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5 exceptions reviewed · 2 acceptable · 3 need review · 0 resolved

Title Commitment

Property

1200 Market Street, Philadelphia, PA 19107

Effective Date

February 15, 2026

Policy Amount

$24,500,000.00

Underwriter

First American Title Insurance Company

Schedule B-1 — Requirements

1. Satisfactory evidence of authority of entity to convey title (certificate of good standing, resolutions)2. Execution and delivery of deed conveying fee simple title to proposed insured3. Payment of all real estate transfer taxes due in connection with the conveyance4. Release or subordination of existing mortgage held by JPMorgan Chase Bank, N.A. recorded at Book 4521, Page 8925. Evidence that all real estate taxes and municipal charges are paid through the current fiscal year6. Survey acceptable to the Company, certified to proposed insured and lender

Schedule B-2 — Exceptions

Exception #1Easement

LOW RISK

Book 1245, Page 334 · Recorded June 12, 1978

Utility easement granted to Philadelphia Electric Company (now PECO Energy) for underground electrical conduit along the northern boundary of the property, 10 feet in width.

Resolution:

Exception #2Restriction

MEDIUM RISK

Book 2890, Page 112 · Recorded March 3, 1985

Declaration of restrictive covenants limiting building height to 250 feet and requiring setback of 15 feet from Market Street. Filed by original developer, Broad Street Associates.

Resolution:

Exception #3Easement

LOW RISK

Book 3102, Page 567 · Recorded September 21, 1992

Reciprocal access easement with adjacent property at 1204 Market Street for shared loading dock and service entrance at rear of building.

Resolution:

Exception #4Lien

HIGH RISK

Book 5678, Page 23 · Recorded November 8, 2024

Mechanics lien filed by Keystone Construction Inc. in the amount of $342,000 for unpaid general contracting work on 12th floor office renovation.

Resolution:

Exception #5Encumbrance

MEDIUM RISK

Book 4521, Page 892 · Recorded January 15, 2020

Mortgage and security agreement in favor of JPMorgan Chase Bank, N.A. securing a loan in the original principal amount of $18,000,000.

Resolution: