April 20, 2005 - LoopNet



PHASE I ENVIRONMENTAL SITE ASSESSMENT

Project No.: 1448-13

Date: December 15, 2017

Client: Fixed Income Investments

1122 Sycamore Avenue

Las Vegas, NV 89107

Project: Goldhill Estates

NWC Goldhill Road and Edgemont Drive

Henderson, Las Vegas, Nevada

As requested, DLC Consulting has completed our Phase I Environmental Site Assessment (Phase I ESA) in accordance with our proposal. The purpose of the Phase I ESA was to evaluate the Site of recognized environmental conditions as defined by the American Society of Testing and Materials (ASTM), Standard Practice E 1527-13.

This assessment included a site reconnaissance as well as research and interviews with representatives of the public, property management, and regulatory agencies. An assessment was made, conclusions stated, and recommendations outlined.

We appreciate the opportunity to provide environmental services to you. If you have any questions concerning this report, or if we can assist you in any other matter, please contact me personally at (702) 994-7419.

Respectfully,

Michael Payne, C.E.M.

Principal Scientist

TABLE OF CONTENTS

|Content |Page |

|Executive Summary |1 |

|Conclusions |1 |

|Recommendations |1 |

|1.0 INTRODUCTION |2 |

|1.1 Purpose |2 |

|1.2 Scope of Services |2 |

|1.3 Assumptions |3 |

|1.4 Limitations and Exceptions |3 |

|1.5 Special Terms and Conditions |3 |

|1.6 Use Reliance |3 |

|2.0 SITE DESCRIPTION |4 |

|2.1 User Provided Information |4 |

|2.2 Location and Legal Description |4 |

|2.3 Site and Vicinity General Characteristics |5 |

|2.4 Current Use of the Property |5 |

|2.5 Description of Site Improvements |5 |

|2.6 Current Use of Adjoining Properties |5 |

|3.0 RECORDS REVIEW |6 |

|3.1 Standard Environmental Record Sources |6 |

|3.1.1 State and Federal Regulatory Review |6 |

|3.1.2 Local Regulatory Review |9 |

|3.2 Physical Setting Sources |10 |

|3.2.1 Topography |10 |

|3.2.2 Soils/Geology |10 |

|3.2.3 Hydrology |10 |

|3.2.4 Flood Zone Information |10 |

|3.2.5 Oil and Gas Exploration |10 |

|3.3 Historical Use Information |10 |

|3.3.1 Aerial Photographs |10 |

|3.3.2 Fire Insurance Maps |11 |

|3.3.3 City Directories |11 |

|3.3.4 Chain of Title |11 |

|3.3.5 Additional Environmental Record/Map Sources |11 |

|3.3.6 Historical Use Information on Adjoining Properties |11 |

|4.0 SITE RECONNAISSANCE |13 |

|4.1 General Site Characteristics |13 |

|4.1.1 Solid Waste Disposal |13 |

|4.1.2 Surface Water Drainage |13 |

|4.1.3 Wells and Cisterns |13 |

|4.1.4 Wastewater |13 |

|4.1.5 Additional Site Observations |13 |

TABLE OF CONTENTS (continued)

