $0 Total Paid $27,823 201-1640-045 Lennar 5/30/2024 $24,103 No $0 Total Paid $24,103 201-1640-046 Lennar 5/30/2024 $25,965 No $0 Total Paid $25,965 201-1640-047 Lennar 5/31/2024 $26,340 No $0 Total Paid $26,340 201-1640-048 Lennar 4/25/2024 $26,165 No $0 Total Paid $26,165 201-1640-049 Lennar 4/24/2024 $24,319 No $0 Total Paid $24,319 201-1640-050 Lennar 4/25/2024 $26,626 No $0 Total Paid $26,626 201-1550-024 Lennar 8/29/2024 $28,491 No $0 Total Paid $28,491 201-1550-025 Lennar 8/29/2024 $29,974 No $0 Total Paid $29,974 201-1550-026 Lennar 8/7/2024 $27,536 No $0 Total Paid $27,536 201-1550-027 Lennar 8/6/2024 $25,716 No $0 Total Paid $25,716 201-1550-028 Lennar 8/6/2024 $24,027 No $0 Total Paid $24,027 201-1550-029 Lennar 8/29/2024 $28,491 No $0 Total Paid $28,491 201-1550-030 Lennar 7/15/2024 $25,773 No $0 Total Paid $25,773 14A - Lot 29 Lennar 7/29/2024 $21,139 No $0 Total Paid $21,139 14A - Lot 30 Lennar 7/3/2024 $20,595 No $0 Total Paid $20,595 14A - Lot 31 Lennar 7/3/2024 $19,680 No $0 Total Paid $19,680 14A - Lot 32 Lennar 6/25/2024 $21,261 No $0 Total Paid $21,261 14A - Lot 33 Lennar 6/25/2024 $23,403 No $0 Total Paid $23,403 14A - Lot 34 Lennar 6/3/2024 $19,297 No $0 Total Paid $19,297 14A - Lot 35 Lennar 6/3/2024 $18,281 No $0 Total Paid $18,281 14A - Lot 36 Lennar 5/29/2024 $19,698 No $0 Total Paid $19,698 14A - Lot 37 Lennar 5/30/2024 $19,398 No $0 Total Paid $19,398 14A - Lot 38 Lennar 5/29/2024 $18,281 No $0 Total Paid $18,281 14A - Lot 39 Lennar 5/29/2024 $21,882 No $0 Total Paid $21,882 14A - Lot 40 Lennar 6/3/2024 $19,698 No $0 Total Paid $19,698 14A - Lot 41 Lennar 6/3/2024 $18,281 No $0 Total Paid $18,281 14A - Lot 42 Lennar 6/25/2024 $20,887 No $0 Total Paid $20,887 14A - Lot 43 Lennar 6/25/2024 $23,445 No $0 Total Paid $23,445 14A - Lot 44 Lennar 7/3/2024 $20,595 No $0 Total Paid $20,595 14A - Lot 45 Lennar 7/29/2024 $21,139 No $0 Total Paid $21,139 14A - Lot 75 Lennar 4/24/2024 $22,165 No $0 Total Paid $22,165 14A - Lot 76 Lennar 4/24/2024 $20,145 No $0 Total Paid $20,145 14A - Lot 77 Lennar 4/24/2024 $19,414 No $0 Total Paid $19,414 14A - Lot 78 Lennar 4/24/2024 $19,564 No $0 Total Paid $19,564 TOTALS $ 1,678,425

PERMITS AND FEES - SECOND TAKEDOWN

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Third Takedown – 64 Lots

LEGAL APNs
Lots 30..33
Greenbriar Phase 2, Village South
4 Finished Lots
201-1530-019..022

Lots 1..12
Greenbriar Phase 2, Village 1A
12 Finished Lots
201-1540-026..031
201-1600-001..006

Lots 26..32, 37..41
Greenbriar Phase 2, Village 5
12 Finished Lots
201-1590-026..032
201-1590-037..041

Lots 5..8, 17..21, 35..39
Greenbriar Phase 2, Village 6
14 Finished Lots
201-1640-005..008
201-1640-017..021
201-1640-035..039
Lots 26..29, 37..40
Greenbriar Phase 2, Village 10
8 Finished Lots
201-1550-020..023
201-1550-031..034

Lots 17..28, 46, 47
Greenbriar Phase 1, Village 14A
14 Finished Lots
TBD
(Parcel 14/20)

Values for this segment are based on finished lot values identi fied in the prior section. The overall allocation of lots is as follows.

LEGAL APNs PROJECT # OF LOTS LOT VALUE CONCLUDED VALUE
Lots 30..33
Phase 2, Village South
201-1530-019..022

Crestvue

4 $200,000/Lot $800,000
Lots 1..12
Phase 2, Village 1A

201-1540-026..031
201-1600-001..006

Shor 12 $185,000/Lot $2,220,000
Lots 26..32, 37..41
Phase 2, Village 5

201-1590-026..032
201-1590-037..041
Lakelet 12 $195,000/Lot $2,340,000
Lots 5..8, 17..21, 35..39
Phase 2, Village 6

201-1640-005..008
201-1640-017..021
201-1640-035..039
Watersyde 14 $195,000/Lot $2,730,000
Lots 26..29, 37..40
Phase 2, Village 10
201-1550-020..023
201-1550-031..034
Crestvue 8 $200,000/Lot $1,600,000
Lots 17..28, 46, 47
Phase 1, Village 14A
TBD V14/20 14 $170,000/Lot $2,380,000
TOTALS 64 $12,070,000

The land component is identified at $12,070,000. In addition, Lennar Homes of California has paid permits totaling $1,162,288 as of the effective date of valuation. These permits were verified through the City of Sacramento. There are no complete homes, or homes with a final permit in the second takedown. The overall value for 64 Lots (Lennar Ownership) is calculated as follows.

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ITEM TOTALS
Land Component $12,070,000
Permits & Fees (Paid) $1,162,288

TOTAL VALUE

ROUNDED
$13,232,288
$13,230,000

A copy of the allocation of fees paid is noted on the following page.

CONCLUSION – LENNAR OWNERSHIP – 208 LOTS

Based on these calculations, the overall value for the Lennar ownership is as follows.

ITEM TOTALS
1St Takedown $27,105,000
2nd Takedown $14,390,000
3rd Takedown $13,230,000
TOTAL VALUE $54,725,000

O v e r a l l , t h e o w n e r s h i p f o r L e n n a r H o m e s o f C a l i f o r n i a , L L C , c o mprises 208 lots. The benchmark conclusions for the finished lots in prior sections were predicated on 100 lots for each village. However, in that the acquisition of lots i n these takedowns was from sev eral individual villages, absorption would be escalated due to sourcing from multiple villages. No adjust ment or discount is necessary or could be quantified when comparing the lot count. In addition, a typic al buyer of this component would pay the same values as noted for the permits to date. Absorption in t his market is proven and a typical buyer would replicate the same floor plans for development of vertical improvements.

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APN PERMIT DATE TOTAL PAID FINAL PEMIT VALUATION COST USED TOTALS 201-1530-019 6/27/2024 $31,386 No $0 Total Paid $31,386 201-1530-020 6/27/2024 $27,487 No $0 Total Paid $27,487 201-1530-021 6/27/2024 $29,527 No $0 Total Paid $29,527 201-1530-022 6/27/2024 $22,370 No $0 Total Paid $22,370 201-1540-026 8/16/2024 $5,514 No $0 Total Paid $5,514
201-1540-027 8/16/2024 $5,553 No $0 Total Paid $5,553
201-1540-028 8/16/2024 $5,358 No $0 Total Paid $5,358
201-1540-029 8/16/2024 $4,905 No $0 Total Paid $4,905
201-1540-030 9/20/2024 $5,553 No $0 Total Paid $5,553
201-1540-031 9/20/2024 $5,514 No $0 Total Paid $5,514
201-1600-001 9/20/2024 $1,905 No $0 Total Paid $1,905
201-1600-002 9/20/2024 $5,553 No $0 Total Paid $5,553
201-1600-003 N/A $0 No $0 N/A $0
201-1600-004 N/A $0 No $0 N/A $0
201-1600-005 N/A $0 No $0 N/A $0
201-1600-006 N/A $0 No $0 N/A $0
201-1590-026 8/22/2024 $25,686 No $0 Total Paid $25,686 201-1590-027 8/22/2024 $26,345 No $0 Total Paid $26,345 201-1590-028 8/29/2024 $25,538 No $0 Total Paid $25,538 201-1590-029 8/29/2024 $26,534 No $0 Total Paid $26,534 201-1590-030 9/20/2024 $29,440 No $0 Total Paid $29,440 201-1590-031 9/20/2024 $28,781 No $0 Total Paid $28,781 201-1590-032 9/20/2024 $30,435 No $0 Total Paid $30,435 201-1590-037 9/20/2024 $30,435 No $0 Total Paid $30,435 201-1590-038 8/29/2024 $25,538 No $0 Total Paid $25,538 201-1590-039 8/29/2024 $26,534 No $0 Total Paid $26,534 201-1590-040 8/22/2024 $25,339 No $0 Total Paid $25,339 201-1590-041 8/22/2024 $24,886 No $0 Total Paid $24,886 201-1640-005 8/6/2024 $26,411 No $0 Total Paid $26,411
201-1640-006 8/22/2024 $27,574 No $0 Total Paid $27,574 201-1640-007 9/11/2024 $30,105 No $0 Total Paid $30,105 201-1640-008 9/20/2024 $5,743 No $0 Total Paid $5,743
201-1640-017 8/6/2024 $27,866 No $0 Total Paid $27,866
201-1640-018 8/22/2024 $25,769 No $0 Total Paid $25,769 201-1640-019 8/22/2024 $28,075 No $0 Total Paid $28,075 201-1640-020 9/11/2024 $27,170 No $0 Total Paid $27,170 201-1640-021 9/11/2024 $28,274 No $0 Total Paid $28,274 201-1640-035 9/20/2024 $5,607 No $0 Total Paid $5,607
201-1640-036 9/11/2024 $27,714 No $0 Total Paid $27,714 201-1640-037 8/22/2024 $27,507 No $0 Total Paid $27,507 201-1640-038 8/6/2024 $29,478 No $0 Total Paid $29,478
201-1640-039 8/6/2024 $27,787 No $0 Total Paid $27,787
201-1550-020 N/A $0 No $0 N/A $0
201-1550-021 N/A $0 No $0 N/A $0
201-1550-022 9/20/2024 $25,222 No $0 Total Paid $25,222 201-1550-023 9/20/2024 $22,750 No $0 Total Paid $22,750 201-1550-031 9/25/2024 $27,970 No $0 Total Paid $27,970 201-1550-032 9/25/2024 $30,226 No $0 Total Paid $30,226 201-1550-033 N/A $0 No $0 N/A $0
201-1550-034 N/A $0 No $0 N/A $0
14A - Lot 17 9/13/2024 $20,539 No $0 Total Paid $20,539 14A - Lot 18 9/13/2024 $21,908 No $0 Total Paid $21,908 14A - Lot 19 9/13/2024 $24,095 No $0 Total Paid $24,095 14A - Lot 20 9/13/2024 $21,405 No $0 Total Paid $21,405 14A - Lot 21 8/14/2024 $25,310 No $0 Total Paid $25,310 14A - Lot 22 8/14/2024 $27,846 No $0 Total Paid $27,846 14A - Lot 23 8/14/2024 $25,660 No $0 Total Paid $25,660 14A - Lot 24 8/14/2024 $25,157 No $0 Total Paid $25,157 14A - Lot 25 N/A $0 No $0 N/A $0
14A - Lot 26 N/A $0 No $0 N/A $0
14A - Lot 27 N/A $0 No $0 N/A $0
14A - Lot 28 N/A $0 No $0 N/A $0
14A - Lot 46 7/29/2024 $19,680 No $0 Total Paid $19,680 14A - Lot 47 7/29/2024 $23,324 No $0 Total Paid $23,324 TOTALS $1,162,288

PERMITS AND FEES - THIRD TAKEDOWN

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HYPOTHETICAL MARKET VALUE
969 RESIDENTIAL LOTS – GREENBRIAR PHASE 2, LLC

The value will be estimated by employing the use of the Income Approach through discounted cash flow analysis. Essentially, the expected revenue, absorption period, expenses and discount rate associated with the development and sell-off of the land will be taken int o consideration. A discounted cash flow analysis is a procedure in which a discount rate is applied to a projected revenue stream generated from the sale of individual components of a project. In this method of valuation, the quantity, variability, timing, and duration of the revenue streams are calculated and discounted to a present value at a specified yield rate.

The four main items of discounted cash flow analysis are summarized as follows.

 Revenue – The gross income is based on the individual component values.

 Absorption Analysis – The time frame required for sell-off. Of primary importance in this analysis is the allocation of the revenue over the absorption period – including the estimate of an appreciation factor (if any).

 Expenses – The expenses associated with the sell-off are calculated in this section – including infrastructure costs (if any), administration, marketing, and commission costs, as well as taxes and special assessments.

 Discount Rate – An appropriate discount rate is derived employing a variety of data.

Revenues

The revenues for this model are predicated on those identified in the prior section. These revenues are net of the lots identified in the Lennar takedowns. The total revenues are illustrated as follows.

Revenues for this model include appreciation at a factor of 2.0% per annum. This element commences in period 2. Based on the overall absorption projection for this project, as well as the overall size, the cash flow model is predicated on annual discounting. Total revenues are trued-up in the final period.

MINIMUM CONCLUDED NUMBER

PRODUCT TYPE LOT SIZE (SF) LOT VALUE OF LOTS TOTALS
Shor 2,788 SF $185,000 156 $28,860,000
Lakelet 3,690 SF $195,000 134 $26,130,000
Watersyde 4,000 SF $195,000 103 $20,085,000
Wavmor 4,500 SF $200,000 163 $32,600,000
Crestvue 4,675 SF $200,000 91 $18,200,000
Bleau 5,000 SF $225,000 110 $24,750,000
Drifton 5,500 SF $210,000 108 $22,680,000
V14/20 3,690 SF $170,000 104 $17,680,000
TOTALS 969 $190,985,000
PER LOT $197,095

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Absorption Analysis

Absorption rates for the residential lots were identified in the Market Analysis section of this report. This element considered the overall position of the projects relativ e to current and future competition. This element is noted as follows.

YEAR 1 2 3 4 TOTALS
Subject Lots Absorbed
Schedule of Takedowns
74 324 324 247 969

The absorption rate for the subject project is identified over a 4-year period.

Expenses

There are ongoing expenses associated with this analysis which are included in the cash flow model. They are summarized as follows.

The total entitlement costs for this project are identified at $4,663,939. Based on the schedule of costs provided by the developer, $3,883,163 have been incurred with remaining costs identified at $780,776.

BACKBONE COSTS

The total backbone costs for this project were identified at $9 2,658,798 including applicable contingencies, bonds, and soft costs. This cost reflects the co sts to extend improvements to each individual village identified for this analysis, as well as drainage improvements and roadway costs for this project. These costs are allocated as follows.

ITEM TOTAL COSTS COSTS INCURRED REMAINING COSTS % INCURRED GRADING AND EARTHWORK $9,932,446 $9,690,000 $242,446 97.6% SEWER $4,694,743 $4,667,786 $26,957 99.4%
DRAINAGE $12,024,770 $11,993,625 $31,145 99.7%
WATER $10,252,345 $8,320,123 $1,932,222 81.2%
CONCRETE/ROADWAY $9,986,512 $8,696,375 $1,290,137 87.1% LANDSCAPING $3,344,746 $342,452 $3,002,294 10.2%
WALLS AND FENCING $2,031,067 $1,206,737 $824,330 59.4%
DRY UTILITIES $6,755,523 $6,316,502 $439,021 93.5%
DEVELOPMENT (SOFT COSTS) $3,652,513 $3,070,503 $582,010 84.1% DEVELOPMENT FEES $1,651,139 $1,202,903 $448,236 72.9%
BUILDERS FEES $16,614,317 $16,583,817 $30,500 99.8%
PROJECT (SOFT COSTS) $4,484,000 $3,407,974 $1,076,026 76.0% PERFORMANCE BONDS $1,101,337 $1,395,596 -$294,259 126.7% SUB-TOTAL $86,525,458 $76,894,393 $9,631,065 88.9%
Hard Cost Contingency $6,133,340 $0 $6,133,340 0.0%
TOTAL BACKBONE COSTS $92,658,798 $76,894,393 $15,764,405 83.0%

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The total backbone costs for this project are identified at $92,658,798. These costs include contingencies at $6,133,340 or approximately 7.1% of total hard costs. Development has commenced as of the effective date of valuation, as the developer has completed $76,894,393 in costs, or approximately 83.0% of the total hard costs (including contingencies). The remaining costs are identified at $15,764,405.

SHORE VISTA OVERCROSSING

The development of this project includes allocation of the Shor e Vista Overcrossing. Total costs are identified at $22,101,730. These costs are consistent with the engineers costs prepared by Wood Rodgers, dated November 7, 2023 as provided for review in preparation of this assignment.

It was identified that these improvements will occur starting i n the Summer of 2025. With rising costs c a u s e d b y i n f l a t i o n , t h e s e c o s t s are likely a low indicator to the actual costs, especially based on the proposed completion date. As such, these costs are escalated at 8% due this element and total costs are projected at $23,869,868. This escalation is consistent with t he rising costs. Original estimates in 2016 were noted at $11,805,277. The 2023 costs prepared by Wood Rodgers were identified at $22,006,078.

The difference between the 2016 costs and the 2023 costs are noted at 86.4%, which equates to 8.1% per annum.

In addition, while not included in these costs, based upon revi ew of the Third Amendment to the Development Agreement for Gree nbriar (P11-093), performance bon ds are included in the costs and established at 2.5% of the total project cost, or $596,747. A s such, total costs for the Shore Vista Overcrossing are identified at $24,466,615. As part of the Third Amendment, the City of Sacramento will reimburse costs identified at $6,112,239. Based on the allocation of costs, net costs to the developer are identified at $18,354,376. Lastly, the developer has completed $885,946 in costs for this component, and remaining costs are identified at $17,468,430.

AMENITIES

In addition, this project includes public amenities which are being constructed concurrent with backbone improvements. They include costs for the neighborhood and community parks. These costs are allocated as follows.

The total remaining costs for project amenities are identified at $4,033,037.

INTRACT IMPROVEMENTS

Intract improvements reflect the overall costs to complete the interior subdivision improvements for each village. Budgets were provided for these costs and the followi ng table summarizes the total costs allocated to intract improvements. These budgets are as follows.

ITEM TOTAL COSTS COSTS INCURRED REMAINING COSTS % INCURRED NEIGHBORHOOD PARK $1,152,612 $176,732 $975,880 15.3%
COMMUNITY PARK $883,209 $159,165 $724,044 18.0%
COMMUNITY PARK $2,502,770 $169,657 $2,333,113 6.8%
SUB-TOTAL $4,538,591 $505,554 $4,033,037 11.1%

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Overall, the total remaining site development costs for this project are identified as follows.

T h e r e m a in i n g s i t e d e v e l op m e n t c o s t s f o r t h i s p r o j e c t , a s o f t he effective date of valuation equate to $74,379,780. For this analysis, the overall costs for Shore Vista Overcrossing are considered separately.

The overall costs for the performance bond at $596,747 are incl uded in Year 1. Total construction costs are noted at $23,869,868. It is reiterated that these are inflated costs higher than the developer’s, as well as projections by the engineers based on total costs. The cost incurred to date at $885,946 are deducted from this total which equate to $22,983,922. These costs are s egregated equally in Periods 2-4 or $7,661,307 per period. Lastly, the City contribution is applied in Period 4 at $6,112,239. It is in the form of a credit.

The remaining site development costs (excluding Shore Vista Ove rcrossing) for this project, as of the effective date of valuation equate to $56,911,350, or approximately $58,732 per lot. These costs are allocated at the unit price noted above, based on absorption of this project since it is predicated on annual discounting. Total costs are trued up in the final period. It is noted that there are contingencies identified in all of the costs components which are more than adequate to cover any inflationary expenses. Total contingencies reflected in the total costs noted above, equate to $6,374,097 ($6,133,340 backbone + $240,757 intract. This is approximately 11.2% of the hard cost s and is sufficient to cover inflationary expenses for site improvements.

MINIMUM TOTAL COSTS % REMAINING
VILLAGE # OF LOTS LOT SIZE (SF) TOTAL COSTS COSTS/LOT INCURRED INCURR ED COSTS Village 1 (Shor) 104 41' x 68' (2,788 SF) $6,068,141 $58,348 $3,126, 682 51.5% $2,941,459 Village 2 (Shor) 89 41' x 68' (2,788 SF) $3,625,063 $40,731 $155,664 4.3% $3,469,399 Village 3 (Watersyde) 11 50' x 80' (4,000 SF) $76,725 $6,975 $32,881 42.9% $43,844 Village 4 (Lakelet) 68 41' x 90' (3,690 SF) $3,458,418 $50,859 $706, 507 20.4% $2,751,911 Village 5 (Lakelet) 61 41' x 90' (3,690 SF) $3,588,864 $58,834 $3,52 5,637 98.2% $63,227 Village 6 (Watersyde) 54 50' x 80' (4,000 SF) $3,297,402 $61,063 $3, 171,823 96.2% $125,579 Village 7 (Crestvue) 26 55' x 85' (4,675 SF) $173,970 $6,691 $69,292 39.8% $104,678 Village 8 (Watersyde) 88 50' x 80' (4,000 SF) $3,267,986 $37,136 $46 3,300 14.2% $2,804,686 Village 9 (Crestvue) 53 55' x 85' (4,675 SF) $2,454,795 $46,317 $259 ,614 10.6% $2,195,181 Village 10 (Crestvue) 59 55' x 85' (4,675 SF) $3,134,860 $53,133 $3, 004,083 95.8% $130,777 Village 11 (Lakelet) 44 41' x 90' (3,690 SF) $4,637,875 $105,406 $14 1,585 3.1% $4,496,290 Village 12 (Bleau) 60 50' x 100' (5,000 SF) $3,381,924 $56,365 $2,35 4,290 69.6% $1,027,634 Village 13 (Bleau) 50 50' x 100' (5,000 SF) $2,056,957 $41,139 $228, 827 11.1% $1,828,130 Village 14 (Wavmor) 54 45' x 100' (4,500 SF) $2,519,053 $46,649 $267 ,871 10.6% $2,251,182 Village 15 (Wavmor) 31 45' x 100' (4,500 SF) $1,502,557 $48,470 $73, 159 4.9% $1,429,398 Village 16 (Wavmor) 34 45' x 100' (4,500 SF) $1,584,091 $46,591 $75, 639 4.8% $1,508,452 Village 17 (Wavmor) 44 45' x 100' (4,500 SF) $4,263,019 $96,887 $3,1 85,236 74.7% $1,077,783 Village 18 (Drifton) 59 55' x 100' (5,500 SF) $5,555,720 $94,165 $4, 098,410 73.8% $1,457,310 Village 19 (Drifton) 49 55' x 100' (5,500 SF) $2,299,999 $46,939 $27 5,224 12.0% $2,024,775 Village 14/20 (14/20) 139 41' x 90' (3,690 SF) $9,774,012 $70,317 $5 ,413,332 0.0% $4,360,680 Intract Contingency $240,757 0.0% $240,757
SUB-TOTAL 1,177 $66,962,188 $30,629,056 45.7% $36,333,132 ITEM TOTAL COSTS COSTS INCURRED REMAINING COSTS % INCURRED Entitlement Costs $4,663,939 $3,883,163 $780,776 83.3% Backbone Costs $92,658,798 $76,894,393 $15,764,405 83.0% Shore Vista Overcrossing $18,354,376 $885,946 $17,468,430 4.8% Amenities $4,538,591 $505,554 $4,033,037 11.1%
In-Tract Costs $66,962,188 $30,629,056 $36,333,132 45.7% TOTALS $187,177,892 $112,798,112 $74,379,780 60.3%

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VARIABLE EXPENSES – These expenses are applied for property taxes, CFD Payments, administration and overhead, as well as Sales and Marketing Expenses. Ultimately, this project includes HOA dues, however, since this model is predicated on sales of lots, no expenses for HOA dues are in this modeling.

Ad Valorem Taxes – This appraisal is predicated on the assumption of a sale of the appraised property in bulk. The overall tax rate for the area is identified at 1.1438%. This expense is gradually reduced over the absorption period, as the land components are sold off. For pu rposes of calculating property taxes, the total costs area allocated based on the total number of units. Property taxes are increased at 2% per annum. Calculations of this element are identified as follows.

ITEM TAXES
Overall Value $79,880,000
Per Potential Lot $82,435.51
Base Taxes (1.1438%) $942.90
TAXES PER LOT $940

Property taxes are allocated on an annual basis and increased at 2% per annum. It is noted that since this model utilizes finished lots as the revenues, HOA charges are not included. These costs were considered in the overall analysis of revenues.

Direct Levies/Special Assessments – In addition to the base property taxes, there are payments for direct levies and special assessments for this project. Direct levies for this project show annualized expense per project at $396.67 per annum. These costs are escalated at 2% per annum.

The proposed payments for the CFD’s show annualized expense from $1,792.38 to $3,550.80 per annum.

The weighted average equates to $2,741 per annum. Calculations are noted as follows.

The overall expense for special assessments is based on the wei ghted average relative to the number of unsold units. These costs are escalated at 2% per annum.

It is noted that this model is based on annual discounting. Allowances for Taxes, Direct Levies, and Special assessments are based on inventory levels at the end of each period.

General and Administrative Costs – The general and administrative expense covers the various administrative costs associated with managing the overall devel opment. A review of budget from other similar sized residential communities shows general and adminis trative costs between 1% and 3%. An estimate of 1% of sales proceeds is applied based on the nature o f t h i s p r o j e c t . T h i s w o u l d i n c l u d e management, legal and accounting fees, and other professional s ervices common to a development project. This expense is estimated at 1% of the total gross sa les proceeds and is applied evenly over the sell-off period. Calculations are illustrated as follows.

PROJECT SHOR LAKELET WATERSYDE WAVMORE CRESTVIEW BLEAU DRIFTON V14/20 LOT SIZE 2,768 SF 3,690 SF 4,250 SF 4,500 SF 4,675 SF 5,000 SF 5,500 SF 3,690 SF WEIGHTED AVERAGE HOME SIZE 1,982 SF 2,233 SF 2,650 SF 2,484 SF 2,558 SF 2,776 SF 3,031 SF 1,640 SF AVERAGE Special Districts Per Annum $2,264.62 $2, 578.74 $2,936.36 $2,828.12 $3,204.85 $3,256.85 $3,550.80 $1,792.38 $2,741.00 # LOTS 193 173 153 163 138 110 108 139

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ITEM TOTAL PROJECT
Total Proceeds (W/Appreciation) $197,821,823
Administration and Overhead (1%) $1,978,218
# of Periods 4
Costs Per Period $494,555

Marketing and Sales Costs – The costs associated with marketing, commissions and closing costs relative to the disposition of the subject’s components are estimated at 2% of gross sales proceeds.

Discount Rate/Development Profit

The final element in the discounted cash flow is the discount rate that is applied to the individual cash flows. The discount rate is a rate of return commensurate with perceived risk to convert future payments or receipts to present value. This rate reflects the compensat ion offered to an investor for assuming the inherent risk associated with the property. Naturally, the discount rate varies with the size and complexity of the project and can be affected by numerous other factors.

The assumed buyer for the whole property is a developer. The m otivation of this type of buyer is profit.

The DCF must account for anticipated profit, otherwise; there would be no motivation for purchase of the entire property.

The project yield rate is the return in the total un-leveraged investment in a development, including both equity and debt. The leveraged yield rate is the rate of return to the “base” equity position when a portion of the development is financed. The “base” equity position represents the total equity contribution. The developer/builder may have funded all of the equity contribution or a consortium of investors/builders in a joint venture may fund it. Most surveys indicate that the th reshold yield requirements are about 20% to 30% for production home type projects. This rate often includes costs from site development through production home development.

According to the PwC Real Estate Investor Survey (2
nd quarter 2024), free-and-clear discount rates
including developer’s profit ran from 14.00% to 30.00% and aver age 19.13% this quarter. This is slightly below the past two reporting periods (2Q 23 and 4Q 23) averaging 19.13%. Historic figures dating back to 2012 are noted on the following table.

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For additional support, current rates were identified from Real tyRates for development models. These factors reflect applicable rates for California/Pacific Islands for First Quarter 2024 and are noted on the following table.

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T h e i n f o r m a t i o n f r o m R e a l t y R a t e s i s a p p l i c a b l e f o r G r o u n d - u p c onstruction through completed improvements. For site built residential, the IRR ranges fro m 17.91% to 39.06% based on average rates noted throughout. These rates are likely overstated as the subject revenues are based on finished lots.

Furthermore, revenues were projected based on the hypothetical value of finished lots with 100 lots.

D e v e l o p e r s s u r v e y e d i n t h i s m a r k e t c l i m a t e n o t e d t h a t p r o j e c t s are being looked at based on IRR Requirements. A larger national developer noted minimum requirements of 20% IRR (unleveraged) for their development requirements (Vacant Land); representatives from a larger regional builder noted a minimum IRR requirement (unleveraged) of 10% to 20% for smaller vacant land properties; Regional Builder reported a minimum requirement (unleveraged) of 15% for vacant land; and another local builder reported a minimum requirement of 10% IRR for the project.

As reflected by the developer survey, IRR expectations are from 10% to 20%, for land development projects.

