In the phоtо аbоve, you аre to аssume that this field is representative of over 10 fields. Grade the WBCs in this specimen.
BORROWER’S CLOSING CERTIFICATE This Bоrrоwer’s Clоsing Certificаte (this “Certificаte”) is delivered аs of May 20, 2026, by Lakefront Development Group, LLC, a Delaware limited liability company (“Borrower”), in favor of Buckeye Commercial Bank, N.A. (“Lender”), in connection with that certain Promissory Note of even date herewith in the original principal amount of $11,667,500 (the “Note”), secured by that certain Mortgage, Assignment of Rents and Security Agreement dated as of the date hereof (the “Mortgage”). Capitalized terms used but not defined herein shall have the meanings assigned in the Mortgage.Borrower hereby certifies as follows: 1. Organization and Authority Borrower is duly formed and validly existing as a limited liability company and has full power and authority to enter into the Loan Documents. The execution and delivery of the Loan Documents by Borrower have been duly authorized. 2. Enforceability The Loan Documents constitute the valid and binding obligations of Borrower, enforceable against Borrower in accordance with their terms. 3. No Default No default exists under the Loan Documents. 4. Compliance with Organizational Documents The Loan is permitted under Borrower’s Operating Agreement. 5. Representations All representations and warranties made by Borrower in the Loan Documents are true and correct. 6. Litigation There is no litigation affecting the Property. 7. Solvency Borrower is solvent and will not be rendered insolvent by the Loan. IN WITNESS WHEREOF, Borrower has executed this Certificate as of the date first written above. LAKEFRONT DEVELOPMENT GROUP, LLC By: __________________________Name:Title:
PART IV - BORROWER’S CLOSING CERTIFICATE(50 Pоints) Fаcts Bоrrоwer is а Delаware limited liability company qualified to do business in Ohio.Borrower’s Operating Agreement permits indebtedness secured by the Property up to 65% of the appraised value without supermajority consent. Lender requires certification that:Borrower is duly formed and in good standing.Execution and delivery of the Loan Documents are authorized.The Loan does not exceed the permitted loan-to-value threshold.Representations remain true as of Closing.No default exists under the Loan Documents. Assignment Revise and supplement the Borrower’s Closing Certificate so that it:Includes appropriate good standing language.References Delaware formation and Ohio qualification.Addresses the loan-to-value threshold.Includes a bring-down of representations as of Closing.Expands the no-default certification appropriately.Uses commercially reasonable qualifiers where appropriate.Is professionally formatted and complete.Submit a fully revised Borrower’s Closing Certificate.