|Content |Page |

|4.2 Potential Environmental Conditions |13 |

|4.2.1 Hazardous Materials and Petroleum Products |13 |

|Used or Stored at the Site | |

|4.2.2 Evidence of Releases |13 |

|4.2.3 Polychlorinated Biphenyls (PCBs) |13 |

|4.2.4 Landfills |13 |

|4.2.5 Pits, Ponds, Lagoons, Sumps, and Catch Basins |14 |

|4.2.6 On-Site ASTs and USTs |14 |

|4.2.7 Radiological Hazards |14 |

|4.2.8 Drinking Water |14 |

|4.2.9 Additional Hazard Observations |14 |

|4.2.10 Asbestos-Containing Materials (ACM) |14 |

|4.2.11 Radon |14 |

|4.2.12 Lead-Based Paint |14 |

|5.0 INTERVIEWS |14 |

|6.0 FINDINGS AND CONCLUSIONS |15 |

|6.1 Findings |15 |

|6.1.1 On-Site Environmental Conditions |15 |

|6.1.2 Off-Site Environmental Conditions |15 |

|6.1.3 Previously Resolved Environmental Conditions |15 |

|6.1.4 De Minimis Environmental Conditions |15 |

|6.2 Opinion |15 |

|6.3 Conclusions |15 |

|6.4 Recommendations |15 |

|6.5 Deviations |15 |

|7.0 REFERENCES |16 |

|APPENDIX A |

|Site Photographs |

|APPENDIX B |

|Regulatory Records Documentation |

|Mapped Database Report |

|Exhibit B-1 Site Layout and Aerial Photographs |

|Exhibit B-2 Title Search Data (County Assessor Data) |

|Exhibit B-3 Radius Report – Mapped Data Base Report |

|Exhibit B-4 City Directories |

|Exhibit B-5 Sanborn Map |

|Exhibit B-6 Historical Topo Maps |

EXECUTIVE SUMMARY

A Phase I Environmental Site Assessment (ESA) has been performed by DLC Consulting for the parcel located in the NWC of Goldhill Road and Edgemont Drive, Henderson, Nevada APN 163-23-101-001 (the “Site”). Our services were conducted in general conformance with the scope and limitations of the American Society of Testing and Materials (ASTM) E 1527-13, “Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process”, which is approved to meet the requirements of the federal All Appropriate Inquiry (AAI) standards as set forth in the Code of Federal Regulations, Title 40, Section 312 (40 CFR 312). Any additions or deletions from our scope of services are discussed in the appropriate sections of this assessment.

The Site is located in an area zoned for residential development which adjoins the backside of the Eastern Market retail complex which is part of the larger retail/commercial corridor that occupies most of Eastern Avenue in the Site area. DLC Consulting (DLC) visited the Site to conduct reconnaissance on December 6, and again on December 12, 2017, the weather was clear and DLC had complete access to the site. Currently, the “L” shaped Site is composed of undeveloped parcels, roughly 30% of the site is covered with fill material that appears to have been derived from local construction. Geotechnical borings advanced by the author into this material did not reveal any odors or staining generally associated with soil impacts and the material matched that of the surrounding area encountered in the other Site borings. Goldhill Road and the single-family residence located at 411 Goldhill Road border the Site to the east, undeveloped parcels and the Edgemont Drive easement border the Site to the south, Henderson Wash engineered channel forms the western boundary; Undeveloped parcels and the single-family residence located at 391 Goldhill comprises the northern border.

As may be expected there are many listings for gasoline stations, stores that carry batteries, paint, etc. contained within the Eastern Retail Corridor; all of which appear on the regulatory listings for notification. No listings that may potentially pose an environmental threat to the site were noted in any of the regulatory files. DLC Consulting also conducted a Geotechnical Exploration of the Site on December 12, 2017 advancing 5 borings to 15 feet below grade. No stained soils, odors, or other atypical soil conditions were noted on the Site or in any of the Site borings during the Geotechnical Exploration.

This executive summary does not contain all the information that is found in the full report. The report should be read in its entirety to obtain a more complete understanding of the information provided and to aid in any decisions made or actions taken based on this information.

Conclusions:

DLC Consulting has performed a Phase I ESA in conformance with the scope and limitations of ASTM Practice E 1527-13 for the above listed parcel: the Property. Any exceptions to or deletions from this practice are described in Section 1.4 of this report. Data collected during this assessment has revealed no evidence of recognized environmental conditions in connection with the Property.

Recommendations:

Based on the information available at the time of this assessment, DLC Consulting does not recommend further investigation of the Property at this time.

1. introduction

|Project Information |

|Project Location |NWC Goldhill/Edgemont, Henderson, Nevada |

|Parcel number(s) |177-24-401-002 (4.78 acres) |

| |177-24-403-001 (0.92 acres) |

|Approximate size of project |5.7 acres |

|General shape of project |“L” shaped, oriented east-west. |

|Township, Range, and Section |Section 24 Township 22S South, Range 61 East |

| |Mount Diablo Baseline and Meridian |

|Date of site visit to observe current site |December 6 and 12, 2017 |

|condition | |

DLC Consulting (DLC) conducted a Phase I Environmental Site Assessment (ESA) for the referenced project (the “Site”). The protocol used for this assessment is in general conformance with ASTM E 1527-13, Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process. As part of this process a site reconnaissance to assess the possible presence of petroleum products and hazardous materials on the Site was conducted on the date referenced above as well as review of aerial photos, reconnaissance of adjacent properties, background research, and review of available local, state, and federal regulatory records regarding the presence of petroleum products and/or hazardous materials at the Site.