The subject properties are valued under the Hypothetical Condition that the land components are vacant and available for development to their highest and best use. W h i le the su bject area seems opt imal for development, there is still risk in the overall project based on changes in market conditions and shifts in the employment market. Also factored into the discount rate is the inclusion of appreciation, although slight relative to the overall property value. Remaining site development costs for this project include over $6.0 in contingencies or approximately 11.2% of the hard costs, wher eas the overall costs for Shore Vista O v e r c r o s s i n g h a v e b e e n i n f l a t e d t o r e f l e c t f u t u r e c o s t s a b o v e the costs prepared in 4Q 2023. As such, inflation risk is tempered due to these elements.

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Based on these elements, coupled with the lack of competition from other projects, as well as the scheduled take down of lots to Lennar Homes of California LLC, the IRR (p rofit and discount rate) identified for the subject property is concluded at 12%.

Conclusion

The overall value for 969 Lots (Greenbriar Phase 2, LLC Ownership) is identified at $79,880,000. A copy of this model is noted below.

ANNUAL DISCOUNTING YEAR YEAR YEAR YEAR
ITEM 1 2 3 4 TOTALS
Single Family Residential Lots
Total Lots 969 895 571 247
Lots Sold 74 324 324 247 969
Lots Unsold 895 571 247 0
Average Selling Price/Lot $197,095 $197,095 $197,095 $197,095 Total Revenues $14,585,030 $63,858,780 $63,858,780 $48,682,410 $190,985,000 Market Appreciation (Annual) 2% $0 $1,277,176 $2,579,895 $2,979,753 $6,836,823 TOTAL REVENUES $14,585,030 $65,135,956 $66,438,675 $51,662,163 $197, 821,823

FIXED EXPENSES
SVO Overcrossing (SVO) ($596,747) ($7,661,307) ($7,661,307) ($7,661,307) ($23,580,668) City Credit for SVO $0 $0 $0 $6,112,239 $6,112,239
Site Development Costs $58,732 ($4,346,168) ($19,029,168) ($19,029,168) ($14,506,846) ($56,911,350) TOTAL FIXED EXPENSES ($4,942,915) ($26,690,475) ($26,690,475) ($16,055,914) ($74,379,779)

VARIABLE EXPENSES
Ad Valorem Taxes $940.00 ($841,300) ($547,475) ($241,560) $0 ($1,630,335) Direct Levies $396.67 ($355,020) ($231,029) ($101,936) $0 ($687,984) Special Taxes $2,741 ($2,453,195) ($1,596,413) ($704,379) $0 ($4,753,987) Administration and Overhead 1% ($494,555) ($494,555) ($494,555) ($494,555) ($1,978,218) Sales and Marketing 2% ($291,701) ($1,302,719) ($1,328,773) ($1,033,243) ($3,956,436) TOTAL VARIABLE EXPENSES ($4,435,770) ($4,172,190) ($2,871,203) ($1,527,798) ($13,006,961) TOTAL FIXED AND VARIABLE EXPENSES ($9,378,685) ($30,862,665) ($29,561,678) ($17,583,712) ($87,386,740) NET PROCEEDS $5,206,345 $34,273,290 $36,876,997 $34,078,451 $110,435,084 Blended Profit/Discount Rate 12% 0.89286 0.79719 0.71178 0.63552 Net Cash Flow $4,648,522 $27,322,457 $26,248,318 $21,657,472 NET PRESENT VALUE $79,876,770
ROUNDED $79,880,000

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RECONCILIATION

HYPOTHETICAL MARKET VALUE

With only one approach to value completed for this analysis, th ere is no reconciliation. Based on the analysis described in the attached report, in connection with t he Assumptions and Limiting Conditions, and the Hypothetical Conditions, as of September 25, 2024, the effective date of valuation, my opinion of value is as follows.

ENTITY AGGREGATE MARKET VALUE
Hypothetical Market Value
Greenbriar Phase 2, LLC
969 Lots
$79,880,000

Hypothetical Market Value
Lennar Homes of California, LLC
208 Lots/Homes (A)
$54,725,000
Aggregate, or Cumulative, Value of Appraised Properties $134,605,000

(A) T h i s c o m p o n e n t c o m p r i s e d o f f i n i s h e d l o t s , a s w e l l a s 1 7 c o m p l eted model homes, 9 production homes with final permits, as well as permits and fees paid on their remaining lots as of the effective date of valuation.

The value noted above is presented in conjunction with the Hypothetical Condition that as of the effective date of valuation, the Bonds had just been sold and the properties were encumbered by CFD Bonds supported by Special Taxes as described herein. The estimate of market value, by ownership, accounts for the impact of the proposed lien of the special taxes securing the bonds.

Opinion of Probable Exposure Time

A most likely purchaser of the property would be an investor seeking adequate return on their investment.

Based on the location of the subject property, in conjunction w ith the potential upside in values for this property, a typical exposure period of 9 months is more than ad equate to facilitate a sale based on the opinions of value expressed above.

ADDENDA

Assumptions and Limiting Conditions

Certification of the Appraisers

Glossary

Qualifications of the Appraiser

Preliminary Title Report

Summary of Infrastructure Costs

Market Absorption Study

Village 14A Final Map

ULOP Report

ASSUMPTIONS AND LIMITING CONDITIONS

The Certification of the appraiser(s) appearing in this report is subject to the following assumptions and limiting conditions.

1. The appraiser(s) assumes no responsibility for the legal description provided for matters pertaining to the legal or title considerations. Title is assumed to be good and marketable, and the property is appraised free and clear of any encumbrances, unless otherwise s t a t e d . I t i s a s s u m e d t h a t t h e property is under responsible ownership and management.

2. Information, estimates, and opinions furnished to the appraiser (s) and contained in this report were obtained from sources considered reliable and believed to be tr u e a n d c o r r e c t . H o w e v e r , t h e appraiser(s) give no warranty of the accuracy of such items furnished by others.

3. The appraiser(s) is not required to give testimony or appear in court in connection with this appraisal unless prior arrangements have been made.

4. The sketches, maps, plats, and exhibits in this report are incl uded to assist the reader in visualizing the property. The appraiser(s) has made no survey of the prope rty and assumes no responsibility in connection with such matters.

5. The appraiser(s) assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The appraiser(s) assumes no responsibility for such conditions or for engineering which might be required to discover such factors.

6. The appraiser(s) assumes the property in full compliance with a ll applicable federal, state, and local environmental regulations and laws unless non-compliance is stated, defined, and considered in the appraisal. The appraiser(s) assu mes the property contains no hazardous materials or substances or for engineering which might be required to discover such factors.

7. The appraiser(s) assumes all required licenses, certificates of occupancy, consents, and other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on which the value opinions contained in the report is based.

8. The appraiser(s) assumes that t he property complies with applicable zoning requirements, use regulations and other restrictions, unless a lack of conformity h a s b e e n s t a t e d , d e f i n e d , a n d considered in the appraisal report.

9. Any allocation of the total value opinion stated in this report between the site and improvements applies only under the stated program of use. The separate val ues allocated to the site and improvements may not be used in connection with any other appraisal and are invalid if so used. Any value opinions provided in the appraisal report apply to the en tire property and any proration or division of the total into fractional interests will invalidate the value opinion unless such proration or division of interests has been stated in the report.

10. Disclosure of the contents of th e appraisal report is governed by the Code of Professional Ethics of the Appraisal Institute and is subject to peer review.

ASSUMPTIONS AND LIMITING CONDITIONS (Continued)

11. The appraiser(s) assumes that the site and improvements are con tained within the boundaries or property lines of the property d escribed and that there are no encroachments unless noted in this report.

12. If only preliminary plans and specifications were available for use in the preparation of this a s s i g n m e n t , t h e n t h i s a p p r a i s a l i s s u b j e c t t o a r e v i e w o f t h e f i n a l p l a n s a n d s p e c i f i c a t i o n s w h e n available (at additional cost) and the appraiser(s) reserves th e right to amend this appraisal if substantial deviations exist.

13. The dates of value to which the opinions expressed in this repo rt apply are set forth in this report.

The appraiser(s) assume no responsibility for economic or physical factors occurring at some point at a later date, which may affect the opinions stated herein. The forecasts, projections, or operating estimates contained herein are based on current market conditions and anticipated short-term supply and demand factors and are subject to change with future conditions.

14. This appraisal was prepared for the sole and exclusive use of t he client for the intended use outlined i n t h i s r e p o r t . A n y p a r t y w h o i s n o t t h e c l i e n t o r i n t e n d e d u ser identified in the appraisal or the engagement letter is not entitled to rely upon the contents of this appraisal without the express written consent of Smith & Associates, Inc. The appraiser assu mes no obligation, liability, or accountability to any third party.

15. The Americans with Disabilities Act (ADA became effective Janua ry 26, 1992. The appraiser(s) have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA . It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative impact upon the value of the property. S ince the appraiser(s) have no direct evidence relating to this issue, possible non-compliance was no t considered in estimating the value of the property.

16. No part of the appraisal report (nor any copy of it) shall be u sed for any purpose by any party except the client without the previous written consent of the appraiser(s). No portion of the appraisal report may be reproduced. The report shall not be used for advertisin g, public relations, news, or other media without the consent of the appraiser(s).

17. Acceptance and/or use of this appraisal report by the client or any third party constitutes acceptance of the previously stated assumptions and limiting conditions.

18. Any estimate of the Insurable Replacement Costs, if included within the scope of work and presented herein, is based on figures developed consistent with industry practices. However, actual local and regional construction costs may vary significantly from estimat es noted in this report and individual insurance policies and underwrit ers have varied specifications, exclusions, and non-insurable items.

It is highly recommended that the client obtains estimates from professionals experienced in providing insurance coverage. The appraiser(s) make no warrant ies regarding the accuracy of estimates for Insurable Replacement C
osts noted in this report.

CERTIFICATION

I certify that, to the best of my knowledge and belief:

1. The statements of fact contained in this report are true and correct.

2. The reported analyses, opinions and conclusions are limited onl y by the reported assumptions and limiting conditions and is my personal, impartial, and unbiased professional analyses, opinions, and conclusions.

3. I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.

4. I have performed no services as an appraiser regarding the prop erty that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.

5. I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.

6. My engagement in this assignment was not contingent upon develo ping or reporting predetermined results.

7. My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.

8. My analyses, opinions and conclu sions were developed, and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice.

9. I have made a personal inspection of the property that is the subject of this report.

10. No one provided significant real property appraisal assistance to the person signing this certification.

11. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.

12. A s o f t h e d a t e o f t h i s r e p o r t , I J o h n E . C a r r o t h e r s , M A I h a v e completed the continuing education program for Designated Members of the Appraisal Institute.

13. The reported analyses, opinions and conclusions were developed, and this report has been prepared in conformity with the Code of P rofessional Ethics and Standard s of Professional Practice of the Appraisal Institute.

John E. Carrothers, MAI
State Certified General Real Estate Appraiser
California AG014187, Expiration 04/11/2025

GLOSSARY

Definitions are taken from the Dictionary of Real Estate Apprai sal, 5 th Edition, the Uniform Standards of Professional Appraisal Practice (USPAP) and Building Owners and Managers Association International (BOMA)

ABSOLUTE NET LEASE
A lease in which the tenant pays all operating expenses including structural maintena nce, building reserves, and management, often a long-term lease to a credit tenant. (Dictionary)

AGGREGATE OF RETAIL VALUES (ARV)
The sum of the separate and distinct market value opinions for each of the units in a condominium, subdivision
development, or portfolio of properties, as of the date of valuation. The aggregate of retail values does not represent an opinion of value; it is simply the total of multiple market value conclusions. (Dictionary)

AS-IS MARKET VALUE
The estimate of the market value of real property in its current physical condition, use, and zoning as of the
appraisal date. (Dictionary)

ASSUMPTION
That which is taken to be true. (USPAP)

BUILDING RENTABLE AREA
The sum of all floor rentable areas. Floor rentable area is the result of subtracting from the gross measured area of the floor the major vertical penetrations on the same floor.

It is generally fixed for the life of the building and is rarel y a f f e c t e d b y c h a n g e s i n c o r r i d o r s i z e o r c o n f i g u r a t i o n . (BOMA)

CASH EQUIVALENCY
An analytical process in which the sale price of a transaction with nonmarket financing or financing with unusual
conditions or incentives is converted into a price expressed in terms of cash. (Dictionary)

CLIENT
The party or parties who engage, by employment or
contract, an appraiser in a spe cific assignment. The client may be an individual, group, or entity, and may engage and communicate with the appraiser directly or through an
agent. (USPAP)

CONDOMINIUM
A form of ownership in which each owner possesses the
exclusive right to use and occupy an allotted unit plus an undivided interest in common ar ea. A multi-unit structure or a unit within such a struct ure with a condominium form of ownership. (Dictionary)

COVERAGE
The proportion of the net or gross land area of a site that is occupied by a building or buildings. (Dictionary)

DEED RESTRICTION
A provision written into a deed that limits the use of land.

Deed restrictions usually remain in effect when title passes to subsequent owners. (Dictionary)

DEPRECIATION
1) In appraising, the loss is a property value from any cause; the difference between the cost of an improvement on an effective date of the appraisal and the market value of the improvement on the same date. (Dictionary)

DISPOSITION VALUE
The most probable price that a specified interest in real property is likely to bring under the following conditions:

 Consummation of a sale within an exposure time
specified by the client;
 The property is subjected to market conditions prevailing as of the date of valuation;
 Both the buyer and seller are acting prudently and
knowledgeably;
 The seller is under compulsion to sell;
 The buyer is typically motivated;
 Both parties are acting in what they consider to be their best interests;
 An adequate marketing effort will be made during the
exposure time specified by the client;
 Payment will be made in cash in U.S. dollars or in terms of financial arrangements comparable thereto; and
 The price represents the normal consideration for the property sold, unaffected by special or creative financing or sales concessions granted by anyone associated with
the sale. (Dictionary)

EASEMENT
The right to use another’s land for a stated purpose.
(Dictionary)

EFFECTIVE AGE
T h e a g e o f p r o p e r t y t h a t i s b a s e d o n t h e a m o u n t o f observed deterioration and obsolescence it has sustained, which may be different from its chronological age.
(Dictionary)

EFFECTIVE DATE
1) The date at which the analy ses, opinions, and advice in an appraisal, review, or consulting service apply. 2) In a lease document, the date upon which the lease goes into effect. (Dictiona
ry)

EFFECTIVE RENT
The rental rate net of financial concessions such as periods of no rent during the lease term and above- or below-
market tenant improvements (TIs). (Dictionary)

EXCESS LAND
Land that is not needed to serve or support the existing improvement. The highest and best use of the excess land may or may not be the same as the highest and best use of the improved parcel. Excess land may have the potential to be sold separately and is valued separately. (Dictionary)

EXPOSURE TIME
Estimated length of time that the property interest being appraised would have been on the market prior to the
hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective opinion based on an analysis of past events assuming a competitive and open market. (USPAP)

EXTRAORDINARY ASSUMPTION
An assumption, directly related to a specific assignment, as of the effective date of the assignment results, which if found to be false, could alter the appraiser’s opinions or conclusions. Extraordinary a ssumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of th e subject property; or about conditions external to the property, such as market
conditions or trends, or about the integrity of data used in an analysis. (USPAP)

EXTERNAL OBSOLESCENCE
An element of depreciation; a diminution in value caused by negative externalities and generally incurable on the part of the owner, landlord, or tenant. (Dictionary)

FEE SIMPLE ESTATE
Absolute ownership unencumbered by any other interest
or estate, subject only to the limitations imposed by the governmental powers of taxat ion, eminent domain, police power, and escheat. (Dictionary)

FLOOR AREA RATIO (FAR)
The relationship between the above-ground floor area of a building, as described by the building code, and the area of the plot on which it stands; in planning and zoning, often expressed as a decimal, e.g., a ratio of 2.0 indicates that the permissible floor area of a building is twice the total land area. (Dictionary)

FULL SERVICE GROSS LEASE
A lease in which the landlord receives stipulated rent and is obligated to pay all of the property’s operating and fixed expenses; also called a full service lease. (Dictionary)

FUNCTIONAL OBSOLESCENCE
T h e i m p a i r m e n t o f f u n c t i o n a l c a p a c i t y o f a p r o p e r t y according to market tastes and standards. (Dictionary)

GOING CONCERN VALUE
1 ) T h e m a r k e t v a l u e o f a l l o f the tangible and intangible assets of an established and operating business with an indefinite life, as if sold in aggregate; more accurately termed the market value of the going concern.
2) The value of an operating business enterprise. Goodwill may be measured separately but is an integral component of going-concern value when it exists and is recognizable. (Dictionary)

GROSS BUILDING AREA
The total constructed area of a building. It is generally not used for leasing purposes. (BOMA)

GROUND LEASE
A lease that grants the right to use and occupy land.

