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ARTICLE 1-STATEMENT OF FACTS <br />1.01 Property Description. The Property, totaling approximately 48 acres, is a currently unoccupied <br />rectangular parcel of land being developed with improvements consisting of an approximately <br />870,000' ft2 commercial/light industrial structure intended for use for warehouse/distribution <br />purposes and associated paved parking. The Property is depicted in Exhibit Al and described <br />in Exhibit BI, respectively. The Property address is 17100 Murphy Parkway, Lathrop, and is <br />located in an industrial area of Lathrop. The Property is bordered by commercial use properties <br />to the east (J.R. Simplot Company; 16777, 16681 Howland Rd.), and west (former <br />Cogeneration Plant; 17200 Murphy Pkwy.). The south side of the Property is bordered by <br />several business park properties that lease space to commercial/industrial business (401, 501, <br />601, 701, 901 D'Arcy Pkwy.). The northern boundary of the Property is bordered by the <br />remaining former Pilkington North America (PNA) property which continues north until it <br />reaches East Louise Avenue ("Pilkington Site"). PNA and its predecessor (Libby -Owens -Ford) <br />operated a safety and security glass manufacturing facility on the Pilkington Site from 1960 to <br />2014. The factory was demolished in late 2015. PNA acquired the Pilkington Site, along with <br />the glass manufacturing furnace thereon, and the Property from Libby -Owens -Ford Company <br />in 1986. The Pilkington Site and the Property were purchased in early 2015 for redevelopment <br />by a consortium of several entities and managed by Reynold's and Brown. In 2018, the <br />Property was acquired by AHST 53, LLC as a reverse exchange intermediary for PW Fund B, <br />LP, and then conveyed to PW Fund B, LP, who conveyed the Property to the Covenantor for <br />the purpose of constructing a commercial warehouse. <br />1.02 Soil and Groundwater Conditions. Remedial investigations at the Property have identified <br />elevated levels of arsenic, lead, chromium, dioxins and furans, polychlorinated biphenyl, total <br />dissolved solids, nitrates, and mid -range to heavy petroleum hydrocarbons. The following <br />reports (each with extensive appendices documenting site history, remediation activities and <br />closure) are available at the State Water Board's GeoTracker internet database (Site ID# <br />110000012317) at the following links: <br />Site Assessment Report, 21 June 2018, Advanced GeoEnvironmental, <br />https://qeotracker.waterboa rds.ca.gov/view documents?qloba I id=T1 000001231 7&docu ment <br />id=5979093, <br />Clean Closure Plan, 21 June 2018, Advanced GeoEnvironmental, <br />https://geotracker.waterboards.ca.qov/view documents?global id=T1 000001231 7&document <br />id=5979094; and <br />Verification Report, 14 December2018, Brusca Associates, Inc., <br />https://qeotracker.waterboa rds .ca qov/view documents?q lobal id=T1 000001231 7&enforceme <br />nt id=6409564 <br />A copy of the Regional Water Board's letter dated December 5, 2018, attached hereto as Exhibit C, <br />provides further information regarding the remedial investigations and actions at the Property. <br />Waste <br />Waste from the North and South Waste cells on the Property has been excavated and removed from <br />the Property. Glass waste from Waste Unit I on the Property has been consolidated in cement <br />treated subgrades beneath the westerly approximate one-half of the building pad and beneath