Consider the following statements regarding Khizr Khan, the founder of the Sayyid Dynasty:
1. He formally assumed the title of Sultan to assert his independent authority over Delhi.
2. He read the Khutba in the name of the Timurid ruler Shah Rukh.
3. He contented himself with the title of 'Rayat-i-Ala' (Standard of the Highest).
Which of the statements given above is/are correct?