Improvements made by the ground lease typically revert to the ground lessor at the end of the lease term. (Dictionary)

HIGHEST & BEST USE
The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are 1) legal permissibility; 2) physical possibility; 3) financial feasibility; and 4) maximally profitability.

Alternatively, the probable use of land or improved
property-specific with respect to the user and timing of the use – that is adequately supported and results in its highest present value. (Dictionary)

HYPOTHETICAL CONDITION
A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of the analysis. Hy pothetical conditions are
contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions or trends; or about the integrity of data used in an analysis. (USPAP)

INTENDED USE
The use or uses of an appraiser’s reported appraisal or appraisal review assignment o pinions and conclusions, as identified by the appraiser based on communication with the client at the time of the assignment. (USPAP)

INTENDED USER
The client and any other party as identified, by name or type, as users of the appraisal or appraisal review report by the appraiser on the basis of communication with the client at the time of the assignment. (USPAP)

INDUSTRIAL GROSS LEASE
A lease of industrial property in which the landlord and tenant share expenses. The landlord receives stipulated rent and is obligated to pay operating expenses, often
structural maintenance, insurance, and real estate taxes as s p e c i f i e d i n t h e l e a s e . T h e r e a r e s i g n i f i c a n t r e g i o n a l a n d local differences in the use of this term. (Dictionary)

INSURABLE VALUE
A type of value used for insurance purposes. (Dictionary)

LEASED FEE INTEREST
A freehold (ownership-interest) where the possessory
interest has been granted to another party by creation of a contractual landlord-tenant relationship (i.e., a lease). (Dictionary)

LEASEHOLD INTEREST
The tenant’s possessory interest caused by a lease.
(Dictionary)

LESSEE (TENANT)
One who has the right to occupancy and use of the property f o r a p e r i o d o f t i m e a c c o r d i n g t o a l e a s e a g r e e m e n t . (Dictionary)

LESSOR (LANDLORD)
One who conveys the right of occupancy and use to others under a lease agreement. (Dictionary)

LIMITING CONDITIONS
Constraints which are imposed on valuations by clients, the Valuer, or local statutory law. (Dictionary)

LIQUIDATION VALUE
The most probable price that a specified interest in real property should bring under the following conditions:

 Consummation of a sale within a short period;
 The property is subjected to market conditions prevailing as of the date of valuation;
 Both the buyer and seller are acting prudently and
knowledgably;
 The seller is under extreme compulsion to sell;
 The buyer is typically motivated;
 Both parties are acting in what they consider to be their best interests;
 A normal marketing effort is not possible due to the brief exposure time;
 Payment will be made in cash in U.S. dollars or in terms of financial arrangements comparable thereto;
 The price represents the normal consideration for the property sold, unaffected by special or creative financing or sales concessions granted by anyone associated with
the sale. (Dictionary)

MARKET ANALYSIS
A process for estimating the p r o d u c t i v e a t t r i b u t e s o f a specific property, its demand and supply, and its geographic market area. Marketability analysis (often referred to erroneously as market analysis) is an essential part of the highest and best use for every valuation assignment.
(Dictionary)

MARKET RENT
The most probable rent that a property should bring in a competitive and open market reflecting all conditions and restrictions of the lease ag reement including permitted uses, use restrictions, expense obligations; term,
concessions, renewal and pur chase options and tenant
improvements (TIs). (Dictionary)

MARKET VALUE
The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the
c o n s u m m a t i o n o f a s a l e a s o f a s p e c i f i e d d a t e a n d t h e passing of title from seller to buyer under conditions
whereby:

a. Buyer and seller are typically motivated;
b. Both parties are well informed or well advised, and acting in what they consider their own best interests;
c. A reasonable time if allowed for exposure in the open market;
d. P a y m e n t i s m a d e i n t e r m s o f c a s h i n U . S . d o l l a r s o r i n financial arrangements comparable thereto;
e. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with
the sale. (Office of the Comptroller of the Currency)

MARKET VALUE “AS IF COMPLETE”
A hypothetical scenario representing the market value of the property with all proposed construction, conversion or rehabilitation completed under specified hypothetical
conditions as of the date of the appraisal.

MARKET VALUE “AS IF STABILIZED”
A
hypothetical scenario representing the market value of
the property at a current point in time when all
improvements have been physically constructed and the
property has been leased to its optimum level of long term occupancy under specified hypothetical conditions as of the date of the appraisal.

MARKETING TIME
An opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level immediately after the effective date of the appraisal.

Marketing time differs from exposure time, which is always presumed to precede the effective date of an appraisal. (Advisory Opinion 7 of the Appraisal Standards Board of the Appraisal Foundation and Statement on Appraisal
Standards No. 6, “Reasonable Exposure Time in Real
Property and Personal Property Market Value Opinions”
address the determination of reasonable exposure and
marketing time.) (Dictionary)

MODIFIED GROSS LEASE
A lease in which the landlord receives stipulated rent and is o b l i g a t e d t o p a y s o m e , b u t n o t a l l , o f t h e p r o p e r t y ’ s operating and fixed expenses. Since assignment of
expenses varies among modified gross leases, expense
responsibility must always be specified. In some markets, a modified gross lease may be called a double net lease, net net lease, partial net lease, or semi-gross lease.
(Dictionary)

PARTIAL INTEREST
Divided or undivided rights in real estate that represent less than the whole (a fractional interest). (Dictionary)

PHYSICAL DETERIORATION
The wear and tear that begins when a building is completed and placed into service. (Dictionary)

PROSPECTIVE OPINION OF VALUE
A value opinion effective as of a specified date in the future.

The term does not define a type of value. Instead, it
identifies a value opinion as being effective at some specific future date. An opinion of value as a prospective date is frequently sought in connect ion with projects that are proposed, under construction, or under conversion to a
new use, or those that have not yet achieved sellout or a stabilized level of long-term occupancy. (Dictionary)

REMAINING ECONOMIC LIFE (REL)
The estimated period during which improvements will
continue to represent the highest and best use of the
property; an estimate of the number of years remaining in the economic life of the structure of structural components as of the date of the appraisal; used in the economic age- life method of estimating depreciation. (Dictionary)

REPLACEMENT COSTS
The estimated cost to construct, at current prices as of the effective appraisal date, a subs titute for the building being appraised, using modern mate rials and current standards, design, and layout. (Dictionary)

REPRODUCTION COSTS
The estimated cost to construct, at current prices as of the effective date of the appraisal, an exact duplicate or replica of the building being appraise d, using the same materials, construction standards, design, layout, and quality of
workmanship and embodying all of the deficiencies, super- adequacies, and obsolescence of the subject building.
(Dictionary)

RETROSPECTIVE VALUE OPINION
A value opinion as of a specified historical date. The term does not define a type of value. Instead, it identifies a value as being effective at some specific prior date. Value as of a historic date is frequently sought in connection with
property tax appeals, damage models, lease renegotiation, deficiency judgments, estate tax, and condemnation.

Inclusion of the type of value with this term is appropriate, e.g., “retrospective market value opinion.” (Dictionary)

SANDWICH LEASEHOLD ESTATE
The interest held by the original lessee when the property is subleased to another party; a type of leasehold estate. (Dictionary)

SCOPE OF WORK
The type and extent of research and analyses in an appraisal or appraisal review assignment. (USPAP)

SURPLUS LAND
Land that is not currently needed to support the existing improvement but cannot be separated from the property
and sold off. Surplus land does not have an independent highest and best use and may or may not contribute value to the improved property. (Dictionary)

TRIPLE NET (NET NET NET) LEASE
A lease in which the tenant assumes all expenses (fixed and variable) of operating a property except that the landlord is responsible for structural mai ntenance, building reserves, and management. Also called NNN, triple net lease, or fully net lease. (Dictionary)

USABLE AREA
The measured area of an office area, store area, or building c o m m o n a r e a o n a f l o o r . T h e t o t a l o f a l l o f t h e u s e a b l e areas of a floor shall equal floor usable area of that same floor. The amount of floor usable area can vary over the life of a building as corridors expand and contract and as floors are remodeled. (Dictionary)

Certified General Real Estate Appraiser
California BREA Appraiser License No. AG014187
John E. Carrothers, MAI

SUMMARY

O v e r t h i r t y y e a r s o f a p p r a i s a l e x p e r i e n c e i n S a c r a m e n t o , P l a c e r, Solano, Sutter, Yolo, Stanislaus, Contra Costa and Alameda Counties . Extensive experience focusin g o n t h e a n a l y s i s o f r e s i d e n t i a l subdivisions over the past twenty years.

Property types valued and analyzed include the following:
 Single and Multi-Family Residential
 Vacant Land – Improved and Unimproved
 Commercial – Retail and Industrial
 Subdivision – Feasibility and Valuation

WORK HISTORY

1998 – Present Managing Partne r Smith & Associates, Inc. 1991 – 1998 Staff Appraiser Sm ith Denton Associates, Inc. 1990 – 1991 Staff Appraiser Prof essional Appraisal Services, Inc.

EDUCATION

University of California, Davis, CA
Bachelor of Science

Appraisal Institute Courses
Real Estate Appraisal Principles • Valuation Procedures • Capit alization Theory and Techniques, A • Capitalization Theory and Techniques, B • Farm Valuation Seminar • Standards of Professional Practice, A and B • Real Estate Principles • Subdivision Analys is • Assessment Bond Mello Roos Seminar • Report Writing • Advan ced Sale Comparison and Cost Ap p r o a c h • N a t i o n a l U S P A P Equivalent Course

PROFESSIONAL AFFILIATIONS

 Appraisal Institute, MAI

CLTA Preliminary Report Form Order Number: 624883ala (tc) (Rev. 11/06) Page Number: 1

First American Title
Update #16

First American Title Company
1250 Corona Pointe Court, Ste 200
Corona, CA 92879

Customer Reference: APNs 201-1510-001-0000 through 201-1510-029-0000

Order Number: 624883ala (tc)

Title Officer: Terrell Crutchfield
Phone: (951)256-5879
Fax No.: (866)558-2872
E-Mail: [email protected]

Escrow Officer: Jules Fulop
Phone: (925)201-6603
Fax No.: (866)648-7806
E-Mail: [email protected]

Buyer: Lennar Homes of California, LLC
.

Owner: Greenbriar Phase 2, LLC

Property:

Sacramento, CA

PRELIMINARY REPORT
In response to the above referenced application for a policy of title insurance, this company hereby reports that it is prepared to issue, or cause to be issued, as of the date hereof, a Policy or Policies of Title Insurance describing the land and the estate or interest therein hereinafter set forth, insuring against loss which may be sustained by reason of any defect, lien or encumbrance not shown or referred to as an Exception below or not excluded from coverage pursuant to the printed Schedules, Conditions and Stipulations of said Policy forms.

The printed Exceptions and Exclusions from the coverage and Limitations on Covered Risks of said policy or policies are set forth in Exhibit A attached. The policy to be issued may contain an arbitration clause. When the Amount of Insurance is less than that set forth in the arbitration clause, all arbitrable matters shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. Limitations on Covered Risks applicable to the CLTA and ALTA Homeowner's Policies of Title Insurance which establish a Deductible Amount and a Maximum Dollar Limit of Liability for certain coverages are also set forth in Exhibit A. Copies of the policy forms should be read. They are available from the office which issued this report.

Please read the exceptions shown or referred to below and the exceptions and exclusions set forth in Exhibit A of this report carefully. The exceptions and exclusions are meant to provide you with notice of matters which are not covered under the terms of the title insurance policy and should be carefully considered.

It is important to note that this preliminary report is not a written representation as to the condition of title and may not list all liens, defects, and encumbrances affecting title to the land.

Order Number: 624883ala (tc)
Page Number: 2

First American Title
Please be advised that any provision contained in this document, or in a document that is attached, linked or referenced in this document, that under applicable law illegally discriminates against a class of individuals based upon personal characteristics such as race, color, religion, sex, sexual orientation, gender identity, familial status, disability, national origin, or any other legally protected class, is illegal and unenforceable by law.

This report (and any supplements or amendments hereto) is issued solely for the purpose of facilitating the issuance of a policy of title insurance and no liability is assumed hereby. If it is desired that liability be assumed prior to the issuance of a policy of title insurance, a Binder or Commitment should be requested.

Order Number: 624883ala (tc)
Page Number: 3

First American Title

Dated as of June 14, 2024 at 7:30 A.M.

The form of Policy of title insurance contemplated by this report is:

ALTA Standard Owner Policy - 2006
A specific request should be made if another form or additional coverage is desired.

Title to said estate or interest at the date hereof is vested in:

Greenbriar Phase 2, LLC, a Delaware limited liability company

The estate or interest in the land hereinafter described or referred to covered by this Report is:

A fee.

The Land referred to herein is described as follows:

(See attached Legal Description)

At the date hereof exceptions to coverage in addition to the printed Exceptions and Exclusions in said policy form would be as follows:

A. General and special taxes and assessments for the fiscal year 2024-2025, a lien not yet due or payable.

1. Intentionally Deleted

1a. Intentionally Deleted

2. Assessment liens, if applicable, collected with the general and special taxes, including but not limited to those disclosed by the reflection of the following on the tax roll:
1915 Bond for SAFCA CONSOLIDATED CAP ASMT #2.
1915 Bond for SAFCA NATOMAS BASIN LOCAL ASSESSMENT DISTRICT.

Community Facilities District NORTH NATOMAS TMA CFD #9901.