. Environmental Data Resources Inc. (EDR) of Milford, Connecticut, was contracted to perform a computer database search for local, state, and Federal regulatory records pertaining to environmental concerns for the Property and properties in the vicinity of the Property (see Section 3.0).

.

. 1.1 Purpose

The purpose of this Phase I Environmental Site Assessment (ESA) was to identify existing or potential Recognized Environmental Conditions (as defined by ASTM Standard E-1527-13) in connection with the Property. DLC understands that the findings of this study will be used to evaluate a pending financial transaction in connection with the Property.

.

. 1.2 Scope of Services

The scope of work for this ESA is in general accordance with the requirements of ASTM Standard E 1527-13. DLC warrants that the findings and conclusions contained herein were accomplished in accordance with the methodologies set forth in the Scope of Work. These methodologies are described as representing good commercial and customary practice for conducting a Phase I ESA of a property for the purpose of identifying recognized environmental conditions. No other warranties are implied or expressed.

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. 1.3 Assumptions

There is a possibility that even with the proper application of these methodologies there may exist on the Property conditions that could not be identified within the scope of the assessment or which were not reasonably identifiable from the available information. DLC believes that the information obtained from the record review and the interviews concerning the site is reliable. However, DLC cannot and does not warrant or guarantee that the information provided by these other sources is accurate or complete. The methodologies of this assessment are not intended to produce all-inclusive or comprehensive results, but rather to provide information relating to the Property.

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. 1.4 Limitations and Exceptions

The findings and conclusions contain all of the limitations inherent in these methodologies that are referred to in ASTM 1527-13. Specific limitations and exceptions to this ESA are more specifically set forth below:

1. DLC Consulting did not access the Clark County Fire Department database due to the fact that the site has no address and the Fire Dept uses address to track UST and hazardous response issues. As this information is contained in other regulatory data bases researched by DLC this does not represent a limiting factor.

2. Neither Sanborn nor Fire Insurance Maps were available for this site. This does not constitute a limiting factor.

3. No one with familiarity of the site was as available for an interview; as the site is not developed DLC does not regard this as a limiting factor.

.

. 1.5 Special Terms and Conditions

The conclusions and findings set forth in this report are strictly limited in time and scope to the date of the evaluations. The conclusions presented in the report are based solely on the services described therein, and not on scientific tasks or procedures beyond the scope of agreed-upon services or the time and budgeting restraints imposed by the client.

Some of the information provided in this report is based upon personal interviews, and research of available documents, records, and maps held by the appropriate government and private agencies. This is subject to the limitations of historical documentation, availability, and accuracy of pertinent records, and the personal recollections of those persons contacted.

1.6 Use Reliance

This information also may be used by any actual or prospective purchaser, transferee, assignee, or servicer of the Mortgage Loan, any actual or prospective investor (including agent or advisor) in any securities evidencing a beneficial interest in or backed by the Mortgage Loan, any rating agency actually or prospectively rating any such securities, any indenture trustee, and any institutional provider(s) from time to time of any liquidity facility or credit support for such financing. In addition, this report, or a reference to this report, may be included or quoted in any offering circular, registration statement, or prospectus in connection with a securitization or transaction involving the Mortgage Loan and/or such securities. This report has no other purpose and should not be relied upon by any other person or entity.

2. SITE DESCRIPTION

. 2.1 User Provided Information

Pursuant to ASTM E 1527-13, DLC requested the following site information from Site representative.

|Project Components |Provided by User |Not Provided by |Discussed Below |Does Not Apply |

| | |User | | |

|2.1.1 Environmental Pre-survey Questionaire | |X | | |

|2.1.2 Title Records | |X | | |

|2.1.3 Environmental Liens or Activity and Use Limitation | |X | | |

|2.1.4 Specialized Knowledge | |X | | |

|2.1.5 Valuation Reduction for Environmental Issues | |X | | |

|2.1.6 Identification of Key Site Manager | |X | | |

|2.1.7 Reason for Performing Phase I ESA |Yes | | | |

| |See Section 1.1 | | | |

|2.1.8 Prior Environmental Reports | |X | | |

|2.1.9 Other | | | |X |

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. 2.2 Location and Legal Description

The location, Clark County Assessor’s Parcel Number, shape, and acreage of the Property is described in Section “1.0 Introduction” of this report. Maps of this site are attached in Appendix B.

|Clark County Tax Assessor’s Office Information |

|Current Owner |Land Bank LLC |

|Previous Owner |Parcel incepted in 1971 and held by Kinsley Family Et Al until 2004 when it was|

| |sold to a series of “land bank” companies culminating with the purchase by |

| |Fixed Income Investments LLC in August of 2016. |

|Additional Information |See Appendix B, B-2 for available ownership history |

2.3 Site and Vicinity General Characteristics

|Site and Vicinity Characteristics |

|Site Zoning |Rural Residential (R1-A) |

|General Characteristics |Undeveloped, native state on 70% and covered with fill from nearby sources on |

| |30%. |

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. 2.4 Current Use of the Property

None, site is undeveloped.

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. 2.5 Description of Site Improvements

Site is without infrastructure or development.

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. 2.6 Current Use of Adjoining Properties

During the vicinity reconnaissance, DLC observed the following land use on properties in the immediate vicinity of the Property.

|ADJOINING PARCEL USE |

|Property to the east |Goldhill Road and single-family residence. More individual residences beyond |

| |Goldhill Road. |

|Property to the west |Henderson Wash engineered drainage with Eastern Market Place beyond. |

|Property to the north |Undeveloped parcel and single-family residence at 391 Goldhill Road. |

|Property to the south |Single-family residence at 411 Goldhill Road and undeveloped parcels. |

3.0 RECORDS REVIEW

3.1 Standard Environmental Record Sources

. 3.1.1 State and Federal Regulatory Review

Information from standard Federal and state environmental record sources was provided through Environmental Data Resources (EDR). Data from governmental agency lists are updated and integrated into one database, which is updated as these data are released. This integrated database also contains postal service data in order to enhance address matching. Records from one government source are compared to records from another to clarify any address ambiguities. The demographic and geographic information available provides assistance in identifying and managing risk. The accuracy of the geocoded locations is approximately +/-300 feet.

In some cases, location information supplied by the regulatory agencies is insufficient to allow the database companies to geocoded facility locations. These facilities are listed under the unmappables section within the provider report. A review of the unmappable facilities indicated that none of these facilities are within the ASTM minimum search distance from the Property.

Regulatory information from the readily available database sources regarding possible recognized environmental conditions, within the ASTM minimum search distance from the Property, was reviewed. Specific facilities are discussed below if determined likely that a potential recognized environmental condition has resulted at the Property from the listed facilities. Please refer to Exhibit B-3 for a complete listing.

Federal NPL

The National Priorities List (NPL) is the Environmental Protection Agency (EPA) database of uncontrolled or abandoned hazardous waste sites identified for priority remedial actions under the Superfund Program.

The Property is not listed as a NPL facility. No NPL sites are located within one mile of the Property.

Federal CERCLIS List

The Comprehensive Environmental Response, Compensation and Liability Information System (CERCLIS) list is a compilation of sites that the EPA has investigated or is currently investigating for a release or threatened release of hazardous substances.

The Property is not listed as a CERCLIS facility. No CERCLIS sites are listed within one-half mile of the Property.

Federal CERCLIS NFRAP Sites List

The CERCLIS No Further Remedial Action Planned (NFRAP) List is a compilation of sites that the EPA has investigated, and has determined that the facility does not pose a threat to human health or the environment, under the CERCLA framework. .

The Property is not listed as a CERCLIS-NFRAP facility. No CERCLIS-NFRAP sites are listed on or adjoining the Property.

Federal Resource Conservation and Recovery Act (RCRA) CORRACTS TSD Facilities List

The EPA Resource Conservation and Recovery Act (RCRA) Program identifies and tracks hazardous waste from the point of generation to the point of disposal. The RCRA Treatment, Storage and Disposal (TSD) database is a compilation by the EPA of reporting facilities that treat, store or dispose of hazardous waste. The CORRACTS database is the EPA’s list of treatment storage or disposal facilities subject to corrective action under RCRA.

The Property is not listed as a RCRA CORRACTS TSD facility. No RCRA CORRACTS TSD facilities are listed within one mile of the Property.