Order Number: 624883ala (tc)
Page Number: 4

First American Title

3. The lien of special tax assessed pursuant to Chapter 2.5 commencing with Section 53311 of the California Government Code for Community Facilities District No. 2018-05, as disclosed by Notice of Special Tax Lien recorded December 13, 2018 as Book 20181213, Page 0487 of Official Records; a lien not yet delinquent.

4. The lien of special tax assessed pursuant to Chapter 2.5 commencing with Section 53311 of the California Government Code for Community Facilities District No. 2018-03 (Improvements) Improvement Area No 1, as disclosed by Notice of Special Tax Lien recorded December 13, 2018 as BOOK 20181213, PAGE 0488 of Official Records; a lien not yet delinquent.

Document(s) declaring modifications thereof recorded December 9, 2020 as Instrument No. 202012091286 of Official Records.

5. The lien of special tax assessed pursuant to Chapter 2.5 commencing with Section 53311 of the California Government Code for Community Facilities District No. 2018-03 (Improvements) Improvement Area No. 2, as disclosed by Notice of Special Tax Lien recorded December 13, 2018 as Book 20181213, Page 0489 of Official Records.

Document(s) declaring modifications thereof recorded December 17, 2021 as Instrument No. 202112170727 of Official Records.

Document(s) declaring modifications thereof recorded March 14, 2024 as Instrument No. 202403140563 of Official Records.

Document(s) declaring modifications thereof recorded March 14, 2024 as Instrument No. 202403140564 of Official Records.
(Affects Parcels A through F and I through K)

6. Taxes and assessments for the RECLAMATION DIST. #1000 M & O District, which are collected with the county taxes.

7. The lien of supplemental taxes, if any, assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code.

8. Any unpaid amounts for delinquent utilities owed to, or resultant liens in favor of, the County of Sacramento and/or any incorporated Cities within the County of Sacramento.

Contact the City of Elk Grove (via epublic services) at (916) 635-2500, the City of Folsom at (916) 355-7295, the City of Galt at (209) 366-7260, or the City of Sacramento at (916) 808-5454 for information on amounts due to those cities for properties within those locations. Contact the County of Sacramento at (916) 875-5555 for information on amounts due to any other incorporated cities, and also for information on amounts due to the County.

9. Intentionally Deleted

Order Number: 624883ala (tc)
Page Number: 5

First American Title

10. An easement for public highway or road and incidental purposes, recorded in Book 264, Page 391 of Official Records.

In Favor of: County of Sacramento
Affects: As described therein

11. An easement for irrigation and/or drainage and incidental purposes, recorded as Book 5301, Page 467 of Official Records.

In Favor of: Reclamation District No. 1000
Affects: Parcel D of Parcel A

The location of the easement cannot be determined from record information.

A portion of the above easement was Quitclaimed by document recorded September 29, 1992, Book 920929, Page 1617, Official Records.

12. Abutter's rights of ingress and egress to or from street, highway, or freeway have been relinquished in the document recorded August 6, 1965 as Book 5301, Page 601 of Official Records.

Waiver of damages as contained in the above document.

Affects: Parcel D of Parcel A

13. Abutter's rights of ingress and egress to or from street, highway, or freeway have been relinquished in the document recorded September 27, 1968 as Book 680927, Page 495 of Official Records.

Waiver of damages as contained in the above document.

Affects: Parcels D and E of Parcel A

14. An easement for public utility facilities and incidental purposes, recorded September 14, 1972 as Book 720914, Page 524 of Official Records.

In Favor of: The State of California
Affects: Parcels 4, 5 and E of Parcel A

A Quitclaim to Reclamation District No. 1000 recorded October 27, 1983 in Book 831027, Page 879, Official Records.

15. Abutter's rights of ingress and egress to or from street, highway, or freeway have been relinquished in the document recorded September 14, 1972 as Book 720914, Page 524 of Official Records.

Affects: Parcels 4, 5 and E of Parcel A

16. Intentionally Deleted

Order Number: 624883ala (tc)
Page Number: 6

First American Title

17. An easement for drainage and irrigation and incidental purposes, recorded as Book 880201, Page 1129 of Official Records.

In Favor of: Reclamation District No. 1000
Affects: Parcels D and E of Parcel A

18. Abutter's rights of ingress and egress to or from street, highway, or freeway have been relinquished in the document recorded June 16, 1994 as Book 940616, Page 402 of Official Records.

Affects: Parcels D and E of Parcel A

19. Abutter's rights of ingress and egress to or from street, highway, or freeway have been relinquished in the document recorded June 16, 1994 as Book 940616, Page 403 of Official Records.

Affects: Parcels D and E of Parcel A

20. The terms and provisions contained in the document entitled "Memorandum of Agreement" recorded August 24, 2006 as Book 20060824, Page 537 of Official Records.

The interest of the assignor has been assigned to North Natomas Sac Region LLC, a California limited liability company by Assignment of Memorandum of School Agreement, recorded February 11, 2009, Book 20090211, Page 1042, of Official Records.

Document(s) declaring modifications thereof recorded June 12, 2020 as Instrument No. 202006121291 of Official Records.

The terms and provisions contained in the document entitled Assignment and Assumption of School Agreement recorded August 31, 2021 as Instrument No. 202108311311 of Official Records.

The terms and provisions contained in the document entitled Assignment and Assumption of School Agreement recorded March 13, 2024 as Instrument No. 202403130583 of Official Records.

The terms and provisions contained in the document entitled Assignment and Assumption of School Agreement recorded May 31, 2024 as Instrument No. 202405310853 of Official Records.

21. The terms and provisions contained in the document entitled "Development Agreement" recorded August 25, 2017 as Book 20170825, Page 0771 of Official Records.

Document(s) declaring modifications thereof recorded January 11, 2018 as Book 20180111, Page 0629 of Official Records.

Document(s) declaring modifications thereof recorded May 22, 2018 as Book 20180522, Page 0534 of Official Records.

The terms and provisions contained in the document entitled "ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT AGREEMENT" recorded December 11, 2020 as INSTRUMENT NO. 202012110932 of Official Records.

The terms and provisions contained in the document entitled Assignment and Assumption Agreement recorded August 31, 2021 as Instrument No. 202108311310 of Official Records.

Order Number: 624883ala (tc)
Page Number: 7

First American Title
The terms and provisions contained in the document entitled Assignment and Assumption Agreement recorded March 13, 2024 as Instrument No. 202403130582 of Official Records.

The terms and provisions contained in the document entitled Assignment and Assumption Development Agreement recorded May 31, 2024 as Instrument No. 202405310852 of Official Records.

22. Intentionally Deleted

23. Intentionally Deleted

24. An easement for facility and incidental purposes, recorded August 16, 2019 as Book 20190816, Page 1387 of Official Records.

In Favor of: Reclamation District No. 1000, a public entity of the State of California created under Cal. Stats. 1911, Chapter 412, its successors and assigns
Affects: Parcels D and E of Parcel A

Terms and provisions contained in the above document.

25. Intentionally Deleted

26. The Terms, Provisions and Easement(s) contained in the document entitled "Grant of Well, Water Conveyance Facilities and Access Easements" recorded October 3, 2019 as Book 20191003, Page 626 of Official Records.

Affects: Parcel K and Parcel E of Parcel A

26a. The terms and provisions contained in the document entitled "Memorandum of Agreement" recorded October 3, 2019 as Book 20191003, Page 627 of Official Records.

(Affects Parcel K)

27. Intentionally Deleted

28. An easement for overhead facilities and incidental purposes, recorded November 5, 2019 as Book 20191105, Page 1269 of Official Records.

In Favor of: Sacramento Municipal Utility District
Affects: Parcels D, K and E of Parcel A

Order Number: 624883ala (tc)
Page Number: 8

First American Title

29. An easement shown or dedicated on the map filed or recorded December 11, 2019 as Book 238,

Page 9 ends

For: Sanitary sewer and incidental purposes.

Affects: Parcels 2, 12, 20 and H of Parcel A and Lot D of Parcel B

30. An easement shown or dedicated on the map filed or recorded December 11, 2019 as Book 238,

Page 9 ends

For: Water line and incidental purposes.

Affects: Parcel D of Parcel A

31. The terms and provisions contained in the document entitled "Agreement to Construct and Maintain Private Recreational Facilities" recorded December 11, 2019 as Book 20191211, Page 0794 of Official Records.

32. An easement for Avigation and Noise and incidental purposes, recorded January 28, 2020 as Book 20200128, Page 1634 of Official Records.

In Favor of: County of Sacramento, a Political Subdivision of the State of California
Affects: as described therein

The location of the easement cannot be determined from record information.

33. The terms and provisions contained in the document entitled "Memorandum of Agreement" recorded July 07, 2020 as Instrument No. 202007070911 of Official Records.

34. The terms and provisions contained in the document entitled "Agreement for Construction of Drainage Improvements" recorded August 6, 2020 as Instrument No. 202008061789 of Official Records.

34a. The terms and provisions contained in the document entitled "Hold Harmless Agreement" recorded August 20, 2020 as Instrument No. 202008201488 of Official Records.

(Affects Parcel K)

34b. The terms and provisions contained in the document entitled "Lake Maintenance Agreement" recorded October 8, 2020 as Instrument No. 202010082066 of Official Records.

(Affects Parcel K)

Order Number: 624883ala (tc)
Page Number: 9

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35. An easement for UTILITY, INGRESS AND EGRESS and incidental purposes, recorded March 15, 2021 as INSTRUMENT NO. 202103150837 of Official Records.

In Favor of: SACRAMENTO MUNICIPAL UTILITY DISTRICT, A MUNICIPAL

UTILITY DISTRICT
Affects: AS DESCRIBED THEREIN

The location of the easement cannot be determined from record information.

Terms and provisions contained in the above document.
35a. An easement shown or dedicated on the Greenbriar Phase 2 Map as referred to in the legal description

For: Public utility and incidental purposes.

35b. An easement shown or dedicated on the Greenbriar Phase 2 Map as referred to in the legal description

For: Road Irrevocable Offer of Dedication and incidental purposes.

Affects: Parcels 14, 16 through 21, E, F and H of Parcel A The above offer of dedication is hereby rejected per City Surveyor's Statement. 35c. An easement shown or dedicated on the Greenbriar Phase 2 Map as referred to in the legal description

For: Regional Transit Irrevocable Offer of Dedication and incidental purposes.

Affects: Parcels 14, 20, 21, E, F and H oF Parcel A
The above offer of dedication is hereby rejected per City Surveyor's Statement. 35d. An easement shown or dedicated on the Greenbriar Phase 2 Map as referred to in the legal description

For: Drainage and incidental purposes.

Affects: Parcels 3, 8, 9, 11, 12, 13, 14, 16, 18, 19 and D of Parcel A

Order Number: 624883ala (tc)
Page Number: 10

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35e. An easement shown or dedicated on the Greenbriar Phase 2 Map as referred to in the legal description

For: Sanitary sewer and incidental purposes.

Affects: Parcels , 14, 16, 18 and 21 of Parcel A

35f. Intentionally Deleted

35g. The following matters shown or disclosed by the filed or recorded Greenbriar Phase 2 map referred to in the legal description:

-PARCELS A, B AND C ARE TO BE GRANTED IOD IN FEE TITLE TO THE CITY OF SACRAMENTO FOR PARK PURPOSES.

-PARCELS D AND E ARE TO BE GRANTED IOD IN FEE TITLE TO THE CITY OF SACRAMENTO FOR OPEN SPACE PURPOSES.

-PARCELS F, G AND H ARE TO BE GRANTED IOD IN FEE TITLE TO THE CITY OF SACRAMENTO AS DETENTION AND WATER QUALITY BASINS/LAKES.

-PARCEL I IS RESERVED AND IS TO BE GRANTED BY SEPARATE DOCUMENT TO THE LOCAL SCHOOL DISTRICT AS A COMMUNITY SCHOOL.

-THIS MASTER PARCEL MAP DOES NOT AUTHORIZE CONSTRUCTION OF ANY IMPROVEMENT ON THE LAND SUBJECT TO THE MAP; PRIOR TO ANY IMPROVEMENT OR CONSTRUCTION, ALL

REQUIRED LAND USE ENTITLEMENTS, INCLUDING BUT NOT LIMITED TO A CONDITIONAL USE

PERMIT, MUST BE APPLIED FOR AND APPROVED, AND ALL APPLICABLE CONDITIONS OF APPROVAL MUST BE SATISFIED.

35h. Intentionally Deleted.

35i. The following matters shown or disclosed by the filed or recorded Greenbriar Phase 2 Village South map referred to in the legal description:

Easement for planting and maintaining trees, installation and maintenance of electroliers, traffic control devices, water, and gas pipes, and for the underground wires and conduits for electrical, telephone and television services, together with any and all appurtenances pertaining thereto on, over, under and across Lots A and B and those strips of land twelve and one half (12.50) feet in width and contiguous to the avenues, ways, drives, circles, and court shown hereon and designated "12.5' public utility easement" (12.5' PUE)

An easement for construction and maintaining centralized mail delivery boxes, pedestals and slabs, together with any and all appurtenances pertaining thereto, including pedestrian access for delivery and receipt of mail on, over, under and across those strips of land five (5.00) feet in width, lying contiguous to the avenues, ways, drives, circles, and court shown hereon.

All lots being created by this map include fee title to the centerline of the avenues, ways, drives, circles, and court shown hereon, except where the public road easement line is also the common line of the subdivision boundary, then the fee title is to the subdivision boundary.

Order Number: 624883ala (tc)
Page Number: 11

First American Title
Lot A shall be owned and maintained by the homeowners association for landscaping purposes.

Lot B shall be owned and maintained by the homeowners association for landscaping and pedestrian purposes.

Lots C and D to be granted IOD in fee to the City of Sacramento for regional transit purposes.

Lot E is a commercial parcel to be privately owned and maintained.

Lot F shall be privately and maintained for park and ride purposes.

35j. An easement shown or dedicated on the Greenbriar Phase 2 Village South Map as referred to in the legal description

For: landscape and incidental purposes.

35k. An easement shown or dedicated on the Greenbriar Phase 2 Village South Map as referred to in the legal description

For: public regional transit and incidental purposes.

35l. An easement shown or dedicated on the Greenbriar Phase 2 Village South Map as referred to in the legal description

For: public sewer pipes and incidental purposes.

35m. The following matters shown or disclosed by the filed or recorded Greenbriar Phase 2 Village 5 Map referred to in the legal description:

Easement for planting and maintaining trees, installation and maintenance of electroliers, traffic control devices, water, and gas pipes, and for the underground wires and conduits for electrical, telephone and television services, together with any and all appurtenances pertaining thereto on, over, under and across those strips of land twelve and one half (12.50) feet in width and contiguous to the circles, street and drives shown hereon and designated "12.5' public utility easement" (12.5' PUE)

An easement for pedestrian access together with any and all appurtenances pertaining thereto, on, over, under and across those strips of land five (5.00) feet in width, lying contiguous shown thereon.

35n. An offer of dedication for public and incidental purposes, recorded December 20, 2021 as Instrument No. 202112200362 of Official Records.