Federal Resource Conservation and Recovery Act (RCRA) Non-CORRACTS TSD Facilities List

The RCRA TSD database is a compilation by the EPA of reporting facilities that treat, store or dispose of hazardous waste.

The Property is not listed as a RCRA-TSD facility. No RCRA TSD sites are listed within one-half mile of the Property.

Federal RCRA Generator List

The RCRA program identifies and tracks hazardous waste from the point of generation to the point of disposal. The RCRA Generators database is a compilation by the EPA of reporting facilities that generate hazardous waste.

The Property is not listed as a RCRA facility 2 sites are listed for notification only: CVS Pharmacy and Fast N Fresh Cleaners. Neither site appears on any corrective action lists.

Federal Emergency Response Notification System (ERNS)

The Emergency Response Notification System (ERNS) is a national database used to collect information or reported release of oil or hazardous substances.

No ERNS sites were listed on the Property or on the adjacent properties.

State Priority List

Nevada Department of Environmental Protection (NDEP) maintains a State Priority List (SPL) of sites considered to be actually or potentially contaminated and presenting a possible threat to human health and the environment.

The Property is not listed as a SPL facility. No SPL sites are listed within one mile of the Property.

State-and-tribal-CERCLIS-Equivalent List

The NDEP maintains a State Hazard Waste Site List (SHWS) of sites under investigation that could be actually or potentially contaminated and presenting a possible threat to human health and the environment.

The Property is not listed as a State CERCLIS facility; there are 8 listings in the site area all which have been closed for at least 10 years.

Solid Waste/Recyling Facilities (SWRCY)

A database of SWRCY is prepared by The Nevada Solid Waste Facilities List.

The Property is not listed as a SWLF facility. There are no SWRCY sites within approximately 0.5 miles of the Property.

State Leaking Underground Storage Tank List (LUST)

The Nevada Leaking Underground Storage Tanks (LUST) compiles lists of all leaks of hazardous substances from underground storage tanks.

The Property is not listed as a LUST facility; and there are none in the listings.

State Underground Storage Tank List (UST)

The Nevada Underground Storage Tank (UST) compiles a list of UST locations.

The Property is not listed as an UST facility. One listing appears within the search radius, and that is for a 7-11 station that is listed for notification only - enforcement.

EDR Exclusive Records

EDR reviews a conglomerate of information, to search for which at one put have been dry cleaners, laundromats, or similar facilities that are no longer in existence.

The Property is not listed as an EDR Historical Cleaner facility. There are 3 listings of prior operations that had existed in the general Site area. None of these location appear on any regulatory or enforcement listings.

3.1.2 Local Regulatory Review

. 3.1.2.1 County Recorder/ Assessor

According the Clark County Recorder’s Office, no environmentally-related liens or deed restrictions have been recorded against the Property (Appendix B-2).

. 3.1.2.2 Fire Officials

The site was not found on any list for underground tanks; neither the NDEP nor government data bases show a record of them on site, and no evidence of them was found by DLC Consulting during site reconnaissance.

. 3.1.2.3 Building Department

Building department records were researched and no records for the site were found.

. 3.1.2.4 Other Agencies

A file review w The Southern Nevada Health District uses street addresses to track files. No Health District records were found for the site.

. 3.2 Physical Setting Sources

. 3.2.1 Topography

The United States Geological Survey (USGS), Henderson Quadrangle 7.5-Minute series topographic map was reviewed for this ESA. This map was published by the USGS in 2014. According to the contour lines on the topographic map, the Property is located at approximately 2,357 feet above mean sea level (MSL). The contour lines in the area of the Property indicate the area is relatively level and slopes gently to the east/southeast (Exhibit B-3, page A-2, and Exhibit B-7).

. 3.2.2 Soils/Geology

The parcel is located in the northwestern portion of the Las Vegas Valley which is a basin that was filled with alluvium from the surrounding mountains. Thicknesses of these sediments range to over 3,000 feet in the valley center. Geologic maps for the area age the surface soils as Quaternary and represent the alluvial/fluvial history of the area (Exhibit B-3). Jean Soils are free-draining, sandy loam soils that underlie the Site for approximately 5 feet where they merge with undefined gravelly soils and Quaternary age alluvium to a maximum depth of 3,000 feet. These soils were the type encountered during the geotechnical exploration.

. 3.2.3 Hydrology

The nearest surface water in the vicinity of the Property is Lake Mead which is located over 27 miles east of the parcel. No settling ponds, lagoons, surface impoundments, wetlands or natural catch basins were observed at the Property during this investigation. Aquifers underlying the Las Vegas Valley Water in combination with water from Lake Mead is delivered to the site and surrounding areas by the Las Vegas Valley Water, District. All of the water is treated in municipal plants before delivery to the Site area. All Las Vegas Valley Water District supplies are EPA certified. No on-site water wells or springs were observed during the Property reconnaissance and no well was listed for the Site.

. 3.2.4 Flood Zone Information

A review of the Flood Insurance Rate Maps, published by the Federal Emergency Management Agency, was performed. According to Panel Number 32003C2551F dated November 16, 2011, the Property is located outside of the 100-year flood plain.

. 3.2.5 Oil and Gas Exploration

No oil or gas exploration has been conducted in the area and no wells exist on or offsite.

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. 3.3 Historical Use Information

Based on readily available historic information, the Site appears to have always been vacant desert land.

. 3.3.1 Aerial Photographs

Available aerial photographs dated 1950, 1965, 1979, 1981, 1983, 1991, 1994, 1999, 2006, 2010, and 2016 from the USDA and Clark County Assessor were reviewed for this ESA. Additional aerial photographs dating from 2010 to 1950 were provided by EDR, the Clark County Assessor website was accessed for the 2016 aerial photographs. Copies of selected photographs are included in Exhibit B-1 of this report. Select photographs are discussed below:

|Aerial Photographs |

|Year |Site Description and Changes |

|1950 |Site and surrounding area are undeveloped; a single structure is present in the general site |

| |area. Undeveloped roads are present but there is no organized development. |

|1970 |Eastern Avenue is present and scattered residences are present throughout the general area. No|

| |other improvements to the Site or the Eastern Avenue corridor are noted. |

|1979 |Eastern Avenue sees continuing development north of the site. Random single-family residences |

| |continue to appear in the general area. |

|1991 |Site is unchanged, commercial and residential development continue in the area. Commercial |

| |development along the north. |

|1994 |Site is unchanged, commercial development continues along ti-family development begins along |

| |Eastern Avenueconstruction of Eastern Market Place retail development. Henderson Wash |

| |Drainage channel is rough-graded. |

|1999 |Site remains unchanged , Eastern Avenue becomes a Major Arterial and work begins on Interstate|

| |215 north of the Site. |

|2006 |Site and surrounding area remain unchanged. |

|2010 |Site and surrounding area remain unchanged. |

|2016-fall |Site and surrounding area remain unchanged. |

.

. 3.3.2 Fire Insurance Maps

Sanborn Fire Insurance Maps for the parcel were requested from EDR-Sanborn, which owns and maintains the largest and most complete collection of the maps. According to EDR-Sanborn (Exhibit B-6) director, no coverage was available for the property.

. 3.3.3 City Directories

Because the Site is undeveloped and located in a rural residential area, where all of the residences represent initial development (Appendix B, Historical Aerial Photographs), City Directories were not ordered for the Site. Regulatory databases reviewed for this project shows several commercial listings for the Eastern Market commercial development which appear on database listings for notification only- not enforcement

. 3.3.4 Chain of Title

The Clark County Tax Assessor’s Office information is described in Section “2.2 Location and Legal Description” of this report. Parcel ownership history and parcel map can be found in Exhibit B-2 of this report. None of the prior owners appeared on any Regulatory Database searches.

. 3.3.5 Additional Environmental Record Sources

Available environmental records were searched by EDR as seen in Exhibit B-4 of this report.