To: City of Sacramento

The above dedication subject to the written acceptance by the City of Sacramento.

The location of the easement cannot be determined from record information.

Order Number: 624883ala (tc)
Page Number: 12

First American Title

35o. The terms and provisions contained in the document entitled "Subdivision Improvement Agreement " recorded August 12, 2022 as Instrument No. 202208120489 of Official Records.

Affects: Parcel B

35p. The terms and provisions contained in the document entitled "Subdivision Improvement Agreement " recorded August 12, 2022 as Instrument No. 202208120494 of Official Records.

Affects: Parcel C

35q. The terms and provisions contained in the document entitled "Subdivision Improvement Agreement " recorded September 27, 2022 as Instrument No. 202209270836 of Official Records.

Affects: Parcel D

35r. The terms and provisions contained in the document entitled "Subdivision Improvement Agreement " recorded September 27, 2022 as Instrument No. 202209270838 of Official Records.

Affects: Parcel E

35s. The terms and provisions contained in the document entitled "Subdivision Improvement Agreement " recorded September 27, 2022 as Instrument No. 202209270839 of Official Records.

Affects: Parcel F

35t. The following matters shown or disclosed by the filed or recorded Greenbriar Phase 2 Village 1A Map referred to in the legal description:

Easement for planting and maintaining trees, installation and maintenance of electroliers, traffic control devices, water, and gas pipes, and for the underground wires and conduits for electrical, telephone and television services, together with any and all appurtenances pertaining thereto on, over, under and across those strips of land twelve and one half (12.50) feet in width and contiguous to the circles, street and drives shown hereon and designated "12.5' public utility easement" (12.5' PUE)

35u. The following matters shown or disclosed by the filed or recorded Greenbriar Phase 2 Village 17 Map referred to in the legal description:

Order Number: 624883ala (tc)
Page Number: 13

First American Title

Easement for planting and maintaining trees, installation and maintenance of electroliers, traffic control devices, water, and gas pipes, and for the underground wires and conduits for electrical, telephone and television services, together with any and all appurtenances pertaining thereto on, over, under and across those strips of land twelve and one half (12.50) feet in width and contiguous to the circles, street and drives shown hereon and designated "12.5' public utility easement" (12.5' PUE)

35v. The following matters shown or disclosed by the filed or recorded Greenbriar Phase 2 Village 18 Map referred to in the legal description:

Easement for planting and maintaining trees, installation and maintenance of electroliers, traffic control devices, water, and gas pipes, and for the underground wires and conduits for electrical, telephone and television services, together with any and all appurtenances pertaining thereto on, over, under and across those strips of land twelve and one half (12.50) feet in width and contiguous to the circles, street and drives shown hereon and designated "12.5' public utility easement" (12.5' PUE)

35w. A notice of nonresponsibility, executed by Greenbriar Phase 2, LLC, a Delaware limited liability company, recorded January 10, 2023 as Instrument No. 202301100346 of Official Records. (Affects Parcel I of Parcel A)
35x. Any statutory lien for labor or materials arising by reason of a work of improvement, as disclosed by a document recorded January 10, 2023 as Instrument No. 202301100346 of Official Records. (Affects Parcel I of Parcel A)

35x(a). An easement for electrical and communication facilities and incidental purposes, recorded August 3, 2023 as Instrument No. 202308030562 of Official Records.

In Favor of: Sacramento Municipal Utility District
Affects: Portion of Parcel B and other property

The location of the easement cannot be determined from record information.

Order Number: 624883ala (tc)
Page Number: 14

First American Title
35x(b). An easement for Sewer and incidental purposes, recorded December 26, 2023 as Book 20231226

Page 0311 ends

In Favor of: Sacramento Area Sewer District, a county sanitation district Affects: Parcel 2 of Parcel A

35x(c). The terms and provisions contained in the document entitled "Subdivision Improvement Agreement" recorded December 26, 2023 as Book 20231226 Page 0371 of Official Records.

Affects: Parcels 10, 11 and D of Parcel A
35x(d). The terms and provisions contained in the document entitled "Subdivision Improvement Agreement" recorded December 26, 2023 as Book 20231226 Page 0372 of Official Records.

Affects: Parcels 8 and 9 of Parcel A

35x(e). The following matters shown or disclosed by the filed or recorded Greenbriar Phase 2 Village 10 Map referred to in the legal description:

Easement for planting and maintaining trees, installation and maintenance of electroliers, traffic control devices, water, and gas pipes, and for the underground wires and conduits for electrical, telephone and television services, together with any and all appurtenances pertaining thereto on, over, under and across those strips of land twelve and one half (12.50) feet in width and contiguous to the circles, street and drives shown hereon and designated "12.5' public utility easement" (12.5' PUE)

Lot A shall be owned and maintained by the homeowners association for landscaping and pedestrian purposes.

35x(f). An easement shown or dedicated on the Greenbriar Phase 2 Village 10 Map as referred to in the legal description

For: landscape and incidental purposes.

(Affects Lot A of Parcel I)

35x(g). An easement shown or dedicated on the Greenbriar Phase 2 Village 10 Map as referred to in the legal description

For: drainage pipelines and incidental purposes.

(Affects Lot A of Parcel I)

35x(h). The following matters shown or disclosed by the filed or recorded Greenbriar Phase 2 Village 6 Map referred to in the legal description:

Order Number: 624883ala (tc)
Page Number: 15

First American Title
Easement for planting and maintaining trees, installation and maintenance of electroliers, traffic control devices, water, and gas pipes, and for the underground wires and conduits for electrical, telephone and television services, together with any and all appurtenances pertaining thereto on, over, under and across those strips of land twelve and one half (12.50) feet in width and contiguous to the circles, street and drives shown hereon and designated "12.5' public utility easement" (12.5' PUE)

An easement for construction and maintaining centralized mail delivery boxes, pedestals and slabs, together with any and all appurtenances pertaining thereto, including pedestrian access for delivery and receipt of mail on, over, under and across those strips of land five (5.00) feet in width, lying contiguous to ways and avenues shown hereon, not to include those strips of land lying contiguous to Lot A.

An easement for installation and maintenance of underground drainage pipelines together with any and all appurtenances thereto on, over, under and across Lot A shown hereon and designated "drainage easement" (DE).

Lot A shall be owned and maintained by the homeowners association for landscaping and pedestrian purposes.

35x(i). An easement shown or dedicated on the Greenbriar Phase 2 Village 6 Map as referred to in the legal description

For: landscape and incidental purposes.

(Affects Lot A of Parcel J)

35x(j)
.

The terms and provisions contained in the document entitled "Subdivision Improvement Agreement" recorded December 21, 2023 as Instrument No. 20231221, Page 0687 of Official Records.

(Affects Parcel K)

35x(k). An easement for public utilities and incidental purposes, recorded May 23, 2024 as Instrument No. 202405230223 of Official Records.

In Favor of: Sacramento Municipal Utility District
Affects: as described therein

(Affects Parcels E and F of Parcel B)

35x(l). The following matters shown or disclosed by the filed or recorded Greenbriar Phase 1 Village 14A Map referred to in the legal description:

Easement for planting and maintaining trees, installation and maintenance of electroliers, traffic control devices, water, and gas pipes, and for the underground wires and conduits for electrical, telephone and television services, together with any and all appurtenances pertaining thereto on, over, under and across those strips of land twelve and one half (12.50) feet in width and contiguous to the circles, street and drives shown hereon and designated "12.5' public utility easement" (12.5' PUE)

Order Number: 624883ala (tc)
Page Number: 16

First American Title

Lot X is a future development lot.

The Following Matters Affect ALL PARCELS:

36. Rights of the public in and to that portion of the Land lying within any Road, Street, Alley or Highway.

37. Water rights, claims or title to water, whether or not shown by the Public Records.

38. Rights of parties in possession.

Prior to the issuance of any policy of title insurance, the Company will require:

39. With respect to GREENBRIAR PHASE 2, LLC, a Delaware limited liability company:
a. A copy of its operating agreement and any amendments thereto; b. If it is a California limited liability company, that a certified copy of its articles of organization (LLC- 1) and any certificate of correction (LLC-11), certificate of amendment (LLC-2), or restatement of articles of organization (LLC-10) be recorded in the public records; c. If it is a foreign limited liability company, that a certified copy of its application for registration (LLC-5) be recorded in the public records;
d. With respect to any deed, deed of trust, lease, subordination agreement or other document or instrument executed by such limited liability company and presented for recordation by the Company or upon which the Company is asked to rely, that such document or instrument be executed in accordance with one of the following, as appropriate:
(i) If the limited liability company properly operates through officers appointed or elected pursuant to the terms of a written operating agreement, such document must be executed by at least two duly elected or appointed officers, as follows: the chairman of the board, the president or any vice president, and any secretary, assistant secretary, the chief financial officer or any assistant treasurer; (ii) If the limited liability company properly operates through a manager or managers identified in the articles of organization and/or duly elected pursuant to the terms of a written operating agreement, such document must be executed by at least two such managers or by one manager if the limited liability company properly operates with the existence of only one manager. e. Other requirements which the Company may impose following its review of the material required herein and other information which the Company may require (Affects Parcels A through F)

40. With respect to THE GREENBRIAR PROJECT OWNER, LLC, A DELAWARE LIMITED LIABILITY COMPANY:
a. A copy of its operating agreement or similar document and any amendments thereto; b. A official copy of its articles of organization or similar incorporation document and any corrections, amendments or restatements thereto;
c. Evidence that the limited liability company is properly formed and is in good standing in the state of its domicile;
d. Other requirements which the Company may impose following its review of the material required herein and other information which the Company may require.

Order Number: 624883ala (tc)
Page Number: 17

First American Title
(Affects Parcels G and H)

Order Number: 624883ala (tc)
Page Number: 18

First American Title

INFORMATIONAL NOTES

Note: The policy to be issued may contain an arbitration clause. When the Amount of Insurance is less than the certain dollar amount set forth in any applicable arbitration clause, all arbitrable matters shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. If you desire to review the terms of the policy, including any arbitration clause that may be included, contact the office that issued this Commitment or Report to obtain a sample of the policy jacket for the policy that is to be issued in connection with your transaction.

1. General and special taxes and assessments for the fiscal year 2023-2024

Parcel/Lot APN TRA 1st Half, STATUS Penalty 2nd half, STATUS Penalty 14(of Parcel A) 201-1510-014 03-350 $11,500.19, PAID $0.00 $11,500.19, PAID $0.00 15(of Parcel A) 201-1510-015 03-350 $5,053.01, PAID $0.00 $5,053.01, PAID $0.00 16(of Parcel A) 201-1510-016 03-350 $11,745.48, PAID $0.00 $11,745.48, PAID $0.00 17(of Parcel A) 201-1510-017 03-350 $6,973.11, PAID $0.00 $6,973.11, PAID $0.00 A(of Parcel A) 201-1510-022 03-350 $161.68, PAID $0.00 $161.68, PAID $0.00 B(of Parcel A) 201-1510-023 03-350 $205.30, PAID $0.00 $205.30, PAID $0.00 C(of Parcel A) 201-1510-024 03-350 $189.92, PAID $0.00 $189.92, PAID $0.00 Portions of
Parcel D(of
Parcel A) and
Parcel I
201-1510-025 03-350 $634.09, PAID $0.00 $634.09, PAID $0.00 E(of Parcel A) 201-1510-026 03-350 $669.85, PAID $0.00 $669.85, PAID $0.00 F(of Parcel A) 201-1510-027 03-350 $658.76, PAID $0.00 $658.76, PAID $0.00 G(of Parcel A) 201-1510-028 03-350 $653.62, PAID $0.00 $653.62, PAID $0.00 H(of Parcel A) 201-1510-029 03-350 $220.69, PAID $0.00 $220.69, PAID $0.00 A(of Parcel B) 201-1520-015 03-350 $7.05, PAID $0.00 $7.05, PAID $0.00 B(of Parcel B) 201-1520-016 03-350 $9.36, PAID $0.000 $9.36, PAID $0.00 C(of Parcel B) 201-1520-017 03-350 $21.17, PAID $0.00 $21.17, PAID $0.00 D(of Parcel B) 201-1520-018 03-350 $42.26, PAID $0.00 $42.26, PAID $0.00 E(of Parcel B) 201-1520-019 03-350 $2,710.68, PAID $0.00 $2,710.68, PAID $0.00 F(of Parcel B) 201-1520-020 03-350 $2,635.01, PAID $0.00 $2,635.01, PAID $0.00 5(of Parcel B) 201-1520-005 03-350 $310.11, PAID $0.00 $310.11, PAID $0.00 6(of Parcel B) 201-1520-006 03-350 $306.63, PAID $0.00 $306.63, PAID $0.00 30(of Parcel B) 201-1530-019 03-350 $321.55, PAID $0.00 $321.55, PAID $0.00 31(of Parcel B) 201-1530-020 03-350 $318.71, PAID $0.00 $318.71, PAID $0.00

Order Number: 624883ala (tc)
Page Number: 19

First American Title
32(of Parcel B) 201-1530-021 03-350 $318.71, PAID $0.00 $318.71, PAID $0.00 33(of Parcel B) 201-1530-022 03-350 $318.71, PAID $0.00 $318.71, PAID $0.00 63(of Parcel B) 201-1550-001 03-350 $283.66, PAID $0.00 $283.66, PAID $0.00 64(of Parcel B) 201-1550-002 03-350 $281.87, PAID $0.00 $281.87, PAID $0.00 65(of Parcel B) 201-1550-003 03-350 $286.66, PAID $0.00 $286.66, PAID $0.00 1(of Parcel C) 201-1590-001 03-350 $281.06, PAID $0.00 $281.06, PAID $0.00 2(of Parcel C) 201-1590-002 03-350 $278.73, PAID $0.00 $278.73, PAID $0.00 3(of Parcel C) 201-1590-003 03-350 $278.73, PAID $0.00 $278.73, PAID $0.00 4(of Parcel C) 201-1590-004 03-350 $278.73, PAID $0.00 $278.73, PAID $0.00 5(of Parcel C) 201-1590-005 03-350 $278.73, PAID $0.00 $278.73, PAID $0.00 6(of Parcel C) 201-1590-006 03-437 $278.73,PAID $0.00 $278.73, PAID $0.00 7(of Parcel C) 201-1590-007 03-437 $278.73, PAID $0.00 $278.73, PAID $0.00 8(of Parcel C) 201-1590-008 03-437 $278.73, PAID $0.00 $278.73, PAID $0.00 9(of Parcel C) 201-1590-009 03-437 $278.73, PAID $0.00 $278.73, PAID $0.00 10(of Parcel C) 201-1590-010 03-437 $278.73, PAID $0.00 $278.73, PAID $0.00 11(of Parcel C) 201-1590-011 03-437 $278.73, PAID $0.00 $278.73, PAID $0.00 12(of Parcel C) 201-1590-012 03-437 $278.79, PAID $0.00 $278.73, PAID $0.00 13(of Parcel C) 201-1590-013 03-437 $278.73, PAID $0.00 $278.73, PAID $0.00 14(of Parcel C) 201-1590-014 03-437 $278.73, PAID $0.00 $278.73, PAID $0.00 15(of Parcel C) 201-1590-015 03-437 $278.73, PAID $0.00 $278.73, PAID $0.00 16(of Parcel C) 201-1590-016 03-437 $278.73, PAID $0.00 $278.73, PAID $0.00 17(of Parcel C) 201-1590-017 03-437 $278.73, PAID $0.00 $278.73, PAID $0.00 18(of Parcel C) 201-1590-018 03-437 $282.63, PAID $0.00 $282.63, PAID $0.00 26(of Parcel C) 201-1590-026 03-437 $278.71, PAID $0.00 $278.71, PAID $0.00 27(of Parcel C) 201-1590-027 03-350 $278.71, PAID $0.00 $278.71, PAID $0.00 28(of Parcel C) 201-1590-028 03-350 $278.71, PAID $0.00 $278.71, PAID $0.00 29(of Parcel C) 201-1590-029 03-350 $278.71, PAID $0.00 $278.71, PAID $0.00 30(of Parcel C) 201-1590-030 03-350 $278.71, PAID $0.00 $278.71, PAID $0.00 31(of Parcel C) 201-1590-031 03-350 $278.71, PAID $0.00 $278.71, PAID $0.00 32(of Parcel C) 201-1590-032 03-350 $278.71, PAID $0.00 $278.71, PAID $0.00 33(of Parcel C) 201-1590-033 03-350 $279.33, PAID $0.00 $279.33, PAID $0.00 34(of Parcel C) 201-1590-034 03-350 $280.13, PAID $0.00 $280.13, PAID $0.00 35(of Parcel C) 201-1590-035 03-350 $278.74, PAID $0.00 $278.74, PAID $0.00