For this Site, Las Vegas SW USGS Topographic maps for the years 1952, 1967, 1972, 1973, 1983, 1984, 2014 and 2015 were reviewed. The scale on these maps varies making any observations limited to general area.

|Property |Historical Use from Topographic Maps |

|Site located in SEC of | Maps show steady development throughout the Site area beginning in 1970’s and continuing |

|Rainbow Blvd and |steadily through 1984 with 2014/2015 maps showing Site and surrounding area fully developed. |

|Flamingo Rd |No significant changes in landforms, and no large industrial development were observed on the |

| |maps. |

. 3.3.6 Historical Use Information on Adjoining Properties

By review of the standard historical sources referenced above, the historical uses of the adjoining properties are summarized as follows:

|Property |Historical Use |

|North |3003 RIchmar Road single-family residence is the only visible use of these parcels, the |

| |remainder are undeveloped. |

|South |543 Goldhill Road single-family residence, Edgemont Drive easement (rough graded) and |

| |undeveloped parcels. |

|East | Goldhill Road and 543 Goldhill Road. No use visible prior to construction of |

| |these items. |

|West |Henderson Wash engineered drainage channel and the Eastern Market commerce center beyond |

| |represent the initial and only use visible for these parcels from 1966 through today. |

4. SITE RECONNAISSANCE

DLC Consulting conducted a Site reconnaissance on November 15, 2017. The Site is a parking area which part of the larger parking area that services the La Bonita Market Shopping Center.

. 4.1 General Site Characteristics

. 4.1.1 Solid Waste Disposal

No signs of solid waste disposal were noted on the Site reconnaissance.

4.1.2 Surface Water Drainage

All drainage flows to the east along Flamingo Road engineered curb/gutter construction.

. 4.1.3 Wells and Cisterns

No wells are cisterns were discovered on Site.

. 4.1.4 Wastewater

No indications of industrial wastewater disposal or treatment facilities were observed during the on-site reconnaissance.

. 4.1.5 Additional Site Observations

. None: Site is paved, striped, and hosts several light standards.

.

. 4.2 Potential Environmental Conditions

. 4.2.1 Hazardous Materials and Petroleum Products Used or Stored at the Site

No evidence of the use of hazardous materials or wastes was observed on the Property.

. 4.2.1.1 Unlabeled Containers and Drums

No unlabeled containers or drums were observed during the site reconnaissance.

. 4.2.1.2 Disposal Locations of Regulated/ Hazardous Waste

No obvious indications of hazardous waste generation, storage or disposal were observed on the Property or were indicated during interviews.

. 4.2.2 Evidence of Releases

No obvious indications of hazardous material or petroleum product releases, such as stained areas or stressed vegetation, was observed during the site reconnaissance or reported geotechnical exploration activities.

. 4.2.3 Polychlorinated Biphenyls (PCBs)

No ground-mounted transformers or other signs of potential PCB use were noted.

4.2.4 Landfills

No evidence of on-site landfilling was observed or reported during the site reconnaissance.

. 4.2.5 Pits, Ponds, Lagoons, Sumps, and Catch Basins

No evidence of on-site pits, ponds or lagoons was observed or reported during the site reconnaissance. No evidence of sumps or catch basins, other than used for storm water removal, was observed or reported during the site reconnaissance.

. 4.2.6 On-Site ASTs and USTs

No evidence of aboveground or underground storage tanks was observed during the site reconnaissance.

. 4.2.7 Radiological Hazards

No radiological substances or equipment was observed or reported stored on the Property.

. 4.2.8 Drinking Water

The Site does not appear to have had a well, no well listing was found for the site, and no water utilities service the Site.

. 4.2.9 Additional Hazard Observations

No additional hazards were observed on the Property.

. 4.2.10 Asbestos-Containing Materials (ACM)

No dumping was discovered on site during reconnaissance.

. 4.2.11 Radon

The US EPA has prepared a map to assist National, State, and local organizations to target their resources and to implement radon-resistant building codes. The map divides the country into three Radon Zones, Zone 1 being those areas with the average predicted indoor radon concentration in residential dwellings exceeding the EPA Action limit of 4.0 picoCuries per Liter (pCi/L). It is important to note that the EPA has rated Clark County, Nevada as an area with low, less than 2 pCi/L reading in homes.

. 4.2.12 Lead-Based Paint

No sign of dumping was observed.

5.0 INTERVIEWS

Without a structure the main source of information is the Regulatory Data Review, Section 3.

6.0 Findings and conclusions

. 6.1 Findings

. 6.1.1 On-Site Environmental Conditions

. No on-site environmental conditions were identified during the course of this assessment.

. 6.1.2 Off-Site Environmental Conditions

No off-site environmental conditions were noted on surrounding or nearby parcels.

. 6.1.3 Previously Resolved Environmental Conditions

. No previously resolved environmental conditions were identified in connection with the Property during the course of this assessment.

. 6.1.4 De Minimis Environmental Conditions

No de minimis environmental conditions were identified in connection with the Property during the course of this assessment.

. 6.2 Opinion

Based on the Findings presented above, it is the opinion of DLC Consulting that there are no known or suspect environmental conditions in connection with the Site or surrounding area that are currently considered a recognized environmental condition.

6.3 Conclusions

DLC Consulting has performed a Phase I ESA in conformance with the scope and limitations of ASTM Practice E 1527-13 for the referenced project. Any exceptions to or deletions from this practice are described in Section 1.4 of this report. Based on the data collected from readily available sources and reviewed for this site, DLC Consulting concludes that there are no recognized environmental conditions existing on- or off-site that may threaten the site.

.

. 6.4 Recommendations

Based on the conclusions of this assessment, DLC Consulting does not recommend further investigation of the Property at this time.

.

. 6.5 Deviations

This Phase I ESA substantially complies with the scope of services and ASTM 1527-05, as amended, except for exceptions and/or limiting conditions as discussed in Section 1.4. I declare that, to the best of my professional knowledge and belief, I meet the definition of Environmental professional as defined in §312.10 of 40 CFR 312” and I have the specific qualifications based on education, training, and experience to assess a property of the nature, history, and setting of the subject property. I have developed and performed the all appropriate inquiries in conformance with the standards and practices set forth in 40 CFR Part 312.

Michael Payne, Certified Environmental Manager (C.E.M.). 1331 12/17/2019

7.0 REFERENCES

clark county

• Office of the Assessor

Parcel Number Information

• Open Web InfoMapper



Aerial Photograph dated Fall 2016

Assessor’s Parcel Map

Parcel Ownership History

• Building Department

Records inquiry

Clark County Assessor

• Chain-of-Ownership documents

• Assessor’s Parcels Map

Environmental Data Resources, Inc.

• City Directory Abstract, Inquiry 5089358.5, Dated December 7, 2017

• Historical Topo Map Report with QuadMatch™, Inquiry No. 50893585.4: December 7, 2017

• Radius Map™ Report with GeoCheck™, Inquiry No.5089358.2s: December 7, 2017.

• Certified Sanborn® Map Report, Inquiry No. 50893581.3: December 7, 2017

• The EDR Aerial Photo Decade Package, Inquiry No. 5089358.9: December 10, 2017

State of Nevada

• Division of Water Resources Well Log Database



• Nevada Division of Environmental Protection

Site Cleanup Database. (n.d.). Retrieved December 7, 2017, from

Southern Nevada Health District

• Abandonment data for Site septic and domestic water well.

U.S. Government

• Federal Emergency Management Agency (FEMA)

Flood Insurance Rate Map, Community-Panel Number 32003C2551F, dated November 16, 2011.

• Geological Survey

USGS Henderson NV 7.5-Minute Series Topographic Map, dated 2015, 2014,1983, 1972/3, 1965

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PHASE I ENVIRONMENTAL SITE ASSESSMENT

Goldhill Estates

NWC Goldhill Road and Edgemont Drive

Henderson, Nevada

December 15, 2017

Project No. 1148-13

Prepared exclusively for:

Fixed Income Investments

1122 Sycamore Avenue

Las Vegas, NV 89107

-----------------------

geotechnical

engineering

environmental

civil

engineering

hydrology

studies

2885 E Quail St

Las Vegas, NV 89120

702.994.7419

STRUCTURAL

MECHANICAL

ELECTRICAL

PLUMBING

LEED

Las Vegas

Irvine

Phoenix

Salt Lake

9160 S. 300 W.

Suite 2

Sandy, UT 84070

801.352.2001

800.933.7611



STRUCTURAL

MECHANICAL

ELECTRICAL

PLUMBING

LEED

Las Vegas

Irvine

Phoenix

Salt Lake

3125 S. Price Rd.

Suite 125

Chandler, AZ 85248

480.483.6111

800.933.7611



STRUCTURAL

MECHANICAL

ELECTRICAL

PLUMBING

LEED

Las Vegas

Irvine

Phoenix

Salt Lake

2 Venture, Suite 200

Irvine, CA 92618

949.477.4001

800.933.7611



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