Order Number: 624883ala (tc)
Page Number: 20

First American Title
36(of Parcel C) 201-1590-036 03-350 $278.73, PAID $0.00 $278.73, PAID $0.00 37(of Parcel C) 201-1590-037 03-350 $278.73, PAID $0.00 $278.73, PAID $0.00 38(of Parcel C) 201-1590-038 03-350 $279.28, PAID $0.00 $279.28, PAID $0.00 39(of Parcel C) 201-1590-039 03-350 $279.28, PAID $0.00 $279.28, PAID $0.00 40(of Parcel C) 201-1590-040 03-350 $279.27, PAID $0.00 $279.27, PAID $0.00 41(of Parcel C) 201-1590-041 03-350 $279.27, PAID $0.00 $279.27, PAID $0.00 1(of Parcel D) 201-1540-026 03-350 $248.88, PAID $0.00 $248.88, PAID $0.00 2(of Parcel D) 201-1540-027 03-350 $248.09, PAID $0.00 $248.09, PAID $0.00 3(of Parcel D) 201-1540-028 03-350 $248.09, PAID $0.00 $248.09, PAID $0.00 4(of Parcel D) 201-1540-029 03-350 $248.09, PAID $0.00 $248.09, PAID $0.00 5(of Parcel D) 201-1540-030 03-350 $248.09,PAID $0.00 $248.09, PAID $0.00 6(of Parcel D) 201-1540-031 03-350 $248.09, PAID $0.00 $248.09, PAID $0.00 7(of Parcel D) 201-1600-001 03-350 $248.09, PAID $0.00 $248.09, PAID $0.00 8(of Parcel D) 201-1600-002 03-350 $248.09, PAID $0.00 $248.09, PAID $0.00 9(of Parcel D) 201-1600-003 03-350 $248.09, PAID $0.00 $248.09, PAID $0.00 10(of Parcel D) 201-1600-004 03-350 $248.09, PAID $0.00 $248.09, PAID $0.00 11(of Parcel D) 201-1600-005 03-350 $248.09, PAID $0.00 $248.09, PAID $0.00 12(of Parcel D) 201-1600-006 03-350 $248.28, PAID $0.00 $248.28, PAID $0.00 13(of Parcel D) 201-1600-007 03-350 $249.00, PAID $0.00 $249.00, PAID $0.00 14(of Parcel D) 201-1600-008 03-350 $248.07, PAID $0.00 $248.07, PAID $0.00 15(of Parcel D) 201-1600-009 03-350 $249.00, PAID $0.00 $249.00, PAID $0.00 16(of Parcel D) 201-1600-010 03-350 $248.24, PAID $0.00 $248.24, PAID $0.00 17(of Parcel D) 201-1600-011 03-350 $248.17, PAID $0.00 $248.17, PAID $0.00 18(of Parcel D) 201-1600-012 03-350 $248.24, PAID $0.00 $248.24, PAID $0.00 19(of Parcel D) 201-1600-013 03-350 $247.56, PAID $0.00 $247.56, PAID $0.00 20(of Parcel D) 201-1600-014 03-350 $248.08, PAID $0.00 $248.08, PAID $0.00 21(of Parcel D) 201-1540-032 03-350 $248.08, PAID $0.00 $248.08, PAID $0.00 22(of Parcel D) 201-1540-033 03-350 $248.08, PAID $0.00 $248.08, PAID $0.00 23(of Parcel D) 201-1540-034 03-350 $248.08, PAID $0.00 $248.08, PAID $0.00 24(of Parcel D) 201-1540-035 03-350 $248.07, PAID $0.00 $248.07, PAID $0.00 25(of Parcel D) 201-1540-036 03-350 $250.42, PAID $0.00 $250.42, PAID $0.00 26(of Parcel D) 201-1540-037 03-350 $251.18, PAID $0.00 $251.18, PAID $0.00 27(of Parcel D) 201-1540-038 03-350 $249.53, PAID $0.00 $249.53, PAID $0.00

Order Number: 624883ala (tc)
Page Number: 21

First American Title
28(of Parcel D) 201-1540-039 03-350 $248.30, PAID $0.00 $248.30, PAID $0.00 29(of Parcel D) 201-1540-040 03-350 $248.26, PAID $0.00 $248.26, PAID $0.00 30(of Parcel D) 201-1540-041 03-350 $248.12, PAID $0.00 $248.12, PAID $0.00 31(of Parcel D) 201-1540-042 03-350 $247.56, PAID $0.00 $247.56, PAID $0.00 32(of Parcel D) 201-1540-043 03-350 $247.55, PAID $0.000 $247.55, PAID $0.00 33(of Parcel D) 201-1540-044 03-350 $247.55, PAID $0.00 $247.55, PAID $0.00 34(of Parcel D) 201-1540-045 03-350 $249.61, PAID $0.00 $249.61, PAID $0.00 35(of Parcel D) 201-1540-046 03-350 $248.96, PAID $0.00 $248.96, PAID $0.00 36(of Parcel D) 201-1540-047 03-350 $249.03, PAID $0.00 $249.03, PAID $0.00 37(of Parcel D) 201-1540-048 03-350 $248.13, PAID $0.00 $248.13, PAID $0.00 38(of Parcel D) 201-1540-049 03-350 $248.13, PAID $0.00 $248.13, PAID $0.00 39(of Parcel D) 201-1540-050 03-350 $248.20, PAID $0.00 $248.20, PAID $0.00 40(of Parcel D) 201-1540-051 03-350 $249.69, PAID $0.00 $249.69, PAID $0.00 41(of Parcel D) 201-1540-052

03-350 $249.77, PAID $0.00 $249.77,PAID $0.00
42(of Parcel D) 201-1540-053 03-350 $248.17, PAID $0.00 $248.17, PAID $0.00 43(of Parcel D) 201-1540-054 03-350 $250.47, PAID $0.00 $250.47, PAID $0.00 44(of Parcel D) 201-1540-055 03-350 $249.55, PAID $0.00 $249.55, PAID $0.00 45(of Parcel D) 201-1540-056 03-350 $248.07, PAID $0.00 $248.07, PAID $0.00 46(of Parcel D) 201-1540-057 03-350 $248.15, PAID $0.00 $248.15, PAID $0.00 47(of Parcel D) 201-1540-058 03-350 $248.07, PAID $0.00 $248.07, PAID $0.00 48(of Parcel D) 201-1540-059 03-350 $248.07, PAID $0.00 $248.07, PAID $0.00 49(of Parcel D) 201-1540-060 03-350 $248.28, PAID $0.00 $248.28, PAID $0.00 50(of Parcel D) 201-1540-061 03-350 $248.27, PAID $0.00 $248.27, PAID $0.00 51(of Parcel D) 201-1600-015 03-350 $248.27, PAID $0.00 $248.27, PAID $0.00 52(of Parcel D) 201-1600-016 03-350 $248.93, PAID $0.00 $248.93, PAID $0.00 53(of Parcel D) 201-1600-017 03-350 $248.97, PAID $0.00 $248.97, PAID $0.00 1(of Parcel E) 201-1570-001 03-350 $329.79, PAID $0.00 $329.79, PAID $0.00 2(of Parcel E) 201-1570-002 03-350 $324.80, PAID $0.00 $324.80, PAID $0.00 3(of Parcel E) 201-1570-003 03-350 $327.38, PAID $0.00 $327.38, PAID $0.00 4(of Parcel E) 201-1570-004 03-350 $325.56, PAID $0.00 $325.56, PAID $0.00 5(of Parcel E) 201-1570-005 03-350 $322.92, PAID $0.00 $322.92, PAID $0.00 6(of Parcel E) 201-1570-006 03-350 $322.92, PAID $0.00 $322.92, PAID $0.00

Order Number: 624883ala (tc)
Page Number: 22

First American Title
7(of Parcel E) 201-1570-007 03-350 $323.70, PAID $0.00 $323.70, PAID $0.00 8(of Parcel E) 201-1570-008 03-350 $324.91, PAID $0.00 $324.91, PAID $0.00 9(of Parcel E) 201-1570-009 03-350 $326.57, PAID $0.00 $326.57, PAID $0.00 10(of Parcel E) 201-1570-010 03-350 $327.51, PAID $0.00 $327.51, PAID $0.00 11(of Parcel E) 201-1570-011 03-350 $326.38, PAID $0.00 $326.38, PAID $0.00 12(of Parcel E) 201-1570-012 03-350 $324.85, PAID $0.00 $324.85, PAID $0.00 13(of Parcel E) 201-1570-013 03-350 $323.64, PAID $0.00 $323.64, PAID $0.00 14(of Parcel E) 201-1570-014 03-350 $322.92, PAID $0.00 $322.92, PAID $0.00 15(of Parcel E) 201-1570-015 03-350 322-92, PAID $0.00 $322.92, PAID $0.00 16(of Parcel E) 201-1570-016 03-350 $328.63, PAID $0.00 $328.63, PAID $0.00 17(of Parcel E) 201-1570-017 03-350 $327.51, PAID $0.00 $327.51, PAID $0.00 18(of Parcel E) 201-1570-018 03-350 $329.80, PAID $0.00 $329.80, PAID $0.00 19(of Parcel E) 201-1570-019 03-350 $330.98, PAID $0.00 $330.98, PAID $0.00 20(of Parcel E) 201-1570-020 03-350 $328.71, PAID $0.00 $328.71, PAID $0.00 21(of Parcel E) 201-1570-021 03-350 $325.71, PAID $0.00 $325.71, PAID $0.00 22(of Parcel E) 201-1570-022 03-350 $327.40, PAID $0.00 $327.40, PAID $0.00 23(of Parcel E) 201-1570-023 03-350 $324.71, PAID $0.00 $324.71, PAID $0.00 24(of Parcel E) 201-1570-024 03-350 $329.95, PAID $0.00 $329.95, PAID $0.00 25(of Parcel E) 201-1570-025 03-350 $331.05, PAID $0.00 $331.05, PAID $0.00 26(of Parcel E) 201-1570-026 03-350 $325.79, PAID $0.00 $325.79, PAID $0.00 27(of Parcel E) 201-1570-027 03-350 $325.56, PAID $0.00 $325.56, PAID $0.00 28(of Parcel E) 201-1570-028 03-350 $324.95, PAID $0.00 $324.95, PAID $0.00 29(of Parcel E) 201-1570-029 03-350 $330.88, PAID $0.00 $330.88, PAID $0.00 30(of Parcel E) 201-1570-030 03-350 $322.92, PAID $0.00 $322.92, PAID $0.00 31(of Parcel E) 201-1570-031 03-350 $322.92, PAID $0.00 $322.92, PAID $0.00 32(of Parcel E) 201-1570-032 03-350 $325.56, PAID $0.00 $325.56, PAID $0.00 33(of Parcel E) 201-1570-033 03-350 $325.70, PAID $0.00 $325.70, PAID $0.00 34(of Parcel E) 201-1570-034 03-350 $323.59, PAID $0.00 $323.59, PAID $0.00 35(of Parcel E) 201-1570-035 03-350 $323.59, PAID $0.00 $323.59, PAID $0.00 36(of Parcel E) 201-1570-036 03-350 $323.63, PAID $0.00 $323.63, PAID $0.00 37(of Parcel E) 201-1570-037 03-350 $324.76, PAID $0.00 $324.76, PAID $0.00 38(of Parcel E) 201-1570-038 03-350 $326.45, PAID $0.00 $326.45, PAID $0.00 39(of Parcel E) 201-1570-039 03-350 $329.88, PAID $0.00 $329.88, PAID $0.00

Order Number: 624883ala (tc)
Page Number: 23

First American Title
40(of Parcel E) 201-1570-040 03-350 $324.76, PAID $0.00 $324.76, PAID $0.00 41(of Parcel E) 201-1570-041 03-350 $323.70, PAID $0.00 $323.70, PAID $0.00 42(of Parcel E) 201-1570-042 03-350 $323.72, PAID $0.00 $323.72, PAID $0.00 43(of Parcel E) 201-1570-043 03-350 $326.60, PAID $0.00 $326.60, PAID $0.00 44(of Parcel E) 201-1570-044 03-350 $323.63, PAID $0.00 $323.63, PAID $0.00 45(of Parcel E) 201-1570-045 03-350 $323.68, PAID $0.00 $323.68, PAID $0.00 46(of Parcel E) 201-1570-046 03-350 $323.95, PAID $0.00 $323.95, PAID $0.00 1(of Parcel F) 201-1580-001 03-350 $371.76, PAID $0.00 $371.76, PAID $0.00 2(of Parcel F) 201-1580-002 03-350 $371.00, PAID $0.00 $371.00, PAID $0.00 3(of Parcel F) 201-1580-003 03-350 $373.89, PAID $0.00 $373.89, PAID $0.00 4(of Parcel F) 201-1580-004 03-350 $371.00, PAID $0.00 $371.00, PAID $0.00 5(of Parcel F) 201-1580-005 03-350 $371.00, PAID $0.00 $371.00, PAID $0.00 6(of Parcel F) 201-1580-006 03-350 $371.00, PAID $0.00 $371.00, PAID $0.00 7(of Parcel F) 201-1580-007 03-350 $371.00, PAID $0.00 $371.00, PAID $0.00 8(of Parcel F) 201-1580-008 03-350 $371.00, PAID $0.00 $371.00, PAID $0.00 9(of Parcel F) 201-1580-009 03-350 $371.00, PAID $0.00 $371.00, PAID $0.00 10(of Parcel F) 201-1580-010 03-350 $370.86, PAID $0.00 $370.86, PAID $0.00 11(of Parcel F) 201-1580-011 03-350 $370.86, PAID $0.00 $370.86, PAID $0.00 12(of Parcel F) 201-1580-012 03-350 $370.86, PAID $0.00 $370.86, PAID $0.00 13(of Parcel F) 201-1580-013 03-350 $370.83, PAID $0.00 $370.83, PAID $0.00 14(of Parcel F) 201-1580-014 03-350 $371.62, PAID $0.00 $371.62, PAID $0.00 15(of Parcel F) 201-1580-015 03-350 $373.91, PAID $0.00 $373.91, PAID $0.00 16(of Parcel F) 201-1580-016 03-350 $372.66, PAID $0.00 $372.66, PAID $0.00 17(of Parcel F) 201-1580-017 03-350 $372.72, PAID $0.00 $372.72, PAID $0.00 18(of Parcel F) 201-1580-018 03-350 $376.14, PAID $0.00 $376.14, PAID $0.00 19(of Parcel F) 201-1580-019 03-350 $386.91, PAID $0.00 $386.91, PAID $0.00 20(of Parcel F) 201-1580-020 03-350 $386.80, PAID $0.00 $386.80, PAID $0.00 21(of Parcel F) 201-1580-021 03-350 $371.73, PAID $0.00 $371.73, PAID $0.00 22(of Parcel F) 201-1580-022 03-350 $371.79, PAID $0.00 $371.79, PAID $0.00 23(of Parcel F) 201-1580-023 03-350 $373.81, PAID $0.00 $373.81, PAID $0.00 24(of Parcel F) 201-1580-024 03-350 $372.64, PAID $0.00 $372.64, PAID $0.00 25(of Parcel F) 201-1580-025 03-350 $371.63, PAID $0.00 $371.63, PAID $0.00 26(of Parcel F) 201-1580-026 03-350 $371.84, PAID $0.00 $371.84, PAID $0.00

Order Number: 624883ala (tc)
Page Number: 24

First American Title
27(of Parcel F) 201-1580-027 03-350 $372.49, PAID $0.00 $372.49, PAID $0.00 28(of Parcel F) 201-1580-028 03-350 $373.81, PAID $0.00 $373.81. PAID $0.00 29(of Parcel F) 201-1580-029 03-350 $372.78, PAID $0.00 $372.78, PAID $0.00 30(of Parcel F) 201-1580-030 03-350 $375.05, PAID $0.00 $375.05, PAID $0.00 31(of Parcel F) 201-1580-031 03-350 $371.01, PAID $0.00 $371.01, OEPN $0.00 32(of Parcel F) 201-1580-023 03-350 $375.08, PAID $0.00 $375.05, PAID $0.00 33(of Parcel F) 201-1580-033 03-350 $370.81, PAID $0.00 $370.81, PAID $0.00 34(of Parcel F) 201-1580-034 03-350 $370.81, PAID $0.00 $370.81, PAID $0.00 35(of Parcel F) 201-1580-035 03-350 $372.65, PAID $0.00 $372.65, PAID $0.00 36(of Parcel F) 201-1580-036 03-350 $374.95, PAID $0.00 $374.95,PAID $0.00 37(of Parcel F) 201-1580-037 03-350 $373.88, PAID $0.00 $373.88, PAID $0.00 38(of Parcel F) 201-1580-038 03-350 $376.28, PAID $0.00 $376.28, PAID $0.00 39(of Parcel F) 201-1580-039 03-350 $373.79, PAID $0.00 $373.79, PAID $0.00 40(of Parcel F) 201-1580-040 03-350 $374.99, PAID $0.00 $374.99, PAID $0.00 41(of Parcel F) 201-1580-041 03-350 $371.04,PAID $0.00 $371.04, PAID $0.00 42(of Parcel F) 201-1580-042 03-350 $372.78, PAID $0.00 $372.78, PAID $0.00 43(of Parcel F) 201-1580-043 03-350 $370.91, PAID $0.00 $370.91, PAID $0.00 44(of Parcel F) 201-1580-044 03-350 $370.82, PAID $0.00 $370.82, PAID $0.00 45(of Parcel F) 201-1580-045 03-350 $370.83, PAID $0.00 $370.83, PAID $0.00 46(of Parcel F) 201-1580-046 03-350 $373.95, PAID $0.00 $373.95, PAID $0.00 47(of Parcel F) 201-1580-047 03-350 $384.61, PAID $0.00 $384.61, PAID $0.00 48(of Parcel F) 201-1580-048 03-350 $373.91, PAID $0.00 $373.91, PAID $0.00 49(of Parcel F) 201-1580-049 03-350 $370.81, PAID $0.00 $370.81, PAID $0.00 50(of Parcel F) 201-1580-050 03-350 $370.81, PAID $0.00 $370.81, PAID $0.00 51(of Parcel F) 201-1580-051 03-350 $370.81, PAID $0.00 $370.81, PAID $0.00 52(of Parcel F) 201-1580-052 03-350 $370.81, PAID $0.00 $370.81, PAID $0.00 53(of Parcel F) 201-1580-053 03-350 $370.81, PAID $0.00 $370.81, PAID $0.00 54(of Parcel F) 201-1580-054 03-350 $370.81, PAID $0.00 $370.81,PAID $0.00 55(of Parcel F) 201-1580-055 03-350 $370.81, PAID $0.00 $370.81, PAID $0.00 56(of Parcel F) 201-1580-056 03-350 $370.81, PAID $0.00 $370.81, PAID $0.00 57(of Parcel F) 201-1580-057 03-350 $370.81, PAID $0.00 $370.81, PAID $0.00 58(of Parcel F) 201-1580-058 03-350 $370.81, PAID $0.00 $370.81, PAID $0.00 59(of Parcel F) 201-1580-059 03-350 $373.35, PAID $0.00 $373.35, PAID $0.00

Order Number: 624883ala (tc)
Page Number: 25

First American Title
A(of Parcel F) 201-1580-060 03-350 $7.05, PAID $0.00 $7.05, PAID $0.00 B(of Parcel F) 201-1580-061 03-350 $7.14, PAID $0.00 $7.14, PAID $0.00 C(of Parcel F) 201-1580-062 03-350 $9.30, PAID $0.00 $9.30, PAID $0.00 Portion of
Parcel I
201-1510-038 03-350 $10,667.42, PAID $0.00 $10,667.42, PAID $0.00 Portion of
Parcel I
201-1510-039 03-350 $14,657.65, PAID $0.00 $14,657.65, PAID $0.00 Portion of
Parcel J
201-1510-015 03-350 $5,053.01, PAID $0.00 $5,053.01, PAID $0.00 Portion of
Parcel J
201-1510-036 03-350 $11,386.36, PAID $0.00 $11,386.36, PAID $0.00 Portion of
Parcel J
201-1510-037 03-350 $17,497.52, PAID $0.00 $17,497.52, PAID $0.00 Portion of
Parcel K
201-0300-179 03-350 $9,969.43, PAID $0.00 $9,969.43, PAID $0.00 Portion of
Parcel K
201-0300-184 03-350 $22,151.52, PAID $0.00 $22,151.52, PAID $0.00 Portion of
Parcel K
201-1490-037 03-350 $12,047.77, PAID $0.00 $12,047.77, PAID $0.00

2. The property covered by this report is vacant land.

3. According to the public records, there has been no conveyance of the land within a period of twenty- four months prior to the date of this report, except as follows:

None

4. We find no outstanding voluntary liens of record affecting subject property. Disclosure should be made concerning the existence of any unrecorded lien or other indebtedness which could give rise to any possible security interest in the subject property.

5. It appears that a work of improvement is in progress or recently completed on the land. The Company will require various documents and information, including but not limited to a completed mechanics' lien risk analysis, construction contract(s), lien waivers, loan agreement, disbursement information, executed indemnity agreement and current financial information from proposed indemnitors, in order to determine whether mechanics' lien insurance can be issued. Other requirements may be made following the review of such documents and information. (Affects Parcel I of Parcel A)
The map attached, if any, may or may not be a survey of the land depicted hereon. First American expressly disclaims any liability for loss or damage which may result from reliance on this map except to the extent coverage for such loss or damage is expressly provided by the terms and provisions of the title insurance policy, if any, to which this map is attached.

Order Number: 624883ala (tc)
Page Number: 26

First American Title

LEGAL DESCRIPTION

Real property in the City of Sacramento, County of Sacramento, State of California, described as follows:

PARCEL A:

PARCELS 2 THROUGH 6, 8 THROUGH 14, 16 THROUGH 18, 20 AND 21, INCLUSIVE AND A THROUGH H, INCLUSIVE, AS SHOWN ON THE MAP ENTITLED “MASTER PARCEL MAP OF GREENBRIAR PHASE 2 SUBDIVISION NO. P18-050" FILED FOR RECORD ON DECEMBER 20, 2021, IN BOOK 246 OF MAPS, AT PAGE 7, SACRAMENTO COUNTY RECORDS.

EXCEPTING FROM PARCELS 2, 3, 4, 5, 6, 8, 9, 10, 11, 12, 13, 18 AND 19 THOSE PORTION LYING WITHIN THE FOLLOWING MAPS:

FINAL MAP OF GREENBRIAR PHASE 2, VILLAGE SOUTH, RECORDED AS BOOK 440 OF MAPS, AT PAGE 1; FINAL MAP OF GREENBRIAR PHASE 2, VILLAGE 5, RECORDED AS BOOK 440 OF MAPS, AT PAGE 2; FINAL MAP OF GREENBRIAR PHASE 2, VILLAGE 1A, RECORDED AS BOOK 442 OF MAPS, AT PAGE 15; FINAL MAP OF GREENBRIAR PHASE 2, VILLAGE 17, RECORDED AS BOOK 442 OF MAPS, AT PAGE 16; FINAL MAP OF GREENBRIAR PHASE 2, VILLAGE 18, RECORDED AS BOOK 443 OF MAPS, AT PAGE 1; FINAL MAP OF GREENBRIAR PHASE 2, VILLAGE 10, RECORDED AS BOOK 454 OF MAPS, AT PAGE 3; FINAL MAP OF GREENBRIAR PHASE 2, VILLAGE 6, RECORDED AS BOOK 454 OF MAPS, AT PAGE 4;

EXCEPTING THEREFROM ALL OIL, OIL RIGHTS, MINERALS, MINERAL LIGHTS, NATURAL GAS, NATURAL

GAS RIGHTS, AND OTHER HYDROCARBONS BY WHATSOEVER NAME KNOWN THAT MAY BE WITHIN OR

UNDER THE PARCEL OF LAND HEREINABOVE DESCRIBED, TOGETHER WITH THE PERPETUAL RIGHT OF

DRILLING, MINING, EXPLORING AND OPERATING THEREFORE AND REMOVING THE SAME FROM SAID

LAND OR ANY OTHER LAND, INCLUDING THE RIGHT TO WHIPSTOCK OR DIRECTIONALLY DRILL AND

MINE FROM LANDS OTHER THAN THOSE HEREINABOVE DESCRIBED, OIL OR GAS WELLS, TUNNELS

AND SHAFTS INTO, THROUGH OR ACROSS THE SUBSURFACE OF THE LAND HEREINABOVE DESCRIBED,

AND TO BOTTOM SUCH WHIPSTOCKED OR DIRECTIONALLY DRILLED WELLS, TUNNELS AND SHAFTS

UNDER AND BENEATH OR BEYOND THE EXTERIOR LIMITS THEREOF, AND TO REDRILL, RETUNNEL,

EQUIP, MAINTAIN, REPAIR, DEEPEN AND OPERATE ANY SUCH WELLS OR MINES, WITHOUT, HOWEVER, THE RIGHT TO DRILL, MINE, EXPLORE AND OPERATE THROUGH THE SURFACE OR THE UPPER 100

FEET OF THE SUBSURFACE OF THE LAND HEREINABOVE DESCRIBED OR OTHERWISE SUCH MANNER

AS TO ENDANGER THE SAFETY OF ANY HIGHWAY THAT MAY BE CONSTRUCTED ON SAID LANDS, AS EXCEPTED IN THE DEED TO THE STATE OF CALIFORNIA, RECORDED AUGUST 6, 1965, IN BOOK 5301, PAGE 601, OFFICIAL RECORDS AND AS EXCEPTED IN THE FINAL ORDER OF CONDEMNATION OF THE STATE OF CALIFORNIA, RECORDED APRIL 11, 1967, IN BOOK 67-04-11, PAGE 373, OFFICIAL RECORDS, AS TO PORTIONS OF THE DESIGNATED REMAINDER.

FURTHER EXCEPTING THEREFROM AN UNDIVIDED ONE-HALF INTEREST IN ALL OIL, GAS AND MINERAL AND OTHER HYDROCARBON SUBSTANCES BELOW 500 FEET FROM THE SURFACE OF SAID LAND, AS

RESERVED IN THE DEED FROM CROCKER NATIONAL BANK, A NATIONAL BANKING ASSOCIATION TO PHILIP B. WALLACE AND BARBARA L. WALLACE, HIS WIFE, RECORDED MARCH 31, 1980 IN BOOK 800331, PAGE 1114, OFFICIAL RECORDS, SACRAMENTO COUNTY, AS TO PORTION OF THE DESIGNATED REMAINDER. A QUITCLAIM DEED RELEASING ALL RIGHTS TO ENTRY OF THE SURFACE OF SAID LANDS, RECORDED DECEMBER 31, 1984, IN BOOK 841231, AT PAGE 2729, OFFICIAL RECORDS.

FURTHER EXCEPTING THEREFROM ALL OIL, GAS AND OTHER HYDROCARBON SUBSTANCES, INERT GASES, MINERALS, AND METALS, LYING BELOW A DEPTH OF 500 FEET FROM THE SURFACE OF SAID

LAND AND REAL PROPERTY, WHETHER NOW KNOWN TO EXIST OR HEREAFTER DISCOVERED,

Order Number: 624883ala (tc)
Page Number: 27

First American Title

INCLUDING BUT NOT LIMITED TO THE RIGHTS TO EXPLORE FOR, DEVELOP, AND REMOVE SUCH OIL,

GAS AND OTHER HYDROCARBON SUBSTANCES, INERT GASES, MINERALS AND METALS WITHOUT HOWEVER ANY RIGHT TO USE THE SURFACE OF SUCH LAND.

PARCEL B:

LOTS 5, 6, 30 THROUGH 33, 63 THROUGH 65 AND A THROUGH F, AS SHOWN UPON THAT CERTAIN MAP ENTITLED "FINAL MAP OF GREENBRIAR PHASE 2, VILLAGE SOUTH", FILED IN THE OFFICE OF THE COUNTY RECORDER OF THE COUNTY OF SACRAMENTO, STATE OF CALIFORNIA ON AUGUST 1, 2022, IN BOOK 440 OF MAPS, AT PAGE 1.